Document:

EX-10.4

 Exhibit 10.4 

BAUDAX BIO, INC. 

2019 EQUITY INCENTIVE PLAN 

1.    Purpose. The Baudax Bio, Inc. 2019 Equity Incentive Plan is intended as an additional incentive
to current and prospective employees, consultants and directors of the Company to enter into or remain in the service or employ of the Company or any Affiliate and to devote themselves to the Company’s success, and to encourage the creation of
shareholder value. Under the Plan, the Company may provide such persons with opportunities to acquire or increase their interests in the Company through options to purchase the Company’s Common Stock, grants of stock appreciation rights and
awards of the Company’s Common Stock. Under the Plan, the Company may grant (i) ISOs, (ii) Nonqualified Options, (iii) Stock Appreciation Rights, (iv) Stock Awards, (v) Restricted Stock Awards and (vi) Restricted Stock
Units. 
 2.    Term of Plan. The Plan was originally adopted by the Board of Directors on
November 4, 2019. 
 3.    Definitions. Capitalized terms not otherwise defined in the Plan
shall have the following meanings: 
 “Affiliate” means a corporation which is a parent corporation or a subsidiary corporation
with respect to the Company within the meaning of section 424(e) or (f) of the Code. 
 “Award” means any Option, Stock
Appreciation Right, Stock Award, Restricted Stock Award or Restricted Stock Unit granted pursuant to the terms of this Plan. 

“Board” means the Board of Directors of the Company. 

“Cause” for termination of employment or service shall have the meaning ascribed thereto in the Recipient’s employment or
service agreement or, in the absence of such a definition, shall mean: 
 (i)    Conviction of, or agreement to a plea
of nolo contendere to, a felony, or any crime or offense lesser than a felony involving the property of the Company or an Affiliate; 

(ii)    Conduct that has caused demonstrable and serious injury to the Company or an Affiliate, monetary or otherwise;

 (iii)    Willful refusal to perform or substantial disregard of duties properly assigned, as determined by the
Board; 
 (iv)    Breach of duty of loyalty to the Company or an Affiliate or other act of fraud or dishonesty with
respect to the Company or an Affiliate; or 
 (v)    Violation of the Company’s code of conduct. 

 The definition of Cause set forth in the Recipient’s employment or service agreement
with the Company or any of its Affiliates shall control if such definition is different from the definition of Cause set forth herein. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute or statutes thereto.
Reference to any particular section of the Code shall include any successor section. 
 “Common Stock” means the Common Stock, par
value $0.01, of the Company. 
 “Company” means Baudax Bio, Inc., a Pennsylvania corporation. 

“Disability” means, as determined by the Board, (a) the inability to engage in any substantial gainful activity by reason of
any medically determinable physical or mental impairment that can be expected to result in death or that has lasted or can be expected to last for a continuous period of not less than 12 months or (b) Recipient’s becoming disabled within
the meaning of section 22(e)(3) of the Code. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Fair Market Value” of a share of Common Stock on any day means the officially-quoted closing selling price of the stock on the
principal securities exchange on which the Common Stock is then listed for trading (including for this purpose the NASDAQ Capital Market) for the applicable trading day. 

“Grant Date” means the effective date on which an Option is granted to an Optionee under the Plan. 

“ISO” means an Option granted under the Plan that is intended to qualify as an incentive stock option within the meaning of section
422(b) of the Code. 
 “Nonqualified Option” means an Option granted under the Plan that is not intended to qualify as an ISO.

 “Option” means an option to purchase Common Stock granted under the Plan, which may be designated as either an ISO or a
Nonqualified Option. 
 “Option Documents” means written documents in such form as approved from time to time by the Board, which
shall be given to Optionees and shall set forth the terms and conditions of Options granted to Optionees under the Plan. 

“Optionee” means an employee, consultant or director to whom an Option is granted under the Plan. 

“Option Price” means the price at which Option Shares may be purchased under the terms of an Option. 

  
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 “Option Shares” means the shares of Common Stock that may be purchased by an
Optionee upon exercise of an Option. 
 “Performance Goals” means goals and objectives established by the Board, in its sole
discretion, as contingencies for Awards to vest and/or become exercisable or distributable based on such criteria and objectives as the Board may select from time to time, including, without limitation, the performance of the Recipient, the Company,
one or more of its Affiliates or divisions or any combination of the foregoing. 
 “Plan” means the Baudax Bio, Inc. 2019 Equity
Incentive Plan. 
 “Recipient” means an employee, consultant or director to whom an Option, Stock Award, Stock Appreciation Right,
Restricted Stock or Restricted Stock Unit is granted under the Plan. 
 “Restricted Stock Award” means a grant of shares under
this Plan that is subject to the restrictions under Section 8. 
 “Restricted Stock Unit” means a contractual right
underlying an Award granted under Section 8 that is denominated in shares, which unit represents a right to receive a share (or the value of a share) upon the terms and conditions set forth in the Plan and the applicable agreement. 

“SAR Shares” means the shares of Common Stock that may be issued in connection with the Company’s payment upon the exercise of
a Stock Appreciation Right. 
 “Separation from Service” means, (i) with respect to a Recipient who is an employee of the
Company or an Affiliate, the termination of employment with the Company and all Affiliates that constitutes a “separation from service” within the meaning of Treas. Reg. § 1.409A-l(h)(l), (ii)
with respect to a Recipient who is a consultant of the Company or an Affiliate, the expiration of his contract or contracts under which services are performed that constitutes a “separation from service” within the meaning of Treas. Reg.
§ 1.409A-l(h)(2), or (iii) with respect to a Recipient who is a non-employee director of the Company or an Affiliate, the date on which such non-employee director ceases to be a member of the Board (or other applicable board of directors) for any reason. 

“Stock Appreciation Right” means a Recipient’s right to receive from the Company, in SAR Shares, cash or a combination thereof,
an amount in excess, if any, of (i) if the Stock Appreciation Right is granted in connection with an Option, the Fair Market Value of such Option Shares on the date of surrender of such Option Shares over the Option Price of such surrendered
Option Shares, or (ii) if the Stock Appreciation Right is granted on a stand-alone basis, the Fair Market Value of the Common Stock on the date of exercise over the initial basis of the Stock Appreciation Right as determined under the Stock
Appreciation Right Agreement provided the initial basis shall be at least the Fair Market Value of the Common Stock on the date of grant. 

“Stock Appreciation Right Agreement” means the agreement between the Company and Recipient pursuant to which a Stock Appreciation
Right is granted. 

  
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 “Stock Award” means the award of Common Stock granted to a Recipient under the
Plan. 
 “Stock Award Shares” means shares of Common Stock which are issued pursuant to a Stock Award under the Plan. 

4.    Administration. The Plan shall be administered by a committee of Board members, which may
consist of “non-employee directors” as defined under Rule 16b-3 under the Exchange Act. However, the Board may ratify or approve any grants as it deems
appropriate, and the Board shall approve and administer all grants made to non-employee directors. To the extent that a committee or subcommittee administers the Plan, references in the Plan to the
“Board” shall be deemed to refer to the committee or subcommittee. 
 The Board shall, from time to time at its discretion, grant
Awards pursuant to the terms of the Plan. The Board shall have plenary authority to determine the Recipients to whom, and the times at which, Awards shall be granted, and the form and substance of Awards made under the Plan to each Recipient, and
the conditions and restrictions, if any, subject to which such Awards will be made (which need not be identical for all Recipients) thereof, subject, however, to the express provisions of the Plan. In making such determinations the Board may take
into account the nature of the Recipient’s services and responsibilities, the Recipient’s present and potential contribution to the Company’s success, and such other factors as it may deem relevant. The interpretation and construction
by the Board of any provision of the Plan or of any Award granted under it shall be final, binding and conclusive. Notwithstanding the foregoing, the Board shall not take any of the following actions without shareholder approval, except as provided
in Section 12: (i) reduce the exercise price following the grant of an Option or Stock Appreciation Right; (ii) exchange an Option or Stock Appreciation Right which has an exercise price that is greater than the Fair Market Value of a
Share for cash or Shares; or (iii) cancel an Option or Stock Appreciation Right in exchange for a replacement option or another Award with a lower exercise price. 

No member of the Board shall be personally liable for any action or determination made in good faith with respect to the Plan or any Award
granted under it. No member of the Board shall be liable for any act or omission of any other member of the Board or for any act or omission on his own part, including but not limited to the exercise of any power and discretion given to him under
the Plan, except those resulting from (i) any breach of such member’s duty of loyalty to the Company or its shareholders, (ii) acts or omissions not in good faith or involving intentional misconduct or a knowing violation of law, and
(iii) any transaction from which the member derived an improper personal benefit. 
 In addition to such other rights of
indemnification as he may have as a member of the Board, and with respect to the administration of the Plan and the granting of Awards under it, each member of the Board shall be entitled without further action on his part to indemnification from
the Company for all expenses (including the amount of any judgment and the amount of any approved settlement made with a view to the curtailment of costs of litigation, other than amounts paid to the Company itself) reasonably incurred by him in
connection with or arising out of any action, suit or proceeding with respect to the administration of the Plan or the granting of Awards under it in which he may be involved by reason of his being or having been a member

  
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of the Board, whether or not he continues to be such member of the Board at the time of the incurring of such expenses; provided, however, that such indemnification shall not include any expenses
incurred by such member of the Board: (i) in respect of matters as to which he shall be finally adjudged in such action, suit or proceeding to have been guilty of gross negligence or willful misconduct in the performance of his duties as a
member of the Board; or (ii) in respect of any matter in which any settlement is effected in an amount in excess of the amount approved by the Company on the advice of its legal counsel; and provided further that no right of indemnification
under the provisions set forth herein shall be available to or accessible by any such member of the Board unless within five days after institution of any such action, suit or proceeding he shall have offered the Company in writing the opportunity
to handle and defend such action, suit or proceeding at its own expense. The foregoing right of indemnification shall inure to the benefit of the heirs, executors or administrators of each such member of the Board and shall be in addition to all
other rights to which such member of the Board would be entitled to as a matter of law, contract or otherwise. 

5.    Eligibility. All employees of the Company or its subsidiary Affiliates (who may also be
officers or directors of the Company or its Affiliates) shall be eligible to receive Stock Awards, Stock Appreciation Rights, Restricted Stock Awards or Restricted Stock Units and Options hereunder, and such Options may be either ISOs or
Nonqualified Options. All non-employee directors of the Company and all consultants or advisory board members providing services to the Company shall be eligible to receive Nonqualified Options, Stock
Appreciation Rights, Stock Awards, Restricted Stock Awards and Restricted Stock Units hereunder. All employees of the Company’s parent Affiliates (who may also be officers of the parent Affiliate) shall be eligible to receive grants of Stock
Awards.) The Board, in its sole discretion, shall determine whether an individual qualifies as an employee, consultant or Recipient. A Recipient may receive more than one Award of Options, Stock Appreciation Rights, Stock Awards, Restricted Stock or
Restricted Stock Units. No member of the Board shall vote as a member of the Board with respect to the grant of any Award to himself or herself, except in the case when grants are being made to all similarly situated Board members on the same terms
and conditions. In cases in which abstention is required by the foregoing sentence, the affirmative vote of a majority of the remaining members of the Board (or of the sole remaining member of the Board) shall constitute the action of the Board.

 6.    Shares Available for Awards. Except as provided in Section 12, the aggregate maximum
number of shares of Common Stock (the “Shares”) that may be issued pursuant to the Plan is three million Shares (3,000,000) (the “Reserved Shares”). On the 1st of December of each year, the number of Reserved Shares shall
increase by an amount equal to five percent (5%) of the Company’s issued and outstanding capital stock, or such lower amount as determined by the Board in its sole discretion. Such Shares may be in whole or in part authorized and unissued or
held by the Company as treasury shares. If any grant under the Plan expires, lapses, terminates unexercised, becomes unexercisable or is forfeited as to any Shares, or is tendered or withheld as to any Shares in payment of the exercise price of the
grant or the taxes payable with respect to the exercise, then such unpurchased, forfeited, tendered or withheld Shares shall thereafter be available for further grants under the Plan unless, in the case of Options granted under the Plan, related
Stock Appreciation Rights are exercised. 

  
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 With respect to Stock Appreciation Rights that are settled in Common Stock, upon settlement,
only the number of shares of Common Stock delivered to a Recipient upon the exercise of the Stock Appreciation Rights shall count against the number of Shares issued under the Plan. Any Award under the Plan settled in cash shall not be counted
against the foregoing maximum share limitations. 
 Shares issued under Awards granted in assumption, substitution or exchange for
previously granted awards of a company acquired by the Company (“Substitute Awards”) shall not reduce Shares available under Plan. Available shares under a shareholder approved plan of an acquired company (as appropriately adjusted to
reflect such acquisition) may be used for Awards under this Plan and shall not reduce the number of Shares available under this Plan, except as required by the rules of any applicable stock exchange. 

7.    Option Shares. SAR Shares and Stock Award Shares. Options granted pursuant to the Plan shall be
evidenced by Option Documents in such form as the Board shall from time to time approve, which Option Documents shall specify whether the Option is intended to be an ISO or a Nonqualified Option for federal income tax purposes. An Option shall only
be an ISO to the extent it does not exceed the limitation set forth in subsection 7(c) below, is described as an ISO in the Option Document, and is granted to a person who is an employee of the Company or an Affiliate on the Grant Date. All Option
Documents shall comply with and be subject to the following terms and conditions and with any other terms and conditions (including vesting schedules for the exercisability of Options) the Board shall from time to time provide that are not
inconsistent with the terms of the Plan. 
 a.    Option Price. Each Option Document shall state
the “Option Price” at which Option Shares may be purchased, which in no event shall be less than the Fair Market Value of the Common Stock on the Grant Date, provided, however, that if an ISO is granted to an Optionee who then owns,
directly or by attribution under section 424(b) of the Code, shares possessing more than ten percent of the total combined voting power of all classes of stock of the Company or an Affiliate, then the Option Price shall be at least 110% of the Fair
Market Value of the Option Shares on the Grant Date. 
 b.    Medium of Payment. An Option shall be
exercised by written notice to the Company upon such terms and conditions as the Option Document may provide and in accordance with such other procedures for the exercise of Options as the Board may establish from time to time. The method or methods
of payment of the Option Price to be paid upon exercise of an Option shall be determined by the Board and set forth in the Option Document, and may consist of (i) cash, (ii) certified check payable to the order of the Company,
(iii) payment through a broker in accordance with procedures permitted by Regulation T of the Federal Reserve Board, (iv) shares of Common Stock previously acquired by the Optionee, as permitted in the discretion of the Board,
(v) reduction in the number of shares of Common Stock otherwise deliverable upon exercise of the Option with a Fair Market Value equal to the aggregate Option Price at the time of exercise (a so-called
“cashless exercise”), or (vi) such other mode of payment as permitted for the issuance of shares under the Pennsylvania Business Corporation Law, as amended, and approved by the Board, or any combination of the foregoing methods of
payment. Payment of the Option Price by a method other than cash shall be subject to such restrictions and limitations as set forth in the Option Document. 

  
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 c.    Number of Option Shares. Each Option Document
shall state the number of Option Shares to which it pertains. In no event shall the aggregate Fair Market Value of the Option Shares (determined on the Grant Date) with respect to which an ISO is exercisable for the first time by the Optionee during
any calendar year (under all incentive equity plans of the Company or its Affiliates) exceed $100,000. 

d.    Issuance of Option Shares. Subject to the provisions of this Section 7, the Company shall
effect the issuance of Option Shares purchased under an Option as soon as practicable after the exercise thereof, payment of the Option Price thereof and compliance with any requirements for the withholding of income taxes. No Recipient or other
person exercising an Option shall have any of the rights of a shareholder of the Company with respect to Option Shares purchased as a result of such exercise until due exercise and full payment has been made and the requirements of Section 7
have been satisfied. No adjustment shall be made for cash dividends or other rights for which the record date is prior to the date of such due exercise and full payment. No Option shall be deemed to have been exercised prior to the receipt by the
Company of written notice of such exercise and of payment in full of the Option Price for the Option Shares to be purchased. Each such notice shall specify the number of Option Shares to be purchased. 

e.    Termination of Options. No Option shall be exercisable after the first to occur of the
following: 
 (i)    Expiration of the Option term specified in the Option Document, which shall not exceed ten years
from the date of grant (or, in the case of an ISO, five years from the date of grant if, on such date the Optionee owns, directly or by attribution under section 424(b) of the Code, shares possessing more than ten percent (10%) of the total combined
voting power of all classes of stock of the Company or an Affiliate). 
 (ii)    Expiration of one year from the date
the Optionee’s employment with the Company or its Affiliates terminates by reason of the Optionee’s Disability or death. 

(iii)    Expiration of three months (or such shorter period as the Board may select) from the date the Optionee’s
employment with the Company or its Affiliates terminates, unless such termination was due to Disability, death or termination for Cause. 

(iv)    Immediately upon the date the Optionee’s employment or service with the Company or its Affiliates
terminates, if the Board finds, after full consideration of the facts presented on behalf of both the Company and the Optionee, that the Optionee has been discharged from employment or service with the Company or an Affiliate for Cause. In the event
of a finding that the Optionee has been discharged for Cause, in addition to immediate termination of the Option, the Optionee shall automatically forfeit all Option Shares for which the Company has not yet delivered the share certificates upon
refund of the Option Price. 
 (v)    The date, if any, set by the Board under terms specified in an Option Document to
be an accelerated expiration date in the event of a “Change in Control” (as defined in Section 9 below), provided an Optionee who holds an Option is given advance written notice. 

  
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 f.    Extension of Time to Exercise. The Board may,
if it determines that to do so would be in the Company’s best interests, provide in a specific case or cases to extend the period of time that a Nonqualified Option may be exercised by Optionee whose employment with the Company and its
Affiliates has terminated, provided that the time to exercise an Option shall in no event be extended beyond the original term of the Option as set forth in subsection 7(e)(i). 

g.    Sale or Reorganization. If the Company is merged or consolidated with another corporation, or
if the property or stock of the Company is acquired by another corporation, and if the Options are not accelerated as provided in subsection 7(e) above, the Board shall be authorized to substitute the Options issued under the Plan with options to
acquire stock of the merged, consolidated or acquiring corporation, which substitution of options shall comply with the requirements of sections 424(a) and 409A of the Code. 

h.    Transfers. No ISO granted under the Plan may be transferred, except by will or by the laws of
descent and distribution. During the lifetime of the Optionee, such ISO may be exercised only by him. 

i.    Other Provisions. The Option Documents shall contain such other provisions including, without
limitation, additional restrictions upon the exercise of the Option or additional limitations upon the term of the Option, as the Board shall deem advisable. 

j.    Amendment. Subject to the provisions of the Plan, the Board shall have the right to amend
Option Documents issued to Optionee, subject to the Optionee’s consent if such amendment is adverse to the Optionee, except that the consent of the Optionee shall not be required for any amendment made under Section 12. 

8.    Restricted Stock and Restricted Stock Units. The Awards granted under this Section 8 are
subject to such restrictions as the Board may impose (including, without limitation, any limitation on the right to vote shares underlying Restricted Stock Units or the right to receive any dividend, other right or property), which restrictions may
lapse separately or in combination at such time or times, in such installments or otherwise, as the Board may deem appropriate. Such Awards will be evidenced by an agreement containing the terms of the Awards, including, but not limited to:
(i) the number of shares of Restricted Stock or Restricted Stock Units subject to such Award; (ii) the purchase price, if any, of the shares of Restricted Stock or Restricted Stock Units and the means of payment for the shares of
Restricted Stock or Restricted Stock Units; (iii) the Performance Goals, if any, and level of achievement in relation to the Performance Goals that shall determine the number of shares of Restricted Stock or Restricted Stock Units granted,
issued, retainable and/or vested; (iv) such terms and conditions of the grant, issuance, vesting and/or forfeiture of the Restricted Stock or Restricted Stock Units as may be determined from time to time by the Board; (v) restrictions on
transferability of the Restricted Stock or Restricted Stock Units; and (vi) such further terms and conditions, in each case, not inconsistent with this Plan as may be determined from time to time by the Board. Such Performance Goals may
incorporate provisions for disregarding (or adjusting for) changes in accounting methods, corporate transactions (including, without limitation, dispositions and acquisitions) and other similar type events or circumstances. 

  
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 a.    Without limiting the foregoing, and except as otherwise revised in
the Award agreement documenting a service-based Restricted Stock Unit Award (“RSUs”), the following general rules will apply to outstanding RSUs at the time of Separation from Service: 

(i)    In the event of Separation from Service for Cause, all outstanding RSUs will immediately terminate and be
forfeited. 
 (ii)    In all other events of Separation from Service, to the extent not previously paid, the Recipient
shall be paid any vested RSUs in accordance with the payment provisions of Section 8(c), and all unvested RSUs shall immediately terminate and be forfeited. 

b.    Any Restricted Stock Award or Restricted Stock Units may be evidenced in such manner as the Board may deem
appropriate, including, without limitation, book-entry registration or issuance of a stock certificate or certificates. In the event any stock certificate is issued in respect of shares underlying a Restricted Stock Award, such certificate will be
registered in the name of the Recipient and bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such shares. 

c.    Restricted Stock Awards and Restricted Stock Units shall (subject to satisfaction of any purchase price requirement)
be transferred or paid to the Recipient as soon as practicable following the Award date or the termination of the vesting or other restrictions set forth in the Plan or the Award and the satisfaction of any and all other conditions of the Award
applicable to such Restricted Stock Award or Restricted Stock Unit (the “Restriction End Date”), but in no event later than two and one-half (2 1/2) months following the end of the calendar year that
includes the later of the Award date or the Restriction End Date, as the case may be. In the event a Recipient terminates service with the Company due to a Disability, then the Recipient’s vested Restricted Stock Units shall be paid to the
Recipient within thirty (30) days of the Board’s determination of Disability. Notwithstanding any of the foregoing, to the extent that the provisions of any Restricted Stock Units require, distributions of stock under circumstances that
constitute a “deferral of compensation” shall conform to the applicable requirements of Section 409A of the Code, including, without limitation, the requirement that a distribution to a Recipient who is a “specified
employee” within the meaning of Section 409A(a)(2)(B)(i) which is made on account of the specified employee’s Separation from Service shall not be made before the date which is six (6) months after the date of Separation from
Service. 
 9.    Change of Control. Unless otherwise provided in a Recipient’s employment or
service agreement, in the event of a Change in Control (as defined below), the Board may take whatever action with respect to Awards it deems necessary or desirable, including, without limitation, accelerating the vesting of an Award, terminating an
Award or redeeming an Award. If Options or Stock Appreciation Rights granted pursuant to the Plan are accelerated, such Options and Stock Appreciation Rights shall become immediately exercisable in full. 

  
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 a.    Unless otherwise defined in a Recipient’s employment
agreement, a “Change of Control” shall be deemed to have occurred upon the happening of any of the following events: 

(i)    Any “person” (as that term is used in Sections 13 and 14(d)(2) of the Exchange Act or any successors
thereto) becomes the “beneficial owner” (as that term is used in Section 13(d) of the Exchange Act or any successor thereto), directly or indirectly, of 50% or more of the Company’s capital stock entitled to vote in the election
of directors, excluding any “person” who becomes a “beneficial owner” in connection with a Business Combination (as defined in paragraph (iii) below) which does not constitute a Change in Control under said paragraph (iii);

 (ii)    Persons who on the effective date of the plan of reorganization of the Company (the “Commencement
Date”) constitute the Board (the “Incumbent Directors”) cease for any reason, including without limitation, as a result of a tender offer, proxy contest, merger or similar transaction, to constitute at least a majority thereof;
provided that, any person becoming a director of the Company subsequent to the Commencement Date shall be considered an Incumbent Director if such person’s election or nomination for election was approved by a vote of at least two-thirds (2/3) of the Incumbent Directors; but provided further that, any such person whose initial assumption of office is in connection with an actual or threatened election contest relating to the election of
members of the Board or other actual or threatened solicitation of proxies or consents by or on behalf of a “person” (as defined in Sections 13(d) and 14(d) of the Exchange Act) other than the Board, including by reason of agreement
intended to avoid or settle any such actual or threatened contest or solicitation, shall not be considered an Incumbent Director; 

(iii)    Consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially
all of the assets of the Company (a “Business Combination”), in each case, unless, following such Business Combination, all or substantially all of the individuals and entities who were the beneficial owners of outstanding voting
securities of the Company immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of
directors, as the case may be, of the company resulting from such Business Combination (including, without limitation, a company which, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets either
directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination, of the outstanding voting securities of the Company; or 

(iv)    the liquidation or dissolution of the Company. 

In addition, with respect to any Award that is characterized as “nonqualified deferred compensation” within the meaning of Section 409A of the
Code, an event shall not be considered to be a Change in Control under the Plan for purposes of payment of such Award unless such event is also a “change in ownership,” a “change in effective control” or a change in ownership of
a substantial portion of the assets” of the Company within the meaning of Section 409A of the Code. 

  
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 10.    Grant of Stock Appreciation Rights. 

a.    General. The Board shall have authority to grant Stock Appreciation Rights under the Plan.
Subject to the satisfaction in full of any conditions, restrictions or limitations imposed in accordance with the Plan or any Stock Appreciation Right Agreement, a Stock Appreciation Right shall entitle the Recipient to surrender to the Company the
Stock Appreciation Right in exchange for SAR Shares, cash or a combination thereof as herein provided, in the amount described in Section 10(c)(ii) hereof. 

b.    Grant. Stock Appreciation Rights may be granted in conjunction with all or part of any Option
granted under the Plan (“Tandem SARs”), in which case the exercise of the Stock Appreciation Right shall require the cancellation of a corresponding portion of the Option, and the exercise of an Option shall result in the cancellation of a
corresponding portion of the Stock Appreciation Right. In the case of an Nonqualified Option, Tandem SARs may be granted either at or after the time of grant of such Option and provided the Stock Appreciation Right satisfies conditions under Treas.
Reg. § 1.422-5(d)(3). In the case of an ISO, Tandem SARs maybe granted only at the time of grant of such Option. A Stock Appreciation Right may also be granted on a stand-alone basis. The grant of a
Stock Appreciation Right shall occur as of the date the Board determines. Each Stock Appreciation Right granted under this Plan shall be evidenced by a Stock Appreciation Right Agreement, which shall embody the terms and conditions of such Stock
Appreciation Right and which shall be subject to the terms and conditions set forth in this Plan. 
 c.    Terms
and Conditions. Stock Appreciation Rights shall be subject to such terms and conditions as shall be determined by the Board, including the following: 

(i)    Period and Exercise. The term of a Stock Appreciation Right shall be established by the
Board. If granted in conjunction with an Option, such Tandem SAR shall have a term which is the same as the term for the Option and shall be exercisable only at such time or times and to the extent the related Options would be exercisable in
accordance with the provisions of Section 7 of the Plan. A Stock Appreciation Right which is granted on a stand-alone basis shall be for such period and shall be exercisable at such times and to the extent provided in the Stock Appreciation
Right Agreement. Stock Appreciation Rights shall be exercised by the Recipient’s giving written notice of exercise in form satisfactory to the Company specifying the portion of the Stock Appreciation Right to be exercised. 

(ii)    Amount. Upon the exercise of a Tandem SAR, a Recipient shall be entitled to receive an
amount in cash, SAR Shares, or both, as determined by the Board or as otherwise permitted in the Stock Appreciation Right Agreement, equal in value to the excess of the Fair Market Value per share of an Option Share at the exercise date over the
Option Price of such Option Shares multiplied by the number of Option Shares in respect of which the Stock Appreciation Right is exercised. In the case of a Stock Appreciation Right granted on a stand-alone basis, the Recipient shall be entitled to
receive an amount in cash, SAR Shares, or both, as determined by the Board or as otherwise permitted in the Stock Appreciation Right Agreement, equal to the value in excess of the Fair Market Value of the Common Stock on the date of exercise of the
Stock Appreciation Right over the initial basis of the Stock Appreciation Right as set forth in the Stock Appreciation Right Agreement which shall be at least the Fair Market Value of the Common Stock on the date of grant. 

  
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(iii)    Non-transferability of Stock Appreciation Rights.
Tandem SARs shall be transferable only when and to the extent that the related Option would be transferable under the Plan unless otherwise provided in an agreement. No other Stock Appreciation Rights granted hereunder may be other than by will,
the laws of descent and distribution, or pursuant to a qualified domestic relations order. 

(iv)    Termination. Tandem SARs shall terminate at such time as the related Option would terminate
under the Plan, unless otherwise provided in an agreement as to a Nonqualified Option. All other Stock Appreciation Rights shall terminate as provided in the Stock Appreciation Right Agreement. No Stock Appreciation Right shall terminate more than
ten years from the Grant Date. 
 (v)    Incentive Stock Option. A Stock Appreciation Right
granted in tandem with an ISO shall not be exercisable unless the Fair Market Value of the Common Stock on the date of exercise exceeds the Option Price. In no event shall any amount paid pursuant to the Stock Appreciation Right exceed the
difference between the Fair Market Value on the date of exercise and the Option Price. 
 11.    Grant of Stock
Awards. Stock Awards will consist of shares of Common Stock transferred to Recipients, without payment or other consideration therefor. Stock Awards shall be subject to such terms and conditions as the Board determines appropriate,
including without limitation, restrictions on sale or other disposition of such Stock Award Shares, and the rights of the Company to reacquire such Stock Award Shares upon termination of Recipients employment with the Company within specified
periods, whether for Cause or otherwise. 
 12.    Adjustments on Changes in Common Stock. In the
event that any reorganization, recapitalization, stock split, reverse stock split, stock dividend, combination of shares, merger, consolidation, distribution of assets, or any other change in the corporate structure or shares of the Company affects
shares such that an adjustment is appropriate in order to prevent dilution or enlargement of the rights of Recipients under the Plan, the Board shall make such equitable adjustments in any or all of the following in order to prevent such dilution or
enlargement of rights: the number and kind of shares or other property available for issuance under the Plan (including, without limitation, the total number of shares available for issuance under the Plan pursuant to Section 6), the number and
kind of Awards or other property covered by Awards previously made under the Plan, and the exercise price of outstanding Options and Stock Appreciation Rights. Any such adjustment shall be final, conclusive and binding for all purposes of the Plan
provided that no adjustment shall be made which will cause an ISO to lose its status as such or will cause any Option or Stock Appreciation Right to lose its status as exempt from Code Section 409A. Any adjustments made under this
Section 12 shall be made in a manner which does not adversely affect the exemption provided pursuant to Rule 16b-3 under the Exchange Act. In the event of any merger, consolidation or other reorganization
in which the Company is not the surviving or continuing corporation or in which a Change in Control is to occur, all of the Company’s obligations regarding any Awards that were granted hereunder and that are outstanding on the date of such
event shall, on such terms as may be approved by the Committee prior to such event, be assumed by the surviving or continuing corporation or canceled in exchange for property (including cash). 

  
 -12- 

 13.    Amendment and Termination of the Plan. The
Board may terminate the Plan at any time, or amend the Plan from time to time in such manner as it may deem advisable. Notwithstanding the foregoing, any amendment which would change the class of individuals eligible to receive an Award, extend the
expiration date of the Plan, or increase the maximum aggregate number of shares of Common Stock available for issuance under the Plan will only be effective if such action is approved by a majority of the outstanding voting stock of the Company
within twelve months before or after such action. 
 14.    Continued Employment. The grant of an
Award pursuant to the Plan shall not be construed to imply or to constitute evidence of any agreement, express or implied, on the part of the Company or any Affiliate to retain the Recipient in the employ of the Company or an Affiliate, as a member
of the Board, as an independent contractor or in any other capacity, whichever the case may be. 

15.    Withholding of Taxes. Whenever the Company proposes or is required to issue or transfer an
Award, the Company shall have the right to (a) require the recipient or transferee to remit to the Company an amount sufficient to satisfy any federal, state and/or local withholding tax requirements prior to the delivery or transfer of any
certificate or certificates for such Award or (b) take whatever action it deems necessary to protect its interests, including the right to deduct the amount required to be withheld from any payment of any kind otherwise due to the Recipient. If
and to the extent permitted by the Board, a Recipient may satisfy applicable withholding requirements by the delivery to the Company of previously held shares of Common Stock or the withholding of Awards otherwise issuable to the Recipient. 

16.    General. 

a.    Effective Date. The Plan will become effective upon its approval by the Company’s
stockholders. It will continue in effect for a term of ten (10) years from the date of the initial Board action to adopt the Plan unless terminated earlier. 

b.    Other Plans. The adoption of the Plan shall not be construed as creating any limitations on the
power of the Board to adopt such other incentive arrangements as it may deem desirable, including without limitation the awarding of equity incentives otherwise than under the Plan. Unless otherwise provided by the Board in a written agreement
between the Recipient and the Company or an Affiliate, except as may otherwise be provided for under a pension or welfare benefit plan subject to ERISA, the amounts deemed paid to a Recipient under the Plan shall not be taken into account, in any
manner, as salary, compensation or bonus in determining the amount of any payment under any pension, retirement, or other employee benefit plan, program or policy of the Company or any Affiliate. 

c.    Governing Law. The validity, construction, interpretation and effect of the Plan and Award agreements
issued pursuant to the Plan shall be governed and construed by, and determined in accordance with, the laws of the Commonwealth of Pennsylvania, without giving effect to the conflict of laws provisions thereof. 

  
 -13- 

 17.    Compliance with 409A and ISO Requirements. 

a.    Exemption from and Compliance with 409A. The Board shall administer, construe, and interpret the
Plan, and exercise its authority and discretion, so that all Options, Stock Appreciation Rights, Stock Awards, Restricted Stock Awards or Restricted Stock Units granted under the Plan satisfy the requirements for an exemption from or comply with
Code Section 409A and that Options intended to be ISOs are eligible for that tax treatment. Notwithstanding any provision of this Plan to the contrary, all rights under this Plan shall be designed and administered to be exempt from
Section 409A of the Code. To the extent that the Board or any governmental agency determines that any rights hereunder are subject to Section 409A of the Code, this Plan shall incorporate (or shall be amended to incorporate) the terms and
conditions necessary to avoid the consequences specified in Section 409A(a)(l) of the Code. 

b.    Contemplated Amendments. It is expressly contemplated that the Board may amend the Plan, any
Option Document, any Stock Appreciation Right Agreement, or terms of any Stock Award or Restricted Stock Unit in any respect the Board deems necessary or advisable to provide the Recipient with the maximum benefits provided or to be provided under
the provisions of the Code and the regulations promulgated thereunder relating to ISOs or to avoid additional income taxes and other consequences arising from nonqualified deferred compensation that is not exempt from or that does not comply with
Code Section 409A and/or to bring the Plan and/or the Option, Stock Appreciation Right, Stock Award or Restricted Stock Unit granted under it into compliance with or qualification for exemption from Code Section 409A or, as to ISOs,
eligibility for ISO tax treatment. 
 c.    No Obligation. Notwithstanding any other provision of
the Plan, any Option Document, any Stock Appreciation Right Agreement, or terms of any Stock Award or Restricted Stock Unit the Company, any Affiliate, the Board, or any of their employees or agents, (i) shall have no obligation to take any
action to prevent the assessment of any additional income tax, excise tax or penalty on any Recipient because of Code Section 409A and (ii) shall have no such liability to any Recipient for any such taxes or penalty. 

  
 -14-EX-10.5

 Exhibit 10.5 

EXECUTION VERSION 

PARTIAL ASSIGNMENT, ASSUMPTION AND BIFURCATION AGREEMENT 

This PARTIAL ASSIGNMENT, ASSUMPTION AND BIFURCATION AGREEMENT (this “Agreement”) is made and entered into by and between Alkermes
Pharma Ireland Limited, a private limited company incorporated in Ireland (registered number 448848) whose registered address is Connaught House, 1 Burlington Road, Dublin 4, Ireland (“APIL”), Recro Gainesville LLC, a Massachusetts limited
liability company with an address of 1300 Gould Drive, Gainesville, GA 30504 (“Recro Gainesville”), as successor in interest to Recro Technology LLC (f/k/a DV Technology LLC) and a wholly-owned subsidiary of Recro Pharma, Inc., a
Pennsylvania corporation with an address of 490 Lapp Road, Malvern PA 19355 (“Recro Pharma”), and Baudax Bio, Inc., a Pennsylvania corporation, with an address of 490 Lapp Road, Malvern PA 19355 (“Baudax”). 

WHEREAS, APIL and Recro Gainesville (as successor in interest to Recro Technology LLC, who is f/k/a DV Technology LLC) are parties to that
certain Asset Transfer and License Agreement dated April 10, 2015, as amended on December 23, 2015 and December 20, 2018, pursuant to which Recro Gainesville exclusively licenses the Nanotechnology IP and certain Licensed Trademarks
for the Nanotechnology IP for the Meloxicam IV/IM and Meloxicam Parenteral Formulation from APIL (the “Asset Transfer and License Agreement”); 

WHEREAS, Recro Pharma and Baudax are parties to that certain Separation Agreement, dated as of the date hereof, pursuant to which Recro Pharma
will (i) assign, or cause its subsidiaries to assign, certain assets related to the Acute Care Business (as defined in the Separation Agreement) to Baudax (the “Separation”) and (ii) distribute all of the issued and outstanding
common stock of Baudax to Recro Pharma’s shareholders (the “Distribution,” and the effective time of the Distribution, the “Distribution Time”); 

WHEREAS, in order to effect the Separation, effective immediately prior to the Distribution Time (the “Effective Time”), Recro
Gainesville desires to assign, convey, transfer and set over to Baudax certain of Recro Gainesville’s rights, benefits, privileges, interests and obligations under the Asset Transfer and License Agreement and Baudax desires to accept such
assignment, conveyance, transfer and set over from Recro Gainesville and to assume certain of Recro Gainesville’s obligations under the Asset Transfer and License Agreement and to agree to satisfy, pay, perform and discharge, as and when due,
such obligations, in each case, on the terms set forth herein; 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 

1. Effectiveness. This Agreement shall be effective as of the Effective Time. In the event that the Separation does not occur for any
reason, this Agreement will be null and void with no further action required on the part of either party. 
 2. Bifurcation, Partial
Assignment and Assumption. Recro Gainesville hereby irrevocably assigns, conveys and transfers to Baudax all of Recro Gainesville’s rights, benefits, privileges, interests, burdens, obligations and liabilities under the Asset Transfer and
License 

 Agreement to the extent related to the Acute Care Business (whether occurring on, before or after the
Effective Time) including, but not limited to, the rights and obligations set forth in Exhibit A of this Agreement (the “Assigned Rights and Obligations”). Recro Gainesville shall remain responsible for all other rights and
obligations under the Asset Transfer and License Agreement that are not bifurcated, assigned to and/or assumed by Baudax hereunder. APIL agrees and acknowledges that Baudax’s Assigned Rights and Obligations under the Asset Transfer and License
Agreement shall not be affected or limited by a breach of the Asset Transfer and License Agreement by Recro Gainesville. 
 3. Third Party
Beneficiary. In connection with the partial bifurcation, assignment and assumption of the Asset Transfer and License Agreement pursuant to Section 2 above, the parties agree and acknowledge that Baudax Bio is a third party beneficiary of
the Asset Transfer and License Agreement, entitled to enforce the provisions of the Asset Transfer and License Agreement as they relate to Assigned Rights and Obligations. 

4. Mutual Acceptance. Baudax unconditionally accepts the assignment, conveyance and transfer of the Assigned Rights and Obligations and,
without limiting the foregoing, assumes and agrees to satisfy, pay, perform and discharge, as and when due, all of the Assumed Obligations (as defined in Exhibit A of this Agreement) whether occurring on, before or after the Effective Time. 

5. Consent and Acknowledgment. APIL hereby consents to the partial bifurcation of the Asset Transfer and License Agreement as it relates
to the Assigned Rights and Obligations and the assignment by Recro Gainesville to Baudax of such Assigned Rights and Obligations. APIL hereby agrees that this Agreement satisfies any notice, consent or other procedural requirements under the Asset
Transfer and License Agreement with respect to the assignment of the Assigned Rights and Obligations and acknowledges and agrees that, notwithstanding Section 2.4 of Exhibit D to the Asset Transfer and License Agreement, APIL shall have no
further right of recourse against Recro Gainesville under the Asset Transfer and License Agreement with respect to the Assigned Rights and Obligations for periods after the Effective Time. APIL agrees to treat the Asset Transfer and License
Agreement as partially bifurcated and assigned as set forth in Sections 2 and 3 hereof. Without limiting the generality of the foregoing, APIL shall communicate directly with Baudax as a third party beneficiary to the Asset Transfer and License
Agreement with respect to the Assigned Rights and Obligations. 
 6. Disclaimer and Release. With respect to all Assigned Rights and
Obligations under the Asset Transfer and License Agreement that are assigned to and assumed by Baudax hereunder, Recro Gainesville hereby, without any further action, disclaims and is released from the Assigned Rights and Obligations under the Asset
Transfer and License Agreement, and Baudax shall have the sole right and responsibility in connection therewith. Recro Gainesville’s rights and obligations under the Asset Transfer and License Agreement shall not be affected or limited by a
breach of the Asset Transfer and License Agreement by Baudax. 
 7. Further Actions. Each of the parties hereto agrees to execute,
acknowledge and deliver, or cause the execution, acknowledgement and delivery of, such further documents and instruments and to perform such other reasonable actions as may reasonably be requested by a party hereto in order to effect the purposes of
this Agreement. 

  
 Page 2 of 3 

 8. Assignment. This Agreement shall inure to the benefit of the parties hereto and
their respective successors and assigns. Baudax may assign all or a portion of its Assigned Rights and Obligations to any purchaser of that portion of its business to which the Asset Transfer and License Agreement relates with the prior written
consent of APIL, which will not be unreasonably withheld, conditioned or delayed. 
 9. Governing Law. This Agreement and the
respective rights, duties and obligations of the parties hereunder shall be governed and construed in accordance with the laws of the State of Delaware, without giving effect to the conflict of laws provisions of that or any other jurisdiction. 

10. Miscellaneous. This Agreement may not be modified except by an instrument in writing executed by the parties hereto. This Agreement
may be executed in one or more counterparts and by facsimile, each of which shall be deemed an original and all of which, taken together, shall constitute one and the same instrument. The waiver by either party of any default, breach, or right of
this Agreement shall not constitute a waiver of any other or subsequent default, breach, or right. Section and paragraph headings in this Agreement are included herein for convenience of reference only and shall not modify, define, expand or limit
any of the terms or provisions of this Agreement. Capitalized terms used herein and not otherwise defined shall have the respective meanings given to them in the Asset Transfer and License Agreement. 

[Signature Page Follows] 

  
 Page 3 of 3 

 IN WITNESS WHEREOF, the parties hereto have executed this Partial Assignment, Assumption and
Bifurcation Agreement to be effective as of the Effective Time. 
  

			
	ALKERMES PHARMA IRELAND
	LIMITED
		
	By:	 	 /s/ Richie Paul

	Name: Richie Paul
	Title: Director
	
	RECRO GAINESVILLE LLC
		
	By:	 	 /s/ Gerri Henwood

	Name: Gerri Henwood
	Title: President
	
	BAUDAX BIO, INC.
		
	By:	 	 /s/ Gerri Henwood

	Name: Gerri Henwood
	Title: President

 [Signature page to Partial Assignment, Assumption and Bifurcation Agreement] 

 EXHIBIT A 

ASSIGNED RIGHTS OBLIGATIONS 

Assigned Rights: The rights under the following sections of the Asset Transfer and License 

Agreement: Section 3(a), Section 3(e) solely as it relates to the NanoCrystal Licensed Trademark, Section 3(f) solely as it relates to the
Nanotechnology Patents, and Section 3(g) solely as it relates to the Nanotechnology Patents and Section 7. 
 Assumed Obligations: The
obligations under the following sections of the Asset Transfer and License Agreement: Section 3(a), Section 3(e) solely as it relates to the NanoCrystal Licensed Trademark, Section 3(f) solely as it relates to the Nanotechnology
Patents, Section 3(g) solely as it relates to the Nanotechnology Patents, and all obligations under Section 5 as it relates to Earn-Out Products and Exhibit D.

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