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ENZON PHARMACEUTICALS, INC.
2007 Outside Director Compensation Plan
 Annual Retainers:
  
    
    a cash retainer of $25,000;
    
    an additional cash retainer of $18,000 for service as chair of the Audit and Finance
Committee;
    
    an additional cash retainer of $8,000 for service as chair of the Compensation
Committee;
    
    an additional cash retainer of $5,000 for service as chair of any other committee of
the board;
    
    an additional cash retainer of $8,000 for service as a member of the Audit and
Finance Committee; and
    
    an additional cash retainer of $4,000 for service as a member of any other committee
of the board.
  Meeting Fees:
  
    
    a meeting attendance fee of $1,500 cash for each meeting of the full board attended
in-person;
    
    a meeting attendance fee of $1,000 cash for each meeting of the full board attended
by telephone;
    
    a meeting attendance fee of $1,000 cash for each meeting of a committee attended,
either in-person or by telephone.
 Annual Equity Grants:
  
    
    a grant of stock options on the first trading day of the calendar year with a value
of $75,000 (the Annual Option Grant). The number of
options in the Annual Option Grant will be based on a Black-Scholes value and will be at an exercise price equal




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to
the closing price of our Common Stock on the Nasdaq Global Market on the date of grant.
The Annual Option Grant vests in one tranche on the first anniversary of the date of
grant if the recipient director remains on our board on that date. Once vested, options
granted pursuant to the Annual Option Grant expire on the 10th anniversary of the date
of grant; and
 
    
    a grant of restricted stock units on the first trading day after June 30 of each
calendar year with a value of $75,000 (the Annual Restricted Stock Grant). The
number of shares issued in the Annual Restricted Stock Grant will be equal to $75,000
divided by the closing price of our Common Stock on the Nasdaq Global Market on the
date of grant. The shares covered by the Annual Restricted Stock Grant vest in three
equal tranches on each of the first three anniversaries of the date of grant if the
recipient director remains on our board on each such date.
  Welcome Grant:
 
    
    Upon being initially elected to the board, a new elected director will receive a
welcome grant of stock options with a Black-Scholes value of $75,000 (the exercise
price of which will be equal to the closing price of our Common Stock on the Nasdaq
Global Market on the date of grant) and a grant of restricted stock units with a value
of $75,000 (the number of shares covered by such grant being equal to $75,000 divided
by the closing price of our Common Stock on the Nasdaq Global Market on the date of
grant). The options and restricted stock units included in the Welcome Grant vest in
three equal tranches on each of the first three anniversaries of the date of grant, if
the recipient director remains on the Board on each such date.
 Non-Executive Chairperson:
 
    
    If the Chairperson of the Board is a non-executive of the Company, such
Non-Executive Chairperson of the Board receives double the Annual Equity Grants, as
well as double the amounts in the Welcome Grant.