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 and Acceleration of Vesting

On January 15, 2021, the Compensation Committee (the "Committee") of the Board of Directors of Baudax Bio, Inc. (the "Company") approved equity grants to Ryan Lake, Chief Financial Officer of the Company, as compensation for his service in 2020. The Committee approved an award of 25,000 restricted stock units, fully vested upon grant. The Committee also approved the grant of an option to purchase 83,077 shares of common stock, par value $0.01 per share (the "Common Stock") with an exercise price of $1.30 per share. The option was fully vested upon grant. On January 15, 2021, the Committee approved the acceleration of vesting of all outstanding equity awards held by Mr. Lake, effective January 18, 2021, in recognition of his service to the Company.

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