Document:

EX-10.11

 Exhibit 10.11 

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. 

  
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 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-10.23

 Exhibit 10.23 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered into as of the [    ] day of
[    ] 2019 (the “Effective Date”), by and between Baudax Bio, Inc., a [                ] corporation (the “Company”), and
[                ], an individual (the “Executive”). 

BACKGROUND 

WHEREAS, the Company desires to employ the Executive, and the Executive desires to accept such employment, subject to the terms and further
conditions set forth herein. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 

1.    Employment and Duties. From and after the Effective Date, the Company shall employ the Executive as
[                ]. In such capacity, the Executive shall perform all such duties as are assigned to him or her consistent with the Executive’s titled position by
the Company’s [                 ] and/or Board of Directors of the Company (the “Board”), and shall use his or her reasonable best efforts to promote the
interests of the Company. Nothing contained herein shall preclude the Executive from managing personal investments, participating in charitable, community, educational and professional activities, or, with the prior written consent of the Company
(which shall not be unreasonably withheld), serving on the board of directors (or comparable governing body), including any board committees, of for-profit businesses that do not compete with the Company,
provided that such activities do not materially interfere with the performance of his or her duties for the Company. 

2.    Term. The term of the Executive’s employment hereunder shall continue until terminated pursuant to the
terms of this Agreement. 
 3.    Compensation. From and after the Effective Date, the Company shall pay the
Executive in accordance with its normal bi-weekly payroll practices an annual salary at the initial rate of [                 ]
per year (the “Base Salary”). The Executive’s Base Salary shall be reviewed not less often than annually and may be increased from time to time in the sole discretion of the Company. The Base Salary, as in effect from time to time,
may not be decreased without the prior written consent of the Executive, except as part of an across the board decrease in which the percentage decrease in the Executive’s base salary is not greater than the smallest percentage decrease of any
other senior executive officer. 
 4.    Other Benefits. 

(a)    Bonuses. 

(i)    The Executive will qualify to participate in the Company’s incentive bonus program. The Executive’s
target bonus amount (the “Target Bonus”), tied to set performance goals and measures, is [    ]% of the Executive’s Base Salary. Notwithstanding the foregoing, the Company reserves the right to change or terminate
any bonus program at any time in the Board’s sole discretion. 

 (b)    Benefits Plans. The Executive shall be eligible to
participate in all health insurance, savings and retirement, and other benefit plans, if any, that are from time to time generally applicable to other employees of the Company, subject to the terms and conditions of such plans. 

(c)    Vacation and Personal Days. The Executive shall be entitled to [five (5) weeks] of paid vacation time
per year and [three (3)] paid personal days per year, in accordance with the plans, practices, policies, and programs agreed to by Company. 

(d)    Expense Reimbursement. The Executive shall be entitled to receive reimbursement for all reasonable
employment-related expenses incurred by the Executive upon the receipt by the Company of an accounting in accordance with practices, policies and procedures applicable to other employees of the Company. 

(e)    Equity Grant. The Executive shall be eligible for a regular annual equity grant (with such eligibility
determined on the same basis as other senior executives, in the discretion of the Compensation Committee of the Company (“Compensation Committee”) and for other grants under such equity or long-term incentive plan as may be adopted by the
Company from time to time. The terms of any such grants shall be determined in the discretion of the Compensation Committee. All stock options granted to the Executive shall be incentive stock options to the fullest extent permitted by law. 

5.    Confidential Information. 

(a)    The Executive agrees at all times during the term of his or her employment with the Company and thereafter, to hold
in strictest confidence, and not to use, except for the benefit of the Company, or to disclose to any person or entity (“Person”) without prior written authorization of the Company, any Confidential Information of the Company. The
Executive understands that “Confidential Information” means Inventions (as defined herein) and any other information of the Company and/or its affiliates disclosed or made available to the Executive, whether before or during the term
hereof, including but not limited to financial information, technical and non-technical data, services, products, processes, operations, reports, analyses, test results, technology, samples, specifications,
protocols, performance standards, formulations, compounds, know-how, methodologies, trade secrets, trade practices, marketing plans and materials, strategies, forecasts, research, concepts, ideas, and names,
addresses and any other characteristics or identifying information of the Company’s existing or potential investors, licensors, licensees, suppliers, customers or employees. Confidential Information shall not include any information the
Executive can establish by competent proof is or becomes public knowledge or part of the public domain through no act or omission of the Executive. Notwithstanding the foregoing, the Executive shall be permitted to disclose Confidential Information
pursuant to a court order, government order or any other legal requirement of disclosure if no suitable protective order or equivalent remedy is available, provided that the Executive gives the Company written notice of such court order, government
order or legal requirement of disclosure immediately upon knowledge thereof and allows the Company a 

  
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reasonable opportunity to seek to obtain a protective order or other appropriate remedy prior to such disclosure to the extent permitted by law. Further, it shall not be a violation of the
Executive’s confidentiality obligations, and the Executive shall not be held criminally or civilly liable under any federal or state trade secret law if disclosure of confidential information (A) is made (i) in confidence to a
federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document
filed in a lawsuit or other proceeding, if such filing is made under seal. 
 (b)    The Executive agrees that he or
she shall not, during his or her employment with Company, improperly use or disclose any proprietary information or trade secrets of any former employer of the Executive or other Person and that the Executive will not bring onto the premises of the
Company any unpublished documents or proprietary information belonging to any such former employer or Person unless consented to in writing by such former employer or Person. 

(c)    The Executive recognizes that the Company has received and in the future will receive from third parties certain
confidential or proprietary information subject to a duty on the Company’s part to maintain the confidentiality of such information and to use it only for certain limited purposes. The Executive agrees to hold all such confidential or
proprietary information in the strictest confidence and not to disclose it to any Person, or to use it except as necessary in carrying out his or her work for the Company consistent with Company’s agreement with such third party. 

(d)    Notwithstanding anything herein to the contrary, nothing in this Agreement shall (x) prohibit the Executive
from making reports of possible violations of federal law or regulation to any governmental agency or entity in accordance with the provisions of and rules promulgated under Section 21F of the Securities Exchange Act of 1934, as amended, or
Section 806 of the Sarbanes-Oxley Act of 2002, or of any other whistleblower protection provisions of federal law or regulation, or (y) require notification or prior approval by the Company of any such report; provided that, the Executive
is not authorized to disclose communications with counsel that were made for the purpose of receiving legal advice or that contain legal advice or that are protected by the attorney work product or similar privilege. 

6.    Inventions. 

(a)    The Executive agrees that he or she shall promptly make full written disclosure to the Company, shall hold in trust
for the sole right and benefit of the Company, shall assign and hereby does assign to the Company, or its designee, all of the Executive’s right, title, and interest in and to any and all inventions, original works of authorship, developments,
concepts, improvements, designs, discoveries, ideas, trademarks or trade secrets, whether or not patentable or registerable under copyright or similar laws, which the Executive may, solely or jointly, conceive or develop or reduce to practice during
the period of time the Executive is in the employ of the Company that relate to the Company and/or its products (collectively referred to as “Inventions”). The Executive further acknowledges that all original works of authorship which are
made by the Executive (solely or jointly with others) within the scope of and during the period of his or her employment with the Company and which are 

  
 -3- 

 
protectable by copyright are “works made for hire”, as that term is defined in the United States Copyright Act. The Executive understands and agrees that the decision whether or not to
commercialize or market any invention developed by the Executive (solely or jointly with others) is within the Company’s sole discretion and for the Company’s sole benefit and that no royalty will be due to the Executive as a result of the
Company’s efforts to commercialize or market any such invention. 
 (b)    The Executive agrees to keep and
maintain adequate and current written records of all Inventions made by the Executive (solely or jointly with others) during the term of his or her employment with the Company. The records will be in the form of notes, sketches, drawings, and any
other format that may be specified by the Company. The records will be available to and remain the sole property of the Company at all times. 

(c)    If the Company is unable because of the Executive’s mental or physical incapacity or for any other reason to
secure his or her signature on any such document, then the Executive hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as his or her agent and attorney-in-fact to act for and in the Executive’s behalf and stead to execute and file any such document and to do all other lawfully permitted acts to further the prosecution and issuance of letters
patent or copyright registrations thereon with the same legal force and effect as if executed by the Executive. 

7.    Returning Company Documents. The Executive agrees that, at the time of leaving the employ of the Company, he
or she shall deliver to the Company (and will not keep in his or her possession, recreate or deliver to anyone else) any and all devices, records, data, notes, reports, proposals, lists, correspondence, materials, equipment, other documents or
property, or reproductions of any of the aforementioned items developed by the Executive pursuant to his or her employment with the Company or otherwise belonging to the Company, its successors or assigns. 

8.    Nonsolicitation and Noncompetition. 

(a)    The Executive agrees that during the term of his or her employment with the Company and for a period of one
(1) year immediately following the termination of the Executive’s employment with the Company for any reason whatsoever, whether with or without cause, (i) the Executive shall not, either directly or indirectly, solicit, induce,
recruit or encourage any employees of the Company and/or its affiliates to leave their employment, or take away such employees, or attempt to solicit, induce, recruit, encourage or take away employees of the Company and/or its affiliates, either for
the Executive or for any other Person and (ii) neither the Executive, nor any firm, organization or corporation in which he or she is interested, shall, for any reason, directly or indirectly, persuade or attempt to persuade any investor,
licensor, licensee, supplier or customer of Company, or any potential investor, licensor, licensee, supplier or customer to which the Company and/or its affiliates have made a presentation or with which the Company and/or its affiliates have been
having discussions, to not transact business with the Company and/or its affiliates or to transact business with the Executive or any other Person as an alternative to or in addition to the Company and/or its affiliates.

  
 -4- 

 (b)    The Executive agrees that during the term of his or her
employment with the Company and for a period of one (1) year immediately following the termination of the Executive’s employment with the Company for any reason whatsoever, whether with or without cause, the Executive shall not, anywhere
in the world, engage, either directly or indirectly, whether as a principal or as an agent, officer, director, employee, consultant, shareholder, partner or otherwise, alone or in association with any other Person, in any Competing Business. For
purposes of this Agreement, the term “Competing Business” shall mean any Person engaged in the development or commercialization of products that are the same or substantially similar to, or that directly compete with, those products
developed, commercialized or actively in development or commercialization by the Company. 
 (c)    In the event that
the provisions of subparagraphs (a) or (b) above should be determined by a court or other tribunal of competent jurisdiction to exceed the time, geographic, services or product limitations permitted by the applicable law in a jurisdiction
in which enforcement of this Agreement is sought, then such provisions shall be deemed reformed in such jurisdiction to the maximum time, geographic, service or product limitations permitted by such applicable law, and the parties hereby expressly
grant any court or competent jurisdiction the authority to effect such reformation. 
 9.    Equitable Relief.
The parties confirm that a violation by the Executive of the provisions of this Agreement, including but not limited to, the restrictions in Sections 5 through 8, will cause the Company irreparable harm that cannot be remedied adequately by monetary
damages. The Executive agrees that, in the event of such a violation, the Company shall be entitled to seek temporary, preliminary and permanent injunctive relief to restrain any such violation (without the posting of a bond) and to an equitable
accounting of all earnings, profits and other benefits arising from the breach or violation, which rights shall be cumulative and in addition to any other rights or remedies to which the Company may be entitled. The Company shall be entitled to
commence action for such relief in any state or federal court in the Commonwealth of Pennsylvania, and the Executive waives to the fullest extent permitted by law any objection that he or she may now or hereafter have to the jurisdiction and venue
of the court in any such proceeding. In any such action, the prevailing party (once all appeals have been exhausted) shall be entitled to recover such party’s reasonable attorney’s fees, out-of-pocket costs and disbursements. 
 10.    Termination of
Employment. 
 (a)    Notwithstanding the provisions of Section 2 hereof, the Executive’s employment
shall terminate, or be subject to termination, as follows: 
 (i)    Death or Disability. In the event the
Executive dies, this Agreement shall terminate. If the Executive becomes entitled to long-term disability benefits under the Company’s then-current disability insurance policy(ies) applicable to the Executive, the Company may, at its option,
terminate the Executive’s employment hereunder effective immediately upon written notice. If the Company does not have in effect disability insurance covering the Executive and/or if “disabled” is not defined therein, the Executive
shall be deemed disabled hereunder at such time that he or she suffers a physical or mental disability that renders him or her unable to perform the duties of his or her employment on substantially a full-time basis, and such period of physical or
mental disability continues without substantial interruption for more than one hundred eighty (180) days. 

  
 -5- 

 (ii)    By Company for Cause. The Company may, at any time,
terminate the Executive’s employment hereunder for Cause. For purposes of this Agreement, the Company shall have “Cause” to terminate the Executive’s employment hereunder upon (a) conduct amounting to fraud or dishonesty
against the Company; (b) the willful failure by the Executive to substantially perform his or her duties hereunder or the material violation by the Executive of any of the other provisions of this Agreement, which willful failure or material
violation shall continue for thirty (30) days or more following written notice to the Executive; (c) the Executive’s loss of any permit, license, accreditation or other authorization necessary to the Executive’s performance of
his or her duties hereunder, as determined by the Company in its sole discretion; (d) the Executive’s conviction of a felony or a plea by the Executive of nolo contendere to a felony; or (e) other willful conduct by the Executive
likely, in the reasonable judgment of the Board, to materially adversely affect the reputation of the Company, which conduct shall continue for five (5) days or more following written notice to the Executive. No act, or omission to act, shall
be considered “willful” unless such act or omission is done without a good faith belief by the Executive that such act or omission is in, or not opposed to, the best interests of the Company. 

(iii)    By Company for Convenience. The Company may terminate the Executive’s employment hereunder at any
time, without Cause, upon no less than thirty (30) days prior written notice to Executive. 
 (iv)    By
Executive for Convenience. The Executive may terminate his or her employment hereunder at any time upon no less than thirty (30) days prior written notice to the Company. 

(v)    By Executive upon a Change of Control. The Executive may terminate his or her employment hereunder at any
time during the twelve (12) months following a Change of Control, if during such twelve-month period the Company and/or its successor (a) materially and adversely changes the status, responsibilities or perquisites of the Executive and
such change is not cured within thirty (30) days following written notice by the Executive to the Company, (b) reduces the Executive’s Base Salary other than as permitted by Section 3 or the amount of the Target Bonus, or
(c) requires the Executive to be principally based at any office or location more than fifty (50) miles from the Executive’s principal office immediately prior to the Change of Control; provided, however, that the Executive shall not
be entitled to resign pursuant to this Section 10(a)(v) unless the Executive notifies the Company in writing of the circumstances outlined in Section 10(a)(v)(a) through 10(a)(v)(c) within thirty (30) days after he or she first has
notice of such circumstances, the Company fails to cure such circumstances within thirty (30) days after receipt of such notice, and the Executives resigns his or her employment not later than ten (10) days after the end of such cure
period. For purposes of this Agreement, a “Change of Control” shall be deemed to have occurred upon the happening of any of the following events: (i) the consummation of a plan of dissolution or liquidation of the Company;
(ii) the consummation of the sale or disposition of all or substantially all of the assets of the Company; (iii) the consummation of a merger, consolidation or other shareholder-approved fundamental business transaction in which the
Company is a participant with another 

  
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entity where the stockholders of the Company, immediately prior to the referenced transaction, will not beneficially own, immediately after the referenced transaction, shares or other equity
interests entitling such stockholders to more than 50% of all votes to which all equityholders of the surviving entity would be entitled in the election of directors; (iv) the date any entity, person or group, (within the meaning of
Section 13(d)(3) or Section 14(d)(2) of the Securities Exchange Act of 1934, as amended), (other than (A) the Company or any of its subsidiaries or any employee benefit plan (or related trust) sponsored or maintained by the Company or
any of its subsidiaries or (B) any person who, on the date the Plan is effective, is the beneficial owner of outstanding securities of the Company), shall have become the beneficial owner of, or shall have obtained voting control over, more
than fifty percent (50%) of the outstanding shares of the Common Stock; or (v) the first day after the date hereof when directors are elected such that a majority of the Board shall have been members of the Board for less than twenty-four
(24) months, unless the nomination for election of each new director who was not a director at the beginning of such twenty-four (24) month period was approved by a vote of at least two-thirds of the
directors then still in office who were directors at the beginning of such period. 
 (b)    Severance. 

(i)    In the event of any termination of the Executive’s employment for any reason, the Executive (or his or her
estate) shall be entitled to (A) his or her Base Salary through the date of termination, (B) the value of his or her accrued but unused vacation and paid time off through the date of termination, (C) except in the case of termination
for Cause, any bonus earned in a prior year but not yet paid on the date of termination, (D) reimbursement of all business expenses properly incurred prior to the date of termination consistent with Company policy, and (E) any benefits,
including any continuation or conversion rights, provided under any employee benefit plan or policy of the Company (not including any severance, separation pay, or supplemental unemployment benefit plan), in accordance with the terms of such plan or
policy (the “Accrued Benefits”). 
 (ii)    In the event of termination of the Executive’s employment by
reason of death or Disability, the Company shall pay or provide to the Executive or the Executive’s estate (A) the Accrued Benefits, (B) the Executive’s Base Salary, in accordance with its normal payroll practices (but not less
frequently than monthly), for a period of [                ] months from the effective date of such termination, (C) an amount equal to the Executive’s Target
Bonus for the fiscal year of termination pro-rated through the date of termination (determined based on the number of days in the calendar year that the Executive is employed by the Company in such year of the
effective date of termination) and paid within thirty (30) days following such termination, and (D) continued health benefits for the Executive and his or her eligible dependents at the Company’s expense (or such portion thereof as is
then funded by the Company for other employees of the Company), if applicable, for the same period. 
 (iii)    In the
event of a termination by the Company pursuant to Section 10(a)(iii), or if the Executive terminates this Agreement during the twelve (12) months after a Change of Control pursuant to Section 10(a)(v), the Company shall (A) pay
or provide to the Executive the Accrued Benefits, (B) pay the Executive a pro-rata annual bonus in respect of the fiscal year in which the effective date of termination occurs (determined based on the
number of days in the calendar year that the Executive is employed by the Company in such fiscal year 

  
 -7- 

 
of the effective date of termination), with such annual bonus (if any) paid at the same time it would have otherwise been paid absent the Executive’s termination of employment,
(C) continue to pay the Executive his or her Base Salary, in accordance with its normal payroll practices (but not less frequently than monthly), and shall continue the Executive’s, and his or her eligible dependents’, health
insurance benefits at the Company’s expense (or such portion thereof as is then funded by the Company for other employees of the Company) for a period of twelve (12) months from the effective date of such termination, and (D) provide
the Executive, at the Company’s expense, with senior executive level outplacement services for a period of twelve (12) months from the date of termination, using a reputable provider selected by the Executive with the Company’s
consent, which shall not be unreasonably withheld, provided that such outplacement expenses shall not exceed $25,000 in any event. 

(iv)    Except as expressly provided in this Section 10(b), upon the termination of the Executive’s employment,
all payments hereunder shall cease. 
 (v)    The payments and benefits described in Sections 10(b)(ii) and
10(b)(iii) are in lieu of, and not in addition to, any other severance arrangement maintained by the Company. The payments and benefits described in Sections 10(b)(ii) and 10(b)(iii), other than the Accrued Benefits, are conditioned on clauses
(i) and (ii) below: 
 i.    The Executive’s (or in the case of the Executive’s death, his/her
estate’s) execution and delivery to the Company and the expiration of all applicable statutory revocation periods, by the sixtieth (60th) day following the effective date of his or her
termination of employment, of a general release of claims against the Company and its affiliates substantially in the form attached hereto as Exhibit A (the “Release”). Subject to Section 11 below, the
payments and benefits described in Section 10(b)(ii) and 10(b)(iii) will begin to be paid or provided as soon as administratively practicable after the Release becomes irrevocable, provided that if the sixty (60) day period described above
begins in one taxable year and ends in a second taxable year such payments or benefits shall not commence until the second taxable year. 

ii.    The Executive’s continued compliance with the provisions of Sections 5, 6, 7 and 8 of this Agreement.

 (vi)    The Executive shall not be required to seek or accept other employment, or otherwise to mitigate damages, as
a condition to receipt of the benefits described in Sections 10(b)(ii) and 10(b)(iii), and such benefits shall not be reduced or offset by an amounts received by the Executive from any other source, except to the extent the Executive’s
medical coverage is discontinued by reason of the Executive acquiring other coverage. 
 (c)    The provisions of this
Agreement shall survive expiration or termination of this Agreement for any reason to the extent necessary to enable the parties to enforce their respective rights hereunder, including without limitation Sections 4(e), 5, 6, 7, 8, 9, 10(b),
10(c), 11, 12, 13, 14, 15 and 16. 

  
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 11.    Compliance with Section 409A. 

(a)    Notwithstanding anything to the contrary in this Agreement, all benefits or payments provided by the Company to the
Executive that would be deemed to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code are intended to comply with Section 409A of the Code. Notwithstanding anything in this Agreement to
the contrary, distributions of benefits which constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code may be made under this Agreement upon an event and in a manner permitted by Section 409A
of the Code or an applicable exemption. 
 (b)    Notwithstanding anything to the contrary in this Agreement, no
portion of the benefits or payments to be made under Section 10(b) hereof will be payable until the Executive has a “separation from service” from the Company within the meaning of Section 409A of the Internal Revenue Code of
1986, as amended (the “Code”). In addition, to the extent compliance with the requirements of Treas. Reg. § 1.409A-3(i)(2) (or any successor provision) is necessary to avoid the application
of an additional tax under Section 409A of the Code to payments due to the Executive upon or following his or her “separation from service”, then notwithstanding any other provision of this Agreement (or any otherwise applicable plan,
policy, agreement or arrangement), any such payments that are otherwise due within six months following the Executive’s “separation from service” (taking into account the preceding sentence of this paragraph) will be deferred without
interest and paid to the Executive in a lump sum immediately following that six month period. This paragraph should not be construed to prevent the application of Treas. Reg. § 1.409A-1(b)(9)(iii)
(or any successor provision) to amounts payable hereunder. For purposes of the application of Section 409A of the Code, each payment in a series of payments will be deemed a separate payment. 

(c)    Notwithstanding anything to the contrary in this Agreement, except to the extent any expense, reimbursement or in-kind benefit provided to the Executive does not constitute a “deferral of compensation” within the meaning of Section 409A of the Code, and its implementing regulations and guidance, (i) the
amount of expenses eligible for reimbursement or in-kind benefits provided to the Executive during any calendar year will not affect the amount of expenses eligible for reimbursement or in-kind benefits provided to the Executive in any other calendar year, (ii) the reimbursements for expenses for which the Executive is entitled to be reimbursed shall be made on or before the last day of the
calendar year following the calendar year in which the applicable expense is incurred and (iii) the right to payment or reimbursement or in-kind benefits hereunder may not be liquidated or exchanged for
any other benefit. 
 12.    Parachute Payment. 

(a)    If any payment or benefit the Executive would receive under this Agreement or otherwise in connection with a Change
of Control, as defined herein (the “Total Payments”) would (i) constitute a “Parachute Payment” within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to the excise tax imposed
by Section 4999 of the Code (the “Excise Tax”), then such Total Payment shall be equal to the Reduced Amount. The “ Reduced Amount” shall be either (x) the largest portion of the Total Payment that would

  
 -9- 

 
result in no portion of the Total Payment being subject to the Excise Tax or (y) the largest portion, up to and including the total of the Total Payment, whichever amount, after taking into
account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in the Executive’s receipt, on an
after-tax basis, of the greatest economic benefit notwithstanding that all or some portion of the Total Payment may be subject to the Excise Tax. If a reduction in payments or benefits constituting Parachute
Payments is necessary so that the Total Payment equals the Reduced Amount, reduction shall occur in the manner that results in the greatest economic benefit for the Executive. In applying this principle, the reduction shall be made in a manner
consistent with the requirements of Section 409A of the Code, and where two economically equivalent amounts are subject to reduction but payable at different times, such amounts shall be reduced on a pro rata basis but not below zero. 

(b)    In the event it is subsequently determined by the Internal Revenue Service that some portion of the Reduced Amount
(as determined pursuant to clause (x) in the preceding paragraph) is subject to the Excise Tax, the Executive agrees to promptly return to the Company a sufficient amount of the Total Payment so that no portion of the Reduced Amount is subject
to the Excise Tax. For the avoidance of doubt, if the Reduced Amount is determined in accordance with clause (y) in the preceding paragraph, the Executive will have no obligation to return any portion of the Total Payment pursuant to the
preceding sentence. Unless the Executive and the Company agree on an alternative accounting or law firm, the accounting firm then engaged by the Company for general tax compliance purposes shall perform the foregoing calculations. If the accounting
firm so engaged by the Company is serving as accountant or auditor for the individual, entity or group effecting the Change of Control, the Company shall appoint a nationally recognized accounting, law or consulting firm to make the determinations
required hereunder. The Company shall bear all expenses with respect to the determinations by such accounting, law or consulting firm required to be made hereunder. 

(c)    The Company shall use commercially reasonable efforts such that the accounting, law or consulting firm engaged to
make the determinations hereunder shall provide its calculations, together with detailed supporting documentation, to the Executive and the Company within fifteen (15) calendar days after the date on which the Executive’s right to a Total
Payment is triggered (if requested at that time by the Executive or the Company) or such other time as requested by the Executive or the Company. 

13.    Notices. All notices, consents, waivers or other communications which are required or permitted hereunder
will be sufficient if given in writing and delivered personally, by overnight mail service, by fax transmission (which is confirmed) or by registered or certified mail, return receipt requested, postage prepaid, to the parties at the addresses set
forth below (or to such other addressee or address as will be set forth in a notice given in the same manner): 
 If to the Company:
    Baudax Bio, Inc. 
     490 Lapp Road 

  
 -10- 

     Malvern, PA 19355 

    Attn: Gerri Henwood 

    CEO 

If to the Executive:     [EXECUTIVE] 

    Address on file. 

All such notices will be deemed to have been given three business days after mailing if sent by registered or certified mail, one business day
after mailing if sent by overnight courier service, or on the date delivered or transmitted if delivered personally or sent by fax transmission. 

14.    Indemnification. To the maximum extent permitted by applicable law, both during the term of this Agreement
and at all times thereafter, regardless of the reason for termination, the Company shall indemnify the Executive and hold the Executive harmless against any cost, fee, expense, fine or penalty (a “cost”) to which he or she may be subject
as a result of serving as an employee or officer of the Company or any other entity at the Company’s direction, shall advance to the Executive, as incurred, the reasonable costs (including fees and disbursements of legal counsel) incurred by
him in defending any judicial or administrative proceeding, including any investigation, that may give rise to a cost, subject to the Executive’s obligation to repay any such advance if it is subsequently determined that he or she was not
entitled to indemnification, and shall provide for the Executive to be covered by its directors and officers, or any similar, insurance policy at the level applicable to its most senior active officers. 

15.    Nondisparagement. Both during the term of this Agreement and at all times thereafter, regardless of the
reason for termination, the Executive shall not publicly disparage the Company, and the Company shall instruct the members of the Board and its senior executives not to publicly disparage the Executive. 

16.    Miscellaneous. 

(a)    No provision of this Agreement may be amended unless such amendment, modification or discharge is agreed to in
writing signed by the parties hereto. 
 (b)    No waiver by any party hereto of any breach of, or compliance with, any
condition or provision of this Agreement by the other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No such waiver shall be enforceable unless expressed in a written
instrument executed by the party against whom enforcement is sought. 
 (c)    This Agreement constitutes the entire
agreement of the parties on the subject matter and no agreements or representations, oral or otherwise, expressed or implied, with respect to the subject matter hereof have been made by either party which are not set forth expressly in this
Agreement. For the avoidance of doubt, any prior agreements or representations made by either party which are not set forth expressly in this Agreement are hereby superseded. In the event of any conflict between this Agreement and any policy of the
Company, the terms of this Agreement will control. 

  
 -11- 

 (d)    This Agreement shall be binding upon and inure to the benefit of
the Company, its successors and assigns, and the Executive and his or her heirs, executors, administrators and legal representatives. The Company may not assign its rights and obligations under this Agreement to any person without the prior written
consent of the Executive, except to a successor to the Company’s business that expressly adopts and agrees to be bound by this Agreement. 

(e)    This Agreement shall be governed by, and construed in accordance with, the laws of the Commonwealth of
Pennsylvania without giving effect to its principles of conflicts of law. Exclusive jurisdiction for any dispute between the parties arising from or in connection with this Agreement and/or the relationship between the Executive and the Company
shall lie with the federal and state courts located in the Commonwealth of Pennsylvania, and each party hereby consents to the personal jurisdiction of such courts. 

(f)    This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but
all of which together shall constitute one and the same instrument. 
 (g)    This Agreement has been jointly drafted
by the respective representatives of the Company and the Executive and no party shall be considered as being responsible for such drafting for the purpose of applying any rule construing ambiguities against the drafter or otherwise. No draft of this
Agreement shall be taken into account in construing this Agreement. 
 [Execution page follows] 

  
 -12- 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first
above written. 
  

			
	EXECUTIVE:
	
	     

	[EXECUTIVE]
	
	 COMPANY: 

	
	BAUDAX BIO, INC.
		
	By:	 	     

		 	Gerri Henwood, President

  
 -13- 

 Exhibit A 

SEPARATION AND MUTUAL RELEASE AGREEMENT 

THIS SEPARATION AND MUTUAL RELEASE AGREEMENT (this “Release”) is made by and between
[            ] (the “Executive”) and Baudax Bio, Inc. (the “Company”). 

WHEREAS, the Executive’s employment with the Company has terminated; and 

WHEREAS, pursuant to Section 10(b)[ii][iii] of the Employment Agreement by and between the Company and the Executive dated as of
[            ] (the “Employment Agreement”), the Company has agreed to pay the Executive certain amounts and to provide certain benefits, subject to his or her execution
and non-revocation of this Release. All terms used but not defined herein shall have the meanings ascribed to such terms in the Employment Agreement. 

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. The Executive acknowledges that: (i) the payments set
forth in Section 10(b)[ii][iii] of the Employment Agreement constitute full settlement of all his or her rights under the Employment Agreement, (ii) he or she has no entitlement under any other severance or similar arrangement maintained
by the Company or any of its affiliates, and (iii) except as otherwise provided specifically in this Release, the Company does not and will not have any other liability or obligation to the Executive by reason of the cessation of his or her
employment. The Executive further acknowledges that, in the absence of his or her execution of this Release, the payments and benefits specified in Section 10(b)[ii][iii] of the Employment Agreement would not otherwise be due to him or her.

 2.    Mutual Release and Covenant Not to Sue. 

2.1.    Mutual Release. The Executive, on his or her own behalf and together with his or her 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. 

  
 A-1 

 2.2.    Covenant Not to Sue. The Executive expressly represents
that he or she has not filed a lawsuit or initiated any other administrative proceeding against the Company and that he or she 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: (w) any obligation the Company may have under applicable law or an exchange listing requirement to pursue the recoupment of compensation or other payments made to the Executive,
(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 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. 

  
 A-2 

 3.    Cooperation. The Executive further agrees that he or she
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 or her 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. 

5.    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. 

6.    Restrictive Covenants. The Executive acknowledges that the restrictive covenants contained in
Sections 5, 6, 7, 8 and 9 of the Employment Agreement will survive the termination of his or her 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 or she received adequate consideration in exchange for agreeing to the Restrictive Covenants and that he or she will abide by the Restrictive Covenants. 

7.    Rescission Right. The Executive expressly acknowledges and recites that: (a) Executive has read and
understands the terms of this Release in its entirety, (b) Executive has entered into this Release knowingly and voluntarily, without any duress or coercion, (c) Executive has been advised orally and is hereby advised in writing to consult
with an attorney with respect to this Release before signing it, (d) Executive was provided at least twenty-one (21) calendar days after receipt of the Release to consider its terms before signing
it, and (e) Executive 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 Baudax Bio, 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”). 

  
 A-3 

 8.    Medicare Beneficiary Representation. The Executive warrants
that, as of the date the Executive signs this Agreement, the Executive 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 the Executive has made no claim, nor is he or she 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 or her 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 the Executive
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). 

9.    Miscellaneous. 

9.1.    Tax Withholding. All payments provided to the Executive will be subject to tax withholding in accordance
with applicable law. 
 9.2.    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. 

9.3.    No Reinstatement. The Executive agrees that the Executive 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. 

9.4.    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. The Company may assign this
Release to any successor to all or substantially all of its assets and business by means of liquidation, dissolution, merger, consolidation, transfer of assets, or otherwise. 

9.5.    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. 

  
 A-4 

 9.6.    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. 

9.7.    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. 

9.8.    Execution Date; Counterparts and Facsimiles. This Release may not be signed by the Executive prior to the
date of Executive’s termination of employment. 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. 
 [space intentionally left blank; signature page follows] 

  
 A-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. 
  

	
	 BAUDAX BIO, INC.

	
	 By:

	
	 Name &
Title:                                        
                           

	
	
Date:                  
                                         
                       

	
	 [EXECUTIVE]

	
	
                  
                                         
                                

	
	
Date:                  
                                         
                       

  
 A-6

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