Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
Equity Grants to Chief Financial Officer
On January 8, 2021, the Compensation Committee (the "Committee") of the Board of
Directors of Recro Pharma, Inc. (the "Company") approved equity grants to Ryan
D. Lake, Chief Financial Officer of the Company, as compensation for his service
in 2020. The Committee approved an award of 36,000 restricted stock units
("RSUs") to Mr. Lake, which will vest in two equal installments on April 8, 2021
and July 8, 2021. The RSUs were awarded in lieu of a cash bonus award for
Mr. Lake for 2020. The Committee also approved an award of 200,000 RSUs to
Mr. Lake, which will vest with respect to fifty percent (50%) of such award on
December 31, 2021 and with respect to the remaining fifty percent (50%) of such
award, in 24 equal monthly installments thereafter. The additional award
represents Mr. Lake's equity bonus compensation with respect to his service in
2020.
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