Document:

EX-10.5

 Exhibit 10.5 

BANCORPSOUTH, INC. 

AMENDED AND RESTATED 

CHANGE IN CONTROL AGREEMENT 

THIS AMENDED AND RESTATED CHANGE IN
CONTROL AGREEMENT (“Agreement”) is entered into by and among BancorpSouth, Inc., a Mississippi corporation (the “Company”), BancorpSouth Bank, a Mississippi-chartered bank (the
“Bank”), and James Ronald Hodges (“Executive”). The Company and the Bank are collectively referred to herein as “BancorpSouth.” 

W I T N E S S E T H: 

WHEREAS, Executive has been employed as the Executive Vice President of the Company and the Bank and is a
party to that certain Change in Control Agreement with BancorpSouth, dated February 1, 1999 (the “Prior Agreement”); 

WHEREAS, the Prior Agreement provides severance payments to Executive in the event that Executive’s
employment with the Company or the Bank is thereafter terminated in connection with a change in control of the Company or the Bank; 

WHEREAS, the parties desire to amend and restate the Prior Agreement in order to (i) provide for
separation payments to Executive for a 24-month period following a change in control, (ii) update the terms of the Agreement for compliance with applicable provisions of the Internal Revenue Code, and (iii) provide for periodic renewal of
the Agreement; and 
 WHEREAS, in order to ensure that there is sufficiency of consideration to support
the modification of the Prior Agreement, the parties have determined that the terms of this amended and restated Agreement provide additional benefits to Executive; 

NOW, THEREFORE, based upon the premises set forth herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows to amend and restate in its entirety the Prior Agreement as set forth herein, such terms of this Agreement to be effective as of
December 18, 2015 (the “Effective Date”): 
 ARTICLE I. DEFINITIONS 

Terms used in this Agreement that are defined are indicated by initial capitalization of the term. References to an “Article” or a
“Section” mean an article or a section of this Agreement. In addition to those terms that are specifically defined herein, the following terms are defined for purposes hereof: 

“Affiliate.” Affiliate means the Bank and any entity that is a parent or subsidiary organization of the Company or the Bank.

 “Cause.” A termination of Executive’s employment for Cause means a termination of employment on account of any of
the events described below. Termination for Cause is further conditioned on the Company or its Affiliate, as appropriate, providing written notice to Executive of its intent to terminate within 90 days of the date that the Cause event has occurred
or is initiated and Executive does not materially cure such condition within 30 days after receiving such notice. 

	 	(1)	Executive has engaged in an act of misconduct or dishonesty that is injurious to the Company or an Affiliate; 

  

	 	(2)	Executive has engaged in an act of fraud, embezzlement, theft, or any other crime of moral turpitude (without necessity of formal criminal proceedings being initiated); 

 

	 	(3)	Executive has willfully violated a material Company policy or procedure; or 

  

	 	(4)	Executive has been suspended and/or temporarily prohibited from participating in the affairs of the Company or an Affiliate by a notice served under section 8(e)(3) or (g)(1) of the Federal Deposit Insurance Act (12
U.S.C. §§1818(e)(3) and (g)(1)) or other law or regulation. 

 The existence of a Cause event shall be determined in good faith by
the Board of Directors of the Company or the Compensation Committee of the Company’s Board of Directors. The Company shall have sole discretion in making its determination that an event constituting Cause has occurred; provided, however,
that such determination must be made in a reasonable and good faith manner. 
 “Change in Control” means a transaction or circumstance in
which any of the following have occurred: 
  

	 	(1)	the merger, acquisition or consolidation of the Company or the Bank with any other corporation pursuant to which the other corporation immediately after such merger, acquisition or consolidation owns more than 65% of
the voting securities (defined as any securities which vote generally in the election of directors) of the Company or the Bank, as applicable, outstanding immediately prior thereto or more than 65% of the Company’s or the Bank’s, as
applicable, total fair market value immediately prior thereto; 

  

	 	(2)	the date that any person, or persons acting as a group, as described in Treas. Reg. § 1.409A-3(i)(5) (a “Person”), other than a trustee or other fiduciary holding securities under an employee benefit plan
of the Company or a corporation controlling the Company or owned directly or indirectly by the shareholders of the Company in substantially the same proportions as their ownership of stock of the Company, becomes the beneficial owner (as determined
under Rule 13d-3 under the Securities and Exchange Act of 1934, as amended), directly or indirectly, of securities of the Company representing more than 30% of the total voting power represented by the Company’s then outstanding voting
securities (as defined above); 

	 	(3)	the date that a majority of the members of the Board of Directors of the Company is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the
Board of Directors of the Company before the date of the appointment or election; or 

  

	 	(4)	the date that any Person acquires (or has acquired within the 12-month period ending on such date) assets from the Company that have a gross fair market value equal to 40% or more of the fair market value of the
Company’s total assets; provided, however, that any of the following acquisitions will be excluded from such calculation: 

  

	 	(i)	an acquisition by a shareholder of the Company (immediately before the acquisition) in exchange for or with respect to its stock; 

  

	 	(ii)	an acquisition by an entity 50% or more of the total value or voting power of which is owned directly or indirectly by the Company; 

  

	 	(iii)	an acquisition by a Person that owns directly or indirectly 50% or more of the total value or voting power of the outstanding stock of the Company; or 

 

	 	(iv)	an acquisition by an entity 50% or more of the total value or voting power of which is owned directly or indirectly by a Person described in paragraph (iii) above. 

“COBRA” means the Consolidated Omnibus Budget Reconciliation Act of 1985. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Compensation Committee.” The Executive Compensation and Stock Incentive Committee of the Company’s Board of Directors
or any successor committee duly appointed thereby. 
 “Good Reason.” A termination of employment for Good Reason means a
resignation or other termination of employment by Executive for any of the reasons described below, provided that such condition is not initiated by Executive or with Executive’s consent. Good Reason is further conditioned on Executive
providing written notice to BancorpSouth of Executive’s intent to terminate within 90 days of the date that the Good Reason condition is initiated and the Company or an Affiliate, as appropriate, does not materially cure such condition within
30 days after receiving such notice. 
  

	 	(1)	A material diminution in Executive’s base salary or target annual bonus or incentive compensation opportunity. 

  

	 	(2)	A material diminution in Executive’s authority, duties, or responsibilities. 

	 	(3)	A requirement that Executive report and be subject to the authority of an officer or employee of the Company or an Affiliate who is not the chief executive officer of BancorpSouth. 

 

	 	(4)	A relocation of Executive’s principal place of employment by 50 miles or more. 

  

	 	(5)	Any material breach of this Agreement by the Company or the Bank or the failure of any successor to assume this Agreement on and after a Change of Control. 

ARTICLE II. CHANGE IN CONTROL TERMINATION PAYMENT 

Section 2.1 Benefits. 
 (a)
Amount. Upon the occurrence of a Change in Control, and subject to the conditions, limitations and adjustments that are provided for herein, the Company will provide to Executive the sum of the amounts described below if, within the 12-month
period following such Change in Control, Executive’s employment with the Company and its Affiliates is terminated for reasons other than Cause or is terminated for Good Reason: 

 

	 	(1)	An amount equal to 200% of Executive’s annual base compensation determined by reference to Executive’s base salary in effect at the time of Change in Control. 

 

	 	(2)	An amount equal to 200% of the highest annual bonus that Executive would be eligible to receive with respect to the fiscal year ending during which the Change in Control occurs. 

 

	 	(3)	For a period of 24 months, Executive shall continue to participate in BancorpSouth’s health and welfare benefit plans, to the extent post-employment participation is permitted thereunder. Continued participation in
BancorpSouth’s group health benefit plans by Executive shall be subject to the restrictions of COBRA, provided that Executive shall be permitted to continue coverage under COBRA at the same rate that applies to similarly situated executive
officers of the Company. To the extent that Executive cannot participate in such benefit plans, Executive shall receive a lump sum cash payment equal to the value of such participation during the 24-month period. 

 

	 	(4)	For a period of 24 months, participation in general and executive fringe benefits offered to similarly situated executive employees immediately prior to the Change in Control, to the extent that post-employment
participation is permitted under the applicable benefit plan, program, arrangement or policy. To the extent that Executive cannot participate in any such benefit plan program, arrangement or policy, Executive shall receive a lump sum cash payment
equal to the value of such participation during the 24-month period. 

  

	 	(5)	Unless specified otherwise in an equity incentive award agreement, immediate vesting of all equity incentive awards. 

 (b) Adjustments. Notwithstanding anything herein to the contrary, the amounts and the
timing of payments under Section 2.1(a) shall be adjusted in accordance with Section 2.2. 
 (c) Time for Payment; Interest.
The cash amounts payable under this Section 2.1 shall be paid to Executive in a single lump sum within ten days following the date of termination of employment. The Company’s obligation to pay to Executive any amounts under this
Section 2.1 will bear interest at the lesser of (i) 10% or (ii) the maximum rate allowed by law until paid by the Company, and all accrued and unpaid interest shall bear interest at the same rate, all of which interest will be
compounded annually. 
 (d) Troubled Institution Limitations. All payments and benefits hereunder are subject to the limitations on
golden parachute and indemnification payments that may apply pursuant to 12 U.S.C. § 1828(k) and FDIC Regulation at 12 C.F.R. Part 359 or any other applicable law that may prohibit or limit payments under this Agreement. If certain
circumstances occur that would limit payments hereunder, this limitation shall be applied by reducing the payments and benefits that exceed legal limitation unless consent to such payments is obtained pursuant to such regulations. 

2.2 Limitation of Payments. 

(a) Golden Parachute. Notwithstanding anything in this Agreement to the contrary, if Executive is a “disqualified individual”
(as defined in section 280G(c) of the Code) and the benefits and payments provided for in this Agreement, together with any other payments or vesting of equity awards which Executive has the right to receive on account of a “change in
control” (defined for this purpose in section 280G of the Code) would in the aggregate result in a “parachute payment” (as defined in section 280G(b)(2) of the Code) to Executive, the amount of such change in control payments shall be
reduced by the Company so that the aggregate of payments to Executive is the maximum change in control payment that does not constitute a parachute payment (such amount referred to herein as the “Safe Harbor Payment”); provided,
however, such reduction shall not be applied if the net payment to Executive (after considering the effect of applicable excise taxes under section 4999 of the Code) is greater than the Safe Harbor Payment. If, as a result of the above
calculations, payments or benefits are to be reduced to the Safe Harbor Payment, the reduction shall be applied in the following order: (i) cash severance pay that is exempt from section 409A; (ii) any other cash severance pay;
(iii) continued health care benefits; (iv) any restricted stock; (v) any equity awards other than restricted stock and stock options; and (vi) stock options. Unless the Company and Executive otherwise agree in writing, any
determination required under this Section shall be made by an independent advisor designated by the Company and reasonably acceptable to Executive (the “Independent Advisor”), whose determination shall be conclusive and binding upon
Executive and the Company for all purposes. For purposes of making the calculations required under this Section, the Independent Advisor may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good
faith interpretations concerning the application of sections 280G and 4999 of the Code; provided that the Independent Advisor shall assume that Executive pays all taxes at the highest marginal rate in the absence of clear evidence to the contrary.
The Company and Executive shall furnish to the Independent Advisor such information and documents as the Independent Advisor may reasonably request in order to make a determination under this Section. The Company shall bear all costs that the
Independent Advisor may incur in connection with any calculations contemplated by this Section. 

	 	(b)	Section 409A. 

  

	 	(1)	A payment of any amount or benefit paid to Executive that is subject to section 409A of the Code and payable on account of termination of employment shall not be made unless such termination is also a “separation
from service” within the meaning of section 409A of the Code and the regulations promulgated thereunder. For purposes of any such provision of this Agreement, references to a “termination,” “termination of employment,”
“resignation” or like terms shall mean “separation from service” within the meaning of section 409A of the Code. Notwithstanding anything to the contrary in this Agreement or otherwise, if at the time of Executive’s
“separation from service” Executive is a “specified employee” (as defined under section 409A of the Code), payments of “deferred compensation” (as defined under section 409A of the Code) that Executive would otherwise
be entitled to receive in connection therewith during the six month period following the separation from service, whether paid under this Agreement or otherwise, will instead be accumulated and paid in a lump sum on the earlier of (i) the first
day of the seventh month after the date of the separation from service, or (ii) the date of Executive’s death. This paragraph shall apply only to the extent required to avoid Executive’s incurrence of any additional tax or interest
under section 409A of the Code. 

  

	 	(2)	Nothing in this Agreement shall be construed to obligate the Company to make an impermissible acceleration or deferral of payments under section 409A of the Code or any regulations or Treasury guidance promulgated
thereunder. To the extent that payments hereunder would constitute an impermissible acceleration or deferral, payments shall be made in accordance with the terms of the applicable plan, program, arrangement or policy or at the time permitted under
section 409A of the Code. 

 ARTICLE III. TERM OF AGREEMENT AND RENEWAL 

The initial term of this amended and restated Agreement shall commence on the Effective Date and shall expire on December 31, 2017. On
December 31, 2015 and on each anniversary thereof (each a “Renewal Date”), the term of this Agreement shall automatically be extended for a period of one additional year beyond the then-current term unless the Company has provided
notice to Executive of non-renewal prior to such Renewal Date. 
 ARTICLE IV. GENERAL TERMS 

Section 4.1 Notices. Any notice under this Agreement must be in writing and may be given by certified or registered mail, postage
prepaid, addressed to the party or parties to be notified with return receipt requested, or by delivering the notice in person, to the relevant address set forth below, or to such other address as the recipient of such notice or communication has
specified in writing to the other party hereto in accordance with this Section: 

 If to BancorpSouth to: 

BancorpSouth, Inc. 
 Chief Human
Resource Officer 
 One Mississippi Plaza 

Tupelo, MS 38804 
 Notice to Executive may be to
the then-current address of Executive on the records of BancorpSouth. 
 Section 4.2 Withholding; No Offset. All payments
required to be made by the Company under this Agreement to Executive will be subject to the withholding of such amounts, if any, relating to federal, state and local taxes as may be required by law. No payment under this Agreement will be subject to
offset or reduction attributable to any amount Executive may owe to BancorpSouth or any other person, except as required by law. 

Section 4.3 Entire Agreement. This Agreement constitutes the complete and entire agreement between the parties with respect to the
subject matter hereof and supersedes all prior agreements between the parties. The parties have executed this Agreement based upon the express terms and provisions set forth herein and have not relied on any communications or representations, oral
or written, which are not set forth in this Agreement. 
 Section 4.4 Amendment. This Agreement may be amended in writing at any
time by BancorpSouth, provided that the Executive’s written consent is required for any amendment that would diminish the benefits provided hereunder to Executive, except as may be necessary to maintain compliance with applicable provisions of
the Code. 
 Section 4.5 Choice of Law. This Agreement and the performance hereof will be construed and governed in accordance
with the internal laws of the State of Mississippi, without regard to its choice of law principles, except to the extent that federal law controls or preempts state law. 

Section 4.6 Successors and Assigns. The obligations, duties and responsibilities of Executive under this Agreement are personal
and shall not be assignable. In the event of Executive’s death or disability, this Agreement shall be enforceable by Executive’s estate, executors or legal representatives. BancorpSouth shall require any corporation, entity, individual or
other person who is the successor (whether direct or indirect, by purchase, merger, consolidation, reorganization, or otherwise) to all or substantially all of the business or assets of the Company or the Bank to expressly assume and agree to
perform, by a written agreement in form and substance satisfactory to Executive, all of the obligations of BancorpSouth under this Agreement. As used in this Agreement, the terms “Company,” “Bank” and “BancorpSouth”
shall mean the Company, the Bank and BancorpSouth as defined herein and any successor to their respective business and/or assets as aforesaid that assumes and agrees to perform this Agreement by operation of law, written agreement, or otherwise.

 Section 4.7 Waiver of Provisions. Any waiver of any terms and conditions hereof must
be in writing and signed by the parties hereto. The waiver of any of the terms and conditions of this Agreement shall not be construed as a waiver of any subsequent breach of the same or any other terms and conditions hereof. 

Section 4.8 Severability. The provisions of this Agreement and the benefits and amounts payable hereunder shall be deemed
severable, and if any portion shall be held invalid, illegal or enforceable for any reason, the remainder of this Agreement and/or benefit or payment shall be effective and binding upon the parties. 

Section 4.9 Attorneys’ Fees. In the event BancorpSouth or Executive breaches any term or provision of this Agreement and the
other party employs an attorney or attorneys to enforce the terms of this Agreement, then the breaching or defaulting party agrees to pay the other party the reasonable attorneys’ fees and costs incurred to enforce this Agreement. 

Section 4.10 Counterparts. This Agreement may be executed in multiple counterparts, each of which will be deemed an original, and
all of which together will constitute one and the same instrument. 
 [signature page follows] 

 SIGNATURE PAGE 

IN WITNESS WHEREOF, the Company, Bank and Executive have caused this Agreement to be executed on the day and year indicated below to be
effective as described above. 
 EXECUTIVE 
  

							
	 /s/ James Ronald Hodges

James Ronald Hodges
	  		  	 December 18, 2015

Date 

			
	BANCORPSOUTH, INC.	  		  	
				
	By:	  	 /s/ James D. Rollins III
	  		  	 December 18, 2015

Date 

		  	James D. Rollins III	  		  	
		  	Chief Executive Officer	  		  	
			
	 BANCORPSOUTH BANK
	  		  	
				
	By:	  	 /s/ James D. Rollins III
	  		  	 December 18, 2015

		  	James D. Rollins III	  		  	Date 
		  	Chief Executive OfficerEX-10.6

 Exhibit 10.6 

SEPARATION AND MUTUAL RELEASE AGREEMENT 

THIS SEPARATION AND MUTUAL RELEASE AGREEMENT (this “Release”) is made by and between Charles Garner (the
“Executive”) and Recro Pharma, Inc. (the “Company”). 
 WHEREAS, the Company and the Executive entered
into an Employment Agreement dated October 9, 2013, as amended (the “Employment Agreement”); and 
 WHEREAS, the
Executive ceased to be employed as the Company’s Chief Financial Officer on October 12, 2015; and 
 WHEREAS, the Company and the
Executive have mutually agreed that the Executive’s employment with the Company ceases December 1, 2015 (the “Termination Date”); and 

WHEREAS, the Company has agreed to pay the Executive certain amounts and to provide him with certain rights and benefits in connection with
the cessation of his employment, subject to his execution of this Release, and it thereafter becoming effective in accordance with its terms. 

NOW THEREFORE, in consideration of these premises and the mutual promises contained herein, and intending to be legally bound hereby, the
parties agree as follows: 
 1. Consideration. 

1.1. Both the Company and the Executive acknowledge and agree that the Executive’s employment with Company and all of its affiliates was
terminated effective as of the Termination Date. In connection with the termination of the Executive’s employment, in consideration of the Executive’s execution (and non-revocation) of this Release and subject to the Executive’s
continued compliance with the terms of this Release and the Restrictive Covenants (as defined below), the Company will: 
 1.1.1. continue
to pay the Executive his Base Salary (as defined in the Employment Agreement) for a period of thirteen (13) months following the Termination Date (the “Severance Period”), in accordance with the normal payroll practices of the
Company; 
 1.1.2. if the Executive validly elects to receive continuation coverage under the Company’s group health plan pursuant to
COBRA, waive and pay the applicable premium otherwise payable for COBRA continuation coverage until the earlier of: (i) the expiration of the Severance Period or (ii) the date upon which the Executive becomes eligible for subsequent employer-sponsored health coverage (including pursuant to a spouse’s coverage); 
 1.1.3. pay the
Executive an annual bonus in the amount of $113,050.00 for the fiscal year in which the Termination Date occurred, paid at the same time it would have otherwise been paid absent the Executive’s termination of employment; 

1.1.4. with respect to 161,500 outstanding stock options awarded to the Executive prior to the Termination Date, cause such stock option to
become immediately vested as of the Termination Date; 
 1.1.5. with respect to any outstanding stock options awarded to the Executive
which are vested and exercisable as of the Termination Date (including any options that vested pursuant to Section 1.1.4 hereof), enhance the post-termination survival period otherwise applicable to such options such that they will remain
exercisable for thirty-six (36) months following the Termination Date, provided that no such options will be exercisable following the original expiration date of the option; and 

 1.2. The Executive acknowledges that: (i) he has no other entitlement under the Employment
Agreement or any other severance or similar arrangement maintained by the Company or any of its affiliates, and (ii) except as otherwise provided specifically in this Release, the Company and its affiliates do not and will not have any other
liability or obligation to the Executive. The Executive further acknowledges that, in the absence of his execution of this Release, the benefits and payments specified in this Release would not otherwise be due to him. The continued Base Salary
payments described in Section 1.1.1 will begin to be paid on the first practical payroll date following the Effective Date of this Release (as defined below). 

1.3. During the six (6) month period immediately following the Termination Date and without the payment of any further consideration, the
Executive hereby agrees to make himself reasonably available to provide consulting services to the Company to the extent requested from time to time by the Chief Executive Officer of the Company. 

2. Mutual Release and Covenant Not to Sue. 

2.1. Mutual Release. The Executive, on his own behalf and together with his heirs, assigns, executors, agents and representatives hereby
fully and forever releases and discharges the Company its predecessors, successors (by merger or otherwise), parents, subsidiaries, affiliates and assigns, together with each and every of their present, past and future officers, directors,
shareholders, general partners, limited partners, employees and agents (in their official, individual and all other capacities), and all other persons or entities acting with, for, through or in concert with any of them (herein collectively referred
to as the “Company Releasees”) from any and all claims, demands, liens, agreements, contracts, covenants, actions, suits, causes of action, obligations, controversies, debts, costs, expenses, damages, judgments, orders and
liabilities, of whatever kind or nature, direct or indirect, in law, equity or otherwise, whether known or unknown, which the Executive now has, or hereafter can, shall or may have for, upon or by reason of any act, transaction, practice, conduct,
matter, cause or thing of any kind or nature whatsoever (each, a “Claim”) arising or occurring through the Effective Date of this Release. The Company hereby fully and forever releases and discharges the Executive from any Claim
arising or occurring through the Effective Date of this Release, including, but not limited to, any Claim arising out of the Executive’s employment by the Company or the termination thereof. 

2.2. Covenant Not to Sue. The Executive expressly represents that he has not filed a lawsuit or initiated any other administrative
proceeding against the Company and that he has not assigned any claim against the Company to any other person or entity. The Company expressly represents that it has not filed a lawsuit or initiated any other administrative proceeding against the
Executive and that it has not assigned any claim against the Executive to any other person or entity. Both the Executive and Company further promise not to initiate a lawsuit or to bring any other claim against the other arising out of or in any way
related to the Executive’s employment by the Company or the termination of that employment. Notwithstanding anything in this Release to the contrary, this Release will not prevent the Executive from filing a charge with the Equal Employment
Opportunity Commission (or similar state agency) or participating in any investigation conducted by the Equal Employment Opportunity Commission (or similar state agency); provided, however, that any claims by the Executive for personal relief in
connection with such a charge or investigation (such as reinstatement or monetary damages) will be barred. 
 2.3. Claims Not
Released. Notwithstanding Section 2.1, the forgoing release of any Claim does not release the Company or the Executive from claims : (a) to enforce this Release, (b) claims to enforce the Executive’s rights under any employee
benefit plan in accordance with the terms of the applicable plan(s), or (c) for indemnification under the Company’s By-Laws, under applicable law, or under any indemnification agreement between the Company and the Executive. Additionally,
the foregoing does not release the Executive from claims the Company may have arising out of or related to: (x) Executive’s criminal or other serious misconduct related to the Company, (y) Executive’s breach of fiduciary duty to
the Company, or (z) Executive’s material breach of any agreement with the Company. 
 2.4. Claims Released. The Executive
understands and agrees that the claims released in Section 2.1 include, but are not limited to: (a) any Claim based on any law, statute, or constitution or based on contract or in tort or based on common law; (b) any Claim based on or arising under
any civil rights laws, labor laws, or employment laws, such as the Pennsylvania Human Relations Act, or the civil rights laws of any other state or jurisdiction, or Title VII of the Civil Rights Act of 1964 (“Title VII”), or the federal
Age Discrimination in 

  
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Employment Act of 1967 (“ADEA”), or the Americans with Disabilities Act of 1990 (“ADA”), or the Civil Rights Act of 1991, or the Worker Adjustment and Retraining Notification
Act (“WARN”); (c) any Claim under any grievance or complaint procedure of any kind; (d) any Claim based on or arising out of or related to the Executive’s recruitment by, employment with, the termination of the
Executive’s employment with, the Executive’s performance of any services in any capacity for, or any business transaction with, any or all of the Company Releasees (including, but not limited to any claim for wrongful or retaliatory
discharge); (e) any Claim for a personal recovery by the Executive in connection with, or arising from, any lawsuit or proceeding brought by any person or entity other than the Executive (including, but not limited to, any Claim brought by any
administrative agency, department or commission); (f) any Claim for the Executive’s attorneys’ fees, costs or expenses relating to this Release; and (g) any other Claim for compensation of any kind. 

3. Cooperation. The Executive further agrees that he will cooperate fully with the Company and its counsel with respect to any matter
(including litigation, investigations, or governmental proceedings) in which the Executive was in any way involved during his employment with the Company. The Executive shall render such cooperation in a timely manner on reasonable notice from the
Company. 
 4. Mutual Non-Disparagement. The Company’s officers and directors will not disparage the Executive or the
Executive’s performance or otherwise take any action which could reasonably be expected to adversely affect the Executive’s personal or professional reputation. Similarly, the Executive will not disparage the Company or any of its
directors, officers, agents or employees or otherwise take any action which could reasonably be expected to adversely affect the personal or professional reputation of the Company or any of its directors, officers, agents or employees. No
restrictions herein limit or are intended to limit Executive from stating to any prospective employer that his employment ended with Company due to a difference of opinion in strategy. 

5. Confidentiality. The parties agree to keep the terms and existence of this Agreement confidential, except that the Company may file
the appropriate disclosure of the Agreement with the SEC, and the Executive is not precluded from referring to the filed disclosure. Except as otherwise provided herein, the Executive shall not disclose any information about the actions or
activities of the Company during his employment. No restrictions herein limit or are intended to limit Executive from discussing his operations experience, contributions or achievements, or from posting his general work experience with Company in a
resume or on-line profile. 
 6. Permitted Conduct. Notwithstanding anything in this Release to the contrary, nothing in this Release
shall prohibit or restrict the Executive from: (a) initiating communications directly with, or responding to any inquiry from, or providing testimony before, the SEC, FINRA, any other self-regulatory organization or any other state or federal
regulatory authority; (b) making any disclosure of relevant, necessary and truthful information or documents: (i) pursuant to the Sarbanes-Oxley Act; (ii) as otherwise required by law or legal process; (iii) in connection with
any charge, action, investigation or proceeding relating to this Release; or (iv) to the Company’s Legal Department. 
 7.
Restrictive Covenants. The Executive acknowledges that the restrictive covenants contained in Sections 6, 7, 8 and 9 of the Employment Agreement will survive the termination of his employment (the “Restrictive Covenants”).
The Executive affirms that the Restrictive Covenants are reasonable and necessary to protect the legitimate interests of the Company, that he received adequate consideration in exchange for agreeing to the Restrictive Covenants and that he will
abide by the Restrictive Covenants. 
 8. Rescission Right. The Executive expressly acknowledges and recites that: (a) he has
read and understands the terms of this Release in its entirety, (b) he has entered into this Release knowingly and voluntarily, without any duress or coercion, (c) he has been advised orally and is hereby advised in writing to consult with
an attorney with respect to this Release before signing it, (d) he was provided at least twenty-one (21) calendar days after receipt of the Release to consider its terms before signing it, and (e) he is provided seven
(7) calendar days from the date of signing to terminate and revoke this Release, in which case this Release shall be unenforceable, null and void. The Executive may revoke this Release during those seven (7) days by providing written
notice of revocation to Recro Pharma, Inc., 490 Lapp Road, Malvern, PA 19355 Attn: Chief Executive Officer. Provided that the Executive does not revoke this Release, the Release shall become effective on the eighth (8th) day following the Executive’s execution of the Release (the “Effective Date”). 

  
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 9. Medicare Beneficiary Representation. The Executive warrants that, as of the date he
signs this Agreement, he is not a Medicare beneficiary, is not Medicare eligible, is not within 30 months of becoming Medicare eligible, is not 65 years of age or older, is not suffering from end stage renal failure or amyotrophic lateral sclerosis,
has not received Social Security benefits for 24 months or longer, has not applied for Social Security benefits, and has not been denied Social Security disability benefits and is appealing the denial. The Executive affirms, covenants, and warrants
that he has made no claim, nor is he aware of any facts supporting any claim, against any of the Company Releasees under which any of the Company Releasees could be liable for medical expenses incurred by the Executive before or after the execution
of this Agreement. Furthermore, the Executive is aware of no medical expenses for which Medicare has paid and for which any of the Company Releasees is or could be liable. The Executive agrees and affirms that, to the best of his knowledge, no liens
of any governmental entities, including those for Medicare conditional payments, exist. The Executive acknowledges and agrees that the payment(s) made to him under this Agreement may be reported as provided in Section 111 of the Medicare,
Medicaid, and SCHIP Extension Act of 2007, 42 U.S.C. § 1395y(b)(8). The Executive also agrees to indemnify, defend, and hold the Company Releasees harmless from Medicare claims, liens, damages, conditional payments, and rights to payment, if
any, including attorneys’ fees. The Executive specifically waives any related claims for damages against any and all of the Company Releasees including, without limitation, a private cause of action provided by 42 U.S.C. § 1395y(b)(3)(A).

 10. Miscellaneous. 

10.1. Tax Withholding. All payments provided to the Executive will be subject to tax withholding in accordance with applicable law. 

10.2. No Admission of Liability. This Release is not to be construed as an admission of any violation of any federal, state or local
statute, ordinance or regulation or of any duty owed by the Company to the Executive. There have been no such violations, and the Company specifically denies any such violations. 

10.3. No Reinstatement. The Executive agrees that he will not apply for reinstatement with the Company or seek in any way to be
reinstated, re-employed or hired by the Company in the future. 
 10.4. Successors and Assigns. This Release shall inure to the
benefit of and be binding upon the Company and the Executive and their respective successors, permitted assigns, executors, administrators and heirs. The Executive may not make any assignment of this Release or any interest herein, by operation of
law or otherwise. 
 10.5. Severability. Whenever possible, each provision of this Release will be interpreted in such manner as to
be effective and valid under applicable law. However, if any provision of this Release is held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability will not affect any other provision, and this
Release will be reformed, construed and enforced as though the invalid, illegal or unenforceable provision had never been herein contained. 

10.6. Entire Agreement; Amendments. Except as otherwise provided herein, this Release contains the entire agreement and understanding
of the parties hereto relating to the subject matter hereof, and merges and supersedes all prior and contemporaneous discussions, agreements and understandings of every nature relating to the subject matter hereof. This Release may not be changed or
modified, except by an agreement in writing signed by each of the parties hereto. 
 10.7. Governing Law. This Release shall be
governed by, and enforced in accordance with, the laws of the Commonwealth of Pennsylvania without regard to the application of the principles of conflicts of laws. 

10.8. Execution Date; Counterparts and Facsimiles. This Release may not be signed by the Executive prior to the Termination Date. This
Release may be executed in multiple counterparts (including by facsimile signature), each of which will be deemed to be an original, but all of which together will constitute but one and the same instrument. Counterparts may be delivered via
facsimile, electronic mail (including pdf) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

  
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 [space intentionally left blank; signature page follows] 

  
 -5- 

 IN WITNESS WHEREOF, the Company has caused this Release to be executed by its duly authorized
officer, and the Executive has executed this Release, on the date(s) below written. 
  

			
	RECRO PHARMA, INC.
		
	By:	 	 /s/ Gerri Henwood

	Name & Title: Gerri Henwood, President and CEO
	
	Date: December 8, 2015
	
	CHARLES GARNER
	
	 /s/ Charles Garner

	
	Date: December 4, 2015

  
 -6-

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