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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, DC 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B><FONT
STYLE="white-space:nowrap">FORM&nbsp;8-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): December&nbsp;28, 2018 </B></P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Recro Pharma, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
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<TD VALIGN="top" ALIGN="center"><B>Pennsylvania</B></TD>
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<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">001-36329</FONT></B></TD>
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<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">26-1523233</FONT></B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>incorporation or organization)</B></P></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B>490 Lapp Road, Malvern, Pennsylvania</B></TD>
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<TD VALIGN="top" ALIGN="center"><B>19355</B></TD></TR>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B>(Address of principal executive offices)</B></TD>
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<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area
<FONT STYLE="white-space:nowrap">code:&nbsp;(484)&nbsp;395-2470</FONT> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Not Applicable </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former name or former address, if changed since last report) </B></P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the <FONT STYLE="white-space:nowrap">Form&nbsp;8-K&nbsp;filing</FONT> is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions (see General Instruction A.2. below): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting material pursuant to <FONT STYLE="white-space:nowrap">Rule&nbsp;14a-12&nbsp;under</FONT> the
Exchange Act (17 <FONT STYLE="white-space:nowrap">CFR&nbsp;240.14a-12)</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement&nbsp;communications</FONT> pursuant to <FONT
STYLE="white-space:nowrap">Rule&nbsp;14d-2(b)&nbsp;under</FONT> the Exchange Act (17 <FONT STYLE="white-space:nowrap">CFR&nbsp;240.14d-2(b))</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement&nbsp;communications</FONT> pursuant to <FONT
STYLE="white-space:nowrap">Rule&nbsp;13e-4(c)&nbsp;under</FONT> the Exchange Act (17 <FONT STYLE="white-space:nowrap">CFR&nbsp;240.13e-4(c))</FONT> </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the
Securities Act of 1933 (&#167;230.405 of this chapter) or <FONT STYLE="white-space:nowrap">Rule&nbsp;12b-2&nbsp;of</FONT> the Securities Exchange Act of <FONT STYLE="white-space:nowrap">1934&nbsp;(&#167;240.12b-2&nbsp;of</FONT> this chapter). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;&#9746; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange Act.&nbsp;&nbsp;&nbsp;&nbsp;&#9746; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;1.01</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Entry into a Material Definitive Agreement </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On December&nbsp;28, 2018, Recro Pharma, Inc. (the &#147;<U>Company</U>&#148;) entered into a First Amendment to Credit Agreement and Investment Documents by
and among the Company, certain of the Company&#146;s subsidiaries named as guarantors therein (the &#147;<U>Guarantors</U>&#148;), the lenders named therein (the &#147;<U>Lenders</U>&#148;), and Athyrium Opportunities III Acquisition LP
(&#147;<U>Athyrium</U>&#148;), in its capacity as the administrative agent (the &#147;<U>First Amendment</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the First Amendment, the
$20&nbsp;million term B loan and $20&nbsp;million term C loan provided for under the Company&#146;s Credit Agreement dated November&nbsp;17, 2017 by and among the Company, the Guarantors, the Lenders and Athyrium, which were contingent on the
Company receiving regulatory approval of its intravenous meloxicam product candidate (&#147;<U>IV meloxicam</U>&#148;) by December&nbsp;31, 2018, were restructured into (i)&nbsp;a $10&nbsp;million term <FONT STYLE="white-space:nowrap">B-1</FONT>
loan funded on December&nbsp;28, 2018; (ii) a $15&nbsp;million term <FONT STYLE="white-space:nowrap">B-2</FONT> loan (the &#147;<U>Term <FONT STYLE="white-space:nowrap">B-2</FONT> Loan</U>&#148;); and (iii)&nbsp;a $15&nbsp;million term C loan (the
&#147;<U>Term C Loan</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Term <FONT STYLE="white-space:nowrap">B-2</FONT> Loan may be drawn upon by the Company on or before
September&nbsp;30, 2019 provided that the Company (i)&nbsp;receives regulatory approval of IV meloxicam and (ii)&nbsp;has at least $20&nbsp;million in unrestricted cash if the $5&nbsp;million milestone payment due to Alkermes Pharma Ireland Limited
(&#147;<U>Alkermes</U>&#148;) on or before April&nbsp;23, 2019 (the &#147;<U>Alkermes Milestone Payment</U>&#148;) pursuant to the Company&#146;s recently amended Purchase and Sale Agreement regarding the Company&#146;s acquisition of the rights to
IV meloxicam from Alkermes (the &#147;<U>Purchase Agreement</U>&#148;) has already been paid (if the Alkermes Milestone Payment has not been paid, the Company must have at least $25&nbsp;million in unrestricted cash). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Term C Loan may be drawn upon by the Company at any time on or prior to March&nbsp;31, 2020 provided that the Term
<FONT STYLE="white-space:nowrap">B-2</FONT> Loan has been drawn upon and net sales of IV meloxicam achieve $20&nbsp;million for the most recent trailing twelve month period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The First Amendment also provides that if, at the time of funding of the Term <FONT STYLE="white-space:nowrap">B-2</FONT> Loan, the Company (i)&nbsp;has not
paid the next $5&nbsp;million milestone payment under the Purchase Agreement due within 180 days of regulatory approval of IV meloxicam (the &#147;<U>Second Alkermes Milestone Payment</U>&#148;) and (ii)&nbsp;has less than $30&nbsp;million in
unrestricted cash, then the Company&#146;s minimum liquidity covenant shall be increased from $7&nbsp;million in unrestricted cash to $12&nbsp;million in unrestricted cash, until the Second Alkermes Milestone Payment is made. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the First Amendment, the warrants to purchase an aggregate of 348,664 shares of the Company&#146;s common stock, issued on November&nbsp;17, 2017
to Athyrium and its Affiliate (the &#147;<U>Warrants</U>&#148;) were amended to decrease the exercise price of the Warrants to $6.84 per share, subject to adjustment as set forth therein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with the execution of the First Amendment, the Company paid Athyrium a $500,000 amendment fee as well as certain other fees and expenses,
including the fees and expenses of Athyrium&#146;s legal counsel. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The foregoing description of the First Amendment does not purport to be complete and is
qualified in its entirety by the terms and conditions of the First Amendment, which is attached hereto as Exhibit 10.1 and incorporated herein by reference. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;3.02</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Unregistered Sale of Equity Securities </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information in Item 1.01 above with regard to the Warrants is incorporated in this Item 3.02 by reference. To the extent that the repricing of the Warrants
constitutes an issuance of securities, the issuance is exempt under the exemption from registration provided by Section&nbsp;3(a)(9) of the Securities Act of 1933, as amended. </P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;3.03</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Material Modifications to Rights of Security Holders </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information in Item 1.01 above with regard to the Warrants is incorporated in this Item 3.03 by reference. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Financial Statements and Exhibits. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(d)&nbsp;Exhibits </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following exhibits are being filed herewith: </P>
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<TD VALIGN="top" NOWRAP>10.1</TD>
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<TD VALIGN="top"><A HREF="d624954dex101.htm">First Amendment to Credit Agreement and Investment Documents, dated December&nbsp;
28, 2018, by and among the Recro Pharma, Inc., the guarantors party thereto, the lenders party thereto, and Athyrium Opportunities III Acquisition LP </A></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Recro Pharma, Inc.</P></TD></TR>
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<TD VALIGN="top">By:</TD>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Gerri A. Henwood</TD></TR>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Name:</I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Gerri A. Henwood</I></P></TD></TR>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Title:</I></P></TD>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Chief Executive Officer</I></P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: January&nbsp;4, 2019 </P>
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{"company-data": {"conformed-name": "Recro Pharma, Inc.", "cik": "0001588972", "assigned-sic": "2834", "irs-number": "261523233", "state-of-incorporation": "PA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-36329", "film-number": "19510370"}, "business-address": {"street1": "490 LAPP ROAD", "city": "MALVERN", "state": "PA", "zip": "19355", "phone": "(484) 395-2400"}, "mail-address": {"street1": "490 LAPP ROAD", "city": "MALVERN", "state": "PA", "zip": "19355"}}
8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 28, 2018
Recro Pharma, Inc.
(Exact name of registrant as specified in its charter)
Pennsylvania
001-36329
26-1523233
(State or other jurisdiction of
incorporation or organization)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
490 Lapp Road, Malvern, Pennsylvania
19355
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area
code: (484) 395-2470
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the
Form 8-K filing
is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to
Rule 14a-12 under
the
Exchange Act (17
CFR 240.14a-12)
☐
Pre-commencement communications
pursuant to
Rule 14d-2(b) under
the Exchange Act (17
CFR 240.14d-2(b))
☐
Pre-commencement communications
pursuant to
Rule 13e-4(c) under
the Exchange Act (17
CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the
Securities Act of 1933 (§230.405 of this chapter) or
Rule 12b-2 of
the Securities Exchange Act of
1934 (§240.12b-2 of
this chapter).
Emerging growth company    ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☒
Item 1.01
Entry into a Material Definitive Agreement
On December 28, 2018, Recro Pharma, Inc. (the "
Company
") entered into a First Amendment to Credit Agreement and Investment Documents by
and among the Company, certain of the Company's subsidiaries named as guarantors therein (the "
Guarantors
"), the lenders named therein (the "
Lenders
"), and Athyrium Opportunities III Acquisition LP
("
Athyrium
"), in its capacity as the administrative agent (the "
First Amendment
").
Pursuant to the First Amendment, the
$20 million term B loan and $20 million term C loan provided for under the Company's Credit Agreement dated November 17, 2017 by and among the Company, the Guarantors, the Lenders and Athyrium, which were contingent on the
Company receiving regulatory approval of its intravenous meloxicam product candidate ("
IV meloxicam
") by December 31, 2018, were restructured into (i) a $10 million term
B-1
loan funded on December 28, 2018; (ii) a $15 million term
B-2
loan (the "
Term
B-2
Loan
"); and (iii) a $15 million term C loan (the
"
Term C Loan
").
The Term
B-2
Loan may be drawn upon by the Company on or before
September 30, 2019 provided that the Company (i) receives regulatory approval of IV meloxicam and (ii) has at least $20 million in unrestricted cash if the $5 million milestone payment due to Alkermes Pharma Ireland Limited
("
Alkermes
") on or before April 23, 2019 (the "
Alkermes Milestone Payment
") pursuant to the Company's recently amended Purchase and Sale Agreement regarding the Company's acquisition of the rights to
IV meloxicam from Alkermes (the "
Purchase Agreement
") has already been paid (if the Alkermes Milestone Payment has not been paid, the Company must have at least $25 million in unrestricted cash).
The Term C Loan may be drawn upon by the Company at any time on or prior to March 31, 2020 provided that the Term
B-2
Loan has been drawn upon and net sales of IV meloxicam achieve $20 million for the most recent trailing twelve month period.
The First Amendment also provides that if, at the time of funding of the Term
B-2
Loan, the Company (i) has not
paid the next $5 million milestone payment under the Purchase Agreement due within 180 days of regulatory approval of IV meloxicam (the "
Second Alkermes Milestone Payment
") and (ii) has less than $30 million in
unrestricted cash, then the Company's minimum liquidity covenant shall be increased from $7 million in unrestricted cash to $12 million in unrestricted cash, until the Second Alkermes Milestone Payment is made.
Pursuant to the First Amendment, the warrants to purchase an aggregate of 348,664 shares of the Company's common stock, issued on November 17, 2017
to Athyrium and its Affiliate (the "
Warrants
") were amended to decrease the exercise price of the Warrants to $6.84 per share, subject to adjustment as set forth therein.
In connection with the execution of the First Amendment, the Company paid Athyrium a $500,000 amendment fee as well as certain other fees and expenses,
including the fees and expenses of Athyrium's legal counsel.
The foregoing description of the First Amendment does not purport to be complete and is
qualified in its entirety by the terms and conditions of the First Amendment, which is attached hereto as Exhibit 10.1 and incorporated herein by reference.
Item 3.02
Unregistered Sale of Equity Securities
The information in Item 1.01 above with regard to the Warrants is incorporated in this Item 3.02 by reference. To the extent that the repricing of the Warrants
constitutes an issuance of securities, the issuance is exempt under the exemption from registration provided by Section 3(a)(9) of the Securities Act of 1933, as amended.
Item 3.03
Material Modifications to Rights of Security Holders
The information in Item 1.01 above with regard to the Warrants is incorporated in this Item 3.03 by reference.
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits
The following exhibits are being filed herewith:
Exhibit
No.
Document
10.1
First Amendment to Credit Agreement and Investment Documents, dated December 
28, 2018, by and among the Recro Pharma, Inc., the guarantors party thereto, the lenders party thereto, and Athyrium Opportunities III Acquisition LP
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
Recro Pharma, Inc.
By:
/s/ Gerri A. Henwood
Name:
Gerri A. Henwood
Title:
Chief Executive Officer
Date: January 4, 2019