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                                                                   EXHIBIT 10.14

                             VISKASE COMPANIES, INC.

                                 SEVERANCE PLAN

      Viskase Companies, Inc. (the "Company") hereby adopts the Viskase
Companies, Inc. Severance Plan (this "Plan"), effective as of July 22, 2003. The
purpose of this Plan is to provide severance benefits to certain Participants of
the Company whose employment with the Company is involuntarily terminated by the
Company. This Plan supersedes any severance benefit, plan or practice previously
maintained by the Company, including without limitation, the Viskase Companies,
Inc. Severance Pay Policy, Viskase Corporation Severance Pay Policy, Severance
Allowance Plan (Salaried), Layoff Allowance Plan (Hourly) and Termination Pay
Policy (Hourly).

A.    Eligibility

      All full-time employees of Viskase Companies, Inc. who work in the United
      States or who participate in the Management Incentive Plan ("MIP") are
      eligible to participate in this Plan, provided such employee has been
      employed by the Company for at least three (3) months. Notwithstanding
      anything contained herein to the contrary, an employee, the terms of whose
      employment are subject to a collective bargaining agreement, is not
      eligible to participate in this Plan.

B.    Participation

      (1) Qualifying Termination

      An employee shall be deemed to have incurred a "Qualifying Termination"
      and shall become a participant and be entitled to receive benefits under
      this Plan if such employee's employment with the Company is terminated for
      any reason other than the following:

            (a) voluntary termination of employment by the employee including,
      without limitation, by resignation or retirement;

            (b) involuntary termination of employment in connection with a
      reduction in force if (i) the employee is offered a position in the same
      or higher salary grade level, regardless of the location, (ii) the
      employee is offered a position at the next lower salary grade level at the
      same location where the employee is located at the time of the reduction
      in force, or (iii) the employee continues providing services as a leased
      employee or independent contractor;

            (c) termination of employment for "Cause;"

            (d) termination of employment due to death, disability or
      retirement.

      For purpose of this Plan, Cause shall mean (i) failure by the employee to
      perform consistently the duties of the position held by such employee
      after such employee has been provided with written notice of performance
      deficiencies and a reasonable opportunity to correct those deficiencies,
      (ii) commission by the employee of an act of

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      fraud, theft, misappropriation of funds, dishonesty, bad faith or
      disloyalty; or (iii) willful misconduct by the employee which is injurious
      to the Company.

      (2) Participant Definition

      An employee will be considered a "Participant" under this Plan when he or
      she has incurred a Qualifying Termination.

C.    Amount of Severance Pay

      A Participant eligible for severance pay under Section B shall receive the
      following:

      (1)   Cash Payment

            (a)   Management Committee Members

                  An amount equivalent to two weeks of salary (at the highest
                  annual rate in effect during the one-year period prior to
                  termination) for each year of Company service up to a maximum
                  of six (6) months salary.

            (b)   Salaried Participants Other Than Management Committee Members

                  An amount equal to one week of salary (at the highest annual
                  rate in effect during the one-year period prior to
                  termination) for each year of Company service up to a maximum
                  of six (6) months salary.

            (c)   Hourly Participants

                  An amount that corresponds to the years of service as set
                  forth in Attachment A. For purposes of this Plan, the amount
                  payable shall be calculated as follows:

                        (1) Straight Day Worker - at the straight time hourly
                        rate for the regularly scheduled workweek in effect at
                        the time of the termination of employment, excluding
                        overtime premium.

                        (2) Shift Worker - at the straight time hourly rate plus
                        the employee's shift bonus in effect at the time of the
                        layoff, provided the employee being placed on lay off
                        worked the fixed shift. If the employee was working the
                        rotating shift, his/her straight time hourly rate is
                        used plus the average shift bonus.

            (d)   Form of Payment

                  Participants will receive their cash severance payment in
                  semi-monthly installment payments consistent with the
                  Company's established payroll procedures for the duration of
                  the severance period except that the cash payment equal to the
                  Participant's prorated bonus earned under the MIP or another
                  comparable plan shall be paid at the time such bonuses are
                  paid to other participants in the MIP or comparable plan;
                  provided, however that the Company shall be under no
                  obligation to pay bonuses to Participants based on performance
                  or eligibility criteria more favorable than that for
                  continuing employees. All cash severance payments will be net
                  of all applicable federal and state withholding taxes.

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      (4)   Group Insurance

            Medical, life and dental insurance benefits, if any, shall be
            extended at the levels provided for current employees to the earlier
            of when the Participant is eligible under another employer's plan or
            the end of the installment payment period. All other insurance
            coverage (LTD, travel/accident) will cease effectiveness as of the
            conclusion of the Participant's last day of active employment with
            the Company.

      (5)   Viskase Corporation Retirement Savings Plan

            Participation in the Viskase Corporation Retirement Savings Plan
            ("SAVE Plan") will cease as of the Participant's last day of active
            employment with the Company. Company contributions to the Plan on
            behalf of such Participant will also cease as of the Participant's
            last day of active employment with the Company.

      (6)   Vacation and Other Accrued Compensation

            If an employee's employment with the Company is terminated for any
            reason, the Company shall pay to the employee promptly but in no
            event later than ten (10) days following termination of employment,
            all amounts earned or accrued by the employee as of the last active
            date of employment, including (i) base salary, (ii) accrued and/or
            any unpaid vacation pay, (iii) any earned or awarded and vested, but
            unpaid bonus for any fiscal year ending prior to the year in which
            such termination occurs.

      (7)   Outplacement

            At the discretion of the Company, outplacement services may be
            provided for Participants in the manner determined by the Company.
            No payment shall be made to a Participant in lieu of outplacement
            services.

      (8)   Death, Disability and Retirement

            If an Participant's employment terminated by reason of the
            Participant's death, disability or retirement, then the Participant
            shall not be entitled to receive severance or other benefits under
            this Plan and shall be entitled only to those benefits (if any) as
            may be available under the Company's then existing benefit plans and
            policies in effect at the time of such Participant's death,
            disability or retirement.

D.    Severance Plan Integration and Reemployment

      Notwithstanding any provision of this Plan to the contrary, the severance
      benefits and accrued vacation payable under this Plan shall be reduced by
      the severance benefits and accrued vacation then payable to a Participant
      under any statute or regulation or any other agreement, understanding,
      plan, policy, program, statute, regulation or arrangement of the Company.
      If the Company rehires a Participant during the period during which such
      Participant is receiving severance or other benefits hereunder, such
      severance and benefits shall immediately cease upon such reemployment.
      Credit for any unpaid portion will be returned for use with any subsequent
      termination of employment for which

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      severance and benefits are payable hereunder and additional entitlement
      hereunder will only be based on Company service credit accrued by the
      employee from the date of rehire.

E.    Other Company Payments

      In addition to any severance benefits payable to a Participant under this
      Plan, such Participant shall be entitled to receive all benefits payable
      under any other plan or agreement of the Company unrelated to severance
      benefits.

F.    General Release

      Notwithstanding Section B or any other provision of this Plan to the
      contrary, in order to be a Participant in the Plan and receive any
      severance pay or other benefits under this Plan, an employee must sign a
      statement, in such form as reasonably determined by the Company, which
      releases Viskase Companies, Inc., its affiliates and their respective
      subsidiaries, shareholders, directors, officers, fiduciaries, employees,
      successors and assigns from any existing and future claims except with
      respect to the payment of any benefits set forth under this Plan which are
      conditioned upon this release.

G.    No Alienation of Severance Benefits

      No interest of a Participant or his spouse or any other beneficiary under
      this Plan, or any right to receive any payments or distribution hereunder,
      shall be subject in any manner to sale, transfer, assignment, pledge,
      attachment, garnishment, or other alienation or encumbrance of any kind,
      nor may such interest or right to receive a payment or distribution be
      taken voluntarily or involuntarily, for the satisfaction of the
      obligations or debts of, or other claims against, a Participant or his
      spouse or other beneficiary, including claims for alimony, support,
      separate maintenance, and claims of bankruptcy proceedings.

H.    Administration

      The President (or such other person as designated by the Board of
      Directors of the Company) (the "Plan Administrator") shall administer and
      be responsible for carrying out the provisions of this Plan and shall be
      the "named fiduciary" for purposes of the Employee Retirement Income
      Security Act of 1974, as amended ("ERISA"). The Plan Administrator shall
      have all such powers and discretionary authority as may be necessary to
      carry out the provisions of this Plan, including the power to determine
      all questions relating to eligibility for and the amount of severance or
      other benefits under this Plan and all other questions pertaining to
      claims for severance or other benefits under this Plan. The Plan
      Administrator may delegate any of its powers, authorities or
      responsibilities for the operation and administration of this Plan. All
      actions taken and the decisions made by the Plan Administrator hereunder
      shall be final and binding upon

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      all interested parties and benefits shall be payable to a person hereunder
      only if the Plan Administrator, in its sole discretion, determines that
      such person is entitled to benefits.

I.    Method of Funding

      Nothing in the Plan shall be interpreted as requiring the Company to set
      aside any of its assets for the purpose of funding its obligations under
      the Plan. No person entitled to benefits under the Plan shall have any
      right, title or claim in or to any specific assets of the Company, but
      shall have the right only as a general creditor of the Company to receive
      benefits from the Company on the terms and conditions provided in the
      Plan.

J.    Claims Procedure

      Any Participant, employee or former employee of the Company who believes
      that he is entitled to receive severance pay or other benefits under the
      Plan, including severance pay or benefits other than those initially
      determined by the Plan Administrator, may file a claim with the Plan
      Administrator. Such a claim shall be in writing and state the nature of
      the claim, the facts supporting the claim, the amount claimed and the
      address of the claimant. No later than 90 days after the receipt of the
      claim, unless special circumstances require an extension of time, the Plan
      Administrator shall either allow or deny the claim in writing. If special
      circumstances require an extension of time, the claimant shall be so
      advised in writing within the initial 90-day period and in no event shall
      such an extension exceed 90 days. The extension notice shall indicate the
      special circumstances requiring an extension of time and the date by which
      the Plan Administrator expects to render the benefit determination.

      Notice of an adverse benefit decision shall be delivered to the claimant,
      either in writing by registered or certified mail or in an electronic
      notification. Any electronic notice delivered to the claimant shall comply
      with applicable law. The notice of the Plan Administrator's determination
      shall be written in a manner calculated to be understood by the claimant
      and, if the claim is wholly or partially denied, the notice shall include:
      (a) the specific reason or reasons for the determination; (b) specific
      reference to pertinent Plan provisions on which the determination is
      based; (c) a description of any additional material or information
      necessary for the claimant to perfect the claim and an explanation of why
      such material or information is necessary; and (d) an explanation of the
      claim review procedure under the Plan and the time periods applicable to
      such procedure, including a statement of the claimant's right to bring a
      civil action under Section 502 of ERISA following an adverse benefit
      determination upon review.

      If a claim is denied, within 60 days after receipt of such denial a
      claimant (or his duly authorized representative) may request a review upon
      written application to an officer designated by the Company and specified
      in the claim denial. The claimant shall be informed, within the same
      60-day period, that he: (a) may be provided, upon request and free of
      charge, reasonable access to, and copies of, all documents, records and
      other information relevant to the claimant's claims for benefits; and (b)
      may submit written comments, documents, records and other information
      relating to the claim for benefits to the designated officer.

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      The designated officer's review shall take into account all comments,
      documents, records and other information submitted by the claimant
      relating to the claim, without regard to whether such information was
      submitted or considered in the initial benefit determination.

      The designated officer shall notify the claimant of his decision on review
      within 60 days after receipt of a request for review, unless special
      circumstances require an extension of time for processing, in which case a
      decision shall be rendered as soon as possible, but not later than 120
      days after receipt of a request for review. The extension notice shall
      indicate the special circumstances requiring an extension of time and the
      date by which the designated officer expects to render the determination
      on review. Notice of the determination on review shall be in writing, in a
      manner calculated to be understood by the claimant, and shall include
      specific reasons for the decision and specific references to the pertinent
      Plan provisions on which the determination is based. The officer's
      determination on review shall be final and binding on any claimant or any
      successor in interest.

K.    Headings

      Headings of sections in this instrument are for convenience only, and do
      not constitute any part of the Plan.

L.    Severability

      If any provision of this Plan or the rules and regulations made pursuant
      to the Plan are held to be invalid or illegal for any reason, such
      illegality or invalidity shall not affect the remaining portions of this
      Plan.

M.    Governing Law

      The Plan shall be construed and enforced in accordance with ERISA, and the
      laws of the State of Illinois to the extent such laws are not preempted by
      ERISA.

N.    Successors and Assigns

      This Plan shall be binding upon and inure to the benefit of the Company
      and its successors and assigns and shall be binding upon and inure to the
      benefit of a Participant and his legal representatives, heirs and assigns.
      No rights, obligations or liabilities of a Participant hereunder shall be
      assignable without the prior written consent of the Company. If a
      Participant dies after he has signed the release described in Paragraph F,
      but prior to receipt of severance pay or benefits to which he is entitled
      hereunder, the severance pay described in Paragraph C, if applicable,
      shall be paid to his estate.

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O.    Duration of Plan - Amendment/Termination

      The Company may, by action of its Board of Directors, amend, terminate or
      modify this Plan at any time in its sole discretion.

      IN WITNESS WHEREOF, Viskase Companies, Inc. has caused this Plan to be
executed by its duly authorized officer on July ___, 2003.

                                       VISKASE COMPANIES, INC.

                                       By: _____________________________________
                                           Jon F. Weber

                                           President and Chief Executive Officer

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