Document:

EX-10.1

 Exhibit 10.1 

SECOND AMENDMENT TO PURCHASE AND SALE AGREEMENT 

This Second Amendment to Purchase and Sale Agreement (this “Amendment”), dated December 20, 2018 (the “Amendment
Effective Date”) by and among Alkermes Pharma Ireland Limited, a private company limited by shares and incorporated in Ireland (“APIL”), Daravita Limited, a private company limited by shares and incorporated in Ireland
(“Daravita”), Alkermes US Holdings, Inc. (as successor in interest to Eagle Holdings USA, Inc.), a Delaware corporation (together with APIL, “Sellers”), Recro Pharma, Inc., a Pennsylvania corporation
(“Recro”) and Recro Gainesville LLC (as successor to Recro Pharma LLC), a Massachusetts limited liability company and wholly-owned subsidiary of Recro (“Recro Gainesville” and, together with Recro,
“Purchasers”), amends that certain Purchase and Sale Agreement, dated as of March 7, 2015 and amended on December 8, 2016, by and among Sellers, Daravita and Purchasers (as amended, the “Agreement”). 

ARTICLE I 
 AMENDMENT 

1.1    Exhibit E. Section 2.1(a) of Exhibit E is hereby deleted in its entirety and replaced
with the following: 
 “(a)    Development Milestone
Earn-Out Consideration. 
 (i)    The following amounts
(“Development Milestone Earn-Out Consideration”) shall be payable in accordance with Section 2.8 of the Agreement and this Exhibit E upon achievement of the following events
(“Development Milestones”) by Purchaser and its Affiliates, licensees and sublicensees, and shall be non-refundable and non-creditable and not subject
to deduction or set-off: 

        (A)     Within thirty (30) calendar days following
December 20, 2018, Purchaser shall pay to APIL Five Million U.S. Dollars (US$5,000,000.00) and within thirty (30) calendar days following March 24, 2019, Purchaser shall pay to APIL Five Million U.S. Dollars
(US$5,000,000.00); and (B) the following amounts: 
  

					
	 Development
Milestone
	  	Amount of Development
Milestone Earn-Out
Consideration
(U.S.
Dollars)	 
	 Approval of an NDA for the first Earn-Out Product (the
“First Approval”)
	  	$	5,000,000.00	 
	 First anniversary of the First Approval
	  	$	6,429,000.00	 
	 Second anniversary of the First Approval
	  	$	6,429,000.00	 
	 Third anniversary of the First Approval
	  	$	6,429,000.00	 
	 Fourth anniversary of the First Approval
	  	$	6,429,000.00	 
	 Fifth anniversary of the First Approval
	  	$	6,429,000.00	 
	 Sixth anniversary of the First Approval
	  	$	6,429,000.00	 
	 Seventh anniversary of the First Approval
	  	$	6,429,000.00	 

 (ii)    Purchaser shall notify and pay to APIL
(A) the Development Milestone Earn-Out Consideration payable upon the First Approval within one hundred eighty (180) calendar days following the occurrence of the First Approval and
(B) each Development Milestone Earn-Out Consideration payment other than the First Approval payment within thirty (30) calendar days after the occurrence of the corresponding
Development Milestone. Each payment made pursuant to Section 2.1(a) of this Exhibit E shall be made by wire transfer of immediately available funds to such account or accounts as are designated in writing by APIL.” 

ARTICLE II 
 WARRANT
AMENDMENT 
 2.1    Warrant Amendment. In connection with, and concurrently with the execution of, this
Amendment, Recro shall amend that certain Warrant to Purchase Stock, issued by Recro to APIL pursuant to the Agreement on April 10, 2015 (the “Warrant”), so as to modify the Warrant Price (as defined in the Warrant) set forth
therein from the current Warrant Price to a warrant price that is equal to 1.2 times the closing price of the common stock of Recro on the trading day immediately prior to the Amendment Effective Date (the Warrant as so amended and re-issued, the “Amended Warrant”) and deliver such Amended Warrant to APIL. Recro and APIL hereby acknowledge and agree that the Amended Warrant, and any shares of common stock of Recro issued upon
cashless exercise of the Amended Warrant (together, the “Exchanged Securities”), will be issued to APIL in reliance on the exemption provided by Section 3(a)(9) of the Securities Act of 1933, as amended, and as such, the
Exchanged Securities shall assume the characteristics of the Warrant, including without limitation that any holding period applicable to any such Exchanged Securities will be deemed to have started on the original issuance date of the Warrant. 

ARTICLE III 
 GENERAL 

3.1    Effect of Amendment. The Agreement is hereby amended as set forth in this Amendment. Except as specifically
provided for in this Amendment, all of the terms and conditions of the Agreement shall remain in full force and effect. Each reference in the Agreement to “hereof,” “hereunder” and “this Agreement” shall, from and after
the date of this Amendment, refer to the Agreement, as amended by this Amendment. Each reference in the Agreement to the “date of the Agreement” or similar references (such as “to the date hereof”) shall refer to March 7,
2015. 
 3.2    Related Agreement. The Parties acknowledge and agree that (i) Recro Gainesville and APIL are
parties to a certain Asset Transfer and License Agreement, dated as of April 10, 2015, as amended (the “Related Agreement”), pursuant to which Recro Gainesville is obligated to pay APIL the
Earn-Out Consideration set forth in Exhibit E to the Agreement, as 

  
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amended by this Amendment, which payment obligation is replicated in Exhibit D to the Related Agreement, (ii) on or about the Amendment Effective Date, Recro Gainesville and APIL shall amend
Exhibit D to the Related Agreement such that the amendments to the Earn-Out Consideration set forth in this Amendment are mirrored in Exhibit D to the Related Agreement and (iii) the Earn-Out Consideration (set forth in Exhibit E to the
Agreement, as amended by this Amendment, and Exhibit D to the Related Agreement, as amended) is to be paid by the Purchasers to APIL only once. 

3.3    Miscellaneous Provisions. The provisions of Article XI of the Agreement shall apply mutatis mutandis
to this Amendment and to the Agreement as modified by this Amendment. 
 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF, this Amendment has been signed by or on behalf of each of the parties
set forth below as of the day first above written. 
  

					
	ALKERMES PHARMA IRELAND LIMITED
		
	By:	 	/s/ Richie Paul
		 	Name:	 	Richie Paul
		 	Title:	 	Director
	
	DARAVITA LIMITED
		
	By:	 	/s/ Richie Paul
		 	Name:	 	Richie Paul
		 	Title:	 	Director
	
	ALKERMES US HOLDINGS, INC.
		
	By:	 	/s/ James Frates
		 	Name:	 	James Frates
		 	Title:	 	Director
	
	RECRO PHARMA, INC.
		
	By:	 	/s/ Ryan D. Lake
		 	Name:	 	Ryan D. Lake
		 	Title:	 	Chief Financial Officer
	
	RECRO GAINESVILLE LLC
		
	By:	 	/s/ Ryan D. Lake
		 	Name:	 	Ryan D. Lake
		 	Title:	 	Treasurer

  
 [Signature Page to
Second Amendment to Purchase and Sale Agreement]EX-10.2

 Exhibit 10.2 

SECOND AMENDMENT TO ASSET TRANSFER AND LICENSE AGREEMENT 

This Second Amendment to Asset Transfer and License Agreement (this “Second Amendment”), dated December 20, 2018,
entered into by and between Alkermes Pharma Ireland Limited, a private company limited by shares and incorporated in Ireland (“APIL”), and Recro Gainesville LLC (as successor to DV Technology LLC), a Massachusetts limited liability
company (“Recro” or “Purchaser”), amends that certain Asset Transfer and License Agreement, dated as of April 10, 2015 and amended on December 23, 2015, by and among the parties hereto (as so amended, the
“Agreement”). 
 RECITALS: 

WHEREAS, the Agreement was originally entered into between APIL and DV Technology LLC; 

WHEREAS, DV Technology LLC was subsequently merged with and into Recro, and Recro assumed the rights and obligations of DV Technology LLC as
“Purchaser” under the Agreement; 
 WHEREAS, pursuant to the Agreement, Purchaser is obligated to pay to APIL the Earn-Out Consideration set forth in Exhibit D to the Agreement, which Earn-Out Consideration was initially set forth in Exhibit E to that certain Purchase and Sale
Agreement, dated as of March 7, 2015, and amended on December 8, 2016, by and among Purchaser (as successor to Recro Pharma LLC), Recro Pharma, Inc., APIL, Alkermes US Holdings, Inc. (as successor in interest to Eagle Holdings USA, Inc.)
and Daravita Limited (the “P&S Agreement”); 
 WHEREAS, on or prior to the date hereof, the P&S Agreement was
amended to modify certain terms of the Earn-Out Consideration set forth in Exhibit E thereto (such amendment, the “P&S Amendment”); and 

WHEREAS, pursuant to Section 4.2(ii) of the P&S Amendment and Section 11 of the Agreement, APIL and Recro now desire to amend
the Agreement as set forth herein. 
 NOW, THEREFORE, in consideration of the respective premises, mutual covenants and agreements of the
parties hereto, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

ARTICLE I 
 DEFINITIONS

 1.1    Defined Terms. Capitalized terms used but not defined in this Second Amendment shall have the meanings
ascribed to them in the Agreement. 
 ARTICLE II 

AMENDMENT 

2.1    Exhibit D. Section 2.1(a) of Exhibit D is hereby deleted in its entirety and replaced with the
following: 

 “(a)    Development Milestone
Earn-Out Consideration. 
 (i)    The following amounts
(“Development Milestone Earn-Out Consideration”) shall be payable in accordance with Section 5 of the Agreement and this Exhibit D upon achievement of the following events
(“Development Milestones”) by Purchaser and its Affiliates, licensees and sublicensees, and shall be non-refundable and non-creditable and not subject
to deduction or set-off: 

        (A)    Within thirty (30) calendar days following
December 20, 2018, Purchaser shall pay to APIL Five Million U.S. Dollars (US$5,000,000.00) and within thirty (30) calendar days following March 24, 2019, Purchaser shall pay to APIL Five Million U.S. Dollars (US$5,000,000.00); and
(B) the following amounts: 
  

					
	 Development
Milestone
	  	Amount of
Development
Milestone
Earn-Out
Consideration
(U.S. Dollars)	 
	 Approval of an NDA for the first Earn-Out Product (the
“First Approval”)
	  	$	5,000,000.00	 
	 First anniversary of the First Approval
	  	$	6,429,000.00	 
	 Second anniversary of the First Approval
	  	$	6,429,000.00	 
	 Third anniversary of the First Approval
	  	$	6,429,000.00	 
	 Fourth anniversary of the First Approval
	  	$	6,429,000.00	 
	 Fifth anniversary of the First Approval
	  	$	6,429,000.00	 
	 Sixth anniversary of the First Approval
	  	$	6,429,000.00	 
	 Seventh anniversary of the First Approval
	  	$	6,429,000.00	 

 (ii)    Purchaser shall notify and pay to APIL (A) the Development
Milestone Earn-Out Consideration payable upon the First Approval within one hundred eighty (180) calendar days following the occurrence of the First Approval and (B) each Development Milestone Earn-Out Consideration payment other than the First Approval payment within thirty (30) calendar days after the occurrence of the corresponding Development Milestone. Each payment made pursuant to
Section 2.1(a) of this Exhibit D shall be made by wire transfer of immediately available funds to such account or accounts as are designated in writing by APIL.” 

ARTICLE III 
 GENERAL 

3.1    Integration; Modification. Except as amended by this Second Amendment, the Agreement shall remain in full
force and effect in accordance with its terms. In the event of a conflict between the provisions of the Agreement and those of this Second Amendment, this Second Amendment shall control. This Second Amendment, together with the Agreement,

  
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represent the entire agreement between the parties regarding the subject matter hereof. No amendment or modification of the terms and conditions of this Second Amendment shall be binding on
either party hereto unless reduced to a writing referencing this Second Amendment and signed by an authorized representative of the party(ies) to be bound. 

3.2    Governing Law. This Second Amendment shall be governed by and construed in accordance with the laws of the
State of Delaware, without giving effect to any principles, statutory provisions or other rules of choice of law that would require the application of the laws of a different state or country. 

3.3    Counterparts. This Second Amendment may be executed in counterparts, each of which shall be deemed to be an
original, and both of which taken together shall constitute one agreement binding on both parties. Signatures provided by facsimile transmission or in PDF or similar digital image format sent by electronic mail shall be deemed to be original
signatures. 
 [SIGNATURE PAGE FOLLOWS] 

  
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 IN WITNESS WHEREOF, each of the parties hereto has caused its duly authorized representative
to execute this Second Amendment as of the date first set forth above. 
  

			
	ALKERMES PHARMA IRELAND LIMITED
		
	By	 	/s/ Richie Paul
	Name: Richie Paul
	Title: Director

  

			
	RECRO GAINESVILLE LLC
		
	By	 	/s/ Ryan D. Lake
	Name: Ryan D. Lake
	Title: Treasurer

 [Signature Page to Second Amendment to Asset Transfer and License Agreement]

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