# EDGAR Filing Document

**Accession Number:** 0000727510
**File Stem:** 0001104659-26-007463
**Filing Date:** 2026-1
**Character Count:** 3528019
**Document Hash:** cb720a60033e69ee84782c69062c0a61
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-007463.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0001104659-26-007463

**CONFORMED SUBMISSION TYPE**: S-4

**PUBLIC DOCUMENT COUNT**: 187

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ENZON PHARMACEUTICALS, INC.
- **CENTRAL INDEX KEY:** 0000727510
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 222372868
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-4
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-293019
- **FILM NUMBER:** 26573375

**BUSINESS ADDRESS:**
- **STREET 1:** 20 COMMERCE DRIVE, SUITE 135
- **CITY:** CRANFORD
- **STATE:** NJ
- **ZIP:** 07016
- **BUSINESS PHONE:** 732-980-4500

**MAIL ADDRESS:**
- **STREET 1:** 20 COMMERCE DRIVE, SUITE 135
- **CITY:** CRANFORD
- **STATE:** NJ
- **ZIP:** 07016

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ENZON PHARMACEUTICALS INC
- **DATE OF NAME CHANGE:** 20060324

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ENZON PHARMACEUTICALS  INC
- **DATE OF NAME CHANGE:** 20021211

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ENZON PHARMACEUTICAL  INC
- **DATE OF NAME CHANGE:** 20021210

?xml version='1.0' encoding='ASCII'? ENZON PHARMACEUTICALS, INC.

[**Table of Contents**](#TOC)

**As filed with the U.S. Securities and Exchange Commission on January 28, 2026.**

**Registration No. 333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM S-4**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933**

**ENZON PHARMACEUTICALS, INC.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **2836** | **22-2372868** |
| (State or other jurisdiction of<br>incorporation or organization) | (Primary Standard Industrial<br>Classification Code Number) | (I.R.S. Employer<br>Identification Number) |

---

**20 Commerce Drive, Suite 135**

**Cranford, New Jersey 07016**

 **(732) 980-4500**

(Address, including zip code and telephone number including area code, of registrant's principal executive offices)

**Richard L. Feinstein**

**Chief Executive Officer, Chief Financial Officer and Secretary**

**Enzon Pharmaceuticals, Inc.**

 **20 Commerce Drive, Suite 135**

**Cranford, New Jersey 07016**

 **(732) 980-4500**

(Name, address, including zip code and telephone number including area code, of agent for service)

***With copies to:***

---

| | | | |
|:---|:---|:---|:---|
| **Adam J. Agron**<br>**Evan J. Leitch**<br>**Brownstein Hyatt Farber**<br>**Schreck, LLP**<br>**675 15th Street, Suite 2900**<br>**Denver, Colorado 80202**<br>**(303) 223-1100** | **Todd E. Mason**<br>**Corby J. Baumann**<br>**Benjamin M. Russell**<br>**Thompson Hine LLP**<br>**300 Madison Avenue,**<br>**27th Floor**<br>**New York, New York 10017**<br>**(212) 344-5680** | **Joseph D. King**<br>**Senior Vice President, General**<br>**Counsel and Secretary**<br>**Viskase Companies, Inc.**<br>**333 East Butterfield Road,**<br>**Suite 400**<br>**Lombard, Illinois 60148**<br>**(630) 874-0700** | **Steven Khadavi**<br>**Joseph Walsh**<br>**Troutman Pepper Locke LLP**<br>**875 Third Avenue**<br>**New York, New York 10022**<br>**(212) 704-6000** |

---

**Approximate date of commencement of proposed sale of the securities to the public:** As soon as practicable after this Registration Statement is declared effective and upon the satisfaction or waiver of all other conditions to consummation of the transactions described herein.

If the securities being registered on this Form are being offered in connection with the formation of a holding company and there is compliance with General Instruction G, check the following box. ☐

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large accelerated filer | ☐ | Accelerated filer | ☐ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
|  |  | 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 7(a)(2)(B) of the Securities Act. ☐

If applicable, place an X in the box to designate the appropriate rule provision relied upon in conducting this transaction:

Exchange Act Rule 13e-4(i) (Cross-Border Issuer Tender Offer) ☐

Exchange Act Rule 14d-1(d) (Cross-Border Third-Party Tender Offer) ☐

**THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(A) OF THE SECURITIES ACT OF 1933, AS AMENDED, OR UNTIL THE REGISTRATION STATEMENT SHALL BECOME EFFECTIVE ON SUCH DATE AS THE SECURITIES AND EXCHANGE COMMISSION, ACTING PURSUANT TO SAID SECTION 8(A), MAY DETERMINE.**

------

**The information in this prospectus/consent solicitation/offer to exchange is not complete and may be changed. Enzon Pharmaceuticals, Inc. may not issue the securities offered by this prospectus/consent solicitation/offer to exchange until the registration statement filed with the Securities and Exchange Commission, of which this prospectus/consent solicitation/offer to exchange is a part, is declared effective. This prospectus/consent solicitation/offer to exchange does not constitute an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale of these securities is not permitted.**

[**Table of Contents**](#TOC)

**PROSPECTUS/CONSENT SOLICITATION/OFFER TO EXCHANGE —** 

**SUBJECT TO COMPLETION, DATED JANUARY 28, 2026**

![Graphic](enzn-20250930xs4008.jpg)

**CONSENT SOLICITATION**

**PROSPECTUS FOR ISSUANCE OF UP TO 7,935,878 SHARES OF COMMON STOCK IN THE MERGER**

**PROSPECTUS FOR OFFER TO EXCHANGE SHARES OF SERIES C PREFERRED STOCK**

**FOR**

**COMMON STOCK**

Dear Enzon Stockholders:

On behalf of the board of directors (the "Enzon Board") of Enzon Pharmaceuticals, Inc. ("Enzon"), we are pleased to provide this letter and enclose the prospectus/consent solicitation/offer to exchange relating to the proposed merger of Enzon and Viskase Companies, Inc. ("Viskase").

On June 20, 2025, Enzon, Viskase and EPSC Acquisition Corp. ("Merger Sub") entered into an Agreement and Plan of Merger (the "Original Merger Agreement"), as amended by the First Amendment to the Agreement and Plan of Merger, dated October 24, 2025 (the "Merger Agreement Amendment," and, together with the Original Merger Agreement, as it may be further amended, modified or supplemented from time to time in accordance with its terms, the "Merger Agreement"). Pursuant to the terms of, and subject to the conditions set forth in, the Merger Agreement, Merger Sub will merge with and into Viskase, with Viskase surviving the Merger as a wholly owned subsidiary of Enzon, and the separate corporate existence of Merger Sub will cease (the "Merger"), and promptly thereafter, Viskase will convert to a limited liability company under Delaware law. If the Merger is completed, the combined company will operate under the name "Viskase Holdings, Inc." (the "Combined Company") and its common stock will be quoted on the OTCQB tier of the OTC Markets Group, Inc. (the "Combined Company Common Stock").

Upon consummation of the Merger, each share of Viskase's common stock, par value $0.01 per share (the "Viskase Common Stock") issued and outstanding immediately prior to the time at which the Merger becomes effective (the "Effective Time") (other than shares of Viskase Common Stock (i) held by Viskase as treasury shares, (ii) owned by Enzon, Merger Sub or a wholly owned subsidiary of Viskase, Enzon or Merger Sub immediately prior to the Effective Time and (iii) dissenting shares) will be automatically converted into the right to receive a number of shares of Enzon's common stock, par value $0.01 per share (the "Enzon Common Stock") equal to the exchange ratio set forth in the Merger Agreement and described in the enclosed prospectus/consent solicitation/offer to exchange.

No less than twenty-five (25) business days prior to the Effective Time, Enzon will commence an exchange offer pursuant to which Enzon will offer each holder of its Series C Non-Convertible Redeemable Preferred Stock, par value $0.01 per share (the "Enzon Series C Preferred Stock") to exchange each share of Enzon Series C Preferred Stock held by such stockholder for a number of shares of Enzon Common Stock equal to (i) the aggregate liquidation preference of each share of Enzon Series C Preferred Stock, *divided* by (ii) the price equal to the average of the volume-weighted average price of Enzon Common Stock on the OTC market for the last twenty (20) trading days prior to (and including) October 24, 2025, rounded down to the nearest 1/100th of a penny (the "Series C Exchange Offer"). The accompanying prospectus/consent solicitation/offer to exchange will also be used in connection with the Series C Exchange Offer. **The Series C Exchange Offer will expire at one minute after 11:59 p.m., Eastern Time, on February 27, 2026 unless extended or terminated in Enzon's sole discretion or in accordance with applicable law.**

[**Table of Contents**](#TOC)

Additionally, on June 20, 2025, concurrently with the execution of the Original Merger Agreement, Icahn Enterprises Holdings L.P. and certain of its affiliates (together, the "IEH Parties") entered into a support agreement (as amended by the First Amendment to the Support Agreement, dated October 24, 2025, and as it may be further amended, modified or supplemented from time to time in accordance with its terms, the "IEH Support Agreement") with Enzon and Viskase, pursuant to which the IEH Parties agreed to, among other things, not participate in the Series C Exchange Offer and, instead, convert their Enzon Series C Preferred Stock into Enzon Common Stock (the "IEH Share Exchange").

As a result of the foregoing, and assuming that the Enzon Series C Preferred Stock is exchanged for Enzon Common Stock in full pursuant to the Series C Exchange Offer and the IEH Share Exchange, (a) holders of Enzon Common Stock immediately prior to the Effective Time are expected to own approximately 5% of the Combined Company Common Stock, (b) holders of Enzon Series C Preferred Stock are expected to own approximately 40% of the Combined Company Common Stock and (c) holders of Viskase Common Stock are expected to own 55% of the Combined Company Common Stock. On June 20, 2025, the IEH Parties, as the holders of the majority of outstanding shares of Viskase Common Stock, executed and delivered the requisite action by written consent to Viskase consenting to the adoption of the Merger Agreement and the Merger by Viskase. Furthermore, on November 11, 2025, the IEH Parties, as the holders of the majority of the outstanding shares of Viskase Common Stock, executed and delivered the requisite action by written consent to Viskase consenting to the adoption of the Merger Agreement Amendment and the Merger by Viskase.

Under the Merger Agreement, prior to the Effective Time, Enzon intends to effect an amendment to the Enzon Amended and Restated Certificate of Incorporation (the "Enzon Charter," and such amendment, the "Enzon Charter Amendment") to effect the consolidation of the issued and outstanding shares of Enzon Common Stock at a ratio of 1 for 100 (the "Reverse Stock Split").

Enzon is asking its stockholders to approve the Enzon Charter Amendment to effect the Reverse Stock Split, which will reduce the total number of shares of Enzon Common Stock outstanding, and to approve the adoption of the Merger Agreement.

The adoption of the Merger Agreement and the consummation of the transactions contemplated thereby, including the Reverse Stock Split, requires an affirmative vote by written consent of the holders of a majority of the outstanding shares of Enzon Common Stock entitled to vote thereon. We are therefore sending the accompanying prospectus/consent solicitation/offer to exchange to the holders of Enzon Common Stockto request that they consider and approve, via written consent, (i) the Reverse Stock Split (the "Reverse Stock Split Proposal") and (ii) the adoption of the Merger Agreement (the "Merger Proposal" and, together with the Reverse Stock Split Proposal, the "Enzon Proposals"). Because Viskase stockholders have already approved the Merger by written consent, no meeting of Viskase stockholders will be held with respect to the Merger, and their approval of the Merger is not being sought.

Pursuant to the IEH Support Agreement, the IEH Parties agreed to, among other things and subject to certain exceptions, deliver written consents with respect to all of the issued and outstanding shares of Enzon Common Stock held by the IEH Parties approving the Enzon Proposals. As of January 29, 2026 (the "Enzon Record Date"), the IEH Parties are entitled to vote 36,056,636 shares of Enzon Common Stock, or approximately 48.6% of the issued and outstanding shares of Enzon Common Stock. Accordingly, assuming delivery of written consents from the IEH Parties pursuant to the terms of the IEH Support Agreement, written consents with respect to 1,050,666 shares of Enzon Common Stock will be needed to approve the Enzon Proposals.

**More information about Enzon, Viskase and the Merger is contained in the accompanying prospectus/consent solicitation/offer to exchange. Enzon urges you to read the accompanying prospectus/consent solicitation/offer to exchange carefully and in its entirety. IN PARTICULAR, YOU SHOULD CAREFULLY CONSIDER THE MATTERS DISCUSSED IN THE SECTION TITLED "*RISK FACTORS*" BEGINNING ON PAGE 54 OF THE ACCOMPANYING PROSPECTUS/CONSENT SOLICITATION/OFFER TO EXCHANGE.**

Enzon and Viskase are excited about the opportunities the Merger brings to both Enzon and Viskase stockholders and thank you for your consideration and continued support.

---

| |
|:---|
| /s/ Richard L. Feinstein |
| Richard L. Feinstein, Enzon Pharmaceuticals, Inc.<br>Chief Executive Officer, Chief Financial Officer and Secretary |

---

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**NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES REGULATORY AGENCY HAS APPROVED OR DISAPPROVED THE TRANSACTIONS DESCRIBED IN THE ACCOMPANYING PROSPECTUS/CONSENT SOLICITATION/OFFER TO EXCHANGE, PASSED UPON THE MERITS OR FAIRNESS OF THE MERGER OR RELATED TRANSACTIONS OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THIS PROSPECTUS/CONSENT SOLICITATION/OFFER TO EXCHANGE. ANY REPRESENTATION TO THE CONTRARY CONSTITUTES A CRIMINAL OFFENSE.**

The accompanying prospectus/consent solicitation/offer to exchange is dated January 28, 2026, and is expected to be mailed to Enzon stockholders on or about February 4, 2026.

[**Table of Contents**](#TOC)

![Graphic](enzn-20250930xs4009.jpg)

**ENZON PHARMACEUTICALS, INC.**

**20 Commerce Drive, Suite 135**

**Cranford, New Jersey 07016**

**NOTICE OF SOLICITATION OF WRITTEN CONSENT OF THE STOCKHOLDERS OF ENZON**

Dear Enzon Stockholders:

Pursuant to an Agreement and Plan of Merger, dated as of June 20, 2025 (the "Original Merger Agreement"), by and among Enzon Pharmaceuticals, Inc. ("Enzon"), Viskase Companies, Inc. ("Viskase") and EPSC Acquisition Corp. ("Merger Sub"), as amended by the First Amendment to the Agreement and Plan of Merger, dated October 24, 2025 (the "Merger Agreement Amendment," and, together with the Original Merger Agreement, as it may be further amended, modified or supplemented from time to time in accordance with its terms, the "Merger Agreement"), Merger Sub will merge with and into Viskase, with Viskase surviving the merger as a wholly owned subsidiary of Enzon, on the terms and subject to the satisfaction of the conditions described in the Merger Agreement (the "Merger"), and promptly thereafter, Viskase will convert into a limited liability company under Delaware law.

The accompanying prospectus/consent solicitation/offer to exchange is being delivered to you on behalf of the board of directors of Enzon (the "Enzon Board") to request that holders of Enzon's common stock, par value $0.001 per share (the "Enzon Common Stock"), as of the record date of January 29, 2026 (the "Enzon Record Date"), execute and return written consents to approve proposals for (i) an amendment to the Enzon Amended and Restated Certificate of Incorporation (the "Enzon Charter," and such amendment, the "Enzon Charter Amendment") to effect the consolidation of the issued and outstanding shares of Enzon Common Stock at a ratio of 1 for 100 in connection with the Merger (the "Reverse Stock Split" and, such proposal, the "Reverse Stock Split Proposal") and (ii) the adoption of the Merger Agreement (the "Merger Proposal" and, together with the Reverse Stock Split Proposal, the "Enzon Proposals"). Only holders of Enzon Common Stock as of the close of business on the Enzon Record Date are entitled to receive notice of solicitation of written consent.

As of the Enzon Record Date, 74,214,603 shares of Enzon Common Stock are issued and outstanding and the consent of 37,107,302 of the issued and outstanding shares of Enzon Common Stock is required to approve each of the Enzon Proposals, which represents a majority of the issued and outstanding shares of Enzon Common Stock as of the Enzon Record Date. As of the Enzon Record Date, Icahn Enterprises Holdings L.P. and its affiliates (together, the "IEH Parties") are entitled to vote 36,056,636 shares of Enzon Common Stock, or approximately 48.6% of the issued and outstanding shares of Enzon Common Stock. The IEH Parties entered into a support agreement with Enzon and Viskase (as amended by the First Amendment to the Support Agreement, dated October 24, 2025, by and among Enzon, Viskase and the IEH Parties), pursuant to which the IEH Parties agreed to, among other things, and subject to certain exceptions, deliver written consents with respect to all of the issued and outstanding shares of Enzon Common Stock held by the IEH Parties approving the Enzon Proposals. Accordingly, assuming delivery of written consents from the IEH Parties pursuant to the terms of the IEH Support Agreement, written consents with respect to 1,050,666 shares of Enzon Common Stock will be needed to approve the Enzon Proposals.

The accompanying prospectus/consent solicitation/offer to exchange describes the Reverse Stock Split Proposal, the Merger Proposal and the actions to be taken in connection therewith and provides additional information about the parties involved. Please give this information your careful attention. A copy of the Merger Agreement is attached as Annex A to the accompanying prospectus/consent solicitation/offer to exchange and a copy of the Merger Agreement Amendment is attached as Annex A-1 to the accompanying prospectus/consent solicitation/offer to exchange.

**A special committee of the Enzon Board consisting of only independent and disinterested directors (the "Enzon Special Committee") and the Enzon Board considered the terms of the Merger Agreement. The Enzon Board, upon the unanimous recommendation of the Enzon Special Committee, unanimously recommends that the holders of Enzon common stock entitled to vote deliver a written consent "FOR" the approval of the Reverse Stock Split Proposal and the Merger Proposal by executing and returning the written consent, electronically or by mail, furnished with the prospectus/consent solicitation/offer to exchange.**

On June 20, 2025, the IEH Parties, as the holders of the majority of outstanding shares of Viskase, executed and delivered an action by written consent to Viskase consenting to the adoption of the Merger Agreement and the Merger by Viskase. On

[**Table of Contents**](#TOC)

November 11, 2025, the IEH Parties, as the holders of the majority of the outstanding shares of Viskase, executed and delivered an action by written consent to Viskase consenting to the adoption of the Merger Agreement Amendment and approval of the Merger by Viskase. Such written consents constitute the requisite stockholder approval required for Viskase to consummate the Merger. Neither Enzon nor Viskase will hold a stockholders' meeting to consider the Reverse Stock Split Proposal or the Merger Proposal.

***The consent of the Enzon stockholders is very important***. The Merger cannot be completed unless each of the Reverse Stock Split Proposal and the Merger Proposal is approved by the written consent of the holders of a majority of the issued and outstanding shares of Enzon Common Stock entitled to vote thereon. The enclosed prospectus/consent solicitation/offer to exchange provides Enzon stockholders with detailed information about the Merger, the Reverse Stock Split Proposal and the Merger Proposal. We encourage you to review these materials carefully and provide your written consent as soon as possible by following the instructions in the accompanying prospectus/consent solicitation/offer to exchange to make sure that your shares are properly represented. If your shares are held in "street name" by a brokerage firm, bank or other nominee, please follow the instructions furnished by such brokerage firm, bank or other nominee. If you do not execute and return your written consent, or otherwise withhold your written consent, it will have the same effect as voting against the Reverse Stock Split Proposal and the Merger Proposal.

The Enzon Board has set the Enzon Record Date for determining the holders of Enzon common stock entitled to execute and deliver written consents with respect to this solicitation. If you are a holder of Enzon common stock on the Enzon Record Date, you are urged to complete, date and sign the enclosed written consent and return it to Enzon. Please see the section titled "*Enzon Solicitation of Written Consent*" of the accompanying prospectus/consent solicitation/offer to exchange for further information.

**Please complete, date and sign the written consent furnished with the accompanying prospectus/consent solicitation/offer to exchange and return it promptly to Enzon by one of the means described in the section titled "*The Merger — Enzon Solicitation of Written Consents*" as soon as possible. Once a sufficient number of consents to adopt the Enzon Proposals has been received, the consent solicitation will conclude.**

**The Enzon Board has set 5:00 p.m., Eastern Time, on February 27, 2026, as the target date for the receipt of written consents.**

By order of the Enzon Board of Directors of Enzon Pharmaceuticals, Inc.

---

| |
|:---|
| /s/ Richard L. Feinstein |
| Richard L. Feinstein |
| *Chief Executive Officer, Chief Financial Officer and Secretary* |

---

Cranford, New Jersey

January 28, 2026

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**ADDITIONAL INFORMATION**

This document, which forms part of a registration statement on Form S-4 filed with the SEC by Enzon (File No. 333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) (the "Registration Statement"), constitutes a prospectus of Enzon under Section 5 of the Securities Act, with respect to (i) the issuance of shares of Enzon Common Stock in the event that the merger described in this prospectus/consent solicitation/offer to exchange is consummated and (ii) the issuance of Enzon Common Stock in connection with the Series C Exchange Offer. This document also constitutes a consent solicitation of Enzon stockholders pursuant to which Enzon stockholders are being asked to consider and consent to the merger, among other matters.

Enzon files periodic reports and other information with the SEC as required by the Exchange Act. You can obtain any of the documents delivered with this prospectus/consent solicitation/offer to exchange from the SEC's website at www.sec.gov, and they are available for you to review at the SEC's Public Reference Room located at 100 F Street, N.E., Washington, D.C. 20549. This prospectus/consent solicitation/offer to exchange also includes important business and financial information about Viskase. Additional copies are available to you without charge upon your request in writing, by email or by telephone from Enzon or Viskase at their respective addresses and telephone numbers listed below or by accessing such documents on the websites listed below. **Any other information provided on the websites listed below is not a part of this prospectus/consent solicitation/offer to exchange and should not be relied upon in connection with your evaluation of the Reverse Stock Split Proposal and the Merger Proposal described herein.**

---

| | |
|:---|:---|
| **For Enzon stockholders:**<br>| **For Viskase stockholders:**<br>|
| Enzon Pharmaceuticals, Inc.<br>20 Commerce Drive, Suite 135<br>Cranford, New Jersey 07016<br>Phone: (732) 980-4500<br>investor@enzon.com<br>www.enzon.com | Viskase Companies, Inc.<br>333 East Butterfield Road, Suite 400<br>Lombard, Illinois 60148<br>Phone: (630) 874-0700<br>joe.king@viskase.com<br>www.viskase.com |

---

In addition, if you have questions about the merger or the solicitation of Enzon written consents, or if you need to obtain copies of this prospectus/consent solicitation/offer to exchange or other related documents, you may contact the consent solicitor of Enzon, whose contact information is as follows:

HKL & Co., LLC

3 Columbus Circle, 15FL

New York, New York 10019

Banks and Brokerage Firms Please Call Collect: (212) 468-5380

All Others Call Toll-Free: (800) 326-5997

Email: enzn@hklco.com

**To ensure timely delivery, any request must be made no later than February 20, 2026, which is five business days before the expiration date of the Series C Exchange Offer.**

For additional details about where you can find information, please see the section titled "*Where You Can Find More Information*" in this prospectus/consent solicitation/offer to exchange.

i

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**ABOUT THIS PROSPECTUS/CONSENT SOLICITATION/OFFER TO EXCHANGE**

Enzon has filed with the SEC a registration statement on Form S-4 (File No. 333-), of which this prospectus/consent solicitation/offer to exchange forms a part.

You should rely on the information contained in this prospectus/consent solicitation/offer to exchange, including the detailed information regarding Enzon.

Neither Enzon nor Viskase has authorized anyone to provide you with information different from that contained in this prospectus/consent solicitation/offer to exchange. Enzon takes no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. You should not assume that the information in this prospectus/consent solicitation/offer to exchange, any document incorporated herein by reference or any Annex or Exhibit is accurate as of any date other than the date on the front of those documents. You should not consider this prospectus/consent solicitation/offer to exchange to be an offer or solicitation relating to the securities in any jurisdiction in which such an offer or solicitation relating to the securities is not authorized. Furthermore, you should not consider this prospectus/consent solicitation/offer to exchange to be an offer or solicitation relating to the securities offered hereby if the Person making the offer or solicitation is not qualified to do so, or if it is unlawful for you to receive such an offer or solicitation.

Except where the context otherwise indicates, the information concerning Enzon contained in or incorporated by reference into this prospectus/consent solicitation/offer to exchange has been provided by Enzon, and the information concerning Viskase contained in this prospectus/consent solicitation/offer to exchange has been provided by Viskase. Enzon has relied on Viskase to provide such information and has not independently verified the information provided by Viskase. Enzon has also relied on Viskase's representations and warranties related to such information in the Merger Agreement.

Prior to making any decision with respect to the proposals herein, you should read this prospectus/consent solicitation/offer to exchange, together with the documents incorporated by reference herein and the Annexes and Exhibits thereto, and for additional information, please see the description in the section titled "*Where You Can Find More Information*" in this prospectus/consent solicitation/offer to exchange.

ii

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [ADDITIONAL INFORMATION](#ADDITIONALINFORM) | i |
| [ABOUT THIS PROSPECTUS/CONSENT SOLICITATION/OFFER TO EXCHANGE](#ABOUTTHISPROSPECTUSCONSENTSOLICITATIONST) | ii |
| [FREQUENTLY USED TERMS](#FREQUENTLYUSEDTERMS_703376) | 1 |
| [QUESTIONS AND ANSWERS ABOUT THE MERGER AND THE CONSENT SOLICITATION](#QUESTIONSANDANSMERGERANDTHEC) | 7 |
| [QUESTIONS AND ANSWERS ABOUT THE SERIES C EXCHANGE OFFER](#QUESTIONSANDANSSERIESCEXCHAN) | 16 |
| [SUMMARY OF THE MATERIAL TERMS OF THE MERGER AND THE CONSENT SOLICITATION](#SUMMARYOFTHEMATERIALTERMSOFTHEMERGERANDT) | 22 |
| &nbsp;&nbsp;[Parties](#Parties_241141) | 22 |
| &nbsp;&nbsp;[Proposals](#Proposals_376378) | 22 |
| &nbsp;&nbsp;[The Merger](#TheMerger_845804) | 23 |
| &nbsp;&nbsp;[HSR Act Filing](#HSRActFiling_519726) | 23 |
| &nbsp;&nbsp;[The Merger Agreement](#TheMergerAgreement_759115) | 23 |
| &nbsp;&nbsp;[Series C Exchange Offer](#SeriesCExchangeOffer_57624) | 28 |
| &nbsp;&nbsp;[Reverse Stock Split](#ReverseStockSplit_20282) | 28 |
| &nbsp;&nbsp;[Governance of the Combined Company](#GovernanceoftheCombinedCompany_751358) | 28 |
| &nbsp;&nbsp;[IEH Support Agreement](#IEHSupportAgreement_43374) | 29 |
| &nbsp;&nbsp;[Interests of Certain Persons in the Merger](#InterestsofCertainPersonsintheMerger_741) | 29 |
| &nbsp;&nbsp;[Accounting Treatment](#AccountingTreatment_43534) | 29 |
| &nbsp;&nbsp;[Material U.S. Federal Income Tax Consequences](#MaterialUSFederalIncomeTaxConsequences_6) | 29 |
| [SUMMARY OF RISK FACTORS](#SummaryofRiskFactors_714570) | 30 |
| &nbsp;&nbsp;[Risks Related to Viskase's Business](#RisksRelatedtoViskasesBusiness_534020) | 30 |
| &nbsp;&nbsp;[Risks Related to the Combined Company](#RisksRelatedtotheCombinedCompany_872652) | 30 |
| &nbsp;&nbsp;[Risks Related to the Merger](#RisksRelatedtotheMerger_95265) | 30 |
| &nbsp;&nbsp;[Risks Related to the Series C Exchange Offer](#RisksRelatedtotheSeriesCExchangeOffer_56) | 31 |
| &nbsp;&nbsp;[Risks Related to Enzon's Business](#RisksRelatedtoEnzonsBusiness_957892) | 31 |
| &nbsp;&nbsp;[Risks Related to Enzon's Common Stock](#RisksRelatedtoEnzonsCommonStock_451728) | 31 |
| &nbsp;&nbsp;[Risks Related to the Series C Preferred Stock](#RisksRelatedtotheSeriesCPreferredStock_4) | 31 |
| [SUMMARY OF THE MATERIAL TERMS OF THE SERIES C EXCHANGE OFFER](#SUMMARYOFTHEMATERIALTERMSOFTHESERIESCEXC) | 33 |
| [UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION](#UNAUDITEDPROFORMAinform) | 37 |
| [NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION](#NOTESTOUNAUDITEDPRO_273296) | 44 |
| [COMPARATIVE HISTORICAL AND UNAUDITED PRO FORMA PER SHARE DATA](#COMPARATIVEHISTORICALANDUNAUDITEDPROFORM) | 51 |
| [MARKET PRICE AND DIVIDEND INFORMATION](#MARKETPRICEANDDIVIDENDINFORMATION_79041) | 52 |
| &nbsp;&nbsp;[Enzon Common Stock and Viskase Common Stock](#EnzonCommonStockandViskaseCommonStock_64) | 52 |
| &nbsp;&nbsp;[Dividends](#Dividends_203169) | 52 |
| [RISK FACTORS](#RISKFACTORS_718474) | 54 |
| &nbsp;&nbsp;[Risk Factors Relating to Viskase's Business](#RiskFactorsRelatingtoViskasesBusiness_32) | 54 |
| &nbsp;&nbsp;[Risk Factors Relating to the Combined Company](#RiskFactorsRelatingtotheCombinedCompany_) | 63 |
| &nbsp;&nbsp;[Risk Factors Relating to the Merger](#RiskFactorsRelatingtotheMerger_709203) | 65 |
| &nbsp;&nbsp;[Risk Factors Relating to the Series C Exchange Offer](#SeriesCExchangeofficer) | 73 |
| &nbsp;&nbsp;[Risk Factors Relating to Enzon's Business](#RiskFactorsRelatingtoEnzonsBusiness_4169) | 74 |
| &nbsp;&nbsp;[Risk Factors Relating to Enzon's Common Stock](#RiskFactorsRelatingtoEnzonsCommonStock_5) | 74 |
| &nbsp;&nbsp;[Risk Factors Relating to the Series C Preferred Stock](#SeriesCPreferredStock) | 76 |
| [CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS](#CAUTIONARYSTATEMENTREGARDINGFORWARDLOOKI) | 78 |
| [ENZON SOLICITATION OF WRITTEN CONSENT](#ENZONSOLICITATIONOFWRITTENCONSENT_306602) | 79 |
| &nbsp;&nbsp;[Executing Consents](#ExecutingConsents_543034) | 79 |
| &nbsp;&nbsp;[Consent Required](#ConsentRequired_856001) | 79 |
| &nbsp;&nbsp;[Consent Record Date; Stockholders Entitled to Consent](#ConsentRecordDateStockholdersEntitledtoC) | 79 |
| &nbsp;&nbsp;[IEH Support Agreement](#IEHSupportAgreement_253061) | 79 |
| &nbsp;&nbsp;[Solicitation of Consents; Expenses](#SolicitationofConsentsExpenses_233075) | 80 |
| &nbsp;&nbsp;[Submission of Consents](#SubmissionofConsents_224306) | 80 |
| &nbsp;&nbsp;[Recommendations of the Enzon Special Committee and the Enzon Board of Directors](#RecommendationsoftheEnzonSpecialCommitte) | 80 |
| &nbsp;&nbsp;[Other Information](#OtherInformation_295044) | 81 |
| [PARTIES TO THE MERGER](#PARTIESTOTHEMERGER_942286) | 82 |
| &nbsp;&nbsp;[Enzon](#Enzon1) | 82 |
| &nbsp;&nbsp;[Merger Sub](#MergerSub_949229) | 82 |
| &nbsp;&nbsp;[Viskase](#Viskase_663844) | 82 |
| [ENZON PROPOSAL 1: APPROVAL OF THE REVERSE STOCK SPLIT](#ENZONPROPOSAL1APPROVALOFTHEREVERSESTOCKS) | 83 |
| &nbsp;&nbsp;[Criteria Used for Decision to Apply the Reverse Stock Split](#CriteriaUsedforDecisiontoApplytheReverse) | 83 |

---

iii

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| &nbsp;&nbsp;[Effect of the Reverse Stock Split](#EffectoftheReverseStockSplit_590232) | 84 |
| &nbsp;&nbsp;[Procedure for Effecting the Reverse Stock Split](#ProcedureforEffectingtheReverseStockSpli) | 84 |
| &nbsp;&nbsp;[Fractional Shares](#FractionalShares_412239) | 85 |
| &nbsp;&nbsp;[No Appraisal Rights](#NoAppraisalRights_613099) | 85 |
| &nbsp;&nbsp;[Accounting Matters](#AccountingMatters_721793) | 86 |
| &nbsp;&nbsp;[Vote Required and Enzon Board Recommendation](#VoteRequired1) | 86 |
| [ENZON PROPOSAL 2: ADOPTION OF THE MERGER AGREEMENT](#ENZONPROPOSAL2ADOPTIONOFTHEMERGERAGREEME) | 87 |
| &nbsp;&nbsp;[Vote Required and Enzon Board Recommendation](#VoteRequired2) | 87 |
| [THE MERGER](#THEMERGER_105785) | 88 |
| &nbsp;&nbsp;[General Description of the Merger](#GeneralDescriptionoftheMerger_405144) | 88 |
| &nbsp;&nbsp;[Background of the Merger](#BackgroundoftheMerger_456315) | 88 |
| &nbsp;&nbsp;[Enzon's Reasons for the Merger; Recommendation of the Enzon Special Committee and the Enzon Board](#EnzonsReasonsfortheMergerRecommendationo) | 102 |
| &nbsp;&nbsp;[Viskase's Reasons for the Merger; Recommendation of the Viskase Special Committee and the Viskase Board](#ViskasesReasonsfortheMergerRecommendatio) | 108 |
| &nbsp;&nbsp;[Opinion of the Enzon Special Committee's Financial Advisor](#OpinionoftheEnzonSpecialCommitteesFinanc) | 113 |
| &nbsp;&nbsp;[Opinion of Financial Advisor to the Viskase Special Committee](#OpinionofFinancialAdvisortotheViskaseSpe) | 120 |
| &nbsp;&nbsp;[Other Matters](#OtherMatters_945565) | 127 |
| &nbsp;&nbsp;[Enzon Special Committee Compensation](#EnzonSpecialCommitteeCompensation_116531) | 127 |
| &nbsp;&nbsp;[Viskase Special Committee Compensation](#ViskaseSpecialCommitteeCompensation_8351) | 127 |
| &nbsp;&nbsp;[Certain Unaudited Prospective Financial Information of Viskase](#CertainUnauditedProspectiveFinancialInfo) | 127 |
| &nbsp;&nbsp;[Series C Exchange of Shares](#SeriesCExchangeofShares_593733) | 129 |
| &nbsp;&nbsp;[IEH Support Agreement](#IEHSupportAgreement_869919) | 129 |
| &nbsp;&nbsp;[Enzon Solicitation of Written Consents](#EnzonSolicitationofWrittenConsents_10962) | 130 |
| &nbsp;&nbsp;[Reverse Stock Split](#ReverseStockSplit_639232) | 131 |
| &nbsp;&nbsp;[Post-Merger Surviving Company Conversion (into an LLC)](#PostMergerSurvivingCompanyConversioninto) | 132 |
| &nbsp;&nbsp;[Governance of the Combined Company](#GovernanceoftheCombinedCompany_802876) | 132 |
| &nbsp;&nbsp;[Delisting and Deregistration of Viskase Common Stock](#DelistingandDeregistrationofViskaseCommo) | 133 |
| &nbsp;&nbsp;[OTC Listing of Combined Company Common Stock](#OTCListingofCombinedCompanyCommonStock_6) | 133 |
| &nbsp;&nbsp;[Appraisal and Dissenters' Rights](#AppraisalandDissentersRights_930516) | 133 |
| &nbsp;&nbsp;[No Appraisal or Dissenters' Rights For Enzon Stockholders](#NoAppraisalorDissentersRightsForEnzonSto) | 137 |
| &nbsp;&nbsp;[Litigation Relating to the Merger](#LitigationRelatingtotheMerger_7008) | 137 |
| &nbsp;&nbsp;[Accounting Treatment](#AccountingTreatment_787304) | 137 |
| &nbsp;&nbsp;[HSR Act Filing](#HSRActFiling_447256) | 137 |
| [THE MERGER AGREEMENT](#THEMERGERAGREEMENT_975121) | 139 |
| &nbsp;&nbsp;[Explanatory Note Regarding the Merger Agreement](#ExplanatoryNoteRegardingtheMergerAgreeme) | 139 |
| &nbsp;&nbsp;[Closing/Effective Time](#ClosingEffectiveTime_317210) | 139 |
| &nbsp;&nbsp;[Merger Consideration](#MergerConsideration_116923) | 139 |
| &nbsp;&nbsp;[Exchange Procedures](#ExchangeProcedures_334893) | 140 |
| &nbsp;&nbsp;[Representations and Warranties](#RepresentationsandWarranties_872588) | 141 |
| &nbsp;&nbsp;[Covenants of the Parties](#CovenantsoftheParties_133252) | 144 |
| &nbsp;&nbsp;[Conditions to Completion of the Merger](#ConditionstoCompletionoftheMerger_81288) | 152 |
| &nbsp;&nbsp;[Termination of the Merger Agreement](#TerminationoftheMergerAgreement_326123) | 154 |
| &nbsp;&nbsp;[Amendments; Waivers](#AmendmentsWaivers_436404) | 155 |
| &nbsp;&nbsp;[Specific Performance](#SpecificPerformance_915835) | 156 |
| &nbsp;&nbsp;[Third-Party Beneficiaries](#ThirdPartyBeneficiaries_680803) | 156 |
| &nbsp;&nbsp;[Governing Law](#GoverningLaw_150106) | 156 |
| [SERIES C EXCHANGE OFFER](#SERIESCEXCHANGEOFFER_888773) | 157 |
| &nbsp;&nbsp;[No Recommendation](#NoRecommendation_590024) | 157 |
| &nbsp;&nbsp;[Reasons for the Series C Exchange Offer](#ReasonsfortheSeriesCExchangeOffer_52600) | 157 |
| &nbsp;&nbsp;[Terms of the Series C Exchange Offer](#TermsoftheSeriesCExchangeOffer_308885) | 157 |
| &nbsp;&nbsp;[Fees and Expenses](#FeesandExpenses_564229) | 158 |
| &nbsp;&nbsp;[Fractional Shares of Enzon Common Stock](#FractionalSharesofEnzonCommonStock_97799) | 158 |
| &nbsp;&nbsp;[Resale of Enzon Common Stock Received Pursuant to the Series C Exchange Offer](#ResaleofEnzonCommonStockReceivedPursuant) | 159 |
| &nbsp;&nbsp;[Consequences of Failure to Exchange Enzon Series C Preferred Stock in the Series C Exchange Offer](#ConsequencesofFailuretoExchangeEnzonSeri) | 159 |
| &nbsp;&nbsp;[Series C Exchange Time; Extension; Termination; Amendment](#SERIESCEXCHANGETIME) | 159 |
| &nbsp;&nbsp;[Procedures for Tendering Shares of Enzon Series C Preferred Stock](#ProceduresforTenderingSharesofEnzonSerie) | 160 |
| &nbsp;&nbsp;[The Depository Trust Company Book-Entry Transfer Procedures](#TheDepositoryTrustCompanyBookEntryTransf) | 160 |
| &nbsp;&nbsp;[Guaranteed Delivery Procedures](#GuaranteedDeliveryProcedures_175511) | 160 |
| &nbsp;&nbsp;[Withdrawal Rights](#WithdrawalRights_840816) | 161 |
| &nbsp;&nbsp;[Acceptance of Shares of Enzon Series C Preferred Stock for Exchange; Delivery of Exchange Offer Consideration](#AcceptanceofSharesofEnzonSeriesCPreferre) | 162 |
| &nbsp;&nbsp;[Conditions of the Series C Exchange Offer](#ConditionsoftheSeriesCExchangeOffer_9647) | 162 |

---

iv

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| &nbsp;&nbsp;[Settlement](#Settlement_748179) | 163 |
| &nbsp;&nbsp;[Future Purchases](#FuturePurchases_66326) | 163 |
| &nbsp;&nbsp;[No Appraisal Rights](#NoAppraisalRights_490256) | 163 |
| &nbsp;&nbsp;[Schedule TO](#ScheduleTO_61973) | 163 |
| &nbsp;&nbsp;["Blue Sky" Compliance](#BlueSkyCompliance_707904) | 163 |
| &nbsp;&nbsp;[Comparison of Enzon Series C Preferred Stock and Enzon Common Stock](#ComparisonofEnzonSeriesCPreferredStockan) | 164 |
| [IEH SUPPORT AGREEMENT](#IEHSUPPORTAGREEMENT_707559) | 165 |
| &nbsp;&nbsp;[Rights and Obligations of the IEH Parties](#RightsandObligationsoftheIEHParties_6802) | 165 |
| &nbsp;&nbsp;[Rights and Obligations of Enzon and Viskase](#RightsandObligationsofEnzonandViskase_35) | 166 |
| &nbsp;&nbsp;[Termination of the IEH Support Agreement](#TerminationoftheIEHSupportAgreement_7363) | 166 |
| [INFORMATION ABOUT ENZON'S BUSINESS](#INFORMATIONABOUTENZONSBUSINESS_299653) | 167 |
| &nbsp;&nbsp;[Acquisition Activities](#AcquisitionActivities_430214) | 167 |
| &nbsp;&nbsp;[Royalty and Milestone Agreements and Revenues](#RoyaltyandMilestoneAgreementsandRevenues) | 168 |
| &nbsp;&nbsp;[Patents and Intellectual Property Rights](#PatentsandIntellectualPropertyRights_227) | 168 |
| &nbsp;&nbsp;[Employees and Executive Officers](#EmployeesandExecutiveOfficers_982983) | 168 |
| [INFORMATION ABOUT VISKASE'S BUSINESS](#INFORMATIONABOUTVISKASESBUSINESS_54022) | 169 |
| &nbsp;&nbsp;[General](#General_483878) | 169 |
| &nbsp;&nbsp;[Recent Developments](#RecentDevelopments_600209) | 169 |
| &nbsp;&nbsp;[Products](#Products_951350) | 170 |
| &nbsp;&nbsp;[International Operations](#InternationalOperations_523049) | 170 |
| &nbsp;&nbsp;[Sales and Distribution](#SalesandDistribution_406464) | 170 |
| &nbsp;&nbsp;[Competition](#Competition_487390) | 170 |
| &nbsp;&nbsp;[Research and Development](#ResearchandDevelopment_931853) | 171 |
| &nbsp;&nbsp;[Seasonality](#Seasonality_916396) | 171 |
| &nbsp;&nbsp;[Customer Contracts](#CustomerContracts_713270) | 171 |
| &nbsp;&nbsp;[Raw Materials](#RawMaterials_160005) | 171 |
| &nbsp;&nbsp;[Human Capital](#HumanCapital_952917) | 171 |
| &nbsp;&nbsp;[Patents and Trademarks](#PatentsandTrademarks_751321) | 172 |
| &nbsp;&nbsp;[Environmental Regulations](#EnvironmentalRegulations_619628) | 172 |
| &nbsp;&nbsp;[Greenhouse Gas Emissions](#GreenhouseGasEmissions_504942) | 172 |
| &nbsp;&nbsp;[Business Segment Information and Geographic Area Information](#BusinessSegmentInformationandGeographicA) | 172 |
| &nbsp;&nbsp;[Properties](#Properties_529975) | 173 |
| &nbsp;&nbsp;[Insurance](#Insurance_41172) | 173 |
| &nbsp;&nbsp;[Legal Proceedings](#LegalProceedings_422468) | 173 |
| &nbsp;&nbsp;[Other Information](#OtherInformation_380249) | 173 |
| [ENZON MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#ENZONMANAGEMENTSDISCUSSIONANDANALYSISOFF) | 174 |
| [VISKASE MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#VISKASEMANAGEMENTSDISCUSSIONANDANALYSISO) | 181 |
| [VISKASE QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#VISKASEQUANTITATIVEANDQUALITATIVEDISCLOS) | 202 |
| [CERTAIN RELATIONSHIPS BETWEEN ENZON AND VISKASE](#CERTAINRELATIONSHIPSBETWEENENZONANDVISKA) | 203 |
| [DIRECTORS AND EXECUTIVE OFFICERS OF THE COMBINED COMPANY](#DIRECTORSANDEXECUTIVEOFFICERSOFTHECOMBIN) | 204 |
| [COMPENSATION DISCUSSION AND ANALYSIS OF VISKASE](#COMPENSATIONDISCUSSIONANDANALYSISOFVISKA) | 208 |
| [INTERESTS OF EXECUTIVE OFFICERS AND DIRECTORS IN THE MERGER](#INTERESTSOFEXECUTIVEOFFICERSANDDIRECTORS) | 215 |
| &nbsp;&nbsp;[Interests of Enzon's Executive Officers and Directors in the Merger Proposal](#InterestsofEnzonsExecutiveOfficersandDir) | 215 |
| &nbsp;&nbsp;[Interests of Viskase's Executive Officers and Directors in the Merger](#InterestsofViskasesExecutiveOfficersandD) | 215 |
| [DESCRIPTION OF THE CAPITAL STOCK OF ENZON](#DESCRIPTIONOFTHECAPITALSTOCKOFENZON_7125) | 216 |
| &nbsp;&nbsp;[Authorized Share Capital](#AuthorizedShareCapital_66855) | 216 |
| &nbsp;&nbsp;[Enzon Common Stock](#EnzonCommonStock_823645) | 216 |
| &nbsp;&nbsp;[Listing of Combined Company Common Stock](#ListingofCombinedCompanyCommonStock_4493) | 216 |
| &nbsp;&nbsp;[Transfer Agent and Registrar](#TransferAgentandRegistrar_896989) | 216 |
| [DESCRIPTION OF THE CAPITAL STOCK OF VISKASE](#DESCRIPTIONOFTHECAPITALSTOCKOFVISKASE_15) | 217 |
| &nbsp;&nbsp;[Authorized Share Capital](#AuthorizedShareCapital_51931) | 217 |
| &nbsp;&nbsp;[Viskase Common Stock](#ViskaseCommonStock_175608) | 217 |
| &nbsp;&nbsp;[Listing of Viskase Common Stock](#ListingofViskaseCommonStock_736872) | 217 |
| [DESCRIPTION OF THE CAPITAL STOCK OF THE COMBINED COMPANY](#DESCRIPTIONOFTHECAPITALSTOCKOFTHECOMBINE) | 218 |
| &nbsp;&nbsp;[Authorized Share Capital](#AuthorizedShareCapital_435753) | 218 |
| &nbsp;&nbsp;[Combined Company Common Stock](#CombinedCompanyCommonStock_301240) | 218 |
| &nbsp;&nbsp;[Listing of Combined Company Common Stock](#ListingofCombinedCompanyCommonStock_2197) | 218 |
| &nbsp;&nbsp;[Transfer Agent and Registrar](#TransferAgentandRegistrar_301090) | 218 |

---

v

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| [COMPARISON OF STOCKHOLDER RIGHTS](#COMPARISONOFSTOCKHOLDERRIGHTS_965210) | 219 |
| &nbsp;&nbsp;[Capitalization](#Capitalization_551448) | 219 |
| &nbsp;&nbsp;[Voting Rights](#VotingRights_713799) | 219 |
| &nbsp;&nbsp;[Quorum](#Quorum_869644) | 220 |
| &nbsp;&nbsp;[Exclusive Forum Provision](#ExclusiveForumProvision_502131) | 220 |
| &nbsp;&nbsp;[Anti-Takeover Provisions](#AntiTakeoverProvisions_984506) | 221 |
| &nbsp;&nbsp;[Rights Plan Policy](#RightsPlanPolicy_669706) | 222 |
| &nbsp;&nbsp;[Stockholder Action by Written Consent](#StockholderActionbyWrittenConsent_564270) | 222 |
| &nbsp;&nbsp;[Special Meetings](#SpecialMeetings_223017) | 222 |
| &nbsp;&nbsp;[Vacancies on Board of Directors](#VacanciesonBoardofDirectors_251857) | 222 |
| &nbsp;&nbsp;[Indemnification](#Indemnification_266380) | 223 |
| &nbsp;&nbsp;[Corporate Opportunity](#CorporateOpportunity_614765) | 223 |
| &nbsp;&nbsp;[Amendment of Certificate of Incorporation](#AmendmentofCertificateofIncorporation_60) | 223 |
| &nbsp;&nbsp;[Amendment of Bylaws](#AmendmentofBylaws_105654) | 224 |
| [SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS OF ENZON](#SECURITY_OWNERSHIP_ENZON) | 225 |
| [SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS OF VISKASE](#SECURITY_OWNERSHIP_VISKASE) | 227 |
| [SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS OF POST-MERGER COMBINED COMPANY](#SECURITY_OWNERSHIP_POSTMERGER) | 229 |
| [MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES](#MATERIALUSFEDERALINCOMETAXCONSEQUENCES_3) | 231 |
| [LEGAL MATTERS](#LEGALMATTERS_39877) | 235 |
| [EXPERTS](#EXPERTS_975686) | 235 |
| &nbsp;&nbsp;[Enzon](#Enzon_964203) | 235 |
| &nbsp;&nbsp;[Viskase](#Viskase_924586) | 235 |
| [FUTURE STOCKHOLDER PROPOSALS](#FUTURESTOCKHOLDERPROPOSALS_968104) | 235 |
| [HOUSEHOLDING OF CONSENT SOLICITATION MATERIALS](#HOUSEHOLDINGOFCONSENTSOLICITATIONMATERIA) | 236 |
| [WHERE YOU CAN FIND MORE INFORMATION](#WHEREYOUCANFINDMOREINFORMATION_478500) | 237 |
| [INDEX TO CONSOLIDATED FINANCIAL STATEMENTS OF ENZON PHARMACEUTICALS, INC. AND SUBSIDIARIES](#INDEXENZON) | F-1 |
| [INDEX TO CONSOLIDATED FINANCIAL STATEMENTS OF VISKASE COMPANIES, INC. AND SUBSIDIARIES](#INDEXTOVISKASE) | F-28 |
| **Annexes** |  |
| [Annex A – Merger Agreement](#AnnexA_201397) | A-1 |
| [Annex A-1 – Merger Agreement Amendment](#AnnexA1_225933) | A-1-1 |
| [Annex B – IEH Support Agreement](#AnnexB_270225) | B-1 |
| [Annex B-1 – IEH Support Agreement Amendment](#AnnexB1_368903) | B-1-1 |
| [Annex C – Written Opinion of A.G.P./Alliance Global Partners](#AnnexC_930165) | C-1 |
| [Annex D – Written Opinion of Alvarez & Marsal](#AnnexD_406399) | D-1 |
| [Annex E – Enzon Charter](#ANNEXE_58391) | E-1 |
| [Annex F – Enzon Bylaws](#ANNEXF_237388) | F-1 |
| [Annex G – Form of Written Consent](#AnnexG_5489) | G-1 |
| [PART II – INFORMATION NOT REQUIRED IN PROSPECTUS](#PARTIIINFORMATIONNOTREQUIREDINPROSPECTUS) | II-1 |
| [INDEMNIFICATION OF DIRECTORS AND OFFICERS OF ENZON](#iNDEMNIFICATIONOFDIRECTORS) | II-1 |

---

vi

[**Table of Contents**](#TOC)

**FREQUENTLY USED TERMS**

Unless otherwise indicated or as the context otherwise requires, all references in this prospectus/consent solicitation/offer to exchange:

"382 Rights Agreement" means that certain Section 382 Rights Agreement, dated as of August 14, 2020, as amended, by and between Enzon and Continental Stock Transfer & Trust Company.

"Acceptable Confidentiality Agreement" means a customary confidentiality agreement entered into by Enzon containing provisions (i) not less favorable to Enzon in any material respect than those set forth in the Confidentiality Agreement, (ii) that require any counterparty thereto (and any of its Affiliates and Representatives named therein) that receives non-public information of or with respect to Enzon and its Subsidiaries to keep such information confidential; provided that the provisions contained therein are no less restrictive in any material respect to such counterparty (and any of its Affiliates and Representatives named therein) than those set forth in the Confidentiality Agreement (it being understood that an Acceptable Confidentiality Agreement need not include a standstill provision) and (iii) does not prohibit Enzon from providing any information to Viskase in accordance with, and otherwise complying with the Merger Agreement.

"Affiliate" means, with respect to any Person, any other Person that directly, or through one (1) or more intermediaries, controls or is controlled by or is under common control with such Person; provided, however, that with respect to (i) Viskase, "Affiliate" means any Person that is controlled, directly or indirectly, by Viskase and (ii) Enzon, "Affiliate" means any Person that is controlled, directly or indirectly, by Enzon. As used herein, the term "control" means: (A) the power to vote at least ten percent (10%) of the voting power of a Person or (B) the possession, directly or indirectly, of any other power to direct or cause the direction of the management and policies of such a Person, whether through ownership of voting securities, by contract or otherwise.

"Beneficially Own" means, with respect to any securities, having "beneficial ownership" of such securities for purposes of Rule 13d-3 or 13d-5 under the Exchange Act (or any successor statute or regulation).

"Cash on Hand" means all cash and cash equivalents of Enzon, in each case, determined in accordance with U.S. GAAP, and held in any account of Enzon, (i) excluding the amount of any issued but uncleared checks, wires or drafts and any cash overdrafts and restricted cash and (ii) including checks and drafts deposited for the account of Enzon or on hand at Enzon or available for deposit for the account of Enzon.

"Closing" means the Closing of the Merger.

"Closing Date" means date upon which the Closing occurs.

"Code" means the Internal Revenue Code of 1986, as amended.

"Combined Company" means Enzon, after giving effect to the Merger, which will be renamed "Viskase Holdings, Inc." in connection with the Closing.

"Confidentiality Agreement" means that certain confidentiality agreement between Viskase and Enzon, dated as of January 3, 2025.

"Court" means the Delaware Court of Chancery.

"Delaware LLC Act" means the Limited Liability Company Act of the State of Delaware.

"DGCL" means the General Corporation Law of the State of Delaware.

"Dissenting Viskase Shares" means shares of Viskase Common Stock that are issued and outstanding immediately prior to the Effective Time and held by the stockholders of Viskase who have not voted in favor of the adoption of the Merger Agreement (or consented thereto in writing) and who shall have properly demanded appraisal of such shares of Viskase Common Stock in accordance with, and who have otherwise complied in all respects with, Section 262 of the DGCL and, as of the Effective Time, have neither effectively withdrawn nor lost their rights to such appraisal under the DGCL.

[**Table of Contents**](#TOC)

"Effective Time" means the time at which the Merger shall become effective.

"EisnerAmper" means EisnerAmper LLP, an independent registered public accounting firm, serving as Enzon's auditor.

"Enzon" means Enzon Pharmaceuticals, Inc., a Delaware corporation.

"Enzon 20-Day VWAP" means the price equal to the average of the volume-weighted average price of Enzon Common Stock on the "OTCQB" tier of the OTC (as reported by Bloomberg or, if not reported thereby, in another authoritative source mutually selected by Enzon, Viskase and IEH) for the last twenty (20) Trading Days prior to (and including) October 24, 2025, rounded down to the nearest 1/100th of a penny (as adjusted to take into account the Reverse Stock Split, to the extent the Reverse Stock Split is effectuated prior to the date of the relevant issuance of Enzon Common Stock). The Enzon 20-Day VWAP as calculated pursuant to the definition provided in the Merger Agreement is $0.08 per share of Enzon Common Stock, which after giving effect to the Reverse Stock Split of 1 for 100, will be adjusted to $7.83.

"Enzon Balance Sheet Date" means the date of the most recent consolidated balance sheet included, prior to the date of the Merger Agreement, in the material reports, schedules, forms, statements and other documents required to be filed or furnished by Enzon with or to the SEC pursuant to the Securities Act or the Exchange Act since January 1, 2023.

"Enzon Board" means the board of directors of Enzon.

"Enzon By-Laws" means the Second Amended and Restated By-Laws of Enzon, as amended and restated from time to time.

"Enzon Charter" means the Amended and Restated Certificate of Incorporation of Enzon, as amended and restated from time to time.

"Enzon Common Stock" means Enzon's common stock, $0.01 par value per share.

"Enzon Organizational Documents" means the Enzon Charter and the Enzon By-Laws.

"Enzon Recommendation" means the recommendation by the Enzon Board (acting upon the unanimous recommendation of the Enzon Special Committee) that the stockholders of Enzon entitled to vote thereon (i) adopt the Merger Agreement and (ii) approve an amendment to the Enzon Charter in the form of Exhibit B to the Merger Agreement Amendment, which is attached as Annex A-1 to this prospectus/consent solicitation/offer to exchange to, among other things, effect the Reverse Stock Split.

"Enzon Series C Preferred Stock" means Enzon's Series C Non-Convertible Redeemable Preferred Stock, $0.01 par value per share.

"Enzon Special Committee" means a special committee of the Enzon Board consisting only of independent and disinterested directors that the Enzon Board determined to be disinterested directors within the meaning of the DGCL.

"Enzon Stock" means any and all classes of shares of Enzon, including Enzon Common Stock and Enzon Series C Preferred Stock.

"Enzon Stockholder Approval" means the affirmative vote (in Person, by proxy or by written consent) of the holders of a majority of the outstanding shares of Enzon Common Stock entitled to vote thereon to (i) adopt the Merger Agreement and (ii) approve an amendment to the Enzon Charter in the form of Exhibit B to the Merger Agreement Amendment, which is attached as Annex A-1 to this prospectus/consent solicitation/offer to exchange to, among other things, effect the Reverse Stock Split.

"Enzon Transaction Litigation" means any stockholder litigation or claim against Enzon and/or its directors or officers relating to the Merger or the other transactions contemplated by the Merger Agreement.

"Exchange Act" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"FASB" means the Financial Accounting Standards Board.

"Grant Thornton" means Grant Thornton LLP, an independent registered public accounting firm, serving as Viskase's auditor.

[**Table of Contents**](#TOC)

"HSR Act" means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.

"IEH" means Icahn Enterprises Holdings L.P., a Delaware limited partnership.

"IEH Parties" means, collectively, IEH, American Entertainment Properties Corp., a Delaware corporation ("AEP"), Icahn Partners LP, a Delaware limited partnership ("IPLP"), and Icahn Partners Master Fund LP, a Delaware limited partnership ("IPMF").

"IEH Share Exchange" means the exchange of all shares of Enzon Series C Preferred Stock Beneficially Owned by each IEH Party for a number of shares of Enzon Common Stock equal to (i) (A) the aggregate Liquidation Preference of such shares of Enzon Series C Preferred Stock, *divided* by (ii) the Enzon 20-Day VWAP.

"IEH Support Agreement" means the Support Agreement, dated as of June 20, 2025, by and among Enzon, Viskase and the IEH Parties, a copy of which is attached as Annex B to this prospectus/consent solicitation/offer to exchange, as amended by the IEH Support Agreement Amendment and as the same may be amended, modified or supplemented from time to time in accordance with its terms.

"IEH Support Agreement Amendment" means that certain First Amendment to the Support Agreement, dated October 24, 2025, by and among Enzon, Viskase and the IEH Parties, a copy of which is attached as Annex B-1 to this prospectus/consent solicitation/offer to exchange.

"IRS" means the United States Internal Revenue Service.

"Intended Tax Treatment" means (i) the Merger and the conversion of Viskase into a limited liability company undertaken as part of the Merger Agreement will, taken together, qualify as a "reorganization" within the meaning of Section 368(a) of the Code and the regulations promulgated thereunder, (ii) Enzon and Viskase will each be a party to the reorganization within the meaning of Section 368(b) of the Code and (iii) the Merger Agreement will constitute a "plan of reorganization" within the meaning of the Code.

"Lien" means any mortgage, pledge, security interest, encumbrance, title defect, lien (statutory or other), conditional sale agreement, claim, charge, adverse right, prior assignment, hypothecation, limitation or restriction.

"Liquidation Preference" has the meaning given to it in the Certificate of Designation of Series C Non-Convertible Redeemable Preferred Stock of Enzon, which, for the avoidance of doubt, includes accrued and unpaid dividends on the Enzon Series C Preferred Stock.

"Merger" means the Merger of Merger Sub with and into Viskase with Viskase continuing as the surviving corporation and as a wholly owned Subsidiary of Enzon following the Merger.

"Merger Agreement" means the Agreement and Plan of Merger, dated as of June 20, 2025, by and among Enzon, Merger Sub and Viskase, a copy of which is attached as Annex A to this prospectus/consent solicitation/offer to exchange, as amended by the Merger Agreement Amendment and as the same may be amended, modified or supplemented from time to time in accordance with its terms.

"Merger Agreement Amendment" means that certain First Amendment to the Merger Agreement, dated October 24, 2025, by and among Enzon, Merger Sub and Viskase, a copy of which is attached as Annex A-1 to this prospectus/consent solicitation/offer to exchange.

"Merger Sub" means EPSC Acquisition Corp., a Delaware corporation and wholly owned Subsidiary of Enzon.

"Minimum Cash Condition" means at the Closing, Enzon having Cash on Hand of an amount that is equal to or greater than $40,000,000.

"OTC Markets" means OTC Markets Group, Inc.

"Permitted Lien" means (i) Liens for taxes not yet due and payable or that are being contested in good faith by appropriate proceedings and for which adequate reserves have been established in accordance with GAAP on the balance sheet of the applicable Person, (ii) mechanics', carriers', workers', repairers', materialmen's, warehousemen's, lessor's, landlord's and other similar Liens arising or incurred in the ordinary course of business, (iii) non-monetary Liens that would be disclosed on title policies, title

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"Person" means an individual, corporation, limited liability company, partnership, association, trust, other entity or group (as defined in the Exchange Act).

"Proposed Charter Amendment" means the Amendment to the Enzon Charter, the form of which is attached to this prospectus/consent solicitation/offer to exchange as Exhibit B to the Merger Agreement Amendment, which is attached as Annex A-1 to this prospectus/consent solicitation/offer to exchange.

"Representative" means, with respect to any Person, such Person's Affiliates and its and their respective officers, directors, managers, partners, employees, accountants, counsel, financial advisors, consultants and other advisors or Representatives.

"Reverse Stock Split" means the consolidation of the issued and outstanding shares of Enzon Common Stock at a ratio of 1 for 100 as contemplated by the Merger Agreement and the Proposed Charter Amendment.

"SEC" means the U.S. Securities and Exchange Commission.

"Securities Act" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

"Series C Exchange Offer" means the exchange offer pursuant to which Enzon will offer each holder of Enzon Series C Preferred Stock to exchange each such holder's shares of Enzon Series C Preferred Stock for shares of Enzon Common Stock, pursuant to the terms and subject to the conditions set forth in the Merger Agreement.

"Subsidiary" means, when used with respect to any Person, (i) any corporation, partnership or other organization, whether incorporated or unincorporated, (A) of which such Person or any other Subsidiary of such Person is a general partner (excluding partnerships, the general partnership interests of which held by such Person or any Subsidiary of such Person do not have a majority of the voting interests in such partnership) or (B) at least a majority of the securities or other interests of which having by their terms ordinary voting power to elect a majority of the board of directors or others performing similar functions with respect to such corporation or other organization is directly or indirectly owned or controlled by such Person or by any one (1) or more of its Subsidiaries, or by such Person and one (1) or more of its Subsidiaries, or (ii) any partnership, limited liability company, association, joint venture or other business entity, of which a majority of the partnership, joint venture or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by that Person or one (1) or more Subsidiaries of that Person or a combination thereof.

"Surviving Company" means Viskase Companies, Inc., a Delaware corporation, after giving effect to the Merger of Viskase and Merger Sub, in connection with the Closing.

"Surviving Company Conversion" means the conversion of the Surviving Company into a limited liability company under Section 266 of the DGCL and Section 18-214 of the Delaware LLC Act.

"Takeover Law" means any law that restricts a "business combination," "control share acquisition," "fair price," "moratorium" or other anti-takeover law.

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"Total Closing Share Number" means the number equal to (i) the number of shares of Enzon Common Stock issued and outstanding as of immediately prior to the Effective Time (after giving effect to the Reverse Stock Split, the IEH Share Exchange and the shares of Enzon Common Stock issued pursuant to the Series C Exchange Offer), *divided* by (ii) 0.45.

"Trading Day" means, with respect to Enzon Common Stock, a day on which shares of Enzon Common Stock are traded on OTC.

"U.S. GAAP" means generally accepted accounting principles in the United States.

"Viskase" means Viskase Companies, Inc., a Delaware corporation.

"Viskase Balance Sheet Date" means March 31, 2025.

"Viskase Board" means the board of directors of Viskase.

"Viskase Bylaws" means the Amended and Restated Bylaws of Viskase, as amended and restated from time to time.

"Viskase Charter" means the Amended and Restated Certificate of Incorporation of Viskase, as amended and restated from time to time.

"Viskase Common Stock" means Viskase's common stock, $0.01 par value per share.

"Viskase Closing Share Number" means the number of shares of Enzon Common Stock equal to (i) the Total Closing Share Number, *minus* (ii) the number of shares of Enzon Common Stock issued and outstanding as of immediately prior to the Effective Time (after giving effect to the Reverse Stock Split, the IEH Share Exchange and the shares of Enzon Common Stock issued pursuant to the Series C Exchange Offer).

"Viskase Credit Agreement" means that certain Credit Agreement, dated as of October 9, 2020, by and among Viskase, Bank of America, N.A., and other lenders, as amended by the First Amendment, dated August 13, 2021, as further amended by the Second Amendment, dated August 10, 2022, and as further amended by the Limited Waiver Third Amendment to Credit Agreement, dated February 14, 2025, the Fourth Amendment to Credit Agreement, dated July 25, 2025, the Fourth Amendment Fee Letter to Credit Agreement, dated July 25, 2025, the Fifth Amendment to Credit Agreement, dated October 10, 2025 and the Sixth Amendment to the Credit Agreement, dated January 23, 2026.

"Viskase Material Adverse Effect" means any event, change, circumstance, effect, development or state of facts that, individually or in the aggregate, is or would reasonably be expected to (i) be materially adverse to the business, results of operations, assets or financial condition of Viskase and its Subsidiaries, taken as a whole, or (ii) materially delay, impede or prevent the transactions contemplated by the Merger Agreement on or before the Termination Date; provided, however, that for purposes of subclause (i), Viskase Material Adverse Effect shall not include the effect of any event, change, circumstance, effect, development or state of facts to the extent it results from or arises out of (A) general economic or political conditions or securities, credit, financial or other capital markets conditions, in each case in the United States or any foreign jurisdiction, (B) changes or conditions generally affecting the industries, businesses, or segments thereof, in which Viskase or its Subsidiaries operate, (C) any change after the date thereof in applicable law, regulation, GAAP or accounting standards (or authoritative interpretation of any of the foregoing), (D) the announcement of the IEH Support Agreement or the transactions contemplated thereby or the terms thereof or the consummation of the transactions contemplated by the Merger Agreement, including the impact thereof on the relationships of Viskase or its Subsidiaries with customers, suppliers, distributors, partners, officers or employees, (E) pandemics, epidemics, COVID-19, acts of war (whether or not declared), armed hostilities, sabotage, terrorism or cyber-attack, or any escalation or worsening of any acts of war, armed hostilities, sabotage, terrorism or cyber-attack threatened or underway as of the date of the Merger Agreement (including requirements for business closures, restrictions on operations or "sheltering-in-place"), (F) earthquakes, hurricanes, floods, or other natural disasters or other weather-related or force majeure events, (G) any failure, in and of itself, by Viskase to meet any internal or published projections, forecasts, estimates or predictions in respect of revenues, earnings or other financial or operating metrics for any period, (H) any change in the market price or trading volume of Viskase's securities or downgrade in Viskase's credit rating, (I) tariffs, trade wars or similar matters, (J) any demands, litigation or similar actions brought by stockholders of Viskase in connection with the Merger Agreement and the transactions contemplated thereby or (K) the taking of any specific action expressly required by the Merger Agreement or taken with Enzon's written consent or the failure to take any specific action expressly prohibited by the Merger Agreement and as for which Enzon declined to consent; except, in each case, with respect to the exceptions set forth in (A), (B), (C) or (E), to the extent materially disproportionately affecting Viskase and its Subsidiaries, taken as a whole, relative to

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other similarly situated companies in the industries in which Viskase operates, then the incremental material disproportionate impact of such event, change, circumstance, effect, development or state of facts shall be taken into account for the purpose of determining whether a Viskase Material Adverse Effect has occurred. Notwithstanding the foregoing, if Enzon, Merger Sub or any of their respective Representatives knew of the material facts of a matter prior to October 24, 2025 (including in connection with any request made pursuant to Section 5.1 of the Merger Agreement), then no effect, change, event or occurrence arising out of, or resulting from, such facts shall constitute a Viskase Material Adverse Effect for all purposes under the Merger Agreement; provided that, for the avoidance of doubt, a Viskase Material Adverse Effect may result from facts that Enzon, Merger Sub or any of their respective Representatives become aware of after October 24, 2025.

"Viskase Organizational Documents" means the Viskase Charter and the Viskase Bylaws.

"Viskase Preferred Stock" means Viskase's preferred stock, par value $0.01 per share.

"Viskase Special Committee" means a special committee of the Viskase Board consisting only of independent and disinterested directors that the Viskase Board determined to be disinterested directors within the meaning of the DGCL.

"Viskase Stockholder Approval" means the affirmative vote (in person, by proxy or by written consent) of the holders of a majority of the outstanding shares of Viskase Common Stock to (i) adopt the Merger Agreement and (ii) approve the Merger.

"Viskase Transaction Litigation" means any stockholder litigation or claim against Viskase and/or its directors or officers relating to the Merger or the other transactions contemplated by the Merger Agreement.

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**QUESTIONS AND ANSWERS ABOUT THE MERGER AND THE CONSENT SOLICITATION**

*The following are answers to certain questions you may have regarding the Merger Agreement, the transactions contemplated thereby and the solicitation of Enzon written consents. You are encouraged to read this entire prospectus/consent solicitation/offer to exchange carefully and in its entirety because the information in this section does not provide all of the information that might be important to you. Additional important information is also contained in the Annexes and exhibits to this prospectus/solicitation statement, as well as described in the section titled "Where You Can Find More Information" in this prospectus/consent solicitation/offer to exchange.*

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| **Q:** | **What is the proposed transaction?** |

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| **A:** | Viskase has agreed to merge with a wholly owned Subsidiary of Enzon under the terms of the Merger Agreement, which is further described in this prospectus/consent solicitation/offer to exchange. Subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement, including the consummation of the Reverse Stock Split, the IEH Share Exchange, the Series C Exchange Offer and receipt of the requisite written consent of Enzon stockholders, Merger Sub will merge with and into Viskase, with Viskase surviving the Merger as a wholly owned Subsidiary of Enzon, and promptly thereafter, Viskase will convert into a limited liability company under Delaware law. |

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| **Q:** | **Why am I receiving this consent solicitation statement?** |

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| **A:** | Enzon is sending these materials to the holders of Enzon Common Stock at the close of business on the record date of January 29, 2026 (the "Enzon Record Date"), to seek approval of the Reverse Stock Split Proposal and the Merger Proposal. This prospectus/consent solicitation/offer to exchange provides important information about the Merger and the other transactions contemplated by the Merger Agreement, including the Reverse Stock Split, and is intended to help you make an informed decision on whether to provide your written consent. |

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| **Q:** | **What are the specific proposals to which Enzon stockholders are being asked to consent?** |

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| **A:** | Enzon stockholders are being asked to approve the following proposals: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.* *Reverse Stock Split Proposal ––* Enzon is soliciting stockholder approval for an amendment to the Enzon Charter to, among other things, effect a consolidation of the issued and outstanding shares of Enzon Common Stock, pursuant to which the shares of Enzon Common Stock would be combined and reclassified at a ratio of 1 to 100.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.* *Merger Proposal ––* Enzon is soliciting stockholder approval for the adoption of the Merger Agreement, including the Merger and the other transactions contemplated thereby.

Please see the sections titled "*Enzon Proposal 1: Approval of the Reverse Stock Split*" and "*Enzon Proposal 2: Adoption of the Merger Agreement*" in this prospectus/consent solicitation/offer to exchange for further information regarding the Enzon Proposals.

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| **Q:** | **Why is Enzon proposing the Merger?** |

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| **A:** | The Enzon Board, acting on the unanimous recommendation of the Enzon Special Committee, unanimously determined that the Merger Agreement and the transactions contemplated thereby, including the Merger, are fair to, and in the best interests of, Enzon and the Enzon stockholders. Please see the section titled "*The Merger — Enzon's Reasons for the Merger; Recommendation of the Enzon Special Committee and the Enzon Board of Directors*" in this prospectus/consent solicitation/offer to exchange for further information regarding the reasons for the Merger. Please also see the section titled "Opinion of the Enzon Special Committee's Financial Advisor" in this prospectus/consent solicitation/offer to exchange for information regarding the opinion, dated October 21, 2025, of the Enzon Special Committee's financial advisor which was provided to the Enzon Special Committee (in its capacity as such) for its information and assistance in connection with its consideration of the financial terms of the Merger. |

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| **Q:** | **What stockholder consent is required to approve the Enzon Proposals?** |

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| **A:** | Approval of each of the Reverse Stock Split Proposal and the Merger Proposal requires the affirmative vote of the holders of a majority of the outstanding shares of Enzon Common Stock entitled to vote thereon. |

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As of the Enzon Record Date, 74,214,603 shares of Enzon Common Stock are issued and outstanding and the consent of 37,107,302 shares of the issued and outstanding shares of Enzon Common Stock are required to approve each of the Enzon Proposals, which represents a majority of the issued and outstanding shares of Enzon Common Stock. As of the Enzon Record Date, the IEH Parties are entitled to vote 36,056,636 shares of Enzon Common Stock, or approximately 48.6% of the issued and outstanding shares of Enzon Common Stock. Pursuant to the IEH Support Agreement, the IEH Parties agreed to, among other things, and subject to certain exceptions, deliver written consents with respect to all of the issued and outstanding shares of Enzon Common Stock held by the IEH Parties approving the Enzon Proposals. Accordingly, assuming delivery of written consents from the IEH Parties pursuant to the terms of the IEH Support Agreement, written consents with respect to 1,050,666 shares of Enzon Common Stock will be needed to approve the Enzon Proposals.

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| **Q:** | **What is a consent, and why is Enzon requesting written consent in lieu of a meeting with stockholders?** |

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| **A:** | Enzon Stockholder Approval is a written consent/authorization approving the Enzon Proposals outlined within this prospectus/consent solicitation/offer to exchange, without the need for a formal stockholders meeting. Under the terms of the Merger Agreement, the Enzon Organizational Documents and applicable law, Enzon is not required to call any meeting of its stockholders in connection with the Enzon Stockholder Approval and may obtain stockholder approvals by written consent in lieu of a meeting by receipt of the consent of a majority of the outstanding shares of Enzon Common Stock. This prospectus/consent solicitation/offer to exchange includes the Enzon Special Committee Recommendation and the Enzon Recommendation. |

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| **Q:** | **Who is entitled to consent?** |

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| **A:** | The holders of Enzon Common Stock at the close of business on the Enzon Record Date. |

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| **Q:** | **Are any Enzon stockholders already committed to vote in favor of the Enzon Proposals?** |

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| **A:** | Concurrently with the execution of the Merger Agreement, the IEH Parties entered into the IEH Support Agreement, as amended by the IEH Support Agreement Amendment, with Enzon and Viskase, pursuant to which the IEH Parties agreed to, among other things, and subject to certain exceptions, deliver written consents approving (i) the Merger Proposal and (ii) the Reverse Stock Split Proposal. |

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Please see the section titled "*Support Agreement*" in this prospectus/consent solicitation/offer to exchange for further information regarding the IEH Support Agreement.

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| **Q:** | **Under what circumstances are the IEH Parties not required to provide approval?** |

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| **A:** | The IEH Parties are not required to consent or vote in favor of any transaction, proposal or action if an Enzon Adverse Recommendation Change has occurred and has not been rescinded. |

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| **Q:** | **Are Enzon stockholders entitled to appraisal rights?** |

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| **A:** | No. Under the DGCL, Enzon stockholders are not entitled to exercise any dissenters' or appraisal rights in connection with the Merger. However, Viskase stockholders are entitled to appraisal rights in connection with the Merger under the DGCL. Please see the section titled "*Appraisal and Dissenters' Rights*" in this prospectus/consent solicitation/offer to exchange for further information. |

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| **Q:** | **Are Viskase stockholders entitled to appraisal rights?** |

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| **A:** | Holders of Viskase Common Stock who: (i) timely submit to Viskase a proper written demand for appraisal of such shares; (ii) continuously remain the record holders or beneficial owners of such shares through the Effective Time; and (iii) otherwise comply with the applicable procedures and requirements set forth in Section 262 of the DGCL will be entitled to have their shares appraised by the Court and receive payment in cash of the "fair value" of such shares (as determined by the Court, exclusive of any element of value arising from the accomplishment or expectation of the transaction) instead of the Merger Consideration. Any such Person awarded "fair value" for his, her or its shares by the Court would receive payment of that fair value in cash, together with interest, if any, to be paid upon the amount determined to be the "fair value" in lieu of the right to receive the Merger Consideration. It is possible that any such "fair value" as determined by the Court may be more or less than, or the same as, the Merger Consideration that such Person is entitled to receive pursuant to the Merger Agreement. Please see the section titled "*Appraisal and Dissenters' Rights*" in this prospectus/consent solicitation/offer to exchange for further information. |

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| **Q:** | **What happens if I do not return my written consent?** |

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| **A:** | If you are an Enzon stockholder and you do not return your written consent, it will have the same effect as delivering consents marked "**WITHHOLD CONSENT**" as to the Merger Proposal and the Reverse Stock Split Proposal. Because Viskase stockholders have already approved the Merger by written consent, the approval of Viskase stockholders is not being sought. |

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| **Q:** | **What if I am a Viskase stockholder, what do I need to do now?** |

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| **A:** | Viskase and Enzon urge you to read this prospectus/consent solicitation/offer to exchange carefully, including its Annexes, and to consider how the Merger affects you. Because Viskase stockholders have already approved the Merger by written consent, the approval of Viskase stockholders is not being sought. |

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| **Q:** | **What is the value of the Merger consideration that Viskase stockholders will receive in the Merger?** |

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| **A**: | At the Effective Time, each share of Viskase Common Stock issued and outstanding immediately prior to the Effective Time (other than shares of Viskase Common Stock (i) held by Viskase as treasury shares, (ii) owned by Enzon, Merger Sub or a wholly owned Subsidiary of Viskase, Enzon or Merger Sub immediately prior to the Effective Time and (iii) Dissenting Viskase Shares) will be automatically converted into the right to receive a number of shares of Enzon Common Stock equal to the Exchange Ratio (such shares, the "Merger Consideration"). As a result of the foregoing, and assuming that the Enzon Series C Preferred Stock is exchanged for Enzon Common Stock in full pursuant to the Series C Exchange Offer and the IEH Share Exchange, (i) holders of Enzon common stock immediately prior to the Effective Time are expected to own approximately 5% of the Combined Company Common Stock, (ii) holders of Enzon's Series C Preferred Stock are expected to own approximately 40% of the Combined Company Common Stock and (iii) holders of Viskase Common Stock are expected to own 55% of the Combined Company Common Stock. |

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The exact value of the Merger Consideration payable to the holders of Viskase Common Stock will depend on the price per share of Enzon Common Stock at the Effective Time, which may be greater than, less than or the same as the price per share of Enzon Common Stock at the time of the entry into the Merger Agreement or the date of this prospectus/consent solicitation/offer to exchange. Based on the closing price of a share of Enzon Common Stock on the OTC Market on June 20, 2025, the last Trading Day prior to the date of the public announcement of the Merger, the value of Enzon Common Stock was approximately $0.08 per share. Based on the closing price of a share of Enzon Common Stock on the OTC Market on October 23, 2025, the last Trading Day prior to the public announcement of the Merger Agreement Amendment, the value of Enzon Common Stock was approximately $0.08 per share. As of January 27, 2026, the last Trading Day prior to the date of this prospectus/consent solicitation/offer to exchange, the value of Enzon Common Stock was approximately $0.0672 per share. However, as noted above, the prices at the Effective Time may be greater than, less than or the same as such price quotations.

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| **Q:** | **What is the Exchange Ratio?** |

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| **A:** | Under the Exchange Ratio mechanics, the Exchanged Viskase Shares will be automatically converted into the right to receive a number of shares of Enzon Common Stock equal to (i) the number of shares of Enzon Common Stock issued and outstanding as of immediately prior to the Effective Time (after giving effect to each of the Reverse Stock Split, the IEH Share Exchange and the shares of Enzon Common Stock issued pursuant to the Series C Exchange Offer) (such number of shares of Enzon Common Stock, the "Pre-Exchange Enzon Shares"), *divided* by 0.45, *minus* (ii) the Pre-Exchange Enzon Shares, *divided* by (iii) the number of Exchanged Viskase Shares (the "Exchange Ratio"). |

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| **Q:** | **What is the IEH Share Exchange?** |

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| **A:** | Pursuant to and subject to the terms of the IEH Support Agreement, prior to the Effective Time, the IEH Parties agreed to, among other things, deliver to Enzon each share of Enzon Series C Preferred Stock Beneficially Owned by the IEH Parties in exchange for a number of shares of Enzon Common Stock. Specifically, IEH has agreed to exchange its Enzon Series C Preferred Stock for a number of shares of Enzon Common Stock equal to (i) the aggregate Liquidation Preference of such shares of Enzon Series C Preferred Stock, *divided* by (ii) the Enzon 20-Day VWAP. |

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| **Q:** | **How does the Enzon Common Stock consideration compare to the market price of Viskase Common Stock**? |

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| **A:** | The value of Enzon Common Stock was approximately $0.08 per share on the OTC Market on June 20, 2025, the last Trading Day prior to the date of the public announcement of the Merger. On June 20, 2025, the closing price of a share of Viskase Common Stock on the OTC Market was $1.00 per share. |

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The value of Enzon Common Stock was approximately $0.08 per share on the OTC Market on October 23, 2025, the last Trading Day prior to the date of the public announcement of the Merger Agreement Amendment. On October 23, 2025, the closing price of a share of Viskase Common Stock on the OTC Market was $1.21 per share.

The value of Enzon Common Stock was approximately $0.0672 per share on the OTC Market on January 27, 2026, the last Trading Day prior to the date of this prospectus/consent solicitation/offer to exchange.

Changes in the market price of shares of Enzon Common Stock prior to the Closing of the Merger will affect the value of the stock consideration. Accordingly, we urge you to obtain the latest market quotations for shares of Enzon Common Stock prior to submitting your written consent. Shares of Enzon Stock are currently traded on the OTC Market under the symbol "ENZN," and shares of Viskase Common Stock are currently traded on the OTC Market under the symbol "VKSC."

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| **Q:** | **Will any fractional shares of Enzon Common Stock be issued in connection with the Merger or Reverse Stock Split?** |

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| **A:** | No fractional shares of Enzon Common Stock will be issued upon the conversion of shares of Viskase Common Stock in connection with the Merger. Each holder of Viskase Common Stock that would have otherwise been entitled to receive a fraction of a share of Enzon Common Stock (after taking into account all shares of Viskase Common Stock evidenced by the certificates and book-entry shares delivered by such holder) will receive, in lieu thereof, cash (without interest) in an amount equal to such fractional amount multiplied by the volume weighted averages of the trading prices of Enzon Common Stock on the "OTCQB" tier of the OTC (as reported by Bloomberg or, if not reported thereby, in another authoritative source mutually selected by Enzon and Viskase) on the five (5) consecutive Trading Days ending on (and including) the Trading Day that is two (2) Trading Days prior to the date of the Effective Time, rounded down to the nearest penny. |

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| **Q:** | **How will the Reverse Stock Split be effected?** |

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| **A:** | The combination of, and reduction in, the number of shares of outstanding Enzon Common Stock as a result of the Reverse Stock Split will occur automatically and without any action on the part of Enzon stockholders at the date and time set forth in the amendment to the Enzon Charter to effect the Reverse Stock Split following filing with the Secretary of State of the State of Delaware. Enzon intends that such time will be immediately prior to the Effective Time. Please see the section titled "*Reverse Stock Split*" in this prospectus/consent solicitation/offer to exchange for further information. |

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| **Q:** | **What impact will the Reverse Stock Split have?** |

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| **A:** | The Reverse Stock Split would be effected simultaneously for all outstanding shares of Enzon Common Stock. The Reverse Stock Split would affect all holders of Enzon Common Stock uniformly. No fractional shares will be issued in connection with the Reverse Stock Split. Instead, any holder of Enzon Common Stock who would have been entitled to receive a fractional share as a result of the Reverse Stock Split will have the right to receive, in lieu thereof, cash (without interest) in an amount equal to such fractional amount multiplied by the volume weighted averages of the trading prices of Enzon Common Stock on the "OTCQB" tier of the OTC (as reported by Bloomberg, or, if not reported thereby, in another authoritative source mutually selected by Enzon and Viskase) on the five (5) consecutive Trading Days ending on (and including) the Trading Day that is two (2) Trading Days prior to the date of the Effective Time, rounded down to the nearest penny. Please see section titled "*Reverse Stock Split*" in this prospectus/consent solicitation/offer to exchange for further information. |

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[**Table of Contents**](#TOC)

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|:---|:---|
| **Q:** | **When will the Merger and the Reverse Stock Split be consummated?** |

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| | |
|:---|:---|
| **A:** | The Merger and the Reverse Stock Split are expected to be consummated in the first quarter of 2026, subject to the receipt of the required approvals from Enzon stockholders and other customary closing conditions. However, neither Enzon nor Viskase can predict the actual date on which the Merger and the Reverse Stock Split will be consummated, or whether they will be consummated, because the Merger is subject to factors beyond each company's control. Please see the section titled "*The Merger Agreement — Conditions to Completion of the Merger*" in this prospectus/consent solicitation/offer to exchange for further information regarding the closing conditions to the Merger. |

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| | |
|:---|:---|
| **Q:** | **Did the Viskase stockholders already approve the Merger?** |

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|:---|:---|
| **A:** | Yes. On June 20, 2025, in connection with the execution of the Merger Agreement, the IEH Parties holding sufficient Viskase Common Stock to adopt the Merger Agreement and approve the Merger by written consent provided the Viskase Stockholder Approval under the Merger Agreement. |

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On November 11, 2025, in connection with the execution of the Merger Agreement Amendment, the IEH Parties holding sufficient Viskase Common Stock to provide the Viskase Stockholder Approval under the Merger Agreement adopted the Merger Agreement Amendment and approved the Merger, as amended, by written consent.

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|:---|:---|
| **Q:** | **What are the conditions to the Closing?** |

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| | |
|:---|:---|
| **A:** | The Merger is subject to a number of closing conditions and, if these conditions are not satisfied or waived (to the extent permitted by law), the Merger will not be completed. The Closing is subject to the satisfaction or waiver of certain conditions, including, among others: (i) the required approvals by the parties' stockholders (which approval, with respect to Viskase, was obtained on June 20, 2025 and subsequently on November 11, 2025) having been obtained; (ii) the accuracy of the parties' representations and warranties, subject to certain "materiality" and "material adverse effect" qualifications; (iii) compliance by the parties in all material respects with their respective covenants; (iv) no law or order making the Merger illegal or otherwise prohibiting consummation of the Merger; (v) the shares of Enzon Common Stock to be issued in the Merger having been approved for listing (subject to official notice of issuance) on the OTC Market; (vi) this prospectus/consent solicitation/offer to exchange having become effective in accordance with the provisions of the Securities Act; (vii) each of the IEH Share Exchange and the Series C Exchange Offer having been consummated and effective; (viii) the consummation of the Reverse Stock Split; (ix) dissenters' rights not having been exercised by Viskase stockholders representing more than three percent (3%) of the outstanding shares of Viskase Common Stock; (x) Enzon satisfying the Minimum Cash Condition; and (xi) any waiting period applicable to the Merger under the HSR Act, having expired or been terminated. Please see the section titled "*The Merger Agreement — Conditions to Completion of the Merger*" in this prospectus/consent solicitation/offer to exchange for further information regarding the closing conditions to the Merger. |

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| | |
|:---|:---|
| **Q:** | **What effect will the Merger have on Enzon, Viskase and Enzon Common Stock?** |

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| | |
|:---|:---|
| **A** | Following the consummation of the Merger, it is anticipated that the Combined Company will operate under the name "Viskase Holdings, Inc." and will be quoted on the OTCQB tier of the OTC. Viskase has agreed to take all actions necessary to remove the Viskase Common Stock from quotation on OTC, effective as of the Effective Time. As such, if the Merger is completed, shares of Viskase Common Stock will no longer be publicly traded and will be removed from quotation on the OTC. |

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As a result of the Merger, and assuming that the Enzon Series C Preferred Stock is exchanged for Enzon Common Stock in full pursuant to the Series C Exchange Offer and the IEH Share Exchange, (i) holders of Enzon Common Stock immediately prior to the Effective Time are expected to own approximately 5% of the Combined Company Common Stock, (ii) holders of Enzon Series C Preferred Stock are expected to own approximately 40% of the Combined Company Common Stock and (iii) holders of Viskase Common Stock are expected to own 55% of the Combined Company Common Stock.

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| | |
|:---|:---|
| **Q:** | **Will Viskase stockholders be able to trade Enzon Common Stock that they receive pursuant to the Merger?** |

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| | |
|:---|:---|
| **A:** | Yes. The Enzon Common Stock issued pursuant to the Merger will be registered under the Exchange Act and is expected to be quoted on the OTCQB tier of the OTC Market under the symbol "VKSC". |

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[**Table of Contents**](#TOC)

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|:---|:---|
| **Q:** | **Who will serve as the directors and senior officers of the Combined Company following the Merger?** |

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|:---|:---|
| **A:** | The Chief Executive Officer of the Combined Company will be Thomas D. Davis, who is currently the Chief Executive Officer of Viskase. The Board of Directors of the Combined Company will consist of current Enzon directors, Jordan Bleznick and Randolph C. Read, together with Robert Flint, Colin Kwak, Dustin DeMaria, Peter K. Shea and Kenneth Shea. |

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|:---|:---|
| **Q:** | **Do any of Enzon's or Viskase's executive officers or directors have interests in the Merger that may be different from, or in addition to, those of the Enzon stockholders or the Viskase stockholders?** |

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| | |
|:---|:---|
| **A:** | Yes. Some of the executive officers and directors have interests in the Merger that may be different from, or in addition to, the interests of the Enzon stockholders and the Viskase stockholders, respectively. Please see the section titled "*Interests of Executive Officers and Directors in the Merger*" in this prospectus/consent solicitation/offer to exchange for further information. The members of the Enzon Board and the Enzon Special Committee were aware of and considered these interests, among other matters, in evaluating the Merger Agreement and the Merger, and in unanimously recommending that Enzon stockholders approve the Merger Proposal. |

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|:---|:---|
| **Q:** | **Why did the Enzon Board establish the Enzon Special Committee?** |

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|:---|:---|
| **A:** | As of the Enzon Record Date, IEH — through its control of the IEH Parties — Beneficially Owns approximately (i) 48.6% of the issued and outstanding shares of Enzon Common Stock, (ii) 98.2 % of the issued and outstanding shares of Enzon Series C Preferred Stock and (iii) 93.97 % of the issued and outstanding shares of Viskase Common Stock. Given the significant ownership of the IEH Parties in both Enzon and Viskase, and the potential for conflicts of interest, the Enzon Board established the Enzon Special Committee of independent and disinterested directors to, among other things, analyze, evaluate and oversee a potential transaction with Viskase. The Enzon Board determined that each member of the Enzon Special Committee satisfied the applicable criteria for being a "disinterested director" (as defined in Section 144(e)(4) of the DGCL). |

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|:---|:---|
| **Q:** | **What are the recommendations of the Enzon Special Committee and the Enzon Board of Directors?** |

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|:---|:---|
| **A:** | The Enzon Special Committee unanimously, among other things, (i) determined that the Merger Agreement and the transactions contemplated thereby are fair to, and in the best interests of, Enzon and its stockholders, without regard to the IEH Parties, and (ii) recommended that the Enzon Board (A) approve the Merger Agreement and the transactions contemplated thereby, including the Reverse Stock Split and (B) recommend that the Enzon stockholders entitled to vote thereon approve the Reverse Stock Split Proposal and the Merger Proposal. Upon the unanimous recommendation of the Enzon Special Committee, the Enzon Board unanimously, among other things, (1) determined that the Merger Agreement and the transactions contemplated thereby are fair to, and in the best interests of, Enzon and its stockholders, (2) approved the Merger Agreement and the transactions contemplated thereby, including the Reverse Stock Split and (3) recommended that the holders of Enzon Common Stock entitled to vote thereon approve the Reverse Stock Split Proposal and the Merger Proposal. |

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| | |
|:---|:---|
| **Q:** | **Did the Viskase Board establish an independent special committee?** |

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|:---|:---|
| **A:** | Yes, the Viskase Board established a special committee consisting only of independent and disinterested directors that the Viskase Board determined to be disinterested directors within the meaning of the DGCL. All directors on the Viskase Special Committee, with the exception of one director who was unable to attend the meeting at which such determinations took place, (i) determined that the Merger Agreement and the transactions contemplated thereby are fair to, and in the best interests of Viskase and its stockholders, without regard to the IEH Parties and (ii) declared it advisable that Viskase enter into the Merger Agreement and consummate the transactions contemplated thereby. Upon the unanimous recommendation of the Viskase Special Committee, the Viskase Board (A) determined that the Merger Agreement and the transactions contemplated thereby are fair to, and in the best interests of Viskase and Viskase's stockholders, without regard to the IEH Parties, and declared it advisable, that Viskase enter into the Merger Agreement and consummate the transactions contemplated thereby, (B) adopted resolutions approving and declaring the advisability of the Merger Agreement and the consummation of the transactions contemplated thereby, including the Merger, (C) adopted resolutions recommending that the stockholders of Viskase entitled to vote adopt the Merger Agreement and (D) directed that the Merger Agreement and the transactions contemplated thereby be submitted to the stockholders of Viskase entitled to vote for adoption. |

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[**Table of Contents**](#TOC)

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|:---|:---|
| **Q:** | **What governmental/regulatory approvals are required for the Merger?** |

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|:---|:---|
| **A:** | Under the HSR Act, the Merger cannot be completed until Enzon and Viskase file a Notification and Report Form with the FTC and the DOJ and the applicable waiting period has expired or been terminated. The parties filed a Notification and Report Form with the FTC and the DOJ on June 30, 2025. The FTC granted early termination of the applicable waiting period to Enzon and Viskase on July 15, 2025. However, the DOJ, the FTC and others may still challenge the Merger on antitrust grounds after the termination of the waiting period. At any time before or after the completion of the Merger, any of the DOJ, the FTC or another Person could take action under the antitrust laws as it deems necessary or desirable in the public interest, including, without limitation, seeking to enjoin the consummation of the Merger, conditionally approve the Merger upon the divestiture of assets of Enzon or Viskase, subject the consummation of the Merger to regulatory conditions or seek other remedies. Enzon and Viskase cannot assure you that a challenge to the Merger will not be made or that, if a challenge is made, it will not succeed. Please see the section titled "*HSR Act Filing*" in this prospectus/consent solicitation/offer to exchange for further information regarding the HSR Act filing. |

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|:---|:---|
| **Q:** | **Are there any risks that the Enzon stockholders should consider in deciding whether to vote on the Enzon Proposals?** |

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|:---|:---|
| **A:** | Yes. Before making any decision on whether and how to vote, Enzon stockholders are urged to read carefully and in its entirety the information contained in the section titled "*Risk Factors*" in this prospectus/consent solicitation/offer to exchange. |

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|:---|:---|
| **Q** | **What are the material U.S. federal income tax consequences of the Merger to the Enzon stockholders?** |

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|:---|:---|
| **A:** | As no U.S. holder of Enzon Stock will transfer or exchange any Enzon Stock pursuant to the Merger, a U.S. Holder of Enzon Stock will not recognize any gain or loss pursuant to the Merger. Please see the section titled "*Material U.S. Federal Income Tax Consequences — U.S Federal Income Tax Consequences of the Merger*" in this prospectus/consent solicitation/offer to exchange for further information regarding the U.S. federal income tax consequences of the Merger. |

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|:---|:---|
| **Q:** | **What are the material U.S. federal income tax consequences of the Merger to the Viskase stockholders?** |

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|:---|:---|
| **A:** | The parties intend that the Merger, together with the conversion of Viskase into a limited liability company, qualifies as a "reorganization" within the meaning of Section 368(a) of the Code. Assuming the Merger so qualifies, U.S. Holders (as defined in "Material U.S. Federal Income Tax Consequences" of this prospectus/consent solicitation/offer to exchange) of Viskase Common Stock generally will not recognize gain or loss as a result of the Merger, which for U.S. federal income tax purposes would be treated as a deemed exchange of Viskase Common Stock for Enzon Common Stock. A U.S. Holder's aggregate tax basis in the Enzon Common Stock received pursuant to the Merger will equal the U.S. Holder's aggregate tax basis in the Viskase Common Stock exchanged therefor. However, U.S. Holders of Viskase Common Stock may recognize gain or loss on any cash received instead of a fractional share of Enzon Common Stock that such U.S. Holder would otherwise be entitled to receive. |

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For further information, see "Material U.S. Federal Income Tax Consequences *— Material U.S. Federal Income Tax Consequences of the Merger*" and "Material U.S. Federal Income Tax Consequences *— Treatment of Cash in Lieu of Fractional Shares*".

The U.S. federal income tax consequences described above may not apply to all holders of Viskase Common Stock. The tax consequences to a holder of Viskase Common Stock will depend on such holder's individual situation. Accordingly, we strongly urge each holder of Viskase Common Stock to consult their own tax advisor to determine the particular tax consequences of the Merger to them.

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|:---|:---|
| **Q:** | **What are the material U.S. federal income tax consequences of the Reverse Stock Split?** |

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|:---|:---|
| **A:** | Enzon intends that the Reverse Stock Split qualifies as a "recapitalization" within the meaning of Section 368(a)(1)(E) of the Code and/or an exchange under Section 1036 of the Code. Assuming the Reverse Stock Split so qualifies, and subject to special rules that would apply to the receipt of cash in lieu of a fractional share of Enzon Common Stock, U.S. Holders (as defined in "Material U.S. Federal Income Tax Consequences" of this prospectus/consent solicitation/offer to exchange) of Enzon Common Stock generally should not recognize gain or loss as a result of the Reverse Stock Split for U.S. federal income tax purposes. Please see the section titled "*Material U.S. Federal Income Tax Consequences — U.S. Federal Income Tax Consequences of the Reverse Stock Split*" in this prospectus/consent solicitation/offer to exchange for further information regarding the U.S. federal income tax consequences of the Reverse Stock Split. Each holder of Enzon Common Stock should consult its own tax advisor as to the specific tax consequences to such Enzon stockholder in light of its personal facts and circumstances. |

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[**Table of Contents**](#TOC)

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|:---|:---|
| **Q:** | **What happens if the Merger is not consummated?** |

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|:---|:---|
| **A:** | If the Merger is not consummated, the actions contemplated by the Reverse Stock Split Proposal will not be effected, the Series C Exchange Offer and the IEH Share Exchange will not be effected and the holders of Viskase Common Stock will not receive the Merger Consideration in exchange for their shares of Viskase Common Stock. Instead, Enzon and Viskase will remain separate companies and Enzon Common Stock and Viskase Common Stock will continue to be quoted and traded on the "OTCQB" tier of the OTC. |

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Under the terms of the Merger Agreement, Enzon may be required to pay Viskase a termination fee if the Merger Agreement is terminated under certain circumstances, including if Enzon terminates the Merger Agreement to enter into a definitive agreement with respect to an Enzon Superior Proposal. Please see the section titled "*The Merger Agreement — Effect of Termination; Termination Fee*" in this prospectus/consent solicitation/offer to exchange for further information regarding circumstances under which such a termination fee may be payable.

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|:---|:---|
| **Q:** | **What do I need to do now?** |

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|:---|:---|
| **A:** | After carefully reading and considering the information contained in this prospectus/consent solicitation/offer to exchange, please return your written consent as soon as possible in accordance with the instructions provided in this prospectus/consent solicitation/offer to exchange or, if you hold your shares through a brokerage firm, bank or other nominee, on the instruction card provided by the brokerage firm, bank or nominee. |

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|:---|:---|
| **Q:** | **If my shares of Enzon Common Stock are held in "street name," will my brokerage firm, bank or other nominee consent for me?** |

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|:---|:---|
| **A:** | No. If your shares of Enzon Common Stock are held in "street name," you must instruct your brokerage firm, bank or other nominee whether you consent to or withhold consent from any particular proposal. You should follow the instructions provided by your brokerage firm, bank or other nominee. |

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|:---|:---|
| **Q:** | **What if I am a record holder of Enzon Common Stock and I return a signed written consent without indicating a decision with respect to the Enzon Proposals?** |

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|:---|:---|
| **A:** | If you are a holder of Enzon Common Stock at the close of business on the Enzon Record Date and you return a signed written consent without indicating a decision with respect to the Enzon Proposals, such written consent will be treated as an approval of the Enzon Proposals. |

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|:---|:---|
| **Q:** | **How do I return my written consent?** |

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|:---|:---|
| **A:** | If you are a holder of Enzon Common Stock at the close of business on the Enzon Record Date, and after carefully reading and considering the information contained in this prospectus/consent solicitation/offer to exchange, you wish to return your written consent, please complete, date and sign the enclosed written consent and deliver your executed consent to Enzon c/o Continental Stock Transfer & Trust Company, 1 State Street Plaza, 30th Floor, New York, New York 10004. Enzon recommends that you also email a .pdf copy of your written consent to Enzon's consent solicitor, HKL & Co., LLC ("HKL"), at enzn@hklco.com. |

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If you are a beneficial owner and hold your shares in "street name" through a brokerage firm, bank or other nominee, you will receive separate instructions from such brokerage firm, bank or other nominee describing how to submit your written consent. Please check with your brokerage firm, bank or other nominee and follow the consent instructions provided by your brokerage firm, bank or other nominee with these materials. Enzon will not be holding a stockholders' meeting to consider the Merger Proposal or the Reverse Stock Split Proposal and therefore, you will be unable to vote in person by attending a stockholders' meeting.

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|:---|:---|
| **Q:** | **Should I send my stock certificate to Enzon now?** |

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|:---|:---|
| **A:** | No. As soon as practicable after the Reverse Stock Split Effective Time, Enzon's transfer agent, Continental Stock Transfer & Trust Company, acting as Enzon's "exchange agent" for purposes of implementing the exchange of stock certificates, will mail each holder of Enzon Common Stock of record a transmittal form accompanied by instructions specifying other details of the exchange. Upon receipt of the transmittal form, each stockholder should surrender the certificates representing Enzon Common Stock in accordance with the applicable instructions. Each holder who surrenders certificates will receive new certificates representing the whole number of shares of Enzon Common Stock that he, she or it holds as a result of the Reverse Stock Split.  |

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[**Table of Contents**](#TOC)

New certificates will not be issued to a stockholder until the stockholder has surrendered his, her or its outstanding certificate(s) and submitted with the properly completed and executed transmittal form to the exchange agent.

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|:---|:---|
| **Q:** | **What is the deadline for Enzon stockholders to submit written consents?** |

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|:---|:---|
| **A:** | Enzon has set 5:00 p.m., Eastern Time, on February 27, 2026, as the Enzon consent deadline. Enzon reserves the right to extend the Enzon consent deadline beyond February 27, 2026. Any such extension may be made without notice to Enzon stockholders. Once a sufficient number of consents to adopt each of the Enzon Proposals has been received, the consent solicitation will conclude. Viskase stockholders are not being requested to return written consents. |

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|:---|:---|
| **Q:** | **What happens if I sell my shares of Enzon Common Stock after the Enzon Record Date but before submitting my written consent?** |

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|:---|:---|
| **A:** | If you sell or otherwise transfer your shares of Enzon Common Stock after the Enzon Record Date but before submitting your written consent, you will retain your right to execute the written consent with respect to the Enzon Proposals. However, you will not have the right to participate in the Merger and the Reverse Stock Split. In order to participate in the Merger and the Reverse Stock Split, you must hold your Enzon Common Stock through the completion of the Merger. |

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|:---|:---|
| **Q:** | **Can I change or revoke my written consent?** |

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|:---|:---|
| **A:** | Yes. If you are a record holder on the record date of shares of Enzon Common Stock, you may change or revoke your consent to the Enzon Proposals at any time before the consents of a sufficient number of shares to approve and adopt such proposal have been filed with the Secretary of Enzon. If you wish to change or revoke your consent before that time, you may do so by sending in a new written consent with a later date by one of the means described in the section titled "*Enzon Solicitation of Written Consent*" in this prospectus/consent solicitation/offer to exchange delivering a notice of revocation to the Secretary of Enzon. |

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|:---|:---|
| **Q:** | **Where can I find the results of the solicitation of Enzon written consents?** |

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|:---|:---|
| **A:** | In addition to any other notifications that may be required by applicable law, Enzon intends to file the final results of its solicitation of written consents with the SEC on a Current Report on Form 8-K. |

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|:---|:---|
| **Q:** | **Whom should I contact if I have any questions?** |

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|:---|:---|
| **A:** | If you have questions about the Merger or the solicitation of Enzon written consents, or if you need to obtain copies of this prospectus/consent solicitation/offer to exchange or other documents incorporated by reference into this prospectus/consent solicitation/offer to exchange, you may contact the consent solicitor of Enzon, whose contact information is as follows: |

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HKL & Co., LLC

3 Columbus Circle, 15FL

New York, New York 10019

Banks and Brokerage Firms Please Call Collect: (212) 468-5380

All Others Call Toll-Free: (800) 326-5997

Email: enzn@hklco.com

[**Table of Contents**](#TOC)

**QUESTIONS AND ANSWERS ABOUT THE SERIES C EXCHANGE OFFER**

*The following are answers to certain questions that Enzon stockholders may have regarding the Series C Exchange Offer. The following description does not purport to be complete. You are encouraged to read this entire prospectus/consent solicitation/offer to exchange carefully, including the annexes, and the Schedule TO, as each may be amended or supplemented from time to time, and other relevant documents filed by Enzon with the SEC, because the information in this section does not provide all of the information that might be important to you.*

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|:---|:---|
| **Q:** | **What is the Series C Exchange Offer?** |

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|:---|:---|
| **A:** | Under the terms of the Merger Agreement, Enzon is required to use commercially reasonable efforts to commence an exchange offer no less than twenty-five (25) business days prior to the Closing, pursuant to which Enzon will offer to each holder of Enzon Series C Preferred Stock the right to exchange a number of shares of Enzon Common Stock for each share of Enzon Series C Preferred Stock equal to (i) the aggregate Liquidation Preference of each share of Enzon Series C Preferred Stock, *divided* by (ii) the Enzon 20-Day VWAP. The consummation of the Merger is conditioned on the consummation of the Series C Exchange Offer. The IEH Parties have agreed not to participate in the Series C Exchange Offer and, instead, effectuate the IEH Share Exchange. Please see the section titled "*Series C Exchange Offer*" in this prospectus/consent solicitation/offer to exchange for further information regarding the Series C Exchange Offer. |

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|:---|:---|
| **Q:** | **Why is Enzon making the Series C Exchange Offer?** |

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|:---|:---|
| **A:** | In connection with the proposed Merger, Enzon intends to convert outstanding shares of its Series C Preferred Stock into shares of Enzon Stock through the Series C Exchange Offer. The IEH Parties, who collectively hold 39,277 shares of Enzon Series C Preferred Stock — representing approximately 98.2% of the total outstanding Enzon Series C Preferred Stock — have already committed not to participate in the Series C Exchange Offer, and instead to exchange their shares pursuant to the IEH Support Agreement. The Series C Exchange Offer will proceed even if other Series C holders do not participate. The Series C Exchange Offer is based on a formula that includes a volume-weighted average price of Enzon Common Stock, which may not reflect the fair market value of the Series C Preferred Stock or its Liquidation Preference. Under the terms of the Enzon Series C Preferred Stock, following the Merger, Enzon may, and at this time intends to, redeem any outstanding shares of Enzon Series C Preferred Stock for a cash amount equal to the aggregate Liquidation Preference of such shares. |

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|:---|:---|
| **Q:** | **Who is entitled to participate in the Series C Exchange Offer?** |

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|:---|:---|
| **A:** | Any U.S. holder of Enzon Series C Preferred Stock may participate in the Series C Exchange Offer. Non-U.S. stockholders should consult their advisors in considering whether they may participate in this Series C Exchange Offer in accordance with the laws of their home countries and, if they participate, whether there are any restrictions or limitations on transactions in the shares of Enzon Common Stock or Enzon Series C Preferred Stock that that may apply in their home countries. |

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An Enzon stockholder's decision whether to participate in the Series C Exchange Offer and to exchange his, her or its shares of Enzon Series C Preferred Stock for shares of Enzon Common Stock, however, will involve risks, including, but not limited to, termination, cancellation or delay of the Series C Exchange Offer and waiver of conditions related to the Series C Exchange Offer. Please see the section titled "*Risk Factors – Risk Factors Related to the Series C Exchange Offer*," in this prospectus/consent solicitation/offer to exchange for further information regarding the risk factors as well as the other risk factors set forth in the section titled "*Risk Factors*," in this prospectus/consent solicitation/offer to exchange, along with all of the other information provided or referred to in this prospectus/consent solicitation/offer to exchange, before deciding whether to participate in the Series C Exchange Offer.

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|:---|:---|
| **Q:** | **What are the key terms of the Enzon Common Stock?** |

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|:---|:---|
| **A:** | The key terms of the Enzon Common Stock are set forth below: |

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*Authorized Shares*

There are currently 170,000,000 authorized shares of Enzon Common Stock.

[**Table of Contents**](#TOC)

*Voting Rights*

Each holder of Enzon Common Stock is entitled to one (1) vote per share on all matters submitted to a vote of stockholders. A matter submitted for stockholder action is approved if a majority of the votes cast at such meeting by the holders of Enzon Common Stock present in Person or represented by proxy and entitled to vote thereon are cast "for" the matter, unless a greater or different vote is required by any applicable law or regulation, the rights of any authorized series of preferred stock or the Enzon Organizational Documents. Subject to any rights of the holders of any series of preferred stock pursuant to applicable law or the certificate of designations creating that series, all voting rights are vested in the holders of shares of Enzon Common Stock.

Other than a contested election where directors are elected by a plurality vote, a director nominee is elected if the votes cast "for" such nominee's election exceed the votes cast "against" such nominee's election.

*Quorum*

The holders of one-third of the shares of stock entitled to vote at any meeting of the Enzon stockholders, present in Person or represented by proxy, constitutes a quorum at all meetings of the Enzon stockholders for the transaction of business.

*Stockholder Action by Written Consent*

Enzon allows any action which could be taken at any annual or special meeting of Enzon stockholders to be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, is signed by the holders of outstanding stock entitled to vote thereon having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted.

*Special Meetings*

Enzon allows special meetings of the Enzon stockholders to be called at any time by the Enzon Board, the President or the Secretary.

Please see the section titled "*The Series C Exchange Offer — Comparison of Enzon Series C Preferred Stock and Enzon Common Stock*" in this prospectus/consent solicitation/offer to exchange for further information regarding the terms of the Enzon Common Stock relative to the Enzon Series C Preferred Stock.

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|:---|:---|
| **Q:** | **What will the Enzon Series C Preferred stockholders receive in the Series C Exchange Offer? Will such stockholders have to pay any fees or commissions?** |

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|:---|:---|
| **A:** | In the Series C Exchange Offer, stockholders will have the right to exchange each of their shares of Enzon Series C Preferred Stock for shares of Enzon Common Stock. |

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If you are the record owner of your shares of Enzon Series C Preferred Stock and you tender your shares directly to Continental Stock Transfer & Trust Company, which we refer to as the "Exchange Agent," you will not have to pay brokerage fees, commissions or similar expenses. If you own shares of Enzon Series C Preferred Stock through a brokerage firm, bank or other nominee and your brokerage firm, bank or other nominee tenders your shares of Enzon Series C Preferred Stock on your behalf, your brokerage firm, bank or other nominee may charge you a fee for doing so. You should consult your brokerage firm, bank or other nominee to determine whether any charges will apply. Enzon will only deliver whole shares of Enzon Common Stock in the Series C Exchange Offer.

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| **Q:** | **How will shares of Enzon Series C Preferred Stock that are not tendered in the Series C Exchange Offer be affected after the Merger?** |

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| **A:** | Non-tendering holders of shares of Enzon Series C Preferred Stock will continue to hold shares of Enzon Series C Preferred Stock following the Closing. Under the terms of the Enzon Series C Preferred Stock, following the Merger, Enzon may, and at this time intends to, redeem any outstanding shares of Enzon Series C Preferred Stock for a cash amount equal to the aggregate Liquidation Preference of such shares. Accordingly, even if a holder of Series C Preferred Stock does not participate in the Series C Exchange Offer, Enzon may, and currently intends to, redeem such holder's shares of Series C Preferred Stock after the consummation of the Merger. |

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|:---|:---|
| **Q:** | **Are there risks associated with the Series C Exchange Offer that I should consider?** |

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|:---|:---|
| **A:** | Yes. Please see the section titled "*Risk Factors – Risk Factors Related to the Series C Exchange Offer*" in this prospectus/consent solicitation/offer to exchange for further information regarding the risks related to the Series C Exchange Offer, as well as the other risks included in the section titled "*Risk Factors*" in this prospectus/consent solicitation/offer to exchange. |

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| **Q:** | **When is the Series C Exchange Offer expected to be completed?** |

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|:---|:---|
| **A:** | Enzon expects to complete the Series C Exchange Offer as soon as reasonably practicable before the completion of the Merger. |

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| **Q:** | **Will the Series C Exchange Offer be completed if the Merger is not consummated?** |

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|:---|:---|
| **A:** | No. The Series C Exchange Offer is not expected to be completed if the Merger is not consummated. In that case, the shares of Enzon Series C Preferred Stock will remain outstanding in accordance with their current terms. |

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|:---|:---|
| **Q:** | **What are the anticipated U.S. federal income tax consequences of the Series C Exchange Offer to holders of shares of Enzon Series C Preferred Stock?** |

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|:---|:---|
| **A:** | Enzon intends that an exchange of Series C Preferred Stock for Enzon Common Stock pursuant to the Series C Exchange Offer qualifies as a "recapitalization" within the meaning of Section 368(a)(1)(E) of the Code. Assuming the exchange so qualifies, for U.S. federal income tax purposes, a U.S. Holder (as defined in the section titled "*Material U.S. Federal Income Tax Consequences*" in this prospectus/consent solicitation/offer to exchange) of the Series C Preferred Stock generally should not recognize gain or loss upon the exchange of its Series C Preferred Stock for Enzon Common Stock pursuant to the Series C Exchange Offer, provided that no part of the exchange consideration is attributable to accumulated but unpaid dividends on the Series C Preferred Stock. With respect to the portion of a U.S. Holder's Series C Preferred Stock that is attributable to accumulated but unpaid distributions on the Series C Preferred Stock, the U.S. Holder should generally recognize income in an amount that is deemed to be a taxable stock distribution under Sections 305(b) and (c) of the Code. Please see the section titled "*Material U.S. Federal Income Tax Consequences — U.S. Federal Income Tax Consequences of the Series C Exchange Offer*" in this prospectus/consent solicitation/offer to exchange for further information regarding the U.S. federal income tax consequences of the Series C Exchange Offer. |

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|:---|:---|
| **Q:** | **Are Enzon's stockholders entitled to appraisal rights in connection with the Series C Exchange Offer?** |

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|:---|:---|
| **A:** | No. Enzon's stockholders are not entitled to exercise appraisal rights in connection with the Series C Exchange Offer. |

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|:---|:---|
| **Q:** | **How long do Enzon stockholders have to decide whether to exchange their shares of Enzon Series C Preferred Stock for shares of Enzon Common Stock?** |

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|:---|:---|
| **A:** | You will have until one minute after 11:59 p.m., Eastern Time, on February 27, 2026, unless the Series C Exchange Offer is extended in Enzon's sole discretion (such time, or such later time to which the Series C Exchange Offer has been so extended, is referred to as the "Series C Exchange Time"). If Enzon makes a material change in the terms of the Series C Exchange Offer or the information concerning the Series C Exchange Offer, or if it waives a material condition to the Series C Exchange Offer, Enzon will disseminate additional Series C Exchange Offer materials and extend the Series C Exchange Offer by five (5) or ten (10) business days, to the extent required by Rules 14d-4(d), 14d- 6(c) and 14e-1 under the Exchange Act. |

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In all cases, Enzon will exchange shares validly tendered and accepted for exchange pursuant to the Series C Exchange Offer only after timely receipt by the Exchange Agent of shares (or timely confirmation of a book-entry transfer of such shares into the Exchange Agent's account at DTC as described elsewhere in this prospectus/consent solicitation/offer to exchange), a properly completed and duly executed letter of transmittal (or an "agent's message" in connection with a book-entry transfer) and any other required documents.

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|:---|:---|
| **Q:** | **What is the process for exchanging shares of Enzon Series C Preferred Stock?** |

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|:---|:---|
| **A:** | For you to validly tender your shares of Enzon Series C Preferred Stock pursuant to the Series C Exchange Offer, prior to the Series C Exchange Time: |

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● If your shares are directly registered in your own name in Enzon's stockholders register, including if you are a record holder and you hold shares in book-entry form on the books of Enzon's transfer agent, the following must be received by the Exchange Agent at one of its addresses set forth in the letter of transmittal prior to the Series C Exchange Time: (i) the letter of transmittal, properly completed and duly executed and (ii) any other documents required by the letter of transmittal.

● If your shares are held in "street" name and are being tendered by book-entry transfer into an account maintained at the DTC, the following must be received by the Exchange Agent in connection with the Series C Exchange Offer, at one of its addresses set forth in the letter of transmittal prior to the Series C Exchange Time: (i) the letter of transmittal, properly completed and duly executed, or an "agent's message," (ii) a book-entry confirmation from DTC and (iii) any other required documents.

● If you hold your shares through a brokerage firm, bank or other nominee, you must contact your brokerage firm, bank or other nominee and give instructions that your shares be tendered.

Please see the section titled "*The Series C Exchange Offer — Procedures for Tendering Shares of Enzon Series C Preferred Stock*" in this prospectus/consent solicitation/offer to exchange for further information.

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|:---|:---|
| **Q:** | **Until what time can the shares of Enzon Series C Preferred Stock tendered pursuant to the Series C Exchange Offer be withdrawn and when do you expect the Series C Exchange Offer to be completed?** |

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|:---|:---|
| **A:** | An Enzon stockholder may properly withdraw shares of Enzon Series C Preferred Stock tendered pursuant to the Series C Exchange Offer at any time prior to the Series C Exchange Time. On and after the Series C Exchange Time, Enzon stockholders that have tendered their shares pursuant to the Series C Exchange Offer will no longer be able to withdraw their shares, and tenders of shares of Enzon Series C Preferred Stock made pursuant to the Series C Exchange Offer will be irrevocable; provided that, if Enzon has not yet accepted shares of Enzon Series C Preferred Stock tendered for exchange, any Enzon stockholder may withdraw its tendered shares after the 60th day following commencement of the Series C Exchange Offer pursuant to Section 14(d)(5) of the Exchange Act. |

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As promptly as practicable following the Series C Exchange Time, Enzon will accept for exchange and, at or as promptly as practicable thereafter (calculated as set forth in Rule 14e-1(c) under the Exchange Act), deliver the Series C Exchange Offer Consideration (by delivery by Enzon of shares of Enzon Common Stock to the exchange agent appointed by Enzon for the Series C Exchange Offer) for all shares of Enzon Series C Preferred Stock validly tendered and not properly withdrawn pursuant to the Series C Exchange Offer as of the Series C Exchange Time.

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| **Q:** | **Who is entitled to make the final determination as to whether a share of Enzon Series C Preferred Stock is validly tendered?** |

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|:---|:---|
| **A:** | The determination of shares of Enzon Series C Preferred Stock validly tendered and not properly withdrawn pursuant to the Series C Exchange Offer shall be made in Enzon's sole discretion. |

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|:---|:---|
| **Q:** | **What is the procedure to withdraw previously tendered shares of Enzon Series C Preferred Stock?** |

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|:---|:---|
| **A:** | To properly withdraw previously tendered shares, Enzon stockholders must instruct the Exchange Agent to arrange for the withdrawal of such shares by a written notice of withdrawal (which may be by email), which must be timely received by the Exchange Agent prior to the Series C Exchange Time at the appropriate address set forth in this prospectus/consent solicitation/offer to exchange. Any notice of withdrawal must specify the name of the Person having tendered the shares of Enzon Series C Preferred Stock to be withdrawn, the number of tendered shares of Enzon Series C Preferred Stock to be withdrawn and the name of the holder of the tendered shares of Enzon Series C Preferred Stock to be withdrawn, if different from that of the Person who tendered such shares. |

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All questions as to the form and validity (including time of receipt) of any notice of withdrawal shall be determined by Enzon, in its sole discretion, which determination shall be final and binding, subject to any judgment of any court of competent jurisdiction. No withdrawal of tendered shares of Enzon Series C Preferred Stock shall be deemed to have been properly made until all defects and irregularities have been cured or waived. None of Enzon or any of its Affiliates or assignees, the Exchange Agent or any other Person shall be under any duty to give notification of any defects or irregularities in any notice of withdrawal or incur any liability for failure to give such notification. Withdrawals of tenders of shares of Enzon Series C Preferred Stock may not be rescinded, and any shares of Enzon Series C Preferred Stock properly withdrawn shall be deemed not to have been validly tendered for purposes of the Series C Exchange Offer. However, withdrawn shares of Enzon Series C Preferred Stock may be retendered by following one of the procedures for tendering described above.

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|:---|:---|
| **Q:** | **Can the Series C Exchange Offer be extended and, if so, under what circumstances?** |

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|:---|:---|
| **A:** | Enzon may extend the Series C Exchange Offer to such other date and time in Enzon's sole discretion, and Enzon will extend the Series C Exchange Offer for any minimum period as required by the SEC applicable to the Series C Exchange Offer. |

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|:---|:---|
| **Q:** | **How will Enzon stockholders be notified if the Series C Exchange Offer is extended?** |

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|:---|:---|
| **A:** | Any extension of the Series C Exchange Offer will be followed by a public announcement of the extension no later than 9:00 a.m., Eastern Time, on the next business day after the day on which the Series C Exchange Offer was otherwise scheduled to expire. |

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Without limiting the manner in which Enzon may choose to make any public announcement, Enzon currently intends to make announcements regarding the Series C Exchange Offer by issuing a press release and making an appropriate filing with the SEC.

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| | |
|:---|:---|
| **Q:** | **Who can answer my questions?** |

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| | |
|:---|:---|
| **A:** | If you have any questions about the Series C Exchange Offer or need additional copies of this prospectus/consent solicitation/offer to exchange you should contact: |

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HKL & Co., LLC

3 Columbus Circle, 15FL

New York, New York 10019

Banks and Brokerage Firms Please Call Collect: (212) 468-5380

All Others Call Toll-Free: (800) 326-5997

Email: enzn@hklco.com

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|:---|:---|
| **Q:** | **Where can I find more information on Enzon relating to the Series C Exchange Offer?** |

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| | |
|:---|:---|
| **A:** | You can find more information on the Series C Exchange Offer in the Schedule TO, to be filed by Enzon with the SEC following effectiveness of the Registration Statement, of which this prospectus/consent solicitation/offer to exchange is a part. Before  |

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making any decision with respect to the Series C Exchange Offer, Enzon stockholders are encouraged to read the Schedule TO (including the prospectus, related letter of transmittal and other offer documents), as it may be amended or supplemented from time to time, and other relevant documents filed by Enzon with the SEC carefully when they become available because they will contain important information about the proposed transactions. Investors will be able to obtain free copies of the Schedule TO, as it may be amended from time to time in accordance with its terms, and other relevant documents filed by Enzon with the SEC (when they become available) at http://www.sec.gov, the SEC's website, or free of charge by contacting Enzon at:

Enzon Pharmaceuticals, Inc.

20 Commerce Drive, Suite 135

Cranford, New Jersey 07016

Phone: (732) 980-4500

investor@enzon.com

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**SUMMARY OF THE MATERIAL TERMS OF THE MERGER AND THE CONSENT SOLICITATION**

**Parties**

***Enzon***

*Enzon Pharmaceuticals, Inc.*

20 Commerce Drive, Suite 135

Cranford, New Jersey 07016

Phone: (732) 980-4500

Enzon Pharmaceuticals, Inc. was incorporated in Delaware in May 1993 and is positioned as a public company acquisition vehicle that has sought to become an acquisition platform.

Enzon Common Stock is currently quoted on the "OTCQB" tier of the OTC Markets under the symbol "ENZN."

***Merger Sub***

*EPSC Acquisition Corp.*

c/o Enzon Pharmaceuticals, Inc.

20 Commerce Drive, Suite 135

Cranford, New Jersey 07016

Phone: (732) 980-4500

EPSC Acquisition Corp. is a wholly owned Subsidiary of Enzon, incorporated in Delaware solely for the purpose of consummating the Merger. Merger Sub has not carried on any activities to date, except for activities incidental to its formation and activities undertaken in connection with the Merger.

At the Effective Time, Merger Sub will merge with and into Viskase, with Viskase surviving the Merger as a wholly owned Subsidiary of Enzon, and the separate corporate existence of Merger Sub will cease.

***Viskase***

*Viskase Companies, Inc.*

333 East Butterfield Road, Suite 400

Lombard, Illinois 60148

Phone: (630) 874-0700

Viskase Companies, Inc. was incorporated in Delaware and, together with its Subsidiaries, operates in the casing product segment of the food industry. Viskase is a worldwide leader in the production and sale of cellulosic, fibrous and plastic casings for the processed meat and poultry industry. Viskase operates eight significant manufacturing facilities in North America, Europe, South America and Asia. Viskase provides value-added support services relating to these products for some of the world's largest global consumer products companies. Viskase is one of the two largest worldwide producers of non-edible cellulosic casings for processed meats and one of the three largest manufacturers of non-edible fibrous casings.

Viskase stock is currently quoted on the "OTC Pink" tier of the OTC Markets under the symbol "VKSC."

**Proposals**

***Enzon Proposal 1: Approval of the Reverse Stock Split***

Enzon is asking the holders of Enzon Common Stock to approve the Proposed Charter Amendment of Enzon to effect a consolidation of the issued and outstanding shares of Enzon Common Stock, pursuant to which the shares of Enzon Common Stock would be combined and reclassified at a ratio of 1 for 100 (such proposal, the "Reverse Stock Split Proposal"). If the Reverse Stock Split Proposal is approved by Enzon stockholders, Enzon intends to take all actions necessary to effectuate the Reverse Stock Split immediately prior to the Effective Time.

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The Reverse Stock Split, if approved by the holders of Enzon Common Stock, would become effective at the time and date set forth in a certificate of amendment to the Enzon Charter to be filed with the Secretary of State of the State of Delaware.

Please see the section titled "*Enzon Proposal 1: Approval of the Reverse Stock Split*" in this prospectus/consent solicitation/offer to exchange for further information.

***Enzon Proposal 2: Adoption of the Merger Agreement***

Enzon is asking the holders of Enzon Common Stock to adopt the Merger Agreement (the "Merger Proposal"). Under the terms of the Merger Agreement, Merger Sub will be merged with and into Viskase, with Viskase surviving the Merger as a wholly owned Subsidiary of Enzon.

At the Effective Time, each share of Viskase Common Stock issued and outstanding immediately prior to the Effective Time (other than shares of Viskase Common Stock (i) held by Viskase as treasury shares, (ii) owned by Enzon, Merger Sub or a wholly owned Subsidiary of Viskase, Enzon or Merger Sub immediately prior to the Effective Time and (iii) Dissenting Viskase Shares) will be automatically converted into the right to receive a number of shares of Enzon Common Stock equal to the Exchange Ratio (such shares, the "Merger Consideration"). From and after the Effective Time, all shares of Viskase Common Stock converted into the right to receive the Merger Consideration will no longer be outstanding and will automatically be cancelled and will cease to exist.

Please see the section titled "*Enzon Proposal 2: Adoption of the Merger Agreement*" in this prospectus/consent solicitation/offer to exchange for further information.

**Tabulation Agent**

The tabulation agent for the consent solicitation is Continental Stock Transfer & Trust Company, 1 State Street Plaza, 30th Floor, New York, New York 10004, Attention: Corporate Actions.

Please see the section titled "*Enzon Solicitation of Written Consent*" in this prospectus/consent solicitation/offer to exchange for further information.

**The Merger**

Under the terms of the Merger Agreement, at the Effective Time, Merger Sub will be merged with and into Viskase, with Viskase surviving the Merger as a wholly owned Subsidiary of Enzon. Viskase will then be converted into a limited liability company, with the result such that Viskase will be a disregarded entity for tax purposes, and its profits and losses will flow up to Enzon.

**HSR Act Filing**

Under the HSR Act, the Merger cannot be completed until Enzon and Viskase file a Notification and Report Form with the FTC and the DOJ and the applicable waiting period has expired or been terminated. The parties filed a Notification and Report Form with the FTC and the DOJ on June 30, 2025. The FTC granted early termination of the applicable HSR Act waiting period to the parties on July 15, 2025. However, the DOJ, the FTC and others may still challenge the Merger on antitrust grounds after the termination of the waiting period. At any time before or after the completion of the Merger, any of the DOJ, the FTC or another Person could take action under the antitrust laws as it deems necessary or desirable in the public interest, including, without limitation, seeking to enjoin the consummation of the Merger, conditionally approve the Merger upon the divestiture of assets of Enzon or Viskase, subject the consummation of the Merger to regulatory conditions or seek other remedies. Enzon and Viskase cannot assure you that a challenge to the Merger will not be made or that, if a challenge is made, it will not succeed. Neither Enzon, nor Viskase believes that any foreign antitrust approvals are required for the Merger. Please see the section titled "*HSR Act Filing*" in this prospectus/consent solicitation/offer to exchange for further information regarding the HSR Act filing.

**The Merger Agreement**

**Consideration**

At the Effective Time, by virtue of the Merger and without any action on the part of Enzon, Viskase or the holder of any capital stock of Enzon or Viskase, each share of Viskase Common Stock issued and outstanding immediately prior to the Effective Time

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(other than shares of Viskase Common Stock (i) held by Viskase as treasury shares, (ii) owned by Enzon, Merger Sub or a wholly owned Subsidiary of Viskase, Enzon or Merger Sub immediately prior to the Effective Time and (iii) Dissenting Viskase Shares) (the "Exchanged Viskase Shares") will be automatically converted into the right to receive a number of shares of Enzon Common Stock equal to the Exchange Ratio.

Under the Exchange Ratio mechanics, the Exchanged Viskase Shares will be automatically converted into the right to receive a number of shares of Enzon Common Stock equal to (i) the number of shares of Enzon Common Stock issued and outstanding as of immediately prior to the Effective Time (after giving effect to each of the Reverse Stock Split, the IEH Share Exchange and the shares of Enzon Common Stock issued pursuant to the Series C Exchange Offer, and such number of shares of Enzon Common Stock, the "Pre-Exchange Enzon Shares"), *divided* by 0.45, (ii) *minus* the Pre-Exchange Enzon Shares, (iii) *divided* by the number of Exchanged Viskase Shares.

As a result of the Exchange Ratio mechanics described above, it is anticipated that, upon completion of the Merger and assuming that the Enzon Series C Preferred Stock is exchanged for Enzon Common Stock in full, (i) the holders of Enzon Common Stock immediately prior to the Closing are expected to own approximately 5% of the Enzon Common Stock, (ii) the holders of Enzon Series C Preferred Stock are expected to own approximately 40% of the Enzon Common Stock and (iii) Viskase stockholders are expected to own 55% of the Enzon Common Stock, subject to certain adjustments based upon the number of shares of Enzon Series C Preferred Stock exchanged for Enzon Common Stock by non-Affiliates of IEH, and depending on the liquidation value of the Series C Preferred Stock at the Closing. If the actual facts differ from any of the foregoing assumptions (which they may), the percentage ownership retained by current Enzon stockholders in the Combined Company will differ. Certain of these adjustments are described in further detail in the section titled "*IEH Support Agreement*" in this prospectus/consent solicitation/offer to exchange.

No fractional shares of Enzon Common stock will be issued in the Merger, and Viskase stockholders will receive cash in lieu of any such fractional shares as described in the section titled "*The Merger Agreement — Merger Consideration.*"

The IEH Parties and their Affiliates will receive the same amount of Enzon Common Stock per share of Viskase Common Stock in the Merger as all other Viskase stockholders.

**Conditions**

As more fully described in this prospectus/consent solicitation/offer to exchange and as set forth in the Merger Agreement, the respective obligations of Enzon and Viskase to effect the Merger are subject to the satisfaction, or (to the extent permitted by law) waiver by Enzon and Viskase (as applicable), at or prior to the Effective Time, of the following conditions of both Enzon and Viskase (which are described in further detail in the section titled "*The Merger Agreement — Conditions to Completion of the Merger*" in this prospectus/consent solicitation/offer to exchange):

● *Viskase Stockholder Approval*. Viskase having obtained the Viskase Stockholder Approval (which was satisfied on June 20, 2025 and subsequently on November 11, 2025).

● *Enzon Stockholder Approval*. Enzon having obtained the Enzon Stockholder Approval.

● *Series C Exchange Offer*. The Series C Exchange Offer will have been consummated.

● *Absence of Legal Restraint*. The absence of any applicable law or order being in effect restraining, enjoining, prohibiting or making illegal the consummation of the Merger.

● *Exchange Listing*. The shares of Enzon Common Stock to be issued in the Merger having been approved for listing on the OTC, subject to official notice of issuance.

● *Effectiveness of Registration Statement*. The registration statement on Form S-4, of which this prospectus/consent solicitation/offer to exchange forms a part, having become effective under the Securities Act and not being subject of any stop order.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● *Antitrust Approval*. Any waiting period applicable to the Merger under the HSR Act having expired or having been terminated, which early termination was granted by the FTC on July 15, 2025.

● *IEH Share Exchange*. The IEH Share Exchange having been consummated in accordance with the terms of the IEH Support Agreement.

● *Accuracy of Representations and Warranties*. The accuracy of each party's representations and warranties in the Merger Agreement (generally subject to a material adverse effect, materiality or de minimis standard) as of the date of the Merger Agreement and as of the Closing Date and the receipt by each of Enzon and Viskase of a certificate from an executive officer of the other party certifying that this condition has been satisfied; provided , however , that pursuant to the Merger Agreement Amendment, each of Enzon and Merger Sub has waived, consented to and released any inaccuracy in, breach of, or failure to comply with any representation, warranty, covenant or agreement of Viskase to the extent known to Enzon or Merger Sub as of the date of the Merger Agreement Amendment, and occurring or existing on or prior to that date.

● *Performance of Covenants*. The performance in all material respects by each of Enzon and Viskase of the covenants and agreements required to be performed by it under the Merger Agreement and the receipt by each party of a certificate from an executive officer of the other party certifying that this condition has been satisfied.

● *Series C Preferred Actions*. Each of the IEH Share Exchange and the Series C Exchange Offer having been consummated and effective.

● *Reverse Stock Split*. The Reverse Stock Split having been consummated and effective.

● *Dissenting Viskase Stockholders*. The period during which holders of Viskase Common Stock may exercise dissenters' rights under Section 262 of the DGCL having expired, and holders representing not more than three percent (3%) of the issued and outstanding Viskase Common Stock having exercised (and not withdrawn or waived) such rights.

● *Enzon's Minimum Cash Condition*. At the Closing, Enzon having Cash on Hand equal to or greater than $40,000,000.

No party may rely on the failure of any condition to be satisfied if such failure was caused by such party's willful and material breach of the Merger Agreement.

**Termination**

***Termination by Enzon or Viskase***

The Merger Agreement may be terminated at any time prior to the Effective Time by either Enzon or Viskase in any of the following ways (which are described in further detail in the section titled "*The Merger Agreement – Termination of the Merger Agreement*" in this prospectus/consent solicitation/offer to exchange):

● By mutual written consent of Enzon and Viskase

● By either Enzon or Viskase if:

● the Merger has not been consummated on or before 11:59 p.m., Eastern Time, on March 31, 2026 (the "Termination Date"); provided that the terminating party has not breached the Merger Agreement and caused the failure of one of the closing conditions to occur; or

● any legal restraint permanently restraining, enjoining or otherwise prohibiting or making illegal the Merger or otherwise prohibiting the consummation of the Merger has become final and nonappealable; provided that the

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terminating party has not materially breached any obligation under the Merger Agreement that has been the primary cause of the imposition of such legal restraint or the failure of such legal restraint to be resisted, resolved or lifted;

● By Enzon, if:

● prior to the receipt of the Enzon Stockholder Approval, each of the following conditions are met: (i) the Enzon Board or Enzon Special Committee authorizes Enzon to enter into a definitive agreement providing for an Enzon Superior Proposal; (ii) none of Enzon, the Enzon Board or the Enzon Special Committee breached in any material respect its obligations under the Merger Agreement with respect to such Enzon Superior Proposal; (iii) concurrently with such termination, Enzon enters into a definitive agreement providing for an Enzon Superior Proposal; and (iv) prior to or concurrently with such termination, Enzon pays the Enzon Termination Fee to Viskase, as further described in the section titled "— *Effect of Termination; Termination Fees*" in this prospectus/consent solicitation/offer to exchange;

● Viskase has breached or failed to perform any of its representations, warranties, covenants or agreements under the Merger Agreement, or if any representation or warranty of Viskase has become untrue, in a way that results in the failure to satisfy a closing condition of the Merger, and such breach is not reasonably capable of being cured prior to (i) the Termination Date or, (ii) if such breach is reasonably capable of being cured prior to the Termination Date, such breach is not cured prior to the earlier of (a) 30 days after written notice of such breach or (b) the Termination Date (provided that Enzon is not then in material breach of any of its representations, warranties, covenants or agreements under the Merger Agreement, which breach would result in the failure to satisfy a closing condition of the Merger); or

● By Viskase, if:

● prior to the receipt of the Enzon Stockholder Approval, there has been an Enzon Adverse Recommendation Change; or

● Enzon has breached or failed to perform any of its representations, warranties, covenants or agreements under the Merger Agreement, or if any representation or warranty of Enzon has become untrue, in a way that results in the failure to satisfy a closing condition of the Merger, and such breach is not reasonably capable of being cured prior to (i) the Termination Date or, (ii) if such breach is reasonably capable of being cured prior to the Termination Date, such breach is not cured prior to the earlier of (a) 30 days after written notice of such breach or (b) the Termination Date (provided that Viskase is not then in material breach of any of its representations, warranties, covenants or agreements under the Merger Agreement, which breach would result in the failure to satisfy a closing condition of the Merger).

***Termination Fees***

Enzon is required to pay Viskase a termination fee of $1,000,000 (the "Enzon Termination Fee") if the Merger Agreement is terminated under any of the following circumstances (which are described in further detail in the section titled "*The Merger Agreement — Effect of Termination; Termination Fees*" in this prospectus/consent solicitation/offer to exchange):

● if terminated by Viskase following an Enzon Adverse Recommendation Change;

● if terminated by Enzon in order to enter into a definitive agreement with respect to an Enzon Superior Proposal (as discussed in the section titled "— *Adverse Recommendation Change; Enzon Superior Proposal Termination*" in this prospectus/consent solicitation/offer to exchange); and

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● if terminated (i) by either party because the Merger has not been completed by the Termination Date; and (ii) after the execution of the Merger Agreement, an Enzon Acquisition Proposal has been publicly disclosed or announced or has become publicly (a) prior to the Termination Date (if the Merger Agreement is terminated as a result of the foregoing clause (i)) or (b) prior to termination of the Merger Agreement, if such termination is by Viskase because Enzon has breached or failed to perform any of its representations, warranties, covenants or agreements under the Merger Agreement, or if any representation or warranty of Enzon has become untrue, in a way that results in the failure to satisfy a closing condition of the Merger, which breach or failure is uncured or uncurable; and (iii) within 12 months following such termination, (a) an Enzon Acquisition Proposal is consummated or a definitive agreement providing for an Enzon Acquisition Proposal is entered into and is subsequently consummated (whether or not consummated within such 12 month period) or (b) any Person commences a tender or exchange offer in respect of an Enzon Acquisition Proposal that is thereafter consummated (whether during or after such 12 month period).

Viskase is required to pay Enzon a termination fee of $1,000,000 if the Merger Agreement is terminated by Enzon due to the failure of the Viskase Board to deliver the Viskase Stockholder Approval within 24 hours following the execution of the Merger Agreement. The Viskase Stockholder Approval was delivered to Enzon by Viskase on June 20, 2025 and subsequently on November 11, 2025, satisfying the requirement under the Merger Agreement.

**No Solicitation by Enzon**

As described in further detail in the section titled "*The Merger Agreement — Covenants of the Parties — No Solicitation by Enzon*" in this prospectus/consent solicitation/offer to exchange, from the date of the Merger Agreement until the earlier of the Effective Time or the termination of the Merger Agreement in accordance with its terms, Enzon has agreed not to, and to cause its Subsidiaries not to, and to instruct (and cause) its and its Subsidiaries' respective Representatives not to, directly or indirectly:

● solicit, initiate or knowingly facilitate or encourage (including by furnishing non-public information) the submission of any inquiries regarding, or the making of any proposal or offer that constitutes, or would reasonably be expected to lead to, an Enzon Acquisition Proposal;

● engage in, continue or otherwise participate in any discussions or negotiations regarding, or furnish to any other Person any non-public information in connection with an actual or potential Enzon Acquisition Proposal; or

● enter into any letter of intent, memorandum of understanding, agreement in principle, merger agreement, acquisition agreement or other similar agreement constituting an Enzon Acquisition Proposal.

Notwithstanding anything contained in the Merger Agreement to the contrary, prior to obtaining the Enzon Stockholder Approval, if Enzon receives an Enzon Acquisition Proposal that did not result from a breach of the no solicitation provisions of the Merger Agreement, and the Enzon Board (acting on the recommendation of the Enzon Special Committee) or the Enzon Special Committee determines in good faith, after consulting its financial advisor and legal counsel, that such Enzon Acquisition Proposal constitutes or is reasonably likely to lead to an Enzon Superior Proposal, then Enzon (acting at the direction of the Enzon Special Committee) may:

● enter into an Acceptable Confidentiality Agreement with the Person or group making such Enzon Acquisition Proposal and furnish pursuant to such Acceptable Confidentiality Agreement information (including non-public information) with respect to Enzon and its Subsidiaries to such Person or group; provided that Enzon must promptly provide to Viskase any material non-public information concerning Enzon or its Subsidiaries that is provided to such Person and was not previously provided to Viskase; and

● engage in or otherwise participate in discussions or negotiations with such Person or group and otherwise facilitate or assist with such Enzon Acquisition Proposal, if requested by such Person.

Enzon has also agreed to notify Viskase within two (2) business days of receiving any Enzon Acquisition Proposal and, subject to applicable law, disclose the material terms and the identity of the proposing party. Upon request, Enzon must keep Viskase reasonably

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informed of material developments, and may not enter into any confidentiality agreement that would prevent it from sharing such information with Viskase.

**Series C Exchange Offer**

Enzon is offering to exchange, upon the terms and subject to the conditions set forth in this prospectus/consent solicitation/offer to exchange and the accompanying letter of transmittal, any and all shares of Enzon Series C Preferred Stock validly tendered in the Series C Exchange Offer for newly issued shares of Enzon Common Stock (the "Series C Exchange Offer Consideration").

The Series C Exchange Offer will expire at the Series C Exchange Time, unless extended or earlier terminated by us in Enzon's discretion. Tendered shares of Enzon Series C Preferred Stock may be withdrawn at any time prior to the Series C Exchange Time. In addition, Enzon stockholders may withdraw any tendered shares of Enzon Series C Preferred Stock if Enzon has not accepted them for exchange within 60 days from the commencement of the Series C Exchange Offer on January 30, 2026.

Enzon will issue shares of Enzon Common Stock in exchange for properly tendered (and not validly withdrawn) shares of Enzon Series C Preferred Stock that are accepted for exchange promptly after the Series C Exchange Time.

Any shares of Enzon Series C Preferred Stock that are accepted for exchange in the Series C Exchange Offer will be retired. Shares of Enzon Series C Preferred Stock tendered but not accepted because they were not properly tendered shall remain outstanding upon completion of the Series C Exchange Offer. If any tendered shares of Enzon Series C Preferred Stock are not accepted for exchange because of an invalid tender, the occurrence of other events set forth in this prospectus/consent solicitation/offer to exchange or otherwise, all unaccepted shares of Enzon Series C Preferred Stock will be returned, without expense, to the tendering holder promptly after the Series C Exchange Time.

Please see the section titled "*Series C Exchange Offer*" in this prospectus/consent solicitation/offer to exchange for further information.

**Reverse Stock Split**

Enzon is asking the holders of Enzon Common Stock to approve the Proposed Charter Amendment of Enzon to effect a consolidation of the issued and outstanding shares of Enzon Common Stock, pursuant to which the shares of Enzon Common Stock would be combined and reclassified at a ratio of 1 for 100 (such proposal, the "Reverse Stock Split Proposal"). If the Reverse Stock Split Proposal is approved by Enzon stockholders, Enzon intends to take all actions necessary to effectuate the Reverse Stock Split immediately prior to the Effective Time.

Concurrently with the execution of the Merger Agreement, the IEH Parties, which hold approximately 48.6% of the issued and outstanding Enzon Common Stock as of January 28, 2026, entered into the IEH Support Agreement with Enzon and Viskase, pursuant to which the IEH Parties agreed to, among other things, deliver written consents with respect to all of the issued and outstanding shares of Enzon Common Stock held by the IEH Parties approving the Reverse Stock Split, subject to certain exceptions.

Enzon stockholders should carefully read this prospectus/consent solicitation/offer to exchange in its entirety, including the Annexes and Exhibits, for more detailed information concerning the Reverse Stock Split. In particular, Enzon stockholders are directed to the copy of the proposed form of certificate of amendment to the Enzon Charter, which is attached as Exhibit B to the Merger Agreement Amendment, which is attached as Annex A-1 to this prospectus/consent solicitation/offer to exchange.

**Governance of the Combined Company**

As of the Effective Time, the board of directors of the Combined Company shall be comprised of individuals designated by the Viskase Board prior to the Effective Time and will consist of two current Enzon directors, Jordan Bleznick and Randolph C. Read, together with Robert Flint, Colin Kwak, Dustin DeMaria, Peter K. Shea and Kenneth Shea. Each such director shall hold office until his or her respective successor is duly elected or appointed and qualified or until his or her earlier death, resignation or removal in accordance with the Enzon Organizational Documents and applicable law. As of the Effective Time, the officers of Viskase immediately prior to the Effective Time shall be the officers of the Combined Company until his or her respective successor is duly elected or appointed and qualified or until his or her earlier death, resignation or removal in accordance with the Enzon Organizational Documents and applicable law.

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Please see the section titled "*Directors and Executive Officers of the Combined Company*" in this prospectus/consent solicitation/offer to exchange for further information.

**IEH Support Agreement**

Concurrently with the execution of the Merger Agreement, Enzon, Viskase and the IEH Parties entered into the IEH Support Agreement, pursuant to which the IEH Parties agreed to, among other things, and subject to certain exceptions, (i) deliver written consents approving the Merger Proposal, (ii) deliver written consents with respect to all of the issued and outstanding shares of Enzon Common Stock held by the IEH Parties approving the Reverse Stock Split Proposal, (iii) vote against any Enzon Acquisition Proposal or other action that would reasonably be expected to impede or adversely affect the Merger or the other transactions contemplated by the Merger Agreement and (iv) immediately prior to the Closing, effectuate the conversion of each issued and outstanding share of Enzon Series C Preferred Stock into shares of Enzon Common Stock. As of the Enzon Record Date, the IEH Parties beneficially own approximately 48.6% of the Enzon Series C Preferred Stock and the shares of Enzon Common Stock owned by the IEH Parties represent approximately 48.6% of the outstanding voting power of Enzon stock.

Each IEH Party is obligated to vote or cause to be voted all shares of Enzon Common Stock and Enzon Series C Preferred Stock, as applicable, Beneficially Owned by such IEH Party against any (i) Enzon Acquisition Proposal, (ii) amendment to the Enzon Organizational Documents that would impede or adversely affect the Merger or other transactions contemplated by the Merger Agreement (except as otherwise contemplated by the Merger Agreement) and (iii) other action or transaction involving Enzon that is intended or reasonably expected to impede or adversely affect the Merger, the Reverse Stock Split or other transactions contemplated by the Merger Agreement; provided that the foregoing clauses (i)-(iii) will not apply to any transaction, proposal or action that is the subject of an Enzon Adverse Recommendation Change made in accordance with the Merger Agreement that has not been rescinded.

Please see the section titled "*IEH Support Agreement*" in this prospectus/consent solicitation/offer to exchange for further information on the IEH Support Agreement.

**Interests of Certain Persons in the Merger**

Certain of Enzon's and Viskase's executive officers and directors have interests in the Merger that may be different from, or in addition to, the interests of the Enzon stockholders and the Viskase stockholders, respectively. Please see the section titled "*Interests of Executive Officers and Directors in the Merger*" in this prospectus/consent solicitation/offer to exchange for further information. The members of the Enzon Board and the Enzon Special Committee were aware of and considered these interests, among other matters, in evaluating the Merger Agreement and the Merger, and in unanimously recommending that the Enzon stockholders approve the Merger Proposal.

**Accounting Treatment**

Notwithstanding the legal form, the Merger will be accounted for as a reverse recapitalization and not a business combination under ASC 805. Under this method of accounting, Enzon will be treated as the acquired company for accounting purposes, whereas Viskase will be treated as the accounting acquirer. In accordance with this method of accounting, the Merger will be treated as the equivalent of Viskase issuing shares for the net assets of Enzon, accompanied by a recapitalization. The net assets of Enzon will be stated at historical cost, with no goodwill or other intangible assets recorded, and operations prior to the Merger will be those of Viskase.

**Material U.S. Federal Income Tax Consequences**

As no U.S. holder of Enzon Stock will transfer or exchange any Enzon Stock pursuant to the Merger, a U.S. Holder of Enzon Stock will not recognize any gain or loss pursuant to the Merger.

Subject to special rules that would apply to the receipt of cash in lieu of a fractional share of Enzon, a U.S. Holder of Enzon Common Stock generally should not recognize gain or loss as a result of the Reverse Stock Split for U.S. federal income tax purposes.

Please see the section titled "*Material U.S. Federal Income Tax Consequences*" in this prospectus/consent solicitation/offer to exchange for further information regarding the U.S. federal income tax consequences of the Merger and the Reverse Stock Split.

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**Summary of Risk Factors**

In deciding how to vote your shares of Enzon Common Stock, you should read carefully this entire prospectus/consent solicitation/offer to exchange, including the Annexes and exhibits hereto, and in particular, please see the section titled "*Risk Factors*" in this prospectus/consent solicitation/offer to exchange. Some of these risks include:

*Risks Related to Viskase's Business*

● Viskase's failure to efficiently respond to industry changes in casings technology could jeopardize Viskase's ability to retain its customers and maintain its revenues, operating results, and market share.

● Viskase receives its raw materials from a limited number of suppliers, and problems with their supply could impair Viskase's ability to meet its customers' product demands.

● Viskase's facilities are capital intensive, and Viskase may not be able to obtain financing to fund necessary capital expenditures.

● Product liability claims or regulatory actions could adversely affect Viskase's financial results or harm Viskase's reputation or the value of Viskase's products.

● Risks related to security breaches of company, customer, employee and vendor information, as well as the technology that manages Viskase's operations and other business processes, could adversely affect Viskase's business.

● Viskase's intellectual property rights may be inadequate or violated and Viskase may be subject to claims of infringement, either or both of which could negatively affect Viskase's financial condition.

● Viskase is subject to significant minimum contribution requirements and market exposure with respect to its defined benefit plan, both of which could adversely affect Viskase's cash flow.

● Viskase's substantial level of indebtedness could adversely affect Viskase's results of operations, cash flows and ability to compete in Viskase's industry, which could, among other things, prevent Viskase from fulfilling its obligations under its debt agreements.

● Deterioration in Viskase's business and financial condition has resulted in the Merger Agreement Amendment and additional adverse changes in Viskase's business and financial condition could further affect the terms, timing or completion of the Merger.

*Risks Related to the Combined Company*

● Past performance by Enzon or Viskase may not be indicative of future performance of an investment in the Combined Company.

● The opinions of the Enzon Special Committee's and the Viskase Special Committee's respective financial advisors delivered prior to the signing of the Merger Agreement Amendment do not reflect changes in circumstances that may have occurred or that may occur since the respective dates on which such opinions were delivered.

● The Combined Company may experience business, operational and financial challenges, which could have an adverse impact on the value of the Combined Company Common Stock following the Closing.

*Risks Related to the Merger*

● Holders of Viskase Common Stock have appraisal or dissenters' rights, which could increase transaction uncertainty.

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● Carl C. Icahn and the IEH Parties will exert significant influence, and will ultimately control, the Combined Company after the Merger and non-IEH stockholders will have limited governance rights.

● Litigation relating to the Merger may be filed against the Enzon Board, the Enzon Special Committee, the Viskase Board and/or Viskase Special Committee that could prevent or delay the Closing and/or result in the payment of damages following the Closing.

● Enzon may not be able to utilize its NOLs, certain credits and other tax attributes.

*Risks Related to the Series C Exchange Offer*

● Enzon has not obtained a third-party determination that the Series C Exchange Offer is fair to holders of Enzon Series C Preferred Stock.

● Enzon is not required to, but it currently intends to, redeem the shares of Enzon Series C Preferred Stock that are not exchanged in the Series C Exchange Offer following the Closing.

● In the future, assuming that Enzon does not redeem any remaining shares of the Enzon Series C Preferred Stock, Enzon will have the ability, and may decide to, acquire shares of Enzon Series C Preferred Stock that are not accepted in the Series C Exchange Offer for consideration different than that in the Series C Exchange Offer.

*Risks Related to Enzon's Business*

● Enzon may not be able to utilize its NOLs, certain credits and other tax attributes.

*Risks Related to Enzon's Common Stock*

● The market price of Enzon Common Stock has historically been volatile and may decline significantly if the Combined Company is unable to execute its strategic objectives.

● Enzon Common Stock is quoted on the OTCQB tier of the OTC, which has limited trading volume and liquidity, and stockholders may have difficulty selling their shares.

● The declaration of dividends on Enzon Common Stock is at the discretion of the Enzon Board and is subject to limitations under Delaware law and the rights of holders of Series C Preferred Stock.

*Risks Related to the Series C Preferred Stock*

● In the event of a dissolution, liquidation or winding up of Enzon, Enzon may not be able to satisfy its obligations to holders of Series C Preferred Stock.

● Dividends on the Series C Preferred Stock may be paid either in cash or be paid in kind by increasing the liquidation value of the shares of Series C Preferred Stock.

● The Series C Preferred Stock is equity and is subordinate to Enzon's existing and future indebtedness and other liabilities and holders' interests may be diluted by future preferred stock issuances.

● There is no public market for the Series C Preferred Stock.

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**Comparison of Stockholder Rights**

As a result of the Merger and from and after the Effective Time, all shares of Viskase Common Stock converted into the right to receive the Merger Consideration will no longer be outstanding and will automatically be cancelled and will cease to exist and the rights of the holders of Viskase Common Stock will be governed by the Enzon Organizational Documents. Please see the section titled "*Comparison of Stockholder Rights*" in this prospectus/consent solicitation/offer to exchange for a discussion of the material differences between the current rights of Enzon stockholders and the current rights of Viskase stockholders.

**Appraisal and Dissenters' Rights**

Holders of Viskase Common Stock who: (i) submit to Viskase a proper written demand for appraisal of such shares; (ii) continuously remain the record holders or beneficial owners of such shares through the Effective Time; and (iii) otherwise comply with the applicable procedures and requirements set forth in Section 262 of the DGCL will be entitled to have their shares appraised by the Court and receive payment in cash of the "fair value" of such shares (as determined by the Court, exclusive of any element of value arising from the accomplishment or expectation of the transaction) instead of the Merger Consideration. Any such Person awarded "fair value" for his, her or its shares by the Court would receive payment of that fair value in cash, together with interest, if any, to be paid upon the amount determined to be the "fair value" in lieu of the right to receive the Merger Consideration. It is possible that any such "fair value" as determined by the Court may be more or less than, or the same as, the Merger Consideration that such Person is entitled to receive pursuant to the Merger Agreement. Please see the section titled "*Appraisal and Dissenters' Rights*" in this prospectus/consent solicitation/offer to exchange for further information.

Under the DGCL, Enzon stockholders are not entitled to exercise appraisal rights in connection with the Merger or the Series C Exchange Offer.

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**SUMMARY OF THE MATERIAL TERMS OF THE SERIES C EXCHANGE OFFER**

*This summary highlights certain information set forth elsewhere in this prospectus/consent solicitation/offer to exchange and does not purport to contain all of the information that may be important to you. The material terms of the Series C Exchange Offer are summarized below. Please see the section titled "The Series C Exchange Offer" in this prospectus/consent solicitation/offer to exchange for further information.*

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| **Offeror**<br>| Enzon Pharmaceuticals, Inc. |
| **Enzon Series C Preferred Stock Subject to the Series C Exchange Offer**<br>| All outstanding shares of Enzon Series C Preferred Stock. |
| **Holders Eligible to Participate in the Series C Exchange Offer** | Each holder of Enzon Series C Preferred Stock ("Eligible Stockholders") will be eligible to participate in the Series C Exchange Offer. Please see the section titled "*The Series C Exchange Offer — Terms of the Series C Exchange Offer*" in this prospectus/consent solicitation/offer to exchange for further information. |
| **Exchange Offer** | We are offering to exchange, upon the terms and subject to the conditions set forth in this prospectus/consent solicitation/offer to exchange and the accompanying letter of transmittal, shares of Enzon Series C Preferred Stock validly tendered in the Series C Exchange Offer for newly issued shares of Enzon Common Stock. The Series C Exchange Offer will be available only to Eligible Stockholders. In exchange for each share of Enzon Series C Preferred Stock properly tendered (and not validly withdrawn) prior to the Series C Exchange Time and accepted by us, Eligible Stockholders will receive a number of shares of Enzon Common Stock equal to (i) the aggregate Liquidation Preference of each share of Enzon Series C Preferred Stock *divided* by (ii) the Enzon 20-Day VWAP. The Enzon 20-Day VWAP is $0.08 per share of Enzon Common Stock, which after giving effect to the Reverse Stock Split of 1 for 100, will be adjusted to $7.83. |
| **Series C Exchange Time** | The Series C Exchange Offer will expire at the Series C Exchange Time, which is one minute after 11:59 p.m., Eastern Time, on February 27, 2026, unless extended or earlier terminated by Enzon in Enzon's sole discretion or in accordance with applicable law. Please see the section titled "*The Series C Exchange Offer — Series C Exchange Time; Extension; Termination; Amendment*" in this prospectus/consent solicitation/offer to exchange for further information about the Series C Exchange Time. |
| **Withdrawal; Non-Acceptance** | You may withdraw shares of Enzon Series C Preferred Stock validly tendered in the Series C Exchange Offer at any time prior to the Series C Exchange Time. In addition, if not previously returned, you may withdraw any shares of Enzon Series C Preferred Stock validly tendered in the Series C Exchange Offer that are not accepted by Enzon for exchange after the expiration of 60 days after the commencement of the Series C Exchange Offer. To withdraw previously tendered shares of Enzon Series C Preferred Stock, you are required to submit a notice of withdrawal to the Exchange Agent in accordance with the procedures described herein and in the letter of transmittal.<br>If Enzon decides for any reason not to accept any shares of Enzon Series C Preferred Stock validly tendered for exchange, the shares will be returned to the tendering holder at Enzon's expense promptly after the expiration or termination of the Series C Exchange Offer.<br>Any withdrawn or unaccepted shares of Enzon Series C Preferred Stock that were tendered through DTC's Automated Tender Offer Program ("ATOP") will be credited to the tendering holder's account at DTC.<br>Please see the section titled "*The Series C Exchange Offer — Withdrawal Rights*" in this prospectus/consent solicitation/offer to exchange for further information regarding the withdrawal of tendered shares of Enzon Series C Preferred Stock. |
| **Settlement Date** | Enzon will issue Enzon Common Stock in exchange for properly tendered (and not validly withdrawn) shares of Enzon Series C Preferred Stock that are accepted for exchange promptly after the Series C Exchange Time. |

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| **Exchange Offer Consideration** | In exchange for each share of Enzon Series C Preferred Stock properly tendered (and not validly withdrawn) by the Series C Exchange Time and accepted by Enzon, participating holders of Enzon Series C Preferred Stock will receive shares of Enzon Common Stock equal to (i) the aggregate Liquidation Preference of each share of Enzon Series C Preferred Stock *divided* by (ii) the Enzon 20-Day VWAP (the "Exchange Offer Consideration"). | In exchange for each share of Enzon Series C Preferred Stock properly tendered (and not validly withdrawn) by the Series C Exchange Time and accepted by Enzon, participating holders of Enzon Series C Preferred Stock will receive shares of Enzon Common Stock equal to (i) the aggregate Liquidation Preference of each share of Enzon Series C Preferred Stock *divided* by (ii) the Enzon 20-Day VWAP (the "Exchange Offer Consideration"). | In exchange for each share of Enzon Series C Preferred Stock properly tendered (and not validly withdrawn) by the Series C Exchange Time and accepted by Enzon, participating holders of Enzon Series C Preferred Stock will receive shares of Enzon Common Stock equal to (i) the aggregate Liquidation Preference of each share of Enzon Series C Preferred Stock *divided* by (ii) the Enzon 20-Day VWAP (the "Exchange Offer Consideration"). |
| **Pro Forma Ownership**  | The following sets forth the pro forma ownership of the Combined Company after giving effect to the Merger, the Reverse Stock Split, the IEH Share Exchange and the Series C Exchange Offer and assumes all shares of the Series C Preferred Stock held by non-IEH Parties are exchanged for shares of Enzon Common Stock: | The following sets forth the pro forma ownership of the Combined Company after giving effect to the Merger, the Reverse Stock Split, the IEH Share Exchange and the Series C Exchange Offer and assumes all shares of the Series C Preferred Stock held by non-IEH Parties are exchanged for shares of Enzon Common Stock: | The following sets forth the pro forma ownership of the Combined Company after giving effect to the Merger, the Reverse Stock Split, the IEH Share Exchange and the Series C Exchange Offer and assumes all shares of the Series C Preferred Stock held by non-IEH Parties are exchanged for shares of Enzon Common Stock: |
|  |  | **Shares of Enzon Common Stock** | **Pro FormaPercentageOwnership** |
|  | Shares held by legacy Viskase common stockholders | 7935878 | 55.0% |
|  | Shares held by IEH Parties underlying Enzon Series C Preferred Stock subsequent to IEH Share Exchange | 5646898 | 39.2% |
|  | Shares held by legacy Enzon common stockholders | 742146 | 5.1% |
|  | Shares held by non-IEH Parties underlying Enzon Series C Preferred Stock subsequent to Series C Exchange Offer | 103947 | 0.7% |
|  | **Total shares of Combined Company Common Stock** | **14428869** | **100.0%** |
| **Trading and Related Matters** | The issuance of the shares of Enzon Common Stock pursuant to the Series C Exchange Offer is being registered under the Securities Act and will be freely tradable, except by Enzon Affiliates. Enzon Common Stock is quoted on the "OTCQB" tier of the OTC. | The issuance of the shares of Enzon Common Stock pursuant to the Series C Exchange Offer is being registered under the Securities Act and will be freely tradable, except by Enzon Affiliates. Enzon Common Stock is quoted on the "OTCQB" tier of the OTC. | The issuance of the shares of Enzon Common Stock pursuant to the Series C Exchange Offer is being registered under the Securities Act and will be freely tradable, except by Enzon Affiliates. Enzon Common Stock is quoted on the "OTCQB" tier of the OTC. |
| **Differences in Rights of Enzon Series C Preferred Stock and Enzon Common Stock** | Holders of Enzon Series C Preferred Stock who do not elect to exchange or redeem their shares of Enzon Series C Preferred Stock will continue to hold shares of Enzon Series C Preferred Stock following the Closing. The Enzon Series C Preferred Stock and Enzon Common Stock have different rights. Please see the section titled "*The Series C Exchange Offer — Comparison of Enzon Series C Preferred Stock and Enzon Common Stock*" in this prospectus/consent solicitation/offer to exchange for further information regarding these differences. | Holders of Enzon Series C Preferred Stock who do not elect to exchange or redeem their shares of Enzon Series C Preferred Stock will continue to hold shares of Enzon Series C Preferred Stock following the Closing. The Enzon Series C Preferred Stock and Enzon Common Stock have different rights. Please see the section titled "*The Series C Exchange Offer — Comparison of Enzon Series C Preferred Stock and Enzon Common Stock*" in this prospectus/consent solicitation/offer to exchange for further information regarding these differences. | Holders of Enzon Series C Preferred Stock who do not elect to exchange or redeem their shares of Enzon Series C Preferred Stock will continue to hold shares of Enzon Series C Preferred Stock following the Closing. The Enzon Series C Preferred Stock and Enzon Common Stock have different rights. Please see the section titled "*The Series C Exchange Offer — Comparison of Enzon Series C Preferred Stock and Enzon Common Stock*" in this prospectus/consent solicitation/offer to exchange for further information regarding these differences. |
| **Conditions of the Series C Exchange Offer** | The Series C Exchange Offer is subject to the satisfaction of certain conditions. Please see the section titled "*The Series C Exchange Offer — Conditions of the Series C Exchange Offer*" in this prospectus/consent solicitation/offer to exchange for further information regarding the conditions of the Series C Exchange Offer. | The Series C Exchange Offer is subject to the satisfaction of certain conditions. Please see the section titled "*The Series C Exchange Offer — Conditions of the Series C Exchange Offer*" in this prospectus/consent solicitation/offer to exchange for further information regarding the conditions of the Series C Exchange Offer. | The Series C Exchange Offer is subject to the satisfaction of certain conditions. Please see the section titled "*The Series C Exchange Offer — Conditions of the Series C Exchange Offer*" in this prospectus/consent solicitation/offer to exchange for further information regarding the conditions of the Series C Exchange Offer. |
| **Procedures for Tendering Shares of Enzon Series C Preferred Stock** | If your shares of Enzon Series C Preferred Stock are registered in the name of a brokerage firm, bank or other nominee and you wish to participate in the Series C Exchange Offer, you should contact that registered holder promptly and instruct such holder to tender your shares of Enzon Series C Preferred Stock on your behalf. If you are a DTC participant, you may electronically transmit your acceptance through DTC's ATOP. Please see the sections titled "*The Series C Exchange Offer — Procedures for Tendering Shares of Enzon Series C Preferred Stock"* and *"The Series C Exchange Offer — The Depository Trust Company Book-Entry Transfer Procedures*" in this prospectus/consent solicitation/offer to exchange for further information.<br>For further information on how to tender shares of Enzon Series C Preferred Stock, contact the Information Agent at the telephone number set forth in the response to "Who can answer my questions" in the section titled "*Questions and Answers About the Series C Exchange Offer*" in this prospectus/consent solicitation/offer to exchange or consult your brokerage firm, bank or other nominee for assistance. | If your shares of Enzon Series C Preferred Stock are registered in the name of a brokerage firm, bank or other nominee and you wish to participate in the Series C Exchange Offer, you should contact that registered holder promptly and instruct such holder to tender your shares of Enzon Series C Preferred Stock on your behalf. If you are a DTC participant, you may electronically transmit your acceptance through DTC's ATOP. Please see the sections titled "*The Series C Exchange Offer — Procedures for Tendering Shares of Enzon Series C Preferred Stock"* and *"The Series C Exchange Offer — The Depository Trust Company Book-Entry Transfer Procedures*" in this prospectus/consent solicitation/offer to exchange for further information.<br>For further information on how to tender shares of Enzon Series C Preferred Stock, contact the Information Agent at the telephone number set forth in the response to "Who can answer my questions" in the section titled "*Questions and Answers About the Series C Exchange Offer*" in this prospectus/consent solicitation/offer to exchange or consult your brokerage firm, bank or other nominee for assistance. | If your shares of Enzon Series C Preferred Stock are registered in the name of a brokerage firm, bank or other nominee and you wish to participate in the Series C Exchange Offer, you should contact that registered holder promptly and instruct such holder to tender your shares of Enzon Series C Preferred Stock on your behalf. If you are a DTC participant, you may electronically transmit your acceptance through DTC's ATOP. Please see the sections titled "*The Series C Exchange Offer — Procedures for Tendering Shares of Enzon Series C Preferred Stock"* and *"The Series C Exchange Offer — The Depository Trust Company Book-Entry Transfer Procedures*" in this prospectus/consent solicitation/offer to exchange for further information.<br>For further information on how to tender shares of Enzon Series C Preferred Stock, contact the Information Agent at the telephone number set forth in the response to "Who can answer my questions" in the section titled "*Questions and Answers About the Series C Exchange Offer*" in this prospectus/consent solicitation/offer to exchange or consult your brokerage firm, bank or other nominee for assistance. |

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| **Amendment and Termination** | Enzon has the right to terminate or withdraw, in our reasonable discretion, the Series C Exchange Offer at any time and for any reason if the conditions to the Series C Exchange Offer are not met by the Series C Exchange Time, regardless of the circumstances giving rise to such condition (other than any action or failure to act by us). Enzon reserves the right, subject to applicable law, to (i) waive certain of the conditions of the Series C Exchange Offer on or prior to the Series C Exchange Time and (ii) amend the terms of the Series C Exchange Offer. If Enzon makes a material change in the terms of the Series C Exchange Offer or the information concerning the Series C Exchange Offer, or waives a material condition of the Series C Exchange Offer, Enzon will promptly disseminate disclosure regarding the changes to the Series C Exchange Offer as required by law. In addition, Enzon will take steps to ensure that the Series C Exchange Offer remains open for the minimum number of days, as required by law, following the date Enzon disseminates disclosure regarding the changes. In the event that the Series C Exchange Offer is terminated, validly withdrawn or otherwise not consummated on or prior to the Series C Exchange Time, no consideration will be paid or become payable to holders who have properly tendered their shares of Enzon Series C Preferred Stock pursuant to the Series C Exchange Offer. In any such event, the shares previously tendered pursuant to the Series C Exchange Offer will be promptly returned to the tendering holders. Please see the section titled "*The Series C Exchange Offer — Series C Exchange Time; Extension; Termination; Amendment*" in this prospectus/consent solicitation/offer to exchange for further information. |
| **Consequences of Failure to Exchange Enzon Series C Preferred Stock** | Shares of Enzon Series C Preferred Stock not accepted for exchange in the Series Exchange Offer will remain outstanding after consummation of the Series C Exchange Offer and the Merger. Under the terms of the Enzon Series C Preferred Stock, following the Merger, Enzon may, and at this time intends to, redeem any outstanding shares of Enzon Series C Preferred Stock for a cash amount equal to the aggregate Liquidation Preference of such shares. |
| **Material U.S. Federal Income Tax Considerations of the Series C Exchange Offer** | Please see the sections titled "*Material U.S. Federal Income Tax Considerations — U.S. Federal Income Tax Consequences of the Series C Exchange Offer*" and "*Material U.S. Federal Income Tax Considerations — U.S. Federal Income Tax Consequences of the Ownership and Disposition of the Enzon Common Stock received pursuant to the Series C Exchange Offer*" in this prospectus/consent solicitation/offer to exchange for further information. You are urged to consult your own tax advisors for a full understanding of the tax considerations of participating in the Series C Exchange Offer in light of your own particular circumstances. |
| **Brokerage Commissions** | No brokerage commissions are payable by the holders of Enzon Series C Preferred Stock to the Exchange Agent or us. If your shares of Enzon Series C Preferred Stock are held through a brokerage firm, bank or other nominee who tenders the shares on your behalf, your brokerage firm, bank or other nominee may charge you a commission for doing so. You should consult with your broker or nominee to determine whether any charges will apply. |
| **Use of Proceeds** | Enzon will not receive any cash proceeds from the Series C Exchange Offer. |
| **No Appraisal Rights in Connection with the Series C Exchange Offer** | Holders of Enzon Series C Preferred Stock will not have appraisal rights, or any contract right to petition for fair value, with respect to the Series C Exchange Offer. Enzon will not independently provide such a right. |
| **Risk Factors** | Your decision whether to participate in the Series C Exchange Offer and to exchange your shares of Enzon Series C Preferred Stock for Enzon Common Stock will involve risk. You should be aware of and carefully consider the risk factors set forth in the section titled "*Risk Factors — Risks Related to the Series C Exchange Offer*," as well as the other risk factors set forth in the section titled "*Risk Factors*," in this prospectus/consent solicitation/offer to exchange, along with all of the other information provided or referred to in this prospectus/consent solicitation/offer to exchange, before deciding whether to participate in the Series C Exchange Offer. |
| **Regulatory Approvals** | Enzon is not aware of any other material regulatory approvals necessary to complete the Series C Exchange Offer, other than effectiveness of the Registration Statement (of which  |

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| | |
|:---|:---|
|  | this prospectus/consent solicitation/offer to exchange forms a part) and Enzon's obligation to file a Schedule TO with the SEC and to otherwise comply with applicable securities laws. |
| **Depositary and Exchange Agent** | The depository and exchange agent for the Exchange Offer is:<br>Continental Stock Transfer & Trust Company<br>1 State Street Plaza, 30th Floor<br>New York, New York 10004<br>Phone: 800-509-5586<br>Attention: Corporate Actions<br>Email: tenders+Enzon@continentalstock.com |
| **Information Agent** | You should direct questions about the exchange offer and requests for additional copies of this prospectus/offer to exchange or notice of guaranteed delivery to the information agent at the below address and phone number:<br>HKL & Co., LLC<br>3 Columbus Circle, 15FL<br>New York, New York 10019<br>Banks And Brokerage Firms Please Call Collect: (212) 468-5380<br>All Others Call Toll-Free: (800) 326-5997<br>Email: enzn@hklco.com |
| **Further Information** | If you have questions about the terms of the Series C Exchange Offer or the procedures for tendering shares of Enzon Series C Preferred Stock in the Series C Exchange Offer or require assistance in tendering your shares of Enzon Series C Preferred Stock, please contact the Information Agent or the Exchange Agent. The contact information for the Information Agent and the Exchange Agent is set forth in the response to "Who can answer my questions" in the section titled "*Questions and Answers About the Series C Exchange Offer*" in this prospectus/consent solicitation/offer to exchange. If you would like additional copies of this prospectus/consent solicitation/offer to exchange, our annual, quarterly and current reports and other information referenced in this prospectus/consent solicitation/offer to exchange, please contact the Information Agent, Exchange Agent or Enzon. |

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**UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION**

**Introduction**

The following unaudited pro forma condensed combined financial information and accompanying notes are provided to aid you in your analysis of the financial aspects of the Merger, the securities purchase agreement (described in the "*Viskase Securities Purchase Agreement*" section below), and adjustments for other material events (described in the "*Other Material Events*" section below). The pro forma adjustments for events described below in the section "*Other Material Events*" are referred to herein as "Adjustments for Other Material Events." The following information is also relevant to understanding the unaudited pro forma condensed combined financial information contained herein.

On June 20, 2025, Enzon, Merger Sub and Viskase entered into the initial Merger Agreement which was subsequently amended on October 24, 2025. Both the initial and amended Merger Agreement are collectively referred to herein as the Merger Agreement. The Merger Agreement and related agreements provide for the following:

Prior to the Effective Time the following will occur:

● Concurrently with the execution of the initial Merger Agreement, the IEH Parties entered into the initial IEH Support Agreement with Enzon and Viskase which was subsequently amended on October 24, 2025, pursuant to which the IEH Parties agreed to, among other things, and subject to certain exceptions, deliver to Enzon each share of Enzon Series C Preferred Stock beneficially owned by the IEH Parties in exchange for a number of shares of Enzon Common Stock equal to (i) the aggregate Liquidation Preference of such shares of Enzon Series C Preferred Stock *divided* by (ii) the Enzon 20-Day VWAP of Enzon Common Stock. The Merger Agreement also requires that Enzon use commercially reasonable efforts to commence an exchange offer no less than twenty-five (25) business days prior to the Effective Time, pursuant to which Enzon will offer to each holder of Enzon Series C Preferred Stock to exchange a number of shares of Enzon Common Stock for each share of Enzon Series C Preferred Stock equal to (i) the aggregate Liquidation Preference of each share of Enzon Series C Preferred Stock, *divided* by (ii) the Enzon 20-Day VWAP as calculated pursuant to the terms of the Merger Agreement;

● Enzon has agreed to file the Proposed Charter Amendment to effect the Reverse Stock Split and to change the name of Enzon from "Enzon Pharmaceuticals, Inc." to "Viskase Holdings, Inc." in connection with the Closing;

● Effect the Reverse Stock Split of the issued and outstanding shares of Enzon Common Stock at a ratio of 1-for-100;

● Consummate the Series C Exchange Offer in accordance with the terms of the Merger Agreement. Under the Series C Exchange Offer, each holder of Enzon Series C Preferred Stock, other than the IEH Parties, will be offered to exchange their shares of Enzon Series C Preferred Stock for shares of Enzon Common Stock. Holders of such shares who elect not to participate in the Series C Exchange Offer may have their shares redeemed for cash.

● Enzon will use its commercially reasonable efforts to cause the shares of Combined Company Common Stock to be issued in connection with the Merger to be quoted on the OTC, subject to official notice of issuance.

At the Effective Time, the following will occur:

● Merger Sub will merge with and into Viskase, with Viskase surviving the Merger as a wholly owned subsidiary of Enzon and the separate corporate existence of Merger Sub shall cease.

● Each share of Viskase Common Stock issued and outstanding immediately prior to the Effective Time (other than shares of Viskase Common Stock (i) held by Viskase as treasury shares, (ii) owned by Enzon, Merger Sub or a wholly owned Subsidiary of Viskase, Enzon or Merger Sub immediately prior to the Effective Time and (iii) Dissenting Viskase Shares) will be automatically converted into the right to receive the Merger Consideration, which is comprised of Enzon Common Stock equal to the Exchange Ratio.

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● Viskase shall take all actions necessary to remove the Viskase Common Stock from quotation on the "Pink Limited" tier of the OTC.

Promptly after the Effective Time, the following will occur:

● Enzon will cause Viskase, as the Surviving Company following the Merger, to be converted from a Delaware corporation into a Delaware limited liability company through a statutory conversion permitted under Delaware law, which will be renamed Viskase Companies, LLC. The corporate existence of the Surviving Company will continue unaffected and unimpaired by the conversion, except that, upon the consummation of the conversion, all of the outstanding shares of Viskase Common Stock will be converted to limited liability company interests. Because the Surviving Company will be a wholly owned Subsidiary of the Combined Company at the Effective Time, the Combined Company will be the sole member of the Surviving Company following the conversion.

● The Combined Company refers to Enzon, which will be renamed Viskase Holdings, Inc. in connection with the Closing. The Combined Company remains the same legal entity as Enzon, with no changes to its authorized shares, par value or issued and outstanding shares. The designation as the Combined Company reflects the post-Merger structure, but the underlying corporate entity and share structure remain unchanged from Enzon prior to the Effective Time.

Exchange Ratio:

At the Effective Time, each outstanding share of Viskase Common Stock (other than shares of Viskase Common Stock (i) held by Viskase as treasury shares, (ii) owned by Enzon, Merger Sub or a wholly owned Subsidiary of Viskase, Enzon or Merger Sub immediately prior to the Effective Time and (iii) Dissenting Viskase Shares) will be automatically converted into the right to receive a number of shares of Enzon Common Stock equal to the Exchange Ratio. The Exchange Ratio is calculated as (i) the Viskase Closing Share Number *divided by* (ii) the number of issued and outstanding shares of Viskase Common Stock immediately prior to the Effective Time.

The tables below present the calculation of the Exchange Ratio and related calculations:

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| | |
|:---|:---|
|  | **Shares** |
| Viskase Closing Share Number<sup>(1)</sup> | 7935878 |
| Number of issued and outstanding shares of Viskase Common Stock immediately prior to the Effective Time | 160479227 |
| &nbsp;&nbsp;Exchange Ratio | 0.0495 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) The Viskase Closing Share Number is calculated as follows, pursuant to the terms of the Merger Agreement:

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| | |
|:---|:---|
|  | **Shares** |
| Enzon Common Stock outstanding subsequent to the Reverse Stock Split<sup>(1)</sup> | 742146 |
| Enzon Common Stock issued in IEH Share Exchange<sup>(2)</sup> | 5646898 |
| Enzon Common Stock issued in Series C Exchange Offer<sup>(2)</sup> | 103947 |
| Shares of Enzon Common Stock issued and outstanding immediately prior to the Effective Time | 6492991 |
| *Divided by:* 0.45 | 0.4500 |
| Total Closing Share Number | 14428869 |
| *Minus:* Number of shares of Enzon Common Stock issued and outstanding immediately prior to the Effective Time | (6492991) |
| Viskase Closing Share Number | 7935878 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Consists of 742,146 shares of Enzon Common Stock issued to the current holders of Enzon Common Stock following the Reverse Stock Split. The 74,214,603 shares of Enzon Common Stock outstanding immediately prior to the Closing are assumed to be adjusted using a 1 for 100 Reverse Stock Split ratio, resulting in 742,146 shares of Enzon Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Enzon Common Stock issued in the IEH Share Exchange and the Series C Exchange Offer is determined as follows, pursuant to the Merger Agreement and IEH Support Agreement:

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| | |
|:---|:---|
| Aggregate Liquidation Preference of Enzon Series C Preferred Stock held by IEH Parties<sup>(1)</sup> | $44198271 |
| Enzon 20-Day VWAP<sup>(2)</sup> | $7.83 |
| Enzon Common Stock issued in IEH Share Exchange | 5646898 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The aggregate Liquidation Preference of Enzon Series C Preferred Stock held by IEH Parties immediately prior to the Closing Date is calculated as (A) (i) the historical Liquidation Preference of $1,102 per share as of September 30, 2025, plus (ii) the prorated 5% annual increase in the Liquidation Preference per share from October 1, 2025 through the estimated Closing Date of $23 per share (resulting in a Liquidation Preference per share of $1,125 as of the estimated Closing Date) pursuant to the Certificate of Designation of Series C Non-Convertible Redeemable Preferred Stock of Enzon, multiplied by (B) the number of shares of Enzon Series C Preferred Stock beneficially owned by non-IEH Parties.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Refer to Note 3(i) for the calculation of the Enzon 20-Day VWAP for the 1 for 100 Reverse Stock Split.

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| | |
|:---|:---|
| Aggregate Liquidation Preference of Enzon Series C Preferred Stock held by non-IEH Parties<sup>(1)</sup> | $813589 |
| Enzon 20-Day VWAP<sup>(2)</sup> | $7.83 |
| Enzon Common Stock issued in Series C Exchange Offer | 103947 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) The aggregate Liquidation Preference of Enzon Series C Preferred Stock held by IEH Parties immediately prior to the Closing Date is calculated as (A) (i) the historical Liquidation Preference of $1,102 per share as of September 30, 2025, plus (ii) the prorated 5% annual increase in the Liquidation Preference per share from October 1, 2025 through the estimated Closing Date of $23 per share (resulting in a Liquidation Preference per share of $1,125 as of the estimated Closing Date) pursuant to the Certificate of Designation of Series C Non-Convertible Redeemable Preferred Stock of Enzon, *multiplied* by (B) the number of shares of Enzon Series C Preferred Stock beneficially owned by non-IEH Parties.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Refer to Note 3(i) for the calculation of the Enzon 20-Day VWAP 1 for 100 Reverse Stock Split.

**Viskase Securities Purchase Agreement**

● In December 2025 and January 2026, Viskase entered into securities purchase agreements with AEP pursuant to which it issued and sold 43,103,450 shares of its common stock at a purchase price of $0.58 per share, resulting in aggregate cash proceeds of approximately $25.0 million.

**Other Material Events**

● Under the terms of the Merger Agreement, Enzon is required to have Cash on Hand at the Closing of an amount that is equal to the Minimum Cash Condition, which is defined as an amount equal or greater than $40,000,000.

In order to determine whether the Minimum Cash Condition will be satisfied at Closing, Enzon must adjust its Cash on Hand as of September 30, 2025 to reflect its estimated Cash on Hand as of the estimated Closing Date of March 4, 2026. These adjustments include:

● Actual and estimated interest and dividend income to be earned on Enzon's invested cash and cash equivalents from October 1, 2025 through the estimated Closing on March 4, 2026 of $0.6 million.

● Actual and estimated cash disbursements for Enzon's general and administrative costs from October 1, 2025 through the assumed Closing on March 4, 2026 of $0.6 million plus transaction costs of $1.3 million.

As of the estimated Closing on March 4, 2026, Enzon estimates it will have $42.0 million of Cash on Hand, which will satisfy the Minimum Cash Condition.

● On March 26, 2025, Viskase announced a plan to cease production in its plant in Osceola, Arkansas, with the operations ceasing effective April 30, 2025 (the "Plant Closure") with winddown activities continuing through June 2025. In connection with the Plant Closure, Viskase moved the equipment and personnel from the Osceola plant to existing sites to maintain a materially similar company-wide productive capacity after the Plant Closure. Viskase expects to settle the remaining $0.6 million of accrued plant restructuring costs prior to the Closing.

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**Additional Information Related to the Unaudited Pro Forma Condensed Combined Financial Information**

The unaudited pro forma condensed combined financial information has been prepared based on Enzon's and Viskase's historical financial statements as adjusted to give effect to the Closing, and the events described above in the sections "*Viskase Securities Purchase Agreement*" and "*Other Material Events.*" The unaudited pro forma condensed combined balance sheet as of September 30, 2025 gives pro forma effect to the Closing as if it had occurred on September 30, 2025. The unaudited pro forma condensed combined statement of operations for the year ended December 31, 2024 reflects adjustments assuming that any adjustments that were made to the unaudited pro forma condensed combined balance sheet as of September 30, 2025 are assumed to have been made on January 1, 2024 for the purpose of adjusting the unaudited pro forma condensed combined statement of operations. The unaudited pro forma condensed combined statement of operations for the nine months ended September 30, 2025 reflects adjustments assuming that any adjustments that were made to the unaudited pro forma condensed combined balance sheet as of September 30, 2025 are assumed to have been made on January 1, 2024 for the purpose of adjusting the unaudited pro forma condensed combined statement of operations.

The unaudited pro forma condensed combined financial information has been derived from and should be read in conjunction with:

● the accompanying notes to the unaudited pro forma condensed combined financial information;

● the historical unaudited financial statements of Enzon as of and for the nine months ended September 30, 2025 and the related notes included elsewhere in this prospectus/consent solicitation/offer to exchange;

● the historical audited financial statements of Enzon as of and for the year ended December 31, 2024 and the related notes included elsewhere in this prospectus/consent solicitation/offer to exchange;

● the historical unaudited financial statements of Viskase as of and for the nine months ended September 30, 2025 and the related notes included elsewhere in this prospectus/consent solicitation/offer to exchange;

● the historical audited financial statements of Viskase as of and for the year ended December 31, 2024 and the related notes included elsewhere in this prospectus/consent solicitation/offer to exchange;

● other information relating to Enzon and Viskase contained in this prospectus/consent solicitation/offer to exchange, including in the sections entitled "*Enzon's Management's Discussion and Analysis of Financial Condition and Results of Operations*," "*Viskase's Management's Discussion and Analysis of Financial Condition and Results of Operations*," the Annexes and other financial information relating to each of Enzon and Viskase included elsewhere in this prospectus/consent solicitation/offer to exchange.

The unaudited pro forma condensed combined financial information is provided for illustrative purposes only and is not necessarily indicative of what the actual results of operations and financial position would have been had the Closing and the events described above in the sections "*Viskase Securities Purchase Agreement*" and "*Other Material Events*" taken place on the dates indicated, nor are they indicative of the future consolidated results of operations or financial position of Enzon. The unaudited pro forma adjustments are based on information currently available, and assumptions and estimates underlying the unaudited pro forma adjustments are described in the accompanying notes to the unaudited pro forma condensed combined financial information. If the actual facts are different than these assumptions, the amounts and shares outstanding in the unaudited pro forma condensed combined financial information that follows will be different, and those changes could be material.

Except where the context otherwise indicates, the information concerning Enzon contained in or incorporated by reference into this unaudited pro forma condensed combined financial information has been provided by Enzon, and the information concerning Viskase contained in this unaudited pro forma condensed combined financial information has been provided by Viskase.

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**UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET**

**AS OF SEPTEMBER 30, 2025**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Transaction Accounting Adjustments** | **Transaction Accounting Adjustments** | **Transaction Accounting Adjustments** | **Transaction Accounting Adjustments** | **Transaction Accounting Adjustments** | **Transaction Accounting Adjustments** | |
| <br>**(In thousands, except for share data)** | <br>**Enzon**<br>**Pharmaceuticals,**<br>**Inc.**<br>**Historical** | <br>**Viskase**<br>**Companies,**<br>**Inc.**<br>**Historical** | **Viskase**<br>**Securities**<br>**Purchase**<br>**Agreement** | <br>**Notes** | **Adjustments**<br>**for**<br>**Other Material**<br>**Events** | <br>**Notes** | **Other**<br>**Transaction**<br>**Accounting**<br>**Adjustments** | <br>**Notes** | <br>**Pro Forma**<br>**Balance**<br>**Sheet** |
| **Assets** |  |  |  |  |  |  |  |  |  |
| **Current assets:** |  |  |  |  |  |  |  |  |  |
| Cash and cash equivalents | $43256 | $7692 | $24884 | **3(aaa)** | $660 | **3(aa)** | $(1000) | **3(a)** | $32345 |
|  |  |  |  |  | (550) | **3(bb)** | (246) | **3(d)** |  |
|  |  |  |  |  | (555) | **3(cc)** | (350) | **3(e)** |  |
|  |  |  |  |  |  |  | (1446) | **3(b)** |  |
|  |  |  |  |  |  |  | (40000) | **3(k)** |  |
| Receivables, net |  | 67540 |  |  |  |  |  |  | 67540 |
| Inventories, net |  | 91776 |  |  |  |  |  |  | 91776 |
| Other current assets | 411 | 46995 |  |  |  |  | 246 | **3(d)** | 47652 |
| **Total current assets** | 43667 | 214003 | 24884 |  | (445) |  | (42796) |  | 239313 |
| Property, plant and equipment |  | 471975 |  |  |  |  |  |  | 471975 |
| Less accumulated depreciation |  | (338160) |  |  |  |  |  |  | (338160) |
| Property, plant and equipment, net |  | 133815 |  |  |  |  |  |  | 133815 |
| Operating right of use assets, net |  | 19416 |  |  |  |  |  |  | 19416 |
| Other assets, net |  | 11155 |  |  |  |  |  |  | 11155 |
| Intangible assets, net |  | 13909 |  |  |  |  |  |  | 13909 |
| Goodwill |  | 3129 |  |  |  |  |  |  | 3129 |
| Deferred income taxes | 26 | 4409 |  |  |  |  | (26) | **3(h)** | 4409 |
| **Total assets** | 43693 | 399836 | 24884 |  | (445) |  | (42822) |  | 425146 |
| **Liabilities and stockholders' (deficit)/equity** |  |  |  |  |  |  |  |  |  |
| **Current liabilities:** |  |  |  |  |  |  |  |  |  |
| Short-term debt |  | 140464 |  |  |  |  | (39746) | **3(k)** | 100718 |
| Accounts payable | 331 | 34001 |  |  |  |  | (730) | **3(b)** | 33602 |
| Accrued liabilities | 209 | 24907 |  |  | (555) | **3(cc)** | (128) | **3(a)** | 24183 |
|  |  |  |  |  |  |  | (250) | **3(b)** |  |
| Short-term portion operating lease liabilities |  | 4519 |  |  |  |  |  |  | 4519 |
| **Total current liabilities** | 540 | 203891 |  |  | (555) |  | (40854) |  | 163022 |
| Accrued employee benefits |  | 25820 |  |  |  |  |  |  | 25820 |
| Deferred income taxes |  | 3476 |  |  |  |  |  |  | 3476 |
| Long-term operating lease liabilities |  | 17334 |  |  |  |  |  |  | 17334 |
| **Total liabilities** | 540 | 250521 |  |  | (555) |  | (40854) |  | 209652 |
| **Mezzanine equity:** |  |  |  |  |  |  |  |  |  |
| Enzon Series C Preferred Stock, $0.01 par value; 40,000 shares authorized; 40,000 shares issued and outstanding (liquidation value $1,102) | 44076 |  |  |  |  |  | (45012) | **3(i)** |  |
|  |  |  |  |  |  |  | 936 | **3(g)** |  |
| **Stockholders' equity:** |  |  |  |  |  |  |  |  |  |
| Viskase Common stock, $0.01 par value; 150,000,000 shares authorized, 135,422,427 shares issued and 134,617,157 outstanding at September 30, 2025 and 150,000,000 shares authorized 103,995,935 shares issued and 103,190,665 outstanding at December 31, 2024 |  | 1183 | 431 | **3(aaa)** |  |  | (1614) | **3(j)** |  |
| Enzon Common Stock, $0.01 par value; 170,000,000 shares authorized; 74,214,603 shares issued and outstanding | 742 |  |  |  |  |  | (735) | **3(f)** |  |
|  |  |  |  |  |  |  | 58 | **3(i)** |  |
|  |  |  |  |  |  |  | (65) | **3(c)** |  |
| Combined Company Common Stock, $0.01 par value |  |  |  |  |  |  | 79 | **3(j)** | 144 |
|  |  |  |  |  |  |  | 65 | **3(c)** |  |
| Additional paid-in capital | 70565 | 202199 | 24453 | **3(aaa)** |  |  | 44954 | **3(i)** | 269824 |
|  |  |  |  |  |  |  | (72131) | **3(j)** |  |
|  |  |  |  |  |  |  | 735 | **3(f)** |  |
|  |  |  |  |  |  |  | (15) | **3(b)** |  |
|  |  |  |  |  |  |  | (936) | **3(g)** |  |
| (Accumulated deficit) retained earnings | (72230) | 6797 |  |  | 660 | **3(aa)** | (872) | **3(a)** | 6092 |
|  |  |  |  |  | (550) | **3(bb)** | (350) | **3(e)** |  |
|  |  |  |  |  | **—** |  | (451) | **3(b)** |  |
|  |  |  |  |  |  |  | 73368 | **3(j)** |  |
|  |  |  |  |  |  |  | (26) | **3(h)** |  |
|  |  |  |  |  |  |  | (254) | **3(k)** |  |
| Treasury Stock, at cost (805,270 treasury shares) |  | (298) |  |  |  |  | 298 | **3(j)** |  |
| Accumulated other comprehensive loss |  | (59212) |  |  |  |  |  |  | (59212) |
| **Total stockholders' equity attributable to controlling interests** | (923) | 150669 | 24884 |  | 110 |  | 42108 |  | 216848 |
| Deficit attributable to non-controlling interest |  | (1354) |  |  |  |  |  |  | (1354) |
| **Total stockholders' equity** | (923) | 149315 | 24884 |  | 110 |  | 42108 |  | 215494 |
| **Total liabilities, mezzanine equity, and stockholders' equity** | 43693 | 399836 | 24884 |  | (445) |  | (42822) |  | 425146 |

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*See accompanying notes to the unaudited pro forma condensed combined financial information.*

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**UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended** <br>**September 30, 2025** | **Nine Months Ended** <br>**September 30, 2025** | | | | |
| <br>**(In thousands, except for share data)** | **Enzon**<br>**Pharmaceuticals,**<br>**Inc.** <br>**Historical** | **Viskase**<br>**Companies,**<br>**Inc.** <br>**Historical** | <br>**Other**<br>**Transaction**<br>**Accounting** <br>**Adjustments** | <br>**Notes** | <br>**Pro Forma**<br>**Statement of**<br>**Operations** | <br>**Notes** |
| Net sales | $— | $282629 | $— |  | $282629 |  |
| Cost of sales |  | (250724) |  |  | (250724) |  |
| **Gross margin** |  | 31905 |  |  | 31905 |  |
| Selling, general and administrative |  | 38146 | 185 | **4(e)** | 42170 |  |
|  |  |  | 3839 | **5(a)** |  |  |
| General and administrative | 1038 |  | (1038) | **5(a)** |  |  |
| Transaction expenses | 2801 |  | (2801) | **5(a)** |  |  |
| Amortization of intangibles |  | 1148 |  |  | 1148 |  |
| Asset impairment expense |  | 12100 |  |  | 12100 |  |
| Restructuring and related expense |  | 6606 |  |  | 6606 |  |
| **Operating loss** | (3839) | (26095) | (185) |  | (30119) |  |
| Interest expense, net |  | (8545) | 2220 | **4(h)** | (6325) |  |
| Interest and dividend income | 1494 |  | (1494) | **4(a)** |  |  |
| Other income, net |  | 2682 |  |  | 2682 |  |
| **Loss before income taxes** | (2345) | (31958) | 541 |  | (33762) |  |
| Income tax benefit (expense) | 7 | (14890) | 88 | **4(g)** | (14795) |  |
| **Net loss** | (2338) | (46848) | 629 |  | (48557) |  |
| Less: net loss attributable to noncontrolling interests |  | (33) |  |  | (33) |  |
| **Net loss attributable to controlling interests** | (2338) | (46815) | 629 |  | (48524) |  |
| Dividends on Series C Preferred Stock | (1593) |  | 1593 | **4(c)** |  |  |
| **Net loss available to common stockholders** | $(3931) | $(46815) | $2222 |  | $(48524) |  |
| Enzon Pharmaceuticals, Inc. basic and diluted weighted average common shares outstanding | 74214603 |  |  |  |  |  |
| Enzon Pharmaceuticals, Inc. basic and diluted net loss per share | $(0.05) | $— | $— |  | $— |  |
| Viskase Companies, Inc. basic and diluted weighted average common shares outstanding |  | 108795514 |  |  |  |  |
| Viskase Companies, Inc. basic and diluted net loss per share | $— | $(0.43) | $— |  | $— |  |
| Combined Company basic and diluted weighted average common shares outstanding |  |  |  |  | 14428869 | **4(i)** |
| Combined Company basic and diluted net loss per share | $— | $— | $— |  | $(3.36) | **4(i)** |

---

*See accompanying notes to the unaudited pro forma condensed combined financial information.*

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**UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year EndedDecember 31, 2024** | **Year EndedDecember 31, 2024** | **Transaction Accounting Adjustments** | **Transaction Accounting Adjustments** | **Transaction Accounting Adjustments** | **Transaction Accounting Adjustments** | | |
| <br>**(In thousands, except for share data)** | <br>**Enzon**<br>**Pharmaceuticals,**<br>**Inc. Historical** | **Viskase**<br>**Companies,**<br>**Inc.** <br>**Historical** | **Adjustments** <br>**for Other**<br>**Material** <br>**Events** | <br>**Notes** | **Other**<br>**Transaction**<br>**Accounting** <br>**Adjustments** | <br>**Notes** | <br>**Pro Forma** <br>**Statement**<br>**of** <br>**Operations** | <br>**Notes** |
| Net sales |  | $403775 | $— |  | $— |  | $403775 |  |
| Cost of sales |  | (335945) |  |  |  |  | (335945) |  |
| Royalties and milestones, net | 26 |  |  |  |  |  | 26 |  |
| **Gross margin** | 26 | 67830 |  |  |  |  | 67856 |  |
| Selling, general and administrative |  | 48421 | 550 | **4(aa)** | 872 | **4(b)** | 52243 |  |
|  |  |  |  |  | 350 | **4(d)** |  |  |
|  |  |  |  |  | 246 | **4(e)** |  |  |
|  |  |  |  |  | 451 | **4(f)** |  |  |
|  |  |  |  |  | 1353 | **5(a)** |  |  |
| General and administrative | 1353 |  |  |  | (1353) | **5(a)** |  |  |
| Amortization of intangibles |  | 1609 |  |  |  |  | 1609 |  |
| Asset impairment charge |  | 448 |  |  |  |  | 448 |  |
| Restructuring expense |  | 1917 |  |  |  |  | 1917 |  |
| **Operating income** | (1327) | 15435 | (550) |  | (1919) |  | 11639 |  |
| Interest expense, net |  | (11032) |  |  | 2960 | **4(h)** | (8072) |  |
| Interest and dividend income | 2452 |  |  |  | (2452) | **4(a)** |  |  |
| Loss on extinguishment of debt |  |  |  |  | (254) | **4(h)** | (254) |  |
| Other expense, net |  | (10532) |  |  |  |  | (10532) |  |
| **Income (loss) before income taxes** | 1125 | (6129) | (550) |  | (1665) |  | (7219) |  |
| Income tax (expense) benefit | (347) | 670 |  |  | (24) | **4(g)** | 299 |  |
| **Net income (loss)** | 778 | (5459) | (550) |  | (1689) |  | (6920) |  |
| Less: net loss attributable to noncontrolling interests |  | (99) |  |  |  |  | (99) |  |
| **Net income (loss) attributable to controlling interests** | $778 | $(5360) | $(550) |  | $(1689) |  | $(6821) |  |
| Dividends on Series C Preferred Stock | (1275) |  |  |  | 1275 | **4(c)** |  |  |
| **Net loss available to common stockholders** | $(497) | $(5360) | $(550) |  | $(414) |  | $(6821) |  |
| Enzon Pharmaceuticals, Inc. basic and diluted weighted average common shares outstanding | 74214603 |  |  |  |  |  |  |  |
| Enzon Pharmaceuticals, Inc. basic and diluted net loss per share | $(0.01) | $— | $— |  | $— |  | $— |  |
| Viskase Companies, Inc. basic and diluted weighted average common shares outstanding |  | 103190665 |  |  |  |  |  |  |
| Viskase Companies, Inc. basic and diluted net loss per share | $— | $(0.05) | $— |  | $— |  | $— |  |
| Combined Company basic and diluted weighted average common shares outstanding |  |  |  |  |  |  | 14428869 | **4(i)** |
| Combined Company basic and diluted net loss per share | $— | $— | $— |  | $— |  | $(0.47) | **4(i)** |

---

*See accompanying notes to the unaudited pro forma condensed combined financial information.*

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**NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Basis of Pro Forma Presentation** 

The unaudited pro forma condensed combined financial information was prepared in accordance with Article 11 of SEC Regulation S-X, as amended by Release No. 33-10786, "Amendments to Financial Disclosures about Acquired and Disposed Businesses". Release No. 33-10786 replaces the historical pro forma adjustments criteria with simplified requirements to depict the accounting for the transaction ("Transaction Accounting Adjustments") and presents the reasonably estimable synergies and other transaction effects that have occurred or are reasonably expected to occur ("Management's Adjustments"). Enzon and Viskase management have elected not to present Management's Adjustments and will only be presenting Transaction Accounting Adjustments in the unaudited pro forma condensed combined financial information. The adjustments presented in the unaudited pro forma condensed combined financial information have been identified and presented to provide relevant information necessary for an understanding of Enzon at the Closing inclusive of the events described above in the sections "*Viskase Securities Purchase Agreement*" and "*Other Material Events*". The unaudited pro forma condensed combined financial information does not give effect to any anticipated synergies, operating efficiencies, tax savings, or cost savings that may be associated with the Merger. Enzon and Viskase had no historical transaction with each other prior to entering into the Merger Agreement. Accordingly, no pro forma adjustments were required to eliminate activities between the companies.

The pro forma adjustments reflecting the Closing and the events described above in the sections "*Viskase Securities Purchase Agreement*" and "*Other Material Events*" are based on certain currently available information and certain assumptions and methodologies that both Enzon and Viskase believe are reasonable under the circumstances. The pro forma adjustments, which are described in the accompanying notes, may be revised as additional information becomes available and is evaluated. Therefore, it is likely that the actual adjustments will differ from the pro forma adjustments, and it is possible the differences may be material. Both Enzon and Viskase believe that the assumptions and methodologies provide a reasonable basis for presenting all the significant effects of the Closing and the events described above in the sections "*Viskase Securities Purchase Agreement*" and "*Other Material Events*" based on information available to management at this time and that the pro forma adjustments give appropriate effect to those assumptions and are properly applied in the unaudited pro forma condensed combined financial information.

Included in the shares outstanding and weighted average shares outstanding (for the calculation of pro forma basic net loss per share and diluted net loss per share) as presented in the unaudited pro forma condensed combined financial information are shares of Enzon Common Stock to be issued to holders of Viskase Common Stock, shares of Enzon Common Stock expected to be outstanding following the completion of the agreed upon 1 to 100 Reverse Stock Split, and shares of Enzon Common Stock that will be issued following the completion of the IEH Share Exchange and Series C Exchange Offer.

The table directly below presents ownership based on the shares expected to be outstanding on the estimated Closing as of March 4, 2026 as depicted in the unaudited pro forma condensed combined financial information.

---

| | | |
|:---|:---|:---|
|  | **Shares** | **% Ownership** |
| Shares held by legacy Viskase common stockholders | 7935878 | 55.0% |
| Shares held by IEH Parties underlying Enzon Series C Preferred Stock subsequent to IEH Share Exchange | 5646898 | 39.2% |
| Shares held by legacy Enzon common stockholders | 742146<br><sup>(1)</sup> | 5.1% |
| Shares held by non-IEH Parties underlying Enzon Series C Preferred Stock subsequent to Series C Exchange Offer | 103947 | 0.7% |
| **Total shares of Combined Company Common Stock** | **14428869** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Consists of 742,146 shares of Enzon Common Stock issued to the current holders of Enzon Common Stock following the Reverse Stock Split. The 74,214,603 shares of Enzon Common Stock outstanding immediately prior to the Closing are assumed to be adjusted using a 1 for 100 Reverse Stock Split ratio, resulting in 742,146 shares of Enzon Common Stock.

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&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Accounting Treatment for the Transaction** 

Notwithstanding the legal form, the Merger will be accounted for as a reverse recapitalization and not a business combination under ASC 805. Under this method of accounting, Enzon will be treated as the acquired company for accounting purposes, whereas Viskase will be treated as the accounting acquirer. In accordance with this method of accounting, the Merger will be treated as the equivalent of Viskase issuing shares for the net assets of Enzon, accompanied by a recapitalization. The net assets of Enzon will be stated at historical cost, with no goodwill or other intangible assets recorded, and operations prior to the Merger will be those of Viskase. Viskase has been determined to be the accounting acquirer for purposes of the Merger based on an evaluation of the following facts and circumstances:

● Legacy Viskase stockholders will have a majority of the voting interest in the Combined Company, with 55.0% of the voting power held by legacy Viskase stockholders;

● All of the senior management of the Combined Company will come from the senior management of Viskase;

● Viskase will appoint a majority of the directors to the board of directors of the Combined Company as the Merger Agreement provides that only two current directors of Enzon (Mr. Jordan Bleznick and Mr. Randolph C. Read) will be directors of the Combined Company; and

● The intended strategy of the Combined Company will be to focus on Viskase's core service offerings.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Adjustments to the Unaudited Pro Forma Condensed Combined Balance Sheet as of September 30, 2025** 

The pro forma notes and adjustments, based on preliminary estimates that could change materially as additional information is obtained, are as follows:

***Pro Forma Adjustments for Viskase Securities Purchase Agreement:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) To reflect the issuance of 43,103,450 shares of Viskase Common Stock at $0.58 per share for gross cash proceeds of approximately $25.0 million pursuant to securities purchase agreements entered into in December 2025 and January 2026. $0.1 million of specific incremental costs were incurred attributable to the offerings of securities, which were charged against the gross proceeds of the offerings, resulting in net proceeds of $24.9 million.

***Pro Forma Adjustments for Other Material Events:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) To reflect actual and expected interest and dividend income on Enzon's invested cash and cash equivalents from October 1, 2025 through the estimated Closing of March 4, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) To reflect actual and expected cash disbursements for Enzon's general and administrative costs from October 1, 2025 through the estimated Closing of March 4, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) To reflect, as a result of the Plant Closure, an estimated $0.6 million in remaining accrued restructuring costs paid from September 30, 2025 through the estimated Closing Date. This results in a $0.6 million decrease to accrued liabilities for remaining restructuring expenses accrued as of September 30, 2025 on the Viskase historical balance sheet and a reduction in cash and cash equivalents of $0.6 million.

***Pro Forma Other Transaction Accounting Adjustments:***

&nbsp;&nbsp;&nbsp;&nbsp;(a) To reflect (i) estimated transaction costs expected to be incurred and expensed by Enzon subsequent to September 30, 2025 in the amount of $0.9 million, (ii) payment of $1.0 million for total preliminary estimated transaction costs for Enzon, which includes the $0.9 million in transaction costs expected to be incurred subsequent to September 30, 2025 and paid upon the Closing above, and payment of $0.1 million of transaction costs that were incurred prior to September 30, 2025 that were recorded in accrued liabilities in the historical Enzon balance sheet. The $0.9 million of transaction costs expected to be incurred subsequent to September 30, 2025 are not deemed specific incremental costs directly attributable to the offering of securities associated with the Closing, as such, these costs of $0.9 million are recorded as an increase to accumulated deficit on the unaudited pro forma condensed combined balance sheet as of September 30, 2025.

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&nbsp;&nbsp;&nbsp;&nbsp;(b) To reflect payment of $1.4 million for total preliminary estimated transaction costs for Viskase, which includes (i) the payment of $1.0 million of transaction costs that were incurred prior to September 30, 2025 and that were recorded as accounts payable and accrued liabilities of $0.7 million and $0.3 million, respectively, in the Viskase historical financial statements and (ii) the payment of $0.4 million of transaction costs that are anticipated to be incurred subsequent to September 30, 2025 but prior to the Closing. The adjustment reflects professional fees of $15 thousand that are deemed specific incremental costs directly attributable to the offering of securities associated with the Closing. These costs of $15 thousand are recorded as a reduction to additional paid-in capital. The remaining $0.4 million of transaction costs expected to be incurred subsequent to September 30, 2025 but prior to the Closing that are not deemed specific incremental costs directly attributable to the offering of securities have been recorded as an increase to accumulated deficit.

&nbsp;&nbsp;&nbsp;&nbsp;(c) To reflect the reclassification of shares of Enzon Common Stock that were issued and outstanding immediately prior to the Effective Time of the Merger following the Reverse Stock Split. These, shares, originally presented within the line item Enzon Common Stock, $0.01 par value are reclassified to the line item Combined Company Common Stock, $0.01 par value on the face of the pro forma unaudited condensed combined balance sheet. This reclassification is made as Enzon is referred to as the Combined Company following the Effective Time of the Merger.

Following the 1 for 100 Reverse Stock Split (see Note 3(f)), 742,146 shares of Enzon Common Stock are outstanding immediately prior to the Closing and are presented within the Enzon Common Stock, $0.01 par value line item (74,214,603 issued and outstanding shares of Enzon Common Stock divided by 100 results in 742,146 shares) are reclassified to the line item Combined Company Common Stock, $0.01 par value. In addition, 5,750,845 shares of Enzon Common Stock issued in connection with the IEH Share Exchange and Series C Exchange Offer (see Note 3(i)) and presented within the Enzon Common Stock, $0.01 par value line item are similarly reclassified to the line item Combined Company Common Stock, $0.01 par value.

After adjustment 3(c) and adjustment 3(j), the unaudited pro forma condensed combined balance sheet reflects $0.1 million in Combined Company Common Stock, $0.01 par value.

&nbsp;&nbsp;&nbsp;&nbsp;(d) To reflect the estimated payment on the Closing of a $0.2 million premium for a prepaid directors' and officers' insurance policy for the Combined Company's directors and officers subsequent to the Merger.

&nbsp;&nbsp;&nbsp;&nbsp;(e) To reflect the estimated payment on the Closing of the $0.4 million premium for Enzon's directors' and officers' tail insurance policy.

&nbsp;&nbsp;&nbsp;&nbsp;(f) To reflect the 1 for 100 Reverse Stock Split. Following the 1 for 100 Reverse Stock Split, 74,214,603 shares of Enzon Common Stock are reduced to 742,146 shares. As the Reverse Stock Split is effected without a change in the par value per share, Enzon Common Stock, $0.01 par value was reduced by $0.7 million. This amount reflects (i) a decrease of $0.7 million in Enzon Common Stock, $0.01 par value to remove the par value associated with the 74,214,603 shares outstanding prior to the Reverse Stock Split, offset by (ii) an increase of $7 thousand in Enzon Common Stock, $0.01 par value to record the par value of the 742,146 shares of Enzon Common Stock following the 1 for 100 Reverse Stock Split. The resulting net reduction of $0.7 million in Enzon Common Stock, $0.01 par value and net increase of $0.7 million in additional paid-in-capital reflects the impact of the $0.7 million reduction to Enzon Common Stock, $0.01 par value in the 1 for 100 Reverse Stock Split.

&nbsp;&nbsp;&nbsp;&nbsp;(g) To reflect the prorated 5% increase in the aggregate Liquidation Preference (see Note 3(i)) of the Enzon Series C Preferred Stock from October 1, 2025 through the estimated Closing on March 4, 2026, which provides for a 5% annual increase in Liquidation Preference, prorated for partial years, when a cash dividend is not paid.

&nbsp;&nbsp;&nbsp;&nbsp;(h) To reduce deferred income tax asset by $26 thousand to reflect the estimated deferred income tax asset balance for the Combined Company as a result of the tax impact of certain pro forma adjustments. See Note 4(g).

&nbsp;&nbsp;&nbsp;&nbsp;(i) To reflect the exchange of Series C Preferred Stock for Enzon Common Stock through the (1) IEH Share Exchange and (2) Series C Exchange Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The number of shares of Enzon Common Stock to be issued to IEH Parties in the IEH Share Exchange is determined as (A) the $44.2 million aggregate Liquidation Preference of the shares of Enzon Series C Preferred Stock beneficially owned by such IEH Party on the Closing divided by (B) the volume-weighted average price of Enzon Common Stock for the last 20 trading days prior to and including October 24, 2025 of $7.83, adjusted from $0.08 per share to take into account the Reverse Stock Split of 1 for 100. This resulted in the exchange of 39,277 shares of Enzon Series C Preferred Stock for 5,646,898

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shares of Enzon Common Stock. This exchange results in a reduction of $44.1 million to Enzon Series C Preferred Stock, $0.01 par value, an increase of $0.1 million to Enzon Common Stock, $0.01 par value, and an increase of $44.2 million to additional paid-in capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The number of shares of Enzon Common Stock to be issued to non-IEH Parties in the Series C Exchange Offer is determined as (A) the $0.8 million aggregate Liquidation Preference of each share of Enzon Series C Preferred Stock *divided* by (B) the volume-weighted average price of Enzon Common Stock for the last 20 trading days prior to and including October 24, 2025 of $7.83, adjusted from $0.08 per share to take into account the Reverse Stock Split of 1 for 100. This resulted in the exchange of 723 shares of Enzon Series C Preferred Stock for 103,947 shares of Enzon Common Stock. This exchange results in a reduction of $0.8 million to Enzon Series C Preferred Stock, $0.01 par value, an increase of $1 thousand to Enzon Common Stock, $0.01 par value, and an increase of $0.8 million to additional paid-in capital.

&nbsp;&nbsp;&nbsp;&nbsp;(j) To reflect the recapitalization of Viskase through the exchange of 160,479,227 shares of Viskase Common Stock for the right to receive 7,935,878 shares of Enzon Common Stock, based on the Exchange Ratio calculation of 0.0495. Further to reflect the elimination of Enzon's historical accumulated deficit and Viskase's treasury stock as part of the recapitalization.

The reverse recapitalization adjustment is determined as follows (in thousands):

---

| | |
|:---|:---|
| Derecognition of Viskase Common Stock | $(1614) |
| Derecognition of Viskase treasury stock | $298 |
| Derecognition of Enzon's accumulated deficit<sup>(1)</sup> | $73368 |
| Issuance of Merger Consideration through the issuance of Combined Company Common Stock in accordance with the Exchange Ratio | $79 |
| Net reduction of additional paid-in capital due to derecognition of Enzon's accumulated deficit and Viskase's historical equity and issuance of Combined Company Common Stock | $(72131) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The derecognition of Enzon's accumulated deficit of $73.3 million is determined as follows (in thousands):

---

| | |
|:---|:---|
| Historical accumulated deficit of Enzon as of September 30, 2025 | $(72230) |
| Estimated transaction costs of Enzon through the estimated Closing Date, see 3(a) and 3(e) | $(1222) |
| Interest and dividend income to be earned from September 30, 2025 through the Closing 3(aa) | $660 |
| Estimated general and administration expenses from September 30, 2025 through the Closing 3(bb) | $(550) |
| Deferred income tax asset adjustment 3(h) | $(26) |
| Total adjustment to derecognize Enzon's accumulated deficit | $(73368) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(k) To reflect Viskase's repayment of $40 million of debt expected to occur upon Closing. Enzon's cash and cash equivalents will be used to repay the aforementioned amount. Further, to reflect the loss on extinguishment of debt of $0.3 million under ASC 470, calculated as the excess of the cash paid on extinguishment of $40 million over the net carrying amount of the debt being repaid. The net carrying amount of $39.7 million is calculated as principal of $40 million, adjusted for the unamortized deferred financing costs associated with the debt of $0.3 million. The reacquisition price is the amount paid upon extinguishment of $40 million.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Adjustments to Unaudited Pro Forma Condensed Combined Statement of Operations for the Nine Months Ended September 30, 2025 and for the Year Ended December 31, 2024** 

The pro forma notes and adjustments, based on preliminary estimates that could change materially as additional information is obtained, are as follows:

***Pro Forma Adjustments for Other Material Events:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) To reflect Enzon general and administrative costs from cash disbursements from October 1, 2025 through the Closing (see Note 3(bb)).

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***Pro Forma Transaction Accounting Adjustments:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To reflect the removal of historical interest and dividend income attributable to Enzon's invested cash and cash equivalents. The Enzon invested cash and cash equivalents will be used at the Closing to repay short-term debt issued by Viskase (see Note 3(k)). For the purposes of making adjustments to the unaudited pro forma condensed combined statement of operations, any adjustments that are made to the unaudited pro forma condensed combined balance sheet are assumed to have been made on January 1, 2024. As the Closing is assumed to occur on January 1, 2024, no interest and dividend income will be earned for pro forma purposes for the year ended December 31, 2024 and nine months ended September 30, 2025. This is a non-recurring item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To reflect the estimated transaction costs of Enzon for certain accounting, auditing and other professional fees expected to be incurred in connection with the Merger that are not deemed directly attributable to the offering of securities. This is a non-recurring item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To reflect the removal of historical dividends on Enzon Series C Preferred Stock as it is assumed the Enzon Series C Preferred Stock was exchanged for Enzon Common Stock on January 1, 2024 for purposes of adjusting the unaudited pro forma condensed combined statement of operations. This is a non-recurring item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To reflect expense recognized for the directors' and officers' tail insurance policy recorded in Note 3(e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To reflect nine months and one year of amortization expense for the Combined Company's directors' and officers' insurance policy recorded in Note 3(d) for the nine months ended September 30, 2025 and for the year ended December 31, 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To reflect the estimated transaction costs of Viskase for certain professional fees expected to be incurred in connection with the Merger that are not deemed directly attributable to the offering of securities. This is a non-recurring item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To reflect an adjustment to income taxes as a result of the tax impact of certain pro forma adjustments using the effective tax rate for the Combined Company for the nine months ended September 30, 2025 and the year ended December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To reflect the reversal of historical interest expense and amortization of deferred financing costs for the nine months ended September 30, 2025 and year ended December 31, 2024 resulting from the repayment of certain Viskase debt obligations on the Closing. Additionally, to account for the loss on extinguishment of debt recognized in connection with this repayment. See Note 3(k) for further information. This is a non-recurring item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The pro forma basic and diluted net loss per share attributable to controlling interests for the nine months ended September 30, 2025 and for the year ended December 31, 2024, respectively, presented in the unaudited pro forma condensed combined statement of operations are based upon the number of shares of Enzon Common Stock that would be outstanding at Closing, assuming the Closing occurred on January 1, 2024.

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Pro forma basic and diluted net loss per share attributable to controlling interests of the Combined Company is calculated as follows for the nine months ended September 30, 2025:

---

| | |
|:---|:---|
|  | **Nine Months Ended**<br>**September 30, 2025** |
| **Numerator:** |  |
| Pro forma net loss | $(48557000) |
| Less: net loss attributable to noncontrolling interests | (33000) |
| Pro forma net loss attributable to common stockholders of Combined Company | $(48524000) |
| **Denominator:** |  |
| &nbsp;&nbsp;Assume exchange of Enzon Series C Preferred Stock for Enzon Common Stock and the conversion of Enzon Common Stock into Combined Company Common Stock effective January 1, 2024 as a result of assuming Closing of the Merger on January 1, 2024 | 5750845 |
| &nbsp;&nbsp;Assume conversion of legacy Enzon Common Stock into Combined Company Common Stock effective January 1, 2024 as a result of assuming Closing of the Merger on January 1, 2024 | 742146 |
| &nbsp;&nbsp;Assume conversion of Viskase Common Stock into the right to receive Enzon Common Stock and the conversion of Enzon Common Stock into Combined Company Common Stock effective January 1, 2024 as a result of assuming Closing of the Merger on January 1, 2024 | 7935878 |
| Pro forma weighted-average shares outstanding – basic and diluted | 14428869 |
| **Pro forma net loss per share attributable to common stockholders of Combined Company – basic and diluted** | $(3.36) |

---

There were no antidilutive shares of Enzon Common Stock at the Combined Company for the nine months ended September 30, 2025.

Pro forma basic and diluted net loss per share attributable to controlling interests of the Combined Company is calculated as follows for the year ended December 31, 2024:

---

| | |
|:---|:---|
|  | **Year Ended**<br>**December 31, 2024** |
| **Numerator:** |  |
| Pro forma net loss | $(6920000) |
| Less: net loss attributable to noncontrolling interests | (99000) |
| Pro forma net loss attributable to common stockholders of Combined Company | $(6821000) |
| **Denominator:** |  |
| &nbsp;&nbsp;Assume exchange of Enzon Series C Preferred Stock for Enzon Common Stock and the conversion of Enzon Common Stock into Combined Company Common Stock effective January 1, 2024 as a result of assuming Closing of the Merger on January 1, 2024 | 5750845 |
| &nbsp;&nbsp;Assume conversion of legacy Enzon Common Stock into Combined Company Common Stock effective January 1, 2024 as a result of assuming Closing of the Merger on January 1, 2024 | 742146 |
| &nbsp;&nbsp;Assume conversion of Viskase Common Stock into the right to receive Enzon Common Stock and the conversion of Enzon Common Stock into Combined Company Common Stock effective January 1, 2024 as a result of assuming Closing of the Merger on January 1, 2024 | 7935878 |
| Pro forma weighted-average shares outstanding – basic and diluted | 14428869 |
| **Pro forma net loss per share attributable to common stockholders of Combined Company – basic and diluted** | $(0.47) |

---

There were no antidilutive shares of Enzon Common Stock at the Combined Company for the year ended December 31, 2024.

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&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Conforming Accounting Policies and Reclassification Adjustments** 

During the preparation of this unaudited pro forma condensed combined financial information, Viskase performed a preliminary analysis of Enzon's financial information to identify differences in financial statement presentation as compared to the presentation of Viskase. Certain reclassification adjustments have been made to conform Enzon's historical financial statement presentation to Viskase's historical financial statement presentation. Following the completion of the Merger, or as more information becomes available, Viskase will finalize the review of financial statement presentation, which could differ from the presentation set forth in the unaudited pro forma condensed combined financial information presented herein.

The following items represent certain reclassification adjustments to conform the presentation of Enzon's historical statement of operations for the nine months ended September 30, 2025 and for the year ended December 31, 2024 to the presentation of Viskase's historical consolidated statement of operations for the nine months ended September 30, 2025 and for the year ended December 31, 2024, respectively. These reclassification adjustments have no impact on net loss for the nine months ended September 30, 2025 or for the year ended December 31, 2024, respectively, and are summarized below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To reclassify Enzon's historical general and administrative and transaction expenses into the selling, general and administrative line item.

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**COMPARATIVE HISTORICAL AND UNAUDITED PRO FORMA PER SHARE DATA**

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| | | |
|:---|:---|:---|
| <br>**Enzon Pharmaceuticals, Inc. – Historical** | **Nine Months Ended**<br>**September 30, 2025** | **Year Ended**<br>**December 31, 2024** |
| Basic and diluted net loss per share | $(0.05) | $(0.01) |
| Book value per share available to common shareholders | $(0.01) | $0.04 |

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| | | |
|:---|:---|:---|
| <br>**Viskase Companies, Inc. – Historical** | **Nine Months Ended**<br>**September 30, 2025** | **Year Ended**<br>**December 31, 2024** |
| Basic and diluted net loss per share | $(0.43) | $(0.05) |
| Book value per share attributable to Viskase Companies, Inc. | $1.28 | $1.66 |

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| | | |
|:---|:---|:---|
| <br>**Combined Company** | **Nine Months Ended**<br>**September 30, 2025** | **Year Ended**<br>**December 31, 2024** |
| Pro forma basic and diluted net loss per share | $(3.36) | $(0.47) |
| Pro forma book value per share attributable to common stockholders<sup>(1)</sup> | $15.03 | N/A |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Pro forma book value per share data of Combined Company was not provided for the year ended December 31, 2024, as no unaudited pro forma condensed combined balance sheet is included within this prospectus pursuant to Regulation S-X, Rule 11-02(c)(1).

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| | | |
|:---|:---|:---|
| <br>**Viskase Companies, Inc. unaudited pro forma condensed combined equivalent amounts**<sup>(1)</sup> | **Nine Months Ended**<br>**September 30, 2025** | **Year Ended**<br>**December 31, 2024** |
| Basic and diluted net loss per share | $(8.70) | $(1.05) |
| Pro forma book value per share attributable to Viskase Companies, Inc. | $25.96 | $33.57 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) The Viskase Companies, Inc. unaudited pro forma equivalent data is calculated as the quotient of Viskase's historical per share amounts and the Exchange Ratio of 0.0495.

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**MARKET PRICE AND DIVIDEND INFORMATION**

**Enzon Common Stock and Viskase Common Stock**

Enzon Common Stock is quoted for trading on the "OTCQB" tier of the OTC under the trading symbol "ENZN". Viskase Common Stock is quoted for trading on the "Pink Limited" tier of the OTC under the trading symbol "VKSC."

The following table shows the closing price of shares of each of Enzon Common Stock and Viskase Common Stock on June 20, 2025, the Trading Day which closed prior to the public announcement of the Merger, on October 23, 2025, the Trading Day which closed prior to the public announcement of the Merger Agreement Amendment and on January 27, 2026, the Trading Day immediately prior to the date of this prospectus/consent solicitation/offer to exchange, in each case as reported on the OTC.

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| | | |
|:---|:---|:---|
|  | **ENZN** | **VKSC** |
| June 20, 2025 | $0.0811 | $1.00 |
| October 23, 2025 | $0.0761 | $1.21 |
| January 27, 2026 | $0.0672 | $0.90 |

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Over-the-counter market quotations reflect inter-dealer prices, without retail mark-up, markdown or commission and may not represent actual transactions. The market prices of the Enzon Common Stock and the Viskase Common Stock have fluctuated since the date of the announcement of the execution of the Merger Agreement and will continue to fluctuate prior to the completion of the Merger. No assurance can be given concerning the market prices of either of Enzon Common Stock or Viskase Common Stock before completion of the Merger. We urge you to obtain current market quotations for the Enzon Common Stock and the Viskase Common Stock and to review carefully the other information contained in this prospectus/consent solicitation/offer to exchange.

As of January 28, 2026, there were 740 holders of record of Enzon Common Stock and approximately 93 holders of record of Viskase Common Stock, which does not reflect Persons or entities that hold either Enzon Common Stock or Viskase Common Stock in "street" name by a brokerage firm, bank or other nominee.

**Dividends**

The declaration of dividends by Enzon is within the discretion of the Enzon Board, subject to any applicable limitations under Delaware corporate law, and therefore the Enzon Board could decide in the future not to declare dividends. Enzon did not pay any cash dividends to its common stockholders in 2024 and can provide no assurance that the Enzon Board will declare any cash dividends payable to Enzon's common stockholders in the future. In addition, as the Enzon Common Stock ranks junior to the Enzon Series C Preferred Stock, unless full dividends have been (i) paid, (ii) redeemed in an amount in excess of the initial liquidation value of $1,102 per share of Enzon Series C Preferred Stock or (iii) set aside for payment on all such outstanding Enzon Series C Preferred Stock for all dividends or increases in the liquidation value in excess of the initial liquidation amount of $1,102 of such Enzon Series C Preferred Stock, no cash dividends may be declared or paid on Enzon Common Stock. On an annual basis, the Enzon Board may, at its sole discretion, cause a dividend with respect to the Enzon Series C Preferred Stock to be paid in cash to the holders in an amount equal to three percent (3%) of the Liquidation Preference as in effect at such time. If the dividend is not so paid in cash, the Liquidation Preference will be adjusted and increased annually by an amount equal to five percent (5%) of the Liquidation Preference per share as in effect at such time, that is not paid in cash to the holders on such date. Also, Enzon's ability to pay dividends in the future depends on, among other things, Enzon's future revenues from existing royalties and/or milestone payments, Enzon's ability to acquire other revenue sources and Enzon's ability to manage expenses, including costs relating to Enzon's ongoing operations.

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On December 18, 2024, the Enzon Board declared a cash dividend of three percent (3%) of the Liquidation Preference at December 31, 2023 ($42,483,286) of the Enzon Series C Preferred Stock, aggregating approximately $1,275,000 ($31.86 per share). Such dividend was paid on January 9, 2025 to the holders of record of Enzon Series C Preferred Stock as of January 2, 2025.

The declaration of dividends by Viskase is within the discretion of the Viskase Board, subject to any applicable limitations under Delaware corporate law and the Amended Senior Credit Facility, specifically, the Amended Senior Credit Facility restricts Viskase's ability to, among other things, pay dividends. Viskase has never declared or paid any cash dividends on its capital stock. Viskase currently intends to retain all available funds and future earnings, if any, for the operation and expansion of its business and does not anticipate declaring or paying any dividends in the foreseeable future. Following the Merger, the payment of dividends, if any, will be at the discretion of the Combined Company's board of directors and will depend on a number of factors, including the Combined Company's, financial condition, available cash, future revenues (including any royalties or milestone payments), the successful execution of its business strategy and its ability to manage expenses, and other factors that the board of directors of the Combined Company may deem relevant.

The Merger Agreement prohibits each of Enzon and Viskase from paying dividends (provided that dividends will continue to accrue on the Enzon Series C Preferred Stock).

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**RISK FACTORS**

*You should consider carefully the following risk factors, as well as the other information set forth in this prospectus/consent solicitation/offer to exchange, before making any decision on each of the Reverse Stock Split Proposal and the Merger Proposal. Risks related to Enzon, including risks related to Enzon's business, financial condition and capital requirements, development, regulatory approval and commercialization, dependence on third parties, intellectual property and taxation, will continue to be applicable to the Combined Company after the Closing. You should also consider the other information in this prospectus/consent solicitation/offer to exchange and the other documents incorporated by reference into this prospectus/consent solicitation/offer to exchange. Please see the sections titled "Incorporation of Certain Documents by Reference" and "Where You Can Find More Information" in this prospectus/consent solicitation/offer to exchange for further information regarding the documents incorporated into this document by reference.*

**Risk Factors Relating to Viskase's Business**

***Strategic Risks***

***Viskase's failure to efficiently respond to industry changes in casings technology could jeopardize Viskase's ability to retain its customers and maintain its revenues, operating results and market share.***

Viskase and other participants in its industry have considered alternatives to cellulosic casings for many years. As resin technology improves or other technologies develop, alternative casings or other manufacturing methods have been developed and may continue to be improved that threaten the long-term sustainability and profitability of cellulosic casings, Viskase's core product and Viskase's fibrous casings. Viskase's failure to anticipate, develop or efficiently and timely integrate new technologies that provide viable alternatives to cellulosic casings, including collagen, plastics and film alternatives, may cause Viskase to lose customers and market share to competitors integrating such technologies, which, in turn, would negatively impact Viskase's revenues and operating results.

***Sales of Viskase's products could be negatively affected by problems or concerns with the safety and quality of certain food products.***

Viskase could be adversely affected if consumers in the food markets were to lose confidence in the safety and quality of meat products, particularly with respect to processed meat products for which casings are used, such as hot dogs and sausages. Outbreaks of, or even adverse publicity about the possibility of, diseases such as avian influenza and "mad cow disease," food-borne pathogens such as E. coli and listeria and any other food safety problems or concerns relating to meat products may discourage consumers from buying meat products. These risks could also result in additional governmental regulations and/or cause production and delivery disruptions or product recalls. Each of these risks could adversely affect the demand for Viskase's products and consequently Viskase's sales volumes and revenues.

***Viskase faces industry competitors that are better capitalized, and the continuous-flow nature of the casings manufacturing process forces competitors to compete based on price in order to maintain volume, which could adversely affect Viskase's revenues and results.***

Viskase faces competition in the U.S. and internationally from competitors that may have substantially greater financial resources than Viskase. Currently, Viskase's primary competitors include Viscofan, S.A., Kalle GmbH, Visko Teepak and Vicel. Additionally, Viskase faces regional competition from local suppliers, predominantly with respect to plastic casing, as the cost of entry and expertise required in that field is relatively low compared to Cellulosic extrusion. The continuous-flow nature of the casings manufacturing process has historically provided an incentive to competitors in Viskase's industry to compete based on price in order to maintain volume, which could result in lower industry-wide pricing. Viskase believes the current and planned cellulose production capacity in its industry exceeds global demand and will continue to do so in the near term. Viskase strives to differentiate its products on the basis of product quality and performance, product innovation and development, service, sales and distribution, but these efforts may not be sufficient to offset price competition. A decline in prices may materially adversely affect Viskase's profitability, whereas certain of Viskase's competitors who are better capitalized may be positioned to absorb such price declines. Any of these factors could result in a material reduction of Viskase's revenue, gross profit margins and operating results.

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***Viskase receives its raw materials from a limited number of suppliers, and problems with their supply could impair Viskase's ability to meet its customers' product demands.***

Viskase's principal raw materials, including paper, pulp, polyamide resins and key chemicals, namely sodium hydroxide, carbon disulfide and sulfuric acid, constitute an important aspect and cost factor of Viskase's operations. Viskase generally purchases its paper and pulp from a single source or a small number of suppliers, and purchases sodium hydroxide and carbon disulfide from a few sources. Any inability of Viskase's suppliers to timely deliver raw materials or any unanticipated adverse change in Viskase's suppliers could be disruptive and costly to Viskase. Viskase's inability to obtain raw materials from its suppliers would require Viskase to seek alternative sources. These alternative sources may not be adequate for all of Viskase's raw material needs nor may adequate raw material substitutes exist in a form that Viskase's processes could be modified to use. These risks could materially and adversely impact Viskase's sales volume, revenues, costs of goods sold and, ultimately, profit margins.

***Changing dietary trends and consumer preferences could weaken the demand for Viskase's products.***

Various medical studies detailing the health-related attributes of particular foods, including processed meat products, affect the purchase patterns, dietary trends and consumption preferences of consumers. These patterns, trends and preferences are routinely changing. For example, general dietary concerns about processed meat products, such as the cholesterol, calorie, sodium and fat content of such products, could result in reduced demand for such products, which could, in turn, cause a reduction in the demand for Viskase's products and a decrease in Viskase's sales volume and revenue.

***Viskase's facilities are capital intensive, and Viskase may not be able to obtain financing to fund necessary capital expenditures.***

Viskase's business is capital intensive. Viskase operates nine (9) manufacturing facilities and six (6) distribution centers as part of its business. Viskase is required to make substantial capital expenditures and substantial repair and maintenance expenditures to maintain, repair, upgrade and expand existing equipment and facilities to keep pace with competitive developments. In addition, Viskase is required to invest in technological advances to maintain compliance with safety standards and environmental laws and regulations. If Viskase needs to obtain additional funds to finance such capital expenditures, Viskase may not be able to do so on terms favorable to it, or at all, which would ultimately negatively affect Viskase's production and operating results.

***Business interruptions at any of Viskase's production facilities could increase Viskase's operating costs, decrease Viskase's sales or cause Viskase to lose customers.***

The reliability of Viskase's production facilities is critical to the success of Viskase's business. In recent years, Viskase has streamlined its production capacity to be better aligned with its sale volumes. Viskase generally seeks to operate its facilities at levels that leave little or no excess production capacity for certain products. If the operations of any of Viskase's manufacturing facilities were interrupted or significantly delayed for any reason, including labor stoppages, Viskase may be unable to shift production to another facility without incurring a significant drop in production. Any of Viskase's manufacturing facilities, or any of Viskase's machines within such facilities, could cease operations unexpectedly for a significant period of time due to a number of events, including:

● unscheduled maintenance outages;

● prolonged power failures;

● equipment or information system breakdowns or failures;

● disruption in the supply of raw materials;

● closure or curtailment related to environmental concerns;

● labor difficulties;

● terrorism or threats of terrorism;

● changes in local or global economic conditions (including, without limitation, changes related to trade wars or tariffs);

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● the effect of a pandemic or other health event; and

● other operational problems.

Such a drop in production could negatively affect Viskase's sales and Viskase's relationships with its customers.

***Viskase's facilities are susceptible to extreme weather events, which could disrupt Viskase's business.***

Extreme weather events could cause disruptions to Viskase's business both directly and indirectly. Climate change may increase the frequency and intensity of these extreme weather events. Certain weather events may cause damage to Viskase's facilities and require Viskase to temporarily halt operations. If Viskase's strategic facilities (including Viskase's eight (8) significant manufacturing facilities throughout North America, Europe, South America and Asia) were to experience a natural disaster, such as a hurricane, tornado, earthquake or other severe weather event, casualty loss from an event such as a fire or flood or other adverse impacts, such as plant shutdowns, Viskase's supply chain may be negatively impacted. These factors could lead to increased prices for Viskase's raw materials, curtailment of supplies, allocation of raw materials and other force majeure events of Viskase's suppliers and harm relations with Viskase's customers which could have a material adverse effect on Viskase's consolidated financial condition, results of operations and cash flows. Damage to Viskase's facilities may also cause insurance premiums to increase and also require Viskase to incur additional costs to mitigate future risks.

***Strategic transactions may be difficult to implement, disrupt our business or change our business profile significantly.***

Viskase has completed two (2) acquisitions and may in the future engage in additional strategic transactions, including acquisitions or dispositions of assets or businesses. These transactions involve numerous risks, including: (i) potential disruption of Viskase's ongoing business and distraction of management; (ii) difficulty integrating the acquired business or segregating assets and operations to be disposed of; (iii) exposure to unknown, contingent or other liabilities, including litigation arising in connection with the acquisition or disposition or against any businesses Viskase may acquire; (iv) changes to Viskase's business profile that could have unintended negative consequences; and (v) the failure to achieve desired synergies. If Viskase enters into significant strategic transactions, the related accounting charges may affect Viskase's financial condition and results of operations, particularly in the case of an acquisition. The financing of any significant acquisition may result in changes in Viskase's capital structure, including the incurrence of additional indebtedness. If Viskase is unable to realize desired benefits from its acquisitions, Viskase may be required to spend additional time or money on integration efforts that could have been otherwise spent on development and expansion of Viskase's core business. A material disposition could require the amendment or refinancing of Viskase's outstanding indebtedness or a portion thereof.

***Political and economic instability and risk of government actions affecting Viskase's business and its customers or suppliers may adversely impact Viskase's business, consolidated financial condition, results of operations and cash flows.***

Viskase is exposed to risks inherent in doing business in each of the countries or territories in which Viskase or its customers or suppliers operate including: geopolitical, social, economic and other events and conditions (including natural disasters, pandemics, acts of terrorism, hostilities or the perception that hostilities may be imminent, military conflicts or acts of war (such as the ongoing war in Ukraine), and related responses, including sanctions or other restrictive actions and associated changes in monetary policy or potential economic recession, commodity prices, legislative and regulatory changes, supply chain issues, labor shortages, foreign currency fluctuations, uncertainty surrounding tariffs and inflationary pressures), the deprivation of contract rights, the inability to obtain or retain licenses required by Viskase to operate its plants or import or export its goods or raw materials, the expropriation or nationalization of Viskase's assets, and restrictions on travel, payments or the movement of funds.

While Viskase's industry is not currently the primary target of sanctions or export controls, the evolution and potential escalation of ongoing conflicts and actions taken by governments in response to such conflicts, and the consequences, economic or otherwise, are unpredictable. Geopolitical events, including the ongoing conflict between Russia and Ukraine, the existing or potential increased hostilities in the Middle East, the increasing tensions between China and Taiwan, and the imposition of tariffs by the U.S. and reciprocal tariffs by its trading partners have had and may continue to have a negative impact on the global industrial macro-economic environment and could materially adversely impact Viskase's consolidated financial condition, results of operations and cash flows.

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***A deterioration in general economic conditions may harm Viskase's business, results of operations, cash flows and financial position.***

General global and domestic economic conditions directly affect the levels of demand and production of consumer goods, levels of employment, the availability and cost of credit, and ultimately, the demand for Viskase's products and the profitability of our business. The U.S. economy has experienced persistent inflation, and Viskase has experienced, and continues to experience, cost inflation across its business. Inflation has resulted in, and may continue to result in, higher production and transportation costs, which Viskase may not be able to recover through higher prices charged to its customers or otherwise. If global or domestic economic conditions deteriorate, economies could experience a recession, which may result in higher unemployment rates, lower disposable income, lower earnings and investment and lower consumer spending. These factors could result in lower demand for Viskase's products and negatively affect Viskase's business, results of operations and cash flows.

In addition, tariffs imposed by the U.S. or foreign governments or a global trade war has increased and may in the future continue to increase the cost of Viskase's products, which could have a material adverse effect on Viskase's business, financial condition and results of operations. An example of a material adverse effect includes, but is not limited to, customers of Viskase seeking alternative sources of supply if tariffs impact the cost of Viskase's products. Further changes in U.S. trade policy, including renegotiating or potentially terminating existing bilateral or multilateral agreements as well as the imposition of tariffs or retaliatory tariffs from other nations, could continue to impact global markets and demand for Viskase's and its customers' products and the costs associated with certain of Viskase's capital investments and expenditures. Further changes in tax laws or tax rates may have a material impact on Viskase's future cash taxes, effective tax rate or deferred tax assets and liabilities. These conditions are beyond Viskase's control and may have a material impact on Viskase's business, results of operations, liquidity and financial position.

***Deterioration in Viskase's business and financial condition has resulted in the Merger Agreement Amendment and additional adverse changes in Viskase's business and financial condition could further affect the terms, timing or completion of the Merger.***

Viskase's operating performance and financial condition have deteriorated materially as a result of, among other things, underperformance of the Viskase business in the second half of 2025 and Viskase pausing capital investment into one of its product lines. In light of these developments, Enzon and Viskase entered into the Merger Agreement Amendment to revise certain terms of the Merger Agreement, including the Exchange Ratio, and reflect the changed circumstances. There can be no assurance that these adjustments will be sufficient to address the effects of Viskase's deteriorated performance or that Viskase's business will not further decline before the completion of the Merger.

***The interests of Viskase's controlling stockholder may not be aligned with those of Viskase or its other stockholders.***

As of January 28, 2026, IEH — through its control of the IEH Parties — Beneficially Owns approximately 93.97% of the outstanding shares of Viskase's Common Stock. Carl C. Icahn is the controlling stockholder and chairman of the board of the general partner of IEH. Because of their substantial ownership and voting power, Mr. Icahn and the IEH Parties presently have and will continue to have voting power sufficient to control the election of the Viskase Board and stockholder voting on decisions relating to fundamental corporate actions, including the potential Merger, consolidations or sales of all or substantially all of Viskase assets. It is possible that the interests of Mr. Icahn and the IEH Parties may not always align with the interests of Viskase or its other stockholders.

***Operational Risks***

***Viskase may fail to attract and retain qualified personnel, including key management personnel.***

Viskase's ability to operate and grow its business depends on its ability to attract and retain employees with the skills necessary to operate and maintain Viskase's facilities, produce its products and serve its customers. The increasing demand for qualified personnel may make it more difficult for Viskase to attract and retain qualified employees. Changing demographics and labor work force trends may make it difficult for Viskase to replace retiring employees at Viskase's manufacturing and other facilities. U.S. labor market conditions remain stringent, and Viskase has, at times, experienced labor shortages and/or higher than historical employee turnover in certain of its facilities. If Viskase fails to attract and retain qualified personnel, or if Viskase experiences labor shortages, Viskase may experience higher costs and other difficulties, and its business may be adversely impacted.

In addition, Viskase relies on key executive and management personnel to manage its business efficiently and effectively. Viskase has recently undergone changes at its most senior levels, including recent changes to its Chief Executive Officer and its Chief Financial Officer, which integration and retention of such individuals will be instrumental to the success of Viskase. As Viskase's

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business has grown in size and geographic scope, Viskase has relied, and will rely in the future, on these individuals to manage increasingly complex operations. The loss of any of Viskase's key personnel could adversely affect Viskase's business.

***If Viskase experiences strikes, other work stoppages or difficulties in negotiating various collective bargaining agreements, its business will be harmed.***

Viskase's workforce is largely unionized and operates under various collective bargaining agreements in different countries. Viskase must negotiate to renew or extend any union contracts as they expire or near expiration. While Viskase believes that it has satisfactory labor relations, Viskase may not be able to successfully negotiate new agreements without work stoppages or labor difficulties in the future or renegotiate them on favorable terms. If Viskase is unable to successfully renegotiate the terms of any of these agreements or if it experiences any extended interruption of operations at any of its facilities as a result of strikes or other work stoppages, Viskase's business, results of operations and financial condition may be harmed.

***Viskase is subject to risk of loss of a significant contract or unfavorable changes in Viskase's relationships with significant customers.***

Viskase is a party to several supply, distribution, contract packaging and other significant contracts. The loss of a significant contract or failure to obtain new significant contracts could adversely affect Viskase's business, results of operations and financial condition.

Sales to Viskase's largest customer accounted for approximately six percent (6%) of consolidated gross sales during the year ended December 31, 2024. Viskase's top five (5) customers collectively represented approximately 18% percent of consolidated gross sales during the year ended December 31, 2024. The loss of one (1) or more of Viskase's top customers could have a material adverse effect on Viskase's business, results of operations and financial condition.

***Legal, Regulatory, Compliance and Cybersecurity Risks***

***Viskase's operations are subject to the general risks of litigation.***

Viskase is subject to litigation arising in the ordinary course of business. Trends in litigation may include class actions involving employees, consumers, competitors, suppliers, stockholders or others, and claims relating to product liability, contract disputes, antitrust regulations, intellectual property, advertising, labeling, wage and hour laws, employment practices or environmental matters. Neither litigation trends nor the outcomes of litigation can be predicted with certainty, and adverse litigation trends and outcomes could negatively affect Viskase's business, results of operations and financial condition.

***Product liability claims or regulatory actions could adversely affect Viskase's financial results or harm Viskase's reputation or the value of Viskase's products.***

Claims for losses or injuries purportedly caused by some of Viskase's products may arise in the ordinary course of Viskase's business. In addition to the risk of substantial monetary judgments, product liability claims or regulatory actions could result in negative publicity that could harm Viskase's reputation in the marketplace or adversely impact the value of Viskase's brands and Viskase's ability to sell its products in certain jurisdictions. Viskase could also be required to recall possibly defective products, or voluntarily do so, which could result in adverse publicity and significant expenses. Although Viskase maintains product liability insurance coverage, certain potential product liability claims could be excluded or exceed coverage limits under the terms of Viskase's insurance policies or could result in increased costs for such coverage.

***Risks related to security breaches of company, customer, employee and vendor information, as well as the technology that manages Viskase's operations and other business processes, could adversely affect Viskase's business.***

Viskase relies on various information technology and process control systems to capture, process, store and report data, operate its manufacturing and converting facilities, and interact with customers, vendors and employees. Despite careful security and controls design, implementation, updating and internal and independent third-party assessments, Viskase's information technology and process control systems, and those of Viskase's third-party providers, could become subject to cyber-attacks or security breaches. Network, system and data breaches could result in misappropriation of sensitive data or operational disruptions, including interruption to systems availability, denial of access to and misuse of applications required by Viskase's customers and vendors to conduct business with Viskase. Misuse of internal applications, theft of intellectual property, trade secrets or other corporate assets and inappropriate

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disclosure of confidential information could stem from such incidents. Delayed shipments, slowed production or other issues resulting from these disruptions could result in lost sales, business delays and negative publicity and could have a material adverse effect on business, results of operations and financial condition.

***Viskase's intellectual property rights may be inadequate or violated and Viskase may be subject to claims of infringement, either or both of which could negatively affect Viskase's financial condition.***

Viskase relies on a combination of trademarks, patents, trade secret rights and other rights to protect its intellectual property. Viskase's trademark or patent applications may not be approved, and Viskase's existing or future trademarks or patents may be challenged by third parties. Viskase cannot be certain that the steps it has taken will prevent the misappropriation of its intellectual property, particularly in foreign countries where applicable laws may not protect Viskase's rights as fully as the applicable laws of the U.S. From time to time, it has been necessary for Viskase to enforce its intellectual property rights against infringements by third parties, and Viskase expects to continue to do so in the ordinary course of its business. Viskase also may be subjected to claims by others that Viskase has violated their intellectual property rights. Even if Viskase prevails, third party-initiated or Viskase-initiated claims may be time consuming and expensive to resolve and may result in a diversion of Viskase's time and resources. The occurrence of any of these factors could diminish the value of Viskase's trademark, patent and intellectual property portfolio, subject Viskase to greater competitive pressure and negatively impact Viskase's sales volume and revenues.

***The misuse or theft of information Viskase possesses, including as a result of cyber security breaches, could harm Viskase's brand, reputation or competitive position and give rise to material liabilities.***

Viskase regularly possesses, stores and handles certain non-public information about its customers and employees. Despite the security measures Viskase currently has in place, Viskase's facilities and systems and those of its third-party service providers may be susceptible to unauthorized access. In addition, unauthorized parties may attempt to gain access to Viskase's systems or facilities, or those of third parties with whom Viskase does business, through fraud, trickery or other forms of deception of Viskase's employees or contractors. Many of the techniques used to obtain unauthorized access, including viruses, worms and other malicious software programs, are difficult to anticipate until launched against a target and Viskase may be unable to implement adequate preventative measures. Viskase's failure to maintain the security of that data, whether as the result of Viskase's own error or the malfeasance or errors of others, could harm Viskase's reputation, interrupt Viskase's operations, result in governmental investigations and give rise to civil or criminal liabilities. Any such failure could lead to lower revenues, increased remediation, prevention and other costs and other material adverse effects on Viskase's results of operations, financial condition, liquidity and cash flows.

***Continued compliance with environmental, social and governance ("ESG") regulations may result in significant costs, which could negatively affect Viskase's financial condition.***

Investors, customers, governmental authorities and other stakeholders have an interest in ESG regulations and matters, including with respect to climate change, greenhouse gas emissions and sustainable business practices. As a result, Viskase anticipates a continued interest in reporting on ESG metrics, more prescriptive reporting requirements with respect to ESG metrics and expectations that companies establish goals and commitments regarding ESG metrics and take actions to achieve those goals and commitments. Additionally, Viskase's operations are subject to extensive environmental, health and safety laws and regulations pertaining to the discharge of substances into the environment, the handling and disposition of wastes and land reclamation and remediation of hazardous substance substances. Present and future environmental laws and regulations applicable to Viskase's operations may require substantial capital expenditures and may have a material adverse effect on Viskase's business, financial condition and results of operations.

Failure to comply with environmental laws and regulations can have serious consequences for Viskase, including criminal as well as civil and administrative penalties and negative publicity. Liability under these laws and regulations involves inherent uncertainties. In addition, continued government and public emphasis on environmental issues could necessitate increased future investments for environmental controls at ongoing operations, which will be charged against income from future operations and distract management efforts from other operational matters. As the nature of these potential future charges is unknown, management is not able to estimate the magnitude of any future costs and Viskase has not accrued any reserve for any potential future costs. If Viskase is unable to meet any goals and targets related to the environmental laws and regulations, Viskase's reputation with investors, customers and other stakeholders and businesses may be harmed.

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***International Risks***

***Viskase's foreign operations expose Viskase to risks that may materially adversely affect Viskase's financial condition, results of operations, liquidity and cash flows.***

Viskase currently has manufacturing facilities, distribution centers and service centers in seven (7) foreign countries, including Brazil, France, Germany, Italy, Mexico, the Philippines and Poland. A significant portion of Viskase's annual revenues are generated outside the U.S. Operating in many different countries exposes Viskase to varying risks, which include: (i) multiple, and sometimes conflicting, foreign regulatory requirements and laws that are subject to change and are often much different than the domestic laws in the U.S., including laws relating to taxes, consumer privacy, data security, employment matters, import and export controls and the protection of Viskase's trademarks and other intellectual property; (ii) the effect of foreign currency translation risk, as well as limitations on Viskase's ability to repatriate income; (iii) varying tax regimes, including consequences from changes in applicable tax laws and Viskase's ability to repatriate cash from non-U.S. Affiliates without adverse tax consequences; (iv) local ownership or investment requirements, as well as difficulties in obtaining financing in foreign countries for local operations; (v) political and economic instability, natural calamities, war and terrorism; and (vi) tariffs.

Viskase's sales to customers located outside the U.S. are generally subject to taxes on the repatriation of funds. In addition, international operations in certain parts of the world may be subject to international balance of payment difficulties that may raise the possibility of delay or loss in the collection of accounts receivable from sales to customers in those countries. Net sales to customers located outside the U.S. represented approximately 68% of Viskase's total net sales in the year ended on December 31, 2024, and approximately 70% of Viskase's total net sales in the year ended on December 31, 2023.

Increases in tariffs on certain goods imported into the U.S., and substantial changes to U.S. trade agreements, have adversely affected, and in the future could further adversely affect, Viskase's business, results of operations and financial condition. Furthermore, retaliatory tariffs or other trade restrictions on products and materials that Viskase or its customers and suppliers export or import could affect demand for Viskase's products. Direct or indirect consequences of tariffs, retaliatory tariffs or other trade restrictions may also alter the competitive landscape of Viskase's products in one (1) or more regions of the world. Trade tensions or other governmental action related to tariffs or international trade agreements or policies have the potential to negatively impact Viskase's business, financial condition and results of operations.

Additionally, operating in many different countries also increases the risk of a violation, or alleged violation, of the United States Foreign Corrupt Practices Act and other applicable anti-corruption laws and regulations, the economic sanction programs administered by the U.S. Treasury Department's Office of Foreign Assets Control and the anti-boycott regulations administered by the U.S. Department of Commerce's Office of Anti-boycott Compliance. Any failure to comply with these laws, even if inadvertent, could result in significant penalties or otherwise harm Viskase's reputation and business. There can be no assurance that all of Viskase's employees, contractors and agents will comply with Viskase's policies that mandate compliance with these laws. Violations of these laws could be costly and disrupt Viskase's business, which could have a material adverse effect on Viskase's business, financial condition, results of operations, liquidity and cash flows.

Should any of these risks occur, it could impair Viskase's ability to export its products or conduct sales to customers located outside of the U.S. and result in a loss of sales and profits from Viskase's international operations.

***A substantial portion of Viskase's business is conducted through foreign subsidiaries, and Viskase's failure to generate sufficient cash flow from these subsidiaries, or otherwise repatriate or receive cash from these subsidiaries, could result in Viskase's inability to repay its indebtedness.***

Viskase's sales to customers located outside the U.S. are conducted primarily through subsidiaries organized under the laws of jurisdictions outside of the U.S. For the year ended December 31, 2024, Viskase's foreign restricted subsidiaries contributed approximately 68% of Viskase's consolidated revenues. As of December 31, 2024, approximately 58% of Viskase's consolidated assets, based on book value, were held by Viskase's foreign subsidiaries. Viskase's ability to meet its debt service obligations with cash from foreign subsidiaries will depend upon the results of operations of these subsidiaries and may be subject to contractual or other restrictions and other business considerations. In addition, dividend and interest payments to Viskase from its foreign subsidiaries may be subject to foreign withholding taxes, which would reduce the amount of funds Viskase receives from such foreign subsidiaries. Dividends and other distributions from Viskase's foreign subsidiaries may also be subject to fluctuations in currency exchange rates and restrictions on repatriation, which could further reduce the amount of funds Viskase receives from such foreign subsidiaries.

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***Financial Risks***

***Prior to August 2026, Viskase must amend and/or refinance the Amended Senior Credit Facility, or obtain sufficient additional funds to repay borrowings under the Amended Senior Credit Facility as Viskase does not currently have sufficient cash on hand to repay such borrowings at their scheduled maturity. As a result, there is substantial doubt about Viskase's ability to continue as a going concern.***

Viskase's financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The ability of Viskase to continue as a going concern is dependent on Viskase successfully amending and/or refinancing of the Amended Senior Credit Facility, or obtaining sufficient additional funds to repay borrowings under the Amended Senior Credit Facility, before its maturity in August 2026.

Viskase has advised Enzon that it is in discussions with its lending group to refinance or extend its existing indebtedness such that the going concern exception would be addressed and removed, although there can be no assurance that such refinance or extension will occur.

Viskase intends to adequately amend and/or refinance the Amended Senior Credit Facility, or obtain sufficient additional funds to repay borrowings under the Amended Senior Credit Facility, after completion of the Merger but before the scheduled maturity of the Amended Senior Credit Facility to continue as a going concern. However, there is no assurance that Viskase will be able to adequately amend and/or refinance the Amended Senior Credit Facility, or obtain sufficient additional funds to repay borrowings under the Amended Senior Credit Facility, scheduled to mature within twelve (12) months of the date of the issuance of Viskase's financial statements for the six (6) and nine (9) months ended September 30, 2025, or that such funds, if available, will be obtainable on terms satisfactory to Viskase, and therefore substantial doubt exists about Viskase's ability to continue as a going concern. The condensed consolidated financial statements do not include any adjustments that might result from Viskase being unable to continue as a going concern.

***Raising additional capital would cause dilution to Viskase's existing stockholders and may adversely affect the rights of existing stockholders.***

Viskase may seek additional capital through a combination of private and public equity offerings, debt financings and collaborations, and strategic and licensing arrangements. To the extent that Viskase raises additional capital through the issuance of equity or otherwise, including through additional preferred stock or convertible debt securities, the ownership interest of Viskase's stockholders will be diluted, and the terms may include liquidation or other preferences that adversely affect such stockholders' rights as Viskase stockholders. Future sales of Viskase Common Stock or of securities convertible into Viskase Common Stock, or the perception that such sales may occur, could cause immediate dilution and adversely affect the value of Viskase Common Stock.

***Viskase is subject to significant minimum contribution requirements and market exposure with respect to its defined benefit plan, both of which could adversely affect Viskase's cash flow.***

While Viskase has frozen participation in its defined benefit plan, Viskase is subject to substantial minimum contribution requirements with respect to its pension plan. Although the amount fluctuates, Viskase's aggregate minimum funding contribution requirement from 2025 through 2029 is approximately $11.4 million. This amount could increase or decrease due to market factors, including expected returns on plan assets and the discount rate used to measure accounting liabilities, among other factors. Viskase's unfunded pension plan liabilities with respect to Viskase's U.S. employees was $2.4 million as of December 31, 2024. The funds in Viskase's defined benefit plan are subject to market risks, including fluctuating discount rates, interest rates and asset returns. Changes in assumptions regarding expected long-term rate of return on plan assets, Viskase's discount rate, expected compensation levels, or mortality will also increase or decrease pension costs.

***Viskase's substantial level of indebtedness could adversely affect Viskase's results of operations, cash flows and ability to compete in Viskase's industry, which could, among other things, prevent Viskase from fulfilling its obligations under its debt agreements.***

Viskase has substantial indebtedness. In addition, subject to restrictions in the agreements governing Viskase's revolving credit facility and term loan, Viskase may incur additional indebtedness. As of September 30, 2025, Viskase had approximately $141.4 million in aggregate principal amount of total debt, exclusive of additional indebtedness that Viskase may borrower under its revolving credit facility.

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Viskase's high level of indebtedness has important implications, including the following:

● if Viskase fails to satisfy its obligations under Viskase's indebtedness, or fails to comply with the restrictive covenants contained in the agreements governing Viskase's revolving credit facility and term loan, an event of default may result, all of Viskase's indebtedness could become immediately due and payable and Viskase's lenders could foreclose on Viskase's assets securing such indebtedness following the occurrence and during the continuance of an event of default;

● a default under the revolving credit facility or the term loan could trigger cross-defaults; and

● repayment of Viskase's indebtedness may require Viskase to dedicate a substantial portion of its cash flow from its business operations, thereby reducing the availability of cash flow to fund working capital, capital expenditures, development projects, general operational requirements and other purposes.

Viskase expects to obtain the funds to pay its expenses and to repay its indebtedness primarily from Viskase's operations and, in the case of Viskase's indebtedness, from refinancings thereof. Viskase's ability to meet its expenses and make these payments thus depends on Viskase's future performance, which will be affected by financial, business, economic and other factors, many of which Viskase cannot control. Viskase's business may not generate sufficient cash flow from operations in the future and Viskase's currently anticipated growth in revenue and cash flow may not be realized, either or both of which could result in Viskase being unable to repay indebtedness or to fund other liquidity needs. If Viskase does not have enough funds, Viskase may be required to refinance all or part of its then existing debt, reduce or delay capital expenditures, sell assets or borrow more funds, which Viskase may not be able to accomplish on terms favorable to Viskase, or at all. In addition, the terms of existing or future debt agreements may restrict Viskase from pursuing any of these alternatives.

***Despite current indebtedness levels, Viskase may still incur substantially more debt, which could decrease cash or other collateral available to pay Viskase's current debt.***

Viskase may incur substantial additional indebtedness in the future. Although the agreements governing Viskase's revolving credit facility and term loan contain restrictions on the incurrence of additional indebtedness, these restrictions are subject to a number of qualifications and exceptions, and the indebtedness incurred in compliance with these restrictions could be substantial and may decrease cash or other collateral available to pay Viskase's current debt.

***The instruments governing Viskase's indebtedness impose significant operating and financial restrictions, and a breach of any such restriction may result in a default, which could result in the possible acceleration of repayment obligations and Viskase's secured creditors receiving certain rights against Viskase's collateral.***

The agreements governing Viskase's revolving credit facility and term loan impose significant operating and financial restrictions on Viskase. These restrictions may restrict Viskase's ability to take advantage of potential business opportunities as they arise and may adversely affect the conduct of Viskase's current business. More specifically, they restrict Viskase's ability to, among other things: (i) incur additional indebtedness or issue disqualified capital stock; (ii) pay dividends, redeem subordinated debt or make other restricted payments; (iii) make certain investments or acquisitions; (iv) grant Liens on Viskase's assets; (v) merge, consolidate or transfer substantially all of Viskase's assets; and (vi) transfer, sell or acquire assets, including capital stock of Viskase's Subsidiaries.

Viskase's ability to comply with the provisions governing its indebtedness may be adversely affected by Viskase's operations and by changes in economic or business conditions or other events beyond Viskase's control. Viskase's failure to comply with its debt-related obligations could result in an event of default under Viskase's indebtedness, resulting in accelerated repayment obligations and giving Viskase's secured creditors certain rights against Viskase's collateral.

***A decline in expected profitability of Viskase or individual reporting units of Viskase could result in the impairment of assets, including goodwill and other long-lived assets.***

Viskase performs an annual impairment assessment for goodwill and its indefinite-lived intangible assets. As necessary, Viskase also performs an annual impairment assessment for other long-lived assets. If the results of such assessments were to show that the fair value of these assets were less than the carrying values, Viskase could be required to recognize a charge for impairment of goodwill or long-lived assets, which could be material.

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The future occurrence of a potential indicator of impairment that would require a change in Viskase's assumptions or strategic decisions made in response to economic or competitive conditions, such as a significant adverse change in the business climate, could require Viskase to perform an assessment prior to the next required assessment date of December 31, 2025.

***Viskase's financial position and future cash flows could be adversely affected if it is unable to fully realize its deferred tax assets.***

As of December 31, 2024, Viskase has gross U.S. federal net operating loss carryforwards of $40.327 million with amounts beginning to expire in 2025. As of December 31, 2024, Viskase had deferred income tax assets of $31.21 million, of which $16.36 million are related to net operating loss carryforwards for income taxes in the U.S. and in certain other taxing jurisdictions. Viskase provides a valuation allowance when it is more likely than not that some portion or all of the net deferred tax assets will not be realized. The use of Viskase's deferred tax assets enables it to satisfy current and future tax liabilities without the use of Viskase's cash resources. While it is not expected that the Merger would constitute a change of control for Viskase under Section 382 of the Code, if, for any reason, Viskase is unable to generate sufficient taxable income to fully realize its deferred tax assets, or if the use of its net operating loss carryforwards is limited in the future by Section 382 of the Code or similar statutes as a result of subsequent transactions, Viskase's financial position and future cash flows could be adversely affected.

***Viskase will be subject to business uncertainties and contractual restrictions while the Merger is pending.***

The pursuit of the Merger and the preparation for its integration may place a significant burden on Viskase's management and internal resources. Any significant diversion of management attention away from ongoing business and any difficulties encountered in the transition and integration process could affect Viskase's financial results. In addition, the Merger Agreement requires that Viskase operate in the usual, regular and ordinary course of business and restricts Viskase from taking certain actions prior to the Effective Time of the Merger or termination of the Merger Agreement without Enzon's prior consent. These restrictions may prevent Viskase from pursuing attractive business opportunities that may arise prior to the completion of the Merger.

**Risk Factors Relating to the Combined Company**

***Because the principal trading markets for the Combined Company's shares will be the OTC Market, the corporate governance rules of the national securities exchanges will not apply to the Combined Company. As a result, our governance practices may differ from those of a company listed on such U.S. exchanges.***

As a company quoted on the OTCQB tier of the OTC, the Combined Company will be subject to different governance standards than companies whose shares are listed on a national securities exchange such as the New York Stock Exchange and Nasdaq. As a result, the Combined Company will not be required to comply with such requirements, including the requirement that a majority of the Combined Company's board of directors consists of independent directors and the requirement that the Combined Company has audit and compensation committees that are composed entirely of independent directors. Although the OTC Market tiers have their own set of listing standards, including corporate governance requirements, such requirements are less strict than those promulgated by the national securities exchanges. There can be no assurance that the Combined Company will voluntarily comply with any corporate governance requirements beyond what is required by the OTCQB, and accordingly you may not have the same protections afforded to stockholders of companies that are subject to such requirements.

***Past performance by Enzon or Viskase may not be indicative of future performance of an investment in the Combined Company.***

Past performance by Enzon or Viskase is not a guarantee of success with respect to the Combined Company. You should not rely on the historical record of Enzon's or Viskase's performance as indicative of the future performance of an investment in the Combined Company or the returns the Combined Company will, or is likely to, generate going forward.

***The opinions of the Enzon Special Committee's and the Viskase Special Committee's respective financial advisors delivered prior to the signing of the Merger Agreement Amendment do not reflect changes in circumstances that may have occurred or that may occur since the dates on which such opinions were delivered.***

The opinion obtained by the Enzon Special Committee from its financial advisor was delivered on and dated October 21, 2025 and the opinion obtained by the Viskase Special Committee was delivered on and dated October 22, 2025. The opinions were based upon information available to the financial advisors as of the date of each respective opinion. Changes in the operations and prospects of either business of Enzon or Viskase, general market and economic conditions and other factors that may be beyond the control of Enzon or Viskase may significantly alter the value of Enzon or Viskase or the share prices of Enzon Common Stock or Viskase

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Common Stock by the time the Merger is completed. The opinions do not speak as of the time the Merger will be completed or as of any date other than the respective date of such opinions. Please see the sections titled "The Merger — Opinion of the Enzon Special Committee's Financial Advisor" and "The Merger — Opinion of the Viskase Special Committee's Financial Advisor" in this prospectus/consent solicitation/offer to exchange for further information regarding the opinions that the Enzon Special Committee and Viskase Special Committee received from their respective financial advisors.

***The Combined Company may be unable to successfully integrate Viskase's operations and may not realize the anticipated benefits of the Merger.***

Until the completion of the Merger, Enzon and Viskase will continue to operate as separate companies. The success of the Merger will depend, in part, on the Combined Company's ability to successfully integrate Viskase's operations, personnel, systems and business relationships. This integration process may be complex, time-consuming and subject to significant challenges, many of which may be beyond the control of the Combined Company's management. Potential difficulties that the Combined Company may encounter in connection with the integration include:

● the inability to integrate Viskase's business in a manner that permits the Combined Company to achieve the full benefits anticipated from the Merger;

● the loss of key employees of Viskase, which could adversely affect the Combined Company's operations;

● disruption of ongoing business activities, which may adversely affect relationships with customers, suppliers, regulators and other business partners;

● unanticipated changes in applicable laws, regulations or market conditions; and

● unforeseen liabilities, expenses or regulatory conditions associated with the Merger.

***Unfavorable global economic conditions could adversely affect the Combined Company's business, financial condition or results of operations.***

The Combined Company's results of operations could be adversely affected by general conditions in the global economy and in the global financial markets. The global financial crisis caused extreme volatility and disruptions in the capital and credit markets. Factors such as geopolitical, social, economic and other events and conditions (including natural disasters, pandemics, acts of terrorism, hostilities or the perception that hostilities may be imminent, military conflicts or acts of war (such as the ongoing war in Ukraine), and related responses, including sanctions or other restrictive actions and associated changes in monetary policy or potential economic recession, commodity prices, legislative and regulatory changes, supply chain issues, labor shortages, foreign currency fluctuations, uncertainty surrounding tariffs and inflationary pressures) have contributed to this volatility. Recently, among other effects, volatile economic conditions have caused rising levels of inflation, increases in interest rates by central banks with the intent of slowing inflation and a reduction of available capital following increased interest rates. These global economic conditions could result in a variety of risks to the Combined Company's business, including difficulty in raising funding from capital markets and increased interest rates on loans used to finance our business. Additionally, these developments have resulted in an increase in labor costs in the Combined Company's markets. If labor costs in the Combined Company's markets continue to rise, the Combined Company may need to increase its employee compensation levels. There may also be an increase in pricing from third-party vendors such as advisors, attorneys and consultants. Supply chain pricing may also increase, and, in many instances, without advanced warning. These events and increases in expenses could materially and adversely affect the Combined Company's financial condition, liquidity and the trading price of its securities.

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***There is a risk that the Combined Company will fail to maintain an effective system of internal controls and its ability to produce timely and accurate financial statements or comply with applicable regulations could be adversely affected. The Combined Company may identify material weaknesses in its internal controls over financial reporting which it may not be able to remedy in a timely manner.***

As a public company, the Combined Company will operate in an increasingly demanding regulatory environment, which requires it to comply with the Sarbanes-Oxley Act, the regulations of the OTC Markets, the rules and regulations of the SEC, expanded disclosure statements, accelerated reporting requirements, and more complex accounting rules. Responsibilities required by the Sarbanes-Oxley Act include establishing corporate oversight and adequate internal control over financial reporting and disclosure controls and procedures. Effective internal controls will be necessary for the Combined Company to produce reliable financial reports and are important to help prevent financial fraud. However, various factors, including that Enzon has outsourced all corporate functions and that Viskase was not an SEC-reporting company prior to the Merger, could make implementation of effective internal controls more difficult. Prior to the Closing, the Combined Company will have never been required to test internal controls within a specified period and, as a result, it may experience difficulty in meeting these reporting requirements in a timely manner.

The process of building the Combined Company's accounting and financial functions and infrastructure will require significant additional professional fees, internal costs and management efforts. The Combined Company may need to enhance and/or implement a new internal system to combine and streamline the management of its financial, accounting, human resources and other functions. However, the enhancement and/or implementation of a system may result in substantial costs. Any disruptions or difficulties in implementing or using such a system could adversely affect the Combined Company's controls and harm its business. Moreover, such disruption or difficulties could result in unanticipated costs and diversion of management's attention. In addition, the Combined Company may discover additional weaknesses in its system of internal financial and accounting controls and procedures that could result in a material misstatement of its financial statements. The Combined Company's internal control over financial reporting will not prevent or detect all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system's objectives will be met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud will be detected. If the Combined Company is not able to comply with the requirements of Section 404 of the Sarbanes-Oxley in a timely manner, or if it is unable to maintain proper and effective internal controls, the Combined Company may not be able to produce timely and accurate financial statements. If the Combined Company cannot provide reliable financial reports or prevent fraud, its business and results of operations could be harmed, investors could lose confidence in the Combined Company's reported financial information, and the Combined Company could be subject to sanctions or investigations by the SEC or other regulatory authorities.

**Risk Factors Relating to the Merger**

***The Merger is subject to a number of closing conditions and, if these conditions are not satisfied, the Merger Agreement may be terminated in accordance with its terms and the Merger may not be completed. In addition, the parties have the right to terminate the Merger Agreement under other specified circumstances, in which case the Merger would not be completed.***

The Merger is subject to a number of closing conditions and, if these conditions are not satisfied or waived (to the extent permitted by law), the Merger will not be completed. The Closing is subject to the satisfaction or waiver of certain conditions, including, among others, (i) the required approvals by the parties' stockholders (which approval, with respect to Viskase, was obtained on June 20, 2025 and subsequently on November 11, 2025) having been obtained; (ii) the completion of the Series C Exchange Offer, (iii) the accuracy of the parties' representations and warranties, subject to certain "materiality" and "material adverse effect" qualifications; (iv) compliance by the parties in all material respects with their respective covenants; (v) no law or order making the Merger illegal or otherwise prohibiting consummation of the Merger; (vi) the shares of Combined Company Common Stock to be issued in the Merger having been approved for listing (subject to official notice of issuance) on the OTC Markets; (vii) the effectiveness of the registration statement of which this prospectus/consent solicitation/offer to exchange forms a part; (viii) the consummation of the Reverse Stock Split; (viii) dissenters' rights not having been exercised by Viskase stockholders representing more than three percent (3%) of the outstanding shares of Viskase Common Stock; (ix) Enzon satisfying the Minimum Cash Condition; and (x) any waiting period applicable to the Merger under the HSR Act having expired or been terminated.

Additionally, pursuant to the Merger Agreement Amendment, each of Enzon and Merger Sub has unconditionally and irrevocably waived, consented to and released any inaccuracy in, breach of, or failure to comply with any representation, warranty, covenant or agreement of Viskase to the extent known to Enzon or Merger Sub as of October 24, 2025 and occurring or existing on or prior to October 24, 2025. Accordingly, any such matters will be disregarded for purposes of determining whether the closing conditions

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relating to (a) the accuracy of Viskase's representations and warranties or (b) compliance with its covenants have been satisfied, and neither Enzon nor Merger Sub may terminate, delay or refuse to consummate the Merger by reason of any such matters. For the avoidance of doubt, this waiver does not affect any claim for fraud or intentional breach with respect to facts first arising or becoming known to Enzon or Merger Sub after October 24, 2025. Please see the section titled "*The Merger Agreement — Conditions to Completion of the Merger*" in this prospectus/consent solicitation/offer to exchange for further information regarding closing conditions to the Merger.

In addition, Enzon and Viskase can agree at any time to terminate the Merger Agreement, even if Enzon and Viskase stockholders have already voted to approve the Merger Agreement. Enzon and Viskase can also terminate the Merger Agreement under other specified circumstances.

***The Merger is subject to a Minimum Cash Condition, and failure to satisfy this requirement could delay or prevent the Closing.***

Under the terms of the Merger Agreement, Enzon is required to have Cash on Hand of an amount that is equal to the Minimum Cash Condition. Enzon's failure to meet the Minimum Cash Condition may delay or prevent the Closing. Please see the section titled "*The Merger Agreement — Additional Conditions to Completion for the Benefit of Viskas*e — *Enzon's Minimum Cash Condition*" in this prospectus/consent solicitation/offer to exchange for further information regarding the Minimum Cash Condition.

***Enzon stockholders will not be entitled to appraisal or dissenters' rights in the Merger.***

Under the DGCL, stockholders of a Delaware corporation may, in certain circumstances, have the right to dissent from a Merger and demand payment of the fair value of their shares as determined by a court in a judicial proceeding. These are known as appraisal rights. However, appraisal rights are not available in all circumstances, and exceptions apply under the DGCL.

In connection with the Merger, Enzon stockholders are not entitled to appraisal or dissent rights under the DGCL. This is because the Merger Consideration consists solely of shares of Enzon Common Stock, which is quoted on the OTCQB tier of the OTC Markets, and cash in lieu of fractional shares, if any. As a result, the Merger falls within the exceptions to appraisal rights under Section 262 of the DGCL.

***Holders of Viskase Common Stock have appraisal or dissenters' rights, which could increase transaction uncertainty.***

Holders of Viskase Common Stock have appraisal or dissent rights in connection with the Merger under Section 262 of the DGCL. As a condition to the Closing, holders of no more than three percent (3%) of the outstanding shares of Viskase Common Stock shall have exercised (and not subsequently withdrawn or waived) their statutory appraisal rights under Section 262 of the DGCL. The exercise and maintenance of such appraisal rights by holders of more than three percent (3%) of the outstanding shares of Viskase Common Stock may delay or prevent the Closing. Please see the section titled "*The Merger Agreement — Conditions to Completion of the Merger"* in this prospectus/consent solicitation/offer to exchange for further information regarding the conditions to Closing.

Holders of Viskase Common Stock who: (i) submit to Viskase a proper written demand for appraisal of such shares; (ii) continuously remain the record holders or beneficial owners of such shares through the Effective Time; and (iii) otherwise comply with the applicable procedures and requirements set forth in Section 262 of the DGCL will be entitled to have their shares appraised by the Court and receive payment in cash of the "fair value" of such shares (as determined by the Court, exclusive of any element of value arising from the accomplishment or expectation of the transaction) instead of the Merger Consideration. Any such Person awarded "fair value" for his, her or its shares by the Court would receive payment of that fair value in cash, together with interest, if any, to be paid upon the amount determined to be the "fair value" in lieu of the right to receive the Merger Consideration. It is possible that any such "fair value" as determined by the Court may be more or less than, or the same as, the Merger Consideration that such Person is entitled to receive pursuant to the Merger Agreement.

***The Enzon Series C Exchange Offer may not be accepted by all holders of Series C Preferred Stock.***

Enzon will commence the Series C Exchange Offer, pursuant to the terms of the Merger Agreement, where each share of Series C Preferred Stock held by non-Affiliates of IEH will have the right to be exchanged for shares of Enzon Common Stock at its liquidation value based upon the Enzon 20-day VWAP prior to the execution of the Merger Agreement Amendment. Although Enzon will seek maximum participation of the holders of Series C Preferred Stock in the Series C Exchange Offer, the Series C Exchange Offer may not be accepted by all holders of Series C Preferred Stock. If few or no such holders elect to participate in the Series C Exchange Offer, the aggregate Liquidation Preference of the remaining Series C Preferred Stock could materially impact the satisfaction of the

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Minimum Cash Condition, which is a condition to Closing. In such a case, Enzon may be required to retain additional Cash on Hand at Closing, which may reduce the amount of cash available for other purposes or delay or prevent the Closing. Please see the section titled "*Risk Factors — Risk Factors Relating to the Series C Exchange Offer*" in this prospectus/consent solicitation/offer to exchange for further information.

***The market value of the Merger Consideration to be received by Viskase stockholders is uncertain and will depend on the market price of Enzon Common Stock at the Effective Time.***

The number of shares of Enzon Common Stock to be issued in the Merger is fixed pursuant to the Exchange Ratio, but the market value of the Merger Consideration that holders of Viskase Common Stock will receive will depend on the trading price of Enzon Common Stock at the Effective Time. This price may be greater than, less than, or the same as the price per share of Enzon Common Stock at the time the Merger Agreement, including the Merger Agreement Amendment, was executed or on the date of this prospectus/consent solicitation/offer to exchange. Please see the section titled "*Market Price and Dividend Information*" in this prospectus/consent solicitation/offer to exchange. The market values of Enzon Common Stock and Viskase Common Stock have varied since Enzon and Viskase entered into the Merger Agreement and will continue to vary in the future due to changes in the business, operations or prospects of Enzon and Viskase, market assessments of the Merger, regulatory considerations, market and economic considerations, and other factors, most of which are beyond Viskase's control. Accordingly, as of the date of this prospectus/consent solicitation/offer to exchange, Viskase stockholders will not necessarily know or be able to calculate the value of the stock consideration they would be entitled to receive upon completion of the Merger. Because the market price of Enzon Common Stock is subject to fluctuation, the value of the Merger Consideration that Viskase stockholders ultimately receive may vary significantly from the value as of earlier dates.

***The market price of shares of Enzon Common Stock will continue to fluctuate after the Merger.***

Upon completion of the Merger, holders of Viskase Common Stock will receive shares of Enzon Common Stock as Merger Consideration. As a result, such holders will become stockholders of the Combined Company and will be subject to the risks associated with ownership of Combined Company Common Stock. The market price of Combined Company Common Stock may fluctuate significantly following the completion of the Merger due to a variety of factors, including changes in the Combined Company's financial performance, market sentiment, industry developments, general economic conditions and other factors beyond the control of the Combined Company. As a result, stockholders of both Enzon and Viskase could lose some or all of the value of their investment in Combined Company Common Stock.

***Although the Merger is intended to qualify as a tax-free reorganization for U.S. federal income tax purposes, the IRS could disagree with this treatment.***

The parties intend that the Merger, together with the conversion of Viskase into a limited liability company, will qualify as a "reorganization" within the meaning of Section 368(a) of the Code, and that Enzon and Viskase will each be a party to the reorganization within the meaning of Section 368(b) of the Code. Although this treatment is intended, it is possible that the IRS could disagree. If the IRS were to successfully challenge the tax treatment of the Merger, it is possible that Viskase would recognize taxable income as a result of the Merger and that Enzon, as a successor to Viskase for U.S. federal income tax purposes, could be liable for any taxes on such income. In addition, each Viskase stockholder would be required to recognize taxable gain or loss with respect to the Viskase Common Stock surrendered in the Merger.

***Certain Persons in the Merger may have interests in the Merger Proposal that are different than the interests of Enzon's stockholders***

Certain of Enzon's executive officers and directors have interests in the Merger Proposal that are different from, or in addition to, the interest of Enzon's stockholders generally. These interests include the continued service of Jordan Bleznick and Randolph C. Read as members of the board of directors of the Combined Company and the continued provision of indemnification for current and former executive officers and directors of Enzon in accordance with the Merger Agreement. In addition, Mr. Bleznick, a member of the Enzon Board, owns 100,000 shares of Enzon Common Stock, Mr. Read, a member of the Enzon Board, owns 200,000 shares of Enzon Common Stock. Each of Messrs. Bleznick and Read will continue to serve as a member of the board of directors of the Combined Company and will receive the Merger Consideration in connection with the consummation of the Merger. Please see the section titled "*Interests of Executive Officers and Directors in the Merger*" in this prospectus/consent solicitation/offer to exchange for further information regarding potential conflicts of interest.

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***Enzon's stockholders will experience immediate dilution as a consequence of the issuance of Enzon Common Stock in connection with the Merger. Having a minority share position may reduce the influence that Enzon's current stockholders have on the management of the Combined Company.***

It is anticipated that, upon completion of the Merger and assuming that the Enzon Series C Preferred Stock is exchanged for Enzon Common Stock in full, (i) the holders of Enzon Common Stock immediately prior to the Closing are expected to own approximately 5% of the Enzon Common Stock, (ii) the holders of Enzon Series C Preferred Stock are expected to own approximately 40% of the Enzon Common Stock and (iii) Viskase stockholders are expected to own 55% of the Enzon Common Stock, subject to certain adjustments based upon the number of shares of Enzon Series C Preferred Stock exchanged for Enzon Common Stock by non-Affiliates of the IEH Parties, and depending on the liquidation value of the Enzon Series C Preferred Stock at the Closing. If the actual facts differ from any of the foregoing assumptions (which they may), the percentage ownership retained by current Enzon stockholders in the Combined Company will differ.

Upon completion of the Merger, the issuance of Enzon Common Stock in connection with the Merger, the IEH Share Exchange and the Series C Exchange Offer will result in significant dilution of the ownership and voting interests of current Enzon stockholders, as described above. As a result, current Enzon stockholders (other than the IEH Parties) will experience a significant reduction in their relative influence over Enzon following the Merger.

In addition, each holder of Viskase Common Stock will receive shares of Enzon Common Stock as Merger Consideration and will become a stockholder of Enzon. As a result, such former Viskase stockholders will hold a percentage ownership interest in Enzon that is smaller than their current ownership interest in Viskase. Accordingly, former Viskase stockholders (other than the IEH Parties) will have less influence over the management and policies of Enzon than they currently have over Viskase.

***Enzon Stockholders' percentage ownership in the Combined Company may be diluted in the future.***

Following the Merger, stockholders of Enzon will hold 45% of the common stock of the Combined Company. The percentage ownership of Combined Company Common Stock held by current Enzon and Viskase stockholders may be diluted in the future due to additional issuances of equity securities by the Combined Company, including in connection with capital markets transactions, strategic acquisitions or equity compensation arrangements. The Combined Company may adopt one (1) or more equity incentive plans, pursuant to which it may issue equity awards to directors, officers, employees and consultants. Any such issuances could dilute the economic and voting rights of existing stockholders and may have a dilutive effect on earnings per share, which could adversely affect the market price of Combined Company Common Stock.

In addition, the Combined Company may from time to time evaluate and pursue acquisition opportunities, including transactions in which the consideration consists partially or entirely of newly issued shares of Combined Company Common Stock. Any such transactions, if consummated, would further dilute the ownership interests of existing stockholders and could reduce the market value of their shares.

The issuance of additional shares of Combined Company Common Stock, preferred stock or other equity-linked securities could dilute the voting power and economic interests of existing stockholders. If the Combined Company issues debt securities that are convertible into equity, the conversion terms may include adjustments that increase the number of shares issuable upon conversion, further diluting existing stockholders. Any preferred stock issued by the Combined Company could have rights senior to those of the holders of Combined Company Common Stock, including with respect to dividends or Liquidation Preferences, which could limit the Combined Company's ability to pay dividends or make distributions to common stockholders.

The Combined Company's decision to issue additional securities will depend on market conditions and other factors beyond its control, and any such issuance could adversely affect the market price of Combined Company Common Stock and dilute the ownership interests of existing stockholders.

***Carl C. Icahn and the IEH Parties will exert significant influence on the Combined Company after the Merger and non-IEH stockholders will have limited governance rights.***

Upon completion of the Merger, Enzon expects that the IEH Parties will hold a substantial majority of the voting power of the Combined Company. As of January 28, 2026, IEH — through its control of the IEH Parties — Beneficially Owns approximately (i) 48.6% of the issued and outstanding shares of Enzon Common Stock, (ii) 98.2% of the issued and outstanding shares of Enzon Series C Preferred Stock and (iii) 93.97% of the issued and outstanding shares of Viskase Common Stock. Following the Merger, it is expected that the IEH Parties will Beneficially Own approximately 93.32% of the outstanding shares of the Combined Company

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Common Stock, assuming all of the Enzon Series C Preferred Stock is exchanged for Shares of Enzon Common Stock. Mr. Icahn is the controlling stockholder and chairman of the board of the general partner of IEH. Because of their substantial ownership and voting power, Mr. Icahn and the IEH Parties may exert significant influence over the management and strategic direction of the Combined Company, including, but not limited to, (i) the declaration of any future dividends, (ii) the ability to control the election, removal or replacement of any one or more members of the board of directors of the Combined Company, (iii) the voting on decisions related to fundamental corporate actions, consolidations or sales of all or substantially all of the Combined Company's assets and (iv) the ability to control the approval of various transactions. This concentration of ownership may also discourage or prevent a third party from seeking to acquire control of the Combined Company, even if such a transaction might be beneficial to other stockholders. As a result, the interests of Mr. Icahn and the IEH Parties may not always align with the interests of the Combined Company or its other stockholders.

***The IEH Parties have agreed to consent in favor of the Merger and related transactions, which makes it more likely that the required Enzon Stockholder Approval will be obtained.***

Concurrently with the execution of the Merger Agreement, Enzon, Viskase and the IEH Parties entered into the IEH Support Agreement, pursuant to which the IEH Parties agreed to, among other things, and subject to certain exceptions, deliver written consents approving the adoption of the Merger Agreement and the Reverse Stock Split.

Under the terms of the IEH Support Agreement, the IEH Parties also agreed to vote against any Enzon Acquisition Proposal or other action that would reasonably be expected to impede or adversely affect the Merger or the other transactions contemplated by the Merger Agreement. As a result, the consent commitments of the IEH Parties make it more likely that the required Enzon Stockholder Approval will be obtained than would be the case in the absence of such commitments. Please see the section titled "*The Merger — IEH Support Agreement*" in this prospectus/consent solicitation/offer to exchange for further information on the IEH Support Agreement.

***The rights of former Viskase stockholders following the Merger will differ from the rights they held prior to the Merger.***

Upon completion of the Merger, former holders of Viskase Common Stock will become holders of Enzon Common Stock and their rights will be governed by Enzon's Organizational Documents. These rights differ in certain material respects from the rights currently associated with Viskase Common Stock. Please see the section titled "*Comparison of Stockholder Rights*" in this prospectus/consent solicitation/offer to exchange for further information regarding the differences in rights between Viskase stockholders and Enzon stockholders.

***The Merger Agreement limits Enzon's ability to pursue alternatives to the Merger.***

The Merger Agreement contains provisions that make it more difficult for Enzon to enter into alternative transactions. The Merger Agreement contains certain provisions that restrict Enzon's ability to, among other things, solicit, initiate or knowingly facilitate or encourage (including by way of furnishing non-public information) the submission of inquiries regarding, or the making of any proposal or offer that constitutes, or would reasonably be expected to lead to, an Enzon Acquisition Proposal from a third party. The Merger Agreement also provides that the Enzon Board and the Enzon Special Committee may not make an Enzon Adverse Recommendation Change (subject to certain limited exceptions). Please see the section titled "*The Merger Agreement — Other Covenants of the Parties — No Shop/No Solicitation*" in this prospectus/consent solicitation/offer to exchange for further information regarding restrictive provisions applicable to Enzon.

***Enzon and Viskase will be subject to business uncertainties and contractual restrictions while the Merger is pending.***

Uncertainty about the impact of the Merger may have an adverse effect on Enzon or Viskase. Furthermore, the Merger Agreement contains restrictions on the ability of Enzon and Viskase to take certain actions outside the ordinary course of business prior to Closing, which may delay or prevent Enzon and Viskase from undertaking certain actions or business opportunities that may arise prior to the Closing. Please see the section titled "*The Merger Agreement — Conduct of Business Pending the Merger*" in this prospectus/consent solicitation/offer to exchange for further information regarding restrictive covenants applicable to Enzon and Viskase.

Uncertainty about the impact of the Merger on employees and customers may have an adverse effect on Enzon and Viskase and, as a result, the Combined Company. These uncertainties may impair the Combined Company's and Viskase's ability to attract, retain and motivate key personnel until the Merger is completed, and could cause customers, business partners and others that deal with Enzon or Viskase to seek to change existing business relationships with Enzon or Viskase. In addition, pursuant to the Merger

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Agreement and subject to certain exceptions, both Enzon and Viskase have agreed to operate their respective businesses in the ordinary course and to refrain from taking certain actions prior to the Closing without the other party's consent. These restrictions could cause Enzon and Viskase to be unable to pursue certain beneficial opportunities that may arise prior to the completion of the Merger and could have an adverse effect on Enzon, Viskase and the Combined Company's results of operations, cash flows and financial position.

***The Merger may divert the attention of key personnel and resources at Viskase and Enzon, which could disrupt operations and adversely affect performance.***

Viskase and Enzon have expended, and expect to continue to expend, significant time and resources in connection with the Merger. For Viskase, this includes the attention of its management team, which may be diverted from day-to-day operations, strategic initiatives, and performance improvement efforts. Although Enzon does not have employees and operates primarily through the Enzon Board, executive officers and external advisors, the Merger has required and will continue to require substantial involvement from its directors and advisors. This diversion of attention and resources could disrupt operations and may adversely affect the business, financial condition and results of operations of each company, particularly if the Merger is not completed.

***If the Merger is not completed, the business, financial results and stock prices of Enzon and Viskase could be adversely affected.***

The Merger is subject to a number of conditions, and there can be no assurance that it will be completed. If the Merger is not consummated for any reason, the ongoing businesses of Enzon and/or Viskase may be adversely affected. In addition, Enzon and Viskase will be subject to a number of risks, including, among others:

● the obligation to pay a termination fee to the other party under certain circumstances, as provided in the Merger Agreement;

● the incurrence of significant transaction-related costs that will not be recouped, including legal, accounting, financial advisory and regulatory filing fees;

● potential declines in the market prices of Enzon Common Stock and Viskase Common Stock to the extent that such prices reflect a market assumption that the Merger will be completed;

● for Viskase, the diversion of management attention from day-to-day operations and strategic initiatives due to the focus on the Merger, which may result in missed business opportunities or delayed execution of business plans;

● negative reactions from the financial markets, Viskase employees, as well as Viskase's customers; and

● potential litigation related to any failure to complete the Merger or any failure to fulfill the parties' respective obligations under the Merger Agreement.

If the Merger is not completed, Enzon and Viskase cannot assure their respective stockholders that these risks will not materialize or will not materially adversely affect their businesses, financial results or stock prices. Please see the section titled "*The Merger Agreement — Termination of the Merger Agreement*" in this prospectus/consent solicitation/offer to exchange for further information regarding termination of the Merger.

***Enzon and Viskase have no history operating as a combined company. The selected unaudited pro forma combined financial information included in this prospectus/consent solicitation/offer to exchange is preliminary and the actual financial condition and results of operations after the Merger may differ materially from them. Accordingly, you have limited financial information on which to evaluate Enzon and your investment decision.***

Enzon and Viskase have no prior history as a combined entity and their operations have not been previously managed on a combined basis. The selected unaudited pro forma combined financial information included in this prospectus/consent solicitation/offer to exchange is presented for illustrative purposes only and is not necessarily indicative of what the Combined Company's actual financial condition or results of operations would have been had the Merger been completed on the dates indicated. The selected unaudited pro forma combined financial information reflects preliminary estimates and assumptions, including accounting adjustments to reflect the fair value of the assets acquired and liabilities assumed in the Merger and the resulting goodwill, if any. These assumptions may not prove to be accurate, and other factors may affect the Combined Company's results of operations or financial condition following the consummation of the Merger. For these and other reasons, the historical and pro forma condensed combined financial information included in this prospectus/consent solicitation/offer to exchange does not necessarily reflect Enzon's

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and Viskase's results of operations and financial condition and the actual financial condition and results of operations of the Combined Company following the Merger may not be consistent with, or evident from, this pro forma financial information.

The purchase price allocation reflected in this prospectus/consent solicitation/offer to exchange is preliminary, and final allocation of the purchase price will be based upon the actual purchase price and the fair value of the assets and liabilities of Viskase as of the Closing Date. Accordingly, the final accounting adjustments as a result of the acquisition may differ materially from the pro forma adjustments reflected in this prospectus/consent solicitation/offer to exchange. Please see the section titled "*Selected Unaudited Pro Forma Combined Financial Information*" in this prospectus/consent solicitation/offer to exchange for further information.

***Enzon and Viskase will incur direct and indirect costs as a result of the Merger.***

Enzon and Viskase expect to incur significant non-recurring costs in connection with the Merger and the integration of their respective businesses. These costs may include legal, financial advisory, accounting, consulting and other professional fees, as well as regulatory filing fees and other transaction-related expenses. In addition, the Combined Company may incur costs related to employee retention, severance, and other employment-related matters, as well as expenses associated with maintaining employee morale and retaining key management personnel.

Enzon, Viskase and the Combined Company may also incur additional costs or experience disruptions in business relationships with customers, suppliers or other third parties as a result of the Merger. These disruptions could include the termination or renegotiation of existing contracts, reductions in customer orders or delays in business development activities. The Combined Company may also incur costs related to the development and execution of integration plans, and the implementation of such plans may result in unanticipated expenses or delays.

The total amount and timing of these costs are subject to various factors, many of which are outside the control of Enzon and Viskase, and are difficult to estimate with precision. Although Enzon and Viskase expect that the elimination of duplicative costs and the realization of operational efficiencies may offset some of the incremental transaction and integration-related expenses over time, such benefits may not be realized in the near term or at all. Whether or not the Merger is consummated, Enzon and Viskase will incur substantial expenses in connection with the transaction, which may adversely affect the financial condition and results of operations of Enzon, Viskase or the Combined Company.

***If the Merger fails, Enzon or Viskase may be required to pay a termination fee.***

Under the terms of the Merger Agreement, Enzon may be required to pay Viskase a termination fee if the Merger Agreement is terminated under certain circumstances, including if Enzon terminates the Merger Agreement to enter into a definitive agreement with respect to an Enzon Superior Proposal. Viskase may be required to pay Enzon a termination fee of $1,000,000 if the Merger Agreement is terminated by Enzon due to the failure of the Viskase Board to deliver the required written stockholder consent within 24 hours of the execution of the Merger Agreement. Note, however, that the Viskase Board delivered the requisite stockholder consent for the Merger on June 20, 2025 and subsequently on November 11, 2025. Please see the section titled "*The Merger Agreement — Effect of Termination; Termination Fees*" in this prospectus/consent solicitation/offer to exchange for further information regarding circumstances under which such a termination fee is payable.

***Litigation relating to the Merger may be filed against the Enzon Board, the Enzon Special Committee, the Viskase Board, and/or Viskase Special Committee that could prevent or delay the Closing and/or result in the payment of damages following the Closing.***

Securities class action lawsuits and derivative lawsuits are often brought against companies that have entered into business combination agreements or similar agreements. In connection with the execution of the Merger Agreement, it is possible that Enzon or Viskase stockholders may file Enzon Transaction Litigation or Viskase Transaction Litigation, respectively. Among other remedies, these stockholders could seek damages. Even if the lawsuits are without merit, defending against these claims can result in substantial costs and divert management time and resources. The outcome of any litigation is uncertain, and any such potential lawsuits could prevent or delay the Closing and/or result in substantial costs to Enzon or Viskase. Any such actions may create uncertainty relating to the Merger and may be costly and distracting to Enzon and Viskase. Further, the defense or settlement of any lawsuit or claim that remains unresolved at the time the Merger is completed may adversely affect the Combined Company's business, financial condition, results of operations and cash flows.

If a plaintiff is successful in obtaining an injunction prohibiting consummation of the Merger, then that injunction may delay or prevent the Merger from being completed. An adverse judgment could result in monetary damages, which could have a negative

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impact on Enzon's ability to satisfy the Minimum Cash Condition at Closing. Currently, Enzon and Viskase are not aware of any securities class action lawsuits or derivative lawsuits being filed in connection with the Merger.

Additionally, under the terms of the Merger Agreement, Enzon and Viskase each agreed to control the defense, settlement or prosecution of any Enzon Transaction Litigation or Viskase Transaction Litigation, respectively, and to consult with the other party and to consider in good faith the other party's advice with respect to such litigation. However, neither party may, nor may offer to, compromise, settle or come to an arrangement regarding any such litigation without the prior written consent of the other party (which consent shall not be unreasonably held, conditioned or delayed). Please see the section titled "*The Merger — Litigation Relating to the Merger*" in this prospectus/consent solicitation/offer to exchange for further information regarding litigation related to the Merger.

***Enzon may not be able to utilize its NOLs, certain credits and other tax attributes.***

The Combined Company's ability to utilize NOLs, certain credits, and other tax attributes to offset the Combined Company's future taxable income and/or payment of taxes would be limited if the Combined Company experiences an "ownership change" within the meaning of Section 382 of the Code. An ownership change under Section 382 of the Code ("Section 382") would establish an annual limitation to the amount of Enzon's NOL carryforwards, certain credits, and other tax attributes that the Combined Company could utilize in any single year. Assuming the Combined Company has taxable income, it would potentially have higher cash tax obligations than if it were able to utilize Enzon's NOLs, which could adversely affect the Combined Company's financial condition, results of operations and cash flows, if that occurred.

Historically, Enzon has not been able to utilize most of its NOLs because Enzon has had minimal or no taxable income. However, the restrictions imposed by Section 382 of the Code, if applicable, could materially reduce or eliminate the future benefit of these NOL carryforwards even if the Combined Company has taxable income after the Merger. The loss of these tax benefits could be significant, and there can be no assurance that subsequent changes in the ownership of the Combined Company's stock — whether through additional equity issuances, strategic transactions or other events — would not impose additional limitations on the Combined Company's ability to use Enzon's NOLs and other tax attributes. In addition, similar rules under state and foreign tax laws could further limit utilization of Enzon's NOLs and other tax attributes.

Enzon's accountants have performed an analysis under Section 382 of the Code, the results of which conclude, based on certain assumptions, that utilization of Enzon's NOLs and certain other credit carryforwards should not be subject to an annual limitation under Section 382 of the Code. It is therefore intended that the Merger, pursuant to the terms of the Merger Agreement, as amended by the Merger Agreement Amendment, should not limit Enzon's NOL carryforwards and other tax attributes under Section 382 of the Code. However, Section 382 of the Code rules and the application of such rules to the Merger are complex and there is no assurance that Enzon's view is correct. If such an ownership change is found to have occurred, the amount of the Combined Company's taxable income that could be offset by Enzon's pre-ownership change NOL carryforwards and other tax attributes would be severely limited. However, notwithstanding the foregoing, due to the existence of a valuation allowance for substantially all of the deferred tax assets for both Enzon and Viskase, the effect of having an ownership change under Section 382 of the Code may not be significant.

Enzon had previously adopted a Rights Agreement specifically designed to reduce the risk of an ownership change that would limit Enzon's ability to use its NOL carryforwards. The Merger Agreement, however, requires that the Rights Agreement be terminated prior to the Merger becoming effective. Accordingly, on August 13, 2025, Enzon amended the Rights Agreement to set the Final Expiration Date as the close of business on September 30, 2025, amended the Rights Agreement on September 30, 2025 to set the Final Expiration Date as the close of business on December 31, 2025, and again amended the Rights Agreement on December 23, 2025 to set the Final Expiration Date as the close of business on January 31, 2026. Enzon anticipates amending the Rights Agreement to extend the Final Expiration Date beyond January 31, 2026. Enzon plans to further amend the final expiration date under the Rights Agreement so that the Rights Agreement remains in effect until immediately prior to the closing of the Merger. However, once the Rights Agreement terminates, Enzon will have no similar protections in place.

***The Reverse Stock Split may have a potential negative impact on the Combined Company.***

There can be no assurance that the total market capitalization of Combined Company Common Stock after the implementation of the Reverse Stock Split will be equal to or greater than the total market capitalization before the Reverse Stock Split or that the per share market price of Combined Company Common Stock following the Reverse Stock Split will increase in proportion to the reduction in the number of shares of Enzon Common Stock outstanding in connection with the Reverse Stock Split. Also, Enzon cannot assure you that the Reverse Stock Split would lead to a sustained increase in the trading price of Combined Company Common Stock. The trading price of Combined Company Common Stock may change due to a variety of other factors, including its ability to successfully accomplish its business goals, market conditions and the market perception of Enzon's business. You should also keep in

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mind that the implementation of a reverse stock split does not have an effect on the actual or intrinsic value of Combined Company's business or a stockholder's proportional ownership in Enzon. However, should the overall value of Combined Company Common Stock decline after the proposed Reverse Stock Split, then the actual or intrinsic value of the shares of Combined Company Common Stock held by you will also proportionately decrease as a result of the overall decline in value.

Further, the liquidity of Combined Company Common Stock may be harmed by the proposed Reverse Stock Split given the reduced number of shares that would be outstanding after the Reverse Stock Split, particularly if the expected increase in stock price as a result of the Reverse Stock Split is not sustained. In addition, the proposed Reverse Stock Split may increase the number of stockholders who own odd lots (less than 100 shares) of Enzon Common Stock, creating the potential for such stockholders to experience an increase in the cost of selling their shares and greater difficulty effecting sales.

**Risk Factors Relating to the Series C Exchange Offer**

***The Series C Exchange Offer may be terminated, cancelled or delayed.***

Enzon reserves the right to extend the Series C Exchange Offer for any reason at all. Enzon also expressly reserves the right, at any time or from time to time, to amend the terms of the Series C Exchange Offer in any respect prior to the Series C Exchange Time. If Enzon makes a material change in the terms of the Series C Exchange Offer or the information concerning the Series C Exchange Offer, or waives a material condition of the Series C Exchange Offer, Enzon will promptly disseminate disclosure regarding the changes to the Series C Exchange Offer as required by law. In addition, Enzon will take steps to ensure that the Series C Exchange Offer remains open for the minimum number of days, as required by law, following the date Enzon disseminates disclosure regarding the changes. During any extension of the Series C Exchange Offer, shares of Enzon Series C Preferred Stock that were previously tendered for exchange pursuant to the Series C Exchange Offer and not validly withdrawn will remain subject to the Series C Exchange Offer. Enzon reserves the right, in Enzon's sole and absolute discretion, to terminate the Series C Exchange Offer at any time prior to the Series C Exchange Time if any condition is not met. If the Series C Exchange Offer is terminated, no shares of Enzon Series C Preferred Stock validly tendered in the Series C Exchange Offer will be accepted for exchange and any such shares that have been tendered for exchange will be returned to the holder promptly after the termination at Enzon's expense.

Even if the Series C Exchange Offer is completed, the Series C Exchange Offer may not be completed on the schedule described in this prospectus/consent solicitation/offer to exchange. The Series C Exchange Offer may be delayed by a waiver of certain of the conditions of the Series C Exchange Offer. The Series C Exchange Offer may also be delayed if the Merger is not approved by written consent of Enzon stockholders. Accordingly, holders of Enzon Series C Preferred Stock participating in the Series C Exchange Offer may have to wait longer than expected to receive their consideration.

***We may choose to waive certain of the conditions of the Series C Exchange Offer that we are permitted by law to waive.***

The consummation of the Series C Exchange Offer is subject to, and conditioned upon, the satisfaction or waiver of certain conditions. Please see the section titled "*The Series C Exchange Offer — Conditions of the Series C Exchange Offe*r" in this prospectus/consent solicitation/offer to exchange for further information regarding these conditions. Certain of these conditions may be waived by Enzon in whole or in part at any time or from time to time in our sole discretion, in accordance with law. Accordingly, Enzon may elect to waive certain conditions to allow the Series C Exchange Offer to close, notwithstanding the fact that one (1) or more conditions may not have been satisfied.

***We have not obtained a third-party determination that the Series C Exchange Offer is fair to holders of Enzon Series C Preferred Stock.***

None of Enzon, the Enzon Board, the Exchange Agent or any Affiliate of any of the foregoing nor any other Person is making any recommendation as to whether you should tender your Enzon Series C Preferred Stock in the Series C Exchange Offer. Enzon has not authorized any Person to make such a recommendation. Enzon has not retained, and does not intend to retain, any unaffiliated Representative to act solely on behalf of the holders of Enzon Series C Preferred Stock for purposes of negotiating the Series C Exchange Offer or preparing a report concerning the fairness of the Series C Exchange Offer. You must make your own independent decision regarding your participation in the Series C Exchange Offer.

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***In the future, we may acquire shares of Enzon Series C Preferred Stock that are not accepted in the Series C Exchange Offer for consideration different than that in the Series C Exchange Offer.***

In the future and prior to the Closing, Enzon may acquire shares of Enzon Series C Preferred Stock that are not accepted in the Series C Exchange Offer through redemptions permitted at any time under the terms of the Series C Preferred Stock or such other means as Enzon deems appropriate. Any such acquisitions will occur upon the terms and at the prices as Enzon may determine in Enzon's discretion, based on factors prevailing at the time, which may be greater or less than the value of the Enzon Common Stock being exchanged for the Enzon Series C Preferred Stock in the Series C Exchange Offer and could be for cash or other consideration.

**Risk Factors Relating to Enzon's Business**

***Raising additional capital would cause dilution to Enzon's existing stockholders and may adversely affect the rights of existing stockholders.***

Enzon may seek additional capital through a combination of private and public equity offerings, debt financings and collaborations, and strategic and licensing arrangements. To the extent that Enzon raises additional capital through the issuance of equity or otherwise, including through additional preferred stock or convertible debt securities, the ownership interest of Enzon's stockholders will be diluted, and the terms may include liquidation or other preferences that adversely affect the rights of Enzon's stockholders. Future sales of Enzon Common Stock or of securities convertible into Enzon Common Stock, or the perception that such sales may occur, could cause immediate dilution and adversely affect the value of Enzon Common Stock.

**Risk Factors Relating to Enzon's Common Stock**

***Enzon Common Stock ranks junior to the Enzon Series C Preferred Stock with respect to dividends and liquidation rights, and certain holders will have redemption rights in connection with a change of control.***

Pursuant to the Series C Exchange Offer, Enzon Series C Preferred Stock is expected to be converted to Enzon Common Stock. Prior to the consummation of the Series C Exchange Offer, Enzon Series C Preferred Stock has rights and preferences that are senior to those of Enzon Common Stock. With respect to the payment of cash dividends and amounts payable in the event of a liquidation, dissolution or winding up of Enzon, the Series C Preferred Stock ranks senior to Enzon Common Stock. As a result, unless full dividends have been paid or set aside for payment on all outstanding shares of Series C Preferred Stock, no cash dividends may be declared or paid on Enzon Common Stock. Enzon's ability to pay dividends in the future will depend on a number of factors, including the Combined Company's financial condition, available cash, future revenues (including any royalties or milestone payments), the successful execution of its business strategy and its ability to manage expenses. There can be no assurance that Enzon will declare or pay any dividends on Enzon Common Stock in the foreseeable future.

In the event of Enzon's voluntary or involuntary liquidation, dissolution or winding up, no distribution of assets may be made to holders of Enzon Common Stock until the holders of Series C Preferred Stock have received the full Liquidation Preference of $1,102 per share, as of September 30, 2025, plus any additional accrued and unpaid dividends.

In addition, the holders of Series C Preferred Stock will have the right to demand redemption of their shares in the event of a change of control. Although the Merger Agreement contemplates the IEH Share Exchange, any shares of Series C Preferred Stock not exchanged pursuant to the Series C Exchange Offer will retain their senior rights and preferences. If any such holders exercise their redemption rights in connection with the Merger or a subsequent change of control, Enzon will be required to use a portion of its available cash to satisfy such obligations, which could limit or eliminate the availability of cash for dividends on Enzon Common Stock. In addition, following the Merger, the board of directors of the Combined Company could determine to redeem any remaining outstanding shares of Series C Preferred Stock which could require a significant amount of cash and have an adverse effect on the Combined Company's consolidated financial condition, results of operations and cash flows.

***The market price of Enzon Common Stock has historically been volatile and may decline significantly if the Combined Company is unable to execute its strategic objectives.***

Historically, the market price of Enzon Common Stock has fluctuated over a wide range due to a variety of factors, including company-specific developments, global and industry-wide conditions and broader economic events. These fluctuations have been exacerbated by the fact that a small number of stockholders collectively hold a majority of outstanding Enzon Common Stock, resulting in a limited public float and relatively low trading volume on the OTCQB, where Enzon Common Stock is quoted.

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Following the Merger, the value of Enzon Common Stock may be affected by the Combined Company's ability to generate revenue, monetize its remaining assets (including its net operating losses), manage integration risks and address any unexpected liabilities or expenses. If the Combined Company is unable to execute its business strategy or complete future acquisitions or investments, the market price of Enzon Common Stock could decline significantly.

In addition, any future financing transactions may involve the issuance of Enzon Common Stock or securities convertible into or exercisable for Enzon Common Stock at prices below the then-current market price. Such financings may also include warrants or other instruments with conversion or exercise prices that are calculated at a discount to the market price at the time of issuance, which could result in further dilution and downward pressure on the stock price.

***Enzon Common Stock is currently quoted on the OTCQB market and may in the future trade on the OTCQB market, which has limited trading volume and liquidity, and stockholders may have difficulty selling their shares.***

On August 11, 2025, Enzon was notified by the OTCQX Markets Group (the "OTCQX"), the marketplace for over-the-counter trading of its stock, that it no longer met the standards for continued qualification for the OTCQX, in that its stock bid price had fallen below $0.10 per share for 30 consecutive calendar days. On August 12, 2025, Enzon Common Stock began trading on the OTCQB tier of the OTCQB Market. The quotation of Enzon Common Stock on the OTCQB does not assure that a liquid trading market exists or will develop. Securities traded on the OTCQB generally experience limited trading volume and wider bid/ask spreads compared to securities listed on national exchanges. In addition, many institutional investors have investment policies that restrict or prohibit trading in OTCQB, which may further reduce market participation.

As a result, investors may find it difficult to dispose of their shares of Enzon Common Stock or to obtain accurate quotations of its market price. This limited liquidity may adversely affect the market price of Enzon Common Stock and increase its volatility. Enzon does not currently meet, and is not expected to meet in the future, the listing standards of any national securities exchange. Accordingly, investors must be prepared to bear the economic risk of holding Enzon Common Stock for an indefinite period of time.

In the future, Enzon Common Stock could become subject to the "penny stock" rules under the Exchange Act, which impose additional disclosure and suitability requirements on broker-dealers and could further impair the liquidity and marketability of the stock.

Following the Effective Time, the name of the Combined Company will be "Viskase Holdings, Inc." and the common stock of the Combined Company will be quoted and traded on the "OTCQB" tier of OTC under an expected new ticker symbol "VKSC", however the use of such ticker symbol will be subject to required regulatory approval, which is anticipated to be approved as soon as practicable following the Effective Time.

***The declaration of dividends on Enzon Common Stock is at the discretion of the Enzon Board and is subject to limitations under Delaware law and the rights of holders of Series C Preferred Stock.***

The declaration and payment of dividends on Enzon Common Stock is within the discretion of the Enzon Board and is subject to applicable limitations under Delaware corporate law. In addition, the Series C Preferred Stock ranks senior to Enzon Common Stock with respect to dividends and liquidation rights. As a result, Enzon may not declare or pay any cash dividends on its Common Stock unless all accrued and unpaid dividends on the Series C Preferred Stock have been paid in full or set aside for payment.

Enzon's ability to pay dividends in the future will depend on a number of factors, including the Combined Company's financial condition, available cash, future revenues (including any royalties or milestone payments), the successful execution of its business strategy and its ability to manage expenses. There can be no assurance that Enzon will declare or pay any dividends on Enzon Common Stock in the foreseeable future, or that, if declared, such dividends will be liquid or readily accessible to Enzon's stockholders.

***Anti-takeover provisions in the Enzon Organizational Documents and under Delaware corporate law may discourage or delay a change in control, even if such a transaction would be beneficial to stockholders.***

Provisions of the Enzon Organizational Documents, as well as provisions of the DGCL, could have the effect of discouraging, delaying or preventing a change in control of Enzon, even if such a transaction might be beneficial to stockholders.

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These anti-takeover provisions include, among others:

● lack of a provision for cumulative voting in the election of directors;

● the ability of the Enzon Board to authorize issuance of "blank check" preferred stock to increase the number of outstanding shares and thwart a takeover attempt;

● advance notice requirements for nominations for election to the Enzon Board or for proposing matters to be acted upon at stockholder meetings;

● the ability of the board of directors of the Combined Company to adopt a rights agreement; and

● limitations on the ability of stockholders to call special meetings.

In addition, the significant ownership of Enzon Common Stock and Series C Preferred Stock by the IEH Parties, may further discourage or prevent a third party from acquiring control of Enzon. As of January 28, 2026, the IEH Parties Beneficially Own approximately 48.6% of the issued and outstanding shares of Enzon Common Stock and 98.2% of the issued and outstanding shares of Enzon Series C Preferred Stock. Following the Merger, it is expected that the IEH Parties will Beneficially Own approximately 93.32% of the outstanding shares of the Combined Company Common Stock, assuming all of the Enzon Series C Preferred Stock is exchanged for Shares of Enzon Common Stock. These provisions and ownership concentrations may also limit the ability of stockholders to influence corporate matters and could adversely affect the market price of Enzon Common Stock.

Following the Merger, the anti-takeover provisions of the Combined Company will be those set forth in the Enzon Organizational Documents. Please see the section titled "*Comparison of Stockholder Rights*" in this prospectus/registration statement for further information.

**Risk Factors Relating to the Series C Preferred Stock**

***In the event of a dissolution, liquidation or winding up of Enzon, Enzon may not be able to satisfy its obligations to holders of Series C Preferred Stock.***

The Series C Preferred Stock ranks senior to Enzon Common Stock. In the event of any dissolution, liquidation, winding up or change of control of Enzon, may not be able to make distributions or payments in full to all the holders of the Series C Preferred Stock or, if requested by such holders upon a change of control, to redeem the Series C Preferred Stock, in which case holders of the Series C Preferred Stock could lose some or all of the entire value of their investment. Although Enzon will seek maximum participation of the holders of Series C Preferred Stock in the Series C Exchange Offer, the Series C Exchange Offer may not be accepted by all holders of Series C Preferred Stock. If few or no such holders elect to participate in the Series C Exchange Offer, the aggregate Liquidation Preference of the remaining Series C Preferred Stock could materially impact the satisfaction of the Minimum Cash Condition, which is a condition to Closing.

***Dividends on the Series C Preferred Stock may be paid either in cash or be paid in kind by increasing the liquidation value of the shares of Series C Preferred Stock.***

The terms of the Series C Preferred Stock allow dividends on the shares of Series C Preferred Stock to be paid either in cash or in kind by increasing the liquidation value of the shares of Series C Preferred Stock and, therefore allow the repayment of the principal and accrued dividends on the Series C Preferred Stock to be deferred until the earliest of the redemption of the Series C Preferred Stock or upon Enzon's dissolution, liquidation or winding up. Enzon may not have enough capital to repay the full amount of the principal and accrued dividends when the payment of principal and accrued dividends on the Series C Preferred Stock becomes due.

***The Series C Preferred Stock is equity and is subordinate to Enzon's existing and future indebtedness and other liabilities and holders' interests may be diluted by future preferred stock issuances.***

Shares of the Series C Preferred Stock represent equity interests and do not constitute indebtedness. As such, it ranks junior to all of Enzon's indebtedness and other non-equity claims of creditors with respect to assets available to satisfy its claims, including in Enzon's liquidation, dissolution or winding up. Unlike indebtedness, where principal and interest would customarily be payable on specified due dates, in the case of preferred stock such as the Series C Preferred Stock, dividends are payable only if declared by the

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Enzon Board (or a duly authorized committee thereof), and may be subject to restrictions under future debt agreements or other contractual arrangements.

In addition, subject to the limitations of Delaware law and the Enzon Charter, the Enzon Board is authorized to issue additional shares of preferred stock in such classes or series as the Enzon Board may determine and to establish from time to time the number of shares of preferred stock to be included in any such class or series. The issuance of additional shares of Series C Preferred Stock or additional shares of preferred stock designated as ranking on parity with the Series C Preferred Stock would dilute the interests of the holders of shares of the Series C Preferred Stock, and the issuance of shares of any class or series of our capital stock expressly designated as ranking senior to the Series C Preferred Stock or the incurrence of additional indebtedness could affect our ability to pay distributions on, redeem or pay the Liquidation Preference on the Series C Preferred Stock.

***Holders of Series C Preferred Stock have no voting rights.***

Except as otherwise required by applicable law, holders of Series C Preferred Stock do not have voting rights and are not entitled to vote on matters submitted to Enzon's stockholders. As a result, all corporate matters requiring stockholder approval are determined by the vote of holders of Enzon Common Stock. Holders of Series C Preferred Stock have no ability to influence the outcome of such matters and may be adversely affected by decisions made by the holders of Common Stock.

***There is no public market for the Series C Preferred Stock.***

There is no established public trading market for the Series C Preferred Stock, and Enzon does not expect a market to develop. Enzon does not intend to apply for listing of the Series C Preferred Stock on any securities exchange or recognized trading system. As a result, holders of Series C Preferred Stock may be unable to resell their shares or may only be able to do so at an unfavorable price and after a prolonged period, if at all.

***Holders of Series C Preferred Stock may be adversely affected by the terms and execution of the Series C Exchange Offer and the Merger.***

In connection with the proposed Merger, Enzon intends to convert outstanding shares of its Series C Preferred Stock into shares of Enzon Stock through the Series C Exchange Offer. The IEH Parties, who collectively hold 39,277 shares of Series C Preferred Stock — representing approximately 98.2% of the total outstanding Series C Preferred Stock — have already committed to exchange their shares pursuant to the IEH Support Agreement.

As a result, the Series C Exchange Offer may proceed even if other Series C holders do not participate. The Series C Exchange Offer is based on a formula that includes a volume-weighted average price of Enzon Common Stock, which may not reflect the fair market value of the Series C Preferred Stock or its Liquidation Preference. Holders who do not participate may be left with a less liquid or less valuable security, particularly if the Series C Preferred Stock is no longer supported by a trading market or if its rights are subordinated or otherwise impaired following the Merger. Under the terms of the Enzon Series C Preferred Stock, following the Merger, Enzon may, and at this time intends to, redeem any outstanding shares of Enzon Series C Preferred Stock for a cash amount equal to the aggregate Liquidation Preference of such shares, but Enzon may elect not to proceed with such redemption in its sole discretion.

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**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**

Certain statements contained in this prospectus/consent solicitation/offer to exchange may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "may," "will," "should," "would," "expect," "anticipate," "plan," "likely," "believe," "estimate," "project," "intend," and other similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. These and other forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements, including, without limitation: (i) the risk that the conditions to the Closing of the Merger are not satisfied, including the failure to obtain the necessary approvals for the Merger; (ii) uncertainties as to the timing of the consummation of the Merger, including timing for satisfaction of the closing conditions, and the ability of each of Enzon and Viskase to consummate the Merger; (iii) the possibility that other anticipated benefits of the Merger will not be realized, including, without limitation, anticipated revenues, expenses, earnings and other financial results, and growth and expansion of the Combined Company's operations, and the anticipated tax treatment of the Merger; (iv) potential litigation relating to the Merger that could be instituted against Enzon, Viskase or their respective officers or directors, including the effects of any outcomes related thereto; (v) possible disruptions from the Merger that could harm Enzon's or Viskase's respective businesses; (vi) the risk that the Combined Company will be unable to successfully integrate Viskase's corporate functions and infrastructure with Enzon's similar functions; (vii) the ability of Viskase to retain, attract and hire key personnel; (viii) potential adverse reactions or changes to relationships with customers, employees, suppliers or other parties resulting from the announcement or completion of the Merger; (ix) potential business uncertainty, including changes to existing business relationships, during the pendency of the Merger that could affect Enzon's or Viskase's financial performance; (x) certain restrictions during the pendency of the Merger that may impact Enzon's or Viskase's ability to pursue certain business opportunities or strategic transactions; (xi) the Exchange Ratio and relative ownership levels as of the Closing; (xii) estimates regarding future revenue, expenses and capital requirements following the Closing; (xiii) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger; (xiv) legislative, regulatory and economic developments; (xv) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism, trade wars or outbreak of war or hostilities, as well as management's response to any of the aforementioned factors; (xvi) global economic, political, legislative, regulatory and market conditions (including competitive pressures), trade policies, trade wars, inflation and foreign currency exchange rate fluctuations around the world and the impact of war and other conflicts around the world; (xvii) Viskase's fiscal stability and ability to continue as a going concern, including Viskase's ability to obtain funds to pay its expenses and repay indebtedness; (xviii) the potential for further deterioration in the Viskase business and Viskase's financial condition, which could materially and adversely impact its ability to carry out its business plans, meet its obligations or realize the anticipated benefits of the Merger and (xix) such other risks and uncertainties, including those that are set forth in the section entitled "*Risk Factors*" in this prospectus/consent solicitation/offer to exchange, in Enzon's periodic public filings with the SEC and in Viskase's annual and quarterly reports posted to Viskase's website.

Although Enzon and Viskase believe that Enzon's and Viskase's plans, intentions, expectations, strategies and prospects as reflected in or suggested by these forward-looking statements are reasonable, neither Enzon nor Viskase can give any assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a number of risks, uncertainties and assumptions, including, without limitation, those risks and uncertainties described in the section titled "*Risk Factors*" in this prospectus/consent solicitation/offer to exchange. While the lists of factors presented here and in the section titled "*Risk Factors*" in this prospectus/consent solicitation/offer to exchange are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on Enzon or Viskase's consolidated financial condition, results of operations, credit rating or liquidity or those of the Combined Company.

Neither Enzon nor Viskase assumes any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. You should not, therefore, rely on these forward-looking statements as representing our views as of any date subsequent to the date of this prospectus/consent solicitation/offer to exchange.

By referring to Enzon's website and Viskase's website, neither Enzon nor Viskase incorporate any such website or its contents into this prospectus/consent solicitation/offer to exchange.

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**ENZON SOLICITATION OF WRITTEN CONSENT**

**Executing Consents**

If you are a holder of Enzon Common Stock, you may execute a written consent with respect to such stock to approve the Reverse Stock Split Proposal and the Merger Proposal (which is equivalent to a vote "**FOR**" the Reverse Stock Split Proposal and the Merger Proposal) or disapprove, or withhold consent with respect to, the Reverse Stock Split Proposal and the Merger Proposal (which is equivalent to a vote "**AGAINST**" the Reverse Stock Split Proposal and the Merger Proposal). If you do not execute and return your written consent, or otherwise withhold your written consent, it will have the same effect as voting against the Reverse Stock Split Proposal and the Merger Proposal. The Enzon Board has set 5:00 p.m., Eastern Time, on February 27, 2026, as the target date for the receipt of written consents. Please return your written consent promptly. Once a sufficient number of consents to adopt the Enzon Proposals has been received, the consent solicitation will conclude.

**Consent Required**

Approval of each of the Reverse Stock Split Proposal and the Merger Proposal requires the execution and delivery to Enzon of a written consent by the holders of a majority of the outstanding shares of Enzon Common Stock.

**Consent Record Date; Stockholders Entitled to Consent**

Only holders of Enzon Common Stock of record as of the close of business on the Enzon Record Date will be entitled to execute and deliver a written consent with respect to the Reverse Stock Split Proposal and the Merger Proposal, including the Merger Proposal and the Reverse Stock Split Proposal. Under the Enzon Charter and the Delaware General Corporation Law (the "DGCL"), each holder of Enzon Common Stock as of the Consent Record Date is entitled to one (1) vote per share.

**IEH Support Agreement**

Concurrently with the execution of the Merger Agreement, the IEH Parties, who, in the aggregate, as of January 28, 2026, Beneficially Own approximately 48.6 % of the issued and outstanding shares of Enzon Common Stock and 98.2 % of the issued and outstanding shares of Enzon Series C Preferred Stock, entered into the IEH Support Agreement with Enzon and Viskase, pursuant to which, immediately prior to the Closing, each IEH Party shall deliver to Enzon each share of Enzon Series C Preferred Stock Beneficially Owned by such IEH Party, and Enzon shall, in exchange therefor, deliver to the IEH Parties a number of shares of Enzon Common Stock equal to (i) the aggregate Liquidation Preference of the shares of Enzon Series C Preferred Stock Beneficially Owned by such IEH Party, *divided* by (ii) the Enzon 20-Day VWAP, in each case, on the terms and conditions set forth in the IEH Support Agreement. The Enzon 20-Day VWAP is $0.08 per share of Enzon Common Stock, which after giving effect to the Reverse Stock Split of 1 for 100, will be adjusted to $7.83. Enzon will use commercially reasonable efforts to consummate the IEH Share Exchange in accordance with the terms of the IEH Support Agreement.

Enzon is soliciting stockholder approval for an amendment to the Enzon Charter to, among other things, effect a consolidation of the issued and outstanding shares of Enzon Common Stock, pursuant to which the shares of Enzon Common Stock would be combined and reclassified at a ratio of 1 for 100. The delivery of the written consents of the holders of more than 50.0% of the outstanding shares of Enzon Common Stock will constitute receipt by Enzon of the requisite Enzon Stockholder Approval.

The IEH Parties are obligated to vote or cause to be voted all shares of Enzon Common Stock and Enzon Series C Preferred Stock, as applicable, Beneficially Owned by such IEH Parties against any (i) Enzon Acquisition Proposal, (ii) amendment to the Enzon Organizational Documents that would impede or adversely affect the Merger or other transactions contemplated by the Merger Agreement (except as otherwise contemplated by the Merger Agreement) and (iii) other action or transaction involving Enzon that is intended or reasonably expected to impede or adversely affect the Merger, the Reverse Stock Split or other transactions contemplated by the Merger Agreement; provided that the foregoing clauses (i)-(iii) will not apply to any transaction, proposal or action that is the subject of an Enzon Adverse Recommendation Change made in accordance with the Merger Agreement that has not been rescinded.

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**Solicitation of Consents; Expenses**

The Enzon Board is soliciting consents from holders of Enzon Common Stock with respect to the Reverse Stock Split Proposal and the Merger Proposal. The expense of preparing, printing and mailing these consent solicitation materials is being borne by Enzon. Enzon has engaged HKL as a consent solicitor. HKL will receive reasonable and customary compensation for its services. Enzon estimates that it will pay HKL a fee of approximately $40,000, plus reasonable out-of-pocket expenses. Upon request, Enzon will reimburse brokerage firms, banks or other nominees for their reasonable charges and expenses to forward the consent solicitation materials to the Enzon stockholders in accordance with the applicable rules. In addition to the mailing of these consent solicitation materials, the solicitation of proxies or votes may be made in person, by telephone or by electronic communication by Enzon's directors, officer or Affiliates, who will not receive any additional compensation for such solicitation activities.

**Submission of Consents**

If you hold shares of Enzon Common Stock at the close of business on the Enzon Record Date and you wish to give your written consent, you must fill out the enclosed written consent, date and sign it and promptly return it to Enzon on or before February 27, 2026. Once you have completed, dated and signed the written consent, you may deliver your executed consent to Enzon c/o Continental Stock Transfer & Trust Company, 1 State Street Plaza, 30th Floor, New York, New York 10004. Enzon recommends that you also email a .pdf copy of your written consent to Enzon's consent solicitor, HKL, at enzn@hklco.com.

The delivery of the written consents of the holders of more than 50.0% of the outstanding shares of Enzon Common Stock will constitute receipt by Enzon of the requisite Enzon Stockholder Approval, and therefore a failure to deliver a written consent, as well as the delivery, change or revocation of a written consent, by any other Enzon stockholder after the delivery by the holders of more than 50.0% of the outstanding shares of Enzon Common Stock of their written consent will not have any effect on the approval of the Merger Proposal and the Reverse Stock Split Proposal.

**Recommendations of the Enzon Special Committee and the Enzon Board of Directors**

The Enzon Special Committee unanimously, among other things, (i) determined that the Merger Agreement and the transactions contemplated thereby are fair to, and in the best interests of, Enzon and its stockholders, without regard to the IEH Parties, and (ii) recommended that the Enzon Board (A) approve the Merger Agreement and the transactions contemplated thereby, including the Reverse Stock Split, and (B) recommend that the Enzon stockholders entitled to vote thereon approve the Reverse Stock Split Proposal and the Merger Proposal. Upon the unanimous recommendation of the Enzon Special Committee, the Enzon Board unanimously, among other things, (1) determined that the Merger Agreement and the transactions contemplated thereby are fair to, and in the best interests of, Enzon and its stockholders, (2) approved the Merger Agreement and the transactions contemplated thereby, including the Reverse Stock Split, and (3) recommended that the holders of Enzon Common Stock entitled to vote thereon approve the Reverse Stock Split Proposal and the Merger Proposal.

Please see the section titled "*Interests of Executive Officers and Directors in the Merger*" in this prospectus/consent solicitation/offer to exchange for further information regarding the Enzon Special Committee and the Enzon Board in approving the Merger Agreement.

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**Other Information**

The Reverse Stock Split Proposal and the Merger Proposal are of great importance to Enzon stockholders. Accordingly, you are urged to read and carefully consider the information contained in or incorporated by reference to this prospectus/consent solicitation/offer to exchange and, with respect to your shares of Enzon Common Stock, fill out the enclosed written consent, date and sign it, and promptly deliver your executed consent to Enzon c/o Continental Stock Transfer & Trust Company, 1 State Street Plaza, 30th Floor, New York, New York 10004. Enzon recommends that you also email a .pdf copy of your executed written consent to Enzon's consent solicitor, HKL, at enzn@hklco.com.

This prospectus/consent solicitation/offer to exchange describes the Reverse Stock Split Proposal and the Merger Proposal and the actions to be taken in connection with the Reverse Stock Split Proposal and the Merger Proposal and provides additional information about the parties involved, the Merger Agreement and the agreements entered into in connection with the Merger. Please give this information your careful attention. In particular, please see the section titled "*Risk Factors*" in this prospectus/consent solicitation/offer to exchange for further information. The Merger Agreement is included as Annex A in this prospectus/consent solicitation/offer to exchange and the Merger Agreement Amendment is included as Annex A-1 in this prospectus/consent solicitation/offer to exchange.

**The Enzon Board unanimously recommends that the holders of Enzon Common Stock entitled to vote deliver a written consent "FOR" the Reverse Stock Split Proposal and the Merger Proposal.**

**Please complete, date and sign the written consent furnished with the accompanying prospectus/consent solicitation/offer to exchange and return it promptly to Enzon by one (1) of the means described in the section titled "*Enzon Solicitation of Written Consents*" and following the instructions described therein.**

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**PARTIES TO THE MERGER**

**Enzon**

Enzon is positioned as a public company acquisition vehicle that has sought to become an acquisition platform. Enzon is a Delaware corporation with its principal executive offices located at 20 Commerce Drive, Suite 135, Cranford, New Jersey 07016, and its telephone number at such address is (732) 980-4500.

Enzon Common Stock is currently quoted on the "OTCQB Tier" of the OTC market under the symbol "ENZN."

**Merger Sub**

Merger Sub is a wholly owned Subsidiary of Enzon, incorporated in Delaware solely for the purpose of consummating the Merger. Merger Sub has not carried on any activities to date, except for activities incidental to its formation and activities undertaken in connection with the Merger. The principal executive offices of Merger Sub are located c/o Enzon Pharmaceuticals, Inc., 20 Commerce Drive, Suite 135, Cranford, New Jersey 07016, and its telephone number at such address is (732) 980-4500.

At the Effective Time, Merger Sub will merge with and into Viskase, with Viskase surviving the Merger as a wholly owned Subsidiary of Enzon, and the separate corporate existence of Merger Sub will cease. Promptly thereafter, Viskase will convert into a limited liability company under Delaware law.

**Viskase**

Viskase, together with its Subsidiaries, is a producer of non-edible cellulosic, fibrous and plastic casings used to prepare and package processed meat products and provides value-added support services relating to these products for some of the largest global consumer product companies. Viskase operates nine (9) manufacturing facilities in North America, Europe, South America and Asia, and, as a result, is able to sell its products in nearly one hundred countries throughout the world.

Viskase is a Delaware corporation with its principal executive offices located at 333 East Butterfield Road, Suite 400, Lombard, Illinois 60148, and its telephone number at such address is (630) 874-0700.

Viskase stock is currently quoted on the "OTC Pink" tier of the OTC under the symbol "VKSC."

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**ENZON PROPOSAL 1: APPROVAL OF THE REVERSE STOCK SPLIT**

Enzon is asking the holders of Enzon Common Stock to approve the Proposed Charter Amendment of Enzon to effect a consolidation of the issued and outstanding shares of Enzon Common Stock, pursuant to which the shares of Enzon Common Stock would be combined and reclassified at a ratio of 1 for 100 (such proposal, the "Reverse Stock Split Proposal"). If the Reverse Stock Split Proposal is approved by Enzon stockholders, Enzon intends to take all actions necessary to effectuate the Reverse Stock Split immediately prior to the Effective Time.

The Reverse Stock Split, if approved by the holders of Enzon Common Stock, would become effective at the time and date set forth in a certificate of amendment to the Enzon Charter to be filed with the Secretary of State of the State of Delaware.

Concurrently with the execution of the Merger Agreement, the IEH Parties, which hold approximately 48.6% of the issued and outstanding Enzon Common Stock as of January 28, 2026, entered into the IEH Support Agreement, as amended by the IEH Support Agreement Amendment, with Enzon and Viskase, pursuant to which the IEH Parties agreed to, among other things, deliver written consents with respect to all of the issued and outstanding shares of Enzon Common Stock held by the IEH Parties approving the Reverse Stock Split, subject to certain exceptions. Accordingly, assuming delivery of written consents from the IEH Parties pursuant to the terms of the IEH Support Agreement, written consents with respect to 1,050,666 shares of Enzon Common Stock will be needed to approve the Enzon Proposals.

Enzon stockholders should carefully read this prospectus/consent solicitation/offer to exchange in its entirety, including the annexes and exhibits, for more detailed information concerning the Reverse Stock Split. In particular, Enzon stockholders are directed to the copy of the proposed form of certificate of amendment to the Enzon Charter, which is attached as Exhibit B to the Merger Agreement Amendment, which is attached as Annex A-1 to this prospectus/consent solicitation/offer to exchange.

The consummation of the Merger is conditioned on the approval of the Reverse Stock Split Proposal and the consummation of the Reverse Stock Split by Enzon.

The Enzon Board established the Enzon Special Committee consisting of only independent and disinterested directors to, among other things, analyze, evaluate and oversee the Reverse Stock Split. The Enzon Board, upon the unanimous recommendation of the Enzon Special Committee, unanimously approved the Reverse Stock Split Proposal for the following reasons:

● each of the Enzon Board and the Enzon Special Committee believes that a higher stock price may help generate investor interest in Enzon and ultimately the Combined Company, and help Enzon attract and retain employees; and

● each of the Enzon Board and the Enzon Special Committee believes that the Reverse Stock Split helps rationalize the number of outstanding shares of Combined Company Common Stock following the issuance to the holders of Viskase Common Stock, holders of Enzon Common Stock and holders of Enzon Series C Preferred Stock as a result of the Merger.

The Enzon Board and Enzon Special Committee have evaluated the Reverse Stock Split and have taken, into consideration negative factors associated with reverse stock splits. In particular, please see the section titled "*Risk Factors Relating to the Transaction*" in this prospectus/consent solicitation/offer to exchange for further information about such negative factors.

**Criteria Used for Decision to Apply the Reverse Stock Split**

If the holders of Enzon Common Stock approve the Reverse Stock Split Proposal, the Enzon Board will be authorized to proceed with the Reverse Stock Split. In setting the appropriate ratio for the Reverse Stock Split, the parties considered, among other things, factors such as:

● the historical trading prices and trading volume of Enzon Common Stock and Viskase Common Stock;

● the number of shares of Combined Company Common Stock expected to be outstanding following the Effective Time;

● the then-prevailing and expected trading prices and trading volume of Enzon Common Stock and Viskase Common Stock and the anticipated impact of the Reverse Stock Split on the trading market for Combined Company Common Stock; and

● the number of shares of Enzon Common Stock that are authorized for issuance under the Enzon Charter.

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**Effect of the Reverse Stock Split**

The Reverse Stock Split would be effected simultaneously for all outstanding shares of Enzon Common Stock and the Merger Consideration issued to the holders of Viskase Common Stock will take into account the Reverse Stock Split. The Reverse Stock Split would affect all of holders of Enzon Common Stock uniformly and would not change any holder of Enzon Common Stock's percentage ownership interest in Enzon.

No fractional shares will be issued in connection with the Reverse Stock Split. Instead, any holder of Enzon Common Stock who would have been entitled to receive a fractional share as a result of the Reverse Stock Split will have the right to receive cash (without interest) in an amount equal to such fractional amount multiplied by the volume weighted averages of the trading prices of Enzon Common Stock on the "OTCQB" tier of the OTC (as reported by Bloomberg or, if not reported thereby, in another authoritative source mutually selected by Enzon and Viskase) on the five (5) consecutive Trading Days ending on (and including) the Trading Day that is two (2) Trading Days prior to the date of the Effective Time, rounded down to the nearest penny, in lieu of fractional shares. The Reverse Stock Split would not change the terms of the Enzon Common Stock or the Combined Company Common Stock. Following the Reverse Stock Split, Enzon would continue to be subject to the periodic reporting requirements of the Exchange Act.

With a Reverse Stock Split ratio of 1 for 100, the following table sets forth the number of shares of Enzon Common Stock that would be issued and outstanding giving effect to the Reverse Stock Split as of December 5, 2025.

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| | | |
|:---|:---|:---|
|  | **1 for 100 Reverse Stock Split** | **1 for 100 Reverse Stock Split** |
|  | **Shares** | **% Ownership** |
| Shares held by legacy Viskase common stockholders | 7935878 | 55.0% |
| Shares held by IEH Parties underlying Enzon Series C Preferred Stock subsequent to IEH Share Exchange | 5646898 | 39.2% |
| Shares held by legacy Enzon common stockholders | 742146 | 5.1% |
| Shares held by non-IEH Parties underlying Enzon Series C Preferred Stock subsequent to Series C Exchange Offer | 103947 | 0.7% |
| **Total shares of Combined Company Common Stock** | **14428869** | **100.0%** |

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Enzon's directors and executive officers have no substantial interests, directly or indirectly, in the matters set forth in the Reverse Stock Split Proposal, except to the extent of their ownership in shares of Enzon Common Stock, which shares would be subject to the same proportionate adjustment in accordance with the terms of the Reverse Stock Split as all other outstanding shares of Enzon Common Stock.

*Maintenance of Ownership Percentage*. If the Reverse Stock Split is approved and effected, each holder of Enzon Common Stock will own a reduced number of shares of Enzon Common Stock. This would affect all holders of Enzon Common Stock uniformly and would not affect any holder of Enzon Common Stock's percentage ownership in Enzon, except to the extent that the Reverse Stock Split results in a holder of Enzon Common Stock owning a fractional share, as described below. The number of stockholders of record would not be affected by the Reverse Stock Split, except to the extent of fractional shares.

*Voting Rights*. Proportionate voting rights and other rights of the holders of Enzon Common Stock would not be affected by the Reverse Stock Split, subject to the limitations and qualifications set forth in this discussion and to the note below regarding the receipt of an additional fraction of a share. For example, a holder of one percent (1%) of the voting power of the outstanding shares of Enzon Common Stock immediately prior to the Reverse Stock Split would continue to hold one percent (1%) of the voting power of the outstanding shares of common stock after the Reverse Stock Split.

**Procedure for Effecting the Reverse Stock Split**

If the holders of Enzon Common Stock approve the Reverse Stock Split, and if the Reverse Stock Split is to be effectuated in accordance with the Merger Agreement, prior to the Effective Time, Enzon will file the certificate of amendment effecting the Reverse Stock Split with the Secretary of State of the State of Delaware. Enzon intends to effectuate the Reverse Stock Split immediately prior to the Effective Time. The form of the proposed certificate of amendment to the Enzon Charter to effect the Reverse Stock Split is attached as Exhibit C of the Merger Agreement Amendment, which is attached as Annex A-1 to this prospectus/consent solicitation/offer to exchange.

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The combination of, and reduction in, the number of shares of outstanding Enzon Common Stock as a result of the Reverse Stock Split will occur automatically and without any action on the part of Enzon stockholders at the date and time set forth in the amendment to the Enzon Charter to effect the Reverse Stock Split following filing with the Secretary of State of the State of Delaware (the "Reverse Split Effective Time"). As soon as practicable after the Reverse Split Effective Time, Enzon's transfer agent, Continental Stock Transfer & Trust Company, acting as Enzon's "exchange agent" for purposes of implementing the exchange of stock certificates, will mail each holder of Enzon Common Stock of record a transmittal form accompanied by instructions specifying other details of the exchange. Upon receipt of the transmittal form, each stockholder should surrender the certificates representing Enzon Common Stock prior to the Reverse Stock Split in accordance with the applicable instructions. Each holder who surrenders certificates will receive new certificates representing the whole number of shares of Enzon Common Stock that he, she or it holds as a result of the Reverse Stock Split. New certificates will not be issued to any stockholder until such stockholder has surrendered his, her or its outstanding certificate(s) and submitted with the properly completed and executed transmittal form to the exchange agent. Certain of Enzon's registered holders of Enzon Common Stock hold some or all of their shares electronically in book-entry form with Enzon's transfer agent. If a stockholder holds registered shares in book-entry form with Enzon's transfer agent, no action needs to be taken to receive post-Reverse Stock Split shares or payment in lieu of fractional shares, if applicable. If an Enzon stockholder is entitled to post-Reverse Stock Split shares, a transaction statement will automatically be sent to such Enzon stockholder's address of record as of the Enzon Record Date indicating the number of shares of Enzon Common Stock held following the Reverse Stock Split.

If Enzon stockholder's shares are held in "street name" at a brokerage firm, bank or other nominee, Enzon intends to treat such stockholder in the same manner as registered stockholders whose shares are registered in their names. Brokerage firms, banks or other nominees will be instructed to implement the exchange of shares required by the combination resulting from the Reverse Stock Split for their beneficial holders holding Enzon Common Stock in "street name." However, these brokerage firms, banks or other nominees may have different procedures than registered stockholders for processing substitution of certificates, or book-entries, representing the former number shares of Enzon Common Stock for certificates, or book-entries, representing the reduced number of shares resulting from the combination. If an Enzon stockholder's shares are held with a brokerage firm, bank or other nominee and if such stockholder has any questions in this regard, Enzon encourages such stockholder to contact his, her or its brokerage firm, bank or other nominee.

Any stockholder whose stock certificate has been lost, destroyed or stolen will be entitled to a new stock certificate only after complying with the requirements that Enzon and Enzon's transfer agent customarily apply in connection with replacing lost, stolen or destroyed stock certificates.

No service charges, brokerage commissions or transfer taxes shall be payable by any holder of any old certificate, except that if any new certificate is to be issued in a name other than that in which the old stock certificate(s) are registered, it will be a condition of such issuance that (i) the Person requesting such issuance must pay to Enzon any applicable transfer taxes or establish to Enzon's satisfaction that such taxes have been paid or are not payable, (ii) the transfer complies with all applicable federal and state securities laws, and (iii) the surrendered stock certificate is properly endorsed and otherwise in proper form for transfer.

STOCKHOLDERS SHOULD NOT DESTROY ANY STOCK CERTIFICATES AND SHOULD NOT SUBMIT THEIR STOCK CERTIFICATES UNTIL THEY RECEIVE A TRANSMITTAL FORM FROM ENZON'S TRANSFER AGENT.

**Fractional Shares**

No fractional shares will be issued in connection with the Reverse Stock Split. Instead, any holder of Enzon Common Stock who would have been entitled to receive a fractional share as a result of the Reverse Stock Split will have the right to receive, in lieu thereof, cash (without interest) in an amount equal to such fractional amount multiplied by the volume weighted averages of the trading prices of Enzon Common Stock on the "OTCQB" tier of the OTC (as reported by Bloomberg or, if not reported thereby, in another authoritative source mutually selected by Enzon and Viskase) on the five (5) consecutive Trading Days ending on (and including) the Trading Day that is two (2) Trading Days prior to the date of the Effective Time, rounded down to the nearest penny, in lieu of fractional shares.

**No Appraisal Rights**

No action is proposed herein for which the laws of the State of Delaware, or the Enzon Charter or the Enzon Bylaws, provide a right to the holders of Enzon Common Stock to dissent and obtain appraisal of, or payment for, such stockholders' capital stock.

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**Accounting Matters**

The Reverse Stock Split would not affect the par value of Enzon Common Stock per share, which would remain $0.01 par value per share, while the number of outstanding shares of Enzon Common Stock would decrease in accordance with the Reverse Stock Split ratio. As a result, as of the Reverse Stock Split Effective Time, the stated capital attributable to Enzon Common Stock on Enzon's balance sheet would decrease and the additional paid-in capital account on Enzon's balance sheet would increase by an offsetting amount. Following the Reverse Stock Split, reported per share net income or loss would be higher because there would be fewer shares of Enzon Common Stock outstanding and Enzon would adjust historical per share amounts set forth in Enzon's future financial statements.

**Vote Required and Enzon Board Recommendation**

Approval of the Reverse Stock Split Proposal requires the affirmative vote of the holders of a majority of the outstanding shares of Enzon Common Stock entitled to vote thereon.

The IEH Parties have agreed to deliver written consents with respect to all of the issued and outstanding shares of Enzon Common Stock held by the IEH Parties approving the Reverse Stock Split, subject to certain exceptions. As of the Enzon Record Date, IEH — through its control of the IEH Parties — Beneficially Owns approximately 48.6% of the issued and outstanding shares of Enzon Common Stock. Please see the section titled "*IEH Support Agreement*" in this prospectus/consent solicitation/offer to exchange for further information. Accordingly, assuming delivery of written consents from the IEH Parties pursuant to the terms of the IEH Support Agreement, written consents with respect to 1,050,666 shares of Enzon Common Stock will be needed to approve the Enzon Proposals.

The Enzon Board, acting upon the unanimous recommendation of the Enzon Special Committee, has unanimously recommended that holders of Enzon Common Stock entitled to vote deliver a written consent "**FOR**" the Reverse Stock Split Proposal. The consummation of the Merger is conditioned upon the approval of the Reverse Stock Split Proposal. Notwithstanding the approval of the Reverse Stock Split Proposal, if the Merger is not consummated for any reason, the actions contemplated by the Reverse Stock Split Proposal will not be effected.

Abstentions and broker non-votes will have the same effect as delivering consents marked "**WITHHOLD CONSENT**" as to the Reverse Stock Split Proposal.

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**ENZON PROPOSAL 2: ADOPTION OF THE MERGER AGREEMENT**

Enzon is asking the holders of Enzon Common Stock to adopt the Merger Agreement (the "Merger Proposal" and, together with the Reverse Stock Split Proposal, the "Enzon Proposals"). Under the terms of the Merger Agreement, Merger Sub will be merged with and into Viskase, with Viskase surviving the Merger as a wholly owned Subsidiary of Enzon.

At the Effective Time, each share of Viskase Common Stock issued and outstanding immediately prior to the Effective Time (other than shares of Viskase Common Stock (i) held by Viskase as treasury shares, (ii) owned by Enzon, Merger Sub or a wholly owned Subsidiary of Viskase, Enzon or Merger Sub immediately prior to the Effective Time and (iii) Dissenting Viskase Shares) will be automatically converted into the right to receive a number of shares of Enzon Common Stock equal to the Exchange Ratio (such shares, the "Merger Consideration"). From and after the Effective Time, all shares of Viskase Common Stock converted into the right to receive the Merger Consideration will no longer be outstanding and will automatically be cancelled and will cease to exist.

Under the Exchange Ratio mechanics, and assuming that the Enzon Series C Preferred Stock is exchanged for Enzon Common Stock in full pursuant to the Series C Exchange Offer and the IEH Share Exchange, upon the Closing, (i) holders of Enzon Common Stock immediately prior to the Closing are expected to own approximately 5% of the Combined Company Common Stock, (ii) holders of Enzon Series C Preferred Stock are expected to own approximately 40% of the Combined Company Common Stock, and (iii) Viskase stockholders are expected to own 55 % of the Combined Company Common Stock, subject to certain adjustments based upon the number of shares of Enzon Series C Preferred Stock exchanged for Enzon Common Stock by non-Affiliates of IEH, and depending on the liquidation value of the Series C Preferred Stock at the Closing Date.

Please see the section titled "*The Merger — Enzon's Reasons for the Merger; Recommendation of the Enzon Special Committee and the Enzon Board*" in this prospectus/consent solicitation/offer to exchange for further information on reasons for the proposed Merger.

Enzon stockholders should carefully read this prospectus/consent solicitation/offer to exchange in its entirety, including the Annexes and exhibits, for more detailed information concerning the Merger Agreement and the Merger. In particular, Enzon stockholders are directed to the Merger Agreement, which is attached as Annex A to this prospectus/consent solicitation/offer to exchange, and the Merger Agreement Amendment, which is attached as Annex A-1 to this prospectus/consent solicitation/offer to exchange which, in each case, is incorporated by reference into this prospectus/consent solicitation/offer to exchange.

The consummation of the Merger is conditioned on approval of the Merger Proposal and the Reverse Stock Split Proposal.

**Vote Required and Enzon Board Recommendation**

Approval of the Merger Proposal requires the affirmative vote of the holders of a majority of the outstanding shares of Enzon Common Stock entitled to vote thereon. Only the holders of Enzon Common Stock of record holding shares of Enzon Common Stock at the close of business on the record date of January 29, 2026 (the "Enzon Record Date") will be notified of and entitled to sign and deliver written consents with respect to the Enzon Proposals.

The IEH Parties have agreed to deliver written consents with respect to all of the issued and outstanding shares of Enzon Common Stock held by the IEH Parties approving the Merger Proposal, subject to certain exceptions. As of the Enzon Record Date, IEH — through its control of the IEH Parties — Beneficially Owns approximately 48.6% of the issued and outstanding shares of Enzon Common Stock. Please see the section titled "*IEH Support Agreement*" in this prospectus/consent solicitation/offer to exchange for further information regarding the IEH Support Agreement. Accordingly, assuming delivery of written consents from the IEH Parties pursuant to the terms of the IEH Support Agreement, written consents with respect to 1,050,666 shares of Enzon Common Stock will be needed to approve the Enzon Proposals.

The Enzon Board, acting upon the unanimous recommendation of the Enzon Special Committee, has unanimously recommended that holders of Enzon Common Stock entitled to vote deliver a written consent "**FOR**" the adoption of the Merger Proposal.

Abstentions and broker non-votes will have the same effect as delivering consents marked "**WITHHOLD CONSENT**" as to the Merger Proposal.

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**THE MERGER**

*The following describes certain material provisions of the Merger. This description may not contain all of the information that may be important to you. The discussion of the Merger in this prospectus/consent solicitation/offer to exchange is qualified in its entirety by reference to the Merger Agreement (including all exhibits thereto), a copy of which is attached to this prospectus/consent solicitation/offer to exchange as Annex A, the Merger Agreement Amendment, a copy of which is attached to this prospectus/consent solicitation/offer to exchange as Annex A-1, the IEH Support Agreement, a copy of which is attached to this prospectus/consent solicitation/offer to exchange as Annex B and the IEH Support Agreement Amendment, a copy of which is attached to this prospectus/consent solicitation/offer to exchange as Annex B-1. This summary does not purport to be complete and may not provide all of the information about the Merger that may be important to you. We encourage you to read carefully this entire prospectus/consent solicitation/offer to exchange, including the Annexes and Exhibits thereto, and the documents incorporated by reference therein, for a more complete understanding of the Merger and the documents incorporated by reference. This section is also not intended to provide you with any factual information about Enzon or Viskase. Such information can be found elsewhere in this prospectus/consent solicitation/offer to exchange and in the public filings Enzon and Viskase make with the SEC, as described in the sections titled "Where You Can Find More Information" and "Incorporation of Certain Documents by Reference" in this prospectus/consent solicitation/offer to exchange.*

**General Description of the Merger**

Under the terms of the Merger Agreement, at the Effective Time, Merger Sub will be merged with and into Viskase, with Viskase surviving the Merger as a wholly owned Subsidiary of Enzon. Viskase will then be converted into a limited liability company, following which Viskase will be a disregarded entity for tax purposes, and its profits and losses will flow up to Enzon.

**Background of the Merger**

*The management and boards of directors of Enzon and Viskase, together with Representatives of IEH, a significant stockholder of Enzon and Viskase, regularly review the performance, strategy, competitive position, liquidity position, opportunities and prospects of their respective businesses. These reviews are conducted in the context of prevailing business and economic conditions, as well as ongoing developments within their respective industries. As part of these ongoing evaluations, the parties have periodically considered potential strategic combinations and acquisition opportunities.*

*The following chronology summarizes certain key meetings and events that led to the signing of the Merger Agreement, the Merger Agreement Amendment and the related transaction documents. This summary is not intended to capture every discussion or interaction among members of the Enzon Board, the Enzon Special Committee, Enzon's management, the Viskase Board, the Viskase Special Committee, Viskase's management, IEH or any of its Affiliates or any of their respective financial, legal or other advisors. Except as stated otherwise, all dates and times discussed in this "Background of the Merger" are reflective of Eastern Time.*

*All descriptions solely related to the activities of Viskase, the Viskase Board, the Viskase Special Committee, Viskase management or any of their respective financial advisors, legal advisors or other Representatives on September 26, 2024, October 9, 2024, November 5, 2024, November 13, 2024, November 18, 2024, November 26, 2024, November 27, 2024, the paragraph following the November 27, 2024 paragraph, the period beginning January 3, 2025, January 17, 2025, January 25, 2025, February 27, 2025, February 28, 2025, the period from March 1, 2025 to March 2, 2025, March 3, 2025, the period from March 3, 2025 to March 11, 2025, March 24, 2025, April 23, 2025 (solely as to the meeting of the Viskase Special Committee), April 26, 2025 (solely as to the meeting of the Viskase Special Committee), May 2, 2025 (solely as to the meeting of the Viskase Special Committee), June 19, 2025, September 9, 2025 (solely as to the meeting of the Viskase Special Committee), September 11, 2025 (solely as to the meeting of the Viskase Special Committee), September 16, 2025 (solely as to the meeting of the Viskase Special Committee), October 22, 2025 and October 23, 2025, are based solely on information provided by Viskase. Enzon has relied on Viskase to provide such information and has not independently verified the information in this section provided by Viskase. Enzon has also relied on Viskase's representations and warranties relating to such information in the Merger Agreement.*

Enzon is positioned as a public company acquisition vehicle that has sought to become an acquisition platform. Since at least 2020, the Enzon Board and its management have been actively involved in pursuing, sourcing, reviewing and evaluating various potential acquisition transactions consistent with Enzon's strategy. Enzon's management and the Enzon Board have originated a number of potential acquisition opportunities and engaged in discussions with certain potential acquisition targets and financial advisors on behalf of various individual entities.

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The Viskase Board regularly considers in the normal course of business Viskase's optimal liquidity position in light of Viskase's existing debt levels and impending debt maturities. In doing so, the Viskase Board has considered a number of alternatives, including modifications to currently outstanding indebtedness, refinancing of its currently outstanding indebtedness, and potential business combination transactions. In October 2024, following consideration of such alternatives and in light of Viskase's liquidity needs, the Viskase Board determined that a business combination with Enzon would be worth exploring more closely.

On September 26, 2024, the Viskase Board held its regularly scheduled monthly meeting. During a session that included the independent directors and Viskase management, Viskase management informed the Viskase independent directors that it had come to its attention that Enzon had positioned itself as an acquisition platform to make use of its existing operating loss carry forwards (NOL's) and that Enzon had in excess of $45 million in cash. Viskase management recommended that Viskase explore a potential combination between Viskase and Enzon. Joseph King, Viskase's General Counsel, was present and noted that in light of the IEH Parties' ownership in both Viskase and Enzon, it would be advisable for Viskase to form a special committee of independent directors. Mr. King informed the Viskase Board that any Viskase special committee would likely retain its own legal counsel and financial advisor to assist in the process of exploring a potential transaction. A member of the Viskase Board affiliated with the IEH Parties stated that he would consider supporting a transaction if, and only if, it was vetted and recommended by independent director committees at both Viskase and Enzon. Mr. King stated that he would circulate an independence questionnaire to Viskase's independent directors, and that a subsequent special meeting would be called for the Viskase Board to evaluate director independence and determine whether to form a special committee to explore a potential transaction with Enzon.

On October 9, 2024, the Viskase Board held a special meeting. At the meeting, the Viskase Board approved the creation of a special committee consisting of Stephen T. Maurer, Kenneth Shea and Peter K. Shea to evaluate and consider a potential merger transaction between Viskase and Enzon. The Viskase Board determined that the establishment of a special committee was in the best interests of Viskase and its stockholders because certain of the IEH Parties owned a majority of the outstanding capital stock of Viskase and a significant portion of the capital stock of Enzon. The Viskase Board determined that each of the members of the Viskase Special Committee were independent of Enzon and the IEH Parties and not otherwise interested in a potential transaction between Viskase and Enzon or other potential alternatives. Mr. K. Shea and Mr. P. Shea are not related to each other.

On October 9, 2024, the Viskase Board adopted resolutions forming the Viskase Special Committee to consider and evaluate a possible sale or other business transaction or series of transactions involving all or substantially all of Viskase's equity or assets and any alternatives to any such transaction, including Viskase continuing to operate as an independent company. The resolutions passed by the Viskase Board forming the Viskase Special Committee delegated to the Viskase Special Committee the exclusive authority to, among other things, (i) review and evaluate the terms and conditions and determine the advisability of a potential transaction with Enzon, (ii) consider whether there were alternatives to a potential transaction with Enzon that would be in the best interests of Viskase and its stockholders (each, a "Viskase Alternative Transaction"), (iii) review and evaluate the terms and conditions and determine the advisability of one or more Viskase Alternative Transactions, (iv) if the Viskase Special Committee deemed it appropriate or advisable, negotiate the price, structure, form, terms and conditions of a potential transaction with Enzon or any Viskase Alternative Transaction, as well as any definitive agreements in connection therewith, (v) after obtaining appropriate knowledge of the material facts, determine whether any such transaction was fair and reasonable to, advisable and in the best interests of, Viskase and its stockholders (including the applicable IEH Parties, as well as any other interested stockholders, but solely in their capacities as stockholders), (vi) if the Viskase Special Committee deemed it appropriate or advisable, recommend to the entire Viskase Board what action, if any, should be taken by Viskase with respect to a potential transaction with Enzon or any Viskase Alternative Transaction, (vii) take such other action related to or arising in connection with a potential transaction with Enzon or any Viskase Alternative Transaction as the Viskase Special Committee deemed necessary, appropriate or advisable, and (viii) provide reports and/or recommendations to the Viskase Board in regard to such matters at such times as the Viskase Special Committee deemed appropriate and consistent with its activities. The Viskase Board further resolved not to approve or submit for the approval of Viskase stockholders any potential transaction between Viskase and Enzon or other third parties without having received the prior favorable recommendation of the Viskase Special Committee. The Viskase Board subsequently appointed Mr. P. Shea as the Viskase Special Committee's Chairman.

On October 30, 2024, the Viskase Special Committee interviewed Troutman Pepper Hamilton Sanders LLP, which subsequently changed its name to Troutman Pepper Locke LLP ("Troutman"), to serve as legal counsel to the Viskase Special Committee. The Viskase Special Committee approved the engagement of Troutman because of Troutman's qualifications and ability to provide disinterested legal advice to the Viskase Special Committee in connection with the potential transaction with Enzon.

On November 5, 2024, the Viskase Special Committee met with Representatives of Troutman, at which a potential transaction between Viskase and Enzon was discussed. During the meeting, Representatives of Troutman provided an overview of the Viskase

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Special Committee's fiduciary duties, including the duty of care and the duty of loyalty, and the process for evaluating and considering a potential transaction between Viskase and Enzon. A discussion was then held regarding the Viskase Special Committee engaging an independent financial advisor that could (i) assist in reviewing a potential transaction between Viskase and Enzon and other alternatives available to Viskase and (ii) issue a fairness opinion in connection with any such potential transaction.

On November 13, 2024, the Viskase Special Committee met virtually with Representatives of Troutman and continued to discuss the outline of a potential transaction between Viskase and Enzon and the potential structures for such a transaction. The Viskase Special Committee again discussed engaging a financial advisor. The Viskase Special Committee identified three (3) nationally recognized financial advisors and asked Representatives of Troutman to ask such advisors for proposals. The Viskase Special Committee also discussed engaging a separate financial advisor to analyze Viskase's net operating losses ("Viskase NOLs") and the impact a potential transaction with Enzon would have on the Viskase NOLs.

On November 18, 2024, Mr. P. Shea and Representatives of Troutman conducted virtual meetings with Representatives of three (3) financial advisors and requested formal proposals be submitted to the Viskase Special Committee.

On November 26, 2024, the Viskase Special Committee met virtually with Representatives of Troutman to discuss the three (3) potential financial advisors. After discussion and after receiving proposals from and interviewing such financial advisors, the Viskase Special Committee determined to retain Alvarez & Marsal Valuation Services, LLC ("Alvarez & Marsal") as its financial advisor, based on its reputation, qualifications, relevant experience, and the lack of any conflicts of interest.

On November 27, 2024, the Viskase Special Committee met virtually with Representatives of Troutman and Alvarez & Marsal at which they discussed the process Alvarez & Marsal would undertake to conduct its analysis and expected timing thereof.

Subsequently, Representatives of Alvarez & Marsal and the Viskase Special Committee negotiated and entered into a formal engagement letter for Alvarez & Marsal to serve as the Viskase Special Committee's financial advisor, dated as of December 9, 2024.

On December 19, 2024, at the direction of the Viskase Special Committee, Mr. P. Shea called Randolph C. Read, Chairman of the Enzon Board, and advised Mr. Read that Viskase was interested in making a proposal that might lead to a potential business combination of Enzon and Viskase. Mr. P. Shea informed Mr. Read that the Viskase Special Committee had engaged Alvarez & Marsal as its financial advisor and Troutman as its legal advisor and that they had commenced preliminary due diligence based on Enzon's public filings. Mr. P. Shea indicated that Viskase may submit a term sheet or offer letter with respect to a potential structure and terms for any such business combination to the Enzon Board.

In connection with the discussion between Viskase and Enzon Representatives, also on December 19, 2024, certain of the IEH Parties filed Amendment No. 15 to their Schedule 13D with the SEC describing the discussion and indicating that Viskase may formulate and submit a proposal with respect to a potential structure and terms for a transaction involving Enzon and Viskase. Mr. Read and Richard L. Feinstein, Enzon's Chief Executive Officer, Chief Financial Officer and Secretary, informed Representatives of Thompson Hine LLP ("Thompson Hine"), legal counsel to Enzon, that a proposal for a potential transaction may be submitted by Viskase. Representatives of Enzon and Representatives of Thompson Hine informally discussed the general process to be undertaken in the event that Enzon received a proposal from Viskase.

On January 3, 2025, Enzon and Viskase entered into a non-disclosure agreement (the "NDA") in order to, among other things, facilitate continued conversations regarding a potential transaction and the sharing of due diligence materials between the parties. Following execution of the NDA, Viskase requested certain due diligence information from Enzon.

Beginning on January 3, 2025, Representatives of Alvarez & Marsal and Troutman conducted their respective reviews of information related to Enzon that was provided by Enzon via email.

On January 7, 2025, the Enzon Board met by telephonic conference at a special meeting to review the interest received from Viskase and discuss the appointment of an additional director to the Enzon Board and the formation of a special committee. The meeting included Representatives of Thompson Hine and Ashby & Geddes P.A., Delaware counsel to the Enzon Board ("Ashby"). At the meeting, the Enzon Board determined to increase the size of the Enzon Board to four directors, and Stephen T. Wills was appointed to the Enzon Board and determined to be an independent director. Also at the meeting, the Enzon Board adopted resolutions forming the Enzon Special Committee to, among other things, analyze, evaluate and oversee a potential transaction with Viskase and any available alternatives thereto, and/or to reject a potential transaction with Viskase. The resolutions passed by the Enzon Board forming the Enzon Special Committee delegated exclusive authority to, among other things, (i) analyze, evaluate, and oversee a

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potential transaction and any available alternatives thereto (each, an "Enzon Alternative Transaction"), (ii) establish, approve, modify, monitor, and direct the process and procedures related to the review and evaluation of any Enzon Alternative Transaction, including, but not limited to, the authority to determine not to proceed with any such process, procedures, review, or evaluation, or to recommend any of the foregoing to the full Board, (iii) reject any Enzon Alternative Transaction, (iv) determine whether any Enzon Alternative Transaction is fair to, and in the best interests of, Enzon and its stockholders, (v) recommend to the Enzon Board what action, if any, should be taken by the Enzon Board with respect to any Enzon Alternative Transaction, (vi) take such other action related to or arising in connection with a potential transaction with Viskase or any Enzon Alternative Transaction as the Enzon Special Committee deemed necessary, appropriate or advisable, (vii) retain legal, investment banking, accounting or other advisors, experts and services, including the engagement of an outside law firm and an outside financial advisor, to advise and report to the Enzon Special Committee, to assist the Enzon Special Committee in analyzing and responding to any proposals received with respect to any Enzon Alternative Transaction, and to pay the fees of such advisors, experts and vendors, (viii) consult with management and direct the officers of Enzon to assist the Enzon Special Committee in fulfilling its activities relating to any Enzon Alternative Transaction, and (ix) take any other action in furtherance of the Enzon Special Committee's consideration of any Enzon Alternative Transaction which the Enzon Special Committee determines in its sole discretion to be advisable and consider such other matters as may be requested by the Enzon Board from time to time. The Enzon Board determined that a special committee was in the best interests of Enzon and its stockholders because certain Affiliates of the IEH Parties owned a significant portion of the capital stock of Enzon and a majority of the outstanding capital stock of Viskase.

The Enzon Board appointed Messrs. Read and Wills as members of the Enzon Special Committee, and Mr. Read was subsequently elected Chairman of the Enzon Special Committee by the Enzon Special Committee. The Enzon Board determined that each of the members of the Enzon Special Committee was independent and disinterested in connection with a potential transaction between Viskase and Enzon. Following the Enzon Board meeting, the Enzon Special Committee met separately to review the status of the discussions with Viskase since December 19, 2024, and to discuss the retention of advisors, including a financial advisor and legal counsel.

Over the next several days, the members of the Enzon Special Committee interviewed by telephonic conference a number of law firms to serve as potential legal counsel to the Enzon Special Committee. Following such discussions, the Enzon Special Committee determined to retain Brownstein Hyatt Farber Schreck, LLP ("Brownstein") as legal counsel to the Enzon Special Committee and approved and executed an engagement letter with Brownstein dated as of January 19, 2025. The decision to engage Brownstein was based on, among other things, Brownstein's qualifications, experience, reputation and the Enzon Special Committee's determination, based on disclosures provided by Brownstein, that Brownstein did not have any material conflicts with respect to Enzon, Viskase or the IEH Parties.

Also during this time, the members of the Enzon Special Committee interviewed by telephonic conference a number of potential financial advisors. Following such discussions and after considering factors relevant to the possible financial advisors, including experience, potential conflicts of interest, costs and other factors, the Enzon Special Committee decided to retain A.G.P./Alliance Global Partners ("A.G.P.") as financial advisor to the Enzon Special Committee and negotiated and executed an engagement letter with A.G.P., dated as of January 21, 2025. The Enzon Special Committee selected A.G.P. based on the Enzon Special Committee's interview with Representatives of A.G.P. and the A.G.P. principals' reputation and experience in investment banking and positive referrals and the Enzon Special Committee's determination, based on disclosures provided by A.G.P., that A.G.P. did not have any material conflicts with respect to Enzon, Viskase or the IEH Parties.

On January 17, 2025, the Viskase Special Committee met virtually with Representatives of Troutman and Alvarez & Marsal. At the meeting, Alvarez & Marsal provided the Viskase Special Committee with its preliminary financial analysis regarding Viskase and Enzon. The Viskase Special Committee then had the opportunity to ask questions of Alvarez & Marsal and to deliberate on Alvarez & Marsal's presentation.

On January 25, 2025, the Viskase Special Committee met virtually with Representatives of Troutman and Alvarez & Marsal. At the meeting, Alvarez & Marsal provided the Viskase Special Committee with an updated financial analysis of Viskase and Enzon. After further deliberation, the Viskase Special Committee agreed that it would make an offer to Enzon based on Viskase's proposed equity value of Viskase of $368,000,000 and a proposed equity value of Enzon of $42,165,000.

On January 25, 2025, Mr. P. Shea delivered a non-binding proposal to Mr. Read setting forth a potential transaction between Enzon and Viskase (the "January 25 Proposal"). The January 25 Proposal indicated that stockholders of Enzon would receive in the aggregate shares of Viskase Common Stock that Viskase valued at $42,165,000, based on an equity valuation of Viskase that Viskase valued at $368,000,000 (assuming that no more than $768,000 was used to redeem Enzon Preferred Stock and that any remaining

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Enzon Preferred Stock either remained outstanding or was converted into Enzon Common Stock prior to the transaction). The January 25 Proposal suggested the parties would determine the final structure of the transaction after consultation with the parties' respective advisors.

The Enzon Special Committee met virtually on January 28, 2025, to discuss the January 25 Proposal with A.G.P. and Brownstein. At that time, the Enzon Special Committee determined that additional questions would need to be asked of the Viskase Special Committee to develop a full understanding of the transaction proposed by the January 25 Proposal, including in relation to the proposed structure and how the offer treated the Enzon Common Stock and the Enzon Preferred Stock. The Enzon Special Committee and Brownstein discussed the Enzon Special Committee's fiduciary duties in connection with the January 25 Proposal and the value that the January 25 Proposal offered to the non-IEH Enzon Common Stockholders.

On January 29, 2025, Mr. Read and Mr. P. Shea spoke regarding the January 25 Proposal. In particular, they discussed issues related to the structure of the transaction, whether IEH would be willing to support and make certain concessions with respect to certain aspects of a potential transaction and the relative valuations of Enzon and Viskase. In light of IEH's ownership of Viskase Common Stock, Enzon Common Stock and Enzon Preferred Stock, each of the Enzon Special Committee and Viskase Special Committee understood that IEH's support of any potential transaction would be necessary to consummate any such transaction. Mr. P. Shea confirmed to Mr. Read that Viskase did not object to Mr. Read discussing aspects of the transaction directly with members of IEH's management. Following that discussion, the Enzon Special Committee concluded that it was important to discuss the January 25 Proposal with Representatives of IEH and that it would be appropriate to require a non-disclosure agreement from IEH prior to that discussion.

On February 4, 2025, Enzon and IEH entered into a non-disclosure agreement. Later that day, Mr. Read and a Representative of Brownstein had a discussion with Representatives of the IEH Parties regarding the January 25 Proposal. Representatives of the IEH Parties and Mr. Read discussed the January 25 Proposal and potential structures for a possible transaction. Representatives of the IEH Parties expressed that the Enzon Special Committee and the Viskase Special Committee were solely responsible for negotiating and agreeing on the structure of the transaction and the relative valuations for Enzon and Viskase.

The Enzon Special Committee met virtually later on February 4, 2025, with A.G.P. and Brownstein present. The Enzon Special Committee instructed A.G.P. to begin work to assist the Enzon Special Committee with respect to the relative valuations of Enzon and Viskase. The Enzon Special Committee also determined that consulting with Enzon's second largest stockholder, Jonathan Couchman, would be appropriate.

Shortly thereafter, Mr. Read proceeded to ask Mr. Couchman if he would be willing to enter into a non-disclosure agreement to discuss potential strategic alternatives for Enzon. Mr. Couchman indicated that, at that time, he was disinclined to enter into such an agreement.

Also on February 4, 2025, the then-current version of the Initial Projections (as defined below) was provided to the Enzon Special Committee.

Over the ensuing three weeks, the Enzon Special Committee, with the assistance of its advisors continued to assess whether a transaction with Viskase might be in the best interests of Enzon and its stockholders, and, if so, the optimal structure for such a transaction. The Enzon Special Committee, with the assistance of its advisors, also continued to evaluate Viskase's business and financial performance and the January 25 Proposal, with a particular focus on the relative valuations of Enzon and Viskase and a potential transaction structure and related considerations. A.G.P. reviewed financial matters relating to the potential transaction with the Enzon Special Committee based on information provided by Viskase to date, including the Initial Projections, as well as public data sources. The Enzon Special Committee, with the assistance of Brownstein and A.G.P., continued to develop a potential response to the January 25 Proposal regarding a potential transaction structure and the implications on the pro forma capital structure of the combined companies if such a transaction was consummated. The Enzon Special Committee met virtually with A.G.P. and Brownstein present on February 12, 2025, February 18, 2025 and February 20, 2025 regarding such matters.

On February 14, 2025, primarily as a result of continued weakness in the Viskase business and subpar manufacturing results, Viskase entered into the third amendment of its Senior Credit Facility providing a waiver for fourth quarter covenants and a covenant relief period for 2025.

On February 21, 2025, Mr. Read and a Representative of Brownstein held a call with Representatives of the IEH Parties, with the prior approval of the Enzon Special Committee. Mr. Read indicated to the Representatives of the IEH Parties that the counter-proposal

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being developed by the Enzon Special Committee included a proposal to exchange the Enzon Preferred Stock owned by the IEH Parties for Enzon Common Stock, and that such exchange included an implied control premium expressed through a discount to the price at which the Enzon Common Stock was issued in exchange for the Enzon Preferred Stock. Representatives of the IEH Parties indicated they were amenable to such a control premium, but that the amount of any such control premium remained subject to further discussion and negotiation. In addition, the treatment of the Enzon Preferred Stock in the January 25 Proposal was discussed, with Representatives of the Enzon Special Committee and the IEH Parties mutually determining that additional detail regarding Viskase's proposed treatment of the Enzon Preferred Stock was necessary to develop a full understanding of the transaction proposed by the January 25 Proposal. Mr. Read indicated he would discuss these matters further directly with the Viskase Special Committee. Later that day, Mr. Read and Mr. P. Shea and Representatives of Brownstein and Troutman had a call to discuss the treatment of the Enzon Preferred Stock in the January 25 Proposal. In that discussion, Mr. P. Shea clarified that the January 25 Proposal included an aggregate valuation of $42,165,000 for all outstanding shares of Enzon Common Stock and Enzon Preferred Stock, which could then be allocated to the holders of Enzon Common Stock and the Enzon Preferred Stock as determined by the Enzon Special Committee. Mr. Read noted that, taking into account the then-current Enzon Preferred Stock Liquidation Preference, the Enzon Special Committee believed that such a valuation significantly undervalued Enzon, as it effectively provided no value to the non-IEH Party holders of Enzon Common Stock, and that any potential transaction would need to provide acceptable value to the non-IEH Party holders of Enzon Common Stock. The Enzon Special Committee concluded the discussion by indicating that the Enzon Special Committee intended to send a counter-proposal to continue negotiations.

Over the next several days, the Enzon Special Committee, with the assistance of its advisors, continued to deliberate and refine a counter-proposal. On February 22, 2025, the Enzon Special Committee met virtually with Representatives of A.G.P. and Brownstein present. Representatives of A.G.P. reviewed with the Enzon Special Committee an initial analysis regarding potential valuations of Viskase and Enzon, which the Enzon Special Committee carefully reviewed and discussed.

On February 25, 2025, the Enzon Special Committee met virtually with A.G.P. and Brownstein and reviewed its recent discussions. Following discussion, on advice of counsel, the Enzon Special Committee approved sending a counter-proposal to the Viskase Special Committee that had been circulated prior to the meeting and discussed in detail during the meeting. Following such meeting, Mr. Read delivered the Enzon Special Committee's counter-proposal (the "February 25 Proposal") to Mr. P. Shea. The February 25 Proposal included details regarding the proposed transaction structure and referenced the potential of using a reverse triangular merger structure and an exchange of part of Enzon's Preferred Stock for Enzon Common Stock. The Enzon Special Committee noted the public trading prices of the two companies. The February 25 Proposal included an exchange ratio that would result in the holders of Viskase Common Stock owning approximately 93.5% of the combined company's common stock following the merger and holders of Enzon Common Stock owning approximately 6.5% of the combined company's common stock following the merger. The February 25 Proposal further provided for a partial exchange of the Enzon Preferred Stock for Enzon Common Stock, which was designed to preserve Enzon's NOLs.

On February 27, 2025, the Viskase Special Committee met virtually with Representatives of Troutman and Alvarez & Marsal. At the meeting, a discussion was held regarding the February 25 Proposal, which the Viskase Special Committee believed undervalued Viskase and overvalued Enzon. It was determined that Mr. P. Shea and Representatives of Troutman would speak with Mr. Read and the Enzon Special Committee's advisors to see if a potential transaction could be progressed.

On February 28, 2025, the Viskase Special Committee met virtually with Representatives of Troutman and Alvarez & Marsal to further discuss the February 25 Proposal, after which, Mr. P. Shea and Representatives of Troutman and Mr. Read, Mr. Wills, Representatives of A.G.P. and Brownstein held a discussion regarding the February 25 Proposal. In particular, the participants focused on valuations of Enzon and Viskase. Mr. P. Shea expressed that the Viskase Special Committee believed Enzon's enterprise value should be determined solely by Enzon's Cash on Hand, and that Viskase believed Enzon did not have other assets to which the Viskase Special Committee attributed any value. Mr. Read and Mr. Wills disagreed with Viskase, and both separately expressed that they could not support a transaction that did not provide adequate consideration to the non-IEH Party holders of Enzon Common Stock.

Later on February 28, 2025, a call occurred involving Mr. Read, Mr. P. Shea and Representatives of the IEH Parties and each of their respective legal counsels. The parties continued to discuss the merits of a potential transaction or, alternatively, whether to consider terminating discussions. The participants collectively agreed that continuing to discuss a mutually acceptable transaction was an appropriate course of action. Mr. Read indicated that the Enzon Special Committee had expected to have further negotiations with the Viskase Special Committee, and that a transaction that provided approximately 4.25% of the combined company to the holders of Enzon Common Stock (excluding any Enzon Common Stock resulting from the exchange or conversion of the Enzon Preferred Stock) could potentially be acceptable to the Enzon Special Committee. Mr. P. Shea indicated that he needed additional information to assess

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such a transaction, and the parties agreed to continue to assess a potential transaction on that basis. Subsequently, the Viskase Special Committee requested that the Enzon Special Committee perform and provide an analysis of Enzon's NOLs, which the Enzon Special Committee agreed to do with the assistance of EisnerAmper LLP ("Eisner"), an accounting firm familiar with Enzon's NOLs due to prior engagement by Enzon. Eisner was then instructed by the Enzon Special Committee to perform such analysis of Enzon's NOLs.

Additionally, the Enzon Special Committee determined that it would be advisable and in the best interests of Enzon to retain Delaware legal counsel to assist the Enzon Special Committee in evaluating the potential transaction with Viskase. The Enzon Special Committee interviewed by telephonic conference a number of Delaware law firms to serve as its potential Delaware legal counsel, and on March 10, 2025, the Enzon Special Committee retained Potter Anderson Corroon LLP ("Potter") as its Delaware legal counsel. The decision to engage Potter was based on, among other things, Potter's qualifications, experience, reputation and the Enzon Special Committee's determination, based on disclosures provided by Potter, that Potter did not have any material conflicts with respect to Enzon, Viskase or the IEH Parties.

Between March 1, 2025, and March 2, 2025, the Viskase Special Committee and Representatives of Alvarez & Marsal held multiple calls to discuss the February 25 Proposal and subsequent discussions among the parties.

On March 3, 2025, Viskase's management presented updated draft projections solely to the Viskase Special Committee as a result of underperforming financial results and a potential covenant default.

Between March 3, 2025 and March 11, 2025, the Viskase Special Committee convened multiple times, both internally and in consultation with Viskase management, to review updated financial projections and assess their implications for the potential transaction with Enzon. During these discussions, the Viskase Special Committee carefully evaluated how the revised forecasts might affect the terms and overall attractiveness of the proposed merger to Viskase.

Between December 30, 2024 and March 5, 2025, Viskase's management had been reviewing preliminary illustrative financial projections for Viskase that were prepared by management at the request of the Viskase Special Committee (the "Initial Projections"), based on the original preliminary five-year projections that had been presented by management to the Viskase Board earlier in the year as part of Viskase's regular long-range planning process, and key assumptions underlying those projections. The Initial Projections assumed, among other things, new extrusion line start up in the second quarter of 2025, completion of viscose capacity expansion in Tennessee, potential selling price increases that would offset inflationary cost increases, and improved operational performance in Viskase's manufacturing facilities.

On March 11, 2025, Tom Holz, Viskase's Chief Financial Officer at the time, provided revised projections to the Viskase Special Committee, and then the Viskase Special Committee sent the revised projections to Alvarez & Marsal. The revised projections included a hold on the new extrusion line start up due to cash constraints, reduction in pricing assumptions, higher operational waste and inefficiencies and an earlier closure of Viskase's Osceola facility. Mr. Holz explained to the Viskase Special Committee that the revised projections lowered revenue by $39 million and gross margin by $15 million.

On March 21, 2025, an Affiliate of IEH invested $15,000,000 in Viskase by purchasing 7,142,858 shares of Viskase Common Stock in a private placement transaction at a purchase price per share of $2.10. The private placement was entered into to enable Viskase to meet its debt and other obligations while pursuing its restructuring plans.

On March 24, 2025, the Viskase Special Committee determined that Mr. P. Shea would reach out to Mr. Read to discuss a potential counteroffer to Enzon.

Throughout March 2025, the Enzon Special Committee continued to work with Eisner to refine an analysis of Enzon's NOLs. On April 2, 2025, Mr. Read and Mr. P. Shea and Representatives of Brownstein and Troutman spoke regarding the status of the Enzon NOL analysis. As the parties collectively assessed Enzon's NOLs, Viskase began to consider that a transaction structure where the utilization of Enzon's NOLs might be limited pursuant to Section 382 of the Code might still be viable for Viskase, in part due to an expectation by Viskase that the Enzon NOLs may not have otherwise been usable in full following consummation of a potential transaction. Further, Viskase believed such a structure would enable the exchange of additional Enzon Preferred Stock owned by the IEH Parties into Enzon Common Stock, which Viskase believed could help to narrow the differences in valuation expectations between the Enzon Special Committee and the Viskase Special Committee. On April 9, 2025, Mr. P. Shea and Mr. Read and Representatives of Troutman and Brownstein again met by telephone to discuss the Enzon NOL analysis. Mr. Read agreed to organize a call between Eisner and Forvis Mazars, LLP, which the Viskase Special Committee had engaged as its tax advisors.

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On April 23, 2025, the Viskase Special Committee met virtually with Representatives of Troutman. At the meeting, a discussion was held regarding a transaction structure whereby all of the Enzon Preferred Stock held by the IEH Parties would be converted into shares of Enzon Common Stock following the merger. The Viskase Special Committee decided to propose a transaction that would result in holders of Enzon Common Stock and Enzon Preferred Stock owning 15.4% of the combined company's common stock following the merger, assuming conversion of all shares of Enzon Preferred Stock into shares of Enzon Common Stock and no further dividend payments on the Enzon Preferred Stock. On that same day, Mr. P. Shea called Mr. Read to tell him that the Viskase Special Committee intended to make a revised offer. Mr. Read asked Mr. P. Shea to send the offer in writing. Later that day, Mr. P. Shea emailed Mr. Read a proposal for a transaction whereby holders of Enzon's Common Stock would own 15.4% of the combined company's common stock following the merger and holders of Viskase Common Stock would own 84.6% of the combined company's common stock following the merger, assuming that all of Enzon's Preferred Stock was converted into Enzon Common Stock and a requirement from Viskase that no further cash dividends were to be paid on the Enzon Preferred Stock.

Following careful review and discussion by the Enzon Special Committee with its advisors, including discussion of the April 23 proposal emailed by Mr. P. Shea, the Enzon Special Committee delivered a non-binding counterproposal (the "April 25 Proposal") to the Viskase Special Committee on April 25, 2025. The April 25 Proposal provided, among other things, additional detail regarding the transaction structure and proposed that holders of Enzon Common Stock would own 18.6% of the combined company's common stock following the merger and holders of Viskase Common Stock would own 81.4% of the combined company's common stock following the merger.

On April 26, 2025, the Viskase Special Committee met virtually with Representatives of Troutman to, among other things, discuss the April 25 Proposal, after which the Viskase Special Committee agreed that the April 25 Proposal was untenable. Mr. P. Shea called Mr. Read to explain that the Viskase Special Committee might consider a transaction in which the holders of Enzon Common Stock would own 15.9% of the combined company's common stock following the merger, assuming that all of Enzon's Preferred Stock was converted into Enzon Common Stock.

On April 29, 2025, Mr. Read and Mr. P. Shea and the respective legal counsels discussed the transaction and the proposed combined company pro forma ownership. Mr. Read indicated, based on a prior discussion with Representatives of the IEH Parties, the IEH Parties would consider contributing some of the value associated with their Enzon Preferred Stock so that additional value could be provided to the non-IEH Party holders of Enzon Common Stock and, if the IEH Parties were willing to do that, the Enzon Special Committee might be willing to consider a transaction providing holders of Enzon Common Stock with 16.5% of the combined company's common stock following the merger. Mr. P. Shea indicated that such a proposal was not acceptable to the Viskase Special Committee.

Subsequent to the April 29, 2025 call with Mr. P. Shea, the Enzon Special Committee arranged for A.G.P. and Mr. Read to have a discussion with Viskase's management to gather additional information relevant to the valuation of Viskase.

On April 30, 2025, Representatives of A.G.P. and Mr. Read held a discussion with Viskase's President & Chief Executive Officer, Mr. Timothy P. Feast, regarding Viskase's business and its prospects, including Viskase's capital expenditure plans. Also on April 30, 2025, Mr. Read spoke with Representatives of the IEH Parties regarding the willingness of the IEH Parties to contribute some of the value associated with their Enzon Preferred Stock so that additional value could be provided to the non-IEH Party holders of Enzon Common Stock in the potential transaction. Representatives of the IEH Parties indicated to Mr. Read that the IEH Parties would be willing to contribute $500,000 of value in order to facilitate the transaction. With this information and after consultation with A.G.P., the Enzon Special Committee determined to propose to the Viskase Special Committee that holders of Enzon Common Stock retain 15.9% of the combined company's common stock following the merger, with holders of Viskase Common Stock having 84.1% of the combined company's common stock following the merger. The Enzon Special Committee members updated the draft of the April 25 Proposal to reflect such percentages (the "Revised April Proposal") and delivered the Revised April Proposal to Mr. P. Shea.

On May 2, 2025, the Viskase Special Committee met virtually with Representatives of Troutman and Alvarez & Marsal, where Alvarez & Marsal reviewed and discussed with the Viskase Special Committee Alvarez & Marsal's financial analysis regarding Viskase, Enzon and the proposed transaction contemplated by the Revised April Proposal.

Also on May 2, 2025, Troutman delivered the Viskase Special Committee's response to the Revised April Proposal to Brownstein, which indicated the proposed post-closing ownership percentages proposed by the Enzon Special Committee were acceptable to the Viskase Special Committee (the "May Proposal"). However, the May Proposal also indicated that the post-closing ownership percentages were subject to adjustment for changes in cash balances or in connection with the outcome of Enzon's exchange of Enzon Preferred Stock for Enzon Common Stock. The Viskase Special Committee subsequently proposed a closing

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condition requiring that Enzon satisfy the Minimum Cash Condition at closing and indicated that, to the extent Enzon's Cash on Hand was less than that amount at closing, the IEH Parties could contribute additional value to the transaction to account for the difference (and thereby preserve the contemplated value for both holders of Viskase Common Stock and non-IEH Party holders of Enzon Common Stock). Following further discussions between the Enzon Special Committee and Representatives of the IEH Parties, the IEH Parties confirmed that they would agree to contribute up to the previously discussed $500,000 of value to the non-IEH Party holders of Enzon Common Stock to facilitate the transaction and that they would agree to contribute additional value in connection with the transaction, in an amount to be determined, to the extent that Enzon failed to satisfy the Minimum Cash Condition at closing.

On May 5, 2025, the Enzon Special Committee held a meeting with Representatives from Brownstein to discuss the latest response to the May Proposal from Viskase. The Enzon Special Committee raised clarifying questions and potential issues regarding the Minimum Cash Condition and potential solutions for any shortfall, including the IEH Parties' willingness to contribute value to make up for such a shortfall, if one occurred. After discussing certain key matters, including consideration and discussion of the Enzon Special Committee's fiduciary duties, and providing comments to the May Proposal to Brownstein, the Enzon Special Committee directed Brownstein to prepare the revised May Proposal for execution. Later that afternoon on May 5, 2025, the Enzon Special Committee and the Viskase Special Committee executed a non-binding letter of intent memorializing the revised May Proposal, as updated to reflect such discussions.

On May 13, 2025, in light of progress made on the transaction and the execution of the letter of intent relating to the revised May Proposal, the Enzon Special Committee attempted again to engage Mr. Couchman in discussions. Mr. Couchman agreed to engage in discussions and the parties negotiated and entered into a non-disclosure agreement on May 19, 2025, which, among other things, included an agreement from Mr. Couchman to not sell shares of Enzon Common Stock for a certain period of time. The Enzon Special Committee subsequently provided certain information to Mr. Couchman regarding the proposed transaction and asked whether he would consider entering into a support agreement. Mr. Couchman indicated that, at that time, he was not willing to commit to entering into a support agreement.

On May 13, 2025, acting on behalf of the Viskase Special Committee, Troutman provided an initial draft of the Merger Agreement to Brownstein.

On May 22, 2025, Troutman provided an initial draft of the IEH Support Agreement, which included input from the IEH Parties and Proskauer, to Brownstein.

On May 22, 2025, the Enzon Special Committee held a virtual meeting with Representatives from Brownstein to, among other things, discuss the Merger Agreement. The Enzon Special Committee, having previously reviewed the draft Merger Agreement, reviewed in detail with Brownstein the initial draft of the Merger Agreement and provided further feedback on numerous points for a proposed revised draft, including, among other things, with respect to the calculation of the merger consideration, the amount of a potential termination fee, the terms relating to responsibility for certain fees and taxes and requisite approvals.

On May 29, 2025, Brownstein, on behalf of the Enzon Special Committee, delivered a revised draft of the Merger Agreement to Troutman. Over the subsequent days, discussions occurred between the parties and their respective legal counsels, including discussions regarding the requisite approvals required by Enzon.

On May 30, 2025, the Enzon Special Committee provided an update to the Enzon Board regarding the status of the potential transaction.

On June 1, 2025, Troutman provided certain new additional diligence materials to Brownstein on behalf of Viskase, including, among other documents, a limited waiver and amendment to Viskase's credit agreement that included a waiver of certain covenant defaults thereunder.

On June 3, 2025 and June 5, 2025, the Enzon Special Committee held virtual meetings with Representatives from Brownstein and Potter to discuss the Merger Agreement.

On June 5, 2025, acting on behalf of the Viskase Special Committee, Troutman provided a revised draft of the Merger Agreement to Brownstein.

On June 6, 2025, the Enzon Special Committee held a virtual meeting with Representatives from Brownstein to discuss the latest developments related to the Merger Agreement, including the proposed officers of the combined company, the covenants governing

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the operation of Viskase between signing and closing of the proposed transaction, timing of the HSR Act filing and the termination fee amount. The Enzon Special Committee and Brownstein carefully reviewed and discussed the material comments and various timing considerations.

On June 10, 2025, acting on behalf of the Enzon Special Committee, Brownstein delivered a revised draft of the Merger Agreement to Troutman. On June 11, 2025, acting on behalf of the IEH Parties, Proskauer delivered comments to the Merger Agreement and the IEH Support Agreement to Brownstein and Troutman. Between June 11, 2025 and June 20, 2025, the parties and their respective counsels continued to negotiate the Merger Agreement, the IEH Support Agreement and related ancillary documents, along with other documents necessary or desirable to execute the Merger Agreement and the IEH Support Agreement. In connection with finalizing the IEH Support Agreement, on June 18, 2025, the IEH Parties agreed to convert their Enzon Preferred Stock at a discount of $961,700 to their liquidation preference and to contribute up to an additional $1,000,000 pursuant to an IEH exchange adjustment mechanism in the IEH Support Agreement (the "IEH Exchange Adjustment"), if needed, in the event of any shortfall in the Minimum Cash Condition by Enzon at the Closing.

On June 12, 2025, Troutman provided via email modified Viskase projections (the "June 12 Projections") to Brownstein, which shared such projections with the Enzon Special Committee and A.G.P.

On June 13, 2025, the Enzon Special Committee engaged in additional discussions with Mr. Couchman regarding his willingness to enter into a support agreement. Mr. Couchman again indicated that he was not willing at that time to enter into a support agreement.

Also on June 13, 2025, Troutman, on behalf of Viskase management, provided responses to questions from the Enzon Special Committee regarding Viskase's projections and business plan.

On June 18, 2025, the Enzon Special Committee met with Brownstein to review, among other things, the current status of legal due diligence. Later on June 18, 2025, the Enzon Special Committee met with A.G.P., Brownstein and Potter present and discussed with Representatives of A.G.P. the current status of A.G.P.'s fairness opinion process. Representatives of A.G.P. reviewed with the Enzon Special Committee certain preliminary information regarding the potential fairness opinion. In addition, Representatives of Potter advised the members of the Enzon Special Committee regarding their fiduciary duties and related issues.

On June 19, 2025, the Viskase Special Committee held a virtual meeting. At the Viskase Special Committee's request, Alvarez & Marsal reviewed with the Viskase Special Committee its financial analyses with respect to Viskase, Enzon and the Merger and rendered its oral opinion, dated June 19, 2025, which was confirmed by delivery of Alvarez & Marsal's written opinion dated the same date, to the Viskase Special Committee to the effect that, as of that date and based on and subject to the assumptions made, qualifications and limitations on the review undertaken and other matters considered by Alvarez & Marsal in preparing its opinion, the Exchange Ratio provided for in the Merger Agreement, after giving effect to the IEH Share Exchange, the Series C Exchange Offer, Reverse Stock Split, and the Surviving Company Conversion, was fair, from a financial point of view, to the holders of Viskase Common Stock other than the IEH Parties. Representatives of Troutman then provided an overview of fiduciary duties of the Viskase Special Committee members applicable to their consideration of the transaction. Following discussion, the Viskase Special Committee unanimously (i) determined that the Merger Agreement and the transactions contemplated thereby are fair to, and in the best interests of Viskase and its stockholders, other than the IEH Parties and (ii) declared it advisable that Viskase enter into the Merger Agreement and consummate the transactions contemplated thereby. Upon the unanimous recommendation of the Viskase Special Committee, the Viskase Board, acting by written consent, unanimously (i) determined that the Merger Agreement and the transactions contemplated thereby are fair to, and in the best interests of Viskase and Viskase's stockholders, other than the IEH Parties, and declared it advisable, that Viskase enter into the Merger Agreement and consummate the transactions contemplated thereby, (ii) adopted resolutions approving and declaring the advisability of the Merger Agreement and the consummation of the transactions contemplated thereby, including the Merger, (iii) adopted resolutions recommending that the stockholders of Viskase entitled to vote adopt the Merger Agreement and (iv) directed that the Merger Agreement and the transactions contemplated thereby be submitted to the stockholders of Viskase entitled to vote for adoption.

On June 20, 2025, the Enzon Special Committee held a virtual meeting with Representatives of Brownstein, Potter and A.G.P. present. A.G.P. provided a financial presentation to the Enzon Special Committee, which included a review of the financial analyses of Viskase performed by A.G.P. based on the June 12 Projections, and rendered to the Enzon Special Committee an opinion, dated June 20, 2025, as to the fairness, from a financial point of view, to Enzon of the exchange ratio in the Merger pursuant to the Merger Agreement, which was confirmed in a written opinion. Representatives of Potter then provided an overview of fiduciary duties of the Enzon Special Committee members applicable to their consideration of the transaction. Following discussion and consideration of the proposed transaction, the Enzon Special Committee unanimously, among other things, (i) determined that the Merger Agreement and

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the transactions contemplated thereby were fair to, and in the best interests of, Enzon and its stockholders, without regard to the IEH Parties and (ii) recommended that the Enzon Board (a) approve the Merger Agreement and the transactions contemplated thereby, including the Reverse Stock Split and (b) recommend that the Enzon stockholders entitled to vote thereon approve the Reverse Stock Split Proposal and the Merger Proposal.

Following the Enzon Special Committee meeting, on June 20, 2025, the Enzon Board held a board meeting, which all members of the Enzon Board attended, with Enzon's Chief Executive Officer, Chief Financial Officer and Secretary, Richard L. Feinstein, Representatives from A.G.P., Thompson Hine, Brownstein, Potter and Ashby, were also in attendance. At the Enzon Board meeting, the Enzon Special Committee delivered its recommendation and provided detail on the Enzon Special Committee's process. The Enzon Board then discussed various legal, financial and other considerations relating to the proposed transaction, including, among other things, the transaction structure, the relative valuations of Enzon and Viskase and the Exchange Ratio, the treatment of the IEH Parties in the transaction, including the IEH Support Agreement, the indirect contribution of additional value by the IEH Parties to the non-IEH Party holders of Enzon Common Stock through the IEH Exchange Adjustment and the contemplated transaction timeline. Representatives of Ashby then provided an overview of fiduciary duties of the Enzon Board members applicable to their consideration of the transaction. Discussions among the Enzon Board members ensued. Following discussion, certain members of the Enzon Board requested an adjournment. Following said adjournment, the Enzon Board reconvened and continued additional discussion of key considerations. Thereafter, the Enzon Board, acting upon the unanimous recommendation of the Enzon Special Committee, unanimously, among other things, (i) determined that the Merger Agreement and the transactions contemplated thereby were fair to, and in the best interests of, Enzon and its stockholders, (ii) approved the Merger Agreement and the transactions contemplated thereby, including the Reverse Stock Split and (iii) recommended that the holders of Enzon Common Stock entitled to vote thereon approve the Reverse Stock Split Proposal and the Merger Proposal.

On June 20, 2025, the Merger Agreement, IEH Support Agreement and other related definitive documentation were executed by the parties. Later that evening, the IEH Parties holding sufficient Viskase Common Stock to provide the Viskase Stockholder Approval under the Merger Agreement adopted the Merger Agreement and approved the Merger by written consent.

Later that evening, on June 20, 2025, Enzon and Viskase issued a press release announcing the execution of the Merger Agreement. On the morning of June 23, 2025, Enzon filed a current report on Form 8-K disclosing the execution of the Merger Agreement, and including certain appropriate exhibits. Also on June 23, 2025, IEH filed with the SEC an amended Schedule 13D disclosing the transaction.

On June 27, 2025, Enzon and Viskase filed their respective Notification and Report Forms pursuant to the HSR Act. On July 15, 2025, the FTC granted early termination of the applicable waiting period under the HSR Act to Enzon and Viskase, effective July 15, 2025.

On July 25, 2025, Viskase entered into an amendment to its credit agreement, providing for, among other things, a limited waiver of certain covenant defaults that may have occurred as of June 30, 2025.

On August 14, 2025, Enzon was informed that, absent further amendments to Viskase's credit agreement or the provision of additional credit support, Viskase management would likely need to conclude that substantial doubt exists regarding Viskase's ability to continue as a going concern in its financial statements for the quarter ended June 30, 2025. In addition, Brownstein and Thompson Hine were informed that the PCAOB audit opinion on Viskase's financial statements for the year ended December 31, 2024 was also expected to include a "going concern" emphasis of matter paragraph. Following this disclosure, the Enzon special committee convened to discuss the implications for the transaction.

During the course of July and August 2025, Enzon further learned, among other things, that the Viskase business had underperformed in the second quarter of 2025 and its financial results did not reflect what was included in the June 12 projections, that such underperformance was expected to continue for the remainder of fiscal year 2025 and that Viskase was pausing capital investment into one of its product lines. Assessing these developments with Thompson Hine, Ashby, Brownstein and Potter, and also discussing these developments with A.G.P., the Enzon Special Committee came to believe that, a Viskase Material Adverse Effect may have occurred subsequent to March 31, 2025. Accordingly, the Enzon Special Committee and the Enzon Board determined that the Merger Agreement would either need to be renegotiated or terminated in order to take into account such developments.

On August 20, 2025, Brownstein, on behalf of the Enzon Special Committee, sent a request to Troutman for certain financial information relating to Viskase, including updated financial statements, forecasts, updated projections and information regarding a potential "going concern" qualification in Viskase's financial statements.

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On August 28, 2025, Troutman, on behalf of the Viskase Special Committee, provided certain financial information, including updated forecast information, to Thompson Hine, Proskauer and Brownstein, in partial response to Enzon's prior information request.

On August 31, 2025, the Enzon Special Committee met with Brownstein to discuss the latest developments and the responses to the information requests previously made by the Enzon Special Committee of Viskase. The Enzon Special Committee discussed the parameters of a potential renegotiation of the exchange ratio in light of the deterioration in Viskase's financial performance.

Also on August 31, 2025, Mr. Feinstein and the Enzon Special Committee met with members of Viskase's management to discuss Viskase's business operations, the potential "going concern" qualification and the production of certain information, including, but not limited to, a new financial forecast.

The Viskase Special Committee, also on August 31, 2025, met virtually with Representatives of Viskase management and Troutman to, among other things, discuss the financial information that was provided to the Enzon Special Committee on August 28, 2025.

On September 5, 2025, the Viskase Special Committee sent updated projections through the end of fiscal year 2025 to the Enzon Special Committee.

On September 9, 2025, at the direction of each of the Enzon Special Committee and the Viskase Special Committee, Mr. Feinstein and Mr. Feast held a call to discuss the transaction. Mr. Feinstein informed Mr. Feast that it was the Enzon Special Committee's view that in light of the deterioration in Viskase's financial condition, Viskase management's determination that substantial doubt about Viskase's ability to continue as a "going concern" was expected to exist when the December 31, 2024 financial statements were issued after considering management's plans, issues regarding Viskase's debt burden and refinancing plans, and the closing conditions, representations and warranties in the Merger Agreement that were implicated by such developments, a reconsideration of the transaction and exchange ratio was necessary. Mr. Feinstein indicated to Mr. Feast that any revised exchange ratio would need to be substantially improved for the benefit of the Enzon stockholders. Mr. Feinstein suggested that an exchange ratio that resulted in the Enzon stockholders owning approximately 50% of the combined company's common stock and the Viskase stockholders owning approximately 50% of the combined company's common stock might be appropriate.

On September 9, 2025, the Viskase Special Committee met virtually with Representatives of Troutman to discuss the financial information that was sent to Enzon on August 28, 2025 and September 5, 2025.

On September 10, 2025, at the direction of each of the Enzon Special Committee and the Viskase Special Committee, Mr. Feinstein and Mr. Feast again held a call to further discuss the potential transaction. Without agreeing to a specific exchange ratio, they agreed to discuss the matter further with their respective special committees.

On September 11, 2025, the Enzon Special Committee, the Viskase Special Committee, Representatives of IEH, Proskauer, Troutman and Brownstein held a call to discuss the status of negotiations relating to a potential amended transaction. Following discussions, each of the Enzon Special Committee, the Viskase Special Committee and IEH agreed that amendments to certain principal terms of the transaction would be appropriate considering the deterioration in Viskase's financial performance. The parties agreed to pursue an amended transaction that revised (i) the exchange ratio to result in a post-transaction ownership of Enzon of 45% for the holders of Enzon Common Stock and 55% for the holders of Viskase Common Stock and (ii) the Minimum Cash Condition to $40 million, subject to review and approval of the Enzon Special Committee and the Enzon Board and the Viskase Special Committee and the Viskase Board.

On September 11, 2025, the Viskase Special Committee met virtually with Representatives of Troutman and Alvarez & Marsal to discuss, among other things, the call earlier in the day among the Enzon Special Committee, the Viskase Special Committee, Representatives of IEH, Proskauer, Troutman and Brownstein. Representatives of Troutman also provided an overview of the Viskase Special Committee's fiduciary duties and the process for evaluating and considering an amended transaction between Viskase and Enzon. Representatives of Alvarez & Marsal indicated that they would update their financial analysis.

On September 16, 2025, Brownstein sent an initial draft of the Merger Agreement Amendment to the Enzon Special Committee reflecting the previously discussed modifications to the Merger Agreement. On September 17, 2025 and September 18, 2025, the Enzon Special Committee reviewed the draft of the Merger Agreement Amendment and discussed changes with Brownstein. The Enzon Special Committee also continued to analyze whether the revised Exchange Ratio would result in a limitation on Enzon's ability to utilize its NOLs.

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On September 16, 2025, the Viskase Special Committee met virtually with Representatives of Troutman and Alvarez & Marsal for the purpose of, among other things, engaging Alvarez & Marsal to provide a fairness opinion in connection with the proposed revised exchange ratio.

On September 18, 2025, Brownstein, on behalf of the Enzon Special Committee, circulated an initial draft of the Merger Agreement Amendment to Troutman and Proskauer and included an additional post-closing milestone payment for the benefit of Enzon stockholders based upon certain future cash that Enzon may receive within three years of the Closing Date.

On September 22, 2025, the Enzon Special Committee approved the engagement of A.G.P. to provide a fairness opinion with respect to the proposed revised exchange ratio.

On September 25, 2025, Troutman, on behalf of the Viskase Special Committee, circulated comments to the Merger Agreement Amendment to Brownstein and Thompson Hine, which included comments provided to Troutman by Proskauer on behalf of the IEH Parties.

On September 28, 2025, Brownstein, on behalf of the Enzon Special Committee, circulated comments to the Merger Agreement Amendment to Troutman, Proskauer and Thompson Hine. At the time, the principal open item in the Merger Agreement Amendment related to the previously described post-closing milestone payment which the Enzon Special Committee believed would be attractive to Enzon stockholders.

On September 29, 2025, an Affiliate of IEH invested approximately $5,000,000 in Viskase by purchasing 7,042,254 shares of Viskase Common Stock in private placement transaction at a purchase price per share of $0.71. The private placement was entered into to enable Viskase to meet its debt and other obligations while pursuing its restructuring plans.

On September 30, 2025, Proskauer, on behalf of IEH, circulated an initial draft of the IEH Support Agreement Amendment to Brownstein, Troutman and Thompson Hine.

Also on September 30, 2025, the Enzon Special Committee sent to the Viskase Special Committee questions relating to Viskase's financial performance, projections and anticipated cash uses.

On October 1, 2025, the Enzon Special Committee met with Brownstein to discuss the Merger Agreement Amendment, including the composition of the board of directors of the combined company following the transaction, the potential for the inclusion of a post-closing milestone payment and certain textual changes to the Merger Agreement Amendment.

On October 6, 2025, Troutman provided comments to the Merger Agreement Amendment on behalf of the Viskase Special Committee to Brownstein, Proskauer and Thompson Hine.

On October 6, 2025, Troutman, on behalf of Viskase, provided written responses to Brownstein to the questions asked by the Enzon Special Committee on September 30, 2025.

On October 7, 2025, the Enzon Special Committee sent additional follow-up questions to Viskase to the Viskase Special Committee.

On October 10, 2025, Viskase entered into an amendment to its credit agreement, providing for, among other things, a limited waiver of certain covenant defaults and covenants that may have occurred as of September 30, 2025.

On October 13, 2025, the Viskase Special Committee provided the Enzon Special Committee with revised projections (the "October 13 Projections") for use by the Enzon Special Committee in its consideration of the amended transaction and by A.G.P. in connection with its fairness opinion process. Also on October 13, 2025, Troutman provided written responses to questions that were sent to Viskase on October 7, 2025.

On October 14, 2025, Proskauer provided comments to the Merger Agreement Amendment on behalf of IEH to Brownstein, Troutman and Thompson Hine.

On October 14, 2025, the Enzon Special Committee and Representatives of IEH discussed certain transaction points. Among the points discussed, IEH indicated that it would be willing to support a post-transaction board of directors for the combined company that

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included Mr. Bleznick and Mr. Read, along with other directors to be named later by Viskase. IEH also indicated that it was not willing to provide a comfort letter or other form of credit support to Enzon at this point in time that would potentially enable the removal of Viskase's going concern qualification, which the Enzon Special Committee had requested.

On October 15, 2025, the Enzon Special Committee and a Representative of Brownstein met to discuss the status of negotiations on the Merger Agreement Amendment, the status of A.G.P.'s fairness opinion process and the October 14, 2025 call with IEH. The Enzon Special Committee further determined that the updates included in the October 13 projections did not warrant renegotiation of the terms of the proposed Merger Agreement Amendment. The Enzon Special Committee determined that the proposed board of directors including two current Enzon directors was an acceptable proposal and agreed that, while a comfort letter from IEH regarding Viskase's debt financing would be helpful, such a letter would be unusual in the context and that the balance of factors supported continuing to pursue the amended transaction with Viskase without such a comfort letter. In addition, the Enzon Special Committee discussed the possibility that Mr. Couchman would agree to enter into a support agreement regarding the transaction. The Enzon Special Committee determined that Mr. Couchman was unlikely to enter into a support agreement at that time and that it would consider continuing discussions with him at a later date.

On October 20, 2025, Brownstein, on behalf of the Enzon Special Committee, circulated comments to the Merger Agreement Amendment and the IEH Support Agreement Amendment to Troutman and Proskauer. In connection with finalizing the terms of the Merger Agreement Amendment, the parties agreed to omit the post-closing milestone payment construct from the Merger Agreement Amendment. In addition, due to the change in the exchange ratio and the Minimum Cash Condition, the parties determined that the IEH Exchange Adjustment was no longer necessary to be included and that the IEH Share Exchange should occur at the 20-day VWAP calculated as of the date of the Merger Agreement Amendment. Based on the Section 382 analysis performed by Eisner, the Enzon Special Committee also determined that the amended transaction reflected in the Merger Agreement Amendment was not expected to limit Enzon's ability to utilize its NOLs in the future.

On October 21, 2025, the Enzon Special Committee held a virtual meeting with Representatives of Brownstein, Potter and A.G.P. present. A.G.P. provided a financial presentation to the Enzon Special Committee, which included a review of the financial analyses of Viskase performed by A.G.P. based on the October 13 Projections, and rendered to the Enzon Special Committee an opinion, which was initially rendered verbally and confirmed in a written opinion, dated October 21, 2025, to the effect that, as of that date and based on and subject to the matters described in its opinion, the Exchange Ratio in the Merger pursuant to the Merger Agreement, as amended by the Merger Agreement Amendment, was fair, from a financial point of view, to Enzon. Representatives of Potter then provided an overview of fiduciary duties of the Enzon Special Committee members applicable to their consideration of the transaction. Following discussion and consideration of the proposed transaction, the Enzon Special Committee unanimously, among other things, (i) determined that the Merger Agreement, as amended by the Merger Agreement Amendment, and the transactions contemplated thereby are fair to, and in the best interests of, Enzon and its stockholders, without regard to the IEH Parties and (ii) recommended that the Enzon Board (a) approve the Merger Agreement Amendment and the transactions contemplated thereby, including the Reverse Stock Split and (b) recommend that the Enzon stockholders entitled to vote thereon approve the Reverse Stock Split Proposal and the Merger Proposal.

Following the Enzon Special Committee meeting, on October 21, 2025, the Enzon Board held a virtual board meeting, which all members of the Enzon Board attended, with Enzon's Chief Executive Officer, Chief Financial Officer and Secretary, Richard L. Feinstein and Representatives from A.G.P., Thompson Hine, Brownstein and Ashby also in attendance. At the Enzon Board meeting, the Enzon Special Committee delivered its recommendation and provided detail on the Enzon Special Committee's process. The Enzon Board then discussed various legal, financial and other considerations relating to the proposed transaction, including, among other things, the transaction structure, the relative valuations of Enzon and Viskase and the Exchange Ratio, the treatment of the IEH Parties in the transaction, including the IEH Support Agreement Amendment and the contemplated transaction timeline. Representatives of Ashby then provided an overview of fiduciary duties of the Enzon Board members applicable to their consideration of the transaction. Discussions among the Enzon Board members ensued. Following discussion, the Enzon Board, acting upon the unanimous recommendation of the Enzon Special Committee, unanimously, among other things, (i) determined that the Merger Agreement, as amended by the Merger Agreement Amendment and the transactions contemplated thereby are fair to, and in the best interests of, Enzon and its stockholders, (ii) approved the Merger Agreement Amendment and the transactions contemplated thereby, including the Reverse Stock Split and (iii) recommended that the holders of Enzon Common Stock entitled to vote thereon approve the Reverse Stock Split Proposal and the Merger Proposal.

Later on October 21, 2025, Troutman contacted Brownstein to inform Enzon that Viskase had discovered a miscalculation in the October 13 Projections and subsequently sent updated projections to Enzon (the "October 21 Projections"). The Enzon Special

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Committee and the Enzon Board reviewed the changes to the October 13 Projections reflected in the October 21 Projections and with their advisors, assessed the impact of the changes to Viskase and the transaction.

On October 22, 2025, the Viskase Special Committee held a virtual meeting. At the Viskase Special Committee's request, Alvarez & Marsal reviewed with the Viskase Special Committee its financial analyses with respect to Viskase, Enzon and the Merger and rendered its oral opinion, dated October 22, 2025, which was confirmed by delivery of Alvarez & Marsal's written opinion dated October 22, 2025, to the Viskase Special Committee to the effect that, as of that date and based on and subject to the assumptions made, qualifications and limitations on the review undertaken and other matters considered by Alvarez & Marsal in preparing its opinion, the amended Exchange Ratio provided for in the Merger Agreement Amendment, after giving effect to the IEH Share Exchange, the Series C Exchange Offer, Reverse Stock Split, and the Surviving Company Conversion, was fair, from a financial point of view, to the holders of Viskase Common Stock other than the IEH Parties. Representatives of Troutman then provided an overview of fiduciary duties of the Viskase Special Committee members applicable to their consideration of the transaction. Following discussion, the Viskase Special Committee unanimously (with the exception of Mr. P. Shea who had a scheduling conflict but had otherwise stated his support for the Merger) (i) determined that the Merger Agreement Amendment and the transactions contemplated thereby are fair to, and in the best interests of Viskase and Viskase's stockholders, other than the IEH Parties and (ii) declared it advisable that Viskase enter into the Merger Agreement Amendment and consummate the transactions contemplated thereby.

On October 23, 2025, the Viskase Board held a virtual meeting. Upon the recommendation of the Viskase Special Committee, the Viskase Board unanimously (with the exception of Mr. P. Shea who had a scheduling conflict but had otherwise stated his support for the merger) (i) determined that the Merger Agreement Amendment and the transactions contemplated thereby are fair to, and in the best interests of Viskase and Viskase's stockholders, other than the IEH Parties, and declared it advisable, that Viskase enter into the Merger Agreement Amendment and consummate the transactions contemplated thereby, (ii) adopted resolutions approving and declaring the advisability of the Merger Agreement Amendment and the consummation of the transactions contemplated thereby, including the Merger, (iii) adopted resolutions recommending that the stockholders of Viskase entitled to vote adopt the Merger Agreement, as amended by the Merger Agreement Amendment, and (iv) directed that the Merger Agreement, as amended by the Merger Agreement Amendment, and the transactions contemplated thereby be submitted to the stockholders of Viskase entitled to vote for adoption.

On October 24, 2025, Representatives of A.G.P. informed the Enzon Special Committee the extent to which the financial analyses in A.G.P.'s financial presentation, dated October 21, 2025, were affected by the October 21 Projections. A.G.P. did not withdraw the opinion it rendered on and as of October 21, 2025 and subsequently replaced the financial presentation to the Enzon Special Committee, dated October 21, 2025, in order to reflect the October 21 Projections. Following discussion among the members of the Enzon Special Committee and the Enzon Board, Enzon determined that the updates reflected in the October 21 Projections did not change the Enzon Special Committee's or the Enzon Board's recommendations, approvals and determinations made at the respective meetings on October 21, 2025 and determined to proceed with the execution of the Merger Agreement Amendment.

On October 24, 2025, the Merger Agreement Amendment and the IEH Support Agreement Amendment were executed by the parties. Later that evening, on October 24, 2025, Enzon and Viskase issued a press release announcing the execution of the Merger Agreement Amendment, and, as instructed by Enzon and acting on Enzon's behalf, Representatives of Thompson Hine filed a current report on Form 8-K on Enzon's behalf disclosing the execution of the Merger Agreement Amendment, and appropriate exhibits. IEH filed with the SEC an amendment to its Schedule 13D disclosing the revised transaction and filing the IEH Support Agreement.

**Enzon's Reasons for the Merger; Recommendation of the Enzon Special Committee and the Enzon Board**

The Enzon Special Committee consists of two (2) directors: Randolph C. Read and Stephen T. Wills. Each of Messrs. Read and Wills satisfies the requirements to serve on the Enzon Special Committee and such committee of the Enzon Board was formed pursuant to the Enzon Bylaws. The Enzon Board established the Enzon Special Committee of independent and disinterested directors to, among other things, analyze, evaluate and oversee a potential transaction with Viskase and any available alternatives thereto and/or to reject such a transaction.

The Enzon Special Committee retained, and was advised by, Brownstein, as its outside legal counsel, Potter, as its Delaware legal counsel, A.G.P., as its financial advisor and Eisner, as its tax advisor. The Enzon Special Committee oversaw the performance of due diligence on behalf of Enzon, conducted a review and evaluation of the Enzon Proposals, considered other alternatives to the Merger, including maintaining the status quo, and negotiated with Viskase, IEH and each of their respective Representatives with respect to the Enzon Proposals and other related arrangements.

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In a meeting held on June 20, 2025, the Enzon Special Committee unanimously (i) determined that the Merger Agreement and the transactions contemplated thereby are fair to, and in the best interests of, Enzon and its stockholders, without regard to the IEH Parties, and (ii) recommended that the Enzon Board (A) approve the Merger Agreement and the transactions contemplated thereby, including the Reverse Stock Split and (B) recommend that the Enzon stockholders entitled to vote thereon approve the Reverse Stock Split Proposal and the Merger Proposal.

On June 20, 2025, upon the unanimous recommendation of the Enzon Special Committee, the Enzon Board unanimously, among other things, (i) determined that the Merger Agreement and the transactions contemplated thereby are fair to, in the best interests of, Enzon and its stockholders, (ii) approved the Merger Agreement and the transactions contemplated thereby, including the Reverse Stock Split and (iii) recommended that the holders of Enzon Common Stock entitled to vote thereon approve the Reverse Stock Split Proposal and the Merger Proposal.

In a meeting held on October 21, 2025, the Enzon Special Committee unanimously (i) determined that the Merger Agreement, as amended by the Merger Agreement Amendment, and the transactions contemplated thereby are fair to, and in the best interests of, Enzon and its stockholders, without regard to the IEH Parties, and (ii) recommended that the Enzon Board (A) approved the Merger Agreement Amendment and the transactions contemplated thereby, including the Reverse Stock Split and (B) recommend that the Enzon stockholders entitled to vote thereon approve the Reverse Stock Split Proposal and the Merger Proposal.

On October 21, 2025, upon the unanimous recommendation of the Enzon Special Committee, the Enzon Board unanimously, among other things, (i) determined that the Merger Agreement, as amended by the Merger Agreement Amendment and the transactions contemplated thereby are fair to, in the best interests of, Enzon and its stockholders, (ii) approved the Merger Agreement Amendment and the transactions contemplated thereby, including the Reverse Stock Split and (iii) recommended that the holders of Enzon Common Stock entitled to vote thereon approve the Reverse Stock Split Proposal and the Merger Proposal.

In evaluating the Merger Agreement and transactions contemplated thereby, including the Merger, the Enzon Special Committee, as described above in the section titled "Background of the Merger" in this prospectus/consent solicitation/offer to exchange, held a number of meetings and consulted with Enzon's senior management and its advisors, A.G.P., Brownstein and Potter. In making the decision to recommend that the Enzon stockholders vote to adopt the Merger Agreement and approve the Merger, the Enzon Board considered the Enzon Special Committee's evaluation, analysis and unanimous recommendation, and the fact that the Enzon Special Committee consists of two (2) independent and disinterested directors of Enzon who are not affiliated with the IEH Parties, are not employees of Enzon or any of its Affiliates and have no financial interest in the Merger different from, or in addition to, the interests of Viskase's unaffiliated stockholders, other than their interests described under the section titled "Interests of Executive Officers and Directors in the Merger — Interests of Enzon's Executive Officers and Directors in the Merger" in this prospectus/consent solicitation/offer to exchange. In addition, in making the decisions to recommend that the Enzon stockholders vote to adopt the Merger Agreement and approve the merger, the Enzon Board also consulted with Enzon's senior management and its advisors, Thompson Hine and Ashby.

In reaching their determinations and recommendations, the Enzon Special Committee and the Enzon Board considered a broad range of factors as being generally positive or favorable, including, but not limited to, the following (and not listed in order of relative importance):

***Financial Terms***

● the percentage of Enzon that would be owned by the holders of Enzon Common Stock, other than the IEH Parties, in the aggregate following the Merger, including the increased percentage of Enzon that would be owned by the holders of Enzon Common Stock following the change to the Exchange Ratio in connection with the Merger Agreement Amendment;

● the opportunity for holders of Enzon Common Stock to own shares in an operating business having Viskase's current and historical business, financial condition, results of operations, competitive position, strategic options and future prospects;

***The Enzon Special Committee***

● the Enzon Special Committee's belief that the Merger presents the best opportunity available to maximize value for holders of Enzon Common Stock, which belief is based on consideration of alternative transaction structures (including maintaining the status quo);

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● the value achieved through arm's-length negotiations, including:

● the Exchange Ratio and the Merger Consideration;

● the IEH Support Agreement, pursuant to which the IEH Parties agreed to, among other things and subject to certain exceptions, (i) deliver written consents approving the Merger Proposal, (ii) deliver written consents with respect to all of the issued and outstanding shares of Enzon Common Stock held by the IEH Parties approving the Reverse Stock Split Proposal and (iii) immediately prior to the Closing, effectuate the conversion of each issued and outstanding share of Enzon Series C Preferred Stock into shares of Enzon Common Stock based upon the Enzon 20-day VWAP;

● the following procedural safeguards involved in the negotiation of the Merger Agreement:

● the Enzon Special Committee consisted solely of independent directors who are not officers, employees or controlling stockholders of IEH or its Affiliates;

● the Enzon Special Committee was delegated exclusive authority to, among other things, (i) analyze, evaluate and oversee any Enzon Alternative Transactions, (ii) establish, approve, modify, monitor and direct the process and procedures related to the review and evaluation of any Enzon Alternative Transaction, including, but not limited to, the authority to determine not to proceed with any such process, procedures, review, or evaluation, or to recommend any of the foregoing to the full Enzon Board, (iii) reject any Enzon Alternative Transaction, (iv) determine whether any Enzon Alternative Transaction is fair to, and in the best interests of, Enzon and its stockholders, (v) recommend to the Enzon Board what action, if any, should be taken by the Enzon Board with respect to any Enzon Alternative Transaction, (vi) take such other action related to or arising in connection with a potential transaction with Viskase or any Enzon Alternative Transaction as the Enzon Special Committee deemed necessary, appropriate or advisable, (vii) retain legal, investment banking, accounting or other advisors, experts, and services, including the engagement of an independent law firm and a third-party financial advisor, to advise and report to the Enzon Special Committee, to analyze and assist the Enzon Special Committee in responding to any proposals received with respect to any Enzon Alternative Transaction, and to pay the fees of such advisors, experts and vendors, (viii) to consult with management and direct the officers of Enzon to assist the Special Committee in fulling its activities relating to any Enzon Alternative Transaction and (ix) take any other action in furtherance of the Enzon Special Committee's consideration of any Enzon Alternative Transaction which the Enzon Special Committee determines in its sole discretion to be advisable and consider such other matters as may be requested by the Enzon Board from time to time;

● the compensation of the members of the Enzon Special Committee was in no way contingent on approval of any transaction;

● the Enzon Special Committee was charged with evaluating and negotiating the terms and conditions of the proposed Merger on behalf of Enzon, the Enzon Board and the holders of Enzon Common Stock and empowered to negotiate or decline to pursue a transaction;

● the terms of the Merger were determined through arm's-length negotiations between the Enzon Special Committee and the Viskase Special Committee, with the assistance of their respective advisors;

● the Enzon Special Committee was advised by experienced and qualified advisors, consisting of legal counsel, Brownstein and Potter, financial advisor, A.G.P. and tax advisor, Eisner.

● the frequency and extent of the Enzon Special Committee's deliberation and its access to Enzon's management and advisors in connection with the evaluation of the potential transaction with Viskase.

***Low Likelihood of Alternative Transactions***

● the IEH Parties own, in the aggregate, approximately 48.6% of the issued and outstanding shares of Enzon Common Stock and communicated to the Enzon Special Committee that the IEH Parties, in their capacity as holders of Enzon Common

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Stock, are interested only in effectuating the Merger and the transactions contemplated thereby and that in such capacity, the IEH Parties have no interest in any alternative sale, merger or similar transaction involving Enzon, which could discourage the making of a competing proposal;

● the absence of other strategic alternatives available to Enzon prior to the execution of the Merger Agreement that would provide comparable or superior value to the holders of Enzon Common Stock;

● Since June 20, 2025, Enzon has not received any Enzon Superior Proposals and neither Enzon nor its Representatives is engaged in discussions with any third party regarding an Enzon Superior Proposal.

***Opinion of the Enzon Special Committee's Financial Advisor***

● the Enzon Special Committee was advised by A.G.P. as financial advisor, a nationally recognized firm selected by the Enzon Special Committee, and that, based on disclosures made to the Enzon Special Committee, the Enzon Special Committee concluded that A.G.P. was free of material conflicts and could provide independent advice in connection with the potential transaction ;

● the opinion of A.G.P., dated October 21, 2025, to the Enzon Special Committee as to the fairness, from a financial point of view, to Enzon of the Exchange Ratio in the Merger pursuant to the Merger Agreement (please see the section titled "*Opinion of the Enzon Special Committee's Financial Advisor*" in this prospectus/consent solicitation/offer to exchange for further information regarding the opinion) .

***Timing and Certainty***

● the timing of the Merger and the risk that a similar or better opportunity may not arise in the future;

● the Enzon Special Committee's belief that the Merger has a high likelihood of being completed in a timely manner based on, among other things, (i) the limited number and nature of the conditions to the Merger and (ii) Enzon's ability, pursuant to the Merger Agreement, to pursue remedies that include specific performance and equitable relief to prevent breaches of the Merger Agreement by Viskase and to specifically enforce the terms of the Merger Agreement;

● Viskase committed to provide the Viskase Stockholder Approval, to adopt the Merger Agreement and approve the Merger by written consent in connection with the execution of the Merger Agreement and the IEH Parties committed to approve the Merger by written consent in connection with the execution of the Merger Agreement;

● the terms of the Merger Agreement, principally:

● the provisions allowing the Enzon Special Committee and the Enzon Board (acting on the recommendation of the Enzon Special Committee) to (i) make an Enzon Adverse Recommendation Change in response to an Enzon Intervening Event, if the Enzon Board (acting on the recommendation of the Enzon Special Committee) or the Enzon Special Committee determines in good faith, after consultation with outside legal counsel, that failure to do so would reasonably be expected to be inconsistent with the directors' fiduciary duties under applicable law or (ii) make an Enzon Adverse Recommendation Change or effect an Enzon Superior Proposal Termination in response to an Enzon Superior Proposal, if the Enzon Board (acting on the recommendation of the Enzon Special Committee) or the Enzon Special Committee determines in good faith, after consultation with its financial advisor and outside legal counsel, that such proposal constitutes an Enzon Superior Proposal;

● the agreement that Jordan Bleznick and Randolph C. Read, two of the current directors of Enzon, will each remain as a director of Enzon following the Merger;

● the operating covenants which Viskase is subject to in the Merger Agreement provide protection to Enzon stockholders by restricting Viskase's ability to take certain actions prior to the Closing that could reduce the value of the Combined Company following the Merger (please see the section titled "*Covenants of the Parties – Conduct of Business Pending the Merger*" in this prospectus/consent solicitation/offer to exchange for further information regarding such restrictions);

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● the provisions allowing Enzon, under certain circumstances provided in the Merger Agreement, to terminate the Merger Agreement in order to enter into a superior proposal from a third party (other than the IEH Parties) and upon payment of the termination fee equal to $1,000,000; and

● the termination fee of $1,000,000 that could become payable by Enzon pursuant to the Merger Agreement in the event the Merger Agreement is terminated under certain circumstances described in the Merger Agreement, which is reasonable and would not likely deter third parties from making alternative acquisition proposals that would be more favorable to holders of Enzon Common Stock than the Merger.

***Risks and Potentially Negative Factors***

In reaching their determinations and recommendations, the Enzon Special Committee and the Enzon Board considered additional factors as being potentially negative, including but not limited to, the following (and not listed in order of relative importance):

● there are certain potential negative consequences that may affect holders of Enzon Common Stock, including the following:

● the ownership dilution to current holders of Enzon Common Stock as a result of the issuance of Enzon Common Stock to holders of Viskase Common Stock as a Merger Consideration, which may reduce the influence that current holders of Enzon Common Stock have on the management of the Combined Company;

● control of Enzon following the Merger will be exercised by directors appointed by holders of Viskase Common Stock;

● following the Merger, the IEH Parties will hold a significant majority of the Enzon Common Stock and the IEH Parties will have the ability to exercise voting control over the Combined Company.

● the absence of certain procedural safeguards, including:

● holders of Enzon Common Stock are not entitled to appraisal rights under the Merger Agreement or the DGCL;

● certain directors of Enzon have interests in the Merger that are different than, or in addition to, the interests of the holders of Enzon Common Stock;

● certain terms of the Merger Agreement, principally:

● the provisions limiting the ability of Enzon to solicit, or to consider, unsolicited offers from third parties;

● certain potential break-up fees payable by Enzon, including in connection with termination of the Merger Agreement as a result of a superior transaction proposal;

● the closing condition relating to the limitation of not more than three percent (3%) of holders of Viskase Common Stock from exercising their dissenters' rights pursuant to Section 262 of the DGCL;

● the closing condition relating to Enzon's satisfaction of the Minimum Cash Condition at Closing;

● with respect to each of Enzon and Merger Sub (each, a "Waiving Party"), waive, consent to and release (a) any inaccuracy in, breach of or failure to comply with any representation, warranty, covenant or agreement of Viskase in the Merger Agreement, to the extent known to such Waiving Party as of the date of the Merger Agreement Amendment (each, a "Viskase Breach") and (b) any fact, event, circumstance or condition giving rise to a Viskase Breach, in each case to the extent known to such Waiving Party as of the date of the Merger Agreement Amendment and occurring or existing on or prior to such date;

● if Enzon, Merger Sub or any of their respective Representatives knew of the material facts of a matter prior to the date of the Merger Agreement Amendment, then no effect, change, event or occurrence arising out of, or resulting from, such facts will constitute a Viskase Material Adverse Effect for all purposes under the Merger Agreement;

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provided that, for the avoidance of doubt, a Viskase Material Adverse Effect may result from facts that Enzon, Merger Sub or any of their respective Representatives become aware of after the date of the Merger Agreement Amendment;

● litigation may occur in connection with the Merger and any such litigation may result in significant costs and/or an adverse judgment granting permanent injunctive relief could indefinitely enjoin consummation of the Merger;

● the costs incurred to date and to be incurred in connection with the Merger and the other transactions contemplated thereby, including the fees and expenses associated with completing such transactions;

● the Merger might not be completed in a timely manner, or the Merger might not be consummated at all as a result of a failure to satisfy the conditions contained in the Merger Agreement, including, but not limited to, a failure to obtain required stockholder approvals, and a failure to complete the Merger could negatively affect the trading price of Enzon Common Stock or could result in significant costs and disruption to Enzon;

● the Merger may not be completed within the expected timeline;

● although it is intended that the Merger should not result in an ownership change under Section 382 of the Code, if such an ownership change is found to have occurred, it would significantly limit the Combined Company's ability to use Enzon's NOL carryforwards, certain credits and other tax attributes that the Combined Company would be permitted to use to offset taxable income in a single year; however, due to the existence of a valuation allowance for deferred tax assets, it is not expected that such limitation under Section 382 of the Code, if any, should have an impact on the Combined Company's financial statements and effective tax rate;

● if the Merger is completed, the IEH Parties, in the aggregate, will be controlling stockholders of the Combined Company, which may have the effect of making it more difficult for third parties to acquire, or discouraging a third party from seeking to acquire, the Combined Company and that a third party would be required to negotiate any such transaction with the IEH Parties, and the interests of the IEH Parties may be different from the interests of other current Enzon stockholders; and

● substantial time and effort of Viskase's management will be required to complete the Merger, which may disrupt Viskase's business operations and divert management's attention away from Viskase's day-to-day business, which may impact the Combined Company following the Merger.

The foregoing discussion is not intended to be exhaustive, but it is intended to address the material information and principal factors considered by the Enzon Special Committee and the Enzon Board in considering the Merger. In view of the number and variety of factors and the amount of information considered, the Enzon Special Committee and the Enzon Board did not find it practicable to, and did not make specific assessments of, quantify, rank or otherwise assign relative weights to, the specific factors considered in reaching their determinations. In addition, the Enzon Special Committee and the Enzon Board did not undertake to make any specific determination as to whether any particular factor, or any aspect of any particular factor, was favorable or unfavorable to their ultimate determinations. Individual members of the Enzon Special Committee and the Enzon Board may have given different weight to different factors. The Enzon Special Committee and the Enzon Board made their recommendations based on the totality of information presented to, and the investigation conducted by, the Enzon Special Committee and the Enzon Board. It should be noted that certain statements and other information presented in this section are forward-looking in nature and, therefore, should be read in light of the factors discussed under the section titled "*Cautionary Statement Regarding Forward-Looking Statements*" in this prospectus/consent solicitation/offer to exchange. Many factors were considered by the Enzon Special Committee and the Enzon Board, and the factors outlined herein may or may not have been considered by any particular directors. Notwithstanding whether any of these were considered by any individual board member, the Enzon Board voted unanimously to approve and enter into the Merger Agreement and the transactions contemplated thereby.

Upon the unanimous recommendation of the Enzon Special Committee, the Enzon Board unanimously, among other things, (i) determined that the Merger Agreement, as amended by the Merger Agreement Amendment, and the transactions contemplated thereby are fair to, and in the best interests of, Enzon and its stockholders, (ii) approved the Merger Agreement and the transactions contemplated thereby, including the Reverse Stock Split, and (iii) recommended that the holders of Enzon Common Stock entitled to vote thereon approve the Reverse Stock Split Proposal and the Merger Proposal.

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**Viskase's Reasons for the Merger; Recommendation of the Viskase Special Committee and the Viskase Board**

*All disclosures in this section are based solely on information provided by Viskase. Enzon has relied on Viskase to provide such information and has not independently verified the information in this section provided by Viskase. Enzon has also relied on Viskase's representations and warranties related to such information in the Merger Agreement.*

As described above under the section titled "*Background of the Merger*" in this prospectus/consent solicitation/offer to exchange, the Viskase Board formed the Viskase Special Committee, consisting of independent and disinterested directors — Stephen Maurer, Kenneth Shea and Peter Shea — pursuant to the Viskase Bylaws. The resolutions passed by the Viskase Board forming the Viskase Special Committee delegated exclusive authority to, among other things, (i) review and evaluate the terms and conditions and determine the advisability of a potential transaction with Enzon, (ii) consider whether there were alternatives to a potential transaction with Enzon that would be in the best interests of Viskase and its stockholders (each, a "Viskase Alternative Transaction"), (iii) review and evaluate the terms and conditions and determine the advisability of one (1) or more Viskase Alternative Transactions, (iv) if the Viskase Special Committee deemed it appropriate or advisable, negotiate the price, structure, form, terms and conditions of a potential transaction with Enzon or any Viskase Alternative Transaction, as well as any definitive agreements in connection therewith, (v) after obtaining appropriate knowledge of the material facts, determine whether any such transaction was fair and reasonable to, advisable and in the best interests of, Viskase and its stockholders (including the applicable IEH Parties, as well as any other interested stockholders, but solely in their capacities as stockholders), (vi) if the Viskase Special Committee deemed it appropriate or advisable, recommending to the entire Viskase Board what action, if any, should be taken by Viskase with respect to a potential transaction with Enzon or any Viskase Alternative Transaction, (vii) take such other action related to or arising in connection with a potential transaction with Enzon or any Viskase Alternative Transaction as the Viskase Special Committee deemed necessary, appropriate or advisable, and (viii) provide reports and/or recommendations to the Viskase Board in regard to such matters at such times as the Viskase Special Committee deemed appropriate and consistent with its activities. The Viskase Board further resolved not to approve or submit for the approval of Viskase stockholders any potential transaction between Viskase and Enzon or other third parties without having received the prior favorable recommendation of the Viskase Special Committee. The Viskase Board subsequently appointed Mr. P. Shea as the Viskase Special Committee's Chairman.

The Viskase Special Committee retained, and was advised by, Troutman, as its outside legal counsel and Alvarez & Marsal, as its financial advisor. The Viskase Special Committee oversaw the performance of financial and legal due diligence by its advisors, conducted a review and evaluation of the Reverse Stock Split Proposal and the Merger Proposal, considered other alternatives to the Merger, including maintaining the status quo and negotiated with Enzon, IEH and each of their respective Representatives with respect to the Enzon Proposals and other related arrangements.

At a meeting of the Viskase Special Committee held on June 19, 2025, the Viskase Special Committee unanimously adopted resolutions (i) determining that the Merger Agreement and the transactions contemplated thereby are fair to, and in the best interests of Viskase and Viskase's stockholders other than IEH and its Affiliates, and declared it advisable that Viskase enter into the Merger Agreement and consummate the transactions contemplated thereby and (ii) recommending that the Viskase Board (A) adopt resolutions approving and declaring the advisability of the Merger Agreement and the consummation of the transactions contemplated thereby, including the Merger, (B) adopt resolutions recommending that the stockholders of Viskase entitled to vote adopt the Merger Agreement and (C) direct that the Merger Agreement and the transactions contemplated thereby be submitted to the stockholders of Viskase entitled to vote for adoption.

In lieu of a meeting, following the meeting of the Viskase Special Committee, and upon the unanimous recommendation of the Viskase Special Committee, the Viskase Board unanimously adopted resolutions via written consent on June 19, 2025, (i) determining that the Merger Agreement and the transactions contemplated thereby are fair to, and in the best interests of, Viskase and Viskase's stockholders, and declared it advisable that Viskase enter into the Merger Agreement and consummate the transactions contemplated thereby, (ii) approving and declaring the advisability of the Merger Agreement and the consummation of the transactions contemplated thereby, including the Merger, (iii) recommending that the stockholders of Viskase entitled to vote adopt the Merger Agreement and (iv) directing that the Merger Agreement and the transactions contemplated thereby be submitted to the stockholders of Viskase entitled to vote for adoption.

At a meeting of the Viskase Special Committee held on October 22, 2025, the Viskase Special Committee adopted resolutions (i) determining that the Merger Agreement Amendment and the transactions contemplated thereby are fair to, and in the best interests of Viskase and its stockholders, other than the IEH Parties and (ii) declaring it advisable that Viskase enter into the Merger Agreement Amendment and consummate the transactions contemplated thereby.

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At a meeting of the Viskase Board held on October 23, 2025, and upon the recommendation of the Viskase Special Committee, the Viskase Board adopted resolutions (i) approving and declaring the advisability of the Merger Agreement Amendment and the consummation of the transactions contemplated thereby, including the Merger, (ii) adopted resolutions recommending that the stockholders of Viskase entitled to vote adopt the Merger Agreement, as amended by the Merger Agreement Amendment, and (iii) directed that the Merger Agreement, as amended by the Merger Agreement Amendment, and the transactions contemplated thereby be submitted to the stockholders of Viskase entitled to vote for adoption.

In evaluating the Merger Agreement and transactions contemplated thereby, including the Merger, the Viskase Special Committee, as described above in the section titled "*Background of the Merger*" in this prospectus/consent solicitation/offer to exchange, held a number of meetings, consulted with Viskase's senior management and its advisors, Alvarez & Marsal and Troutman. In making the decision to recommend that the Viskase stockholders vote to adopt the Merger Agreement and approve the Merger, the Viskase Board considered the Viskase Special Committee's evaluation, analysis and unanimous recommendation, and the fact that the Viskase Special Committee consists of three (3) independent and disinterested directors of Viskase who are not affiliated with the IEH Parties, are not employees of Viskase or any of its Affiliates and have no financial interest in the Merger different from, or in addition to, the interests of Viskase's unaffiliated stockholders, other than their interests described under the section titled "*Interests of Executive Officers and Directors in the Merger — Interests of Viskase's Executive Officers and Directors in the Merger*" in this prospectus/consent solicitation/offer to exchange.

In reaching their determinations and recommendations, the Viskase Special Committee and the Viskase Board considered a broad range of factors as being generally positive or favorable, including but not limited to, the following (and not listed in order of relative importance):

***Financial Terms***

● the Exchange Ratio and the Merger Consideration;

● after discussions with Viskase's management and the financial advisor to the Viskase Special Committee, Alvarez & Marsal , and extensive communications with Enzon, the Viskase Special Committee concluded that the Exchange Ratio reflected the most favorable exchange ratio that Enzon would be willing to agree to in light of the deterioration in Viskase's financial condition, Viskase management's "going concern" assessment and issues regarding Viskase's debt burden, low liquidity and challenges in refinancing ;

● as a result of the all-stock merger consideration upon completion of the Merger and the transactions contemplated by the Merger Agreement, Viskase stockholders will own 55% of the Combined Company's Common Stock, which will provide Viskase stockholders with an opportunity to benefit, proportionate to their ownership interests of the Combined Company, from the potential long-term value creation of the Combined Company;

● holders of Viskase Common Stock are entitled to appraisal rights in connection with the Merger under the DGCL, which allow such holders to seek appraisal of the fair value of their shares of Viskase Common Stock as determined by the Court;

● the shares of Viskase Common Stock issued to Viskase stockholders will be registered on the registration statement on Form S-4 of which this prospectus/consent solicitation/offer to exchange is a part and will become freely tradable for Viskase stockholders who are not Affiliates of Viskase; and

● the expectation that the Enzon Common Stock to be received by Viskase stockholders as the Merger Consideration to be received will be tax-free to Viskase stockholders for U.S. federal income tax purposes (please read the section titled "*Material United States Federal Income Tax Consequences*" in this prospectus/consent solicitation/offer to exchange for further information regarding tax consequences).

***Viskase's Prospects***

● Viskase's current and historical business, financial condition, results of operations, competitive position, strategic options and capital requirements and prospects; and

● the inherent uncertainty of achieving, due to the scale, available capital and other factors that would be required in order to attain, management's internal financial projections, including those set forth in the section titled " — *Unaudited Pro Forma* 

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*Condensed Combined Financial Statements*" in this prospectus/consent solicitation/offer to exchange and the fact that Viskase's actual financial results in future periods could differ materially and adversely from the projected results.

***Opinion of the Viskase Special Committee's Financial Advisor***

● the Viskase Special Committee was advised by Alvarez & Marsal as financial advisor, a nationally recognized firm selected by the Viskase Special Committee, and that, based on disclosures made to the Viskase Special Committee, the Viskase Special Committee concluded that Alvarez & Marsal was free of material conflicts and could provide independent advice in connection with the potential transaction ; and

● the financial analyses reviewed by Alvarez & Marsal with the Viskase Special Committee as well as the oral opinion of Alvarez & Marsal rendered to the Viskase Special Committee on October 22, 2025 (which was confirmed by delivery of Alvarez & Marsal's written opinion, dated October 22, 2025, to the Viskase Special Committee) as to, as of such date, the fairness, from a financial point of view, to the holders of Viskase Common Stock, other than the IEH Parties, of the Exchange Ratio provided for in the Merger, after giving effect to the IEH Share Exchange, the Series C Exchange Offer and Reverse Stock Split, pursuant to the Merger Agreement (please see the section titled "*— Opinion of the Viskase Special Committee's Financial Advisor*" in this prospectus/consent solicitation/offer to exchange for further information regarding Alvarez & Marsal's opinion).

***The Viskase Special Committee***

● The procedural safeguards and processes implemented to enable the Viskase Special Committee to determine the fairness of the Merger for all of Viskase's stockholders (other than the IEH Parties), including that:

● the Viskase Special Committee consists of three (3) independent and disinterested directors of Viskase who are not affiliated with the IEH Parties, are not employees of Viskase or any of its Affiliates and have no financial interest in the Merger different from, or in addition to, the interests of Viskase's unaffiliated stockholders;

● the Viskase Board resolved not to approve any potential transaction between Viskase and Enzon without the prior favorable recommendation of the Viskase Special Committee;

● the Viskase Special Committee was delegated exclusive authority to, among other things, (i) review and evaluate the terms and conditions and determine the advisability of a potential transaction with Enzon, (ii) consider whether there were any Viskase Alternative Transactions, (iii) review and evaluate the terms and conditions and determine the advisability of one (1) or more Viskase Alternative Transactions, (iv) if the Viskase Special Committee deemed it appropriate or advisable, negotiate the price, structure, form, terms and conditions of a potential transaction with Enzon or any Viskase Alternative Transaction, as well as any definitive agreements in connection therewith, (v) after obtaining appropriate knowledge of the material facts, determine whether any such transaction was fair and reasonable to, and in the best interests of, Viskase and its stockholders (including IEH, as well as any other interested stockholders, but solely in their capacities as stockholders), (vi) if the Viskase Special Committee deemed it appropriate or advisable, recommend to the entire Viskase Board what action, if any, should be taken by Viskase with respect to a potential transaction with Enzon or any Viskase Alternative Transaction, (vii) take such other action related to or arising in connection with a potential transaction with Enzon or any Viskase Alternative Transaction as the Viskase Special Committee deemed necessary, appropriate or advisable and (viii) provide reports and/or recommendations to the Viskase Board in regard to such matters at such times as the Viskase Special Committee deem appropriate and consistent with its activities;

● the terms and conditions of the Merger Agreement were determined through arm's-length negotiations conducted at the direction of the Viskase Special Committee and the Enzon Special Committee and their respective Representatives and legal advisors;

● the compensation of the members of the Viskase Special Committee was in no way contingent on approval of any transaction;

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● the Viskase Special Committee made its evaluation of the Merger Agreement and the Merger based upon the factors discussed in this prospectus/consent solicitation/offer to exchange and with the full knowledge of the interests of the IEH Parties in the Merger;

● the Viskase Special Committee was advised by experienced and qualified advisors, consisting of legal counsel, Troutman, and financial advisor, Alvarez & Marsal; and

● the frequency and extent of the Viskase Special Committee's deliberation and its access to Viskase's management and advisors in connection with the evaluation of the potential transaction with Enzon.

***Timing and Certainty of Value***

● the consideration by the Viskase Special Committee of the timing of the transactions contemplated by the Merger Agreement, including the Merger, and the risk that if Viskase did not accept the terms reflected in the Merger Agreement, at the time that it did, the Viskase Special Committee might not have had another opportunity to do so;

● the Viskase Special Committee's belief that no alternatives to the Merger were reasonably likely to create greater value for Viskase stockholders, after reviewing the various financing and other strategic options to enhance stockholder value that were considered by the Viskase Special Committee and the likelihood of achieving any alternative transaction compared to the likelihood of completing the Merger;

● American Entertainment Properties Corp., an Affiliate of IEH, owns approximately 93.97% of the issued and outstanding shares of Viskase Common Stock, and communicated to the Viskase Special Committee that American Entertainment Properties Corp., in its capacity as a holder of Viskase Common Stock is interested only in effectuating the Merger and the transactions contemplated thereby and that in such capacity, American Entertainment Properties Corp. has no interest in any alternative sale, merger or similar transaction involving Viskase, which could discourage the making of a competing proposal;

● Viskase committed to provide the Viskase Stockholder Approval, to adopt the Merger Agreement and approve the Merger by written consent in connection with the execution of the Merger Agreement;

● the IEH Parties, who, as of the date of the Merger Agreement, directly or indirectly controlled approximately 36,056,636 shares of Enzon Common Stock, or approximately 48.6%, executed the IEH Support Agreement, pursuant to which the IEH Parties agreed to, among other things, and subject to certain exceptions, deliver written consents to all of the issued and outstanding shares of Enzon Common Stock held by the IEH Parties approving the Enzon Proposals as more fully described in the section titled "*IEH Support Agreement*" in this prospectus/consent solicitation/offer to exchange ;

● the limited conditions to Viskase's and Enzon's respective obligations to complete the Merger; and

● the conditions to the completion of the transactions contemplated thereby, including the Merger, are not generally within the sole control or discretion of Enzon.

***Merger Agreement Terms***

● the financial and other terms and conditions of the Merger Agreement, including the representations, warranties and covenants therein, and the transactions contemplated thereby, including the Merger, resulted from extensive arm's- length negotiations conducted at the direction of the Viskase Special Committee, with the assistance of experienced outside legal and advisors;

● the closing condition relating to Enzon's satisfaction of the Minimum Cash Condition at Closing would cause the Combined Company to have a minimum amount of capital resources to fund the Combined Company;

● the Viskase Special Committee's belief that the Merger has a high likelihood of being completed in a timely manner based on, among other things, (i) the limited number and nature of the conditions to the Merger and (ii) Viskase's ability, pursuant

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to the Merger Agreement, to pursue remedies that include specific performance and equitable relief to prevent breaches of the Merger Agreement by Enzon and to specifically enforce the terms of the Merger Agreement;

● the operating covenants to which Enzon is subject in the Merger Agreement provide protection to Viskase stockholders by restricting Enzon's ability to take certain actions prior to the Closing could reduce the value of the Combined Company following the Merger (please see the section titled "*Covenants of the Parties — Conduct of Business Pending the Merger*" in this prospectus/consent solicitation/offer to exchange for further information regarding such restrictions) ;

● the Viskase Board's right under the Merger Agreement to select the officers and directors of the Combined Company; provided that the board of directors of the Combined Company will consist of two current Enzon directors, Jordan Bleznick and Randolph C. Read, together with Robert Flint, Colin Kwak, Dustin DeMaria, Peter K. Shea and Kenneth Shea; and

● Viskase may terminate the Merger Agreement in the event of an Enzon Adverse Recommendation Change.

***Risks and Potentially Negative Factors***

In reaching their determinations and recommendations, the Viskase Special Committee and the Viskase Board considered additional factors as being potentially negative, including but not limited to, the following (and not listed in order of relative importance):

● the interests of the IEH Parties with respect to the transactions contemplated by the Merger Agreement, including the Merger, may be in addition to, or may be different from, the interests of the Viskase stockholders unaffiliated with the IEH Parties, including the financial benefits that the IEH Parties are likely to derive from the transactions contemplated by the Merger Agreement, including the Merger;

● The terms of the Merger Agreement, including:

● the operational restrictions imposed on Viskase between the date of the Merger Agreement and the Closing Date (which may delay or prevent Viskase from undertaking business opportunities that may arise pending the completion of the Merger or any other actions Viskase otherwise would have taken with respect to the operations of Viskase absent the pending completion of the Merger);

● the restrictions imposed by the Merger Agreement on Viskase's solicitation of acquisition proposals from third parties, and that prospective acquirors may perceive Enzon's right under the Merger Agreement to negotiate with Viskase to match the terms of any superior proposal prior to Viskase being able to terminate the Merger Agreement and accept a superior proposal to be a deterrent to making alternative proposals;

● the closing condition limiting dissenting Viskase stockholders to no more than three percent (3%);

● litigation may occur in connection with the Merger and any such litigation may result in significant costs and/or an adverse judgment granting permanent injunctive relief could indefinitely enjoin consummation of the Merger;

● the risk that the transactions contemplated by the Merger Agreement, including the Merger, may not be completed, and the consequences thereof, including (i) the potential loss of value to Viskase's stockholders , (ii) the potential negative impact on the operations and prospects of Viskase, including the risk of loss of key personnel, and (iii) the market's perception of Viskase's prospects, which could be adversely affected if such transactions contemplated by the Merger Agreement, including the Merger, were delayed or were not completed;

● the possible effects of the pendency or completion of the transactions contemplated by the Merger Agreement, including the risk of any loss or change in the relationship of Viskase and its subsidiaries with their respective employees, agents, customers and other business relationships, and any possible effect on Viskase's ability to attract and retain key employees, including that certain key members of Viskase's senior management have chosen and others might choose not to remain employed with Viskase prior to the completion of the transactions contemplated by the Merger Agreement and the Merger;

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● the completion of the Merger will require the satisfaction of certain other closing conditions, including Enzon's consummation of the Series C Exchange Offer and Enzon obtaining the Enzon Stockholder Approval;

● if the Merger is completed, the IEH Parties, in the aggregate, will be controlling stockholders of the Combined Company, which may have the effect of making it more difficult for third parties to acquire, or discouraging a third party from seeking to acquire, the Combined Company, and that a third party would be required to negotiate any such transaction with the IEH Parties, and the interests of the IEH Parties may be different from the interests of other current Viskase stockholders;

● Viskase's directors, officers and employees have expended and will expend extensive efforts attempting to complete the transactions completed by the Merger Agreement, including the Merger, and such Persons have experienced and will experience significant distractions from their work during the pendency of such transactions contemplated by the Merger Agreement, including the Merger, which may disrupt Viskase's business operations ; and

● Viskase has incurred substantial expenses and will generally be required, if the transactions contemplated by the Merger Agreement, including the Merger, are not completed, to pay its own expenses associated with the Merger Agreement and the transactions contemplated thereby, including the Merger, subject to certain limited exceptions.

The foregoing discussion is not intended to be exhaustive, but it is intended to address the material information and principal factors considered by the Viskase Special Committee and the Viskase Board in considering the Merger. In view of the number and variety of factors and the amount of information considered, the Viskase Special Committee and the Viskase Board did not find it practical to, and did not make specific assessments of, quantify, rank or otherwise assign relative weights to the specific factors considered in reaching their determinations. In addition, the Viskase Special Committee and the Viskase Board did not undertake to make any specific determination as to whether any particular factor, or any aspect of any particular factor, was favorable or unfavorable to their ultimate determinations. Individual members of the Viskase Special Committee may have given different weight to different factors. The Viskase Special Committee and the Viskase Board made their recommendations based on the totality of information presented to, and the investigation conducted by, the Viskase Special Committee and the Viskase Board.

It should be noted that certain statements and other information presented in this section are forward-looking in nature and, therefore, should be read in light of the factors described in the section titled "*Cautionary Statement Regarding Forward-Looking Statements*" in this prospectus/consent solicitation/offer to exchange. Many factors were considered by the Viskase Special Committee and the Viskase Board, and the factors outlined herein may or may not have been considered by any particular directors, member of management or advisor of Viskase. Notwithstanding whether any of these were considered by any individual board member, the Viskase Board voted to approve and enter into the Merger Agreement.

**Opinion of the Enzon Special Committee's Financial Advisor**

On October 21, 2025, at a meeting of the Enzon Special Committee held to evaluate the Merger and the related transactions, A.G.P. rendered to the Enzon Special Committee an opinion, dated October 21, 2025, to the effect that, as of that date and based on and subject to the matters described in its opinion, the Exchange Ratio in the Merger pursuant to the Merger Agreement was fair, from a financial point of view, to Enzon.

**The full text of A.G.P.'s written opinion, dated October 21, 2025, which describes the assumptions made, procedures followed, matters considered and limitations on the review undertaken, is attached to this consent solicitation statement as Annex C and is incorporated by reference in its entirety. A.G.P.'s opinion was provided for the Enzon Special Committee (in its capacity as such) for its information and assistance in connection with its consideration of the financial terms of the Merger. A.G.P.'s opinion does not constitute a recommendation to the Enzon Special Committee or the Enzon Board as to whether the Enzon Special Committee or the Enzon Board should vote to approve the Merger or to any stockholder of Enzon or Viskase as to how any such stockholder should vote at any stockholders' meeting at which the Merger is considered, or whether or not any stockholder should enter into a voting, shareholders', or affiliates' agreement with respect to the Merger, or exercise any dissenters' or appraisal rights that may be available to such stockholder. A.G.P.'s opinion does not compare the relative merits of the Merger with any other alternative transactions or business strategies which may have been available to Enzon and does not address the underlying business decision of the Enzon Special Committee, the Enzon Board or Enzon to proceed with or effect the Merger (including, without limitation, continuing to proceed with the Merger by way of the Merger Agreement Amendment).** This summary of A.G.P.'s opinion is qualified in its entirety by reference to the full text of its opinion.

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At the direction of Enzon and without independent verification, A.G.P. relied upon and assumed for purposes of its analyses and opinion, that, based on the Exchange Ratio, (a) the number of shares of Enzon Common Stock to be issued by Enzon in the Merger for shares of Viskase Common Stock will be equal to 55% of the total number of shares of Enzon Common Stock issued and outstanding upon consummation of the Merger and (b) the number of shares of Enzon Common Stock issued and outstanding as of immediately prior to the Effective Time will be equal to 45% of the total number of shares of Enzon Common Stock issued and outstanding upon consummation of the Merger.

In rendering its opinion, A.G.P. did, among other things, the following:

● reviewed the original Merger Agreement and a draft dated October 20, 2025 of the Merger Agreement Amendment;

● reviewed (i) the audited consolidated financial statements of Enzon contained in its Annual Reports on Form 10-K for the years ended December 31, 2023, and December 31, 2024 as well as (ii) unaudited consolidated financial statements of Enzon contained in its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025 and June 30, 2025;

● reviewed (i) the audited consolidated financial statements of Viskase for the years ended December 31, 2023, and December 31, 2024 as well as (ii) unaudited consolidated financial statements of Viskase for the quarters ended March 31, 2025 and June 30, 2025;

● reviewed and discussed with Enzon's management certain other publicly available information concerning Enzon;

● reviewed certain non-publicly available information concerning Enzon and Viskase, including internal financial analyses and forecasts for Viskase prepared by its management, and held discussions with Enzon's and Viskase's respective senior managements regarding recent developments;

● reviewed publicly available financial and stock market information of certain public companies that were deemed by A.G.P. to be reasonably comparable to Viskase;

● reviewed financial terms, to the extent publicly available, of certain transactions that were deemed by A.G.P. to be reasonably comparable to the Merger; and

● reviewed publicly available stock market information of Enzon and Viskase, including current and historical market prices and trading volumes of publicly traded shares of Enzon Common Stock and Viskase Common Stock.

Enzon did not provide A.G.P. with any internal financial analyses or forecasts for Enzon. Given the de minimis revenue attributable to Enzon's legacy intellectual property assets in the most recent fiscal periods, Enzon instructed A.G.P. to disregard Enzon's legacy intellectual property assets for the purposes of evaluating the Exchange Ratio. Accordingly, no meaningful value was ascribed for such purposes to such legacy intellectual property assets. For purposes of evaluating the Exchange Ratio, A.G.P. relied on an implied illustrative pre-Merger value of Enzon based on the closing price of Enzon Common Stock on October 20, 2025, as adjusted for an illustrative merger premium and the aggregate liquidation preference amount for the outstanding shares of Enzon Preferred Stock. Since A.G.P. relied on such implied illustrative pre-Merger value of Enzon for purposes of evaluating the Exchange Ratio, A.G.P. did not perform any financial analyses of Enzon.

In rendering its opinion, A.G.P. relied upon and assumed, without independent verification, the accuracy and completeness of all of the financial and other information that was provided to or discussed with A.G.P. by or on behalf of Enzon or Viskase, or that was otherwise reviewed by A.G.P., and did not assume any responsibility for independently verifying any such information. With respect to the financial forecasts supplied to A.G.P. by Viskase, A.G.P. assumed that they were prepared reasonably and in good faith and were based upon the best currently available estimates and judgments of the management of Viskase as to the matters covered thereby, and A.G.P. relied upon such forecasts in its analysis. As the Enzon Special Committee was aware, in light of Viskase's deterioration in its financial and operating performance in the first half of 2025 (which accelerated during the second fiscal quarter of 2025), the management of Viskase updated and revised its forecasts significantly downward to reflect lower projected future financial results than those that management had previously projected. A.G.P. was not engaged to assess the reasonableness or achievability of such forecasts or the assumptions upon which they were based, and A.G.P. expressed no views as to such forecasts or the assumptions on which they were based. A.G.P. assumed that the financial and other information that was provided to or discussed with A.G.P. by or on behalf of Enzon or Viskase provided a reasonable basis upon which A.G.P. could form its opinion.

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A.G.P. also assumed that there had been no material changes in the assets, liabilities, financial condition, results of operations, business or prospects of either Enzon or Viskase since the date of the last financial statements of each company made available to A.G.P. A.G.P. did not make or obtain any independent evaluation, appraisal or physical inspection of either Enzon's or Viskase's assets or liabilities, nor was A.G.P. furnished with any such evaluation or appraisal. Estimates of values of companies and assets did not purport to be appraisals or necessarily reflect the prices at which companies or assets might actually be sold. Such estimates were inherently subject to uncertainty and should not be taken as A.G.P.'s view of the actual value of any companies or assets. A.G.P.'s opinion was not a solvency opinion and did not in any way address the solvency or financial condition of Enzon, Viskase or any other party. As part of its engagement, A.G.P. was not requested by the Enzon Special Committee to solicit and did not solicit the interest of any other parties with respect to the sale of all or any part of Enzon or any other alternative transaction or strategy. A.G.P. expressed no view or opinion as to Viskase's ability to comply in the future with its covenant and other obligations under its debt agreement(s) or as to the ability of Enzon (if the Merger is consummated) and Viskase to repay or refinance Viskase's outstanding debt in 2026. A.G.P. expressed no view or opinion as to then recent covenant breaches by Viskase of its debt agreement(s) (which breaches A.G.P. understood were waived) or as to any other developments which resulted in the Merger Agreement Amendment.

A.G.P. assumed, in all respects material to its analysis, that there were no factors that would delay or subject to any adverse conditions any necessary regulatory or governmental approval and that all conditions to the Merger would be satisfied without waiver or modification the effect of which would be in any respect material to A.G.P.'s analysis. In addition, A.G.P. assumed that the definitive Merger Agreement Amendment would not differ from the draft A.G.P. reviewed in any respect material to its analysis. A.G.P. also assumed, in all respects material to its analysis, that the representations and warranties of the parties set forth in the Merger Agreement were and would be true and correct and that the Merger would be consummated substantially on the terms and conditions described in the Merger Agreement, without any waiver of any terms or conditions by Enzon or any other party in any respect material to A.G.P.'s analysis, and that obtaining any necessary regulatory approvals or satisfying any other conditions for consummation of the Merger and related transactions would not have an adverse effect on Enzon, Viskase or the Merger in any respect material to A.G.P.'s analysis. In addition, A.G.P. assumed that any adjustments to the Exchange Ratio pursuant to the Merger Agreement would not be material to its opinion. A.G.P. assumed, in all respects material to its analysis, that the Merger and related transactions would be consummated in a manner that complied with all applicable federal and state statutes, rules and regulations. A.G.P. further assumed that Enzon relied upon the advice of its counsel, independent accountants and other advisors (other than A.G.P.) as to all legal, reporting, tax, accounting and regulatory matters with respect to Enzon, Viskase, the Merger and related transactions and the Merger Agreement Amendment and the Merger Agreement. A.G.P.'s opinion did not constitute legal, regulatory, accounting, insurance, tax or other similar professional advice.

A.G.P.'s opinion was limited to whether the Exchange Ratio in the Merger pursuant to the Merger Agreement was fair, from a financial point of view, to Enzon, and did not address any other terms, aspects or implications of the Merger or any related transaction, including, without limitation, the form or structure of the Merger or any related transaction or the treatment of Enzon Preferred Stock in connection with the IEH Share Exchange or any other related transaction (including the number of shares of Enzon Common Stock into which shares of Enzon Preferred Stock would convert or the price at which shares of Enzon Preferred Stock would be redeemed). A.G.P.'s opinion also did not consider, address or include: (i) any other strategic alternatives which were currently (or which had been or might be) contemplated by the Enzon Special Committee, the Enzon Board or Enzon; (ii) the legal, tax or accounting consequences of the Merger or any related transaction on Enzon (including, without limitation, whether or not the Merger would qualify as a tax-free reorganization pursuant to Section 368 of the Internal Revenue Code); (iii) the fairness of the amount or nature of any compensation to any of Enzon's officers, directors or employees, or class of such persons, relative to any compensation to the holders of Enzon's securities or relative to the Exchange Ratio; or (iv) the effect of the Merger or any related transaction on, or the fairness of the consideration to be received by, holders of any class of securities of Enzon, Viskase or any other party to any transaction contemplated by the Merger Agreement. A.G.P. did not express any opinion as to what the actual value of Enzon Common Stock would be when issued in the Merger or any related transaction or the prices at which Enzon Common Stock or Viskase Common Stock would trade at any time.

A.G.P.'s opinion was necessarily based on economic, market, financial and other conditions as they existed on, and on the information made available to A.G.P. by or on behalf of Enzon, Viskase or their respective advisors, or information otherwise reviewed by A.G.P. as of, the date of its opinion. It was understood that subsequent developments might affect the conclusion reached in A.G.P.'s opinion and A.G.P. did not and does not have any obligation to update, revise or reaffirm its opinion. Further, as the Enzon Special Committee was aware, the credit, financial and stock markets have been experiencing unusual volatility and A.G.P. expressed no opinion or view as to any potential effects of such volatility on Enzon, Viskase or the Merger. In addition, A.G.P. expressed no view or opinion as to what the actual number of shares of Enzon Common Stock issued in the Merger and related transactions would be.

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Except as described in this summary, Enzon imposed no other instructions or limitations on A.G.P. with respect to the investigations made or the procedures followed by it in rendering its opinion. This summary is not a complete description of A.G.P.'s opinion or the financial analyses performed and factors considered by A.G.P. in connection with its opinion. A.G.P. believes that its analysis must be considered as a whole and that selecting portions of the analysis or the factors considered by it, without considering all factors and analysis together, could create a misleading view of the process underlying its opinion. A.G.P. did not draw, in isolation, conclusions from or with regard to any one factor or method of analysis for purposes of its opinion. The preparation of an opinion is a complex process and is not necessarily susceptible to partial analysis or summary description. Any attempt to do so could lead to undue emphasis on any one particular factor or analysis and an inaccurate conclusion.

In performing its analyses, A.G.P. considered industry performance, general business, economic, market and financial conditions and other matters existing as of the date of its opinion, many of which are beyond Viskase's or Enzon's control. No company, business or transaction used in the analyses is identical to Viskase or the Merger, and an evaluation of the results of those analyses is not entirely mathematical. Rather, the analyses involve complex considerations and judgments concerning financial and operating characteristics and other factors that could affect the acquisition, public trading or other values of the companies, business segments or transactions analyzed.

The assumptions and estimates contained in A.G.P.'s analyses and the ranges of valuations resulting from any particular analysis are not necessarily indicative of actual values or future results, which may be significantly more or less favorable than those suggested by its analyses. In addition, analyses relating to the value of businesses or securities do not purport to be appraisals or to reflect the prices at which businesses or securities actually may be sold or acquired. Accordingly, the assumptions and estimates used in, and the results derived from, A.G.P.'s analyses are inherently subject to substantial uncertainty.

A.G.P. was not requested to, and it did not, recommend the specific consideration payable in the Merger. The type and amount of consideration payable in the Merger was determined through negotiation between Enzon and Viskase and was approved by the Enzon Special Committee and the Enzon Board. The decision of Enzon to enter into the Merger Agreement was solely that of the Enzon Special Committee and the Enzon Board. A.G.P.'s opinion and financial analysis were only one of many factors considered by the Enzon Special Committee in its evaluation of the Merger and should not be viewed as determinative of the views of the Enzon Special Committee, the Enzon Board or Enzon's management with respect to the Merger or the consideration payable in the Merger.

The following is a summary of the material financial analyses performed by A.G.P. in connection with A.G.P.'s opinion dated October 21, 2025 (using the October 21 projections) and provided to the Enzon Special Committee. The financial analyses summarized below include information presented in tabular format. In order to fully understand A.G.P.'s financial analyses, the tables must be read together with the text of each summary. The tables alone do not constitute a complete description of the financial analyses. Considering the data in the tables below without considering the full narrative description of the financial analyses, including the methodologies and assumptions underlying the analyses, could create a misleading or incomplete view of A.G.P.'s financial analyses.

***Financial Analysis Overview***

For purposes of the "Selected Companies Analysis," the "Selected Transactions Analysis" and "Discounted Cash Flow Analysis" summarized below, (1) the "Enzon Pro Forma Ownership % at Exchange Ratio" of 45% refers to the percentage of the total number of shares of Enzon Common Stock issued and outstanding upon consummation of the Merger (including shares of Enzon Common Stock issued to former holders of Enzon Preferred Stock) that will be comprised of shares of Enzon Common Stock issued and outstanding as of immediately prior to the Effective Time and (2) the "Implied Illustrative Enzon Pre-Merger Value" of approximately $51.57 million refers to the sum of (1) the implied market capitalization of Enzon based on the closing price of Enzon Common Stock on October 20, 2025, as adjusted for an illustrative merger premium of 36% utilized by A.G.P., plus (2) the aggregate liquidation preference amount for the outstanding shares of Enzon Preferred Stock as of September 30, 2025 as provided by the management of Enzon. A.G.P. evaluated the Exchange Ratio by comparing (A) the Enzon Pro Forma Ownership % at Exchange Ratio to (B) reference ranges of implied equity value contribution percentages obtained by dividing (i) the Implied Illustrative Enzon Pre-Merger Value by (ii) the sum of (a) the Implied Illustrative Enzon Pre-Merger Value and (b) the implied total equity value reference ranges for Viskase indicated in the financial analyses of Viskase described below.

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***Selected Companies Analysis***

A.G.P. reviewed publicly available financial and stock market information of the following thirteen (13) selected publicly traded companies:

Amcor plc

AptarGroup, Inc.

Avery Dennison Corporation

Ball Corporation

Crown Holdings, Inc.

Graphic Packaging Holding Co.

Greif, Inc.

International Paper Company

Reynolds Consumer Products Inc.

Sealed Air Corporation

Sonoco Products Company

Viscofan, S.A.

Winpak Ltd.

A.G.P. reviewed, among other things, the enterprise values, calculated as fully-diluted market capitalization based on closing stock prices on October 20, 2025, plus debt and non-controlling interests, less cash, of the selected companies as multiples of their respective latest 12 months ("LTM"), 2024, 2025 and 2026 revenue and earnings before interest, taxes, depreciation and amortization ("EBITDA"). Financial data for the selected companies was based on public filings and publicly available consensus research analyst estimates (2024 financial data was not publicly available for one of the selected companies). Historical financial data of Viskase was provided by the management of Viskase for 2024 and the LTM period ended August 31, 2025, and estimated financial data of Viskase was based on financial forecasts provided by the management of Viskase.

The low, 25<sup>th</sup> percentile, median, 75<sup>th</sup> percentile and high of the enterprise value-to-revenue multiples and enterprise value-to-EBITDA multiples of the selected companies are indicated in the table below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Enterprise Value-to-Revenue** | **Enterprise Value-to-Revenue** | **Enterprise Value-to-Revenue** | **Enterprise Value-to-Revenue** | **Enterprise Value-to-EBITDA** | **Enterprise Value-to-EBITDA** | **Enterprise Value-to-EBITDA** | **Enterprise Value-to-EBITDA** |
|  | **LTM** | **2024** | **2025** | **2026** | **LTM** | **2024** | **2025** | **2026** |
| Low | 1.0x | 1.2x | 1.2x | 1.2x | 6.2x | 6.0x | 6.2x | 5.6x |
| 25<sup>th</sup> Percentile | 1.3x | 1.4x | 1.3x | 1.3x | 7.7x | 8.4x | 7.9x | 7.6x |
| Median | 1.6x | 1.8x | 1.6x | 1.4x | 9.2x | 10.1x | 8.8x | 8.2x |
| 75<sup>th</sup> Percentile | 1.8x | 2.0x | 1.8x | 1.7x | 11.1x | 11.4x | 10.2x | 9.6x |
| High | 2.7x | 2.7x | 2.6x | 2.5x | 16.3x | 17.3x | 11.8x | 11.0x |

---

Applying a selected range of five percent (5%) above and below the medians of the above enterprise value-to-revenue multiples and enterprise value-to-EBITDA multiples of the selected companies to the corresponding financial data of Viskase, this analysis indicated the following approximate implied total equity value reference ranges for Viskase:

---

| | |
|:---|:---|
|  | **Implied Total Equity** <br>**Value Reference** <br>**Ranges for Viskase**<br>**($in millions)** |
| Based on LTM Revenue | $439.7 to $502.2 |
| Based on 2024 Revenue | $520.6 to $591.5 |
| Based on 2025 Revenue | $431.8 to $493.4 |
| Based on 2026 Revenue | $376.5 to $432.3 |
| Based on LTM EBITDA | $4.2 to $20.9 |
| Based on 2024 EBITDA | $244.9 to $286.8 |
| Based on 2025 EBITDA | $32.0 to $51.5 |
| Based on 2026 EBITDA | $65.1 to $88.1 |

---

A.G.P. then calculated the following reference ranges of implied equity value contribution percentages obtained by dividing (1) the Implied Illustrative Enzon Pre-Merger Value by (2) the sum of (A) the Implied Illustrative Enzon Pre-Merger Value and

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(B) the implied total equity value reference ranges for Viskase indicated in the above selected companies analysis, as compared below to the Enzon Pro Forma Ownership % at Exchange Ratio:

---

| | | |
|:---|:---|:---|
|  | **Implied Equity Value**<br>**Contribution Percentage**<br>**Reference Ranges** | **Enzon Pro Forma**<br>**Ownership % at**<br>**Exchange Ratio** |
| Based on LTM Revenue | 9.38% to 10.36% | 45% |
| Based on 2024 Revenue | 8.06% to 8.91% | 45% |
| Based on 2025 Revenue | 9.63% to 10.53% | 45% |
| Based on 2026 Revenue | 10.74% to 11.87% | 45% |
| Based on LTM EBITDA | 76.41% to 84.46% | 45% |
| Based on 2024 EBITDA | 15.43% to 17.06% | 45% |
| Based on 2025 EBITDA | 52.51% to 58.04% | 45% |
| Based on 2026 EBITDA | 38.23% to 42.25% | 45% |

---

***Selected Transactions Analysis***

Using publicly available information, A.G.P. reviewed implied transaction values in the following twelve (12) selected transactions as multiples of the respective acquired company's LTM revenue and LTM EBITDA at the time of the announcement of the respective transaction:

---

| | |
|:---|:---|
| **Acquiror:** | **Acquired Company:** |
| Koito Manufacturing Co., Ltd. | Cepton, Inc. |
| Lockheed Martin Corp. | Terran Orbital Corp. |
| Drilling Tools International Corp. | Superior Drilling Products, Inc. |
| Restaurant Brands International, Inc. | Carrols Restaurant Group, Inc. |
| Rithm Capital Corp. | Sculptor Capital Management, Inc. |
| SoftBank Group Corp. | Berkshire Grey, Inc. |
| Shin Nippon Biomedical Laboratories, Ltd. | Satsuma Pharmaceuticals, Inc. |
| Murata Electronics North America, Inc. | Resonant, Inc. |
| B. Riley Financial, Inc. | National Holdings Corp. |
| Amcor plc | Berry Global Group, Inc. |
| Sealed Air Corporation | Liqui-Box Corporation |
| Archrock, Inc. | Archrock Partners LP |

---

The low, average, median and high of the implied transaction value multiples of the selected transactions are indicated in the table below (excluding the impact of the LTM revenue multiple for three of the selected transactions and LTM EBITDA multiples for six of the selected transactions, which multiples were considered not meaningful):

---

| | | |
|:---|:---|:---|
|  | **Enterprise Value-to-**<br>**LTM Revenue** | **Enterprise Value-to-**<br>**LTM EBITDA** |
| Low | 0.1x | 8.0x |
| Average | 2.0x | 10.2x |
| Median | 1.7x | 9.6x |
| High | 4.3x | 13.5x |

---

Applying a selected range of 5% above and below the medians of the above enterprise value-to-LTM revenue multiple and enterprise value-to-LTM EBITDA multiple of the selected transactions to the corresponding financial data of Viskase, this analysis indicated the following approximate implied total equity value reference ranges for Viskase:

---

| | |
|:---|:---|
|  | **Implied Total Equity**<br>**Value Reference**<br>**Ranges for Viskase**<br>**($ in millions)** |
| Based on LTM Revenue | $448.0 to $511.3 |
| Based on LTM EBITDA | $10.5 to $27.8 |

---

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A.G.P. then calculated the following reference ranges of implied equity value contribution percentages obtained by dividing (1) the Implied Illustrative Enzon Pre-Merger Value by (2) the sum of (A) the Implied Illustrative Enzon Pre-Merger Value and (B) the implied total equity value reference ranges for Viskase indicated in the above selected transactions analysis, as compared below to the Enzon Pro Forma Ownership % at Exchange Ratio:

---

| | | |
|:---|:---|:---|
|  | **Implied Equity Value**<br>**Contribution Percentage**<br>**Reference Ranges** | **Enzon Pro Forma**<br>**Ownership % at**<br>**Exchange Ratio** |
| Based on LTM Revenue | 9.22% to 10.19 | 45% |
| Based on LTM EBITDA | 69.29% to 76.58 | 45% |

---

A.G.P. also reviewed the premiums paid in the selected transactions relative to the market capitalizations of the acquired companies based on the closing stock price of the acquired company 30 days prior to public announcement of the respective transaction.

The low, average, median and high premiums to market capitalization in the selected transactions are indicated in the table below (excluding the impact of the premiums to market capitalization for five of the selected transactions, which premiums to market capitalization were considered not meaningful):

---

| | |
|:---|:---|
|  | **Premiums to Market** <br>**Capitalization** |
| Low | 16.64% |
| Average | 36.40% |
| Median | 38.92% |
| High | 55.12% |

---

*Discounted Cash Flow Analysis*

A.G.P. performed a discounted cash flow analysis of Viskase to calculate the estimated present value of (a) the standalone unlevered free cash flows that Viskase was forecasted to generate during the fiscal years ending December 31, 2025 through December 31, 2028 and (b) terminal values for Viskase. Estimated financial data of Viskase was based on financial forecasts provided by the management of Viskase. A.G.P. calculated terminal values for Viskase by applying a selected range of multiples of 8.0x to 12.0x to the estimated calendar year 2028 EBITDA of Viskase. The unlevered free cash flows and terminal values were then discounted to present value using discount rates ranging from six to ten percent (6.0% to 10.0%). This analysis indicated the following approximate implied total equity value reference range for Viskase:

---

| |
|:---|
| **Implied Total Equity ValueReference Range for Viskase** |
| $51.7 million to $130.8 million |

---

A.G.P. then calculated the following reference range of implied equity value contribution percentages obtained by dividing (1) the Implied Illustrative Enzon Pre-Merger Value by (2) the sum of (A) the Implied Illustrative Enzon Pre-Merger Value and (B) the implied total equity value reference range for Viskase indicated in the above discounted cash flow analysis, as compared below to the Enzon Pro Forma Ownership % at Exchange Ratio:

---

| | |
|:---|:---|
| **Implied Equity Value Contribution**<br>**Percentage Reference Range** | **Enzon Pro Forma Ownership % at**<br>**Exchange Ratio** |
| 28.28% to 49.93% | 45% |

---

*Illustrative "Has-Gets" Comparison from the Perspective of Holders of Enzon Common Stock*

A.G.P. calculated illustrative pro forma per share values of the combined company from the sum of (1) the Implied Illustrative Enzon Pre-Merger Value and (2) implied total equity values of Viskase based on two different approaches: (A) using a terminal multiple of 9.0x 2028 EBITDA and a discount rate of 8% in the discounted cash flow analysis of Viskase (as described in the section entitled "*Discounted Cash Flow Analysis*" above) and (B) applying the median 2025 EBITDA multiple of the selected companies (as described in the section entitled "*Selected Companies Analysis*" above) to the corresponding financial data of Viskase. The resulting illustrative pro forma per share values of the combined company ("Gets" values) were then compared to the following "Has" values: (1) the closing price of Enzon Common Stock on October 20, 2025, (2) the closing price of Enzon Common Stock on October 20,

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2025, as adjusted for an illustrative merger premium of 36% utilized by A.G.P., (3) the 10-day average closing price of Enzon Common Stock for the period ended October 20, 2025, and (4) the 30-day average closing price of Enzon Common Stock for the period ended October 20, 2025. This comparison, presented for purposes of this prospectus/consent solicitation/offer to exchange without the application of any reverse stock split of Enzon Common Stock, is summarized in the following table:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Illustrative "Has" Values** | **Illustrative "Has" Values** | **Illustrative "Has" Values** | **Illustrative "Has" Values** | **Illustrative "Has" Values** |
|  | <br>**Last Closing**<br>**Price** | **Last Closing Price +** <br>**Illustrative**<br>**Merger Premium** | <br>**Average 10-Day**<br>**Closing Price** | <br>**Average 30-Day**<br>**Closing Price** |
| **Enzon Common Stock Price Per Share** | $**0.0720** | $**0.0979** | $**0.07765** | $**0.07832** |

---

---

| | | |
|:---|:---|:---|
| **Illustrative "Gets" Values** | **Illustrative "Gets" Values** | **Illustrative "Gets" Values** |
|  | **Based on Viskase Discounted**<br>**Cash Flow Analysis with**<br>**Terminal Multiple of 9.0x**<br>**EBITDA and Discount Rate of 8%** | **Based on Median**<br>**2025 EBITDA Multiple in**<br>**Viskase Selected**<br>**Companies Analysis** |
| **Enzon Common Stock Price Per Share** | $**0.0998** | $**0.0672** |

---

*Miscellaneous*

The Enzon Special Committee selected A.G.P. to act as financial advisor to the Enzon Special Committee in connection with the Merger and to provide a financial advisory opinion in connection with the Merger based on A.G.P.'s reputation and experience in investment banking. A.G.P. is a financial services firm engaged in the securities, investment management and individual wealth management businesses. Its securities business is engaged in securities underwriting, trading and brokerage activities, foreign exchange, commodities and derivatives trading, prime brokerage, as well as providing investment banking, financing and financial advisory services. A.G.P., its affiliates, directors and officers may at any time invest on a principal basis or manage funds that invest, hold long or short positions, finance positions, and may trade or otherwise structure and effect transactions, for their own account or for the accounts of their customers, in debt or equity securities or loans of Enzon or Viskase, or any other company, or any currency or commodity, that may be involved in the Merger or any related transaction, or any related derivative instrument. A.G.P. may seek to provide investment banking services to Enzon or Viskase or their affiliates in the future.

A.G.P. acted in the past as financial advisor to the Enzon Special Committee in connection with certain potential transactions, which included the potential combination of Enzon with Viskase. During the term of A.G.P.'s engagement as financial advisor to the Enzon Special Committee until its completion in June 2025, A.G.P. received a monthly fee for such services of $80,000, with the exception of the first monthly fee which was $100,000, totaling $340,000 in the aggregate, which monthly fees are not contingent upon consummation of the Merger. As part of separate engagements, A.G.P. also received a fee of $450,000 for the rendering of opinion services to the Enzon Special Committee in connection with the proposed merger transaction between Enzon and Viskase as initially contemplated in June 2025 and a fee of $425,000 upon the delivery of A.G.P.'s opinion dated October 21, 2025. In addition, Enzon has agreed to reimburse A.G.P. for certain reasonable expenses and to indemnify A.G.P. for certain liabilities arising out of its engagement. No portion of A.G.P.'s fee was contingent upon either the conclusion expressed in A.G.P.'s opinion or whether or not the Merger is successfully consummated.

A.G.P.'s opinion was approved by A.G.P.'s fairness opinion committee, a committee of A.G.P. investment banking and other professionals, in accordance with A.G.P.'s customary practice.

**Opinion of Financial Advisor to the Viskase Special Committee**

On October 22, 2025, Alvarez & Marsal orally rendered its opinion to the Viskase Special Committee (which was confirmed by delivery of Alvarez & Marsal's written opinion, dated October 22, 2025, to the Viskase Special Committee) as to, as of such date, the fairness, from a financial point of view, to the holders of Viskase Common Stock, other than the IEH Parties, of the Exchange Ratio provided for in the Merger, after giving effect to the IEH Share Exchange, the Series C Exchange Offer, the Reverse Stock Split and the Surviving Company Conversion, pursuant to the Merger Agreement.

**Alvarez & Marsal's opinion was provided for the benefit of the Viskase Special Committee (in its capacity as such), in connection with and for the purposes of the Viskase Special Committee's consideration of the Merger. The opinion only addressed the fairness, from a financial point of view, to the holders of Viskase Common Stock, other than the IEH Parties, of the Exchange Ratio provided for in the Merger, after giving effect to the IEH Share Exchange, the Series C Exchange Offer, the Reverse Stock Split and the Surviving Company Conversion, pursuant to the Merger Agreement, and did not address any** 

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**other term or aspect of the Merger Agreement or the Merger. The summary of Alvarez & Marsal's opinion in this prospectus/consent solicitation/offer to exchange is qualified in its entirety by reference to the full text of its written opinion, which is attached as Annex D to this prospectus/consent solicitation/offer to exchange and describes the assumptions made, qualifications and limitations on the review undertaken and other matters considered by Alvarez & Marsal in connection with the preparation of its opinion. However, neither Alvarez & Marsal's opinion nor the summary of its opinion and the related analyses set forth in this prospectus/consent solicitation/offer to exchange are intended to be, and do not constitute, advice or a recommendation to the Viskase Special Committee, the Viskase Board, any security holder or any other party as to how to act or vote with respect to any matter relating to the Merger, any related transaction or otherwise or any form of assurance by Alvarez & Marsal as to the condition of Viskase. The decision as to whether to proceed with the Merger or any related transaction may depend on an assessment of factors unrelated to the financial analysis on which Alvarez & Marsal's opinion was based.**

In connection with its opinion, Alvarez & Marsal, among other things:

● Reviewed the Original Agreement and a draft, dated October 21, 2025, of the Merger Agreement Amendment;

● Reviewed certain publicly available business and historical financial information relating to Viskase and Enzon;

● Reviewed certain historical financial information relating to Viskase and Enzon, including (i) audited financial statements for the fiscal years ended December 31, 2020 through December 31, 2024, as well as (ii) unaudited, internally prepared financial statements for the interim year-to-date periods ending:

● August 31, 2025 and August 31, 2024 for Viskase; and

● September 30, 2025 and September 30, 2024 for Enzon.

● Reviewed certain non-public internal financial information and other data relating to the business and financial prospects for Viskase provided to us by Viskase, including financial forecasts prepared by management of Viskase ("Management's Forecast"), which included projected utilization of Viskase's NOLs;

● Reviewed information regarding available federal NOLs ("Enzon NOLs") and certain research and development ("R&D") tax credit carryforwards, and corresponding expiration schedules, for Enzon provided by Enzon management;

● Conducted discussions with members of the senior management of Viskase concerning the business, operations, historical financial results, and future prospects of Viskase and Enzon, and the Merger;

● Reviewed a letter dated October 22, 2025, from the management of Viskase which made certain representations as to historical financial statements, current financial condition, financial projections and the assumptions underlying such projections for Viskase;

● Considered the historical trading price and trading volume of the Viskase Common Stock and the Enzon Common Stock;

● Considered the historical trading price and trading volume of publicly traded securities of certain other companies Alvarez & Marsal deemed relevant;

● Considered certain financial performance data of Viskase and compared that data with similar data for other companies in lines of business Alvarez & Marsal deemed relevant;

● Considered the publicly available financial data and terms of certain transactions involving target companies Alvarez & Marsal deemed relevant; and

● Considered such other information, financial studies, analyses and investigations and financial, economic and market criteria as Alvarez & Marsal deemed relevant and appropriate for purposes of its opinion.

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Alvarez & Marsal's opinion was subject to the following additional qualifications and limitations, with the Viskase Special Committee's consent:

● The Special Committee advised Alvarez & Marsal, and Alvarez & Marsal relied upon and assumed, that Enzon previously indicated it intended to terminate the Original Agreement based on purported breaches of the Original Agreement by Viskase, as a result of which certain conditions to the consummation of the transactions contemplated thereby (collectively, the "Original Proposed Transaction") could not have been satisfied.

● At the Special Committee's direction, Alvarez & Marsal's opinion did not address nor did it express any view on (i) the Exchange Ratio as defined in the Original Agreement as compared to the Exchange Ratio as defined in the Amended Agreement, or (ii) the likelihood that Viskase would have been successful in completing the consummation of the Original Proposed Transaction in accordance with the terms of the Original Agreement.

● In arriving at its opinion, Alvarez & Marsal relied upon and assumed, without independent verification, the accuracy and completeness of all financial and other information that was publicly available or furnished to Alvarez & Marsal by Viskase, Enzon and their advisors, or otherwise reviewed by Alvarez & Marsal for purposes of its opinion, and Alvarez & Marsal did not assume any responsibility or liability for any such information.

● With respect to Management's Forecast reviewed by Alvarez & Marsal, Alvarez & Marsal assumed that it was reasonably prepared on bases reflecting the best currently available information and good faith judgments of Viskase's management as to the future financial performance of Viskase.

● With respect to the projected utilization of the NOLs, Alvarez & Marsal assumed that such utilization was reasonably prepared on bases reflecting the best currently available information and good faith judgments of Viskase's management.

● Alvarez & Marsal assumed, without independent verification, that the consummation of the Merger and the related transactions would not constitute a change of control for Viskase pursuant to Internal Revenue Code Section 382 or otherwise limit the usage by Viskase of its NOLs, including, without limitation, under the terms of the tax allocation agreement to which it is party.

● For purposes of its financial analyses, (a) Alvarez & Marsal assumed that any potential non-compliance with financial covenants (consisting of a consolidated leverage ratio and fixed charge ratio) related to Viskase's senior credit facilities through Management's Forecast would be sufficiently addressed with a waiver from its lenders, amendment to the financial covenant metric threshold, or by way of some other relief mechanism, and (b) at the Viskase Special Committee's direction, Alvarez & Marsal evaluated Viskase on a going concern basis;

● Alvarez & Marsal assumed, without independent verification, that the consummation of the Merger and the related transactions would constitute a change of control for Enzon pursuant to Section 382 of the Code and would effectively limit the usage of Enzon NOL carryforwards and R&D tax credit carryforwards on a combined basis.

● Alvarez & Marsal did not make an independent evaluation or appraisal of the assets or liabilities (contingent or otherwise) of Viskase or Enzon, nor was Alvarez & Marsal furnished with any such evaluation or appraisals.

● Alvarez & Marsal was not requested to, and did not, (i) initiate any discussions with, or solicit any indications of interest from, third parties with respect to the Merger, any related transaction, the assets, businesses or operations of Viskase, Enzon or any alternatives to the Merger or any related transaction, (ii) negotiate the terms of the transactions or (iii) advise the Viskase Special Committee or any other party with respect to alternatives to the transactions.

● Alvarez & Marsal assumed that the Merger and related transactions would be consummated in accordance with the Merger Agreement, without waiver or amendment of any material term or condition thereof, and that the parties to the Merger Agreement would comply in all material respects with all material terms of the Merger Agreement.

● Alvarez & Marsal assumed that the final executed Merger Agreement would not differ from the draft of the Merger Agreement referenced above in any respect material to its analyses or its opinion.

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● Alvarez & Marsal assumed that all of the conditions required to implement the Merger and related transactions would be satisfied and that the Merger and related transactions would be completed in accordance with the Merger Agreement without any amendments thereto or any waivers of any material terms or conditions thereof.

● Alvarez & Marsal assumed that all non-IEH Affiliated holders of Enzon Series C Preferred Stock will elect to convert their shares to Enzon Common Stock and not redeem such shares for cash at their stated liquidation value.

● Alvarez & Marsal expressed no view regarding, and its opinion did not address, any legal, regulatory, taxation or accounting matters, as to which Alvarez & Marsal understood that the Viskase Special Committee had obtained such advice as it deemed necessary from qualified professionals.

● Alvarez & Marsal further assumed that the Merger and the Surviving Company Conversion would qualify for U.S. federal income tax purposes as a reorganization within the meaning of Section 368(a) of the Code.

● Alvarez & Marsal's opinion did not address, and should not be construed to address, the relative merits of the Merger or the related transactions as compared to other business strategies or transactions that might be available with respect to Viskase, or the underlying business decision of the Viskase Special Committee to effect the Merger or the related transactions.

● Alvarez & Marsal's opinion did not address whether the consideration to be received for the Viskase Common Stock in the Merger represents the best price obtainable.

● Alvarez & Marsal's opinion was based on business, economic, regulatory, monetary, market and other conditions as they existed as of the date of its opinion or as of the date of the information provided to Alvarez & Marsal.

● Alvarez & Marsal's opinion was effective as of the date thereof. Alvarez & Marsal has no obligation to update, revise, reaffirm or withdraw its opinion or otherwise consider events occurring or coming to our attention after the date of its opinion.

● Alvarez & Marsal assumed that all governmental, regulatory or other consents and approvals necessary for the consummation of the M erger and related transactions would be obtained without any adverse effect on Viskase or Enzon, or the contemplated benefits to be derived in the Merger and related transactions.

To the extent that any of the foregoing assumptions or any of the facts on which Alvarez & Marsal's opinion was based prove to be untrue in any material respect, the opinion cannot and should not be relied upon. Furthermore, in its analysis and in connection with the preparation of its opinion, Alvarez & Marsal made numerous assumptions with respect to industry performance, general business, market and economic conditions and other matters, many of which are beyond the control of any party involved in the proposed Merger.

Alvarez & Marsal's opinion should not be construed as a valuation opinion, credit rating or solvency opinion regarding, or an analysis of the credit worthiness of, Viskase, Enzon or any other party, whether prior to or subsequent to the Merger, the related transactions or otherwise. In addition, Alvarez & Marsal did not express any opinion as to the price or range of prices at which any of the securities of Viskase or Enzon may trade or be purchased or sold at any time.

In rendering its opinion, Alvarez & Marsal did not express any opinion with respect to the fairness of the amount or nature of any compensation to any officers, directors or employees of any party to the Merger, or any class of such Persons, relative to the Exchange Ratio in the Merger or otherwise.

Alvarez & Marsal's opinion may not be quoted or referred to, in whole or in part, filed with, or furnished or disclosed to any other party, without its prior written consent, except as described in the remainder of this paragraph. Alvarez & Marsal's opinion may be included in its entirety in any prospectus/consent solicitation/offer to exchange distributed to stockholders of Enzon and the information statement distributed to the stockholders of Viskase in connection with the Merger or other document required by law or regulation to be filed with the SEC, and Viskase may summarize or otherwise reference the existence of Alvarez & Marsal's opinion in such documents, provided that any such summary or reference language will also be subject to the prior written approval by Alvarez & Marsal. In that regard, Alvarez & Marsal has consented to the inclusion, summarization and quotation of its opinion, and references to its opinion, in this prospectus/consent solicitation/offer to exchange.

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Alvarez & Marsal's opinion was provided for the benefit of the Viskase Special Committee, in its capacity as such, in connection with and for the purposes of the Viskase Special Committee's consideration of the Merger and related transactions. Alvarez & Marsal's opinion did not constitute a recommendation by Alvarez & Marsal to the Viskase Special Committee, any holder of securities of Viskase or any other Person as to how to vote or whether to take any action in relation to the Merger or any related transaction or any form of assurance by Alvarez & Marsal as to the condition of Viskase or Enzon. Alvarez & Marsal's opinion only addressed whether the Exchange Ratio in the Merger was within a reference range suggested by certain financial analyses. The decision as to whether to proceed with the Merger or any related transaction may depend on an assessment of factors unrelated to the financial analysis on which Alvarez & Marsal's opinion was based. Alvarez & Marsal's opinion should not be construed as creating any fiduciary duty on the part of Alvarez & Marsal to any party.

**Material Financial Analyses**

In preparing its opinion to the Viskase Special Committee, Alvarez & Marsal performed a variety of analyses, including those described below. The summary of Alvarez & Marsal's analyses is not a complete description of the analyses underlying Alvarez & Marsal's opinion. The preparation of such an opinion is a complex process involving various quantitative and qualitative judgments and determinations with respect to the financial, comparative and other analytical methods employed and the adaptation and application of these methods to the unique facts and circumstances presented. As a consequence, neither Alvarez & Marsal's opinion nor its underlying analyses is readily susceptible to summary description. Alvarez & Marsal arrived at its opinion based on the results of all analyses undertaken by it and assessed as a whole and did not draw, in isolation, conclusions from or with regard to any individual analysis, methodology or factor. While the results of each analysis were taken into account in reaching Alvarez & Marsal's overall conclusion with respect to fairness, Alvarez & Marsal did not make separate or quantifiable judgments regarding individual analyses. Accordingly, Alvarez & Marsal believes that its analyses and the following summary must be considered as a whole and that selecting portions of its analyses, methodologies and factors, without considering all analyses, methodologies and factors, could create a misleading or incomplete view of the processes underlying Alvarez & Marsal's analyses and opinion.

In performing its analyses, Alvarez & Marsal considered general business, economic, industry and market conditions, financial and otherwise, and other matters as they existed on, and could be evaluated as of, the date of its opinion. No company or business or transaction used in Alvarez & Marsal's analyses or otherwise reviewed for comparative purposes is identical to Viskase, Enzon or the Merger, and an evaluation of the results of those analyses is not entirely mathematical. The implied reference range values indicated by Alvarez & Marsal's analyses are not necessarily indicative of actual values or predictive of future results or values, which may be significantly more or less favorable than those suggested by the analyses. In addition, any analyses relating to the value of assets, businesses or securities do not purport to be appraisals or to reflect the prices at which businesses or securities actually may be sold, which may depend on a variety of factors, many of which are beyond the control of Viskase. Much of the information used in, and accordingly the results of, Alvarez & Marsal's analyses are inherently subject to substantial uncertainty.

Alvarez & Marsal's opinion was only one (1) of many factors considered by the Viskase Special Committee in evaluating the Merger. Neither Alvarez & Marsal's opinion nor its analyses were determinative of the Exchange Ratio or of the views of the Viskase Special Committee, the Board, management or any other party with respect to the Merger or the Exchange Ratio. Alvarez & Marsal was not requested to, and it did not, recommend the specific consideration payable in the Merger or that any given consideration constituted the only appropriate consideration for the Merger. The type and amount of consideration payable in the Merger were determined through negotiation between the Viskase Special Committee and Enzon, and the decision for Viskase to enter into the Merger Agreement was solely that of the Viskase Special Committee and the Viskase Board.

The following is a summary of the material financial analyses performed by Alvarez & Marsal in connection with the preparation of its opinion and reviewed with the Viskase Special Committee on October 22, 2025. The order of the analyses does not represent relative importance or weight given to those analyses by Alvarez & Marsal. The analyses summarized below include information presented in tabular format. The tables alone do not constitute a complete description of the analyses. Considering the data in the tables below without considering the full narrative description of the analyses, as well as the methodologies underlying, and the assumptions, qualifications and limitations affecting, each analysis, could create a misleading or incomplete view of Alvarez & Marsal's analyses.

***Discounted Cash Flow Analysis***

Alvarez & Marsal performed a discounted cash flow analysis of Viskase by calculating the estimated net present value of the projected unlevered, after-tax free cash flows of Viskase based on Management's Forecast. Alvarez & Marsal applied a long-term

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growth rate of one percent (1%) and discount rates ranging from nine percent (9%) to ten percent (10%). The discounted cash flow analysis indicated an implied enterprise value reference range of Viskase of $207 million to $230 million.

***Selected Public Company Analysis***

Alvarez & Marsal performed a selected public company analysis of Viskase by reviewing selected financial data of Viskase and companies with publicly traded equity securities that Alvarez & Marsal deemed relevant. The financial data reviewed included:

● Enterprise value as a multiple of lease-adjusted EBITDA for the last 12 months, or "EV / LTM Lease Adj. EBITDA";

● Enterprise value as a multiple of estimated lease-adjusted EBITDA for the next fiscal year following the fiscal year for which financial results had been disclosed, or "EV / FYE +1 Estimated Lease Adj. EBITDA"; and

● Enterprise value as a multiple of estimated lease-adjusted EBITDA for the second fiscal year following the fiscal year for which financial results had been disclosed, or "EV / FYE +2 Estimated Lease Adj. EBITDA."

The selected companies and resulting minimum, maximum, mean and median financial data were:

● Viscofan, S.A.

● Amcor plc

● Sealed Air Corporation

● Winpak Ltd.

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| | | | |
|:---|:---|:---|:---|
|  | **Enterprise Value /** | **Enterprise Value /** | **Enterprise Value /** |
|  | **LTM Lease Adj.**<br>**EBITDA** | **FYE+1 Estimated**<br>**Lease Adj. EBITDA** | **FYE+2 Estimated**<br>**Lease Adj. EBITDA** |
| **Min** | 6.5x | 6.4x | 6.0x |
| **Max** | 9.1x | 8.8x | 8.2x |
| **Mean** | 8.1x | 7.9x | 7.5x |
| **Median** | 8.3x | 8.1x | 7.9x |

---

Taking into account the results of the selected public company analysis, Alvarez & Marsal applied multiple ranges of 8.0x to 8.5x to Viskase's last 12 months lease-adjusted EBITDA, 7.5x to 8.0x to Viskase's 2025 fiscal year's estimated lease-adjusted EBITDA, and 7.0x to 7.5x to Viskase's 2026 fiscal year's estimated lease-adjusted EBITDA. This analysis indicated an implied enterprise value reference range for Viskase of approximately $201 million to $215 million.

***Precedent M&A Transaction Analysis***

Alvarez & Marsal performed a precedent M&A transaction analysis of Viskase by reviewing selected financial data of Viskase and precedent M&A transactions that Alvarez & Marsal deemed relevant. The financial data reviewed:

● EV / LTM Lease Adj. EBITDA; and

● EV / FYE +1 Estimated Lease Adj. EBITDA.

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The precedent M&A transactions and resulting minimum, maximum, lower quartile, upper quartile, mean and median multiples were as follows:

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| | | | |
|:---|:---|:---|:---|
| **Date Announced** | **Date Closed** | **Acquiror** | **Target** |
| 11/19/24 | 04/30/25 | Amcor plc | Berry Global Group, Inc. |
| 11/25/22 | 04/14/23 | SARIA SE & Co. KG | Devro Limited |
| 10/31/22 | 01/31/23 | Sealed Air Corporation | Liqui-Box Corporation |
| 12/19/19 | 12/31/19 | Viscofan, S.A. | Nitta Casings Inc. |
| 03/08/19 | 07/01/19 | Berry Global Group, Inc. | RPC Group Plc |
| 08/06/18 | 06/11/19 | Amcor Limited | Bemis Company, Inc. |

---

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| | | |
|:---|:---|:---|
|  | **Enterprise Value /** | **Enterprise Value /** |
|  | **LTM Lease Adj.**<br>**EBITDA** | **FYE+1 Estimated** <br>**Lease Adj. EBITDA** |
| Min | 8.0x | 8.8x |
| Max | 13.8x | 10.1x |
| Lower Quartile | 9.1x | 9.5x |
| Upper Quartile | 10.8x | 10.1x |
| Mean | 10.3x | 9.7x |
| Median | 10.0x | 10.1x |

---

Taking into account the results of the precedent M&A transaction analysis, Alvarez & Marsal applied a multiple range of 8.5x to 9.0x to Viskase's last 12 months lease-adjusted EBITDA and 8.0x to 8.5x to Viskase's 2025 fiscal year's estimated lease-adjusted EBITDA. This analysis indicated an implied enterprise value reference range for Viskase of $199 million to $211 million.

Taking into account the results of the Discounted Cash Flow Analysis, the Selected Public Company Analysis and the Precedent M&A Transaction Analysis for Viskase, Alvarez & Marsal selected an implied enterprise value reference range for Viskase of $202.0 million to $219.0 million, which, after deducting interest-bearing debt, operating lease obligations and after-tax underfunded pension obligations and adding back cash, resulted in an implied value reference range per share of Viskase Common Stock of $0.26 to $0.40.

***Net Asset Analysis of Enzon***

Alvarez & Marsal considered the assets and liabilities of Enzon, using the book value of those assets as of September 30, 2025, as provided by Enzon management, adjusting its current assets for various prepaid expenses, including E&O and D&O insurance and deposits for coworking office space. This indicated an implied equity value for Enzon of approximately $42.7 million. Alvarez & Marsal then factored in the implied present value of Enzon's acquired NOL carryforwards of $1.5 million which considered change of control limitations, resulting in an implied equity value of $44.2 million and an implied value per share of Enzon Common Stock after giving effect to the IEH Share Exchange, the Series C Exchange Offer, the Reverse Stock Split and the Surviving Company Conversion of $7.07.

***Review of Implied Exchange Ratio***

Taking into account the results of its financial analyses of Viskase and Enzon, Alvarez & Marsal divided the implied value per share of Viskase Common Stock by the implied value per share of Enzon Common Stock after giving effect to the IEH Share Exchange, the Series C Exchange Offer and the Reverse Stock Split, which resulted in an implied exchange ratio reference range of 0.04 to 0.06 shares of Viskase Common Stock for each share of Enzon Common Stock, as compared to the Exchange Ratio of 0.07 shares of Viskase Common Stock for each share of Enzon Common Stock provided for in the Merger after giving effect to the IEH Share Exchange, the Series C Exchange Offer, the Reverse Stock Split and the Surviving Company Conversion, pursuant to the Merger Agreement.

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**Other Matters**

Alvarez & Marsal was engaged by Viskase to provide an opinion to the Viskase Special Committee as to, as of such date, the fairness, from a financial point of view, to the holders of Viskase Common Stock, other than the IEH Parties, of the Exchange Ratio provided for in the Merger, after giving effect to the IEH Share Exchange, the Series C Exchange Offer, the Reverse Stock Split and the Surviving Company Conversion, pursuant to the Merger Agreement. The Viskase Special Committee engaged Alvarez & Marsal based on Alvarez & Marsal's experience and reputation. Alvarez & Marsal is regularly engaged to provide financial advisory services in connection with mergers and acquisitions, financings, and financial restructurings. Pursuant to its engagement by the Viskase Special Committee, Alvarez & Marsal is entitled to an aggregate fee of $500,000 as compensation for its services, $250,000 of which was paid as a non-refundable retainer, $50,000 of which became payable upon completion by Alvarez & Marsal of certain milestones and $200,000 of which became payable upon Alvarez & Marsal stating to the Viskase Special Committee that it had completed its work with respect to its opinion. No portion of Alvarez & Marsal's fee was contingent upon either the conclusion expressed in Alvarez & Marsal's opinion or whether or not the Merger is successfully consummated. Viskase also agreed to reimburse Alvarez & Marsal for certain expenses, including attorneys' fees, and to indemnify Alvarez & Marsal in respect of certain liabilities that might arise out of its engagement. During the two (2) years preceding the date of its opinion, Alvarez & Marsal and its Affiliates previously provided financial advisory services to the Viskase Special Committee for which Alvarez & Marsal has received compensation, including in connection with certain financing transactions between Viskase and an Affiliate of IEH and in connection with the Original Proposed Transaction, for which Alvarez & Marsal received aggregate compensation of approximately $375,000.

**Enzon Special Committee Compensation**

As compensation for services rendered in connection with their service on the Enzon Special Committee, each of Randolph C. Read and Stephen T. Wills is entitled to (i) a cash fee of $15,000 per month, which fee is prorated for any partial month of service, during the period of time that the Enzon Special Committee is constituted and (ii) reimbursement for all travel and incidental expenses incurred in connection with serving on the Enzon Special Committee. The compensation was approved by the Enzon Board and was not, and is not, contingent upon the approval of the Merger Proposal or completion of the Merger or any other transaction involving Enzon or Viskase. The cash fee and expense reimbursements are in addition to, not in lieu of, fees payable to Messrs. Read and Wills in their capacity as regular members of the Enzon Board.

**Viskase Special Committee Compensation**

As compensation for services rendered in connection with their service on the Viskase Special Committee, each member of the Viskase Special Committee is entitled to (i) reimbursement for expenses incurred in connection with such member's service on the Viskase Special Committee and (ii) in addition to such member's normal annual compensation as a director of Viskase, the same telephonic and regular meeting participation fees as are paid for service on other committees of the Viskase Board.

**Certain Unaudited Prospective Financial Information of Viskase**

Viskase has informed Enzon that it does not, as a matter of course, publicly disclose forecasts or internal projections as to future performance, earnings or other results due to, among other reasons, the inherent uncertainty of the related underlying assumptions and estimates, especially in respect of projections covering extended periods of time. In connection with the proposed Merger, Viskase's management prepared certain unaudited financial projections regarding Viskase's future performance for the fiscal years ending December 31, 2025 through December 31, 2028 on a standalone basis without giving effect to the Merger (as updated and revised through October 21, 2025, the "Viskase Management Forecasts"), which were based on certain of Viskase's management's internal assumptions (as of October 21, 2025, the date on which the Viskase Management Forecasts were last shared with the Enzon Special Committee). The inclusion of a summary of the Viskase Management Forecasts in this prospectus/consent solicitation/offer to exchange should not be regarded as an indication that Enzon, Viskase, the Enzon Board, the Viskase Board, the Enzon Special Committee or the Viskase Special Committee considered, or now considers, these projections to be necessarily predictive of actual future results, and such summary of the Viskase Management Forecasts should not be relied upon as such. In addition, the inclusion of a summary of the Viskase Management Forecasts in this prospectus/consent solicitation/offer to exchange should not be regarded as an indication that Enzon or the Enzon Board relied on such projections in connection with the Merger. The Enzon Special Committee considered the Viskase Management Forecasts in its review but did not rely on them in making its decision.

While Viskase's management has informed Enzon that the Viskase Management Forecasts summarized below were prepared in good faith and based on information available at the time of preparation, no assurance can be made regarding future events. The estimates and assumptions underlying the Viskase Management Forecasts involve judgments with respect to, among other things,

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future economic, competitive, regulatory and financial market conditions and future business decisions that may not be realized and that are inherently subject to significant uncertainties and contingencies, including, among others, risks and uncertainties described in the sections titled "*Risk Factors*" and "*Cautionary Statements Regarding Forward-Looking Statements*" in this prospectus/consent solicitation/offer to exchange, all of which are difficult to predict and many of which are beyond the control of Viskase, and will be beyond the control of Enzon following the Merger. There can be no assurance that the underlying assumptions or projected results will be realized, and actual results may differ materially from those reflected in the Viskase Management Forecasts, whether or not the Merger is completed. As a result, the Viskase Management Forecasts should not be considered fact or necessarily predictive in any way of actual future operating results, and this information should not be relied on as such.

The Viskase Management Forecasts were not prepared with a view toward public disclosure or with a view toward complying with the guidelines established by the American Institute of Certified Public Accountants for preparation and presentation of prospective financial data, published guidelines of the SEC regarding forward-looking statements and the use of non-GAAP measures or GAAP. In the view of Viskase's management, the Viskase Management Forecasts were prepared on a reasonable basis based on the best information available to Viskase management at the time of their preparation. The Viskase Management Forecasts, however, are not facts and should not be relied upon as such, and readers of this prospectus/consent solicitation/offer to exchange are cautioned not to place undue reliance, if any, on this information. The inclusion of the Viskase Management Forecasts in this prospectus/consent solicitation/offer to exchange is not an admission or representation by Enzon or Viskase that such information is material. The Viskase Management Forecasts summarized below do not reflect any impact of the Merger or the other transactions contemplated by the Merger Agreement. The summary of the Viskase Management Forecasts included in this prospectus/consent solicitation/offer to exchange are presented solely to give (i) Viskase stockholders access to this information that was made available to the Viskase Board and the Viskase Special Committee and (ii) Enzon stockholders access to this information that was made available to the Enzon Board and the Enzon Special Committee. The inclusion of such summary should not be regarded as an indication that any of Enzon, the Enzon Board, the Enzon Special Committee, Viskase, the Viskase Board, or the Viskase Special Committee or their respective Affiliates, advisors, officers, directors or representatives considered, or now considers, the Viskase Management Forecasts to be necessarily predictive of actual future results, and the Viskase Management Forecasts should not be relied upon as such.

All of the Viskase Management Forecasts summarized in this section were solely prepared by and are the sole responsibility of Viskase's management. No independent registered public accounting firm has examined, compiled or otherwise performed any procedures with respect to the prospective financial information contained in these financial forecasts and, accordingly, no independent registered public accounting firm has expressed any opinion or given any other form of assurance with respect thereto and no independent registered public accounting firm assumes any responsibility for the prospective financial information. The reports of the independent registered public accounting firm of Viskase included in this prospectus/consent solicitation/offer to exchange relate to the historical financial information of Viskase. Such reports do not extend to the Viskase Management Forecasts and should not be read to do so.

By including in this prospectus/consent solicitation/offer to exchange a summary of certain of the Viskase Management Forecasts, none of Enzon, the Enzon Board, the Enzon Special Committee, Viskase, the Viskase Board, the Viskase Special Committee or any of their respective Affiliates, advisors, officers, directors or representatives has made or makes any representation to any person regarding the ultimate performance of Viskase or, following the Merger, the Combined Company, compared to the information contained in any financial projections, including the Viskase Management Forecasts. The Viskase Management Forecasts cover multiple years and such information by its nature becomes subject to greater uncertainty with each succeeding year. None of Enzon, Viskase nor any other person undertakes any obligation to update or otherwise revise the Viskase Management Forecasts contained in this prospectus/consent solicitation/offer to exchange to reflect circumstances existing since their preparation or to reflect the occurrence of unanticipated events or to reflect changes in general economic or industry conditions, even in the event that any or all of the underlying assumptions are shown to be in error. None of Viskase, the Viskase Board, the Viskase Special Committee, Enzon, the Enzon Board or the Enzon Special Committee or any of their respective Affiliates, advisors, officers, directors or representatives has made, makes or is authorized to make any representation to any stockholder or other person regarding Viskase's ultimate performance compared to the information contained in the Viskase Management Forecasts or that the Viskase Management Forecasts will be achieved, and any statement to the contrary should be disregarded. None of Viskase, the Viskase Board, the Viskase Special Committee, Enzon, the Enzon Board or the Enzon Special Committee or any of their respective Affiliates, advisors, officers, directors or representatives assumes any responsibility for the validity, reasonableness, accuracy or completeness of the Viskase Management Forecasts.

The summary of the Viskase Management Forecasts are not included in this prospectus/consent solicitation/offer to exchange in order to induce any Enzon stockholder to consent to the Merger Proposal or any of the other proposals for which consent is sought pursuant to this prospectus/consent solicitation/offer to exchange.

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The following table presents unaudited prospective financial data for Viskase:

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| | | | | |
|:---|:---|:---|:---|:---|
| **($ in millions)** | **2025E** | **2026E** | **2027E** | **2028E** |
| **Revenue** | $389.3 | $400.0 | $404.0 | $408.0 |
| **EBITDA**<sup>(1)</sup> | $22.2 | $28.2 | $28.9 | $30.5 |
| **EBIT**<sup>(2)</sup> | $(19.2) | $9.9 | $10.3 | $10.5 |
| **NOPAT**<sup>(3)</sup> | $(17.3) | $8.9 | $9.3 | $9.4 |
| **Unlevered Free Cash Flow**<sup>(4)</sup> | $(23.4) | $18.2 | $18.9 | $20.0 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) EBITDA is a non-GAAP financial measure that refers to net income before depreciation and amortization, income tax expense, interest expense (net) and certain non-recurring and non-cash charges.

&nbsp;&nbsp;&nbsp;&nbsp;(2) EBIT is a non-GAAP financial measure that refers to net income before income tax expense, interest expense (net) and certain non-recurring and non-cash charges.

&nbsp;&nbsp;&nbsp;&nbsp;(3) NOPAT is a non-GAAP financial measure that refers to EBIT less income tax expense.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Unlevered Free Cash Flow is a non-GAAP financial measure that refers to NOPAT plus depreciation and amortization, less projected capital expenditures and plus projected increases in net working capital (defined as operating current assets less operating current liabilities).

The Viskase Management Forecasts were provided to Enzon, the Enzon Board and the Enzon Special Committee in connection with their evaluation of the Merger, and were provided to A.G.P. in connection with rendering its opinion to the Enzon Special Committee, and in performing related financial analyses. In addition, Viskase, the Viskase Board and the Viskase Special Committee and their financial advisor, Alvarez & Marsal, used the Viskase Management Forecasts in connection with their evaluation of the Merger.

The Viskase Management Forecasts reflect numerous estimates and assumptions made with respect to industry performance, general business, economic, regulatory, market and financial conditions and other future events, including assumptions and estimates related to future business initiatives for which historical financial statements are not available, as well as matters specific to Viskase's business, all of which are difficult to predict and many of which are beyond anyone's control.

**Series C Exchange of Shares**

Immediately prior to the Closing of the Merger and pursuant to and subject to the terms of the IEH Support Agreement, the IEH Parties agreed to, among other things, and subject to certain exceptions, deliver to Enzon each share of Enzon Series C Preferred Stock Beneficially Owned by the IEH Parties in exchange for a number of shares of Enzon Common Stock equal to (i) the aggregate Liquidation Preference of such shares of Enzon Series C Preferred Stock, *divided* by (ii) the Enzon 20-Day VWAP. As of the Enzon Record Date, the IEH Parties Beneficially Own approximately 98.2% of the Enzon Series C Preferred Stock. Please see the section titled "*IEH Support Agreement*" in this prospectus/consent solicitation/offer to exchange for further information regarding the IEH Share Exchange.

Enzon will use commercially reasonable efforts to consummate the IEH Share Exchange in accordance with the terms of the IEH Support Agreement. No less than twenty-five (25) business days prior to the Closing, Enzon will commence an exchange offer pursuant to which Enzon will offer to each holder of Enzon Series C Preferred Stock to exchange a number of shares of Enzon Common Stock for each share of Enzon Series C Preferred Stock equal to (i) the aggregate Liquidation Preference of each share of Enzon Series C Preferred Stock, *divided* by (ii) the Enzon 20-Day VWAP. The Enzon 20-Day VWAP is $0.08 per share of Enzon Common Stock, which after giving effect to the Reverse Stock Split of 1 for 100, will be adjusted to $7.83.

The consummation of the Merger is conditioned on the consummation of the IEH Share Exchange and the Series C Exchange Offer. Please see the section titled "*Series C Exchange Offer*" in this prospectus/consent solicitation/offer to exchange for further information on the Series C Exchange Offer.

**IEH Support Agreement**

Concurrently with the execution of the Merger Agreement, Enzon, Viskase and the IEH Parties entered into the IEH Support Agreement, pursuant to which the IEH Parties agreed to, among other things, and subject to certain exceptions, (i) deliver written

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consents approving the Merger Proposal, (ii) deliver written consents with respect to all of the issued and outstanding shares of Enzon Common Stock held by the IEH Parties approving the Reverse Stock Split Proposal, (iii) vote against any Enzon Acquisition Proposal or other action that would reasonably be expected to impede or adversely affect the Merger or the other transactions contemplated by the Merger Agreement, and (iv) immediately prior to the Closing, effectuate the conversion of each issued and outstanding share of Enzon Series C Preferred Stock into shares of Enzon Common Stock based upon the Enzon 20-day VWAP. The Enzon 20-Day VWAP is $0.08 per share of Enzon Common Stock, which after giving effect to the Reverse Stock Split of 1 for 100, will be adjusted to $7.83. The shares of Enzon Common Stock owned by the IEH Parties represent approximately 48.6% of the outstanding voting power of Enzon Stock as of the Enzon Record Date. Accordingly, assuming delivery of written consents from the IEH Parties pursuant to the terms of the IEH Support Agreement, written consents with respect to 1,050,666 shares of Enzon Common Stock will be needed to approve the Enzon Proposals.

The IEH Parties are obligated to vote or cause to be voted all shares of Enzon Common Stock and Enzon Series C Preferred Stock, as applicable, Beneficially Owned by such IEH Party against any (i) Enzon Acquisition Proposal, (ii) amendment to the Enzon Organizational Documents that would impede or adversely affect the Merger or other transactions contemplated by the Merger Agreement (except as otherwise contemplated by the Merger Agreement) and (iii) other action or transaction involving Enzon that is intended or reasonably expected to impede or adversely affect the Merger, the Reverse Stock Split or other transactions contemplated by the Merger Agreement; provided that the foregoing clauses (i)-(iii) will not apply to any transaction, proposal or action that is the subject of an Enzon Adverse Recommendation Change made in accordance with the Merger Agreement that has not been rescinded.

Please see the section titled "*IEH Support Agreement*" in this prospectus/consent solicitation/offer to exchange for further information on the IEH Support Agreement.

**Enzon Solicitation of Written Consents**

Enzon is asking the holders of Enzon Common Stock to approve (i) the Reverse Stock Split Proposal and (ii) the Merger Proposal and the transactions contemplated thereby, including the Merger, by executing and delivering the written consent furnished with this prospectus/consent solicitation/offer to exchange.

The Enzon Board, upon the unanimous recommendation of the Enzon Special Committee, has unanimously determined that each Enzon Proposal is fair to, and in the best interests of, Enzon and the holders of Enzon Common Stock. The Enzon Board, upon the unanimous recommendation of the Enzon Special Committee, unanimously recommends that the holders of Enzon Common Stock consent to the Enzon Proposals.

***Record Date***

Only the holders of Enzon Common Stock of record holding shares of Enzon Common Stock at the close of business on the Enzon Record Date will be notified of and entitled to sign and deliver written consents with respect to the Enzon Proposals.

***Enzon Stockholders Entitled to Consent***

On the Enzon Record Date, the outstanding securities of Enzon eligible to consent with respect to the Enzon Proposals consisted of 74,214,603 shares of Enzon Common Stock.

***Consents; Required Consents***

Written consents from the holders of a majority of the outstanding shares of Enzon Common Stock are required to adopt the Enzon Proposals.

Please see the above description with respect to consents that the IEH Parties are expected to deliver following effectiveness of this prospectus/consent solicitation/offer to exchange pursuant to the IEH Support Agreement.

***Interests of Certain Persons in the Merger***

In considering whether to adopt the Merger Proposal by executing and delivering the written consent, Enzon stockholders should be aware that aside from their interests as stockholders, Enzon's officers and members of the Enzon Board have interests in the Merger that are different from, or in addition to, those of other Enzon stockholders generally. Enzon stockholders should take these

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interests into account in deciding whether to approve the Merger Proposal. Please see the section titled "*Interests of Executive Officers and Directors in the Merger*" in this prospectus/consent solicitation/offer to exchange for further information.

***Submission of Consents***

If you hold shares of Enzon Common Stock as of the Enzon Record Date and you wish to give your written consent, you must fill out the enclosed written consent, date and sign it, and promptly return it to Enzon. Once you have completed, dated and signed the written consent, you may deliver to Enzon your executed consent to Enzon c/o Continental Stock Transfer & Trust Company, 1 State Street Plaza, 30th Floor, New York, New York 10004. Enzon recommends that you also email a .pdf copy of your executed written consent to Enzon's consent solicitor, HKL, at enzn@hklco.com.

The Enzon Board has set 5:00 p.m. Eastern Time on February 27, 2026 as the target date for the receipt of written consents. Enzon reserves the right to extend the final date for receipt of written consents beyond such date. Any such extension may be made without notice to Enzon stockholders. Once a sufficient number of consents to adopt the Enzon Proposals has been received, the consent solicitation will conclude.

***Executing Consents; Revocation of Consents***

You may execute a written consent to adopt the Enzon Proposals, which is equivalent to a vote "**FOR**" the Enzon Proposals. If you do not execute and return your written consent, or otherwise withhold your written consent, it will have the same effect as voting against the Enzon Proposals.

If you are a record holder of shares of Enzon Common Stock as of the close of business on the Enzon Record Date, you may change or revoke your written consent (subject to any contractual obligations you may otherwise have) at any time prior to 5:00 p.m., Eastern Time, on February 27, 2026 (or, if earlier, before the consents of a sufficient number of shares to adopt the Enzon Proposals have been delivered to the Secretary of Enzon). If you wish to change or revoke your consent before that time, you may do so by sending in a new written consent with a later date by one of the means described in the section titled "*Enzon Solicitation of Written Consent*" in this prospectus/consent solicitation/offer to exchange delivering a notice of revocation to the Secretary of Enzon.

***Solicitation of Consents; Expenses***

The expenses of soliciting tenders of the shares of Enzon Series C Preferred Stock will be borne by Enzon. The principal solicitations are being made by mail; however, additional solicitations may be made by electronic communication or by telephone, or in person by Enzon and the Information Agent, as well as by Enzon's officer and other Affiliates. These Persons will receive their regular salaries but no special compensation for soliciting consents. Enzon has engaged HKL, as a consent solicitor. HKL will receive reasonable and customary compensation for its services. Enzon estimates that it will pay HKL a fee of approximately $40,000, plus reasonable out-of-pocket expenses. Upon request, Enzon will reimburse brokerage firms, banks or other nominees for their reasonable charges and expenses to forward the consent solicitation materials to the Enzon stockholders in accordance with the applicable rules. In addition to the mailing of these consent solicitation materials, the solicitation of written consents may be made in person, by telephone or by electronic communication by Enzon's directors, officer or Affiliates, who will not receive any additional compensation for such solicitation activities.

Enzon stockholders will not be required to pay any fees or commissions to Enzon, the Exchange Agent or the Information Agent in connection with the Series C Exchange Offer. If an Enzon stockholder's shares of Enzon Series C Preferred Stock are held through a brokerage firm, bank or other nominee that tenders such holder's shares of Enzon Series C Preferred Stock on his, her or its behalf, such brokerage firm, bank or other nominee may charge such holder a commission or service fee for doing so. Enzon stockholders should consult their broker, dealer, commercial bank, trust company or other nominee to determine whether any charges will apply.

**Reverse Stock Split**

Prior to the Effective Time, Enzon will take all actions necessary to effectuate the Reverse Stock Split. Enzon expects to effectuate the Reverse Stock Split immediately prior to the Effective Time. The ratio of the Reverse Stock Split will be 1 for 100.

Following the Closing, there will be approximately 14,428,869 shares of Combined Company Common Stock outstanding (after giving effect to the Reverse Stock Split).

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**Post-Merger Surviving Company Conversion (into an LLC)**

Promptly following the Effective Time, Enzon will cause the conversion of the Surviving Company from a Delaware corporation into a Delaware limited liability company through a statutory conversion permitted under Delaware law. The corporate existence of the Surviving Company will continue unaffected and unimpaired by the conversion, except that, upon the consummation of the conversion, all of the outstanding shares of Viskase Common Stock will be converted to limited liability company interests. Because the Surviving Company will be a wholly owned Subsidiary of Enzon at the Effective Time, Enzon will be the sole member of the Surviving Company following the conversion. Under DGCL § 266(h), the rights, privileges, powers and interest in property of the pre-conversion corporation, as well as the debts, liabilities and duties of the pre-conversion corporation, will remain with the post-conversion limited liability company and will not be deemed, as a consequence of the conversion, to have been transferred to the post-conversion limited liability company for any purpose of the laws of the State of Delaware. No appraisal rights attach in connection with the conversion.

The converted company is intended to be treated as an entity disregarded as separate from its owner for U.S. federal income tax purposes, and, to the extent applicable, for state and local income tax purposes. As such, all income, gain, losses, deductions and credits of the converted company would be treated, for U.S. federal income tax purposes, as recognized by Enzon.

**Governance of the Combined Company**

***Combined Company Name and Ticker Symbols***

Following the Effective Time, the name of the Combined Company will be "Viskase Holdings, Inc." and the common stock of the Combined Company will be traded on the "OTCQB" tier of the OTC under an expected new ticker symbol "VKSC", however the use of such ticker symbol will be subject to required regulatory approval, which is anticipated to be approved as soon as practicable following the Effective Time.

***Combined Company Board of Directors***

As of the Effective Time, the board of directors of the Combined Company will consist of two current Enzon directors Jordan Bleznick and Randolph C. Read, together with Robert Flint, Colin Kwak, Dustin DeMaria, Peter K. Shea and Kenneth Shea.

***Management of the Combined Company***

As of the Effective Time, the officers of Viskase immediately prior to the Effective Time will be the officers of the Combined Company and the Surviving Company, in each case, until his or her respective successor is duly elected or appointed and qualified or until his or her earlier death, resignation or removal in accordance with the governing documents of the Combined Company or the Surviving Company, as applicable, and applicable law.

***Constituent Documents of the Combined Company and its Subsidiaries***

Following Enzon's receipt of the requisite approval by Enzon's stockholders and immediately prior to the Effective Time, the amended and restated certificate of incorporation of Enzon as in effect immediately prior to such approval will be amended by filing the amendment to the Enzon Charter with the Delaware Secretary of State as set forth in Exhibit B to the Merger Agreement Amendment, which is attached as Annex A-1 to this prospectus/consent solicitation/offer to exchange. The Enzon Charter Amendment will effectuate (i) the Reverse Stock Split and (ii) the changing of Enzon's name from "Enzon Pharmaceuticals, Inc." to "Viskase Holdings, Inc."

At the Effective Time, the Viskase Charter as in effect immediately prior to the Effective Time will be amended and restated in its entirety to read as set forth in Exhibit C to the Merger Agreement, which is attached as Annex A to this prospectus/consent solicitation/offer to exchange and, as so amended and restated, will be the certificate of incorporation of the Surviving Company until thereafter amended as provided therein or as provided by applicable law. Additionally, at the Effective Time, the Viskase Bylaws of Viskase as in effect immediately prior to the Effective Time will be amended and restated in their entirety to read as the bylaws of Merger Sub as in effect immediately prior to the Effective Time until thereafter amended as provided therein or as provided by applicable law.

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**Delisting and Deregistration of Viskase Common Stock**

Viskase has agreed to take all actions necessary to remove the Viskase Common Stock from quotation on OTC, effective as of the Effective Time. As such, if the Merger is completed, shares of Viskase Common Stock will no longer be publicly traded and will be removed from quotation on the OTC.

**OTC Listing of Combined Company Common Stock**

Enzon's Common Stock is currently quoted on the "OTCQB" tier of the OTC under the symbol "ENZN". Enzon will use its commercially reasonable efforts to cause the shares of Combined Company Common Stock to be issued in connection with the Merger to be quoted on the OTC, subject to official notice of issuance, prior to the Effective Time. It is a condition of the consummation of the Merger that Enzon receives confirmation from the OTC that such shares of Combined Company Common Stock have been approved for listing on the OTC, but there can be no assurance such listing conditions will be met or that Enzon will obtain such confirmation from the OTC. If such listing conditions are not met or if such confirmation is not obtained, the Merger will not be consummated unless this listing condition is waived by the applicable parties.

**Appraisal and Dissenters' Rights**

The discussion of the provisions set forth below is not a complete summary regarding your appraisal rights under Delaware law and is qualified in its entirety by reference to Section 262 of the DGCL, the full text of which can be accessed without subscription or cost at the following publicly available website: https://delcode.delaware.gov/title8/c001/sc09/index.html#262. Viskase stockholders intending to exercise appraisal rights should carefully review Section 262 in its entirety. Failure to follow precisely any of the statutory procedures set forth in Section 262 of the DGCL will result in a termination or waiver of these rights. This summary does not constitute any legal or other advice nor does it constitute a recommendation that you exercise your rights to demand appraisal under Section 262 of the DGCL.

***Appraisal and Dissenters' Rights***

If you hold (or Beneficially Own, as the case may be) one (1) or more shares of Viskase Common Stock, you are entitled to appraisal rights under Delaware law and have the right to have your shares appraised by the Court and receive the "fair value" of such shares (exclusive of any element of value arising from the accomplishment or expectation of the transaction) as of completion of the Merger in place of the Merger Consideration, as determined by the Court, if you strictly comply with the procedures specified in Section 262 of the DGCL. Any such Viskase stockholder or beneficial owner awarded "fair value" for his, her or its shares by the Court would receive payment of that fair value in cash, together with interest, if any, to be paid upon the amount determined to be the "fair value" in lieu of the right to receive the Merger Consideration.

The following discussion is not a full summary of the law pertaining to appraisal rights under the DGCL and is qualified in its entirety by the full text of Section 262 of the DGCL that can be accessed without subscription or cost at the following publicly available website: https://delcode.delaware.gov/title8/c001/sc09/index.html#262. All references in Section 262 of the DGCL and in this summary to a: (i) "stockholder" are to the record holders of the shares of Viskase Common Stock immediately prior to the Effective Time; and (ii) "beneficial owner" are to a Person who is the beneficial owner of shares of Viskase Common Stock held either in voting trust or by a nominee on behalf of such Person. Failure to comply strictly with the procedures set forth in Section 262 of the DGCL may result in the loss of appraisal rights. The following discussion does not constitute any legal or other advice, nor does it constitute a recommendation that you exercise your rights to seek appraisal under Section 262 of the DGCL.

If the Merger is completed, subject to certain exceptions specified in Section 262 of the DGCL and summarized below, Persons who: (i) submit to Viskase a proper written demand for appraisal of such shares; (ii) continuously remain the record holders or beneficial owners of such shares through the Effective Time; and (iii) otherwise comply with the applicable procedures and requirements set forth in Section 262 of the DGCL will be entitled to have their shares appraised by the Court and receive payment in cash of the "fair value" of such shares (as determined by the Court, exclusive of any element of value arising from the accomplishment or expectation of the transaction) instead of the Merger Consideration. Any such Person awarded "fair value" for his, her or its shares by the Court would receive payment of that fair value in cash, together with interest, if any, to be paid upon the amount determined to be the "fair value" in lieu of the right to receive the Merger Consideration. It is possible that any such "fair value" as determined by the Court may be more or less than, or the same as, the Merger Consideration that such Person is entitled to receive pursuant to the Merger Agreement.

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When a merger agreement is approved by written consent without a meeting of stockholders pursuant to Section 228 of the DGCL, as is the case with the Merger Agreement, Section 262 of the DGCL requires that either a constituent corporation before, or the surviving corporation within ten (10) days after, the effective date of the merger notify each stockholder of the constituent corporation who is entitled to appraisal rights of the approval of the transaction and that appraisal rights are so available and must include in each such notice a copy of Section 262 of the DGCL. Such notice may, and, if given on or after the effective date of the transaction, shall, also notify the stockholders of the effective date of the transaction. **THIS PROSPECTUS/CONSENT SOLICITATION/OFFER TO EXCHANGE CONSTITUTES VISKASE'S NOTICE TO VISKASE'S STOCKHOLDERS OF THE AVAILABILITY OF APPRAISAL RIGHTS IN CONNECTION WITH THE TRANSACTION IN COMPLIANCE WITH THE REQUIREMENTS OF SECTION 262 OF THE DGCL. A COPY OF THE FULL TEXT OF SECTION 262 OF THE DGCL CAN BE ACCESSED WITHOUT SUBSCRIPTION OR COST AT THE FOLLOWING PUBLICLY AVAILABLE WEBSITE:** https://delcode.delaware.gov/title8/c001/sc09/index.html#262.

**PERSONS WHO WISH TO EXERCISE APPRAISAL RIGHTS OR WHO WISH TO PRESERVE THE RIGHT TO DO SO SHOULD REVIEW THE FOLLOWING SUMMARY AND THE FULL TEXT OF SECTION 262 OF THE DGCL CAREFULLY. FAILURE TO COMPLY WITH THE PROCEDURES OF SECTION 262 OF THE DGCL IN A TIMELY AND PROPER MANNER MAY RESULT IN THE LOSS OF APPRAISAL RIGHTS. IN ADDITION, THE COURT WILL DISMISS APPRAISAL PROCEEDINGS IN RESPECT OF VISKASE COMMON STOCK UNLESS CERTAIN STOCK OWNERSHIP CONDITIONS ARE SATISFIED BY PERSONS SEEKING APPRAISAL. DUE TO THE COMPLEXITY OF THE PROCEDURES FOR EXERCISING THE RIGHT TO SEEK APPRAISAL, PERSONS WHO WISH TO EXERCISE APPRAISAL RIGHTS ARE URGED TO CONSULT WITH THEIR OWN LEGAL AND FINANCIAL ADVISORS IN CONNECTION WITH COMPLIANCE UNDER SECTION 262 OF THE DGCL. A STOCKHOLDER OR BENEFICIAL OWNER WHO LOSES HIS, HER OR ITS APPRAISAL RIGHTS WILL BE ENTITLED TO RECEIVE THE MERGER CONSIDERATION.**

***How to Exercise and Perfect Your Appraisal Rights***

If you are a Viskase stockholder or beneficial owner and wish to exercise the right to seek an appraisal of your shares of Viskase Common Stock, you must satisfy each of the following conditions:

● you must deliver to Viskase a written demand for appraisal of your shares of Viskase Common Stock within 20 days after the date of Viskase mailing the appraisal notice and be a stockholder of record or beneficial owner at the time of the making of such demand. Failure to make a written demand for appraisal on or before the expiration of such 20-day period may result in the loss of such Person's appraisal rights. For clarity, such 20-day period will begin to run on the date of mailing of the appraisal notice;

● you must not consent to the Merger or otherwise withdraw or waive your appraisal rights;

● you must continuously hold (or Beneficially Own, as the case may be) the shares from the date of making the demand through the Effective Time (a stockholder or beneficial owner will lose appraisal rights if such Person transfers the shares before the Effective Time); and

● you or the Combined Company (or any other stockholder or beneficial owner that has properly demanded appraisal rights and is otherwise entitled to appraisal rights) must file a petition in the Court requesting a determination of the fair value of the shares within 120 days after the Effective Time. The Combined Company is under no obligation to file any such petition in the Court and has no intention of doing so. Accordingly, it is the obligation of the Viskase stockholders and beneficial owners to initiate all necessary action to perfect their appraisal rights in respect of shares of Viskase Common Stock within the time prescribed in Section 262 of the DGCL.

If you fail to comply with any of these conditions and the Merger is completed, you will be entitled to receive the Merger Consideration, but you will have no appraisal rights with respect to your shares of Viskase Common Stock.

***Who May Exercise Appraisal Rights***

In addition to the foregoing requirements, the demand must reasonably inform Viskase of the identity of the stockholder or beneficial owner and that such Person intends to demand appraisal of his, her or its Viskase Common Stock and, with respect to a demand for appraisal made by a beneficial owner, must additionally reasonably inform Viskase of the identify the holder of record of the shares for which the demand is made, be accompanied by documentary evidence of such beneficial owner's ownership of Viskase Common Stock and a statement that such documentary evidence is a true and correct copy of what it purports to be and provide an

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address at which such beneficial owner consents to receive notices given by Viskase and to be set forth on the verified list (as defined below).

IF YOU HOLD YOUR VISKASE COMMON STOCK IN BROKERAGE ACCOUNTS, BANK OR OTHER NOMINEE FORMS AND YOU WISH TO EXERCISE APPRAISAL RIGHTS, YOU SHOULD CONSULT WITH YOUR BROKERAGE FIRM, BANK OR OTHER NOMINEE, AS APPLICABLE, TO DETERMINE THE APPROPRIATE PROCEDURES FOR APPRAISAL OF THOSE SHARES. If you own shares of Viskase Common Stock jointly with one (1) or more other Persons, as in a joint tenancy or tenancy in common, demand for appraisal must be executed by or on behalf of all joint owners. An authorized agent, including an agent for two (2) or more joint owners, may execute the demand for appraisal; however, the agent must identify the owner(s) and expressly disclose the fact that, in making the demand, such agent is acting as agent for the owner(s). If you elect to exercise appraisal rights under Section 262 of the DGCL, you should mail or deliver your written demand to:

Viskase Companies, Inc.

333 East Butterfield Road, Suite 400

Lombard, Illinois 60148

Attention: Joseph D. King, Secretary

***Actions After Completion of the Merger***

If the Merger is completed, the Combined Company will give written notice that the Merger has become effective within ten (10) days after the Effective Time to each Person that is entitled to appraisal rights; provided, however, that if such notice is sent more than 20 days following the mailing of this prospectus/consent solicitation/offer to exchange, such notice need only be sent to each Person who is entitled to appraisal rights and who has demanded appraisal of his, her or its shares of Viskase Common Stock in accordance with Section 262 of the DGCL. At any time within 60 days after the Effective Time, any Person entitled to appraisal rights who has not commenced an appraisal proceeding or joined in such a proceeding as a named party will have the right to withdraw his, her or its demand and to accept the Merger Consideration in accordance with the Merger Agreement for his, her or its shares of Viskase Common Stock by delivering to the Combined Company a written withdrawal of the demand for appraisal. Within 120 days after the Effective Time, any Person who has complied with the requirements of Section 262 of the DGCL, or the Combined Company, may commence an appraisal proceeding by filing a petition in the Court, with a copy served on the Combined Company in the case of a petition filed by such a Person, demanding a determination of the fair value of the shares of Viskase Common Stock held by all Persons who have properly demanded appraisal. The Combined Company is under no obligation to file an appraisal petition and has no intention of doing so.

If you desire to have your shares appraised and have otherwise complied with the requirements of Section 262 of the DGCL, you should initiate any petitions necessary for the perfection of your appraisal rights within the time periods and in the manner prescribed in Section 262 of the DGCL.

Within 120 days after the Effective Time, any Person who has complied with the provisions of Section 262 of the DGCL will be entitled to receive from the Combined Company, upon written request, a statement setting forth the aggregate number of shares of Viskase Common Stock not voted in favor of the Merger and with respect to which Viskase has received demands for appraisal, and the aggregate number of stockholders or beneficial owners holding or owning such shares. The Combined Company must give this statement to you within ten (10) days after receipt by the Combined Company of the request therefor or ten (10) days after expiration of the period for delivery of demands for appraisal, whichever is later.

If a petition for appraisal is duly filed, and a copy of the petition is delivered to the Combined Company, the Combined Company will then be obligated, within 20 days after receiving service of a copy of the petition, to file in the office of the Delaware Register in Chancery in which the petition was filed a duly verified list containing the names and addresses of all Persons who have demanded appraisal for their shares and with whom agreements as to the value of their shares have not been reached by the Combined Company. We refer to this list as the "verified list." The Delaware Register in Chancery, if so ordered by the Court, shall give notice of the time and place fixed for the hearing of such petition to the Combined Company and to the Persons shown on the verified list. The forms of the notices by mail and by publication shall be approved by the Court, and the costs thereof shall be borne by the Combined Company. At the hearing on the petition, the Court will determine the Persons who have complied with Section 262 of the DGCL and who have become entitled to the appraisal rights provided thereby. The Court may require the Persons who have demanded an appraisal of their shares and who hold stock represented by certificates to submit their stock certificates (if any) to the Delaware Register in Chancery for notation thereon of the pendency of the appraisal proceedings, and the Court may dismiss the proceedings as to any Person who fails to comply with this direction. After the Court determines the Persons entitled to appraisal, the appraisal proceeding will be conducted in accordance with the rules of the Court, including any rules specifically governing appraisal proceedings. The Court will determine the fair value of the shares of Viskase Common Stock, exclusive of any element of value arising from the accomplishment

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or expectation of the transaction, together with interest, if any, to be paid upon the amount determined to be the fair value. In determining the fair value, the Court will take into account all relevant factors. Unless the Court in its discretion determines otherwise for good cause shown, and except as provided in Section 262 of the DGCL, interest from the Effective Time through the date of payment of the judgment will be compounded quarterly and will accrue at five percent (5%) over the Federal Reserve discount rate (including any surcharge) as established from time to time during the period between the Effective Time and the date of payment of the judgment. At any time before the entry of judgment in the proceedings, the Combined Company may pay to each Person entitled to appraisal an amount in cash, in which case interest will accrue thereafter only upon the sum of (i) the difference, if any, between the amount paid and the fair value of the shares as determined by the Court and (ii) interest theretofore accrued, unless paid at that time. When the value is determined, the Court will direct the payment of such value, with interest thereon, if any, to the Persons entitled thereto, upon such terms and conditions as the Court may order.

In determining the fair value, the Court is required to take into account all relevant factors. In *Weinberger v. UOP, Inc.*, the Delaware Supreme Court discussed the factors that could be considered in determining fair value in an appraisal proceeding, stating that "proof of value by any techniques or methods which are generally considered acceptable in the financial community and otherwise admissible in court" should be considered and that "[f]air price obviously requires consideration of all relevant factors involving the value of a company." The Delaware Supreme Court has stated that, in making this determination of fair value, the Court must consider market value, asset value, dividends, earnings prospects, the nature of the enterprise and any other factors which could be ascertained as of the date of the merger which throw any light on future prospects of the merged corporation. Section 262 of the DGCL provides that fair value is to be "exclusive of any element of value arising from the accomplishment or expectation of the merger." In *Cede & Co. v. Technicolor, Inc.*, the Delaware Supreme Court stated that such exclusion is a "narrow exclusion [that] does not encompass known elements of value," but which rather applies only to the speculative elements of value arising from such accomplishment or expectation. In *Weinberger*, the Delaware Supreme Court construed Section 262 of the DGCL to mean that "elements of future value, including the nature of the enterprise, which are known or susceptible of proof as of the date of the merger and not the product of speculation, may be considered". An opinion of an investment banking firm as to the fairness from a financial point of view of the consideration payable in a merger is not an opinion as to, and does not in any manner address, fair value under Section 262 of the DGCL. The fair value of your shares as determined under Section 262 of the DGCL could be greater than, the same as or less than the value of the Merger Consideration. Enzon and the Surviving Company do not anticipate offering more than the Merger Consideration to any Person exercising appraisal rights and reserve the right to assert, in any appraisal proceeding, that, for purposes of Section 262, the "fair value" of a share of Viskase Common Stock is less than the Merger Consideration.

If no petition for appraisal is filed within 120 days after the Effective Time, or if the Person delivers a written withdrawal of his, her or its demand for appraisal, then the right of that Person to appraisal will cease and that Person will be entitled to receive the Merger Consideration described in the Merger Agreement, without interest thereon.

The Court may determine the costs of the appraisal proceeding and may tax those costs against the parties as the Court determines to be equitable under the circumstances. Upon the application of a Person whose name appears on the verified list who participated in the proceeding and incurred expenses in connection therewith, the Court may order all or a portion of the expenses, including, without limitation, reasonable attorneys' fees and the fees and expenses of experts, to be charged *pro rata* against the value of all shares entitled to appraisal. In the absence of such a determination, each party bears its own expenses.

Any Person who has duly demanded an appraisal in compliance with Section 262 of the DGCL will not, after the Effective Time, be entitled to vote the shares of Viskase Common Stock subject to that demand for any purpose or receive any dividends or other distributions on those shares, except dividends or other distributions payable to record holders of Viskase Common Stock as of a record date prior to the Effective Time.

Any Person who has not commenced an appraisal proceeding or joined such a proceeding as a named party may withdraw a demand for appraisal and accept the Merger Consideration by delivering a written withdrawal of the demand for appraisal to the Combined Company, except that any attempt to withdraw made more than 60 days after the Effective Time will require written approval of the Combined Company. No appraisal proceeding in the Court will be dismissed as to any Person without the approval of the Court and such approval may be conditioned on the terms the Court deems just; provided, however, that this provision will not affect the right of any Person who has not commenced an appraisal proceeding or joined such proceeding as a named party to withdraw such Person's demand for appraisal and to accept the terms offered in the transaction within 60 days after the Effective Time. If you fail to perfect, successfully withdraw or lose your appraisal rights, your shares of Viskase Common Stock will be converted into the right to receive the Merger Consideration, without interest thereon.

Failure to follow the steps required by Section 262 of the DGCL for perfecting appraisal rights may result in the loss of appraisal rights. In that event, you will be entitled to receive the Merger Consideration for your shares in accordance with the Merger

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Agreement. In view of the complexity of the provisions of Section 262 of the DGCL, if you are a Viskase stockholder or beneficial owner and are considering exercising your appraisal rights under the DGCL, you should consult your own legal advisor.

THE PROCESS OF DEMANDING AND EXERCISING APPRAISAL RIGHTS REQUIRES STRICT COMPLIANCE WITH TECHNICAL PREREQUISITES. IF YOU WISH TO EXERCISE YOUR APPRAISAL RIGHTS, YOU SHOULD CONSULT WITH YOUR OWN LEGAL COUNSEL IN CONNECTION WITH COMPLIANCE UNDER SECTION 262 OF THE DGCL. TO THE EXTENT THERE ARE ANY INCONSISTENCIES BETWEEN THE FOREGOING SUMMARY AND SECTION 262 OF THE DGCL, SECTION 262 OF THE DGCL WILL GOVERN.

**No Appraisal or Dissenters' Rights For Enzon Stockholders**

Under the DGCL, Enzon stockholders will not be entitled to exercise any appraisal rights in connection with the Merger. Please see the section titled "*The Merger — Appraisal and Dissenters' Rights*" in this prospectus/consent solicitation/offer to exchange for further information regarding how to exercise your voting rights as an Enzon stockholder.

**Litigation Relating to the Merger**

To the knowledge of our management team, there are not any lawsuits or other legal proceedings currently pending or contemplated against us relating to the Merger.

**Accounting Treatment**

Notwithstanding the legal form, the Merger will be accounted for as a reverse recapitalization and not a business combination under ASC 805. Under this method of accounting, Enzon will be treated as the acquired company for accounting purposes, whereas Viskase will be treated as the accounting acquirer. In accordance with this method of accounting, the Merger will be treated as the equivalent of Viskase issuing shares for the net assets of Enzon, accompanied by a recapitalization. The net assets of Enzon will be stated at historical cost, with no goodwill or other intangible assets recorded, and operations prior to the Merger will be those of Viskase.

**HSR Act Filing**

Under the HSR Act, the Merger cannot be completed until Enzon and Viskase file a Notification and Report Form with the FTC and the DOJ and the applicable waiting period has expired or been terminated. The parties filed a Notification and Report Form with the FTC and the DOJ on June 30, 2025. The FTC granted early termination of the applicable HSR Act waiting period to the parties on July 15, 2025. However, the DOJ, the FTC and others may still challenge the Merger on antitrust grounds after the termination of the waiting period. At any time before or after the completion of the Merger, any of the DOJ, the FTC or another Person could take action under the antitrust laws as it deems necessary or desirable in the public interest, including, without limitation, seeking to enjoin the consummation of the Merger, conditionally approve the Merger upon the divestiture of assets of Enzon or Viskase, subject the consummation of the Merger to regulatory conditions or seek other remedies. Enzon and Viskase cannot assure you that a challenge to the Merger will not be made or that, if a challenge is made, it will not succeed. Please see the section titled "*HSR Act Filing*" in this prospectus/consent solicitation/offer to exchange for further information regarding the HSR Act filing.

In addition to the Notification and Report Form discussed above, the Merger Agreement requires that Enzon and Viskase obtain any consents, licenses, permits, waivers, clearances, approvals, authorizations, or waiting period expirations required to be obtained or made by Viskase, Enzon or Merger Sub under any foreign or other antitrust or related law governing competition or prohibiting, restricting or regulating actions with the purpose or effect of monopolization, restraint of trade or lessening of competition. Each of Enzon and Viskase will promptly respond to any request by the FTC, and the Antitrust Division of the U.S. Department of Justice and any other requesting governmental entity pursuant to the HSR Act or any other antitrust law in connection with the transactions contemplated by the Merger Agreement. Enzon and Viskase will cooperate fully with each other in connection with the making of all such filings or responses. In addition, except as may be prohibited by any governmental entity or by any applicable Law, Enzon, Viskase and Merger Sub will reasonably consult with the other party before participating in or attending any meeting or conference or engaging in any material communication, with any governmental entity or any official or such other Person in respect of the transactions contemplated by the Merger Agreement and give the other party a reasonable opportunity to attend and participate therein, and in the event one (1) party is prohibited or unable to participate, attend or engage in any such meeting, conference or material written communication, and keep such party apprised with respect thereto.

Subject to applicable law, each party has agreed to consult with the other in advance of any material communications with Governmental Entities and to provide the other with a reasonable opportunity to attend and participate in meetings or discussions with such authorities (and may designate competitively sensitive materials as "outside counsel only"). Viskase is responsible for

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developing and controlling the strategy for obtaining any required antitrust approvals, including the content and timing of submissions to governmental entities; provided that Viskase is required to consult with Enzon in advance and consider Enzon's views in good faith. Enzon is required to provide reasonable cooperation in support of these efforts.

The Merger Agreement provides that, if any proceeding is threatened or instituted challenging the Merger Agreement as violative of any antitrust law, Enzon and Viskase will each use commercially reasonable efforts to (i) avoid any order or similar action that would restrain, prevent or delay the Closing and (ii) avoid or eliminate any impediments under antitrust law as to enable the Closing to occur as soon as possible (and in any event no later than the Termination Date, except as otherwise provided in the Merger Agreement). However, notwithstanding the foregoing, neither party is required to (A) litigate or defend against any action by a governmental entity seeking to restrain the transactions contemplated by the Merger Agreement or (B) propose or agree to any divestiture, sale, licensing or disposition of businesses, product lines, equity holdings, technology, intellectual properties, or other assets of Viskase, Enzon or their respective Subsidiaries or (C) agree to take any post-Closing action that would limit its freedom of action or ability to operate or retain any of its businesses or assets.

In addition, from the date of the Merger Agreement until the earliest of (i) the expiry or termination of the waiting period under the HSR Act, (ii) the waiver such condition by Enzon, Viskase and Merger Sub or (iii) the termination of the Merger Agreement in accordance with its terms, Enzon, Viskase and Merger Sub will not agree to or enter into certain acquisitions or business combinations if doing so could reasonably be expected to (A) materially delay the receipt of (or materially increase the risk of not obtaining) any consent of any governmental entity necessary to consummate the transactions contemplated by the Merger Agreement or the expiration or termination of any applicable waiting period under any antitrust law, (B) materially increase the risk of any governmental entity seeking to prohibit the transactions contemplated by the Merger Agreement or (C) materially increase the risk of being unable to remove any such prohibition. On July 15, 2025, the FTC granted early termination of the waiting period. Accordingly, the conditions discussed in this paragraph have been satisfied.

There can be no assurance that any required regulatory approvals will be obtained on a timely basis or at all, or that the Merger will not be challenged by governmental entities or private parties. Any such challenge could result in an order enjoining the Merger or in conditions or restrictions that could delay or prevent its completion.

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**THE MERGER AGREEMENT**

*The following describes certain material provisions of the Merger Agreement. This description may not contain all of the information that may be important to you. The description in this section and elsewhere in this prospectus/consent solicitation/offer to exchange is qualified in its entirety by reference to the Merger Agreement (including all exhibits thereto), a copy of which is attached to this prospectus/consent solicitation/offer to exchange as Annex A, and the Merger Agreement Amendment (including all exhibits thereto), a copy of which is attached to this prospectus/consent solicitation/offer to exchange as Annex A-1. This summary does not purport to be complete and may not provide all of the information about the Merger Agreement that may be important to you. We encourage you to read the Merger Agreement carefully and in its entirety.*

**Explanatory Note Regarding the Merger Agreement**

The Merger Agreement, as amended, and this summary are included solely to provide you with information regarding the terms of the Merger Agreement. It is not intended to provide any other factual information about Enzon, Viskase or any of their respective Subsidiaries or Affiliates. The representations, warranties and covenants made in the Merger Agreement by Enzon, Merger Sub and Viskase are qualified and subject to important limitations agreed to by the parties to the Merger Agreement in connection with negotiating the terms of the Merger Agreement. In particular, in your review of the representations and warranties contained in the Merger Agreement and described in this summary, it is important to bear in mind that the representations and warranties were made solely for the benefit of the parties to the Merger Agreement and were negotiated with the principal purpose of allocating risk between the parties to the Merger Agreement, rather than establishing matters as facts. The representations and warranties may also be subject to a contractual standard of materiality that may be different from that generally relevant to stockholders or applicable to reports and documents filed with the SEC, and, in some cases, are qualified by confidential disclosures that were made by each party to the other, which disclosures are not publicly disclosed. The representations and warranties in the Merger Agreement will not survive the completion of the merger. Moreover, information concerning the subject matter of the representations and warranties may have changed since the date of the Merger Agreement. For the foregoing reasons, the representations, warranties and covenants or any descriptions of those provisions should not be read alone but instead should be read together with the information provided elsewhere in this prospectus/consent solicitation/offer to exchange and in the documents incorporated by reference into this prospectus/consent solicitation/offer to exchange. Please see the section titled "*Where You Can Find More Information*" in this prospectus/consent solicitation/offer to exchange for further information.

**Closing/Effective Time**

Unless another date and time are agreed to by the parties, the completion of the mergers will occur at 10:00 a.m., Eastern Time, on the third (3rd) Business Day after the satisfaction or waiver (to the extent permitted by applicable Law) of the conditions to completion of the Merger (other than those conditions that by their nature are to be satisfied at completion of the Merger, but subject to the fulfillment or waiver of such conditions at the time of completion) described under the section titled "*The Merger Agreement — Conditions to Completion of the Merger"* in this prospectus/consent solicitation/offer to exchange. Unless the Merger Agreement is terminated, as described in the section titled "*Termination*" in this prospectus/consent solicitation/offer to exchange, the parties will cause the Merger to be consummated by filing all necessary documentation, including a certificate of merger (the "Certificate of Merger") with the Secretary of State of the State of Delaware (the "Secretary of State"), in such form as required by, and executed in accordance with, the DGCL.

The Merger will become effective at the Effective Time.

**Merger Consideration**

At the Effective Time, by virtue of the Merger and without any action on the part of Enzon, Viskase or the holder of any capital stock of Enzon or Viskase, each share of Viskase Common Stock issued and outstanding immediately prior to the Effective Time (other than shares of Viskase Common Stock (i) held by Viskase as treasury shares, (ii) owned by Enzon, Merger Sub or a wholly owned Subsidiary of Viskase, Enzon or Merger Sub immediately prior to the Effective Time and (iii) Dissenting Viskase Shares) (the "Exchanged Viskase Shares") will be automatically converted into the right to receive a number of shares of Enzon Common Stock equal to the Exchange Ratio (the merger consideration described in this section, the "Merger Consideration").

Under the Exchange Ratio mechanics, the Exchanged Viskase Shares will be automatically converted into the right to receive a number of shares of Enzon Common Stock equal to (i) the number of shares of Enzon Common Stock issued and outstanding as of immediately prior to the Effective Time (after giving effect to each of the Reverse Stock Split, the IEH Share Exchange and the shares

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of Enzon Common Stock issued pursuant to the Series C Exchange Offer, and such number of shares of Enzon Common Stock, the "Pre-Exchange Enzon Shares"), *divided* by 0.45, minus *(ii)* the Pre-Exchange Enzon Shares, *divided* (iii) by the number of Exchanged Viskase Shares.

As a result of the Exchange Ratio mechanics described above, it is anticipated that, upon completion of the Merger and assuming that the Enzon Series C Preferred Stock is exchanged for Enzon Common Stock in full, (i) the holders of Enzon Common Stock immediately prior to the Closing are expected to own approximately 5% of the Enzon Common Stock, (ii) the holders of Enzon Series C Preferred Stock are expected to own approximately 40% of the Enzon Common Stock and (iii) Viskase stockholders are expected to own 55% of the Enzon Common Stock, subject to certain adjustments based upon the number of shares of Enzon Series C Preferred Stock exchanged for Enzon Common Stock by non-Affiliates of IEH, and depending on the liquidation value of the Series C Preferred Stock at the Closing. If the actual facts differ from any of the foregoing assumptions (which they may), the percentage ownership retained by current Enzon stockholders in the Combined Company will differ. Certain of these adjustments are described in further detail in the section titled "*IEH Support Agreement*" in this prospectus/consent solicitation/offer to exchange.

Additionally, at the Effective Time:

● Viskase stockholders will not receive any fractional shares of Enzon Common Stock as Merger Consideration. Each Viskase stockholder who would have otherwise have been entitled to receive a fraction of a share of Enzon Common Stock will receive, in lieu thereof, a cash payment (without interest) in an amount equal to such fractional amount multiplied by the volume weighted averages of the trading prices of Enzon Common Stock over the five (5) consecutive Trading Days ending on (and including) the Trading Day that is two (2) Trading Days prior to the date of the Effective Time, rounded down to the nearest penny;

● all shares of Viskase Common Stock held by Viskase as treasury shares or by Enzon, Merger Sub or any of their (or Viskase's) wholly owned Subsidiaries immediately prior to the Effective Time will be automatically cancelled and will cease to exist, and no consideration shall be delivered in exchange therefor (such shares, the "Viskase Cancelled Shares"); and

● each share of Enzon Common Stock issued and outstanding immediately prior to the Effective Time will remain an issued and outstanding share of the Combined Company.

**Exchange Procedures**

***Establishment of Exchange Fund***

Immediately prior to or concurrently with the Effective Time, Enzon will deposit with a nationally recognized bank or trust company (the "Exchange Agent"), which Exchange Agent will be reasonably satisfactory to Viskase, a sufficient number of uncertificated, book-entry shares of Enzon Common Stock to issue as the Merger Consideration and cash sufficient to cover amounts payable for dividends, distributions and the redeemed fractional shares. This deposit constitutes the "Exchange Fund." No consideration will be provided for shares subject to appraisal rights until such rights are waived, withdrawn or lost.

***Exchange Procedures***

Promptly after the Effective Time (and in any event, no later than five (5) business days following the Effective Time), Enzon will cause the Exchange Agent to send each Viskase stockholder a letter of transmittal and instructions for surrendering such stockholder's stock certificates or book-entry shares. Upon proper surrender and documentation, Enzon will cause the Exchange Agent to promptly (and in any event, no later than five (5) business days thereafter) issue the corresponding shares of Enzon Common Stock and any applicable cash payments for dividends, distributions and the redeemed fractional shares.

***Dividends or Other Distributions on Unexchanged Shares***

Dividends or other distributions on Enzon Common Stock with a record date after the Effective Time will not be paid to former Viskase stockholders until their shares are properly surrendered. Once surrendered, such holders will receive all unpaid dividends or distributions to which they are entitled, without interest.

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***Termination of Rights in Viskase Shares***

Upon conversion, all rights in Viskase Common Stock will cease, other than the right to receive the Merger Consideration, cash in lieu of fractional shares and any applicable dividends or distributions. Viskase's stock transfer books will be closed as of the Effective Time.

***No Fractional Shares***

No fractional shares of Enzon Common Stock will be issued. Instead, holders will receive a cash payment (without interest) in an amount equal to such fractional amount multiplied by the volume weighted averages of the trading prices of Enzon Common Stock over the five (5) consecutive Trading Days ending on (and including) the Trading Day that is two (2) Trading Days prior to the date of the Effective Time, rounded down to the nearest penny, in lieu of fractional shares.

***Termination of Exchange Fund***

Any portion of the Exchange Fund remaining unclaimed 180 days after the Effective Time may be returned to Enzon. Thereafter, former Viskase stockholders must look to Enzon for any remaining consideration, subject to abandoned property, escheat or other similar laws.

***Withholding Rights***

Each of Enzon, Viskase, the Surviving Company and the Exchange Agent may withhold amounts from payments as required by applicable tax laws.

***Lost Certificates***

Holders of lost, stolen or destroyed Viskase certificates may receive the Merger Consideration upon submitting an affidavit and, if required by Enzon, bond in such reasonable amount as Enzon may direct as indemnity against any claim that may be made against it with respect to such certificate or other documentation (including an indemnity in customary form) reasonably requested by Enzon.

***Dissenting Shares***

Shares held by Viskase stockholders who properly demand appraisal under Delaware law will not be converted into the Merger Consideration unless such rights are withdrawn, waived or otherwise lost. Viskase will promptly notify Enzon of any appraisal demands, withdrawals of such demands and any other instruments served pursuant to Delaware law and received by Viskase in respect of the Dissenting Viskase Shares. Viskase will not, except with Enzon's prior written consent, make any payment with respect to any demands for appraisal, or settle or offer to settle any such demands for payment, in respect of Dissenting Viskase Shares. Under the DGCL, Enzon stockholders will not be entitled to exercise any dissenters' or appraisal rights in connection with the Merger. Please see the section titled "*The Merger* — *Appraisal and Dissenters' Rights*" in this prospectus/consent solicitation/offer to exchange for further information regarding appraisal and dissenters' rights.

**Representations and Warranties**

The Merger Agreement contains a number of representations and warranties made by each of Enzon, Merger Sub and Viskase that are subject in some cases to exceptions and qualifications (including exceptions that are not material to the party making the representations and warranties and its Subsidiaries and exceptions that do not have, and would not reasonably be expected to have, individually or in the aggregate, a "Material Adverse Effect" on the party making the representations and warranties). Please see the section titled "*Merger Consideration* — *Material Adverse Effect*" in this prospectus/consent solicitation/offer to exchange for the definition of Material Adverse Effect.

The representations and warranties in the Merger Agreement relate to, among other things:

● organization; standing;

● capitalization;

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● authority; noncontravention; voting requirements;

● governmental approvals;

● Viskase documents; undisclosed liabilities;

● absence of certain changes;

● legal proceedings;

● compliance with laws; permits;

● tax matters;

● employee plans;

● labor matters;

● environmental matters;

● intellectual property; information technology; data privacy;

● no rights agreement; anti-takeover provisions;

● property;

● contracts;

● insurance;

● information supplied;

● opinion of financial advisors;

● brokers and other advisors; and

● no other representations or warranties.

Additionally, each of Enzon and Merger Sub also makes representations and warranties relating to, among other things:

● Enzon SEC documents; and

● ownership of Viskase common stock.

***Material Adverse Effect***

Many of the representations and warranties in the Merger Agreement are qualified by "Material Adverse Effect" on the party making such representations and warranties.

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For purposes of the Merger Agreement:

A "Material Adverse Effect" with respect to either Enzon or Viskase means any event, change, circumstance, effect, development or state of facts that, individually or in the aggregate, is or would reasonably be expected to:

● (i) be materially adverse to the business, results of operations, assets or financial condition of such party and its Subsidiaries, taken as a whole, or

● (ii) materially delay, impede or prevent the transactions contemplated by the Merger Agreement on or before the Termination Date.

However, for purposes of clause (i) above, a Material Adverse Effect does not include the effect of any event, change, circumstance, effect, development or state of facts to the extent it results from or arises out of:

● (i) general economic or political conditions or securities, credit, financial or other capital markets conditions, in each case, in the United States or any foreign jurisdiction;

● (ii) changes or conditions generally affecting the industries, businesses or segments in which the applicable party or its respective Subsidiaries operate;

● (iii) any change after the date of the Merger Agreement in applicable law, regulation, GAAP or accounting standards (or authoritative interpretation of any of the foregoing);

● (iv) the announcement of the Merger Agreement or the transactions contemplated thereby or the consummation of the transactions contemplated by the Merger Agreement, including the impact thereof on the relationships of the applicable party or its Subsidiaries with customers, suppliers, distributors, partners, officers or employees;

● (v) pandemics, epidemics, COVID-19, acts of war (whether or not declared), armed hostilities, sabotage, terrorism or cyber-attacks, or any escalation or worsening of any acts of war, armed hostilities, sabotage, terrorism or cyber-attack threatened or underway as of the date of the Merger Agreement (including requirements for business closures, restrictions on operations or "sheltering-in-place");

● (vi) earthquakes, hurricanes, floods or other natural disasters or other weather related or force majeure events;

● (vii) any failure, in and of itself, by the applicable party to meet any internal or published projections, forecasts, estimates or predictions in respect of revenues, earnings or other financial or operating metrics for any period;

● (viii) any change in the market price or trading volume of the applicable party's securities or any downgrade in its credit rating;

● (ix) tariffs, trade wars or similar matters;

● (x) any demands, litigation or similar actions brought by stockholders of the applicable party in connection with the Merger Agreement and the transactions contemplated thereby; or

● (xi) the taking of any specific action expressly required by the Merger Agreement or taken with the written consent of the other party or the failure to take any specific action expressly prohibited by the Merger Agreement and as for which the other party declined to consent.

With respect to clauses (i), (ii), (iii) or (v) above, such event, change, circumstance, effect, development or state of facts shall be taken into account for the purpose of determining whether a Material Adverse Effect has occurred to the extent it materially disproportionately affects the applicable party and its Subsidiaries, taken as a whole, relative to other similarly situated companies in the industries in which the applicable party operates.

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In addition, if Enzon, Merger Sub or any of their respective Representatives knew of the material facts of a matter prior to the date of the Merger Agreement Amendment, then no effect, change, event or occurrence arising out of, or resulting from, such facts will constitute a Viskase Material Adverse Effect for all purposes under the Merger Agreement; provided that, for the avoidance of doubt, a Viskase Material Adverse Effect may result from facts that Enzon, Merger Sub or any of their respective Representatives become aware of after the date of the Merger Agreement Amendment.

Pursuant to the Merger Agreement Amendment, each of Enzon and Merger Sub has waived, consented to and released any inaccuracy in, breach of, or failure to comply with any representation, warranty, covenant or agreement of Viskase to the extent known to Enzon or Merger Sub as of the date of the Merger Agreement Amendment and occurring or existing on or prior to that date. As a result, any such matters will be disregarded for purposes of determining whether the conditions relating to the accuracy of Viskase's representations and warranties or its compliance with covenants have been satisfied at Closing, and Enzon and Merger Sub may not terminate, delay or refuse to consummate the Merger by reason of any such matter. This waiver does not affect any claim for fraud or intentional breach with respect to facts first arising or becoming known after the date of the Merger Agreement Amendment.

***Survival***

The representations and warranties in the Merger Agreement do not survive the Effective Time. Please see the section titled *"The Merger Agreement — Explanatory Note Regarding the Merger Agreement*" in this prospectus/consent solicitation/offer to exchange for further information.

**Covenants of the Parties**

***Conduct of Business Pending the Merger***

During the period from the date of the Merger Agreement to the earlier of the termination of the Merger Agreement or the Effective Time (except, in each case, (i) as otherwise specifically contemplated by the terms of the Merger Agreement, (ii) as may be required by law or order or (iii) in the case of Viskase, with respect to the Viskase Credit Agreement), unless the other party otherwise consents in writing (such consent not to be unreasonably withheld, conditioned or delayed), each of Viskase and Enzon has agreed that it will use its commercially reasonable efforts:

● to conduct the businesses of itself and its Subsidiaries, in all material respects, in the ordinary course of business, in a manner consistent with past practice; and

● consistent with the foregoing to preserve substantially intact the business organization of itself and its Subsidiaries, to keep available the services of the present executive officers and key employees of itself and its Subsidiaries, and to preserve, in all material respects, the assets and properties of itself and its Subsidiaries in good repair and condition and the present relationships and goodwill of itself and its Subsidiaries with governmental entities and Persons with which it or any of its Subsidiaries has significant business relations.

Additionally, without limiting the generality of the foregoing, during such period, each of Viskase and Enzon has agreed not to, and to cause its Subsidiaries not to, directly or indirectly, take any of the following actions without the prior written consent of the other party (such consent not to be unreasonably withheld, conditioned or delayed), except, in each case, (i) as otherwise specifically contemplated by the terms of the Merger Agreement, (ii) as may be required by law or order or (iii) in the case of Viskase, with respect to the Viskase Credit Agreement:

● amend, modify, rescind, waive or make any change in its organizational documents or those of any of its Subsidiaries, that, individually or in the aggregate, would reasonably be expected to prevent, delay or materially impair its ability to consummate the Merger;

● issue, deliver, sell, pledge, grant, transfer, encumber or subject to any Lien any additional shares of capital stock, membership interests or partnership interests or other equity securities or grant any option, warrant or right to acquire any capital stock, membership interests or partnership interests or other equity securities or issue any security convertible into or exchangeable for such securities or alter in any way any of its outstanding securities or make any change in outstanding shares of capital stock, membership interests or partnership interests or other ownership interests or its capitalization, whether by reason of a reclassification, recapitalization, stock split or combination, exchange or readjustment of shares, stock dividend or otherwise;

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● redeem, retire, purchase or otherwise acquire, directly or indirectly, any shares of the capital stock, membership interests or partnership interests or other ownership interests of Enzon or Viskase, as applicable, or any of their respective Subsidiaries or any other securities convertible into or exercisable or exchangeable for, or warrants, options or other rights to acquire, any such shares or other ownership interests, other than in connection with redemptions, purchases or other acquisitions of shares or interests of any wholly owned Subsidiary of Enzon or Viskase, as applicable, by Enzon or Viskase, respectively, or any other wholly owned Subsidiary of Enzon or Viskase, respectively;

● declare, set aside or pay any dividends or other distributions in respect of such shares or interests, other than dividends or distributions by wholly owned Subsidiaries to the parent or another wholly owned Subsidiary (and, with respect to Enzon, including the payment of any dividends or other distributions in respect of the Enzon Series C Preferred Stock; provided that dividends will continue to accrue pursuant to the terms of such Enzon Series C Preferred Stock);

● transfer, lease, license, sell, assign, let lapse, abandon, cancel, mortgage, pledge, place a Lien upon (other than a Permitted Lien) or otherwise dispose of any cash or cash equivalents, properties or assets (including cash or cash equivalents or capital stock of any Subsidiaries but excluding intellectual property, which is governed by the following bullet point), in each case, other than in the ordinary course of business consistent with past practice (and, with respect to Enzon, in each case, other than expenses incurred in connection with the Merger Agreement and the transactions contemplated thereby);

● transfer, lease, license, sell, assign, let lapse, abandon, cancel, mortgage, pledge, place a Lien upon or otherwise dispose of any material intellectual property, in each case, other than in the ordinary course of business consistent with past practice;

● acquire, lease or sublease any material assets or properties (including any equity interests or any real property) or spend or commit to spend any cash or cash equivalents to acquire any assets or property, whether by merger, consolidation, purchase or otherwise, in each case, other than in the ordinary course of business consistent with past practice;

● merge with or consolidate with any other Person, or restructure, reorganize or completely or partially liquidate;

● make any material change in any financial or accounting policy, principle, procedure, method, estimate or practice, except as required by changes in GAAP (or any interpretation thereof) or applicable law, in each case, occurring after the date of the Merger Agreement;

● make, change or revoke any tax election that is material to Enzon or Viskase, as applicable, and its respective Subsidiaries as a whole; adopt or change any tax accounting method or period, in each case, that is material to Enzon or Viskase, as applicable, and its respective Subsidiaries as a whole; file any amended U.S. federal income or other material tax return; settle any tax proceeding or audit; surrender any right to claim a refund of taxes; or enter into any "closing agreement" within the meaning of Section 7121 of the Code (or similar provision of state, local or non-U.S. law);

● settle, release, waive, compromise or forgive any claim, action, proceeding, investigation or inquiry, or make any material commitment to a governmental entity, in each case, other than settlements that result solely in customary confidentiality obligations and monetary obligations, or waive any material right with respect to any material claim, in each case, other than in the ordinary course of business consistent with past practice (excluding claims related to (i) taxes, which are governed by the preceding bullet point in this list or (ii) Enzon Transaction Litigation or Viskase Transaction Litigation, respectively, which such litigation will be governed by a cooperation covenant referred to in the section titled "*Covenants of the Parties — Other Covenants of the Parties*" in this prospectus/consent solicitation/offer to exchange);

● incur, assume, endorse, guarantee or otherwise become liable for, (or, with respect to Viskase, modify in any manner materially adverse to Viskase when considered as a whole), the terms of, any indebtedness for borrowed money, or issue or sell any debt securities or calls, options, warrants or other rights to acquire any debt securities (directly, contingently or otherwise), in each case, except in the ordinary course of business consistent with past practice;

● amend in any material respect, terminate early or fail to use commercially reasonable efforts to renew, or waive, release or assign any material rights, claims or benefits under, any material contract, or enter into any agreement that would be a material contract if in effect on the date of the Merger Agreement, in each case, other than in the ordinary course of business consistent with past practice;

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● fail to maintain in all material respects insurance in such amounts and covering such risks as are consistent with past practice, subject to availability of such insurance in the market at commercially reasonable rates consistent with past practice;

● enter into or amend any material contract, agreement or transaction with any of their respective Affiliates (other than a wholly owned Subsidiary of Enzon or Viskase, respectively);

● make any loans, advances or capital contributions to, or investments in, any Person (other than to itself or its wholly owned Subsidiaries), except, in each case, in the ordinary course of business consistent with past practice;

● adopt or implement any stockholder rights plan, "poison pill" or similar agreement;

● enter into a material new line of business outside of its existing business and that of its Subsidiaries, taken as a whole;

● enter into or amend any agreement, contract or commitment, or take any other action, in each case, that would reasonably be expected to prevent or materially delay or materially impair the consummation of the Merger; or

● commit, resolve or agree to do or authorize, any of the foregoing.

***Additional Covenants of Enzon***

In addition to the restrictions described above, Enzon has agreed not to, and to cause its Subsidiaries not to, directly or indirectly, take any of the following actions without the prior written consent of Viskase (such consent not to be unreasonably withheld, conditioned or delayed), except, in each case, as otherwise specifically contemplated by the terms of the Merger Agreement or as may be required by law or order:

● (i) increase the compensation or benefits payable or to become payable under any employee benefit plan of Enzon or otherwise to any employees, officers, director or independent contractors (who are individuals, including individuals providing their services through a personal services entity) of Enzon or any of its Subsidiaries, (ii) establish, adopt, enter into or amend any employee benefit plan of Enzon, or any benefit plan, arrangement, program, policy, commitment, or other arrangement that would be an employee benefit plan of Enzon if it were in existence on the date hereof, or any collective bargaining agreement, (iii) grant any awards under any bonus, incentive, performance or other compensation plan or arrangements, (iv) take any action to accelerate the vesting or payment of, or establish or provide any funding for any rabbi trust or similar arrangement for, any compensation or benefits under any employee benefit plan of Enzon (including any equity or equity-based awards), (v) grant or provide any change-in-control, retention, severance, termination compensation or benefits, (vi) hire or terminate (other than for "cause") any employee, officer, director, or independent contractor (who is an individual, including an individual providing services through a personal services entity), or (vii) increase the compensation of any of its, or any of its Affiliates', officers, directors, managers, partners, or employees, or pay or agree to pay any bonus or similar payment to any of the foregoing other than, in each case, in the ordinary course of business consistent with past practice;

● accelerate the collection of accounts receivable or delay the payment of accounts payable or accrued expenses, in each case, other than in the ordinary course of business consistent with past practice; or

● commit, resolve or agree to do or authorize any of the foregoing.

***No Solicitation by Enzon***

From the date of the Merger Agreement until the earlier of the Effective Time or the termination of the Merger Agreement in accordance with its terms, Enzon has agreed not to, and to cause its Subsidiaries not to, and to instruct (and cause) its and its Subsidiaries' respective Representatives not to, directly or indirectly:

● solicit, initiate or knowingly facilitate or encourage (including by furnishing non-public information) the submission of any inquiries regarding, or the making of any proposal or offer that constitutes, or would reasonably be expected to lead to, an Enzon Acquisition Proposal;

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● engage in, continue or otherwise participate in any discussions or negotiations regarding, or furnish to any other Person, any non-public information in connection with an actual or potential Enzon Acquisition Proposal; or

● enter into any letter of intent, memorandum of understanding, agreement in principle, merger agreement, acquisition agreement or other similar agreement constituting an Enzon Acquisition Proposal.

In addition, except as expressly permitted by the Merger Agreement and described below, Enzon has agreed to, and to cause its Subsidiaries' to (i) immediately cease any solicitation, encouragement, discussions or negotiations with any Persons that may be ongoing with respect to an Enzon Acquisition Proposal, or any inquiry or proposal that may reasonably be expected to lead to an Enzon Acquisition Proposal, (ii) request the prompt return or destruction of all confidential information previously furnished to any such Person in connection with a potential Enzon Acquisition Proposal and (iii) immediately terminate all physical and electronic data room access previously granted to any such Person or its Representatives.

Notwithstanding anything contained in the Merger Agreement to the contrary, if at any time prior to obtaining the Enzon Stockholder Approval, Enzon receives an Enzon Acquisition Proposal that did not result from any breach of the no solicitations provisions of the Merger Agreement, and the Enzon Board (acting on the recommendation of the Enzon Special Committee) or the Enzon Special Committee determines in good faith, after consultation with its financial advisor and outside legal counsel, that such Enzon Acquisition Proposal constitutes or is reasonably likely to lead to an Enzon Superior Proposal, then Enzon (acting at the direction of the Enzon Special Committee) may:

● enter into an Acceptable Confidentiality Agreement with the Person or group making such Enzon Acquisition Proposal and furnish pursuant to such Acceptable Confidentiality Agreement information (including non-public information) with respect to Enzon and its Subsidiaries to such Person or group; provided that Enzon must promptly provide to Viskase any material non-public information concerning Enzon or its Subsidiaries that is provided to such Person and was not previously provided to Viskase; and

● engage in or otherwise participate in discussions or negotiations with such Person or group and otherwise facilitate or assist with such Enzon Acquisition Proposal, if requested by such Person.

Enzon has also agreed to notify Viskase within two (2) business days of receipt of an Enzon Acquisition Proposal by Enzon or any of its Subsidiaries and, subject to applicable law (including with respect to fiduciary duties), to disclose to Viskase the material terms and conditions of any such Enzon Acquisition Proposal (including the consideration offered therein) and the identity of the Person or group making such Enzon Acquisition Proposal. Upon request by Viskase, Enzon has agreed to keep Viskase reasonably informed of any material developments with respect to such Enzon Acquisition Proposal, including any material changes thereto. Enzon has agreed to not, and to cause its Subsidiaries not to, enter into any confidentiality or similar agreement relating to an Enzon Acquisition Proposal with any Person that would prohibit it from providing such information to Viskase in accordance with the Merger Agreement.

***Adverse Recommendation Change; Enzon Superior Proposal Termination***

The Merger Agreement provides that neither the Enzon Board (acting on the recommendation of the Enzon Special Committee) nor the Enzon Special Committee will:

● withhold or withdraw (or modify in a manner adverse to Viskase), or publicly propose to withhold or withdraw (or modify in a manner adverse to Viskase), the Enzon Recommendation or the Enzon Special Committee Recommendation (as applicable);

● recommend the approval or adoption of, or approve or adopt, or publicly propose to recommend, approve or adopt, any Enzon Acquisition Proposal;

● fail to include the Enzon Recommendation or the Enzon Special Committee Recommendation in this prospectus/consent solicitation/offer to exchange.

● make any public recommendation in connection with a tender or exchange offer that is subject to Regulation 14D under the Exchange Act, other than a recommendation in a Schedule 14D-9 against such tender or exchange offer;

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● if an Enzon Acquisition Proposal (not subject to Regulation 14D under the Exchange Act) has been publicly announced or disclosed, fail to reaffirm the Enzon Recommendation or the Enzon Special Committee Recommendation on or prior to the tenth (10th) Business Day after Viskase requests such reaffirmation (any action described in this and the foregoing four (4) bullets being referred to as an "Enzon Adverse Recommendation Change"); provided , however , that (i) neither the delivery of notice to Viskase of an Enzon Acquisition Proposal nor any public announcement thereof will constitute an Enzon Adverse Recommendation Change and (ii) the Enzon Board (acting upon the recommendation of the Enzon Special Committee) or the Enzon Special Committee may make or cause Enzon to make a customary "stop, look and listen" communication and may elect to take no position with respect to an Enzon Acquisition Proposal until the close of business on the tenth (10th) business day after the commencement of such Enzon Acquisition Proposal pursuant to Rule 14e-2 under the Exchange Act without such action being considered an Enzon Adverse Recommendation Change; or

● enter into any letter of intent, memorandum of understanding, agreement in principle, merger agreement, acquisition agreement or similar agreement constituting an Enzon Acquisition Proposal, other than an Acceptable Confidentiality Agreement.

However, notwithstanding the foregoing or any other provision of the Merger Agreement to the contrary, prior to obtaining the Enzon Stockholder Approval, the Enzon Board (acting on the recommendation of the Enzon Special Committee) or the Enzon Special Committee may:

● (i) make an Enzon Adverse Recommendation Change in response to an Enzon Intervening Event, if the Enzon Board (acting on the recommendation of the Enzon Special Committee) or the Enzon Special Committee determines in good faith, after consultation with outside legal counsel, that failure to do so would reasonably be expected to be inconsistent with the directors' fiduciary duties under applicable law; or

● (ii) make an Enzon Adverse Recommendation Change or effect an Enzon Superior Proposal Termination in response to an Enzon Superior Proposal, if the Enzon Board (acting on the recommendation of the Enzon Special Committee) or the Enzon Special Committee determines in good faith, after consultation with its financial advisor and outside legal counsel, that such proposal constitutes an Enzon Superior Proposal;

provided that, in either case of the foregoing clauses (i) and (ii), the Enzon Board (acting on the recommendation of the Enzon Special Committee) or the Enzon Special Committee must:

● provide Viskase with at least five (5) business days' prior written notice of its intention to take such action, including details of the Enzon Intervening Event or the Enzon Superior Proposal, as applicable, the identity of the Person making the Enzon Superior Proposal and the material terms thereof and attach the relevant agreement and all material documentation providing for such Enzon Superior Proposal;

● negotiate in good faith with Viskase during such notice period to allow Viskase to propose revisions to the Merger Agreement such that (i) in the case of an Enzon Adverse Recommendation Change to be made in response to an Enzon Intervening Event, it would obviate any need to make such Enzon Adverse Recommendation Change or (ii) in the case of any Enzon Adverse Recommendation Change or Enzon Superior Proposal Termination to be made in response to an Enzon Superior Proposal, it would cause such Enzon Superior Proposal to no longer constitute an Enzon Superior Proposal;

● consider in good faith any binding offer from Viskase and determine whether (i) in the case of an Enzon Adverse Recommendation Change to be made in response to an Enzon Intervening Event, the failure to make an Enzon Adverse Recommendation Change in response to such Enzon Intervening Event would continue to reasonably be expected to be inconsistent with the directors' fiduciary duties under applicable law or (ii) in the case of an Enzon Adverse Recommendation Change or Enzon Superior Proposal Termination to be made in response to an Enzon Superior Proposal, the Enzon Superior Proposal would continue to constitute an Enzon Superior Proposal, in each case, if the revisions proposed by Viskase in such binding offer were to be given effect would still justify the action; and

● in the event of any material development or change to the Enzon Intervening Event or Enzon Superior Proposal, as applicable, deliver a new notice to Viskase and recommence the notice and negotiation process.

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***Permitted Disclosures***

Nothing in the Merger Agreement prohibits the Enzon Board (acting on the recommendation of the Enzon Special Committee) or the Enzon Special Committee from:

● taking and disclosing to Enzon's stockholders a position contemplated by Rule 14e-2(a), Rule 14d-9 or Item 1012(a) of Regulation M-A under the Exchange Act; or

● making any disclosure to Enzon's stockholders that is required by applicable law or stock exchange rules.

In addition, a factually accurate public statement by Enzon, solely if and to the extent required by law in the opinion of its legal counsel, describing the receipt of an Enzon Acquisition Proposal, the identity of the Person making such Enzon Acquisition Proposal, the material terms of the Enzon Acquisition Proposal and the operation of the Merger Agreement with respect thereto will not, in and of itself, be deemed to be: (i) a withholding, withdrawal, amendment, modification or proposal by the Enzon Board or the Enzon Special Committee to withhold, withdraw, amend or modify the Enzon Recommendation or the Enzon Special Committee Recommendation (as applicable); (ii) an adoption, approval or recommendation with respect to such Enzon Acquisition Proposal; or (iii) an Enzon Adverse Recommendation Change, in each case, so long as the Enzon Board or the Enzon Special Committee expressly reaffirms the Enzon Recommendation and the Enzon Special Committee Recommendation in such public statement.

***Certain Definitions***

For purposes of the Merger Agreement:

"Enzon Acquisition Proposal" means any inquiry, proposal or offer from any Person or group (other than Viskase and its Subsidiaries) relating to, in a single transaction or series of related transactions, any direct or indirect:

● acquisition of 20% or more of the consolidated assets of Enzon and its Subsidiaries (based on the fair market value thereof, as determined in good faith by the Enzon Board or any committee thereof), or assets comprising 20% or more of the consolidated revenues or EBITDA of Enzon and its Subsidiaries, including in any such case through the acquisition of one (1) or more Subsidiaries of Enzon owning such assets;

● acquisition of Enzon Common Stock representing 20% or more of the aggregate equity or voting power of Enzon;

● tender or exchange offer that, if consummated, would result in any Person or group Beneficially Owning Enzon Common Stock representing 20% or more of the aggregate equity or voting power of Enzon; or

● merger, consolidation, share exchange, business combination, recapitalization, liquidation, dissolution or similar transaction involving Enzon pursuant to which such Person or group (or the stockholders of any Person) would acquire, directly or indirectly, 20% or more of the aggregate equity or voting power of Enzon or of the surviving entity in a merger involving Enzon or the resulting direct or indirect parent of Enzon or such surviving entity.

"Enzon Intervening Event" means any event, change, circumstance, effect, development or state of facts that is material to Enzon and its Subsidiaries, taken as a whole, that (i) first becomes known after the date of the Merger Agreement and prior to the Enzon Stockholder Approval and (ii) was not known by or reasonably foreseeable to the Enzon Board or the Enzon Special Committee as of the date of the Merger Agreement; provided, however, that in no event shall any of the following events, changes, circumstances, effects, developments or states of fact be taken into account in determining whether an Enzon Intervening Event has occurred: (A) the receipt, existence or terms of an Enzon Acquisition Proposal or any matter relating thereto or direct or indirect consequence thereof; (B) the fact that, in and of itself, Enzon or any of its Subsidiaries exceeds any internal or published projections, forecasts, estimates or predictions in respect of revenues, earnings or other financial or operating metrics for any period (it being understood that the facts or occurrences giving rise to or contributing to such event may be taken into account in determining whether there has been, or will be, an Enzon Intervening Event to the extent not otherwise excluded hereunder); or (C) any change, in and of itself, in the market price or trading volume of Enzon's securities (it being understood that the facts or occurrences giving rise to or contributing to such change may be taken into account in determining whether there has been or will be, an Enzon Intervening Event to the extent not otherwise excluded hereunder).

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"Enzon Superior Proposal" means any bona fide unsolicited written Enzon Acquisition Proposal that the Enzon Board and the Enzon Special Committee have determined in their good faith judgment, after consultation with their outside legal counsel and financial advisor, (i) would be more favorable to Enzon's stockholders from a financial point of view than the transactions contemplated by the Merger Agreement (taking into account any amendment or modification proposed by Viskase pursuant to the Merger Agreement and (ii) is reasonably likely to be completed in accordance with its terms, taking into account all terms and conditions of such proposal and the legal, regulatory, financial (including financing terms), timing and other aspects of such proposal (including certainty of closing) and of the Merger Agreement; provided that for purposes of the definition of "Enzon Superior Proposal", the references to "20%" in the definition of Enzon Acquisition Proposal shall be deemed to be references to "50%."

"Enzon Superior Proposal Termination" means the termination of the Merger Agreement by the Enzon Board (acting on the recommendation of the Enzon Special Committee) or by the Enzon Special Committee to enter into a definitive agreement providing for an Enzon Superior Proposal.

***Efforts***

Enzon and Viskase have each agreed to use their commercially reasonable efforts to take, or cause to be taken, all actions, and to do, or cause to be done, and to assist and cooperate with each other in doing, all things necessary, proper or advisable to consummate and make effective, as soon as possible following the date of the Merger Agreement, the Merger and the other transactions contemplated by the Merger Agreement, including using commercially reasonable efforts in:

● conducting their business and the business of their respective Subsidiaries in all material respects, in the ordinary course of business, in a manner consistent with past practice and preserve substantially intact the business organization of itself and its respective Subsidiaries, to keep available the services of the present executive officers and the key employees of each party and its respective Subsidiaries and to preserve, in all material respects, their respective assets and properties in good repair and condition and the present relationships and goodwill of itself and its respective Subsidiaries with governmental entities and Persons with which it or any of its respective Subsidiaries has significant business relations;

● the obtaining of all necessary actions, non-actions, waivers, consents and approvals from governmental entities prior to the Effective Time, and the making of all necessary registrations and filings and the taking of all steps as may be reasonably necessary in connection therewith;

● the obtaining of all required consents, approvals or waivers from third parties;

● the contesting and defending of any lawsuits or other legal proceedings challenging the Merger Agreement, the Merger or the other contemplated transactions, including seeking to have any stay or temporary restraining order entered by any governmental entity vacated or reversed;

● executing and delivering any additional instruments necessary to consummate the contemplated transactions; and

● refraining from taking any action that would reasonably be expected to impede, interfere with, prevent or materially delay the Closing.

***D&O Insurance and Indemnification***

The Merger Agreement requires that, for a period of six (6) years following the Effective Time (to the fullest extent permitted by applicable law, the Enzon Organizational Documents and Viskase Organizational Documents, and certain indemnification agreements to which Enzon is a party), Enzon will, and will cause the Surviving Company to, indemnify and hold harmless all past and present directors, officers and managers of Enzon, Viskase, and their respective Subsidiaries (collectively, the "Indemnified Parties") against any costs (including reasonable attorneys' fees), expenses (including advancement of such costs and expenses and applicable retention amounts under applicable insurance policies) prior to the final disposition of any actual or threatened claim, suit, proceeding or investigation to each Indemnified Party, judgments, fines, losses, claims, damages, liabilities and amounts paid in settlement in connection with any actual or threatened claim, action, suit, investigation or proceeding, whether civil, criminal, administrative or investigative, in respect of acts or omissions occurring or alleged to have occurred at or prior to the Effective Time (including acts or omissions occurring in connection with the approval of the Merger Agreement and the consummation of the Merger), whether asserted or claimed prior to, at or after the Effective Time, by reason of the fact that such Indemnified Party is or was serving as a director, officer or manager of Enzon, Viskase or any of their respective Subsidiaries.

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For six (6) years following the Effective Time, Enzon and the Surviving Company are required to maintain in effect the provisions in (i) the Enzon Organizational Documents and Viskase Organizational Documents, respectively, and (ii) certain indemnification agreements of Enzon or any of its Subsidiaries with any Indemnified Party, subject to certain limited exceptions. Such provisions may not be amended, modified or repealed in a manner that would adversely affect the rights or protections of any Indemnified Party with respect to acts or omissions occurring or alleged to have occurred at or prior to the Effective Time (including acts or omissions occurring in connection with the approval of the Merger Agreement and the consummation of the Merger) without the prior written consent of such Indemnified Party or such Person's heirs, executors, administrators or Representatives.

In addition, the Merger Agreement requires that, at or prior to the Effective Time, Viskase (or, at Enzon's election, Enzon) will purchase a six (6)-year prepaid "tail" policy for the benefit of Enzon's directors and officers who served prior to the transactions contemplated by the Merger Agreement, which Enzon and the Surviving Company will maintain in effect for the duration of such policy. The policy must provide coverage on terms and conditions (including retentions, limits and other material terms) that are substantially equivalent to the current directors' and officers' liability insurance and fiduciary liability insurance policies maintained by Enzon and its Subsidiaries with respect to matters arising at or prior to the Effective Time. However, the aggregate cost of such "tail" policy may not exceed 300% of the last aggregate annual premium paid by Enzon prior to the date of the Merger Agreement for such policies, and if the cost would exceed such amount, Viskase will be permitted to purchase as much coverage as is reasonably practicable for such amount.

***Other Covenants of the Parties***

The Merger Agreement contains additional agreements among and obligations of Enzon, Merger Sub and Viskase, relating to, among other things:

● cooperation between Enzon and Viskase in the preparation and filing of this prospectus/consent solicitation/offer to exchange and the solicitation of written consents from the stockholders of Enzon;

● access by each party and its Representatives to certain information about the other party and its Subsidiaries during the period prior to the Effective Time, subject to customary limitations and the terms of the Confidentiality Agreement;

● cooperation between Enzon and Viskase in the defense, settlement or prosecution of any Viskase Transaction Litigation or Enzon Transaction Litigation, including consultation rights and consent requirements with respect to any such litigation;

● obtaining the prior written consent of the other party before making public announcements relating to the Merger and the other transactions contemplated by the Merger Agreement (except as otherwise required by applicable law, in which case, the other party will be given an opportunity to review and comment on such public announcement);

● actions by Enzon to exempt certain dispositions of Viskase Common Stock and acquisitions of Enzon Common Stock under Rule 16b-3 promulgated under the Exchange Act;

● the intention of Enzon and Viskase that the Merger and the conversion of Viskase into a limited liability company qualify for the Intended Tax Treatment, and the obligation of each party to use its reasonable best efforts to cause such treatment and to notify the other party of any fact or circumstance that could reasonably be expected to prevent such treatment;

● actions by Enzon to (i) consummate the IEH Share Exchange in accordance with the IEH Support Agreement and (ii) commence and consummate the Series C Exchange Offer, subject to the conditions set forth in the Merger Agreement, and to seek maximum participation by holders of Enzon Series C Preferred Stock, other than the IEH Parties;

● cooperation between Enzon and Viskase in connection with the delivery of officers' certificates, legal opinions and other documentation required under the Viskase Credit Agreement in connection with the Merger;

● actions by Viskase to terminate that certain Private Placement Agreement, dated as of October 9, 2020, by and between Viskase and Icahn Enterprise Holdings L.P. prior to or concurrently with the Effective Time;

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● actions by Enzon and Viskase to ensure that no Takeover Law becomes applicable to the Merger Agreement, the Merger, the IEH Support Agreement or any of the other transactions contemplated thereby, or to otherwise minimize the effect of any such Takeover Law;

● cooperation between Enzon and Viskase in connection with the delisting of Viskase Common Stock from quotation on the OTC, effective as of the Effective Time;

● actions by Enzon to cause the shares of Enzon Common Stock to be issued in connection with the Merger to be quoted on the OTC, subject to official notice of issuance, prior to the Effective Time;

● actions by Enzon to effectuate the Reverse Stock Split prior to the Effective Time, with the final ratio to be determined by Viskase in its sole discretion within a specified range, and subject to the authorized share limit under Enzon's Amended and Restated Certificate of Incorporation;

● actions by Enzon to permit the rights issued pursuant to the Section 382 Rights Agreement to expire in accordance with the terms of the 382 Rights Agreement and cause the 382 Rights Agreement to be terminated or expire in accordance with its terms prior to the Effective Time; and

● efforts by Enzon to cause each Person identified by Viskase, and upon Viskase's written request, who is in office as a director or officer of Enzon or any of its Subsidiaries to resign from all such positions, effective as of the Effective Time.

**Conditions to Completion of the Merger**

***Mutual Conditions to Completion***

The respective obligations of Enzon and Viskase to effect the Merger are subject to the satisfaction, or (to the extent permitted by law) waiver by Enzon and Viskase (as applicable), at or prior to the Effective Time, of the following conditions:

● *Viskase Stockholder Approval*. Viskase having obtained the Viskase Stockholder Approval (which was satisfied on November 11, 2025).

● *Enzon Stockholder Approval*. Enzon having obtained the Enzon Stockholder Approval.

● *Series C Exchange Offer*. The Series C Exchange Offer will have been consummated.

● *Absence of Legal Restraint*. the consummation of the Merger not being prohibited, made illegal or enjoined by any law or order of any governmental authority of competent jurisdiction. No Governmental Entity of competent jurisdiction in the United States having (i) adopted or promulgated any law that is in effect or (ii) issued any temporary, preliminary or permanent Order that is in effect, in each case, which has the effect of making the Merger illegal or otherwise restraining, enjoining or prohibiting consummation of the Merger (each, a "Legal Restraint").

● *Exchange Listing*. The shares of Enzon Common Stock to be issued in the Merger having been approved for listing on the OTC, subject to official notice of issuance.

● *Effectiveness of Registration Statement*. The registration statement on Form S-4, of which this prospectus/consent solicitation/offer to exchange forms a part, having become effective under the Securities Act and not being subject of any stop order or any proceedings (initiated or threatened) by the SEC seeking a stop order.

● *Antitrust Approval*. Any waiting period applicable to the Merger under the HSR Act having expired or having been terminated, which early termination was granted by the FTC on July 15, 2025.

● *IEH Share Exchange*. The IEH Share Exchange having been consummated in accordance with the terms of the IEH Support Agreement.

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***Additional Conditions to Completion for the Benefit of Enzon***

The obligation of Enzon to effect the Merger is subject to the satisfaction, or waiver by Enzon, at or prior to the Effective Time, of the following additional conditions:

● *Representations and Warranties*. (i) The representations and warranties of Viskase set forth in the Merger Agreement relating to organization, standing, capitalization, authority, voting requirements, no rights agreement, anti-takeover provisions, opinion of financial advisors and brokers and other advisors being true and correct in all material respects; (ii) the representations and warranties of Viskase set forth in the Merger Agreement relating to no Material Adverse Effect since the Viskase Balance Sheet Date being true and correct in all respects; and (iii) all other representations and warranties of Viskase set forth in the Merger Agreement being true and correct, except, in the case of this clause (iii), where the failure to be so true and correct (without giving effect to any "materiality" or "Material Adverse Effect" qualifiers) has not had a Material Adverse Effect on Viskase, in the case of each of the foregoing clauses (i) through (iii), when made and as of the Closing Date, as if made at and as of such date (except to the extent expressly made as of an earlier date, in which case as of such date).

● *Covenants*. Viskase having performed in all material respects and complied in all material respects with all agreements and covenants required to be performed or complied with by it under the Merger Agreement at or prior to the Effective Time.

● *Officer's Certificate*. Enzon having received a certificate of an executive officer of Viskase, dated as of the Closing Date, certifying that the representations and conditions of Viskase set forth in the foregoing two (2) bullets have been satisfied.

● *Senior Credit Facility*. Viskase having delivered to Enzon proof reasonably satisfactory to Enzon that no event of default, acceleration or other demand for payment under the Viskase Credit Agreement will occur as a result of the transactions contemplated by the Merger Agreement, including the Merger.

***Additional Conditions to Completion for the Benefit of Viskase***

The obligation of Viskase to effect the Merger is subject to the satisfaction or waiver by Viskase, at or prior to the Effective Time, of the following additional conditions:

● *Representations and Warranties*. (i) The representations and warranties of Enzon set forth in the Merger Agreement relating to organization, standing, capitalization, authority, voting requirements, no rights agreement, anti-takeover provisions, opinion of financial advisors and brokers and other advisors being true and correct in all material respects; (ii) the representations and warranties of Enzon set forth in the Merger Agreement relating to no Enzon Material Adverse Effect since the Enzon Balance Sheet Date being true and correct in all respects; and (iii) all other representations and warranties of Enzon set forth in the Merger Agreement being true and correct, except, in the case of this clause (iii), where the failure to be so true and correct (without giving effect to any "materiality" or "Material Adverse Effect" qualifiers) has not had a Material Adverse Effect on Enzon, in the case of each of the foregoing clauses (i) through (iii), when made and as of the Closing Date, as if made at and as of such date (except to the extent expressly made as of an earlier date, in which case as of such date).

● *Covenants*. Enzon having performed in all material respects and complied in all material respects with all agreements and covenants required to be performed or complied with by it under the Merger Agreement at or prior to the Effective Time.

● *Officer's Certificate*. Viskase having received a certificate of an executive officer of Enzon, dated as of the Closing Date, certifying that the representations and conditions of Enzon described set forth in the foregoing two (2) bullets have been satisfied.

● *Series C Preferred Actions*. Each of the IEH Share Exchange and the Series C Exchange Offer having been consummated and effective.

● *Reverse Stock Split*. The Reverse Stock Split having been consummated and effective.

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● *Dissenting Viskase Stockholders*. The period during which holders of Viskase Common Stock may exercise dissenters' rights under Section 262 of the DGCL having expired, and holders representing not more than three percent (3%) of the issued and outstanding Viskase Common Stock having exercised (and not withdrawn or waived) such rights.

● *Enzon's Minimum Cash Condition*. At the Closing, Enzon having Cash on Hand equal to or greater than $40,000,000.

No party may rely on the failure of any condition to be satisfied if such failure was caused by such party's willful and material breach of the Merger Agreement.

**Termination of the Merger Agreement**

***Termination by Enzon or Viskase***

The Merger Agreement may be terminated at any time before the Effective Time by mutual written consent of Enzon and Viskase. The Merger Agreement may also be terminated at any time prior to the Effective Time by either Enzon or Viskase, if:

● the Merger has not been consummated on or before 11:59 p.m., Eastern Time, on March 31, 2026 (the "Termination Date"); provided that such right to terminate the Merger Agreement is not available to any party whose material breach of any obligation under the Merger Agreement has been the primary cause of the failure to consummate the Merger by the Termination Date; or

● any legal restraint permanently restraining, enjoining or otherwise prohibiting or making illegal the Merger or otherwise prohibiting the consummation of the Merger has become final and nonappealable; provided that the right to terminate the Merger Agreement will not be available to any party whose material breach of any obligation under the Merger Agreement has been the primary cause of the imposition of such legal restraint or the failure of such legal restraint to be resisted, resolved or lifted.

***Termination by Enzon***

The Merger Agreement may be terminated at any time prior to the Effective Time by Enzon, if:

● prior to the receipt of the Enzon Stockholder Approval, each of the following conditions are met: (i) the Enzon Board or Enzon Special Committee authorizes Enzon to enter into a definitive agreement providing for an Enzon Superior Proposal; (ii) none of Enzon, the Enzon Board or the Enzon Special Committee breached in any material respect its obligations under the Merger Agreement with respect to such Enzon Superior Proposal; (iii) concurrently with such termination, Enzon enters into a definitive agreement providing for an Enzon Superior Proposal; and (iv) prior to or concurrently with such termination, Enzon pays the Enzon Termination Fee to Viskase, as further described in the section titled "— *Effect of Termination; Termination Fees*" in this prospectus/consent solicitation/offer to exchange;

● Viskase has breached or failed to perform any of its representations, warranties, covenants or agreements under the Merger Agreement, or if any representation or warranty of Viskase has become untrue, in a way that results in the failure to satisfy a closing condition of the Merger, and such breach is not reasonably capable of being cured prior to (i) the Termination Date or, (ii) if such breach is reasonably capable of being cured prior to the Termination Date, such breach is not cured prior to the earlier of (A) 30 days after written notice of such breach or (B) the Termination Date (provided that Enzon is not then in material breach of any of its representations, warranties, covenants or agreements under the Merger Agreement, which breach would result in the failure to satisfy a closing condition of the Merger); or

● the Viskase Stockholder Approval has not been delivered to Enzon within 24 hours following the execution of the Merger Agreement; however, this termination provision expired following the delivery of the Viskase Stockholder Approval on November 11, 2025.

***Termination by Viskase***

The Merger Agreement may be terminated at any time prior to the Effective Time by Viskase, if:

● prior to the receipt of the Enzon Stockholder Approval, there has been an Enzon Adverse Recommendation Change; or

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● Enzon has breached or failed to perform any of its representations, warranties, covenants or agreements under the Merger Agreement or if any representation or warranty of Enzon has become untrue in a way that results in the failure to satisfy a closing condition of the Merger, and such breach is not reasonably capable of being cured prior to (i) the Termination Date or, (ii) if such breach is reasonably capable of being cured prior to the Termination Date, such breach is not cured prior to the earlier of (A) 30 days after written notice of such breach or (B) the Termination Date (provided that Viskase is not then in material breach of any of its representations, warranties, covenants or agreements under the Merger Agreement, which breach would result in the failure to satisfy a closing condition of the Merger).

***Effect of Termination; Termination Fees***

In the event of the valid termination of the Merger Agreement in accordance with its terms, the Merger Agreement will be of no further force or effect, and neither party will have any further liability to the other, except that certain provisions, including those relating to termination effects and other general provisions together with the Confidentiality Agreement, will survive any such termination. If an Enzon Termination Fee is payable, such payment, together with any applicable expenses, will constitute the sole and exclusive remedy of Viskase, its Subsidiaries and any of their respective Representatives for any losses, damages or claims arising from the failure to consummate the Merger or the termination of the Merger Agreement. Notwithstanding the foregoing, all legal and equitable remedies remain available in cases involving fraud or an intentional breach of the Merger Agreement.

Enzon is required to pay Viskase a termination fee of $1,000,000 (the "Enzon Termination Fee") if the Merger Agreement is terminated under any of the following circumstances:

● by Viskase following an Enzon Adverse Recommendation Change;

● by Enzon in order to enter into a definitive agreement with respect to an Enzon Superior Proposal (as discussed in the section titled "— *Adverse Recommendation Change; Enzon Superior Proposal Termination*" in this prospectus/consent solicitation/offer to exchange); and

● (i) by either party because the Merger has not been completed by the Termination Date; (ii) after the execution of the Merger Agreement, an Enzon Acquisition Proposal has been publicly disclosed or announced or has become public (A) prior to the Termination Date (if the Merger Agreement is terminated as a result of the foregoing clause (i)) or (B) prior to termination of the Merger Agreement, if such termination is by Viskase because Enzon has breached or failed to perform any of its representations, warranties, covenants or agreements under the Merger Agreement or if any representation or warranty of Enzon has become untrue in a way that results in the failure to satisfy a closing condition of the Merger, which breach or failure is uncured or uncurable; and (iii) within 12 months following such termination, (1) an Enzon Acquisition Proposal is consummated or a definitive agreement providing for an Enzon Acquisition Proposal is entered into and is subsequently consummated (whether or not consummated within such 12 month period) or (2) any Person commences a tender or exchange offer in respect of an Enzon Acquisition Proposal that is thereafter consummated (whether during or after such 12 month period).

Viskase is required to pay Enzon a termination fee of $1,000,000 if the Merger Agreement is terminated by Enzon due to the failure of the Viskase Board to deliver the Viskase Stockholder Approval within 24 hours following the execution of the Merger Agreement. The Viskase Stockholder Approval was delivered to Enzon by Viskase on June 20, 2025 and subsequently on November 11, 2025, within the time period required under the Merger Agreement. Accordingly, this requirement under the Merger Agreement has been satisfied.

All termination fee payments must be made by wire transfer of immediately available funds. Each party acknowledges that the termination fees are not penalties but represent reasonable liquidated damages in light of the efforts and resources expended in connection with the transaction. If a party fails to make a required payment, it will also be responsible for the other party's costs of enforcement and interest on the unpaid amount.

**Amendments; Waivers**

The Merger Agreement may be amended by an instrument in writing signed by each of Enzon and Viskase at any time before or after the Enzon Stockholder Approval or the Viskase Stockholder Approval, but, after any such approval, no amendment may be made which by law requires further approval by such stockholders, without the approval of such stockholders.

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Any agreement on the part of a party to the Merger Agreement to any waiver will be valid only if set forth in a written instrument signed on behalf of such party. The failure or delay of any party to the Merger Agreement to assert any of its rights under the Merger Agreement or otherwise will not constitute a waiver of those rights nor will any single or partial exercise thereof preclude any other or further exercise of any other right under the Merger Agreement.

**Specific Performance**

The parties to the Merger Agreement are entitled to an injunction, specific performance and other equitable relief to prevent breaches or threatened breaches of the Merger Agreement and to specifically enforce the terms and provisions of the Merger Agreement.

**Third-Party Beneficiaries**

The Merger Agreement is not intended to confer, and does not confer, any rights or remedies under or by reason of the Merger Agreement on any Person other than Enzon and Viskase and their respective successors and permitted assigns, other than (i) to Persons entitled to indemnification and insurance as described in the section titled "*— D&O Insurance and Indemnification*" in this prospectus/consent solicitation/offer to exchange and (ii) the rights for former directors and officers of Enzon to consent to certain settlements, compromises and other arrangements regarding certain transaction litigation, as discussed in the section titled "— *Other Covenants of the Parties*" in this prospectus/consent solicitation/offer to exchange.

**Governing Law**

The Merger Agreement is governed by the laws of the State of Delaware, without giving effect to any choice or conflict of law provision or rule that would cause the application of the laws of any other jurisdiction.

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**SERIES C EXCHANGE OFFER**

**No Recommendation**

None of Enzon, the Enzon Board, officers or employees of Enzon, the Information Agent, the Exchange Agent, any of Enzon's financial advisors or any other Person is making any recommendation to any holder of Enzon Series C Preferred Stock as to whether such holder should tender shares of Enzon Series C Preferred Stock in the Series C Exchange Offer.

Accordingly, you must make your own decision as to whether to tender shares of Enzon Series C Preferred Stock in the Series C Exchange Offer and, if so, the number of shares of Enzon Series C Preferred Stock to tender. Participation in the Series C Exchange Offer is voluntary, and you should carefully consider whether to participate before you make your decision. Enzon urges you to carefully read this prospectus/consent solicitation/offer to exchange in its entirety, including the information set forth in the section titled "*Risk Factors — Risks Related to the Series C Exchange Offer*" in this prospectus/consent solicitation/offer to exchange. Enzon also urges you to consult your own financial and tax advisors in making your own decisions on what action, if any, to take in light of your own particular circumstances.

**Reasons for the Series C Exchange Offer**

Under the terms of the Merger Agreement, Enzon is required to use commercially reasonably efforts to commence the Series C Exchange Offer no less than twenty-five (25) business days prior to the Closing, which resulted from negotiations with Viskase regarding the treatment of the Enzon Series C Preferred Stock in connection with the Merger. Enzon understood that the redemption or other disposition of the Enzon Series C Preferred Stock was an important factor in Viskase's decision to enter into the Merger Agreement. In addition, concurrently with the execution of the Merger Agreement, Enzon, Viskase and the IEH Parties entered into the IEH Support Agreement, pursuant to which the IEH Parties agreed to, among other things and subject to certain exceptions, immediately prior to the Closing, effectuate the conversion of each issued and outstanding share of Enzon Series C Preferred Stock into shares of Enzon Common Stock based upon the Enzon 20-day VWAP. The IEH Parties' agreement to contribute additional value to the holders of Enzon Common Stock, other than the IEH Parties, in connection with the IEH Share Exchange pursuant to the IEH Support Agreement, was an important factor in the Enzon Board's and the Enzon Special Committee's determination that the Merger Agreement and the transactions contemplated thereby are fair to, and in the best interests of, Enzon and the Enzon stockholders. Enzon, the Enzon Board and the Enzon Special Committee determined that, because the IEH Parties agreed to exchange their shares of Enzon Series C Preferred Stock for shares of Enzon Common Stock in connection with the Merger, the other holders of Enzon Series C Preferred Stock should be offered the same opportunity to exchange their shares of Enzon Series C Preferred Stock for shares of Enzon Common Stock at the same price as the IEH Parties.

**Terms of the Series C Exchange Offer**

Enzon is offering to exchange, upon the terms and subject to the conditions set forth in this prospectus/consent solicitation/offer to exchange and the accompanying letter of transmittal, any and all shares of Enzon Series C Preferred Stock validly tendered in the Series C Exchange Offer for newly issued shares of Enzon Common Stock (the "Series C Exchange Offer Consideration").

The Series C Exchange Offer will expire at the Series C Exchange Time, unless extended or earlier terminated by us in Enzon's discretion. Tendered shares of Enzon Series C Preferred Stock may be withdrawn at any time prior to the Series C Exchange Time. In addition, Enzon stockholders may withdraw any tendered shares of Enzon Series C Preferred Stock if Enzon has not accepted them for exchange within 60 days from the commencement of the Series C Exchange Offer on January 30, 2026.

Enzon will issue shares of Enzon Common Stock in exchange for properly tendered (and not validly withdrawn) shares of Enzon Series C Preferred Stock that are accepted for exchange promptly after the Series C Exchange Time.

All of the shares of Enzon Series C Preferred Stock are held in book-entry form through the facilities of DTC in New York City. This prospectus/consent solicitation/offer to exchange and the letter of transmittal are being sent to all registered holders and beneficial holders of shares of Enzon Series C Preferred Stock identified by DTC participants as of the day preceding the date of this prospectus/consent solicitation/offer to exchange. The record date for determining registered holders of Enzon Series C Preferred Stock entitled to participate in the Series C Exchange Offer is the Enzon Record Date. The Series C Exchange Offer will be available to each holder of Enzon Series C Preferred Stock.

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Any shares of Enzon Series C Preferred Stock that are accepted for exchange in the Series C Exchange Offer will be retired. Shares of Enzon Series C Preferred Stock tendered but not accepted because they were not properly tendered shall remain outstanding upon completion of the Series C Exchange Offer. If any tendered shares of Enzon Series C Preferred Stock are not accepted for exchange because of an invalid tender, the occurrence of other events set forth in this prospectus/consent solicitation/offer to exchange or otherwise, all unaccepted shares of Enzon Series C Preferred Stock will be returned, without expense, to the tendering holder promptly after the Series C Exchange Time.

Enzon's obligation to accept shares of Enzon Series C Preferred Stock tendered pursuant to the Series C Exchange Offer is limited by the conditions listed below under the section titled "*Series C Exchange Offer — Conditions of the Series C Exchange Offer*" in this prospectus/consent solicitation/offer to exchange.

Holders who tender shares of Enzon Series C Preferred Stock in the Series C Exchange Offer will not be required to pay brokerage commissions or fees to the Information Agent, the Exchange Agent or Enzon. If an Enzon stockholder's shares of Enzon Series C Preferred Stock are held through a brokerage firm, bank or other nominee who tenders the shares of Enzon Series C Preferred Stock on his, her or its behalf, such holder's broker or nominee may charge the holder a commission for doing so.

Additionally, subject to the instructions in the letter of transmittal, holders who tender shares of Enzon Series C Preferred Stock in the Series C Exchange Offer will not be required to pay transfer taxes with respect to the exchange of shares of Enzon Series C Preferred Stock. Please see the sections titled "*Series C Exchange Offer — Fees and Expenses*" and "*Summary Of The Material Terms Of The Series C Exchange Offer — Material U.S. Federal Income Tax Considerations of the Series C Exchange Offer*" in this prospectus/consent solicitation/offer to exchange for further information regarding fees and expenses and taxes relating to the Series C Exchange Offer.

Enzon intends to conduct the Series C Exchange Offer in accordance with the applicable requirements of the Securities Act, the Exchange Act and the rules and regulations of the SEC. Shares of Enzon Series C Preferred Stock that are not accepted for exchange in the Series C Exchange Offer will remain outstanding. Please see the section titled "*Series C Exchange Offer — Consequences of Failure to Exchange Enzon Series C Preferred Stock in the Series C Exchange Offer*" in this prospectus/consent solicitation/offer to exchange for further information. Holders of Enzon Series C Preferred Stock will not have appraisal rights, or any contract right to petition for fair value, with respect to the Series C Exchange Offer. Enzon will not independently provide such a right.

Enzon shall be deemed to have accepted for exchange properly tendered shares of Enzon Series C Preferred Stock when Enzon has given oral or written notice of the acceptance to the Exchange Agent. The Exchange Agent will act as agent for the holders of Enzon Series C Preferred Stock who tender their shares in the Series C Exchange Offer for the purposes of receiving the Series C Exchange Offer Consideration from Enzon and delivering the Series C Exchange Offer Consideration to the exchanging holders. Enzon expressly reserves the right to amend or terminate the Series C Exchange Offer, and not to accept for exchange any shares of Enzon Series C Preferred Stock not previously accepted for exchange, upon the occurrence of any of the conditions specified below under the section titled "*Series C Exchange Offer — Conditions of the Series C Exchange Offer*" in this prospectus/consent solicitation/offer to exchange.

**Fees and Expenses**

The expenses of soliciting tenders of the shares of Enzon Series C Preferred Stock will be borne by Enzon. The principal solicitations are being made by mail; however, additional solicitations may be made by electronic communication, personally or by telephone or in Person by Enzon and the Information Agent, as well as by Enzon's executive officer and other Affiliates.

Enzon stockholders will not be required to pay any fees or commissions to Enzon, the Exchange Agent or the Information Agent in connection with the Series C Exchange Offer. If an Enzon stockholder's shares of Enzon Series C Preferred Stock are held through a brokerage firm, bank or other nominee that tenders such holder's shares of Enzon Series C Preferred Stock on his, her or its behalf, such brokerage firm, bank or other nominee may charge such holder a commission or service fee for doing so. Enzon stockholders should consult their broker, dealer, commercial bank, trust company or other nominee to determine whether any charges will apply.

**Fractional Shares of Enzon Common Stock**

Enzon will not issue fractional shares of Enzon Common Stock in the Series C Exchange Offer.

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**Resale of Enzon Common Stock Received Pursuant to the Series C Exchange Offer**

The offer and issuance of the shares of Enzon Common Stock pursuant to the Series C Exchange Offer is being registered under the Securities Act, and the Enzon Common Stock will be freely tradable, except by Enzon's Affiliates.

**Consequences of Failure to Exchange Enzon Series C Preferred Stock in the Series C Exchange Offer**

Shares of Enzon Series C Preferred Stock that are not accepted for exchange in the Series C Exchange Offer will remain outstanding and continue to be entitled to the rights and benefits holders have under the DGCL and the Enzon Organizational Documents. The Enzon Common Stock will rank, with respect to dividend rights and rights on the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding up of the Combined Company, junior to the Enzon Series C Preferred Stock.

Further, if a sufficiently large number of shares of Enzon Series C Preferred Stock does not remain outstanding after the Series C Exchange Offer, the trading market for the remaining outstanding shares of Enzon Series C Preferred Stock may be less liquid and more sporadic and market prices may fluctuate significantly depending on the volume of trading of the shares of Enzon Series C Preferred Stock.

**Series C Exchange Time; Extension; Termination; Amendment**

The Series C Exchange Offer will expire at the Series C Exchange Time, unless extended or earlier terminated by Enzon in its sole discretion. The term "Series C Exchange Time" means one minute after 11:59 p.m., Eastern Time, on February 27, 2026, unless extended, and if Enzon extends the period of time for which the Series C Exchange Offer remains open, the term "Series C Exchange Time" means the latest time and date to which the Series C Exchange Offer is so extended.

Tendered shares of Enzon Series C Preferred Stock may be withdrawn prior to the Series C Exchange Time. Enzon stockholders must validly tender their shares of Enzon Series C Preferred Stock for exchange prior to the Series C Exchange Time to receive the Series C Exchange Offer Consideration. The Series C Exchange Time will be at least 20 business days from the commencement of the Series C Exchange Offer as required by Rule 14e-1(a) under the Exchange Act.

Enzon reserves the right, in its sole discretion, to extend the period of time that the Series C Exchange Offer is open, and delay acceptance for exchange of any shares of Enzon Series C Preferred Stock, by giving oral or written notice to the Exchange Agent and by timely public announcement no later than 9:00 a.m., Eastern Time, on the next business day after the previously scheduled Series C Exchange Time. During any extension, all shares of Enzon Series C Preferred Stock previously tendered pursuant to the extended Exchange Offer will remain subject to the Series C Exchange Offer unless properly withdrawn.

In addition, Enzon reserves the right to:

● terminate the Series C Exchange Offer and not accept for exchange any shares of Enzon Series C Preferred Stock not previously accepted for exchange upon the occurrence of any of the events specified below under the section titled *"Series C Exchange Offer — Conditions of the Series C Exchange Offer*" in this prospectus/consent solicitation/offer to exchange that have not been waived by Enzon; and

● amend the terms of the Series C Exchange Offer in any manner permitted or not prohibited by law.

If Enzon terminates or amends the Series C Exchange Offer, Enzon will notify the Exchange Agent by oral or written notice (with any oral notice to be promptly confirmed in writing) and will issue a timely press release or other public announcement regarding the termination or amendment.

In the event that the Series C Exchange Offer is terminated, withdrawn or otherwise not consummated prior to the Series C Exchange Time, no consideration will be paid or become payable to holders who have properly tendered their shares of Enzon Series C Preferred Stock pursuant to the Series C Exchange Offer. In any such event, the shares of Enzon Series C Preferred Stock previously tendered pursuant to the Series C Exchange Offer will be promptly returned to the tendering holders.

If Enzon makes a material change in the terms of the Series C Exchange Offer or the information concerning the Series C Exchange Offer or waives a material condition of the Series C Exchange Offer, Enzon will promptly disseminate disclosure regarding

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the changes to the Series C Exchange Offer as required by law. In addition, Enzon will take steps to ensure that the Series C Exchange Offer remains open for the minimum number of days, as required by law, following the date Enzon disseminates disclosure regarding the changes.

**Procedures for Tendering Shares of Enzon Series C Preferred Stock**

Enzon has forwarded to its stockholders, along with this prospectus/consent solicitation/offer to exchange, the letter of transmittal relating to the Series C Exchange Offer. A holder need not submit the letter of transmittal if the holder validly tenders shares of Enzon Series C Preferred Stock in accordance with the procedures mandated by DTC's ATOP.

To tender in the Series C Exchange Offer through ATOP, a holder must comply with the procedures described below under the section titled "*Series C Exchange Offer — The Depository Trust Company Book-Entry Transfer Procedures*" in this prospectus/consent solicitation/offer to exchange.

**The Depository Trust Company Book-Entry Transfer Procedures**

The Exchange Agent will establish accounts with respect to the shares of Enzon Series C Preferred Stock at DTC for purposes of the Series C Exchange Offer promptly following the Series C Exchange Time.

Holders who tender (and do not validly withdraw) their shares of Enzon Series C Preferred Stock to the Exchange Agent prior to the Series C Exchange Time will be entitled to receive the Series C Exchange Offer Consideration on the settlement date; provided that the remaining conditions to the Series C Exchange Offer have been satisfied or waived. It is each stockholder's responsibility to validly tender such stockholder's shares of Enzon Series C Preferred Stock. Enzon has the right to waive any defects. However, Enzon is not required to waive defects and is not required to notify a stockholder of defects in such stockholder's tender.

Any beneficial holder whose shares of Enzon Series C Preferred Stock are registered in the name of a brokerage firm, bank or other nominee who wishes to tender should contact such brokerage firm, bank or other nominee promptly and instruct such brokerage firm, bank or other nominee to tender the shares of Enzon Series C Preferred Stock on such beneficial owner's behalf.

If you need help in tendering your shares of Enzon Series C Preferred Stock, please contact the Exchange Agent, whose address and telephone number are listed in the response to "Who can answer my questions" in the section titled "*Questions and Answers About the Series C Exchange Offer*" in this prospectus/consent solicitation/offer to exchange.

All of the shares of Enzon Series C Preferred Stock are held in book-entry form and are currently represented by one (1) or more global certificates registered in the name of a nominee of DTC. Enzon has confirmed with DTC that the shares of Enzon Series C Preferred Stock may be exchanged by using ATOP procedures instituted by DTC. DTC participants may electronically transmit their acceptance of the Series C Exchange Offer by causing DTC to transfer their outstanding shares of Enzon Series C Preferred Stock to the Exchange Agent using the ATOP procedures. In connection with each book-entry transfer of shares of Enzon Series C Preferred Stock to the Exchange Agent, DTC will send an "agent's message" to the Exchange Agent, which, in turn, will confirm its receipt of the book-entry transfer. The term "agent's message" means a message transmitted by DTC to, and received by, the Exchange Agent and forming a part of a book-entry confirmation, stating that DTC has received an express acknowledgement from the participant in DTC tendering shares of Enzon Series C Preferred Stock that such participant has received and agrees to be bound by the terms of the Series C Exchange Offer and that the Company may enforce such agreement against the participant. By using the ATOP procedures to tender shares of Enzon Series C Preferred Stock, you will not be required to deliver the letter of transmittal to the Information Agent. However, you will be bound by the terms of the letter of transmittal just as if you had signed it.

You must allow sufficient time for completion of the ATOP procedures during the normal business hours of DTC to tender your shares of Enzon Series C Preferred Stock or follow the procedures described under the section titled "— *Guaranteed Delivery Procedures*" below in this prospectus/consent solicitation/offer to exchange.

**Guaranteed Delivery Procedures**

If a holder of Enzon Series C Preferred Stock desires to tender his, her or its shares of Enzon Series C Preferred Stock for exchange pursuant to the Series C Exchange Offer, but (i) the procedure for book-entry transfer cannot be completed on a timely basis

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or (ii) time will not permit all required documents to reach the Exchange Agent prior to the Series C Exchange Time, the holder can still tender his, her or its shares of Enzon Series C Preferred Stock if all of the following conditions are met:

● the tender is made by or through a bank, broker dealer, credit union, savings association or other entity that is a member in good standing of the Securities Transfer Agents Medallion Program or a bank, broker, dealer, credit union, savings association or other entity that is an "eligible guarantor institution," as that term is defined in Rule 17Ad-15 promulgated under the Exchange Act (an "Eligible Institution");

● the Exchange Agent receives by hand, mail, overnight courier or electronic mail transmission, prior to the Series C Exchange Time, a properly completed and duly executed Notice of Guaranteed Delivery in the form attached as an exhibit to the Registration Statement (of which this prospectus/consent solicitation/offer to exchange is a part), with signatures guaranteed by an Eligible Institution; and

● a confirmation of a book-entry transfer into the Exchange Agent's account at DTC of all shares of Enzon Series C Preferred Stock delivered electronically, together with a properly completed and duly executed letter of transmittal with any required signature guarantees (or, in the case of a book-entry transfer, an "agent's message" in accordance with ATOP), and any other documents required by the letter of transmittal, must be received by the Exchange Agent within two (2) days that the OTCQB is open for trading after the date the Exchange Agent receives such Notice of Guaranteed Delivery.

In any case where the guaranteed delivery procedure is utilized for the tender of shares of Enzon Series C Preferred Stock pursuant to the Series C Exchange Offer, the issuance of Enzon Common Stock in exchange for those shares of Enzon Series C Preferred Stock accepted for exchange pursuant to the Series C Exchange Offer will be made only if the Exchange Agent has timely received the applicable foregoing items.

**Withdrawal Rights**

You may withdraw your tender of shares of Enzon Series C Preferred Stock at any time before the Series C Exchange Time. In addition, if not previously returned, you may withdraw shares of Enzon Series C Preferred Stock that you tender that are not accepted by Enzon for exchange after expiration of 60 days from the commencement of the Series C Exchange Offer. For a withdrawal of shares tendered through ATOP to be effective, the Exchange Agent must receive a computer-generated notice of withdrawal, transmitted by DTC on behalf of the holder in accordance with the standard operating procedure of DTC, or a written notice of withdrawal, sent by electronic transmission, receipt confirmed by telephone or letter, before the Series C Exchange Time. Any notice of withdrawal must:

● specify the name of the Person that tendered the shares of Enzon Series C Preferred Stock to be withdrawn;

● identify the shares of Enzon Series C Preferred Stock to be withdrawn;

● specify the number of shares of Enzon Series C Preferred Stock to be withdrawn;

● include a statement that the holder is withdrawing its election to have the shares of Enzon Series C Preferred Stock exchanged;

● be signed by the holder in the same manner as the original signature on the letter of transmittal by which the shares of Enzon Series C Preferred Stock were tendered, including any required signature guarantees, or be accompanied by documents of transfer sufficient to have the transfer agent register the transfer of such shares of Enzon Series C Preferred Stock into the name of the Person withdrawing the tender; and

● specify the name in which any shares of Enzon Series C Preferred Stock are to be registered, if different from that of the Person that tendered the shares of Enzon Series C Preferred Stock.

Any notice of withdrawal of shares tendered through ATOP must specify the name and number of the account at DTC to be credited with the withdrawn shares of Enzon Series C Preferred Stock or otherwise comply with DTC's procedures.

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Any shares of Enzon Series C Preferred Stock withdrawn will not have been properly tendered for exchange for purposes of the Series C Exchange Offer. Any shares of Enzon Series C Preferred Stock that have been tendered for exchange through ATOP but which are not accepted for exchange for any reason will be credited to an account with DTC specified by the holder, promptly after withdrawal, rejection of tender or termination of the Series C Exchange Offer. Properly withdrawn shares of Enzon Series C Preferred Stock may be re-tendered by following one (1) of the procedures described under the section titled *"Series C Exchange Offer Procedures for Tendering Shares of Enzon Series C Preferred Stock*" in this prospectus/consent solicitation/offer to exchange at any time on or before the Series C Exchange Time.

**Acceptance of Shares of Enzon Series C Preferred Stock for Exchange; Delivery of Exchange Offer Consideration**

Upon satisfaction or waiver of all of the conditions to the Series C Exchange Offer, Enzon will accept the shares of Enzon Series C Preferred Stock properly tendered that have not been validly withdrawn pursuant to the Series C Exchange Offer and will pay the Series C Exchange Offer Consideration in exchange for such shares of Enzon Series C Preferred Stock promptly following the Series C Exchange Time, in the manner required by Rule 14e-1(c) promulgated under the Exchange Act. Please see the section titled "*Series C Exchange Offer — Conditions of the Series C Exchange Offer*" in this prospectus/consent solicitation/offer to exchange for further information regarding the Conditions of the Series C Exchange Offer. For purposes of the Series C Exchange Offer, Enzon will be deemed to have accepted properly tendered shares of Enzon Series C Preferred Stock for exchange when Enzon gives notice of acceptance to the Exchange Agent.

In all cases, Enzon will pay the Series C Exchange Offer Consideration in exchange for shares of Enzon Series C Preferred Stock that are accepted for exchange pursuant to the Series C Exchange Offer only after the Exchange Agent timely receives a book-entry confirmation of the transfer of the shares of Enzon Series C Preferred Stock into the Exchange Agent's account at DTC, and a properly completed and duly executed letter of transmittal and all other required documents or a properly transmitted "agent's message."

Enzon will not be liable for any interest as a result of a delay by the Exchange Agent or DTC in distributing the Series C Exchange Offer Consideration in the Series C Exchange Offer.

**Conditions of the Series C Exchange Offer**

Notwithstanding any other provision of this prospectus/consent solicitation/offer to exchange to the contrary, Enzon will not be required to accept for exchange shares of Enzon Series C Preferred Stock tendered pursuant to the Series C Exchange Offer and may terminate or amend the Series C Exchange Offer if any condition to the Series C Exchange Offer is not satisfied. Such conditions to the Series C Exchange Offer include: (i) the absence of any applicable law or order of a governmental authority prohibiting, rending illegal or enjoining the consummation of the Exchange Offer or the other transactions contemplated by the Merger Agreement; (ii) the satisfaction or, to the extent permissible by applicable Law, waiver of the conditions in Article VIII of the Merger Agreement (except for (A) consummation of the Exchange Offer or (B) those conditions that by their nature are to be satisfied following the consummation of the Exchange Offer or at the Closing (the conditions referenced in this clause (B), the "Applicable Conditions"); and (iii) each of Viskase and Enzon has provided a written notice to the other party confirming that (A) following due inquiry, such party is not aware of any fact or circumstance that would lead such party to believe that the Applicable Conditions would not be satisfied within three (3) Business Days and (B) on the basis thereof, such party is ready, willing and able to consummate the Merger within three (3) Business Days. Enzon may also, subject to Rule 14e-1(c) under the Exchange Act, which requires that an offeror pay the consideration offered or return the securities deposited by or on behalf of the holders thereof promptly after the termination or withdrawal of a tender offer, postpone the acceptance for exchange of shares of Enzon Series C Preferred Stock properly tendered (and not validly withdrawn) prior to the Series C Exchange Time, if any one (1) of the closing conditions in the Merger Agreement, except for those that (i) reference the Series C Exchange Offer or (ii) cannot be satisfied prior to (A) the Closing or (B) the consummation of the Series C Exchange Offer, has not occurred or been waived by us. Please see the section titled "*The Merger Agreement — Conditions to the Completion of the Merger*" in this prospectus/consent solicitation/offer to exchange for further information regarding the closing conditions in the Merger Agreement.

Enzon expressly reserves the right to amend or terminate the Series C Exchange Offer and to reject for exchange any shares of Enzon Series C Preferred Stock not previously accepted for exchange, upon the occurrence of any of the conditions to the Series C Exchange Offer specified above. In addition, Enzon expressly reserves the right, at any time or at various times, to waive certain of the conditions to the Series C Exchange Offer, in whole or in part. Enzon will give oral or written notice (with any oral notice to be promptly confirmed in writing) of any amendment, non-acceptance, termination or waiver to the Exchange Agent as promptly as practicable, followed by a timely press release or other public announcement to the extent required by law.

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These conditions are for Enzon's sole benefit and may be asserted by Enzon with respect to all or any portion of the Series C Exchange Offer in Enzon's reasonable discretion, regardless of the circumstances giving rise to the condition (other than any action or failure to act by Enzon). Each such right will be deemed an ongoing right that Enzon may assert at any time or at various times with respect to the Series C Exchange Offer prior to its expiration. All conditions to the Series C Exchange Offer (except with respect to the consummation of the Merger) must be satisfied or waived prior to the Series C Exchange Time.

**Settlement**

Promptly after tender, the holders of any tendered shares of Enzon Series C Preferred Stock that Enzon deems not accepted for payment, whether for improper tender procedure or otherwise, will be notified. All shares of Enzon Series C Preferred Stock for which such notification is not provided promptly following the Series C Exchange Time will be deemed accepted for payment, subject only to the closing conditions of the Series C Exchange Offer.

If any tendered shares of Enzon Series C Preferred Stock are not accepted for exchange pursuant to the terms and conditions of the Series C Exchange Offer for any reason, certificates for such unexchanged shares of Enzon Series C Preferred Stock will be returned to the tendering holder promptly following the Series C Exchange Time.

Upon the terms and subject to the conditions of the Series C Exchange Offer, the delivery of the Series C Exchange Offer Consideration in exchange for properly tendered and accepted shares of Enzon Series C Preferred Stock pursuant to the Series C Exchange Offer will be made by Enzon promptly following the Series C Exchange Time, in the manner required by Exchange Act Rule 14e-1(c) under the Exchange Act.

Under no circumstances will interest be paid by Enzon by reason of any delay in making such exchange.

**Future Purchases**

Following the completion of the Series C Exchange Offer, Enzon may conduct repurchases of shares of Enzon Series C Preferred Stock that remain outstanding in the open market, redemptions, privately negotiated transactions, tender or exchange offers or otherwise.

Future purchases of shares of Enzon Series C Preferred Stock that remain outstanding after the Series C Exchange Offer may be on terms that are more or less favorable than the Series C Exchange Offer. However, Exchange Act Rules 14e-5 and 13e-4 generally prohibit Enzon and its Affiliates from purchasing any shares of Enzon Series C Preferred Stock other than pursuant to the Series C Exchange Offer until ten (10) business days after the Series C Exchange Time, although there are some exceptions. Future purchases, if any, will depend on many factors, which will include market conditions and the condition of Enzon's business.

**No Appraisal Rights**

Holders of Enzon Series C Preferred Stock will not have appraisal rights, or any contract right to petition for fair value, with respect to the Series C Exchange Offer. Enzon will not independently provide such a right.

**Schedule TO**

The Schedule TO for the Series C Exchange Offer, including the exhibits and any amendments and supplements thereto, may be examined, and copies may be obtained, at the same places and in the same manner as are set forth under the section titled "*How to Obtain Additional Information*" in this prospectus/consent solicitation/offer to exchange. Enzon will amend the Schedule TO to report any material changes in the terms of the Series C Exchange Offer and to report the final results of the Series C Exchange Offer as required by Exchange Act Rules 13e-3(d)(3), 13e-4(c)(3) and 13e-4(c) (4).

**"Blue Sky" Compliance**

Enzon is making the Series C Exchange Offer to Eligible Stockholders only. Enzon is not aware of any jurisdiction in which the making of this Exchange Offer is not in compliance with applicable law. If Enzon becomes aware of any jurisdiction in which the making of this Exchange Offer would not be in compliance with applicable law, Enzon will make a good faith effort to comply with any such law. If, after such good faith effort, Enzon cannot comply with any such law, this Exchange Offer will not be made to, nor

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will tenders of shares of Enzon Series C Preferred Stock be accepted from or on behalf of, the holders of Enzon Series C Preferred Stock residing in such jurisdiction.

**Comparison of Enzon Series C Preferred Stock and Enzon Common Stock**

Through the Series C Exchange Offer holders of shares of Enzon Series C Preferred Stock will have the right to exchange their shares of Enzon Series C Preferred Stock for shares of Enzon Common Stock in connection with the Closing. Holders of Enzon Series C Preferred Stock who do not elect exchange or redeem their shares of Enzon Series C Preferred Stock will hold shares of Enzon Series C Preferred Stock following the Closing of the Merger. The following chart compares the rights of Enzon Series C Preferred Stock to the rights of Enzon Common Stock following Closing of the Merger.

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| | | |
|:---|:---|:---|
| **Feature** | **Enzon Series C Preferred Stock** | **Enzon Common Stock** |
| **Voting Rights** | The holders of Enzon Series C Preferred Stock shall have no special voting rights, and their consent shall not be required for taking any corporate action. | Each holder of Enzon Common Stock is entitled to one (1) vote per share on all matters submitted to a vote of stockholders. |
| **Conversion Rights** | The Enzon Series C Preferred Stock shall not be convertible or exchangeable for shares of Common Stock or any other security. | Not applicable. |
| **Dividend Rights** | On December 31 of each year during which any shares of Enzon Series C Preferred Stock are outstanding, the Enzon Board may cause a dividend to be paid in cash to the holders of Enzon Series C Preferred Stock in an amount equal to three percent (3)% of the Liquidation Preference per share as in effect at such time. | Subordinate to Enzon Series C Preferred Stock for dividends. |
| **Liquidation Preference** | On the issue date, the Liquidation Preference shall be $1,000 per share. On December 31 of each year during which any shares of Enzon Series C Preferred Stock are outstanding for which a dividend payment is not paid in cash to holders of Enzon Series C Preferred Stock, the Liquidation Preference shall be increased by an amount equal to five percent (5%) of the then current Liquidation Preference per share. | Paid after the holders of Enzon Series C Preferred Stock are paid the Liquidation Preference per share. |

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**IEH SUPPORT AGREEMENT**

*The following describes certain material provisions of the IEH Support Agreement. This description may not contain all of the information that may be important to you. The description in this section and elsewhere in this prospectus/consent solicitation/offer to exchange is qualified in its entirety by reference to (i) the IEH Support Agreement, a copy of which is attached to this prospectus/consent solicitation/offer to exchange as Annex B, and (ii) the IEH Support Agreement Amendment, a copy of which is attached as Annex B-1 to this prospectus/consent solicitation/offer to exchange. This summary does not purport to be complete and may not provide all of the information about the IEH Support Agreement that may be important to you. We encourage you to read the IEH Support Agreement carefully and in its entirety. This section is not intended to provide you with any factual information about Enzon or Viskase. Such information can be found elsewhere in this prospectus/consent solicitation/offer to exchange and in the public filings Enzon and Viskase make with the SEC, as described in the sections titled "Where You Can Find More Information" and "Incorporation of Certain Documents by Reference" in this prospectus/consent solicitation/offer to exchange.*

Concurrently with the execution and delivery of the original Merger Agreement on June 20, 2025, Enzon, Viskase and the IEH Parties entered into the original IEH Support Agreement and concurrently with the execution and delivery of the Merger Agreement Amendment on October 24, 2025, Enzon, Viskase and the IEH Parties entered into the IEH Support Agreement Amendment. As of the Enzon Record Date, IEH — through its control of the IEH Parties — Beneficially Owns approximately (i) 48.6% of the issued and outstanding shares of Enzon Common Stock, (ii) 98.2 % of the issued and outstanding shares of Enzon Series C Preferred Stock and (iii) 93.97% of the issued and outstanding shares of Viskase Common Stock.

**Rights and Obligations of the IEH Parties**

Pursuant to the IEH Support Agreement, the IEH Parties agreed, during the term of the IEH Support Agreement to, among other things, upon the terms and subject to the conditions and exceptions therein:

● within one (1) business day after this prospectus/consent solicitation/offer to exchange is declared effective by the SEC, unless an Enzon Adverse Recommendation Change has occurred prior to such time and has not been rescinded, execute and deliver a written consent with respect to all shares of Enzon Common Stock and Enzon Series C Preferred Stock Beneficially Owned by such IEH Party approving the Merger Agreement and the transactions contemplated thereby, including the Merger and the Reverse Stock Split;

● not transfer any shares of Enzon Common Stock or Series C Preferred Stock to any Person other than an Affiliate of an IEH Party who agrees in writing to be bound by the terms of the Support Agreement;

● vote or cause to be voted all shares of Enzon Common Stock and Enzon Series C Preferred Stock, as applicable, Beneficially Owned by such IEH Party against any (i) Enzon Acquisition Proposal, (ii) amendment to the Enzon Organizational Documents that would impede or adversely affect the Merger or other transactions contemplated by the Merger Agreement (except as otherwise contemplated by the Merger Agreement) and (iii) other action or transaction involving Enzon that is intended or reasonably expected to impede or adversely affect the Merger, the Reverse Stock Split or other transactions contemplated by the Merger Agreement; provided that the foregoing clauses (i)-(iii) will not apply to any transaction, proposal or action that is the subject of an Enzon Adverse Recommendation Change made in accordance with the Merger Agreement that has not been rescinded;

● not solicit, initiate or knowingly encourage any inquiry or proposal that could reasonably be expected to lead to an Enzon Acquisition Proposal;

● exchange all shares of Enzon Series C Preferred Stock Beneficially Owned by each IEH Party for a number of shares of Enzon Common Stock equal to (i) the aggregate Liquidation Preference of such shares of Enzon Series C Preferred Stock, *divided* by (ii) the Enzon 20-Day VWAP (collectively, the "IEH Share Exchange");

● promptly notify Enzon and Viskase of any stockholder litigation or claim against any IEH Party relating to the Merger, the Merger Agreement or any of the transactions contemplated thereby and, subject to applicable law, provide copies of all material pleadings with respect thereto. Additionally, if either Enzon or Viskase (or any of their respective directors or officers) is also a party to such litigation, such IEP Party will consult with Enzon or Viskase, as applicable, in good faith regarding the defense and settlement of such matters and will not settle such matters without Enzon's or Viskase's, as applicable, prior written consent (not to be unreasonably withheld, conditioned or delayed);

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● on behalf of itself and its Representatives, not to initiate or pursue any legal proceedings against Enzon, Merger Sub, Viskase, the Surviving Corporation or their respective Affiliates, and their respective Representatives (collectively, the "Covered Persons") in connection with the Merger Agreement or the transactions contemplated thereby, except with respect to (i) the rights or obligations of any Covered Person under the Merger Agreement or (ii) in the event of actual fraud or willful misconduct; and

● terminate, effective as of the Effective Time, the Private Placement Agreement between Viskase and IEH.

**Rights and Obligations of Enzon and Viskase**

Pursuant to the IEH Support Agreement, each of Enzon and Viskase agreed, during the term of the IEH Support Agreement to, among other things, upon the terms and subject to the conditions therein:

● promptly notify IEH of any Viskase Transaction Litigation or Enzon Transaction Litigation, as applicable, and, subject to applicable law, provide copies of all material pleadings with respect thereto. Additionally, if any IEH Party (or any of its directors, officers or managers) is also a party to such litigation, Viskase or Enzon, as applicable, will consult with IEH in good faith regarding the defense and settlement of such matters and will not settle such matters without IEH's prior written consent (not to be unreasonably withheld, conditioned or delayed);

● provide IEH with an opportunity to review and comment on this prospectus/consent solicitation/offer to exchange to be filed with the SEC;

● with respect to Viskase only, Viskase agreed to terminate the Private Placement Agreement with IEH; and

● with respect to Enzon only:

● in connection with the IEH Share Exchange, Enzon agreed to:

● retire and cancel the shares of Enzon Series C Preferred Stock delivered by the IEH Parties to Enzon;

● cause Enzon's transfer agent to issue to the IEH Parties, in book-entry form, the Enzon Exchange Stock issuable to the IEH Parties pursuant to the IEH Share Exchange; and

● use commercially reasonable efforts to ensure that its Cash on Hand at Closing is not less than $40,000,000; and

● commence the Series C Exchange Offer no less than 25 business days prior to the anticipated Closing Date and use commercially reasonable efforts to (i) complete the Series C Exchange Offer prior to Closing, (ii) seek maximum participation from holders of Series C Preferred Stock and (iii) provide IEH a reasonable opportunity to review and comment on any documents to be filed with any governmental entity in connection with the Series C Exchange Offer.

**Termination of the IEH Support Agreement**

The IEH Support Agreement will automatically terminate, without any further action required by any Person, upon the earliest of (i) the Effective Time, (ii) the termination of the Merger Agreement in accordance with its terms or (iii) any modification, waiver or amendment to the Merger Agreement without IEH's prior written consent that is adverse to the IEH Parties.

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**INFORMATION ABOUT ENZON'S BUSINESS**

Enzon, together with Merger Sub, is positioned as a public company acquisition vehicle that has sought to become an acquisition platform. Enzon was incorporated on May 11, 1983.

In September 2020, Enzon initiated a rights offering (the "Rights Offering") for its common and preferred stock, which closed in October 2020, and Enzon realized $43.6 million in gross proceeds from the Rights Offering. Enzon embarked on a plan to potentially realize the value of its approximately $101.4 million in net operating loss ("NOLs") carryforwards by acquiring businesses or assets.

**Acquisition Activities**

The Enzon Board and its Representatives have been actively pursuing, sourcing, reviewing and evaluating various potential acquisition transactions consistent with Enzon's strategy to potentially realize the value of its approximately $101.4 million in NOLs. While continuing to evaluate such potential transactions, the Enzon Board and its Representatives have originated a number of potential acquisition opportunities and engaged in discussions with certain potential acquisition targets and their Representatives, including those transactions that could result in a change of control of Enzon.

In December 2024, Enzon was contacted with respect to exploring a potential business combination transaction with an Affiliate of Enzon's significant stockholder, IEH. After careful consideration, the Enzon Special Committee unanimously, among other things, (i) determined that the Merger Agreement and the transactions contemplated thereby are fair to, and in the best interests of, Enzon and its stockholders, without regard to the IEH Parties, and (ii) recommended that the Enzon Board (A) approve the Merger Agreement and the transactions contemplated thereby, including the Reverse Stock Split and (B) recommend that the Enzon stockholders entitled to vote thereon approve the Reverse Stock Split Proposal and the Merger Proposal. Upon the unanimous recommendation of the Enzon Special Committee, the Enzon Board unanimously, among other things, (1) determined that the Merger Agreement and the transactions contemplated thereby are fair to, and in the best interests of, Enzon and its stockholders, (2) approved the Merger Agreement and the transactions contemplated thereby, including the Reverse Stock Split and (3) recommended that the holders of Enzon Common Stock entitled to vote thereon approve the Reverse Stock Split Proposal and the Merger Proposal.

On October 24, 2025, Enzon entered into (i) the Merger Agreement Amendment and (ii) the IEH Support Agreement Amendment (together with the Merger Agreement Amendment, the "Amendments"). The Amendments were entered into in order to reflect recent developments in the operations of Viskase during the past several months and its expected operations in the near term. For more information on the Merger Agreement, the Merger Agreement Amendment and the potential consummation of the Merger, please see the sections titled *"The Merger"* and "*The Merger Agreement*" in this prospectus/consent solicitation/offer to exchange.

Each of the Merger Agreement and the Merger Agreement Amendment was unanimously recommended by the Enzon Special Committee and, acting upon such recommendations, was unanimously approved by the Enzon Board.

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**Royalty and Milestone Agreements and Revenues**

Historically, Enzon has received milestone and royalty revenues from licensing arrangements with other companies primarily related to sales of certain drug products that utilized Enzon's proprietary technology. In recent years, Enzon has had no clinical operations and limited corporate operations. Enzon had a marketing agreement relating to the drug Vicineum, which, if approved, will potentially generate milestone and royalty payments to Enzon in the future. Pursuant to the agreement, Amgen, Enzon's licensee, sublicenced Vicineum to a predecessor of Carisma Therapeutics, Inc. ("Carisma") for the development of Vicineum. The predecessor, Sesen Bio, voluntarily paused the development of Vicineum and Carisma announced that it was terminating the agreement. Enzon's patent for Vicineum has expired and no future revenue will be earned from this product.

Prior to 2017, Enzon received royalty revenues from sales of PegIntron, which is marketed by Merck & Co., Inc. ("Merck"). The related patents have expired in all jurisdictions, and Enzon has received no royalties in recent years and expects to receive none in the future. There is an ongoing dispute with Merck regarding royalties. Enzon also has a licensing agreement regarding SC Oncaspar and certain other drugs.

Enzon had an agreement with Servier Pharmaceuticals, Inc. ("Servier") for PEG-SCAsparginase ("Asparlas"). The FDA approved Asparlas on December 20, 2018 for treating acute lymphoblastic leukemia for patients in the US aged one month to 21 years, This resulted in a $7 million milestone payment in 2019. The drug has not been approved in Europe and Servier has not sought such approval. Enzon is monitoring activities regarding a potential application in Europe and is in contact with Servier regarding its plans. If Servier receives approval for the use of Asparlas in Europe, Enzon would be entitled to an additional milestone payment of $10 million. Servier has given no indication that it intends to file for approval of Asparlas in Europe.

Pursuant to an agreement with Micromet, now part of Amgen, Enzon and Amgen have an ongoing relationship, collaborating on a joint SCA technology portfolio and monitoring third-party development progress. The collaboration is aware of a number of SCA-based products for sale in Canada that may infringe on SCA patents jointly owned by Enzon and Amgen. Enzon continues to monitor potential acts of infringement and remains in contact with Amgen regarding remedies and options going forward. Amgen has given no indication that it is interested in pursuing any potential remedy.

Enzon and Amgen continue to monitor the clinical development portfolios of SCA licensing partner, including a Swedish company, Alligator Bioscience, which currently has two drugs in late-stage clinical trials. The collaboration also tracks unlicensed use of its remaining patents, with the possibility of potential future enforcement actions. However, Amgen has not indiciated that it would proceed with any such action.

In the three and nine-month periods ended September 30, 2025, Enzon had no revenue from royalties and milestones. During the years ended December 31, 2024 and 2023, Enzon received a license maintenance fee of approximately $26,000 and $0, respectively, from Amgen, Inc. in payment of a worldwide, royalty-free non-exclusive right to license Vicineum.

**Patents and Intellectual Property Rights**

Enzon has a portfolio of issued Canadian patents, many of which have other foreign counterparts. None of these patents have generated significant royalties in recent years, except for two (2) milestone payments received in connection with Vicineum. The patent related to PegIntron (Ppeginterferon alfa-2b) expired in all jurisdictions as of December 31, 2024. Enzon does not expect to generate material royalties from any of its existing patents.

**Employees and Executive Officers**

Enzon currently has no employees. Its executive officer, Mr. Feinstein, provides services to Enzon on a consulting basis.

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**INFORMATION ABOUT VISKASE'S BUSINESS**

**General**

Viskase Companies, Inc. is a Delaware corporation organized in 1970. Viskase, together with its subsidiaries, operates in the casing product segment of the food industry. Viskase is a worldwide leader in the production and sale of cellulosic, fibrous and plastic casings for the processed meat and poultry industry. Viskase currently operates eight (8) significant manufacturing facilities throughout North America, Europe, South America and Asia. Viskase provides value-added support services relating to these products for some of the world's largest global consumer products companies. Viskase is one (1) of the two (2) largest worldwide producers of non-edible cellulosic casings for processed meats and one (1) of the three (3) largest manufacturers of non-edible fibrous casings.

Viskase's business strategy is to continue to improve operational efficiencies, product quality and throughput by upgrading existing production facilities and adding resources in high growth markets through new capital investments. Viskase has been successful in implementing production cost-savings initiatives and will continue to pursue similar opportunities that enhance its profitability and competitive position as a leader in the casing market. Viskase is focused on reducing extrusion, shirring and printing waste through equipment upgrades and an ongoing effort to redefine product mix. In addition, Viskase seeks entry into new value added lines of business.

**Recent Developments**

During 2024, Viskase combined the operations of its manufacturing facility in Świecie, Poland into the operations at is Legnica, Poland facility,

On April 30, 2025, Viskase closed its manufacturing facility in Osceola, Arkansas as part of its efforts to enhance manufacturing efficiencies by consolidating its U.S. manufacturing operations into its Loudon, Tennessee facility. The winddown activities continued through June 2025.

On June 20, 2025, Viskase entered into the Merger Agreement.

On October 24, 2025, Viskase entered into the Merger Agreement Amendment. For a description of the Merger, please see the section titled "*The Merger Agreement*" of this prospectus/consent solicitation/offer to exchange.

On December 30, 2025, Viskase entered into a securities purchase agreement with AEP, pursuant to which Viskase agreed to issue and sell to AEP in an offering exempt from the registration requirements of the Securities Act pursuant to Section 4(a)(2) thereof (the "December Offering") an aggregate of 17,241,380 shares (the "December Offering Shares") of Viskase Common Stock for a purchase price of $10,000,000.40 or $0.58 per share of Viskase Common Stock. AEP is an Affiliate of IEH and owns approximately 92.81% of the issued and outstanding shares of Viskase Common Stock. A special committee consisting of independent and disinterested members of the Viskase Board reviewed the December Offering and unanimously recommended that the Viskase Board approve the December Offering and the sale of the December Offering Shares. Viskase intends to use the proceeds from the December Offering for general corporate purposes. The December Offering closed on December 30, 2025. The securities purchase agreement contains customary representations and warranties of Viskase. The representations and warranties of each party set forth in the securities purchase agreement have been made solely for the benefit of the other party to the securities purchase agreement, and such representations and warranties should not be relied on by any other person.

On January 26, 2026, Viskase entered into a securities purchase agreement with AEP, pursuant to which Viskase agreed to issue and sell to AEP in an offering exempt from the registration requirements of the Securities Act pursuant to Section 4(a)(2) thereof (the "January Offering") an aggregate of 25,862,069 shares (the "January Offering Shares") of Viskase Common Stock for a purchase price of $15,000,000.02 or $0.58 per share of Viskase Common Stock. AEP is an Affiliate of IEH and owns approximately 93.97% of the issued and outstanding shares of Viskase Common Stock. A special committee consisting of independent and disinterested members of the Viskase Board reviewed the January Offering and unanimously recommended that the Viskase Board approve the January Offering and the sale of the January Offering Shares. Viskase intends to use the proceeds from the January Offering for general corporate purposes. The January Offering closed on or about January 26, 2026. The securities purchase agreement contains customary representations and warranties of Viskase. The representations and warranties of each party set forth in the securities purchase agreement have been made solely for the benefit of the other party to the securities purchase agreement, and such representations and warranties should not be relied on by any other person.

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**Products**

Viskase's main product lines are as follows:

*NOJAX*<sup>®</sup> *casings —* Small-diameter cellulosic casings designed for the production of hot dogs, wieners, frankfurters, viennas, cocktail sausages, coarse ground dinner sausages and other small-diameter processed meats.

*Large cellulosic casings —* Large-diameter cellulosic casings used for bologna, mortadella, bierwurst and dry sausages.

*Fibrous casings —* Paper-reinforced cellulosic casings utilized in the manufacture of a wide variety of cooked, smoked and dried processed meats, including pepperoni, salami, luncheon meats, boneless hams and other deli-style processed meats and smoked cheese. Viskase's Fibrous Transfer casing products include Color Master™ and Smoke Master<sup>®</sup> technology, which impart desired color and flavor characteristics to processed meats for enhanced flavor and appearance for the end-consumer.

*VISCOAT*<sup>®</sup> *and Viscoat NXT®casings —* Casings made with either a combination of a multi-layer film with an inner paper layer or extruded as a multi-layer tube. These casings are treated with smokes, colorants and/or flavors which are imported to the finished product for enhanced flavor and appearance for the end-consumer. These can be used for a wide range of applications, including turkey, ham and roast beef.

*VISFLEX*<sup>®</sup>, *VISMAX*<sup>®</sup>*, Vislon, and POLYJAX*<sup>®</sup> *plastic casings —* Plastic (polyamide) casings, each designed with distinct performance characteristics targeted at a wide range of sausage, deli meat and other processed meat and poultry applications.

*MembraCel —* Seamless cellulose membrane sold in tubes and sheets which are used in filtration equipment for dialysis treatment. These products boast a sharp molecular weight cut off which control the exclusion of macromolecules with molecular radii from 35 to 50 angstroms.

**International Operations**

As of December 31, 2024, Viskase had seven (7) manufacturing facilities located outside the continental United States: Monterrey, Mexico; Beauvais, France; Thâon-les-Vosges, France; Bomlitz, Germany; Legnica, Poland; Clark Freeport Zone, Philippines; and Atibaia, Brazil. Viskase continues to explore opportunities to expand in emerging markets. Net sales from customers located outside the United States represented approximately 68% of Viskase's total net sales for the year ended December 31, 2024, and 70% of Viskase's total net sales for the year ended December 31, 2023. While overall consumption of processed meat products in North America and Western Europe is stable, market growth is driven by increasing demand in Eastern Europe, South America and the Asia Pacific region.

**Sales and Distribution**

Viskase has a broad base of customers, with no single customer accounting for more than six percent (6%) of net sales for the year ended December 31, 2024. Viskase sells its products in most countries throughout the world. In the United States, Viskase has a staff of technical sales teams responsible for sales and service to processed meat and poultry producers. Viskase sells its products both through distribution arrangements and direct to customers. Viskase's products are marketed through its own subsidiaries in France, Germany, Italy, Poland, Spain, the Philippines, Brazil, and Mexico.

**Competition**

Viskase is one of the world's leading producers of cellulosic casings. While Viskase's industry generally competes based on volume and price, Viskase seeks to maintain a competitive advantage and differentiate itself from competitors by manufacturing products that have higher quality and superior performance characteristics when compared to some of Viskase's competitors' products; by responding quickly to customer product requirements; by providing technical support services to Viskase's customers for production and formulation requirements; and by producing niche products to satisfy individual customer needs.

Viskase's principal competitors in the cellulosic casing market are Viscofan, S.A., located in Spain with additional facilities in Germany, the Czech Republic, the United States, Mexico and Brazil; Kalle GmbH, located in Germany; Visko Teepak located in Finland and Belgium; Vicel Packaging, LLC, located in Weifang City, Shandong Province, China; and two (2) Japanese

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manufacturers, Futamura Chemical, marketed by Meatlonn, and Toho. In recent years, overcapacity in Viskase's industry has led to intense competition based on price.

**Research and Development**

Viskase believes its continuing emphasis on research and development is central to its ability to maintain industry leadership. In particular, Viskase has focused on the development of new products that increase its customers' operating efficiencies, reduce Viskase's operating costs and expand its markets. Viskase's research and development projects also include the development of new processes and products to improve Viskase's manufacturing efficiencies. Viskase's research scientists, engineers and technicians are engaged in continuous product and equipment development, and also provide direct technical and educational support to its customers. Viskase believes it has achieved and maintained its position as a leading producer of cellulosic casings for packaging meats through significant expenditures on research and development. Viskase expects to continue its research and development efforts.

**Seasonality**

Historically, Viskase's domestic sales and profits have been somewhat seasonal in nature, increasing in the spring and summer months. Sales outside of the United States follow a relatively stable pattern throughout the year.

**Customer Contracts**

Viskase generates net revenue from sales of its products, including cellulosic, fibrous and plastic casings for the processed meat and poultry industry. Viskase serves the majority of its natural channel customers through meat manufacturers, which purchase, store, sell and deliver Viskase's products to consumers. Viskase's casings are sold to customers at a premium price point, and when prices for competitor casings fall relative to the price of Viskase's casings (including due to any price increases Viskase may implement), price-sensitive customers may choose to purchase casings offered by Viskase's competitors instead of Viskase's products. Viskase's revenues will vary based upon the pricing for each customer, the volume and mix of Viskase products sold, and the channels through which Viskase's products are sold (*i.e*., through distributors or direct to meat manufacturers).

Viskase sells its products pursuant to contracts varying in length from one (1) to three (3) years as well as through purchase orders. Viskase is a party to several supply, distribution, and customer contracts. Sales to Viskase's largest customer accounted for approximately six percent (6%) of consolidated gross sales during the year ended December 31, 2024. Viskase's top five (5) customers collectively represented approximately 18% percent of consolidated gross sales during the year ended December 31, 2024. While Viskase does not believe any individual customer contract is material, the loss of any customer could adversely impact Viskase's revenue.

**Raw Materials**

The raw materials Viskase uses includes cellulose (derived from wood pulp and/or cotton linters), specialty fibrous paper, polyamide resins and various other chemicals. Viskase generally purchases its raw materials from a single source or small number of suppliers with whom it maintains good relations. Certain primary and alternative sources of supply are located outside the United States. Viskase believes, but there can be no assurance, that adequate alternative sources of supply currently exist for all of its raw materials or that raw material substitutes are available, which Viskase could modify its processes to utilize.

**Human Capital**

Viskase believes it maintains productive and amicable relationships with Viskase's approximately 2,400 employees worldwide, approximately 2,300 of which are full time employees. Approximately sixty-six percent (66%) of Viskase's employees are represented by unions or works' councils. We believe that our relations with employees, unions and works' councils are good.

Viskase's talent strategy and philosophy are focused on attracting the best talent, recognizing and rewarding performance, while continually developing, engaging and retaining team members. Viskase focuses on team member experience, removing barriers to engagement, further modernizing the human resources process, focusing on frontline team member retention and continually improving equity and effectiveness of all talent practices. Viskase welcomes diversity, unique skills, thoughts and experiences from its team members, customers, and consumers. By fostering an inclusive culture, Viskase enables every member of its workforce to leverage unique talents and high-performance standards to drive innovation and success. Additionally, Viskase has employee resource groups that support its mission to create a workplace where all people feel welcomed, respected, and valued. These employee-driven

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groups play a critical role in Viskase's efforts to create an inclusive environment and provide professional development and mentorship opportunities.

**Patents and Trademarks**

Viskase holds 75 patents and eight (8) patent applications on its major technologies, including those used in its manufacturing processes and those embodied in products sold to its customers. Viskase believes its ongoing position as one of the market leaders is derived, in part, from its technology. Viskase vigorously protects and defends its patents against infringement on an international basis. As part of its research and development program, Viskase has developed and expects to continue to develop new proprietary technology. Viskase believes these activities will enable it to maintain its competitive position. However, Viskase does not believe that any single patent or group of patents is material to it. Viskase also owns numerous trademarks and registered trade names that are used actively in marketing its products.

**Environmental Regulations**

In manufacturing its products, Viskase employs certain hazardous chemicals and generates toxic and hazardous wastes. The use of these chemicals and the disposal of such wastes are subject to stringent regulation by several governmental entities, including the United States Environmental Protection Agency ("EPA") and similar state, local and foreign environmental control entities. Viskase is subject to various environmental, health and safety laws, rules and regulations, including those of the United States Occupational Safety and Health Administration and the EPA. These laws, rules and regulations are subject to amendment and to future changes in public policy or interpretation, which may affect Viskase's operations. Certain of Viskase's facilities are or may become potentially responsible parties with respect to on-site and off-site waste disposal facilities and remediation of environmental contamination.

**Greenhouse Gas Emissions**

Various federal, state, regulatory agencies, and non-U.S. governments continue to consider and adopt programs to regulate, report, and control greenhouse gas emissions. Although Viskase has not incurred significant costs or capital expenditures specific to greenhouse gas emission compliance, these requirements are continually evolving and increasing. As the exact impact of new or additional greenhouse gas emission controls and requirements remains in flux, it cannot be determined whether such impacts would have a material adverse effect.

Viskase closely monitors developments in this area and strives to mitigate risks related to greenhouse gas emissions through environmental compliance and climate-related initiatives. For example, Viskase collects and monitors greenhouse gas emissions data, which can be used to inform greenhouse gas emission reduction and removal interventions in Viskase's operations and supply chain. Viskase continues to evaluate its climate-related goals and initiatives, including corresponding costs, evolving legal landscapes, stakeholder expectations, and customer and consumer understanding of climate action.

**Business Segment Information and Geographic Area Information**

For additional business segment information and geographic area information, see Note 17 to Viskase's audited consolidated financial statements for the year ended December 31, 2024, included elsewhere in this prospectus/consent solicitation/offer to exchange.

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**Properties**

Viskase operates eight (8) significant manufacturing facilities throughout North America, Europe, South America and Asia, four (4) of which are cellulose extrusion facilities and four (4) of which are finishing facilities focused on plastic, or non-cellulose materials.

---

| | | |
|:---|:---|:---|
| **Location** | **Type of Facility** | **Owned or Leased** |
| Atibaia, Brazil | Finishing facility | Leased |
| Beauvais, France | Extrusion facility | Leased |
| Bomlitz, Germany | Extrusion facility | Leased |
| Clark Freeport Zone, Philippines | Finishing facility | Subject to a ground lease |
| Legnica, Poland | Finishing facility | Leased |
| Loudon, Tennessee | Extrusion facility | Owned |
| Monterrey, Mexico | Finishing facility | Leased |
| Thâon-les-Vosges, France | Extrusion facility | Owned |

---

In addition, Viskase maintains leased locations in Lombard, Illinois (worldwide headquarters), Beauvais, France (European headquarters), Clark Freeport Zone, Philippines (Asia-Pacific headquarters), and Atibaia, Brazil (South American headquarters). Viskase believes that it would be able to find alternative space if necessary to accommodate its operations and that its properties are generally suitable and adequate to satisfy its present and anticipated needs. With respect to the leased locations, none of the annual lease payment obligations are individually material. Viskase's subsidiaries, except for Viskase Brasil Embalagens Ltda., our Subsidiary located in Brazil, collateralize Viskase's obligations under its financing arrangements. For a discussion of these financing arrangements, see Note 8 to Viskase's audited consolidated financial statements for the year ended December 31, 2024, included elsewhere in this prospectus/consent solicitation/offer to exchange.

**Insurance**

Viskase maintains insurance in what it believes are adequate amounts and coverages that are customary in the industry in which it operates.

**Legal Proceedings**

Viskase from time to time is involved in various legal proceedings, none of which is expected to have a material adverse effect on Viskase's results of operations, cash flows or financial condition.

**Other Information**

Viskase's internet website is www.viskase.com. Information contained on or accessible through Viskase's website, including any reports available therein, is not a part of, and is not incorporated by reference into, this prospectus/consent solicitation/offer to exchange or any other report or document that is filed with the SEC.

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**ENZON MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*You should read the following discussion and analysis of Enzon's financial condition and results of operations together with Enzon's audited financial statements for the year ended December 31, 2024, together with related notes thereto (the "Enzon FY 2024 Financial Statements and Notes"), and unaudited financial statements for the nine (9) months ended September 30, 2025 (the "Enzon Q3 2025 Financial Statements and Notes"), together with related notes thereto, included elsewhere in this prospectus/consent solicitation/offer to exchange. The discussion and analysis should also be read together with the section titled "Information about Enzon's Business" in this prospectus/consent solicitation/offer to exchange and the unaudited pro forma combined financial information as of and for the nine (9) months ended September 30, 2025, and for the year ended December 31, 2024 (in the section titled "Selected Unaudited Pro Forma Combined Financial Information" in this prospectus/consent solicitation/offer to exchange).*

**Forward-Looking Information and Factors That May Affect Future Results**

Certain statements contained in this discussion may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "may," "will," "should," "would," "expect," "anticipate," "plan," "likely," "believe," "estimate," "project," "intend," and other similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. These and other forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements, including, without limitation, those that are set forth in the section titled "*Risk Factors*" in this prospectus/consent solicitation/offer to exchange and in Enzon's periodic public filings with the SEC. These risks and uncertainties should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. As such, Enzon cannot make any assurances that the future results covered by the forward-looking statements will be achieved.

The percentage changes throughout the following discussion are based on amounts stated in thousands of dollars.

**Overview**

Historically, Enzon had received royalty revenues from licensing arrangements with other companies primarily related to sales of certain drug products that utilized Enzon's proprietary technology. For more than ten years, Enzon has had no clinical operations and limited corporate operations. In the last two years, Enzon has received only minimal payments on its licenses. Enzon had a marketing agreement with Micromet AG, now part of Amgen, Inc., pursuant to which Enzon may have been entitled to certain milestone and royalty payments if Vicineum, a drug that was being developed by Sesen, Inc. (subsequently acquired by Carisma Therapeutics, Inc.), was approved for the treatment of non-muscle invasive bladder cancer. That agreement has been canceled. Enzon cannot make any assurances that it will receive any future royalties or milestones.

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**Results of Operations** (in thousands of dollars):

*For the three (3) months ended September 30, 2025, compared to the nine (9) months ended September 30, 2024*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Revenues: |  |  |  |  |
| Royalties and milestones, net | $— | $— | $— | $26 |
| Total revenues |  |  |  | 26 |
| Operating expenses: |  |  |  |  |
| General and administrative expenses | 229 | 351 | 1038 | 1028 |
| Transaction expenses | 1075 |  | 2801 |  |
| Total operating expenses | 1304 | 351 | 3839 | 1028 |
| Operating loss: | (1304) | (351) | (3839) | (1002) |
| Interest and dividend income | 496 | 654 | 1494 | 1906 |
| (Loss) income before income (expense) tax benefit | (808) | 303 | (2345) | 904 |
| Income tax (expense)benefit | (16) | (49) | 7 | (54) |
| Net (loss) income | $(824) | $254 | $(2338) | $850 |

---

**Revenues**

***Royalties and Milestones Revenues*** *(in thousands of dollars):*

In the three and nine-month periods ended September 30, 2025, Enzon had no revenue from royalties and milestones. In both the three and nine-month periods ended September 30, 2024, Enzon earned approximately $26,000 in royalties and milestones.

***Interest and Dividend Income*** *(in thousands of dollars):*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months EndedSeptember 30,** | **Three Months EndedSeptember 30,** | **Three Months EndedSeptember 30,** | **Nine Months EndedSeptember 30,** | **Nine Months EndedSeptember 30,** | **Nine Months EndedSeptember 30,** |
|  | **2025** | **%**<br>**Change** | **2024** | **2025** | **%**<br>**Change** | **2024** |
| Interest and dividend income | $496 | (24)% | $654 | $1494 | (22)% | $1906 |

---

Interest and dividend income is attributable to the interest and dividends received on the invested cash and cash equivalents received by Enzon from the $43.6 million of proceeds from the Rights Offering (See Note 11 to the Enzon FY 2024 Financial Statements and Notes) and other cash and cash equivalents. Interest and dividend income decreased by approximately $158,000, or 24%, to $496,000 for the three (3) months ended September 30, 2025 from $654,000 for the comparable period in 2024. The decrease in interest and dividend income is attributable to the reduced cash and cash equivalent balances and lower rates of interest in the 2025 period compared to the same period in 2024.

Interest and dividend income decreased by approximately $412,000, or 22%, to $1,494,000 for the nine (9) months ended September 30, 2025 from $1,906,000 for the nine (9) months ended September 30, 2024. The decrease in interest and dividend income is primarily attributable to the reduced cash and cash equivalent balances and lower interest rates in 2025 period compared to the same period in 2024.

**OPERATING EXPENSES**

***General and Administrative Expenses*** *(in thousands of dollars):*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended**<br>**September 30,** | **Three Months Ended**<br>**September 30,** | **Three Months Ended**<br>**September 30,** | **Nine Months Ended**<br>**September 30,** | **Nine Months Ended**<br>**September 30,** | **Nine Months Ended**<br>**September 30,** |
|  | **2025** | **%**<br>**Change** | **2024** | **2025** | **%**<br>**Change** | **2024** |
| General and administrative | $229 | (35)% | $351 | $1038 | (1)% | $1028 |

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General and administrative expenses, decreased by approximately $122,000, or 35%, to approximately $229,000 for the three (3) months ended September 30, 2025 from $351,000 for the three (3) months ended September 30, 2024. The decrease in general and administrative expense is substantially attributable to a decrease in professional and consulting fees not associated with the Merger.

General and administrative expenses were comparable for the nine-month periods ended September 30, 2025 and 2024.

**TRANSACTION EXPENSES**

Transaction expenses incurred in connection with the Merger were approximately $1,075,000 and $2,801,000, respectively, for the three and nine-month periods ended September 30, 2025. These expenses were, primarily, for legal, consulting and professional fees. There were no comparable amounts during the corresponding periods in 2024. (See Note 14 to the Enzon FY 2024 Financial Statements and Notes).

***Tax Expense:***

Under the asset and liability method of accounting for income taxes, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance on net deferred tax assets is provided for when it is more likely than not that some portion or all of the deferred tax assets will not be realized. As of September 30, 2025, Enzon believes, based on its projections, that a partial reversal of the valuation allowance is necessary and, accordingly, Enzon has partially reversed the valuation allowances as of September 30, 2025. A deferred tax benefit of $9,000 and deferred tax expense of $53,000, respectively, were recorded during the nine-month periods ended September 30, 2025 and 2024. In the three-month periods ended September 30, 2025 and 2024, a deferred tax benefit of $16,000 and deferred tax expense of $50,000, respectively, were recorded. (See Note 8 to the Enzon FY 2024 Financial Statements and Notes).

**Results of Operations (in thousands of dollars):**

*For the year ended December 31, 2024, compared to the year ended December 31, 2023*

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
| Revenues: |  |  |
| &nbsp;&nbsp;Royalties and milestones, net | $26 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 26 |  |
| Operating expenses: |  |  |
| &nbsp;&nbsp;General and administrative | 1353 | 1044 |
| Operating loss | (1327) | (1044) |
| &nbsp;&nbsp;Interest and dividend income | 2452 | 2261 |
| &nbsp;&nbsp;Income tax (expense) benefit | (347) | 156 |
| Net income | $778 | $1373 |

---

**Revenue**

The following table summarizes the royalties earned by Enzon in 2024 and 2023:

**Royalties and Milestones Revenues** (in thousands of dollars):

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year EndedDecember 31,** | **For the Year EndedDecember 31,** | **For the Year EndedDecember 31,** |
|  | **2024** | **%**<br>**Change** | **2023** |
| Royalties and milestones revenues | 26 | 100 |  |

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The revenues in 2024 and 2023 were approximately $26,000 and $0, respectively, from license fees from Amgen, Inc. in payment of a worldwide, royalty-free non-exclusive right to license Vicineum. Enzon's right to receive royalties on U.S. and European sales of PegIntron have expired in all jurisdictions as of December 31, 2024.

As of December 31, 2024 and 2023, Enzon recorded a liability to Merck of approximately $331,000, which is based primarily on Merck's assertions regarding recoupments related to prior returns and rebates, as discussed in Note 4 in the Enzon FY 2024 Financial Statements and Notes.

Enzon will receive no additional royalties from Merck.

**Interest and Dividend Income** (in thousands of dollars):

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year EndedDecember 31,** | **For the Year EndedDecember 31,** | **For the Year EndedDecember 31,** |
|  | **2024** | **%**<br>**Change** | **2023** |
| Interest and dividend income | $2452 | 8 | $2261 |

---

Interest and dividend income is attributable to the interest and dividends received on the invested cash and cash equivalents Enzon received from the approximately $46.9 million worth of proceeds from the Rights Offering (See Note 13 in the Enzon FY 2024 Financial Statements and Notes). Interest and dividend income increased by approximately $191,000, or eight percent (8%), to $2,452,000 for 2024 from $2,261,000 for 2023. The increase in interest and dividends income is primarily attributable to the higher interest rates in 2024 as compared with 2023.

**Operating Expenses**

***General and Administrative Expenses*** (in thousands of dollars):

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year EndedDecember 31,** | **For the Year EndedDecember 31,** | **For the Year EndedDecember 31,** |
|  | **2024** | **%**<br>**Change** | **2023** |
| General and administrative expenses | $1353 | 30 | $1044 |

---

For the year ended December 31, 2024, general and administrative expenses were approximately $1,353,000, an increase of approximately $309,000, or 30%, from $1,044,000 in the prior year, primarily attributable to an increase in professional fees.

In 2024 and 2023, general and administrative expenses consisted primarily of consulting fees for executive services and outside professional services for accounting, audit, tax and legal services.

**Operating Losses**

***Income Taxes***

As a result of Enzon's income, primarily from interest, exceeding Enzon's expenses for the year ended December 31, 2024, Enzon realized approximately $1,125,000 in pre-tax book income before utilization of any net operating loss carryforwards ("NOLs"). Enzon utilized approximately $1.1 million of its NOLs. Under the asset and liability method of accounting for income taxes, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which such temporary differences are expected to be recovered or settled. A valuation allowance on net deferred tax assets is provided when it is more likely than not that some portion or all of the deferred tax assets will not be realized. As of December 31, 2024, based on Enzon's projections and upon review of positive and negative evidence in determining a partial reversal of the valuation allowance, Enzon has concluded that a partial reversal of the valuation allowance is necessary.

Enzon does not expect interest rates to return to the low rates of the past in the near term, which would create a projected taxable income position. Therefore, Enzon has partially reversed the valuation allowances as of December 31, 2024. A deferred tax expense of

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$342,000 was recorded during the year ended December 31, 2024. Enzon is positioned as a public company acquisition vehicle where Enzon can become an acquisition platform.

Enzon's management will continue to assess the need for this valuation allowance and will make adjustments when appropriate. Enzon's management believes that its NOLs was not limited by any changes in Enzon's ownership as a result of the successful completion of the Rights Offering (see Note 13 in the Enzon FY 2024 Financial Statements and Notes). In addition, Enzon intends that the Merger should not result in an ownership change of Enzon under Section 382 of the Code such that the Combined Company's ability to utilize Enzon's NOL carryforwards, certain credits and other tax attributes to offset taxable income in a single year should not be limited; however, notwithstanding the foregoing, due to the existence of a valuation allowance for substantially all of the deferred tax assets for both Enzon and Viskase, the effect of having an ownership change under Section 382 of the Code may not be significant.

These projections and beliefs are based upon a variety of estimates and numerous assumptions made by Enzon's management with respect to, among other things, the closing of the Merger, interest rates, forecasted sales of the drug products for which Enzon has the right to receive royalties, Enzon's ability to acquire businesses, entities or revenue streams that could generate sufficient income against which Enzon can utilize its NOLs and other matters, many of which are difficult to predict, are subject to significant uncertainties and are beyond Enzon's control. As a result, Enzon cannot make any assurances that the estimates and assumptions upon which these projections and beliefs are based will prove accurate, that the projected results will be realized or that the actual results will not be substantially higher or lower than projected.

Enzon recognizes the benefit of an uncertain tax position that Enzon has taken or expect to take on the income tax returns Enzon files if it is more likely than not that Enzon will be able to sustain Enzon's position.

**Section 382 Rights Plan**

On August 14, 2020, in an effort to protect stockholder value by attempting to protect against a possible limitation on Enzon's ability to use its NOLs, the Enzon Board adopted the 382 Rights Agreement and declared a dividend distribution of one right for each outstanding share of Enzon Common Stock to stockholders of record as of the close of business on August 24, 2020. Accordingly, holders of Enzon Common Stock own one preferred stock purchase right for each share of Enzon Common Stock owned by such holder. The rights are not immediately exercisable and will become exercisable only upon the occurrence of certain events as set forth in the 382 Rights Agreement.

On June 4, 2021, effective as of June 2, 2021, Enzon entered into the First Amendment to the 382 Rights Agreement, which extended the final expiration date therein. On May 16, 2024, Enzon entered into the Second Amendment to the 382 Rights Agreement, which further extended the final expiration date therein. On March 31, 2025, Enzon entered into the Third Amendment to the 382 Rights Agreement, which further extended the final expiration date therein to the close of business on June 30, 2026. On August 13, 2025, Enzon entered into the Fourth Amendment to the 382 Rights Agreement, which amended the final expiration date therein to the close of business on September 30, 2025. On September 30, 2025, Enzon entered into the Fifth Amendment to the 382 Rights Agreement, which amended the final expiration date therein to the close of business on December 31, 2025. However, the Merger Agreement requires that the Section 382 Rights Agreement be terminated prior to the Effective Time of the Merger. Accordingly, on December 23, 2025, Enzon amended the 382 Rights Agreement to provide that the rights issued thereunder will terminate as of the close of business on January 31, 2026. Enzon plans to further amend the final expiration date under the Rights Agreement so that the Rights Agreement remains in effect until immediately prior to the closing of the Merger. Once the 382 Rights Agreement terminates, the protections afforded by the 382 Rights Agreement will no longer be in effect.

It is intended that Enzon should not undergo an ownership change under Section 382 of the Code due to the Merger such that the Combined Company's ability to utilize Enzon's NOL carryforwards, certain credits and other tax attributes to offset taxable income in a single year should not be limited.

**Rights Offering**

On September 1, 2020, the Enzon Board approved a rights offering consisting of shares of Enzon Series C Preferred Stock and shares of Enzon Common Stock (the "Rights Offering"). On October 9, 2020, the Rights Offering was completed and, as a result, Enzon (i) realized gross proceeds of approximately $43.6 million, (ii) issued 40,000 shares of Enzon Series C Preferred Stock and (iii) issued 30,000,000 shares of Enzon Common Stock. For more information on the Rights Offering, see Note 12 in the Enzon FY

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2024 Financial Statements and Notes. As of September 30, 2025, there were 40,000 shares of Enzon Series C Preferred Stock issued and outstanding and 74,214,603 shares of Enzon Common Stock issued and outstanding.

On an annual basis, the Enzon Board may, at its sole discretion, cause a dividend with respect to the Enzon Series C Preferred Stock to be paid in cash to the holders in an amount equal to 3% of the Liquidation Preference as in effect at such time (initially $1,000 per share). If the dividend is not so paid in cash, the Liquidation Preference is adjusted and increased annually by an amount equal to 5% of the Liquidation Preference per share as in effect at such time, that is not paid in cash to the holders of Enzon Series C Preferred Stock on such date. Holders of Enzon Series C Preferred Stock do not have any voting rights and the Enzon Series C Preferred Stock is not convertible into shares of Enzon Common Stock. The initial liquidation value of the Enzon Series C Preferred Stock was $1,000 per share. On December 18, 2024, the Enzon Board declared a cash dividend of three percent (3%) of the Liquidation Preference at December 31, 2023 ($42,483,286) of the Enzon Series C Preferred Stock, aggregating approximately $1,275,000 ($31.86 per share). Such dividend was paid on January 9, 2025 to the holders of record of Enzon Series C Preferred Stock as of January 2, 2025.

Enzon believes that the completion of the Rights Offering did not limit the use of its NOL carryforwards, certain credits and other tax attributes due to any restrictions imposed by Section 382 of the Code.

As the Enzon Board declared dividends on the Enzon Series C Preferred Stock as of December 31, 2024 and 2023, the liquidation value at both December 31, 2024 and 2023 was $1,062 per share. (See Note 13 in the Enzon FY 2024 Financial Statements and Notes.)

Since November 1, 2022, Enzon has been able to redeem shares of Enzon Series C Preferred Stock at any time, in whole or in part, for an amount based on the Liquidation Preference per share as in effect at such time. Holders of Enzon Series C Preferred Stock have the right to demand that Enzon redeem their shares in the event that Enzon undergoes a change of control. Pursuant to the terms of the Merger Agreement, Enzon has agreed to conduct the Series C Exchange Offer and, pursuant to the terms of the IEH Support Agreement, the IEH Parties have agreed to the IEH Share Exchange. For additional information regarding the Series C Exchange Offer, please see the section titled "*Questions and Answers about the Series C Exchange Offer*" in this prospectus/consent solicitation/offer to exchange and for more information about the IEH Share Exchange, please see the section titled "*IEH Support Agreement*" in this prospectus/consent solicitation/offer to exchange. Under the terms of the Enzon Series C Preferred Stock, following the Merger, Enzon may, and at this time intends to, redeem any outstanding shares of Enzon Series C Preferred Stock for a cash amount equal to the aggregate Liquidation Preference of such shares.

**Liquidity and Capital Resources**

Enzon's current source of liquidity is its existing cash on hand, which includes the approximately $43.6 million of gross proceeds from its Rights Offering and the interest earned on that amount. See Note 11 in the Enzon Q3 2025 Financial Statements and Notes for additional information about the Rights Offering. While Enzon no longer has any research and development activities, Enzon continues to retain rights to receive fees, royalties and milestone payments from existing licensing arrangements with other companies and, accordingly, Enzon may be entitled to a share of milestone and royalty payments from its few remaining licensed patents. Enzon believes that its existing cash and cash equivalents on hand will be sufficient to fund its operations, at least, through November 2026. Enzon's future royalty revenues are expected to be de minimis over the foreseeable future and Enzon cannot make any assurances that it will receive any royalty, milestone or other revenues.

Enzon has entered into the Merger Agreement with Viskase for an all-stock transaction with an anticipated closing by the end of the fiscal year. Should the Merger not successfully close, Enzon will continue to be positioned as a public company acquisition vehicle.

Cash used in operating activities, as adjusted for certain non-cash items including the effect of changes in operating assets and liabilities, during the nine (9) months ended September 30, 2025 was approximately $2,328,000, as compared to cash provided by operating activities of approximately $896,000 during the comparable period in 2024. The decrease of approximately $3,324,000 was primarily attributable to the transaction costs of approximately $2,801,000 in the 2025 period related to the Merger for which there was no corresponding amount in 2024 and the decrease in interest and dividend income of approximately $412,000, decreasing to approximately $1,494,000 during the nine (9) months ended September 30, 2025, from approximately $1,906,000 during the comparable period in 2024.

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Cash used in financing activities represents cash dividends of approximately $1,275,000 paid to holders of the Company's Series C Preferred Stock in each of the periods.

The net effect of the foregoing was a decrease of cash and cash equivalents of approximately $3,603,000 from approximately $46,859,000 at December 31, 2024 to approximately $43,256,000 at September 30, 2025.

**Off-Balance Sheet Arrangements**

Enzon does not participate in transactions that generate relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities, which would have been established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow limited purposes. As of December 31, 2024 and as of September 30, 2025, Enzon was not involved in any off-balance sheet special purpose entity transactions.

**Critical Accounting Policies and Estimates**

A critical accounting policy is one that is both important to the portrayal of a company's financial condition and results of operations and requires management's most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain.

Enzon's consolidated financial statements are presented in accordance with U.S. GAAP. All applicable U.S. GAAP accounting standards effective as of December 31, 2024 have been taken into consideration in preparing the consolidated financial statements. The preparation of the consolidated financial statements requires estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures. Some of those estimates are subjective and complex, and, consequently, actual results could differ from those estimates. The following accounting policies and estimates have been highlighted as significant because changes to certain judgments and assumptions inherent in these policies could affect Enzon's consolidated financial statements.

Enzon bases its estimates, to the extent possible, on historical experience. Historical information is modified as appropriate based on current business factors and various assumptions that Enzon believes are necessary to form a basis for making judgments about the carrying value of assets and liabilities. Enzon evaluates its estimates on an ongoing basis and make changes when necessary. Actual results could differ from Enzon's estimates.

**Subsequent Events**

On August 11, 2025, the Company was notified by the OTCQX Markets Group (the "OTCQX"), the marketplace for the over-the-counter trading of its stock, that it no longer met the standards for continued qualification for the OTCQX, in that its stock bid price had fallen below $0.10 per share for 30 consecutive calendar days. On August 12, 2025, the Company began trading on the OTCQB Market.

As noted above, on September 30, 2025, Enzon entered into an amendment to the Rights Agreement to provide that the Final Expiration Date (as defined in the Rights Agreement) of the rights issued thereunder would be the close of business on December 31, 2025. Once the Rights Agreement terminates, the protections afforded by the Rights Agreement will no longer be in effect.

On October 24, 2025, Enzon and Viskase entered into the Merger Agreement Amendment as more fully discussed herein.

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**VISKASE MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*You should read the following discussion and analysis of Viskase's financial condition and results of operations together with Viskase's audited financial statements for the year ended December 31, 2024, together with related notes thereto (the "Viskase FY 2024 Financial Statements and Notes"), and unaudited financial statements for the three and nine months ended September 30, 2025, together with related notes thereto (the "Viskase Q3 2025 Financial Statements and Notes"), included elsewhere in this prospectus/consent solicitation/offer to exchange. The discussion and analysis should also be read together with the section titled "Information about Viskase's Business" in this prospectus/consent solicitation/offer to exchange and the unaudited pro forma combined financial information as of and for the three and nine months ended September 30, 2025, and for the year ended December 31, 2024 (in the section titled "Selected Unaudited Pro Forma Combined Financial Information" in this prospectus/consent solicitation/offer to exchange).*

**Forward-Looking Information and Factors That May Affect Future Results**

Certain statements contained in this discussion may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "may," "will," "should," "would," "expect," "anticipate," "plan," "likely," "believe," "estimate," "project," "intend," and other similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. These and other forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements, including, without limitation, those that are set forth in the section titled "*Risk Factors*" in this prospectus/consent solicitation/offer to exchange and in Viskase's annual and quarterly reports posted to Viskase's website. These risks and uncertainties should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. As such, Viskase cannot assure you that the future results covered by the forward-looking statements will be achieved.

**Overview**

Viskase Companies, Inc. is a Delaware corporation organized in 1970. Viskase, together with its subsidiaries, operates in the casing product segment of the food industry. Viskase is a worldwide leader in the production and sale of cellulosic, fibrous and plastic casings for the processed meat and poultry industry. Viskase currently operates eight significant manufacturing facilities throughout North America, Europe, South America and Asia. Viskase provides value-added support services relating to these products for some of the world's largest global consumer products companies. Viskase is one of the two largest worldwide producers of non-edible cellulosic casings for processed meats and one of the three largest manufacturers of non-edible fibrous casings.

Viskase's net sales are driven by consumer demand for meat products and the level of demand for casings by processed meat manufacturers, as well as the average selling prices of Viskase's casings. Specifically, demand for Viskase's casings is dependent on population growth, overall consumption of processed meats and the types of meat products purchased by consumers. Average selling prices are dependent on overall supply and demand for casings and Viskase's product mix.

Viskase's cellulose, fibrous and plastic casing extrusion operations are capital-intensive and are characterized by high fixed costs. Viskase's finishing operations are labor intensive. The industry's operating results have historically been sensitive to the global balance of capacity and demand. The industry's extrusion facilities produce casings under a timed chemical process and operate continuously.

Viskase's contribution margin varies with changes in selling price, input material costs, labor costs and manufacturing efficiencies. The total contribution margin increases as demand for Viskase's casings increases. Viskase's financial results benefit from increased volume because Viskase does not have to increase its fixed cost structure in proportion to increases in demand. For certain products, Viskase operates at near capacity in its existing facilities. Viskase regularly evaluates its capacity and projected market demand. Viskase believes the current and planned cellulosic production capacity in Viskase's industry is in balance with global demand.

Net sales were approximately $91.1 million for the three months ended September 30, 2025, and $101.5 million for the three months ended September 30, 2024. Viskase reported approximately $13.0 million of net loss, or $(0.12) per share, for the

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three months ended September 30, 2025, compared to approximately $144 thousand of net loss, or $(0.00) per share for the three months ended September 30, 2024. As of September 30, 2025, Viskase ended the period with approximately $7.7 million of cash and cash equivalents, and approximately $10.1 million in positive working capital.

Net sales were approximately $282.6 million for the nine months ended September 30, 2025, and $307.5 million for the nine months ended September 30, 2024. Viskase reported approximately $46.9 million of net loss, or $(0.43) per share, for the nine months ended September 30, 2025, compared to approximately $3.8 million of net income, or $0.04 per share for the nine months ended September 30, 2024.

Net sales were approximately $403.8 million, $446.0 million and $430.8 million for the years ended December 31, 2024, 2023 and 2022, respectively. Viskase reported approximately $5.5 million of net loss, or $(0.05) per share, in 2024, compared to approximately $13.4 million of net income, or $0.13 per share, in 2023 and approximately $2.3 million of net income, or $0.02 per share, in 2022. As of December 31, 2024, Viskase ended the year with approximately $5.7 million of cash and cash equivalents, approximately $5.0 million for the borrowing availability under its senior credit facility, and approximately $128.2 million in positive working capital.

Operating loss was approximately $9.1 million for the three months ended September 30, 2025, compared to operating income of approximately $3.5 million for the three months ended September 30, 2024, a decrease of $12.6 million driven primarily by lower volumes of product demand, higher costs for raw materials and manufacturing waste expenses as well as lower product prices and mix. Viskase also incurred approximately $0.8 million in restructuring expense to close two of its manufacturing facilities which negatively impacted Viskase's total operating income for the three months ended September 30, 2025.

Operating loss was approximately $26.1 million for the nine months ended September 30, 2025, compared to operating income of approximately $18.4 million for the nine months ended September 30, 2024, a decrease of $44.5 million driven primarily by lower volumes of product demand, higher costs for raw materials and manufacturing waste expenses as well as lower product prices and mix. Viskase also incurred approximately $6.6 million in restructuring expenses to close two of its manufacturing facilities and approximately $12.1 million of asset impairment expense in association with the closing of the Osceola, Arkansas facility and the removal of assets prior to the end of their useful lives, which negatively impacted Viskase's total operating income for the nine months ended September 30, 2025.

Operating income was approximately $15.4 million for the year ended December 31, 2024 and approximately $39.4 million for the year ended December 31, 2023, representing a decrease of $24.0 million driven primarily by lower volumes of product demand, higher costs for raw materials and manufacturing waste expenses as well as lower product prices and mix. Viskase also incurred approximately $1.9 million in restructuring expenses to close one of its European manufacturing facilities during the year, which negatively impacted Viskase's total operating income for the year ended December 31, 2024. Operating income was approximately $39.4 million for the year ended December 31, 2023, and $22.2 million for 2022, representing an increase of $17.2 million driven primarily by higher volumes of product demand, lower costs for raw materials and manufacturing waste expenses as well as higher product prices and mix.

Viskase's business strategy is to continue to improve operational efficiencies, product quality and throughput by upgrading existing production facilities and adding resources in high growth markets through new capital investments. Viskase has been successful in implementing production cost-savings initiatives and will continue to pursue similar opportunities that enhance its profitability and competitive positioning as a leader in the casing market. Viskase is focused on reducing extrusion, shirring and printing waste through equipment upgrades and an ongoing effort to redefine product mix. In addition, Viskase seeks entry into new value-added lines of business.

**Recent Developments**

***The Merger***

On June 20, 2025, the Company entered into an Agreement and Plan of Merger ("Merger Agreement") that was further amended on October 23, 2025 by and between Enzon Pharmaceuticals, Inc. ("Enzon"), and EPSC Acquisition Corp. ("ESPC"). Under the terms of the Merger Agreement, EPSC will merge with and into the Company, with the Company surviving as a wholly owned subsidiary of Enzon, (the "Merger"). Immediately following the Merger, the Company will convert into a limited liability company under Delaware law. Enzon is expected to change its name to Viskase Holdings, and trade on the over the counter ("OTC") market.

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Additionally, on September 20, 2025, the Company entered into a support agreement ("Support Agreement"). In accordance with the Support Agreement, the owners of Enzon and the Company will exchange their beneficially owned shares of Enzon Series C Preferred Stock for shares of Enzon common stock. Enzon will use commercially reasonable efforts to facilitate the exchange of Enzon Series C Preferred Stock held by non-related ownership parties for shares of Enzon common stock through the Series C Exchange Offer.

Enzon will effectuate a reverse stock split of the outstanding Enzon Common Stock to effect the consolidation of the issued and outstanding shares of Enzon Common Stock at a ratio of 1 for 100. In addition, each share of the Company's common stock issued and outstanding prior to the merger will automatically be converted into the right to receive shares of Enzon Common Stock at a certain exchange ratio. All shares of EPSC common stock will be automatically converted into shares of the surviving company.

The transaction is expected to close March 4, 2026, pending standard closing requirements and regulatory approvals.

***The Restructuring Plans***

*2025 Restructuring Plan – Arkansas Plant Closure*

On March 26, 2025, Viskase announced and began implementing a restructuring plan to maintain its existing fibrous and nojax extrusion capacities while increasing cost competitiveness (the "2025 Restructuring Plan"). The 2025 Restructuring Plan originally included: (i) reducing Viskase employee headcount within its North America segment; (ii) closing its manufacturing facility in Osceola, Arkansas, and (iii) consolidating its Osceola, Arkansas capacity with existing manufacturing facilities, including transferring equipment and employees to its manufacturing facilities in Loudon, Tennessee and Thaon, France; resulting in restructuring and related obsolescence expenses of approximately $0.8 million and $6.6 million for the three and nine months ended September 30, 2025. The closure of the facility was effective as of April 30, 2025 with wind down operations taking place through June 2025. Additionally, Viskase recognized approximately $12.1 million of non-cash charges, primarily composed of non-inventory asset impairment charges on machinery in association with the closing of the Osceola, Arkansas plant; the majority of which are expected to be incurred by the end of fiscal year 2025.

Viskase believes that the 2025 Restructuring Plan will better position Viskase for sustained, positive free cash flow, while enabling Viskase to continue to invest in technology, and machinery to improve productivity and efficiencies at its extrusion facilities and optimizations to marketing efforts to scale the business. The 2025 Restructuring Plan includes: (i) a reduction in global headcount by approximately 8%, which impacted roughly 210 Viskase team members; and (ii) closure of its manufacturing facility in Osceola, Arkansas. Viskase expects the majority of the 2025 Restructuring Plan to be implemented by the end of fiscal year 2025. The facility was marketed for approximately $5.0 million, and Viskase expects that it will take longer than one year to complete the sale of the facility.

The following table summarizes the total charges related to the 2025 Restructuring Plan for the periods presented (in thousands):

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| | | |
|:---|:---|:---|
|  | **Three Months** <br>**Ended**<br>**September 30,** <br>**2025** | **Nine Months**<br>**Ended** <br>**September 30,** <br>**2025** |
| **Cash restructuring charges:** |  |  |
| Severance and other personnel costs | $— | $4543 |
| Total cash charges |  | 4543 |
| **Non-cash charges:** |  |  |
| &nbsp;&nbsp;Write-offs of inventory due to restructuring plan | 819 | 2063 |
| &nbsp;&nbsp;Total non-cash charges | 819 | 2063 |
| **Total** | $819 | $6606 |

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Viskase has made progress in achieving goals in its restructuring initiatives. For example, total cost of sales decreased approximately $0.6 million and $1.0 million for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024, and Viskase continues its work in looking for additional efficiencies. Throughout fiscal year 2025, Viskase expects further improvements in the above as well as a number of other measures by which Viskase measures the success of its restructuring initiatives.

In connection with the 2025 Restructuring Plan, Viskase estimates that it will incur additional cash charges related to the closure of approximately $0.5 million for site closure and equipment removal costs. Viskase does not believe these cost-saving measures will impair its ability to conduct any of its key business functions. However, Viskase may not be able to realize the cost savings and benefits initially anticipated as a result of the 2025 Restructuring Plan, and costs may be greater than expected.

*2024 Restructuring Plan – Poland Plant Closure*

In August 2024, Viskase announced and began implementing a restructuring plan to realign its operational focus to support its multi-year growth, scale the business, and improve costs (the "2024 Restructuring Plan"). The 2024 Restructuring Plan originally included: (i) reducing Viskase employee headcount within its Europe, the Middle East, and Africa ("EMEA") segment; (ii) closing its manufacturing facility in Swiecie, Poland, and (iii) transferring a portion of the machinery from its Swiecie facility to expand its production capabilities for its facility based in Legnica, Poland; resulting in restructuring expenses of approximately $1.9 million for the year ended December 31, 2024.

Viskase believes that the 2024 Restructuring Plan will better position Viskase for sustained, positive free cash flow, while enabling Viskase to continue to invest in technology, and machinery to improve productivity and efficiencies at its extrusion facilities and optimizations to marketing efforts to scale the business. The 2024 Restructuring Plan includes: (i) a reduction in global headcount which impacted roughly 50 Viskase team members; (ii) closure of its manufacturing facility in Swiecie, Poland, and (iii) transfer of machinery with a book value of approximately $1.6 million to its manufacturing facility in Legnica, Poland. Viskase has concluded all restructuring activities related to the 2024 Restructuring Plan as of December 31, 2024. The land, facility and machinery had a total net book value of approximately $0.4 million and were sold for approximately $0.7 million, resulting in a gain of $0.3 million related to the sale. There were no remaining assets or liabilities related to the facility as of December 31, 2024.

The following table summarizes the total charges related to the 2024 Restructuring Plan (in thousands):

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| | |
|:---|:---|
|  | **Year Ended**<br>**December 31, 2024** |
| **Cash restructuring charges:** |  |
| Transfer and disposal costs and professional fees | $1059 |
| Severance and other personnel costs | 515 |
| &nbsp;&nbsp;Capital expenditures | 343 |
| **Total** | $1917 |

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Viskase has made progress in achieving goals in its restructuring initiatives. For example, total operating expenses decreased approximately $2.0 million, or (4)%, to $52.4 million in 2024, compared to $54.4 million in 2023 and Viskase continues its work in looking for additional efficiencies. Throughout fiscal year 2025, Viskase expects further improvements in the above as well as a number of other measures by which Viskase measures the success of its restructuring initiatives.

In connection with the 2024 Restructuring Plan, Viskase does not expect to incur any additional cash charges or expect to recognize any non-cash charges related to the closure. Viskase does not believe these cost-saving measures will impair its ability to conduct any of its key business functions. However, Viskase may not be able to realize the cost savings and benefits initially anticipated as a result of the 2024 Restructuring Plan, and costs may be greater than expected.

**Impact of General Economic Risk Factors on Viskase's Operations**

Uncertainty in the global economy presents significant risks to Viskase's business. Viskase is subject to continuing risks and uncertainties in connection with the current macroeconomic environment, including increases in inflation, fluctuating interest rates, new or increased tariffs and other barriers to trade, changes to fiscal and monetary policy or government budget dynamics (particularly in the product segment of the food industry), recent bank failures, geopolitical factors, including the ongoing conflicts between Russia and Ukraine and in the Middle East and the responses thereto, and supply chain disruptions. While Viskase is closely monitoring the

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impact of the current macroeconomic and geopolitical conditions on all aspects of Viskase's business, the ultimate extent of the impact on Viskase's business remains highly uncertain and will depend on future developments and factors that continue to evolve. Most of these developments and factors are outside of Viskase's control and could exist for an extended period of time. Viskase will continue to evaluate the nature and extent of the potential impacts to its business, results of operations, liquidity and capital resources. For additional information, see the section titled "*Risk Factors — Risk Factors Relating to Viskase's Business*" in this prospectus/consent solicitation/offer to exchange for further information.

**Components of Results of Operations**

***Net Sales***

Viskase generates net sales from sales of its products, including cellulosic, fibrous and plastic casings for the processed meat and poultry industry. Viskase serves the majority of its natural channel customers through meat manufacturers, which purchase, store, sell and deliver Viskase's products to consumers.

Viskase periodically offers promotional incentives to its customers, including customer rebates, temporary price reductions, off-invoice discounts, retailer advertisements, product coupons and other trade activities. At the end of each accounting period, Viskase recognizes a liability for an estimated promotional allowance reserve. Viskase periodically provides credits or discounts to its customers in the event that products do not conform to customer expectations upon delivery. Viskase treats these credits and discounts as a reduction of the sales price of the related transaction at the time of sale. Viskase anticipates that these promotional activities, credits and discounts could materially impact Viskase's net revenue and that changes in such activities could impact period-over-period results.

Viskase's casings are sold to customers at a premium price point, and when prices for competitor casings fall relative to the price of Viskase's casings (including due to any price increases Viskase may implement), price-sensitive customers may choose to purchase casings offered by Viskase's competitors instead of Viskase's products. As a result, competitor pricing may adversely affect Viskase's net revenue. Net revenue may also vary from period to period depending on the purchase orders Viskase receives, the volume and mix of Viskase's products sold, and the channels through which Viskase's products are sold.

***Cost of Sales***

Cost of sales consists of the costs directly attributable to producing Viskase's products, which include labor, raw material and packaging costs as well as overhead. The labor cost is comprised of wages and related costs for Viskase's processing of crew members. The raw material is comprised of those items necessary to process Viskase's finished casing products and the packaging costs are the cost of the packaging materials in which Viskase's finished products are sold. Overhead costs in cost of goods sold include utilities, insurance, inbound freight, storage fees related to Viskase's manufacturing facilities and depreciation and amortization expenses related to Viskase's assets used in production.

***Operating Expenses***

Viskase's operating expenses consist of selling, general and administrative expenses, amortization of intangibles, asset impairment expense, and restructuring and related expense, as further described below:

*Selling, General and Administrative*

Selling, general and administrative expenses consist primarily of personnel-related expenses, including recruiting costs, salaries, bonuses, benefits, and equity-based compensation, for individuals in Viskase's executive, finance, operations, human resources, business development and other administrative functions. Other selling, general and administrative expenses include legal fees relating to corporate matters and patent-related activities, insurance costs, information technology, and professional and consulting fees associated with accounting, audit, tax and investor and public relations. Viskase expects selling, general and administrative expenses to increase in the future in connection with the expansion of the business and increased marketing costs.

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*Shipping and Distribution*

Shipping and distribution expenses consist primarily of costs related to third-party freight for Viskase's products. Viskase expects shipping and distribution expenses to increase in the medium-to-long term as Viskase continues to scale its business, and there is a risk that such expenses could continue to increase due to economic uncertainty, geopolitical tensions or wars.

*Amortization of Intangibles*

Viskase has recognized definite lived intangible assets for customer relationships, technologies, patents, trademarks, and in-place leases. Amortization of these intangibles are recognized on a straight-line basis over the respective estimated useful lives on the intangible assets.

*Asset Impairment Expense*

In connection with its 2025 Restructuring Plan and 2024 Restructuring Plan, Viskase took measures to close certain of its manufacturing facilities, resulting in asset impairment charges on its machinery in each respective location. These asset impairment charges are recorded as "asset impairment expense" within the consolidated statements of operations.

*Restructuring and Related Expense*

Any costs incurred related to the 2025 Restructuring Plan and 2024 Restructuring Plan, including transfer and disposal costs, professional fees, severance and other personnel costs, and capital expenditures were recorded as "restructuring and related expense" within the consolidated statements of operations.

***Non-Operating Expenses***

Viskase's non-operating expenses interest expense, net and other income (expense), net, as further described below:

*Interest Expense, Net*

Viskase records interest expense on its long-term debt based on the terms within its Credit Agreement, as further discussed and defined below with "— Amended Senior Credit Facility." This interest expense is partially offset by interest income earned on cash and cash equivalents.

*Other Income (Expense), Net*

Other income (expense), net primarily relates to foreign currency gains and losses and the expense related to the reversal of a receivable for an uncertain tax with offset running through the "income tax provision" within the consolidated statement of operations.

***Income Taxes***

Viskase determines its effective tax rate by estimating its permanent differences resulting from differing treatment of items for financial and income tax purposes. Viskase is periodically audited by taxing authorities and considers any adjustments made as a result of the audits in computing its income tax expense. Any audit adjustments affecting permanent differences could have an impact on Viskase's effective tax rate.

Deferred income taxes relate primarily to depreciation expense and share-based compensation programs accounted for differently for financial and income tax purposes. Changes in tax laws and rates could materially affect recorded deferred tax assets and liabilities in the future. Valuation allowances are recorded when it is more likely than not that a tax benefit will not be realized for a deferred tax asset. Changes in projected future earnings could affect Viskase's recorded valuation allowances, if any, in the future.

Viskase records unrecognized tax benefit liabilities for known or anticipated tax issues for which the benefit is more likely than not based on its analysis of whether, and the extent to which, additional taxes will be due. However, due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the current estimate of the tax liabilities. To the extent Viskase prevails in matters for which unrecognized tax benefit liabilities have been established or are required

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to pay amounts in excess of its recorded liability, Viskase's effective tax rate in a given financial statement period could be materially affected.

A provision for income tax of approximately $1.9 million and $14.9 million were recorded for the three and nine months ended September 30, 2025, respectively. An income tax benefit of approximately $0.7 million was recorded for the 12 months ended December 31, 2024. Viskase believes it is more likely than not that its net deferred tax assets will be realized based on the weight of positive evidence and future income except with respect to a portion of the losses in Germany and the deferred tax assets in the U.S. Viskase maintains a full valuation allowance for its Brazilian operations of approximately $7.9 million and $4.4 million for the years ended December 31, 2024 and 2023, respectively. Viskase recorded a partial valuation allowance for its U.S. operations of approximately $0.6 million and $0.3 million for the years ended December 31, 2024 and 2023, respectively. Additionally, Viskase recorded a valuation allowance against a majority of the U.S. deferred tax assets for approximately $11.5 million and a valuation allowance for $1.3 million on German deferred tax assets as of September 30, 2025. Viskase recorded a partial valuation allowance for its Poland operations of approximately $1.0 million for the year ended December 31, 2024, and did not record a valuation allowance for its Poland operations for the year ended December 31, 2023.

**Results of Operations — Comparison of Three Months Ended September 30, 2025 and 2024**

The following table summarizes Viskase's annual condensed consolidated statement of operations for the periods presented (in thousands):

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| | | | |
|:---|:---|:---|:---|
|  | **Three Months** <br>**Ended**<br>**30-Sep-25** | **Three Months** <br>**Ended**<br>**30-Sep-24** | <br>**Change** |
| Net sales | $91162 | $101504 | $(10342) |
| Cost of sales | 85297 | 85911 | (614) |
| &nbsp;&nbsp;Gross margin | 5865 | 15593 | (9728) |
| Operating expenses |  |  |  |
| &nbsp;&nbsp;Selling, general and administrative | 13522 | 11563 | 1959 |
| &nbsp;&nbsp;Amortization of intangibles | 398 | 404 | (6) |
| &nbsp;&nbsp;Asset impairment expense |  | 77 | (77) |
| &nbsp;&nbsp;Restructuring and related expense | 1009 |  | 1009 |
| &nbsp;&nbsp;Total operating expenses | 14929 | 12044 | 2885 |
| (Loss) income from operations | (9064) | 3549 | (12613) |
| Other income (expense): |  |  |  |
| &nbsp;&nbsp;Interest expense, net | 2948 | 2860 | 88 |
| &nbsp;&nbsp;Other expense (income), net | (965) | 1024 | (1989) |
| Total other expense, net | 1983 | 3884 | (1901) |
| (Loss) income before income tax provision | (11047) | (335) | (10712) |
| Income tax provision | 1949 | (191) | 2140 |
| Net (loss) income | $(12996) | $(144) | $(12852) |

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***Net Sales***

Net sales decreased by approximately $10.3 million, or (10.2)%, to $91.2 million for the three months ended September 30, 2025, compared to $101.5 million for the three months ended September 30, 2024. The decrease in net sales was primarily driven by volume-related decreases of approximately $11.0 million, partially offset by price and mix-related increases of approximately $1.0 million.

***Cost of Sales***

Cost of sales decreased by approximately $0.6 million to $85.3 million for the three months ended September 30, 2025, compared to $85.9 million for the three months ended September 30, 2024. The decrease in cost of sales was primarily driven by lower volumes of product demand of approximately $3.5 million, offset by increased costs for raw materials plus manufacturing inefficiencies from waste, and lower absorption of manufacturing costs at Viskase's manufacturing facilities totaling approximately $2.9 million.

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***Gross Margin***

Gross margin decreased by approximately $9.7 million, or (62.4)%, to $5.9 million for the three months ended September 30, 2025, compared to $15.6 million for the three months ended September 30, 2024. The decrease in gross margin was primarily driven by volume-related decreases of approximately $7.5 million and by increased costs for raw materials plus manufacturing inefficiencies from waste, and lower absorption of manufacturing costs at Viskase's manufacturing facilities totaling approximately $2.9 million.

***Operating Expenses***

*Selling, General and Administrative*

Selling, general and administrative expenses increased by approximately $1.9 million, or 16.9%, to $13.5 million for the three months ended September 30, 2025, compared to $11.6 million for the three months ended September 30, 2024. The increase was primarily driven by higher costs for consulting fees and approximately $1.7 million in strategic initiative costs for the three months ended September 30, 2025.

*Amortization of Intangibles*

Amortization of intangible assets totaled approximately $0.4 million for the three months ended September 30, 2025 and 2024 on the amortization of intangible assets recognized with acquisitions.

*Restructuring and Related Expenses*

Restructuring and related expense totaled approximately $1.0 million for the three months ended September 30, 2025, compared to an expense of $1.3 million for the three months ended September 30, 2024.

*Income from Operations*

Loss from operations totaled approximately $9.1 million for the three months ended September 30, 2025, compared to income from operations of approximately $3.5 million for the three months ended September 30, 2024. The decrease of $12.6 million in income from operations loss was primarily driven by lower volumes of product demand of approximately $7.5 million, higher costs for raw materials and manufacturing waste/efficiency expenses of approximately $2.9 million as well as lower product prices and mix. Viskase also incurred approximately $1.7 million in strategic initiative costs, which negatively impacted Viskase's total operating income for the three months ended September 30, 2025.

***Other Income (Expense):***

*Interest Expense, Net*

Interest expense, net of interest income totaled approximately $2.9 million for the three months ended September 30, 2025 and 2024 in connection with Viskase's term loan with its Amended Senior Credit Facility (as defined and described below).

*Other (Expense) Income, Net*

Other income, net totaled approximately $1.0 million for the three months ended September 30, 2025, compared to other expense, net of approximately $1.0 million for the three months ended September 30, 2024. The increase was primarily driven by foreign currency gains or losses recognized during the period.

***Income Taxes:***

*Income Tax Provision*

During the three months ended September 30, 2025, an income tax provision of approximately $1.9 million was recognized on the loss before income taxes of $11.0 million compared to an income tax benefit of approximately $0.2 million for the three months ended September 30, 2024 on loss before income taxes of $0.3 million. Our effective income tax rate was (17.6)% and 57% for the three months ended September 30, 2025 and 2024, respectively. For the three months ended September 30, 2025, the effective tax rate

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was lower than the statutory federal rate of 21%, for corporations, primarily due to valuation allowance established for German deferred tax assets of $1.3 million during Q3.

**Results of Operations — Comparison of Nine Months Ended September 30, 2025 and 2024**

The following table summarizes Viskase's annual condensed consolidated statement of operations for the periods presented (in thousands):

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| | | | |
|:---|:---|:---|:---|
|  | **Nine Months** <br>**Ended**<br>**30-Sep-25** | **Nine Months** <br>**Ended**<br>**30-Sep-24** | <br>**Change** |
| Net sales | $282629 | $307543 | $(24914) |
| Cost of sales | 250724 | 251701 | (977) |
| &nbsp;&nbsp;Gross margin | 31905 | 55842 | (23937) |
| Operating expenses |  |  |  |
| &nbsp;&nbsp;Selling, general and administrative | 38146 | 34776 | 3370 |
| &nbsp;&nbsp;Amortization of intangibles | 1148 | 1208 | (60) |
| &nbsp;&nbsp;Asset impairment expense | 12100 | 77 | 12023 |
| &nbsp;&nbsp;Restructuring expense | 6606 | 1396 | 5210 |
| &nbsp;&nbsp;Total operating expenses | 58000 | 37457 | 20543 |
| (Loss) income from operations | (26095) | 18385 | (44480) |
| Other income (expense): |  |  |  |
| &nbsp;&nbsp;Interest expense, net | 8545 | 8385 | 160 |
| &nbsp;&nbsp;Other (income) expense, net | (2682) | 2909 | (5591) |
| Total other expense, net | 5863 | 11294 | (5431) |
| (Loss) income before income tax provision | (31958) | 7091 | (39049) |
| Income tax provision | 14890 | 3380 | 11510 |
| Net (loss) income | $(46848) | $3711 | $(50559) |

---

*Net Sales*

Net sales decreased by approximately $25.0 million, or (8.1)%, to $282.6 million for the nine months ended September 30, 2025, compared to $307.5 million for the nine months ended September 30, 2024. The decrease in net sales was primarily driven by volume-related decreases of approximately $18.0 million and price-related decreases of approximately $7.0 million.

*Cost of Sales*

Cost of sales decreased by approximately $1.0 million to $250.7 million for the nine months ended September 30, 2025, compared to $251.7 million for the nine months ended September 30, 2024. The decrease in cost of sales was primarily driven by lower volumes of product demand totaling approximately $7.6 million, offset by increased costs for raw materials plus manufacturing inefficiencies from waste, and lower absorption of manufacturing costs at Viskase's manufacturing facilities totaling approximately $6.6 million.

*Gross Margin*

Gross margin decreased by approximately $24.0 million, or (42.9)%, to $31.9 million for the nine months ended September 30, 2025, compared to $55.8 million for the nine months ended September 30, 2024. The decrease in gross margin was primarily driven by volume and price related decreases of approximately $17.4 million and unfavorable manufacturing performance of approximately $6.6 million for the nine months ended September 30, 2025.

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***Operating Expenses***

*Selling, General and Administrative*

Selling, general and administrative expenses increased by approximately $3.4 million, or 9.7%, to $38.1 million for the nine months ended September 30, 2025, compared to $34.8 million for the nine months ended September 30, 2024. The increase was primarily driven by higher costs for consulting fees and approximately $3.3 million in strategic initiative costs for the three months ended September 30, 2025.

*Amortization of Intangibles*

Amortization of intangible assets totaled approximately $1.2 million for the nine months ended September 30, 2025 and 2024 on the amortization of intangible assets recognized with acquisitions.

*Asset Impairment Expense*

Asset impairment expense totaled approximately $12.1 million for the nine months ended September 30, 2025, in association with the closing of the Osceola, Arkansas facility and the removal of assets prior to the end of their useful lives.

*Restructuring and related expenses*

Restructuring and related expense totaled approximately $6.6 million for the nine months ended September 30, 2025, compared to $1.4 million for the nine months ended September 30, 2024.

*(Loss) Income from Operations*

Loss from operations totaled approximately $26.1 million for the nine months ended September 30, 2025, compared to income from operations of approximately $18.4 million for the nine months ended September 30, 2024. The decrease of $44.5 million in income from operations was primarily driven by lower volumes of product demand and lower product prices and mix as well as higher costs for raw materials and manufacturing waste/efficiency expenses of approximately $24 million. Viskase also incurred approximately $5.2 million in higher restructuring expenses, $3.2 million in special transaction costs, and approximately $12.1 million of asset impairment charges in association with the closing of the Osceola, Arkansas facility, which negatively impacted Viskase's total operating income for the nine months ended September 30, 2025.

***Other Income (Expense):***

*Interest Expense, Net*

Interest expense, net of interest income, increased marginally by approximately $0.1 million to $8.5 million for the nine months ended September 30, 2025, compared to $8.4 million for the nine months ended September 30, 2024.

*Other (Income) Expense, Net*

Other income totaled approximately $2.7 million for the nine months ended September 30, 2025, compared to approximately $2.9 million of other expense for the nine months ended September 30, 2024. The decrease was primarily driven by foreign currency gains or losses recognized during the period.

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***Income Taxes:***

*Income Tax Provision*

During the nine months ended September 30, 2025, an income tax provision of approximately $14.9 million was recorded on the loss before income taxes of $32.0 million compared to the income tax provision of approximately $3.4 million for the nine months ended September 30, 2024 on approximately $7.1 million of income. Our effective income tax rate was (46.5)% and 47.6% for the nine months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025, the effective tax rate was lower than the statutory federal rate of 21%, for corporations, primarily due to a valuation allowance established for US deferred tax assets during Q2, due to delays with modifications of certain operating lines in the US resulting in lower projections for the year, and the jurisdictional mix of earnings and operating losses expected for the year.

**Results of Operations — Comparison of Fiscal Years Ended December 31, 2024 and 2023**

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended**<br>**31-Dec-24** | **Year Ended**<br>**31-Dec-23** | <br>**Change** |
| Net sales | $403775 | $445984 | $(42209) |
| Cost of sales | 335945 | 352221 | (16276) |
| &nbsp;&nbsp;Gross margin | 67830 | 93763 | (25933) |
| Operating expenses |  |  |  |
| &nbsp;&nbsp;Selling, general and administrative | 48421 | 52436 | (4015) |
| &nbsp;&nbsp;Amortization of intangibles | 1609 | 1606 | 3 |
| &nbsp;&nbsp;Asset impairment expense | 448 | 338 | 110 |
| &nbsp;&nbsp;Restructuring expense | 1917 |  | 1917 |
| &nbsp;&nbsp;Total operating expenses | 52395 | 54380 | (1985) |
| Income from operations | 15435 | 39383 | (23948) |
| Other income (expense): |  |  |  |
| &nbsp;&nbsp;Interest expense, net | 11032 | 12018 | (986) |
| &nbsp;&nbsp;Other expense, net | 10532 | 10395 | 137 |
| Total other expense, net | 21564 | 22413 | (849) |
| (Loss) income before income tax provision | (6129) | 16970 | (23099) |
| Income tax (benefit) provision | (670) | 3534 | (4204) |
| Net (loss) income  | $(5459) | $13436 | $(18895) |

---

*Net Sales*

Net sales decreased by approximately $42.2 million, or (9.5)%, to $403.8 million in 2024, compared to $446.0 million in 2023. The decrease in net sales was primarily driven by volume-related decreases of approximately $17.2 million and price-related decreases of approximately $25.0 million.

*Cost of Sales*

Cost of sales decreased by approximately $16.3 million, or (4.6)%, to $336.0 million in 2024, compared to $352.2 million in 2023. The decrease in cost of sales was primarily driven by lower volumes of product demand, offset by increased costs for raw materials plus manufacturing inefficiencies from waste, and lower absorption of manufacturing costs at Viskase's manufacturing facilities totaling approximately $10.0 million.

*Gross Margin*

Gross margin decreased by approximately $25.9 million, or (27.7)%, to $67.8 million for the year ended December 31, 2024, compared to $93.8 million for the year ended December 31, 2023. The decrease in gross margin was primarily driven by volume and price related decreases of approximately $42.2 million, offset by decreases in cost of sales totaling approximately $16.3 million.

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***Operating Expenses:***

*Selling, General and Administrative*

Selling, general and administrative expenses decreased by approximately $4.0 million, or (7.6)%, to $48.4 million in 2024, compared to $52.4 million in 2023. The decrease was primarily driven by lower costs for employee compensation plans of approximately $6.0 million.

*Amortization of Intangibles*

Amortization of intangible assets totaled approximately $1.6 million in 2024 and 2023 on the amortization of intangible assets recognized with acquisitions.

*Asset Impairment Expense*

Asset impairment charges increased by approximately $0.1 million, or 33.3%, to $0.4 million in 2024, compared to $0.3 million in 2023. The increase was primarily due to the write down of assets related to Viskase's Swiecie, Poland plant closure.

*Income from Operations*

Income from operations decreased by approximately $24.0 million, or (61.2)%, to $15.4 million in 2024, compared to $39.4 million in 2023. The decrease was primarily driven by lower volumes of product demand, higher costs for raw materials and unfavorable production variances of approximately $11.0 million as well as lower product prices and mix. Viskase also incurred approximately $1.9 million in restructuring expenses to close one of its European manufacturing facilities, which negatively impacted Viskase's total operating income for the year ended December 31, 2024.

***Other Income (Expense):***

*Interest Expense, Net*

Interest expense, net of interest income, decreased by approximately $1.0 million, or (8.3)%, to $11.0 million in 2024, compared to $12.0 million in 2023. The decrease is a result of a lower interest rate of 6.94% for 2024, compared to 7.49% in 2023, for Viskase's term loan with its Amended Senior Credit Facility.

*Other Expense, Net*

Other expense increased by approximately $0.1 million, or 1.0%, to $10.5 million in 2024, compared to $10.4 million in 2023. The increase is primarily due to higher foreign currency translation loss of approximately $7.3 million in 2024, compared to a foreign currency translation gain of approximately $5.3 million in 2023, primarily offset by the higher expense of approximately $6.8 million in 2023 due to reversal of a receivable on an uncertain tax position with the benefit accounted for through the income tax provision.

***Income Taxes:***

*Income Tax Provision*

During 2024, an income tax benefit of approximately $0.7 million was recognized on the loss before income taxes of $6.2 million compared to income tax expense of approximately $3.5 million in 2023. The 2024 effective income tax rate was (10.7%) compared to 20.7% for 2023. The income tax rate benefited from the jurisdictional mix of earnings, reversal of an uncertain tax position, offset by valuation allowances on deferred tax assets in Poland of approximately $1.0 million and Brazil of approximately $4.0 million.

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**Results of Operations — Comparison of Fiscal Years Ended December 31, 2023 and 2022**

The following table summarizes Viskase's annual condensed consolidated statement of operations for the periods presented (in thousands):

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended**<br>**31-Dec-23** | **Year Ended**<br>**31-Dec-22** | <br>**Change** |
| Net sales | $445984 | $430834 | $15150 |
| Cost of sales | 352221 | 356701 | (4480) |
| &nbsp;&nbsp;Gross margin | 93763 | 74133 | 19630 |
| Operating expenses |  |  |  |
| &nbsp;&nbsp;Selling, general and administrative | 52436 | 50283 | 2153 |
| &nbsp;&nbsp;Amortization of intangibles | 1606 | 1576 | 30 |
| &nbsp;&nbsp;Asset impairment expense | 338 | 27 | 311 |
| &nbsp;&nbsp;Total operating expenses | 54380 | 51886 | 2494 |
| Income from operations | 39383 | 22247 | 17136 |
| Other income (expense): |  |  |  |
| &nbsp;&nbsp;Interest expense, net | 12018 | 8428 | 3590 |
| &nbsp;&nbsp;Other expense (income), net | 10395 | 4396 | 5999 |
| Total other expense, net | 22413 | 12824 | 9589 |
| Loss before income tax provision | 16970 | 9423 | 7547 |
| Income tax provision | 3534 | 7139 | (3605) |
| Net income | $13436 | $2284 | $11152 |

---

*Net Sales*

Net sales increased by approximately $15.2 million, or 3.5%, to $446.0 million in 2023, compared to $430.8 million in 2022. The increase in net sales was primarily driven by approximately $40.0 million dollar increase from price and mix, and approximately $2.2 million dollar increase due to foreign currency translation, partially offset by volume-related decreases of approximately $27.0 million.

*Cost of Sales*

Cost of sales decreased by approximately $4.5 million, or (1.3)%, to $352.2 million in 2023, compared to $356.7 million in 2022. The decrease in cost of sales was primarily driven by lower volumes of product demand, increased costs for raw materials, manufacturing waste expenses of approximately $9.0 million and lower absorption of manufacturing costs at Viskase's manufacturing facilities.

*Gross Margin*

Gross margin increased by approximately $19.6 million, or 26.5%, to $93.8 million for the year ended December 31, 2023, compared to $74.1 million for the year ended December 31, 2022. The increase in gross margin was primarily driven by price and mix-related increases of approximately $40.0 million, offset by volume related decreases of approximately $27.0 million and decreases in costs of sales totaling approximately $4.5 million.

***Operating Expenses***

*Selling, General and Administrative Expenses*

Selling, general and administrative expenses increased by approximately $2.2 million, or 4.3%, to $52.4 million in 2023, compared to $50.3 million in 2022. The increase was primarily driven by increased costs for employee compensation plans of approximately $5.0 million.

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*Amortization of Intangibles*

Amortization of intangible assets totaled approximately $1.6 million in both 2023 and 2022 on the amortization of intangible assets recognized with acquisitions.

*Asset Impairment Expense*

Asset impairment charges increased by approximately $0.3 million, to $0.3 million in 2023, compared to $27,000 in 2022. The increase was primarily due to a number of assets removed from service during the year as part of normal cost improvement initiatives.

*Income from Operations*

Income from operations increased by approximately $17.2 million, or 77%, to $39.4 million in 2023, compared to $22.2 million in 2022. The increase was primarily driven by higher price and mix on product revenue, decreased costs for raw materials and distribution expenses, offset by manufacturing waste and inefficiencies of approximately $9.0 million.

***Other Income (Expense):***

*Interest Expense*

Interest expense, net of interest income, increased by approximately $3.6 million, or 43%, to $12.0 million in 2023, compared to $8.4 million in 2022. The increase is a result of a higher interest rate of 7.49% for 2023, compared to 6.15% in 2022, for Viskase's term loan with its Amended Senior Credit Facility.

*Other Expense*

Other expenses increased by approximately $6.0 million, or 136%, to $10.4 million in 2023, compared to $4.4 million in 2022. The increase is primarily due to higher foreign currency translation gain of approximately $1.0 million in 2023, compared to a foreign currency translation loss of approximately $3.5 million in 2022, partially offset by the higher expense of approximately $6.8 million in 2023 due to reversal of a receivable on an uncertain tax position with the benefit accounted for through the income tax provision.

***Income Taxes:***

*Income Tax Provision*

During 2023, income tax expense decreased by approximately $3.6 million, or (50)%, to $3.5 million in 2023, compared to $7.1 million in 2022. The decrease was due to the 2023 effective income tax rate being 20.7% compared to 75.8% for 2022. The income tax rate also benefited from the reversal of an uncertain tax position in 2023 of approximately $6.8 million.

**Liquidity and Capital Resources**

***Sources and Uses of Cash***

Viskase's primary sources of liquidity are net cash provided by operating activities and available borrowing capacity under its Amended Senior Credit Facility and Foreign Lines of Credit (as further discussed and defined below). As of September 30, 2025, Viskase had approximately $7.7 million of cash and cash equivalents. As of December 31, 2024, Viskase had approximately $5.7 million of cash and cash equivalents and approximately $5.0 million of unused borrowing capacity under the Amended Senior Credit Facility, net of letters of credit.

Currently, Viskase's primary uses of cash are for operations, capital expenditures, acquisitions, and debt service. Viskase believes that net cash generated from operating activities, cash on hand, available borrowings under its Amended Senior Credit Facility and available capital through access to capital markets will be adequate to meet Viskase's liquidity and capital requirements, including payments of any declared common stock dividends, for the foreseeable future. As Viskase's debt or credit facilities become due, Viskase will need to repay, extend or replace such facilities. Viskase's ability to do so will be subject to future economic conditions and financial, business, and other factors, many of which are beyond Viskase's control.

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***Going Concern***

The assessment of liquidity and going concern requires Viskase to make judgments about its ability to meet its obligations as they fall due for at least one year after the date that its condensed consolidated financial statements for the three months ended and nine months ended September 30, 2025 are issued.

Viskase's financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. Viskase has advised Enzon that it is in discussions with its lending group to refinance or extend its existing indebtedness such that the going concern exception would be addressed and removed, although there can be no assurance that such refinance or extension will occur. The ability of Viskase to continue as a going concern is dependent on Viskase obtaining adequate refinancing of its Senior Credit Facility before its maturity in August 2026.

Viskase fully expects the refinancing will be completed after completion of the Merger, but before the maturity of the Senior Credit Facility. However, there is no assurance that Viskase will be able to obtain sufficient additional funds to refinance these maturities occurring within 12 months of the date of the issuance of its financials or that such funds, if available, will be obtainable on terms satisfactory to Viskase, and therefore substantial doubt exists about Viskase's ability to continue as a going concern.

The condensed consolidated financial statements do not include any adjustments that might result from Viskase being unable to continue as a going concern.

***Cash Flows — Comparison of Nine Months Ended September 30, 2025 and 2024***

The following table summarizes Viskase's cash flows for the periods presented (in thousands):

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| | | |
|:---|:---|:---|
|  | **Nine Months**<br>**Ended**<br>**September 30,**<br>**2025** | **Nine Months**<br>**Ended**<br>**September 30,**<br>**2024** |
| Net cash provided by operating activities | $12491 | $325 |
| Net cash used in investing activities | (25590) | (9742) |
| Net cash provided by financing activities | 14774 | 8063 |
| Foreign currency translation | 315 | (260) |
| Net increase (decrease) in cash and cash equivalents | $1990 | $(1614) |

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*Net Cash Provided by Operating Activities*

Viskase's operating cash flow is primarily driven by Viskase's earnings and changes in operating assets and liabilities, such as accounts receivable, inventories, accounts payable and other accrued liabilities, as well as other factors described below. Cash requirements for operating activities are subject to Viskase's operating needs and the timing of collection of receivables and payments of payables and expenses.

For the nine months ended September 30, 2025, net cash provided by operating activities was approximately $12.5 million, compared to approximately $0.3 million for the nine months ended September 30, 2024. The increase in generated cash was primarily attributable to decrease in inventory and other current assets as well as increase in accounts payable during the nine months ended September 30, 2025. The decrease in inventories and other current assets was primarily due to volume and market demand. The decrease in accounts payable was primarily due to the timing and payments of vendors.

*Net Cash Used in Investing Activities*

For the nine months ended September 30, 2025, net cash used in investing activities was approximately $25.6 million, compared to $9.7 million for the nine months ended September 30, 2024, an increase of $15.9 million. The change in cash used in investing activities was primarily due to an increase in capital expenditures relating to Viskase's manufacturing facilities and production equipment.

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*Net Cash Provided by Financing Activities*

For the nine months ended September 30, 2025, net cash provided by financing activities was approximately $14.8 million, compared to $8.1 million for the nine months ended September 30, 2024, an increase of $6.7 million. The change in cash provided by financing activities during the year was primarily due to proceeds of $20 million from private placement of Viskase's common stock and additional borrowing of $4.8 million from our amended credit facility, partially offset by repayment of our short term-debt in the amount of $9.4 million.

***Cash Flows — Comparison of Fiscal Years Ended December 31, 2024 and 2023***

The following table summarizes Viskase's cash flows for the periods presented (in thousands):

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| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**December 31,** <br>**2024** | **Year Ended**<br>**December 31,** <br>**2023** |
| Net cash provided by operating activities | $3369 | $44165 |
| Net cash used in investing activities | (15279) | (14460) |
| Net cash provided by (used in) financing activities | 10250 | (29292) |
| Foreign currency translation | (498) | (1334) |
| Net decrease in cash and cash equivalents | $(2158) | $(921) |

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*Net Cash Provided by Operating Activities*

Viskase's operating cash flow is primarily driven by Viskase's earnings and changes in operating assets and liabilities, such as accounts receivable, inventories, accounts payable and other accrued liabilities, as well as other factors described below. Cash requirements for operating activities are subject to Viskase's operating needs and the timing of collection of receivables and payments of payables and expenses.

During 2024, net cash provided by operating activities was approximately $3.4 million, compared to $44.2 million for 2023, a decrease of $40.8 million or 92%. The decrease was primarily attributable to a net loss of approximately $5.5 million due to lower sales, and a decrease in gross margin, partially offset by positive non-cash adjustments of approximately $25.7 million and negative changes in operating assets and liabilities of approximately $16.9 million. Non-cash adjustments consisted of approximately $23.7 million of depreciation and amortization expense related to Viskase's global manufacturing facilities and associated machinery and equipment for the year ended December 31, 2024. Net cash provided by changes in Viskase's operating activities consisted of approximately a $11.9 million decrease in receivables, a $5.2 million increase in other current assets, offset by approximately a $8.0 million decrease in accounts payable, $16.0 million decrease in accrued liabilities and $4.7 million decrease in other assets. The increase in other current assets was primarily due to advances to suppliers and increased prepaid expenses. The decrease in receivables was primarily due to volume and price mix. The decreases in accounts payable, accrued liabilities, and other assets was primarily due to lower purchasing volume, accelerated payments to suppliers, and accruals that were settled during the year ended December 31, 2024.

*Net Cash Used in Investing Activities*

For the year ended December 31, 2024, net cash used in investing activities was approximately $15.3 million, compared to $14.5 million for 2023, an increase of $0.8 million or 6%. The change in cash used in investing activities during the year was primarily due to an increase in capital expenditures relating to Viskase's manufacturing facilities and production equipment.

*Net Cash Provided by Financing Activities*

For the year ended December 31, 2024, net cash provided by financing activities was approximately $10.3 million, compared to $29.3 million of cash used in financing activities during 2023, an increase of $39.6 million. The change in cash provided by financing activities during the year was primarily due to repayment of long-term debt, offset by proceeds received from entering into a short-term loan with the Amended Senior Credit Facility.

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***Cash Flows — Comparison of Fiscal Years Ended December 31, 2023 and 2022***

The following table summarizes Viskase's cash flows for the periods presented (in thousands):

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| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**December 31,** <br>**2023** | **Year Ended**<br>**December 31,** <br>**2022** |
| Net cash provided by operating activities | $44165 | $10379 |
| Net cash used in investing activities | (14460) | (22187) |
| Net cash (used in) provided by financing activities | (29292) | 6194 |
| Foreign currency translation | (1334) | 4521 |
| Net decrease in cash and cash equivalents | (921) | $(1093) |

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*Net Cash Provided by Operating Activities*

Viskase's operating cash flow is primarily driven by Viskase's earnings and changes in operating assets and liabilities, such as accounts receivable, inventories, accounts payable and other accrued liabilities, as well as other factors described below. Cash requirements for operating activities are subject to Viskase's operating needs and the timing of collection of receivables and payments of payables and expenses.

During 2023, net cash provided by operating activities was approximately $44.2 million, compared to $10.4 million for 2022, an increase of $33.8 million. The increase was primarily attributable to an increase in net income of approximately $11.2 million, as well as positive non-cash adjustments of approximately $29.6 million and positive changes in operating assets and liabilities of approximately $1.2 million. Non-cash adjustments primarily consisted of approximately $25.2 million of depreciation and amortization expense related to Viskase's global manufacturing facilities and associated machinery and equipment for the year ended December 31, 2023. Viskase also had a project that was fully depreciated during 2023 that contributed to the increase in overall depreciation and amortization expense for the year ended December 31, 2023. Net cash provided by changes in Viskase's operating activities consisted of approximately a $5.9 million increase in inventories, a $1.1 million increase in other current assets, and a $6.5 million increase in accrued liabilities. The increase in inventories, and other current assets was primarily due to volume and market demand. The increase in accrued liabilities was primarily due to the timing and payments of vendors, as well as the overall increase in Viskase's business activities during the year ended December 31, 2023.

*Net Cash Used in Investing Activities*

For the year ended December 31, 2023, net cash used in investing activities was approximately $14.5 million, compared to $22.2 million for 2022, a decrease of $7.7 million. The change in cash used in investing activities during the year was primarily due to a decrease in capital expenditures relating to Viskase's manufacturing facilities and production equipment.

*Net Cash Used in Financing Activities*

For the year ended December 31, 2023, net cash used in financing activities was approximately $29.3 million, compared to $6.2 million of cash provided by financing activities during 2022, an increase of $35.5 million. The change in cash used in financing activities during the year was primarily due to repayment of long-term debt, partially offset by proceeds received from entering into a short-term loan with the Amended Senior Credit Facility.

***Future Funding Requirements***

In order for Viskase to meet its ongoing debt obligations, which include the repayment of Viskase's Amended Senior Credit Facility that is due for repayment within the next 12 months, Viskase must successfully amend and/or refinance the Amended Senior Credit Facility, or obtain sufficient additional funds to repay borrowings under the Amended Senior Credit Facility, before its scheduled maturity in August 2026. Viskase intends to adequately amend and/or refinance the Amended Senior Credit Facility, or obtain sufficient additional funds to repay borrowings under the Amended Senior Credit Facility, after completion of the Merger but before the scheduled maturity of the Amended Senior Credit Facility to continue as a going concern. However, there is no assurance that Viskase will be able to adequately amend and/or refinance the Amended Senior Credit Facility, or obtain sufficient additional funds to repay borrowings under the Amended Senior Credit Facility, or that such funds, if available, will be obtainable on terms satisfactory to Viskase. The existence of this event indicates that there is substantial doubt on Viskase's ability to continue as a going concern.

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Viskase's future capital requirements will depend on many factors, including its pace of new and existing customer growth, its investments in innovation, its investments in acquisitions, partnerships and unexplored channels and the potential costs associated with future expansion of its production capacity. As of September 30, 2025 and December 31, 2024, future minimum lease payments under non-cancelable operating leases totaled approximately $21.9 million and $21.7 million, respectively.

***Contractual Obligations and Other Commitments***

***Amended Senior Credit Facility***

On October 9, 2020, Viskase entered into a Credit Agreement (the "Credit Agreement") with the various lenders named therein and Bank of America, N.A., as administrative agent for the lenders (the "Administrative Agent"), providing for a $150.0 million term loan and a $30.0 million revolving credit facility (the "Revolving Credit Facility" and together with the term loan, the "Senior Credit Facility") as amended by the First Amendment to Credit Agreement dated as of August 13, 2021, the Second Amendment to Credit Agreement dated as of August 10, 2022 and as further amended by the Limited Waiver and Third Amendment to Credit Agreement dated as of February 14, 2025 (the "Third Amendment", and as further amended by the Fourth Amendment to Credit Agreement dated as of July 25, 2025, as described below, collectively known as the "Amended Senior Credit Facility").

The Second Amendment to the Credit Agreement increased the commitment of the Credit Agreement to $37.0 million and transitioned term loans on September 30, 2022 and revolving loans on August 30, 2022 from LIBOR Loans to SOFR Loans.

The Third Amendment includes a waiver on covenants for the year ended December 31, 2024, and a relief period for year 2025 (the "Covenant Relief Period"). During the Covenant Relief Period, the consolidated leverage ratio will be increased to 4.00X through December 31, 2025. The consolidated fixed charge coverage ratio will be modified to include only maintenance capital expenditures and a year-to-date build basis for quarter end calculation. On December 31, 2025, the consolidated fixed charge coverage ratio will return to an LTM basis. During the Covenant Relief Period, restricted payments, permitted acquisitions and other investments as defined by the Credit Agreement are not allowed and the accordion feature of the credit facility, which allowed for an increase in borrowings under the facility has been suspended.

The Fourth Amendment requires Viskase to repay 10% of scheduled amortization payments suspended through maturity after mandatory prepayment from financing raised as part of the merger reorganization. Viskase is required to pay $15.0 million in repayments for its term loan administered by its Amended Senior Credit Facility if the merger closes by December 31, 2025, and is required to pay $11.3 million if the merger closes after December 31, 2025.

The Fourth and Fifth Amendment allow the Company to include equity infusions through private placements into the calculation of LTM EBITDA for covenant purposes.

The Sixth Amendment, among other items, (i) requires Viskase to cooperate with the Administrative Agent's financial advisor by providing access to Viskase's facilities, financial information and senior management as required by the financial advisor and to reimburse the Administrative Agent for reasonable costs and fees associated with the engagement of the financial advisor's services; (ii) subject to exceptions enumerated in the Sixth Amendment, Viskase and certain of its subsidiaries may not incur debt of an aggregate of more than $100,000 at any one time; and (iii) Viskase and certain of its subsidiaries may not advance to officers, directors, and employees an aggregate amount greater than $50,000 at any one time.

The interest rates per annum applicable to the Amended Senior Credit Facility (other than in respect of swingline loans) will be SOFR, but in any event, not less than 0.00%, plus the Applicable Rate (as defined below), or, for U.S. dollar denominated loans only, made to Viskase at the option of Viskase, the Base Rate, defined as the highest of: (a) the Federal Funds Rate plus one-half percent (0.50%); (b) the Bank of America prime rate; and (c) the one month SOFR (adjusted daily) plus one percent (1.00%), but in any case not less than 1.00%, plus the Applicable Rate. "Applicable Rate" means, with respect to the Amended Senior Credit Facility, a percentage per annum to be determined in accordance with the applicable pricing grid set forth in the Viskase Credit Agreement based upon Viskase's Consolidated Coverage Ratio as reflected in a quarterly Compliance Certificate. Each swingline loan shall bear interest at the Base Rate plus the Applicable Rate for Base Rate loans under the new revolving credit facility. As of September 30, 2025 and December 31, 2024, Viskase's interest rate was 7.40% and 6.94%, respectively.

The Amended Senior Credit Facility requires Viskase to repay principal of the new term loan at the rate of 5% of the original principal balance during each of the first two years, 7.5% during the third and fourth years and 10% of the original principal balance during the fifth year. The maturity date on the Amended Senior Credit Facility is August 13, 2026. Viskase may prepay the Amended

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Senior Credit Facility, in whole or in part, at any time without premium or penalty, subject to reimbursement of the Lenders' breakage and redeployment costs in the case of prepayment of LIBOR borrowings and foreign currency borrowings bearing interest at a rate other than LIBOR. Each such prepayment of the New Term Facility shall be applied as directed by Viskase. The unutilized portion of the commitments under the Amended Senior Credit Facility may be irrevocably reduced or terminated by Viskase at any time without penalty.

The Amended Senior Credit Facility is guaranteed by each existing and future direct and indirect wholly owned material domestic Restricted Subsidiary and foreign Restricted Subsidiary of Viskase (other than any Brazilian subsidiary). The Amended Senior Credit Facility is secured by substantially all assets of Viskase and its material domestic Restricted Subsidiaries, with the exception of real property.

The Amended Senior Credit Facility contains various covenants which restrict Viskase's ability to, among other things, incur indebtedness, create liens on Viskase's assets, make investments, enter into merger, consolidation or acquisition transactions, dispose of assets (other than in the ordinary course of business), make certain restricted payments, enter into sale and leaseback transactions and transactions with affiliates, in each case subject to permitted exceptions. The Amended Senior Credit Facility also requires that Viskase comply with certain financial covenants, including meeting a consolidated leverage ratio and consolidated fixed charge coverage ratio. Viskase was not in compliance with the consolidated leverage ratio and consolidated fixed charge coverage ratio for the period ending September 30, 2025. The noncompliance constituted an event of default that, absent a waiver, could have resulted in the debt becoming callable by the lender and reclassified as a current liability in accordance with ASC 470-10-45. Subsequent to the balance sheet date in October 2025, but prior to the issuance of the financial statements, Viskase entered into the Fifth Amendment to Credit Agreement. Among other provisions, the amendment included a waiver of the covenant violations existing as of September 30, 2025, and modified certain covenant terms going forward. Viskase is in compliance with the amended covenants as of the date the financial statements were issued. Viskase received a waiver of covenants as of December 31, 2024. Viskase has advised Enzon that it is in discussions with its lending group to refinance or extend its existing indebtedness such that the going concern exception would be addressed and removed, although there can be no assurance that such refinance or extension will occur.

***Foreign Lines of Credit***

In its foreign operations, Viskase has entered into unsecured lines of credit with various banks providing approximately $12 million of availability. There were borrowings of $11.6 million under the lines of credit as of September 30, 2025, and approximately $9.9 million under the lines of credit as of December 31, 2024. As of September 30, 2025 and December 31, 2024, Viskase's interest rates were 4.32% and 4.81%, respectively.

***Operating Leases***

Viskase has operating leases primarily for real estate, equipment, and vehicles. Viskase's lease agreements do not contain any material residual value guarantees or material restrictive covenants. Right-of-use assets and related lease liabilities are recorded on the balance sheet for leases with an initial term in excess of 12 months.

See Note 10, "Commitments and Contingencies", to our interim unaudited condensed consolidated financial statements and Note 6, "Leases", to our audited consolidated financial statements, respectively, included elsewhere in this prospectus for additional information on our operating leases.

**Critical Accounting Estimates**

Our accounting estimates discussed below are important to the presentation of our results of operations and financial condition and require the application of judgment by our management in determining the appropriate assumptions and estimates. These assumptions and estimates are based on our previous experience, trends in the industry, the terms of existing contracts and information available from other outside sources and factors. Adjustments to our financial statements are recorded when our actual experience differs from the expected experience underlying these assumptions. These adjustments could be material if our experience is significantly different from our assumptions and estimates. Below are those policies applied in preparing our financial statements that management believes are the most dependent on the application of estimates and assumptions.

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***Pensions***

Viskase accounts for defined benefit pension plans in accordance with Accounting Standards Codification 715, *Compensation — Retirement Benefits*. The calculation of pension expense and pension liabilities requires decisions about a number of key assumptions that can significantly affect expense and liability amounts, including discount rates, expected return on plan assets, expected rate of compensation increases, longevity and service lives of participants, expected contributions, and other factors.

Viskase recognizes the funded status of its pension plans on its consolidated Balance Sheet and recognizes the actuarial and experienced gains and losses and the prior service costs and credits as a component of "accumulated other comprehensive loss" in its consolidated statements of stockholders' equity. Actual results that differ from assumptions are accumulated and amortized over future periods and, therefore, generally affect recognized expense in future periods. As of September 30, 2025 and December 31, 2024, Viskase had approximately $19.6 million and $20.9 million of actuarial losses and prior service costs, net of tax, recorded in "accumulated other comprehensive loss" on its consolidated balance sheet. Accumulated losses in excess of 10% of the greater of the projected benefit obligation or the market-related value of assets will be recognized on a straight-line basis over the average remaining service period of active employees in the plans and over the average remaining lifetime of inactive participants of the plan, to the extent that losses are not offset by gains in subsequent years. While Viskase believes that the assumptions used to measure its pension obligations are reasonable, differences in actual experience or changes in assumptions may materially affect its pension obligations and future expense.

Viskase believes that the accounting estimate related to pensions is a critical accounting estimate because it is highly susceptible to change from period to period. As discussed above, the future effects of pension plans on Viskase's financial position and results of operations will depend on economic conditions, employee demographics, mortality rates, retirement rates, investment performance, and funding decisions, among other factors. The following tables present selected assumptions used and expected to be used in the measurement of pension expense for Viskase's U.S. pension plans in the following periods (in thousands):

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| | | |
|:---|:---|:---|
|  | **Three Months** <br>**Ended,** <br>**September 30,** <br>**2025** | **Three Months** <br>**Ended,** <br>**September 30,** <br>**2024** |
| Pension expense | $273 | $250 |
| **Assumptions** |  |  |
| Discount rate | 5.70% | 5.70% |
| Expected rate of return on plan assets | 5.65% | 6.00% |

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| | | |
|:---|:---|:---|
|  | **Nine Months** <br>**Ended,** <br>**September 30,** <br>**2025** | **Nine Months** <br>**Ended,** <br>**September 30,** <br>**2024** |
| Pension expense | $818 | $742 |
| **Assumptions** |  |  |
| Discount rate | 5.70% | 5.70% |
| Expected rate of return on plan assets | 5.65% | 6.00% |

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended** <br>**2024** | **Year Ended** <br>**2023** | **Year Ended** <br>**2022** |
| Pension expense | $3099 | $2236 | $75 |
| **Assumptions** |  |  |  |
| Discount rate | 5.70% | 5.48% | 5.55% |
| Expected rate of return on plan assets | 6.00% | 6.00% | 5.00% |

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***Expected rate of return on plan assets:*** The required use of the expected long-term rate of return on plan assets may result in recognized returns that are greater or less than the actual returns on those plan assets in any given year. Over time, however, the expected long-term rate of return on plan assets is designed to approximate actual earned long-term returns. Viskase uses long-term historical actual return information, the mix of investments that comprise plan assets, and future estimates of long-term investment returns by reference to external sources to develop an assumption of the expected long-term rate of return on plan assets. The expected long-term rate of return is used to calculate net periodic pension cost. In determining its pension obligations, Viskase is using a long-term rate of return on U.S. plan assets of 6.00% for fiscal years ended December 31, 2024 and 2023; and a rate of 5.00% for fiscal year ended December 31, 2022. Viskase is using a long-term rate of return on U.S. plan assets of 5.65% for the three and nine months ended September 30, 2025.

***Discount rate:*** The discount rate is used to calculate future pension and post-retirement obligations. Viskase is using a Mercer Bond yield curve in determining its pension obligations. Viskase is using a discount rate of 5.70% for fiscal year ended December 31, 2024, 5.48% for fiscal year ended December 31, 2023, and 5.55% for fiscal year ended December 31, 2022. Viskase is using a discount rate of 5.70% for the three and nine months ended September 30, 2025.

For more information related to Viskase's pension benefit plans, see Note 7, Retirement Plans, within Viskase's Q3 2025 Financial Statements and Notes and within Viskase's FY 2024 Financial Statements and Notes.

***Income Taxes***

Viskase determines its effective tax rate by estimating its permanent differences resulting from differing treatment of items for financial and income tax purposes. Viskase is periodically audited by taxing authorities and considers any adjustments made as a result of the audits in computing its income tax expense. Any audit adjustments affecting permanent differences could have an impact on Viskase's effective tax rate.

Deferred income taxes relate primarily to depreciation expense and share-based compensation programs accounted for differently for financial and income tax purposes. Changes in tax laws and rates could materially affect recorded deferred tax assets and liabilities in the future. Valuation allowances are recorded when it is more likely than not that a tax benefit will not be realized for a deferred tax asset. Changes in projected future earnings could affect Viskase's recorded valuation allowances, if any, in the future.

Viskase records unrecognized tax benefit liabilities for known or anticipated tax issues for which the benefit is more likely than not based on its analysis of whether, and the extent to which, additional taxes will be due. However, due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the current estimate of the tax liabilities. To the extent Viskase prevails in matters for which unrecognized tax benefit liabilities have been established or are required to pay amounts in excess of Viskase's recorded liability, Viskase's effective tax rate in a given financial statement period could be materially affected.

**Recent Accounting Pronouncements**

See Note 1, "Summary of significant accounting policies", to our interim unaudited condensed consolidated financial statements and audited consolidated financial statements, respectively, included elsewhere in this prospectus for a description of recent accounting pronouncements, if any, including the expected dates of adoption and the anticipated impact on our unaudited condensed consolidated and audited consolidated financial statements.

**Off-Balance Sheet Arrangements**

As of September 30, 2025, Viskase did not have any off-balance sheet arrangements that have, or are reasonably likely to have, a material effect on its current and future financial condition, results of operations, liquidity, capital expenditures or capital resources.

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**VISKASE QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

**Interest Rate Risk**

Viskase is subject to interest rate risk in connection with the Amended Senior Credit Facility, or the Senior Credit Facility. See the section titled "*— Liquidity and Capital Resources — Amended Senior Credit Facility*" in this prospectus/consent solicitation/offer to exchange for further information related to the Amended Senior Credit Facility. Viskase monitors its cost of borrowings, taking into account its funding requirements, and expectations for short-term rates in the future. A hypothetical 10% change in the interest rates of Viskase's outstanding debt would not have a material effect on its results of operations or financial condition for the three and nine months ended September 30, 2025. Viskase does not currently hedge certain exposure to changes in interest rates.

**Foreign Currency Risk**

Viskase's international sales are primarily denominated in foreign currencies and any unfavorable movement in the exchange rate between U.S. dollars and the currencies in which Viskase conducts sales in foreign countries could have an adverse impact on Viskase's revenue. A portion of Viskase's operating expenses is incurred outside the United States and are denominated in foreign currencies, which are also subject to fluctuations due to changes in foreign currency exchange rates. While Viskase is not currently contractually obligated to pay increased costs due to changes in exchange rates, to the extent that exchange rates move unfavorably for Viskase's suppliers, the suppliers may seek to pass these additional costs on to Viskase, which could have a material impact on Viskase's gross margins. Viskase's operating results and cash flows are, therefore, subject to fluctuations due to changes in foreign currency exchange rates. Viskase does not currently hedge certain exposures to fluctuations in foreign currency exchange rates.

**Inflation Risk**

Viskase's results of operations and financial condition are presented based on historical cost. While it is difficult to accurately measure the impact of inflation due to the imprecise nature of the estimates required, Viskase believes the effects of inflation, if any, on its business, results of operations, financial condition or financial statements have been immaterial. Viskase cannot assure you that its business will not be affected in the future by inflation.

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**CERTAIN RELATIONSHIPS BETWEEN ENZON AND VISKASE**

As of January 28, 2026, IEH — through its control of the IEH Parties — Beneficially Owns approximately (i) 48.6% of the issued and outstanding shares of Enzon Common Stock, (ii) 98.2% of the issued and outstanding shares of Enzon Series C Preferred Stock and (iii) 93.97% of the issued and outstanding shares of Viskase Common Stock.

For additional discussion of the securities purchase agreements entered into between Viskase and AEP in December 2025 and January 2026 please refer to the summary of the transaction in *"Recent Developments"* described in *"Information about Viskase's Business"* herein.

Upon completion of the Merger, Enzon expects that the IEH Parties will hold a substantial majority of the voting power of the Combined Company. Following the Merger, it is expected that the IEH Parties will Beneficially Own approximately 93.32% of the outstanding shares of the Combined Company Common Stock, assuming all of the Enzon Series C Preferred Stock is exchanged for Shares of Enzon Common Stock. Mr. Icahn is the controlling stockholder and chairman of the board of the general partner of IEH. Because of their substantial ownership and voting power, Mr. Icahn and the IEH Parties may exert significant influence over the management and strategic direction of the Combined Company, including, but not limited to, (i) the declaration of any future dividends, (ii) the ability to control the election, removal or replacement of any one or more members of the board of directors of the Combined Company, (iii) the voting on decisions relating to fundamental corporate actions, consolidations or sales or all or substantially all of the Combined Company's assets and (iv) the ability to control the approval of various transactions. This concentration of ownership may also discourage or prevent a third party from seeking to acquire control of the Combined Company, even if such a transaction might be beneficial to other stockholders. As a result, the interests of Mr. Icahn and the IEH Parties may not always align with the interests of the Combined Company or its other stockholders.

Given the significant ownership of the IEH Parties in both Enzon and Viskase, and the potential for conflicts of interest, (i) the Enzon Board established the Enzon Special Committee of independent and disinterested directors and (ii) the Viskase Board established the Viskase Special Committee of independent and disinterested directors, in each case to, among other things, analyze, evaluate and oversee a potential transaction with the other party. Each member of the Enzon Special Committee and the Viskase Special Committee, as applicable, satisfied the applicable criteria for (A) determining director independence from Enzon stockholders and Viskase stockholders, as applicable, under the listing standards of the DGCL and (B) being a "disinterested director" (as defined in Section 144(e)(4) of the DGCL).

The Enzon Board has adopted a formal written policy that Enzon will not enter into any "related party transaction" (defined consistent with Item 404 of Regulation S-K under the Exchange Act) unless the Finance and Audit Committee of Enzon or a comparable committee of disinterested directors of Enzon approves such transaction. No member of the Finance and Audit Committee or comparable committee of Enzon shall participate in the review or approval of any related party transaction or any material amendment thereto where that member is a related party in that transaction. In reviewing and approving any related party transaction or any material amendment thereto, the Finance and Audit Committee or comparable committee of Enzon shall satisfy itself that it has been fully informed as to the related party's relationship and interest and as to the material facts of the proposed related party transaction or material amendment, and shall determine that the related party transaction or material amendment thereto is fair to Enzon. As previously disclosed, in January 2025, the Enzon Board formed the Enzon Special Committee and delegated full authority to the Enzon Special Committee to consider, negotiate and vote upon the Merger Agreement, as well as any strategic alternatives that may be put forth with regard to the Merger Agreement. The Enzon Special Committee is comprised of Messrs. Randolph C. Read and Stephen T. Wills. Please see the section titled "*The Merger — Background of the Merger*" in this prospectus/consent solicitation/offer to exchange for further information regarding the background of the Merger.

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**DIRECTORS AND EXECUTIVE OFFICERS OF THE COMBINED COMPANY**

As of the Effective Time, the board of directors of the Combined Company will consist of two current Enzon directors, Jordan Bleznick and Randolph C. Read, together with Robert Flint, Colin Kwak, Dustin DeMaria, Peter K. Shea and Kenneth Shea. Each such director will hold office until his or her respective successor is duly elected or appointed and qualified or until his or her earlier death, resignation or removal in accordance with the Enzon Organizational Documents and applicable law. As of the Effective Time, the officers of Viskase immediately prior to the Effective Time shall be the officers of the Combined Company until his or her respective successor is duly elected or appointed and qualified or until his or her earlier death, resignation or removal in accordance with the Enzon Organizational Documents and applicable law.

The following Persons are expected to be elected or appointed to serve as executive officers and directors following the Merger.

Information regarding the executive officers and directors that are expected to serve as of the Effective Time is set forth below:

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position(s)** |
| Thomas D. Davis | 70 | President, Chief Executive Officer  |
| Michael Blecic | 57 | Chief Accounting Officer |
| Jordan Bleznick | 70 | Director |
| Randolph C. Read | 73 | Director |
| Armando Herrera Jr. | 48 | Vice President of Global Human Resources |
| Joseph D. King | 58 | Senior Vice President, General Counsel & Secretary |
| Joseph Marigliano | 63 | Vice President of Business Management |
| John Plescia | 63 | Vice President, General Manager, Americas |
| Mackenzie Stender | 40 | Interim Chief Financial Officer |
| Jan Stevens | 64 | Vice President of Quality and Technology |
| Robert Schouten | 48 | Vice President and General Manager, EMEA and Asia |
| Robert Flint | 47 | Director |
| Colin Kwak | 50 | Director |
| Dustin DeMaria | 36 | Director |
| Peter K. Shea | 74 | Director |
| Kenneth Shea | 67 | Director |

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**Executive Officers**

**Thomas D. Davis**, age 70, has served as the President and Chief Executive Officer of Viskase since December 2025. Prior to joining Viskase, Mr. Davis served as the President of North America at Kalle GmbH, a manufacturer of casings and nets for food packaging and technical applications, from July 2020 to July 2025. Prior to joining Kalle, Mr. Davis served as President and Chief Executive Officer of Viskase from 2007 to 2019 and also as Chairman from 2012 until 2019. Before joining Viskase in 2007, Mr. Davis served as President and Chief Executive Officer of Specialty Foods Group, Inc., a producer of premium meat products (January 2000 to December 2006). He also served in various executive positions with Smithfield Foods, Inc. (December 1996 to December 1999), and in various operational and financial roles with John Morrell & Company from 1980 until it was acquired by Smithfield Foods in 1995. Mr. Davis also served on the Board of Directors of Welbilt, Inc. from 2018 until 2019, which is partially owned indirectly by Carl C. Icahn. Mr. Davis holds a B.S. in Chemistry from The State University of New York at Plattsburgh and an M.B.A. from Benedictine University.

**Michael Blecic**, age 57, has served as the Chief Accounting Officer of Viskase since February 2013. Mr. Blecic joined Viskase in 1995 and has served in numerous positions over his tenure with Viskase. From 2019 to 2023, Mr. Blecic served as the chief financial officer of Viskase and as the director of accounting for Viskase from 2005 to 2013. Mr. Blecic received a BA from the University of Illinois, Chicago.

**Armando Herrera Jr.**, age 48, has been the Vice President of Global Human Resources of Viskase since April 2024. Mr. Herrera has over 25 years of human resources experience with 15 of those years serving in related leadership roles including, but not limited to, Head of Human Resources from April 2021 to March 2024 at Smithfield Foods, a global processor of protein, Senior Director of Human Resources from November 2018 to October 2020 at Voyant Beauty, an integrated network of innovation and contract manufacturing capabilities for beauty and personal care products, and Director of Human Resources from August 2017 to

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November 2018 at Sloan Valve Company, a manufacturer of water-efficient solutions for commercial and residential buildings. He received a BA from Robert Morris University and a Masters Degree in Human Resource Management from DeVry University.

**Joseph D. King**, age 58, has been the Senior Vice President, General Counsel and Secretary of Viskase since May 2022. From 2004 to 2022, Mr. King was the Vice President, General Counsel and Secretary of PSC Metals, Inc., a scrap metal processor that provides services to both generators and consumers of scrap with 14 facilities located in the U.S. and Canada. PSC Metals was a Subsidiary of Icahn Enterprises, LP until it was acquired by SA Recycling LLC in December 2021. He received his BA from The Ohio State University and a JD from Cleveland-Marshall College of Law.

**Joseph Marigliano**, age 63, has served as the Vice President of Business Management at Viskase since March 2025. Before his time at Viskase, Mr. Marigliano was the Director of Pricing Analytics at Justrite Safety Group, a global manufacturer and supplier of safety products which simplify workplace safety and regulatory compliance, from March 2022 to March 2025, and the Head of Global Pricing at Stanley Black and Decker (NYSE:SWK), a manufacturer of end-user inspired power tools, hand tools, storage, digital jobsite solutions, outdoor and lifestyle products, and engineered fasteners to support the world's builders, tradespeople and DIYers, from March 2015 to December 2021. Mr. Marigliano received a Bachelor of Science degree from the United States Military Academy at West Point, a Master's Degree in Operations Research from Stanford University, and an MBA from Temple University.

**John Plescia, CPA**, age 63, has served as the Vice President, General Manager, Americas for Viskase since rejoining Viskase in December 2025. Prior to rejoining Viskase, Mr. Plescia was the Vice President of Finance and Operations at Prairie City Bakery, wholly owned subsidiary of Mckee Foods, from 2018 to 2024. Prairie City Bakery is a national frozen baked goods supplier to convenient retailers and foodservice operators. From 2006 to 2017 at Viskase, Mr. Plescia held positions as Chief Financial Officer (2012-2017) and Flobal Finance Director (2006-2012). Mr. Plescia previously spent 24 years at Sara Lee Corporation in Finance, Operations, and Commercial leadership roles. Mr. Plescia received a Bachelor of Science in Accountancy from Northern Illinois University and MBA from Lake Forest Graduate School of Management.

**Mackenzie Stender**, age 40, was appointed to serve as Viskase's Interim Chief Financial Officer on November 1, 2025 through Silverman Consulting, Inc. In 2025, Mr. Stender joined Silverman Consulting, Inc., bringing 17 years of finance and executive leadership experience to support clients across financial, operational, and advisory functions. From July 2024 to April 2025, he served as chief financial officer of Homewerks Worldwide LLC, a global home-goods distributor backed by H.I.G. Capital, overseeing financial operations. From February 2019 to May 2024, he held progressive leadership roles at Iceberg Enterprises LLC, a family-owned office products and contract blow-mold manufacturer and distributor. His responsibilities at Iceberg Enterprises LLC expanded over time, serving as Director of Finance and Controller (2019), Chief Financial Officer (2020–2023), President and Chief Operating Officer (2023), and ultimately Chief Executive Officer (2023–2024). From October 2014 to February 2019, he worked in the transaction advisory practice at FGMK, advising clients on buy- and sell-side transactions across manufacturing, industrial, CPG, health care, and consumer sectors. Earlier, he was a derivatives trader with proprietary firms in Chicago from 2008 to 2012, and from 2013 to 2014 he worked in PricewaterhouseCoopers' audit practice serving clients in private equity, health care, mutual funds, and real estate. Mr. Stender is a Certified Public Accountant and holds a Bachelor of Science in Business with a concentration in Finance from the University of Colorado.

**Jan Stevens**, age 64, has served as the Vice President of Quality and Technology at Viskase since July 2024. From 2020 to 2024, Mr. Stevens served as the Global Vice President of Quality and Technology at Voyant Beauty, an integrated network of innovation and contract manufacturing capabilities for beauty and personal care products. Prior to that, Mr. Stevens served as the Vice President of Quality and Regulatory at KIK Custom Products, a private label manufacturer of consumer products, including those in the household, pool, and auto categories, from 2018 to 2020. Mr. Stevens received a Doctor of Pharmacy degree from the University of Ghent in Belgium.

**Robert Schouten**, age 48, has served as Viskase GmbH's Vice President and General manager for EMEA and Asia since September 2025. Mr. Schouten has over 20 years of experience in the natural casings industry, having held senior leadership roles in purchasing, sales and business development. Before joining Viskase, from May 2002 to June 2025, he served as Managing Director for North America and as global Chief Commercial Officer at Van Hessen B.V., a producter and distributor of natural casings and meat products. Mr. Schouten holds a Master of Science in Business Administration from the University of Groningen in the Netherlands.

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**Board of Directors**

As noted above, as of the Effective Time, the board of directors of the Combined Company will consist of two current Enzon directors, Jordan Bleznick and Randolph C. Read, together with Robert Flint, Colin Kwak, Dustin DeMaria, Peter K. Shea and Kenneth Shea.

**Jordan Bleznick**, age 70, has been a director of Enzon since August 2020. From April 2002 through his retirement in April 2023, Mr. Bleznick was the Vice President/Taxes of Starfire Holding Corporation, a privately held holding company controlled by Carl C. Icahn. From April 2002 through his retirement in April 2023, Mr. Bleznick was the Chief Tax Counsel for various Affiliates of Mr. Icahn. From March 2023 until October 2025, Mr. Bleznick was a director and Chairman of the Board, and member of the compensation committee, of the general partner of CVR Partners, LP, a nitrogen fertilizer company controlled by Mr. Icahn. From April 2021 until April 2023, Mr. Bleznick was a director for various other Affiliates of Mr. Icahn, including American Entertainment Properties Corp., which is the primary operating Subsidiary of Icahn Enterprises L.P. From March 2000 through March 2002, Mr. Bleznick was a partner in the New York City office of the law firm DLA Piper. From March 1984 until February 2000, Mr. Bleznick was an associate and then a partner in the New York City law firm Gordon Altman Weitzen Shalov and Wein. Mr. Bleznick received a B.A. in Economics from the University of Cincinnati, a J.D. from The Ohio State University College of Law and an L.L.M. in Taxation from the New York University School of Law. Mr. Bleznick's qualifications to serve as a director include his significant experience in tax law, executive management and corporate governance.

**Randolph C. Read**, age 73, has been a director of Enzon since August 2020, and since that time has served as Enzon's Chairman of the Board and Chairman of the Finance and Audit Committee. Mr. Read has been President and Chief Executive Officer of Nevada Strategic Credit Investments, LLC for more than five years and has been President and Chief Executive Officer of International Capital Markets Group, Inc. for more than five years. Mr. Read has served since November 2018 as an independent manager/director and Chairman of the Board of Managers of New York REIT Liquidating, LLC, a successor to New York REIT, Inc., a publicly traded (NYSE) real estate investment trust, where Mr. Read served as an independent director from December 2014 to November 2018, including as Chairman of its Board of Directors from June 2015 to November 2018. Mr. Read has served as an independent Director of SandRidge Energy, Inc. (NYSE), an oil and natural gas exploration and production company, since June 2018. Mr. Read previously served as an independent director of Luby's Inc. (NYSE) from August 2019 to August 2021. Mr. Read has previously served as President of a variety of other companies and has previously served on a number of public and private company boards. Mr. Read is admitted as a Certified Public Accountant and has an M.B.A. in Finance from the Wharton Graduate School of the University of Pennsylvania and a B.S. from Tulane University. Mr. Read's qualifications to serve as a director include his significant business experience as a director and an executive officer of entities in a variety of industries, as well as capital markets, governance, and operations experience, in addition to his knowledge, financial expertise and leadership qualities and roles, including his experience as Chairman of the Enzon Board.

**Robert E. Flint**, age 47, has been the chairman of the Viskase Board since March 2025. In March 2025, Mr. Flint was appointed as the chairman of the board of CVR Energy Inc., a diversified holding company primarily engaged in the petroleum refining and marketing business. Mr. Flint has served in various roles at Icahn Enterprises L.P., a diversified holding company engaged in a variety of businesses, including investment, energy, automotive, food packaging, real estate, home fashion and pharma, including Chief Accounting Officer (since January 2024), Director of Accounting (from 2021-2023) and Chief Audit Executive (from 2020 to 2021). Icahn Enterprises L.P., CVR Energy and Viskase are indirectly controlled by Mr. Carl C. Icahn. Since 2024, Mr. Flint has served as a director at each of Icahn Automotive Group LLC (beginning October 2024), Vivus LLC (beginning July 2024), WestPoint Home LLC (beginning July 2024), and The Pep Boys-Manny, Moe & Jack Holding Corp. (beginning July 2024). Mr. Flint received a Bachelor of Science in Accounting and Finance from the University of Dayton School of Business Administration. Mr. Flint is well qualified to serve as a director due to his experience in corporate finance and accounting, investor relations, risk management, as well as service on the boards of other public and private companies.

**Colin Kwak**, age 50, has been a director of Viskase since March 2025. In March 2025, Mr. Kwak was appointed to the board of CVR Energy Inc., a diversified holding company primarily engaged in the petroleum refining and marketing business, where he also serves on the Compensation and Governance committees. Mr. Kwak has served as the head trader at Icahn Capital LP, a diversified holding company, since February 2022. Icahn Capital LP, CVR Energy and Viskase are indirectly controlled by Mr. Carl C. Icahn. From July 2000 to November 2018, Mr. Kwak held various roles, including Head of Trading, at Gruss Capital Management LP, a manager of pension, retirement, health and welfare funds. Mr. Kwak received a Bachelor of Arts from the University of North Carolina, Wilmington and a Juris Doctor from Miami School of Law. Mr. Kwak is well qualified to serve as a director due to his experience in public and private company governance and public equity, including his service on numerous corporate boards.

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**Dustin DeMaria**, age 36, has been a director of Viskase since March 2023. He joined Icahn Enterprises L.P., a diversified holding company engaged in a variety of businesses, including investment, energy, automotive, food packaging, real estate, home fashion and pharma, in February 2022 and serves as a Senior Analyst. Prior to his position at IEP, from May 2021 to February 2022, Mr. DeMaria served as a Director at Zipari, a portfolio company of Thoma Bravo. Prior to Zipari, Mr. DeMaria worked as an investment banking associate at Moelis & Company. Mr. DeMaria has served as a director of CVR Energy, Inc. since March 2024 and of Centuri Holdings, Inc. since November 2025. Icahn Enterprises L.P., CVR Energy and Viskase are indirectly controlled by Mr. Carl C. Icahn. Mr. DeMaria received a Master of Business Administration from the S. C. Johnson College of Business at Cornell University and a Bachelor of Business Administration from Roanoke College. Mr. DeMaria is well qualified to serve as a director due to his experience in public and private company governance and public equity, including his service on numerous corporate boards.

**Peter K. Shea**, age 74, has served as a director of Viskase since October 2006, where he is currently chairman of the Audit Committee and previously served as chairman of the Compensation Committee. Mr. Shea served as an operating partner of Snow Phipps Group, a private equity firm, from May 2013 to October 2021. He has been a director of CVR Partners LP, a nitrogen fertilizer producer, since May 2014 where he is currently Chairman of the Environmental, Health and Safety Committee and a member of the Audit Committee. CVR Partners and Viskase are indirectly controlled by Mr. Carl C. Icahn. From September 2015 to September 2019, Mr. Shea served as chairman of the board of directors of Voltari Corporation, a commercial real estate company. From March 2019 to November 2020, Mr. Shea served on the board of directors of Hennessy Capital IV, a special purpose acquisition company. Mr. Shea has previously served as Chairman of each of FeraDyne Outdoors LLC, a private company which manufactures hunting and fishing accessories; Teasedale Foods, a private company and a processor of Hispanic food products; and chairman of Decopac Inc., a private company, which is a B2B food processing supplier. Mr. Shea has also served as a Director, Chairman, Executive Chairman, Chief Executive Officer, President or Managing Director of a variety of companies including Icahn Enterprises, H.J. Heinz Company Europe, John Morrell & Company, Specialty Meats Company, Grupo Polymer United Latin America, Roncadin GmbH, Premium Standard Farms, New Energy Company of Indiana and United Brands Company where he was Head of Global Corporate Development. He has an MBA from the University of Southern California and a BBA from Iona College. Mr. Shea is well qualified to serve as a director due to his experience in public and private company governance and private equity, including his service on numerous corporate boards, Chairman of Special Committees, Chairman and member on Audit and Compensation Committees.

**Kenneth Shea**, age 67, has been a director of Viskase since April 2020 and serves on Viskase's Audit Committee. He is a Co-Founder and Managing Principal of Manufactured Housing Partners, LLC, ("MHP LLC") a private, real estate investment fund focused on the acquisition and operation of manufactured housing communities. Prior to founding MHP LLC in 2022, Mr. Shea was an Investment Partner with Pilot Growth Equity, a venture capital firm focused on growth-stage technology companies, from January 2020 to December 2022. Previously, Mr. Shea was a Senior Managing Director at Guggenheim Securities, LLC, from September 2014 to December 2019, where he ran the Firm's Real Estate, Gaming & Leisure investment banking department; President of Coastal Capital Management, LLC, a developer of luxury resort & entertainment properties from September 2009 to September 2014; a Managing Director for Icahn Capital LP, from July 2008 to August 2009; and a Senior Managing Director at Bear, Stearns & Co. Inc, where he ran the Firm's Gaming & Leisure Investment Banking practice, and was employed from March 1996 to June 2008. Mr. Shea currently serves on the Board of Directors of Kindred Group, Plc, a Stockholm-based online casino & sports wagering company, where he is a member of the Audit Committee; and Lifepoint Health, a privately-held provider of health care services. Previously, Mr. Shea served on the boards of Sunlight Financial Holdings Inc., a provider of financing for home solar systems; Equity Commonwealth, a commercial office REIT, where he was Chairman of the Compensation Committee; Hydra Industries, a special purpose acquisition company which successfully completed the acquisition of Inspired Entertainment, a gaming company in the United Kingdom; Perthera.ai, a venture-backed data science company in the precision medicine sector; and CVR Refining, a mid-continent refiner, where he served as Chairman of the Audit Committee. Mr. Shea received his MBA from the University of Virginia, and his BA in Economics, Magna cum laude, from Boston College. We believe Mr. Shea is qualified to serve as a member of the Board due to his extensive experience in corporate finance and financial services and his knowledge of the capital markets.

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**COMPENSATION DISCUSSION AND ANALYSIS OF VISKASE**

This section describes the 2024 compensation program established by the Viskase Board for its named executive officers. Viskase's named executive officers for 2024 were: Timothy Feast, President and Chief Executive Officer, Thomas Holz, Chief Financial Officer, Joseph D. King, Senior Vice President, General Counsel and Secretary, Michael Blecic, Vice President, Chief Accounting Officer and Wolfgang Seitz, Vice President and General Manager – EMEA and APAC. On June 10, 2025, Mr. Holz's service as Chief Financial Officer terminated. Mr. Seitz resigned from Viskase effective as of August 31, 2025. As of September 23, 2025, Robert Schouten was appointed as Vice President and General Manager, EMEA and Asia. On November 1, 2025, Viskase appointed Mackenzie Stender as the Company's Interim Chief Financial Officer. As of December 9, 2025, Mr. Passos is no longer an employee of Viskase and John D. Plescia was appointed as the Vice President and General Manager– Amercias. The following is a summary of the total direct compensation opportunities — consisting of base salary, short-term incentive opportunities and long-term incentive opportunities — for Viskase's named executive officers.

*Annual Base Salaries*

Viskase provides a base salary to retain and attract key executive talent and to align its compensation with market practices. Base salaries are reviewed and established by the Viskase Board on a competitive basis each year to align with market levels. During the annual performance review process in 2024, the named executive officers received merit increases ranging from approximately 3% to 11%.

*Short-Term Incentive Compensation*

Viskase maintains a management incentive plan (the "Management Incentive Plan"), which provides designated employees, including its named executive officers, with an opportunity to earn short-term incentives based on the achievement of annual business plan objectives and individual goals.

To the extent a short-term incentive for a year is earned, a participant must be employed at the time of payment to receive the award. If the Viskase compensation committee (the "Compensation Committee"), in its sole and absolute discretion, determines that a participant engaged in certain misconduct then, to the extent not prohibited by applicable law, the Compensation Committee, in its sole and absolute discretion, may seek reimbursement from such participant (and such participant shall be obligated to repay) all or any portion of the short-term incentive received within the three-year period prior to such determination. Moreover, if the Compensation Committee determines, in its sole and absolute discretion, that calculations underlying the performance measures and targets, including but not limited to mistakes in Viskase's financial statements with respect to a fiscal year, were incorrect (or in the event of a restatement), then the Compensation Committee may, in its sole and absolute discretion, seek to recover the amount of any payment made to the participant that exceeded the amount that would have been paid based on the corrected calculations; provided that this provision only applies to short-term incentives received within the three-year period prior to such determination.

Each year the Compensation Committee establishes a short-term incentive award opportunity for Viskase's named executive officers under the Management Incentive Plan, expressed as a percentage of base salary. For 2024, these opportunities ranged from 60% to 130% of base salary. The payout under the 2024 short-term incentive program was based on the extent to which Viskase achieve certain EBITDA and cash flow goals, as set forth below:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Goal**<br>**(Millions)** | <br>**Weight** | **Threshold**<br>**(0%)** | **Target**<br>**(100%)** | **Maximum**<br>**(200%)** |
| EBITDA | 80% | $60.2 | $70.8 | $81.4 |
| Cash Flow | 20% | $10.0 | $23.3 | $29.1 |

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Based on results for the 2024 fiscal year, Viskase's named executive officers did not receive a payout under the 2024 short-term incentive program.

*Long-Term Incentive Program*

Viskase did not grant any option or stock awards to the named executive officers in 2024.

In 2022, Viskase granted awards to Mr. Feast, Mr. King and Mr. Holz under the 2022 Long-Term Performance Plan (the "Performance Plan"). Each award provides a payout opportunity equal to the product of (i) the participant's "award

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payout percentage", and (ii) the excess, if any, of (a) the "net asset value" of Viskase as of September 5, 2027 (or an earlier sale of Viskase), over (b) the base value of $36,729,000. The "award payout percentage" is 1.75% for Mr. Feast, 0.48% for Mr. King and 0.53% for Mr. Holz. The Merger will not constitute a sale of Viskase for purposes of the Performance Plan. Mr. Holz's award was forfeited upon his termination of employment on June 10, 2025.

For purposes of these awards, "Net asset value" generally means 5.0 times Viskase's EBITDA measured for the twelve-month period ending on the last day of the most recently completed quarter as of the end of the performance period, subject to positive adjustments for cash balances, equity or other stockholder distributions occurring at any time over the course of the performance period and negative adjustments for debt, pension plan underfunding and other debt-like items, and stockholder contributions of capital over the course of the performance period. Different rules apply to calculate net asset value in the event of a sale of Viskase. For this purpose, EBITDA generally means the consolidated net income before interest income and expense, provision for income and other taxes, depreciation and amortization expense, legacy pension and other defined benefit expenses, OPEB curtailment gains or losses, non-cash foreign-exchange adjustments, and the accrual for certain award payments, and subject to equitable adjustments for unusual or non-recurring events.

In general, a participant must be employed on the last day of the performance period to receive an award payout. If, however, Viskase terminates a participant's employment for any reason other than cause, death or disability, or the participant resigns for good reason, in each case prior to the end of the performance period (and prior to a sale of Viskase), the participant would be entitled to receive an award payout determined as if the performance period ended on the date of termination. If earned, the award is payable shortly following the end of the performance period. If, however, the award becomes payable on a sale of Viskase, then up to 25% of the amount payable will be held back to secure indemnity claims.

The Viskase Board has the right to cancel, declare forfeited, rescind, or require the return of any outstanding award, or recover from the participant at any time, and the participant will pay over to Viskase upon request, an amount up to the amount of any award that has been paid under the Performance Plan to the participant in the event: (i) there is a restatement of Viskase's consolidated financial statements (or the Viskase Board otherwise determines that Viskase's financial statements were incorrect) and the amount of the payment that would have been received by the participant had the financial results been properly reported would have been lower than the amount actually received; (ii) the Compensation Committee determines that the participant has, at any time (whether before or after the grant date of the award), committed a "breach of conduct" or engaged in imprudent conduct with respect to inventory management, capital expenditures, investments and/or engaged in operating behavior which is detrimental to the long-term value of Viskase, for the purpose of increases the amount of an award, or (iii) Viskase or any of its affiliates is required to make an indemnification payment with respect to a sale of Viskase and the indemnification payment was included in the calculation of the award.

*Employment Agreements*

On August 4, 2022, Viskase entered into an employment agreement with Mr. Feast to serve as President and Chief Executive Officer. The employment agreement had an initial term that expires on September 5, 2027, with successive automatic monthly renewals. The employment agreement provides for (i) base salary at an annual rate of $540,000, (ii) a target short-term incentive opportunity equal to 100% of base salary (pro-rated for 2022), (iii) an award under the Performance Plan, with an "award payout percentage" of 1.75% and (iv) a signing bonus of $250,000. The employment agreement also provides for certain severance benefits in the event of a termination by Viskase other than for cause, death or disability, or a resignation by Mr. Feast for good reason. The severance benefits generally include continued base salary for six (6) months and a pro-rated bonus for the year of termination, based on actual results for the entire year. Mr. Feast must sign a release of claims in favor of Viskase to receive these severance benefits. The employment agreement also contains standard confidentiality, non-competition, non-solicitation and non-disparagement covenants.

Effective May 1, 2020, Mr. Seitz entered into an employment agreement with Viskase GmbH. The employment agreement has an indefinite term with a three-month notice period (subject to immediate termination if "good cause" exists). The employment agreement provides for a base salary at an annual rate of EUR 225,000 and a company car per local policy. The employment agreement also contains standard confidentiality, non-competition and non-solicitation covenants. Upon a termination of employment, Mr. Seitz would be entitled to continued payment of 50% of his base salary for 12 months, which is the duration of the applicable non-competition covenant, subject to set-off in the event he obtains other employment. If the company waives the non-competition covenant, then Mr. Seitz would be entitled to continued payment of 50% of his base salary for 6 months after the waiver is granted. Mr. Seitz resigned from Viskase effective as of August 31, 2025.

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*Offer Letters*

On December 19, 2022, Viskase entered into an offer letter with Mr. Holz to serve as Vice President and Chief Financial Officer. The offer letter provides for (i) base salary at an annual rate of $390,000, (ii) a target short-term incentive opportunity equal to 60% of base salary (commencing with the 2023 fiscal year) and (iii) an award under the Performance Plan. The offer letter also provides for certain severance benefits in the event of a termination by Viskase other than for cause after the first 90 days of employment. The severance benefits generally include 26 weeks' of base pay under the Viskase Severance Pay Plan (the "Severance Plan"). The offer letter also incorporates standard confidentiality, non-competition, non-solicitation and non-disparagement covenants. On June 10, 2025, Mr. Holz's service as Chief Financial Officer terminated.

On May 4, 2022, Viskase entered into an offer letter with Mr. King to serve as Senior Vice President, General Counsel and Secretary. The offer letter provides for (i) base salary at an annual rate of $375,000, (ii) a target short-term incentive opportunity equal to 75% of base salary (pro-rated for 2022), (iii) an award under the Performance Plan, with an "award payout percentage" of 0.48% and (iv) reimbursement of travel and living expenses for his commute between his personal residence and company headquarters, subject to a cap of $35,000 per year after 2022 (however, the parties subsequently agreed to change his primary work location and therefore he never received these reimbursements). The offer letter also provides for certain severance benefits in the event of a termination by Viskase other than for cause after the first 90 days of employment. The severance benefits generally include 26 weeks' of base pay under the Severance Plan and an amount equal to 50% of his target bonus for the year of termination. The offer letter also incorporates standard confidentiality, non-competition, non-solicitation and non-disparagement covenants.

On November 1, 2025, Viskase entered into an offer letter (the "Silverman Agreement") with Silverman Consulting, Inc. ("Silverman") through which Mr. Mackenzie Stender will serve as Viskase's interim chief financial officer with support from additional Silverman employees until Viskase retains a full-time chief financial officer. The offer letter provides that (i) Mr. Stender's hourly rate will be $370 and (ii) Viskase will pay Silverman for all reasonable out-of-pocket expenses incurred with the assignment, such as travel and lodging. Invoices will be provided weekly to Viskase with actual time and expenses incurred. The agreement contains standard indemnification covenants. The Silverman Agreement may be terminated with or without cause upon written notice to Silverman. Upon termination of employment, Silverman will be entitled to any unpaid fees and expenses performed prior to the termination.

*Severance Plan*

Viskase maintains a broad-based Severance Plan that generally covers its U.S.-based workforce, include Mr. Holz, Mr. King and Mr. Blecic. Under the Severance Plan, participating named executive officers generally are entitled to 26 weeks' of pay upon an involuntary termination without cause after the first 90 days of employment, paid in a single lump sum. A participating named executive officer must sign a release of claims in favor of Viskase to receive these severance benefits.

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***2024 Summary Compensation Table***

The following Summary Compensation Table provides information regarding the compensation earned in 2024, 2023 and 2022 by Viskase's named executive officers.

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|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Name and Principal Position** | <br>**Year** | <br>**Salary**<br>**($)** | <br>**Bonus**<br>**($)**<sup>(1)</sup> | <br>**Non-Equity**<br>**Incentive Plan**<br>**Compensation**<br>**($)**<sup>(2)</sup> | **Change in**<br>**Pension**<br>**Value and**<br>**Nonqualified**<br>**Deferred**<br>**Compensation**<br>**Earnings**<br>**($)**<sup>(3)</sup> | <br>**All Other**<br>**Compensation**<br>**($)**<sup>(4)</sup> | <br>**Total**<br>**($)** |
| **Timothy Feast** | 2024 | 614433 |  |  |  | 13263 | 627696 |
| &nbsp;&nbsp;*Former President & Chief Executive Officer* | 2023 | 556200 |  | 672797 |  | 12856 | 1241853 |
|  | 2022 | 174115 | 423096 |  |  | 68 | 597279 |
| **Thomas Holz** | 2024 | 402285 |  |  |  | 14714 | 416999 |
| &nbsp;&nbsp;*Former Chief Financial Officer*<sup>(5)</sup> | 2023 | 384250 |  | 280332 |  | 13879 | 678461 |
|  | 2022 |  |  |  |  |  |  |
| **Joseph D. King** | 2024 | 402285 |  |  |  | 14114 | 416399 |
| &nbsp;&nbsp;*Senior Vice President, General Counsel and Secretary* | 2023 | 386250 |  | 347046 |  | 14135 | 747431 |
|  | 2022 | 241586 |  |  |  | 3688 | 245274 |
| **Michael Blecic** | 2024 | 307563 |  |  | 6200 | 13874 | 327637 |
| &nbsp;&nbsp;*Vice President, Chief Accounting Officer* | 2023 | 299310 |  | 215144 | 6300 | 13544 | 534298 |
|  | 2022 | 294480 |  |  |  | 13391 | 307871 |
| **Wolfgang Seitz**<sup>(6)</sup> | 2024 | 279451 |  |  |  | 13053 | 292504 |
| &nbsp;&nbsp;*Vice President, General Manager – EMEA and APAC* | 2023 | 282380 |  | 190832 |  | 12166 | 485378 |
|  | 2022 | 260144 |  |  |  | 10080 | 270244 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) For 2022, represents a signing bonus paid to Mr. Feast within 30 days after his start date.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Represents the short-term incentive earned in the applicable year under the Management Incentive Plan.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Represents the change in the present value of the accumulated benefits under the pension plan. Mr. Blecic is the only named executive officer who participates in a pension plan, which was frozen as to service accruals in 2006. The change in present value of Mr. Blecic's pension benefit decreased by $18,200 in 2022; however pursuant to SEC rules were are not permitted to report negative numbers in this column and have reported the change for 2022 as $0.

&nbsp;&nbsp;&nbsp;&nbsp;(4) For 2024, represents (i) matching contributions to the 401(k) plan as follows: Mr. Feast — $11,891; Mr. Holz — $13,342; Mr. King — $13,342; and Mr. Blecic — $12,302; (ii) payments of life insurance premiums as follows: Mr. Feast — $772; Mr. Holz — $772; Mr. King — $772; and Mr. Blecic — $772; (iii) contributions to a health savings account as follows: Mr. Feast — $600; Mr. Holz — $600; Mr. King — $0; and Mr. Blecic — $800; and (iv) for Mr. Seitz, a car allowance of $13,053.

&nbsp;&nbsp;&nbsp;&nbsp;(5) On June 10, 2025, Mr. Holz's service as Chief Financial Officer terminated.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Amounts in foreign currency were converted from local currency to U.S. dollars based on exchange rates as of December 31, 2024. Mr. Seitz resigned from Viskase effective as of August 31, 2025.

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***2024 Grants of Plan-Based Awards***

The following table sets forth information for each named executive officer regarding short-term incentive granted during 2024. Viskase did not grant any option or stock awards to the named executive officers in 2024.

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| | | | |
|:---|:---|:---|:---|
| | **Estimated Possible Payouts**  | **Estimated Possible Payouts**  | **Estimated Possible Payouts**  |
| | **Under Non-Equity Incentive**  | **Under Non-Equity Incentive**  | **Under Non-Equity Incentive**  |
| | **Plan Awards**<sup>(1)</sup> | **Plan Awards**<sup>(1)</sup> | **Plan Awards**<sup>(1)</sup> |
| <br>**Name** | **Threshold**<br>**($)** | **Target**<br>**($)** | **Maximum**<br>**($)** |
| Timothy Feast |  | 798764 | 1597527 |
| Thomas Holz |  | 241371 | 482742 |
| Joseph D. King |  | 301714 | 603428 |
| Michael Blecic |  | 184538 | 369076 |
| Wolfgang Seitz<sup>(2)</sup> |  | 167671 | 335342 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Represents the short-term incentive opportunities granted in 2024. The "Threshold," "Target" and "Maximum" columns reflect the range of potential payouts when the performance goals were established. The "Target" column reflects payout at the 100% level; the threshold payout level is 0% of target and the maximum payout level is 200%. The actual short-term incentive award earned for 2024 by each named executive officer is set forth in the "Non-Equity Incentive Plan Compensation" column of the "2024 Summary Compensation Table" of this registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Amounts in foreign currency were converted from local currency to U.S. dollars based on exchange rates as of December 31, 2024.

***2024 Outstanding Equity Awards at Fiscal Year-End***

The named executive officers did not hold any option or stock awards in Viskase as of December 31, 2024.

***2024 Option Exercises and Stock Vested***

The named executive officers did not hold any option or stock awards in Viskase during 2024.

***2024 Pension Benefits***

The following table sets forth information regarding the pension benefits for Mr. Blecic. Mr. Blecic is the only named executive officer who participates in a pension plan, which was frozen as to service accruals in 2006.

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|:---|:---|:---|:---|:---|
| <br>**Name** | <br>**Plan Name** | <br>**Number of Years** <br>**Credited Service** <br>**(#)**<sup>(1)</sup> | **Present Value of** <br>**Accumulated** <br>**Benefit** <br>**($)**<sup>(1)</sup> | **Payments** <br>**During Last** <br>**Fiscal Year** <br>**($)** |
| Michael Blecic | Retirement Program for Employees | 28 | $78500 |  |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) The number of years of credited service and the present value of accumulated benefit are calculated as of December 31, 2024. The present value of accumulated benefit was calculated using a discount rate of 5.7%.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Amounts in foreign currency were converted from local currency to U.S. dollars based on exchange rates as of December 31, 2024.

***Description of Pension Plan***

The Retirement Program for Employees of Viskase Companies, Inc. provides benefits to certain employees of Viskase who were hired before March 31, 2004. Benefits under the retirement plan were frozen on December 31, 2006. The regular benefit formula under the retirement plan provides a monthly retirement benefit determined as follows: 1.2% of the employee's average straight-time monthly earnings (as of the earlier of the employee's termination date or the date the plan was frozen), multiplied by the number of years and months of service, plus $12.00. Normal retirement age is 65 under the retirement plan. However, employees may be eligible to retire with a reduced benefit as early as age 50. An employee is vested in the retirement plan after 5 years of service.

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***2024 Nonqualified Deferred Compensation***

Viskase does not maintain a nonqualified deferred compensation plan.

***Potential Payments Upon Termination or Change in Control***

Viskase has entered into agreements and maintains plans and arrangements that require it to pay or provide compensation and benefits to the named executive officers in the event of certain terminations of employment or a change in control. The estimated amount payable or provided to each of these executives in each situation is summarized below. These estimates are based on the assumption that the various triggering events occurred on the last day of 2024, along with other material assumptions noted below. The actual amounts that would be paid to these executives upon termination or a change in control (CIC) can only be determined at the time the actual triggering event occurs.

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| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Name and Triggering Event** | **Cash**<br>**Severance**<br>**Payment** <br>**($)** | **Payout of**<br>**Short-Term**<br>**Incentive**<br>**($)** | **Payout of**<br>**Long-Term**<br>**Incentive**<br>**($)**<sup>(1)</sup> | <br>**Total**<br>**($)**<sup>(5)</sup> |
| **Timothy Feast** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;● Voluntary termination |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;● Involuntary termination without cause | 307217 | 798764 |  | 1105981 |
| &nbsp;&nbsp;&nbsp;&nbsp;● CIC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;● Involuntary or good reason termination after a CIC | 307217 | 798764 |  | 1105981 |
| &nbsp;&nbsp;&nbsp;&nbsp;● Death | 153609 | 399382 |  | 552991 |
| &nbsp;&nbsp;&nbsp;&nbsp;● Disability | 153609 | 399382 |  | 552991 |
| **Thomas Holz** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;● Voluntary termination |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;● Involuntary termination without cause | 203190 |  |  | 203190 |
| &nbsp;&nbsp;&nbsp;&nbsp;● CIC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;● Involuntary or good reason termination after a CIC | 203190 |  |  | 203190 |
| &nbsp;&nbsp;&nbsp;&nbsp;● Death |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;● Disability |  |  |  |  |
| **Joseph D. King** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;● Voluntary termination<sup>(6)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;● Involuntary termination without cause | 201143 | 150857 |  | 352000 |
| &nbsp;&nbsp;&nbsp;&nbsp;● CIC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;● Involuntary or good reason termination after a CIC | 201143 | 150857 |  | 352000 |
| &nbsp;&nbsp;&nbsp;&nbsp;● Death |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;● Disability |  |  |  |  |
| **Michael Blecic** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;● Voluntary termination<sup>(6)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;● Involuntary termination without cause | 153782 |  |  | 153782 |
| &nbsp;&nbsp;&nbsp;&nbsp;● CIC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;● Involuntary or good reason termination after a CIC | 153782 |  |  | 153782 |
| &nbsp;&nbsp;&nbsp;&nbsp;● Death |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;● Disability |  |  |  |  |
| **Wolfgang Seitz**<sup>(2)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;● Voluntary termination |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;● Involuntary termination without cause | 139726 |  |  | 139726 |
| &nbsp;&nbsp;&nbsp;&nbsp;● CIC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;● Involuntary or good reason termination after a CIC | 139726 |  |  | 139726 |
| &nbsp;&nbsp;&nbsp;&nbsp;● Death |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;● Disability |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The long-term incentive was "underwater" as of December 31, 2024, and therefore no amount would have been payable had a triggering event occurred on that date.

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&nbsp;&nbsp;&nbsp;&nbsp;(2) Amounts in foreign currency were converted from local currency to U.S. dollars based on exchange rates as of December 31, 2024.

***CEO Pay Ratio***

As required by Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and Item 402(u) of Regulation S-K, Viskase is providing the following information with respect to the last completed fiscal year. The pay ratio information provided below is a reasonable estimate calculated in a manner consistent with Item 402(u) of Regulation S-K.

For 2024 fiscal year, the median of the annual total compensation of all of Viskase's employees, excluding the Chief Executive Officer, was estimated to be $31,640; the annual total compensation of the Chief Executive Officer was $627,696 which, as described below, represents the sum of the compensation earned by Mr. Feast for the year; and the ratio of the annual total compensation of the Chief Executive Officer to the median of the annual total compensation of all other employees was estimated to be approximately 19.8 to 1.

In determining the pay ratio information provided above, Viskase first identified the median employee for the 2024 fiscal year by using the following methodology, assumptions, adjustments and estimates, as permitted by Item 402(u) of Regulation S-K, Viskase selected December 31, 2024, as the date upon which Viskase would identify the median employee, and, from the tax and payroll records, Viskase compiled a list of all full-time, part-time, temporary and seasonal employees who were employed on that date. As of December 31, 2024, Viskase's global employee population for purposes of the CEO pay ratio consisted of 2,320 employees, with 764 employees, or approximately 33 percent, located in the United States, and 1,556 employees, or approximately 67 percent, located outside of the United States.

Viskase used total cash compensation during the 2024 fiscal year as a consistently applied compensation measure to identify the median employee from the employees on the list. For this purpose, Viskase defined total cash compensation as the sum of base wages and annual incentives payable in cash during the fiscal year. Viskase did not annualize the total cash compensation of any permanent employees who were employed for less than the full 2024 fiscal year. Amounts in foreign currency were converted from local currency to U.S. dollars based on exchange rates as of December 31, 2024.

Once the median employee was identified in the manner described above, Viskase calculated the annual total compensation of the median employee using the same methodology that Viskase used to determine the annual total compensation of Viskase's named executive officers, as reported in the "2024 Summary Compensation Table".

***2024 Director Compensation***

Viskase's non-employee directors generally receive an annual cash retainer of $20,000 and an additional per-meeting attendance fee of $1,000. Viskase's non-employee directors do not receive any option or stock awards. The following table sets forth information regarding the cash compensation paid in 2024 to non-employee directors, other than Robert Flint, Colin Kwak and Dustin DeMaria, who have elected not to receive any compensation for service as a director.

---

| | | |
|:---|:---|:---|
| <br>**Name** | **Fees Earned or** <br>**Paid in Cash**<br>**($)** | <br>**Total**<br>**($)** |
| Peter K. Shea | $34500 | $34500 |
| Kenneth Shea | $33000 | $33000 |
| Stephen T. Maurer | $35000 | $35000 |

---

Peter Shea is entitled to an additional fee of $85,000, and each of Kenneth Shea and Stephen T. Maurer is entitled to an additional fee of $80,000, in each case for their service on a special committee related to the Merger. The additional fee is payable upon the Closing.

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**INTERESTS OF EXECUTIVE OFFICERS AND DIRECTORS IN THE MERGER**

**Interests of Enzon's Executive Officers and Directors in the Merger Proposal**

The executive officers and directors of Enzon have interests in the Merger Proposal that are different from, or in addition to, the interests of the Enzon stockholders generally. The Enzon Special Committee and the members of the Enzon Board who recommended that holders of Enzon Common Stock adopt the Merger Proposal were aware of and considered these interests to the extent such interests existed at the time, among other matters, in evaluating and negotiating the Merger Proposal and in making the Enzon Board's recommendation that the holders of Enzon Common Stock vote to approve the Merger Proposal. Additional interests of the executive officers and directors of Enzon in the Merger include:

● the designation of Jordan Bleznick as a member of the board of directors of the Combined Company and certain protections afforded to him pursuant to the Enzon Charter and Enzon Bylaws;

● the designation of Randolph C. Read as a member of the board of directors of the Combined Company and certain protections afforded to him pursuant to the Enzon Charter and Enzon Bylaws; and

● the designation of Robert Flint, Colin Kwak, Dustin DeMaria, Peter K. Shea and Kenneth Shea as members of the board of directors of the Combined Company and certain protections afforded to them pursuant to the Enzon Charter and Enzon Bylaws; and

● the continued provision of indemnification for current and former executive officers and directors of Enzon in accordance with the Merger Agreement.

Enzon stockholders should take these and other potential interests into account in deciding whether to deliver a written consent "**FOR**" the Merger Proposal.

**Interests of Viskase's Executive Officers and Directors in the Merger**

The executive officers and directors of Viskase have interests in the Merger that are different from, or in addition to, the interests of the Viskase stockholders generally. The Viskase Special Committee and the members of the Viskase Board who recommended that holders of Viskase Common Stock adopt the Merger Agreement were aware of and considered these interests to the extent such interests existed at the time, among other matters, in evaluating and negotiating the Merger Agreement and in making the Viskase Board's recommendation that the holders of Viskase Common Stock vote to adopt Merger Agreement. Additional interests of the executive officers and directors of Viskase in the Merger include:

● the board of directors of the Combined Company will include two current Enzon directors, Randolph C. Read and Jordan Bleznick;

● the officers of Viskase immediately prior to the Effective Time will be the officers of the Combined Company and certain protections afforded to officers pursuant to the Enzon Charter and Enzon Bylaws;

● the designation of Thomas D. Davis as the Chief Executive Officer of the Combined Company and certain protections afforded to him pursuant to the Enzon Charter and Enzon Bylaws; and

● the continued provision of indemnification for current and former executive officers and directors of Viskase in accordance with the Merger Agreement.

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**DESCRIPTION OF THE CAPITAL STOCK OF ENZON**

This section of the prospectus/consent solicitation/offer to exchange summarizes certain terms of Enzon's capital stock in effect as of September 30, 2025. The following description is subject to the detailed provisions of, and is qualified in its entirety by reference to the Enzon Charter and the Enzon Bylaws, attached, respectively, as Annex E and Annex F hereto and are incorporated by reference herein.

**Authorized Share Capital**

The authorized capital stock of Enzon is 173,000,000 shares, consisting of:

● 170,000,000 shares of Enzon Common Stock; and

● 3,000,000 shares of preferred stock.

As of the close of business on the Enzon Record Date, there were 74,214,603 shares of Enzon Common Stock issued and outstanding and 40,000 shares of Enzon Series C Preferred Stock issued and outstanding.

**Enzon Common Stock**

The holders of all issued and outstanding shares of the Enzon Common Stock are entitled to the rights and powers as provided in the Enzon Organizational Documents as described in the section titled "*Comparison of the Rights of Stockholders*" in this prospectus/consent solicitation/offer to exchange.

**Listing of Combined Company Common Stock**

Enzon Common Stock trades on the "OTCQB" tier of the OTC. Enzon will use its commercially reasonable efforts to cause the shares of Enzon Common Stock to be issued in connection with the Merger to be quoted on the OTC, subject to official notice of issuance, prior to the Effective Time.

**Transfer Agent and Registrar**

The transfer agent and registrar for the Enzon Common Stock is Continental Stock Transfer & Trust Company. Continental Stock Transfer & Trust Company's address is 1 State St, 30th Floor, New York, New York 10004, and its telephone number is (800) 509-5586.

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**DESCRIPTION OF THE CAPITAL STOCK OF VISKASE**

This section of the prospectus/consent solicitation/offer to exchange summarizes certain terms of Viskase's capital stock in effect as of January 28, 2026.

**Authorized Share Capital**

The authorized capital stock of Viskase is 200,000,000 shares, consisting of:

● 150,000,000 shares of Viskase Common Stock; and

● 50,000,000 shares of Viskase Preferred Stock.

As of the close of business on the Enzon Record Date, there were 160,479,227 shares of Viskase Common Stock issued and outstanding and no shares of Viskase Preferred Stock issued and outstanding.

**Viskase Common Stock**

The holders of all issued and outstanding shares of the Viskase Common Stock are entitled to the rights and powers as described in the section titled "*Comparison of the Rights of Stockholders*" in this prospectus/consent solicitation/offer to exchange.

**Listing of Viskase Common Stock**

Viskase Common Stock trades on the "OTC Pink" tier of the OTC under the symbol "VKSC".

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**DESCRIPTION OF THE CAPITAL STOCK OF THE COMBINED COMPANY**

This section of the prospectus/consent solicitation/offer to exchange summarizes certain terms of the Combined Company's capital stock that will be in effect if the Merger is completed. The following description is subject to the detailed provisions of, and is qualified in its entirety by reference to the Enzon Charter and the Enzon Bylaws, attached, respectively, as Annex E and Annex F hereto and are incorporated by reference herein.

**Authorized Share Capital**

The authorized capital stock of the Combined Company will be 173,000,000 shares, consisting of:

● 170,000,000 shares of Enzon Common Stock; and

● 3,000,000 shares of Enzon Series C Preferred Stock.

Following the Closing, we expect that there will be approximately 14,428,869 shares of Combined Company Common Stock outstanding (after giving effect to the Reverse Stock Split).

**Combined Company Common Stock**

The holders of all issued and outstanding shares of the Combined Company Common Stock are entitled to the rights and powers as provided in the Enzon Organizational Documents. Please see the section titled "*Comparison of the Rights of Stockholders*" in this prospectus/consent solicitation/offer to exchange for further information.

**Listing of Combined Company Common Stock**

Following the Closing, we expect that the Combined Company Common Stock will be quoted on the "OTCQB" tier of the OTC.

**Transfer Agent and Registrar**

The transfer agent and registrar for the Combined Company Common Stock is Continental Stock Transfer & Trust Company. Continental Stock Transfer & Trust Company's address is 1 State St, 30th Floor, New York, New York 10004 and its telephone number is (800) 509-5586.

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**COMPARISON OF STOCKHOLDER RIGHTS**

The rights of Enzon stockholders are governed by the Enzon Organizational Documents, as well as the DGCL. The rights of Viskase stockholders are governed by the Viskase Organizational Documents as well as the DGCL. From and after the Effective Time, all shares of Viskase Common Stock converted into the right to receive the Merger Consideration will no longer be outstanding and will automatically be cancelled and will cease to exist and the rights of the holders of Viskase Common Stock will be governed by the Enzon Organizational Documents.

The following is a summary discussion of the material differences, as of the date of this prospectus/consent solicitation/offer to exchange, between the current rights of Enzon stockholders and the current rights of Viskase stockholders. Please consult the DGCL, the Enzon Organizational Documents and the Viskase Organizational Documents for a more complete understanding of these differences.

The following description does not purport to be a complete statement of all the differences, or a complete description of the specific provisions referred to in this summary. The identification of specific differences is not intended to indicate that other equally or more significant differences do not exist. Stockholders should read carefully the relevant provisions of the DGCL, the Enzon Organizational Documents and the Viskase Organizational Documents.

**Capitalization**

***Enzon***

The currently authorized shares of capital stock of Enzon consist of:

● 170,000,000 shares of Enzon Common Stock; and

● 3,000,000 shares of preferred stock.

As of the close of business on January 28, 2026, there were 74,214,603 shares of Enzon Common Stock issued and outstanding and 40,000 shares of Enzon Series C Preferred Stock outstanding. Based on the number of shares of Enzon Common Stock outstanding as of January 28, 2026 a total of approximately 14,428,869 shares of Enzon Common Stock (after giving effect to Reverse Stock Split) and no shares of Enzon Series C Preferred Stock are expected to be outstanding immediately after the completion of the Merger (assuming that all of the Enzon Series C Preferred Stock is exchanged for Enzon Common Stock in full pursuant to the Series C Exchange Offer).

***Viskase***

The currently authorized shares of capital stock of Viskase consist of:

● 150,000,000 shares of Viskase Common Stock; and

● 50,000,000 shares of Viskase Preferred Stock.

As of the close of business on January 28, 2026, there were 160,479,227 shares of Viskase Common Stock issued and outstanding and no shares of Viskase Preferred Stock outstanding.

**Voting Rights**

***Enzon***

Each holder of Enzon Common Stock is entitled to one (1) vote per share on all matters submitted to a vote of stockholders. A matter submitted for stockholder action is approved if a majority of the votes cast at such meeting by the holders of Enzon Common Stock present in Person or represented by proxy and entitled to vote thereon are cast "for" the matter, unless a greater or different vote is required by any applicable law or regulation, the rights of any authorized series of preferred stock or the Enzon Organizational

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Documents. Subject to any rights of the holders of any series of preferred stock pursuant to applicable law or the certificate of designations creating that series, all voting rights are vested in the holders of shares of Enzon Common Stock.

Other than a contested election where directors are elected by a plurality vote, a director nominee is elected if the votes cast "for" such nominee's election exceed the votes cast "against" such nominee's election.

***Viskase***

Each holder of Viskase Common Stock is entitled to one (1) vote per share on all matters submitted to a vote of stockholders. A matter submitted for stockholder action is approved if a majority of the votes cast at such meeting by the holders of Viskase Common Stock present in person or represented by proxy and entitled to vote thereon are cast "for" the matter, unless a greater or different vote is required by any applicable law or the Viskase Organizational Documents.

**Quorum**

***Enzon***

The holders of one-third of the shares of stock entitled to vote at any meeting of the Enzon stockholders, present in person or represented by proxy, constitutes a quorum at all meetings of the Enzon stockholders for the transaction of business.

***Viskase***

The holders of a majority of the capital stock issued and outstanding and entitled to vote thereat, present in person or represented by proxy, constitutes a quorum at all meetings of the Viskase stockholders for the transaction of business.

**Exclusive Forum Provision**

***Enzon***

The Enzon Organizational Documents do not contain an exclusive forum provision.

***Viskase***

A state court located within the State of Delaware (or, if no state court located within the State of Delaware has jurisdiction, the federal district court for the District of Delaware) will be the sole and exclusive forum for:

● any derivative action or proceeding brought on behalf of Viskase;

● any action asserting a claim of breach of a fiduciary duty owned by any director or officer or other employee of Viskase to Viskase or the Viskase stockholders;

● any action asserting a claim against Viskase or any director or officer or other employee of Viskase arising pursuant to any provision of the DGCL, the Viskase Charter or Viskase Bylaws; or

● any action asserting a claim against Viskase or any director or officer or other employee of Viskase governed by the internal affairs doctrine.

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**Anti-Takeover Provisions**

***Enzon***

Provisions of the Enzon Bylaws that may have anti-takeover effects include, among others:

● other than a special meeting for the election of directors, only the Enzon Board, the President or the Secretary may call a special meeting of Enzon stockholders;

● for business to be properly brought before an annual meeting or a nomination to be made at an annual meeting or special meeting by an Enzon stockholder, such Enzon stockholder must have given timely notice to the Secretary thereof, which must be delivered to or mailed and received at the principal executive offices of Enzon (i) in the case of an annual meeting, not less than 90 days nor more than 120 days prior to the anniversary date of the immediately preceding annual meeting and (ii) in the case of nominations of Persons for election as directors at a special meeting, not later than the close of business on the tenth (10th) day following the day on which notice of the date of the special meeting was mailed or public disclosure of the date of the special meeting was made, whichever first occurs;

● allowing vacancies on the Enzon Board to be filled solely by a majority vote of the directors then in office, whether or not a quorum;

● the ability of the Enzon Board to authorize issuance of "blank check" preferred stock to increase the number of outstanding shares;

● Articles 3.2 (Number of Directors), 3.3 (No Classification of the Board), 3.4 (Election), 3.5 (Term), 3.6 (Vacancies), 3.7 (Resignations) and 3.8 (Removal of Directors) of the Enzon Bylaws may only be amended by a vote of the holders of not less than two-thirds of the outstanding voting shares of capital stock entitled to vote generally in the election of directors. With the exception of Articles 3.2 (Number of Directors), 3.3 (No Classification of the Board), 3.4 (Election), 3.5 (Term), 3.6 (Vacancies), 3.7 (Resignations) and 3.8 (Removal of Directors), the Enzon Bylaws may also be altered, amended, supplemented or repealed, or new Enzon Bylaws may be adopted by the Enzon Board, which Enzon Bylaws may be altered, amended, supplemented or repealed by the Enzon stockholders entitled to vote thereon;

● Enzon is subject to Section 203 of the DGCL, which prohibits certain business combinations such as mergers or assets sales between Enzon and an interested stockholder owning 15% or more of the outstanding voting stock of Enzon; provided that such restriction does not apply if the Enzon Board approved the transaction that made the Person an interested stockholder, the interested stockholder acquired at least 85% of the voting stock in the transaction, or if the business combination is approved by the Enzon Board and two-thirds of the voting stock not owned by the interested stockholder; and

***Viskase***

Provisions that may have anti-takeover effects include, among others:

● the Viskase Bylaws may be amended by a vote of at least 80% of the Viskase Board or by a majority of the Viskase stockholders entitled to vote;

● Viskase is subject to Section 203 of the DGCL, which prohibits certain business combinations such as mergers or assets sales between Viskase and an interested stockholder owning 15% or more of the outstanding voting stock of Viskase; provided that such restriction does not apply if the Viskase Board approved the transaction that made the Person an interested stockholder, the interested stockholder acquired at least 85% of the voting stock in the transaction, or if the business combination is approved by the Viskase Board and two-thirds of the voting stock not owned by the interested stockholder; and

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● vacancies on the Viskase Board that result from an increase in the number of directors may be filled by the affirmative vote of a majority of the directors then in office; provided that a quorum is present, and any other vacancy may be filled by the affirmative vote of a majority of directors then in office, even if less than a quorum, or by a sole remaining director.

**Rights Plan Policy**

***Enzon***

The Enzon Organizational Documents do not contain a rights plan policy.

***Viskase***

Viskase will not adopt any new stockholder rights or similar plan without the affirmative vote of not less than (i) 90% of the then outstanding shares of Viskase Common Stock and Viskase Preferred Stock, if any, entitled to vote thereon and (ii) 80% of the Viskase Board, including authorized but vacant directorships, except that in response to an unsolicited tender offer, the Viskase Board may adopt a stockholder rights or similar plan having a term of not more than 60 days.

**Stockholder Action by Written Consent**

***Enzon***

The Enzon Bylaws allow any action which could be taken at any annual or special meeting of Enzon stockholders to be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, is signed by the holders of outstanding stock entitled to vote thereon having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted.

***Viskase***

Pursuant to Section 228 of the DGCL, action which could be taken at any annual or special meeting of Viskase stockholders may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, is signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted.

**Special Meetings**

***Enzon***

Enzon allows special meetings of the Enzon stockholders to be called at any time by the Enzon Board, the President or the Secretary.

***Viskase***

Viskase allows special meetings of the Viskase stockholders to be called at any time by the President, a majority of the members of the Viskase Board or by the holders of ten percent (10%) or more of the total combined voting power of the outstanding capital stock of Viskase having voting power for the election of directors.

**Vacancies on Board of Directors**

***Enzon***

The Enzon Bylaws allow vacancies on the Enzon Board to be filled solely by a majority vote of the directors then in office, whether or not a quorum.

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***Viskase***

Viskase allows vacancies on the Viskase Board that result from an increase in the number of directors to be filled by the affirmative vote of a majority of the directors then in office, provide that a quorum is present, and any other vacancy may be filled by the affirmative vote of a majority of directors then in office, even if less than a quorum, or by a sole remaining director.

**Indemnification**

***Enzon***

The Enzon Bylaws provide that Enzon will indemnify any current or former director or officer who is involved in civil, criminal, administrative or investigative legal proceedings because of their role at Enzon. This indemnification covers expenses such as attorneys' fees, judgments, fines and settlement amounts, as long as they were reasonably incurred and permitted under the DGCL and other applicable laws. Additionally, Enzon may choose to indemnify employees, agents or individuals serving at Enzon's request in similar roles at other organizations under the same conditions. These indemnification rights are not exclusive and may exist alongside other legal protections available to the individual.

***Viskase***

Viskase will indemnify its current and former directors and officers involved in civil, criminal, administrative or investigative legal proceedings arising from their service to the company or at its request to another entity. This indemnification covers expenses, judgments, fines and settlements, provided the individual acted in good faith, in a manner reasonably believed to be in or not opposed to the company's best interests, and, in criminal cases, without knowledge of wrongdoing. In derivative suits brought by or on behalf of Viskase, indemnification is limited and subject to court approval if the individual is found liable. Eligibility for indemnification must be determined by disinterested directors, independent counsel or stockholders, though successful defense guarantees reimbursement. Viskase will advance legal expenses before the case is resolved as long as the individual agrees to repay if ultimately found ineligible for indemnification. These indemnification rights are not exclusive and may exist alongside other legal protections available to the individual.

**Corporate Opportunity**

***Enzon***

The Enzon Organizational Documents have no corresponding provisions relating to corporate or business opportunities.

***Viskase***

To the fullest extent permitted by Section 122(17) of the DGCL and except as may be otherwise expressly agreed in writing by Viskase and Icahn Enterprises L.P. ("IELP"), Viskase, on behalf of itself and its Subsidiaries, renounces any interest or expectancy of Viskase and its Subsidiaries in, or in being offered an opportunity to participate in, business opportunities that are from time to time present to IELP or its Affiliates or Subsidiaries or any of their respective employees, officers, directors, agents, stockholders, members or partners (other than Viskase and its Subsidiaries), even if the opportunity is one that Viskase or its Subsidiaries might reasonably be deemed to have pursued or had the ability or desire to pursue if granted the opportunity to do so, and no such Person shall be liable to Viskase or any of its Subsidiaries for breach of any fiduciary or other duty, as a director or officer or otherwise, by reason of the fact that such Person pursues or acquires such business opportunity, or information regarding such business opportunity, to Viskase or its Subsidiaries, unless, in the case of any such Person who is a director or officer of Viskase, such business opportunity is expressly offered to such director or officer in writing solely in his or her capacity as a director or officer of Viskase.

**Amendment of Certificate of Incorporation**

***Enzon***

The Enzon Charter may be amended upon the adoption of a resolution by the Enzon Board setting forth the proposed amendment and approval by vote of holders of the majority of shares entitled to vote in the election of directors.

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The affirmative vote of holders of not less than two-thirds of the outstanding voting shares of capital stock entitled to vote generally in the election of directors is required to amend, alter, change, repeal or adopt any provisions inconsistent with Article 9 (Number of Directors) of the Enzon Charter.

***Viskase***

Pursuant to Section 242 of the DGCL, the Viskase Board must adopt a resolution declaring the amendment advisable and such amendment must then be approved by a majority of the outstanding shares entitled to vote. If the Amendment changes the rights, preferences, or number of authorized shares of Viskase Common Stock, the holders of a majority of the outstanding Viskase Common Stock must approve the amendment.

**Amendment of Bylaws**

***Enzon***

Articles 3.2 (Number of Directors), 3.3 (No Classification of the Board), 3.4 (Election), 3.5 (Term), 3.6 (Vacancies), 3.7 (Resignations) and 3.8 (Removal of Directors) of the Enzon Bylaws may only be amended by a vote of the holders of not less than two-thirds of the outstanding voting shares of capital stock entitled to vote generally in the election of directors. With the exception of Articles 3.2 (Number of Directors), 3.3 (No Classification of the Board), 3.4 (Election), 3.5 (Term), 3.6 (Vacancies), 3.7 (Resignations) and 3.8 (Removal of Directors), the Enzon Bylaws may also be altered, amended, supplemented or repealed, or new Enzon Bylaws may be adopted by the Enzon Board, which Enzon Bylaws may be altered, amended, supplemented or repealed by the Enzon stockholders entitled to vote thereon.

***Viskase***

The Viskase Bylaws may be altered, amended or repealed, in whole or in part, or new Bylaws may be adopted by the Viskase Board by a vote of at least 80% of the Viskase Board or by a majority of the Viskase stockholders entitled to vote.

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**SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS OF ENZON**

The following table sets forth, as of January 28, 2026, the beneficial ownership information of Enzon Common Stock by:

● each Person known to Enzon to be the beneficial owner of more than five percent (5%) of Enzon Common Stock as of January 28, 2026;

● each named executive officer of Enzon;

● each of Enzon's directors; and

● all of Enzon's executive officers and directors as a group.

The calculation of the percentage of beneficial ownership is based on 74,214,603 shares of Enzon Common Stock outstanding on January 28, 2026.

The SEC has defined "beneficial ownership" of a security to mean the possession, directly or indirectly, of voting power and/or investment power over such security. A stockholder is also deemed to be, as of any date, the beneficial owner of all securities that such stockholder has the right to acquire within 60 days after that date through (i) the exercise of any option, warrant or right, (ii) the conversion of a security, (iii) the power to revoke a trust, discretionary account or similar arrangement or (iv) the automatic termination of a trust, discretionary account or similar arrangement. In computing the number of shares Beneficially Owned by a Person and the percentage ownership of that Person, ordinary shares subject to options or other rights (as set forth above) held by that Person that are currently exercisable, or will become exercisable within 60 days thereafter, are deemed outstanding, while such shares are not deemed outstanding for purposes of computing percentage ownership of any other Person.

Unless otherwise indicated, Enzon believes that all Persons named in the table below have sole voting and investment power with respect to all shares of capital stock Beneficially Owned by them. To Enzon's knowledge, no shares of Enzon Common Stock Beneficially Owned by any executive officer, director or director nominee have been pledged as security.

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| | | |
|:---|:---|:---|
| <br>**Name of Beneficial Owner** | <br>**Shares of**<br>**Beneficially**<br>**Owned** | **Percentage of**<br>**Shares**<br>**Beneficially**<br>**Owned** |
| ***5% Stockholders:*** |  |  |
| Carl C. Icahn and affiliated entities | 36056636<br><sup>(1)</sup> | 48.6% |
| Jonathan Couchman and affiliated entities | 7743954<br><sup>(2)</sup> | 10.4% |
| ***Directors and Named Executive Officers***<sup>(3)</sup> |  |  |
| Randolph C. Read | 200000 | \* |
| Jordan Bleznick | 100000 | \* |
| Jaffery (Jay) A. Firestone |  |  |
| Stephen T. Wills |  |  |
| Richard L. Feinstein |  |  |
| All directors and executive officers as a group (5 Persons) | 300000 | \* |

---

\* Represents beneficial ownership of less than one percent (1%) of the shares of Enzon Common Stock.

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Information concerning stock ownership was obtained from Amendment No. 17 to the Schedule 13D filed with the SEC on October 24, 2025, by Carl C. Icahn and various entities affiliated with him. Mr. Icahn was reported to share voting and dispositive power over all 36,056,636 shares of Enzon Common Stock with entities affiliated with him. The principal business address for Carl C. Icahn and entities affiliated with him is 16690 Collins Avenue, Suite PH-1, Sunny Isles Beach, FL 33160.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Information concerning stock ownership was obtained from Amendment No. 2 to the Schedule 13D filed with the SEC on September 17, 2020 and the Form 4 filed August 17, 2021 by Jonathan Couchman, Couchman Family Fund, Xstelos Corp. and Myrexis, Inc. Mr. Couchman reported sole voting and dispositive power over 4,717,666 shares and shared voting and dispositive power over the shares directly held by Couchman Family Fund, Xstelos Corp. and Myrexis, Inc. The Form 4 reported that Couchman Family Fund directly held 350,000 shares, Xstelos Corp. directly held 2,043,024 shares and Myrexis, Inc. directly held 633,264 shares, and each reported shared voting and dispositive power over such shares. The principal business address for Mr. Couchman, Couchman Family Fund and Myrexis, Inc. is c/o Couchman Management LLC, 600 Fifth Avenue, 2nd Floor, New York, New York 10020. The principal business address for Xstelos Corp. is 1105 North Market Street, Suite 1300, Wilmington, DE 19801.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The address for each of the named executive officers and directors listed in this table is c/o Enzon Pharmaceuticals, Inc., 20 Commerce Drive, Suite 135, Cranford, New Jersey, 07016.

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**SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS OF VISKASE**

The following table sets forth, as of January 28, 2026, the beneficial ownership information of Viskase Common Stock by:

● each Person known to Viskase to be the beneficial owner of more than five percent (5%) of Viskase Common Stock as of January 28, 2026;

● each named executive officer of Viskase;

● each of Viskase's directors; and

● all of Viskase's executive officers and directors as a group.

The calculation of the percentage of beneficial ownership is based on 160,479,227 shares of Viskase Common Stock outstanding on January 28, 2026.

The SEC has defined "beneficial ownership" of a security to mean the possession, directly or indirectly, of voting power and/or investment power over such security. A stockholder is also deemed to be, as of any date, the beneficial owner of all securities that such stockholder has the right to acquire within 60 days after that date through (i) the exercise of any option, warrant or right, (ii) the conversion of a security, (iii) the power to revoke a trust, discretionary account or similar arrangement or (iv) the automatic termination of a trust, discretionary account or similar arrangement. In computing the number of shares Beneficially Owned by a Person and the percentage ownership of that Person, ordinary shares subject to options or other rights (as set forth above) held by that Person that are currently exercisable, or will become exercisable within 60 days thereafter, are deemed outstanding, while such shares are not deemed outstanding for purposes of computing percentage ownership of any other Person.

Unless otherwise indicated, Viskase believes that all Persons named in the table below have sole voting and investment power with respect to all shares of capital stock Beneficially Owned by them. To Viskase's knowledge, no shares of Viskase Common Stock Beneficially Owned by any executive officer, director or director nominee have been pledged as security.

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| | | |
|:---|:---|:---|
| <br>**Name of Beneficial Owner** | &nbsp;&nbsp;&nbsp;&nbsp;<br>**Shares of**<br>**Beneficially**<br>**Owned** | **Percentage of**<br>**Shares**<br>**Beneficially**<br>**Owned** |
| ***5% Stockholders:*** |  |  |
| American Entertainment Properties Corp. | 150910079 | 93.97% |
| ***Directors and Named Executive Officers***<sup>(1)</sup> |  |  |
| Thomas D. Davis | 339558 | \* |
| Robert E. Flint |  |  |
| Dustin DeMaria |  |  |
| Colin Kwak |  |  |
| Stephen T. Mauer |  |  |
| Peter K. Shea |  |  |
| Kenneth Shea |  |  |
| Michael Blecic | 2009 |  |
| Joseph D. King |  |  |
| Thomas Holtz |  |  |
| Wolfgang Seitz |  |  |
| Robert Schouten |  |  |
| Mackenzie Stender |  |  |
| John Plescia |  |  |
| Timothy P. Feast<sup>(2)</sup> |  |  |
| Wolfgang Seitz<sup>(2)</sup> |  |  |
| Marcelo Passos<sup>(4)</sup> |  |  |
| Carolyn Zhang<sup>(5)</sup> |  |  |
| All directors and current executive officers as a group (17 Persons) | 341567 | \* |

---

\* Represents beneficial ownership of less than one percent (1%) of the shares of Viskase Common Stock.

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&nbsp;&nbsp;&nbsp;&nbsp;(1) The address for each of the named executive officers and directors listed in this table is c/o Viskase Companies, Inc., 333 E Butterfield Road, Suite 400, Lombard, Illinois 60148.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Effective December 1, 2025, Mr. Feast is no longer an employee of Viskase.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Effective August 31, 2025, Mr. Seitz resigned from Viskase.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Effective December 9, 2025, Mr. Passos is no longer an employee of Viskase.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Effective November 7, 2025, Ms. Zhang is no longer an employee of Viskase.

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**SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS OF POST-MERGER COMBINED COMPANY**

The following table sets forth information regarding the expected beneficial ownership of the Combined Company immediately following the consummation of the Merger by:

● each Person expected by the Combined Company to be the beneficial owner of more than five percent (5%) of the Combined Company Common Stock as of January 28, 2026;

● each named executive officer of the Combined Company;

● each of the Combined Company's directors; and

● all of the Combined Company's executive officers and directors as a group.

The SEC has defined "beneficial ownership" of a security to mean the possession, directly or indirectly, of voting power and/or investment power over such security. A stockholder is also deemed to be, as of any date, the beneficial owner of all securities that such stockholder has the right to acquire within 60 days after that date through (i) the exercise of any option, warrant or right, (ii) the conversion of a security, (iii) the power to revoke a trust, discretionary account or similar arrangement or (iv) the automatic termination of a trust, discretionary account or similar arrangement. In computing the number of shares Beneficially Owned by a Person and the percentage ownership of that Person, ordinary shares subject to options or other rights (as set forth above) held by that Person that are currently exercisable, or will become exercisable within 60 days thereafter, are deemed outstanding, while such shares are not deemed outstanding for purposes of computing percentage ownership of any other Person.

The expected beneficial ownership of shares of the Combined Company Common Stock following the consummation of the Merger has been determined based upon the following assumptions: (i) there will be an aggregate of 14,428,869 shares of Combined Company Common Stock issued and outstanding at the Closing, (after giving effect to the Reverse Stock Split), assuming a Closing Date of March 4, 2026, (ii) prior to the Merger, each share of Enzon Series C Preferred Stock held by the IEH Parties will be exchanged for Enzon Common Stock pursuant to the Support Agreement and each share of Series C Preferred Stock held by non-Affiliates of IEH will be exchanged for Enzon Common Stock and (iii) the Liquidation Preference of the Enzon Preferred Stock is calculated as of March 4, 2026.

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Unless otherwise indicated, all Persons named in the table below have sole voting and investment power with respect to all shares of capital stock Beneficially Owned by them. No shares of the Combined Company Common Stock Beneficially Owned by any executive officer, director or director nominee have been pledged as security.

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| | | | |
|:---|:---|:---|:---|
| <br>**Name and Address of Beneficial Owner** | <br>**Shares of** <br>**Combined** <br>**Company** <br>**Common Stock** | **% of**<br>**Combined**<br>**Company**<br>**Common** <br>**Stock**<sup>(1)</sup> | **% of** <br>**Combined** <br>**Company** <br>**Voting** <br>**Power**<sup>(2)</sup> |
| **Directors and Executive Officers of Combined Company**<sup>(3)</sup> |  |  |  |
| Thomas D. Davis | 16792 | \*% | \*% |
| Michael Blecic | 99 | \*% | \*% |
| Jordan Bleznick | 1000 | \*% | \*% |
| Randolph C. Read | 2000 | \*% | \*% |
| Armando Herrera Jr. |  |  |  |
| Joseph D. King |  |  |  |
| Joseph Marigliano |  |  |  |
| Joseph Plescia |  |  |  |
| Mackenzie Stender |  |  |  |
| Jan Stevens |  |  |  |
| Robert Schouten |  |  |  |
| Robert E. Flint |  |  |  |
| Dustin DeMaria |  |  |  |
| Colin Kwak |  |  |  |
| Peter K. Shea |  |  |  |
| Kenneth Shea |  |  |  |
| All Combined Company directors and executive officers as a group (16 individuals) | 19891 | \*% | \*% |
| **5% Holders of Combined Company Common Stock** |  |  |  |
| Carl C. Icahn and affiliated entities<sup>(4)</sup> | 13465192 | 93.32% | 93.32% |

---

\* Represents beneficial ownership of less than one percent (1%) of the shares of the Combined Company Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;(1) The post-Merger percentage of beneficial ownership for Combined Company Common Stock is based on a total number of shares of Combined Company Common Stock of 14,428,869.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Voting power is calculated as a total of votes per share divided by the total number of votes available. Each holder of Combined Company Common Stock shall be entitled to one (1) vote per share.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The address for each of the named executive officers and directors listed in this table is c/o 333 East Butterfield Road, Suite 400, Lombard, Illinois 60148, Attention: Joseph D. King, Secretary, Email: joe.king@viskase.com.

&nbsp;&nbsp;&nbsp;&nbsp;(4) The address for Carl C. Icahn and entities affiliated with him is 16690 Collins Avenue, Suite PH-1, Sunny Isles Beach, FL 33160.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Effective November 7, 2025, December 1, 2025, and December 9, 2025, Ms. Zhang, Mr. Feast, and Mr. Passos, respectively, are no longer employees of Viskase.

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**MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES**

The following is a summary of the material U.S. federal income tax consequences of the Series C Exchange Offer, the Reverse Stock Split, and the Merger generally applicable to a "U.S. Holder" (as defined below) of Enzon Stock and Viskase Common Stock and is based on the Code, final, temporary, and proposed Treasury regulations thereunder, and published administrative rulings and judicial decisions, all as currently in effect as of the date of this prospectus/consent solicitation/offer to exchange, and all of which are subject to change or different interpretations, possibly with retroactive effect. This summary is not a comprehensive description of all U.S. federal income tax considerations that may be relevant to a stockholder and their decision to participate in the Series C Exchange Offer, the Reverse Stock Split, and the Merger. The U.S. federal income tax consequences set forth below are based on current law. Because individual circumstances may differ, each holder should consult such holder's own tax advisor to determine the applicability of the rules discussed below to such holder and the particular tax effects of the Series C Exchange Offer, the Reverse Stock Split, and the Merger to such holder, including the application and effect of U.S. federal estate and gift, state, local and other tax laws.'

Except as otherwise specifically set forth below, this summary addresses only those holders of Enzon Stock and Viskase Common Stock who are "U.S. Holders" (as defined below) and hold their stock as a capital asset within the meaning of Section 1221 of the Code (generally, property held for investment). In addition, this summary does not address all of the U.S. federal income tax consequences that may be relevant to particular stockholders in light of their individual circumstances or to stockholders that are subject to special rules such as, but not limited to: financial institutions; retirement plans, pensions, and employee stock ownership plans; pass-through entities or investors in pass-through entities; insurance companies; corporations that accumulate earnings to avoid U.S. federal income tax; tax-exempt organizations; regulated investment companies; real estate investment trusts; dealers in securities; traders in securities that elect to use a mark-to-market method of accounting; brokers; persons that hold stock as part of a straddle, hedge, constructive sale, conversion or other risk reduction transaction; persons that purchased or sell their shares of stock as part of a wash sale; U.S. expatriates and former citizens or long-term residents of the United States; persons that have a functional currency other than the U.S. dollar; stockholders who acquired their shares of stock through the exercise of an employee stock option or otherwise as compensation or through a tax-qualified retirement plan; and persons who actually or constructively own more than 5% of the outstanding shares of stock of either Enzon or Viskase. This discussion does not address any aspect of the alternative minimum tax, the Medicare tax on net investment income, the U.S. federal gift or estate tax, or state, local or foreign taxation.

If a partnership (or any other entity or arrangement treated as a partnership for U.S. federal income tax purposes) holds Enzon Stock or Viskase Common Stock, the tax treatment of a partner in the partnership generally will depend on the status of the partner, the tax activities of the partnership and certain determinations made at the partner level. Accordingly, partnerships that hold Enzon Stock or Viskase Comon Stock and partners in such partnerships should consult their tax advisors with regard to the U.S. federal income tax consequences of the Series C Exchange Offer, the Reverse Stock Split, and the Merger.

For purposes of this discussion, a "U.S. Holder" is a beneficial owner of Enzon Stock or Viskase Common Stock who for U.S. federal income tax purposes is (i) a citizen or individual resident of the United States; (ii) a corporation (or any other entity treated as a corporation for these purposes) created or organized in or under the laws of the United States, any state thereof or the District of Columbia; (iii) an estate whose income is subject to U.S. federal income taxation regardless of its source; or (iv) a trust if (A) a court within the United States is able to exercise primary supervision over the administration of the trust and one or more U.S. persons have the authority to control all substantial decisions of the trust or (B) the trust has validly elected to be treated as a "United States person" under applicable Treasury regulations.

Neither Enzon nor Viskase intends to request a ruling from the IRS or an opinion from counsel regarding the statements made in the following discussion. Accordingly, there can be no assurance that the IRS will not take a position contrary to such statements, or that any such contrary position would not be sustained by a court if contested by the IRS.

**ALL HOLDERS OF ENZON STOCK AND VISKASE COMMON STOCK SHOULD CONSULT THEIR TAX ADVISORS AS TO THE SPECIFIC TAX CONSEQUENCES TO THEM OF PARTICIPATING IN THE SERIES C EXCHANGE OFFER, THE REVERSE STOCK SPLIT, AND THE MERGER, AS APPLICABLE, INCLUDING THE APPLICABILITY AND EFFECT OF THE ALTERNATIVE MINIMUM TAX AND ANY STATE, LOCAL, FOREIGN AND OTHER TAX LAWS, AND OF HOLDING AND DISPOSING OF THE ENZON COMMON STOCK.**

**U.S. Federal Income Tax Consequences of the Series C Exchange Offer**

Subject to the discussions below under "— *Treatment of Accumulated and Unpaid Dividends on Series C Preferred Stock*" and "*Treatment of Cash in Lieu of Fractional Shares*," a U.S. Holder that receives Enzon Common Stock in exchange for its Enzon

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Series C Preferred Stock in the Series C Exchange Offer should generally be treated as having exchanged its Enzon Series C Preferred Stock for Enzon Common Stock in a "recapitalization" pursuant to Section 368(a)(1)(E) of the Code, and such U.S. Holder should generally not recognize gain or loss for U.S. federal income tax purposes. The U.S. Holder's aggregate tax basis in the Enzon Common Stock received in the exchange should equal such U.S. Holder's aggregated adjusted tax basis in such portion of the Enzon Series C Preferred Stock exchanged (subject to potential reduction in the tax basis due to the receipt of a taxable stock dividend, as discussed below). The holding period of the Enzon Common Stock received in the exchange should include such U.S. Holder's holding period for such portion of the Enzon Series C Preferred Stock exchanged therefor. A U.S. Holder that acquired shares of Enzon Series C Preferred Stock on different dates and at different prices should consult their tax advisors regarding the allocation of the tax basis and holding period from the Enzon Series C Preferred Stock exchanged in the Series C Exchange Offer for Enzon Common Stock received in the exchange.

In the event the Series C Exchange Offer fails to qualify as a "recapitalization" within the meaning of Section 368(a)(1)(E) of the Code, for U.S. federal income tax purpose, a U.S. Holder who exchanges Enzon Series C Preferred Stock solely for Enzon Common Stock pursuant to the Series C Exchange Offer generally would recognize gain or loss, as applicable, equal to the difference between (1) the fair market value of the Enzon Common Stock received in the exchange and (2) such holder's adjusted tax basis in the Enzon Series C Preferred Stock surrendered in the exchange. Such gain or loss generally would be long-term capital gain or loss provided the U.S. Holder's holding period in such Enzon Series C Preferred Stock exceeds one year at the time of the Series C Exchange Offer. Long-term capital gain of certain non-corporate U.S. Holders (including individuals) is currently eligible for U.S. federal income taxation at preferential rates. The deductibility of capital losses is subject to limitations. U.S. Holders that realize a loss should consult their tax advisors regarding any limitations on the deductibility of such losses. Under Section 302 of the Code, however, special rules may recharacterize the amount of cash received by a non-tendering U.S. Holder as a distribution that is taxable as a dividend under Section 301 of the Code to the extent of Enzon's current or accumulated earnings and profits if the redemption is treated as economically equivalent to a dividend. Such recharacterization is most likely to result where a holder has a significant percentage ownership in Enzon (taking into account Enzon Common Stock actually owned and certain ownership attribution rules) and the redemption does not result in a meaningful reduction in such percentage interest. Holders should consult their own tax advisors regarding the possible application of Section 302 of the Code and whether the redemption results in sale or exchange treatment or dividend treatment to them.

Following the Merger, Enzon may, and at this time intends to, redeem any outstanding shares of Enzon Series C Preferred Stock for an amount of cash equal to the liquidation preference of such shares. As a result, if Enzon redeems such shares, non-tendering U.S. Holders of Enzon Series C Preferred Stock generally will recognize gain or loss equal to the difference between the amount of cash received and such holder's adjusted tax basis in the Enzon Series C Preferred Stock redeemed. Such gain or loss would be long-term capital gain or loss provided the U.S. Holder's holding period in such Enzon Series C Preferred Stock exceeds one year at the time of the redemption. Long-term capital gain of certain non-corporate U.S. Holders (including individuals) is currently eligible for U.S. federal income taxation at preferential rates. The deductibility of capital losses is subject to limitations. Under Section 302 of the Code, however, special rules may recharacterize the amount of cash received by a non-tendering U.S. Holder as a distribution that is taxable as a dividend under Section 301 of the Code to the extent of Enzon's current or accumulated earnings and profits if the redemption is treated as economically equivalent to a dividend. Such a recharacterization is most likely to result where a holder has a significant percentage ownership in Enzon (taking into account Enzon Common Stock actually owned and certain ownership attribution rules) and the redemption does not result in a meaningful reduction in such percentage interest. Holders should consult their own tax advisors regarding the possible application of Section 302 of the Code and whether the redemption results in sale or exchange treatment or dividend treatment to them.

*Treatment of Accumulated and Unpaid Dividends on Enzon Series C Preferred Stock*. As noted above, the receipt of Enzon Common Stock in exchange for Enzon Series C Preferred Stock in the Series C Exchange Offer generally will be treated as a "recapitalization" pursuant to Section 368(a)(1)(E) of the Code. At the time of the exchange, the Enzon Series C Preferred Stock is expected to have accumulated but unpaid dividends. With respect to the portion of a U.S. Holder's Enzon Series C Preferred Stock that is attributable to accumulated but unpaid distributions, the receipt of Enzon Common Stock attributable to such Enzon Series C Preferred Stock could be treated as a taxable stock distribution under Sections 305(b) and (c) of the Code. The amount of such taxable stock distribution would equal the lesser of (i) the amount by which the fair market value of the Enzon Common Stock received in exchange for such Enzon Series C Preferred Stock exceeds the initial liquidation preference of such Enzon Series C Preferred Stock, and (ii) the amount of the accumulated but unpaid distributions to which such Enzon Series C Preferred Stock is attributable. Such taxable stock distribution would be taxable as a dividend to the extent of Enzon's current and accumulated earnings and profits, if any, for the taxable year of the Series C Exchange Offer. Provided that certain holding period requirements are satisfied, any dividend amounts generally will constitute "qualified dividend income" of non-corporate U.S. Holders (including individuals) who are currently subject to reduced rates of U.S. federal income tax in respect of "qualified dividend income". The amount of any distribution in excess of Enzon's current and accumulated earnings and profits would be treated as a tax-free return of the U.S. Holder's adjusted

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tax basis in its Enzon Series C Preferred Stock, and any excess after the U.S. Holder's tax basis is reduced to zero will be treated as capital gain from the sale or exchange of the Enzon Series C Preferred Stock. The tax basis in the Enzon Common Stock received for the portion of the U.S. Holder's Enzon Series C Preferred Stock that is attributable to accumulated but unpaid distributions would equal the amount of the taxable stock distribution, calculated as described above. The holding period for such Enzon Common Stock would begin a day after the U.S. Holder receives the Enzon Common Stock. U.S. Holders are urged to consult their tax advisors regarding the potential implications of these rules.

**U.S. Federal Tax Consequences of the Ownership and Disposition of the Enzon Common Stock received pursuant to the Series C Exchange Offer**

*Distributions*. If distributions are made with respect to the Enzon Common Stock, such distributions will be treated as dividends to the extent of Enzon's current and accumulated earnings and profits as determined under U.S. federal income tax principles. Provided that certain holding period requirements are satisfied, any dividend amounts generally will constitute "qualified dividend income". Non-corporate U.S. Holders (including individuals) are currently subject to reduced rates of U.S. federal income tax in respect of "qualified dividend income". Any portion of a distribution that exceeds Enzon's current and accumulated earnings and profits will first be applied to reduce a U.S. Holder's tax basis in the Enzon Common Stock, and the excess will be treated as gain from the disposition of the Enzon Common Stock.

*Disposition of Stock*. In general, upon a sale or other taxable disposition of the Enzon Common Stock, a U.S. Holder will recognize gain or loss in an amount equal to the difference between the sum of the fair market value of any property and the amount of cash received in such disposition and the U.S. Holder's adjusted tax basis in the Enzon Common Stock. Any such gain or loss will be capital gain or loss. Such capital gain or loss will be long-term capital gain or loss if the U.S. Holder's holding period in the Enzon Common Stock at the time of the disposition is more than one year. Long-term capital gains recognized by certain non-corporate U.S. Holders (including individuals) are generally subject to a reduced rate of U.S. federal income tax. The deductibility of capital losses is subject to limitations.

**U.S. Federal Income Tax Consequences of the Reverse Stock Split**

The Reverse Stock Split is intended to constitute a "recapitalization" pursuant to Section 368(a)(1)(E) of the Code and/or an exchange described in Section 1036(a) of the Code. If it so qualifies, subject to the discussion below under "*Treatment of Cash in Lieu of Fractional Shares*," a U.S. Holder of Enzon Common Stock generally should not recognize gain or loss as a result of the Reverse Stock Split for U.S. federal income tax purposes. A U.S. Holder's aggregate adjusted tax basis in the shares of Enzon Common Stock received pursuant to the Reverse Stock Split should equal the aggregate adjusted tax basis of the shares of Enzon Common Stock exchanged therefor (subject to adjustments regarding the receipt of cash in lieu of a fractional share, as discussed below). The U.S. Holder's holding period in the shares of Enzon Common Stock received pursuant to the Reverse Stock Split should include the holding period in the shares of Enzon Common Stock exchanged therefor. U.S. Treasury Regulations provide detailed rules for allocating the tax basis and holding period of shares of stock surrendered in an exchange such as the Reverse Stock Split to shares received in such an exchange. A U.S. Holder that acquired shares of Enzon Common Stock on different dates and at different prices should consult their tax advisors regarding the allocation of the tax basis and holding period from shares of common stock surrendered in the Reverse Stock Split to shares received in the Reverse Stock Split.

**U.S. Federal Income Tax Consequences of the Merger**

The Merger, taken together with the conversion of Viskase into a limited liability company promptly after the Merger, is intended to qualify as a "reorganization" within the meaning of Section 368(a) of the Code. If it so qualifies, subject to the discussion below under "*Treatment of Cash in Lieu of Fractional Shares*," a U.S. Holder of Viskase Common Stock generally will not recognize gain or loss as a result of the Merger which for U.S. federal income tax purposes would be treated as a deemed exchange of Viskase Common Stock for Enzon Common Stock. A U.S. Holder's aggregate tax basis in the Enzon Common Stock received pursuant to the Merger generally will equal the U.S. Holder's aggregate tax basis in the Viskase Common Stock exchanged therefor. A U.S. Holder's holding period in Enzon Common Stock received pursuant to the Merger generally will include the holding period for its Viskase Common Stock surrendered in exchange therefor. U.S. Holders who hold shares of Viskase Common Stock with differing tax bases or holding periods should consult their tax advisors with regard to identifying the tax bases or holding periods of the particular shares of Enzon Common Stock received in the Merger.

If the Merger, taken together with the conversion of Viskase into a limited liability company promptly after the Merger, does not qualify as a "reorganization" within the meaning of Section 368(a) of the Code, for U.S. federal income tax purposes, a U.S. Holder of

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Viskase Common Stock generally would be treated as selling its Viskase Common Stock in exchange for Enzon Common Stock in a taxable transaction. In such event, a U.S. Holder of Viskase Common Stock that receives Enzon Common Stock generally would recognize capital gain or loss in an amount equal to the difference, if any, between (1) the fair market value of the Enzon Common Stock received in the Merger and (2) such holder's adjusted tax basis in the Viskase Common Stock surrendered. Such gain or loss generally would be long-term capital gain or loss provided the U.S. Holder's holding period in such Viskase Common Stock exceeds one year at the time of the Merger. Long-term capital gain of certain non-corporate U.S. Holders (including individuals) is currently eligible for U.S. federal income taxation at preferential rates. The deductibility of capital losses is subject to limitations. U.S. Holders that realize a loss should consult their tax advisors regarding any limitations on the deductibility of such losses. If the Merger is treated as a taxable sale of Viskase Common Stock, a U.S. Holder's initial tax basis in the Enzon Common Stock received in the Merger will equal the fair market value of such stock upon receipt, and the holding period for such stock will begin on the day following the Merger. U.S. Holders of Viskase Common Stock should consult their tax advisors about the U.S. federal income tax consequences of the Merger in the event that the Merger does not qualify as a "reorganization" within the meaning of Section 368(a) of the Code.

No Enzon Stock will be transferred or exchanged pursuant to the Merger. As such, a U.S. Holder of Enzon Stock will not recognize any gain or loss pursuant to the Merger. This should be the case regardless as to whether or not the Merger, taken together with the conversion of Viskase into a limited liability company after the Merger, qualifies as a "reorganization" within the meaning of Section 368(a) of the Code.

**Treatment of Cash in Lieu of Fractional Shares**

A U.S. Holder who receives cash in lieu of a fractional share of Enzon Common Stock in the Series C Exchange Offer, the Reverse Stock Split, or the Merger will generally be treated as having received the fractional share of Enzon Common Stock pursuant to the Series C Exchange Offer, the Reverse Stock Split, or the Merger, subject to the tax-free treatment described above, and then as having sold to Enzon such fractional share for cash. As a result, a U.S. Holder will generally recognize gain or loss equal to the difference between the amount of cash received and the tax basis allocated to such fractional share of Enzon Common Stock. Gain or loss recognized with respect to cash received in lieu of a fractional share of Enzon Common Stock will generally be capital gain or loss, and will be long-term capital gain or loss if, as of the effective time of the Series C Exchange Offer, the Reverse Stock Split, or the Merger, the holding period for such shares is greater than one year. The deductibility of capital losses is subject to limitations.

**Information Reporting**

A U.S. Holder who receives Enzon Common Stock in the Series C Exchange Offer, the Reverse Stock Split, and/or the Merger in a tax-free exchange under Section 368 of the Code may be required to retain in its records, and file with its U.S. federal income tax return for the taxable year in which the exchange takes place, a statement setting forth all of the relevant facts in respect of the nonrecognition of gain or loss upon such exchange including: (a) tax basis in the Enzon Stock or Viskase Common Stock tendered in the exchange; and (b) the fair market value of the Enzon Common Stock received in the exchange as of the effective time of the exchange. Each U.S. Holder is urged to consult its own tax advisor concerning any information reporting requirements applicable to the Series C Exchange Offer, the Reverse Stock Split, and/or the Merger.

With respect to the ownership and taxable disposition of the Enzon Common Stock, information reporting requirements generally will apply to distributions on the Enzon Common Stock and the proceeds of a taxable disposition of such stock paid to a U.S. Holder unless the U.S. Holder is an exempt recipient and, if requested, certifies as to that status. Backup withholding generally will also apply if the U.S. Holder fails to provide an appropriate certification with its correct taxpayer identification number or certification of exempt status. Any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against a U.S. Holder's U.S. federal income tax liability provided the required information is timely furnished to the IRS.

**THE PRECEDING DISCUSSION IS INTENDED ONLY AS A GENERAL DISCUSSION OF U.S. FEDERAL INCOME TAX CONSEQUENCES OF THE SERIES C EXCHANGE OFFER, THE REVERSE STOCK SPLIT, AND/OR THE MERGER AND IS NOT A COMPLETE ANALYSIS OR DISCUSSION OF ALL POTENTIAL TAX EFFECTS THAT MAY BE IMPORTANT TO YOU. THUS, YOU ARE STRONGLY ENCOURAGED TO CONSULT YOUR TAX ADVISOR AS TO THE SPECIFIC TAX CONSEQUENCES OF SUCH TRANSACTIONS TO YOU IN LIGHT OF YOUR PARTICULAR CIRCUMSTANCES, INCLUDING THE APPLICABILITY AND EFFECT OF FEDERAL, STATE, LOCAL AND OTHER TAX LAWS.**

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**LEGAL MATTERS**

The validity of the shares of Enzon Common Stock to be issued pursuant to the Merger will be passed upon for Enzon by Thompson Hine LLP, counsel to Enzon.

**EXPERTS**

**Enzon**

The consolidated balance sheets of Enzon Pharmaceuticals, Inc. and Subsidiaries as of December 31, 2024 and 2023, and the related consolidated statements of operations, mezzanine equity and stockholders' equity, and cash flows for each of the years then ended, have been audited by EisnerAmper LLP, independent registered public accounting firm, as stated in their report which is incorporated herein. Such financial statements have been incorporated herein in reliance on the report of such firm given upon their authority as experts in accounting and auditing.

**Viskase**

The financial statements of Viskase as of and for the years ended December 31, 2023 and December 31, 2024 included in this prospectus and elsewhere in the registration statement have been so included in reliance upon the report of Grant Thorton LLP, independent registered public accountants, upon the authority of said firm as experts in accounting and auditing.

**FUTURE STOCKHOLDER PROPOSALS**

Enzon has not yet determined the date for its 2025 annual meeting of stockholders. The date for Enzon's 2025 annual meeting of stockholders will be more than 30 days from the one (1) -year anniversary of Enzon's 2024 annual meeting of stockholders (*i.e.*, September 26, 2025). Enzon will disclose the date of its 2025 annual meeting by filing a Current Report on Form 8-K with the SEC when the date of such meeting has been determined. Stockholder proposals intended for inclusion in Enzon's proxy statement for its 2025 annual meeting of stockholders pursuant to Rule 14a-8 under the Exchange Act must be directed to the Secretary, Enzon Pharmaceuticals, Inc., at 20 Commerce Drive, Suite 135, Cranford, New Jersey 07016.

As Enzon's 2025 annual meeting date will be more than 30 days from the one (1) -year anniversary of the 2024 annual meeting (*i.e.,* September 26, 2025), the deadline for submitting stockholder proposals pursuant to Rule 14a-8 under the Exchange Act is a reasonable time before Enzon begins to print and send proxy materials for such annual meeting. In order for proposals of stockholders made outside of Rule 14a-8 under the Exchange Act to be considered timely in accordance with the Enzon By-laws, as Enzon's 2025 annual meeting date will be more than 30 days from the one (1) -year anniversary of the 2024 annual meeting (*i.e.,* September 26, 2025), such proposals must be received by the Secretary at the above address by the close of business on the tenth (10th) day following the day on which notice of the date of the annual meeting was mailed or public disclosure of the date of the annual meeting was made, whichever first occurs.

To comply with the universal proxy rules, stockholders who intend to solicit proxies in support of director nominees other than Enzon's nominees must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act and such notice must be postmarked or transmitted electronically to Enzon by the later of (i) 60 calendar days prior to the date of the 2025 annual meeting or (ii) the tenth (10th) calendar day following the day on which public announcement of the date of the 2025 annual meeting is first made by Enzon. Such notice may be mailed to the Secretary at the address above or emailed to investor@enzon.com.

If the Merger is consummated, any such stockholder proposals made after the Effective Time should be sent to the Combined Company's Secretary at Viskase Holdings, Inc., 333 East Butterfield Road, Suite 400, Lombard, Illinois 60148, Attention: Joseph D. King, Secretary, Email: joe.king@viskase.com, by the close of business on the required deadline.

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**HOUSEHOLDING OF CONSENT SOLICITATION MATERIALS**

The SEC permits companies to send a single consent solicitation statement to any household at which two (2) or more stockholders reside, unless contrary instructions have been received, but only if the applicable company provides advance notice and follows certain procedures.

If you hold your shares of Enzon Common Stock in "street name," your brokerage firm, bank or other nominee may have instituted householding. If your household has multiple accounts holding Enzon Common Stock, you may have already received householding notification from your bank, brokerage firm or other nominee. Please contact your brokerage firm, bank or other nominee directly if you have any questions or require additional copies of this prospectus/consent solicitation/offer to exchange. The brokerage firm, bank or other nominee will arrange for delivery of a separate copy of this prospectus/consent solicitation/offer to exchange promptly upon your written or oral request. You may decide at any time to revoke your decision to household, and thereby receive multiple copies. Not all brokerage firms, brokers or other nominees may offer the opportunity to permit beneficial owners to participate in householding. If you want to participate in householding and eliminate duplicate mailings in the future, you must contact your brokerage firm, bank or other nominee directly.

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**WHERE YOU CAN FIND MORE INFORMATION**

Enzon files annual, quarterly and current reports, proxy statements and other information with the SEC. You may read and copy these documents at the SEC's Public Reference Room at 100 F Street, N.E. Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the operation of the Public Reference Room. The SEC also maintains a website that contains reports, proxy and information statements and other information regarding issuers, including Enzon, who file electronically with the SEC. The address of that website is www.sec.gov.

Enzon's SEC filings are also available at https://investor.enzon.com under the tab "SEC Filings" and Viskase's OTC filings are also available at https://www.otcmarkets.com/stock/VKSC/disclosure. By referring to Enzon's website, Viskase's website and the SEC's website, Enzon and Viskase do not incorporate any such website or its contents into this prospectus/consent solicitation/offer to exchange. The Enzon Common Stock is quoted on the OTC under the trading symbol of "ENZN" and the Viskase Common Stock is quoted on the OTC under the trading symbol of "VKSC."

This information is available to you without charge upon your request in writing, by email or by telephone from Enzon or Viskase at their respective addresses and telephone numbers listed below or by accessing such documents on the websites listed below.

---

| | |
|:---|:---|
| **For Enzon Stockholders:** | **For Viskase Stockholders:** |
| Enzon Pharmaceuticals, Inc.<br>20 Commerce Drive, Suite 135<br>Cranford, New Jersey 07016<br>Phone: (732) 980-4500<br>investor@enzon.com<br>www.enzon.com | Viskase Companies, Inc.<br>333 East Butterfield Road, Suite 400<br>Lombard, Illinois 60148<br>Phone: (630) 874-0700<br>joe.king@viskase.com<br>www.viskase.com |

---

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**ENZON PHARMACEUTICALS, INC. AND SUBSIDIARIES**

**Index**

---

| | |
|:---|:---|
|  | **Page** |
| [Report of Independent Registered Public Accounting Firm](#ReportofIndependentRegisteredPublic) (PCAOB ID 274) | F-2 |
| Consolidated Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;[Consolidated Balance Sheets — December 31, 2024 and 2023](#CONSOLIDATEDBALANCESHEETS) | F-4 |
| &nbsp;&nbsp;&nbsp;[Consolidated Statements of Operations — Years Ended December 31, 2024 and 2023](#CONSOLIDATEDSTATEMENTSOFOPERATIONS) | F-5 |
| &nbsp;&nbsp;&nbsp;[Consolidated Statements of Mezzanine Equity and Stockholders' Equity — Years Ended December 31, 2024 and 2023](#STATEMENTSOFMEZZANINEEQUITY) | F-6 |
| &nbsp;&nbsp;&nbsp;[Consolidated Statements of Cash Flows — Years Ended December 31, 2024 and 2023](#CONSOLIDATEDSTATEMENTSOFCASHFLOWS) | F-7 |
| &nbsp;&nbsp;&nbsp;[Notes to Consolidated Financial Statements](#Notes) | F-8 |

---

---

| | |
|:---|:---|
| Condensed Consolidated Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;[Condensed Consolidated Balance Sheets — September 30, 2025 and December 31, 2024](#CONDENSEDCONSOLIDATEDBALANCESHEETS_71972) | F-16 |
| &nbsp;&nbsp;&nbsp;[Condensed Consolidated Statements of Operations — Three and Nine Months Ended September 30, 2025 and 2024](#CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATI) | F-17 |
| &nbsp;&nbsp;&nbsp;[Condensed Consolidated Statements of Mezzanine Equity and Stockholders' (Deficit) Equity — Nine Months Ended September 30, 2025 and 2024](#CONDENSEDCONSOLIDATEDSTATEMENTSOFMEZZANI) | F-18 |
| &nbsp;&nbsp;&nbsp;[Condensed Consolidated Statements of Cash Flows — Nine Months Ended September 30, 2025 and 2024](#CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLO) | F-19 |
| &nbsp;&nbsp;&nbsp;[Notes to Condensed Consolidated Financial Statements](#a1DescriptionofBusiness_350455) | F-20 |

---

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors and Stockholders of

Enzon Pharmaceuticals, Inc. and Subsidiaries

***Opinion on the Financial Statements***

We have audited the accompanying consolidated balance sheets of Enzon Pharmaceuticals, Inc. and Subsidiaries (the "Company") as of December 31, 2024 and 2023, and the related consolidated statements of operations, mezzanine equity and stockholders' equity, and cash flows for each of the years then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Company as of December 31, 2024 and 2023, and the consolidated results of their operations and their cash flows for each of the years then ended, in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

***Critical Audit Matter***

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

As discussed in Note 9 to the consolidated financial statements, the Company records a valuation allowance based on the assessment of the realizability of the Company's deferred tax assets. For the year-ended December 31, 2024, the Company had deferred tax assets before valuation allowances of approximately $32.4 million. As of December 31, 2024, the Company has recorded a valuation allowance of approximately $32.4 million on the deferred tax assets, resulting in a deferred tax asset of $17,000 as of December 31, 2024. In assessing the realizability of deferred tax assets the Company must assess its tax planning strategies, enacted and effective tax law considerations, and whether sufficient future taxable income will be generated to support the realization of the existing deferred tax assets before expiration, using assumptions about Company-specific conditions and events.

We identified the assessment of realizability of deferred tax assets as a critical audit matter due to the significant judgement and estimation required by management in their assessment. This in turn led to a high degree of auditor subjectivity and significant audit effort was required in performing our procedures and evaluating audit evidence relating to estimates and assumptions made by management.

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Addressing the matter involved performing procedures and evaluating audit evidence, in connection with forming our overall opinion on the consolidated financial statements. We obtained an understanding and evaluated the design of controls over the valuation of deferred taxes. Our procedures also included, among others, an evaluation of: (a) the expiration dates of certain deferred tax assets, primarily federal and state net operating loss carryforwards, (b) whether the Company may have experienced an ownership change resulting in annual limitation of net operating loss carryforwards, and (c) the assumptions used by the Company to develop projections of future taxable income by income tax jurisdiction and tested the completeness and accuracy of the underlying data used in the projections. We compared the projections of future taxable income with the actual results of prior periods, as well as management's consideration of current industry and economic trends. We also compared the projections of future taxable income with other forecasted financial information prepared by the Company. These procedures also included, among others, the involvement of professionals with specialized skill and knowledge to assist in considering whether management demonstrated their ability and intent in executing planned strategies, including the reasonableness of the application of enacted and effective tax law.

/s/ EisnerAmper LLP

We have served as the Company's auditor since 2013.

EISNERAMPER LLP

Philadelphia, Pennsylvania

February 21, 2025

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#### ENZON PHARMACEUTICALS, INC. AND SUBSIDIARIES

#### CONSOLIDATED BALANCE SHEETS
**(In thousands, except share and per share amounts)**

---

| | | |
|:---|:---|:---|
|  | **December 31,**  | **December 31,**  |
|  | **2024** | **2023** |
| ASSETS |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $46859 | $47012 |
| &nbsp;&nbsp;Other current assets | 293 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 47152 | 47343 |
| Deferred tax asset | 17 | 359 |
| Total assets | $47169 | $47702 |
| LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;Accounts payable | $331 | $331 |
| &nbsp;&nbsp;Accrued expenses and other current liabilities | 72 | 108 |
| &nbsp;&nbsp;Dividends payable on Series C preferred stock | 1275 | 1275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 1678 | 1714 |
| Commitments and contingencies |  |  |
| Mezzanine equity: |  |  |
| &nbsp;&nbsp;Series C preferred stock – $0.01 par value, 40,000 shares authorized, issued and outstanding (liquidation value $1,062 per share) at December 31, 2024 and 2023 | 42483 | 42483 |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;Preferred stock – $0.01 par value, authorized 2,960,000 shares; no shares issued and outstanding at December 31, 2024 and 2023 |  |  |
| &nbsp;&nbsp;Common stock – $0.01 par value, authorized 170,000,000 shares; issued and outstanding 74,214,603 shares at December 31, 2024 and 2023 | 742 | 742 |
| &nbsp;&nbsp;Additional paid-in capital | 72158 | 73433 |
| &nbsp;&nbsp;Accumulated deficit | (69892) | (70670) |
| &nbsp;&nbsp;Total stockholders' equity | 3008 | 3505 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities, mezzanine equity and stockholders' equity | $47169 | $47702 |

---

The accompanying notes are an integral part of these consolidated financial statements.

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#### ENZON PHARMACEUTICALS, INC. AND SUBSIDIARIES

#### CONSOLIDATED STATEMENTS OF OPERATIONS
**(In thousands, except per share amounts)**

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2024** | **2023** |
| Revenues: |  |  |
| &nbsp;&nbsp;Royalties and milestones, net | $26 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 26 |  |
| Operating expenses: |  |  |
| &nbsp;&nbsp;General and administrative | 1353 | 1044 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 1353 | 1044 |
| Operating loss | (1327) | (1044) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend income | 2452 | 2261 |
| Income before income tax (expense) benefit | 1125 | 1217 |
| Income tax (expense) benefit | (347) | 156 |
| Net income  | 778 | 1373 |
| Dividends on Series C preferred stock | (1275) | (1275) |
| Net (loss) income available to common shareholders | $(497) | $98 |
| (Loss) income per common share |  |  |
| &nbsp;&nbsp;Basic and diluted | $(0.01) | $0.00 |
| Weighted average number of common shares |  |  |
| &nbsp;&nbsp;Basic and diluted | 74215 | 74215 |

---

The accompanying notes are an integral part of these consolidated financial statements.

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#### ENZON PHARMACEUTICALS, INC. AND SUBSIDIARIES

#### CONSOLIDATED STATEMENTS OF MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY
**(In thousands)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Mezzanine Equity — Series C** | **Mezzanine Equity — Series C** |  |  | | | |
|  | **Preferred Stock** | **Preferred Stock** | **Common Stock** | **Common Stock** | | | |
|  | **Number of**<br>**Shares** | **Par**<br>**Value** | **Number of**<br>**Shares** | **Par**<br>**Value** | <br>**Additional**<br>**Paid-in**<br>**Capital** | <br>**Accumulated**<br>**Deficit** | <br>**Total**<br>**Stockholders'**<br>**Equity** |
| Balance, December 31, 2022 | 40 | $42483 | 74215 | $742 | $74708 | $(72043) | $3407 |
| Net income |  |  |  |  |  | 1373 | 1373 |
| Preferred stock dividend declared |  |  |  |  | (1275) |  | (1275) |
| Balance, December 31, 2023 | 40 | 42483 | 74215 | 742 | 73433 | (70670) | 3505 |
| Net income |  |  |  |  |  | 778 | 778 |
| Preferred stock dividend declared |  |  |  |  | (1275) |  | (1275) |
| Balance, December 31, 2024 | 40 | $42483 | 74215 | $742 | $72158 | $(69892) | $3008 |

---

The accompanying notes are an integral part of these consolidated financial statements.

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#### ENZON PHARMACEUTICALS, INC. AND SUBSIDIARIES

#### CONSOLIDATED STATEMENTS OF CASH FLOWS
**(In thousands)**

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2024** | **2023** |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;Net income  | $778 | $1373 |
| &nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by in operating activities: |  |  |
| &nbsp;&nbsp;Deferred income taxes | 342 | (157) |
| &nbsp;&nbsp;Changes in operating assets and liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in other current assets | 38 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in accrued expenses and other current liabilities | (36) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 1122 | 1305 |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock dividend payments | (1275) | (1275) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (1275) | (1275) |
| Net (decrease) increase in cash | (153) | 30 |
| Cash and cash equivalents at beginning of year | 47012 | 46982 |
| Cash and cash equivalents at end of year | $46859 | $47012 |
| Non-cash financing activities: |  |  |
| &nbsp;&nbsp;Declaration of dividend for Series C Preferred Stock | $1275 | $1275 |

---

The accompanying notes are an integral part of these consolidated financial statements.

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**ENZON PHARMACEUTICALS, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **Description of Business** 

Enzon Pharmaceuticals, Inc. (together with its subsidiaries, the "Company," "Enzon," "we" or "us") is positioned as a public company acquisition vehicle, where it can become an acquisition platform and potentially utilize its net operating loss carryforwards ("NOLs") in an effort to enhance stockholder value.

In September 2020, the Company initiated a rights offering for its common and preferred stock (see below and Note 13 to our Condensed Consolidated Financial Statements), which closed in October 2020, and it realized $43.6 million in gross proceeds. This has enabled the Company to embark on its plan to potentially realize the value of its more than $100 million NOLs by acquiring businesses or assets. To protect the NOLs, in August 2020, the Company's Board of Directors (the "Board") adopted a Section 382 rights plan (see Note 12 to our Condensed Consolidated Financial Statements).

Historically, the Company had received royalty revenues from licensing arrangements with other companies primarily related to sales of certain drug products that utilized Enzon's proprietary technology. In recent years, the Company has had no clinical operations and limited corporate operations. Enzon has a marketing agreement in the drug Vicineum, which, if approved, will, potentially, generate milestone and royalty payments to it in the future. Enzon cannot assure you that it will earn material future royalties or milestones.

The Board and the Company's management are actively involved in pursuing, sourcing, reviewing and evaluating various potential acquisition transactions consistent with its strategy. The Company's management and Board have made a number of contacts and engaged in discussions with principals of individual companies and financial advisors on behalf of various individual companies, while continuing to evaluate potential transactions. To date, no actionable transactions have been initiated.

The Company has a marketing agreement with Micromet AG, now part of Amgen, Inc. (the "Micromet Agreement"), pursuant to which it may be entitled to certain milestone and royalty payments if Vicineum, a drug that was being developed by Sesen, Inc., (Sesen") is approved for the treatment of non-muscle invasive bladder cancer. Sesen announced that it had completed a merger with Carisma Therapeutics Inc. ("Carisma") and that the combined company will focus on the advancement of Carisma's proprietary cell therapy for the treatment of cancer and other disorders and that that it intends to seek a partner for the further development of Vicineum.

During the 2<sup>nd</sup> quarter of 2024, we received a license maintenance fee of approximately $26,000 from Amgen, Inc. in payment of a worldwide, royalty-free non-exclusive right to license Vicineum. The fee represents half of the amount paid by Viventia Biotech (Barbados) Inc. ("Viventia"), part of Sesen, on an annual basis for the continued right to license Vicineum. The Company did not receive any license maintenance fees in 2023.

In August 2020, the Board adopted a Section 382 rights plan and declared a dividend distribution of one right for each outstanding share of the Company's common stock to stockholders of record at the close of business on August 24, 2020. (See Note 11 to the Consolidated Financial Statements.)

In September 2020, the Board approved a Rights Offering (the "Rights Offering"), by which the Company distributed, at no charge to all holders of its common stock on September 23, 2020 (the "Record Date"), transferable subscription rights to purchase units ("Units") at a subscription price per Unit of $1,090. In the Rights Offering, each stockholder on the Record Date received one subscription right for every share of common stock owned on the Record Date. For every 1,105 subscription rights held, a stockholder was entitled to purchase one Unit at the subscription price. Each Unit consisted of one share of newly designated Series C Preferred Stock, par value $0.01 per share, and 750 shares of the Company's common stock. The subscription period for the Rights Offering ended on October 9, 2020.

As a result of the sale of all 40,000 Units available for purchase in the Rights Offering, the Company received approximately $43.6 million of gross proceeds and had 40,000 shares of Series C Preferred Stock outstanding and an aggregate of 74,214,603 shares of common stock outstanding following the Rights Offering. (See Note 12 to the Consolidated Financial Statements.)

On an annual basis, the Board may, at its sole discretion, cause a dividend with respect to the Series C Preferred Stock to be paid in cash to the holders in an amount equal to 3% of the liquidation preference as in effect at such time (initially $1,000 per share). If the dividend is not so paid in cash, the liquidation preference is adjusted and increased annually by an amount equal to 5% of the

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liquidation preference per share as in effect at such time, that is not paid in cash to the holders on such date. The Board did not declare a dividend as of December 31, 2021 and, at December 31, 2021 the liquidation value of the Series C Preferred Stock was $1,062 per share. On December 29, 2022, the Board declared a cash dividend of 3% on the Series C Preferred Stock, aggregating $1,275,000 or $31.86 per share. Accordingly, the cumulative liquidation value of the Series C Preferred Stock remained at approximately $42,483,000 ($1,062 per share) on December 31, 2022. On December 28, 2023, the Board declared a cash dividend of 3% on the Series C Preferred Stock, aggregating approximately $1,275,000 or $31.86 per share. Accordingly, the cumulative liquidation value of the Series C Preferred Stock remained at approximately $42,483,000 ($1,062 per share) on December 31, 2023. The dividend was paid on January 17, 2024 to the holders of record of the Company's Series C Preferred Stock as of January 10, 2024. (See Note 13 to the Consolidated Financial Statements.) On December 20, 2024, the Board declared a cash dividend of 3% on the Series C Preferred Stock, aggregating approximately $1,275,000 or $31.86 per share. Accordingly, the cumulative liquidation value of the Series C Preferred Stock remained at approximately $42,483,000 ($1,062 per share) on December 31, 2024. The dividend was paid on January 9, 2025 to the holders of record of the Company's Series C Preferred Stock as of January 2, 2025. (See Note 13 to the Consolidated Financial Statements.)

The Company maintains its principal executive offices at 20 Commerce Drive, Suite 135, Cranford, New Jersey 07016 through a service agreement with Regus Management Group, LLC.

&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Summary of Significant Accounting Policies** 

*Principles of Consolidation*

The consolidated financial statements include the accounts of Enzon Pharmaceuticals, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated as part of the consolidation.

*Use of Estimates*

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates include legal and contractual contingencies and income taxes. Although management bases its estimates on historical experience, relevant current information and various other assumptions that are believed to be reasonable under the circumstances, actual results could differ from these estimates.

*Financial Instruments and Fair Value*

The carrying values of cash and cash equivalents, royalty receivable, other current assets, accounts payable, accrued expenses and other current liabilities in the Company's consolidated balance sheets approximated their fair values at December 31, 2024 and 2023 due to their short-term nature. As of December 31, 2024 and 2023, the Company held cash equivalents aggregating approximately $46.8 million and $46.5 million, respectively.

*Revenue Recognition*

Royalty revenues from the Company's agreements with third parties and pursuant to the sale of the Company's former specialty pharmaceutical business are recognized when the Company can reasonably determine the amounts earned. In most cases, this will be upon notification from the third-party licensee, which is typically during the quarter following the quarter in which the sales occurred. The Company does not participate in the selling or marketing of products for which it receives royalties. Because the Company records revenue only when collection is assured, no provision for uncollectible accounts is established upon recognition of revenues.

Contingent payments with third parties and pursuant to the sale of the Company's former specialty pharmaceutical business are recognized as income when the milestone has been achieved and collection is assured, such payments are non-refundable and no further effort is required on the part of the Company or the other party to complete the earnings process.

*Income Taxes*

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected

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to be realized. The effect of a change in tax rates or laws on deferred tax assets and liabilities is recognized in operations in the period that includes the enactment date of the rate change. A valuation allowance is established to reduce the deferred tax assets to the amounts that are more likely than not to be realized from operations.

Tax benefits of uncertain tax positions are recognized only if it is more likely than not that the Company will be able to sustain a position taken on an income tax return. The Company has no liability for uncertain tax positions. Interest and penalties, if any, related to unrecognized tax benefits would be recognized as income tax expense.

&nbsp;&nbsp;&nbsp;&nbsp;**(3)** **Recent Accounting Pronouncements** 

In November 2023, the FASB issued ASU 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures*, requiring public entities to disclose information about their reportable segments' significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. The Company adopted ASU 2023-07 during the year ended December 31, 2024. See Note 14 in the accompanying notes to the consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;**(4)** **Accounts Payable, Accrued Expenses and Dividends Payable on Series C Preferred Stock** 

Prior to 2017, the Company's primary source of royalty revenues was derived from sales of PegIntron, which is marketed by Merck & Co., Inc. ("Merck"). At December 31, 2022, we recorded a liability to Merck of approximately $331,000, based primarily on Merck's assertions regarding recoupments related to prior returns and rebates. During the years ended December 31, 2024 and 2023, no additional royalties or recoupments related to PegIntron were reported by Merck. As such, as asserted by Merck, the Company's recorded liability to Merck remained at $331,000 at December 31, 2024 and 2023. The Company will receive no future royalties or chargebacks from Merck.

Accrued expenses and other current liabilities consisted of the following as of December 31, 2024 and 2023 (in thousands):

---

| | | |
|:---|:---|:---|
|  | **December 31,** <br>**2024** | **December 31,** <br>**2023** |
| Professional and consulting fees | $67 | $92 |
| Other | 5 | 16 |
|  | $72 | $108 |

---

On December 20, 2024, the Board declared a cash dividend of 3% of the liquidation preference ($42,483,286) of the Series C Preferred Stock, aggregating approximately $1,275,000 ($31.86 per share). Such dividend was accrued at December 31, 2024 and paid on January 9, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;**(5)** **Stockholders' Equity** 

*Preferred Stock*

The Company has authorized 3,000,000 shares of preferred stock in one or more series of which, at December 31, 2024 and 2023, 40,000 shares have been issued, are outstanding and are designated as Series C Preferred Stock in connection with the Rights Offering discussed in Note 14 and 100,000 shares have been designated as Series A-1 Junior Participating Preferred Stock in connection with the August 2020 Section 382 rights plan discussed in Note 11.

*Common Stock*

As of December 31, 2024, the Company reserved 9,818,392 shares of its common stock for the non-qualified and incentive stock plans.

&nbsp;&nbsp;&nbsp;&nbsp;**(6)** **Cash Dividend** 

No dividend on the shares of the Company's common stock has been paid or declared during the years ended December 31, 2024 and 2023.

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On December 20, 2024, the Board declared a cash dividend of 3% on the Series C Preferred Stock, aggregating approximately $1,275,000 or $31.86 per share. Accordingly, the cumulative liquidation value of the Series C Preferred Stock was approximately $42,483,000 ($1,062 per share) on December 31, 2024. The dividend was paid on January 9, 2025 to the holders of record of the Company's Series C Preferred Stock as of January 2, 2025 (See Note 13 to the Consolidated Financial Statements).

On December 28, 2023, the Board declared a cash dividend of 3% on the Series C Preferred Stock, aggregating approximately $1,275,000 or $31.86 per share. Accordingly, the cumulative liquidation value of the Series C Preferred Stock was approximately $42,483,000 ($1,062 per share) on December 31, 2023. The dividend was paid on January 17, 2024 to the holders of record of the Company's Series C Preferred Stock as of January 10, 2024 (See Note 13 to the Consolidated Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;**(7)** **Income (Loss) Per Common Share** 

Basic earnings (loss) per common share (EPS) is calculated by dividing net income (loss), less any dividends, accretion or reduction or redemption on the Company's Series C Preferred Stock, by the weighted average number of common shares outstanding during the reported period. Restricted stock awards and restricted stock units (collectively, "nonvested shares") are not considered to be outstanding shares until the service or performance vesting period has been completed.

The diluted earnings per common share calculation would normally involve adjusting both the denominator and numerator as described here if the effect is dilutive.

For purposes of calculating diluted earnings per common share, the denominator normally includes both the weighted-average number of shares of common stock outstanding and the number of common stock equivalents if the inclusion of such common stock equivalents is dilutive. Dilutive common stock equivalents potentially include stock options and nonvested shares using the treasury stock method and shares issuable under the employee stock purchase plan. During each of the years ended December 31, 2024 and 2023, there were no common stock equivalents. Because there were no stock options or other equity — based incentives outstanding in the 2024 and 2023 periods the Company had no common stock equivalents during the years ended December 31, 2024 and 2023. Income (loss) per common share information was as follows (in thousands, except per share amounts) for the years ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| **(Loss) Income per Common Share – Basic and Diluted** |  |  |
| Net income for year | $778 | $1373 |
| Dividends on Series C preferred stock | (1275) | (1275) |
| Net (loss) income available to common shareholders | $(497) | $98 |
| Weighted-average number of common shares outstanding | 74215 | 74215 |
| Basic and diluted (loss) income per common share | $(0.01) | $0.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(8)** **Stock Options** 

All of the Company's incentive, stock options and equity-based compensation plans were terminated effective February 24, 2022 and, as such, there will be no further grants made pursuant these plans. There were no options outstanding at December 31, 2024 and 2023.

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&nbsp;&nbsp;&nbsp;&nbsp;**(9)** **Income Taxes** 

The components of the income tax provision (benefit) are summarized as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2024** | **2023** |
| Current: |  |  |
| &nbsp;&nbsp;Federal | $— | $— |
| &nbsp;&nbsp;State and foreign | 5 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current | 5 | 1 |
| Deferred: |  |  |
| &nbsp;&nbsp;Federal | 255 | (117) |
| &nbsp;&nbsp;State | 87 | (40) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deferred | 342 | (157) |
| Income tax expense (benefit) | $347 | $(156) |

---

The following table represents the reconciliation between the reported income taxes and the income taxes that would be computed by applying the federal statutory rate (21% for years ended December 31, 2024 and 2023) to income before taxes (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2024** | **2023** |
| Income tax provision at federal statutory rate | $236 | $256 |
| Add (deduct) effect of: |  |  |
| &nbsp;&nbsp;State income taxes, net of federal tax | 84 | 87 |
| &nbsp;&nbsp;Expiration of federal research and development credits | 1694 | 1637 |
| &nbsp;&nbsp;Change in valuation allowance | (1667) | (2136) |
| Income tax expense (benefit) | $347 | $(156) |

---

No federal income tax expense was incurred in relation to normal operating results.

As of December 31, 2024 and 2023, the cumulative tax effects of temporary differences that give rise to the deferred tax assets were as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **December 31,** <br>**2024** | **December 31,** <br>**2023** |
| Deferred tax assets: |  |  |
| &nbsp;&nbsp;Federal and state net operating loss carryforward | $22983 | $23297 |
| &nbsp;&nbsp;Research and development credits carryforward | 9426 | 11121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total gross deferred tax assets | 32409 | 34418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less valuation allowance | (32392) | (34059) |
| Net deferred tax assets | $17 | $359 |

---

ASC 740 requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Because of the inherent uncertainties, including future interest rates, whether or when an acquisition of a profitable entity will come to fruition and other factors, projecting long-term future performance of the Company is problematical. Accordingly, the Company is only projecting 2025 pre-tax book income due to interest rates on its short-term cash investments and the absence of any potentially actionable acquisitions at this time.

Upon review of positive and negative evidence in determining a partial reversal of the valuation allowance, the Company increased the valuation allowance due to decreased income projections in comparison to the prior year. The Company is projecting increased expenses while interest rates may fluctuate slightly throughout 2025. Additionally, due to the valuation allowance placed on the Company's deferred tax assets, the expiration of research and development credits during the year caused a corresponding reduction in valuation allowance. As a result, the valuation allowance for the Company decreased during the year ended December 31, 2024.

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In 2024, the Company generated approximately $1.1 million in taxable income before utilization of NOLs. The Company utilized approximately $1.2 million of the NOLs during 2023. The Company may acquire businesses, entities or revenue streams that could generate sufficient income so that it can utilize its approximately $101.4 million NOL. To date, no actionable acquisition candidates have been identified and, while the Company may ultimately be successful in realizing some or all of the value of its NOLs, the Company cannot provide assurance that it will be able to realize any value of its NOLs.

Management of the Company will continue to assess the need for this valuation allowance and will make adjustments when appropriate.

At December 31, 2024, the Company had federal NOLs of approximately $101.4 million, of which approximately $98.3 million will expire in the years 2025 through 2036, and New Jersey state NOLs of approximately $23.7 million that expire in the years 2031 through 2042. Under the Tax Cuts and Jobs Act, federal net operating losses generated in tax years beginning after December 31, 2017 have an unlimited carryforward period, and the amount of net operating loss allowed to be utilized each year is limited to 80% of taxable income.

The Company also had federal research and development ("R&D") credit carryforwards of approximately $1.7 million that expired in 2024 and $1.6 million that expired in 2023. The Company has remaining R&D credit carryforwards of approximately $9.4 million that expire in the years 2025 through 2029. These deferred tax assets were subject to a valuation allowance such that the deferred tax expense incurred as a result of the expiration of the capital loss and R&D credit carryforwards was offset by a corresponding deferred tax benefit for the related reduction in valuation allowance.

The Company's ability to use the NOLs and R&D tax credit carryforwards may be limited, as they are subject to certain limitations due to ownership changes as defined by rules pursuant to Section 382 of the Internal Revenue Code of 1986, as amended. However, management of the Company believes that the Company's NOLs will not be limited by any changes in the Company's ownership as a result of the successful completion of the Rights Offering. (See Note 13 to the Consolidated Financial Statements.) Additionally, in an effort to protect stockholder value by attempting to protect against a possible limitation on the Company's ability to use its NOLs, the Board adopted a Section 382 rights plan. (See Note 11 to the Consolidated Financial Statements.)

The Company has not recorded a liability for unrecognized income tax benefits.

&nbsp;&nbsp;&nbsp;&nbsp;**(10)** **Commitments and Contingent Liabilities** 

The Company has been involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material effect on the Company's consolidated financial position, results of operations, or liquidity.

&nbsp;&nbsp;&nbsp;&nbsp;**(11)** **Section 382 Rights Plan** 

On August 14, 2020, in an effort to protect stockholder value by attempting to protect against a possible limitation on the Company's ability to use its NOLs, the Board adopted a Section 382 rights plan and declared a dividend distribution of one right for each outstanding share of the Company's common stock to stockholders of record at the close of business on August 24, 2020. Accordingly, holders of the Company's common stock own one preferred stock purchase right for each share of common stock owned by such holder. The rights are not immediately exercisable and will become exercisable only upon the occurrence of certain events as set forth in the Section 382 rights plan. If the rights become exercisable, each right would initially represent the right to purchase from the Company one one-thousandth of a share of the Company's Series A-1 Junior Participating Preferred Stock, par value $0.01 per share, for a purchase price of $1.20 per right. If issued, each fractional share of Series A-1 Junior Participating Preferred Stock would give the stockholder approximately the same dividend, voting and liquidation rights as does one share of the Company's common stock. However, prior to exercise, a right does not give its holder any rights as a stockholder of the Company, including any dividend, voting or liquidation rights. The rights will expire on the earliest of (i) the close of business on June 2, 2024 (unless that date is advanced or extended by the Board), (ii) the time at which the rights are redeemed or exchanged under the Section 382 rights plan, (iii) the close of business on the day of repeal of Section 382 of the Code or any successor statute or (iv) the close of business on the first day of a taxable year of the Company to which the Company's Board of Directors determines that no NOLs may be carried forward.

On May 16, 2024, the Company entered into the Second Amendment to the Section 382 Rights Agreement, which extends the expiration date to the close of business on March 31, 2025.

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&nbsp;&nbsp;&nbsp;&nbsp;**(12)** **Rights Offering** 

On September 1, 2020, the Board approved a Rights Offering. For every 1,105 subscription rights held, a stockholder was entitled to purchase one Unit at the subscription price of $1,090. Each Unit consisted of one share of newly designated Series C Preferred Stock, par value $0.01 per share, and 750 shares of the Company's common stock. On October 9, 2020, the Rights Offering expired and, as a result of the sale of all 40,000 Units, the Company received approximately $43.6 million in gross proceeds and issued shares of Series C Preferred Stock and shares of common stock such that, following the closing of the Rights Offering, there was an aggregate of 40,000 shares of Series C Preferred Stock outstanding and 74,214,603 shares of common stock outstanding.

On an annual basis, the Board may, at its sole discretion, cause a dividend with respect to the Series C Preferred Stock to be paid in cash to the holders in an amount equal to 3% of the liquidation preference as in effect at such time (initially $1,000 per share). If the dividend is not so paid in cash, the liquidation preference is adjusted and increased annually by an amount equal to 5% of the liquidation preference per share as in effect at such time, that is not paid in cash to the holders on such date. Holders of Series C Preferred Stock do not have any voting rights and the Series C Preferred Stock is not convertible into shares of the Company's common stock. The initial liquidation value of the Series C Preferred Stock was $1,000 per share. At December 31, 2021 the liquidation value of the Series C Preferred Stock was $1,062 per share, inasmuch as no dividend was declared or paid in cash. On December 29, 2022, the Board declared a cash dividend of 3% on the Series C Preferred Stock, aggregating approximately $1,275,000 or $31.86 per share. Accordingly, the liquidation value of the Series C Preferred Stock was $1,062 per share on December 31, 2022. The dividend was paid on January 17, 2023 to the holders of record of the Company's Series C Preferred Stock as of January 10, 2023. On December 28, 2023, the Board declared a cash dividend of 3% on the Series C Preferred Stock, aggregating approximately $1,275,000 or $31.86 per share. Accordingly, the liquidation value of the Series C Preferred Stock remained at $1,062 per share on December 31, 2023. The dividend was paid on January 17, 2024 to the holders of record of the Company's Series C Preferred Stock as of January 10, 2024. On December 20, 2024, the Board declared a cash dividend of 3% on the Series C Preferred Stock, aggregating approximately $1,275,000 or $31.86 per share. Accordingly, the liquidation value of the Series C Preferred Stock remained at $1,062 per share on December 31, 2024. The dividend was paid on January 9, 2025 to the holders of record of the Company's Series C Preferred Stock as of January 2, 2025.

As of November 1, 2022, the Company is able to redeem the Series C Preferred Stock at any time, in whole or in part, for an amount based on the liquidation preference per share as in effect at such time. Holders of Series C Preferred Stock have the right to demand that the Company redeem their shares in the event that the Company undergoes a change of control as defined in the Certificate of Designation of the Series C Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;**(13)** **Series C Preferred Stock** 

In October 2020, the Company issued 40,000 shares of Series C Preferred Stock for an aggregate purchase price of $40.0 million.

There is no prohibition on the repurchase or redemption of Series C Preferred Shares while there is any arrearage in the payment of dividends.

Since the redemption of the Series C Preferred Stock is contingently or optionally redeemable, unless and until we undertake a change of control the Series C Preferred Stock has been classified in mezzanine equity on the Consolidated Balance Sheets.

&nbsp;&nbsp;&nbsp;&nbsp;**(14)** **Segment Reporting** 

Accounting Standards Codification ("ASC") 280, Segment Reporting, establishes standards for reporting operating segments on a basis consistent with the Company's internal organization structure as well as information about services categories, business segments and major customers in financial statements.

The Company's chief operating decision maker ("CODM") is its chief executive officer, who is also its chief financial officer. As the Company is a public company acquisition vehicle, where it can become an acquisition platform, has no operating activities and derives the majority of its income from interest, our CODM evaluates performance and makes operating decisions about allocating resources based on financial data presented on a consolidated basis. As such, the Company operates as one reportable segment. The CODM uses consolidated net income to assess financial performance and allocate resources. The significant expenses within net income are separately presented on the Company's Consolidated Statements of Operations.

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&nbsp;&nbsp;&nbsp;&nbsp;**(15)** **Subsequent Event** 

On December 19, 2024, a member of the special committee of the Board of Directors of Viskase Companies, Inc. ("Viskase") contacted the Chairman of the Board to explore interest in a potential business combination transaction involving Viskase and the Company through a negotiated merger transaction or otherwise (a "Potential Transaction") and to indicate that Viskase may formulate and submit a proposal with respect to a potential structure and terms for a Potential Transaction. The Viskase special committee member further indicated that it is the expectation of Viskase's special committee that a special committee of independent directors of the Company will be established to consider Viskase's proposal and such other terms of the Potential Transaction as may be considered and negotiated in the future.

On January 7, 2025, in addition to the appointment of a new director, Stephen T. Wills, the Board formed a special committee of independent directors (the "Special Committee") and delegated full authority to the Special Committee to consider, negotiate and vote upon any Potential Transaction proposed, as well as any strategic alternatives that may be put forth with regard to the Potential Transaction. The Special Committee is comprised of Randolph Read and Stephen T. Wills. The Special Committee continues to consider the Potential Transaction and no assurances can be given that a definitive agreement will be reached or that a Potential Transaction will be consummated.

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**ENZON PHARMACEUTICALS, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(In thousands, except share and per share amounts)**

---

| | | |
|:---|:---|:---|
|  | **September 30,** <br>**2025** | **December 31,** <br>**2024** |
|  | **(Unaudited)** |  |
| ASSETS |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $43256 | $46859 |
| &nbsp;&nbsp;Other current assets | 411 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 43667 | 47152 |
| Deferred tax asset | 26 | 17 |
| Total assets | $43693 | $47169 |
| LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' (DEFICIT) EQUITY |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;Accounts payable | $331 | $331 |
| &nbsp;&nbsp;Accrued expenses and other current liabilities | 209 | 72 |
| &nbsp;&nbsp;Dividends payable on Series C preferred stock |  | 1275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities  | 540 | 1678 |
| Commitments and contingencies |  |  |
| Mezzanine equity: |  |  |
| &nbsp;&nbsp;Series C preferred stock – $0.01 par value, 40,000 shares authorized, issued and outstanding (liquidation value $1,102 and $1,062 per share) at September 30, 2025 and December 31, 2024 | 44076 | 42483 |
| Stockholders' (deficit) equity: |  |  |
| &nbsp;&nbsp;Preferred stock – $0.01 par value, authorized 2,960,000 shares; no shares issued and outstanding at September 30, 2025 and December 31, 2024 |  |  |
| &nbsp;&nbsp;Common stock – $0.01 par value, authorized 170,000,000 shares; issued and outstanding 74,214,603 shares at September 30, 2025 and December 31, 2024 | 742 | 742 |
| &nbsp;&nbsp;Additional paid-in capital | 70565 | 72158 |
| &nbsp;&nbsp;Accumulated deficit | (72230) | (69892) |
| &nbsp;&nbsp;Total stockholders' (deficit) equity | (923) | 3008 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities, mezzanine equity and stockholders' (deficit) equity | $43693 | $47169 |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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**ENZON PHARMACEUTICALS, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

**(In thousands, except per share amounts)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended**  | **Three months ended**  | **Nine months ended**  | **Nine months ended**  |
|  | **September 30,**  | **September 30,**  | **September 30,**  | **September 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;Royalties and milestones, net | $— | $— | $— | $26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues |  |  |  | 26 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;General and administrative | 229 | 351 | 1038 | 1028 |
| &nbsp;&nbsp;Transaction expenses | 1075 |  | 2801 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 1304 | 351 | 3839 | 1028 |
| Operating loss | (1304) | (351) | (3839) | (1002) |
| &nbsp;&nbsp;Interest and dividend income | 496 | 654 | 1494 | 1906 |
| (Loss) income before income (expense) benefit | (808) | 303 | (2345) | 904 |
| Income tax (expense) benefit | (16) | (49) | 7 | (54) |
| Net (loss) income  | (824) | 254 | (2338) | 850 |
| Accretion of dividend on Series C preferred stock | (531) | (531) | (1593) | (1593) |
| Net loss available to common shareholders | $(1355) | $(277) | $(3931) | $(743) |
| Loss per common share |  |  |  |  |
| &nbsp;&nbsp;Basic and diluted | $(0.02) | $(0.00) | $(0.05) | $(0.01) |
| Weighted-average number of shares – basic | 74215 | 74215 | 74215 | 74215 |
| Weighted-average number of shares – diluted | 74215 | 74215 | 74215 | 74215 |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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**ENZON PHARMACEUTICALS, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF MEZZANINE EQUITY AND STOCKHOLDERS' (DEFICIT) EQUITY**

**(In thousands)**

**(Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Mezzanine Equity — Series C** | **Mezzanine Equity — Series C** |  |  | | | |
|  | **Preferred Stock** | **Preferred Stock** | **Common Stock** | **Common Stock** | | | |
|  | **Number of**<br>**Shares** | **Par**<br>**Value** | **Number of**<br>**Shares** | **Par**<br>**Value** | <br>**Additional**<br>**Paid-in**<br>**Capital** | <br>**Accumulated**<br>**Deficit** | <br>**Total**<br>**Stockholders'**<br>**Equity** |
| Balance, December 31, 2023 | 40 | $42483 | 74215 | $742 | $73433 | $(70670) | $3505 |
| Net income |  |  |  |  |  | 320 | 320 |
| Preferred stock dividend accretion |  | 531 |  |  | (531) |  | (531) |
| Balance, March 31, 2024 | 40 | 43014 | 74215 | 742 | 72902 | (70350) | 3294 |
| Net income |  |  |  |  |  | 276 | 276 |
| Preferred stock dividend accretion |  | 531 |  |  | (531) |  | (531) |
| Balance, June 30, 2024 | 40 | 43545 | 74215 | 742 | 72371 | (70074) | 3039 |
| Net income |  |  |  |  |  | 254 | 254 |
| Preferred stock dividend accretion |  | 531 |  |  | (531) |  | (531) |
| Balance, September 30, 2024 | 40 | $44076 | 74215 | $742 | $71840 | $(69820) | $2762 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Mezzanine Equity — Series C** | **Mezzanine Equity — Series C** |  |  | | | |
|  | **Preferred Stock** | **Preferred Stock** | **Common Stock** | **Common Stock** | | | |
|  | **Number of**<br>**Shares** | **Par**<br>**Value** | **Number of**<br>**Shares** | **Par**<br>**Value** | <br>**Additional**<br>**Paid-in**<br>**Capital** | <br>**Accumulated**<br>**Deficit** | <br>**Total**<br>**Stockholders'**<br>**Equity (Deficit)** |
| Balance, December 31, 2024 | 40 | $42483 | 74215 | $742 | $72158 | $(69892) | $3008 |
| Net loss |  |  |  |  |  | (524) | (524) |
| Preferred stock dividend accretion |  | 531 |  |  | (531) |  | (531) |
| Balance, March 31, 2025 | 40 | 43014 | 74215 | 742 | 71627 | (70416) | 1953 |
| Net loss |  |  |  |  |  | (990) | (990) |
| Preferred stock dividend accretion |  | 531 |  |  | (531) |  | (531) |
| Balance, June 30, 2025 | 40 | 43545 | 74215 | 742 | 71096 | (71406) | 432 |
| Net loss |  |  |  |  |  | (824) | (824) |
| Preferred stock dividend accretion |  | 531 |  |  | (531) |  | (531) |
| Balance, September 30, 2025 | 40 | $44076 | 74215 | $742 | $70565 | $(72230) | $(923) |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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**ENZON PHARMACEUTICALS, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(In thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Nine months ended**  | **Nine months ended**  |
|  | **September 30,**  | **September 30,**  |
|  | **2025** | **2024** |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;Net (loss) income | $(2338) | $850 |
| &nbsp;&nbsp;Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: |  |  |
| &nbsp;&nbsp;Deferred income taxes | (9) | 53 |
| &nbsp;&nbsp;Changes in operating assets and liabilities | 19 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) provided by operating activities | (2328) | 896 |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;Preferred stock dividend payments | (1275) | (1275) |
| &nbsp;&nbsp;Net cash used in financing activities | (1275) | (1275) |
| Net decrease in cash and cash equivalents | (3603) | (379) |
| Cash and cash equivalents, beginning of period | 46859 | 47012 |
| Cash and cash equivalents, end of period  | $43256 | $46633 |
| Non-cash financing activities: |  |  |
| &nbsp;&nbsp;Accretion of dividend for Series C Preferred Stock | $1593 | $1593 |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

[**Table of Contents**](#TOC)

**ENZON PHARMACEUTICALS, INC. AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **Description of Business** 

Enzon Pharmaceuticals, Inc. (together with its subsidiaries, the "Company," "Enzon," "we" or "us") is positioned as a public company acquisition vehicle, where it can become an acquisition platform.

Historically, the Company had received royalty revenues from licensing arrangements with other companies primarily related to sales of certain drug products that utilized Enzon's proprietary technology. For more than ten years, the Company has had no clinical operations and limited corporate operations. In the last two years the Company has received only minimal payments on its licenses. The Company had a marketing agreement with Micromet AG, now part of Amgen, Inc., pursuant to which it may have been entitled to certain milestone and royalty payments if Vicineum, a drug that was being developed by Sesen, Inc. (subsequently acquired by Carisma Therapeutics, Inc.) was approved for the treatment of non-muscle invasive bladder cancer. That agreement has been canceled. Enzon cannot assure you that it will receive any future royalties or milestone payments.

Previously, over the last few years, the Board of Directors of the Company (the "Board") and the Company's management have been actively involved in pursuing, sourcing, reviewing and evaluating various potential acquisition transactions consistent with its strategy. Over that time period, the Company's management and members of the Board have engaged in numerous discussions with principals of individual companies and financial advisors on behalf of various individual companies relating to potential transactions with such parties, and have regularly evaluated the Company's strategic alternatives.

On June 20, 2025, the Board entered into an Agreement and Plan of Merger, which was amended on October 24, 2025 (as amended, the "Merger Agreement"), pursuant to which Enzon plans to merge its wholly owned subsidiary, EPSC Acquisition Corp. ("EPSC"), with and into Viskase Companies, Inc. ("Viskase"), with Viskase continuing as the surviving entity following the merger (the "Merger") (See Note 14). Enzon intends to file a registration statement on Form S-4 with the Securities and Exchange Commission ("SEC") that will contain a consent solicitation statement and prospectus relating to the transactions contemplated by the Merger Agreement, including the Merger. Such registration statement will include financial information regarding proposed transaction and the combined company and stockholders of Enzon are encouraged to review such information once filed.

The Company maintains its principal executive offices at 20 Commerce Drive, Suite 135, Cranford, New Jersey 07016 through a service agreement with Regus Management Group, LLC.

&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Summary of Significant Accounting Policies** 

*Interim Financial Statements*

The accompanying unaudited condensed consolidated financial statements have been prepared from the books and records of the Company in accordance with United States accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and Rule 10-01 of Regulation S-X promulgated by the SEC. Accordingly, these financial statements do not include all of the information and footnotes required for complete annual financial statements. Interim results are not necessarily indicative of the results that may be expected for the full year. Interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, as amended.

*Principles of Consolidation*

The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, SCA Ventures, Inc. and EPSC. All intercompany balances and transactions have been eliminated as part of the consolidation.

[**Table of Contents**](#TOC)

**ENZON PHARMACEUTICALS, INC. AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

*Use of Estimates*

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates include legal and contractual contingencies and income taxes. Although management bases its estimates on historical experience, relevant current information and various other assumptions that are believed to be reasonable under the circumstances, actual results could differ from these estimates.

*Revenue Recognition*

Royalty revenues from the Company's agreements with third parties and pursuant to the sale of the Company's former specialty pharmaceutical business are recognized when the Company can reasonably determine the amounts earned. In most cases, this will be upon notification from the third-party licensee, which is typically during the quarter following the quarter in which the sales occurred. The Company does not participate in the selling or marketing of products for which it receives royalties. Because the Company records revenue only when collection is assured, no provision for uncollectible accounts is established upon recognition of revenues.

Contingent payments with third parties and pursuant to the sale of the Company's former specialty pharmaceutical business are recognized as income when the milestone has been achieved and collection is assured, such payments are non-refundable and no further effort is required on the part of the Company or the other party to complete the earning process.

*Income Taxes*

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be realized. The effect of a change in tax rates or laws on deferred tax assets and liabilities is recognized in operations in the period that includes the enactment date of the rate change. A valuation allowance is established to reduce the deferred tax assets to the amounts that are more likely than not to be realized from operations.

Tax benefits of uncertain tax positions are recognized only if it is more likely than not that the Company will be able to sustain a position taken on an income tax return. The Company has no liability for uncertain tax positions. Interest and penalties, if any, related to unrecognized tax benefits, would be recognized as income tax expense.

*Reclassifications*

General and administrative expenses have been reclassified from the prior quarter ended March 31, 2025 to conform to the current period's presentation for the nine months ended September 30, 2025. Such reclassifications had no effect on the Company's prior quarter results of operations or financial position.

[**Table of Contents**](#TOC)

**ENZON PHARMACEUTICALS, INC. AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;**(3)** **Recent Accounting Pronouncements** 

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact the adoption of this standard on its financial statements but does not expect it to be material.

In November 2024, the FASB issued ASU 2024-03, Reporting Comprehensive Income (Topic 220): Disaggregation of Income Statement Expenses which requires disaggregated disclosure of income statement expenses for public entities. The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. ASU 2024-03 is effective for the Company in its annual reporting on January 1, 2027. The Company does not plan to adopt this standard early. The Company is currently evaluating the effect that the adoption of ASU 2024-03 will have on the Company's disclosures.

Other recent Accounting Standards Updates issued by the FASB and guidance issued by the SEC did not, or are not believed by management to, have a material effect on the Company's present or future condensed consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;**(4)** **Financial Instruments and Fair Value** 

The carrying values of cash and cash equivalents, other current assets, accounts payable, accrued expenses and other current liabilities in the Company's consolidated balance sheets approximated their fair values at September 30, 2025 and December 31, 2024 due to their short-term nature. As of each of September 30, 2025 and December 31, 2024, the Company held cash equivalents aggregating approximately $43.2 million and $46.8 million, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;**(5)** **Supplemental Cash Flow Information** 

The Company made no income tax payments during each of the nine-month periods ended September 30, 2025 and 2024. There were no interest payments made during either of the nine-month periods ended September 30, 2025 or 2024.

&nbsp;&nbsp;&nbsp;&nbsp;**(6)** **Accounts Payable and Accrued Expenses** 

Prior to 2017, the Company's primary source of royalty revenues was derived from sales of PegIntron, which is marketed by Merck & Co., Inc. ("Merck"). At December 31, 2022, we recorded a liability to Merck of approximately $331,000, based primarily on Merck's assertions regarding recoupments related to prior returns and rebates. Since then, no additional royalties or recoupments related to PegIntron were reported by Merck. As such, as asserted by Merck, the Company's recorded liability to Merck remained at $331,000 at September 30, 2025 and December 31, 2024, included in accounts payable. The Company will receive no future royalties or chargebacks from Merck.

Accrued expenses and other current liabilities consisted of the following as of September 30, 2025 and December 31, 2024 (in thousands):

---

| | | |
|:---|:---|:---|
|  | **September 30,** <br>**2025** | **December 31,** <br>**2024** |
| Professional and consulting fees | $67 | $67 |
| Accrued transaction costs | 128 |  |
| Other | 14 | 5 |
|  | $209 | $72 |

---

[**Table of Contents**](#TOC)

**ENZON PHARMACEUTICALS, INC. AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;**(7)** **Loss Per Common Share** 

Basic and diluted earnings (loss) per common share (EPS) is calculated by dividing net (loss) income, less any dividends, accretion or reduction or redemption on the Company's Series C Preferred Stock, by the weighted average number of common shares outstanding during the reported period. There are no restricted stock awards, stock options and/or any shares issuable under the employee stock purchase plan. During each of the quarters ended September 30, 2025 and 2024, there were no common stock equivalents. Nor are there any other equity-based incentives outstanding during any of the periods reported hereunder, and accordingly, basic and diluted EPS are the same throughout. Loss per common share information is as follows (in thousands, except per share amounts) for the three and nine months ended September 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended**  | **Three months ended**  | **Nine months ended**  | **Nine months ended**  |
|  | **September 30,**  | **September 30,**  | **September 30,**  | **September 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| (Loss) Income Per Common Share – Basic and Diluted: |  |  |  |  |
| &nbsp;&nbsp;Net (loss) income | $(824) | $254 | $(2338) | $850 |
| &nbsp;&nbsp;Accretion of dividend on Series C preferred stock | (531) | (531) | (1593) | (1593) |
| &nbsp;&nbsp;Net loss available to common shareholders | $(1355) | $(277) | (3931) | $(743) |
| &nbsp;&nbsp;Weighted-average number of common shares outstanding | 74215 | 74215 | 74215 | 74215 |
| &nbsp;&nbsp;Basic and diluted loss per common share | $(0.02) | $(0.00) | $(0.05) | $(0.01) |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(8)** **Income Taxes** 

**Income Taxes**

During the nine-month period ended September 30, 2025 the Company recorded approximately $7,000 of income tax benefit. During the comparable period in 2024, the Company recorded approximately $54,000 of income tax expense. The income tax benefit in 2025 was mainly related to the partial reversal of the valuation allowance.

ASC 740 requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Because of the inherent uncertainties, including future interest rates and other factors, including, but not limited to, if the Merger will close, projecting long-term future performance of the Company is problematic. Accordingly, the Company is only projecting pre-tax book income through the expected closing date of the pending transaction with Viskase. Upon review of positive and negative evidence in determining a partial reversal of the valuation allowance, the Company has concluded that a partial reversal of the valuation allowance is necessary. Accordingly, deferred tax expense of $16,000 and deferred tax expense of $50,000 was recorded during the quarters ended September 30, 2025 and 2024, respectively. A deferred tax benefit of $9,000 and deferred tax expense of $53,000, respectively were recorded during the nine-month periods ended September 30, 2025 and 2024.

Management of the Company will continue to assess the need for this valuation allowance and will make adjustments when or if appropriate.

At September 30, 2025, the Company had federal net operating loss carryforwards ("NOLs") of approximately $101 million, of which approximately $97.8 million will expire in the years 2025 through 2036, and New Jersey state NOLs of approximately $23.2 million that expire in the years 2031 through 2042. Under the Tax Cuts and Jobs Act, net operating losses generated in tax years beginning after December 31, 2017 have an unlimited carryforward period, and the amount of net operating loss allowed to be utilized each year is limited to 80% of taxable income.

[**Table of Contents**](#TOC)

**ENZON PHARMACEUTICALS, INC. AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

At September 30, 2025, the Company has federal research and development ("R&D") credit carryforwards of approximately $9.4 million that expire in the years 2025 through 2029. These deferred tax assets were subject to a valuation allowance such that the deferred tax expense incurred as a result of the expiration of the R&D credit carryforwards was offset by a corresponding deferred tax benefit for the related reduction in valuation allowance.

The Company's ability to use the NOLs and R&D tax credit carryforwards may be limited, as they are subject to certain limitations due to ownership changes as defined by rules pursuant to Section 382 of the Internal Revenue Code of 1986 ("IRC"), as amended ("Section 382"), or may otherwise expire before the Company has the opportunity to use them. In an effort to protect stockholder value by attempting to protect against a possible limitation on the Company's ability to use its NOLs, the Board adopted a Section 382 rights plan. (See Note 10 to the Condensed Consolidated Financial Statements.)

The Company has not recorded a liability for unrecognized income tax benefits.

On July 4, 2025, the U.S. government enacted the One Big Beautiful Bill Act, which includes several changes to U.S. federal income tax law, including the temporary and permanent extension, of expiring provisions of the Tax Cuts and Jobs Act of 2017. The Company accounted for the tax effects of the legislation, including NOLs and tax credits, in the period of enactment, which is the third quarter of 2025, and concluded that the impact was not material.

&nbsp;&nbsp;&nbsp;&nbsp;**(9)** **Commitments and Contingent Liabilities** 

The Company may be involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material effect on the Company's consolidated financial position, results of operations, or liquidity.

&nbsp;&nbsp;&nbsp;&nbsp;**(10)** **Section 382 Rights Plan** 

In 2020, in an effort to protect against certain acquisitions of the Company's common stock (including unapproved third party initiated transactions), which could possibly limit the Company's ability to utilize its NOLs if the overall transaction was not beneficial to shareholders, the Board adopted a Section 382 rights plan (referred to as the Rights Agreement). As noted above, the Company entered into the Merger Agreement, which requires that the Rights Agreement be terminated prior to the effective time of the Merger. On August 13, 2025, Enzon entered into an amendment to the Rights Agreement to provide that the Final Expiration Date (as defined in the Rights Agreement) of the rights issued thereunder would be the close of business on September 30, 2025. On September 30, 2025, Enzon entered into an amendment to the Rights Agreement to provide that the Final Expiration Date (as defined in the Rights Agreement) of the rights issued thereunder would be the close of business on December 31, 2025. If the Merger has not closed by December 31, 2025, Enzon may seek to further extend the Final Expiration Date under the Rights Agreement. Once the Rights Agreement terminates, the protections afforded by the Rights Agreement will no longer be in effect. Details of that plan are disclosed in summary in the Company's Form 10-K for December 31, 2024, as amended, and in detail in Exhibits 4.2, 4.3, 4.4 and 4.5 thereto, and in Exhibit 4.1 and 4.2 hereto.

[**Table of Contents**](#TOC)

**ENZON PHARMACEUTICALS, INC. AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;**(11)** **Series C Preferred Stock and Rights Offering** 

On September 1, 2020, the Board approved a Rights Offering. As a result of the sale of all 40,000 Units, the Company received approximately $43.6 million in gross proceeds and issued shares of Series C Preferred Stock for $40 million and shares of common stock for $3.6 million. Details of the Series C Preferred Stock are disclosed in summary in the Company's Form 10-K for December 31, 2024, as amended, and in detail in Exhibit 3.4 thereto.

On an annual basis, the Board may, at its sole discretion, cause a dividend with respect to the Series C Preferred Stock to be paid in cash to the holders in an amount equal to 3% of the liquidation preference as in effect at such time. If the dividend is not so paid in cash, the liquidation preference is adjusted and increased annually by an amount equal to 5% of the liquidation preference per share as in effect at such time, that is not paid in cash to the holders on such date.

Since November 1, 2022, the Company has been able to redeem the Series C Preferred Stock at any time, in whole or in part, for an amount based on the liquidation preference per share as in effect at such time. Holders of Series C Preferred Stock have the right to demand that the Company redeem their shares in the event that the Company undergoes a change of control as defined in the Certificate of Designation of the Series C Preferred Stock.

On December 20, 2024, the Board declared a cash dividend of 3% on the Series C Preferred Stock, aggregating approximately $1,275,000 or $31.86 per share. The dividend was paid on January 9, 2025 to the holders of record of the Company's Series C Preferred Stock as of January 2, 2025.

As of September 30, 2025, the Board had not yet determined whether to declare a cash dividend at the end of 2025. Under the terms of the Merger Agreement, the Board cannot declare a cash dividend on the Series C Preferred Stock without the consent of Viskase. Accordingly, the Company accrued an accretion at 5% for the nine months ended September 30, 2025 on a pro rata basis (approximately $1,593,000 or $40 per share) and, as a result, the liquidation value of the Series C Preferred Stock was approximately $44,076,000 ($1,102 per share) at September 30, 2025.

The Series C Preferred Stock is currently redeemable solely at the option of the Company. Accordingly, the Series C Preferred Stock has been classified in mezzanine equity on the Condensed Consolidated Balance Sheets. If a change of control occurs, which would occur if the Merger is consummated, the Series C Preferred Stock would also become redeemable at the option of the holder. See Note 14 for the treatment of, and actions expected to be taken with respect to, the Series C Preferred Stock in connection with the Merger.

Since the redemption of the Series C Preferred Stock is contingently or optionally redeemable, unless and until the Company undertakes a change of control, the Series C Preferred Stock has been classified in mezzanine equity on the Company's Condensed Consolidated Balance Sheets.

&nbsp;&nbsp;&nbsp;&nbsp;**(12)** **Cash and Cash Equivalents** 

The Company defines cash equivalents as highly liquid, short-term investments with original maturities of three months or less. These financial instruments potentially subject the Company to concentrations of credit risk. The Company maintains deposit accounts with several financial institutions. These balances are partially insured by the Federal Deposit Insurance Corporation ("FDIC") up to $250,000 per depositor, per FDIC-insured bank, per ownership category. Such deposits may exceed FDIC insurance limits. Although the Company currently believes that the financial institutions with whom it does business will be able to fulfill their commitments to the Company, there is no assurance that those institutions will be able to continue to do so. The Company has not experienced any credit losses associated with its balances in such accounts for the nine-month periods ended September 30, 2025 and 2024 and for the year ended December 31, 2024.

[**Table of Contents**](#TOC)

**ENZON PHARMACEUTICALS, INC. AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;**(13)** **Segment Reporting** 

Accounting Standards Codification ("ASC") 280, Segment Reporting, establishes standards for reporting operating segments on a basis consistent with the Company's internal organization structure as well as information about services categories, business segments and major customers in financial statements.

The Company's chief operating decision maker ("CODM") is its chief executive officer, who is also its chief financial officer. As the Company is a public company acquisition vehicle, where it can become an acquisition platform, has no operating activities and derives the majority of its income from interest, the Company's CODM evaluates performance and makes operating decisions about allocating resources based on financial data presented on a consolidated basis. As such, the Company operates as one reportable segment. The CODM uses consolidated net (loss) income to assess financial performance and allocate resources. The significant expenses within net (loss) income are separately presented on the Company's Condensed Consolidated Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;**(14)** **Merger Agreement** 

On June 20, 2025, the Company, EPSC Acquisition Corp., a Delaware corporation and a wholly owned subsidiary of the Company ("Merger Sub"), and Viskase entered into the Merger Agreement, which was amended on October 24, 2025 by the First Amendment to the Merger Agreement (the "Merger Agreement Amendment"). Upon the terms and subject to the satisfaction or waiver of the conditions described in the Merger Agreement, at the effective time of the Merger, Merger Sub will be merged with and into Viskase, with Viskase continuing as the surviving entity following the Merger as a wholly owned subsidiary of Enzon (the "Merger"). Following the Merger, Viskase will be converted into a limited liability company and will operate under the name "Viskase Companies, LLC." The Merger is intended to qualify as a tax-free reorganization for U.S. federal income tax purposes. Following the consummation of the Merger, it is anticipated that Enzon Pharmaceuticals, Inc. will change its name to "Viskase Holdings, Inc.," which will be the parent of Viskase Companies, LLC. Following consummation of the Merger, it is anticipated that Enzon's current stockholders, including holders of Enzon's Series C Preferred Stock, will hold approximately 45% of the outstanding shares of Enzon's common stock following the Merger, and Viskase's current stockholders will hold approximately 55% of the outstanding shares of Enzon's common stock following the Merger.

On October 24, 2025, the Company and Viskase announced that they entered into the Merger Agreement Amendment, which was entered into to reflect recent developments in the operations of Viskase during the past several months and its expected operations in the near term.

Pursuant to the terms of the Merger Agreement Amendment, the parties agreed, among other things, to:

● adjust the exchange ratio as calculated under the Merger Agreement for the exchange of each share of common stock, par value $0.01 per share, of Viskase, issued and outstanding immediately prior to the Merger into shares of the common stock of Enzon, such that current Viskase stockholders will own 55% of the combined company following the Merger;

● adjust the exchange ratio for the exchange of each share of Enzon's Series C Preferred Stock, for shares of Enzon's common stock to be based upon the Volume Weighted Average Closing Price of the Company's common stock for the twenty trading days prior to execution of the Merger Agreement Amendment (the "20-Day VWAP");

● reduce the minimum amount of cash that Enzon is required to have at the closing of the Merger;

● determine that Enzon would effect a 1 -for-100 reverse stock split with respect to all shares of Enzon's common stock prior to the effective time of the Merger; and

● extend the date on which either party may terminate the Merger Agreement if the Merger has not yet occurred from 11:59 p.m., Eastern Time, on December 31, 2025, to 11:59 p.m., Eastern Time, on March 31, 2026.

[**Table of Contents**](#TOC)

**ENZON PHARMACEUTICALS, INC. AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

In connection with the execution and delivery of the Merger Agreement Amendment, Icahn Enterprises Holdings L.P., a Delaware limited partnership ("IEH") and certain of its affiliates entered into an amendment to the Support Agreement (the "Support Agreement Amendment") that was previously entered into between the Company, IEH and Viskase in connection with the execution of the Merger Agreement (the "Support Agreement"). Pursuant to the terms of the Support Agreement (as amended by the Support Agreement Amendment), IEH agreed to, among other things, (i) deliver or cause the delivery of written consents with respect to all of the issued and outstanding shares of Enzon's common stock held by IEH and its affiliates approving the Merger and the amendment to Enzon's certificate of incorporation, and (ii) exchange all of the shares of Series C Preferred Stock held by IEH and its affiliates for the Company's common stock prior to the consummation of the Merger, based on the full liquidation preference of such shares of Series C Preferred Stock and the 20-Day VWAP of the Company's common stock.

The Company believes that the Merger pursuant to the terms of the Merger Agreement, as amended by the Merger Agreement Amendment, should not limit its NOL carryforwards and other tax attributes under Section 382 of the IRC. However, the Section 382 rules are complex and there is no assurance that the Company's view is correct. If such an ownership change is found to have occurred, the amount of the combined company's taxable income that could be offset by the Company's pre-ownership change NOL carryforwards and other tax attributes would be severely limited.

The Merger must be approved by Enzon stockholders and is subject to receipt of required regulatory approvals and satisfaction or waiver of other certain closing conditions.

On June 27, 2025, Enzon and Viskase filed their respective Notification and Report Forms pursuant to the United States Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended ("HSR"). On July 15, 2025, the Federal Trade Commission advised the Company that the Company's request for early termination of the waiting period under HSR was granted effective July 15, 2025.

Each of the Merger Agreement and the Merger Agreement Amendment was unanimously recommended by the Company's Special Committee and, acting upon such recommendations, was unanimously approved by the Board.

The foregoing summary is qualified in its entirety by reference to the full text of the Merger Agreement, which is filed as [Exhibit 2.1](https://www.sec.gov/Archives/edgar/data/727510/000110465925061311/tm2518511d1_ex2-1.htm) to the Company's Current Report on Form 8-K filed with the SEC on June 20, 2025, and the Merger Agreement Amendment, which is filed as [Exhibit 2.1](https://www.sec.gov/Archives/edgar/data/727510/000110465925102127/tm2529311d1_ex2-1.htm) to the Company's Current Report on Form 8-K filed with the SEC on October 24, 2025, each of which is incorporated herein by reference.

In connection with the Merger, Enzon intends to file a registration statement on Form S-4 with the SEC that will contain a consent solicitation statement and prospectus. Such registration statement will include financial information regarding the proposed transaction and the combined company and stockholders of Enzon are encouraged to review such information once filed.

&nbsp;&nbsp;&nbsp;&nbsp;**(15)** **Common Stock and Trading Market** 

On August 11, 2025, the Company was notified by the OTCQX Markets Group (the "OTCQX"), the marketplace for the over-the-counter trading of its stock, that it no longer met the standards for continued qualification for the OTCQX, in that its stock bid price had fallen below $0.10 per share for 30 consecutive calendar days. On August 12, 2025, the Company began trading on the OTCQB Market.

&nbsp;&nbsp;&nbsp;&nbsp;**(16)** **Subsequent Events** 

On October 24, 2025, the Company and Viskase entered into the Merger Agreement Amendment as more fully discussed above in Note 14.

[**Table of Contents**](#TOC)

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTSOF VISKASE COMPANIES, INC. AND SUBSIDIARIES**

---

| | |
|:---|:---|
| [Condensed Consolidated Balance Sheets as of September 30, 2025 (unaudited) and December 31, 2024](#BALANCESHEETS) | F-29 |
| [Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and September 30, 2024 (unaudited)](#STATEMENTSOFOPERATIONS) | F-30 |
| [Condensed Consolidated Statements of Comprehensive (Loss) Income for the three and nine months ended September 30, 2025 and September 30, 2024 (unaudited)](#COMPREHENSIVELOSS) | F-31 |
| [Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2025 and September 30, 2024 (unaudited)](#STOCKHOLDERSEQUITY) | F-32 |
| [Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and September 30, 2024 (unaudited)](#CASHFLOWS) | F-33 |
| [Notes to Condensed Consolidated Financial Statements (unaudited)](#FINANCIALSTATEMENTS_VIKSKASE) | F-34 |

---

[**Table of Contents**](#TOC)

**VISKASE COMPANIES, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED BALANCE SHEETS(In Thousands, Except for Number of Shares and Per Share Amounts)**

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025**<br>**(Unaudited)** | **December 31, 2024**<br>**(Audited)** |
| ASSETS |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $7692 | $5704 |
| &nbsp;&nbsp;Receivables, net | 67540 | 74809 |
| &nbsp;&nbsp;Inventories, net | 91776 | 108968 |
| &nbsp;&nbsp;Other current assets | 46995 | 46204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 214003 | 235685 |
| Property, plant and equipment | 471975 | 438086 |
| Less accumulated depreciation | (338160) | (314351) |
| &nbsp;&nbsp;Property, plant and equipment, net | 133815 | 123735 |
| Operating Right of use assets, net | 19416 | 19190 |
| Other assets | 11155 | 10899 |
| Intangible assets, net | 13909 | 13381 |
| Goodwill | 3129 | 2820 |
| Deferred income taxes | 4409 | 16011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $399836 | $421721 |
| LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;Short-term debt, net of deferred financing costs | $140464 | $44313 |
| &nbsp;&nbsp;Accounts payable | 34001 | 35496 |
| &nbsp;&nbsp;Accrued liabilities | 24907 | 23167 |
| &nbsp;&nbsp;Short-term portion operating lease liabilities | 4519 | 4497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 203891 | 107473 |
| Long-term debt, net of current maturities and deferred financing costs | 0 | 99281 |
| Accrued employee benefits | 25820 | 25418 |
| Deferred income taxes | 3476 | 2339 |
| Long-term operating lease liabilities | 17334 | 17220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 250521 | 251731 |
| Commitments and Contingencies (Note 10) |  |  |
| Stockholders' equity: |  |  |
| Preferred stock, $0.01 par value; 50,000,000 shares authorized, no shares issued and outstanding |  |  |
| Common stock, $0.01 par value; 150,000,000 shares authorized, 118,181,047 shares issued and 117,375,777 outstanding at September 30, 2025 and 150,000,000 shares authorized 103,995,935 shares issued and 103,190,665 outstanding at December 31, 2024 | 1183 | 1040 |
| Paid in capital | 202200 | 182343 |
| Retained earnings | 6797 | 53613 |
| Less 805,270 treasury shares, at cost | (298) | (298) |
| Accumulated other comprehensive loss | (59212) | (65386) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Viskase stockholders' equity | 150670 | 171312 |
| Deficit attributable to non-controlling interest | (1355) | (1322) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 149315 | 169990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities and Stockholders' Equity | $399836 | $421721 |

---

*See notes to the unaudited condensed consolidated financial statements.*

[**Table of Contents**](#TOC)

**VISKASE COMPANIES, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

**(In Thousands, Except for Number of Shares and Per Share Amounts)(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months**<br>**Ended**<br>**September 30,**<br>**2025** | **Three Months**<br>**Ended**<br>**September 30,**<br>**2024** | **Nine Months**<br>**Ended**<br>**September 30,**<br>**2025** | **Nine Months**<br>**Ended**<br>**September 30,**<br>**2024** |
| NET SALES | $91162 | $101504 | $282629 | $307543 |
| &nbsp;&nbsp;Cost of sales | 85297 | 85911 | 250724 | 251701 |
| GROSS MARGIN | 5865 | 15593 | 31905 | 55842 |
| &nbsp;&nbsp;Selling, general and administrative | 13522 | 11563 | 38146 | 34776 |
| &nbsp;&nbsp;Amortization of intangibles | 398 | 404 | 1148 | 1208 |
| &nbsp;&nbsp;Asset impairment expense |  | 77 | 12100 | 77 |
| &nbsp;&nbsp;Restructuring and related expense | 1009 |  | 6606 | 1396 |
| OPERATING (LOSS) INCOME | (9064) | 3549 | (26095) | 18385 |
| &nbsp;&nbsp;Interest expense, net | 2948 | 2860 | 8545 | 8385 |
| &nbsp;&nbsp;Other expense (income), net | (965) | 1024 | (2682) | 2909 |
| (LOSS) INCOME BEFORE INCOME TAXES | (11047) | (335) | (31958) | 7091 |
| &nbsp;&nbsp;Income tax provision | 1949 | (191) | 14890 | 3380 |
| NET (LOSS) INCOME | $(12996) | (144) | $(46848) | $3711 |
| Less: (loss) attributable to noncontrolling interests | (12) | 10 | (33) | (44) |
| Net (loss) income attributable to Viskase Companies, Inc | $(12984) | $(154) | $(46815) | $3755 |
| WEIGHTED AVERAGE COMMON SHARES |  |  |  |  |
| &nbsp;&nbsp;– BASIC AND DILUTED | 111623367 | 103190665 | 108795514 | 103190665 |
| PER SHARE AMOUNTS: |  |  |  |  |
| EARNINGS PER SHARE |  |  |  |  |
| &nbsp;&nbsp;– BASIC AND DILUTED | $(0.12) | $0.00 | $(0.43) | $0.04 |

---

*See notes to the unaudited condensed consolidated financial statements.*

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**VISKASE COMPANIES, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME(In Thousands)(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months**<br>**Ended**<br>**September 30,**<br>**2025** | **Three Months**<br>**Ended**<br>**September 30,**<br>**2024** | **Nine Months**<br>**Ended**<br>**September 30,**<br>**2025** | **Nine Months**<br>**Ended**<br>**September 30,**<br>**2024** |
| Net (loss) income | $(12996) | $(144) | $(46848) | $3711 |
| Other comprehensive (loss) income, net of tax |  |  |  |  |
| &nbsp;&nbsp;Pension liability adjustment | 26 | 139 | 1312 | 156 |
| &nbsp;&nbsp;Foreign currency translation adjustment | (2532) | 4198 | 4863 | (1432) |
| Other comprehensive income (loss), net of tax | (2506) | 4337 | 6175 | (1276) |
| &nbsp;&nbsp;Comprehensive (loss) income | $(15502) | $4193 | $(40673) | $2435 |
| Less: comprehensive (loss) attributable to noncontrolling interests | (12) | 10 | (33) | (44) |
| Net comprehensive (loss) income attributable to Viskase Companies, Inc | $(15490) | $4183 | $(40640) | $2479 |

---

*See notes to the unaudited condensed consolidated financial statements.*

[**Table of Contents**](#TOC)

**VISKASE COMPANIES, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY(In Thousands, Except for Number of Shares)(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common**<br>**stock**<br>**Issued**<br>**(Shares)** | <br>**Common**<br>**stock** | <br>**Paid in**<br>**capital** | <br>**Treasury**<br>**stock** | <br>**Retained**<br>**earnings** | <br>**Accumulated other**<br>**comprehensive**<br>**loss** | <br>**Total Viskase**<br>**stockholders'**<br>**equity** | <br>**Non-controlling**<br>**Interest** | <br>**Total**<br>**stockholders'**<br>**equity** |
| Balance January 1, 2024 | 103190665 | $1040 | $182343 | $(298) | $58973 | $(59200) | $182858 | $(1223) | $181635 |
| Net income (loss) |  |  |  |  | 2029 |  | 2029 | (43) | 1986 |
| Foreign currency translation adjustment |  |  |  |  |  | (1833) | (1833) |  | (1833) |
| Pension liability adjustment, net of tax |  |  |  |  |  | (6) | (6) |  | (6) |
| Balance March 31, 2024 | 103190665 | $1040 | $182343 | $(298) | $61002 | $(61039) | $183048 | $(1266) | $181782 |
| Net income (loss) |  |  |  |  | 1880 |  | 1880 | (11) | 1869 |
| Foreign currency translation adjustment |  |  |  |  |  | (3797) | (3797) |  | (3797) |
| Pension liability adjustment, net of tax |  |  |  |  |  | 23 | 23 |  | 23 |
| Balance June 30, 2024 | 103190665 | $1040 | $182343 | $(298) | $62882 | $(64813) | $181154 | $(1277) | $179877 |
| Net (loss) income |  |  |  |  | (154) |  | (154) | 10 | (144) |
| Foreign currency translation adjustment |  |  |  |  |  | 4198 | 4198 |  | 4198 |
| Pension liability adjustment, net of tax |  |  |  |  |  | 139 | 139 |  | 139 |
| Balance September 30, 2024 | 103190665 | $1040 | $182343 | $(298) | $62728 | $(60476) | $185337 | $(1267) | $184070 |
| Balance January 1, 2025 | 103190665 | $1040 | $182343 | $(298) | $53610 | $(65386) | $171309 | $(1321) | $169988 |
| Net (loss) |  |  |  |  | (13585) |  | (13585) | (9) | (13594) |
| Foreign currency translation adjustment |  |  |  |  |  | 2157 | 2157 |  | 2157 |
| Pension liability adjustment, net of tax |  |  |  |  |  | 99 | 99 |  | 99 |
| Private placement of common stock | 7142858 | 71 | 14929 |  |  |  | 15000 |  | 15000 |
| Balance March 31, 2025 | 110333523 | $1111 | $197272 | $(298) | $40025 | $(63130) | $174980 | $(1330) | $173650 |
| Net (loss) |  |  |  |  | (20244) |  | (20244) | (12) | (20256) |
| Foreign currency translation adjustment |  |  |  |  |  | 5237 | 5237 |  | 5237 |
| Pension liability adjustment, net of tax |  |  |  |  |  | 1187 | 1187 |  | 1187 |
| Balance June 30, 2025 | 110333523 | $1111 | $197272 | $(298) | $19781 | $(56706) | $161160 | $(1342) | $159818 |
| Net (loss) |  |  |  |  | (12984) |  | (12984) | (12) | (12996) |
| Foreign currency translation adjustment |  |  |  |  |  | (2532) | (2532) |  | (2532) |
| Pension liability adjustment, net of tax |  |  |  |  |  | 26 | 26 |  | 26 |
| Private placement of common stock | 7042254 | 72 | 4928 |  |  |  | 5000 |  | 5000 |
| Balance September 30, 2025 | $117375777 | $1183 | $202200 | $(298) | $6797 | $(59212) | $150670 | $(1354) | $149316 |

---

*See notes to the unaudited condensed consolidated financial statements.*

[**Table of Contents**](#TOC)

**VISKASE COMPANIES, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In Thousands)(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Nine Months**<br>**Ended**<br>**September 30, 2025** | **Nine Months**<br>**Ended**<br>**September 30, 2024** |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;Net (loss) income | $(46848) | $3711 |
| &nbsp;&nbsp;Adjustments to reconcile net (loss) income to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 13263 | 16645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangibles | 1148 | 1208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing fees | 552 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 12753 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on impairment of assets | 12100 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables | 9767 | 5467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 18112 | (351) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 895 | (3488) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (295) | 2731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (3625) | (14008) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 377 | (9696) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued employee benefits | (2240) | (2776) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (3468) | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjustments | 59339 | (3386) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 12491 | 325 |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;Capital expenditures | (25590) | (9742) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (25590) | (9742) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;Proceeds from short term borrowing | 4758 | 16500 |
| &nbsp;&nbsp;Deferred financing costs | (609) |  |
| &nbsp;&nbsp;Proceeds from private placement of common stock | 20000 |  |
| &nbsp;&nbsp;Repayment of short-term debt | (9375) | (8437) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 14774 | 8063 |
| Effect of currency exchange rate changes on cash | 315 | (260) |
| Net (increase) decrease in cash and equivalents | 1990 | (1614) |
| Cash, equivalents and restricted cash at beginning of period | 5704 | 7862 |
| Cash, equivalents and restricted cash at end of period | $7694 | $6248 |
| Supplemental cash flow information: |  |  |
| &nbsp;&nbsp;Interest paid less capitalized interest | $7993 | $7992 |
| &nbsp;&nbsp;Income taxes paid | $1029 | $2803 |

---

*See notes to the unaudited condensed consolidated financial statements.*

[**Table of Contents**](#TOC)

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(In Thousands)**

**(Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Summary of Significant Accounting Policies** 

**Nature of Operations**

Viskase Companies, Inc. together with its subsidiaries ("we" or the "Company") is a producer of non-edible cellulosic, fibrous and plastic casings used to prepare and package processed meat products, and provides value-added support services relating to these products, for some of the largest global consumer products companies. We were incorporated in Delaware in 1970. The Company operates eight manufacturing facilities in North America, Europe, South America, and Asia and, as a result, is able to sell its products in nearly one hundred countries throughout the world.

**Going Concern**

The Company's financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate refinancing of its Senior Credit Facility before its maturity in August 2026.

We fully expect the refinancing will be completed after completion of the Merger (defined below), but before the maturity of Senior Credit Facility. However, there is no assurance that the Company will be able to obtain sufficient additional funds to refinance these maturities occurring within 12 months of the date of the issuance of our financials or that such funds, if available, will be obtainable on terms satisfactory to the Company, and therefore substantial doubt exists about the Company's ability to continue as a going concern.

The condensed consolidated financial statements do not include any adjustments that might result from the Company being unable to continue as a going concern.

**Seasonality**

Historically, our domestic sales and profits have been seasonal in nature, increasing in the spring and summer months. Sales outside of the United States follow a relatively stable pattern throughout the year.

**Basis of Presentation and Principles of Consolidation**

The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). The consolidated financial statements include the accounts of the Company, its subsidiaries and variable interest entity ("VIE") for which the Company is the primary beneficiary. All inter-company accounts and transactions have been eliminated in consolidation.

Some details and footnotes required under U.S. GAAP have been reduced or omitted to meet regulatory guidelines in the interim financial statements, but the Company believes the information remains clear and accurate. For a more complete understanding, these interim financial statements should be considered alongside the consolidated financial statements and notes included in the Company's annual report for the year ending December 31, 2024.

The Company believes that the accompanying unaudited condensed consolidated financial statements include all necessary adjustments, comprising routine recurring accruals, to accurately reflect the financial position as of September 30, 2025, as well as the operating results and cash flows for the periods presented. However, the operating results for the period ended September 30, 2025 may not be representative of the results expected for the full year ending December 31, 2025.

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**NONCONTROLLING INTERESTS**

The Company consolidated its variable interest in a joint venture, VE Netting, LLC, as the Company is identified as the primary beneficiary. Noncontrolling interests reflect the equity ownership held by third parties. These noncontrolling interests are presented as a separate component of equity within the consolidated financial statements, distinct from the Company's stockholders' equity. The portion of net (loss) income attributable to noncontrolling interests is reported in the condensed consolidated statements of operations.

**Use of Estimates in the Preparation of Financial Statements**

The financial statements are prepared in accordance with generally accepted accounting principles ("GAAP") in the United States of America and include the use of estimates and assumptions that affect a number of amounts included in the Company's financial statements, including, among other things, pensions and other postretirement benefits and related disclosures, reserves for excess and obsolete inventory, allowance for credit losses, and income taxes. Management bases its estimates on historical experience and other assumptions that we believe are reasonable. If actual amounts are ultimately different from previous estimates, the revisions are included in the Company's results for the period in which the actual amounts become known. Historically, the aggregate differences, if any, between the Company's estimates and actual amounts in any year have not had a significant effect on the Company's condensed consolidated financial statements.

**Financial Instruments**

The Company's financial instruments include cash and cash equivalents, accounts receivable and accounts payable. The carrying amounts of these financial assets and liabilities approximate fair value due to the short maturities of these instruments. Management believes the fair value of the Company's revolving loans approximate the carrying value due to credit risk or current market rates, which approximate the effective interest rates on those instruments. The fair value of the Company's term loans is estimated by discounting the future cash flow using the Company's current borrowing rates for similar types and maturities of debt.

**Income Taxes**

We account for income taxes in accordance with ASC 740, *Income Taxes* (ASC 740). Deferred tax assets and liabilities are measured using enacted tax laws and tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities due to a change in tax rates is recognized in income in the period that includes the enactment date. In addition, the amounts of any future tax benefits are reduced by a valuation allowance to the extent such benefits are not expected to be realized on a more likely than not basis.

A two-step approach is applied pursuant to ASC 740 in the recognition and measurement of uncertain tax positions taken or expected to be taken in a tax return. The first step is to determine if the weight of available evidence indicates that it is more likely than not that the tax position will be sustained in an audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. We recognize interest and penalties related to uncertain tax positions in our provision for income taxes line of our consolidated statements of operations.

**Restructuring**

Restructuring charges are incurred for programs in which the Company changes its operations, the scope of a business undertaken by its business units, or the manner in which that business is conducted. Such charges may include employee severance, retention bonuses, facility closure or consolidation costs, lease or contract termination costs, accelerated depreciation and amortization, and other related expenses. The restructuring programs may be implemented due to the sale or discontinuation of a product line, reorganization or management structure changes, headcount rationalization, realignment of operations or products, and/or company-wide cost saving initiatives. The amount and/or frequency of these restructuring charges are not part of the Company's underlying business. Employee severance costs are generally recognized when payments are probable and amounts are reasonably estimable. Costs related to contracts without future benefit or contract termination are recognized at fair value at the earlier of the contract termination or the cease-use dates. Other exit-related costs are expensed as incurred. Refer to Note 16 – *Restructuring* for additional details.

[**Table of Contents**](#TOC)

**Variable Interest Entity**

The Company holds a variable interest in VE Netting, LLC. The joint venture is a manufacturing, marketing and selling company of high-quality netting solutions for the meat and poultry industry. VE Netting, LLC is a Delaware limited liability company with its principal place of business in Lombard, IL. The netting product is manufactured under agreement by Viskase's affiliate located in Monterrey, Mexico. VE Netting, LLC was determined to be a variable interest entity (VIE) in accordance with ASC Topic 810, *Consolidations*, for which the Company is the primary beneficiary, as the Company has the power to direct activities that most significantly impact the economic performance and has the right to receive benefits and losses that may potentially be significant. As the primary beneficiary of the VIE, the VIE's assets, liabilities, and results of operations are included in the Company's condensed consolidated financial statements as of September 30, 2025 and December 31, 2024 and for the three and nine months ended September 30, 2025 and September 30, 2024. The other equity holders' interests are reflected in "Net (loss) income attributable to noncontrolling interests" in the Consolidated Statements of Operations and "Noncontrolling interests" in the Condensed Consolidated Balance Sheets. See Note 14 -*Variable Interest Entity* for standalone financial information.

**Other Comprehensive (Loss) Income**

Other comprehensive (loss) income includes all other non-stockholder changes in equity. Changes in other comprehensive income (loss) in 2025 and 2024 resulted from changes in foreign currency translation and pension liability.

Accumulated other comprehensive (loss) income consists of cumulative changes in foreign currency translation and pension liability. The Company uses the portfolio approach for releasing income tax effects from accumulated other comprehensive (loss) income.

**Revenue Recognition**

The Company's revenues are comprised of product sales to customers, including distributors and end users. The Company's performance obligation is defined as the promise to deliver the specified products in a purchase order. Revenue is recognized at the point in time in which the customer obtains control of the product, which is generally when product title passes to the customer according to the shipping terms dictated in the contract. In most contracts, title transfers upon shipment of the product; however, in some cases, title does not transfer until the customer has received the products at their specified location.

Revenue is recorded at the transaction price, which is the amount of consideration the Company expects to receive in exchange for providing its products to customers.

The transaction price may be adjusted for estimates of known or expected variable consideration, including consumer incentives, trade promotions, and rebate programs. The Company estimates the amount of variable consideration that will be realized and records the estimate as a reduction to the transaction price. These estimates are based on historical experience, anticipated performance and the Company's best judgment at the time. In determining whether an estimate of variable consideration is constrained, we consider the likelihood and magnitude of a potential revenue reversal. The Company's provision for variable consideration is recorded at contract inception and reviewed and updated regularly as new information arises throughout the contract term. Any adjustments due to resolved uncertainties or new information are recognized in the period in which the adjustment is identified.

Sales, value add, and other taxes collected from customers and remitted to governmental authorities are excluded from the transaction price, while shipping and handling fees reimbursed by the customer are included in the transaction price and recorded on a gross basis on the income statement. The Company generally does not offer warranties or a right to return on the products it sells except in the instance of a product defect or mis-ship.

Payment terms vary by customer; however, the time between invoicing and payment is not significant. None of the Company's customer contracts as of September 30, 2025 and December 31, 2024 contain a significant financing component.

**Segments**

Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker in making decisions regarding resource allocation and assessing performance. To date, the Company's chief operating decision maker makes such decisions and assesses performance at the geographic region level,

[**Table of Contents**](#TOC)

including North America, South America, EMEA, and Asia which are the Company's four reportable segments under ASC 280. See Note 12, *Business Segment Information and Geographic Area Information* for further information.

**Debt**

The Company accounts for debt in accordance with ASC 470, Debt (ASC 470). Issuance costs for term debt are presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability. These costs are amortized over the term of the related debt using the interest method under ASC 835-30. The effective interest rate for variable rate debt is determined in accordance with ASC 310-20-35, in which the Company's policy is to use the variable rate at inception of the debt in the determination of the constant effective yield.

**Recently Adopted Accounting Pronouncements**

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which includes requirements for more robust disclosures of significant segment expenses and measures of a segment's profit and loss used in assessing performance. This standard is effective for the Company's annual period beginning January 1, 2024 and interim periods beginning January 1, 2025 with early adoptions permitted. The Company adopted this accounting standard as of January 1, 2024. See Note 12, *Business Segment Information and Geographic Area Information,* for the Company's segments disclosures. Our adoption did not result in a material impact to our condensed consolidated financial statements and disclosures.

In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity ("VIE"). This standard clarifies the guidance in determining the accounting acquirer in certain transactions involving VIEs. The update aims to improve consistency and comparability in financial reporting for acquisition transactions effected primarily by exchanging equity interests. ASU 2025-03 requires entities to apply the same factors used for determining the accounting acquirer in other acquisition transactions. The ASU is applied prospectively to all business combinations with acquisition dates occurring on or after the date of initial application. The ASU is effective for all annual reporting periods (and interim periods in annual reporting periods) beginning after December 15, 2026. Early adoption is permitted in interim or annual reporting periods in which financial statements have not yet been issued (or made available for issuance). Management has elected to early adopt ASU 2025-03 in 2025.

**Recently Issued Accounting Pronouncements Not Yet Adopted**

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures, which requires enhanced income tax disclosures that reflect how operations and related tax risks, as well as how tax planning and operational opportunities, affect the tax rate and prospects for future cash flows. This standard is effective for the Company beginning January 1, 2025 for annual periods with early adoption permitted. The ASU should be applied on a prospective basis but retrospective application is permitted. The adoption of this guidance will modify disclosures in the Company's consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40), which requires disclosure of specific information about costs and expenses within relevant expense captions on the face of the income statement, qualitative descriptions for expense captions not specifically disaggregated quantitatively, and the total amount and definition of selling expenses for interim and annual reporting periods. This standard is effective for the Company's annual reporting period beginning January 1, 2027 and interim reporting periods beginning January 1, 2028 and should be applied on a retrospective or prospective basis, with early adoption permitted. We are currently assessing the impact of adopting this standard on our consolidated financial statements.

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&nbsp;&nbsp;&nbsp;&nbsp;**2.** **RECEIVABLES, NET** 

Receivables net, consist of the following:

---

| | | |
|:---|:---|:---|
| **(thousands)** | **September 30, 2025** | **December 31, 2024** |
| Accounts receivable, gross | $70179 | $77466 |
| Less allowance for credit losses | (2639) | (2657) |
| &nbsp;&nbsp;Receivables, net | $67540 | $74809 |

---

---

| | | |
|:---|:---|:---|
| **(thousands)** | **September 30, 2025** | **December 31, 2024** |
| Beginning Balance | $2657 | $2908 |
| &nbsp;&nbsp;Provision (recoveries) | (3) | 198 |
| &nbsp;&nbsp;Write-offs | (15) | (454) |
| &nbsp;&nbsp;Other and translation |  | 5 |
| Ending balance | $2639 | $2657 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **INVENTORIES, NET** 

Inventories net, consists of the following:

---

| | | |
|:---|:---|:---|
| **(thousands)** | **September 30, 2025** | **December 31, 2024** |
| Raw materials | $28819 | $29991 |
| Work in process | 30444 | 42940 |
| Finished products | 32512 | 36037 |
| &nbsp;&nbsp;Total inventories, net | $91775 | $108968 |

---

As of September 30, 2025 and December 31, 2024, the Company had an inventory reserve of $3,934 and $3,908, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **PROPERTY, PLANT AND EQUIPMENT, NET** 

Depreciation expense associated with property, plant and equipment was $3,770 for the three months ended September 30, 2025 and $13,263 for the nine months ended September 30, 2025, and $4,912 for the three months ended September 30, 2024, and $16,645 for the nine months ended September 30, 2024, respectively.

Property, plant and equipment, net, consists of the following:

---

| | | |
|:---|:---|:---|
| **(thousands)** | **September 30, 2025** | **December 31, 2024** |
| Land and improvements | $1880 | $1848 |
| Buildings and improvements | 56472 | 52847 |
| Machinery and equipment | 378645 | 371661 |
| Construction in progress | 34978 | 11730 |
| &nbsp;&nbsp;Total property plant and equipment | $471975 | $438086 |

---

---

| | | |
|:---|:---|:---|
| **Accumulated depreciation** | | |
| **(thousands)** | <br>**September 30, 2025** | <br>**December 31, 2024** |
| Land and improvements | $531 | $520 |
| Buildings and improvements | 29405 | 27419 |
| Machinery and equipment | 308224 | 286412 |
| &nbsp;&nbsp;Total accumulated depreciation | $338160 | $314351 |

---

Asset Impairment charges of $0 and $12,100 were recorded for the three and nine months ended September 30, 2025, in association with the closing of the Osceola, Arkansas plant and the removal of assets prior to the end of their useful lives. See Note 16 – *Restructuring* for additional information. There were no impairment charges for the three or nine months ended September 30, 2024.

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&nbsp;&nbsp;&nbsp;&nbsp;**5.** **OTHER CURRENT ASSETS** 

Other current assets consist of the following:

---

| | | |
|:---|:---|:---|
| **(thousands)** | **September 30, 2025** | **December 31, 2024** |
| Prepaid expenses | $13557 | $14988 |
| Supplies | 25387 | 23971 |
| Other | 8051 | 7245 |
| &nbsp;&nbsp;Total other current assets | $46995 | $46204 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **DEBT OBLIGATIONS** 

Debt obligations consist of the following:

---

| | | |
|:---|:---|:---|
| **(thousands)** | **September 30, 2025** | **December 31, 2024** |
| Short-term debt: |  |  |
| &nbsp;&nbsp;Senior credit facility | $129125 | $34625 |
| &nbsp;&nbsp;Europe Line of Credit | 11638 | 9905 |
| &nbsp;&nbsp;Other | 598 |  |
| &nbsp;&nbsp;Less: short-term deferred financing costs | (897) | (217) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total short-term debt | 140464 | 44313 |
| Long-term debt: |  |  |
| &nbsp;&nbsp;Senior credit facility |  | $99375 |
| &nbsp;&nbsp;Other |  | 529 |
| &nbsp;&nbsp;Less: long-term deferred financing costs |  | (623) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total long-term debt, net |  | 99281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total debt | $140464 | $143594 |

---

Senior Credit Facility

On October 9, 2020, the Company and certain of its subsidiaries, entered into a certain Credit Agreement (the "Credit Agreement") with the various lenders named therein and Bank of America, N.A., as administrative agent for the lenders (the "Administrative Agent"), providing for a $150,000 term loan (the "Term Loan") and a $30,000 revolving credit facility (the "Revolving Credit Facility" and together with the Term Loan, the "Senior Credit Facility") as amended by the First Amendment to Credit Agreement dated as of August 13, 2021, the Second Amendment to Credit Agreement dated as of August 10, 2022 and as further amended by the Limited Waiver and Third Amendment to Credit Agreement dated as of February 14, 2025 (the "Third Amendment") as described below.

The Second Amendment to the Senior Credit Facility increased the commitment of the New Revolving Credit Facility to $37,000 and transitioned Term Loans on September 30, 2022 and Revolving Loans on August 30, 2022 from LIBOR Loans to SOFR Loans. Amended terms of the facility are stated below.

The Third Amendment includes a waiver on covenants for the year ended December 31, 2024, and a relief period for year 2025 (the "Covenant Relief Period"). During the Covenant Relief period, the consolidated leverage ratio will be increased to 4.00X through December 31, 2025. The consolidated fixed charge coverage ratio will be modified to include only maintenance capital expenditures and a year-to-date build basis for quarter end calculation. On December 31, 2025, the consolidated fixed charge coverage ratio will return to an LTM basis. During the Covenant Relief Period, restricted payments, permitted acquisitions and other investments as defined by the Credit Agreement are not allowed and the accordion feature of the credit facility, which allowed for an increase in borrowings under the facility has been suspended.

On July 26, 2025, the Company entered into the Fourth Amendment to its Senior Credit Facility. There were no changes to the facility amounts or maturity dates and repayment terms remained largely unchanged except for mandatory prepayments equal to $15,000 upon the closing of the Enzon Merger by December 31, 2025 or $11,250 if after December 31, 2025. The amendment also allows for certain exclusions relative to the merger for its financial covenants and EBIDTA addback amounts. On October 10, 2025, we finalized the fifth amendment to our credit agreement, which modified certain of our financial covenants.

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The interest rates per annum applicable to the Amended Senior Credit Facility (other than in respect of Swingline Loans) will be SOFR, but in any event, not less than 0.00%, plus the Applicable Rate (as defined below), or, for U.S. dollar denominated loans only, made to the Company at the option of the Company, the Base Rate, defined as the highest of: (a) the Federal Funds Rate plus one-half percent (0.50%); (b) the Bank of America prime rate; and (c) the one (1) month SOFR (adjusted daily) plus one percent (1.00%), but in any case not less than 1.00%, plus the Applicable Rate. Applicable Rate means, with respect to the Amended Senior Credit Facility, a percentage per annum to be determined in accordance with the applicable pricing grid set forth in the Amended Senior Credit Facility based upon the Company's Consolidated Coverage Ratio as reflected in a quarterly Compliance Certificate. Each Swingline Loan shall bear interest at the Base Rate plus the Applicable Rate for Base Rate loans under the New Revolving Credit Facility. As of September 30, 2025, our current interest rate is 7.40%. The effective interest rate of the Term Loan as of September 30, 2025 is 4.32%, which is determined in accordance with ASC 310-20-35, based on the variable rate in effect at inception of the instrument.

The Amended Senior Credit Facility requires the Company to repay principal of the New Term Loan at the rate of 5% of the original principal balance during each of the first two years, 7.5% during the third and fourth years and 10% of the original principal balance during the fifth year. The maturity date on the Amended Senior Credit Facility is August 13, 2026.

The Company may prepay the Amended Senior Credit Facility, in whole or in part, at any time without premium or penalty, subject to reimbursement of the Lenders' breakage and redeployment costs in the case of prepayment of SOFR borrowings and foreign currency borrowings bearing interest at a rate other than SOFR. Each such prepayment of the New Term Facility shall be applied as directed by the Company. The unutilized portion of the commitments under the Amended Senior Credit Facility may be irrevocably reduced or terminated by the Company at any time without penalty.

The Amended Senior Credit Facility is guaranteed by each existing and future direct and indirect wholly owned material domestic Restricted Subsidiary and foreign Restricted Subsidiary of the Company (other than any Brazilian subsidiary). The Amended Senior Credit Facility is secured by substantially all assets of the Company and its material domestic Restricted Subsidiaries, with the exception of real property.

The Amended Senior Credit Facility contains various covenants which restrict the Company's ability to, among other things, incur indebtedness, create liens on our assets, make investments, enter into merger, consolidation or acquisition transactions, dispose of assets (other than in the ordinary course of business), make certain restricted payments, enter into sale and leaseback transactions and transactions with affiliates, in each case subject to permitted exceptions. The Amended Senior Credit Facility also requires that we comply with certain financial covenants, including meeting a consolidated leverage ratio and consolidated fixed charge coverage ratio.

As of September 30, 2025, we were in compliance with all covenants of our Amended Senior Credit Facility.

Foreign Lines of Credit

In its foreign operations, the Company has unsecured lines of credit with various banks providing approximately $12,000 of availability. There were borrowings of $11,638 under the lines of credit at September 30, 2025 and borrowings of $9,905 under the lines of credit at December 31, 2024. As of September 30, 2025, our current interest rate is 4.32%. The line of credit is an uncommitted facility that can be terminated at any time with payment on demand.

Debt Maturity

The aggregate maturities of debt <sup>(1)</sup> for each of the next five years are:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2026** | **2027** | **2028** | **2029** | **Thereafter** |
| Term Loan | $3750 | $99375 | $— | $— | $— | $— |
| Revolving Credit Facility |  | 26000 |  |  |  |  |
| Other | 11638 | 944 |  |  |  |  |
| &nbsp;&nbsp;Total aggregate maturities | $15388 | $126319 | $— | $— | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The aggregate maturities of debt represent amounts to be paid at maturity and not the current carrying value of the debt.

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&nbsp;&nbsp;&nbsp;&nbsp;**7.** **RETIREMENT PLANS** 

The Company has contributed $609 and $1,258 to pension benefits in the U.S. during the three months ended September 30, 2025 and September 30, 2024, respectively. The Company has contributed $1,770 and $2,445 to pension benefits in the U.S. during nine months ended September 30, 2025 and September 30, 2024, respectively.

The Company and its subsidiaries have defined contribution and defined benefit plans varying by country and subsidiary.

The Company's operations in the United States, France, and Germany historically offered defined benefit retirement plans ("Plan") to their employees. Most of these benefits have been terminated, resulting in various reductions in liabilities and curtailment gains.

In connection with our adoption of FASB issued ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, the components of net periodic benefit cost other than the service cost component are included in the line item other expense in the income statement.

The following sets forth the components of net periodic benefit cost for the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Pension Benefits** | **U.S. Pension Benefits** | **U.S. Pension Benefits** | **U.S. Pension Benefits** |
|  | **Three Months Ended**<br>**September 30, 2025** | **Three Months Ended**<br>**September 30, 2024** | **Nine Months Ended**<br>**September 30, 2025** | **Nine Months Ended**<br>**September 30, 2024** |
| Component of net period benefit cost |  |  |  |  |
| &nbsp;&nbsp;Service cost | $0 | $0 | $0 | $0 |
| &nbsp;&nbsp;Interest cost | 912 | 935 | 3650 | 3741 |
| &nbsp;&nbsp;Expected return on plan assets | (893) | (954) | (3574) | (3815) |
| &nbsp;&nbsp;Amortization of prior service cost |  |  |  |  |
| &nbsp;&nbsp;Amortization of actuarial loss | 17 | 35 | 66 | 140 |
|  | $36 | $16 | $142 | $66 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Non U.S. Pension Benefits** | **Non U.S. Pension Benefits** | **Non U.S. Pension Benefits** | **Non U.S. Pension Benefits** |
|  | **Three Months Ended**<br>**September 30, 2025** | **Three Months Ended**<br>**September 30, 2024** | **Nine Months Ended**<br>**September 30, 2025** | **Nine Months Ended**<br>**September 30, 2024** |
| Component of net period benefit cost |  |  |  |  |
| &nbsp;&nbsp;Service cost | $62 | $57 | $242 | $230 |
| &nbsp;&nbsp;Interest cost | 128 | 126 | 513 | 503 |
| &nbsp;&nbsp;Expected return on plan assets | (4) | (6) | (17) | (23) |
| &nbsp;&nbsp;Amortization of prior service cost |  | 1 |  | 2 |
| &nbsp;&nbsp;Amortization of actuarial loss | (16) | (10) | (62) | (39) |
|  | $170 | $168 | $676 | $673 |

---

**Savings Plans**

The Company also has defined contribution savings and similar plans for eligible employees, which vary by subsidiary. The Company's aggregate contributions to these plans are based on eligible employee contributions and certain other factors. The Company expenses for these plans for the three and nine months ended September 30, 2025 were $202 and $914, respectively. The Company expenses for these plans for the three and nine months ended September 30, 2024 were $289 and $954, respectively.

**International Plans**

The Company maintains various pension and statutory separation pay plans for its European employees. The expense (income), not including the French and German pension plan for the three and nine months ended September 30, 2025, were $205 and $614, respectively. The expense (income), not including the French and German pension plan for the three and nine months ended September 30, 2024, were $(54) and $(162), respectively.

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&nbsp;&nbsp;&nbsp;&nbsp;**8.** **CAPITAL STOCK, TREASURY STOCK AND PAID IN CAPITAL** 

Authorized shares of preferred stock ($0.01 par value per share) and common stock ($0.01 par value per share) for the Company are 50,000,000 shares and 150,000,000 shares, respectively. No preferred stock has been issued.

In 2004, the Company purchased 805,270 shares of its common stock from the underwriter for a purchase price of $298. The common stock has been accounted for as treasury stock.

The Company completed private placements (the "Private Placements") through the issuance of 7,142,858 shares at purchase price of $2.10 and 7,042,254 shares at purchase price of $0.71, on March 21, 2025, and September 30, 2025, respectively, of common stock to an affiliate of Icahn Enterprises L.P. ("IELP"). Prior to the completion of these Private Placements, IELP beneficially owned approximately 90.6% of the Company's outstanding common stock. As a result of these Private Placements, IELP is the beneficial owner of approximately 91.76% of the Company's outstanding common stock. The Private Placement was approved by a Special Committee of disinterested directors of the Company. The Company received $15,000 and $5,000 in proceeds from the Private Placement, of which $143 was recorded within common stock and $19,857 was recorded within paid in capital as of September 30, 2025.

The Company had 118,181,047 and 103,995,935 shares issued and 117,375,777 and 103,190,665 shares outstanding as of September 30, 2025 and December 31, 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **INCOME TAXES** 

For the nine months ended September 30, 2025, we recorded an income tax expense of $14,890 on pre-tax loss of $(31,959) compared to an income tax expense of $3,380 on pre-tax income of $7,091for the nine months ended September 30, 2024. Our effective income tax rate was (46.5)% and 47.6% for the nine months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025, the effective tax rate was lower than the statutory federal rate of 21%, for corporations, primarily due to a valuation allowance established for US deferred tax assets during Q2 due to delays with modifications of certain operating lines in the US resulting in lower projections for the year, and the jurisdictional mix of earnings and operating losses expected for the year. For the nine months ended September 30, 2024, the effective tax rate was higher than the statutory federal rate of 21%, for corporations, primarily due to the jurisdictional mix of earnings and operating losses expected for the year.

For the three months ended September 30, 2025, we recorded an income tax expense of $1,949 on pre-tax loss of $(11,048) compared to an income tax expense of $(191) on pre-tax income of $(335) for the three months ended September 30, 2024. Our effective income tax rate was (17.6)% and 57% for the three months ended September 30, 2025 and 2024, respectively. For the three months ended September 30, 2025, the effective tax rate was lower than the statutory federal rate of 21%, for corporations, primarily due to valuation allowance established for US deferred tax assets during Q2 due to delays with modifications of certain operating lines in the US resulting in lower projections for the year, and the jurisdictional mix of earnings and operating losses expected for the year. For the three months ended September 30, 2024, the effective tax rate was higher than the statutory federal rate of 21%, for corporations, primarily due to the jurisdictional mix of earnings and operating losses expected for the year.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **COMMITMENTS AND CONTINGENCIES** 

*Legal Proceedings*

The Company from time to time is involved in various other legal proceedings, none of which are expected to have a material adverse effect upon results of operations, cash flows or financial condition.

*Lease Commitments*

We have operating leases primarily for real estate, equipment, and vehicles. The remaining lease terms for our leases range from 5 months to 14 years.

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The Company's future minimum lease payments required under leases as of September 30, 2025 provides the following lease commitment:

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| | |
|:---|:---|
| **Year** | **Operating Leases** |
| 2025 (remainder of year) | $1143 |
| 2026 | 4563 |
| 2027 | 4415 |
| 2028 | 4281 |
| 2029 | 2913 |
| Thereafter | 12242 |
| &nbsp;&nbsp;Total lease payments | $29557 |
| &nbsp;&nbsp;Less: discounted interest | (7705) |
|  | $21852 |

---

*Capital Commitment*

As of September 30, 2025 and December 31, 2024, the Company had $1,966 and $3,242 in contractual capital expenditure related commitments, respectively.

*Contractual Commitments*

The Company routinely enters into fixed price natural gas agreements which require us to purchase a portion of our natural gas each month at fixed prices. These fixed price agreements qualify for the "normal purchases" scope exception under derivative and hedging standards, therefore the natural gas purchases under these contracts were expensed as incurred and included within cost of sales. As of September 30, 2025, future annual minimum purchases remaining under the agreement are $546.

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **RELATED-PARTY TRANSACTIONS** 

As of September 30, 2025, and December 31, 2024, IELP owned approximately 91.76% and 90.6% of our outstanding common stock, respectively.

*Equity Private Placement of Common Stock & Change in Number of Authorized Shares*

Beginning in the first quarter of 2020, the Company entered into discussions with a number of banks, including Bank of America ("BofA"), regarding the terms of a new senior credit facility which would replace both the Term Loan and the ABL Loan. Under the new senior credit facility proposed by BofA, the Company was required to raise at least $100,000 in equity capital, the proceeds of which were to be used, together with borrowings under the new senior credit facility, to repay the Term Loan and the ABL Loan. The Company met this condition through the issuance of 50,000,000 shares of common stock to an affiliate of IELP in a private placement transaction at a purchase price of $2.00 per share (the "Equity Private Placement"). In order to complete the offering of the Equity Private Placement, the Company amended its Amended and Restated Certificate of Incorporation to increase the number of authorized shares of the Company's common stock by 50,000,000 shares.

Prior to the completion of the Equity Private Placement, IELP beneficially owned approximately 90.6% of the Company's outstanding common stock. As a result of the Equity Private Placement, IELP is the beneficial owner of approximately 91.76% of the Company's outstanding common stock. The Equity Private Placement was approved by a Special Committee of disinterested directors of the Company.

Additionally, on March 21, 2025 and September 30, 2025, the Company completed a private placement with an affiliate of IELP. Refer to Note 8 — *Capital Stock, Treasury Stock and Paid in Capital* for additional details.

*Pension Liabilities*

Applicable pension and tax laws make each member of a "controlled group" of entities, generally defined as entities in which there is at least an 80% common ownership interest, jointly and severally liable for certain pension plan obligations of any member of the controlled group. These pension obligations include ongoing contributions to fund the plan, as well as liability for any unfunded liabilities that may exist at the time the plan is terminated. In addition, the failure to pay these pension obligations when due may

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result in the creation of liens in favor of the pension plan or the Pension Benefit Guaranty Corporation ("PBGC") against the assets of each member of the controlled group.

As a result of the Equity Private Placement, IELP became the beneficial owner of more than 80% of the shares of our common stock and the Company became subject to the pension liabilities of all entities in which Mr. Icahn has a direct or indirect ownership interest of at least 80%. One such entity, ACF Industries LLC ("ACF"), is the sponsor of several pension plans.

On January 31, 2025, the Executive Committee of ACF approved a resolution to terminate its qualified pension plans, which are frozen and no longer accrue benefits. As of December 31, 2024, the fair value of this plan's assets exceeded its benefit obligation. The termination of the plan is effective January 31, 2025, is subject to the appropriate regulatory approvals, and is expected to be completed in fiscal year 2025. The ACF LLC ultimate settlement obligation will depend upon both the nature and timing of participant settlements and prevailing market conditions.

In connection with the Equity Private Placement, the Company entered into an agreement with Icahn Enterprises Holdings L.P. pursuant to which Icahn Enterprises Holdings L.P. has agreed to indemnify us and our subsidiaries from losses resulting from any imposition of certain pension funding or termination liabilities that may be imposed on us and our subsidiaries or our assets as a result of being a member of the Icahn controlled group.

Based on the contingent nature of potential exposure related to these affiliate pension obligations and the indemnification from Icahn Enterprises Holdings L.P., no liability has been recorded in the accompanying consolidated financial statements.

*Tax Allocation*

Following the Equity Private Placement, IELP became the beneficial owner of more than 80% of the shares of our common stock and the Company became a member of the consolidated group IEP Corporate Subsidiary for U.S. federal income tax purposes. As a result, the IEP Corporate Subsidiary and the Company entered into a tax allocation agreement for the allocation of certain income tax items. The Company and its subsidiaries consented to join the IEP Corporate Subsidiary's federal consolidated return and, if elected by the IEP Corporate Subsidiary, certain state consolidated returns. In those jurisdictions where the Company and its subsidiaries will file consolidated returns with the IEP Corporate Subsidiary, the Company will pay to the IEP Corporate Subsidiary any tax it would have owed had it and its subsidiaries continued to file as a separate consolidated group. To the extent that the IEP Corporate Subsidiary consolidated group is able to reduce its tax liability as a result of including the Company and its subsidiaries in its consolidated group, the IEP Corporate Subsidiary will pay the Company 20% of such reduction on a current basis and the Company will be treated as if it would carry forward for its own use under the tax allocation agreement, 80% of the items that caused the tax reduction (the "Excess Tax Benefits"). Moreover, if the Company and its subsidiaries should ever become deconsolidated from the IEP Corporate Subsidiary, the IEP Corporate Subsidiary will reimburse the Company for any tax liability in post-consolidation years that the Company and its subsidiaries would have avoided had they actually had the Excess Tax Benefits for their own consolidated group use. The cumulative payments to the Company by the IEP Corporate Subsidiary post-consolidation will not exceed the cumulative reductions in tax to the IEP Corporate Subsidiary group resulting from the use of the Excess Tax Benefits by the IEP Corporate Subsidiary group.

&nbsp;&nbsp;&nbsp;&nbsp;**12.** **BUSINESS SEGMENT INFORMATION AND GEOGRAPHIC AREA INFORMATION** 

The Company defines operating segments as components of the organization for which discrete financial information is available and operating results are evaluated regularly by the Company's chief executive officer, who is the Chief Operating Decision Maker ("CODM"), in order to assess performance and allocate resources. Characteristics of the Company which were relied upon in making the determination of reportable segments include the geographic region in which the Company operates and the information that is regularly reviewed by the CODM for the purpose of assessing performance and allocating resources.

The Company's operations are viewed in geographic regions of North America, South America, EMEA, and Asia which are the Company's four reportable segments under ASC 280. The primary business of each of the geographic regions is manufacturing and selling cellulosic food casings. The Company's casing products have similar characteristics and customers and share operations support functions such as sales, public relations, supply chain management, various research and development support, in addition to the general and administrative functions of human resources, legal, finance, and information technology.

The Company uses Operating Income, which is defined as profit or loss from operations before interest income, interest expense, other expense, net and income taxes, to assess the profitability of each segment. The Company's reporting package does not include

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interest revenue, interest expense or income taxes allocated to individual segments and these items are not considered components of segment operating income. The CODM monitors actual Operating Income results relative to operating plan and forecast to assess the performance of the business and allocate resources.

Segment assets regularly reviewed by the CODM are inclusive only of inventory.

The following table reflects the results of the Company's segments

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
|  | **North**<br>**America** | **South**<br>**America** | **EMEA** | **Asia** | **Corporate**<br>**and Other** | **Consolidated** |
| Sales from external customers | $32421 | $11408 | $37500 | $9833 | $0 | $91162 |
| Intersegment net sales | $4036 | 292 | 9918 | 507 |  | $14753 |
|  | 36457 | 11700 | 47418 | 10340 |  | $105915 |
| Reconciliation of revenue |  |  |  |  |  |  |
| Elimination of intersegment sales |  |  |  |  | (14753) | (14753) |
| Total consolidated net sales |  |  |  |  |  | 91162 |
| Cost of sales | (34249) | (10263) | (45553) | (9902) | 14670 | (85297) |
| Selling and marketing | (1035) | (292) | (1114) | (87) |  | (2528) |
| General and administrative | (6202) | (477) | (3101) | (238) |  | (10018) |
| Research and development | (673) | (13) | (147) | (17) |  | (850) |
| Amortization of intangibles | (26) |  | (372) |  |  | (398) |
| Asset impairment charge |  |  |  |  |  |  |
| Restructuring expense and related expense | (1009) | (126) |  |  |  | (1135) |
| &nbsp;&nbsp;Segment operating income | (6737) | 529 | (2869) | 96 | (83) | (9064) |
| Interest income |  |  |  |  |  | $0 |
| Interest expense, net |  |  |  |  |  | $(2948) |
| Other (expense) income, net |  |  |  |  |  | $965 |
| &nbsp;&nbsp;Net (loss) income before income taxes |  |  |  |  |  | $(11047) |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
|  | <br>**North America** | <br>**South America** | <br>**EMEA** | <br>**Asia** | **Corporate and**<br> **Other** | <br>**Consolidated** |
| Sales from external customers | $117115 | $34326 | $101631 | $29557 | $0 | $282629 |
| Intersegment net sales | 19656 | 372 | 31450 | 2056 |  | 53534 |
|  | 136771 | 34698 | 133081 | 31613 |  | 336163 |
| Reconciliation of revenue |  |  |  |  |  |  |
| Elimination of intersegment sales |  |  |  |  | (53534) | (53534) |
| Total consolidated net sales |  |  |  |  |  | 282629 |
| Cost of sales | (122428) | (30875) | (121767) | (29188) | 53534 | (250724) |
| Selling and marketing | (3251) | (922) | (2812) | (187) |  | (7172) |
| General and administrative | (17808) | (1732) | (8627) | (629) |  | (28796) |
| Research and development | (1741) | (34) | (356) | (47) | 1 | (2177) |
| Amortization of intangibles | (79) |  | (1069) |  |  | (1148) |
| Asset impairment charge | (12100) |  |  |  |  | (12100) |
| Restructuring expense and related expense | (6480) | (126) |  |  |  | (6606) |
| &nbsp;&nbsp;Segment operating income | (27116) | 1009 | (1550) | 1562 | 1 | (26095) |
| Interest income |  |  |  |  |  | $0 |
| Interest expense, net |  |  |  |  |  | $(8545) |
| Other income (expense), net |  |  |  |  |  | $2682 |
| &nbsp;&nbsp;Net (loss) income before income taxes |  |  |  |  |  | (31958) |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** |
|  | **North**<br>**America** | **South**<br>**America** | <br>**EMEA** | <br>**Asia** | **Corporate** <br>**and Other** | <br>**Consolidated** |
| Sales from external customers | $44794 | $12785 | $32370 | $11556 | $(1) | $101504 |
| Intersegment net sales | $6931 |  | 10693 | $0 |  | $17624 |
|  | 51725 | 12785 | 43063 | 11556 | (1) | 119128 |
| *Reconciliation of revenue* |  |  |  |  |  |  |
| Elimination of intersegment sales |  |  |  |  | (17624) | (17624) |
| Total consolidated net sales |  |  |  |  |  | 101504 |
| Cost of sales | (46023) | (10941) | (36366) | (10205) | 17624 | (85911) |
| Selling and marketing | (1081) | (352) | (1567) | (64) |  | (3064) |
| General and administrative | (3886) | (813) | (2632) | (209) |  | (7540) |
| Research and development | (814) | (11) | (116) | (18) |  | (959) |
| Amortization of intangibles | (25) |  | (379) |  |  | (404) |
| Asset impairment charge | (77) |  |  |  |  | (77) |
| Restructuring expense and related expense |  |  |  |  |  |  |
| &nbsp;&nbsp;Segment operating income | (181) | $668 | $2003 | $1060 | $(1) | 3549 |
| Interest income |  |  |  |  |  | $0 |
| Interest expense, net |  |  |  |  |  | $(2860) |
| Other (expense) income, net |  |  |  |  |  | $(1024) |
| &nbsp;&nbsp;Net income (loss) before income taxes |  |  |  |  |  | $(335) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
|  | **North**<br>**America** | **South**<br>**America** | <br>**EMEA** | <br>**Asia** | **Corporate**<br>**and Other** | <br>**Consolidated** |
| Sales from external customers | $135672 | $39125 | $99464 | $33283 | $(1) | $307543 |
| Intersegment net sales | 23799 |  | 34113 |  |  | $57912 |
|  | 159471 | 39125 | 133577 | 33283 | (1) | 365455 |
| *Reconciliation of revenue* |  |  |  |  |  |  |
| Elimination of intersegment sales |  |  |  |  | (57912) | (57912) |
| Total consolidated net sales |  |  |  |  |  | 307543 |
| Cost of sales | (138640) | (33123) | (109388) | (28462) | 57912 | (251701) |
| Selling and marketing | (3161) | (1103) | (4367) | (229) |  | (8860) |
| General and administrative | (13362) | (2386) | (6758) | (493) |  | (22999) |
| Research and development | (2471) | (47) | (327) | (72) |  | (2917) |
| Amortization of intangibles | (75) |  | (1133) |  |  | (1208) |
| Asset impairment charge | (77) |  |  |  |  | (77) |
| Restructuring expense and related expense |  |  | (1396) |  |  | (1396) |
| &nbsp;&nbsp;Segment operating income | 1685 | $2466 | 10208 | 4027 | (1) | 18385 |
| Interest income |  |  |  |  |  | $0 |
| Interest expense, net |  |  |  |  |  | $(8385) |
| Other (expense) income, net |  |  |  |  |  | $(2909) |
| &nbsp;&nbsp;Net income (loss) before income taxes |  |  |  |  |  | $7091 |

---

The following table reflects the Company's inventory by segment:

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| North America | $25392 | $42977 |
| South America | 17123 | 21100 |
| EMEA | 35024 | 29657 |
| Asia | 14237 | 15234 |
| &nbsp;&nbsp;Consolidated inventory | $91776 | $108968 |

---

[**Table of Contents**](#TOC)

The following table reflects the Company's expenditures for long-lived assets by segment for the three and nine months ended September 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| North America | $7585 | $3228 | $21391 | $7160 |
| South America | $632 | $129 | 721 | 195 |
| EMEA | $1025 | $1091 | 3468 | 2356 |
| Asia | $5 | $(0) | 10 | 33 |
| &nbsp;&nbsp;Total expenditure for long-lived assets | $9247 | $4448 | $25590 | $9744 |

---

**Geographic Information**

Net sales attributed to the country based on the location of the end customer for the three and nine months ended September 30, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| United States | $23735 | $32378 | $87187 | $100092 |
| Philippines | 6793 | 7141 | 21327 | 19814 |
| Italy | 8558 | 6395 | 22055 | 18507 |
| Brazil | 6323 | 7673 | 17824 | 21801 |
| Mexico | 3001 | 4797 | 11094 | 14107 |
| Argentina | 3802 | 4280 | 12820 | 16169 |
| Germany | 4672 | 4421 | 13544 | 13197 |
| Colombia | 3352 | 3193 | 10657 | 10643 |
| France | 3970 | 3396 | 11472 | 9413 |
| Poland | 2222 | 1942 | 5898 | 6415 |
| Other international | 24734 | 25888 | 68751 | 77385 |
| &nbsp;&nbsp;Consolidated net sales | $91162 | $101504 | $282629 | $307543 |

---

Total long-lived assets by country, which include property and equipment, net, operating lease right-of-use assets, net, and other assets, net, consists of the following:

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| United States | $83220 | $76849 |
| France | 29464 | 26652 |
| Brazil | 15993 | 14477 |
| Poland | 12210 | 11809 |
| Philippines | 8547 | 9740 |
| Other international | 14953 | 14297 |
| &nbsp;&nbsp;Consolidated long-lived assets | $164387 | $153824 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**13.** **OTHER COMPREHENSIVE INCOME AND CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS** 

Tax effects allocated to each component of other comprehensive income are the following:

Balance at September 30, 2024

---

| | | | |
|:---|:---|:---|:---|
|  | **Before-Tax** <br>**Amount** | **Tax (Expense) or** <br>**Benefit** | **Net-of-Tax** <br>**Amount** |
| Foreign currency translation adjustments | $(1432) |  | $(1432) |
| Pension liability adjustments | 156 |  | 156 |
| &nbsp;&nbsp;Total other comprehensive (loss) income | $(1276) |  | $(1276) |

---

[**Table of Contents**](#TOC)

Balance at September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Before-Tax** <br>**Amount** | **Tax (Expense) or** <br>**Benefit** | **Net-of-Tax** <br>**Amount** |
| Foreign currency translation adjustments | $4863 |  | $4863 |
| Pension liability adjustments | 1312 |  | $1312 |
| &nbsp;&nbsp;Total other comprehensive (loss) income | $6175 |  | $6175 |

---

Changes in accumulated other comprehensive loss consist of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Accrued Employee**<br>**Benefits** | **Translation**<br>**Adjustments** | <br>**Total** |
| Balance at December 31, 2023 | $(22113) | $(37087) | $(59200) |
| Other comprehensive income (loss) before reclassifications |  | (1833) | (1833) |
| Reclassifications from accumulated other comprehensive loss to earnings | (6) |  | (6) |
| Balance at March 31, 2024 | $(22119) | $(38920) | $(61039) |
| Other comprehensive income (loss) before reclassifications |  | (3797) | (3797) |
| Reclassifications from accumulated other comprehensive loss to earnings | 23 |  | 23 |
| Balance at June 30, 2024 | $(22096) | $(42717) | $(64813) |
| Other comprehensive income (loss) before reclassifications |  | 4198 | 4198 |
| Reclassifications from accumulated other comprehensive loss to earnings | 139 |  | 139 |
| Balance at September 30, 2024 | $(21957) | $(38519) | $(60476) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Accrued Employee**<br>**Benefits** | **Translation**<br>**Adjustments** | <br>**Total** |
| Balance at December 31, 2024 | $(20958) | $(44428) | (65386) |
| Other comprehensive income (loss) before reclassifications |  | 2157 | 2157 |
| Reclassifications from accumulated other comprehensive loss to earnings | 99 |  | 99 |
| Balance at March 31, 2025 | $(20859) | $(42271) | $(63130) |
| Other comprehensive income (loss) before reclassifications |  | 5237 | 5237 |
| Reclassifications from accumulated other comprehensive loss to earnings | 1187 |  | 1187 |
| Balance at June 30, 2025 | $(19672) | $(37034) | $(56706) |
| Other comprehensive income (loss) before reclassifications |  | (2531) | (2531) |
| Reclassifications from accumulated other comprehensive loss to earnings | 26 |  | 26 |
| Balance at September 30, 2025 | $(19646) | $(39565) | $(59211) |

---

[**Table of Contents**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;**14.** **VARIABLE INTEREST ENTITY** 

The Company holds a variable interest in a joint venture for which the Company is the primary beneficiary, the joint venture, VE Netting, LLC.

The following table summarizes the carrying amount of the VIEs' assets and liabilities included in the Company's Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| ASSETS |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $53 | $8 |
| &nbsp;&nbsp;Receivables, net | 37 | 80 |
| &nbsp;&nbsp;Inventories, net | 398 | 475 |
| &nbsp;&nbsp;Other current assets | 208 | 51 |
| Property, plant and equipment | 1277 | 1277 |
| Less: Accumulated depreciation | (966) | (870) |
| &nbsp;&nbsp;Property, plant and equipment,net | 311 | 407 |
| Other assets | 13 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $1020 | $1037 |
| LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |
| Current liabilities | 798 | 749 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Liabilites | 798 | 749 |
| Paid in capital | 2931 | 2931 |
| Retained earnings | (2708) | (2643) |
| Total Stockholder Equity | 223 | 288 |
| Total Liabilities and Stockholders' Equity | $1021 | $1037 |

---

All assets in the above table can only be used to settle obligations of the consolidated VIE. Liabilities are nonrecourse obligations. Amounts presented in the table above are adjusted for intercompany eliminations.

The following table summarizes the Statement of Operations of the VIE included in the Company's Consolidated Statement of Operations for the three and nine months ended September 30, 2025 and September 30, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**<br>**September 30, 2025** | **Three Months Ended**<br>**September 30, 2024** | **Nine Months Ended**<br>**September 30, 2025** | **Nine Months Ended**<br>**September 30, 2024** |
| Net sales | $174 | $236 | $532 | $642 |
| Cost of sales | 177 | 192 | 538 | 658 |
| Gross margin | (3) | 44 | (6) | (16) |
| Selling, general and administrative | 11 | 14 | 34 | 41 |
| Asset impairment |  |  |  |  |
| Operating loss | (14) | 30 | (40) | (57) |
| Other expense | 9 | 10 | 26 | 30 |
| Loss before income taxes | (23) | 19 | (66) | (88) |
| Income tax expense |  |  |  |  |
| Net loss | $(23) | $19 | $(66) | $(88) |

---

[**Table of Contents**](#TOC)

**15. NET EARNINGS (LOSS) PER SHARE**

Basic and diluted net (loss) income per share attributable to common stockholders was calculated as follows (dollar amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**<br>**September 30, 2025** | **Three Months Ended**<br>**September 30, 2024** | **Nine Months Ended**<br>**September 30, 2025** | **Nine Months Ended**<br>**September 30, 2024** |
| Numerator: |  |  |  |  |
| &nbsp;&nbsp;Net (loss) income attributable to common stockholders | $(12984) | $(154) | $(46815) | $3755 |
| Denominator: |  |  |  |  |
| &nbsp;&nbsp;Weighted-average common shares outstanding, basic and diluted | 111623367 | 103190665 | 108795514 | 103190665 |
| &nbsp;&nbsp;Net (loss) income per share attributable to common stockholders, basic and diluted | $(0.12) | $(0.00) | $(0.43) | $0.04 |

---

**16. RESTRUCTURING**

During 2024, the Company announced and began implementing a restructuring plan to realign our operational focus to support multi-year growth, scale the business, and improve costs (the "2024 Restructuring Plan"). As part of this plan, the Company reduced headcount and closed its Swiecie, Poland manufacturing facility and transferred a portion of the machinery to its Legnica, Poland facility to expand production capabilities, scale the business, and improve costs. The majority of the 2024 Restructuring Plan was implemented and completed in the year ended December 31, 2024.

On March 26, 2025, the Company announced that it would cease production at the Osceola, Arkansas facility effective April 30, 2025 (the "2025 Plant Closure Program"). In connection with the plant closure, 210 employees were separated under the separation plan resulting in severance of approximately $4,543 being included in accrued liabilities and restructuring and related expense as of and for the nine months ended September 30, 2025. Additionally, there were site closure costs of $2,063 included in accrued liabilities and restructuring and related expense as of and for the nine months ended September 30, 2025. The Company recorded an additional $819 in site closure costs in restructuring and related expense for the three months ended September 30, 2025. The plant closure resulted in a loss on disposal of property, plant and equipment of $10,400 related to machinery and equipment and asset impairment of $1,700 related to the land and building of the plant which are recorded in the condensed consolidated statement of operations for the nine months ended September 30, 2025.

Restructuring and related expense consists of the following in the condensed consolidated statements of operations for the nine months ended September 30, 2025 and September 30, 2024, respectively:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in thousands)** | **Three Months Ended**<br>**September 30, 2025** | **Three Months Ended**<br>**September 30, 2024** | **Nine Months Ended**<br>**September 30, 2025** | **Nine Months Ended**<br>**September 30, 2024** |
| Severance and other personnel costs |  |  | $4543 | 553 |
| Transfer and disposal costs and professional fees | 819 |  | 2063 | 843 |
|  | $819 | $0 | $6606 | $1396 |

---

The following table summarizes the activities as of September 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| **(in thousands)** | **September 30, 2025** | **December 31, 2024** |
| Beginning balance |  |  |
| &nbsp;&nbsp;Provision | 6606 | 1917 |
| &nbsp;&nbsp;Payments | (6051) | (1917) |
| Ending balance | $555 |  |

---

In addition, we continue to review our global businesses and may take additional restructuring actions where a path to sustained profitability is not feasible when considering the capital allocation required for those businesses.

[**Table of Contents**](#TOC)

**17.** **REVENUE RECOGNITION**

The following table summarizes net sales by product line:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months** <br>**Ended** <br>**September 30,**<br>**2025** | **Three Months** <br>**Ended** <br>**September 30,** <br>**2024** | **Nine Months** <br>**Ended** <br>**September 30,** <br>**2025** | **Nine Months** <br>**Ended** <br>**September 30,** <br>**2024** |
| Net Sales by product line |  |  |  |  |
| &nbsp;&nbsp;Nojax | $47121 | $57908 | $149301 | $174366 |
| &nbsp;&nbsp;Fibrous | $27309 | $25948 | 80641 | 79958 |
| &nbsp;&nbsp;Large | $1880 | $2432 | 6567 | 7975 |
| &nbsp;&nbsp;Plastic | $11662 | $12474 | 36379 | 37868 |
| &nbsp;&nbsp;Traded Goods | $2546 | $2334 | 6867 | 6355 |
| &nbsp;&nbsp;Other | $643 | $408 | 2874 | 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $91161 | $101504 | $282629 | $307543 |

---

**18.** **SUBSEQUENT EVENTS**

Viskase evaluated its September 30, 2025 condensed consolidated financial statements for subsequent events through December 19, 2025, the date the condensed consolidated financial statements were available to be issued.

*Agreement and Plan of Merger*

On June 20, 2025, the Company entered into an Agreement and Plan of Merger ("Merger Agreement") that was further amended on October 23, 2025 by and between Enzon Pharmaceuticals, Inc. ("Enzon"), and EPSC Acquisition Corp. ("ESPC"). Under the terms of the Merger Agreement, EPSC will merge with and into the Company, with the Company surviving as a wholly owned subsidiary of Enzon, (the "Merger"). Immediately following the Merger, the Company will convert into a limited liability company under Delaware law. Enzon is expected to change its name to Viskase Holdings, and trade on the OTC market.

Additionally, on June 20, 2025, the Company entered into a support agreement ("Support Agreement"). In accordance with the Support Agreement, the owners of Enzon and the Company will exchange their beneficially owned shares of Enzon Series C Preferred Stock for shares of Enzon common stock. Enzon will use commercially reasonable efforts to facilitate the exchange of Enzon Series C Preferred Stock held by non-related ownership parties for shares of Enzon common stock through the Series C Exchange Offer.

Enzon will effectuate a reverse stock split of the outstanding Enzon Common Stock. The determination as to the final ratio of the Reverse Stock Split shall be made by the Company between a certain range and not to exceed the authorized number of shares of Enzon Common Stock. In addition, each share of the Company's common stock issued and outstanding prior to the merger will automatically be converted into the right to receive shares of Enzon Common Stock at a certain exchange ratio. All shares of EPSC common stock will be automatically converted into shares of the surviving company.

The transaction is expected to close in 2026 pending standard closing requirements and regulatory approvals.

&nbsp;&nbsp;&nbsp;&nbsp;**19.** **SUBSEQUENT EVENTS IN CONNECTION WITH REISSUANCE** 

In December 2025 and January 2026, Viskase entered into securities purchase agreements with AEP pursuant to which it issued and sold 43,103,450 shares of its common stock at a purchase price of $0.58 per share, resulting in aggregate cash proceeds of approximately $25.0 million. In connection with the reissuance of these financial statements, the Company has considered whether there are other subsequent events that have occurred since December 19, 2025 and through January 28, 2026 that require recognition or disclosure in the interim financial statements and believes that there are no such events.

[**Table of Contents**](#TOC)

**CONSOLIDATED FINANCIAL STATEMENTS OF VISKASE COMPANIES, INC. AND SUBSIDIARIES**

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#REPORTOFINDEPENDENTREGISTEREDPUBLICACCOU) | F-53 |
| [Consolidated Balance Sheets as of December 31, 2024 and 2023](#CONSOLIDATEDBALANCESHEETS11) | F-54 |
| [Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022](#STATEMENTSOFOPERATIONS11) | F-55 |
| [Consolidated Statements of Comprehensive (Loss) Income for the years ended December 31, 2024, 2023 and 2022](#CONSOLIDATEDSTATEMENTSOFCOMPREHENSIVELOS) | F-56 |
| [Consolidated Statements of Stockholders' Equity for the years ended December 31, 2024, 2023 and 2022](#STOCKHOLDERSEQUITY11) | F-57 |
| [Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022](#CASHFLOWS11) | F-58 |
| [Notes to Consolidated Financial Statements](#NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS_9) | F-59 |

---

[**Table of Contents**](#TOC)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Board of Directors and Stockholders

Viskase Companies, Inc.

**Opinion on the financial statements**

We have audited the accompanying consolidated balance sheets of Viskase Companies, Inc. (a Delaware corporation) and subsidiaries (the "Company") as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive (loss) income, stockholders' equity, and cash flows for each of the three years in the period ended December 31, 2024, and the related notes collectively referred to as the consolidated financial statements. In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Going concern**

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company is dependent on its Senior Credit Facility which reaches maturity in August 2026 and has stated that substantial doubt exists about the Company's ability to continue as a going concern. Management's evaluation of the events and conditions and management's plans regarding these matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Our opinion is not modified with respect to this matter.

**Basis for opinion**

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Critical audit matters**

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.

/s/ GRANT THORNTON LLP

We have served as the Company's auditor since 2003.

Chicago, Illinois

December 19, 2025

[**Table of Contents**](#TOC)

**VISKASE COMPANIES, INC. AND SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS**

**(Amounts in thousands of U.S. dollars, except for number of shares and per share amounts)**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
| ASSETS |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $5704 | $7862 |
| &nbsp;&nbsp;Receivables, net | 74809 | 88950 |
| &nbsp;&nbsp;Inventories | 108968 | 111310 |
| &nbsp;&nbsp;Other current assets | 46204 | 42674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 235685 | 250796 |
| Property, plant and equipment | 438086 | 436372 |
| Less accumulated depreciation | (314351) | (302027) |
| &nbsp;&nbsp;Property, plant and equipment, net | 123735 | 134345 |
| Right of use assets | 19190 | 22309 |
| Other assets, net | 10899 | 15676 |
| Intangible assets | 13381 | 15799 |
| Goodwill | 2820 | 3321 |
| Deferred income taxes | 16011 | 18597 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $421721 | $460843 |
| LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;Short-term debt | $44530 | $21747 |
| &nbsp;&nbsp;Accounts payable | 35496 | 44768 |
| &nbsp;&nbsp;Accrued liabilities | 23167 | 39163 |
| &nbsp;&nbsp;Short-term portion lease liabilities | 4497 | 4777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 107690 | 110455 |
| Long-term debt, net of current maturities | 99064 | 111738 |
| Long-term liabilities |  | 1330 |
| Accrued employee benefits | 25418 | 32256 |
| Deferred income taxes | 2339 | 3021 |
| Long-term lease liabilities | 17220 | 20408 |
| Stockholders' equity: |  |  |
| Common stock, $0.01 par value; 103,995,935 shares issued and 103,190,665 outstanding | 1040 | 1040 |
| Paid in capital | 182343 | 182343 |
| Retained earnings | 53613 | 58973 |
| Less 805,270 treasury shares, at cost | (298) | (298) |
| Accumulated other comprehensive loss | (65386) | (59200) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Viskase stockholders' equity | 171312 | 182858 |
| Deficit attributable to non-controlling interest | (1322) | (1223) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 169990 | 181635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities and Stockholders' Equity | $421721 | $460843 |

---

[**Table of Contents**](#TOC)

**VISKASE COMPANIES, INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(Amounts in thousands of U.S. dollars, except for number of shares and per share amounts)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Year**<br>**Ended**<br>**December 31,**<br>**2024** | **Year**<br>**Ended**<br>**December 31,**<br>**2023** | **Year**<br>**Ended**<br>**December 31,**<br>**2022** |
| NET SALES | $403775 | $445984 | $430834 |
| &nbsp;&nbsp;Cost of sales | 335945 | 352221 | 356701 |
| GROSS MARGIN | 67830 | 93763 | 74133 |
| &nbsp;&nbsp;Selling, general and administrative | 48421 | 52436 | 50283 |
| &nbsp;&nbsp;Amortization of intangibles | 1609 | 1606 | 1576 |
| &nbsp;&nbsp;Asset impairment charge | 448 | 338 | 27 |
| &nbsp;&nbsp;Restructuring expense | 1917 |  |  |
| OPERATING INCOME | 15435 | 39383 | 22247 |
| &nbsp;&nbsp;Interest income |  | 5 |  |
| &nbsp;&nbsp;Interest expense, net | 11032 | 12018 | 8433 |
| &nbsp;&nbsp;Other expense, net | 10532 | 10395 | 4396 |
| (LOSS) INCOME BEFORE INCOME TAXES | (6129) | 16970 | 9423 |
| &nbsp;&nbsp;Income tax (benefit) provision | (670) | 3534 | 7139 |
| NET (LOSS) INCOME | $(5459) | $13436 | $2284 |
| Less: net loss attributable to noncontrolling interests | (99) | (70) | (245) |
| Net (loss) income attributable to Viskase Companies, Inc | $(5360) | $13506 | $2529 |
| WEIGHTED AVERAGE COMMON SHARES – BASIC AND DILUTED | 103190665 | 103190665 | 103190665 |
| PER SHARE AMOUNTS: |  |  |  |
| EARNINGS PER SHARE – BASIC AND DILUTED | $(0.05) | $0.13 | $0.02 |

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**VISKASE COMPANIES, INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME**

**for the years ended December 31, 2024, 2023 and 2022**

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| | | | |
|:---|:---|:---|:---|
|  | **Year**<br>**Ended**<br>**December 31,**<br>**2024** | **Year**<br>**Ended**<br>**December 31,**<br>**2023** | **Year**<br>**Ended**<br>**December 31,**<br>**2022** |
| Net (loss) income | $(5459) | $13436 | $2284 |
| Other comprehensive (loss) income, net of tax |  |  |  |
| &nbsp;&nbsp;Pension liability adjustment | 1155 | 2634 | 11304 |
| &nbsp;&nbsp;Foreign currency translation adjustment | (7341) | 5280 | (4779) |
| Other comprehensive (loss) income, net of tax | (6186) | 7914 | 6525 |
| &nbsp;&nbsp;Comprehensive (loss) income | $(11645) | $21350 | $8809 |
| Less: comprehensive loss attributable to noncontrolling interests | (99) | (70) | (245) |
| Net comprehensive (loss) income attributable to Viskase Companies, Inc | $(11546) | $21420 | $9054 |

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**VISKASE COMPANIES, INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY**

**for the years ended December 31, 2024, 2023 and 2022**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Common**<br>**stock** | <br>**Paid in**<br>**capital** | <br>**Treasury**<br>**stock** | <br>**Retained**<br>**earnings** | **Accumulated other**<br>**comprehensive**<br>**loss** | **Total Viskase**<br>**stockholders'**<br>**equity** | **Non-**<br>**controlling**<br>**Interest** | **Total**<br>**stockholders'**<br>**equity** |
| Balance December 31, 2021 | $1040 | $182343 | $(298) | $42938 | $(73639) | $152384 | $(908) | $151476 |
| Net income (loss) |  |  |  | 2529 |  | 2529 | (245) | 2284 |
| Foreign currency translation adjustment |  |  |  |  | (4779) | (4779) |  | (4779) |
| Pension liability adjustment, net of tax |  |  |  |  | 11304 | 11304 |  | 11304 |
| Balance December 31, 2022 | $1040 | $182343 | $(298) | $45467 | $(67114) | $161438 | $(1153) | $160285 |
| Net income (loss) |  |  |  | $13506 |  | 13506 | (70) | 13436 |
| Foreign currency translation adjustment |  |  |  |  | 5280 | 5280 |  | 5280 |
| Pension liability adjustment, net of tax |  |  |  |  | 2634 | 2634 |  | 2634 |
| Balance December 31, 2023 | $1040 | $182343 | $(298) | $58973 | $(59200) | $182858 | $(1223) | $181635 |
| Net (loss) |  |  |  | (5360) |  | (5360) | (99) | (5459) |
| Foreign currency translation adjustment |  |  |  |  | (7341) | (7341) |  | (7341) |
| Pension liability adjustment, net of tax |  |  |  |  | 1155 | 1155 |  | 1155 |
| Balance December 31, 2024 | $1040 | $182343 | $(298) | $53613 | $(65386) | $171312 | $(1322) | $169990 |
| Balance December 31, 2020 | $1040 | $182343 | $(298) | $46157 | $(78651) | $150591 | $(771) | $149820 |
| Net loss |  |  |  | (3219) |  | (3219) | (137) | (3356) |
| Foreign currency translation adjustment |  |  |  |  | (4902) | (4902) |  | (4902) |
| Pension liability adjustment, net of tax |  |  |  |  | 9914 | 9914 |  | 9914 |
| Balance December 31, 2021 | $1040 | $182343 | $(298) | $42938 | $(73639) | $152384 | $(908) | $151476 |
| Net income (loss) |  |  |  | $2529 |  | 2529 | (245) | 2284 |
| Foreign currency translation adjustment |  |  |  |  | (4779) | (4779) |  | (4779) |
| Pension liability adjustment, net of tax |  |  |  |  | 11304 | 11304 |  | 11304 |
| Balance December 31, 2022 | $1040 | $182343 | $(298) | $45467 | $(67114) | $161438 | $(1153) | $160285 |
| Net income (loss) |  |  |  | 13506 |  | 13506 | (70) | 13436 |
| Foreign currency translation adjustment |  |  |  |  | 5280 | 5280 |  | 5280 |
| Pension liability adjustment, net of tax |  |  |  |  | 2634 | 2634 |  | 2634 |
| Balance December 31, 2023 | $1040 | $182343 | $(298) | $58973 | $(59200) | $182858 | $(1223) | $181635 |

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**VISKASE COMPANIES, INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**for the years ended December 31, 2024, 2023 and 2022**

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| | | | |
|:---|:---|:---|:---|
|  | **Year**<br>**Ended**<br>**December 31,**<br>**2024** | **Year**<br>**Ended**<br>**December 31,**<br>**2023** | **Year**<br>**Ended**<br>**December 31,**<br>**2022** |
| Cash flows from operating activities: |  |  |  |
| &nbsp;&nbsp;Net income (loss) | $(5459) | $13436 | $2284 |
| &nbsp;&nbsp;Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 23678 | 25223 | 27303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing fees | 484 | 464 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 787 | 3241 | (99) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on disposition/impairment of assets | 556 | 449 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bad debt and accounts receivable provision | 198 | 175 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables | 11900 | 598 | (8795) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 366 | (5934) | (13019) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | (5180) | (1104) | 3509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (8016) | 480 | 9109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | (16044) | 6508 | (2186) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued employee benefits | (2896) | (699) | (1636) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 4678 | 748 | (4349) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (1683) | 580 | (2669) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjustments | 8828 | 30729 | 8095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 3369 | 44165 | 10379 |
| Cash flows from investing activities: |  |  |  |
| &nbsp;&nbsp;Capital expenditures | (15279) | (14470) | (22336) |
| &nbsp;&nbsp;Proceeds from disposition of assets |  | 10 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (15279) | (14460) | (22187) |
| Cash flows from financing activities: |  |  |  |
| &nbsp;&nbsp;Deferred financing costs |  | (16) | (294) |
| &nbsp;&nbsp;Proceeds from short-term debt | 21500 | 10101 | 14000 |
| &nbsp;&nbsp;Repayment of short-term debt |  | (30240) |  |
| &nbsp;&nbsp;Repayment of long-term debt | (11250) | (9126) | (7500) |
| &nbsp;&nbsp;Repayment of capital lease |  | (11) | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) provided by financing activities | 10250 | (29292) | 6194 |
| Effect of currency exchange rate changes on cash | (498) | (1334) | 4521 |
| Net decrease in cash and equivalents | (2158) | (921) | (1093) |
| Cash and cash equivalents at beginning of period | 7862 | 8783 | 9876 |
| Cash and cash equivalents at end of period | $5704 | $7862 | $8783 |
| Supplemental cash flow information: |  |  |  |
| &nbsp;&nbsp;Interest paid less capitalized interest | $10342 | $11418 | $7427 |
| &nbsp;&nbsp;Income taxes paid | $2483 | $4060 | $7324 |

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(In Thousands)**

**1.** **Summary of Significant Accounting Policies**

**Nature of Operations**

Viskase Companies, Inc. together with its subsidiaries ("we" or the "Company") is a producer of non-edible cellulosic, fibrous and plastic casings used to prepare and package processed meat products, and provides value-added support services relating to these products, for some of the largest global consumer products companies. We were incorporated in Delaware in 1970. The Company operates nine manufacturing facilities in North America, Europe, South America, and Asia and, as a result, is able to sell its products in nearly one hundred countries throughout the world.

**Going Concern**

The Company's financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate refinancing of its Senior Credit Facility before its maturity in August 2026.

We fully expect the refinancing will be completed after completion of the Merger (See Note 24 — *Subsequent Events*), but before the maturity of Senior Credit Facility. However, there is no assurance that the Company will be able to obtain sufficient additional funds to refinance these maturities occurring within 12 months of the date of the issuance of our financials or that such funds, if available, will be obtainable on terms satisfactory to the Company, and therefore substantial doubt exists about the Company's ability to continue as a going concern.

The consolidated financial statements do not include any adjustments that might result from the Company being unable to continue as a going concern.

**Seasonality**

Historically, our domestic sales and profits have been seasonal in nature, increasing in the spring and summer months. Sales outside of the United States follow a relatively stable pattern throughout the year.

**Basis of Presentation and Principles of Consolidation**

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). The consolidated financial statements include the accounts of the Company, its subsidiaries and variable interest entity ("VIE") for which the Company is the primary beneficiary. All inter-company accounts and transactions have been eliminated in consolidation.

**Noncontrolling Interests**

The Company consolidated its variable interest in a joint venture, VE Netting, LLC, as the Company is identified as the primary beneficiary. Noncontrolling interests reflect the equity ownership held by third parties. These noncontrolling interests are presented as a separate component of equity within the consolidated financial statements, distinct from the Company's stockholders' equity. The portion of net income (loss) attributable to noncontrolling interests is reported in the consolidated statements of operations.

**Use of Estimates in the Preparation of Financial Statements**

The financial statements are prepared in accordance with generally accepted accounting principles ("GAAP") in the United States of America and include the use of estimates and assumptions that affect a number of amounts included in the Company's financial statements, including, among other things, pensions and other postretirement benefits and related disclosures, reserves for excess and obsolete inventory, allowance for credit losses, and income taxes. Management bases its estimates on historical experience and other assumptions that we believe are reasonable. If actual amounts are ultimately different from previous estimates, the revisions are included in the Company's results for the period in which the actual amounts become known. Historically, the aggregate differences,

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if any, between the Company's estimates and actual amounts in any year have not had a significant effect on the Company's consolidated financial statements.

**Cash and Cash Equivalents**

For purposes of the statement of cash flows, the Company considers cash equivalents to consist of all highly liquid debt investments purchased with an initial maturity of approximately three months or less. Due to the short-term nature of these instruments, the carrying values approximate the fair market value. As of December 31, 2024, of the cash held on deposit in the U.S., approximately $518 of the cash balance was in excess of amounts insured by the Federal Deposit Insurance Corporation. The Company performs periodic evaluations of these institutions for relative credit standing and has not experienced any losses as a result of its cash concentration. Consequently, no significant concentrations of credit risk are considered to exist.

**Receivables, Net**

Trade accounts receivable are classified as current assets and are reported net of allowance for credit losses, which includes the evaluation of expected credit losses following the adoption of ASC Topic 326. This estimated allowance is primarily based upon our evaluation of the future expected loss for the asset. The Company estimates this using the financial condition of each customer, each customer's ability to pay and the economic conditions of the country the customer resides in. For all trade accounts receivable, the Company defines "past due" as any payment, that is at least 15 days past the contractual due date. For the year ended December 31, 2024, 2023 and 2022, there have been expected credit losses of $198, $175, and $187, respectively.

**Inventories, Net**

Inventories are valued at the lower of cost or net realizable value. Cost is determined by using the first-in, first-out ("FIFO") basis method. The Company reviews inventory for excess and obsolete inventory and establishes a reserve. As of December 31, 2024 and December 31, 2023, the Company had an inventory reserve of $3,908 and $5,838, respectively.

**Financial Instruments**

The Company routinely enters into fixed price natural gas agreements which require us to purchase a portion of our natural gas each month at fixed prices. These fixed price agreements qualify for the "normal purchases" scope exception under derivative and hedging standards, therefore the natural gas purchases under these contracts were expensed as incurred and included within cost of sales. As of December 31, 2024, future minimum purchases remaining under the agreement are $2,533, all of which is expected to be incurred during the year ended December 31, 2025.

The Company's financial instruments include cash and cash equivalents, accounts receivable and accounts payable. The carrying amounts of these financial assets and liabilities approximate fair value due to the short maturities of these instruments. Management believes the fair value of the Company's revolving loans approximate the carrying value due to credit risk or current market rates, which approximate the effective interest rates on those instruments. The fair value of the Company's term loans is estimated by discounting the future cash flow using the Company's current borrowing rates for similar types and maturities of debt.

**Property, Plant and Equipment, Net**

The Company carries property, plant and equipment at cost, less accumulated depreciation. Property and equipment additions include acquisition of property and equipment including related external direct costs of materials and services and payroll costs for employees directly associated with the project. Upon retirement or other disposition, cost and related accumulated depreciation are removed from the accounts, and any gain or loss is included in results of operations. Depreciation is computed on the straight-line method over the estimated useful lives of the assets ranging from (i) land improvements — 30 years (ii) building and improvements — 10 to 32 years, (iii) machinery and equipment — 4 to 12 years, (iv) furniture and fixtures — 3 to 12 years, (v) leasehold improvements — shorter of lease term or useful life.

In the ordinary course of business, we lease certain equipment, consisting mainly of autos, and certain real property. Real property consists of manufacturing, distribution and office facilities.

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**Intangible Assets and Goodwill**

The Company has recognized definite lived intangible assets for customer relationships, technologies, patents and trademarks, and in-place leases. The intangible assets are amortized on the straight-line method over an estimated weighted average useful life of 20 years for customer relationships, 13 years for technologies, 12 years for patents and trademarks, and 14 years for in-place leases. See accounting policy *Impairment of Long-Lived Assets* regarding testing intangible assets for impairment.

The Company has recognized goodwill for the excess of purchase consideration over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. Goodwill is not amortized and is evaluated for impairment annually or more frequently if events or changes in circumstances indicate that an impairment may have occurred at the reporting unit level. The Company has identified five reporting units for goodwill: United States, Mexico, South America, EMEA and Asia.

The Company conducts its annual goodwill impairment test by either performing a qualitative assessment to determine if it is more likely than not that the fair value of the reporting unit exceeds its carrying amount or proceeding directly to a quantitative evaluation. The qualitative assessment considers factors such as macroeconomic conditions, industry and market considerations, entity-wide financial performance, cost factors, entity-specific events or events affecting a specific reporting unit. If the qualitative analysis indicates that it is more likely than not that the fair value of the reporting unit is below the carrying amount, a quantitative goodwill assessment is required. The Company would use a discounted cash flow model to determine the fair value of the reporting unit and compare it to the reporting units carrying amount. If the fair value is greater than the carrying value, then the goodwill is deemed not to be impaired, and no further action is required. If the fair value is less than the carrying value, goodwill is considered impaired and a charge is reported as impairment of goodwill in the consolidated statements of operations. During the year ended December 31, 2024, the Company implemented a restructuring plan (see Note 22 — *Restructuring*) which resulted in a goodwill impairment loss of $330 related to the EMEA reporting unit. See Note 12 *Goodwill and Intangible Assets, Net*. There were no impairment losses for the year ended December 31, 2023 or 2022, respectively.

**Impairment of Long-Lived Assets**

The Company has long-lived assets including property, plant and equipment and intangible assets. Long-lived assets to be held and used are tested for recoverability whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. Impairments are recognized when the expected undiscounted future operating cash flows derived from long-lived assets are less than their carrying value. If impairment is identified, the loss is based on the excess of the carrying value of the impaired asset group over its fair value, determined based on discounted cash flows. During the year ended December 31, 2024, the Company implemented a restructuring plan (see Note 22 — *Restructuring*) which resulted in asset write-offs of $41 in the EMEA asset group. Separately, the U.S. asset group recognized write-offs of $77, $338 and $27, in the years ended December 31, 2024, 2023, and 2022, respectively, related to assets removed from service. These write-offs are recorded as loss on disposal of property, plant and equipment in the consolidated statement of operations for the years ended December 31, 2024, 2023 and 2022.

**Leases**

The Company accounts for leases under FASB ASC Topic 842, Leases, which has resulted in the company reporting a right of use ("ROU") asset and lease liability related to operating leases reported on our balance sheet. Financing leases under current U.S. GAAP are classified and accounted for in substantially the same manner as capital leases under prior U.S. GAAP and therefore, we do not distinguish between financing leases and capital leases unless the context requires. The determination of whether an arrangement is or contains a lease occurs at inception. We have elected the practical expedient to include both the lease component and the non-lease component as a single component when accounting for each lease and calculating the resulting lease liability and ROU asset. The following is our accounting policy for leases in which we are the lessee.

A lease is classified as a finance lease if any one of the following criteria are met: (1) the lease transfers ownership of the asset by the end of the lease term, (2) the lease contains an option to purchase the asset that is reasonably certain to be exercised, (3) the lease term is for a major part of the remaining useful life of the asset, (4) the present value of the lease payments equals or exceeds substantially all of the fair value of the asset, or (5) the underlying asset is expected to have no alternative use to the lessor at the end of the lease term. All other leases are recorded as operating leases. For leases with an initial lease term in excess of twelve months, we record a ROU asset with a corresponding lease liability in our balance sheet. We have elected the practical expedient for all leases less

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than 12 months to not record a ROU asset or corresponding lease liability. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at commencement of the lease based on the present value of lease payments over the lease term. ROU assets are adjusted for any lease payments made on or before commencement of the lease, less any lease incentives received.

The lease liability represents future lease payments for lease and non-lease components discounted for present value. Lease payments that may be included in the lease liability include fixed payments, variable lease payments that are based on an index or rate and payments for penalties for terminating the lease if the lessee is reasonably certain to utilize a termination option, among others. Certain of our leases contain rent escalation clauses that are specifically stated in the lease and these are included in the calculation of the lease liability. Variable lease payments for lease and non-lease components which are not based on an index or rate are excluded from the calculation of the lease liability and are recognized in the statement of operations during the period incurred.

We utilize discount rates to determine the net present value of our gross lease obligations when calculating the lease liability and related ROU asset. In cases in which the rate implicit in the lease is readily determinable, we utilize that discount rate for purposes of the net present value calculation. In most cases, our lease agreements do not have a discount rate that is readily determinable and therefore we utilize an estimate of our incremental borrowing rate. Our incremental borrowing rate is determined at lease commencement or lease modification and represents the rate of interest we would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. For adoption of the new standard, the rate was determined at the adoption date.

The lease term is determined by taking into account the initial period as stated in the lease contract and adjusted for any renewal options that the company is reasonably certain to exercise as well as any period of time that the lessee has control of the space before the stated initial term of the lease. If we determine that we are reasonably certain to exercise a termination option, the lease term is then adjusted to account for the expected termination date.

Operating lease expense is recorded as a single expense recognized on a straight-line basis over the lease term. Financing lease expense consists of interest expense on the financing lease liability and amortization of the ROU financing lease asset on a straight-line basis over the lease term.

**Debt and Debt Issuance Costs**

The Company accounts for debt in accordance with ASC 470, Debt (ASC 470). Issuance costs for term debt are presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability. These costs are amortized over the term of the related debt using the interest method under ASC 835-30. The effective interest rate for variable rate debt is determined in accordance with ASC 310-20-35, in which the Company's policy is to use the variable rate at inception of the debt in the determination of the constant effective yield.

The Company has incurred creditor and third-party fees ("Debt Issuance Costs") associated with its term debt arrangements. These Debt Issuance Costs are recognized as a direct reduction of the carrying value of the debt on the consolidated balance sheets. Debt Issuance Costs are amortized over the duration of the debt using the effective interest method. The amortization of Debt Issuance Costs is included in interest expense within the consolidated statements of operations.

**Pensions and Other Postretirement Benefits**

The Company uses appropriate actuarial methods and assumptions in accounting for its defined benefit pension plans and non-pension postretirement benefits.

Actual results that differ from assumptions used are accumulated and amortized over future periods and, accordingly, generally affect recognized expense and the recorded obligation in future periods. Therefore, assumptions used to calculate benefit obligations as of the end of a fiscal year directly impact the expense to be recognized in future periods. The primary assumptions affecting the Company's accounting for employee benefits as of December 31, 2024 and 2023 are as follows:

● Long-term rate of return on plan assets: The required use of the expected long-term rate of return on plan assets may result in recognized returns that are greater or less than the actual returns on those plan assets in any given year. Over time, however, the expected long-term rate of return on plan assets is designed to approximate actual earned long-term returns. The Company uses long-term historical actual return information, the mix of investments that comprise plan assets, and future

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estimates of long-term investment returns by reference to external sources to develop an assumption of the expected long-term rate of return on plan assets. The expected long-term rate of return is used to calculate net periodic pension cost. In determining its pension obligations, the Company is using a long-term rate of return on U.S. plan assets of 6.00% for December 31, 2024. The Company is using a long-term rate of return on French plan assets of 2.60% for 2024. Company is using a long-term rate of return on U.S. plan assets of 6.00% for December 31, 2023. The Company is using a long-term rate of return on French plan assets of 2.60% for 2023. The German pension plan has no assets.

● Discount rate: The discount rate is used to calculate future pension and postretirement obligations. The Company is using a Mercer Bond yield curve in determining its pension obligations. The Company is using a discount rate of 5.70% for December 31, 2024. The Company is using a weighted average discount rate of 3.49% on its non-U.S. pension plans for December 31, 2024. The Company is using a discount rate of 5.48% for December 31, 2023. The Company is using a weighted average discount rate of 3.40% on its non-U.S. pension plans for December 31, 2023.

**Income Taxes**

We account for income taxes in accordance with ASC 740, *Income Taxes* (ASC 740). Deferred tax assets and liabilities are measured using enacted tax laws and tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities due to a change in tax rates is recognized in income in the period that includes the enactment date. In addition, the amounts of any future tax benefits are reduced by a valuation allowance to the extent such benefits are not expected to be realized on a more likely than not basis.

A two-step approach is applied pursuant to ASC 740 in the recognition and measurement of uncertain tax positions taken or expected to be taken in a tax return. The first step is to determine if the weight of available evidence indicates that it is more likely than not that the tax position will be sustained in an audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. We recognize interest and penalties related to uncertain tax positions in our provision for income taxes line of our consolidated statements of operations.

**Restructuring**

Restructuring charges are incurred for programs in which the Company changes its operations, the scope of a business undertaken by its business units, or the manner in which that business is conducted. Such restructuring charges may include employee severance, retention bonuses, facility closure or consolidation costs, lease or contract termination costs, and other related expenses. The restructuring programs may be implemented due to the sale or discontinuation of a product line, reorganization or management structure changes, headcount rationalization, realignment of operations or products, and/or company-wide cost saving initiatives. The amount and/or frequency of these restructuring charges are not part of the Company's underlying business. Employee severance costs are generally recognized when payments are probable and amounts are reasonably estimable. Costs related to contracts without future benefit or contract termination are recognized at fair value at the earlier of the contract termination or the cease-use dates. Other exit-related costs are expensed as incurred. See Note 22 — *Restructuring* for additional details.

**Variable Interest Entity**

The Company holds a variable interest in VE Netting, LLC. The joint venture is a manufacturing, marketing and selling company of high-quality netting solutions for the meat and poultry industry. VE Netting, LLC is a Delaware limited liability company with its principal place of business in Lombard, IL. The netting product is manufactured under agreement by Viskase's affiliate located in Monterrey, Mexico. VE Netting, LLC was determined to be a variable interest entity (VIE) in accordance with ASC Topic 810, *Consolidations*, for which the Company is the primary beneficiary, as the Company has the power to direct activities that most significantly impact the economic performance and has the right to receive benefits and losses that may potentially be significant. As the primary beneficiary of the VIE, the VIEs' assets, liabilities, and results of operations are included in the Company's consolidated financial statements as of, and for the period ended, December 31, 2024 and December 31, 2023. The other equity holders' interests are reflected in "Net loss attributable to noncontrolling interests" in the Consolidated Statements of Operations and "Noncontrolling interests" in the Consolidated Balance Sheets. See Note 20 — *Variable Interest Entity* for standalone financial information.

[**Table of Contents**](#TOC)

**Other Comprehensive Income (Loss)**

Other comprehensive income (loss) includes all other non-stockholder changes in equity. Changes in other comprehensive income (loss) in 2024, 2023 and 2022 resulted from changes in foreign currency translation and pension liability.

Accumulated other comprehensive income (loss) consists of cumulative changes in foreign currency translation and pension liability.

**Revenue Recognition**

The Company's revenues are comprised of product sales to customers, including distributors and end users. The Company's performance obligation is defined as the promise to deliver the specified products in a purchase order. Revenue is recognized at the point in time in which the customer obtains control of the product, which is generally when product title passes to the customer according to the shipping terms dictated in the contract. In most contracts, title transfers upon shipment of the product; however, in some cases, title does not transfer until the customer has received the products at their specified location.

Revenue is recorded at the transaction price, which is the amount of consideration the Company expects to receive in exchange for providing its products to customers.

The transaction price may be adjusted for estimates of known or expected variable consideration, including consumer incentives, trade promotions, and rebate programs. The Company estimates the amount of variable consideration that will be realized and records the estimate as a reduction to the transaction price. These estimates are based on historical experience, anticipated performance and the Company's best judgment at the time. In determining whether an estimate of variable consideration is constrained, we consider the likelihood and magnitude of a potential revenue reversal. The Company's provision for variable consideration is recorded at contract inception and reviewed and updated regularly as new information arises throughout the contract term. Any adjustments due to resolved uncertainties or new information are recognized in the period in which the adjustment is identified.

Sales, value add, and other taxes collected from customers and remitted to governmental authorities are excluded from the transaction price, while shipping and handling fees reimbursed by the customer are included in the transaction price and recorded on a gross basis on the income statement. The Company generally does not offer warranties or a right to return on the products it sells except in the instance of a product defect or mis-ship.

Payment terms vary by customer; however, the time between invoicing and payment is not significant. None of the Company's customer contracts as of December 31, 2024 and 2023 contain a significant financing component.

**Shipping and Handling**

The Company periodically bills customers for shipping charges. These amounts are included in net sales, with the associated costs included in cost of sales.

**Repairs and Maintenance**

Routine repairs and maintenance are charged to operations as incurred. Improvements and major repairs, which extend the useful life of an asset, are capitalized and depreciated.

**Foreign Currency**

We transact business in various foreign currencies. In general, the functional currency of a foreign operation is the local country's currency. Consequently, revenues and expenses of operations outside the U.S. are translated into U.S. Dollars using average exchange rates while assets and liabilities of operations outside the U.S. are translated into U.S. Dollars using exchange rates at the balance sheet dates. The effects of foreign currency translation adjustments are included in stockholders' equity as a component of AOCL in the accompanying consolidated balance sheets and related periodic movements are summarized as a line item in our consolidated statements of comprehensive income (loss). Net foreign exchange transaction losses (gains) included in other expenses, net in the accompanying consolidated statements of operations were $8,648, ($905) and $3,431 for the years ended December 31, 2024, 2023 and 2022, respectively.

[**Table of Contents**](#TOC)

**Net Income (Loss) Per Share**

The Company calculated basic loss per share by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period increased to include, if dilutive, the number of additional common shares that would have been outstanding if the potential common shares had been issued.

The Company has no potentially dilutive securities for each period presented. Accordingly, basic and diluted net loss per share attributable to common stockholders are the same.

**Segments**

Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker in making decisions regarding resource allocation and assessing performance. To date, the Company's chief operating decision maker makes such decisions and assesses performance at the geographic region level, including North America, South America, EMEA, and Asia which are the Company's four reportable segments under ASC 280. See Note 16, *Business Segment Information and Geographic Area Information* for further information.

**Recently Adopted Accounting Pronouncements**

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures, which includes requirements for more robust disclosures of significant segment expenses and measures of a segment's profit and loss used in assessing performance. This standard is effective for the Company's annual period beginning January 1, 2024 and interim periods beginning January 1, 2025 with early adoptions permitted. The Company adopted this accounting standard as of January 1, 2024. See Note 16, *Business Segment Information and Geographic Area Information* for the Company's segments disclosures. Our adoption did not result in a material impact to our consolidated financial statements and disclosures.

**Recently Issued Accounting Pronouncements Not Yet Adopted**

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures, which requires enhanced income tax disclosures that reflect how operations and related tax risks, as well as how tax planning and operational opportunities, affect the tax rate and prospects for future cash flows. This standard is effective for the Company beginning January 1, 2025 with early adoption permitted. The ASU should be applied on a prospective basis but retrospective application is permitted. The adoption of this guidance will modify disclosures in the Company's consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40), which requires disclosure of specific information about costs and expenses within relevant expense captions on the face of the income statement, qualitative descriptions for expense captions not specifically disaggregated quantitatively, and the total amount and definition of selling expenses for interim and annual reporting periods. This standard is effective for the Company's annual reporting period beginning January 1, 2027 and interim reporting periods beginning January 1, 2028 and should be applied on a retrospective or prospective basis, with early adoption permitted. We are currently assessing the impact of adopting this standard on our consolidated financial statements.

**2.** **Cash and Cash Equivalents**

Cash and cash equivalents consist of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
| Cash and cash equivalents | $5704 | $7862 |

---

As of December 31, 2024, and December 31, 2023, cash held in foreign banks was $5,069 and $7,218, respectively.

As of December 31, 2024, and December 31, 2023, letters of credit for $685 and $735, respectively were outstanding under our New Senior Credit Facility.

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**3.** **Receivables, Net**

Receivables net, consist of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** | **December 31, 2022** |
| Accounts receivable, gross | $77466 | $91858 | $91431 |
| Less allowance for credit losses | (2657) | (2908) | (3847) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables, net | $74809 | $88950 | $87584 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** | **December 31, 2022** |
| Beginning balance | $2908 | $3847 | $3404 |
| &nbsp;&nbsp;Provision (recoveries) | 198 | (132) | 187 |
| &nbsp;&nbsp;Write-offs | (454) |  | 373 |
| &nbsp;&nbsp;Other and translation | 5 | (807) | (117) |
| Ending balance | $2657 | $2908 | $3847 |

---

**4.** **Inventories, Net**

Inventories net, consists of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
| Raw materials | $29991 | $35573 |
| Work in process | 42940 | 51872 |
| Finished products | 36037 | 23865 |
| &nbsp;&nbsp;Total inventories, net | $108968 | $111310 |

---

**5.** **Property, Plant and Equipment, net**

Depreciation expense associated with property, plant and equipment was $22,443, $23,617 and $25,727 for the years ended December 31, 2024, 2023 and 2022, respectively.

Property, plant and equipment, net, consists of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
| Land and improvements | $1848 | $1939 |
| Buildings and improvements | 52847 | 53613 |
| Machinery, equipment and leasehold | 345730 | 344647 |
| Furniture and fixtures | 25931 | 27664 |
| Construction in progress | 11730 | 8509 |
| &nbsp;&nbsp;Total property plant and equipment | $438086 | $436372 |

---

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
| Land and improvements | $520 | $496 |
| Buildings and improvements | 27419 | 26790 |
| Machinery, equipment and leasehold | 272077 | 260232 |
| Furniture and fixtures | 14335 | 14509 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total accumulated depreciation | $314351 | $302027 |

---

Loss on disposal of property, plant and equipment relating to assets removed from service prior to the end of their useful lives of $77, $338 and $27 for the years ended December 31, 2024, 2023 and 2022, respectively and an additional loss on disposal of property, plant and equipment of $41 for the year ended December 31, 2024 related to the plant closure in Poland was recorded in the Company's consolidated statement of operations. For additional information on the plant closure see Note 22 — *Restructuring*.

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**6.** **Balance Sheet Details**

**Other current assets**

Other current assets consist of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
| Prepaid expenses | $14988 | $14582 |
| Supplies | 23971 | 23100 |
| Other | 7245 | 4992 |
| &nbsp;&nbsp;Total other current assets | $46204 | $42674 |

---

**Other assets**

Other assets consist of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
| Other taxes receivable | $10295 | $15048 |
| Other | 604 | 628 |
| &nbsp;&nbsp;Total other assets | $10899 | $15676 |

---

**Accrued Liabilities**

Accrued liabilities consist of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
| Compensation and employee benefits | $8559 | $15919 |
| Taxes payable | 8877 | 17171 |
| Accrued volume and sales rebates | 1929 | 2409 |
| Other | 3802 | 3664 |
| &nbsp;&nbsp;Total accrued liabilities | $23167 | $39163 |

---

**7.** **Debt Obligations**

Debt obligations consist of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
| Short-term debt:  |  |  |
| &nbsp;&nbsp;Senior credit facility | $34625 | $11250 |
| &nbsp;&nbsp;Europe Line of Credit | 9905 | 10497 |
| &nbsp;&nbsp;Less: short-term deferred financing costs | (217) | (76) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total short-term debt | 44313 | 21671 |
| Long-term debt: |  |  |
| &nbsp;&nbsp;Senior credit facility | $99375 | $112500 |
| &nbsp;&nbsp;Other | 529 | 562 |
| &nbsp;&nbsp;Less: long-term deferred financing costs | (623) | (1248) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total long-term debt, net | 99281 | 111814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total debt | $143594 | $133485 |

---

[**Table of Contents**](#TOC)

**Senior Credit Facility**

On October 9, 2020, the Company and certain of its subsidiaries, entered into a certain Credit Agreement (the "Credit Agreement") with the various lenders named therein and Bank of America, N.A., as administrative agent for the lenders (the "Administrative Agent"), providing for a $150,000 term loan (the "Term Loan") and a $30,000 revolving credit facility (the "Revolving Credit Facility" and together with the Term Loan, the "Senior Credit Facility") as amended by the First Amendment to Credit Agreement dated as of August 13, 2021, the Second Amendment to Credit Agreement dated as of August 10, 2022 and as further amended by the Limited Waiver and Third Amendment to Credit Agreement dated as of February 14, 2025 (the "Third Amendment") as described below.

The Second Amendment to the Senior Credit Facility increased the commitment of the New Revolving Credit Facility to $37,000 and transitioned Term Loans on September 30, 2022 and Revolving Loans on August 30, 2022 from LIBOR Loans to SOFR Loans. Amended terms of the facility are stated below.

The Third Amendment includes a waiver on ants for the year ended December 31, 2024, and a relief period for year 2025 (the "Covenant Relief Period"). During the Covenant Relief period, the consolidated leverage ratio will be increased to 4.00X through December 31, 2025. The consolidated fixed charge coverage ratio will be modified to include only maintenance capital expenditures and a year-to-date build basis for quarter end calculation. On December 31, 2025, the consolidated fixed charge coverage ratio will return to an LTM basis. During the Covenant Relief Period, restricted payments, permitted acquisitions and other investments as defined by the Credit Agreement are not allowed and the accordion feature of the credit facility, which allowed for an increase in borrowings under the facility has been suspended.

The interest rates per annum applicable to the Amended Senior Credit Facility (other than in respect of Swingline Loans) will be SOFR, but in any event, not less than 0.00%, plus the Applicable Rate (as defined below), or, for U.S. dollar denominated loans only, made to the Company at the option of the Company, the Base Rate, defined as the highest of: (a) the Federal Funds Rate plus one-half percent (0.50%); (b) the Bank of America prime rate; and (c) the one (1) month SOFR (adjusted daily) plus one percent (1.00%), but in any case not less than 1.00%, plus the Applicable Rate. Applicable Rate means, with respect to the Amended Senior Credit Facility, a percentage per annum to be determined in accordance with the applicable pricing grid set forth in the Amended Senior Credit Facility based upon the Company's Consolidated Coverage Ratio as reflected in a quarterly Compliance Certificate. Each Swingline Loan shall bear interest at the Base Rate plus the Applicable Rate for Base Rate loans under the New Revolving Credit Facility. As of December 31, 2024, our current interest rate is 6.94%. The effective interest rate of the Term Loan as of December 31, 2024 is 4.1%, which is determined in accordance with ASC 310-20-35, based on the variable rate in effect at inception of the instrument.

The Amended Senior Credit Facility requires the Company to repay principal of the New Term Loan at the rate of 5% of the original principal balance during each of the first two years, 7.5% during the third and fourth years and 10% of the original principal balance during the fifth year. The maturity date on the Amended Senior Credit Facility is August 13, 2026.

The Company may prepay the Amended Senior Credit Facility, in whole or in part, at any time without premium or penalty, subject to reimbursement of the Lenders' breakage and redeployment costs in the case of prepayment of SOFR borrowings and foreign currency borrowings bearing interest at a rate other than SOFR. Each such prepayment of the New Term Facility shall be applied as directed by the Company. The unutilized portion of the commitments under the Amended Senior Credit Facility may be irrevocably reduced or terminated by the Company at any time without penalty.

The Amended Senior Credit Facility is guaranteed by each existing and future direct and indirect wholly owned material domestic Restricted Subsidiary and foreign Restricted Subsidiary of the Company (other than any Brazilian subsidiary). The Amended Senior Credit Facility is secured by substantially all assets of the Company and its material domestic Restricted Subsidiaries, with the exception of real property.

The Amended Senior Credit Facility contains various covenants which restrict the Company's ability to, among other things, incur indebtedness, create liens on our assets, make investments, enter into merger, consolidation or acquisition transactions, dispose of assets (other than in the ordinary course of business), make certain restricted payments, enter into sale and leaseback transactions and transactions with affiliates, in each case subject to permitted exceptions. The Amended Senior Credit Facility also requires that we comply with certain financial covenants, including meeting a consolidated leverage ratio and consolidated fixed charge coverage ratio.

[**Table of Contents**](#TOC)

The Company was not in compliance with the consolidated leverage ratio and consolidated fixed charge coverage ratio for the period ending December 31, 2024. The noncompliance constituted an event of default that, absent a waiver, could have resulted in the debt becoming callable by the lender and reclassified as a current liability in accordance with ASC 470-10-45. Subsequent to the balance sheet date in February 2025, but prior to the issuance of the financial statements, the Company entered into the Third Amendment to Credit Agreement. Among other provisions, the amendment included a waiver of the covenant violations existing as of December 31, 2024. The Company believes it is reasonably possible that it will comply with the covenants at measurement dates within the next twelve months. As such, the Company has classified the related debt as long-term based on the contractual installments as of December 31, 2024, in accordance with ASC 470-10-45-11.

During the year ended December 31, 2024, the Company borrowed an additional $21,500 under the terms of the Senior Credit Facility. During the years ended December 31, 2024 and 2023, the company had repayments of $11,250 and $39,376, respectively. The Company recognized $9,752 and $10,984 of interest expense and $484 and $464 of deferred financing fee amortization for the years ended December 31, 2024 and 2023 respectively. Interest expense and deferred financing fee amortization are included within interest expense, net in the consolidated statement of operations.

**Foreign Lines of Credit**

In its foreign operations, the Company has unsecured lines of credit with various banks providing approximately $12,000 of availability. There were borrowings of $9,905 under the lines of credit at December 31, 2024 and borrowings of $10,497 under the lines of credit at December 31, 2023. As of December 31, 2024, our current interest rate is 4.81%. As of December, 31, 2024, all borrowings under the Foreign Lines of Credit were due within 12 months and presented within short-term debt on the consolidated balance sheets. For the years ended December 31, 2024 and 2023, the Company incurred $590 and $407 of interest expense, respectively. The line of credit is an uncommitted facility that can be terminated at any time with payment on demand.

**Debt Maturity**

The aggregate maturities of debt <sup>(1)</sup> for each of the next five years are:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2026** | **2027** | **2028** | **2029** | **Thereafter** |
| Term Loan | $13125 | $99375 | $0 | $0 | $0 | $0 |
| Revolving Credit Facility | 21500 |  |  |  |  |  |
| Foreign Line of Credit and Other | 9905 | 529 |  |  |  |  |
| &nbsp;&nbsp;Total maturities | $44530 | $99904 | $0 | $0 | $0 | $0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The aggregate maturities of debt represent amounts to be paid at maturity and not the current carrying value of the debt .

**8.** **Leases**

We have operating leases primarily for real estate, equipment, and vehicles. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The remaining lease terms for our leases range from 1 month to 14 years. These leases often include options to extend the term of the lease which may be for periods of up to 10 years. When it is reasonably certain that the option will be exercised, the impact of the renewal term is included in the lease term for purposes of determining total future lease payments and measuring the ROU asset and lease liability. We apply the short-term lease policy election, which allows us to exclude from recognition leases with an original term of 12 months or less.

ROU assets and lease liabilities are as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
| Operating Leases: |  |  |
| &nbsp;&nbsp;ROU assets | $19190 | $22309 |
| &nbsp;&nbsp;Lease liabilities | $21717 | $25185 |

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The following is an analysis of leased property under financing leases by major classes as of December 31, 2024 and December 31, 2023:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
| Building and improvements | $453 | $453 |
| Machinery and equipment | 3599 | 3535 |
| Less: Accumulated depreciation | (4052) | (3988) |
|  | $0 | $0 |

---

Additional information with respect to our operating and finance leases as of December 31, 2024 is presented below.

---

| | |
|:---|:---|
|  | **Operating** |
| Weighted average remaining lease term (years) | 8.49 |
| Weighted average discount rate | 7.42% |

---

Lease expense consists of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** | **December 31, 2022** |
| Operating lease rent expense | $4591 | $5255 | $5182 |
| Financing Leases: |  |  |  |
| &nbsp;&nbsp;Amortization of ROU assets |  | 10 | 20 |
| &nbsp;&nbsp;Interest expense on lease liabilities |  |  | 3 |
|  | $0 | $10 | $23 |

---

Cash flow information related to leases is as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
| Cash Paid For Amounts Included in the Measurement of Lease Liabilities: |  |  |
| &nbsp;&nbsp;Cash used in operating activities (operating leases) | $4564 | $5164 |
| &nbsp;&nbsp;Cash used in operating activities (financing leases) |  | 12 |
| Supplemental Cash Flow Information: |  |  |
| &nbsp;&nbsp;ROU assets obtained in exchange for lease obligations (operating leases) | $239 | $114 |

---

Maturities of operating lease liabilities as of December 31, 2024 are as follows:

---

| | |
|:---|:---|
| **Year** | **Operating Leases** |
| 2025 | $4497 |
| 2026 | 3928 |
| 2027 | 3714 |
| 2028 | 3666 |
| 2029 | 2579 |
| Thereafter | 11476 |
| &nbsp;&nbsp;Total lease payments | 29860 |
| &nbsp;&nbsp;Less: discounted interest | (8143) |
|  | $21717 |

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**9.** **Retirement Plans**

The Company has contributed $3,099 and $2,235 to pension benefits in the U.S. during the years ended December 31, 2024 and December 31, 2023, respectively.

The Company and its subsidiaries have defined contribution and defined benefit plans varying by country and subsidiary.

The Company's operations in the United States, France, and Germany historically offered defined benefit retirement plans ("Plan") to their employees. Most of these benefits have been terminated, resulting in various reductions in liabilities and curtailment gains.

Included in accumulated other comprehensive loss, net of tax is $(20,935) as of December 31, 2024. The following amounts not yet recognized in net periodic benefit cost:

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| | | |
|:---|:---|:---|
|  | **U.S. Pension Benefits** | **Non U.S. Pension Benefits** |
| Net actuarial (loss) gain  | $(10410) | $1741 |
| Prior service credit  | 1 | 19 |

---

Amounts included in other comprehensive income (loss) expected to be recognized as a component of net periodic benefit cost for the year ending December 31, 2025 are:

---

| | | |
|:---|:---|:---|
|  | **U.S. Pension Benefits** | **Non U.S. Pension Benefits** |
| Net actuarial (loss) gain  | $(88) | $82 |

---

The measurement date for all defined benefit plans is December 31. The year-end status of the plans is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Pension Benefits** | **U.S. Pension Benefits** | **Non U.S. Pension Benefits** | **Non U.S. Pension Benefits** |
|  | **2024** | **2023** | **2024** | **2023** |
| Change in benefit obligation: |  |  |  |  |
| &nbsp;&nbsp;Projected benefit obligation at beginning of year | $95385 | $97738 | $20578 | $17761 |
| &nbsp;&nbsp;Service cost |  |  | 296 | 297 |
| &nbsp;&nbsp;Interest cost | 4988 | 5185 | 644 | 737 |
| &nbsp;&nbsp;Plan amendments |  |  |  | (133) |
| &nbsp;&nbsp;Actuarial (gain) loss | (3124) | (487) | (98) | 1962 |
| &nbsp;&nbsp;Benefits paid | (7563) | (7051) | (942) | (686) |
| &nbsp;&nbsp;Currency translation |  |  | (1230) | 640 |
| Estimated benefit obligation at end of year | $89686 | $95385 | $19248 | $20578 |
| Change in plan assets: |  |  |  |  |
| &nbsp;&nbsp;Fair value of plan assets at beginning of year | $87538 | $82693 | $1227 | $1367 |
| &nbsp;&nbsp;Actual return on plan assets | 4202 | 9661 | 39 | 33 |
| &nbsp;&nbsp;Employer contribution | 3099 | 2236 | 609 | 617 |
| &nbsp;&nbsp;Plan settlements |  |  |  | (154) |
| &nbsp;&nbsp;Benefits paid | (7563) | (7052) | (942) | (686) |
| &nbsp;&nbsp;Currency translation |  |  | (75) | 50 |
| Fair value of plan assets at end of year | $87276 | $87538 | $858 | $1227 |
| Unfunded status of the plan | $(2410) | $(7847) | $(18390) | $(19351) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Pension Benefits** | **U.S. Pension Benefits** | **Non U.S. Pension Benefits** | **Non U.S. Pension Benefits** |
|  | **2024** | **2023** | **2024** | **2023** |
| Amounts recognized in statement of financial position: |  |  |  |  |
| &nbsp;&nbsp;Current liabilities | $(73) | $(73) | $(70) | $(798) |
| &nbsp;&nbsp;Noncurrent liabilities | (2337) | (7774) | (18319) | (18553) |
| Net amount recognized | $(2410) | $(7847) | $(18389) | $(19351) |

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The funded status of these pension plans as a percentage of the projected benefit obligation was 81% in 2024 compared to 77% in 2023. The actuarial gain for 2024 was mainly due to the discount rate on U.S. pension benefits and changes in demographics on the foreign plans.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Pension Benefits** | **U.S. Pension Benefits** | **Non U.S. Pension Benefits** | **Non U.S. Pension Benefits** |
|  | **2024** | **2023** | **2024** | **2023** |
| Projected benefit obligation | $89686 | $95385 | $19248 | $20578 |
| Fair value of plan assets | $87276 | $87538 | $858 | $1227 |

---

Information for defined benefit plans with accumulated benefit obligations in excess of plan assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Pension Benefits** | **U.S. Pension Benefits** | **Non U.S. Pension Benefits** | **Non U.S. Pension Benefits** |
|  | **2024** | **2023** | **2024** | **2023** |
| Accumulated benefit obligation | $89686 | $95385 | $19248 | $20578 |
| Fair value of plan assets | $87276 | $87538 | $858 | $1227 |

---

In connection with our adoption of FASB issued ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, the components of net periodic benefit cost other than the service cost component are included in the line item other expense in the income statement.

Components of net periodic benefit cost for the years ended December 31:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Pension Benefits** | **U.S. Pension Benefits** | **U.S. Pension Benefits** | **Non U.S. Pension Benefits** | **Non U.S. Pension Benefits** | **Non U.S. Pension Benefits** |
|  | **2024** | **2023** | **2022** | **2024** | **2023** | **2022** |
| Component of net period benefit cost |  |  |  |  |  |  |
| &nbsp;&nbsp;Service cost | $— | $— | $— | $308 | $296 | $412 |
| &nbsp;&nbsp;Interest cost | 4988 | 5185 | 3655 | 672 | 725 | 298 |
| &nbsp;&nbsp;Expected return on plan assets | (5086) | (4774) | (5029) | (31) | (36) | (35) |
| &nbsp;&nbsp;Amortization of prior service cost |  |  |  | 3 | 10 | 10 |
| &nbsp;&nbsp;Amortization of actuarial loss | 185 | 474 | 752 | (52) | (326) | 47 |
|  | $87 | $885 | $(622) | $900 | $669 | $732 |

---

Weighted average assumptions used to determine the benefit obligation and net periodic benefit cost as of December 31:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Pension Benefits** | **U.S. Pension Benefits** | **Non U.S. Pension Benefits** | **Non U.S. Pension Benefits** |
|  | **2024** | **2023** | **2024** | **2023** |
| Discount rate | 5.70% | 5.48% | 3.49% | 3.40% |
| Expected return on plan assets | 6.00% | 6.00% | 2.60% | 2.60% |
| Rate of compensation increase | N/A | N/A | 3.28% | 3.30% |

---

The Company evaluates its discount rate assumption annually as of December 31 for each of its retirement-related benefit plans. The Company is using a Mercer bond model for determining its U.S. pension benefits.

The Company's expected return on plan assets is evaluated annually based upon a study which includes a review of anticipated future long-term performance of individual asset classes, and consideration of the appropriate asset allocation strategy to provide for the timing and amount of benefits included in the projected benefit obligation. While the study gives appropriate consideration to recent fund performance and historical returns, the assumption is primarily a long-term prospective rate.

The Company's overall investment strategy is a glide path to manage the plan to a fully funded status through a mix of approximately 75% of investments for long-term growth and 25% for near-term benefit payments with a wide diversification of asset types, fund strategies, and fund managers. The target allocations for plan assets are 45% equity securities, 5% in alternatives and 48% to fixed income investments. Equity securities primarily include investments in large-cap, mid-cap and small-cap companies primarily located in the United States and international developed markets. Fixed income securities include corporate bonds of companies from diversified industries, mortgage-backed securities, and U.S. Treasuries. Other types of investments include investments in hedge funds that follow several different strategies.

[**Table of Contents**](#TOC)

We categorize our plan assets into three levels based upon the assumptions (inputs) used to price the assets. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows:

● Level 1: Unadjusted quoted prices in active markets for identical assets.

● Level 2: Observable inputs other than those included in Level 1. For example, quoted prices for similar assets in active markets or quoted prices for identical assets in inactive markets.

● Level 3: Unobservable inputs reflecting assumptions about the inputs used in pricing the asset.

We did not maintain any level 3 assets during the years ended December 31, 2024 and 2023.

Plan management uses the following methods and significant assumptions to estimate fair value of investments:

● Money market — overnight bank deposits and money market mutual funds maintaining at all times $1.00 Net Asset Value ("NAV").

● US Government and agency obligations — U.S. Treasury bonds, notes and other government obligations. U.S. securities are Level 1 assets and corporate notes are Level 2 assets.

● Exchange traded funds — marketable securities tracking asset baskets traded on active markets.

● Mutual funds — Valued at the net asset value ("NAV") of shares or units held by the Plan at year-end which is obtained from an active market or at share or unit prices provided by the fund manager with significant observable inputs.

● Hedge funds — Value provided by the administrator of the fund. The pricing for these funds is provided monthly by the fund to determine the quoted price.

● Common stocks — marketable corporate equity securities traded on active markets.

The fair values of the Company's pension plan asset allocation at December 31, 2024 and 2023, by asset category are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Fair Value Measurement at** | **Fair Value Measurement at** | **Fair Value Measurement at** |
|  | | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | | **Quoted** <br>**Prices in** <br>**Active** <br>**Markets for** <br>**Identical** <br>**Assets** | <br>**Significant** <br>**Observable** <br>**Inputs** | <br>**Significant** <br>**Unobservable** <br>**Inputs** |
|  | <br>**Total** | **(Level 1)** | **(Level 2)** | **(Level 3)** |
| Money market | $2490 | $2490 | $— | $— |
| US Government and agency obligations | 56675 | 1161 | 55514 |  |
| Exchange traded funds |  |  |  |  |
| Mutual funds | 69 | 69 |  |  |
| Common stocks | 28900 | 28900 |  |  |
| &nbsp;&nbsp;Total Assets in the fair value hierarchy | $88134 | $32620 | $55514 |  |

---

[**Table of Contents**](#TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Fair Value Measurement at** | **Fair Value Measurement at** | **Fair Value Measurement at** |
|  | | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
|  | | **Quoted** <br>**Prices in** <br>**Active** <br>**Markets for** <br>**Identical** <br>**Assets** | <br>**Significant** <br>**Observable** <br>**Inputs** | <br>**Significant** <br>**Unobservable** <br>**Inputs** |
|  | <br>**Total** | **(Level 1)** | **(Level 2)** | **(Level 3)** |
| Money market | $2448 | $2448 | $— | $— |
| US Government and agency obligations | 40435 | 1519 | 38916 |  |
| Exchange traded funds | 10699 | 10699 |  |  |
| Mutual funds | 19100 | 19100 |  |  |
| Common stocks | 16083 | 16083 |  |  |
| &nbsp;&nbsp;Total Assets in the fair value hierarchy | $88765 | $49849 | $38916 |  |

---

The following table provides a summary of the estimated benefit payments for the postretirement plans for the next five fiscal years and thereafter.

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Estimated** | **Total Estimated** | **Total Estimated** |
|  | **Benefit Payments** | **Benefit Payments** | **Benefit Payments** |
|  | **U.S.** | **Non U.S** | **Total** |
| 2025 | $7975 | $744 | $8719 |
| 2026 | 7949 | 782 | 8731 |
| 2027 | 7989 | 826 | 8815 |
| 2028 | 7901 | 852 | 8753 |
| 2029 | 7745 | 1214 | 8959 |
| Thereafter | 35858 | 6209 | 42067 |
| &nbsp;&nbsp;Total | $75417 | $10627 | $86044 |

---

The Company's expected contribution for the 2025 fiscal year is $2,304 for the U.S. pension plan. There is no funding requirement for non-U.S. pension plans.

**Savings Plans**

The Company also has defined contribution savings and similar plans for eligible employees, which vary by subsidiary. The Company's aggregate contributions to these plans are based on eligible employee contributions and certain other factors. The Company expenses for these plans were $1,188, $1,218 and $1,160 in 2024, 2023 and 2022, respectively.

**International Plans**

The Company maintains various pension and statutory separation pay plans for its European employees. The expense (income), not including the French and German pension plan, in 2024, 2023, and 2022 was $(221), $1,767 and $(431), respectively. As of their most recent valuation dates, for those plans where vested benefits exceeded plan assets, the actuarially computed value of vested benefits exceeded those plans' assets by approximately $5,582.

[**Table of Contents**](#TOC)

**10.** **Capital Stock, Treasury Stock and Paid in Capital**

Authorized shares of preferred stock ($0.01 par value per share) and common stock ($0.01 par value per share) for the Company are 50,000,000 shares and 150,000,000 shares, respectively. No preferred stock has been issued.

On October 9, 2020, the Company completed a private placement of 50,000,000 shares of common stock at $2.00 per share. The Company used the net proceeds of the private placement to complete a refinancing of its short-term debt.

As a result of the private placement to complete an extinguishment of the Revolving Credit Facility and Term Loan Facility in 2020 and subsequent purchases, Icahn Enterprises L.P. currently owns approximately 90.6% of our outstanding common stock.

In 2004, the Company purchased 805,270 shares of its common stock from the underwriter for a purchase price of $298. The common stock has been accounted for as treasury stock.

**11.** **Income Taxes**

Income tax provision (benefit) consists of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **2024** | **2023** | **2022** |
| Current |  |  |  |
| &nbsp;&nbsp;Domestic | $288 | $1213 | $51 |
| &nbsp;&nbsp;Foreign | (1746) | (920) | 7187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current | (1458) | 293 | 7238 |
| Deferred |  |  |  |
| &nbsp;&nbsp;Domestic | (413) | 2170 | (32) |
| &nbsp;&nbsp;Foreign | 1201 | 1071 | (67) |
| Total deferred | 788 | 3241 | (99) |
| Total | $(670) | $3534 | $7139 |

---

The reconciliation of income tax provision (benefit) attributable to earnings differed from the amounts computed by applying the U.S. Federal statutory income tax rate to earnings by the following amounts:

Income (loss) before income taxes:

---

| | | | |
|:---|:---|:---|:---|
|  | **2024** | **2023** | **2022** |
| &nbsp;&nbsp;Domestic | $(9068) | $(2995) | $(6297) |
| &nbsp;&nbsp;Foreign | 2939 | 19965 | 15720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $(6129) | $16970 | $9423 |
| Computed income tax provision (benefit) | $(1318) | $3592 | $1979 |
| State and local taxes, net of federal tax | (26) | 113 | 341 |
| Foreign taxes, net | (2086) | 1355 | 655 |
| Valuation allowance | 5166 | (1568) | (887) |
| Uncertain tax positions – (benefit) expense | (4756) | (6214) | 860 |
| Foreign exchange impact | (4) | (24) | 18 |
| Permanent differences, net | 299 | 2880 | 1687 |
| Revaluation of deferreds | 1574 | (328) | 1016 |
| Other, net | 481 | 3728 | 1470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income tax provision | $(670) | $3534 | $7139 |

---

[**Table of Contents**](#TOC)

Temporary differences and net operating loss carryforwards that give rise to a significant portion of deferred tax assets and liabilities for 2024 and 2023 are as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Deferred tax asset |  |  |
| &nbsp;&nbsp;Provisions not currently deductible | $11117 | $10520 |
| &nbsp;&nbsp;Inventory basis differences | 1484 | 1797 |
| &nbsp;&nbsp;Stock options | 40 | 41 |
| &nbsp;&nbsp;Pension and healthcare | 2829 | 4312 |
| &nbsp;&nbsp;Net operating loss carryforwards | 16360 | 15795 |
| &nbsp;&nbsp;Lease liability | 4050 | 6409 |
| &nbsp;&nbsp;Foreign exchange and other | 4740 | 2021 |
| &nbsp;&nbsp;Valuation allowance | (9410) | (4692) |
| Total deferred tax asset | $31210 | $36203 |
| Deferred tax liability  |  |  |
| &nbsp;&nbsp;Property, plant, and equipment | $(7069) | $(7106) |
| &nbsp;&nbsp;Intangible asset | (4061) | (4772) |
| &nbsp;&nbsp;Right of use assets | (4057) | (6480) |
| &nbsp;&nbsp;Foreign exchange and other | (2351) | (2269) |
| Total deferred tax liability | $(17538) | $(20627) |
|  | $13672 | $15576 |

---

As of December 31, 2024, we have not provided taxes on approximately $81,000 of undistributed earnings in foreign subsidiaries which are deemed to be indefinitely reinvested. If at some future date these earnings cease to be permanently reinvested, we may be subject to foreign income and withholding taxes upon repatriation of such amounts. An estimate of the tax liability that would be incurred upon repatriation of foreign earnings is not practicable to determine.

A valuation allowance is provided when it is more likely than not that some portion or all of the net deferred tax assets will not be realized. Management believes that is more likely than not that its net deferred tax assets will be realized based on the weight of positive evidence and future income except with respect to the loss in Brazil and a portion of the state loss in the US.

The Company's valuation allowance balance is $9,410 and $4,692 as of December 31, 2024 and December 31, 2023 respectively. The net change in the valuation allowance during 2024 is an increase of $4,718. The Company has gross U.S. federal net operating loss carryforwards at December 31, 2024 and December 31, 2023 of $40,327 and $36,649, respectively, with amounts beginning to expire in 2025. The Company also has net operating losses in various US state jurisdictions with amounts beginning to expire in 2025. The Company has gross net operating loss carryforwards in Brazil at December 31, 2024 and December 31, 2023 of $6,309 and $5,059, respectively, and has an unlimited carryforward period. The Company has gross net operating loss carryforwards in Poland at December 31, 2024 of $1,184 and none at December 31, 2023. The net operating loss in Poland is set to expire in 2029. The Company has gross net operating loss carryforwards in France at December 31, 2024 and December 31, 2023 of $1,907 and $4,321, respectively, and has an unlimited carryforward period. The Company has gross net operating loss carryforwards in Viskase Germany at December 31, 2024 and December 31, 2023 of $5,435 and $5,882 for Income Tax and Trade Tax, respectively. The Company has gross net operating loss carryforwards in CT Casings at December 31, 2024 of $894 and none for December 31, 2023 for Income Tax and Trade Tax. The NOLs at Viskase Germany and CT Casings can carryforward their NOLs indefinitely. The Company also has SEZ Credits in Poland at December 31, 2024 and December 31, 2023 of $2,418 and $2,954, respectively. The SEZ Credits are scheduled to expire at the end of December 2026.

[**Table of Contents**](#TOC)

Following the Equity Private Placement, Icahn Enterprises L.P. ("IELP") became the beneficial owner of more than 80% of the shares of our common stock and the Company became a member of the consolidated group of a corporate subsidiary of Icahn Enterprises for U.S. federal income tax purposes (the "IEP Corporate Subsidiary"). As a result, the IEP Corporate Subsidiary and the Company entered into a tax allocation agreement for the allocation of certain income tax items. The Company and its subsidiaries consented to join the IEP Corporate Subsidiary's federal consolidated return and, if elected by the IEP Corporate Subsidiary, certain state consolidated returns. See Note 15 — *Related-Party Transactions* for details.

**Uncertainty in Income Taxes**

The uncertain tax positions as of December 31, 2024 and 2023 totaled $7,456 and $9,190, respectively. The following table summarizes the activity related to the unrecognized tax benefits.

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Unrecognized tax benefits as of January 1 | $9190 | $15983 |
| Increases in positions taken in a prior period |  |  |
| Decreases in positions taken in a prior period |  |  |
| Decreases due to settlements |  |  |
| Increases due to currency translation |  |  |
| Decreases due to currency translation | (158) |  |
| Decreases due to lapse of statute of limitations | (1576) | (6793) |
| &nbsp;&nbsp;Unrecognized tax benefits as of December 31 | $7456 | $9190 |

---

In 2024, the Company recognized an approximate net decrease of $1,734 to the reserves for uncertain tax positions.

Approximately $7,456 of the total gross unrecognized tax benefits represents the amount that, if recognized, would affect the effective income tax rate in future periods. The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax of multiple state and foreign jurisdictions. The statute of limitations varies across jurisdictions, typically ranging from 3 to 6 years. The Company evaluates tax positions and establishes liabilities for uncertain tax positions that may be challenged by local authorities and may not be fully sustained, despite our belief that the underlying tax positions are fully supportable. Uncertain tax positions are reviewed on an ongoing basis and are adjusted considering changing facts and circumstances, including progress of tax audits, developments in case law and the closing of statutes of limitations. Such adjustments are reflected in the tax provision as appropriate.

Germany has an ongoing corporate income tax examination for 2019-2022 years that started in May 2024. This examination is expected to come to an end during Q3 2025. The Company currently does not have information to recognize an assessment at a more likely than not level.

The Company has substantially concluded all U.S. federal income tax matters for years through 2016. Substantially all material state and local and foreign income tax matters have been concluded for years through 2013. Based on the expiration of the statute of limitations for certain jurisdictions, we do not expect any amounts of unrecognized tax benefits to be released in the next twelve months.

The Company's continuing practice is to recognize interest and/or penalties related to income tax matters in income tax expense. During the years ended December 31, 2024 and 2023, the Company recorded adjustments for interest of ($3,751) and $628, respectively, and for penalties of $10 and $10, respectively, related to these unrecognized tax benefits. In total, as of December 31, 2024 and 2023, the Company has recorded a liability of interest of $23 and $3,774, respectively, and $177 and $167, respectively, for potential penalties.

[**Table of Contents**](#TOC)

**12.** **Goodwill and Intangible Assets, Net**

The Company has two reporting units with a goodwill balance, U.S and EMEA and which roll into two reportable operating segments, North America and EMEA. The changes in the carrying amount of goodwill during the years ended December 31, 2024, and 2023 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **North America** | **EMEA** | **Total** |
| Balance at January 1, 2023 |  |  |  |
| &nbsp;&nbsp;Goodwill | $449 | $2758 | $3207 |
| &nbsp;&nbsp;Translation |  | 114 | 114 |
| Balance at December 31, 2023 | 449 | 2872 | 3321 |
| &nbsp;&nbsp;Translation |  | (171) | (171) |
| &nbsp;&nbsp;Impairment |  | (330) | (330) |
| Balance at December 31, 2024 |  |  |  |
| &nbsp;&nbsp;Goodwill | 449 | 2701 | 3150 |
| &nbsp;&nbsp;Accumulated impairment losses |  | (330) | (330) |
| &nbsp;&nbsp;Total | $449 | $2371 | $2820 |

---

During the year ended December 31, 2024, the Company decided to wind down operations in its Swiecie, Poland manufacturing facility as part of its 2024 Restructuring Plan (see Note 22 — *Restructuring*). Upon the closing of the plant, the Company reviewed the goodwill balance of its EMEA reporting unit, and concluded that it was impaired, and estimated the impairment to be $330 based on the facts and circumstances of the EMEA reporting unit.

Intangible assets, net consists of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Gross**<br>**Carrying**<br>**Value** | <br>**Accumulated**<br>**Amortization** | <br>**Net Carrying**<br>**Value** |
| Definite live intangible assets: |  |  |  |
| &nbsp;&nbsp;Customer relationships | $18222 | $(7879) | $10343 |
| &nbsp;&nbsp;Technologies | 2137 | (1014) | 1123 |
| &nbsp;&nbsp;Patents/Trademarks | 9676 | (7842) | 1834 |
| &nbsp;&nbsp;In-place leases | 189 | (108) | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total definite live intangible assets | $30224 | $(16843) | $13381 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
|  | **Gross**<br>**Carrying**<br>**Value** | <br>**Accumulated**<br>**Amortization** | <br>**Net Carrying**<br>**Value** |
| Definite live intangible assets: |  |  |  |
| &nbsp;&nbsp;Customer relationships | $19382 | $(6969) | $12413 |
| &nbsp;&nbsp;Technologies | 2318 | (1295) | 1023 |
| &nbsp;&nbsp;Patents/Trademarks | 9866 | (7603) | 2263 |
| &nbsp;&nbsp;In-place leases | 201 | (101) | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total definite live intangible assets | $31767 | $(15968) | $15799 |

---

Amortization expense associated with definite-lived intangible assets was $1,609, $1,606 and $1,576 for the years ended December 31, 2024, 2023 and 2022, respectively. We utilize the straight-line method of amortization, recognized over the estimated useful lives of the assets.

[**Table of Contents**](#TOC)

The estimated future amortization expense for our definite-lived intangible assets is as follows:

---

| | |
|:---|:---|
| 2025 | $1570 |
| 2026 | 1574 |
| 2027 | 1574 |
| 2028 | 1566 |
| 2029 | 1201 |
| Total thereafter | 5896 |
| Total amortization | $13381 |

---

**13.** **Commitments and Contingencies**

The Company from time to time is involved in various other legal proceedings, none of which are expected to have a material adverse effect upon results of operations, cash flows or financial condition.

**14.** **Research and Development Costs**

Research and development costs are expensed as incurred and totaled $3,724, $4,755 and $5,267 for the years ended December 31, 2024, 2023, and 2022, respectively.

**15.** **Related-Party Transactions**

As of December 31, 2024, and December 31, 2023, Icahn Enterprises L.P. owned approximately 90.6% and 90.0% of our outstanding common stock, respectively.

**Equity Private Placement of Common Stock & Change in Number of Authorized Shares**

Beginning in the first quarter of 2020, the Company entered into discussions with a number of banks, including Bank of America ("BofA"), regarding the terms of a new senior credit facility which would replace both the Term Loan and the ABL Loan. Under the new senior credit facility proposed by BofA, the Company was required to raise at least $100,000 in equity capital, the proceeds of which were to be used, together with borrowings under the new senior credit facility, to repay the Term Loan and the ABL Loan. The Company met this condition through the issuance of 50,000,000 shares of common stock to an affiliate of IELP in a private placement transaction at a purchase price of $2.00 per share (the "Equity Private Placement"). In order to complete the offering of the Equity Private Placement, the Company amended its Amended and Restated Certificate of Incorporation to increase the number of authorized shares of the Company's common stock by 50,000,000 shares.

Prior to the completion of the Equity Private Placement, IELP beneficially owned approximately 78.6% of the Company's outstanding common stock. As a result of the Equity Private Placement, IELP is the beneficial owner of approximately 89.0% of the Company's outstanding common stock. The Equity Private Placement was approved by a Special Committee of disinterested directors of the Company.

**Pension Liabilities**

Applicable pension and tax laws make each member of a "controlled group" of entities, generally defined as entities in which there is at least an 80% common ownership interest, jointly and severally liable for certain pension plan obligations of any member of the controlled group. These pension obligations include ongoing contributions to fund the plan, as well as liability for any unfunded liabilities that may exist at the time the plan is terminated. In addition, the failure to pay these pension obligations when due may result in the creation of liens in favor of the pension plan or the Pension Benefit Guaranty Corporation ("PBGC") against the assets of each member of the controlled group.

As a result of the Equity Private Placement, IELP became the beneficial owner of more than 80% of the shares of our common stock and the Company became subject to the pension liabilities of all entities in which Mr. Icahn has a direct or indirect ownership interest of at least 80%. One such entity, ACF Industries LLC ("ACF"), is the sponsor of several pension plans.

On January 31, 2025, the Executive Committee of ACF approved a resolution to terminate its qualified pension plans, which are frozen and no longer accrues benefits. As of December 31, 2024, the fair value of this plan's assets exceeded its benefit obligation.

[**Table of Contents**](#TOC)

The termination of the plan is effective January 31, 2025, is subject to the appropriate regulatory approvals, and is expected to be completed in fiscal year 2025. The ACF LLC ultimate settlement obligation will depend upon both the nature and timing of participant settlements and prevailing market conditions.

In connection with the Equity Private Placement, the Company entered into an agreement with Icahn Enterprises Holdings L.P. pursuant to which Icahn Enterprises Holdings L.P. has agreed to indemnify us and our subsidiaries from losses resulting from any imposition of certain pension funding or termination liabilities that may be imposed on us and our subsidiaries or our assets as a result of being a member of the Icahn controlled group.

Based on the contingent nature of potential exposure related to these affiliate pension obligations and the indemnification from Icahn Enterprises Holdings L.P., no liability has been recorded in the accompanying consolidated financial statements.

**Tax Allocation**

Following the Equity Private Placement, IELP became the beneficial owner of more than 80% of the shares of our common stock and the Company became a member of the consolidated group IEP Corporate Subsidiary for U.S. federal income tax purposes. As a result, the IEP Corporate Subsidiary and the Company entered into a tax allocation agreement for the allocation of certain income tax items. The Company and its subsidiaries consented to join the IEP Corporate Subsidiary's federal consolidated return and, if elected by the IEP Corporate Subsidiary, certain state consolidated returns. In those jurisdictions where the Company and its subsidiaries will file consolidated returns with the IEP Corporate Subsidiary, the Company will pay to the IEP Corporate Subsidiary any tax it would have owed had it and its subsidiaries continued to file as a separate consolidated group. To the extent that the IEP Corporate Subsidiary consolidated group is able to reduce its tax liability as a result of including the Company and its subsidiaries in its consolidated group, the IEP Corporate Subsidiary will pay the Company 20% of such reduction on a current basis and the Company will be treated as if it would carry forward for its own use under the tax allocation agreement, 80% of the items that caused the tax reduction (the "Excess Tax Benefits"). Moreover, if the Company and its subsidiaries should ever become deconsolidated from the IEP Corporate Subsidiary, the IEP Corporate Subsidiary will reimburse the Company for any tax liability in post-consolidation years that the Company and its subsidiaries would have avoided had they actually had the Excess Tax Benefits for their own consolidated group use. The cumulative payments to the Company by the IEP Corporate Subsidiary post-consolidation will not exceed the cumulative reductions in tax to the IEP Corporate Subsidiary group resulting from the use of the Excess Tax Benefits by the IEP Corporate Subsidiary group.

**16.** **Business Segment Information and Geographic Area Information**

The Company defines operating segments as components of the organization for which discrete financial information is available and operating results are evaluated regularly by the Company's chief executive officer, who is the Chief Operating Decision Maker ("CODM"), in order to assess performance and allocate resources. Characteristics of the Company which were relied upon in making the determination of reportable segments include the geographic region in which the Company operates and the information that is regularly reviewed by the CODM for the purpose of assessing performance and allocating resources.

The Company's operations are viewed in geographic regions of North America, South America, EMEA, and Asia which are the Company's four reportable segments under ASC 280. The primary business of each of the geographic regions is manufacturing and selling cellulosic food casings. The Company's casing products have similar characteristics and customers and share operations support functions such as sales, public relations, supply chain management, various research and development support, in addition to the general and administrative functions of human resources, legal, finance, and information technology. Revenue by product line is disclosed in Note 23.

The Company uses Operating Income, which is defined as profit or loss from operations before interest income, interest expense, other expense, net and income taxes, to assess the profitability of each segment. The Company's reporting package does not include interest revenue, interest expense or income taxes allocated to individual segments and these items are not considered components of segment operating income. The CODM monitors actual Operating Income results relative to operating plan and forecast to assess the performance of the business and allocate resources.

Segment assets regularly reviewed by the CODM are inclusive only of inventory.

[**Table of Contents**](#TOC)

The following table reflects the results of the Company's segments:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
|  | <br>**North America** | <br>**South America** | <br>**EMEA** | <br>**Asia** | **Corporate and**<br>**Other** | <br>**Consolidated** |
| Sales from external customers | $176469 | $50190 | $128978 | $48138 | $0 | $403775 |
| Intersegment net sales | 29451 | 130 | 46249 |  |  | 75830 |
|  | 205920 | 50320 | 175227 | 48138 |  | 479605 |
| Reconciliation of revenue |  |  |  |  |  |  |
| Elimination of intersegment sales |  |  |  |  | (75830) | (75830) |
| Total consolidated net sales |  |  |  |  |  | 403775 |
| Cost of sales | (180126) | (42988) | (146850) | (42554) | 76573 | (335945) |
| Selling and marketing | (4254) | (1489) | (5260) | (323) |  | (11326) |
| General and administrative | (18132) | (3317) | (11411) | (511) |  | (33371) |
| Research and development | (3125) | (63) | (454) | (82) |  | (3724) |
| Amortization of intangibles | (100) |  | (1509) |  |  | (1609) |
| Asset impairment charge | (77) |  | (371) |  |  | (448) |
| Restructuring expense |  |  | (1917) |  |  | (1917) |
| &nbsp;&nbsp;Segment operating income | $106 | $2463 | $7455 | $4668 | $743 | $15435 |
| Interest income |  |  |  |  |  |  |
| Interest expense, net |  |  |  |  |  | (11032) |
| Other expense, net |  |  |  |  |  | (10532) |
| &nbsp;&nbsp;Net income (loss) before income taxes |  |  |  |  |  | $(6129) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** |
|  | <br>**North America** | <br>**South America** | <br>**EMEA** | <br>**Asia** | **Corporate and**<br>**Other** | <br>**Consolidated** |
| Sales from external customers | $189374 | $53163 | $157413 | $46034 | $0 | $445984 |
| Intersegment net sales | 32719 | 38 | 44216 | 128 |  | 77101 |
|  | 222093 | 53201 | 201629 | 46162 |  | 523085 |
| Reconciliation of revenue |  |  |  |  |  |  |
| Elimination of intersegment sales |  |  |  |  | (77101) | (77101) |
| Total consolidated net sales |  |  |  |  |  | 445984 |
| Cost of sales | (182160) | (43034) | (166636) | (37492) | 77101 | (352221) |
| Selling and marketing | (6074) | (1422) | (3802) | (279) |  | (11577) |
| General and administrative | (23908) | (2591) | (8995) | (610) |  | (36104) |
| Research and development | (4505) | (61) | (93) | (96) |  | (4755) |
| Amortization of intangibles | (100) |  | (1506) |  |  | (1606) |
| Asset impairment charge | (338) |  |  |  |  | (338) |
| Restructuring expense |  |  |  |  |  |  |
| &nbsp;&nbsp;Segment operating income | $5008 | $6093 | $20597 | $7685 | $0 | $39383 |
| Interest income |  |  |  |  |  |  |
| Interest expense, net |  |  |  |  |  | (12018) |
| Other expense, net |  |  |  |  |  | (10395) |
| &nbsp;&nbsp;Net income (loss) before income taxes |  |  |  |  |  | $16970 |

---

[**Table of Contents**](#TOC)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** |
|  | <br>**North America** | <br>**South America** | <br>**EMEA** | <br>**Asia** | **Corporate and**<br>**Other** | <br>**Consolidated** |
| Sales from external customers | $185780 | $50530 | $146464 | $48060 | $0 | $430834 |
| Intersegment net sales | 31038 | 91 | 40937 | 880 |  | 72946 |
|  | 216818 | 50621 | 187401 | 48940 |  | 503780 |
| Reconciliation of revenue |  |  |  |  |  |  |
| Elimination of intersegment sales |  |  |  |  | (72946) | (72946) |
| Total consolidated net sales |  |  |  |  |  | 430834 |
| Cost of sales | (184980) | (40869) | (163373) | (39823) | 72344 | (356701) |
| Selling and marketing | (5667) | (1282) | (6316) | (336) |  | (13601) |
| General and administrative | (20038) | (2147) | (8427) | (803) |  | (31415) |
| Research and development | (5137) | 11 | (33) | (108) |  | (5267) |
| Amortization of intangibles | (100) |  | (1476) |  |  | (1576) |
| Asset impairment charge | (27) |  |  |  |  | (27) |
| Restructuring expense |  |  |  |  |  |  |
| &nbsp;&nbsp;Segment operating income | $869 | $6334 | $7776 | $7870 | $(602) | $22247 |
| Interest income |  |  |  |  |  | 5 |
| Interest expense, net |  |  |  |  |  | (8433) |
| Other expense, net |  |  |  |  |  | (4396) |
| &nbsp;&nbsp;Net income (loss) before income taxes |  |  |  |  |  | $9423 |

---

The following table reflects the Company's inventory by segment:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2023** |
| North America | $42977 | $43694 |
| South America | 21100 | 21555 |
| EMEA | 29657 | 32038 |
| Asia | 15234 | 14023 |
| &nbsp;&nbsp;Consolidated inventory | $108968 | $111310 |

---

The following table reflects the Company's expenditure for long-lived assets by segment:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2023** | **2022** |
| North America | $12762 | $9548 | $17378 |
| South America | 267 | 530 | 303 |
| EMEA | 2114 | 4211 | 4147 |
| Asia | 135 | 182 | 507 |
| &nbsp;&nbsp;Total expenditure for long-lived assets | $15278 | $14471 | $22335 |

---

[**Table of Contents**](#TOC)

**Geographic Information**

Net sales attributed to the country based on the location of the end customer for the years ended December 31, 2024, 2023, and 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2023** | **2022** |
| United States | $128730 | $135702 | $135371 |
| Philippines | 27706 | 27312 | 31663 |
| Italy | 24824 | 27184 | 28248 |
| Brazil | 27646 | 28327 | 24489 |
| Mexico | 20031 | 24603 | 24161 |
| Argentina | 20560 | 21414 | 20399 |
| Germany | 17041 | 22178 | 22188 |
| Colombia | 14430 | 12208 | 18092 |
| France | 12872 | 14021 | 13634 |
| Poland | 8253 | 10007 | 9271 |
| Russia | 13 | 23647 | 18939 |
| Other international | 101669 | 99381 | 84379 |
| &nbsp;&nbsp;Consolidated net sales | $403775 | $445984 | $430834 |

---

Total long-lived assets by country, which includes property and equipment, net, operating lease right-of-use assets, net, and other assets for the years ended December 31, 2024 and 2023 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2023** |
| United States | $76849 | $76620 |
| France | 26652 | 31740 |
| Brazil | 14477 | 21366 |
| Poland | 11809 | 14630 |
| Philippines | 9740 | 11479 |
| Other international | 14297 | 16495 |
| &nbsp;&nbsp;Consolidated long-lived assets | $153824 | $172330 |

---

**17.** **Interest Expense, Net**

Net interest expense, net consists of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** | **December 31, 2022** |
| Interest expense | $11300 | $12152 | $8433 |
| Less Capitalized interest | (268) | (134) |  |
| &nbsp;&nbsp;Interest expense, net | $11032 | $12018 | $8433 |

---

**18.** **Other Expense, Net**

Other expense, net consists of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** | **December 31, 2022** |
| Foreign currency transaction loss (gain) | $8648 | $(905) | $3431 |
| FIN 48 receivable write off |  | 6793 |  |
| Non-service pension and other post retirement benefits expense (income) | 1438 | 2976 | (1795) |
| Other | 446 | 1531 | 2760 |
| Other expense, net | $10532 | $10395 | $4396 |

---

[**Table of Contents**](#TOC)

**19.** **Other Comprehensive Income and Changes in Accumulated Other Comprehensive Loss**

Tax effects allocated to each component of other comprehensive income are the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Before-Tax**<br>**Amount** | **Tax (Expense) or**<br>**Benefit** | **Net-of-Tax**<br>**Amount** |
| Balance at December 31, 2022 |  |  |  |
| Foreign currency translation adjustments | $(4779) |  | $(4779) |
| Pension liability adjustments | 13953 | (2649) | 11304 |
| &nbsp;&nbsp;Total other comprehensive (loss) income | 9174 | (2649) | $6525 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Before-Tax**<br>**Amount** | **Tax (Expense) or**<br>**Benefit** | **Net-of-Tax**<br>**Amount** |
| Balance at December 31, 2023 |  |  |  |
| Foreign currency translation adjustments | $5280 |  | $5280 |
| Pension liability adjustments | 1802 | 832 | 2634 |
| &nbsp;&nbsp;Total other comprehensive (loss) income | 7082 | 832 | $7914 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Before-Tax**<br>**Amount** | **Tax (Expense) or**<br>**Benefit** | **Net-of-Tax**<br>**Amount** |
| Balance at December 31, 2024 |  |  |  |
| Foreign currency translation adjustments | $(7341) |  | $(7341) |
| Pension liability adjustments | 1823 | (668) | 1155 |
| &nbsp;&nbsp;Total other comprehensive (loss) income | (5518) | (668) | $(6186) |

---

Changes in accumulated other comprehensive loss consist of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Accrued**<br>**Employee**<br>**Benefits** | <br>**Translation**<br>**Adjustments** | <br>**Total** |
| Balance at December 31, 2022 | $(24747) | $(42367) | (67114) |
| Other comprehensive income (loss) before reclassifications |  | 5280 | 5280 |
| Reclassifications from accumulated other comprehensive loss to earnings | 2634 |  | 2634 |
| Balance at December 31, 2023 | $(22113) | $(37087) | $(59200) |
| Other comprehensive income (loss) before reclassifications | 1032 | (7341) | (6309) |
| Reclassifications from accumulated other comprehensive loss to earnings | 123 |  | 123 |
| Balance at December 31, 2024 | $(20958) | $(44428) | $(65386) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Amounts Reclassified from** | **Amounts Reclassified from** | |
|  | **Accumulated Other** | **Accumulated Other** | |
|  | **Comprehensive Loss** | **Comprehensive Loss** | |
|  | **December 31, 2024** | **December 31, 2023** | <br>**Affected Line**<br>**Items in the Consolidated**<br>**Statement of Operations** |
| Accrued employee benefits |  |  |  |
| &nbsp;&nbsp;Amortization of net actuarial loss | $123 | $2634 | Other expense, net |
|  | $123 | $2634 |  |

---

[**Table of Contents**](#TOC)

**20.** **Variable Interest Entity**

The Company holds a variable interest in a joint venture for which the Company is the primary beneficiary, the joint venture, VE Netting, LLC.

The following table summarizes the carrying amount of the VIEs' assets and liabilities included in the Company's Consolidated Balance Sheets at December 31, 2024 and December 31, 2023:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
| ASSETS |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $8 | $23 |
| &nbsp;&nbsp;Receivables, net | 80 | 104 |
| &nbsp;&nbsp;Inventories | 475 | 508 |
| &nbsp;&nbsp;Other current assets | 51 | 109 |
| Property, plant and equipment | 1277 | 1277 |
| Less: Accumulated depreciation | (870) | (742) |
| &nbsp;&nbsp;Property, plant and equipment,net | 407 | 535 |
| Other assets | 16 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $1037 | $1299 |
| LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |
| Current liabilities | 749 | 814 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Liabilites | 749 | 814 |
| Paid in capital | 2931 | 2931 |
| Retained earnings | (2643) | (2446) |
| Total Stockholder Equity | 288 | 485 |
| Total Liabilities and Stockholders' Equity | $1037 | $1299 |

---

All assets in the above table can only be used to settle obligations of the consolidated VIE. Liabilities are nonrecourse obligations. Amounts presented in the table above are adjusted for intercompany eliminations.

The following table summarizes the Statement of Operations of the VIE included in the Company's Consolidated Statement of Operations for the period ended December 31, 2024 and December 31, 2023.

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** | **December 31, 2022** |
| Net sales | $848 | $1348 | $1197 |
| Cost of sales | 949 | 1207 | 1371 |
| Gross margin | (101) | 141 | (174) |
| Selling, general and administrative | 54 | 197 | 228 |
| Asset impairment |  | 18 |  |
| Operating loss | (155) | (74) | (402) |
| Other expense | 42 | 64 | 87 |
| Loss before income taxes | (197) | (138) | (489) |
| Income tax expense |  |  |  |
| Net loss | $(197) | $(138) | $(489) |

---

[**Table of Contents**](#TOC)

**21.** **Net Income (Loss) Per Share**

Basic and diluted net loss per share attributable to common stockholders was calculated as follows (dollar amounts in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2023** | **2022** |
| Numerator: |  |  |  |
| &nbsp;&nbsp;Net loss attributable to common stockholders | $(5360) | $13506 | $2529 |
| Denominator: |  |  |  |
| &nbsp;&nbsp;Weighted-average common shares outstanding, basic and diluted | 103190665 | 103190665 | 103190665 |
| &nbsp;&nbsp;Net loss per share attributable to common stockholders, basic and diluted | $(0.05) | $0.13 | $0.02 |

---

**22.** **Restructuring**

During 2024, the Company announced and began implementing a restructuring plan to realign our operational focus to support multi-year growth, scale the business, and improve costs (the "2024 Restructuring Plan"). As part of this plan, the Company reduced headcount and closed its Swiecie, Poland manufacturing facility and transferred a portion of the machinery to its Legnica, Poland facility to expand production capabilities, scale the business, and improve costs. The plant closure resulted in the loss on disposal of property, plant and equipment of $41 which is included in the consolidated statements of operations for the year ended December 31, 2024. The majority of the 2024 Restructuring Plan was implemented and completed in the year ended December 31, 2024.

Restructuring expense consists of the following which are recorded as a restructuring expense in the consolidated statements of operations:

---

| | |
|:---|:---|
|  | **December 31, 2024** |
| Transfer and disposal costs and professional fees | $1059 |
| Severance and other personnel costs | 515 |
| Capital expenditures | 343 |
|  | $1917 |

---

The following table summarizes the activities for the year ended December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
| Beginning balance |  |  |
| &nbsp;&nbsp;Provision | 1917 |  |
| &nbsp;&nbsp;Payments | (1917) |  |
| &nbsp;&nbsp;Translation |  |  |
| Ending balance |  |  |

---

In addition, we continue to review our global businesses and may take additional restructuring actions where a path to sustained profitability is not feasible when considering the capital allocation required for those businesses.

[**Table of Contents**](#TOC)

**23.** **Revenue Recognition**

The following table summarizes net sales by product line:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,**<br>**2024** | **December 31,**<br>**2023** | **December 31,**<br>**2022** |
| Net Sales by product line |  |  |  |
| &nbsp;&nbsp;Nojax | $228494 | $233295 | $223808 |
| &nbsp;&nbsp;Fibrous | 104509 | 129935 | 116730 |
| &nbsp;&nbsp;Large | 9931 | 12879 | 10474 |
| &nbsp;&nbsp;Plastic | 49572 | 57683 | 66967 |
| &nbsp;&nbsp;Traded Goods | 8662 | 10512 | 13097 |
| &nbsp;&nbsp;Other | 2607 | 1681 | (242) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $403775 | $445984 | $430834 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,**<br>**2024** | **December 31,**<br>**2023** | **December 31,**<br>**2022** |
| Net Sales by product line |  |  |  |
| &nbsp;&nbsp;Nojax | $228494 | $233295 | $223808 |
| &nbsp;&nbsp;Fibrous | 104509 | 129935 | 116730 |
| &nbsp;&nbsp;Large | 9931 | 12879 | 10474 |
| &nbsp;&nbsp;Plastic | 49572 | 57683 | 66967 |
| &nbsp;&nbsp;Traded Goods | 8662 | 10512 | 13097 |
| &nbsp;&nbsp;Other | 2700 | 3511 | 3047 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $403868 | $447814 | $434123 |

---

**24.** **Subsequent Events**

Viskase evaluated its December 31, 2024 consolidated financial statements for subsequent events through December 19, 2025, the date the consolidated financial statements were available to be issued.

*Private Placement*

The Company completed private placements (the "Private Placements") through the issuance of 7,142,858 shares at a purchase price of $2.10 and 7,042,254 shares at a purchase price of $0.71, on March 21, 2025, and September 30, 2025, respectively, of common stock to an affiliate of Icahn Enterprises L.P. ("IELP"). Prior to the completion of these Private Placements, IELP beneficially owned approximately 90.6% of the Company's outstanding common stock. As a result of these Private Placements, IELP is the beneficial owner of approximately 91.76% of the Company's outstanding common stock.

*Plant Closure*

The Company announced a plan to close its plant in Osceola, Arkansas on March 26, 2025 with the closure of the facility effective May 31, 2025 and wind down operations taking place through June 2025. Part of this plan is to consolidate Osceola capacity at existing plants, including moving Osceola equipment and people to these existing sites. The plan was given limited approval by the board of directors on December 18, 2024.

*Agreement and Plan of Merger*

On June 20, 2025, the Company entered into an Agreement and Plan of Merger ("Merger Agreement") that was further amended on October 23, 2025 by and between Enzon Pharmaceuticals, Inc. ("Enzon"), and EPSC Acquisition Corp. ("ESPC"). Under the terms of the Merger Agreement, EPSC will merge with and into the Company, with the Company surviving as a wholly owned subsidiary of Enzon, (the "Merger"). Immediately following the Merger, the Company will convert into a limited liability company under Delaware law. Enzon is expected to change its name to Viskase Holdings, and trade on the OTC market.

Additionally, on June 20, 2025, the Company entered into a support agreement ("Support Agreement"). In accordance with the Support Agreement, the owners of Enzon and the Company will exchange their beneficially owned shares of Enzon Series C Preferred

[**Table of Contents**](#TOC)

Stock for shares of Enzon common stock. Enzon will use commercially reasonable efforts to facilitate the exchange of Enzon Series C Preferred Stock held by non-related ownership parties for shares of Enzon common stock through the Series C Exchange Offer.

Enzon will effectuate a reverse stock split of the outstanding Enzon Common Stock. The determination as to the final ratio of the Reverse Stock Split shall be made by the Company between a certain range and not to exceed the authorized number of shares of Enzon Common Stock. In addition, each share of the Company's common stock issued and outstanding prior to the merger will automatically be converted into the right to receive shares of Enzon Common Stock at a certain exchange ratio. All shares of EPSC common stock will be automatically converted into shares of the surviving company.

The transaction is expected to close in 2026 pending standard closing requirements and regulatory approvals.

*One Big Beautiful Bill Act*

On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act ("OBBBA"), which enacts significant changes to the US federal corporate income tax system. The legislation includes, among other provisions, modifications to the treatment of research and development expenditures, permanent full expensing for certain business assets, changes to the interest deduction limitation under Section 163(j), amendments to international tax provisions including the global intangible low-taxed income ("GILTI") and foreign-derived intangible income ("FDII") regimes, as well as the permanent extension of the controlled foreign corporation ("CFC") look-through rule.

Since the tax legislation was enacted after the balance sheet date of December 31, 2024, but before the issuance of these financial statements, the Company has not recognized any tax effects of the new tax legislation in its 2024 income tax provision. In accordance with ASC 855, the enactment of OBBA is considered a nonrecognized subsequent event.

The Company is currently evaluating the provisions of the OBBBA including the potential implications for its deferred tax assets, valuation allowance assessments, and effective tax rate. At this time, the financial impact of the new legislation cannot be reasonably estimated.

*Amendments to the Senior Credit Facility*

On February 14, 2025, the Company entered into a Third Amendment to its Senior Credit Facility. See Note 7 — *Debt Obligations* for additional details.

On July 26, 2025, the Company entered into the Fourth Amendment to its Senior Credit Facility. There were no changes to the facility amounts or maturity dates and repayment terms remained largely unchanged except for mandatory prepayments equal to $15,000 upon the closing of the Enzon Merger by December 31, 2025 or $11,250 if after December 31, 2025. The amendment also allows for certain exclusions relative to the merger for its financial covenants and EBIDTA addback amounts.

The Fourth and Fifth Amendment allow the Company to include equity infusions through private placements into the calculation of LTM EBITDA for covenant purposes.

[**Table of Contents**](#TOC)

**Annex A**

Execution Version

**AGREEMENT AND PLAN OF MERGER**

**by and between**

**ENZON PHARMACEUTICALS, INC., EPSC ACQUISITION CORP., and**

**VISKASE COMPANIES, INC.**

Dated as of June 20, 2025

[**Table of Contents**](#TOC)

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| [Article I The Merger](#ARTICLEI_783809) | [Article I The Merger](#ARTICLEI_783809) | A-2 |
| [**Section 1.1**](#Section11_608059) | [The Merger](#Section11_608059) | A-2 |
| [**Section 1.2**](#Section12_42683) | [Closing](#Section12_42683) | A-3 |
| [**Section 1.3**](#Section13_98182) | [Effective Time](#Section13_98182) | A-3 |
| [**Section 1.4**](#Section14_974756) | [Effects of the Merger](#Section14_974756) | A-3 |
| [**Section 1.5**](#Section15_794912) | [Constituent Documents](#Section15_794912) | A-3 |
| [**Section 1.6**](#Section16_754184) | [Directors and Officers](#Section16_754184) | A-3 |
| [**Section 1.7**](#Section17_80942) | [Conversion of Viskase Common Stock.](#Section17_80942) | A-3 |
| [**Section 1.8**](#Section18_510117) | [Merger Sub Common Stock](#Section18_510117) | A-4 |
| [Article II Exchange of Certificates](#ARTICLEII_101327) | [Article II Exchange of Certificates](#ARTICLEII_101327) | A-4 |
| [**Section 2.1**](#Section21_642869) | [Exchange Fund](#Section21_642869) | A-4 |
| [**Section 2.2**](#Section22_678057) | [Exchange Procedures](#Section22_678057) | A-4 |
| [**Section 2.3**](#Section23_906292) | [Distributions with Respect to Unexchanged Shares](#Section23_906292) | A-5 |
| [**Section 2.4**](#Section24_426429) | [No Further Ownership Rights](#Section24_426429) | A-5 |
| [**Section 2.5**](#Section25_387447) | [No Fractional Shares of Enzon Common Stock](#Section25_387447) | A-5 |
| [**Section 2.6**](#Section26_660919) | [Termination of Exchange Fund](#Section26_660919) | A-6 |
| [**Section 2.7**](#Section27_612624) | [No Liability](#Section27_612624) | A-6 |
| [**Section 2.8**](#Section28_906202) | [Lost Certificates](#Section28_906202) | A-6 |
| [**Section 2.9**](#Section29_688726) | [Dissenting Shares](#Section29_688726) | A-6 |
| [**Section 2.10**](#Section210_353774) | [Withholding Rights](#Section210_353774) | A-6 |
| [**Section 2.11**](#Section211_788117) | [Further Assurances](#Section211_788117) | A-7 |
| [Article III Representations and Warranties of Viskase](#ARTICLEIII_377193) | [Article III Representations and Warranties of Viskase](#ARTICLEIII_377193) | A-7 |
| [**Section 3.1**](#Section31_383521) | [Organization; Standing](#Section31_383521) | A-7 |
| [**Section 3.2**](#Section32_132000) | [Capitalization](#Section32_132000) | A-7 |
| [**Section 3.3**](#Section33_936193) | [Authority; Noncontravention; Voting Requirements](#Section33_936193) | A-8 |
| [**Section 3.4**](#Section34_536663) | [Governmental Approvals](#Section34_536663) | A-8 |
| [**Section 3.5**](#Section35_33973) | [Viskase Documents; Undisclosed Liabilities](#Section35_33973) | A-9 |
| [**Section 3.6**](#Section36_779868) | [Absence of Certain Changes](#Section36_779868) | A-9 |
| [**Section 3.7**](#Section37_894329) | [Legal Proceedings](#Section37_894329) | A-10 |
| [**Section 3.8**](#Section38_300664) | [Compliance with Laws; Permits](#Section38_300664) | A-10 |
| [**Section 3.9**](#Section39_650306) | [Tax Matters](#Section39_650306) | A-10 |
| [**Section 3.10**](#Section310_821056) | [Employee Plans](#Section310_821056) | A-11 |
| [**Section 3.11**](#Section311_790227) | [Labor Matters](#Section311_790227) | A-12 |
| [**Section 3.12**](#Section312_829922) | [Environmental Matters](#Section312_829922) | A-12 |
| [**Section 3.13**](#Section313_504676) | [Intellectual Property; Information Technology; Data Privacy](#Section313_504676) | A-12 |
| [**Section 3.14**](#Section314_52124) | [No Rights Agreement; Anti-Takeover Provisions](#Section314_52124) | A-13 |
| [**Section 3.15**](#Section315_700568) | [Property](#Section315_700568) | A-13 |
| [**Section 3.16**](#Section316_757534) | [Contracts](#Section316_757534) | A-14 |
| [**Section 3.17**](#Section317_695196) | [Insurance](#Section317_695196) | A-15 |
| [**Section 3.18**](#Section318_804852) | [Information Supplied.](#Section318_804852) | A-15 |

---

A-i

[**Table of Contents**](#TOC)

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| [**Section 3.19**](#Section319_384666) | [Opinion of Financial Advisors](#Section319_384666) | A-15 |
| [**Section 3.20**](#Section320_351898) | [Brokers and Other Advisors](#Section320_351898) | A-15 |
| [**Section 3.21**](#Section321_252394) | [No Other Representations or Warranties](#Section321_252394) | A-15 |
| [Article IV Representations and Warranties of Enzon and merger sub](#ARTICLEIV_79678) | [Article IV Representations and Warranties of Enzon and merger sub](#ARTICLEIV_79678) | A-16 |
| [**Section 4.1**](#Section41_897347) | [Organization; Standing](#Section41_897347) | A-16 |
| [**Section 4.2**](#Section42_64891) | [Capitalization](#Section42_64891) | A-16 |
| [**Section 4.3**](#Section43_675145) | [Authority; Noncontravention; Voting Requirements](#Section43_675145) | A-17 |
| [**Section 4.4**](#Section44_557624) | [Governmental Approvals](#Section44_557624) | A-18 |
| [**Section 4.5**](#Section45_461878) | [Enzon SEC Documents; Undisclosed Liabilities](#Section45_461878) | A-18 |
| [**Section 4.6**](#Section46_653159) | [Absence of Certain Changes](#Section46_653159) | A-19 |
| [**Section 4.7**](#Section47_643062) | [Legal Proceedings](#Section47_643062) | A-19 |
| [**Section 4.8**](#Section48_565511) | [Compliance with Laws; Permits](#Section48_565511) | A-19 |
| [**Section 4.9**](#Section49_260627) | [Tax Matters](#Section49_260627) | A-20 |
| [**Section 4.10**](#Section410_198818) | [Employee Plans](#Section410_198818) | A-21 |
| [**Section 4.11**](#Section411_587896) | [Labor Matters](#Section411_587896) | A-21 |
| [**Section 4.12**](#Section412_296368) | [Environmental Matters](#Section412_296368) | A-22 |
| [**Section 4.13**](#Section413_722175) | [Intellectual Property; Information Technology; Data Privacy](#Section413_722175) | A-22 |
| [**Section 4.14**](#Section414_26612) | [No Rights Agreement; Anti-Takeover Provisions](#Section414_26612) | A-23 |
| [**Section 4.15**](#Section415_98289) | [Property](#Section415_98289) | A-23 |
| [**Section 4.16**](#Section416_771297) | [Contracts](#Section416_771297) | A-23 |
| [**Section 4.17**](#Section417_756780) | [Insurance](#Section417_756780) | A-24 |
| [**Section 4.18**](#Section418_637753) | [Ownership of Viskase Common Stock](#Section418_637753) | A-24 |
| [**Section 4.19**](#Section419_69496) | [Opinion of Financial Advisors](#Section419_69496) | A-24 |
| [**Section 4.20**](#Section420_535584) | [Brokers and Other Advisors](#Section420_535584) | A-24 |
| [**Section 4.21**](#Section421_718366) | [No Other Representations or Warranties](#Section421_718366) | A-25 |
| [Article V Covenants of Viskase](#ARTICLEV_956808) | [Article V Covenants of Viskase](#ARTICLEV_956808) | A-25 |
| [**Section 5.1**](#Section51_143502) | [Conduct of Business Before the Closing Date](#Section51_143502) | A-25 |
| [**Section 5.2**](#Section52_218193) | [Annual and Interim Financial Statements.](#Section52_218193) | A-27 |
| [Article VI Covenants of Enzon; Additional Covenants](#ARTICLEVI_351951) | [Article VI Covenants of Enzon; Additional Covenants](#ARTICLEVI_351951) | A-28 |
| [**Section 6.1**](#Section61_569249) | [Conduct of Business Before the Closing Date](#Section61_569249) | A-28 |
| [**Section 6.2**](#Section62_458563) | [Resignations](#Section62_458563) | A-30 |
| [**Section 6.3**](#Section63_709477) | [D&O Insurance and Indemnification.](#Section63_709477) | A-30 |
| [Article VII Additional Covenants of The Parties](#ARTICLEVII_657474) | [Article VII Additional Covenants of The Parties](#ARTICLEVII_657474) | A-32 |
| [**Section 7.1**](#Section71_955102) | [Registration Statement/Consent Solicitation Statement](#Section71_955102) | A-32 |
| [**Section 7.2**](#Section72_635705) | [Access to Information](#Section72_635705) | A-33 |
| [**Section 7.3**](#Section73_874114) | [Efforts](#Section73_874114) | A-33 |
| [**Section 7.4**](#Section74_222169) | [HSR Act Filing](#Section74_222169) | A-33 |
| [**Section 7.5**](#Section75_884591) | [No Solicitation by Enzon](#Section75_884591) | A-35 |
| [**Section 7.6**](#Section76_346540) | [Stockholder Litigation](#Section76_346540) | A-37 |
| [**Section 7.7**](#Section77_321967) | [Public Announcements](#Section77_321967) | A-37 |
| [**Section 7.8**](#Section78_306868) | [Section 16 Matters](#Section78_306868) | A-37 |
| [**Section 7.9**](#Section79_544138) | [Tax Matters](#Section79_544138) | A-38 |

---

A-ii

[**Table of Contents**](#TOC)

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| [**Section 7.10**](#Section710_83941) | [Enzon Series C Preferred Stock.](#Section710_83941) | A-38 |
| [**Section 7.11**](#Section711_127960) | [Debt Instruments](#Section711_127960) | A-38 |
| [**Section 7.12**](#Section712_600764) | [Private Placement Agreement](#Section712_600764) | A-38 |
| [**Section 7.13**](#Section713_576319) | [State Takeover Statutes](#Section713_576319) | A-38 |
| [**Section 7.14**](#Section714_815604) | [Delisting](#Section714_815604) | A-38 |
| [**Section 7.15**](#Section715_317314) | [Listing](#Section715_317314) | A-38 |
| [**Section 7.16**](#Section716_121558) | [Reverse Stock Split](#Section716_121558) | A-38 |
| [**Section 7.17**](#Section717_790537) | [382 Rights Agreement](#Section717_790537) | A-39 |
| [Article VIII Conditions Precedent](#ARTICLEVIII_809693) | [Article VIII Conditions Precedent](#ARTICLEVIII_809693) | A-39 |
| [**Section 8.1**](#Section81_686626) | [Conditions to Each Party's Obligation to Effect the Merger](#Section81_686626) | A-39 |
| [**Section 8.2**](#Section82_165437) | [Additional Conditions to Obligations of Enzon](#Section82_165437) | A-39 |
| [**Section 8.3**](#Section83_766956) | [Additional Conditions to Obligations of Viskase](#Section83_766956) | A-40 |
| [**Section 8.4**](#Section84_329494) | [Frustration of Conditions](#Section84_329494) | A-40 |
| [Article IX Termination](#ARTICLEIX_734140) | [Article IX Termination](#ARTICLEIX_734140) | A-40 |
| [**Section 9.1**](#Section91_89523) | [Termination](#Section91_89523) | A-40 |
| [**Section 9.2**](#Section92_861291) | [Effect of Termination](#Section92_861291) | A-41 |
| [**Section 9.3**](#Section93_419083) | [Amendment](#Section93_419083) | A-42 |
| [**Section 9.4**](#Section94_546764) | [Waiver](#Section94_546764) | A-42 |
| [Article X Miscellaneous](#ARTICLEX_663633) | [Article X Miscellaneous](#ARTICLEX_663633) | A-42 |
| [**Section 10.1**](#Section101_184992) | [Non-Survival of Representations, Warranties and Agreements](#Section101_184992) | A-42 |
| [**Section 10.2**](#Section102_945452) | [Disclosure Letters](#Section102_945452) | A-43 |
| [**Section 10.3**](#Section103_170102) | [Successors and Assigns](#Section103_170102) | A-43 |
| [**Section 10.4**](#Section104_471172) | [Governing Law: Jurisdiction: Specific Performance](#Section104_471172) | A-43 |
| [**Section 10.5**](#Section105_668969) | [Expenses](#Section105_668969) | A-44 |
| [**Section 10.6**](#Section106_653620) | [Severability; Construction](#Section106_653620) | A-44 |
| [**Section 10.7**](#Section107_914237) | [Notices](#Section107_914237) | A-44 |
| [**Section 10.8**](#Section108_225780) | [Entire Agreement](#Section108_225780) | A-45 |
| [**Section 10.9**](#Section109_604085) | [Third Party Beneficiaries](#Section109_604085) | A-45 |
| [**Section 10.10**](#Section1010_693981) | [Section and Paragraph Headings; Interpretation](#Section1010_693981) | A-45 |
| [**Section 10.11**](#Section1011_862157) | [Counterparts](#Section1011_862157) | A-46 |
| [**Section 10.12**](#Section1012_431713) | [Definitions](#Section1012_431713) | A-46 |

---

---

| | |
|:---|:---|
| Exhibits | Exhibits |
| [Exhibit A](#EXHIBITA_607799) | [Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Enzon](#EXHIBITA_607799) |
| [Exhibit B](#EXHIBITB_987693) | [IEH Support Agreement](#EXHIBITB_987693) |
| [Exhibit C](#EXHIBITC_112431) | [Amended and Restated Certificate of Incorporation of the Surviving Company](#EXHIBITC_112431) |
| [Exhibit D](#EXHIBITD_903682) | [Post-Conversion Certificate of Formation and Limited Liability Company Agreement of the Surviving Company](#EXHIBITD_903682) |

---

A-iii

[**Table of Contents**](#TOC)

This AGREEMENT AND PLAN OF MERGER, dated as of June 20, 2025 (this "Agreement"), is by and between Enzon Pharmaceuticals, Inc., a Delaware corporation ("Enzon"), EPSC Acquisition Corp., a Delaware corporation ("Merger Sub"), and Viskase Companies, Inc., a Delaware corporation ("Viskase").

W I T N E S S E T H:

WHEREAS, the parties intend that, on the terms and subject to the conditions set forth in this Agreement, Merger Sub be merged with and into Viskase (the "Merger"), with Viskase as the surviving entity in the Merger, in accordance with the applicable provisions of the General Corporation Law of the State of Delaware (the "DGCL"), and promptly thereafter, Viskase shall convert into a limited liability company pursuant to Section 266 of the DGCL and Section 18-214 of the Delaware Limited Liability Company Act (the "Delaware LLC Act");

WHEREAS, the Board of Directors of Viskase has established a special committee thereof consisting only of independent and disinterested directors that the Board of Directors of Viskase determined to be disinterested directors within the meaning of the DGCL (the "Viskase Special Committee") to, among other things, review, evaluate and negotiate, and/or to reject, this Agreement and the transactions contemplated hereby, and the material facts as to the interests of IEH (as defined herein), together with its affiliates, were disclosed or known to all of the members of the Viskase Special Committee;

WHEREAS, the Viskase Special Committee has unanimously (i) determined that this Agreement and the transactions contemplated hereby are fair to, and in the best interests of Viskase and Viskase's stockholders, other than IEH and its Affiliates, and declared it advisable, that Viskase enter into this Agreement and consummate the transactions contemplated hereby and (ii) adopted resolutions recommending that the Board of Directors of Viskase (A) adopt resolutions approving and declaring the advisability of this Agreement and the consummation of the transactions contemplated hereby, including the Merger, (B) adopt resolutions recommending that the stockholders of Viskase entitled to vote adopt this Agreement (this clause (B), the "Viskase Special Committee Recommendation") and (C) direct that this Agreement and the transactions contemplated hereby be submitted to the stockholders of Viskase entitled to vote for adoption;

WHEREAS, the Board of Directors of Viskase, upon the unanimous recommendation of the Viskase Special Committee, has unanimously (i) determined that this Agreement and the transactions contemplated hereby are fair to, and in the best interests of Viskase and Viskase's stockholders, and declared it advisable, that Viskase enter into this Agreement and consummate the transactions contemplated hereby, (ii) adopted resolutions approving and declaring the advisability of this Agreement and the consummation of the transactions contemplated hereby, including the Merger, (iii) adopted resolutions recommending that the stockholders of Viskase entitled to vote adopt this Agreement (this clause (iii), the "Viskase Recommendation") and (iv) directed that this Agreement and the transactions contemplated hereby be submitted to the stockholders of Viskase entitled to vote for adoption;

WHEREAS, the Board of Directors of Enzon has established a special committee thereof consisting only of independent and disinterested directors that the Board of Directors of Enzon determined to be disinterested directors within the meaning of the DGCL (the "Enzon Special Committee") to, among other things, analyze, evaluate and oversee a potential transaction with Viskase and any available alternatives thereto, and/or to reject a potential transaction with Viskase, and the material facts as to the interests of IEH (as defined herein), together with its Affiliates, were disclosed or known to all of the members of the Enzon Special Committee;

WHEREAS, the Enzon Special Committee has unanimously (i) determined that this Agreement and the transactions contemplated hereby are fair to, and in the best interests of, Enzon and Enzon's stockholders, other than IEH and its Affiliates, and (ii) recommended that the Board of Directors of Enzon (A) determine that this Agreement and the transactions contemplated hereby, are fair to, and in the best interests of, Enzon and Enzon's stockholders, other than IEH and its Affiliates, (B) approve this Agreement and the transactions contemplated hereby, including the Proposed Enzon Action and (C) recommend that the stockholders of Enzon entitled to vote thereon (x) adopt this Agreement, and (y) approve an amendment to the Amended and Restated Certificate of Incorporation of Enzon in the form set forth as Exhibit A hereto to, among other things, effect a consolidation of the issued and outstanding shares of Enzon Common Stock, pursuant to which the shares of Enzon Common Stock would be combined and reclassified at a ratio of between 1 to 2 and 1 to 100 (the "Reverse Stock Split" or the "Proposed Enzon Action") (this clause (ii)(C), the "Enzon Special Committee Recommendation");

[**Table of Contents**](#TOC)

WHEREAS, the Board of Directors of Enzon, upon the unanimous recommendation of the Enzon Special Committee, has unanimously (i) determined that this Agreement and the transactions contemplated hereby are fair to, and in the best interests of, Enzon and Enzon's stockholders, (ii) approved this Agreement and the transactions contemplated hereby, including the Proposed Enzon Action, (iii) approved the execution and delivery of this Agreement, the performance by Enzon of its covenants and other obligations contained herein and the transactions contemplated hereby upon the terms and subject to the conditions contained herein, (iv) recommended that the stockholders of Enzon entitled to vote thereon adopt this Agreement and approve the Proposed Enzon Action (this clause (iv), the "Enzon Recommendation"), and (v) directed that the adoption of this Agreement and the Proposed Enzon Action be submitted to the stockholders of Enzon entitled to vote thereon for the approval thereof;

WHEREAS, the Board of Directors of Merger Sub has unanimously (i) determined that this Agreement and the transactions contemplated hereby are fair to, and in the best interests of, Merger Sub and Merger Sub's sole stockholder, (ii) approved and declared advisable this Agreement and the transactions contemplated hereby, including the Merger, (iii) approved the execution and delivery of this Agreement, the performance by Merger Sub of its covenants and other obligations contained herein and the transactions contemplated hereby upon the terms and subject to the conditions contained herein, (iv) directed that the adoption of this Agreement be submitted to a vote of Enzon, in its capacity as Merger Sub's sole stockholder, (v) resolved to recommend that Enzon, in its capacity as the sole stockholder of Merger Sub, vote in favor of the adoption of this Agreement (this clause (v), the "Merger Sub Recommendation") and (vi) Enzon, as Merger Sub's sole stockholder, has duly executed and delivered to Merger Sub a written consent, to be effective by its terms immediately following execution and delivery of this Agreement by all parties hereto, adopting this Agreement;

WHEREAS, concurrently with the execution and delivery of this Agreement, and as a condition and inducement to the parties' willingness to enter into this Agreement, Icahn Enterprises Holdings L.P., a Delaware limited partnership ("IEH"), and certain Affiliates thereof, are entering into a support agreement in the form attached hereto as Exhibit B (the "IEH Support Agreement") with Enzon and Viskase, pursuant to which IEH has agreed to, among other things, (i) deliver or cause the delivery of written consents with respect to all of the issued and outstanding shares of Enzon Common Stock held by IEH and its Affiliates approving the Proposed Enzon Action and (ii) effectuate the conversion of each issued and outstanding share of Enzon Series C Preferred Stock into shares of Enzon Common Stock immediately prior to the consummation of the Closing, in each case on the terms and conditions set forth in the IEH Support Agreement (the "IEH Share Exchange");

WHEREAS, for U.S. federal income Tax purposes, the parties intend that (i) the Merger and the conversion of Viskase into a limited liability company undertaken as part of this Agreement will, taken together, qualify as a "reorganization" within the meaning of Section 368(a) of the Code and the regulations promulgated thereunder, (ii) Enzon and Viskase will each be a party to the reorganization within the meaning of Section 368(b) of the Code and (iii) this Agreement will constitute a "plan of reorganization" within the meaning of the Code (clauses (i)-(iii) collectively, the "Intended Tax Treatment"); and

WHEREAS, Viskase and Enzon desire to make certain representations, warranties, covenants and agreements in connection with this Agreement and to set forth certain conditions to the Merger.

NOW, THEREFORE, in consideration of the foregoing and the respective representations, warranties, covenants and agreements set forth herein, and intending to be legally bound hereby, the parties hereto agree as follows:

**Article I**

**The Merger**

**Section 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Merger**. Upon the terms and subject to the satisfaction or valid waiver of the conditions set forth in this Agreement and in accordance with the applicable provisions of the DGCL, at the Effective Time, Merger Sub will merge with and into Viskase, the separate corporate existence of Merger Sub shall cease and Viskase shall continue as the surviving corporation (the "Surviving Company") and a wholly owned subsidiary of Enzon. Promptly after the Merger, Enzon shall cause the conversion of the Surviving Company into a limited liability company under Section 266 of the DGCL and Section 18-214 of the Delaware LLC Act (the "Surviving Company Conversion").

[**Table of Contents**](#TOC)

**Section 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Closing**. The closing of the Merger (the "Closing") shall take place at 10:00 a.m. (New York City time) on the third (3rd) Business Day after the satisfaction or waiver (to the extent permitted by applicable Law) of the conditions set forth in Article VIII (other than those conditions that by their nature are to be satisfied at the Closing but subject to the satisfaction or, to the extent permitted by applicable Law, waiver of such conditions). The Closing shall take place virtually by the electronic exchange of documents, unless another time, date or place is agreed to in writing by the parties hereto. The date on which the Closing occurs is referred to in this Agreement as the "Closing Date."

**Section 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effective Time**. Subject to the conditions set forth in this Agreement, on the Closing Date, the parties will cause the Merger to be consummated by filing all necessary documentation, including a certificate of merger (the "Certificate of Merger") with the Secretary of State of the State of Delaware (the "Secretary of State"), in such form as required by, and executed in accordance with, the DGCL. The Merger shall become effective either upon the filing of the Certificate of Merger with the Secretary of State or at such later effective time as may be agreed in writing by Enzon, Merger Sub and Viskase and stated in the Certificate of Merger (such time as the Merger becomes effective, the "Effective Time").

**Section 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effects of the Merger**. The effects of the Merger shall be as provided in this Agreement and in the applicable provisions of the DGCL. Without limiting the generality of the foregoing, and subject thereto, at the Effective Time, all of the assets, rights, privileges, powers and franchises of Viskase and Merger Sub shall vest in the Surviving Company, and all debts, liabilities and duties of Viskase and Merger Sub shall become the debts, liabilities and duties of the Surviving Company, and the separate legal existence of Merger Sub shall cease, all as provided under the DGCL.

**Section 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constituent Documents**. At the Effective Time, the certificate of incorporation of Viskase as in effect immediately prior to the Effective Time shall be amended and restated in its entirety to read as set forth in Exhibit C to this Agreement and, as so amended and restated, shall be the certificate of incorporation of the Surviving Company until thereafter amended as provided therein or as provided by applicable Law. The parties shall take all necessary action so that, at the Effective Time, the by-laws of Viskase as in effect immediately prior to the Effective Time shall be amended and restated in their entirety to read as the bylaws of Merger Sub as in effect immediately prior to the Effective Time until thereafter amended as provided therein, by the certificate of incorporation of the Surviving Company or as provided by applicable Law. The parties hereto shall also take all actions necessary such that, in connection with and promptly following the Surviving Company Conversion, the certificate of formation and the limited liability company agreement of the Surviving Company shall be as set forth on Exhibit D.

**Section 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors and Officers.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Directors. The parties hereto shall take all actions necessary such that, as of the Effective Time, the Board of Directors of Enzon and the Surviving Company shall be comprised of (i) individuals designated by the Viskase Board of Directors prior to the Effective Time and (ii) Jordan Bleznick. Each such director shall hold office until his or her respective successor is duly elected or appointed and qualified or until his or her earlier death, resignation or removal in accordance with the governing documents of Enzon or the Surviving Company, as applicable, and applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Officers. The parties hereto shall take all actions necessary such that, as of the Effective Time, the officers of Viskase immediately prior to the Effective Time shall be the officers of Enzon and the Surviving Company, in each case, until his or her respective successor is duly elected or appointed and qualified or until his or her earlier death, resignation or removal in accordance with the governing documents of Enzon or the Surviving Company, as applicable, and applicable Law.

**Section 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conversion of Viskase Common Stock.** At the Effective Time, by virtue of the Merger and without any action on the part of Enzon, Merger Sub, Viskase, or the holder of any securities of Enzon or Viskase:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Each share of Viskase Common Stock issued and outstanding immediately prior to the Effective Time, except for shares of Viskase Common Stock held by Viskase as treasury shares, or owned by Enzon, Merger Sub or a wholly owned Subsidiary of Viskase, Enzon or Merger Sub immediately prior to the Effective Time (the "Cancelled Shares") and Dissenting Viskase Shares (as defined herein), shall automatically be converted into the right to receive a number of shares of Enzon Common Stock equal to the Exchange Ratio (such shares, the "Merger Consideration").

[**Table of Contents**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**All of the shares of Viskase Common Stock converted into the right to receive the Merger Consideration pursuant to this Article I shall no longer be outstanding and shall automatically be cancelled and shall cease to exist as of the Effective Time, and each Certificate or Book-Entry Share previously representing any such shares of Viskase Common Stock shall thereafter represent only the right to receive (i) the Merger Consideration, (ii) cash to be paid in lieu of fractional shares of Enzon Common Stock in accordance with Section 2.5, without any interest thereon (which cash paid in lieu of fractional shares, shall, for the avoidance of doubt, not reduce the amount of cash on hand at Enzon for purposes of determining whether the Minimum Cash Condition has been satisfied and any shortfall thereof), and (iii) any dividends or distributions which the holder thereof has the right to receive pursuant to Section 2.3, without any interest thereon. If, prior to the Effective Time, the outstanding shares of Viskase Common Stock or Enzon Common Stock shall have been increased, decreased, changed into or exchanged for a different number or kind of shares or securities as a result of a reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split, or other similar change in capitalization, or there shall be any extraordinary dividend or distribution, an appropriate and proportionate adjustment shall be made to the Exchange Ratio to give Enzon and the holders of Viskase Common Stock the same economic effect as contemplated by this Agreement prior to such event; provided, that (A) the Exchange Ratio takes into account the consummation of the IEH Share Exchange, the Series C Exchange Offer and the Reverse Stock Split, and no such adjustment to the Exchange Ratio shall occur as a result thereof and (B) nothing contained in this sentence shall be construed to permit Viskase or Enzon to take any action with respect to its securities or otherwise that is prohibited by the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**All Cancelled Shares issued and/or outstanding immediately prior to the Effective Time shall be automatically cancelled and shall cease to exist and no consideration shall be delivered in exchange therefor.

**Section 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merger Sub Common Stock**. At the Effective Time, each share of Merger Sub Common Stock issued and outstanding immediately prior to the Effective Time shall be automatically converted into and become one share of common stock, par value $0.01 per share, of the Surviving Company.

**Article II**

**Exchange of Certificates**

**Section 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange Fund**. Immediately prior to or substantially concurrently with the Effective Time, Enzon shall deposit with a nationally recognized bank or trust company (the "Exchange Agent") designated by Enzon, which bank or trust company shall be reasonably satisfactory to Viskase, uncertificated, book-entry shares representing the number of shares of Enzon Common Stock sufficient to deliver the aggregate Merger Consideration. Enzon agrees to and shall make available to the Exchange Agent, immediately prior to the Effective Time and from time to time thereafter as needed, cash sufficient to pay any dividends and other distributions pursuant to Section 2.3 and to make payments in lieu of any fraction of a share of Enzon Common Stock pursuant to Section 2.5; provided that any such cash made available to the Exchange Agent for such purposes shall be counted as cash of Enzon for purposes of determining whether the Minimum Cash Condition has been satisfied and any shortfall thereof. Any cash and uncertificated, book-entry shares of Enzon Common Stock deposited with the Exchange Agent shall hereinafter be referred to as the "Exchange Fund." Notwithstanding the foregoing, Enzon shall not be required to make available to the Exchange Agent any Merger Consideration or cash in respect of dividends and other distributions pursuant to Section 2.3 or cash in lieu of any fraction of a share pursuant to Section 2.5 for any Dissenting Viskase Shares until such time as the holder thereof has failed to perfect or otherwise failed to comply with the provisions of Section 262 of the DGCL or shall have effectively withdrawn, waived or lost its or their rights to appraisal of such Dissenting Viskase Shares under Section 262 of the DGCL or a court of competent jurisdiction determined that such holder is not entitled to the relief provided by Section 262 of the DGCL. No interest will be paid or will accrue on any cash payable pursuant to Section 2.3 or Section 2.5.

**Section 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange Procedures**. (a) As promptly as practicable after the Effective Time and in any event not later than five (5) Business Days thereafter, Enzon shall cause the Exchange Agent to send to each holder of record of shares of Viskase Common Stock whose shares of Viskase Common Stock were converted pursuant to Section 1.7 (i) a letter of transmittal (which shall specify that risk of loss and title to any shares evidenced by Certificates or any Book-Entry Shares shall pass, only upon (A) with respect to shares evidenced by Certificates, proper delivery of the Certificates (or affidavits of loss in lieu thereof in accordance with Section 2.8) and (B) with respect to Book-Entry Shares, upon proper delivery of any "agent's message" regarding the book-entry transfer of such Book-Entry Shares (or such other evidence, if any, of the transfer as the Exchange Agent may reasonably request), as applicable, to the Exchange Agent and shall be in a form and have such other provisions as Enzon and Viskase may reasonably specify) (the "Letter of Transmittal") and (ii) instructions for use in effecting the surrender of the Certificates or Book-Entry Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Upon surrender of a Certificate (or an affidavit of loss in lieu thereof in accordance with Section 2.8) or Book-Entry Shares to the Exchange Agent together with a Letter of Transmittal, duly completed and validly executed, and such other

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documents as may reasonably be required by the Exchange Agent, Enzon shall cause the Exchange Agent to, as promptly as practicable and in any event not later than five (5) Business Days thereafter, (i) credit to the surrendering holder of such Certificate (or affidavit of loss in lieu thereof in accordance with Section 2.8) or Book-Entry Shares in the stock ledger and other appropriate books and records of Enzon the number of shares of Enzon Common Stock into which the shares represented by such Certificate or such Book-Entry Shares have been converted pursuant to this Agreement, and (ii) pay and deliver by wire transfer or check the amount of any dividends or other distributions to which such holder of Certificate (or affidavit of loss in lieu thereof in accordance with Section 2.8) or Book-Entry Shares become entitled in accordance with Section 2.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**In the event of a transfer of ownership of Viskase Common Stock which is not registered in the transfer records of Viskase, Enzon may cause the Exchange Agent to credit any shares of Enzon Common Stock to be credited upon, and pay any cash to be paid upon, due surrender of a Certificate or Book-Entry Shares to such a transferee only if such Certificate or Book-Entry Shares are presented to the Exchange Agent, accompanied by all documents required to evidence and effect such transfer and to evidence to the satisfaction of the Exchange Agent that any applicable stock transfer or similar Taxes have been paid or are not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Until surrendered as contemplated by this Section 2.2, each Certificate and Book-Entry Share shall at any time after the Effective Time represent, upon such surrender, the applicable Merger Consideration into which the shares represented by such Certificate or Book-Entry Share have been converted pursuant to this Agreement and the right to receive cash in lieu of fractional shares of Enzon Common Stock under Section 2.5 and any dividends or other distributions to which the holder of such Certificate or Book-Entry Share becomes entitled in accordance with Section 2.3.

**Section 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions with Respect to Unexchanged Shares**. No dividends or other distributions declared or made with respect to shares of Enzon Common Stock with a record date after the Effective Time shall be paid to the holder of any unsurrendered Certificate or Book-Entry Shares until such holder shall surrender such Certificate (or affidavit of loss in lieu thereof in accordance with Section 2.8) or Book-Entry Shares in accordance with Section 2.2. Subject to escheat, Tax or other applicable Law, following surrender of any such Certificate (or affidavit of loss in lieu thereof in accordance with Section 2.8) or Book-Entry Shares, such holder thereof shall be paid (a) promptly after such surrender, any such dividends or distributions, without interest, with a record date after the Effective Time theretofore payable with respect to the Enzon Common Stock into which the shares represented by such Certificate or such Book-Entry Shares have been converted pursuant to this Agreement and (b) at the appropriate payment date, the amount of any dividends or distributions with a record date after the Effective Time and a payment date subsequent to such surrender payable with respect to the Enzon Common Stock into which the shares represented by such Certificate or such Book-Entry Shares have been converted pursuant to this Agreement.

**Section 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No Further Ownership Rights**. The shares of Enzon Common Stock issued and cash paid upon conversion of shares of Viskase Common Stock in accordance with the terms of Article I and this Article II (including any cash paid pursuant to Section 2.3 and Section 2.5) shall be deemed to have been delivered or paid in full satisfaction of all rights pertaining to the shares of Viskase Common Stock. From and after the Effective Time, (a) all holders of Certificates and Book-Entry Shares shall cease to have any rights as stockholders of Viskase, other than the right to receive the applicable Merger Consideration, cash in lieu of fractional shares under Section 2.5 and any dividends or other distributions to which the holders of such Certificates or Book-Entry Shares become entitled in accordance with Section 2.3, in each case without interest, and (b) the stock transfer books of Viskase shall be closed with respect to all shares of Viskase Common Stock outstanding immediately prior to the Effective Time, and there shall be no further registration of transfers on the stock transfer books of Viskase of shares of Viskase Common Stock that were outstanding immediately prior to the Effective Time. If, after the Effective Time, any Certificates or Book-Entry Shares formerly representing shares of Viskase Common Stock are presented to the Surviving Company or the Exchange Agent for any reason, such Certificates, or Book-Entry Shares (as applicable) shall be cancelled, and their holders shall be credited shares of Enzon Common Stock as provided in this Article II.

**Section 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No Fractional Shares of Enzon Common Stock**. No fractional shares of Enzon Common Stock shall be issued upon the conversion of shares of Viskase Common Stock pursuant to Section 1.7, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a stockholder of Enzon. Notwithstanding any other provision of this Agreement, each holder of Viskase Common Stock converted pursuant to Section 1.7 that would otherwise have been entitled to receive a fraction of a share of Enzon Common Stock (after taking into account all shares of Viskase Common Stock evidenced by the Certificates and Book-Entry Shares delivered by such holder) shall receive, in lieu thereof, cash (without interest) in an amount equal to such fractional amount multiplied by the volume weighted averages of the trading prices of Enzon Common Stock on the "OTCQX tier" of the OTC market of the OTC Markets Group, Inc. ("OTC") (as reported by Bloomberg or, if not reported thereby, in another authoritative source mutually selected by Enzon and Viskase) on the five (5) consecutive Trading Days ending on (and including) the Trading Day that is two (2) Trading Days prior to the date of the Effective Time, rounded down to the nearest penny.

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**Section 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Termination of Exchange Fund**. Any portion of the Exchange Fund which remains undistributed to the holders of shares of Viskase Common Stock for 180 days after the Effective Time shall be delivered to Enzon or otherwise on the instruction of Enzon, and any holders of Certificates or Book-Entry Shares that have not theretofore complied with this Article II shall thereafter look only to Enzon (subject to abandoned property, escheat or other similar Laws) as general creditors thereof for the applicable Merger Consideration with respect to the shares of Viskase Common Stock formerly represented thereby to which such holders are entitled pursuant to Section 1.7, any cash in lieu of fractional shares of Enzon Common Stock under Section 2.5 and any dividends or distributions with respect to shares of Enzon Common Stock to which such holders are entitled pursuant to Section 2.3.

**Section 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No Liability**. None of Enzon, Viskase, the Surviving Company or the Exchange Agent shall be liable to any Person in respect of any Merger Consideration or portion of the Exchange Fund delivered to a public official pursuant to any applicable abandoned property, escheat or similar Law. Any portion of the Exchange Fund which remains undistributed to the holders of Certificates or Book-Entry Shares as of the second (2nd) anniversary of the Effective Time (or immediately prior to such earlier date on which the Exchange Fund would otherwise escheat to, or become the property of, any Governmental Entity) shall, to the extent permissible by applicable Law, become the property of Enzon, free and clear of all claims or interest of any Person previously entitled thereto.

**Section 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lost Certificates**. If any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the Person claiming such Certificate to be lost, stolen or destroyed and, if required by Enzon, the posting by such Person of a bond in such reasonable amount as Enzon may direct as indemnity against any claim that may be made against it with respect to such Certificate or other documentation (including an indemnity in customary form) reasonably requested by Enzon, the Exchange Agent (or, after dissolution of the Exchange Fund, Enzon) will issue in exchange for such lost, stolen or destroyed Certificate the Merger Consideration payable in respect of the shares of Viskase Common Stock formerly represented by such Certificate, any cash payable in lieu of fractional shares of Enzon Common Stock to which the holder thereof is entitled pursuant to Section 2.5 and any unpaid dividends and distributions on shares of Enzon Common Stock deliverable in respect thereof, pursuant to this Agreement.

**Section 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dissenting Shares.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Notwithstanding anything to the contrary set forth in this Agreement, all shares of Viskase Common Stock that are issued and outstanding immediately prior to the Effective Time and held by the stockholders of Viskase who have not voted in favor of the adoption of this Agreement (or consented thereto in writing) and who shall have properly demanded appraisal of such shares of Viskase Common Stock in accordance with, and who have otherwise complied in all respects with, Section 262 of the DGCL and, as of the Effective Time, have neither effectively withdrawn nor lost their rights to such appraisal under the DGCL (collectively, "Dissenting Viskase Shares") shall not be converted into the right to receive the Merger Consideration. The holders of Dissenting Viskase Shares shall instead be entitled to receive payment of the appraised value of such Dissenting Viskase Shares in accordance with the provisions of Section 262 of the DGCL, unless and until such holder of Dissenting Viskase Shares fails to perfect or otherwise fails to comply with the provisions of Section 262 of the DGCL, or has effectively withdrawn or waives or otherwise loses their rights to appraisal of such Dissenting Viskase Shares under such Section 262 of the DGCL or a court of competent jurisdiction determines that such holder is not entitled to the relief provided by Section 262 of the DGCL. If any holder of Dissenting Viskase Shares fails to perfect or otherwise fails to comply with the provisions of Section 262 of the DGCL or effectively withdraws or waives or otherwise loses such right to appraisal of such Dissenting Viskase Shares pursuant to Section 262 of the DGCL or a court of competent jurisdiction determines that such holder is not entitled to the relief provided by Section 262 of the DGCL, such Dissenting Viskase Shares shall be deemed to have been converted into, and to have become exchangeable for, as of the Effective Time, the right to receive the Merger Consideration, without interest thereon, upon surrender of the Viskase Common Stock in the manner provided in this Article II, and shall not thereafter be deemed to be Dissenting Viskase Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Viskase shall give Enzon prompt notice of any demands for appraisal received by Viskase, withdrawals of such demands, and any other instruments served pursuant to Delaware Law and received by Viskase in respect of Dissenting Viskase Shares. Viskase shall control all negotiations and proceedings with respect to demands for appraisal under Delaware Law in respect of Dissenting Viskase Shares. Viskase shall not, except with the prior written consent of Enzon, make any payment with respect to any demands for appraisal, or settle or offer to settle any such demands for payment, in respect of Dissenting Viskase Shares.

**Section 2.10&nbsp;&nbsp;&nbsp;&nbsp; Withholding Rights**. Each of Enzon, Viskase, the Surviving Company and the Exchange Agent shall be entitled to deduct and withhold from any amounts otherwise payable pursuant to this Agreement such amounts as are required to be deducted or withheld under applicable Tax Law. To the extent that amounts are so deducted or withheld and, if required, paid over to the

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relevant Governmental Entity, such amounts shall be treated for all purposes of this Agreement as having been paid to the Person in respect of which such deduction or withholding was made.

**Section 2.11&nbsp;&nbsp;&nbsp;&nbsp; Further Assurances**. If at any time before or after the Effective Time, Enzon, Viskase or the Surviving Company reasonably believes that any further instruments, deeds, assignments or assurances are reasonably necessary or desirable to consummate the Merger or to carry out the purposes and intent of this Agreement at or after the Effective Time, then Enzon, Merger Sub, Viskase, the Surviving Company and their respective officers and directors or managers shall execute and deliver all such proper instruments, deeds, assignments or assurances and do all other things reasonably necessary or desirable to consummate the Merger and to carry out the purposes and intent of this Agreement.

**Article III**

**Representations and Warranties of Viskase**

Except as expressly disclosed in the Viskase OTC Documents filed with or furnished by Viskase pursuant to the disclosure guidelines of OTC and publicly available after January 1, 2023, and prior to the date of this Agreement (other than any forward-looking statements, or other statements that are similarly predictive or forward-looking in nature, contained in such Viskase OTC Documents), or in the Viskase Disclosure Letter, Viskase hereby represents and warrants to Enzon as follows:

**Section 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organization; Standing**. (a) Viskase is a corporation duly organized and validly existing under the laws of the State of Delaware, is in good standing with the Secretary of State and has all requisite corporate power and corporate authority necessary to carry on its business as it is now being conducted, except (other than with respect to Viskase's due incorporation and valid existence) as has not had or would not reasonably be expected to have a Viskase Material Adverse Effect. Viskase is duly licensed or qualified to do business and is in good standing (where such concept is recognized under applicable Law) in each jurisdiction in which the nature of the business conducted by it or the character or location of the properties and assets owned or leased by it makes such licensing or qualification necessary, except where the failure to be so licensed, qualified or in good standing has not had or would not reasonably be expected to have a Viskase Material Adverse Effect. True and complete copies of the Viskase Organizational Documents have been provided to Enzon prior to the execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Each of Viskase's Subsidiaries is duly organized, validly existing and in good standing (where such concept is recognized under applicable Law) under the Laws of the jurisdiction of its organization, has all requisite power and authority necessary to carry on its business as it is now being conducted, and is duly licensed or qualified to do business in each jurisdiction in which the nature of the business conducted by it or the character or location of the properties and assets owned or leased by it makes such licensing or qualification necessary, except where the failure to be so organized, existing, qualified, licensed and in good standing has not had or would not reasonably be expected to have a Viskase Material Adverse Effect. True and complete copies of the articles of incorporation, bylaws, operating (or equivalent governing documents) of each Viskase Subsidiary that would constitute a "significant subsidiary" within the meaning of Rule 1-02 of Regulation S-X of the Exchange Act have been provided to Enzon prior to execution of this Agreement.

**Section 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalization**. (a) The authorized capital stock of Viskase consists of 150,000,000 shares of Viskase Common Stock and 50,000,000 shares of preferred stock, par value $0.01 per share (the "Viskase Preferred Stock"). At the close of business on May 30, 2025 (the "Viskase Capitalization Date"), (i) 110,333,523 shares of Viskase Common Stock were issued and outstanding, (ii) 805,270 shares of Viskase Common Stock were issued and held in Viskase treasury, and (iii) no shares of Viskase Preferred Stock were issued or outstanding. All the outstanding shares of Viskase Common Stock are duly authorized, validly issued, fully paid and nonassessable and free of preemptive rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** As of the Viskase Capitalization Date, no shares of capital stock of Viskase are issued and outstanding and Viskase does not have outstanding, and there are not, any securities convertible into or exchangeable for any shares of capital stock of Viskase, any rights to subscribe for or to purchase or any options for the purchase of, or any agreements providing for the issuance (contingent or otherwise) of, or any warrants, calls, commitments or known claims of any other character relating to the issuance of, any capital stock of Viskase, or any stock or securities convertible into or exchangeable for any capital stock of Viskase; and Viskase is not subject to any obligation (contingent or otherwise) to repurchase or otherwise acquire or retire, or to register under the Securities Act, any shares of capital stock of Viskase. Viskase does not have outstanding any bonds, debentures, notes or other obligations the holders of which have the right to vote (or are convertible into or exercisable for securities having the right to vote) with the stockholders of Viskase on any matter. As of the Viskase Capitalization Date, there are no outstanding stock options, restricted stock units, restricted stock, stock appreciation rights, "phantom" stock rights, performance units or other compensatory rights or awards (in each case, issued by Viskase or any of its Subsidiaries), that are convertible into or exercisable for a share of Viskase Common Stock on a deferred basis or otherwise or other rights that are linked to, or based upon, the value

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of Viskase Common Stock. There are no shareholder agreements, voting trusts, registration rights agreements, subscription agreements or other agreements, commitments or understandings to which Viskase, or any Viskase Subsidiary is a party with respect to the shares of capital stock or other equity interests of Viskase or any Viskase Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Section 3.2(c) of the Viskase Disclosure Letter sets forth, as of the date of this Agreement, any Person in which Viskase or any of its Subsidiaries holds capital stock or other equity interests. Except as set forth on Section 3.2(c) of the Viskase Disclosure Letter, Viskase holds one hundred percent (100%) of the capital stock and other equity interests of each such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** From the Viskase Capitalization Date to the date of this Agreement, Viskase has not issued any shares of capital stock of Viskase.

**Section 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authority; Noncontravention; Voting Requirements**. (a) Viskase has all necessary corporate power and corporate authority to execute and deliver this Agreement and to perform its obligations hereunder and, subject to the receipt of the Viskase Stockholder Approval, to consummate the Merger. The execution, delivery and performance by Viskase of this Agreement, and the consummation by it of the transactions contemplated hereby, including the Merger, have been duly authorized by its Board of Directors and, except for obtaining the Viskase Stockholder Approval and filing the Certificate of Merger with the Secretary of State pursuant to the DGCL, no other corporate action on the part of Viskase is necessary to authorize the execution, delivery and performance by Viskase of this Agreement and the consummation by it of the transactions contemplated hereby, including the Merger. This Agreement has been duly executed and delivered by Viskase and, assuming due authorization, execution and delivery hereof by the other parties hereto, constitutes a legal, valid and binding obligation of Viskase, enforceable against Viskase in accordance with its terms, except that such enforceability (i) may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar Laws of general application affecting or relating to the enforcement of creditors' rights generally and (ii) is subject to general principles of equity, whether considered in a proceeding at law or in equity (the "Bankruptcy and Equity Exception").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Viskase Special Committee, at a meeting duly called and held, unanimously (i) determined that this Agreement and the transactions contemplated hereby are fair to, and in the best interests of Viskase and Viskase's stockholders, other than IEH and its Affiliates, and declared it advisable, that Viskase enter into this Agreement and consummate the transactions contemplated hereby, (ii) adopted resolutions making the Viskase Special Committee Recommendation, which resolutions have not been subsequently withdrawn or modified in a manner adverse to Enzon, and (iii) directed that this Agreement and the transactions contemplated hereby be submitted to the stockholders of Viskase entitled to vote for adoption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**&nbsp;&nbsp;&nbsp;&nbsp;** The Board of Directors of Viskase, at a meeting duly called and held, upon the unanimous recommendation of the Viskase Special Committee, unanimously (i) determined that this Agreement and the transactions contemplated hereby are fair to, and in the best interests of Viskase and Viskase's stockholders, and declared it advisable, that Viskase enter into this Agreement and consummate the transactions contemplated hereby, (ii) adopted resolutions approving and declaring the advisability of this Agreement and the consummation of the transactions contemplated hereby, including the Merger, (iii) adopted resolutions making the Viskase Recommendation, which resolutions have not been subsequently withdrawn or modified in a manner adverse to Enzon, and (iv) directed that this Agreement and the transactions contemplated hereby be submitted to the stockholders of Viskase entitled to vote for adoption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** The only approval of holders of any class or series of capital stock of Viskase necessary to adopt this Agreement and approve the Merger is the affirmative vote (in person, by proxy or by written consent) of the holders of a majority of the outstanding shares of Viskase Common Stock (the "Viskase Stockholder Approval").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Neither the execution and delivery of this Agreement by Viskase, nor the consummation by Viskase of the Merger, nor performance or compliance by Viskase with any of the terms or provisions hereof, will (i) subject to the receipt of the Viskase Stockholder Approval, conflict with or violate any provision (A) of the Viskase Organizational Documents or (B) of the similar organizational documents of any of Viskase's Subsidiaries or (ii) assuming the authorizations, consents and approvals referred to in Section 3.4 and the Viskase Stockholder Approval are obtained prior to the Effective Time and the filings referred to in Section 3.4 are made and any waiting periods thereunder have terminated or expired prior to the Effective Time, (x) violate any Law or Order applicable to Viskase or any of its Subsidiaries or (y) except as set forth in Section 3.3(e) of the Viskase Disclosure Letter, violate or constitute a breach of or default under, any of the terms or provisions of any material loan or credit agreement, indenture, debenture, note, bond, mortgage, deed of trust, lease, sublease, license, contract or other agreement (each, a "Contract") to which Viskase or any of its Subsidiaries is a party, except, in the case of clause (i)(B) and clause (ii), as would not reasonably be expected to have a Viskase Material Adverse Effect.

**Section 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Governmental Approvals**. Except for (a) compliance with the applicable requirements of the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder (the "Securities Act"), including filing with the SEC of the

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Registration Statement, (b) the filing of the Certificate of Merger with the Secretary of State pursuant to the DGCL and of appropriate documents with the relevant authorities of other jurisdictions in which Viskase or any of its Subsidiaries are qualified to do business, (c) compliance with any applicable state securities or blue sky laws, (d) filings required under, and compliance with other applicable requirements of, the HSR Act or any other Antitrust Laws, or (e) notice to OTC and to The Financial Industry Regulatory Authority, Inc. pursuant to Rule 10b-17 of the Exchange Act, no consent or approval of, or filing, license, permit or authorization, declaration or registration with, or notice to, any Governmental Entity is necessary for the execution and delivery of this Agreement by Viskase, the performance by Viskase of its obligations hereunder and the consummation by Viskase of the Merger, other than such other consents, approvals, filings, licenses, permits or authorizations, declarations or registrations that, if not obtained, made or given, would not have or would not reasonably be expected to have a Viskase Material Adverse Effect.

**Section 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viskase Documents; Undisclosed Liabilities**. (a) Viskase has filed or furnished, as applicable, on a timely basis, all material reports, schedules, forms, statements and other documents required to be filed or furnished by Viskase pursuant to the "Pink Limited Information tier" disclosure guidelines of OTC since January 1, 2023 (collectively, the "Viskase OTC Documents"). As of their respective filing dates, or, if amended prior to the date hereof, the date of the filing of such amendment, with respect to the disclosures that are amended, the Viskase OTC Documents complied in all material respects with the applicable requirements of the OTC disclosure guidelines for the Pink Limited Information tier. None of the Viskase OTC Documents contained at the time they were filed or furnished, or if amended prior to the date hereof, the date of the filing of such amendment, with respect to the disclosures that are amended, any untrue statement of a material fact or omitted to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Viskase is in compliance in all material respects with the applicable listing and corporate governance rules and regulations of FINRA and OTC as to the quotation of the Viskase Common Stock on the "Pink Limited Information tier" of the OTC Pink Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Each of the following have been provided to Enzon prior to execution of this Agreement: (A) the audited (i) consolidated statements of operations, (loss) income, stockholders' equity and cash flows of Viskase and its Subsidiaries for each of the fiscal years ended December 31, 2024, 2023 and 2022, and (ii) consolidated balance sheets of Viskase and its Subsidiaries at December 31, 2024, 2023 and 2022, in each case together with the report and opinion of the auditor of Viskase (the financial statements described in this clause (A), the "Audited Financial Statements"), and (B) the unaudited (i) consolidated statements of operations, (loss) income, stockholders' equity and cash flows of Viskase and its Subsidiaries for the three-month period ended March 31, 2025, and (ii) consolidated balance sheets of Viskase and its Subsidiaries at March 31, 2025 (such balance sheet, the "Most Recent Viskase Balance Sheet" and, together with the other financial statements described in clause (B), the "Unaudited Financial Statements"). The Audited Financial Statements and Unaudited Financial Statements are collectively referred to herein as the "Viskase Financial Statements". The Viskase Financial Statements complied as to form in all material respects with the published "Pink Limited Information tier" disclosure guidelines of OTC with respect thereto, have been prepared in all material respects in accordance with GAAP applied on a consistent basis during the periods involved (except as may be indicated in the notes thereto) and fairly present in all material respects the consolidated financial position of Viskase and its consolidated Subsidiaries as of the dates thereof and the consolidated results of their operations and cash flows for the periods shown (subject, in the case of the Unaudited Financial Statements, to normal year-end adjustments that are not reasonably expected to be material and to any other adjustments described therein, including the notes thereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Neither Viskase nor any of its Subsidiaries has any liabilities of any nature required by GAAP to be reflected upon or reserved against in a consolidated balance sheet of Viskase and its Subsidiaries (or disclosed in the notes to such balance sheet), whether or not accrued, contingent, absolute or otherwise, except (i) as set forth in Section 3.5(d) of the Viskase Disclosure Letter, (ii) as and to the extent specifically disclosed, reflected or reserved against in Viskase's consolidated balance sheet (or the notes thereto) as of March 31, 2025 or as otherwise included in the Viskase OTC Documents filed or furnished prior to the date hereof, (iii) for liabilities incurred, in each case, in the ordinary course of business consistent with past practice since March 31, 2025, (iv) arising pursuant to this Agreement or incurred in connection with the transactions contemplated hereby, including the Merger, and (v) for liabilities which have not had or would not reasonably be expected to have, individually or in the aggregate, a Viskase Material Adverse Effect.

**Section 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Absence of Certain Changes**. (a) Since the Viskase Balance Sheet Date through the date of this Agreement (i) except for the execution and performance of this Agreement and the discussions, negotiations and transactions related thereto and to any transaction of the type contemplated by this Agreement, the business of Viskase and its Subsidiaries has been carried on and conducted in all material respects in the ordinary course of business consistent with past practice and (ii) there has not been any action taken by Viskase or any of its Subsidiaries that, if taken during the period from the date of this Agreement through the Effective Time without Enzon's consent, would constitute a breach of Section 5.1.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Since the Viskase Balance Sheet Date, there has not been any Viskase Material Adverse Effect.

**Section 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal Proceedings**. Except as has not had or would not reasonably be expected to have a Viskase Material Adverse Effect, there is no (a) pending or, to the Knowledge of Viskase, threatened legal or administrative proceeding, suit, claim, investigation, arbitration or action (a "Proceeding") against Viskase or any of its Subsidiaries (other than any Viskase Transaction Litigation), or (b) outstanding order, judgment, injunction, ruling, writ or decree of any Governmental Entity (an "Order") imposed upon Viskase or any of its Subsidiaries, in each case, by or before any Governmental Entity.

**Section 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compliance with Laws; Permits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Viskase and each of its Subsidiaries are, and have been since January 1, 2023, in compliance with all Laws and Orders applicable to Viskase or any of its Subsidiaries, except as have not had or would not reasonably be expected to have a Viskase Material Adverse Effect. The licenses, franchises, permits, certificates, approvals and authorizations from Governmental Entities held by Viskase or any of its Subsidiaries (each, a "Viskase Permit") constitute all licenses, franchises, permits, certificates, approvals and authorizations that are necessary for Viskase and its Subsidiaries to lawfully conduct their respective businesses and all such Viskase Permits are valid and in full force and effect, except where the failure to hold the same or to be in full force and effect has not had or would not reasonably be expected to have a Viskase Material Adverse Effect. Except as would not reasonably be expected to have a Viskase Material Adverse Effect, none of Viskase or any of its Subsidiaries has received any written notice from any Governmental Entity threatening to suspend, revoke, withdraw or modify any such Viskase Permit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Except as would not reasonably be expected to be material to Viskase and any of its Subsidiaries, since January 1, 2023, neither Viskase nor any of its Subsidiaries, nor, to the Knowledge of Viskase, any Persons acting on behalf of Viskase or any of its Subsidiaries, has (i) taken any action in violation of any applicable Anti-Corruption Law, or (ii) offered, authorized, provided or given any payment or thing of value to any Person, including a "foreign official" (as defined by the FCPA), for the purpose of influencing any act or decision of such Person to unlawfully obtain or retain business or other advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Except as has not had or would not be reasonably expected to have a Viskase Material Adverse Effect, neither Viskase, nor any of its Subsidiaries, nor to the Knowledge of Viskase, any of Viskase's respective directors, officers or employees, or to the Knowledge of Viskase, any Persons acting on behalf of Viskase or any of its Subsidiaries, respectively, is a Person with whom dealings are prohibited under any Sanctions. Neither Viskase, its Subsidiaries, nor to the Knowledge of Viskase, any of its respective directors, officers or employees acting on behalf of the Viskase or any of its Subsidiaries, respectively, is engaged in dealings or transactions in or with any country or any Person that represents a material violation of applicable Sanctions or Export Control Laws.

**Section 3.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Matters**. (a) Except (x) as set forth in Section 3.9(a) of the Viskase Disclosure Letter or (y) as has not had or would not reasonably be expected to have a Viskase Material Adverse Effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Viskase and each of its Subsidiaries has filed with the appropriate taxing authority when due (taking into account any applicable extension of time within which to file) all Tax Returns required to be filed by it, and all such Tax Returns are true, correct and complete in all respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Viskase and each of its Subsidiaries has paid all Taxes required to be paid by it, except for Taxes that are not yet due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Viskase and each of its Subsidiaries has complied with all applicable Laws relating to the deduction, withholding, collection and remittance of Taxes (including information reporting requirements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**there is no Proceeding or audit now pending or that has been proposed in writing with respect to Viskase or any of its Subsidiaries in respect of any Tax or any Tax Return;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** neither Viskase nor any of its Subsidiaries has filed with any Governmental Entity any agreement extending or waiving the application of any statute of limitations applicable to any claim for, or the period for assessment and collection of, any Taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**neither Viskase nor any of its Subsidiaries has participated in any "listed transaction" as defined in Treasury Regulations Section 1.6011--4(b)(2);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)**&nbsp;&nbsp;&nbsp;&nbsp;** there are no Liens for Taxes on any of the assets of Viskase or any of its Subsidiaries, other than Permitted Liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)**&nbsp;&nbsp;&nbsp;&nbsp;** neither Viskase nor any of its Subsidiaries (A) is or has been a member of any affiliated, consolidated, combined, unitary or similar group for purposes of filing Tax Returns or paying Taxes (other than any such group the common parent of which is (i) Viskase or any of its Subsidiaries or (ii) American Entertainment Properties Corp.) or (B) is liable for the Taxes of any Person (other than any of (i) Viskase and its Subsidiaries or (ii) American Entertainment Properties Corp.) under Treasury Regulations Section 1.1502-6 (or any similar provision of state, local or non-U.S. Law), as a transferee or successor, by contract or otherwise (in each case other than pursuant to any contract entered into in the ordinary course of business, the primary purpose of which is not the allocation or payment of Taxes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**within the last two years, neither Viskase nor any of its Subsidiaries has distributed stock of another Person, or has had its stock distributed by another Person, in a transaction that was intended to be governed in whole or in part by Section 355(a) of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** no Governmental Entity has notified Viskase or any of its Subsidiaries in writing in the last five (5) years that it is or may be subject to taxation by a jurisdiction in which it does not presently file Tax Returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Neither Viskase nor any of its Subsidiaries has taken or agreed to take any action, or is aware of the existence of any fact or circumstance, that would or could reasonably be expected to impede or prevent the Merger from qualifying for the Intended Tax Treatment.

**Section 3.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employee Plans**. (a) Section 3.10(a) of the Viskase Disclosure Letter contains a correct and complete list, as of the date of this Agreement, of each material Viskase Benefit Plan. A "Viskase Benefit Plan" is a Benefit Plan that is sponsored, maintained, or contributed to by Viskase or any of its Subsidiaries, or to which any of the foregoing have any obligation to contribute or any liability (whether contingent or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Viskase has made available to Enzon with respect to each material Viskase Benefit Plan a true and complete copy (to the extent applicable) of (i) all plan documents, if any, including related trust agreements, funding arrangements and insurance contracts, and all amendments thereto, or written summaries of the material terms thereof, (ii) the most recent summary plan description for each material Viskase Benefit Plan for which such summary plan description is required by applicable Law and (iii) the most recent annual report on Form 5500 required to be filed with the IRS with respect thereto, audited financial statements and actuarial valuation reports, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** None of Viskase or any of its ERISA Affiliates maintains or contributes to, or is obligated to maintain or contribute to (i) any plan that is subject to Title IV or Section 302 of ERISA or Section 412 of the Code, (ii) a "multiemployer plan" as defined in Section 3(37) of ERISA (a "Multiemployer Plan") or (iii) a plan that has two or more contributing sponsors at least two of whom are not under common control, within the meaning of Section 4063 of ERISA. With respect to any Multiemployer Plan, (A) neither Viskase nor any of its ERISA Affiliates has incurred any withdrawal liability under Title IV of ERISA which remains unsatisfied or (B) to the Knowledge of Viskase, as of the date hereof, no fact exists that would reasonably be expected to give rise to a partial withdrawal by Viskase or any of its Subsidiaries from any Multiemployer Plan, in each case, except as would not reasonably be expected to have a Viskase Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** With respect to each Viskase Benefit Plan that is intended to qualify under Section 401(a) of the Code, such plan has received a favorable determination letter as to its qualification and that its related trust is exempt from Tax under Section 501(a) of the Code, and, to the Knowledge of Viskase, nothing has occurred with respect to the operation of any such plan which would reasonably be expected to cause the loss of such qualification or exemption or the imposition of any material liability, penalty or Tax under ERISA or the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Each Viskase Benefit Plan has been established and administered in accordance with its terms, and in compliance with the applicable provisions of ERISA, the Code and other applicable Laws, all contributions required to have been made under any Viskase Benefit Plan to any funds or trusts established thereunder or in connection therewith have been made or have been accrued and reported on the Viskase Financial Statements and there are no actions, liens, lawsuits, claims or complaints (other than routine claims for benefits) pending or, to the Knowledge of Viskase, threatened against any Viskase Benefit Plan, in each case, except as would not reasonably be expected to have a Viskase Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** None of the Viskase Benefit Plans provide retiree health or life insurance benefits except as may be required by Section 4980B of the Code and Section 601 of ERISA or any other applicable Law or at the expense of the participant or the participant's beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Except as provided in this Agreement, neither the execution and delivery of this Agreement nor the consummation of the transactions contemplated hereby or thereby will (either alone or in combination with another event) (i) result in any payment becoming due to any current or former director, employee or consultant of Viskase or any of its Subsidiaries, (ii) accelerate the time of payment or vesting or result in any payment or funding (through a grantor trust or otherwise) of material compensation or benefits under, or materially increase the amount payable or result in any other material obligation pursuant to, any of the Viskase Benefit Plans or (iii) limit or restrict the right of Viskase or, after the consummation of the transactions contemplated hereby, the Surviving Company to merge, amend or terminate any Viskase Benefit Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** No Viskase Benefit Plan provides for the gross-up or reimbursement of Taxes, including under Section 409A or 4999 of the Code or other similar Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Except (a) as set forth in Section 3.10(i) of the Viskase Disclosure Letter, or (b) as would not reasonably be expected to have a Viskase Material Adverse Effect, all Viskase Benefit Plans subject to the Laws of any jurisdiction outside of the United States (i) have been maintained in accordance with all applicable requirements, (ii) that are intended to qualify for special Tax treatment, meet all requirements for such treatment, and (iii) that are intended to be funded and/or book-reserved, are fully funded and/or book-reserved, as appropriate, based upon reasonable actuarial assumptions.

**Section 3.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Labor Matters**. Except as has not had or would not reasonably be expected to have a Viskase Material Adverse Effect, (a) neither Viskase nor any of its Subsidiaries is the subject of any Proceeding asserting that Viskase or any of its Subsidiaries has committed any unfair labor practice or is seeking to compel Viskase to bargain with any labor union or labor organization, (b) there is no pending or, to the Knowledge of Viskase, threatened, nor has there been since January 1, 2023 any, labor strike, walkout, work stoppage, slow-down or lockout affecting any employees of Viskase or any of its Subsidiaries and (c) each of Viskase and its Subsidiaries is, and has been since January 1, 2023, in compliance in all respects with all applicable Collective Bargaining Agreements and all federal, state, local and foreign Laws regarding labor, employment and employment practices. Section 3.11 of the Viskase Disclosure Letter contains a correct and complete list, as of the date of this Agreement, of each Collective Bargaining Agreement to which Viskase or any of its Subsidiaries is a party, and no such Collective Bargaining Agreement contains any notice, consultation, or consent requirement with respect to the entry into this Agreement or the consummation of the transactions contemplated hereby.

**Section 3.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Environmental Matters**. Except as has not had or would not reasonably be expected to have a Viskase Material Adverse Effect, (a) Viskase and each of its Subsidiaries is, and has been since January 1, 2023, in compliance with all applicable Environmental Laws, and Viskase has not received any written (or to the Knowledge of Viskase, oral) notice, demand, claim or request for information since January 1, 2023 or that otherwise remains unresolved alleging that Viskase or any of its Subsidiaries is in violation of or has any liability under any Environmental Law, and (b) Viskase and its Subsidiaries possess and are in compliance with all Viskase Permits required under Environmental Laws for the operation of their respective businesses ("Viskase Environmental Permits") "), and (c) there is no Proceeding pending, or to the Knowledge of Viskase threatened, to revoke, suspend, or adversely modify any such Viskase Environmental Permit.

**Section 3.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intellectual Property; Information Technology; Data Privacy**. (a) All material Intellectual Property of Viskase and its Subsidiaries is subsisting in the jurisdiction(s) where such material Intellectual Property is issued or registered, is, to the Knowledge of Viskase, valid and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Except as would not reasonably be expected to have a Viskase Material Adverse Effect, Viskase and its Subsidiaries own, or have a valid and enforceable license or otherwise sufficient rights to use, all Intellectual Property used in or necessary for Viskase's business, free and clear of all Liens, other than Permitted Liens. Except as has not had or would not reasonably be expected to have a Viskase Material Adverse Effect, (i) there are no pending, and since January 1, 2023, to the Knowledge of Viskase, threatened in writing, Proceedings against Viskase or any of its Subsidiaries raising the invalidity or unenforceability of any material Intellectual Property owned or purported to be owned by Viskase or any of its Subsidiaries and (ii) since January 1, 2023, no Intellectual Property owned or purported to be owned by Viskase or any of its Subsidiaries has expired except in the ordinary course.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** To the Knowledge of Viskase, except as has not had or would not reasonably be expected to have a Viskase Material Adverse Effect, Viskase and its Subsidiaries have not, and none of the current activities, products or services of Viskase or any of

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its Subsidiaries has, since January 1, 2023, infringed, misappropriated or otherwise violated the Intellectual Property rights of, or defamed, any third party. Except as has not had or would not reasonably be expected to have a Viskase Material Adverse Effect, there are no pending or, since January 1, 2023, threatened in writing (or, to the Knowledge of Viskase, orally), Proceedings by Viskase or its Subsidiaries against any third party nor has Viskase or its Subsidiaries sent any written notice to any third party regarding any actual or potential infringement, misappropriation or other unauthorized use of any Intellectual Property owned or exclusively licensed by Viskase or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Except as has not had or would not reasonably be expected to have a Viskase Material Adverse Effect, as of the date of this Agreement, (i) to the Knowledge of Viskase, no third party is infringing, misappropriating or otherwise violating any Intellectual Property owned or licensed by Viskase or any of its Subsidiaries and (ii) there are no pending or, to the Knowledge of Viskase, threatened in writing (or, to the Knowledge of Viskase, orally), Proceedings against Viskase or any of its Subsidiaries alleging that the operation of the business of Viskase or any of its Subsidiaries, infringes, misappropriates or otherwise violates the Intellectual Property rights of any Person, alleging that Viskase or any of its Subsidiaries has defamed any Person or terminating or purporting to terminate copyright assignments pursuant to 17 U.S.C. §203 or §304 or their foreign equivalents relating to any current activities, products or services of Viskase or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Except as has not had or would not reasonably be expected to have a Viskase Material Adverse Effect, each employee and consultant of Viskase or any of its Subsidiaries who contributes to the production or development of any material Intellectual Property owned or purported to be owned by Viskase or any of its Subsidiaries, agrees that his or her contribution is a work-made-for-hire pursuant to a valid written agreement and/or has otherwise assigned such Intellectual Property rights to Viskase or any of its Subsidiaries by operation of law in the last three (3) years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Except as has not had or would not reasonably be expected to have a Viskase Material Adverse Effect: (i) the Information Technology used by Viskase and its Subsidiaries, whether owned or controlled by Viskase and its Subsidiaries, operates and performs in all respects as required to permit Viskase and its Subsidiaries to conduct their business as currently conducted, (ii) to the Knowledge of Viskase, since January 1, 2023, no Person has gained unauthorized access to the Information Technology of Viskase or any of its Subsidiaries and (iii) to the Knowledge of Viskase, since January 1, 2023, there have been no failures, crashes, security breaches or other adverse events affecting the Information Technology which have caused disruption to Viskase or its Subsidiaries' business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Except as has not had or would not reasonably be expected to have a Viskase Material Adverse Effect, (i) Viskase and its Subsidiaries take reasonable measures to comply with applicable Laws and Orders regarding privacy, Personal Data protection and collection, retention, use and disclosure of personal information, and (ii) to the Knowledge of Viskase, as of the date hereof, there have not been any incidents of, or third party claims related to, any loss, theft, unauthorized access to, unauthorized use of, or unauthorized acquisition, modification, disclosure, corruption, or other misuse of any Personal Data in Viskase's or any of its Subsidiaries' possession.

**Section 3.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No Rights Agreement; Anti-Takeover Provisions**. (a) Neither Viskase nor any of its Subsidiaries is a party to, subject to or otherwise bound by a stockholder rights agreement, "poison pill" or similar anti-takeover agreement or plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** No restrictions on a "business combination" and no "control share acquisition", "fair price", "moratorium" or other anti-takeover Laws (each, a "Takeover Law") apply or will apply to Viskase, this Agreement, the Merger, the IEH Support Agreement or the transactions contemplated hereby or thereby.

**Section 3.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property**. Except as has not had or would not reasonably be expected to have a Viskase Material Adverse Effect, (a) Viskase or one of its Subsidiaries has good and marketable title to the real property owned by Viskase or any of its Subsidiaries free and clear of all Liens (other than Permitted Liens), (b) each lease, sublease, sub-sublease, license and other agreement under which Viskase or any of its Subsidiaries leases, subleases, licenses, uses or occupies, or has the right to use or occupy any real property is a valid and legally binding obligation of Viskase or one of its Subsidiaries that is a party thereto, and, to the Knowledge of Viskase, the other party thereto, and is in full force and effect in accordance with its terms except insofar as such enforceability may be limited by the Bankruptcy and Equity Exception, and (c) neither Viskase nor any of its Subsidiaries has received a written notice of any pending or threatened condemnation of any such owned or leased real property by any Governmental Entity. Viskase, or at least one of its Subsidiaries has good and valid title to, or in the case of leased tangible assets, a valid leasehold interest in, all of its material tangible personal property, free and clear of all Liens (other than Permitted Liens). Except as would not reasonably be expected to have a Viskase Material Adverse Effect, the tangible personal property currently used in the operation of the business of Viskase and its Subsidiaries is in good working order (reasonable wear and tear excepted).

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**Section 3.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contracts**. (a) Section 3.16(a) of the Viskase Disclosure Letter sets forth a list as of the date of this Agreement of each Viskase Material Contract. For purposes of this Agreement, "Viskase Material Contract" means any Contract to which either Viskase or any of its Subsidiaries is a party or is otherwise bound, other than any Viskase Benefit Plan, which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** provides that any of them will not compete with any other Person in a manner that is material to Viskase and its Subsidiaries, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** purports to limit in any respect that is material to Viskase and its Subsidiaries, taken as a whole, either the type of business in which Viskase or its Subsidiaries may engage or the manner or locations in which any of them may so engage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**requires Viskase or any of its Subsidiaries to deal exclusively with any Person or group of related Persons, includes any "most favored nation" provision, minimum use or minimum supply agreements, which Contract is material to Viskase and its Subsidiaries, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**is a Contract for the lease of real property providing for annual payments of $3,500,000 or more;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** contains a put, call or similar right pursuant to which Viskase or any of its Subsidiaries would be required to purchase or sell, as applicable, any equity interests of any Person or assets (excluding Intellectual Property);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**is a Contract pursuant to which Viskase or any of its Subsidiaries has potential material indemnification obligations to any Person, or material outstanding liabilities or obligations (excluding confidentiality obligations), whether or not contingent, in connection with any acquisitions or dispositions (in each case, whether completed by merger, sale or purchase of stock, sale or purchase of assets or otherwise) completed since January 1, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)**&nbsp;&nbsp;&nbsp;&nbsp;** relates to indebtedness for borrowed money owed to a Person other than Viskase or any of its Subsidiaries in excess of $3,500,000, excluding, for the avoidance of doubt, ordinary course trade payables and expenses incurred in connection with the transactions contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)**&nbsp;&nbsp;&nbsp;&nbsp;** is a Contract with any Affiliate of Viskase (other than a wholly owned Subsidiary thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**is a material partnership, joint venture, strategic alliance or similar Contract (other than with a wholly owned Subsidiary of Viskase);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** is a settlement agreement or settlement-related Contract that imposes material financial obligations on Viskase or a Subsidiary after the date hereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**is a Contract not of a type (disregarding any dollar thresholds, materiality or other qualifiers, restrictions or other limitations applied to such Contract type) described in the foregoing clauses (i) through (x) and that has or would reasonably be expected to, either pursuant to its own terms or the terms of any related Contracts, involve gross payments or receipts in excess of $3,500,000 in any year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** A true and complete copy (or, as applicable, a true and complete summary of the material terms) of each Viskase Material Contract, as amended as of the date of this Agreement, has been made available to Enzon prior to the date of this Agreement (other than omissions of immaterial information). Each of the Viskase Material Contracts, and each Contract entered into after the date hereof that would have been a Viskase Material Contract if entered into prior to the date hereof (each a "Viskase Additional Contract") is (or if entered into after the date hereof, will be) valid and binding on Viskase or its Subsidiaries, as the case may be and, to the Knowledge of Viskase, each other party thereto, and is in full force and effect, except for such failures to be valid and binding or to be in full force and effect as would not reasonably be expected to have a Viskase Material Adverse Effect. Neither Viskase nor any of its Subsidiaries nor, to the Knowledge of Viskase, any other party is in breach of or in default under any Viskase Material Contract or Viskase Additional Contract, and no event has occurred that, with the lapse of time or the giving of notice or both, would constitute a default thereunder by Viskase or any of its Subsidiaries, in each case, except for such breaches and defaults as would not reasonably be expected to have a Viskase Material Adverse Effect. As of the date of this Agreement, neither Viskase nor any of its Subsidiaries has received written notice (or, to the Knowledge of Viskase, oral notice) alleging a breach of or default under any Viskase Material Contract.

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**Section 3.17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance**. Except as would not reasonably be expected to have a Viskase Material Adverse Effect, (i) Viskase and its Subsidiaries are covered by valid and currently effective insurance policies with reputable insurers and all premiums payable under such policies have been duly paid to date, and (ii) as of the date of this Agreement, none of Viskase or any of its Subsidiaries has received any written notice of default or cancellation of any such policy. All material all-risk property and casualty, general liability, business interruption and product liability insurance policies ("Insurance Policies") maintained by or on behalf of Viskase or any of its Subsidiaries provide adequate coverage for all normal risks incident to the business of Viskase and its Subsidiaries and their respective properties and assets, except for any such failures to maintain Insurance Policies as has not had or would not reasonably be expected to have a Viskase Material Adverse Effect. Except as has not had or would not reasonably be expected to have a Viskase Material Adverse Effect, there are no pending Proceedings under the Insurance Policies with respect to Viskase or any of its Subsidiaries as to which the insurers have denied or disputed (in writing) coverage or cancelled any Insurance Policy maintained by or on behalf of Viskase or any of its Subsidiaries, or, to the Knowledge of Viskase, have threatened to deny or dispute coverage or cancel any Insurance Policy maintained by or on behalf of Viskase or any of its Subsidiaries (other than the reservation of rights letters issued in the ordinary course of business). Except as has not had or would not be reasonably be expected to have a Viskase Material Adverse Effect, Viskase and its Subsidiaries are, and since January 1, 2023, have been, in compliance with their respective Insurance Policies and are not in default under any of the terms thereunder.

**Section 3.18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Supplied.** The information relating to Viskase and its Subsidiaries provided by Viskase to Enzon to be contained in, or incorporated by reference in, the Registration Statement/Consent Solicitation Statement to be filed with the SEC by Enzon (as amended or supplemented from time to time) will not, at the time such Registration Statement/Consent Solicitation Statement is filed with the SEC, at any time it is amended or supplemented or at the time it becomes effective under the Securities Act, contain any untrue statement of any material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, at the time and in the light of the circumstances under which they were made, not misleading. Notwithstanding the foregoing provisions of this Section 3.18, no representation or warranty is made by Viskase with respect to information or statements made or incorporated by reference in the Registration Statement/Consent Solicitation Statement based upon information supplied by or on behalf of Enzon or Merger Sub.

**Section 3.19&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Opinion of Financial Advisors**. The Viskase Special Committee has received the opinion of Alvarez & Marsal Valuation Services, LLC, to the effect that, as of the date of such opinion and subject to the limitations, qualifications and assumptions set forth therein, the Exchange Ratio is fair from a financial point of view to the holders of Viskase Common Stock (other than holders of the Cancelled Shares, Dissenting Viskase Shares and the Icahn Related Parties). As of the date of this Agreement, such opinion has not been withdrawn, revoked or modified.

**Section 3.20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brokers and Other Advisors**. Except for Alvarez & Marsal Valuation Services, LLC, no broker, investment banker, financial advisor or other Person is entitled to any broker's, finder's, financial advisor's or other similar fee or commission, or the reimbursement of expenses in connection therewith, in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of Viskase or any of its Subsidiaries.

**Section 3.21&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No Other Representations or Warranties**. Viskase acknowledges and agrees that, except for the representations and warranties made by Enzon in Article IV or in any certificates delivered by Enzon in connection with the transactions contemplated by this Agreement, neither Enzon, Merger Sub nor any other Person makes any other express or implied representation or warranty with respect to Enzon or any of its Subsidiaries or their respective businesses, operations, properties, assets, liabilities, condition (financial or otherwise) or prospects, or any estimates, projections, forecasts and other forward-looking information or business and strategic plan information regarding Enzon and its Subsidiaries, notwithstanding the delivery or disclosure to Viskase or any of its Representatives of any documentation, forecasts or other information (in any form or through any medium) with respect to any one or more of the foregoing, and Viskase acknowledges the foregoing. In particular, and without limiting the generality of the foregoing, Viskase acknowledges and agrees that neither Enzon, Merger Sub nor any other Person makes or has made any express or implied representation or warranty to Viskase or any of its respective Representatives with respect to (a) any financial projection, forecast, estimate, budget or prospective information relating to Enzon, any of its Subsidiaries or their respective businesses or (b) except for the representations and warranties made by Enzon in Article IV or in any certificates delivered by Enzon or Merger Sub in connection with the transactions contemplated by this Agreement, any oral, written, video, electronic or other information presented to Viskase or any of its Representatives in the course of their due diligence investigation of Enzon, the negotiation of this Agreement or the course of the transactions contemplated by this Agreement. Viskase acknowledges and agrees that, except for the representations and warranties contained in Article IV, it is not acting in reliance on any representation or warranty, express or implied, that may have been made by any Person.

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**Article IV**

**Representations and Warranties of Enzon and merger sub**

Except as expressly disclosed in the Enzon SEC Documents filed with or furnished to the SEC and publicly available after January 1, 2023 and prior to the date of this Agreement (other than (a) any information that is contained solely in the "Risk Factors" section of such Enzon SEC Documents that are not statements of historical fact and (b) any forward-looking statements, or other statements that are similarly predictive or forward-looking in nature, contained in such Enzon SEC Documents), or in the Enzon Disclosure Letter, Enzon hereby represents and warrants to Viskase as follows:

**Section 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organization; Standing**. (a) Each of Enzon and Merger Sub is a corporation duly organized and validly existing under the laws of the State of Delaware, is in good standing with the Secretary of State and has all requisite corporate power and corporate authority necessary to carry on its business as it is now being conducted, except (other than with respect to each of Enzon's and Merger Sub's due incorporation and valid existence) as has not had or would not reasonably be expected to have an Enzon Material Adverse Effect. Each of Enzon and Merger Sub is duly licensed or qualified to do business and is in good standing (where such concept is recognized under applicable Law) in each jurisdiction in which the nature of the business conducted by it or the character or location of the properties and assets owned or leased by it makes such licensing or qualification necessary, except where the failure to be so licensed, qualified or in good standing has not had or would not reasonably be expected to have an Enzon Material Adverse Effect. True and complete copies of the Enzon Organizational Documents are included in the Enzon SEC Documents. True and complete copies of the organizational documents of Merger Sub have been provided to Viskase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Each of Enzon's Subsidiaries is duly organized, validly existing and in good standing (where such concept is recognized under applicable Law) under the Laws of the jurisdiction of its organization, has all requisite power and authority necessary to carry on its business as it is now being conducted, and is duly licensed or qualified to do business in each jurisdiction in which the nature of the business conducted by it or the character or location of the properties and assets owned or leased by it makes such licensing or qualification necessary, except where the failure to be so organized, existing, qualified, licensed and in good standing has not had or would not reasonably be expected to have an Enzon Material Adverse Effect. True and complete copies of the articles of incorporation, bylaws, operating (or equivalent governing documents) of each Subsidiary of Enzon that would constitute a "significant subsidiary" within the meaning of Rule 1-02 of Regulation S-X of the Exchange Act have been provided to Viskase prior to execution of this Agreement

**Section 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalization**. (a) Prior to the Proposed Enzon Action, the authorized capital stock of Enzon consists of 170,000,000 shares of Enzon Common Stock and 3,000,000 shares of preferred stock, par value $0.01 per share (the "Enzon Preferred Stock"). At the close of business on June 11, 2025 (the "Enzon Capitalization Date"), (i) 74,214,603 shares of Enzon Common Stock were issued and outstanding, (ii) 7 shares of Enzon Common Stock were issued and held in Enzon treasury, and (iii) 40,000 shares of Enzon Series C Non-Convertible Redeemable Preferred Stock, par value $0.01 per share (the "Enzon Series C Preferred Stock") were issued and outstanding. All the outstanding shares of Enzon Common Stock and Enzon Preferred Stock are duly authorized, validly issued, fully paid and nonassessable and free of preemptive rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Except as set forth in this Section 4.2, as of the Enzon Capitalization Date, no shares of capital stock of Enzon are issued and outstanding and Enzon does not have outstanding, and there are not, any securities convertible into or exchangeable for any shares of capital stock of Enzon, any rights to subscribe for or to purchase or any options for the purchase of, or any agreements providing for the issuance (contingent or otherwise) of, or any warrants, calls, commitments or known claims of any other character relating to the issuance of, any capital stock of Enzon, or any stock or securities convertible into or exchangeable for any capital stock of Enzon; and Enzon is not subject to any obligation (contingent or otherwise) to repurchase or otherwise acquire or retire, or to register under the Securities Act, any shares of capital stock of Enzon. Except for the Enzon Series C Preferred Stock, Enzon does not have outstanding any bonds, debentures, notes or other obligations the holders of which have the right to vote (or are convertible into or exercisable for securities having the right to vote) with the stockholders of Enzon on any matter. Except as set forth in this Section 4.2, as of the Enzon Capitalization Date, there are no outstanding stock options, restricted stock units, restricted stock, stock appreciation rights, "phantom" stock rights, performance units or other compensatory rights or awards (in each case, issued by Enzon or any of its Subsidiaries), that are convertible into or exercisable for a share of Enzon Common Stock on a deferred basis or otherwise or other rights that are linked to, or based upon, the value of Enzon Common Stock (in each case other than the Enzon Series C Preferred Stock).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Section 4.2(c) of the Enzon Disclosure Letter sets forth, as of the date of this Agreement, any Person in which Enzon or any of its Subsidiaries holds capital stock or other equity interests. Except as set forth on Section 4.2(c) of the Enzon Disclosure Letter, Enzon holds one hundred percent (100%) of the capital stock and other equity interests of each such Person.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** All of the issued and outstanding capital stock of Merger Sub is owned, directly or indirectly, by Enzon. Merger Sub does not have any outstanding options, warrants, rights or any other agreements pursuant to which any Person other than Enzon may acquire any equity security of Merger Sub.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** From the Enzon Capitalization Date to the date of this Agreement, neither Enzon nor Merger Sub has issued any shares of capital stock of Enzon or Merger Sub.

**Section 4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authority; Noncontravention; Voting Requirements**. (a) Each of Enzon and Merger Sub has all necessary corporate power and corporate authority to execute and deliver this Agreement and to perform its obligations hereunder and, subject to the receipt of the Enzon Stockholder Approval, the Series C Preferred Approval and Merger Sub Stockholder Approval, to consummate the transactions contemplated hereby, including the Merger. The execution, delivery and performance by Enzon and Merger Sub of this Agreement, and the consummation by it of the transactions contemplated hereby, including the Merger, have been duly authorized by its Board of Directors and, except for obtaining the Enzon Stockholder Approval, Merger Sub Stockholder Approval and filing the Certificate of Merger with the Secretary of State pursuant to the DGCL, no other corporate action on the part of Enzon or Merger Sub is necessary to authorize the execution, delivery and performance by Enzon or Merger Sub of this Agreement and the consummation of the Merger. This Agreement has been duly executed and delivered by Enzon and Merger Sub and, assuming due authorization, execution and delivery hereof by Viskase, constitutes a legal, valid and binding obligation of Enzon, enforceable against Enzon and Merger Sub in accordance with its terms, except for the Bankruptcy and Equity Exception.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** The Enzon Special Committee, at a meeting duly called and held, unanimously (i) determined that this Agreement and the transactions contemplated hereby are fair to, and in the best interests of, Enzon and Enzon's stockholders, other than IEH and its Affiliates, and (ii) recommended that the Board of Directors of Enzon (A) determine that this Agreement and the transactions contemplated hereby, are fair to, and in the best interests of, Enzon and Enzon's stockholders, other than IEH and its Affiliates, (B) approve this Agreement and the transactions contemplated hereby, including the Proposed Enzon Action and (C) recommend that the stockholders of Enzon entitled to vote thereon adopt this Agreement and approve the Proposed Enzon Action, which recommendation in clause (C) has not, except after the date hereof as permitted by Section 7.5, been subsequently withdrawn or modified in a manner adverse to Viskase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** The Board of Directors of Enzon, at a meeting duly called and held, upon the unanimous recommendation of the Enzon Special Committee, unanimously (i) determined that this Agreement and the transactions contemplated hereby are fair to, and in the best interests of, Enzon and Enzon's stockholders, (ii) approved this Agreement and the transactions contemplated hereby, including the Proposed Enzon Action, (iii) approved the execution and delivery of this Agreement, the performance by Enzon of its covenants and other obligations contained herein and the transactions contemplated hereby upon the terms and subject to the conditions contained herein, (iv) recommended that the stockholders of Enzon entitled to vote thereon adopt this Agreement and approve the Proposed Enzon Action, which recommendation in clause (iv) has not, except after the date hereof as permitted by Section 7.5, been subsequently withdrawn or modified in a manner adverse to Viskase, and (v) directed that the adoption of this Agreement and the Proposed Enzon Action be submitted to the stockholders of Enzon entitled to vote thereon for the approval thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** The Board of Directors of Merger Sub, acting by written consent, unanimously (i) determined that this Agreement and the transactions contemplated hereby are fair to, and in the best interests of, Merger Sub and Merger Sub's sole stockholder, (ii) approved and declared advisable this Agreement and the transactions contemplated hereby, including the Merger, (iii) approved the execution and delivery of this Agreement, the performance by Merger Sub of its covenants and other obligations contained herein and the transactions contemplated hereby upon the terms and subject to the conditions contained herein, (iv) directed that the adoption of this Agreement be submitted to a vote of Enzon, in its capacity as Merger Sub's sole stockholder, and (v) resolved to recommend that Enzon, in its capacity as the sole stockholder of Merger Sub, vote in favor of the adoption of this Agreement, which recommendation in clause (v) has not been subsequently withdrawn or modified in a manner adverse to Viskase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** (i) The only approval of holders of any class or series of capital stock of Enzon necessary to adopt this Agreement and approve the Proposed Enzon Action is the affirmative vote (in person, by proxy or by written consent) of the holders of a majority of the outstanding shares of Enzon Common Stock entitled to vote on thereon (the "Enzon Stockholder Approval"), and (ii) the only approval of holders of any class or series of capital stock of Merger Sub necessary to adopt this Agreement and approve the Merger is the affirmative vote (in person, by proxy or by written consent) of Enzon, in its capacity as the sole shareholder of Merger Sub (the "Merger Sub Stockholder Approval").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Neither the execution and delivery of this Agreement by Enzon nor the performance or compliance by Enzon with any of the terms or provisions hereof, will (i) subject to the receipt of the Enzon Stockholder Approval and Merger Sub Stockholder Approval and the termination of the 382 Rights Agreement, conflict with or violate any provision (A) of the Enzon Organizational Documents or (B) of the similar organizational documents of any of Enzon's Subsidiaries or (ii) assuming the authorizations, consents and approvals referred to in Section 4.4 and the Enzon Stockholder Approval and Merger Sub Stockholder Approval are obtained prior to the Effective Time, the 382 Rights Agreement is duly waived in accordance with its terms prior to the date of this Agreement and subsequently terminated in accordance with its terms prior to the Effective Time, and the filings referred to in Section 4.4 are made and any waiting periods thereunder have terminated or expired prior to the Effective Time, (x) violate any Law or Order applicable to Enzon or any of its Subsidiaries or (y) violate or constitute a breach of or default (under any of the terms or provisions of any material Contract to which Enzon or any of its Subsidiaries is a party, except, in the case of clause (i)(B) and clause (ii), as would not reasonably be expected to have an Enzon Material Adverse Effect.

**Section 4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Governmental Approvals**. Except for (a) compliance with the applicable requirements of the Securities Act, including filing with the SEC of the Registration Statement/ Consent Solicitation Statement, (b) compliance with the applicable requirements of the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the "Exchange Act"), including the filing with the SEC of the Registration Statement/ Consent Solicitation Statement, (c) compliance with the rules and regulations of OTC, (d) the filing of the Certificate of Merger with the Secretary of State pursuant to the DGCL and of appropriate documents with the relevant authorities of other jurisdictions in which Enzon or any of its Subsidiaries are qualified to do business, (e) compliance with any applicable state securities or blue sky laws, (f) filings required under or (g) such other items arising solely as a result of Viskase or its Subsidiaries' participation in the transactions contemplated by this Agreement, and compliance with other applicable requirements of, the HSR Act or any other Antitrust Laws, no consent or approval of, or filing, license, permit or authorization, declaration or registration with, or notice to, any Governmental Entity is necessary for the execution and delivery of this Agreement by Enzon and the performance by Enzon of its obligations hereunder and the consummation by Merger Sub of the Merger, other than such other consents, approvals, filings, licenses, permits or authorizations, declarations or registrations that, if not obtained, made or given, would not have or would not reasonably be expected to have an Enzon Material Adverse Effect.

**Section 4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enzon SEC Documents; Undisclosed Liabilities**. (a) Enzon has filed or furnished, as applicable, on a timely basis with or to the SEC all material reports, schedules, forms, statements and other documents required to be filed or furnished by Enzon with or to the SEC pursuant to the Securities Act or the Exchange Act since January 1, 2023 (collectively, the "Enzon SEC Documents"). As of their respective effective dates (in the case of Enzon SEC Documents that are registration statements filed pursuant to the requirements of the Securities Act) and as of their respective SEC filing or furnished dates or, if amended prior to the date hereof, the date of the filing or furnishing of such amendment, with respect to the portions that are amended (in the case of all other Enzon SEC Documents), the Enzon SEC Documents complied as to form in all material respects with the requirements of the Securities Act, the Exchange Act and the Sarbanes-Oxley Act, as the case may be, applicable to such Enzon SEC Documents, and none of the Enzon SEC Documents as of such respective dates (or, if amended prior to the date hereof, the date of the filing of such amendment, with respect to the disclosures that are amended) contained any untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. As of the date of this Agreement, there are no outstanding or unresolved comments received from the SEC with respect to any of the Enzon SEC Documents and, to the Knowledge of Enzon, none of the Enzon SEC Documents is the subject of any pending SEC comment or investigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Enzon is in compliance in all material respects with the applicable listing and corporate governance rules and regulations of FINRA and OTC as to the quotation of the Enzon Common Stock on OTC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** The consolidated financial statements of Enzon (including all related notes and schedules) included or incorporated by reference in the Enzon SEC Documents, as of their respective dates of filing with the SEC (or, if such Enzon SEC Documents were amended prior to the date hereof, the date of the filing of such amendment, with respect to the consolidated financial statements that are amended or restated therein), complied as to form in all material respects with the published rules and regulations of the SEC with respect thereto, have been prepared in all material respects in accordance with GAAP (except, in the case of unaudited quarterly statements, as permitted by Form 10-Q of the SEC or other rules and regulations of the SEC) applied on a consistent basis during the periods involved (except (i) as may be indicated in the notes thereto or (ii) as permitted by Regulation S-X of the Exchange Act) and fairly present in all material respects the consolidated financial position of Enzon and its consolidated Subsidiaries as of the dates thereof and the consolidated results of their operations and cash flows for the periods shown (subject, in the case of unaudited quarterly financial statements, to normal year-end adjustments that are not reasonably expected to be material and to any other adjustments described therein, including the notes thereto).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Enzon has established and maintains disclosure controls and procedures and a system of internal controls over financial reporting (as such terms are defined in paragraphs (e) and (f), respectively, of Rule 13a-15 under the Exchange Act) as required by Rule 13a-15 under the Exchange Act and that are sufficient to provide reasonable assurance (i) that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, consistently applied, (ii) that transactions are executed only in accordance with the authorization of management and (iii) regarding prevention or timely detection of the unauthorized acquisition, use or disposition of Enzon's properties or assets. Since January 1, 2023, neither Enzon, the Board of Directors of Enzon nor its audit committee nor, to Enzon's Knowledge, Enzon's independent registered public accounting firm, has identified or been made aware of (x) "significant deficiencies" or "material weaknesses" (as defined by the Public Company Accounting Oversight Board) in the design or operation of Enzon's internal controls over financial reporting which would reasonably be expected to adversely affect in any material respect Enzon's ability to record, process, summarize and report financial data, in each case which has not been subsequently remediated, or (y) fraud, whether or not material, that involves management or other employees of Enzon who have a significant role in the internal controls over financial reporting of Enzon. The disclosure controls and procedures utilized by Enzon are reasonably designed to ensure that all information (both financial and non-financial) required to be disclosed by Enzon in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC and that all such information required to be disclosed is accumulated and communicated to the management of Enzon, as appropriate, to allow timely decisions regarding required disclosure and to enable the chief executive officer and chief financial officer of Enzon to make the certifications required under the Exchange Act with respect to such reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Each document required to be filed by Enzon with the SEC or required to be distributed to Enzon's stockholders in connection with the Merger, including the Registration Statement/Consent Solicitation Statement (and including any amendments or supplements thereto), at the time first sent or given to the stockholders of Enzon in the case of the Registration Statement/Consent Solicitation Statement, and at the time filed with the SEC and at any time it is amended or supplemented or at the time it becomes effective under the Securities Act, will comply as to form in all material respects with the requirements of the Securities Act or the Exchange Act, as applicable, and will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they are made, not misleading. Notwithstanding the foregoing, Enzon makes no representation or warranty with respect to statements made or incorporated by reference therein based on information supplied by or on behalf of Viskase or any of its Affiliates for inclusion or incorporation by reference in the Registration Statement/Consent Solicitation Statement or any other documents to be filed with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Neither Enzon nor any of its Subsidiaries has any liabilities of any nature required by GAAP to be reflected upon or reserved against in a consolidated balance sheet of Enzon and its Subsidiaries (or disclosed in the notes to such balance sheet), whether or not accrued, contingent, absolute or otherwise, except (i) as and to the extent specifically disclosed, reflected or reserved against in Enzon's consolidated balance sheet (or the notes thereto) as of March 31, 2025 or as otherwise included in the Enzon SEC Documents filed or furnished prior to the date hereof, (ii) for liabilities incurred, in each case, in the ordinary course of business consistent with past practice since March 31, 2025, (iii) arising pursuant to this Agreement or incurred in connection with the transactions contemplated hereby, including the Merger, and (iv) for liabilities which would not reasonably be expected to have, individually or in the aggregate, an Enzon Material Adverse Effect.

**Section 4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Absence of Certain Changes**. (a) Since the date of the most recent consolidated balance sheet included in the Enzon SEC Documents prior to the date of this Agreement (the "Enzon Balance Sheet Date") through the date of this Agreement (i) except for the execution and performance of this Agreement and the discussions, negotiations and transactions related thereto and to any transaction of the type contemplated by this Agreement, the business of Enzon and its Subsidiaries has been carried on and conducted in all material respects in the ordinary course of business consistent with past practice and (ii) there has not been any action taken by Enzon or any of its Subsidiaries that, if taken during the period from the date of this Agreement through the Effective Time without Viskase's consent, would constitute a breach of Section 6.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Since the Enzon Balance Sheet Date, there has not been any Enzon Material Adverse Effect.

**Section 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal Proceedings**. Except as has not had or would not reasonably be expected to have an Enzon Material Adverse Effect, there is no (a) pending or, to the Knowledge of Enzon, threatened Proceeding against Enzon or any of its Subsidiaries (other than any Enzon Transaction Litigation), or (b) outstanding Order imposed upon Enzon or any of its Subsidiaries or any of their respective assets or properties, in each case, by or before any Governmental Entity.

**Section 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compliance with Laws; Permits**(a).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Enzon and each of its Subsidiaries are, and have been since January 1, 2022, in compliance with all Laws and Orders applicable to Enzon or any of its Subsidiaries, except as has not had or would not reasonably be expected to have an Enzon Material Adverse Effect. The licenses, franchises, permits, certificates, approvals and authorizations from Governmental Entities held by Enzon or any of its Subsidiaries (each, an "Enzon Permit") constitute all licenses, franchises, permits, certificates, approvals and authorizations that are necessary for Enzon and its Subsidiaries to lawfully conduct their respective businesses and all such Enzon Permits are valid and in full force and effect, except where the failure to hold the same or to be in full force and effect would not reasonably be expected to have an Enzon Material Adverse Effect. Except as would not reasonably be expected to have an Enzon Material Adverse Effect, none of Enzon or any of its Subsidiaries has received any written notice from any Governmental Entity threatening to suspend, revoke, withdraw or modify any such Enzon Permit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Except as would not reasonably be expected to be material to Enzon or any of its Subsidiaries, since January 1, 2022, neither Enzon nor any of its Subsidiaries, nor, to the Knowledge of Enzon, any Person acting on behalf of Enzon or any of its Subsidiaries, has (i) taken any action in violation of any applicable Anti-Corruption Law, or (ii) offered, authorized, provided or given any payment or thing of value to any Person, including a "foreign official" (as defined by the FCPA), for the purpose of influencing any act or decision of such Person to unlawfully obtain or retain business or other advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Except as has not had or would not reasonably be expected to have an Enzon Material Adverse Effect, to the Knowledge of Enzon, none of (i) Enzon, (ii) nor any of its Subsidiaries, (iii) nor any of Enzon's respective directors, officers or employees, (iv) nor any Persons acting on behalf of Enzon or any of its Subsidiaries, respectively, is (X) a Person with whom dealings are prohibited under any Sanctions or (Y) engaged in dealings or transactions in or with any country or any Person that represents a material violation of applicable Sanctions or Export Control Laws.

**Section 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Matters**. (a) Except as has not had or would not reasonably be expected to have an Enzon Material Adverse Effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Enzon and each of its Subsidiaries has filed with the appropriate taxing authority when due (taking into account any applicable extension of time within which to file) all Tax Returns required to be filed by it, and all such Tax Returns are true, correct and complete in all respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Enzon and each of its Subsidiaries has paid all Taxes required to be paid by it, except for Taxes that are not yet due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)**&nbsp;&nbsp;&nbsp;&nbsp;** Enzon and each of its Subsidiaries has complied with all applicable Laws relating to the deduction, withholding, collection and remittance of Taxes (including information reporting requirements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**there is no Proceeding or audit now pending or that has been proposed in writing with respect to Enzon or any of its Subsidiaries in respect of any Tax or any Tax Return;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** neither Enzon nor any of its Subsidiaries has filed with any Governmental Entity any agreement extending or waiving the application of any statute of limitations applicable to any claim for, or the period for assessment and collection of, any Taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**neither Enzon nor any of its Subsidiaries has participated in any "listed transaction" as defined in Treasury Regulations Section 1.6011--4(b)(2);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)**&nbsp;&nbsp;&nbsp;&nbsp;** there are no Liens for Taxes on any of the assets of Enzon or any of its Subsidiaries, other than Permitted Liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)**&nbsp;&nbsp;&nbsp;&nbsp;** neither Enzon nor any of its Subsidiaries (A) is or has been a member of any affiliated, consolidated, combined, unitary or similar group for purposes of filing Tax Returns or paying Taxes (other than any such group the common parent of which is Enzon or any of its Subsidiaries) or (B) is liable for the Taxes of any Person (other than (i) any of Enzon or its Subsidiaries or (ii) for Tax years ending before January 1, 2006, any member of the Former Enzon Group) under Treasury Regulations Section 1.1502-6 (or any similar provision of state, local or non-U.S. Law), as a transferee or successor, by contract or otherwise (in each case other than pursuant to any contract entered into in the ordinary course of business, the primary purpose of which is not the allocation or payment of Taxes);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**within the last two years, neither Enzon nor any of its Subsidiaries has distributed stock of another Person, or has had its stock distributed by another Person, in a transaction that was intended to be governed in whole or in part by Section 355(a) of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** no Governmental Entity has notified Enzon or any of its Subsidiaries in writing in the last five (5) years that it is or may be subject to taxation by a jurisdiction in which it does not presently file Tax Returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Neither Enzon nor any of its Subsidiaries has taken or agreed to take any action, or is aware of the existence of any fact or circumstance, that could reasonably be expected to impede or prevent the Merger from qualifying for the Intended Tax Treatment.

**Section 4.10&nbsp;&nbsp;&nbsp;&nbsp; Employee Plans**. (a) Except as set forth on Section 4.10(a) of the Enzon Disclosure Letter, neither Enzon nor any of its Subsidiaries sponsors, maintains, contributes to, is obligated to contribute to, or otherwise has any liability (whether contingent or otherwise) with respect to, any Benefit Plan. Except as set forth on Section 4.10(a) of the Enzon Disclosure Letter, in the past six (6) years), neither Enzon nor any of its Subsidiaries has incurred any obligation or liability (whether contingent or otherwise) with respect to, any Benefit Plan that remains outstanding as of the date of this Agreement. Any Benefit Plan set forth on Section 4.10(a) of the Enzon Disclosure Letter is referred to herein as an "Enzon Benefit Plan."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Enzon has made available to Viskase with respect to each Enzon Benefit Plan a true and complete copy (to the extent applicable) of all plan documents, if any, and all amendments thereto, or written summaries of the material terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** None of Enzon or any of its ERISA Affiliates maintains or contributes to, or is obligated to maintain or contribute to (i) any plan that is subject to Title IV or Section 302 of ERISA or Section 412 of the Code, (ii) a Multiemployer Plan, or (iii) a plan that has two or more contributing sponsors at least two of whom are not under common control, within the meaning of Section 4063 of ERISA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** There are no pending or, to the Knowledge of Enzon, threatened actions, claims or lawsuits against or relating to any Enzon Benefit Plan or trusts related thereto with respect to the operation of such plan (other than routine benefits claims), except where such claims would not reasonably be expected to have an Enzon Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Each Enzon Benefit Plan has been established and administered in accordance with its terms, and in compliance with the applicable provisions of ERISA, the Code and other applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** None of the Enzon Benefit Plans provide retiree health or life insurance benefits except as may be required by Section 4980B of the Code and Section 601 of ERISA or any other applicable Law or at the expense of the participant or the participant's beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Except as provided in this Agreement, neither the execution and delivery of this Agreement nor the consummation of the transactions contemplated hereby or thereby will (either alone or in combination with another event) (i) result in any payment becoming due to any current or former director, employee or consultant of Enzon or any of its Subsidiaries, (ii) accelerate the time of payment or vesting or result in any payment or funding (through a grantor trust or otherwise) of material compensation or benefits under, or materially increase the amount payable or result in any other material obligation pursuant to, any of the Enzon Benefit Plans or (iii) limit or restrict the right of Enzon or, after the consummation of the transactions contemplated hereby, the Surviving Company to merge, amend or terminate any Enzon Benefit Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** No Enzon Benefit Plan provides for the gross-up or reimbursement of Taxes, including under Section 409A or 4999 of the Code or other similar Laws.

**Section 4.11&nbsp;&nbsp;&nbsp;&nbsp; Labor Matters**. Other than Enzon's (i) sole executive officer, and (ii) non-employee directors who are members of the Enzon Board of Directors, neither Enzon nor any of its Subsidiaries has (and has not in the past three (3) years had) any employees, officers, directors, or independent contractors (who are individuals, including individuals providing their services through a personal services entity), and in the past six (6) years has not had any obligations or liabilities (contingent or otherwise) with respect to any of the foregoing Persons that remains outstanding as of the date of this Agreement. Neither Enzon nor any of its Subsidiaries is the subject of any Proceeding asserting that Enzon or any of its Subsidiaries has committed any unfair labor practice or is seeking to compel Enzon to bargain with any labor union or labor organization, and since January 1, 2023, Enzon has been in compliance in all material respects with all applicable federal, state, local and foreign Laws regarding labor, employment and employment practices. As of the date of this Agreement, there are no Collective Bargaining Agreements to which Enzon or any of its Subsidiaries is a party.

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**Section 4.12&nbsp;&nbsp;&nbsp;&nbsp; Environmental Matters**. Except as has not had or would not reasonably be expected to have an Enzon Material Adverse Effect, (a) Enzon and each of its Subsidiaries is, and has been since January 1, 2023, in compliance with all applicable Environmental Laws, and Enzon has not received any written (or to the Knowledge of Enzon, oral) notice, demand, claim or request for information since January 1, 2023 or that otherwise remains unresolved alleging that Enzon or any of its Subsidiaries is in violation of or has any liability under any Environmental Law, and (b) Enzon and its Subsidiaries possess and are in compliance with all Enzon Permits required under Environmental Laws for the operation of their respective businesses ("Enzon Environmental Permits"), and (c) there is no Proceeding, pending, or to the Knowledge of Enzon threatened, to revoke, suspend, or adversely modify any such Enzon Environmental Permit.

**Section 4.13&nbsp;&nbsp;&nbsp;&nbsp; Intellectual Property; Information Technology; Data Privacy**. (a) All material Intellectual Property of Enzon and its Subsidiaries is subsisting, and except as would not reasonably be expected to have an Enzon Material Adverse Effect in the jurisdiction(s) where such material Intellectual Property is issued or registered, is, to the Knowledge of Enzon, valid and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Except as would not reasonably be expected to have an Enzon Material Adverse Effect, Enzon and its Subsidiaries own, or have a valid and enforceable license or otherwise sufficient rights to use, all Intellectual Property used in or necessary for Enzon's business, free and clear of all Liens, other than Permitted Liens. Except as has not had or would not reasonably be expected to have an Enzon Material Adverse Effect, (i) there are no pending, and since January 1, 2023, to the Knowledge of Enzon, threatened in writing, Proceedings against Enzon or any of its Subsidiaries raising the invalidity or unenforceability of any material Intellectual Property owned or purported to be owned by Enzon or any of its Subsidiaries and (ii) since January 1, 2023, no Intellectual Property owned or purported to be owned by Enzon or any of its Subsidiaries has expired except in the ordinary course.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** To the Knowledge of Enzon, except as has not had or would not reasonably be expected to have an Enzon Material Adverse Effect, Enzon and its Subsidiaries have not, and none of the current activities, products or services of Enzon or any of its Subsidiaries has, since January 1, 2023, infringed, misappropriated or otherwise violated the Intellectual Property rights of, or defamed, any third party. Except as has not had or would not reasonably be expected to have an Enzon Material Adverse Effect, there are no pending or, since January 1, 2023, threatened in writing (or to the Knowledge of Enzon, orally), Proceedings by Enzon or its Subsidiaries against any third party nor has Enzon or its Subsidiaries sent any written notice to any third party regarding any actual or potential infringement, misappropriation or other unauthorized use of any Intellectual Property owned or exclusively licensed by Enzon or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Except as has not had or would not reasonably be expected to have an Enzon Material Adverse Effect, as of the date of this Agreement, (i) to the Knowledge of Enzon, no third party is infringing, misappropriating or otherwise violating any Intellectual Property owned or licensed by Enzon or any of its Subsidiaries and (ii) there are no pending or, to the Knowledge of Enzon, threatened in writing (or to the Knowledge of Enzon, orally), Proceedings against Enzon or any of its Subsidiaries alleging that the operation of the business of Enzon or any of its Subsidiaries, infringes, misappropriates or otherwise violates the Intellectual Property rights of any Person, alleging that Enzon or any of its Subsidiaries has defamed any Person or terminating or purporting to terminate copyright assignments pursuant to 17 U.S.C. §203 or §304 or their foreign equivalents relating to any current activities, products or services of Enzon or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Except as has not had or would not reasonably be expected to have an Enzon Material Adverse Effect, each employee and consultant of Enzon or any of its Subsidiaries who contributes to the production or development of any material Intellectual Property owned or purported to be owned by Enzon or any of its Subsidiaries, agrees that his or her contribution is a work-made-for-hire pursuant to a valid written agreement and/or has otherwise assigned such Intellectual Property rights to Enzon or any of its Subsidiaries by operation of law within the last three (3) years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Except as has not had or would not reasonably be expected to have an Enzon Material Adverse Effect: (i) the Information Technology used by Enzon and its Subsidiaries, whether owned or controlled by Enzon and its Subsidiaries, operates and performs in all respects as required to permit Enzon and its Subsidiaries to conduct their business as currently conducted, (ii) to the Knowledge of Enzon, since January 1, 2023, no Person has gained unauthorized access to the Information Technology of Enzon or any of its Subsidiaries and (iii) to the Knowledge of Enzon, since January 1, 2023, there have been no failures, crashes, security breaches or other adverse events affecting the Information Technology which have caused disruption to Enzon or its Subsidiaries' business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Except as has not had or would not reasonably be expected to have an Enzon Material Adverse Effect, (i) Enzon and its Subsidiaries take reasonable measures to comply with applicable Laws and Orders regarding privacy, Personal Data protection and collection, retention, use and disclosure of personal information, (ii) Enzon and its Subsidiaries are compliant with their

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respective published privacy policies and (iii) to the Knowledge of Enzon, as of the date hereof, there have not been any incidents of, or third party claims related to, any loss, theft, unauthorized access to, unauthorized use of, or unauthorized acquisition, modification, disclosure, corruption, or other misuse of any Personal Data in Enzon's or any of its Subsidiaries' possession.

**Section 4.14&nbsp;&nbsp;&nbsp;&nbsp; No Rights Agreement; Anti-Takeover Provisions**. (a) Except for the 382 Rights Agreement, neither Enzon nor any of its Subsidiaries is a party to, subject to or otherwise bound by a stockholder rights agreement, "poison pill" or similar anti-takeover agreement or plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** No Takeover Laws apply or will apply to Enzon, this Agreement, the Merger, the IEH Support Agreement or the transactions contemplated hereby or thereby.

**Section 4.15&nbsp;&nbsp;&nbsp;&nbsp; Property**. Enzon and its Subsidiaries do not own any real property. Except as would not reasonably be expected to have an Enzon Material Adverse Effect, (a) each lease, sublease, sub-sublease, license and other agreement under which Enzon or any of its Subsidiaries leases, subleases, licenses, uses or occupies, or has the right to use or occupy any real property is a valid and legally binding obligation of Enzon or one of its Subsidiaries that is a party thereto, and, to the Knowledge of Enzon, the other party thereto, and is in full force and effect in accordance with its terms except insofar as such enforceability may be limited by the Bankruptcy and Equity Exception, and (b) neither Enzon nor any of its Subsidiaries has received a written notice of any pending or threatened condemnation of any such owned or leased real property by any Governmental Entity.

**Section 4.16&nbsp;&nbsp;&nbsp;&nbsp; Contracts**. (a) Section 4.16(a) of the Enzon Disclosure Letter sets forth a list as of the date of this Agreement of each Enzon Material Contract. For purposes of this Agreement, "Enzon Material Contract" means any Contract to which either Enzon or any of its Subsidiaries is a party or is otherwise bound, other than any Enzon Benefit Plan, which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** provides that any of them will not compete with any other Person in a manner that is material to Enzon and its Subsidiaries, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**purports to limit in any respect that is material to Enzon and its Subsidiaries, taken as a whole, either the type of business in which Enzon or its Subsidiaries may engage or the manner or locations in which any of them may so engage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)**&nbsp;&nbsp;&nbsp;&nbsp;** requires Enzon or any of its Subsidiaries to deal exclusively with any Person or group of related Persons, includes any "most favored nation" provision, or minimum use or minimum supply agreement, which Contract is material to Enzon and its Subsidiaries, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)**&nbsp;&nbsp;&nbsp;&nbsp;** is a Contract for the lease of real property providing for annual payments of $500,000 or more;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**would be required to be filed by Enzon as a "material contract" pursuant to Item 601(b)(10) of Regulation S-K under the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)**&nbsp;&nbsp;&nbsp;&nbsp;** contains a put, call or similar right pursuant to which Enzon or any of its Subsidiaries would be required to purchase or sell, as applicable, any equity interests of any Person or assets (excluding Intellectual Property);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)**&nbsp;&nbsp;&nbsp;&nbsp;** is a Contract pursuant to which Enzon or any of its Subsidiaries has potential material indemnification obligations to any Person, or material outstanding liabilities or obligations (excluding confidentiality obligations), whether or not contingent, in connection with any acquisitions or dispositions (in each case, whether completed by merger, sale or purchase of stock, sale or purchase of assets or otherwise) completed since January 1, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)**&nbsp;&nbsp;&nbsp;&nbsp;** relates to indebtedness for borrowed money owed to a Person other than Enzon or any of its Subsidiaries, excluding, for the avoidance of doubt, ordinary course trade payables and expenses incurred in connection with the transactions contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)**&nbsp;&nbsp;&nbsp;&nbsp;** is a Contract with any Affiliate of Enzon (other than a wholly owned Subsidiary thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) **&nbsp;&nbsp;&nbsp;&nbsp;** is a material partnership, joint venture, strategic alliance or similar Contract (other than with a wholly owned Subsidiary of Enzon);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)**&nbsp;&nbsp;&nbsp;&nbsp;** is a settlement agreement or settlement-related Contract that imposes material financial obligations on Enzon or a Subsidiary after the date hereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)**&nbsp;&nbsp;&nbsp;&nbsp;** is a Contract not of a type (disregarding any dollar thresholds, materiality or other qualifiers, restrictions or other limitations applied to such Contract type) described in the foregoing clauses (i) through (xi) and that has or would reasonably be expected to, either pursuant to its own terms or the terms of any related Contracts, involve gross payments or receipts in excess of $500,000 in any year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** A true and complete copy (or, as applicable, a true and complete summary of the material terms) of each Enzon Material Contract, as amended as of the date of this Agreement, has been made available to Viskase prior to the date of this Agreement (other than omissions of immaterial information or economically sensitive terms). Each of the Enzon Material Contracts, and each Contract entered into after the date hereof that would have been an Enzon Material Contract if entered into prior to the date hereof (each a "Enzon Additional Contract") is (or if entered into after the date hereof, will be) valid and binding on Enzon or its Subsidiaries, as the case may be and, to the Knowledge of Enzon, each other party thereto, and is in full force and effect, except for such failures to be valid and binding or to be in full force and effect as would not reasonably be expected to have an Enzon Material Adverse Effect. Neither Enzon nor any of its Subsidiaries nor, to the Knowledge of Enzon, any other party is in breach of or in default under any Enzon Material Contract or Enzon Additional Contract, and no event has occurred that, with the lapse of time or the giving of notice or both, would constitute a default thereunder by Enzon or any of its Subsidiaries, in each case, except for such breaches and defaults as would not reasonably be expected to have an Enzon Material Adverse Effect. As of the date of this Agreement, neither Enzon nor any of its Subsidiaries has received written notice (or to the Knowledge of Enzon, oral notice) alleging a breach of or default under any Enzon Material Contract.

**Section 4.17&nbsp;&nbsp;&nbsp;&nbsp; Insurance**. Except as would not reasonably be expected to have an Enzon Material Adverse Effect, (i) Enzon and its Subsidiaries are covered by valid and currently effective insurance policies with reputable insurers and all premiums payable under such policies have been duly paid to date and (ii) as of the date of this Agreement, none of Enzon or any of its Subsidiaries has received any written notice of default or cancellation of any such policy. All material Insurance Policies maintained by or on behalf of Enzon or any of its Subsidiaries provide adequate coverage for all normal risks incident to the business of Enzon and its Subsidiaries and their respective properties and assets, except for any such failures to maintain Insurance Policies as would not reasonably be expected to have an Enzon Material Adverse Effect. Except as has not had or would not reasonably be expected to have an Enzon Material Adverse Effect, there are no pending Proceedings under the Insurance Policies with respect to Enzon or any of its Subsidiaries as to which the insurers have denied or disputed (in writing) coverage or cancelled any Insurance Policy maintained by or on behalf of Enzon or any of its Subsidiaries, or, to the Knowledge of Enzon, have threatened to deny or dispute coverage or cancel any Insurance Policy maintained by or on behalf of Enzon or any of its Subsidiaries (other than the reservation of rights letters issued in the ordinary course of business). Except as had not or would not be reasonably expected to have an Enzon Material Adverse Effect, Enzon and its Subsidiaries are, and since January 1, 2023, have been, in compliance with their respective Insurance Policies and are not in default under any of the terms thereunder.

**Section 4.18&nbsp;&nbsp;&nbsp;&nbsp; Ownership of Viskase Common Stock**. Since January 1, 2023, neither Enzon nor any of its Subsidiaries beneficially owns or owned, directly or indirectly, any shares of Viskase Common Stock or other securities convertible into, exchangeable into or exercisable for shares of Viskase Common Stock. Other than the IEH Support Agreement, there are no voting trusts or other agreements or understandings to which Enzon or any of its Subsidiaries is a party with respect to the voting of the capital stock or other equity interest of Viskase or any of its Subsidiaries. For the avoidance of doubt, no securities owned directly by IEH or any of its Affiliates shall be deemed to be beneficially owned by Enzon or any of its Subsidiaries as a result of the IEH Support Agreement or otherwise.

**Section 4.19&nbsp;&nbsp;&nbsp;&nbsp; Opinion of Financial Advisors**. The Enzon Special Committee has received the opinion of A.G.P./Alliance Global Partners to the effect that, as of the date of such opinion and subject to the limitations, qualifications and assumptions set forth therein, the Exchange Ratio in the Merger pursuant to this Agreement is fair from a financial point of view to Enzon. As of the date of this Agreement, such opinion has not been withdrawn, revoked or modified.

**Section 4.20&nbsp;&nbsp;&nbsp;&nbsp; Brokers and Other Advisors**. Except for A.G.P./Alliance Global Partners, the fees and expenses of which are set forth on Section 4.20 of the Enzon Disclosure Letter and will be paid by Enzon, no broker, investment banker, financial advisor or other Person is entitled to any broker's, finder's, financial advisor's or other similar fee or commission, or the reimbursement of expenses in connection therewith, in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of Enzon or any of its Subsidiaries.

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**Section 4.21&nbsp;&nbsp;&nbsp;&nbsp; No Other Representations or Warranties**. Enzon acknowledges and agrees that, except for the representations and warranties made by Viskase in Article III or in any certificates delivered by Viskase in connection with the transactions contemplated by this Agreement, neither Viskase nor any other Person makes any other express or implied representation or warranty with respect to Viskase or any of its Subsidiaries or their respective businesses, operations, properties, assets, liabilities, condition (financial or otherwise) or prospects, or any estimates, projections, forecasts and other forward-looking information or business and strategic plan information regarding Viskase and its Subsidiaries, notwithstanding the delivery or disclosure to Enzon or any of its Representatives of any documentation, forecasts or other information (in any form or through any medium) with respect to any one or more of the foregoing, and Enzon acknowledges the foregoing. In particular, and without limiting the generality of the foregoing, Enzon acknowledges and agrees that neither Viskase nor any other Person makes or has made any express or implied representation or warranty to Enzon or any of its respective Representatives with respect to (a) any financial projection, forecast, estimate, budget or prospective information relating to Viskase, any of its Subsidiaries or their respective businesses or (b) except for the representations and warranties made by Viskase in Article III or in any certificates delivered by Viskase in connection with the transactions contemplated by this Agreement, any oral, written, video, electronic or other information presented to Enzon or any of its Representatives in the course of their due diligence investigation of Viskase, the negotiation of this Agreement or the course of the transactions contemplated by this Agreement. Enzon acknowledges and agrees that, except for the representations and warranties contained in Article III, it is not acting in reliance on any representation or warranty, express or implied, that may have been made by any Person.

**Article V**

**Covenants of Viskase**

**Section 5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conduct of Business Before the Closing Date**. (a) Viskase covenants and agrees that, during the period from the date hereof to the earlier of the termination of this Agreement in accordance with its terms and the Effective Time (except as otherwise specifically contemplated by the terms of this Agreement, as may be required by Law or Order or as otherwise set forth on Section 5.1(a) of the Viskase Disclosure Letter), unless Enzon shall otherwise consent in writing (which shall not be unreasonably withheld, conditioned or delayed), (i) Viskase shall use its commercially reasonable efforts to conduct the businesses of Viskase and its Subsidiaries, in all material respects, in the ordinary course of business, in a manner consistent with past practice and (ii) Viskase shall use its commercially reasonable efforts consistent with the foregoing to preserve substantially intact the business organization of Viskase and its Subsidiaries, to keep available the services of the present executive officers and the key employees of Viskase and its Subsidiaries and to preserve, in all material respects, their respective assets and properties in good repair and condition and the present relationships and goodwill of Viskase and its Subsidiaries with Governmental Entities and persons with which Viskase or any of its Subsidiaries has significant business relations. Without limiting the generality of the foregoing, Viskase shall not and shall not permit any of its Subsidiaries to (except as specifically contemplated by the terms of this Agreement, as may be required by Law or Order or as set forth on Section 5.1(a) of the Viskase Disclosure Letter), between the date of this Agreement and the earlier of the termination of this Agreement in accordance with its terms and the Effective Time, directly or indirectly, do any of the following without the prior written consent of Enzon (which shall not be unreasonably withheld, conditioned or delayed):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** amend, modify, rescind, waive or make any change in (A) any Subsidiary of Viskase's certificate of incorporation, bylaws or equivalent organization documents that, individually or in the aggregate, would reasonably be expected to prevent, delay or materially impair the ability of Viskase to consummate the Merger or (B) any of the Viskase Organizational Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**issue, deliver, sell, pledge, grant, transfer, encumber or subject to any Lien any additional shares of capital stock, membership interests or partnership interests or other equity securities or grant any option, warrant or right to acquire any capital stock, membership interests or partnership interests or other equity securities or issue any security convertible into or exchangeable for such securities or alter in any way any of its outstanding securities or make any change in outstanding shares of capital stock, membership interests or partnership interests or other ownership interests or its capitalization, whether by reason of a reclassification, recapitalization, stock split or combination, exchange or readjustment of shares, stock dividend or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)**&nbsp;&nbsp;&nbsp;&nbsp;** redeem, retire, purchase or otherwise acquire, directly or indirectly, any shares of the capital stock, membership interests or partnership interests or other ownership interests of Viskase or any of its Subsidiaries or any other securities convertible into or exercisable or exchangeable for, or warrants, options or other rights to acquire, any such shares or other ownership interests, other than in connection with redemptions, purchases or other acquisitions of shares or interests of any wholly owned Subsidiary of Viskase by Viskase or any other wholly owned Subsidiary of Viskase;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)**&nbsp;&nbsp;&nbsp;&nbsp;** other than as set forth in Schedule 2.2, declare, set aside or pay any dividends or other distributions in respect of such shares or interests, other than dividends or other distributions by wholly owned Subsidiaries of Viskase paid or payable to Viskase or another wholly owned Subsidiary of Viskase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**other than as set forth in Schedule 5.1 or other than in the ordinary course of business consistent with past practice, transfer, lease, license, sell, assign, let lapse, abandon, cancel, mortgage, pledge, place a Lien upon (other than a Permitted Lien) or otherwise dispose of any cash or cash equivalents, properties or assets (including cash or cash equivalents or capital stock of any Subsidiaries of Viskase but excluding Intellectual Property, which is governed by Section 5.1(a)(vi));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)**&nbsp;&nbsp;&nbsp;&nbsp;** other than in the ordinary course of business consistent with past practice, transfer, lease, license, sell, assign, let lapse, abandon, cancel, mortgage, pledge, place a Lien upon or otherwise dispose of any material Intellectual Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)**&nbsp;&nbsp;&nbsp;&nbsp;** other than in the ordinary course of business consistent with past practice, (A) acquire, lease or sublease any material assets or properties (including any equity interests or any real property) or (B) spend or commit to spend any cash or cash equivalents to acquire any assets or other property, whether by merger, consolidation, purchase of property or assets or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)**&nbsp;&nbsp;&nbsp;&nbsp;** merge with or consolidate with any other Person, or restructure, reorganize or completely or partially liquidate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)**&nbsp;&nbsp;&nbsp;&nbsp;** make any material change in any financial or accounting policy, principle, procedure, method, estimate or practice, except for any such change required by changes in GAAP (or any interpretation thereof) or applicable Law, in each case, occurring after the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A) make, change or revoke any Tax election that is material to Viskase and its Subsidiaries as a whole, (B) adopt or change any Tax accounting method or change any Tax accounting period, in each case, that is material to Enzon and its Subsidiaries as a whole, (C) file any amended U.S. federal income or other material Tax Return, (D) settle any Proceeding or audit relating to Viskase or any of its Subsidiaries for an amount of Taxes, (E) surrender any right to claim a refund of an amount of Taxes or (F) enter into any "closing agreement" within the meaning of Section 7121 of the Code (or any similar provision of state, local or non-U.S. Law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)**&nbsp;&nbsp;&nbsp;&nbsp;** (A) settle, release, waive, compromise or forgive any claim, action, proceeding, investigation or inquiry, or make any material commitment to a Governmental Entity, other than settlements that result solely in customary confidentiality obligations and monetary obligations of Viskase and its Subsidiaries or (B) waive any material right with respect to any material claim held by Viskase or any of its Subsidiaries other than in the ordinary course of business and consistent with past practice, in each case other than any claim with respect to (1) Taxes, which shall be governed by Section 5.1(a)(x) and (2) Viskase Transaction Litigation, which shall be governed by Section 7.6;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)**&nbsp;&nbsp;&nbsp;&nbsp;** incur, assume, endorse, guarantee or otherwise become liable for, or modify in any manner materially adverse to Viskase when considered as a whole the terms of, any indebtedness for borrowed money or issue or sell any debt securities or calls, options, warrants or other rights to acquire any debt securities (directly, contingently or otherwise), except in the ordinary course of business consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)**&nbsp;&nbsp;&nbsp;&nbsp;** (A) amend in any material respect, terminate early or fail to use commercially reasonable efforts to renew, or waive, release or assign any material rights, claims or benefits under, any Viskase Material Contract, or (B) enter into any agreement, contract or commitment that would be a Viskase Material Contract if it were in effect on the date of this Agreement, in each case other than in the ordinary course of business consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)**&nbsp;&nbsp;&nbsp;&nbsp;** fail to maintain in all material respects insurance in the name of Viskase and its Subsidiaries in such amounts and covering such risks as are consistent with past practice, subject to availability of such insurance in the market at commercially reasonable rates consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)**&nbsp;&nbsp;&nbsp;&nbsp;** enter into or amend any material Contract, arrangement or transaction with any Affiliate of Viskase (other than a wholly owned Subsidiary thereof);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)**&nbsp;&nbsp;&nbsp;&nbsp;** other than in the ordinary course of business consistent with past practice, make any loans, advances or capital contributions to, or investments in, any Person (other than loans, advances or capital contributions to Viskase or any direct or indirect wholly owned Subsidiary of Viskase);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)**&nbsp;&nbsp;&nbsp;&nbsp;**other than in the ordinary course of business consistent with past practice, enter into or amend any agreement, contract or commitment, or take any other action, in each case that would reasonably be expected to prevent or materially delay or materially impair the consummation of the Merger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) adopt or otherwise implement any stockholder rights, "poison-pill" or other comparable agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) **&nbsp;&nbsp;&nbsp;&nbsp;** enter into a material new line of business outside of the existing business of Viskase and Viskase's Subsidiaries, taken as a whole; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) **&nbsp;&nbsp;&nbsp;&nbsp;** commit, resolve or agree to do or authorize any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Nothing contained in this Agreement shall give to Enzon, directly or indirectly, rights to control or direct the operations of Viskase or its Subsidiaries prior to the Closing Date. Prior to the Closing Date, Viskase and its Subsidiaries shall exercise, consistent with the terms and conditions of this Agreement, complete control and supervision of its and its Subsidiaries' operations.

**Section 5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual and Interim Financial Statements.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** As promptly as practicable after the date of this Agreement (the "Financial Statements Delivery Date"), Viskase shall deliver to Enzon the following financial statements (such financial statements, the "Required Financial Statements"): (i) audited consolidated balance sheet of Viskase and its Subsidiaries as of December 31, 2023 and December 31, 2024, and the related audited consolidated statements of comprehensive loss, cash flows and securityholders equity for the fiscal years ended on such dates, together with all related notes and schedules thereto, accompanied by the reports thereon of Viskase's independent auditors (which reports shall be unqualified) in each case audited in accordance with the standards of the PCAOB (the "PCAOB Financial Statements"); (ii) all other audited and unaudited financial statements of Viskase and its Subsidiaries and any company or business units acquired by Viskase, as applicable, required under the applicable rules and regulations and guidance of the SEC to be included in the Registration Statement/Consent Solicitation Statement or any Form 8-K required to be filed by Enzon (including pro forma financial information); and (iii) management's discussion and analysis of financial condition and results of operations prepared in accordance with Item 303 of Regulation S-K of the Exchange Act (as if Viskase and its Subsidiaries were subject thereto) with respect to the periods described in clauses (i) and (ii) above, as necessary for inclusion in the Registration Statement/Consent Solicitation Statement or any Form 8-K required to be filed by Enzon (including pro forma financial information).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** All Required Financial Statements delivered pursuant to this Section 5.2, together with all related notes and schedules thereto, (i) will be prepared from, and reflect in all material respects, the books and records of Viskase, (ii) will be compliant with U.S. GAAP and prepared in all material respects in accordance with GAAP applied on a consistent basis throughout the periods covered thereby (except (x) that the unaudited Required Financial Statements do not contain footnotes and (y) as may be indicated in the notes to such Required Financial Statements), (iii) will fairly present, in all material respects, the consolidated financial position of Viskase, as of the dates thereof and their results of operations for the periods then ended except that the unaudited interim Required Financial Statements are subject to normal year-end adjustments, that are not expected to be material in amount, and (iv) will be audited in accordance with the standards of the PCAOB. All costs incurred in connection with preparing and obtaining such financial statements shall be expenses of Viskase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Viskase shall use commercially reasonable efforts (i) to assist Enzon and its Representatives, upon advance written notice, during normal business hours and in a manner such as to not unreasonably interfere with the normal operations of Viskase, in causing to be prepared in a timely manner any other financial information or statements (including customary pro forma financial statements) and any other such information, including compensation information, in each case that is reasonably required to be included in the Registration Statement, the Consent Solicitation Statement and any other filings to be made by Enzon with the SEC in connection with the transactions contemplated by this Agreement and (ii) to obtain the consents of Viskase's auditors with respect thereto as may be required by applicable Law.

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**Article VI**

**Covenants of Enzon; Additional Covenants**

**Section 6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conduct of Business Before the Closing Date**. (a) Enzon covenants and agrees that, during the period from the date hereof to the earlier of the termination of this Agreement in accordance with its terms and the Effective Time (except as otherwise specifically contemplated by the terms of this Agreement, as may be required by Law or Order or as otherwise set forth on Section 6.1(a) of the Enzon Disclosure Letter), unless Viskase shall otherwise consent in writing (which shall not be unreasonably withheld, conditioned or delayed), (i) Enzon shall use its commercially reasonable efforts to conduct the businesses of Enzon and its Subsidiaries, in all material respects, in the ordinary course of business, in a manner consistent with past practice and (ii) Enzon shall use its commercially reasonable efforts consistent with the foregoing to preserve substantially intact the business organization of Enzon and its Subsidiaries, to keep available the services of the present executive officers and the key employees of Enzon and its Subsidiaries and to preserve, in all material respects, their respective assets and properties in good repair and condition and the present relationships and goodwill of Enzon and its Subsidiaries with Governmental Entities and persons with which Enzon or any of its Subsidiaries has significant business relations. Without limiting the generality of the foregoing, Enzon shall not and shall not permit any of its Subsidiaries to (except as specifically contemplated by the terms of this Agreement, as may be required by Law or Order or as set forth on Section 6.1(a)) of the Enzon Disclosure Letter), between the date of this Agreement and the earlier of the termination of this Agreement in accordance with its terms and the Effective Time, directly or indirectly, do any of the following without the prior written consent of Viskase (which shall not be unreasonably withheld, conditioned or delayed):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** except as reasonably necessary to implement the Proposed Enzon Action, make any change in any of the Enzon Organizational Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**issue, deliver, sell, pledge, grant, transfer, encumber or subject to any Lien any additional shares of capital stock, membership interests or partnership interests or other equity securities or grant any option, warrant or right to acquire any capital stock, membership interests or partnership interests or other equity securities or issue any security convertible into or exchangeable for such securities or alter in any way any of its outstanding securities or make any change in outstanding shares of capital stock, membership interests or partnership interests or other ownership interests or its capitalization, whether by reason of a reclassification, recapitalization, stock split or combination, exchange or readjustment of shares, stock dividend or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)**&nbsp;&nbsp;&nbsp;&nbsp;** redeem, retire, purchase or otherwise acquire, directly or indirectly, any shares of the capital stock, membership interests or partnership interests or other ownership interests of Enzon or any of its Subsidiaries or any other securities convertible into or exercisable or exchangeable for, or warrants, options or other rights to acquire, any such shares or other ownership interests, other than in connection with redemptions, purchases or other acquisitions of shares or interests of any wholly owned Subsidiary of Enzon by Enzon or any other wholly owned Subsidiary of Enzon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)**&nbsp;&nbsp;&nbsp;&nbsp;** set aside or pay any dividends or other distributions in respect of such shares or interests (including any dividends or other distributions in respect of the Enzon Series C Preferred Stock; provided that, for the avoidance of doubt, dividends will continue to accrue pursuant to the terms of such Enzon Series C Preferred Stock), other than dividends or other distributions by wholly owned Subsidiaries of Enzon paid or payable to Enzon or another wholly owned Subsidiary of Enzon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **&nbsp;&nbsp;&nbsp;&nbsp;** other than in the ordinary course of business consistent with past practice and expenses incurred in connection with this Agreement and the transactions contemplated hereby, transfer, lease, license, sell, assign, let lapse, abandon, cancel, mortgage, pledge, place a Lien upon (other than a Permitted Lien) or otherwise dispose of any cash or cash equivalents, properties or assets (including cash or cash equivalents or capital stock of any Subsidiaries of Enzon but excluding Intellectual Property, which is governed by Section 6.1(a)(vi));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)**&nbsp;&nbsp;&nbsp;&nbsp;** other than in the ordinary course of business consistent with past practice, transfer, lease, license, sell, assign, let lapse, abandon, cancel, mortgage, pledge, place a Lien upon or otherwise dispose of any material Intellectual Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)**&nbsp;&nbsp;&nbsp;&nbsp;** other than in the ordinary course of business consistent with past practice, (A) acquire, lease or sublease any material assets or properties (including any equity interests or any real property) or (B) spend or commit to spend any cash or cash equivalents to acquire any assets or other property, whether by merger, consolidation, purchase of property or assets or otherwise;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)**&nbsp;&nbsp;&nbsp;&nbsp;** merge with or consolidate with any other Person, or restructure, reorganize or completely or partially liquidate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)**&nbsp;&nbsp;&nbsp;&nbsp;** (A) increase the compensation or benefits payable or to become payable under any Enzon Benefit Plan or otherwise to any employees, officers, director, or independent contractors (who are individuals, including individuals providing their services through a personal services entity) of Enzon or any of its Subsidiaries, (B) establish, adopt, enter into, or amend any Enzon Benefit Plan, or any benefit plan, arrangement, program, policy, commitment, or other arrangement that would be an Enzon Benefit Plan if it were in existence on the date hereof, or any Collective Bargaining Agreement, (C) grant any awards under any bonus, incentive, performance, or other compensation plan or arrangements, (D) take any action to accelerate the vesting or payment of, or establish or provide any funding for any rabbi trust or similar arrangement for, any compensation or benefits under any Enzon Benefit Plan (including any equity or equity-based awards), (E) grant or provide any change-in-control, retention, severance, or termination compensation or benefits, (F) hire or terminate (other than for "cause") any employee, officer, director, or independent contractor (who is an individual, including an individual providing services through a personal services entity), or (G) increase the compensation of any of its, or any of its Affiliates', officers, directors, managers, partners, or employees, or pay or agree to pay any bonus or similar payment to any of the foregoing other than in the ordinary course of business consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**make any material change in any financial or accounting policy, principle, procedure, method, estimate or practice, except for any such change required by changes in GAAP (or any interpretation thereof) or applicable Law, in each case, occurring after the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)**&nbsp;&nbsp;&nbsp;&nbsp;** (A) make, change or revoke any Tax election that is material to Enzon and its Subsidiaries as a whole, (B) adopt or change any Tax accounting method or change any Tax accounting period, in each case, that is material to Enzon and its Subsidiaries as a whole, (C) file any amended U.S. federal income or other material Tax Return, (D) settle any Proceeding or audit relating to Enzon or any of its Subsidiaries for an amount of Taxes, (E) surrender any right to claim a refund of an amount of Taxes or (F) enter into any "closing agreement" within the meaning of Section 7121 of the Code (or any similar provision of state, local or non-U.S. Law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)**&nbsp;&nbsp;&nbsp;&nbsp;** (A) settle, release, waive, compromise or forgive any claim, action, proceeding, investigation or inquiry, or make any material commitment to a Governmental Entity, other than settlements that result solely in customary confidentiality obligations and monetary obligations of Enzon and its Subsidiaries or (B) waive any material right with respect to any material claim held by Enzon or any of its Subsidiaries other than in the ordinary course of business and consistent with past practice, in each case other than any claim with respect to (1) Taxes, which shall be governed by Section 6.1(a)(xi) and (2) Enzon Transaction Litigation, which shall be governed by Section 7.6;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)**&nbsp;&nbsp;&nbsp;&nbsp;** incur, assume, endorse, guarantee or otherwise become liable for, or modify the terms of, any indebtedness for borrowed money or issue or sell any debt securities or calls, options, warrants or other rights to acquire any debt securities (directly, contingently or otherwise), except in the ordinary course of business consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)**&nbsp;&nbsp;&nbsp;&nbsp;** (A) amend in any material respect, terminate early or fail to use commercially reasonable efforts to renew, or waive, release or assign any material rights, claims or benefits under, any Enzon Material Contract, or (B) enter into any agreement, contract or commitment that would be an Enzon Material Contract if it were in effect on the date of this Agreement, in each case other than in the ordinary course of business consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)**&nbsp;&nbsp;&nbsp;&nbsp;** fail to maintain in all material respects insurance in the name of Enzon and its Subsidiaries in such amounts and covering such risks as are consistent with past practice, subject to availability of such insurance in the market at commercially reasonable rates consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)**&nbsp;&nbsp;&nbsp;&nbsp;** other than in the ordinary course of business consistent with past practice, enter into or amend any agreement, contract or commitment, or take any other action, that would reasonably be expected to prevent or materially delay or materially impair the consummation of the Merger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)**&nbsp;&nbsp;&nbsp;&nbsp;**enter into or amend any material Contract, arrangement or transaction with any Affiliate of Enzon (other than a wholly owned Subsidiary thereof);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) other than in the ordinary course of business consistent with past practice, make any loans, advances or capital contributions to, or investments in, any Person (other than loans, advances or capital contributions to Enzon or any direct or indirect wholly owned Subsidiary of Enzon);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) **&nbsp;&nbsp;&nbsp;&nbsp;**adopt or otherwise implement any stockholder rights, "poison-pill" or other comparable agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx)**&nbsp;&nbsp;&nbsp;&nbsp;** enter into a material new line of business outside of the existing business of Enzon and Enzon's Subsidiaries, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi)**&nbsp;&nbsp;&nbsp;&nbsp;** accelerate the collection of accounts receivable or delay the payment of accounts payable or accrued expenses, in each case, other than in the ordinary course of business consistent with past practice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii)**&nbsp;&nbsp;&nbsp;&nbsp;**commit, resolve or agree to do or authorize any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Nothing contained in this Agreement shall give to Viskase, directly or indirectly, rights to control or direct the operations of Enzon or its Subsidiaries prior to the Closing Date. Prior to the Closing Date, Enzon and its Subsidiaries shall exercise, consistent with the terms and conditions of this Agreement, complete control and supervision of its and its Subsidiaries' operations.

**Section 6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resignations**. Upon the written request of Viskase, Enzon shall use its commercially reasonable efforts to cause each person identified by Viskase who is in office as a director or officer of Enzon or any of its Subsidiaries to deliver a letter of resignation to the Board of Directors of Enzon, at or prior to the Effective Time, effective as of the Effective Time, resigning from all such positions at Enzon and each of its respective Subsidiaries.

**Section 6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D&O Insurance and Indemnification.** (a) For six years from and after the Effective Time, Enzon shall, and shall cause the Surviving Company to, indemnify and hold harmless all past and present directors, officers and managers of Enzon and its Subsidiaries and Viskase and its Subsidiaries (collectively, the "Indemnified Parties") against any costs (including reasonable attorneys' fees) and expenses (including advancing costs (including reasonable attorneys' fees) and expenses and applicable retention amounts under applicable insurance policies) prior to the final disposition of any actual or threatened claim, suit, proceeding or investigation to each Indemnified Party to the fullest extent permitted by applicable Law, the Enzon Organizational Documents or the Viskase Organizational Documents, as applicable, and any indemnification agreements with any Indemnified Party set forth in Section 6.3(a) of the Enzon Disclosure Letter, judgments, fines, losses, claims, damages, liabilities and amounts paid in settlement in connection with any actual or threatened claim, action, investigation, suit or proceeding, whether civil, criminal, administrative or investigative process, in respect of acts or omissions occurring or alleged to have occurred at or prior to the Effective Time (including acts or omissions occurring in connection with the approval of this Agreement and the consummation of the Merger), whether asserted or claimed prior to, at or after the Effective Time, by reason of the fact of such Indemnified Party's serving or having served as an officer, director or manager of Enzon or any of its Subsidiaries or Viskase or any of its Subsidiaries. The parties hereto agree that the foregoing rights to indemnification and advancement shall also apply with respect to any action to enforce this provision and that all rights to elimination of liability, indemnification and advancement of expenses for acts or omissions occurring or alleged to have occurred at or prior to the Effective Time, whether asserted or claimed prior to, at or after the Effective Time, now existing in favor of the Indemnified Parties as provided in their respective certificate of incorporation or bylaws (or comparable organizational documents) or in any indemnification agreement in existence on the date of this Agreement and provided to Enzon or Viskase, as applicable, prior to the date of this Agreement shall survive the Merger and shall continue in full force and effect in accordance with the terms thereof. Notwithstanding anything in this Section 6.3 to the contrary, if any Indemnified Party notifies Enzon or the Surviving Company on or prior to the sixth (6th) anniversary of the Effective Time of a matter in respect of which such Person may seek indemnification or advancement of expenses pursuant to this Section 6.3, the provisions of this Section 6.3 that require Enzon and the Surviving Company to indemnify and advance expenses shall continue in effect with respect to such matter until the final disposition of all claims, actions, investigations, suits and proceedings relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** For six years after the Effective Time, Enzon and the Surviving Company shall cause to be maintained in effect the provisions in (i) the Enzon Organizational Documents, (ii) any indemnification agreement of Enzon or a Subsidiary of Enzon with any Indemnified Party set forth in Section 6.3(b) of the Enzon Disclosure Letter, and (iii) the Viskase Organizational Documents, except to the extent that such agreement provides for an earlier termination, in each case, regarding elimination of liability, indemnification of officers, directors and managers and advancement of expenses that are in existence on the date hereof, and no such provision shall be amended, modified or repealed in any manner that would adversely affect the rights or protections thereunder of any such Indemnified Party in respect of acts or omissions occurring or alleged to have occurred at or prior to the

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Effective Time (including acts or omissions occurring in connection with the approval of this Agreement and the consummation of the Merger). The obligations under this Section 6.3 shall not be terminated, amended or otherwise modified in such a manner as to adversely affect any Indemnified Party without the prior written consent of such affected Indemnified Party and any of such Person's heirs, executors, administrators Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** At or prior to the Effective Time, Viskase (or, at Enzon's election, Enzon) shall purchase a six-year prepaid "tail" policy for the benefit of Enzon's officers and directors prior to the transactions contemplated by this Agreement, which Enzon and the Surviving Company shall maintain in effect for the duration of such policy, on terms and conditions providing coverage retentions, limits and other material terms substantially equivalent to the current policies of directors' and officers' liability insurance and fiduciary liability insurance maintained by Enzon and its Subsidiaries with respect to matters arising at or prior to the Effective Time; provided, however, that Viskase shall not commit or spend on such "tail" policy, in the aggregate, more than 300% of the last aggregate annual premium paid by Enzon prior to the date hereof for Enzon's current policies of directors' and officers' liability insurance and fiduciary liability insurance (the "Base Amount"), and if the cost of such "tail" policy would otherwise exceed the Base Amount, Viskase shall be permitted to purchase as much coverage as reasonably practicable for the Base Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** In the event Enzon, the Surviving Company or any of their respective successors or assigns (i) consolidates with or merges into any other Person and shall not be the continuing or surviving corporation or entity of such consolidation or merger or (ii) transfers all or substantially all of its properties and assets to any Person, then, in each such case, proper provision shall be made so that the successors and assigns of Enzon or the Surviving Company shall assume the obligations set forth in this Section 6.3. The rights and obligations under this Section 6.3 shall survive consummation of the Merger and shall not be terminated or amended in a manner that is adverse to any Indemnified Party without the written consent of such Indemnified Party. The parties hereto acknowledge and agree that the Indemnified Parties shall be third party beneficiaries of this Section 6.3, each of whom may enforce the provisions thereof.

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**Article VII**

**Additional Covenants of The Parties**

**Section 7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration Statement/Consent Solicitation Statement.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** As promptly as reasonably practicable after the execution of this Agreement, (i) Enzon (with Viskase's reasonable cooperation) shall prepare and file with the SEC a registration statement on Form S-4 (the "Registration Statement") in connection with the registration under the Securities Act of the Enzon Common Stock to be issued in connection with the Merger, which Registration Statement will also contain a consent solicitation statement with respect to the solicitation of written consents from the stockholders of Enzon in connection with the Enzon Stockholder Approval (as amended, the "Consent Solicitation Statement" and, together with the Registration Statement, the "Registration Statement/Consent Solicitation Statement"). Enzon shall use its commercially reasonable efforts to (A) cause the Registration Statement/Consent Solicitation Statement to comply with the applicable rules and regulations promulgated by the SEC, (B) have the Registration Statement declared effective under the Securities Act as promptly as practicable after such filing (including by responding to comments from the SEC), and, prior to the effective date of the Registration Statement, take all action reasonably required to be taken under any applicable state securities Laws in connection with the issuance of Enzon Common Stock in the Merger and (C) keep the Registration Statement effective through the Closing Date in order to permit the consummation of the Merger. Viskase shall furnish all information as may be reasonably requested by Enzon in connection with any such action and the preparation, filing and distribution of the Registration Statement/Consent Solicitation Statement. As promptly as practicable (and in no event, no more than five (5) Business Days) after the Registration Statement shall have become effective, Enzon shall use commercially reasonable efforts to cause the Consent Solicitation Statement to be mailed to its stockholders. No filing of, or amendment or supplement to, the Registration Statement/Consent Solicitation Statement will be made by Enzon without providing Viskase with a reasonable opportunity to review and comment (which comments shall be considered by Enzon in good faith) thereon if reasonably practicable. If, at any time prior to the Effective Time, any information relating to Enzon or Viskase or any of their respective Affiliates, directors or officers, should be discovered by Enzon or Viskase which should be set forth in an amendment or supplement to the Registration Statement/Consent Solicitation Statement, so that such document would not include any misstatement of a material fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they are made, not misleading, the party that discovers such information shall promptly notify the other party and an appropriate amendment or supplement describing such information shall be prepared and, following a reasonable opportunity for the other party (and its counsel) to review and comment on such amendment or supplement, promptly filed with the SEC and, to the extent required by applicable Law, disseminated to the stockholders of Enzon. Subject to applicable Law, Enzon shall notify Viskase promptly of the time when the Registration Statement has become effective, of the issuance of any stop order or suspension of the qualification of the Enzon Common Stock issuable in the Merger for offering or sale in any jurisdiction (in which case the parties hereto shall use their respective commercially reasonable efforts to have any such stop order or suspension lifted, reversed or otherwise terminated), or of the receipt of any comments from the SEC or the staff of the SEC and of any request by the SEC or the staff of the SEC for amendments or supplements to the Registration Statement/Consent Solicitation Statement or for additional information and shall supply each other with copies of all correspondence between either party or any of its Representatives, on the one hand, and the SEC or its staff, on the other hand, with respect to the Registration Statement/Consent Solicitation Statement or the Merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Enzon shall (i) seek the Enzon Stockholder Approval via written consent and (ii) take such other actions as may be necessary under applicable Law or as may be required by an applicable Order in connection with obtaining the Enzon Stockholder Approval via written consent, in each case as promptly as practicable after the Registration Statement is declared effective under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Neither Viskase nor Enzon shall call or convene any meeting of its stockholders in connection with the Viskase Stockholder Approval or the Enzon Stockholder Approval, respectively. The Consent Solicitation Statement shall include the Enzon Special Committee Recommendation and the Enzon Recommendation, except to the extent there has been an Enzon Adverse Recommendation Change permitted by Section 7.5 (in the case of the Enzon Special Committee Recommendation or the Enzon Recommendation). The only corporate actions to be set forth in the Consent Solicitation Statement will be (i) the adoption of this Agreement, (ii) the approval of the Proposed Enzon Action by the holders of Enzon Common Stock and (iii) any other matters contemplated by this Agreement that may be required to be approved by holders of Enzon Common Stock under applicable Law or as may be required by an applicable Order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Immediately after the execution of this Agreement, in lieu of calling a meeting of the stockholders of Viskase, Viskase shall submit to, and seek and obtain, by no later than twenty-four (24) hours after the execution of this Agreement, the Viskase Stockholder Approval (the "Written Consent Delivery Time"). Upon receipt of the executed Viskase Stockholder

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Approval, Viskase shall provide to Enzon promptly (and in any event by the Written Consent Delivery Time) a copy of such Viskase Stockholder Approval. In connection with the Viskase Stockholder Approval, Viskase shall take all actions necessary or advisable to comply, and shall comply in all respects, with Section 228 and Section 262 of the DGCL and the Viskase Organizational Documents. Enzon shall furnish all information as may be reasonably requested by Viskase in connection with any such action and the preparation and distribution of the Viskase Stockholder Approval.

**Section 7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Access to Information.** Upon reasonable notice, each of Enzon and Viskase shall (and shall cause their respective Subsidiaries to) afford the other party and its Representatives reasonable access during normal business hours, during the period prior to the Effective Time, to all its officers, employees, properties, offices and other facilities and to all books and records, including financial statements, other financial data and monthly financial statements within the time such statements are customarily prepared, and, during such period, each of Enzon and Viskase shall (and shall cause their respective Subsidiaries to) furnish promptly to the other party and its Representatives, consistent with their respective legal obligations, all other information concerning its business, properties and personnel as such Person may reasonably request; provided, however, that each may restrict the foregoing access to the other to the extent that, in such party's reasonable judgment, (a) providing such access would result in the waiver of any attorney-client privilege (provided that the withholding party shall use commercially reasonable efforts to allow for such access to the maximum extent that does not result in a waiver of attorney-client privilege), (b) any Law or Order of any Governmental Entity applicable to Enzon or Viskase, as applicable, requires such party or its Subsidiaries to preclude the other party and its Representatives from gaining access to any properties or information or (c) such access relates to documents or other information regarding the negotiation of this Agreement and the transactions contemplated hereby. Each party will hold any such information that is non-public in confidence to the extent required by, and in accordance with, the provisions of that certain agreement, dated January 3, 2025 (the "Confidentiality Agreement"), between Viskase and Enzon.

**Section 7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Efforts.** Upon the terms and subject to the conditions set forth in this Agreement, each party hereto agrees to use commercially reasonable efforts to take, or cause to be taken, all actions, and to do, or cause to be done, and to assist and cooperate with the other party in doing, all things necessary, proper or advisable to consummate and make effective, as soon as possible following the date hereof, the Merger and the other transactions contemplated by this Agreement, including using commercially reasonable efforts in (a) causing each of the conditions to the Merger set forth in Article VIII to be satisfied as promptly as practicable after the date of this Agreement, (b) the obtaining of all necessary actions, non-actions, waivers, consents and approvals from Governmental Entities, including the HSR approval contemplated by Section 7.4 (the "Required Consents") prior to the Effective Time, and the making of all necessary registrations and filings and the taking of all steps as may be reasonably necessary to obtain a Required Consent from, or to avoid an action or proceeding by, any Governmental Entity, (c) the obtaining of all required consents, approvals or waivers from third parties, (d) the contesting and defending of any lawsuits or other legal proceedings, whether judicial or administrative, challenging this Agreement or the consummation of the Merger or the other transactions contemplated by this Agreement, including seeking to have any stay or temporary restraining order entered by any court or other Governmental Entity vacated or reversed, (e) the execution and delivery of any additional instruments necessary to consummate the transactions contemplated by, and to fully carry out the purposes of, this Agreement, (f) no later than two (2) Business Days prior to the Closing, providing reasonably detailed documentation calculating Enzon's Cash on Hand as of the Closing, and (g) refraining from taking any action that would reasonably be expected to impede, interfere with, prevent or materially delay the consummation of the Merger.

**Section 7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSR Act Filing.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As promptly as reasonably practicable after the date of this Agreement (but in no event later than fifteen (15) Business Days after the date of this Agreement), each of Enzon and Viskase shall, or shall cause their ultimate parent entity as that term is defined in the HSR Act and its implementing regulations to, file with the Federal Trade Commission (the "FTC") and the Antitrust Division of the U.S. Department of Justice (the "Antitrust Division") a pre-merger notification in accordance with the HSR Act with respect to the Merger pursuant to this Agreement and to obtain from any Governmental Entity any consents, licenses, permits, waivers, clearances, approvals, authorizations, or waiting period expirations required to be obtained or made by Viskase, Enzon or Merger Sub under any foreign or other antitrust or related Law governing competition or prohibiting, restricting or regulating actions with the purpose or effect of monopolization, restraint of trade, or lessening of competition (collectively with the HSR Act, "Antitrust Laws"). Each of Enzon and Viskase shall promptly make an appropriate response to any request by the FTC, the Antitrust Division and any other requesting Governmental Entity pursuant to the HSR Act or any other Antitrust Law in connection with the transactions contemplated by this Agreement. Enzon and Viskase shall cooperate fully with each other in connection with the making of all such filings or responses. In addition, except as may be prohibited by any Governmental Entity or by any applicable Law, each party hereto will reasonably consult with the other party in advance of participating in or attending any meeting or conference or engaging in any material communication, with any Governmental Entity or any official, Representative or staff thereof or such other person in respect of the transactions contemplated by this Agreement and give the other party a reasonable opportunity to attend and participate therein, and in the event one party is

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prohibited or unable to participate, attend or engage in any such meeting, conference or material written communication, keep such party apprised with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Subject to applicable confidentiality restrictions or restrictions required by Law, Enzon and Viskase will notify the other promptly upon the receipt of (i) any material comments, questions, or requests for information or documents from any Governmental Entity in connection with any filings made pursuant to Section 7.4(a) or the transactions contemplated by this Agreement and (ii) any material request by any Governmental Entity for amendments or supplements to any filings made pursuant to any Laws relating to an investigation of the transactions contemplated by this Agreement and shall keep each other reasonably apprised of the status of the matters addressed in this Section 7.4. Whenever any event occurs that is required to be set forth in an amendment or supplement to any filing made pursuant to this Section 7.4, or whenever a Governmental Entity requests material information or documents related to the transactions contemplated by this Agreement, each party hereto will promptly inform the other of such occurrence or request and cooperate in filing or producing promptly with the applicable Governmental Entity such amendment, supplement, information or documents. Without limiting the generality of the foregoing, each party hereto shall provide to the other (or the other's respective advisors) copies of all material correspondence between such party and any Governmental Entity relating to the transactions contemplated by this Agreement. The parties hereto may, as they deem advisable and necessary, designate any competitively sensitive materials provided to the other under this Section 7.4 as "outside counsel only." Such materials and the information contained therein shall be given only to outside counsel of the recipient and will not be disclosed by such outside counsel to employees, officers, or directors of the recipient without the advance written consent of the party providing such materials. In addition, to the extent reasonably practicable, all material discussions, telephone calls, and meetings with a Governmental Entity regarding the transactions contemplated by this Agreement shall include Representatives of both Enzon and Viskase. Subject to applicable Law, the parties hereto will reasonably consult in advance and cooperate with each other, and consider in good faith the views of one another, in connection with any analyses, appearances, presentations, memoranda, briefs, arguments, opinions and proposals made or submitted to any Governmental Entity regarding the transactions contemplated by this Agreement by or on behalf of any party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** If any Proceeding is instituted (or threatened to be instituted) challenging the transactions contemplated by this Agreement as violative of any Antitrust Law, each of Enzon and Viskase will use its commercially reasonable efforts to (i) avoid the entry of any decree, judgment, injunction or other order, whether temporary, preliminary or permanent, that would restrain, prevent or delay the Closing on or before the Termination Date; and (ii) avoid or eliminate each and every impediment under any Antitrust Law so as to enable the Closing to occur as soon as possible (and in any event no later than the Termination Date, subject to the other terms and conditions in this Agreement); provided, however, that neither of Enzon or Viskase (x) shall be required to litigate or defend any action by a Governmental Entity to restrain the transactions contemplated by this Agreement, (y) shall be required to propose or agree to any divestiture, sale, licensing, or disposition of businesses, product lines, equity holdings, technology, intellectual properties, or other assets of Viskase, Enzon, or their respective Subsidiaries, or (z) shall be required to agree to any action after the Closing that would limit Viskase's or Enzon's freedom of action with respect to, or its or their ability to operate and/or retain, one or more of the businesses, product lines, equity interests, technology, intellectual property, or other assets of Viskase, Enzon, or their respective Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** During the period beginning on the date hereof through the date on which the condition set forth in Section 8.1(g) is satisfied or waived (or through the date of a termination of this Agreement in accordance with its terms), each of Viskase, Enzon and Merger Sub shall not, and shall cause their controlled Affiliates not to, acquire or agree to acquire, by merging with or into or consolidating with, or by purchasing a substantial portion of the assets of or equity in, or by any other manner, any business or any corporation, partnership, association or other business organization or division thereof, or otherwise acquire or agree to acquire any assets, if the entering into of a definitive agreement relating to, or the consummation of such acquisition, merger or consolidation could reasonably be expected to: (i) impose any material delay in the obtaining of, or materially increase the risk of not obtaining, any consents of any Governmental Entity necessary to consummate the transactions contemplated by this Agreement or the expiration or termination of any applicable waiting period under any Antitrust Law; (ii) materially increase the risk of any Governmental Entity seeking or entering an Order prohibiting the consummation of the transactions contemplated by this Agreement; or (iii) materially increase the risk of not being able to remove any such Order on appeal or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Viskase shall develop and control the strategy for obtaining any Required Consent or approval under any Antitrust Law, including by determining the form and content of any analyses, appearances, presentations, memoranda, briefs, arguments, opinions, proposals, filings, agreements or other documents made or submitted by or on behalf of either party in connection with the obtaining of any Required Consents or approval under any Antitrust Law; provided that Viskase shall consult in advance with, and consider in good faith the views of, Enzon in executing all decisions and responsibilities related to all matters described in this sentence (including in connection with the overall strategy and timing, strategies and decisions that are reasonably likely to result in the extension of any waiting period under the HSR Act (including by withdrawing its filing under the HSR Act) or any

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other applicable Laws or entering into any agreement with any Governmental Entity or Person to delay, or otherwise not to consummate as soon as practicable, the transactions contemplated hereby). Enzon shall provide such reasonable cooperation in obtaining the Required Consents and approval under any Antitrust Laws as is requested in writing by Viskase.

**Section 7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No Solicitation by Enzon.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Enzon agrees that from the date hereof until the Effective Time or, if earlier, the termination of this Agreement in accordance with Article IX, except as expressly permitted by this Section 7.5, Enzon shall not, and shall cause its Subsidiaries not to, and shall instruct (and cause) its and its Subsidiaries' respective Representatives not to, directly or indirectly, (A) solicit, initiate or knowingly facilitate or encourage (including by way of furnishing non-public information) the submission of any inquiries regarding, or the making of any proposal or offer that constitutes, or would reasonably be expected to lead to, an Enzon Acquisition Proposal, (B) engage in, continue or otherwise participate in any discussions or negotiations regarding, or furnish to any other Person any non-public information in connection with an actual or potential Enzon Acquisition Proposal or (C) enter into any letter of intent, memorandum of understanding, agreement in principle, merger agreement, acquisition agreement or other similar agreement constituting an Enzon Acquisition Proposal. Enzon shall, and shall cause its Subsidiaries and its and their respective Representatives to, immediately cease any solicitation, encouragement, discussions or negotiations with any Persons that may be ongoing with respect to an Enzon Acquisition Proposal, or any inquiry or proposal that may reasonably be expected to lead to an Enzon Acquisition Proposal, request the prompt return or destruction of all confidential information previously furnished to any Person in connection with a potential Enzon Acquisition Proposal and immediately terminate all physical and electronic dataroom access previously granted to any such Person or its Representatives. Without limiting the foregoing, it is agreed that the taking of any action restricted by this Section 7.5(a) by any Representative of Enzon or its Subsidiaries shall constitute a breach of this Section 7.5(a) by Enzon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Notwithstanding anything contained in Section 7.5(a) or any other provision of this Agreement to the contrary, if at any time prior to obtaining the Enzon Stockholder Approval, Enzon or any of its Representatives receives an Enzon Acquisition Proposal, which Enzon Acquisition Proposal did not result from any breach of this Section 7.5, and the Board of Directors of Enzon (acting on the recommendation of the Enzon Special Committee) or the Enzon Special Committee determines in good faith, after consultation with its financial advisor and outside legal counsel, that such Enzon Acquisition Proposal constitutes or is reasonably likely to lead to an Enzon Superior Proposal, then Enzon and its Representatives (acting at the direction of the Enzon Special Committee) may (i) enter into an Acceptable Confidentiality Agreement with the Person or group of Persons making the Enzon Acquisition Proposal and furnish pursuant to such Acceptable Confidentiality Agreement information (including non-public information) with respect to Enzon and its Subsidiaries to the Person or group of Persons who has made such Enzon Acquisition Proposal; provided that Enzon shall promptly provide to Viskase any material non-public information concerning Enzon or any of its Subsidiaries that is provided to any Person given such access which was not previously provided to Viskase or its Representatives and (ii) engage in or otherwise participate in discussions or negotiations with the Person or group of Persons making such Enzon Acquisition Proposal and otherwise facilitate such Enzon Acquisition Proposal or assist such Person (and its Representatives) with such Enzon Acquisition Proposal (in each case, if requested by such Person).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Enzon shall notify Viskase within two (2) Business Days of receipt of an Enzon Acquisition Proposal in the event that Enzon or any of its Subsidiaries or its or their respective Representatives receives an Enzon Acquisition Proposal and, subject to applicable Law (including with respect to fiduciary duties), shall disclose to Viskase the material terms and conditions of any such Enzon Acquisition Proposal (including the consideration offered therein), and the identity of the Person or group of Persons making such Enzon Acquisition Proposal, and Enzon shall, upon the request of Viskase, keep Viskase reasonably informed of any material developments with respect to any such Enzon Acquisition Proposal (including any material changes thereto). Enzon shall not, and shall cause its Subsidiaries not to, enter into any confidentiality or similar agreement with any Person that prohibits Enzon from providing to Viskase any of the information required to be provided to Viskase under this Section 7.5 within the time periods contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Neither the Board of Directors of Enzon (acting upon the recommendation of the Enzon Special Committee) nor the Enzon Special Committee shall (i)(A) withhold or withdraw (or modify in a manner adverse to Viskase), or publicly propose to withhold or withdraw (or modify in a manner adverse to Viskase), the Enzon Recommendation or the Enzon Special Committee Recommendation (as applicable), (B) recommend the approval or adoption of, or approve or adopt, or publicly propose to recommend, approve or adopt, any Enzon Acquisition Proposal, (C) fail to include the Enzon Recommendation or the Enzon Special Committee Recommendation in the Consent Solicitation Statement, (D) make any public recommendation in connection with a tender offer or exchange offer that is subject to Regulation 14D under the Exchange Act other than a recommendation in a Solicitation/Recommendation Statement on Schedule 14D-9 against such tender offer or exchange offer or (E) if an Enzon Acquisition Proposal (other than an Enzon Acquisition Proposal subject to Regulation 14D) shall have been publicly announced

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or disclosed, fail to reaffirm the Enzon Recommendation or the Enzon Special Committee Recommendation on or prior to the tenth Business Day after Viskase requests such reaffirmation (any action described in this clause (i) being referred to as a "Enzon Adverse Recommendation Change", it being understood that (A) neither the delivery of a notice by Enzon described in this Section 7.5(d) nor any public announcement thereof shall constitute an Enzon Adverse Recommendation Change and (B) the Board of Directors of Enzon (acting upon the recommendation of the Enzon Special Committee) or the Enzon Special Committee may make or cause Enzon to make a customary "stop, look and listen" communication and may elect to take no position with respect to an Enzon Acquisition Proposal until the close of business on the tenth (10th) Business Day after the commencement of such Enzon Acquisition Proposal pursuant to Rule 14e-2 under the Exchange Act without such action being considered an Enzon Adverse Recommendation Change) or (ii) execute or enter into (or cause or permit Enzon or any of its Subsidiaries to execute or enter into) any letter of intent, memorandum of understanding, agreement in principle, merger agreement, acquisition agreement or other similar agreement constituting an Enzon Acquisition Proposal, other than any Acceptable Confidentiality Agreement. Notwithstanding the foregoing or any other provision of this Agreement to the contrary, prior to the time Enzon Stockholder Approval is obtained, but not after, each of the Board of Directors of Enzon (acting on the recommendation of the Enzon Special Committee) and the Enzon Special Committee (I) may make an Enzon Adverse Recommendation Change or (II) solely in the case of the following clause (y), terminate this Agreement in accordance with Section 9.1(e) in order to enter into a definitive agreement providing for an Enzon Superior Proposal (an "Enzon Superior Proposal Termination") if (x) in the case of an Enzon Adverse Recommendation Change to be made in response to an Enzon Intervening Event, the Board of Directors of Enzon (acting on the recommendation of the Enzon Special Committee) or the Enzon Special Committee has determined in good faith, after consultation with its outside legal counsel, that the failure to take such action in response to such Enzon Intervening Event would reasonably be expected to be inconsistent with the directors' fiduciary duties under applicable Law and (y) if in the case of an Enzon Adverse Recommendation Change or Enzon Superior Proposal Termination to be made in response to an Enzon Acquisition Proposal, the Board of Directors of Enzon (acting on the recommendation of the Enzon Special Committee) or the Enzon Special Committee has determined in good faith, after consultation with its financial advisor and outside legal counsel, that such Enzon Acquisition Proposal constitutes an Enzon Superior Proposal; provided, however, that the Board of Directors of Enzon (acting on the recommendation of the Enzon Special Committee) and the Enzon Special Committee shall not, and shall cause Enzon not to, make an Enzon Adverse Recommendation Change or Enzon Superior Proposal Termination unless (1) Enzon has given Viskase at least five (5) Business Days' prior written notice of its intention to take such action (which notice shall (A) in the case of an Enzon Adverse Recommendation Change to be made in response to an Enzon Intervening Event, specify the circumstances related to such Enzon Intervening Event in reasonable detail or (B) in the case of an Enzon Adverse Recommendation Change or Enzon Superior Proposal Termination to be made in response to an Enzon Superior Proposal, specify the identity of the party making such Enzon Superior Proposal and the material terms thereof and attach the agreement and all material related documentation providing for such Enzon Superior Proposal), (2) Enzon has negotiated, and has caused its Representatives to negotiate, in good faith with Viskase during such notice period, to the extent Viskase wishes to negotiate to enable Viskase to propose in writing a binding offer to effect revisions to the terms of this Agreement such that (A) in the case of an Enzon Adverse Recommendation Change to be made in response to an Enzon Intervening Event, it would obviate any need to make such Enzon Adverse Recommendation Change or (B) in the case of any Enzon Adverse Recommendation Change or Enzon Superior Proposal Termination to be made in response to an Enzon Superior Proposal, it would cause such Enzon Superior Proposal to no longer constitute an Enzon Superior Proposal, (3) following the end of such notice period, the Board of Directors of Enzon (acting on the recommendation of the Enzon Special Committee) or the Enzon Special Committee shall have considered in good faith any such binding offer from Viskase, and shall have determined that (A) in the case of an Enzon Adverse Recommendation Change to be made in response to an Enzon Intervening Event, the failure to make an Enzon Adverse Recommendation Change in response to such Enzon Intervening Event would continue to reasonably be expected to be inconsistent with the directors' fiduciary duties under applicable Law or (B) in the case of an Enzon Adverse Recommendation Change or Enzon Superior Proposal Termination to be made in response to an Enzon Superior Proposal, the Enzon Superior Proposal would continue to constitute an Enzon Superior Proposal, in each case if the revisions proposed in such binding offer were to be given effect and (4) in the event of any material development with respect to an Enzon Intervening Event or any material change to the material terms of such Enzon Superior Proposal, as applicable, Enzon shall, in each case, have delivered to Viskase an additional notice consistent with that described in clause (1) above, the notice period shall have recommenced, and Enzon shall have complied with clauses (2) and (3) above during such notice period. Except in connection with an Enzon Superior Proposal Termination, nothing in this Section 7.5(d) shall be deemed to modify or otherwise affect the obligation of Enzon to submit this Agreement to Enzon's stockholders and to seek the Enzon Stockholder Approval in accordance with Section 7.1(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Nothing in this Section 7.5 or elsewhere in this Agreement shall prohibit the Board of Directors of Enzon (acting upon the recommendation of the Enzon Special Committee) or the Enzon Special Committee from (i) taking and disclosing to the stockholders of Enzon a position contemplated by Rule 14e-2(a), Rule 14d-9 or Item 1012(a) of Regulation M-A promulgated under the Exchange Act or (ii) making any disclosure to the stockholders of Enzon that is required by applicable Law or stock

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exchange rule. In addition, it is understood and agreed that, for purposes of this Agreement, a factually accurate public statement by Enzon, solely if and to the extent required by Law in the opinion of Enzon's legal counsel, that describes Enzon's receipt of an Enzon Acquisition Proposal, the identity of the Person making such Enzon Acquisition Proposal, the material terms of such Enzon Acquisition Proposal and the operation of this Agreement with respect thereto will not, in and of itself, be deemed to be (i) a withholding, withdrawal, amendment, or modification, or proposal by the Board of Directors of Enzon or the Enzon Special Committee to withhold, withdraw, amend or modify, the Enzon Recommendation or the Enzon Special Committee Recommendation (as applicable); (ii) an adoption, approval or recommendation with respect to such Enzon Acquisition Proposal; or (iii) an Enzon Adverse Recommendation Change, in each case, so long as the Board of Directors of Enzon or the Enzon Special Committee expressly reaffirms the Enzon Recommendation and the Enzon Special Committee Recommendation in such public statement.

**Section 7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stockholder Litigation.** Prior to the Effective Time or the valid termination of this Agreement, Viskase shall provide Enzon with prompt notice of any stockholder litigation or claim against Viskase and/or its directors or officers relating to the Merger or the other transactions contemplated by this Agreement ("Viskase Transaction Litigation") (including by providing copies of all pleadings with respect thereto). Prior to the Effective Time or the valid termination of this Agreement, Enzon shall provide Viskase with prompt notice of any stockholder litigation or claim against Enzon and/or its directors or officers relating to the Merger or the other transactions contemplated by this Agreement ("Enzon Transaction Litigation") (including by providing copies of all pleadings with respect thereto). Viskase shall control the defense, settlement or prosecution of any Viskase Transaction Litigation, and Viskase shall consult with Enzon with respect to the defense, settlement and prosecution of any Viskase Transaction Litigation and shall consider in good faith Enzon's advice with respect to such Viskase Transaction Litigation. Viskase may not compromise, settle or come to an arrangement regarding, or offer or agree to compromise, settle or come to an arrangement regarding, any Viskase Transaction Litigation without the prior written consent of Enzon (which consent shall not be unreasonably withheld, conditioned or delayed). Enzon shall control the defense, settlement or prosecution of any Enzon Transaction Litigation, and Enzon shall consult with Viskase with respect to the defense, settlement and prosecution of any Enzon Transaction Litigation and shall consider in good faith Viskase's advice with respect to such Enzon Transaction Litigation. Enzon may not compromise, settle or come to an arrangement regarding, or offer or agree to compromise, settle or come to an arrangement regarding, any Enzon Transaction Litigation without the prior written consent of Viskase (which consent shall not be unreasonably withheld, conditioned or delayed); provided that nothing herein shall limit the ability of the Board of Directors of Enzon or any directors thereof to compromise, settle or come to an arrangement regarding, or offer or agree to compromise, settle or come to an arrangement regarding, any Enzon Transaction Litigation so long as such settlement is consummated following the Effective Time and such settlement includes a full dismissal of, and release from, any and all actions and claims from the applicable plaintiffs against any directors and officers of Enzon prior to the Merger relating to the transactions contemplated by this Agreement, including the Merger; provided, further, that any such compromise, settlement or arrangement of Enzon Transaction Litigation that adversely affects any officer or director of Enzon in office prior to the Effective Time shall require the consent of such affected officer or director. The parties hereto acknowledge and agree that each officer or director of Enzon in office prior to the Effective Time shall be third party beneficiaries of this Section 7.6, each of whom may enforce the provisions of the immediately preceding sentence.

**Section 7.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Announcements.** Except with respect to any communications relating to an Enzon Adverse Recommendation Change made in accordance with this Agreement, each of Viskase and Enzon agrees that no public release or announcement concerning the transactions contemplated hereby shall be issued by either party without the prior written consent of the other party (which consent shall not be unreasonably withheld or delayed), except as such release or announcement may be required by Law or the rules or regulations of any applicable United States securities exchange or interdealer quotation service, in which case the party required to make the release or announcement shall use its commercially reasonable efforts to allow the other party reasonable time to comment on such release or announcement in advance of such issuance, it being understood that the final form and content of any such release or announcement, to the extent so required, shall be at the final discretion of the disclosing party; provided that the foregoing shall not apply to any public release or announcement so long as the statements contained therein concerning the transactions contemplated hereby are substantially similar to previous releases or announcements made by the applicable party with respect to which such party has complied with the provisions of this sentence.

**Section 7.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 16 Matters.** Prior to the Effective Time, Enzon shall take all such steps as may be required to cause any dispositions of Viskase Common Stock (including derivative securities with respect to Viskase Common Stock) or acquisitions of Enzon Common Stock (including derivative securities with respect to Enzon Common Stock) resulting from the Merger by each individual who is subject to the reporting requirements of Section 16(a) of the Exchange Act with respect to Viskase or will become subject to such reporting requirements with respect to Enzon, to be exempt under Rule 16b-3 promulgated under the Exchange Act, to the extent permitted by applicable Law.

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**Section 7.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Matters.** (a) The parties intend that the Merger and conversion of Viskase into a limited liability company undertaken as part of this Agreement together will qualify for the Intended Tax Treatment. Each of Enzon and Viskase will (and will cause its Subsidiaries, officers and employees to) use its reasonable best efforts to cause the Merger to qualify for the Intended Tax Treatment, and will not take or knowingly fail to take any action (and will cause its Subsidiaries, officers and employees not to take or knowingly fail to take any action) that could reasonably be expected to impede or prevent the Merger and conversion of Viskase into a limited liability company undertaken as part of this Agreement together from qualifying for the Intended Tax Treatment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Each of Enzon and Viskase shall promptly notify the other party to this Agreement if it becomes aware of any non-public fact or circumstance that would reasonably be likely to prevent or impede the Merger and conversion of Viskase into a limited liability company undertaken as part of this Agreement together from qualifying for the Intended Tax Treatment.

**Section 7.10&nbsp;&nbsp;&nbsp;&nbsp; Enzon Series C Preferred Stock.** Enzon shall use commercially reasonable efforts to consummate the IEH Share Exchange in accordance with the terms of the IEH Support Agreement. Enzon shall, no less than twenty-five (25) Business Days prior to the anticipated Closing Date, commence an exchange offer pursuant to which Enzon shall offer to each holder of Enzon Series C Preferred Stock to exchange a number of shares of Enzon Common Stock for each share of Enzon Series C Preferred Stock equal to (i) the aggregate Liquidation Preference of each share of Enzon Series C Preferred Stock *divided by* (B) the Enzon 20-Day VWAP (as defined in the IEH Support Agreement) (the "Series C Exchange Offer"). The consummation of the Series C Exchange Offer shall be conditioned only upon the prior satisfaction or waiver of the conditions set forth in Article VIII hereof (excluding those portions of any condition set forth in Article VIII that (i) reference the Series C Exchange Offer or (ii) cannot be satisfied prior to (A) the Closing or (B) the consummation of the Series C Exchange Offer) and the intent of the parties hereto to effectuate the Closing in accordance with the terms hereof. Enzon shall comply with applicable Law, including the Exchange Act, in commencing, performing and consummating the Series C Exchange Offer. Enzon shall afford Viskase a reasonable opportunity to review and comment on any documents to be filed with the SEC or any other Governmental Entity in connection with the Series C Exchange Offer. Enzon shall use commercially reasonable efforts to (i) ensure that the Series C Exchange Offer is consummated prior to the Closing and (ii) seek maximum participation of the holders of Series C Preferred Stock (other than IEH and its Affiliates) in the Series C Exchange Offer.

**Section 7.11&nbsp;&nbsp;&nbsp;&nbsp; Debt Instruments.** Each of Enzon and Viskase shall, and shall cause its Subsidiaries to, use commercially reasonable efforts to deliver, on the Closing Date, all officers' certificates, legal opinions and other documentation required to be delivered to the applicable trustee or agent under each of the indentures and credit agreements set forth on Section 7.11 of the Enzon Disclosure Letter and Section 7.11 of the Viskase Disclosure Letter, respectively, in connection with the Merger.

**Section 7.12&nbsp;&nbsp;&nbsp;&nbsp; Private Placement Agreement.** Prior to or concurrently with the Effective Time, Viskase shall use commercially reasonable efforts to terminate that certain Private Placement Agreement, dated as of October 9, 2020, by and between Viskase and Icahn Enterprise Holdings L.P.

**Section 7.13&nbsp;&nbsp;&nbsp;&nbsp; State Takeover Statutes.** In connection with and without limiting the foregoing, each party to this Agreement shall take all commercially reasonable action necessary to ensure that no Takeover Law is or becomes applicable to this Agreement, the Merger, the IEH Support Agreement or any of the other transactions contemplated hereby or thereby. If any Takeover Law becomes applicable to this Agreement, the Merger, the IEH Support Agreement or any of the other transactions contemplated hereby or thereby, each party to this Agreement shall take all commercially reasonable action necessary to ensure that the transactions contemplated by this Agreement may be consummated as promptly as practicable on the terms required by, or provided for, in this Agreement and otherwise to minimize the effect of such Law on the Merger and the other transactions contemplated by this Agreement or the IEH Support Agreement.

**Section 7.14&nbsp;&nbsp;&nbsp;&nbsp; Delisting.** Viskase shall take, or cause to be taken, all actions necessary to remove the Viskase Common Stock from quotation on OTC, effective as of the Effective Time.

**Section 7.15&nbsp;&nbsp;&nbsp;&nbsp; Listing.** Enzon shall use its commercially reasonable efforts to cause the shares of Enzon Common Stock to be issued in connection with the Merger to be listed on OTC, subject to official notice of issuance, prior to the Effective Time.

**Section 7.16&nbsp;&nbsp;&nbsp;&nbsp; Reverse Stock Split.** Prior to the Effective Time, Enzon shall take all actions necessary to effectuate the Reverse Stock Split. The determination as to the final ratio of the Reverse Stock Split shall be made by Viskase in its sole discretion pursuant to a written notice provided by Viskase to Enzon; provided that such final ratio shall be between 1 to 2 and 1 to 100 and shall result in a total number of shares of Enzon Common Stock outstanding (after giving effect to all of the transactions contemplated by this

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Agreement and the IEH Support Agreement) that does not exceed the number of shares of Enzon Common Stock authorized under Enzon's Amended and Restated Certificate of Incorporation.

**Section 7.17&nbsp;&nbsp;&nbsp;&nbsp; 382 Rights Agreement.** Prior to the Effective Time, the Board of Directors of Enzon shall cause (a) the rights issued pursuant to that certain Section 382 Rights Agreement dated as of August 14, 2020, as amended, by and between Enzon and Continental Stock Transfer & Trust Company (the "382 Rights Agreement") to be redeemed in accordance with the terms of the 382 Rights Agreement, and (b) the 382 Rights Agreement to be terminated.

**Article VIII**

**Conditions Precedent**

**Section 8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conditions to Each Party's Obligation to Effect the Merger**. The respective obligations of Viskase and Enzon to effect the Merger are subject to the satisfaction or (to the extent permitted by Law) waiver by Viskase and Enzon at or prior to the Effective Time of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Viskase Stockholder Approval. Viskase shall have obtained the Viskase Stockholder Approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Enzon Stockholder Approval. Enzon shall have obtained the Enzon Stockholder Approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Series C Exchange Offer. The Series C Exchange Offer shall have been consummated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Legal Prohibition. No Law shall have been adopted or promulgated, or shall be in effect, and no temporary, preliminary or permanent Order issued by a court or other Governmental Entity of competent jurisdiction in the United States shall be in effect, in each case having the effect of making the Merger illegal or otherwise restraining, enjoining or prohibiting consummation of the Merger (any of the foregoing, a "Legal Restraint").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Exchange Listing. The shares of Enzon Common Stock to be issued in the Merger shall have been approved for listing on OTC, subject to official notice of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Effectiveness of the Registration Statement. The Registration Statement shall have been declared effective by the SEC under the Securities Act. No stop order suspending the effectiveness of the Registration Statement shall have been issued by the SEC and no proceedings for that purpose shall have been initiated or threatened by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Antitrust Approval. Any waiting period applicable to the Merger under the HSR Act shall have expired or been terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** IEH Share Exchange. The IEH Share Exchange shall have been consummated in accordance with the terms of the IEH Support Agreement.

**Section 8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional Conditions to Obligations of Enzon**. The obligations of Enzon to effect the Merger are subject to the satisfaction, or waiver by Enzon, at or prior to the Effective Time of the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Representations and Warranties. (i) The representations and warranties of Viskase contained in Section 3.1(a), Section 3.2(a), Section 3.2(b), Section 3.2(d), Section 3.3 (a), Section 3.3(b), Section 3.3(c), Section 3.3(d), Section 3.14, Section 3.19 and Section 3.20 shall be true and correct in all material respects, in each case both when made and at and as of the Closing Date, as if made at and as of such date (except to the extent expressly made as of an earlier date, in which case as of such date), (ii) the representations and warranties of Viskase contained in Section 3.6(b) shall be true and correct in all respects both when made and at and as of the Closing Date and (iii) all other representations and warranties of Viskase set forth in this Agreement shall be true and correct both when made and at and as of the Closing Date, as if made at and as of such date (except to the extent expressly made as of an earlier date, in which case as of such date), except, in the case of this clause (iii), where the failure of such representations and warranties to be so true and correct (without giving effect to any limitation as to "materiality" or "Viskase Material Adverse Effect" set forth therein) has not had a Viskase Material Adverse Effect. Enzon shall have received a certificate of an executive officer of Viskase to such effect, dated the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Performance of Obligations of Viskase. Viskase shall have performed in all material respects and complied in all material respects with all agreements and covenants required to be performed or complied with by it under this Agreement at or prior to the Effective Time. Enzon shall have received a certificate of an executive officer of Viskase to such effect, dated the Closing Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Senior Credit Facility. Viskase shall have delivered to Enzon proof reasonably satisfactory to Enzon that no event of default, acceleration or other demand for payment under the Viskase Credit Agreement shall occur as a result of the transactions contemplated by this Agreement, including the Merger.

**Section 8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional Conditions to Obligations of Viskase**. The obligations of Viskase to effect the Merger are subject to the satisfaction, or waiver by Viskase, at or prior to the Effective Time of the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Representations and Warranties. (i) The representations and warranties of Enzon contained in Section 4.1(a), Section 4.2(a), Section 4.2(b), Section 4.2(e), Section 4.3(a), Section 4.3(b), Section 4.3(c), Section 4.3(d), Section 4.3(e), Section 4.14, Section 4.19 and Section 4.20 shall be true and correct in all material respects, in each case both when made and at and as of the Closing Date, as if made at and as of such date (except to the extent expressly made as of an earlier date, in which case as of such date), (ii) the representations and warranties of Enzon contained in Section 4.6(b) shall be true and correct in all respects both when made and at and as of the Closing Date and (iii) all other representations and warranties of Enzon set forth in this Agreement shall be true and correct both when made and at and as of the Closing Date, as if made at and as of such date (except to the extent expressly made as of an earlier date, in which case as of such date), except, in the case of this clause (iii), where the failure of such representations and warranties to be so true and correct (without giving effect to any limitation as to "materiality" or "Enzon Material Adverse Effect" set forth therein) has not had an Enzon Material Adverse Effect. Viskase shall have received a certificate of an executive officer of Enzon to such effect, dated the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Performance of Obligations of Enzon. Enzon shall have performed in all material respects and complied in all material respects with all agreements and covenants required to be performed or complied with by it under this Agreement at or prior to the Effective Time. Viskase shall have received a certificate of an executive officer of Enzon to such effect, dated the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Series C Preferred Actions. Each of (i) the IEH Share Exchange and (ii) the Series C Exchange Offer shall have been consummated and effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Reverse Stock Split. The Reverse Stock Split shall have been consummated and effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Dissenting Viskase Shareholders. The period during which holders of Viskase Common Stock can exercise their dissenters' rights pursuant to Section 262 of the DGCL shall have expired, and the holders of Viskase Common Stock representing not more than three percent (3%) of the issued and outstanding Viskase Common Stock shall have exercised (and not subsequently withdrawn or waived) such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Minimum Cash Condition. At the Closing, Enzon shall have Cash on Hand of an amount that is equal to or greater than (i) $43,045,000, *plus* (ii) the aggregate Liquidation Preference of the shares of Enzon Series C Preferred Stock Beneficially Owned by any non-IEH Party (for the avoidance of doubt, excluding any shares of Enzon Series C Preferred Stock exchanged for Enzon Common Stock pursuant to the Series C Exchange Offer), *minus* (iii) the IEH Exchange Adjustment (as defined in the IEH Support Agreement) (the "Minimum Cash Condition").

**Section 8.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frustration of Conditions**. None of Viskase, Enzon or Merger Sub may rely, either as a basis for not consummating the Merger or the other transactions contemplated by this Agreement or for terminating this Agreement and abandoning the Merger, on the failure of any condition set forth in Section 8.1, Section 8.2 or Section 8.3, as the case may be, to be satisfied if such failure was caused by such party's willful and material breach of any provision of this Agreement (it being understood that Enzon and Merger Sub shall be deemed a single party for purposes of this Section 8.4).

**Article IX**

**Termination**

**Section 9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination**. This Agreement may be terminated and the Merger abandoned at any time prior to the Effective Time (except as provided below, whether before or after the Viskase Stockholder Approval or the Enzon Stockholder Approval has been obtained) only as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** By mutual written consent of Enzon and Viskase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** By either Viskase or Enzon if the Effective Time shall not have occurred on or before 11:59 p.m., Eastern Time on December 31, 2025 (as such date may be extended in accordance with this Section 9.1(b), the "Termination Date"); provided, further, that the right to terminate this Agreement under this Section 9.1(b) shall not be available to any party whose material

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breach of any obligation under this Agreement has been the primary cause of the failure of the Effective Time to occur on or before the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** By either Viskase or Enzon if any Legal Restraint permanently restraining, enjoining or otherwise prohibiting or making illegal the Merger or otherwise prohibiting the consummation of the Merger shall have become final and nonappealable; provided that the right to terminate this Agreement pursuant to this Section 9.1(c) shall not be available to any party whose material breach of any obligation under this Agreement has been the primary cause of the imposition of such Legal Restraint or the failure of such Legal Restraint to be resisted, resolved or lifted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** By Viskase, prior to receipt of the Enzon Stockholder Approval, if there shall have been an Enzon Adverse Recommendation Change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** By Enzon, prior to the receipt of the Enzon Stockholder Approval, if (i) the Board of Directors of Enzon or the Enzon Special Committee authorizes Enzon, subject to complying with the terms of Section 7.5(d), to enter into a definitive agreement providing for an Enzon Superior Proposal, (ii) Enzon, the Board of Directors of Enzon and the Enzon Special Committee shall not have beached in any material respect Section 7.5, (iii) concurrently with the termination of this Agreement, Enzon, subject to complying with the terms of Section 7.5(d), enters into a definitive agreement providing for an Enzon Superior Proposal and (iv) prior to or concurrently with such termination, Enzon pays to Viskase the Enzon Termination Fee pursuant to Section 9.2(c);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** By Viskase, if Enzon shall have breached or failed to perform any representation, warranty, covenant or agreement contained in this Agreement, or if any representation or warranty of Enzon shall have become untrue, in either case such that any condition set forth in Section 8.3(a) or Section 8.3(b) would not be satisfied and (i) such breach is not reasonably capable of being cured prior to the Termination Date or (ii) if such breach is reasonably capable of being cured prior to the Termination Date, such breach shall not have been cured prior to the earlier of (A) 30 days following written notice of such breach from Viskase to Enzon and (B) the Termination Date; provided that Viskase shall not have the right to terminate this Agreement pursuant to this Section 9.1(f) if Viskase is then in material breach of any of its representations, warranties, covenants or agreements contained in this Agreement or if any representation or warranty of Viskase shall have become untrue, in either case so as to result in the failure of any condition set forth in Section 8.3(a) or Section 8.3(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** By Enzon, if Viskase shall have breached or failed to perform any representation, warranty, covenant or agreement contained in this Agreement, or if any representation or warranty of Viskase shall have become untrue, in either case such that any condition set forth in Section 8.2(a) or Section 8.2(b) would not be satisfied and (i) such breach is not reasonably capable of being cured prior to the Termination Date or (ii) if such breach is reasonably capable of being cured prior to the Termination Date, such breach shall not have been cured prior to the earlier of (A) 30 days following written notice of such breach from Enzon to Viskase and (B) the Termination Date; provided that Enzon shall not have the right to terminate this Agreement pursuant to this Section 9.1(g) if Enzon is then in material breach of any of its representations, warranties, covenants or agreements contained in this Agreement or if any representation or warranty of Enzon shall have become untrue, in either case so as to result in the failure of any condition set forth in Section 8.2(a) or Section 8.2(b); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** By Enzon, if the Viskase Stockholder Approval shall not have been delivered to Viskase by the Written Consent Delivery Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** The party seeking to terminate this Agreement pursuant to this Section 9.1 shall give written notice of such termination to the other party in accordance with Section 10.7, specifying the provision of this Agreement pursuant to which such termination is effected and the basis for such termination, described in reasonable detail.

**Section 9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Termination**. (a) In the event of termination of this Agreement by either Viskase or Enzon as provided in Section 9.1, this Agreement shall terminate and there shall be no liability or obligation on the part of either party to the other or any of such other party's Subsidiaries or any of their respective Representatives (except that the Confidentiality Agreement, this Section 9.2 and Article X shall survive any such termination); provided that, in the event that any Enzon Termination Fee becomes due and payable to Viskase in accordance with this Agreement, the payment of such fee and any applicable expenses shall be the sole and exclusive remedy of Viskase, its Subsidiaries or any of their respective Representatives, on the one hand, against Enzon or any of its Subsidiaries or any of their respective Representatives, on the other hand, for (i) any loss, liability or damages suffered, directly or indirectly, as a result of the failure of the Merger to be consummated, (ii) the termination of this Agreement, (iii) any liabilities or obligations arising under this Agreement, or (iv) any claims or actions or other losses arising out of or relating to this Agreement or any breach, termination or failure of or under this Agreement; provided further that, notwithstanding anything in this Agreement to the contrary, termination of this Agreement shall not relieve any party from any liability or damages incurred or suffered by the other

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party to the extent such liability or damages were the result of or arise out of fraud or any Intentional Breach of any covenant or agreement in this Agreement occurring prior to such termination (in which case the aggrieved party shall be entitled to all rights and remedies available at law or in equity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** If (i) Viskase shall terminate this Agreement pursuant to Section 9.1(d) (Enzon Adverse Recommendation Change) or (ii) Enzon shall terminate this Agreement pursuant to Section 9.1(e) (Enzon Superior Proposal Termination), then Enzon shall pay to Viskase, not later than two (2) Business Days following such termination, an amount in cash equal to $1,000,000 (the "Enzon Termination Fee").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** If Enzon shall terminate this Agreement pursuant to Section 9.1(h) (failure of Written Consent Delivery Time), then Viskase shall pay to Enzon not later than two (2) Business Days following such termination an amount in cash equal to $1,000,000 (the "Viskase Termination Fee").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** If (i) Viskase or Enzon shall terminate this Agreement pursuant to Section 9.1(b) (Termination Date), (ii) after the date of this Agreement, an Enzon Acquisition Proposal shall have been publicly disclosed or announced or shall have become publicly known (A) prior to the Termination Date (in the case of a termination pursuant to Section 9.1(b) (Termination Date)) or (B) prior to such termination (in the case of a termination pursuant to Section 9.1(f) (Enzon Breach) and (iii) (A) within 12 months following such termination (x) Enzon or any of its Subsidiaries enters into a definitive agreement with respect to an Enzon Acquisition Proposal and such Enzon Acquisition Proposal is subsequently consummated (whether during or after such 12-month period) or (y) any Enzon Acquisition Proposal is consummated or (B) within 12 months following such termination, any Person commences a tender offer or exchange offer in respect of an Enzon Acquisition Proposal that is thereafter consummated (whether during or after such 12-month period), then Enzon shall pay to Viskase, upon the earlier of the execution of the definitive agreement or consummation of the transaction, the Enzon Termination Fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** All payments under this Section 9.2 by Enzon or Viskase shall be made by wire transfer of cash immediately available funds to an account designated in writing by the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Each party acknowledges that the agreements contained in this Section 9.2 are an integral part of the transactions contemplated by this Agreement and are not a penalty, and that, without these agreements, the other party would not enter into this Agreement. If a party fails to pay promptly the amounts due pursuant to this Section 9.2, such party will also pay to the other party's reasonable costs and expenses (including legal fees and expenses) in connection with any action, including the filing of any lawsuit or other legal action, taken to collect payment of such overdue amount, together with interest on the unpaid amount under this Section 9.2, accruing from its due date, at an interest rate per annum equal to two percentage points in excess of the prime rate quoted by *The Wall Street Journal* in effect on the date such payment was required to be made. For the avoidance of doubt, in no event shall a party be required to pay or cause to be paid the Enzon Termination Fee or the Viskase Termination Fee, as applicable, more than once. Each of the parties hereto acknowledges that the Enzon Termination Fee and the Viskase Termination Fee are not intended to be a penalty, but rather are liquidated damages in a reasonable amount that will compensate the applicable party in the circumstances in which such termination fee is payable for the efforts and resources expended and opportunities foregone while negotiating this Agreement and in reliance on this Agreement and on the expectation of the consummation of the Merger, which amount would otherwise be impossible to calculate with precision.

**Section 9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment**. This Agreement may be amended by the parties hereto, at any time before or after receipt of the Enzon Stockholder Approval or the Viskase Stockholder Approval, but, after any such approval, no amendment shall be made which by Law requires further approval by such stockholders, without approval by such stockholders. This Agreement may not be amended except by an instrument in writing signed on behalf of each of the parties hereto.

**Section 9.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waiver**. Any agreement on the part of a party hereto to any waiver shall be valid only if set forth in a written instrument signed on behalf of such party. The failure or delay of any party to this Agreement to assert any of its rights under this Agreement or otherwise shall not constitute a waiver of those rights, nor shall any single or partial exercise thereof preclude any other or further exercise of any other right hereunder.

**Article X**

**Miscellaneous**

**Section 10.1&nbsp;&nbsp;&nbsp;&nbsp; Non-Survival of Representations, Warranties and Agreements**. None of the representations, warranties, covenants and other agreements in this Agreement or in any instrument delivered pursuant to this Agreement shall survive the

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Effective Time, except for those covenants and agreements contained herein and therein that by their terms contemplate performance in whole or in part after the Effective Time.

**Section 10.2&nbsp;&nbsp;&nbsp;&nbsp; Disclosure Letters**. The inclusion of any information in the Disclosure Letters accompanying this Agreement will not be deemed an admission or acknowledgment, in and of itself, solely by virtue of the inclusion of such information in such Disclosure Letter, that such information or any similar information is required to be listed in such Disclosure Letter or that such information or any similar information is material to any party or the conduct of the business of any party. Disclosure in any section of a Disclosure Letter shall be deemed to be disclosed with respect to any other section of this Agreement only to the extent that it is reasonably apparent from the content and context of such disclosure that it is applicable to such other section notwithstanding the omission of a reference or cross reference thereto.

**Section 10.3&nbsp;&nbsp;&nbsp;&nbsp; Successors and Assigns**. No party hereto shall assign this Agreement or any rights or obligations hereunder without the prior written consent of the other party hereto and any such attempted assignment without such prior written consent shall be void and of no force and effect. This Agreement shall inure to the benefit of and shall be binding upon the successors and permitted assigns of the parties hereto.

**Section 10.4&nbsp;&nbsp;&nbsp;&nbsp; Governing Law: Jurisdiction: Specific Performance**. (a) This Agreement shall be construed, performed and enforced in accordance with, and governed by, the Laws of the State of Delaware, without giving effect to any choice or conflict of law provision or rule that would cause the application of the laws of any jurisdiction other than the State of Delaware. Each of the parties hereto irrevocably agrees that any legal action or proceeding with respect to this Agreement and the rights and obligations arising hereunder, or for recognition and enforcement of any judgment in respect of this Agreement and the rights and obligations arising hereunder brought by the other party(ies) hereto or its successors or assigns shall be brought and determined exclusively in the Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware, or in the event (but only in the event) that such court does not have subject matter jurisdiction over such action or proceeding, any state or federal court within the State of Delaware. Each of the parties hereto hereby irrevocably submits with regard to any such action or proceeding for itself and in respect of its property, generally and unconditionally, to the personal jurisdiction of the courts set forth in this paragraph and agrees that it will not bring any action relating to this Agreement or any of the transactions contemplated by this Agreement in any court other than such courts. Each of the parties hereto hereby irrevocably waives, and agrees not to assert, by way of motion, as a defense, counterclaim or otherwise, in any action or proceeding with respect to this Agreement, (i) any claim that it is not personally subject to the jurisdiction of the above named courts, (ii) any claim that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts and (iii) to the fullest extent permitted by applicable Law, any claim that (A) the suit, action or proceeding in such court is brought in an inconvenient forum, (B) the venue of such suit, action or proceeding is improper or (C) this Agreement, or the subject matter hereof, may not be enforced in or by such courts. Each of Enzon and Viskase agrees that a final judgment in any action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. To the fullest extent permitted by applicable Law, each of the parties hereto hereby consents to the service of process in accordance with Section 10.7; provided, that nothing herein shall affect the right of any party to serve legal process in any other matter permitted by Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** EACH PARTY HEREBY ON BEHALF OF ITSELF AND ITS SUBSIDIARIES IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION OR PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT AND ANY OF THE AGREEMENTS DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE EITHER OF SUCH WAIVERS, (II) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVERS, (III) IT MAKES SUCH WAIVERS VOLUNTARILY, AND (IV) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 10.4(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** The parties agree that irreparable damage would occur and that the parties would not have any adequate remedy at law in the event that any of the provisions of this Agreement were not performed, or were threatened not to be performed, in accordance with their specific terms or were otherwise breached and that any defense in any action for specific performance that a remedy at law would be adequate is hereby waived. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches or threatened breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement (in addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be

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cumulative, except, in each case, as may be limited by Section 9.2). Any requirements for the securing or posting of any bond in connection with or as a condition to obtaining any such remedy are waived. Each of the parties agrees that it will not oppose the granting of an injunction, specific performance or other equitable relief on the basis that any other party has an adequate remedy at law or that any award of specific performance is not an appropriate remedy for any person at law or in equity.

**Section 10.5&nbsp;&nbsp;&nbsp;&nbsp; Expenses**. All fees and expenses incurred in connection with the Merger including all legal, accounting, financial advisory, consulting and all other fees and expenses of third parties incurred by a party in connection with the negotiation and effectuation of the terms and conditions of this Agreement and the transactions contemplated hereby, shall be the obligation of the respective party incurring such fees and expenses, except (a) Enzon and Viskase shall each bear and pay one-half of the expenses incurred in connection with filing fees related to the Merger and this Agreement under the HSR Act, (b) Viskase shall bear and pay all expenses incurred in connection with any other applicable Antitrust Laws and (c) Viskase shall bear and pay all transfer, documentary, sales, use, real property, stamp, registration and other similar Taxes related to the Merger and this Agreement, and (d) as provided in Section 9.2.

**Section 10.6&nbsp;&nbsp;&nbsp;&nbsp; Severability; Construction**. (a) In the event that any part of this Agreement is declared by any court or other judicial or administrative body to be null, void or unenforceable, all of the other provisions of this Agreement shall remain in full force and effect, with no effect on the validity or enforceability of such other provisions. If any provision of this Agreement, or the application of such provision to any Person or any circumstance, is invalid or unenforceable, (i) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (ii) the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application of such provision, in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** The parties have participated jointly in the negotiation and drafting of this Agreement. If any ambiguity or question of intent arises, this Agreement will be construed as if drafted jointly by the parties and no presumption or burden of proof will arise favoring or disfavoring any party because of the authorship of any provision of this Agreement.

**Section 10.7&nbsp;&nbsp;&nbsp;&nbsp; Notices**. All notices, requests, instructions or other communications or documents to be given or made hereunder by either party to the other party to this Agreement shall be in writing and (a) served by personal delivery upon the party for whom it is intended, (b) by an internationally recognized overnight courier service upon the party for whom it is intended or (c) sent by e-mail, provided that a hard copy is also sent in accordance with the delivery methods set forth in clause (a) or (b) of this Section 10.7:

If to Viskase:

Viskase Companies, Inc.

333 East Butterfield Road Suite 400

Lombard, IL 60148-5679

Attention : Timothy P. Feast, President & CEO

Email: &nbsp;&nbsp;&nbsp;&nbsp; tim.feast@viskase.com

Copy to (such copy not to constitute notice):

Viskase Companies, Inc.

333 East Butterfield Road Suite 400

Lombard, IL 60148-5679

Attention : Joseph D. King

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President, General Counsel and Secretary

Email:&nbsp;&nbsp;&nbsp;&nbsp; joe.king@viskase.com

Copy to (such copy not to constitute notice):

Troutman Pepper Locke LLP

875 Third Avenue

New York, NY 10022

Attention: Steven Khadavi

Email: &nbsp;&nbsp;&nbsp;&nbsp; steven.khadavi@troutman.com

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If to Enzon:

Enzon Pharmaceuticals, Inc.

20 Commerce Drive, Suite 135

Cranford, NJ 07016

E-mail: &nbsp;&nbsp;&nbsp;&nbsp;rlfeinsteincpa@enzon.com

Attention: Richard L. Feinstein

Copy to (such copy not to constitute notice):

Brownstein Hyatt Farber Schreck, LLP

675 15<sup>th</sup> Street, Suite 2900

Denver, CO 80202

E-mail: aagron@bhfs.com

eleitch@bhfs.com

Attention: Adam J. Agron

Evan J. Leitch

Copy to (such copy not to constitute notice):

Thompson Hine, LLP

300 Madison Avenue, 27<sup>th</sup> Floor

New York, NY 10017

E-mail: Todd.Mason@ThompsonHine.com

Attention: Todd E. Mason

Any party may change its address for the purpose of this Section 10.7 by giving the other party written notice of its new address in the manner set forth above. Any notice, request, instruction or other communication or document given as provided above shall be deemed given to the receiving party (x) upon actual receipt, if delivered personally, (y) on the second (2nd) Business Day after deposit with an overnight courier, if sent by an overnight courier, or (z) upon confirmation of successful transmission if sent by email. Copies to outside counsel are for convenience only.

**Section 10.8&nbsp;&nbsp;&nbsp;&nbsp; Entire Agreement**. This Agreement and the exhibits and schedules hereto, the IEH Support Agreement, the Confidentiality Agreement, which, for the avoidance of doubt, shall survive the Closing or any termination of this Agreement, the Enzon Disclosure Letter and the Viskase Disclosure Letter contain the entire understanding among the parties hereto with respect to the matters contemplated hereby and supersede and replace all prior and contemporaneous agreements and understandings, oral or written, with regard to such matters. Notwithstanding anything in this Agreement to the contrary, the parties hereto acknowledge and agree that the Enzon Disclosure Letter and the Viskase Disclosure Letter are not incorporated by reference into, and shall not be deemed to constitute a part of, this Agreement or the "agreement of merger" for purposes of Section 251 of the DGCL, but shall have the effects provided in this Agreement under Section 268 of the DGCL.

**Section 10.9&nbsp;&nbsp;&nbsp;&nbsp; Third Party Beneficiaries**. Except for, following the Effective Time, the rights to continued indemnification, advancement and insurance pursuant to Section 6.3 (of which in each case the Persons entitled to indemnification, advancement or insurance, as the case may be, are the intended beneficiaries), and the rights for former directors and officers of Enzon to consent to certain settlements, compromises and other arrangements regarding Enzon Transaction Litigation pursuant to Section 7.6, nothing in this Agreement is intended to confer, or does confer, any rights or remedies under or by reason of this Agreement on any Persons other than the parties hereto and their respective successors and permitted assigns.

**Section 10.10&nbsp;&nbsp;&nbsp;&nbsp; Section and Paragraph Headings; Interpretation**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** The table of contents to this Agreement is for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. The section and paragraph headings in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement. A reference in this Agreement to "$" or "dollars" is to U.S. dollars. For purposes of determining the U.S. dollar equivalent of any amounts in a foreign currency, the parties shall use the applicable foreign exchange rate as published by *The Wall Street Journal* on the date hereof. If a term is defined as one part of speech (such as a noun), it shall have a corresponding meaning when used as another part of speech (such as a verb). Unless the context of this

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Agreement clearly requires otherwise, words imparting the masculine gender shall include the feminine and neutral genders and vice versa, and the definitions of terms contained in this Agreement are applicable to the singular as well as the plural forms of such terms. The words "includes" or "including" shall mean "including without limitation." The words "hereof," "hereby," "herein," "hereunder" and similar terms in this Agreement shall refer to this Agreement as a whole and not any particular section or article in which such words appear, the word "extent" in the phrase "to the extent" shall mean the degree to which a subject or other thing extends, and such phrase shall not mean simply "if." Any reference to a Law shall include any rules and regulations promulgated thereunder, and shall mean such Law as from time to time amended, modified or supplemented. References herein to any contract (including this Agreement) mean such contract as amended, supplemented or modified from time to time in accordance with the terms thereof. Each reference to a "wholly owned Subsidiary" of a Person shall be deemed to include any Subsidiary of such Person where all of the equity interests of such Subsidiary are directly or indirectly owned by such Person (other than directors qualifying shares, nominee shares or other equity interests that are required by law or regulation to be held by a director or nominee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Where used with respect to information, the phrases "delivered," "made available," "provided to" and words of similar import means, when used in reference to anything made available by Enzon or any of its Subsidiaries (including Merger Sub) or any of their respective Representatives, in each case, shall be deemed to include anything (i) uploaded to the electronic data room maintained by or on behalf of Enzon or its Representatives for purposes of the transactions contemplated hereby, (ii) publicly available in the Electronic Data Gathering, Analysis and Retrieval (EDGAR) database of the SEC or (iii) provided directly (including via email) to Viskase or its Representatives, in each case, in a manner that enables viewing of such materials by Viskase and its Representatives no later than 24 hours prior to the execution and delivery of this Agreement by all of the parties. Where used with respect to information, the phrases "delivered," "made available," "provided to" and words of similar import means, when used in reference to anything made available by Viskase, any of its Subsidiaries or any of their respective Representatives, in each case, shall be deemed to include anything (A) uploaded to the electronic data room maintained by or on behalf of Viskase or its Representatives for purposes of the transactions contemplated hereby, (B) publicly available on the OTC or (C) provided directly (including via email) to Enzon or its Representatives, in each case, in a manner that enables viewing of such materials by Enzon and its Representatives no later than 24 hours prior to the execution and delivery of this Agreement by all of the parties.

**Section 10.11&nbsp;&nbsp;&nbsp;&nbsp; Counterparts**. This Agreement may be executed in counterparts, (including by facsimile, ".pdf" files or other electronic transmission) each of which shall be deemed an original, but all of which when taken together shall constitute the same instrument.

**Section 10.12&nbsp;&nbsp;&nbsp;&nbsp; Definitions**. As used in this Agreement:

"$" shall have the meaning set forth in Section 10.10.

"382 Rights Agreement" shall have the meaning set forth in Section 7.17.

"Acceptable Confidentiality Agreement" shall mean a customary confidentiality agreement entered into by Enzon containing provisions (a) not less favorable to Enzon in any material respect than those set forth in the Confidentiality Agreement, (b) that require any counterparty thereto (and any of its Affiliates and Representatives named therein) that receives non-public information of or with respect to Enzon and its Subsidiaries to keep such information confidential; provided that, the provisions contained therein are no less restrictive in any material respect to such counterparty (and any of its Affiliates and Representatives named therein) than those set forth in the Confidentiality Agreement (it being understood that an Acceptable Confidentiality Agreement need not include a standstill provision), and (c) does not prohibit Enzon from providing any information to Viskase in accordance with, and otherwise complying with, this Agreement, including Section 7.5.

"Affiliate" shall mean, with respect to any Person, any other Person that directly, or through one or more intermediaries, controls or is controlled by or is under common control with such Person; provided, however, that with respect to (a) Viskase, "Affiliate" means any Person that is controlled, directly or indirectly, by Viskase, and (b) Enzon, "Affiliate" means any Person that is controlled, directly or indirectly, by Enzon. As used herein, the term "control" means: (i) the power to vote at least 10% of the voting power of a Person or (ii) the possession, directly or indirectly, of any other power to direct or cause the direction of the management and policies of such a Person, whether through ownership of voting securities, by contract or otherwise.

"Agreement" shall have the meaning set forth in the Preamble hereto.

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"Anti-Corruption Law" means any Law related to combating bribery and corruption, including legislation implementing the OECD Convention on Combating Bribery of Foreign Officials in International Business Transactions or the U.N. Convention Against Corruption, the U.S. Foreign Corrupt Practices Act of 1977, as amended (the "FCPA"), the U.K. Bribery Act 2010, the European Union Money Laundering Directives and member states' implementing legislation, the UK Proceeds of Crime Act 2002, the U.S. Bank Secrecy Act, USA Patriot Act and other U.S. legislation relating to money laundering and proceeds of crime, 2000 Prohibition of Financing or Terrorism Law, 5765-2005 and Combating Criminal Organizations Law, 5763-2003.

"Antitrust Division" shall have the meaning set forth in Section 7.4(a).

"Antitrust Laws" shall have the meaning set forth in Section 7.4(a).

"Audited Financial Statements" shall have the meaning set forth in Section 3.5(c).

"Bankruptcy and Equity Exception" shall have the meaning set forth in Section 3.3(a).

"Base Amount" shall have the meaning set forth in Section 6.3(c).

"Benefit Plan" shall mean any "employee benefit plan" (within the meaning of Section 3(3) of ERISA) and all other compensation and employee benefits plans, policies, programs, agreements, or arrangements, and each other stock purchase, stock option, stock bonus, restricted stock, stock appreciation right, equity or similar equity-based plan, employee stock ownership, severance, vacation, sick leave, other paid time off, retention, employment, consulting, change-of-control, bonus, incentive, deferred compensation, retirement, profit-sharing, pension, employee loan, health and welfare, retiree medical, Tax gross-up or Tax indemnification, fringe benefit, life or post-employment medical, life, or other insurance contracts, and other benefit plan, agreement, program, policy, commitment, or other arrangement, whether or not subject to ERISA (including any related award agreements and any related funding mechanism now in effect or required in the future). Notwithstanding the foregoing, a "Benefit Plan" shall not include a Multiemployer Plan or any plans, programs, or arrangements sponsored by any Governmental Entity and in which any current or former employees or other service providers participate.

"Board of Directors" shall mean the Board of Directors of any specified Person and any committees thereof.

"Book-Entry Share" shall mean a non-certificated share of Viskase Common Stock held by book-entry.

"Business Day" shall mean any day other than (a) Saturday or Sunday or (b) any other day on which banks in the City of New York are permitted or required to be closed.

"Cancelled Shares" shall have the meaning set forth in Section 1.7(a).

"Cash on Hand" means all cash and cash equivalents of Enzon, in each case, determined in accordance with GAAP, and held in any account of Enzon, (i) excluding the amount of any issued but uncleared checks, wires, or drafts and any cash overdrafts and restricted cash, and (ii) including checks and drafts deposited for the account of Enzon or on hand at Enzon or available for deposit for the account of Enzon.

"Certificate" shall mean a valid certificate which represents a share of Viskase Common Stock.

"Certificate of Merger" shall have the meaning set forth in Section 1.3.

"Closing" shall have the meaning set forth in Section 1.2.

"Closing Date" shall have the meaning set forth in Section 1.2.

"Code" shall mean the Internal Revenue Code of 1986, as amended.

"Collective Bargaining Agreement" shall mean any written or oral agreement, memorandum of understanding or other contractual obligation between Enzon, Viskase, or any of their Subsidiaries and any labor union, works council, or similar labor organization or other authorized employee Representative representing current or former employees of Enzon, Viskase or any of their Subsidiaries.

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"Confidentiality Agreement" shall have the meaning set forth in Section 7.2.

"Consent Solicitation Statement" shall have the meaning set forth in Section 7.1(a).

"Contract" shall have the meaning set forth in Section 3.3(e).

"Delaware LLC Act" shall have the meaning set forth in the Recitals hereto.

"DGCL" shall have the meaning set forth in the Recitals hereto.

"Disclosure Letters" shall mean the Enzon Disclosure Letter and the Viskase Disclosure Letter, collectively.

"Dissenting Viskase Shares" shall have the meaning set forth in Section 2.9(a).

"dollars" shall have the meaning set forth in Section 10.10.

"Effective Time" shall have the meaning set forth in Section 1.3.

"Environmental Laws" shall mean all Laws in effect as of the date of this Agreement relating to (i) the protection, investigation or restoration of the environment, health and safety or natural resources, (ii) the protection of human health and safety (as it relates to exposure to Hazardous Materials), (iii) the handling, use, storage, treatment, transportation, presence, disposal, release or threatened release of, or exposure to, any hazardous, harmful or deleterious substance, or (iv) noise, odor or other pollution, indoor air quality, employee exposure or the protection or restoration of wetlands.

"Enzon" shall have the meaning set forth in the Preamble hereto.

"Enzon Acquisition Proposal" shall mean any inquiry, proposal or offer from any Person or group (other than Viskase and its Subsidiaries) relating to, in a single transaction or series of related transactions, any direct or indirect (i) acquisition of 20% or more of the consolidated assets of Enzon and its Subsidiaries (based on the fair market value thereof, as determined in good faith by the Board of Directors of Enzon or any committee thereof), or assets comprising 20% or more of the consolidated revenues or EBITDA of Enzon and its Subsidiaries, including in any such case through the acquisition of one or more Subsidiaries of Enzon owning such assets, (ii) acquisition of Enzon Common Stock representing 20% or more of the aggregate equity or voting power of Enzon, (iii) tender offer or exchange offer that if consummated would result in any Person or group beneficially owning Enzon Common Stock representing 20% or more of the aggregate equity or voting power of Enzon or (iv) merger, consolidation, share exchange, business combination, recapitalization, liquidation, dissolution or similar transaction involving Enzon pursuant to which such Person or group (or the shareholders of any Person) would acquire, directly or indirectly, 20% or more of the aggregate equity or voting power of Enzon or of the surviving entity in a merger involving Enzon or the resulting direct or indirect parent of Enzon or such surviving entity. For the avoidance of doubt, the transactions contemplated hereby shall not be deemed an Enzon Acquisition Proposal.

"Enzon Additional Contract" shall have the meaning set forth in Section 4.16(b).

"Enzon Adverse Recommendation Change" shall have the meaning set forth in Section 7.5(d).

"Enzon Balance Sheet Date" shall have the meaning set forth in Section 4.6(a).

"Enzon Capitalization Date" shall have the meaning set forth in Section 4.2(a).

"Enzon Common Stock" shall mean common stock of Enzon, par value $0.01 per share.

"Enzon Disclosure Letter" shall mean the disclosure schedule delivered by Enzon on the date hereof.

"Enzon Environmental Permits" shall have the meaning set forth in Section 4.12.

"Enzon Intervening Event" shall mean any event, change, circumstance, effect, development or state of facts that is material to Enzon and its Subsidiaries, taken as a whole, that (i) first becomes known after the date of this Agreement and prior to the Enzon

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Stockholder Approval and (ii) was not known by or reasonably foreseeable to the Board of Directors of Enzon or the Enzon Special Committee as of the date of this Agreement; provided, however, that in no event shall any of the following events, changes, circumstances, effects, developments or states of fact be taken into account in determining whether an Enzon Intervening Event has occurred: (A) the receipt, existence or terms of an Enzon Acquisition Proposal or any matter relating thereto or direct or indirect consequence thereof, (B) the fact that, in and of itself, Enzon or any of its Subsidiaries exceeds any internal or published projections, forecasts, estimates or predictions in respect of revenues, earnings or other financial or operating metrics for any period (it being understood that the facts or occurrences giving rise to or contributing to such event may be taken into account in determining whether there has been or will be, an Enzon Intervening Event to the extent not otherwise excluded hereunder), or (C) any change, in and of itself, in the market price or trading volume of Enzon's securities (it being understood that the facts or occurrences giving rise to or contributing to such change may be taken into account in determining whether there has been or will be, an Enzon Intervening Event to the extent not otherwise excluded hereunder).

"Enzon Material Adverse Effect" shall mean any event, change, circumstance, effect, development or state of facts that, individually or in the aggregate, is or would reasonably be expected to (i) be materially adverse to the business, results of operations, assets or financial condition of Enzon and its Subsidiaries, taken as a whole or (ii) materially delay, impede or prevent the transactions contemplated hereby on or before the Termination Date; provided, however, that for purposes of subclause (i), Enzon Material Adverse Effect shall not include the effect of any event, change, circumstance, effect, development or state of facts to the extent it results from or arises out of (A) general economic or political conditions or securities, credit, financial or other capital markets conditions, in each case in the United States or any foreign jurisdiction, (B) changes or conditions generally affecting the industries, businesses, or segments thereof, in which Enzon or its Subsidiaries operate, (C) any change after the date hereof in applicable Law, regulation, GAAP or accounting standards (or authoritative interpretation of any of the foregoing), (D) the announcement of this Agreement or the transactions contemplated hereby or the terms hereof or the consummation of the transactions contemplated by this Agreement, including the impact thereof on the relationships of Enzon or its Subsidiaries with customers, suppliers, distributors, partners, officers or employees, (E) pandemics, epidemics, COVID-19, acts of war (whether or not declared), armed hostilities, sabotage, terrorism or cyber-attack, or any escalation or worsening of any acts of war, armed hostilities, sabotage, terrorism or cyber-attack threatened or underway as of the date of this Agreement (including requirements for business closures, restrictions on operations or "sheltering-in-place"), (F) earthquakes, hurricanes, floods, or other natural disasters or other weather-related or *force majeure* events, (G) any failure, in and of itself, by Enzon to meet any internal or published projections, forecasts, estimates or predictions in respect of revenues, earnings or other financial or operating metrics for any period, (H) any change in the market price or trading volume of Enzon's securities or downgrade in Enzon's credit rating, (I) tariffs, trade wars or similar matters, (J) any demands, litigation or similar actions brought by stockholders of Enzon in connection with this Agreement and the transactions contemplated hereby or (K) the taking of any specific action expressly required by this Agreement or taken with Viskase's written consent or the failure to take any specific action expressly prohibited by this Agreement and as for which Viskase declined to consent; except, in each case, with respect to the exceptions set forth in (A), (B), (C) or (E), to the extent materially disproportionately affecting Enzon and its Subsidiaries, taken as a whole, relative to other similarly situated Persons in the industries in which Enzon operates, then the incremental material disproportionate impact of such event, change, circumstance, effect, development or state of facts shall be taken into account for the purpose of determining whether a Enzon Material Adverse Effect has occurred.

"Enzon Material Contract" shall have the meaning set forth in Section 4.16(a).

"Enzon Organizational Documents" shall mean Enzon's Amended and Restated Certificate of Corporation and Amended and Restated Bylaws, together with all amendments thereto.

"Enzon Permit" shall have the meaning set forth in Section 4.8(a).

"Enzon Preferred Stock" shall have the meaning set forth in Section 4.2(a).

"Enzon Recommendation" shall have the meaning set forth in the Recitals hereto.

"Enzon SEC Documents" shall have the meaning set forth in Section 4.5(a).

"Enzon Series C Preferred Stock" shall have the meaning set forth in Section 4.2(a).

"Enzon Special Committee" shall have the meaning set forth in the Recitals hereto.

"Enzon Special Committee Recommendation" shall have the meaning set forth in the Recitals hereto.

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"Enzon Stockholder Approval" shall have the meaning set forth in Section 4.3(e).

"Enzon Superior Proposal" shall mean any bona fide unsolicited written Enzon Acquisition Proposal that the Board of Directors of Enzon and the Enzon Special Committee have determined in their good faith judgment, after consultation with their outside legal counsel and financial advisor, (i) would be more favorable to Enzon's stockholders from a financial point of view than the transactions contemplated hereby (taking into account any amendment or modification proposed by Viskase pursuant to Section 7.5(d)) and (ii) is reasonably likely to be completed in accordance with its terms, taking into account all terms and conditions of such proposal and the legal, regulatory, financial (including financing terms), timing and other aspects of such proposal (including certainty of closing) and of this Agreement; provided that for purposes of the definition of "Enzon Superior Proposal", the references to "20%" in the definition of Enzon Acquisition Proposal shall be deemed to be references to "50%".

"Enzon Superior Proposal Termination" shall have the meaning set forth in Section 7.5(d).

"Enzon Termination Fee" shall have the meaning set forth in Section 9.2(b).

"Enzon Transaction Litigation" shall have the meaning set forth in Section 7.6.

"ERISA" shall mean the Employee Retirement Income Security Act of 1974, as amended.

"ERISA Affiliate" shall mean any entity, trade or business that is, or was at the relevant time, a member of a group described in Section 414(b), (c), (m) or (o) of the Code or Section 4001(b)(1) of ERISA that includes or included any other entity, trade or business, or that is, or was at the relevant time, a member of the same "controlled group" as such other entity, trade or business pursuant to Section 4001(a)(14) of ERISA.

"Exchange Act" shall have the meaning set forth in Section 4.4.

"Exchange Agent" shall have the meaning set forth in Section 2.1.

"Exchange Fund" shall have the meaning set forth in Section 2.1.

"Exchange Ratio" means the number of shares of Enzon Common Stock equal to (i) the Viskase Closing Share Number, *divided by* (ii) the number of issued and outstanding shares of Viskase Common Stock issued and outstanding as of immediately prior to the Effective Time (including Dissenting Viskase Shares but excluding Cancelled Shares).

"Export Control Laws" means (i) economic or financial sanctions or trade embargoes imposed, administered, or enforced by applicable Governmental Entities ("Sanctions"), including those administered by the United States government through the United States Treasury Department's Office of Foreign Asset Control ("OFAC") or the United States Department of State, the United Nations Security Council, the European Union or its Member States, or the United Kingdom, (ii) applicable trade, export control, import, and anti-boycott laws and regulations imposed, administered, or enforced by the United States government, including the Arms Export Control Act (22 U.S.C. § 1778), the International Emergency Economic Powers Act (50 U.S.C. §§ 1701 1706), the Export Controls Act of 2018 (22 U.S.C. §2751 et seq.), the Export Control Reform Act of 2018, Section 999 of the Code, Title 19 of the U.S. Code, the International Traffic in Arms Regulations (22 C.F.R. Parts 120-130), the Export Administration Regulations (15 C.F.R. Parts 730-774), the U.S. customs regulations at 19 C.F.R. Chapter 1, and the Foreign Trade Regulations (15 C.F.R. Part 30), (iii) applicable trade, export control, import, and antiboycott laws and regulations imposed, administered, or enforced by the United Kingdom, including the Export Control Act 2002 and the Export Control Order 2008 (each as amended), and (iv) all applicable trade, export control, import, and antiboycott laws and regulations imposed, administered or enforced by any other country in which either Viskase or Enzon or either of their respective Subsidiaries conduct their business.

"Financial Statements Delivery Date" shall have the meaning set forth in Section 5.2(a).

"Former Enzon Group" shall mean the consolidated group (for U.S. federal income tax purposes) for taxable periods ending before January 1, 2006, that includes Enzon and Viskase and of which Enzon was the common parent.

"FTC" shall have the meaning set forth in Section 7.4(a).

"GAAP" shall mean United States generally accepted accounting principles as in effect from time to time, consistently applied.

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"Governmental Entity" shall mean any national, federal, state, or local, domestic or foreign, governmental, regulatory or administrative authority, branch, agency or commission or any court, tribunal or judicial body or arbitral body or arbitrator.

"Hazardous Materials" shall mean any petroleum or petroleum products, radioactive materials, asbestos and asbestos-containing materials, polychlorinated biphenyls and hazardous or toxic substances and any other substance, material or waste that is regulated, characterized or otherwise classified as "hazardous," "toxic," a "pollutant," a "contaminant" or words of similar meaning and regulatory effect pursuant to any Environmental Law;

"HSR Act" means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.

"Icahn Related Parties" shall mean the Persons listed on Section 10.12(b) of the Viskase Disclosure Letter.

"IEH" shall have the meaning set forth in the Recitals hereto.

"IEH Share Exchange" shall have the meaning set forth in the Recitals hereto.

"IEH Support Agreement" shall have the meaning set forth in the Recitals hereto.

"Indemnified Parties" shall have the meaning set forth in Section 6.3(a).

"Information Technology" means computers, hardware, software, databases, firmware, middleware, servers, workstations, networks, systems, routers, hubs, switches, data communications lines, and all other information technology equipment and associated documentation, reference and resource materials.

"Insurance Policies" shall have the meaning set forth in Section 3.17.

"Intellectual Property" means, collectively, all U.S. and foreign intellectual property rights, including rights in (i) trademarks, service marks, brand names, certification marks, collective marks, d/b/as, Internet domain names, social media account identifiers, logos, designs, symbols, trade dress, trade names, and other indicia of origin, all applications and registrations for the foregoing, and all goodwill associated therewith and symbolized thereby, including all renewals of the same; (ii) all patents, patent applications, and invention disclosures, including divisions, continuations, continuations-in-part, extensions, reissues, reexaminations, and any other governmental grant for the protection of inventions or industrial designs; (iii) trade secrets and related confidential and proprietary know-how (including all confidential and proprietary ideas, concepts, research and development, plans, proposals and processes), schematics, business methods, formulae, technical data, specifications, operating and maintenance manuals, drawings, prototypes, models, designs, customer lists, supplier lists, inventions, discoveries and improvements thereto, whether patentable or not, and all other confidential information and proprietary information ("Trade Secrets"); (iv) published and unpublished copyrightable works of authorship in any media (including software, source code, object code, algorithms, databases and other compilations of information), copyrights therein and thereto, and registrations and applications therefor, and all renewals, extensions, restorations and reversions thereof and all derivative, compilation and ancillary rights of every kind, related to copyrights; and (v) moral rights and rights of publicity.

"Intended Tax Treatment" shall have the meaning set forth in the Recitals hereto.

"Intentional Breach" shall mean, with respect to any representation, warranty, agreement or covenant, an action or omission taken or omitted to be taken that the breaching party intentionally takes (or intentionally fails to take) and knows (or reasonably should have known) would, or would reasonably be expected to, cause a material breach of such representation, warranty, agreement or covenant.

"IRS" shall mean the United States Internal Revenue Service.

"Knowledge" shall mean, (i) with respect to Viskase, the actual knowledge of the individuals listed on Section 10.12(a) of the Viskase Disclosure Letter, or (ii) with respect to Enzon, the actual knowledge of the individuals listed on Section 10.12(a) of the Enzon Disclosure Letter.

"Law" shall mean any federal, state, local or foreign law, statute, ordinance, rule, regulation, Order or agency requirement of any Governmental Entity.

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"Legal Restraint" shall have the meaning set forth in Section 8.1(c).

"Letter of Transmittal" shall have the meaning set forth in Section 2.2(a).

"Lien" shall mean any mortgage, pledge, security interest, encumbrance, title defect, lien (statutory or other), conditional sale agreement, claim, charge, adverse right, prior assignment, hypothecation, limitation or restriction.

"Liquidation Preference" shall have the meaning given to it in the Certificate of Designation of Series C Non-Convertible Redeemable Preferred Stock of Enzon, which, for the avoidance of doubt, includes accrued and unpaid dividends on the Enzon Series C Preferred Stock.

"Merger" shall have the meaning set forth in the Recitals hereto.

"Merger Consideration" shall have the meaning set forth in Section 1.7(a).

"Merger Sub" shall have the meaning set forth in the Preamble hereto.

"Merger Sub Common Stock" shall mean common stock of Merger Sub, par value $0.01 per share.

"Merger Sub Recommendation" shall have the meaning set forth in the Recitals hereto.

"Merger Sub Stockholder Approval" shall have the meaning set forth in Section 4.3(e).

"Minimum Cash Condition" shall have the meaning set forth in Section 8.3(f).

"Most Recent Viskase Balance Sheet" shall have the meaning set forth in Section 3.5(c).

"Multiemployer Plan" shall have the meaning set forth in Section 3.10(c).

"Order" shall have the meaning set forth in Section 3.7.

"OTC" shall have the meaning set forth in Section 2.5.

"PCAOB Financial Statements" shall have the meaning set forth in Section 5.2(a).

"Person" shall mean an individual, corporation, limited liability company, partnership, association, trust, other entity or group (as defined in the Exchange Act).

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"Personal Data" means any data or information in any media that can be used on its own or with other information to identify, contact or locate an individual, including any such other data or information that constitutes personal data or personal information under any applicable Law or Viskase's or Enzon's or any of their Subsidiaries', as applicable, published privacy policies (including an individual's combined first and last name, home address, telephone number, fax number, email address, Social Security number or other Governmental Entity-issued identifier (including state identification number, driver's license number, or passport number), precise geolocation information of an individual or device, credit card or other financial information (including bank account information), cookie identifiers associated with registration information, or any other browser or device-specific number or identifier and any web or mobile browsing or usage information that can be used on its own or with other information to identify, contact or locate an individual).

"Proceeding" shall have the meaning set forth in Section 3.7.

"Proposed Enzon Action" shall have the meaning set forth in the Recitals hereto.

"Registration Statement" shall have the meaning set forth in Section 7.1(a).

"Registration Statement/Consent Solicitation Statement" shall have the meaning set forth in Section 7.1(a).

"Representative" shall mean, with respect to any Person, such Person's Affiliates and its and their respective officers, directors, managers, partners, employees, accountants, counsel, financial advisors, consultants and other advisors or representatives.

"Required Consents" shall have the meaning set forth in Section 7.3.

"Required Financial Statements" shall have the meaning set forth in Section 5.2(a).

"Reverse Stock Split" shall have the meaning set forth in the Recitals hereto.

"Sarbanes-Oxley Act" means the U.S. Sarbanes-Oxley Act of 2002, as amended.

"SEC" shall mean the United States Securities and Exchange Commission.

"Secretary of State" shall have the meaning set forth in Section 1.3.

"Securities Act" shall have the meaning set forth in Section 3.4.

"Series C Exchange Offer" shall have the meaning set forth in Section 7.10.

"Subsidiary" shall mean, when used with respect to any Person, (a) any corporation, partnership or other organization, whether incorporated or unincorporated, (i) of which such Person or any other Subsidiary of such Person is a general partner (excluding partnerships, the general partnership interests of which held by such Person or any Subsidiary of such Person do not have a majority of the voting interests in such partnership) or (ii) at least a majority of the securities or other interests of which having by their terms ordinary voting power to elect a majority of the Board of Directors or others performing similar functions with respect to such corporation or other organization is directly or indirectly owned or controlled by such Person or by any one or more of its Subsidiaries, or by such Person and one or more of its Subsidiaries, or (b) any partnership, limited liability company, association, joint venture or other business entity, of which a majority of the partnership, joint venture or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person or a combination thereof.

"Surviving Company" shall have the meaning set forth in Section 1.1.

"Surviving Company Conversion" shall have the meaning set forth in Section 1.1.

"Takeover Law" shall have the meaning set forth in Section 3.14(b).

"Tax" or "Taxes" shall mean all taxes, or imposts, levies or other like assessments or charges, in each case in the nature of a tax, imposed by a Governmental Entity, together with all interest, penalties and additions imposed with respect to such amounts.

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"Tax Return" shall mean any report, return, information return, filing, claim for refund or other information filed or required to be filed with a Governmental Entity in connection with Taxes, including any schedules or attachments thereto, and any amendments to any of the foregoing.

"Termination Date" shall have the meaning set forth in Section 9.1(b).

"the other party" shall mean, with respect to Viskase, Enzon and shall mean, with respect to Enzon, Viskase.

"Total Closing Share Number" means the number equal to (i) the number of shares of Enzon Common Stock issued and outstanding as of immediately prior to the Effective Time (after giving effect to the Reverse Stock Split, the IEH Share Exchange and the shares of Enzon Common Stock issued pursuant to the Series C Exchange Offer), *divided by* (ii) 0.1590.

"Trade Secrets" shall have the meaning set forth in the definition of "Intellectual Property".

"Trading Day" shall mean with respect to Enzon Common Stock, a day on which shares of Enzon Common Stock are traded on OTC.

"Treasury Regulations" shall mean the Treasury regulations promulgated under the Code.

"Unaudited Financial Statements" shall have the meaning set forth in Section 3.5(c).

"Viskase" shall have the meaning set forth in the Preamble hereto.

"Viskase Additional Contract" shall have the meaning set forth in Section 3.16(b).

"Viskase Balance Sheet Date" shall mean March 31, 2025.

"Viskase Capitalization Date" shall have the meaning set forth in Section 3.2(a).

"Viskase Closing Share Number" means the number of shares of Enzon Common Stock equal to (i) the Total Closing Share Number, *minus* (ii) the number of shares of Enzon Common Stock issued and outstanding as of immediately prior to the Effective Time (after giving effect to the Reverse Stock Split, the IEH Share Exchange and the shares of Enzon Common Stock issued pursuant to the Series C Exchange Offer), *plus* (iii) if there is an IEH Exchange Adjustment (as defined in the IEH Support Agreement) under the IEH Support Agreement, a number of shares of Enzon Common Stock (after giving effect to the Reverse Stock Split) equal to (A) the IEH Exchange Adjustment (as defined in the IEH Support Agreement), *divided by* (B) the Enzon 20-Day VWAP (as defined in the IEH Support Agreement).

"Viskase Common Stock" shall mean common stock of Viskase, par value $0.01 per share.

"Viskase Credit Agreement" shall mean that certain Credit Agreement, dated October 9, 2020, by and among Viskase, Bank of America, N.A., and other lenders, as amended by the First Amendment, dated August 13, 2021, as further amended by the Second Amendment, dated August 10, 2022, and as further amended by the Limited Waiver and Third Amendment to Credit Agreement, dated February 14, 2025.

"Viskase Disclosure Letter" shall mean the disclosure schedule delivered by Viskase on the date hereof.

"Viskase Environmental Permits" shall have the meaning set forth in Section 3.12.

"Viskase Financial Statements" shall have the meaning set forth in Section 3.5(c).

"Viskase Material Adverse Effect" shall mean any event, change, circumstance, effect, development or state of facts that, individually or in the aggregate, is or would reasonably be expected to (i) be materially adverse to the business, results of operations, assets or financial condition of Viskase and its Subsidiaries, taken as a whole, or (ii) materially delay, impede or prevent the transactions contemplated hereby on or before the Termination Date; provided, however, that for purposes of subclause (i), Viskase Material Adverse Effect shall not include the effect of any event, change, circumstance, effect, development or state of facts to the extent it results from or arises out of (A) general economic or political conditions or securities, credit, financial or other capital

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markets conditions, in each case in the United States or any foreign jurisdiction, (B) changes or conditions generally affecting the industries, businesses, or segments thereof, in which Viskase or its Subsidiaries operate, (C) any change after the date hereof in applicable Law, regulation, GAAP or accounting standards (or authoritative interpretation of any of the foregoing), (D) the announcement of this Agreement or the transactions contemplated hereby or the terms hereof or the consummation of the transactions contemplated by this Agreement, including the impact thereof on the relationships of Viskase or its Subsidiaries with customers, suppliers, distributors, partners, officers or employees, (E) pandemics, epidemics, COVID-19, acts of war (whether or not declared), armed hostilities, sabotage, terrorism or cyber-attack, or any escalation or worsening of any acts of war, armed hostilities, sabotage, terrorism or cyber-attack threatened or underway as of the date of this Agreement (including requirements for business closures, restrictions on operations or "sheltering-in-place"), (F) earthquakes, hurricanes, floods, or other natural disasters or other weather-related or *force majeure* events, (G) any failure, in and of itself, by Viskase to meet any internal or published projections, forecasts, estimates or predictions in respect of revenues, earnings or other financial or operating metrics for any period, (H) any change in the market price or trading volume of Viskase's securities or downgrade in Viskase's credit rating, (I) tariffs, trade wars or similar matters, (J) any demands, litigation or similar actions brought by stockholders of Viskase in connection with this Agreement and the transactions contemplated hereby or (K) the taking of any specific action expressly required by this Agreement or taken with Enzon's written consent or the failure to take any specific action expressly prohibited by this Agreement and as for which Enzon declined to consent; except, in each case, with respect to the exceptions set forth in (A), (B), (C) or (E), to the extent materially disproportionately affecting Viskase and its Subsidiaries, taken as a whole, relative to other similarly situated companies in the industries in which Viskase operates, then the incremental material disproportionate impact of such event, change, circumstance, effect, development or state of facts shall be taken into account for the purpose of determining whether a Viskase Material Adverse Effect has occurred.

"Viskase Material Contract" shall have the meaning set forth in Section 3.16(a).

"Viskase Organizational Documents" shall mean Viskase's Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws, together with all amendments thereto.

"Viskase OTC Documents" shall have the meaning set forth in Section 3.5(a).

"Viskase Permit" shall have the meaning set forth in Section 3.8(a).

"Viskase Preferred Stock" shall have the meaning set forth in Section 3.2(a).

"Viskase Recommendation" shall have the meaning set forth in the Recitals hereto.

"Viskase Special Committee" shall have the meaning set forth in the Recitals hereto.

"Viskase Special Committee Recommendation" shall have the meaning set forth in the Recitals hereto.

"Viskase Stockholder Approval" shall have the meaning set forth in Section 3.3(d).

"Viskase Termination Fee" shall have the meaning set forth in Section 9.2(c).

"Viskase Transaction Litigation" shall have the meaning set forth in Section 7.6.

"wholly owned Subsidiary" shall have the meaning set forth in Section 10.10.

"Written Consent Delivery Time" shall have the meaning set forth in Section 7.1(d).

[Remainder of Page Intentionally Left Blank]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first above written.

---

| | | |
|:---|:---|:---|
| **Enzon Pharmaceuticals, Inc.** | **Enzon Pharmaceuticals, Inc.** | **Enzon Pharmaceuticals, Inc.** |
| By | /s/ Richard L. Feinstein | /s/ Richard L. Feinstein |
|  | Name: | Richard L. Feinstein |
|  | Title: | Chief Executive Officer, Chief Financial Officer and Secretary |
| **Viskase Companies, Inc.** | **Viskase Companies, Inc.** | **Viskase Companies, Inc.** |
| By | /s/ Carolyn Zhang | /s/ Carolyn Zhang |
|  | Name: | Carolyn Zhang |
|  | Title: | Vice President & Chief Financial Officer |
| **EPSC Acquisition Corp.** | **EPSC Acquisition Corp.** | **EPSC Acquisition Corp.** |
| By | /s/ Richard L. Feinstein | /s/ Richard L. Feinstein |
|  | Name: | Richard L. Feinstein |
|  | Title: | Chief Executive Officer, Chief Financial Officer and Secretary |

---

SIGNATURE PAGE TO THE MERGER AGREEMENT

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**Index of Defined Terms**

---

| |
|:---|
| **Section** |
| $10.10 |
| 7.17 |
| Preamble  |
| 7.4(a) |
| 7.4(a) |
| 3.5(c) |
| 3.3(a) |
| 6.3(c) |
| 1.7(a) |
| 1.3 |
| 1.2 |
| 1.2 |
| 7.2 |
| 7.1(a) |
| 3.3(e) |
| Recitals |
| Recitals  |
| 2.9(a) |
| 10.10 |
| 1.3 |
| Preamble  |
| 4.16(b) |
| 7.5(d) |
| 4.6(a) |
| 4.2(a)  |
| 4.12 |
| 4.16(a) |
| 4.8(a) |
| 4.2(a) |
| Recitals  |
| 4.5(a) |
| 4.2(a)  |
| Recitals  |
| Recitals  |
| 4.3(e) |
| 7.5(d) |
| 9.2(b)  |
| 7.6 |
| 4.4 |
| 2.1 |
| 2.1 |
| 5.2(a) |
| 7.4(a) |
| Recitals  |
| Recitals |
| Recitals |
| 6.3(a)  |
| 3.17 |
| Recitals  |
| 8.1(c) |
| 2.2(a) |

---

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---

| | |
|:---|:---|
| **Term** | **Section** |
| Merger | Recitals  |
| Merger Consideration | 1.7(a) |
| Merger Sub | Preamble |
| Merger Sub Recommendation | Recitals |
| Merger Sub Stockholder Approval | 4.3(e)  |
| Minimum Cash Condition | 8.3(f)  |
| Most Recent Viskase Balance Sheet | 3.5(c) |
| Multiemployer Plan | 3.10(c) |
| Order | 3.7 |
| OTC | 2.5 |
| PCAOB Financial Statements | 5.2(a) |
| Proceeding | 3.7 |
| Proposed Enzon Action | Recitals |
| Registration Statement | 7.1(a) |
| Registration Statement/Consent Solicitation Statement | 7.1(a) |
| Required Consents | 7.3 |
| Required Financial Statements | 5.2(a) |
| Reverse Stock Split | Recitals |
| Secretary of State | 1.3 |
| Securities Act | 3.4 |
| Series C Exchange Offer | 7.10 |
| Surviving Company | 1.1 |
| Surviving Company Conversion | 1.1 |
| Takeover Law | 3.14(b) |
| Termination Date | 9.1(b) |
| Unaudited Financial Statements | 3.5(c) |
| Viskase | Preamble  |
| Viskase Additional Contract | 3.16(b) |
| Viskase Capitalization Date | 3.2(a)  |
| Viskase Environmental Permits | 3.12 |
| Viskase Financial Statements | 3.5(c) |
| Viskase Material Contract | 3.16(a) |
| Viskase OTC Documents | 3.5(a) |
| Viskase Permit | 3.8 |
| Viskase Preferred Stock | 3.2(a)  |
| Viskase Recommendation | Recitals  |
| Viskase Special Committee | Recitals  |
| Viskase Special Committee Recommendation | Recitals  |
| Viskase Stockholder Approval | 3.3(d) |
| Viskase Termination Fee | 9.2(c) |
| Viskase Transaction Litigation | 7.6 |
| wholly owned Subsidiary | 10.10 |
| Written Consent Delivery Time | 7.1(d) |

---

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**EXHIBIT A**

Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Enzon

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**CERTIFICATE OF AMENDMENT TO THE**

**AMENDED AND RESTATED CERTIFICATE OF INCORPORATION**

**OF**

**Enzon Pharmaceuticals, Inc.**

(Pursuant to Section 242 of the General Corporation Law of the State of Delaware)

**Enzon Pharmaceuticals, Inc.** (the *"****Corporation****"*), a corporation organized and existing under and by virtue of the General Corporation Law of the State of Delaware (the *"****DGCL****"*), does hereby certify that:

**FIRST:** The present name of the Corporation is Enzon Pharmaceuticals, Inc.

**SECOND:** The name under which the corporation was originally incorporated is Enzon, Inc. and the date of the filing of the original certificate of incorporation of the Corporation with the Secretary of State of the State of Delaware is May 11, 1983 (as so amended, the "***Certificate of Incorporation***").

**THIRD:** The Certificate of Incorporation is hereby amended by deleting ARTICLE FIRST in its entirety and inserting the following in lieu thereof:

"FIRST: The present name of the corporation (hereinafter called the "***Corporation***") is Viskase Holdings, Inc."

**FOURTH:** The Certificate of Incorporation is hereby amended by adding the following as a new clause (C) to Section 4 of ARTICLE FOURTH:

"(C) Effective [*date and time*] (the "***Effective Time***"), each one hundred (100) shares of the Corporation's Common Stock that are issued and outstanding immediately prior to the Effective Time shall, automatically and without any action on the part of the Corporation or respective holders thereof, be reclassified and combined into one (1) share of Common Stock (the "***Reverse Split***"). If, upon aggregating all of the shares of Common Stock held by a holder of Common Stock immediately following the Reverse Split such holder would otherwise be entitled to a fractional share of Common Stock, the Corporation shall pay in cash (without interest) to each such holder an amount equal to such fraction multiplied by the closing price of the Common Stock on the OTCQX, or such other market or exchange as such shares of Common Stock may then be traded, on the last trading day immediately preceding the Effective Time (with such closing price proportionately adjusted to give effect to the Reverse Split).

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Each stock certificate that, immediately prior to the Effective Time, represented shares of Common Stock that were issued and outstanding immediately prior to the Effective Time, shall, from and after the Effective Time, automatically and without the necessity of presenting the same for exchange, represent that number of whole shares of Common Stock after the Effective Time into which the shares formerly represented by such certificate have been reclassified, as well as the right to receive cash in in lieu of fractional shares of Common Stock to which such holder may be entitled; *provided*, *however*, that each person of record holding a certificate that represented shares of Common Stock that were issued and outstanding immediately prior to the Effective Time shall receive, upon surrender of such certificate, a new certificate evidencing and representing the number of whole shares of Common Stock after the Effective Time into which the shares of Common Stock formerly represented by such certificate shall have been reclassified, as well as the right to receive cash in lieu of fractional shares of Common Stock to which such holder may be entitled."

**FIFTH:** Resolutions were duly adopted by the Board of Directors of the Corporation setting forth this proposed Certificate of Amendment to the Certificate of Incorporation and declaring said amendment to be advisable and calling for the consideration and approval thereof at a meeting of the stockholders of the Corporation. Pursuant to the resolution of the Board of Directors, a meeting of the stockholders of the Company was duly called and held upon notice in accordance with Section 222 of the General Corporation Law of the State of Delaware at which meeting the necessary number of shares as required by statute were voted in favor of the foregoing amendment.

**SIXTH:** The foregoing amendment was duly adopted in accordance with the provisions of Section 242 of the General Corporation Law of the State of Delaware.

**SEVENTH:** That this Certificate of Amendment shall become effective immediately upon filing.

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**In Witness Whereof**, Enzon Pharmaceuticals, Inc. has caused this Certificate of Amendment to be executed by its duly authorized officer on this [●] day of [●], [●].

---

| | |
|:---|:---|
| **Enzon Pharmaceuticals, Inc.** | **Enzon Pharmaceuticals, Inc.** |
| By: |  |
|  | Name: |
|  | Title: |

---

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**EXHIBIT B**

IEH Support Agreement

[intentionally omitted]

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**EXHIBIT C**

Amended and Restated Certificate of Incorporation of the Surviving Company

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**Amended & restated**

**CERTIFICATE OF INCORPORATION**

**OF**

**VISKASE COMPANIES, Inc.**

&nbsp;&nbsp;&nbsp;&nbsp;1. The name of the corporation is: Viskase Companies, Inc. (the " Corporation ").

&nbsp;&nbsp;&nbsp;&nbsp;2. The address of the registered office in the State of Delaware is: Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, DE 19808. The name of the registered agent at such address is: United States Corporation Company.

&nbsp;&nbsp;&nbsp;&nbsp;3. The nature of the business or purpose to be conducted or promoted is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of Delaware

&nbsp;&nbsp;&nbsp;&nbsp;4. The total number of shares of stock, which the Corporation shall have authority to issue, is 10,000 shares of common stock, par value $0.0001 per share.

&nbsp;&nbsp;&nbsp;&nbsp;5. The Corporation is to have perpetual existence.

&nbsp;&nbsp;&nbsp;&nbsp;6. In furtherance and not in limitation of the powers conferred by statute, the board of directors is expressly authorized to adopt, amend or repeal the By-Laws of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;7. To the fullest extent that the laws of the State of Delaware, as they exist on the date hereof or as they may hereafter be amended, permit the limitation or elimination of the liability of directors or officers, no director or officer of the Corporation shall be personally liable to the Corporation or its stockholders for damages for breach of any duty owed to the Corporation or its stockholders. Neither the amendment or repeal of this provision nor the adoption of any provision of this Amended and Restated Certificate of Incorporation which is inconsistent with this provision shall apply to or have any effect on the liability or alleged liability of any director or officer of the Corporation for or with respect to any act or omission of such director or officer occurring prior to such amendment, repeal or adoption.

&nbsp;&nbsp;&nbsp;&nbsp;8. Unless and except to the extent that the By-Laws of the Corporation shall so require, the election of directors of the Corporation need not be by written ballot.

*\* \* \**

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IN WITNESS WHEREOF, the Corporation has caused this certificate to be signed by its duly authorized officer, the &nbsp;&nbsp;&nbsp;&nbsp; day of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2025

By:   <br> Name: <br> Title: Authorized Person

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**EXHIBIT D**

Post-Conversion Certificate of Formation and Limited Liability Company Agreement of the Surviving Company

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**LIMITED LIABILITY COMPANY AGREEMENT**

**OF**

**VISKASE COMPANIES, LLC**

This Limited Liability Company Agreement (this "Agreement") of Viskase Companies, LLC, a Delaware limited liability company (the "Company"), is entered into by Enzon Pharmaceuticals, Inc., a Delaware corporation, as its sole member (the "Member"), effective as of [DATE].

**WHEREAS**, the Company was formed as a limited liability company under the Delaware Limited Liability Company Act (6 Del. C. §18-101, et seq.) and any successor statute, as amended from time to time (the "Act"), pursuant to the Certificate of Formation (the "Certificate") of the Company filed on [DATE], with the Secretary of State of the State of Delaware in accordance with the Act.

**NOW, THEREFORE,** the Member hereby adopts this Agreement to set forth the terms and conditions by which the Company will be governed from and after the date hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Formation. The Company was formed and established as a Delaware limited liability company by the filing of the Certificate, pursuant to and in accordance with the Act, with the Secretary of State of the State of Delaware. The Member hereby agrees that its rights, duties and liabilities shall be as provided in the Act, except as otherwise provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Name. The name of the limited liability company is Viskase Companies, LLC or such other name or names as the Majority Unitholders may designate from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Purpose. The Company has been formed for the object and purpose of, and the nature of business to be conducted and promoted by the Company is, engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Registered Office. The address of the registered office of the Company in the State of Delaware is 2711 Centerville Road, Suite 400, Wilmington, DE 19808. The Company may have such other offices as the Board may designate from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Registered Agent. The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is United States Corporation Company, 2711 Centerville Road, Suite 400, Wilmington, DE 19808.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Term. The Company shall exist in perpetuity, unless earlier dissolved and its affairs wound up in accordance with this Agreement and/or the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Tax Status. The Company shall be treated as a disregarded entity for U.S. federal income tax purposes and, to the extent applicable, for state and local income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Income and Deductions. All items of income, gain, loss, deduction, and credit of the Company (including, without limitation, items not subject to federal or state income tax) shall be treated for federal and all relevant state income tax purposes as items of income, gain, loss, deduction, and credit of each Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Member. The Member's initial percentage ownership interest in the Company (the "Membership Interests") shall be one hundred percent (100%). Membership Interests shall not have a stated value, certificates shall not be issued evidencing Membership Interests and Membership Interests shall not have any right to distributions unless the Board shall have declared such a distribution out of funds lawfully available therefor. The Company may issue additional Membership Interests upon the approval of the Board and the Majority Unitholders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Management of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** A board of managers of the Company (the "Board") is hereby established and shall be comprised of natural Persons (each such Person, a "Manager") who shall be appointed by Members representing a majority of the outstanding Membership Interests (the "Majority Unitholders") and constitute the "managers" (as that term is defined in the Delaware Act) of the Company. The business and affairs of the Company shall be managed, operated, and controlled by or under the direction of the Board, and the Board shall have, and is hereby granted, the full and complete power, authority, and discretion for, on behalf of and in the name of the Company, to take such actions as it may in its sole discretion deem necessary or advisable to carry out any and all of the objectives and purposes of the Company, subject only to the terms of this Agreement. A Manager may be removed or replaced at any time from the Board, with or without cause, upon, and only upon, the written request of the Majority Unitholders. A Manager may resign at any time from the Board by delivering their written resignation to the Board. Any such resignation shall be effective upon receipt thereof unless it is specified to be effective at some other time or upon the occurrence of some other event. The Board's acceptance of a resignation shall not be necessary to make it effective. The Board shall meet at such time and at such place as the Board may designate. Meetings of the Board may be held either in person or by means of telephone or video conference or other communications device that permits all Managers participating in the meeting to hear each other, at the offices of the Company or such other place (either within or outside the State of Delaware) as may be determined from time to time by the Board. Written notice of each meeting of the Board shall be given to each Manager at least 24 hours prior to each such meeting. A majority of the Managers serving on the Board shall constitute a quorum for the transaction of business of the Board. At all times when the Board is conducting business at a meeting of the Board, a quorum of the Board must be present at such meeting. If a quorum shall not be present at any meeting of the Board, then the Managers present at the meeting may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present. Each Manager shall have one vote on all matters submitted to the Board or any committee thereof. With respect to any matter before the Board, the act of a majority of the Managers constituting a quorum shall be the act of the Board. Any action required or permitted to be taken by the Board (or any committee of the Board) may be taken without a meeting if a written consent of a majority of the Managers on the Board (or committee) shall approve such action. Such consent shall have the same force and effect as a vote at a meeting where a quorum was present and may be stated as such in any document or instrument filed with the Secretary of State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** The Board may, from time to time, designate one or more officers with such titles as may be designated by the Board to act in the name of the Company with such authority as may be delegated to such officers by the Board (each such designated person, an "Officer"). Any such Officer shall act pursuant to such delegated authority until such Officer is removed by the Board. Any action taken by an Officer designated by the Board pursuant to authority delegated to such Officer shall constitute the act of and serve to bind the Company. Persons dealing with the Company are entitled to rely conclusively on the power and authority of any Officer set forth in this Agreement and any instrument designating such officer and the authority delegated to him or her.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** [FILER] is hereby designated as an authorized person, within the meaning of the Act, to execute, deliver and file the certificate of formation of the Company (and any amendments and/or restatements thereof) and any other certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in a jurisdiction in which the Company may wish to conduct business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Dissolution. The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: the written consent of the Board and the Majority Unitholders, the retirement, resignation, incapacity or bankruptcy of a Member or the occurrence of any other event which terminates the continued membership of a Member in the Company, or the entry of a decree of judicial dissolution under Section 18-802 of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Distributions. Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Board from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Liability of the Members. Except to the extent required by the Act or other applicable law, the debts, obligations and liabilities of the Company whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company and the Members shall not have any personal liability for any such debt, obligation or liability of the Company solely by reason of being a member or participating in the management of the Company. The failure of the Company to observe any formalities

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or requirements relating to the exercise of its powers or management of its business or affairs under this Agreement or the Act shall not be grounds for imposing personal liability on the Members for any liabilities of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Exculpation. No Covered Person (as defined below) shall be liable to the Company or any other Covered Person for any loss, damage or claim incurred by reason of any action taken or omitted to be taken by such Covered Person in good faith and in a manner reasonably believed to be within the scope of the authority conferred on such Covered Person by this Agreement, so long as such action or omission does not constitute fraud or willful misconduct by such Covered Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Indemnification. The Company shall, to the fullest extent permitted by the LLC Act, as amended from time to time, indemnify all persons who it may indemnify pursuant thereto. The personal liability of the Managers is hereby eliminated to the fullest extent permitted by the LLC Act, as the same may be amended or supplemented. No amendment to or repeal of this Section 16 shall apply to or have any effect on the liability or alleged liabtility of any Manager for or with respect to any acts or omissions of such director occuring prior to such amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Assignments. Any Member may assign in whole or in part its limited liability company interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Resignation. Any Member may resign from the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Admission of Additional Members. One or more additional members of the Company may be admitted to the Company with the approval of the Board and the Majority Unitholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Amendment. This Agreement may be amended from time to time with the consent of the Majority Unitholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Severability. If any provision of this Agreement, or the application of a provision under any circumstances, is declared to be invalid, unlawful, or unenforceable, such provision shall survive to the extent it is not so declared, and the validity, legality and enforceability of the other provisions hereof shall not in any way be affected or impaired thereby, unless such action would substantially impair the benefits to any party of the remaining provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Headings. Headings in this Agreement are for convenience of reference only and shall not be used in any way to interpret or construe this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Governing Law. This Agreement shall be governed by, and construed under, the laws of the State of Delaware and all rights and remedies shall be governed by such laws without regard to the conflict of laws principles thereof.

*[Signature page follows]*

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**IN WITNESS WHEREOF**, the undersigned, intending to be legally bound hereby, has duly executed this Limited Liability Company Agreement as of the date first written above.

---

| | | |
|:---|:---|:---|
| MEMBER: |  |  |
|  | **Enzon Pharmaceuticals, Inc.** | **Enzon Pharmaceuticals, Inc.** |
|  | By: |  |
|  |  | Name: |
|  |  | Title: |

---

[*Limited Liability Company Agreement of Viskase Companies, LLC*]

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**Annex A-1**

**Execution Version**

**FIRST AMENDMENT TO THE AGREEMENT AND PLAN OF MERGER**

This FIRST AMENDMENT TO THE AGREEMENT AND PLAN OF MERGER, dated as of October 24, 2025 (this "Amendment"), is by and among Enzon Pharmaceuticals, Inc., a Delaware corporation ("Enzon"), EPSC Acquisition Corp., a Delaware corporation ("Merger Sub"), and Viskase Companies, Inc., a Delaware corporation ("Viskase" and, together with Enzon and Merger Sub, the "Parties"). Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Agreement (as defined below).

W I T N E S S E T H:

WHEREAS, the Parties entered into that certain Agreement and Plan of Merger, dated as of June 20, 2025 (as may be amended, modified or supplemented from time to time, the "Agreement");

WHEREAS, concurrently with the execution and delivery of this Amendment, and as a condition and inducement to the Parties' willingness to enter into this Amendment, (i) Icahn Enterprises Holdings L.P., a Delaware limited partnership ("IEH"), consented to this Amendment in accordance with Section 10 of the IEH Support Agreement and (ii) IEH and certain Affiliates thereof are entering into an amendment to the IEH Support Agreement in the form attached hereto as Exhibit A (the "IEH Support Agreement Amendment") with Enzon and Viskase, pursuant to which, among other things, the parties thereto agreed to certain modifications to the IEH Support Agreement corresponding to the modifications made to the Agreement by this Amendment; and

WHEREAS, each of the Parties desires to amend the Agreement in accordance with Section 9.3 thereof as set forth herein.

NOW, THEREFORE, in consideration of the foregoing and the respective representations, warranties, covenants and agreements set forth herein, and intending to be legally bound hereby, the Parties agree as follows:

**Article I**

**AMENDMENTS TO THE AGREEMENT**

Section 1.1Amendment to Recitals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The sixth "Whereas" clause in the Recitals to the Agreement is hereby amended by deleting the sixth "Whereas" clause in the Recitals and replacing it in its entirety with the following:

"WHEREAS, the Enzon Special Committee has unanimously (i) determined that this Agreement and the transactions contemplated hereby are fair to, and in the best interests of, Enzon and Enzon's stockholders, other than IEH and its Affiliates, and (ii) recommended that the Board of Directors of Enzon (A) determine that this Agreement and the transactions contemplated hereby, are fair to, and in the best interests of, Enzon and Enzon's stockholders, other than IEH and its Affiliates, (B) approve this Agreement and the transactions contemplated hereby, including the Proposed Enzon Action and (C) recommend that the stockholders of Enzon entitled to vote thereon (x) adopt this Agreement, and (y) approve an amendment to the Amended and Restated Certificate of Incorporation of Enzon in the form set forth as Exhibit A hereto to, among other things, effect a consolidation of the issued and outstanding shares of Enzon Common Stock, pursuant to which the shares of Enzon Common Stock would be combined and reclassified at a ratio of 1 for 100 (the "Reverse Stock Split" or the "Proposed Enzon Action") (this clause (ii)(C), the "Enzon Special Committee Recommendation");"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The ninth "Whereas" clause in the Recitals to the Agreement is hereby amended by deleting the ninth "Whereas" clause in the Recitals and replacing it in its entirety with the following:

"WHEREAS, concurrently with the execution and delivery of this Agreement, and as a condition and inducement to the parties' willingness to enter into this Agreement, Icahn Enterprises Holdings L.P., a Delaware limited partnership ("IEH"), and certain Affiliates thereof, are entering into a support agreement in the form attached hereto

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as Exhibit B (as may be amended, modified or supplemented from time to time, the "IEH Support Agreement") with Enzon and Viskase, pursuant to which IEH has agreed to, among other things, (i) deliver or cause the delivery of written consents with respect to all of the issued and outstanding shares of Enzon Common Stock held by IEH and its Affiliates approving the Proposed Enzon Action and (ii) effectuate the conversion of each issued and outstanding share of Enzon Series C Preferred Stock into shares of Enzon Common Stock immediately prior to the consummation of the Closing, in each case on the terms and conditions set forth in the IEH Support Agreement (the "IEH Share Exchange");"

Section 1.2Amendment to Section 1.6(a) of the Agreement. Section 1.6(a) of the Agreement is hereby amended by deleting Section 1.6(a) of the Agreement and replacing it in its entirety with the following:

"(a) Directors. The parties hereto shall take all actions necessary such that, as of the Effective Time, the Board of Directors of Enzon and the Surviving Company shall be comprised of (i) individuals designated by the Viskase Board of Directors prior to the effectiveness of the Registration Statement, (ii) Jordan Bleznick and (iii) Randolph C. Read. Each such director shall hold office until his or her respective successor is duly elected or appointed and qualified or until his or her earlier death, resignation or removal in accordance with the governing documents of Enzon or the Surviving Company, as applicable, and applicable Law."

Section 1.3Amendment to Section 2.5 of the Agreement. Section 2.5 of the Agreement is hereby amended by deleting Section 2.5 of the Agreement and replacing it in its entirety with the following:

"**No Fractional Shares of Enzon Common Stock**. No fractional shares of Enzon Common Stock shall be issued upon the conversion of shares of Viskase Common Stock pursuant to Section 1.7, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a stockholder of Enzon. Notwithstanding any other provision of this Agreement, each holder of Viskase Common Stock converted pursuant to Section 1.7 that would otherwise have been entitled to receive a fraction of a share of Enzon Common Stock (after taking into account all shares of Viskase Common Stock evidenced by the Certificates and Book-Entry Shares delivered by such holder) shall receive, in lieu thereof, cash (without interest) in an amount equal to such fractional amount multiplied by the volume weighted averages of the trading prices of Enzon Common Stock on the "OTCQB tier" of the OTC market of the OTC Markets Group, Inc. ("OTC") (as reported by Bloomberg or, if not reported thereby, in another authoritative source mutually selected by Enzon and Viskase) on the five (5) consecutive Trading Days ending on (and including) the Trading Day that is two (2) Trading Days prior to the date of the Effective Time, rounded down to the nearest penny."

Section 1.4Amendment to Section 3.19 of the Agreement. Section 3.19 of the Agreement is hereby amended by deleting Section 3.19 of the Agreement and replacing it in its entirety with the following:

"**Opinion of Financial Advisors**. The Viskase Special Committee has received the opinion of Alvarez & Marsal Valuation Services, LLC, dated as of October 22, 2025, to the effect that, as of the date of such opinion and subject to the limitations, qualifications and assumptions set forth therein, the Exchange Ratio is fair from a financial point of view to the holders of Viskase Common Stock (other than holders of the Cancelled Shares, Dissenting Viskase Shares and the Icahn Related Parties). As of October 24, 2025, such opinion has not been withdrawn, revoked or modified."

Section 1.5Amendment to Section 4.5(b) of the Agreement. Section 4.5(b) of the Agreement is hereby amended by deleting Section 4.5(b) of the Agreement and replacing it in its entirety with the following:

"Enzon is in compliance in all material respects with the applicable listing and corporate governance rules and regulations of FINRA and OTC as to the quotation of the Enzon Common Stock on the "OTCQB tier" of OTC."

Section 1.6Amendment to Section 4.19 of the Agreement. Section 4.19 of the Agreement is hereby amended by deleting Section 4.19 of the Agreement and replacing it in its entirety with the following:

"**Opinion of Financial Advisors**. The Enzon Special Committee has received the opinion of A.G.P./Alliance Global Partners, dated as of October 21, 2025, to the effect that, as of the date of such opinion and subject to the limitations, qualifications and assumptions set forth therein, the Exchange Ratio in the Merger pursuant to this Agreement is fair from a financial point of view to Enzon. As of October 24, 2025, such opinion has not been withdrawn, revoked or modified."

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Section 1.7Amendment to Section 7.16 of the Agreement. Section 7.16 of the Agreement is hereby amended by deleting Section 7.16 of the Agreement and replacing it in its entirety with the following:

"**Reverse Stock Split**. Prior to the Effective Time, Enzon shall take all actions necessary to effectuate the Reverse Stock Split."

Section 1.8Amendment to Section 7.17 of the Agreement. Section 7.17 of the Agreement is hereby amended by deleting Section 7.17 of the Agreement and replacing it in its entirety with the following:

"**382 Rights Agreement**. Prior to the Effective Time, the Board of Directors of Enzon shall (a) permit the rights issued pursuant to that certain Section 382 Rights Agreement dated as of August 14, 2020, as amended, by and between Enzon and Continental Stock Transfer & Trust Company (the "382 Rights Agreement") to expire in accordance with the terms of the 382 Rights Agreement, and (b) cause the 382 Rights Agreement to be terminated or expire in accordance with its terms."

Section 1.9Amendment to Section 8.3(f) of the Agreement. Section 8.3(f) of the Agreement is hereby amended by deleting Section 8.3(f) of the Agreement and replacing it in its entirety with the following:

"**Minimum Cash Condition**. At the Closing, Enzon shall have Cash on Hand of an amount that is equal to or greater than $40,000,000 (the "Minimum Cash Condition")."

Section 1.10Amendment to Section 9.1(b) of the Agreement. Section 9.1(b) of the Agreement is hereby amended by deleting Section 9.1(b) of the Agreement and replacing it in its entirety with the following:

"By either Viskase or Enzon if the Effective Time shall not have occurred on or before 11:59 p.m., Eastern Time on March 31, 2026 (as such date may be extended in accordance with this Section 9.1(b), the "Termination Date"); provided, further, that the right to terminate this Agreement under this Section 9.1(b) shall not be available to any party whose material breach of any obligation under this Agreement has been the primary cause of the failure of the Effective Time to occur on or before the Termination Date."

Section 1.11Amendments to Section 10.12 of the Agreement. Section 10.12 of the Agreement is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Section 10.12 of the Agreement is hereby amended by deleting the definition of "IEH Exchange Adjustment" in its entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Section 10.12 of the Agreement is hereby amended by deleting the definition of "Agreement" and replacing it in its entirety with the following:

"Agreement" shall have the meaning set forth in the Recitals to the Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Section 10.12 of the Agreement is hereby amended by deleting the definition of "Total Closing Share Number" and replacing it in its entirety with the following:

""Total Closing Share Number" means the number equal to (i) the number of shares of Enzon Common Stock issued and outstanding as of immediately prior to the Effective Time (after giving effect to the Reverse Stock Split, the IEH Share Exchange and the shares of Enzon Common Stock issued pursuant to the Series C Exchange Offer), divided by (ii) 0.45."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Section 10.12 of the Agreement is hereby amended by deleting the definition of "Viskase Closing Share Number" and replacing it in its entirety with the following:

""Viskase Closing Share Number" means the number of shares of Enzon Common Stock equal to (i) the Total Closing Share Number, minus (ii) the number of shares of Enzon Common Stock issued and outstanding as of immediately prior to the Effective Time (after giving effect to the Reverse Stock Split, the IEH Share Exchange and the shares of Enzon Common Stock issued pursuant to the Series C Exchange Offer)."

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Section 10.12 of the Agreement is hereby amended by adding the following words to the end of the definition of "Viskase Material Adverse Effect":

"Notwithstanding the foregoing, if Enzon, Merger Sub or any of their respective Representatives knew of the material facts of a matter prior to October 24, 2025 (including in connection with any request made pursuant to Section 5.1), then no effect, change, event or occurrence arising out of, or resulting from, such facts shall constitute a Viskase Material Adverse Effect for all purposes under this Agreement; provided that, for the avoidance of doubt, a Viskase Material Adverse Effect may result from facts that Enzon, Merger Sub or any of their respective Representatives become aware of after October 24, 2025."

Section 1.12Amendment to Exhibit A to the Agreement. Exhibit A to the Agreement is hereby amended by deleting Exhibit A to the Agreement and replacing it in its entirety with Exhibit B to this Amendment.

**Article II**

**MISCELLANEOUS**

Section 2.1Waivers of Enzon and Merger Sub.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of Enzon and Merger Sub (each, a " Waiving Party ") hereby unconditionally and irrevocably waives, consents to and releases (i) any inaccuracy in, breach of or failure to comply with any representation, warranty, covenant or agreement of Viskase in the Agreement, to the extent known to such Waiving Party as of the date hereof (each, a " Viskase Breach ") and (ii) any fact, event, circumstance or condition giving rise to a Viskase Breach, in each case to the extent known to such Waiving Party as of the date hereof and occurring or existing on or prior to the date hereof (the foregoing (i)-(ii), collectively, the " Pre-Amendment Matters ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any inaccuracy or breach to the extent resulting from any Pre-Amendment Matter shall be disregarded for purposes of determining the satisfaction of any condition to Closing set forth in Section 8.2(a) or Section 8.2(b) of the Agreement. Each Waiving Party further waives any right to terminate, delay or refuse to consummate the Closing by reason of any Pre-Amendment Matter. For the avoidance of doubt, nothing herein waives any claim for fraud or Intentional Breach with respect to facts first arising or becoming known by a Waiving Party after the date of this Amendment.

Section 2.2No Other Amendments. Except to the extent that any provisions of, or any Exhibits or Schedules to, the Agreement are expressly amended by this Amendment, all terms and conditions of the Agreement shall remain in full force and effect, and, to the extent applicable, such terms shall apply to this Amendment as if it formed a part of the Agreement. In the event of any inconsistency or contradiction between the terms of this Amendment and the Agreement, the provisions of this Amendment shall prevail and control.

Section 2.3Reference to the Agreement. After giving effect to this Amendment, each reference in the Agreement to "this Agreement," "hereof," "herein," "herewith," "hereunder" and words of similar import shall refer to the Agreement as amended by this Amendment. No reference to this Amendment need be made in any instrument or document at any time referring to the Agreement, and a reference to the Agreement in any such instrument or document shall be deemed to be a reference to the Agreement as amended by this Amendment.

Section 2.4General Provisions. The provisions of Sections 9.3, Section 9.4 and Sections 10.3 through 10.11 of the Agreement shall, to the extent not already set forth in this Amendment, apply *mutatis mutandis* to this Amendment, and to the Agreement as modified by this Amendment, taken together as a single agreement, reflecting the terms as modified hereby.

[*Remainder of Page Intentionally Left Blank*]

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IN WITNESS WHEREOF, the Parties have caused this Amendment to be executed as of the date first above written.

---

| | |
|:---|:---|
| **Enzon Pharmaceuticals, Inc.** | **Enzon Pharmaceuticals, Inc.** |
| By | /s/ Richard L. Feinstein |
|  | Name: Richard L. Feinstein |
|  | Title: CEO, CFO and Secretary |
| **Viskase Companies, Inc.** | **Viskase Companies, Inc.** |
| By | /s/ Carolyn Zhang |
|  | Name: Carolyn Zhang |
|  | Title: Vice President & Chief Financial Officer |
| **EPSC Acquisition Corp.** | **EPSC Acquisition Corp.** |
| By | /s/ Richard L. Feinstein |
|  | Name: Richard L. Feinstein |
|  | Title: President and CEO |

---

*[Signature Page to the Amendment]*

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**EXHIBIT A**

IEH Support Agreement Amendment

[intentionally omitted]

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**EXHIBIT B**

Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Enzon

**CERTIFICATE OF AMENDMENT TO THE**

**AMENDED AND RESTATED CERTIFICATE OF INCORPORATION**

**OF**

**Enzon Pharmaceuticals, Inc.**

(Pursuant to Section 242 of the General Corporation Law of the State of Delaware)

**ENZON PHARMACEUTICALS, INC.** (the *"****Corporation****"*), a corporation organized and existing under and by virtue of the General Corporation Law of the State of Delaware (the *"****DGCL****"*), does hereby certify that:

**FIRST:** The present name of the Corporation is Enzon Pharmaceuticals, Inc.

**SECOND:** The name under which the corporation was originally incorporated is Enzon, Inc. and the date of the filing of the original certificate of incorporation of the Corporation with the Secretary of State of the State of Delaware is May 11, 1983 (as so amended, the "***Certificate of Incorporation***").

**THIRD:** The Certificate of Incorporation is hereby amended by deleting ARTICLE FIRST in its entirety and inserting the following in lieu thereof:

"FIRST: The present name of the corporation (hereinafter called the "***Corporation***") is Viskase Holdings, Inc."

**FOURTH:** The Certificate of Incorporation is hereby amended by adding the following as a new clause (C) to Section 4 of ARTICLE FOURTH:

"(C) Effective [*date and time*] (the "***Effective Time***"), each one hundred (100) shares of the Corporation's Common Stock that are issued and outstanding immediately prior to the Effective Time shall, automatically and without any action on the part of the Corporation or respective holders thereof, be reclassified and combined into one (1) share of Common Stock (the "***Reverse Split***"). If, upon aggregating all of the shares of Common Stock held by a holder of Common Stock immediately following the Reverse Split such holder would otherwise be entitled to a fractional share of Common Stock, the Corporation shall pay in cash (without interest) to each such holder an amount equal to such fraction multiplied by the closing price of the Common Stock on the OTCQX, or such other market or exchange as such shares of Common Stock may then be traded, on the last trading day immediately preceding the Effective Time (with such closing price proportionately adjusted to give effect to the Reverse Split).

Each stock certificate that, immediately prior to the Effective Time, represented shares of Common Stock that were issued and outstanding immediately prior to the Effective Time, shall, from and after the Effective Time, automatically and without the necessity of presenting the same for exchange, represent that number of whole shares of Common Stock after the Effective Time into which the shares formerly represented by such certificate have been reclassified, as well as the right to receive cash in in lieu of fractional shares of Common Stock to which such holder may be entitled; *provided*, *however*, that each person of record holding a certificate that represented shares of Common Stock that were issued and outstanding immediately prior to the Effective Time shall receive, upon surrender of such certificate, a new certificate evidencing and representing the number of whole shares of Common Stock after the Effective Time into which the shares of Common Stock formerly represented by such certificate shall have been reclassified, as well as the right to receive cash in lieu of fractional shares of Common Stock to which such holder may be entitled."

**FIFTH:** Resolutions were duly adopted by the Board of Directors of the Corporation setting forth this proposed Certificate of Amendment to the Certificate of Incorporation and declaring said amendment to be advisable and calling for the consideration and approval thereof at a meeting of the stockholders of the Corporation. Pursuant to the resolution of the Board of Directors, a meeting of the stockholders of the Company was duly called and held upon notice in accordance with Section 222 of the General Corporation Law of the State of Delaware at which meeting the necessary number of shares as required by statute were voted in favor of the foregoing amendment.

**SIXTH:** The foregoing amendment was duly adopted in accordance with the provisions of Section 242 of the General Corporation Law of the State of Delaware.

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**SEVENTH:** That this Certificate of Amendment shall become effective immediately upon filing.

**In Witness Whereof**, Enzon Pharmaceuticals, Inc. has caused this Certificate of Amendment to be executed by its duly authorized officer on this [●] day of [●], [●].

---

| | |
|:---|:---|
| **Enzon Pharmaceuticals, Inc.** | **Enzon Pharmaceuticals, Inc.** |
| By: |  |
|  | Name: |
|  | Title: |

---

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**Annex B**

Execution Version

**SUPPORT AGREEMENT**

This SUPPORT AGREEMENT, dated as of June 20, 2025 (this "Agreement"), is made by and among:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Enzon Pharmaceuticals, Inc., a Delaware corporation ("Enzon");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Viskase Companies, Inc., a Delaware corporation ("Viskase"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Icahn Enterprises Holdings L.P., a Delaware Limited Partnership ("IEH"), American Entertainment Properties Corp., a Delaware corporation ("AEP"), Icahn Partners LP, a Delaware limited partnership ("IPLP") and Icahn Partners Master Fund LP, a Delaware limited partnership ("IPMF") (collectively, the "IEH Parties");

**W I T N E S E T H**

WHEREAS, concurrently with the execution and delivery of this Agreement, Enzon, Viskase, and EPSC Acquisition Corp., a Delaware corporation ("Merger Sub") entered into an Agreement and Plan of Merger (the "Merger Agreement"), pursuant to which, among other things, the parties agreed to effect a merger of Merger Sub with and into Viskase, with Viskase as the surviving corporation (the "Merger"), upon the terms and subject to the conditions set forth therein;

WHEREAS, as of the date hereof, the IEH Parties Beneficially Own the number of outstanding shares of common stock, par value $0.01 per share, of Enzon (the "Enzon Voting Common Stock") set forth on Schedule I hereto (all such shares of Enzon Voting Common Stock Beneficially Owned by the IEH Parties, together with all other shares of Enzon Common Stock acquired and Beneficially Owned after the date hereof and prior to the Expiration Time, collectively, the "Enzon Shares");

WHEREAS, as of the date hereof, the IEH Parties Beneficially Own the number of outstanding shares of Enzon's Series C Preferred Stock, par value $0.01 per share (the "Enzon Series C Preferred Stock"), set forth on Schedule I hereto; and

WHEREAS, the IEH Parties desire to exchange the Enzon Series C Preferred Stock Beneficially Owned by the IEH Parties for shares of Enzon Common Stock, and Enzon desires to effectuate such exchange, in each case on the terms and conditions contained herein; and

WHEREAS, Enzon and Viskase desire that IEH agrees, and IEH is willing to agree, on the terms and subject to the conditions set forth herein, (a) to vote or consent with respect to all of the Enzon Shares and the Enzon Preferred Shares to facilitate the consummation of the Merger, the approval of the Proposed Enzon Actions and the other transactions contemplated by the Merger Agreement and (b) to effectuate the IEH Share Exchange.

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**&nbsp;&nbsp;&nbsp;&nbsp;** Definitions and Related Matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Definitions. This Agreement is the "IEH Support Agreement" as defined in the Merger Agreement. Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to such terms in the Merger Agreement. As used in this Agreement, the following terms shall have the meanings indicated below:

"Affiliate" shall mean, with respect to any Person, any other Person that, directly or indirectly through one or more intermediaries, Controls, is Controlled by or is under common Control with such Person; provided that, for purposes of this Agreement, (a) none of Enzon, Viskase or their respective Subsidiaries shall be deemed to be an Affiliate of IEH, (b) with respect to Enzon, "Affiliate" means any Person that is Controlled by Enzon and (c) with respect to Viskase, "Affiliate" means any Person that is Controlled by Viskase.

"Agreement" shall have the meaning set forth in the Preamble.

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"Beneficially Own" shall mean, with respect to any securities, having "beneficial ownership" of such securities for purposes of Rule 13d-3 or 13d-5 under the Exchange Act (or any successor statute or regulation).

"Control" shall mean the possession, directly or indirectly, of any other power to direct or cause the direction of the management and policies of such a Person, whether through ownership of voting securities, by contract or otherwise.

"Covered Persons" shall have the meaning set forth in Section 17.

"Enzon" shall have the meaning set forth in the Preamble.

"Enzon 20-Day VWAP" shall mean the price equal to the average of the volume-weighted average price of Enzon Common Stock on the "OTCQX tier" of OTC (as reported by Bloomberg or, if not reported thereby, in another authoritative source mutually selected by Enzon, Viskase and IEH) for the last twenty (20) Trading Days prior to (and including) the date hereof, rounded down to the nearest 1/100<sup>th</sup> of a penny (as adjusted to take into account the Reverse Stock Split, to the extent the Reverse Stock Split is effectuated prior to the date of the relevant issuance of Enzon Common Stock).

"Enzon Exchange Stock" shall have the meaning set forth in Section 4.

"Enzon Series C Preferred Stock" shall have the meaning set forth in the Recitals.

"Enzon Shares" shall have the meaning set forth in the Recitals.

"Enzon Transaction Litigation" shall have the meaning set forth in Section 9.2.

"Enzon Voting Common Stock" shall have the meaning set forth in the Recitals.

"Enzon Written Consent" shall have the meaning set forth in Section 2.

"Expiration Time" shall mean the earliest to occur of (a) the Effective Time, (b) the termination of the Merger Agreement in accordance with its terms and (c) the time of any modification, waiver or amendment to any provision of the Merger Agreement without IEH's prior written consent which is adverse to the IEH Parties.

"IEH" shall have the meaning set forth in the Preamble.

"IEH Exchange Adjustment" shall mean an amount equal to the amount by which (i) the Cash on Hand of Enzon at the Closing, *minus* (ii) the aggregate Liquidation Preference of the shares of Enzon Series C Preferred Stock Beneficially Owned by any non-IEH Party (for the avoidance of doubt, excluding any shares of Enzon Series C Preferred Stock exchanged for Enzon Common Stock pursuant to the Series C Exchange Offer) is exceeded by $43,045,000 (if any); *provided* that the IEH Exchange Adjustment shall not exceed $1,000,000.

"IEH Parties" shall have the meaning set forth in the Preamble.

"IEH Share Exchange" shall have the meaning set forth in Section 4.

"IEH Transaction Litigation" shall have the meaning set forth in Section 9.3.

"Liquidation Preference" shall have the meaning ascribed to such term in the Series C Certificate of Designation.

"Merger" shall have the meaning set forth in the Recitals.

"Merger Agreement" shall have the meaning set forth in the Recitals.

"Merger Agreement Parties" shall mean each of Enzon, Viskase and Merger Sub.

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"Organizational Documents" shall mean, with respect to any Person, such Person's articles or certificate of association, incorporation, formation or organization, bylaws, limited liability company agreement, partnership agreement or other constituent document or documents, each in its currently effective form as amended from time to time.

"Person" shall mean an individual, corporation, limited liability company, partnership, association, trust, other entity or group (as defined in the Exchange Act).

"Subsidiary" shall mean, when used with respect to any Person, (a) any corporation, partnership or other organization, whether incorporated or unincorporated, (i) of which such Person or any other Subsidiary of such Person is a general partner (excluding partnerships, the general partnership interests of which held by such Person or any Subsidiary of such Person do not have a majority of the voting interests in such partnership) or (ii) at least a majority of the securities or other interests of which having by their terms ordinary voting power to elect a majority of the Board of Directors or others performing similar functions with respect to such corporation or other organization is directly or indirectly owned or controlled by such Person or by any one or more of its Subsidiaries, or by such Person and one or more of its Subsidiaries, or (b) any partnership, limited liability company, association, joint venture or other business entity, of which a majority of the partnership, joint venture or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person or a combination thereof.

"Takeover Law" shall have the meaning set forth in Section 7.5.

"Viskase" shall have the meaning set forth in the Preamble.

"Viskase Transaction Litigation" shall have the meaning set forth in Section 9.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Other Definitional Provisions. Unless the context of this Agreement clearly requires otherwise, words imparting the masculine gender shall include the feminine and neutral genders and vice versa, and the definitions of terms contained in this Agreement are applicable to the singular as well as the plural forms of such terms. The words "includes" or "including" shall mean "including without limitation." The words "hereof," "hereby," "herein," "hereunder" and similar terms in this Agreement shall refer to this Agreement as a whole and not any particular section or article in which such words appear, the word "extent" in the phrase "to the extent" shall mean the degree to which a subject or other thing extends and such phrase shall not mean simply "if." Any reference to a Law shall include any rules and regulations promulgated thereunder, and shall mean such Law as from time to time amended, modified or supplemented. References herein to any contract (including this Agreement) mean such contract as amended, supplemented or modified from time to time in accordance with the terms thereof. Each reference to a "wholly owned Subsidiary" of a Person shall be deemed to include any Subsidiary of such Person where all of the equity interests of such Subsidiary are directly or indirectly owned by such Person (other than directors qualifying shares, nominee shares or other equity interests that are required by law or regulation to be held by a director or nominee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**&nbsp;&nbsp;&nbsp;&nbsp;**Agreement to Consent and Approve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Each IEH Party agrees that, promptly (and in any event within one Business Day) after the Registration Statement/Consent Solicitation Statement is declared effective by the SEC, unless an Enzon Adverse Recommendation Change has occurred prior to such time and has not been rescinded, such IEH Party shall execute and deliver, or shall cause to be executed and delivered, a written consent approving the adoption of the Merger Agreement and approving the transactions contemplated thereby, including the Merger and the Proposed Enzon Actions, substantially in the form attached hereto as Exhibit A (the "Enzon Written Consent"), with respect to all of such IEH Party's Enzon Shares and Enzon Preferred Shares. The Enzon Written Consent shall be given in accordance with such procedures relating thereto, including pursuant to the DGCL and the Enzon Organizational Documents, so as to ensure that it is duly counted for purposes of recording the results of such consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** No IEH Party shall, directly or indirectly, sell, transfer, exchange or otherwise dispose of (including by merger, consolidation or otherwise by operation of law) the Enzon Shares or the Enzon Preferred Shares, other than to an Affiliate of such IEH Party that agrees to be bound by the terms of this Agreement by executing a joinder to this Agreement substantially in the form of Annex I. No IEH Party shall enter into any tender, voting or other agreement or arrangement with any Person prior to the Expiration Time, directly or indirectly, to vote, grant a proxy or power of attorney or give instructions with respect to the voting of the Enzon Shares or the Enzon Preferred Shares in any manner that is inconsistent with this Agreement or otherwise take any other action with respect to the Enzon Shares or the Enzon Preferred Shares that would in any way restrict, limit or interfere with

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the performance by the IEH Parties, of their obligations hereunder or the transactions contemplated hereby; provided, however, that the foregoing restriction shall cease to apply in the event an Enzon Adverse Recommendation Change has occurred prior to such time and not been rescinded. Except for the delivery of the Enzon Written Consent expressly contemplated by this Agreement, prior to the Expiration Time, no IEH Party shall call, seek to call or request the call of any meeting of Enzon stockholders with respect to any matter relating to the Merger or other transactions contemplated by the Merger Agreement, including by written consent, whether pursuant to the DGCL, the Enzon Organizational Documents or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** From the date hereof until the Expiration Time, no IEH Party shall take any action in contravention of, or that conflicts with, (a) the designation of the members of the Board of Directors of Enzon occurring at the Effective Time as contemplated by Section 1.6 of the Merger Agreement or (b) the Proposed Enzon Actions becoming effective at or prior to the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Each IEH Party agrees that, from the date hereof until the Expiration Time, it shall vote the Enzon Shares and the Enzon Preferred Shares, as applicable, or cause the Enzon Shares and the Enzon Preferred Shares, as applicable, to be voted against (including by written consent) (a) any Enzon Acquisition Proposal (and shall not vote or cause to be voted any other Enzon Shares or Enzon Preferred Shares, as applicable, in favor of any Enzon Acquisition Proposal), (b) any amendment of the Enzon Organizational Documents (other than the amendments of the Enzon Organizational Documents contemplated in connection with the Proposed Enzon Actions or the Merger, in each case as set forth in the Merger Agreement), which amendment would in any manner impede, interfere with, delay, postpone, adversely affect or prevent the consummation of the Proposed Enzon Actions, the Merger or the other transactions contemplated by the Merger Agreement or change in any manner the voting rights of Enzon Voting Common Stock (and shall not vote or cause to be voted any other Enzon Shares or Enzon Preferred Shares, as applicable, in favor of any such amendment), and (c) any other action, agreement or transaction involving Enzon that is intended, or would reasonably be expected, to impede, interfere with, delay, postpone, adversely affect or prevent the consummation of the Enzon Proposed Actions, the Merger or the other transactions contemplated by the Merger Agreement (and shall not vote or cause to be voted any other Enzon Shares or Enzon Preferred Shares, as applicable, in favor of any such action, agreement or transaction); provided, however, that the foregoing clauses (a)—(c) shall not apply to any transaction, proposal or action that is the subject of an Enzon Adverse Recommendation Change made in accordance with Section 7.5(d) of the Merger Agreement that has not been rescinded. Any attempt by any IEH Party to vote, or express consent or dissent with respect to (or otherwise to utilize the voting power of), its Enzon Shares or Enzon Preferred Shares, as applicable, in contravention of this Section 2 shall be null and void *ab initio*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Each of Enzon and Viskase hereby agrees that, from the date hereof until the record date for the stockholder consent relating to the Enzon Stockholder Approval and the Viskase Stockholder Approval, respectively, it shall not allot or issue shares of Enzon Common Stock or Viskase Common Stock, as applicable, and shall not grant rights to subscribe for, or convert any security into, Enzon Common Stock or Viskase Common Stock, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **&nbsp;&nbsp;&nbsp;&nbsp;**Agreement Not to Solicit. Each IEH Party agrees that, from the date hereof until the Expiration Time, it shall not, and shall cause each of its Affiliates and its and their respective Representatives not to, directly or indirectly, (a) solicit, initiate or knowingly facilitate or encourage (including by way of furnishing non-public information) the submission of any inquiries regarding, or the making of any proposal or offer that constitutes, or would reasonably be expected to lead to, an Enzon Acquisition Proposal, (b) engage in, continue or otherwise participate in any discussions or negotiations regarding, or furnish to any other Person any non-public information in connection with, or for the purpose of, encouraging or facilitating an Enzon Acquisition Proposal, or (c) enter into any letter of intent, memorandum of understanding, agreement in principle, merger agreement, acquisition agreement or other similar agreement constituting an Enzon Acquisition Proposal; provided, however, that if Enzon or any of its respective Representatives receives an Enzon Acquisition Proposal, which (i) such Enzon Acquisition Proposal did not result from any breach of this Section 3 or the Merger Agreement, and (ii) the Board of Directors of Enzon or the Enzon Special Committee, as applicable, determines in good faith, after consultation with its financial advisor and outside legal counsel, that such Enzon Acquisition Proposal constitutes or is reasonably likely to lead to an Enzon Superior Proposal, then the IEH Parties and their Representatives may engage in or otherwise participate in discussions or negotiations with the Person or group of Persons making such Enzon Acquisition Proposal, solely to the extent that Enzon and such IEH Parties and their Representatives, are permitted under the terms of the Merger Agreement to engage in or otherwise participate in discussions or negotiations with such Person or group of Persons; provided further, that, in such case, (x) the initial discussions or negotiations between the IEH Parties or their Representatives and such Person or group of Persons shall be subject to the consent of Enzon (such consent not to be unreasonably withheld, conditioned or delayed), (y) the IEH Parties and such Representatives shall coordinate in advance of such discussions with Enzon with respect to what will be communicated in such discussions or negotiations, and (z) the IEH Parties and such Representatives shall thereafter keep Enzon reasonably apprised with respect to any such discussions or negotiations. Each IEH Party agrees that, from the date hereof until the Expiration Time, it shall, and shall cause its Affiliates and its and their respective Representatives to, immediately cease any

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solicitation, encouragement, discussions or negotiations with any Persons that may be ongoing with respect to an Enzon Acquisition Proposal or any inquiry or proposal that would reasonably be expected to lead to an Enzon Acquisition Proposal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **&nbsp;&nbsp;&nbsp;&nbsp;**Enzon Series C Preferred Stock Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Immediately prior to the Closing, each IEH Party shall deliver to Enzon each share of Enzon Series C Preferred Stock Beneficially Owned by such IEH Party, and Enzon shall, in exchange therefor, deliver to the IEH Parties a number of shares of Enzon Common Stock equal to (A) (x) the aggregate Liquidation Preference of the shares of Enzon Series C Preferred Stock Beneficially Owned by such IEH Party, *minus* (y) $961,700, *minus* (z) the IEH Exchange Adjustment, *divided* by (B) the Enzon 20-Day VWAP (the "IEH Share Exchange", and the shares of Enzon Common Stock issued in the IEH Share Exchange, the "Enzon Exchange Stock"). In connection with the IEH Share Exchange, Enzon shall (a) retire and cancel the Shares of Enzon Series C Preferred Stock delivered by the IEH Parties to Enzon, (b) cause Enzon's transfer agent to issue to the IEH Parties, in book-entry form, the Enzon Exchange Stock issuable to the IEH Parties pursuant to the IEH Share Exchange, and (c) use commercially reasonable efforts to ensure that Enzon's Cash on Hand at Closing is not less than $43,045,000, *plus* the aggregate Liquidation Preference of the shares of Enzon Series C Preferred Stock Beneficially Owned by any non-IEH Party (for the avoidance of doubt, excluding any shares of Enzon Series C Preferred Stock exchanged for Enzon Common Stock pursuant to the Series C Exchange Offer); provided that this Section 4(c) shall not prevent Enzon from paying customary and reasonable expenses incurred in connection with the transactions contemplated by the Merger Agreement or hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Enzon shall, no less than twenty-five (25) Business Days prior to the anticipated Closing Date, commence the Series C Exchange Offer. The consummation of the Series C Exchange Offer shall be conditioned only upon the prior satisfaction or waiver of the conditions set forth in Article VIII of the Merger Agreement (excluding those portions of any condition set forth in Article VIII of the Merger Agreement that (i) reference the Series C Exchange Offer or (ii) cannot be satisfied prior to (A) the Closing or (B) the consummation of the Series C Exchange Offer) and the intent of the parties hereto to effectuate the Closing in accordance with the terms of the Merger Agreement. Enzon shall comply with applicable Law, including the Exchange Act, in commencing, performing and consummating the Series C Exchange Offer. Enzon shall use commercially reasonable efforts to (i) ensure that the Series C Exchange Offer is consummated prior to the Closing and (ii) seek maximum participation of the holders of Series C Preferred Stock (other than IEH and its Affiliates) in the Series C Exchange Offer. The IEH Parties shall not, and shall cause their controlled Affiliates not to, participate in the Series C Exchange Offer. Enzon shall afford IEH a reasonable opportunity to review and comment on any documents to be filed with the SEC or any other Governmental Entity in connection with the Series C Exchange Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Assuming the accuracy of the representations and warranties of the IEH Parties in Section 6 and subject to the filings described in Section 7.7 herein, the Enzon Common Stock issuable in connection with the IEH Share Exchange and the Series C Exchange Offer will be issued in compliance with all applicable federal and state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **&nbsp;&nbsp;&nbsp;&nbsp;**Registration Statement/Consent Solicitation Statement. Prior to the filing of the Registration Statement/Consent Solicitation Statement (or any amendment or supplement thereto) with the SEC, the Merger Agreement Parties shall provide IEH with a reasonable opportunity to review and comment on the Registration Statement/Consent Solicitation Statement (or any amendment or supplement thereto) in advance (including the proposed final version of such document) and consider in good faith any reasonable comments provided by IEH or its representatives with respect to any of the disclosures proposed to be included in the Registration Statement/Consent Solicitation Statement (or any amendment or supplement thereto), including disclosures regarding or involving any of the IEH Parties. The Merger Agreement Parties shall promptly provide copies to IEH of any written comments received from the SEC with respect to the Registration Statement/Consent Solicitation Statement and promptly advise IEH of any oral comments received from the SEC. Prior to mailing the Consent Solicitation Statement (or any amendment or supplement thereto) or responding to any comments of the SEC with respect thereto, each of the Merger Agreement Parties shall provide IEH with a reasonable opportunity to review and comment on such document or response in advance (including the proposed final version of such document or response) and consider in good faith any comments provided by IEH or its representatives with respect to any of the disclosures proposed to be included in such document or response, including disclosures regarding or involving any of the IEH Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Representations, Warranties and Covenants of the IEH Parties. Each IEH Party hereby represents and warrants to Enzon and Viskase as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** IEH is a limited partnership duly organized and validly existing and in good standing under the laws of the State of Delaware. The other IEH Parties are duly organized and validly existing and in good standing under the laws of the state in which such IEH Party is organized.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Such IEH Party has all requisite power and authority to execute and deliver this Agreement and to perform its obligations hereunder. With respect to such IEH Party that is a corporation or other entity, the execution and delivery by such IEH Party of this Agreement and the performance of its obligations hereunder have been duly authorized by all necessary action of such IEH Parties. This Agreement has been duly executed and delivered by such IEH Party and, assuming the due authorization, execution and delivery of this Agreement by Enzon, Viskase and the other IEH Parties, constitutes the legal, valid and binding obligation of such IEH Party, enforceable against it in accordance with its terms, except as limited by the Bankruptcy and Equity Exception.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Subject to the accuracy of the representations and warranties of Enzon contained in Section 7.4, the execution and delivery of this Agreement by such IEH Party and the performance of its obligations hereunder will not: (a) with respect to such IEH Party that is a corporation or other entity, conflict or violate any provision of (i) the Organizational Documents of such IEH Party or (ii) the Organizational Documents of any of such IEH Party's Subsidiaries, (b) violate any Law or Order applicable to such IEH Party or any of its Subsidiaries, (c) violate or constitute a breach of or default (with or without notice or lapse of time, or both) under, or give rise to a right of termination, modification, or cancellation of any obligation or to the loss of any benefit pursuant to, any of the terms or provisions of any Contract to which such IEH Party or any of its Subsidiaries is a party or accelerate such IEH Party's or, if applicable, any of its Subsidiaries' obligations under any such Contract or (d) result in the creation of any Lien (other than a Permitted Lien) on any properties or assets of such IEH Party or any of its Subsidiaries, except, in the case of clause (a), (b), (c) and (d), for any breach, violation, termination, default, creation or acceleration that would not, individually or in the aggregate, reasonably be expected to impair the ability of such IEH Party to perform its obligations under this Agreement on a timely basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** As of the date hereof, (a) each IEH Party owns the number and class of shares of Enzon Common Stock and Viskase Common Stock that appear across from its name on Schedule I to this Agreement and (b) the IEH Parties each have the sole and unencumbered right to vote all of the Enzon Shares that they own.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Except as contemplated by this Agreement and the Merger Agreement, such IEH Party has not entered into any tender, voting or other agreement or arrangement with respect to any Enzon Shares or entered into any other contract relating to the voting of any Enzon Shares. Any and all proxies in respect of the Enzon Shares are revocable, and such proxies either have been revoked prior to the date hereof or are hereby revoked.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** As of the date hereof, there is no Proceeding pending or, to the knowledge of such IEH Party, threatened against or affecting such IEH Party that, individually or in the aggregate, would reasonably be expected to impair the ability of such IEH Party to perform its obligations under this Agreement or to consummate the transactions contemplated by this Agreement on a timely basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Such IEH Party hereby (a) authorizes Enzon and Viskase to publish and disclose in any announcement or disclosure in connection with the transactions contemplated by the Merger Agreement, including the Registration Statement/Consent Solicitation Statement and any other applicable filings under the Exchange Act or the Securities Act, its identity and ownership of the Enzon Shares and the nature of its obligations under this Agreement, and (b) agrees to reasonably cooperate with Enzon and Viskase in connection with such filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Such IEH Party agrees that it shall promptly furnish to Enzon and Viskase any information that Enzon or Viskase may reasonably request for the preparation of any such announcement, disclosure or other applicable filings. None of the information supplied or to be supplied by such IEH Party specifically for inclusion or incorporation by reference in the Registration Statement/Consent Solicitation Statement will, at the time the Registration Statement/Consent Solicitation Statement is filed with the SEC, and at any time it is amended or supplemented or at the time it becomes effective under the Securities Act, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading. Such IEH Party hereby agrees that it shall promptly notify Enzon and Viskase of any required corrections with respect to any written information supplied by it specifically for use in any such announcement, disclosure or other applicable filings, if and to the extent that any such information contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. Notwithstanding the foregoing, no representation or warranty is made by such IEH Party with respect to statements made or incorporated by reference therein based on information supplied by Enzon or Viskase specifically for inclusion or incorporation by reference in the Registration Statement/Consent Solicitation Statement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** As of the date hereof, none of such IEH Party or its "affiliates" or "associates" is restricted from engaging in a "business combination" with Enzon pursuant to Section 203 of the DGCL (with the meaning of each foregoing word in quotation marks as defined in Section 203 of the DGCL).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **&nbsp;&nbsp;&nbsp;&nbsp;**Representations, Warranties and Covenants of Enzon. Enzon hereby represents and warrants to Viskase and the IEH Parties as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Enzon is a corporation duly organized and validly existing and in good standing under the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Enzon has all requisite power and authority to execute and deliver this Agreement and to perform its obligations hereunder. The execution and delivery by Enzon of this Agreement and the performance of its obligations hereunder have been duly authorized by all necessary action of Enzon. This Agreement has been duly executed and delivered by Enzon and, assuming the due authorization, execution and delivery of this Agreement by Viskase and the IEH Parties, constitutes the legal, valid and binding obligation of Enzon, enforceable against it in accordance with its terms, except as limited by the Bankruptcy and Equity Exception.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** The execution and delivery of this Agreement by Enzon and the performance of its obligations hereunder will not (a) conflict or violate any provision of (i) the Organizational Documents of Enzon or (ii) the Organizational Documents of any Subsidiary of Enzon, (b) violate any Law or Order applicable to Enzon or any of its Subsidiaries, (c) violate or constitute a breach of or default (with or without notice or lapse of time, or both) under, or give rise to a right of termination, modification, or cancellation of any obligation or to the loss of any benefit pursuant to, any of the terms or provisions of any Contract to which Enzon or any of its Subsidiaries is a party or accelerate the obligations of Enzon or, if applicable, any of its Subsidiaries under any such Contract or (d) result in the creation of any Lien (other than a Permitted Lien) on any properties or assets of Enzon or any of its Subsidiaries, except, in the case of clause (a), (b), (c) and (d), for any breach, violation, termination, default, creation or acceleration that would not, individually or in the aggregate, reasonably be expected to impair the ability of Enzon to perform its obligations under this Agreement on a timely basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** All of the members of the Board of Directors of Enzon who are not affiliated or associated with the IEH Parties have approved the Merger Agreement and this Agreement, the Merger and the other transactions contemplated by this Agreement and the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Assuming the accuracy of the representations and warranties set forth in Section 6.9, no "business combination", "control share acquisition", "fair price", "moratorium" or other anti-takeover Laws (each, a "Takeover Law") apply or will apply to Enzon by reason of this Agreement, the Merger Agreement, the Merger or any of the transactions contemplated hereby or thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Assuming the accuracy of the representations and warranties made by the IEH Parties in Section 6, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any Governmental Entity is required on the part of Enzon in connection with the Icahn Share Exchange, except for (a) compliance with any applicable requirements of the Exchange Act, the Securities Act and any other applicable U.S. state or federal securities, or Takeover Law and (b) compliance with any applicable rules of OTC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **&nbsp;&nbsp;&nbsp;&nbsp;**Representations, Warranties and Covenants of Viskase. Viskase hereby represents and warrants to Enzon and the IEH Parties as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Viskase is a corporation duly organized and validly existing and in good standing under the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Viskase has all necessary corporate power and corporate authority to execute and deliver this Agreement and to perform its obligations hereunder. The execution and delivery by Viskase of this Agreement and the performance of its obligations hereunder have been duly authorized by all necessary action of Viskase. This Agreement has been duly executed and delivered by Viskase and, assuming the due authorization, execution and delivery of this Agreement by Enzon and the IEH

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Parties, constitutes the legal, valid and binding obligation of Viskase, enforceable against it in accordance with its terms, except as limited by the Bankruptcy and Equity Exception.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** The execution and delivery of this Agreement by Viskase and the performance of its obligations hereunder will not (a) conflict or violate any provision of (i) the Viskase Organizational Documents or (ii) the Organizational Documents of any of Viskase's Subsidiaries, (b) violate any Law or Order applicable to Viskase or any of its Subsidiaries, (c) violate or constitute a breach of or default (with or without notice or lapse of time, or both) under, or give rise to a right of termination, modification, or cancellation of any obligation or to the loss of any benefit pursuant to, any of the terms or provisions of any Contract to which Viskase or any of its Subsidiaries is a party or accelerate Viskase's or, if applicable, any of its Subsidiaries' obligations under any such Contract or (d) result in the creation of any Lien (other than a Permitted Lien) on any properties or assets of Viskase or any of its Subsidiaries, except, in the case of clause (a), (b), (c) and (d), for any breach, violation, termination, default, creation or acceleration that would not, individually or in the aggregate, reasonably be expected to impair the ability of Viskase to perform its obligations under this Agreement on a timely basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** No Takeover Laws apply or will apply to Viskase by reason of this Agreement, the Merger Agreement, the Merger or any of the transactions contemplated hereby or thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **&nbsp;&nbsp;&nbsp;&nbsp;**Stockholder Litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Viskase shall provide IEH with prompt notice (in accordance with this Agreement) of any stockholder litigation or claim against Viskase or any of its directors or officers relating to this Agreement, the Merger Agreement, the Merger or any of the other agreements, transactions or filings contemplated by this Agreement or the Merger Agreement ("Viskase Transaction Litigation") and, subject to applicable law, shall provide IEH copies of all material pleadings with respect thereto. If any IEH Party or any of their respective officers, directors or managers is also, and remains, a party to any Viskase Transaction Litigation, (a) Viskase shall (and shall cause each of its directors and officers to) consult with IEH with respect to the defense, settlement and prosecution of such Viskase Transaction Litigation and shall consider in good faith IEH's advice with respect to such Viskase Transaction Litigation and (b) Viskase may not compromise, settle or come to an arrangement regarding, or offer or agree to compromise, settle or come to an arrangement regarding, such Viskase Transaction Litigation without the prior written consent of IEH (which consent shall not be unreasonably withheld, conditioned or delayed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Enzon shall provide IEH with prompt notice (in accordance with this Agreement) of any stockholder litigation or claim against Enzon or any of its directors or officers relating to this Agreement, the Merger Agreement, the Merger or any of the other agreements, transactions or filings contemplated by this Agreement or the Merger Agreement ("Enzon Transaction Litigation") and, subject to applicable law, shall provide IEH copies of all material pleadings with respect thereto. If any IEH Party or any of their respective officers, directors or managers is also, and remains, a party to any Enzon Transaction Litigation, (a) Enzon shall (and shall cause each of its directors and officers to) consult with IEH with respect to the defense, settlement and prosecution of such Enzon Transaction Litigation and shall consider in good faith IEH's advice with respect to such Enzon Transaction Litigation and (b) Enzon may not compromise, settle or come to an arrangement regarding, or offer or agree to compromise, settle or come to an arrangement regarding, such Enzon Transaction Litigation without the prior written consent of IEH (which consent shall not be unreasonably withheld, conditioned or delayed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** The IEH Parties shall provide both Viskase and Enzon with prompt notice (in accordance with this Agreement) of any stockholder litigation or claim against any IEH Party or any of their respective officers, directors or managers relating to this Agreement, the Merger Agreement, the Merger or any of the other agreements, transactions or filings contemplated by this Agreement or the Merger Agreement ("IEH Transaction Litigation") and, subject to applicable law, shall provide Viskase and Enzon copies of all material pleadings with respect thereto. If Viskase or any of its directors or officers is also, and remains, a party to any IEH Transaction Litigation, (a) each IEH Party shall (and shall cause its respective officers, directors or managers to) consult with Viskase with respect to the defense, settlement and prosecution of such IEH Transaction Litigation and shall consider in good faith Viskase's advice with respect to such IEH Transaction Litigation and (b) no IEH Party may compromise, settle or come to an arrangement regarding, or offer or agree to compromise, settle or come to an arrangement regarding, such IEH Transaction Litigation without the prior written consent of Viskase (which consent shall not be unreasonably withheld, conditioned or delayed). If Enzon or any of its directors or officers is also, and remains, a party to any IEH Transaction Litigation, (a) each IEH Party shall (and shall cause its respective officers, directors or managers to) consult with Enzon with respect to the defense, settlement and prosecution of such IEH Transaction Litigation and shall consider in good faith Enzon's advice with respect to such IEH Transaction Litigation and (b) no IEH Party may compromise, settle or come to an arrangement regarding, or offer or agree to compromise, settle or come to an arrangement regarding, such IEH Transaction Litigation without the prior written consent of Enzon (which consent shall not be unreasonably withheld, conditioned or delayed).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Modifications, Amendments and Waivers of the Merger Agreement. Each of the Merger Agreement Parties agrees not to modify, amend or waive (a) the provisions of Article 1, Section 7.10, Article 8, Article 9 or Article 10 of the Merger Agreement or Exhibit A thereto or (b) any other provision of the Merger Agreement in a manner inconsistent with Article 1, Section 7.10, Article 8, Article 9 or Article 10 of the Merger Agreement or Exhibit A or (c) any other provision of the Merger Agreement in a manner that could reasonably have an adverse impact on IEH or its Affiliates at any time without the express prior written consent of IEH (which consent shall not be unreasonably withheld, conditioned or delayed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Notices under the Merger Agreement. Each of the Merger Agreement Parties shall deliver a copy of any notice, request, instruction or other communication or document it gives or makes under the Merger Agreement concurrently to IEH and its counsel in accordance with Section 19.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Third Party Beneficiaries of Section 7.13 of the Merger Agreement. Each of the Merger Agreement Parties agrees that each of the IEH Parties shall be a third-party beneficiary of Section 7.13 of the Merger Agreement, entitled to enforce such section in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Termination. Other than Sections 7.4, 9, 13 and 19, which shall survive any termination of this Agreement, this Agreement shall terminate and shall have no further force or effect immediately as of and following the Expiration Time. Notwithstanding the foregoing, nothing herein shall relieve any party hereto from liability for any breach of this Agreement that occurred prior to such termination; provided, however, that notwithstanding anything to the contrary contained herein, the IEH Parties will not be liable for any money damages for any breach of this Agreement, other than as a result of actual fraud or a willful and material breach by the IEH Parties of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Duties. The IEH Parties are entering into this Agreement solely in their capacities as Beneficial Owners of the Enzon Shares and the Enzon Preferred Shares or as an officer, director, manager, member, settlor, beneficiary or trust of such Beneficial Owners and nothing in this Agreement shall apply to any Person serving in his or her capacity as a director or officer of Enzon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. No Ownership Interest. Nothing contained in this Agreement shall be deemed to vest in Enzon or Viskase any direct or indirect ownership or incidence of ownership of or with respect to the Enzon Shares or Enzon Preferred Shares, as applicable. All rights, ownership and economic benefits of and relating to the Enzon Shares and Enzon Preferred Shares shall remain vested in and belong to the IEH Parties, and neither Enzon nor Viskase shall have the authority to direct the IEH Parties in the voting or disposition of any Enzon Shares or Enzon Preferred Shares, as applicable, except as otherwise expressly provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. No Obligation to Exercise. No provision of this Agreement shall require the IEH Parties to exercise any option, warrant, convertible security or other security or contract right convertible into shares of Enzon Common Stock or Viskase Common Stock (other than in connection with Section 4 and the Proposed Enzon Actions); provided, for the avoidance of doubt, that upon any such exercise, the shares of Enzon Voting Stock or Viskase Common Stock, as applicable, acquired by the IEH Parties pursuant thereto shall be Enzon Shares for all purposes hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Covenant Not to Sue. Each IEH Party, for itself and on behalf of each of its Affiliates, officers, directors, managers, employees, members, stockholders, agents, successors and assigns, covenants and agrees to the fullest extent permitted by Law, that neither such IEH Party nor any other such Person will sue, commence, assert, bring or file in any court or other tribunal, in any jurisdiction, any Proceeding against Enzon, Merger Sub, Viskase, the Surviving Corporation and their respective Affiliates, and each of their respective successors, assigns, directors, officers, employees, agents, partners, equity holders and representatives (collectively, the "Covered Persons") in connection with the Merger Agreement or the transactions contemplated thereby, including the Merger and the Proposed Enzon Actions; provided, however, that this Section 17 shall not apply (a) with respect to the rights or obligations of any Covered Person under the Merger Agreement or this Agreement or (b) in the event of actual fraud or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Private Placement Agreement. Viskase and IEH hereby agree that the certain Private Placement Agreement, dated as of October 9, 2020, by and between Viskase and IEH, shall be terminated and of no force or effect automatically upon the occurrence of the Effective Time without any additional action of the parties thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Miscellaneous.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1. Further Assurances. Enzon, Viskase and each IEH Party will each execute and deliver, or cause to be executed and delivered, all further documents and instruments and use its reasonable best efforts to take, or cause to be taken, all actions necessary to comply with its obligations under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2. Assignment. No party hereto shall assign this Agreement or any rights or obligations hereunder without the prior written consent of each of Enzon, Viskase and IEH, and any such attempted assignment without such prior written consent shall be void and of no force and effect. This Agreement shall inure to the benefit of and shall be binding upon the successors and permitted assigns of the parties hereto. Any purported direct or indirect assignment in violation of this Section 19.2 shall be null and void *ab initio*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3. Amendments and Waivers. No amendment, modification or discharge of this Agreement, and no waiver hereunder, and no extension of time for the performance of any of the obligations hereunder, shall be valid or binding unless set forth in writing and duly executed by the parties. Any such waiver shall constitute a waiver only with respect to the specific matter described in such writing and shall in no way impair the rights of any party granting any waiver in any other respect or at any other time. The waiver by any party of a breach of, or a default under, any of the provisions hereof, or to exercise any right or privilege hereunder, shall not be construed as a waiver of any other breach or default of a similar nature, or as a waiver of any of such provisions, rights or privileges hereunder. Except as expressly provided in this Agreement, the rights and remedies herein provided are cumulative and none is exclusive of any other, or of any rights or remedies that any party may otherwise have at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.4. Notices. All notices, requests, instructions or other communications or documents to be given or made hereunder by any party to the other parties to this Agreement shall be in writing and (a) served by personal delivery upon the party for whom it is intended, (b) by an internationally recognized overnight courier service upon the party for whom it is intended or (c) sent by e-mail, provided that a hard copy is also sent in accordance with the delivery methods set forth in clause (a) or (b) of this Section 19.4:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if to Enzon, to:

Enzon Pharmaceuticals, Inc.

20 Commerce Drive, Suite 135

Cranford, NJ 07016

E-mail: rlfeinsteincpa@enzon.com

Attention: Richard L. Feinstein

Copy to (such copy not to constitute notice):

Brownstein Hyatt Farber Schreck, LLP

675 15<sup>th</sup> Street, Suite 2900

Denver, CO 80202

E-mail: aagron@bhfs.com

eleitch@bhfs.com

Attention: Adam J. Agron

Evan J. Leitch

Copy to (such copy not to constitute notice):

Thompson Hine, LLP

300 Madison Avenue, 27<sup>th</sup> Floor

New York, NY 10017

E-mail: Todd.Mason@ThompsonHine.com

Attention: Todd E. Mason

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if to Viskase, to:

Viskase Companies, Inc.

333 East Butterfield Road Suite 400

Lombard, IL 60148-5679

Email: tim.feast@viskase.com

Attention: Timothy P. Feast, President & CEO

with a copy (which shall not constitute notice) to:

Viskase Companies, Inc.

333 East Butterfield Road Suite 400

Lombard, IL 60148-5679

Email: joe.king@viskase.com

Attention: Joseph D. King, Senior Vice President, General Counsel and Secretary

with a copy (which shall not constitute notice) to:

Troutman Pepper Locke LLP

875 Third Avenue

New York, NY 10022

Email: steven.khadavi@troutman.com

Attention: Steven Khadavi

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if to the IEH Parties, to:

Icahn Enterprises Holdings L.P.

16690 Collins Ave, PH-1

Sunny Isles Beach, FL 33160

Email: Jlynn@sfire.com

Attention: Jesse Lynn, General Counsel

with a copy (which shall not constitute notice) to:

Proskauer Rose LLP

Eleven Times Square

New York, NY 10036

Email: JApfelroth@proskauer.com

LRambo@proskauer.com

Attention: Joshua A. Apfelroth

Louis E. Rambo

Any party may change its address for the purpose of this Section 19.4 by giving the other party written notice of its new address in the manner set forth above. Any notice, request, instruction or other communication or document given as provided above shall be deemed given to the receiving party (x) upon actual receipt, if delivered personally, (y) on the second (2nd) Business Day after deposit with an overnight courier, if sent by an overnight courier, or (z) upon confirmation of successful transmission if sent by email. Copies to outside counsel are for convenience only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.5. Governing Law; Jurisdiction; Specific Performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** This Agreement shall be construed, performed and enforced in accordance with, and governed by, the Laws of the State of Delaware, without giving effect to any choice or conflict of law provision or rule that would cause the application of the laws of any jurisdiction other than the State of Delaware. Each of the parties hereto irrevocably agrees that any legal action or proceeding with respect to this Agreement and the rights and obligations arising hereunder, or for recognition and enforcement of any judgment in respect of this Agreement and the rights and obligations arising hereunder brought by the other party(ies) hereto or its successors or assigns shall be brought and determined exclusively in the Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware, or in the event (but only in the event) that such court does not have subject matter jurisdiction over such action or proceeding, any state or federal court within the State of Delaware. Each of the parties hereto hereby irrevocably submits with regard to any such action or proceeding for itself and in respect of its property, generally and unconditionally, to the personal jurisdiction of the courts set forth in this paragraph and agrees that it will not bring any action relating to this Agreement or any of the transactions contemplated by this Agreement in any court other than such courts. Each of the parties hereto hereby irrevocably waives, and agrees not to assert, by way of motion, as a defense, counterclaim or otherwise, in any action or proceeding with respect to this Agreement, (i) any claim that it is not personally subject to the jurisdiction of the above named courts, (ii) any claim that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts and (iii) to the fullest extent permitted by applicable Law, any claim that (A) the suit, action or proceeding in such court is brought in an inconvenient forum, (B) the venue of such suit, action or proceeding is improper or (C) this Agreement, or the subject matter hereof, may not be enforced in or by such courts. Each of the parties hereto agrees that a final judgment in any action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. To the fullest extent permitted by applicable Law, each of the parties hereto hereby consents to the service of process in accordance with Section 19.4; provided, that nothing herein shall affect the right of any party to serve legal process in any other matter permitted by Law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** EACH PARTY HERETO HEREBY ON BEHALF OF ITSELF AND ITS SUBSIDIARIES IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION OR PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT AND ANY OF THE AGREEMENTS DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY HERETO CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE ANY OF SUCH WAIVERS, (II) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVERS, (III) IT MAKES SUCH WAIVERS VOLUNTARILY, AND (IV) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 19.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** The parties agree that irreparable damage would occur and that the parties would not have any adequate remedy at law in the event that any of the provisions of this Agreement were not performed, or were threatened not to be performed, in accordance with their specific terms or were otherwise breached and that any defense in any action for specific performance that a remedy at law would be adequate is hereby waived. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches or threatened breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement (in addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative, except, in each case, as may be limited by Section 9.2 of the Merger Agreement). Any requirements for the securing or posting of any bond in connection with or as a condition to obtaining any such remedy are waived. Each of the parties agrees that it will not oppose the granting of an injunction, specific performance or other equitable relief on the basis that any other party has an adequate remedy at law or that any award of specific performance is not an appropriate remedy for any person at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.6. Interpretation. The section and paragraph headings in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement. The parties have participated jointly in the negotiation and drafting of this Agreement. If any ambiguity or question of intent arises, this Agreement will be construed as if drafted jointly by the parties and no presumption or burden of proof will arise favoring or disfavoring any party because of the authorship of any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.7. Entire Agreement; No Other Representations. This Agreement, the Merger Agreement and the Confidentiality Agreement and the exhibits and schedules hereto and thereto contain the entire understanding among the parties hereto with respect to the matters contemplated hereby and supersede and replace all prior and contemporaneous agreements and understandings, oral or written, with regard to such matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.8. No Third-Party Beneficiaries. Except for Covered Persons under Section 17, who shall be express third-party beneficiaries of Section 17, nothing in this Agreement is intended to confer, or does confer, any rights or remedies under or by reason of this Agreement on any Persons other than the parties hereto and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.9. Expenses. All fees and expenses incurred in connection with this Agreement and the obligations hereunder, including all legal, accounting, financial advisory, consulting and all other fees and expenses of third parties incurred by a party in connection with the negotiation and effectuation of the terms and conditions of this Agreement and the transactions contemplated hereby, shall be the obligation of the respective party incurring such fees and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.10. Severability. In the event that any part of this Agreement is declared by any court or other judicial or administrative body to be null, void or unenforceable, all of the other provisions of this Agreement shall remain in full force and effect, with no effect on the validity or enforceability of such other provisions. If any provision of this Agreement, or the application of such provision to any Person or any circumstance, is invalid or unenforceable, (a) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application of such provision, in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.11. Counterparts. This Agreement may be executed in counterparts, (including by facsimile, ".pdf" files or other electronic transmission) each of which shall be deemed an original, but all of which when taken together shall constitute the same instrument.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.12. Affiliated Entities. To the extent that any Controlled Affiliate of any IEH Party is a stockholder of Enzon or Viskase, such IEH Party shall cause such Controlled Affiliate to comply with all obligations under this Agreement applicable to the IEH Parties and the IEH Parties, and in furtherance of the foregoing, if any Controlled Affiliate of an IEH Party becomes a Beneficial Owner of Enzon Shares or Enzon Preferred Shares, as applicable, on or after the date hereof, (a) such IEH Party shall give each of Enzon and Viskase written notice thereof in advance of such Controlled Affiliate becoming a Beneficial Owner and (b) such Controlled Affiliate shall, and the applicable IEH Party shall cause such Controlled Affiliate to, promptly (and in advance of such Controlled Affiliate becoming a Beneficial Owner, if reasonably practicable) execute a joinder to this Agreement substantially in the form of Annex I, and to execute any and all documents or instruments and take such other actions required, or otherwise reasonably requested by Enzon or Viskase, to ensure that such Controlled Affiliate is subject to the obligations under this Agreement applicable to the IEH Parties and the IEH Parties and that such Enzon Shares are subject to this Agreement (provided, that any failure to execute such documents or instruments or take such other actions shall not affect such obligations hereunder).

[*Signature page follows*]

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IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed as of the date first above written.

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| | | |
|:---|:---|:---|
| **ENZON PHARMACEUTICALS, INC.** | **ENZON PHARMACEUTICALS, INC.** | **ENZON PHARMACEUTICALS, INC.** |
| By: | /s/ Richard L. Feinstein | /s/ Richard L. Feinstein |
|  | Name: | Richard L. Feinstein |
|  | Title: | Chief Executive Officer, Chief Financial Officer and Secretary |

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| | | |
|:---|:---|:---|
| **VISKASE COMPANIES, INC.** | **VISKASE COMPANIES, INC.** | **VISKASE COMPANIES, INC.** |
| By: | /s/ Carolyn Zhang | /s/ Carolyn Zhang |
|  | Name: | Carolyn Zhang |
|  | Title: | Vice President & Chief Financial Officer |

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| | | |
|:---|:---|:---|
| **ICAHN ENTERPRISES HOLDINGS L.P.** | **ICAHN ENTERPRISES HOLDINGS L.P.** | **ICAHN ENTERPRISES HOLDINGS L.P.** |
| By: | Icahn Enterprises G.P. Inc., its sole general partner | Icahn Enterprises G.P. Inc., its sole general partner |
| By: | /s/ Ted Papapostolou | /s/ Ted Papapostolou |
|  | Name: | Ted Papapostolou |
|  | Title: | Chief Financial Officer |

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| | | |
|:---|:---|:---|
| **AMERICAN ENTERTAINMENT PROPERTIES CORP.** | **AMERICAN ENTERTAINMENT PROPERTIES CORP.** | **AMERICAN ENTERTAINMENT PROPERTIES CORP.** |
| By: | /s/ Ted Papapostolou | /s/ Ted Papapostolou |
|  | Name: | Ted Papapostolou |
|  | Title: | Chief Financial Officer |

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| | | |
|:---|:---|:---|
| **ICAHN PARTNERS LP** | **ICAHN PARTNERS LP** | **ICAHN PARTNERS LP** |
| By: | /s/ Jesse Lynn | /s/ Jesse Lynn |
|  | Name: | Jesse Lynn |
|  | Title: | Chief Operating Officer |

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| | | |
|:---|:---|:---|
| **ICAHN PARTNERS MASTER FUND LP** | **ICAHN PARTNERS MASTER FUND LP** | **ICAHN PARTNERS MASTER FUND LP** |
| By: | /s/ Jesse Lynn | /s/ Jesse Lynn |
|  | Name: | Jesse Lynn |
|  | Title: | Chief Operating Officer |

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**Schedule I**

**SHARES OF VISKASE COMMON STOCK, ENZON VOTING COMMON STOCK &**

**ENZON SERIES C PREFERRED STOCK HELD BY THE IEH PARTIES AS OF THE DATE HEREOF**

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| | |
|:---|:---|
| **IEH Party** | **Viskase Common Stock** |
| AEP | 100,664,375 |

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| | | | |
|:---|:---|:---|:---|
| **IEH Party** | **Enzon Voting Common Stock** | **Enzon Series C Preferred Stock** | **Total** |
| IPLP | 21132725 | 22975 | **21155700** |
| IPMF | 14923911 | 16302 | **14940213** |
| **Total** | **36056636** | **39277** | **36095913** |

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**Exhibit A**

**FORM OF ENZON WRITTEN CONSENT**

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**Annex I**

**FORM OF JOINDER**

JOINDER TO SUPPORT AGREEMENT

The undersigned has executed this Joinder to Support Agreement (this "Joinder") as of the &nbsp;&nbsp;&nbsp;&nbsp; day of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, to join as a party in, and be subject to, that certain Support Agreement (the "Agreement"), dated [●], 2025, by and among Enzon Pharmaceuticals, Inc., a Delaware corporation, Viskase Companies, Inc., a Delaware corporation, Icahn Enterprises Holdings L.P., a Delaware Limited Partnership, American Entertainment Properties Corp., a Delaware corporation, Icahn Partners LP, a Delaware limited partnership and Icahn Partners Master Fund LP, a Delaware limited partnership, and intending to be legally bound, hereby agrees to become a party to, and be bound in all respects by, the Agreement with respect to [&nbsp;&nbsp;&nbsp;&nbsp; ] shares of Enzon Shares transferred from [Transferor] to [Transferee] on [&nbsp;&nbsp;&nbsp;&nbsp; ], 202[●]. Neither this Joinder nor any associated transfer of any Enzon Shares shall in any way limit or modify the transferor's liability hereunder, and, in addition to the transferee, the transferor shall be liable for any damages recoverable under the Agreement from the transferee. Capitalized terms used herein and not otherwise defined shall have the meaning ascribed to them in the Agreement.

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| By: |
| Name: |
| Title: |
| Address for Notices: |
| With copies to: |

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**Annex B-1**

**FIRST AMENDMENT TO THE SUPPORT AGREEMENT**

This FIRST AMENDMENT TO THE SUPPORT AGREEMENT (this "Amendment"), dated as of October 24, 2025, is by and among Enzon Pharmaceuticals, Inc., a Delaware corporation ("Enzon"), Viskase Companies, Inc., a Delaware corporation ("Viskase"), Icahn Enterprises Holdings L.P., a Delaware limited partnership ("IEH"), American Entertainment Properties Corp., a Delaware corporation ("AEP"), Icahn Partners LP, a Delaware limited partnership ("IPLP"), and Icahn Partners Master Fund LP, a Delaware limited partnership ("IPMF," and together with IEH, AEP, and IPLP, the "IEH Parties"). Capitalized terms used but not otherwise defined in herein shall have the meanings assigned to such terms in the Support Agreement (as defined below).

**RECITALS**

WHEREAS, Enzon, Viskase and the IEH Parties (collectively, the "Parties") entered into that certain Support Agreement, dated as of June 20, 2025 (as may be amended, modified or supplemented from time to time, the "Support Agreement");

WHEREAS, concurrently with the execution and delivery of this Amendment, and as a condition and inducement to the Parties' willingness to enter into this Amendment, Enzon, Viskase and EPSC Acquisition Corp., a Delaware corporation are entering into an amendment to the Merger Agreement in the form attached hereto as Exhibit A (the "Merger Agreement Amendment"), pursuant to which, among other things, the parties thereto agreed to certain modifications to the Merger Agreement corresponding to the modifications made to the Support Agreement by this Amendment; and

WHEREAS, each of the Parties desires to amend the Support Agreement in accordance with Section 19.3 thereof as set forth herein.

NOW, THEREFORE, in consideration of the foregoing and the respective representations, warranties, covenants and agreements set forth herein, and intending to be legally bound hereby, the Parties agree as follows:

**ARTICLE I**

**AMENDMENTS TO THE SUPPORT AGREEMENT**

Section 1.1Amendments to Section 1.1 of the Support Agreement. Section 1.1 of the Support Agreement is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Section 1.1 of the Support Agreement is hereby amended by deleting the definition of "IEH Exchange Adjustment" in its entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Section 1.1 of the Support Agreement is hereby amended by deleting the definition of "Enzon 20-Day VWAP" and replacing it in its entirety with the following:

"Enzon 20-Day VWAP" shall mean the price equal to the average of the volume-weighted average price of Enzon Common Stock on the "OTCQB tier" of OTC (as reported by Bloomberg or, if not reported thereby, in another authoritative source mutually selected by Enzon, Viskase and IEH) for the last twenty (20) Trading Days prior to (and including) October 24, 2025, rounded down to the nearest 1/100<sup>th</sup> of a penny (as adjusted to take into account the Reverse Stock Split, to the extent the Reverse Stock Split is effectuated prior to the date of the relevant issuance of Enzon Common Stock).

B-1-1

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Section 1.2Amendment to Section 4.1 of the Support Agreement. Section 4.1 of the Support Agreement is hereby amended by deleting Section 4.1 of the Support Agreement and replacing it in its entirety with the following:

"4.1.Immediately prior to the Closing, each IEH Party shall deliver to Enzon each share of Enzon Series C Preferred Stock Beneficially Owned by such IEH Party, and Enzon shall, in exchange therefor, deliver to the IEH Parties a number of shares of Enzon Common Stock equal to (A) the aggregate Liquidation Preference of the shares of Enzon Series C Preferred Stock Beneficially Owned by such IEH Party *divided by* (B) the Enzon 20-Day VWAP (the "IEH Share Exchange", and the shares of Enzon Common Stock issued in the IEH Share Exchange, the "Enzon Exchange Stock"). In connection with the IEH Share Exchange, Enzon shall (a) retire and cancel the Shares of Enzon Series C Preferred Stock delivered by the IEH Parties to Enzon, (b) cause Enzon's transfer agent to issue to the IEH Parties, in book-entry form, the Enzon Exchange Stock issuable to the IEH Parties pursuant to the IEH Share Exchange, and (c) use commercially reasonable efforts to ensure that Enzon's Cash on Hand at Closing is not less than $40,000,000; provided that this Section 4.1(c) shall not prevent Enzon from paying customary and reasonable expenses incurred in connection with the transactions contemplated by the Merger Agreement or hereby."

Section 1.3Amendment to References to the Merger Agreement. Each reference in the Support Agreement to "the Merger Agreement" or other terms referring to the Merger Agreement shall refer to the Merger Agreement as may be amended, modified or supplemented from time to time.

**ARTICLE II**

**Miscellaneous**

Section 2.1No Other Amendments. Except to the extent that any provisions of the Support Agreement are expressly amended by this Amendment, all terms and conditions of the Support Agreement shall remain in full force and effect, and, to the extent applicable, such terms shall apply to this Amendment as if it formed a part of the Support Agreement. In the event of any inconsistency or contradiction between the terms of this Amendment and the Support Agreement, the provisions of this Amendment shall prevail and control.

Section 2.2References to the Support Agreement. After giving effect to this Amendment, each reference in the Support Agreement to "this Agreement," "hereof," "herein," "herewith," "hereunder" and words of similar import shall refer to the Support Agreement as amended by this Amendment. No reference to this Amendment need be made in any instrument or document at any time referring to the Support Agreement, and a reference to the Support Agreement in any such instrument or document shall be deemed to be a reference to the Support Agreement as amended by this Amendment.

Section 2.3General Provisions. The provisions of Section 19 (Miscellaneous) of the Support Agreement shall, to the extent not already set forth in this Amendment, apply *mutatis mutandis* to this Amendment, and to the Support Agreement as modified by this Amendment, taken together as a single agreement, reflecting the terms as modified hereby.

*\*&nbsp;&nbsp;&nbsp;&nbsp; \*&nbsp;&nbsp;&nbsp;&nbsp; \**

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IN WITNESS WHEREOF, the Parties have caused this Amendment to be executed and delivered as of the date first written above.

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| | |
|:---|:---|
| **ENZON PHARMACEUTICALS, INC.** | **ENZON PHARMACEUTICALS, INC.** |
| By | /s/ Richard L. Feinstein |
| Name:  | Richard L. Feinstein |
| Title:  | Chief Executive Officer, Chief Financial Officer and Secretary |
| **VISKASE COMPANIES, INC.** | **VISKASE COMPANIES, INC.** |
| By | /s/ Carolyn Zhang |
| Name:  | Carolyn Zhang |
| Title:  | Vice President & Chief Financial Officer |
| **ICAHN ENTERPRISES HOLDINGS L.P.** | **ICAHN ENTERPRISES HOLDINGS L.P.** |
| By: | Icahn Enterprises G.P. Inc., its sole general partner |
| By | /s/ Ted Papapostolou |
| Name: | Ted Papapostolou |
| Title: | Chief Financial Officer |
| **AMERICAN ENTERTAINMENT PROPERTIES CORP.** | **AMERICAN ENTERTAINMENT PROPERTIES CORP.** |
| By | /s/ Ted Papapostolou |
| Name: | Ted Papapostolou |
| Title: | Chief Financial Officer |
| **ICAHN PARTNERS LP** | **ICAHN PARTNERS LP** |
| By | /s/ Jesse Lynn |
| Name: | Jesse Lynn |
| Title: | Chief Operating Officer |
| **ICAHN PARTNERS MASTER FUND LP** | **ICAHN PARTNERS MASTER FUND LP** |
| By | /s/ Jesse Lynn |
| Name: | Jesse Lynn |
| Title: | Chief Operating Officer |

---

[*Signature Page to Amendment to Support Agreement*]

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**EXHIBIT A**

Merger Agreement Amendment

[intentionally omitted]

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**Annex C**

![Graphic](enzn-20250930xs4028.jpg)

**October 21, 2025**

The Special Committee of the Board of Directors

Enzon Pharmaceuticals, Inc.

20 Commerce Drive, Suite 135

Cranford, NJ 07016

Dear Special Committee:

A.G.P./Alliance Global Partners, Incorporated ("**A.G.P.**" or "**we**") understands that Enzon Pharmaceuticals, Inc. (the "**Company**" or "**Enzon**") is considering entering into a First Amendment to the Agreement and Plan of Merger (such amendment, the "Amendment" and, such agreement and plan of merger, as amended by the Amendment, the "**Amended Merger Agreement**") with Viskase Companies, Inc. ("**Viskase**") and EPSC Acquisition Corp. ("**Merger Sub**"), a wholly owned subsidiary of the Company. It is our understanding that, pursuant to the Amended Merger Agreement, among other things, Merger Sub will merge with and into Viskase (the "**Merger**"), with Viskase continuing as the surviving corporation and a wholly owned subsidiary of Enzon, and, at the Effective Time (as defined in the Amended Merger Agreement), by virtue of the Merger, each share of common stock of Viskase, par value $0.01 per share ("**Viskase Common Stock**"), issued and outstanding immediately prior to the Effective Time, except for Cancelled Shares and Dissenting Viskase Shares (each as defined in the Amended Merger Agreement), will automatically be converted into the right to receive a number of shares of common stock of Enzon, par value $0.01 per share ("**Enzon Common Stock**"), equal to (i) the Viskase Closing Share Number (as defined in the Amended Merger Agreement and further described below), *divided by* (ii) the number of shares of Viskase Common Stock issued and outstanding as of immediately prior to the Effective Time. It is our understanding that the Amended Merger Agreement provides that the Viskase Closing Share Number will equal (i) the number of shares of Enzon Common Stock issued and outstanding as of immediately prior to the Effective Time, *divided by* 0.45, *minus* (ii) the number of shares of Enzon Common Stock issued and outstanding as of immediately prior to the Effective Time. Such number of shares of Enzon Common Stock for one share of Viskase Common Stock is referred to herein as the "**Exchange Ratio**." It is our further understanding that (a) Icahn Enterprises Holdings L.P., certain affiliates thereof, Enzon and Viskase have entered into a support agreement (as amended, the "**IEH Support Agreement**") pursuant to which, among other things, immediately prior to the closing of the Merger, each IEH Party (as defined in the IEH Support Agreement) will exchange its shares of Series C Non-Convertible Redeemable Preferred Stock of Enzon, par value $0.01 per share ("**Enzon Series C Preferred Stock**"), for a number of shares of Enzon Common Stock equal to (A) (x) the aggregate Liquidation Preference of such shares of Enzon Series C Preferred Stock, *divided by* (B) the Enzon 20-Day VWAP (as defined in the IEH Support Agreement) (the "**IEH Share Exchange**"), and (b) immediately prior to the closing of the Merger, all other outstanding shares of Enzon Series C Preferred Stock will be either converted into shares of Enzon Common Stock or redeemed for cash.

At the direction of the Company and without independent verification, we have relied upon and assumed for purposes of our analyses and this Opinion (as defined below), that, based on the Exchange Ratio, (a) the number of shares of Enzon Common Stock to be issued by the Company in the Merger for shares of Viskase Common Stock will be equal to 55% of the total number of shares of Enzon Common Stock issued and outstanding upon consummation of the Merger and (b) the number of shares of Enzon Common Stock issued and outstanding as of immediately prior to the Effective Time will be equal to 45% of the total number of shares of Enzon Common Stock issued and outstanding upon consummation of the Merger.

The Special Committee (the "**Special Committee**") of the Board of Directors (the "**Board**") of the Company has requested that A.G.P. render an opinion as to the fairness, from a financial point of view, to the Company of the Exchange Ratio in the Merger pursuant to the Amended Merger Agreement (the "**Opinion**").

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In rendering our Opinion, we have, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reviewed the original Agreement and Plan of Merger, dated as of June 20, 2025, and a draft dated October 20, 2025 of the Amendment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reviewed the audited consolidated financial statements of Enzon contained in its Annual Reports on Form 10-K for the years ended December 31, 2023, and December 31, 2024 as well as unaudited consolidated financial statements of Enzon contained in its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025 and June 30, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) reviewed the audited consolidated financial statements of Viskase for the years ended December 31, 2023, and December 31, 2024 as well as unaudited consolidated financial statements of Viskase for the quarters ended March 31, 2025 and June 30, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) reviewed and discussed with the Company's management certain other publicly available information concerning the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) reviewed certain non-publicly available information concerning Enzon and Viskase, including internal financial analyses and forecasts for Viskase prepared by its management, and held discussions with the Company's and Viskase's respective senior managements regarding recent developments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) reviewed publicly available financial and stock market information of certain public companies that were deemed by us to be reasonably comparable to Viskase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) reviewed financial terms, to the extent publicly available, of certain transactions that were deemed by us to be reasonably comparable to the Merger; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) reviewed publicly available stock market information of Enzon and Viskase, including current and historical market prices and trading volumes of publicly traded shares of Enzon Common Stock and Viskase Common Stock.

The Company has not provided us with any internal financial analyses or forecasts for Enzon. Given the de minimis revenue attributable to Enzon's legacy intellectual property assets in its most recent fiscal periods, the Company has instructed us to disregard such legacy intellectual property assets for the purposes of evaluating the Exchange Ratio. Accordingly, no meaningful value has been ascribed for such purposes to such legacy intellectual property assets. For purposes of evaluating the Exchange Ratio, we have relied on an implied illustrative pre-Merger value of Enzon based on the closing price of Enzon Common Stock on October 20, 2025 as adjusted for an illustrative merger premium and the aggregate liquidation preference amount for the outstanding shares of Enzon Series C Preferred Stock. Since we have relied on such implied illustrative pre-Merger value of Enzon for purposes of evaluating the Exchange Ratio, we have not performed any financial analyses of Enzon.

In rendering our Opinion, we have relied upon and assumed, without independent verification, the accuracy and completeness of all of the financial and other information that was provided to or discussed with A.G.P. by or on behalf of the Company or Viskase, or that was otherwise reviewed by A.G.P., and have not assumed any responsibility for independently verifying any of such information. With respect to the financial forecasts supplied to us by Viskase, we have assumed that they have been prepared reasonably and in good faith and are based upon the best currently available estimates and judgments of the management of Viskase as to the matters covered thereby, and we have relied upon such forecasts in our analysis. As you are aware, in light of deterioration in the financial and operating performance of Viskase in the first half of 2025 (which accelerated during the second fiscal quarter of 2025), such forecasts have been revised significantly downward to reflect lower projected future financial results than previously projected by the management of Viskase. We have not been engaged to assess the reasonableness or achievability of such forecasts or the assumptions upon which they are based, and we express no views as to such forecasts or the assumptions on which they are based. We have assumed that the financial and other information that was provided to or discussed with A.G.P. by or on behalf of the Company or Viskase provide a reasonable basis upon which we can form our opinion.

We also have assumed that there have been no material changes in the assets, liabilities, financial condition, results of operations, business or prospects of either Enzon or Viskase since the date of the last financial statements of each company made available to us. We have not made or obtained any independent evaluation, appraisal or physical inspection of either Enzon's or Viskase's assets or liabilities, nor have we been furnished with any such evaluation or appraisal. Estimates of values of companies and assets do not purport to be appraisals or necessarily reflect the prices at which companies or assets may actually be sold. Such estimates are

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inherently subject to uncertainty and should not be taken as our view of the actual value of any companies or assets. Our Opinion is not a solvency opinion and does not in any way address the solvency or financial condition of the Company, Viskase or any other party. We express no view or opinion as to Viskase's ability to comply in the future with its covenant and other obligations under its debt agreement(s) or as to the ability of the Company (if the Merger is consummated) and Viskase to repay or refinance Viskase's outstanding debt in 2026. We express no view or opinion as to recent covenant breaches by Viskase of its debt agreement(s) (which breaches we understand have been waived) or as to any other developments which resulted in the Amendment.

We have assumed, in all respects material to our analysis, that there are no factors that would delay or subject to any adverse conditions any necessary regulatory or governmental approval and that all conditions to the Merger will be satisfied without waiver or modification the effect of which would be in any respect material to our analysis. In addition, we have assumed that the definitive Amendment will not differ from the draft we have reviewed in any respect material to our analysis. We have also assumed, in all respects material to our analysis, that the representations and warranties of the parties set forth in the Amended Merger Agreement are and will be true and correct and that the Merger will be consummated substantially on the terms and conditions described in the Amended Merger Agreement, without any waiver of any terms or conditions by the Company or any other party in any respect material to our analysis, and that obtaining any necessary regulatory approvals or satisfying any other conditions for consummation of the Merger and related transactions will not have an adverse effect on the Company, Viskase or the Merger in any respect material to our analysis. In addition, we have assumed that any adjustments to the Exchange Ratio pursuant to the Amended Merger Agreement will not be material to this Opinion. We have assumed, in all respects material to our analysis, that the Merger and related transactions will be consummated in a manner that complies with all applicable federal and state statutes, rules and regulations. We have further assumed that the Company has relied upon the advice of its counsel, independent accountants and other advisors (other than A.G.P.) as to all legal, reporting, tax, accounting and regulatory matters with respect to the Company, Viskase, the Merger and related transactions, and the Amendment and the Amended Merger Agreement. Our Opinion does not constitute legal, regulatory, accounting, insurance, tax or other similar professional advice.

Our Opinion is limited to whether the Exchange Ratio in the Merger pursuant to the Amended Merger Agreement is fair, from a financial point of view, to the Company, and does not address any other terms, aspects or implications of the Merger or any related transaction, including, without limitation, the form or structure of the Merger or any related transaction or the treatment of Enzon Series C Preferred Stock in connection with the IEH Share Exchange or any other related transaction (including the number of shares of Enzon Common Stock into which shares of Enzon Series C Preferred Stock will convert or the price at which shares of Enzon Series C Preferred Stock will be redeemed). Our Opinion also does not consider, address or include: (i) any other strategic alternatives currently (or which have been or may be) contemplated by the Special Committee, the Board or the Company; (ii) the legal, tax or accounting consequences of the Merger or any related transaction on the Company (including, without limitation, whether or not the Merger will qualify as a tax-free reorganization pursuant to Section 368 of the Internal Revenue Code); (iii) the fairness of the amount or nature of any compensation to any of the Company's officers, directors or employees, or class of such persons, relative to any compensation to the holders of the Company's securities or relative to the Exchange Ratio; or (iv) the effect of the Merger or any related transaction on, or the fairness of the consideration to be received by, holders of any class of securities of the Company, Viskase or any other party to any transaction contemplated by the Amended Merger Agreement. A.G.P. does not express any opinion as to what the actual value of Enzon Common Stock will be when issued in the Merger or any related transaction or the prices at which Enzon Common Stock or Viskase Common Stock will trade at any time.

Our Opinion is necessarily based on economic, market, financial and other conditions as they exist on, and on the information made available to us by or on behalf of the Company, Viskase or their respective advisors, or information otherwise reviewed by A.G.P., as of the date of this Opinion. It is understood that subsequent developments may affect the conclusion reached in this Opinion and that A.G.P. does not have any obligation to update, revise or reaffirm this Opinion. Further, as the Special Committee is aware, the credit, financial and stock markets have been experiencing unusual volatility and we express no opinion or view as to any potential effects of such volatility on the Company, Viskase or the Merger. In addition, we express no view or opinion as to what the actual number of shares of Enzon Common Stock issued in the Merger and related transactions will be.

Our Opinion is provided to the Special Committee (in its capacity as such) for its information and assistance in connection with its consideration of the financial terms of the Merger. Our Opinion does not constitute a recommendation to the Special Committee or the Board as to whether the Special Committee or the Board should vote to approve the Amendment or to any stockholder of the Company or Viskase as to how any such stockholder should vote at any stockholders' meeting at which the Merger is considered, or whether or not any stockholder should enter into a voting, shareholders', or affiliates' agreement with respect to the Merger, or exercise any dissenters' or appraisal rights that may be available to such stockholder. In addition, this Opinion does not compare the relative merits of the Merger with any other alternative transactions or business strategies which may have been available to the

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Company and does not address the underlying business decision of the Special Committee, the Board or the Company to proceed with or effect the Merger (including, without limitation, continuing to proceed with the Merger by way of the Amendment).

A.G.P. is a financial services firm engaged in the securities, investment management and individual wealth management businesses. Its securities business is engaged in securities underwriting, trading and brokerage activities, foreign exchange, commodities and derivatives trading, prime brokerage, as well as providing investment banking, financing and financial advisory services. A.G.P., its affiliates, directors and officers may at any time invest on a principal basis or manage funds that invest, hold long or short positions, finance positions, and may trade or otherwise structure and effect transactions, for their own account or for the accounts of their customers, in debt or equity securities or loans of the Company or Viskase, or any other company, or any currency or commodity, that may be involved in the Merger or any related transaction, or any related derivative instrument.

We have acted in the past as financial advisor to the Special Committee in connection with certain potential transactions, which included the potential combination of the Company with Viskase, and received a monthly fee for our services during the term of our engagement until its completion in June 2025. In addition, as part of a separate engagement, we received a fee in connection with the rendering of opinion services to the Special Committee in connection with the proposed merger transaction between the Company and Viskase as initially contemplated in June 2025. We will receive a fee upon the delivery of this Opinion, no portion of which is contingent upon either the conclusion herein or consummation of the Merger. In addition, the Company has agreed to indemnify us for certain liabilities arising out of our engagement. A.G.P. may seek to provide investment banking services to the Company or Viskase or their affiliates in the future. As part of our engagement, we have not been requested by the Special Committee to solicit and have not solicited the interest of any other parties with respect to the sale of all or any part of the Company or any other alternative transaction or strategy.

This Opinion was approved by A.G.P.'s fairness opinion committee, a committee of A.G.P. investment banking and other professionals, in accordance with A.G.P.'s customary practice.

Based upon and subject to the foregoing, we are of the opinion that, as of the date hereof, the Exchange Ratio in the Merger pursuant to the Amended Merger Agreement is fair, from a financial point of view, to the Company.

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| | |
|:---|:---|
| Yours truly, | Yours truly, |
| A.G.P./ALLIANCE GLOBAL PARTNERS | A.G.P./ALLIANCE GLOBAL PARTNERS |
| By: | ![Graphic](enzn-20250930xs4029.jpg) |
|  | Name: Thomas J. Higgins |
|  | Title: Managing Director |

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**Annex D**

October 22, 2025

Special Committee of the Board of Directors

Viskase Companies, Inc.

333 East Butterfield Road, Suite 400

Lombard, Illinois 60148-5679

To the Special Committee of the Board of Directors:

The special committee of the board of directors (the "Special Committee") of Viskase Companies, Inc. ("Viskase" or the "Company") has requested Alvarez & Marsal Valuation Services, LLC ("A&M") to provide to it A&M's opinion (the "Opinion") as to the fairness, from a financial point of view, to the holders of common stock of Viskase ("Viskase Common Stock"), other than Icahn Enterprises, L.P. ("IEP") and its affiliates, of the Exchange Ratio (as defined below) in the Merger (as defined below), after giving effect to the Related Transactions (as defined below), pursuant to the Amended Agreement (as defined below), without giving effect to any impact of the Merger or the Related Transactions on any particular stockholder other than in its capacity as a stockholder.

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Description of the Proposed Transaction** 

We understand that Viskase proposes to enter into a First Amendment to the Agreement and Plan of Merger (the "Amendment") among Enzon Pharmaceuticals, Inc. ("Enzon"), EPSC Acquisition Corp. ("Merger Sub") and Viskase, amending the Agreement and Plan of Merger, dated as of June 20, 2025 (the "Original Agreement" and, the Original Agreement as amended by the Amendment, the "Amended Agreement"), among Enzon, Merger Sub and Viskase. We further understand that pursuant to the Amended Agreement, among other things, (i) Merger Sub will merge (the "Merger") with Viskase, (ii) Viskase will survive the Merger as a wholly owned subsidiary of Enzon, and (iii) each outstanding share of Viskase Common Stock will be converted into the right to receive a number (the "Exchange Ratio") of shares of common stock of Enzon ("Enzon Common Stock"), as determined in accordance with the Amended Agreement, after giving effect to the Related Transactions, which you have directed us to assume, for purposes of our analyses and this Opinion, will be equal to 0.07 and will result in the number of shares of Enzon Common Stock to be issued as consideration in the Merger constituting approximately 55.0% of the outstanding shares of Enzon after giving effect to the Related Transactions. We also understand that prior to the Merger (i) all shares of Enzon Common Stock will be combined at a ratio of 1 to 100 (the "Reverse Stock Split"), and (ii) all outstanding shares of Series C non-convertible redeemable preferred stock of Enzon ("Enzon Preferred Stock") will be (a) exchanged for shares of Enzon Common Stock, in the case of shares of Enzon Preferred Stock held by IEP or its affiliates, or (b) either exchanged for shares of Enzon Common Stock or redeemed for cash, in the case of shares of Enzon Preferred Stock held by any party other than IEP and its affiliates (the "Preferred Exchange"). In addition, we understand that promptly following the Merger, Viskase will be converted to a limited liability company (the "Conversion" and, together with the Preferred Exchange and the Reverse Stock Split, the "Related Transactions" and the Related Transactions, together with the Merger, the "Proposed Transaction").

![Graphic](enzn-20250930xs4030.jpg)

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Special Committee of the Board of Directors

Viskase Companies, Inc.

October 22, 2025

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Scope of the Analysis** 

In connection with this Opinion, A&M has, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Reviewed the Original Agreement and a draft, dated October 21, 2025, of the Amendment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Reviewed certain publicly available business and historical financial information relating to Viskase and Enzon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Reviewed certain historical financial information relating to Viskase and Enzon, including (i) audited financial statements for the fiscal years ended December 31, 2020 through December 31, 2024, as well as (ii) unaudited, internally prepared financial statements for the interim year-to-date periods ending:

● August 31, 2025 and August 31, 2024 for Viskase; and

● September 30, 2025 and September 30, 2024 for Enzon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Reviewed certain non-public internal financial information and other data relating to the business and financial prospects for the Company provided to us by the Company, including financial forecasts prepared by management of the Company ("Management's Forecast"), which include projected utilization of the Company's net operating losses ("NOLs");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Reviewed information regarding available federal net operating losses ("Enzon NOLs") and certain research and development ("R&D") tax credit carryforwards, and corresponding expiration schedules, for Enzon provided by Enzon management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Conducted discussions with members of the senior management of Viskase concerning the business, operations, historical financial results, and future prospects of Viskase and Enzon, and the Proposed Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) Reviewed a letter dated October 22, 2025 from the management of the Company which made certain representations as to historical financial statements, current financial condition, financial projections and the assumptions underlying such projections for Viskase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h)Considered the historical trading price and trading volume of the Viskase Common Stock and the Enzon Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Considered the historical trading price and trading volume of publicly traded securities of certain other companies we deemed relevant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) Considered certain financial performance data of Viskase and compared that data with similar data for other companies in lines of business we deemed relevant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) Considered the publicly available financial data and terms of certain transactions involving target companies we deemed relevant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l) Considered such other information, financial studies, analyses and investigations and financial, economic and market criteria as we deemed relevant and appropriate for purposes of this Opinion.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Assumptions, Qualifications, and Limiting Conditions** 

This Opinion is subject to the following additional qualifications and limitations, with the Special Committee's consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Special Committee has advised us, and we have relied upon and assumed, that Enzon previously indicated it intended to terminate the Original Agreement based on purported breaches of the Original Agreement by the Company,

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Special Committee of the Board of Directors

Viskase Companies, Inc.

October 22, 2025

as a result of which certain conditions to the consummation of the transactions contemplated thereby (collectively, the "Original Proposed Transaction") could not have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. At the Special Committee's direction, this Opinion does not address nor does it express any view on (i) the Exchange Ratio as defined in the Original Agreement as compared to the Exchange Ratio as defined in the Amended Agreement, or (ii) the likelihood that the Company would be successful in completing the consummation of the Original Proposed Transaction in accordance with the terms of the Original Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. In arriving at this Opinion, we have relied upon and assumed, without independent verification, the accuracy and completeness of all financial and other information that was publicly available or furnished to us by the Company, Enzon and their advisors, or otherwise reviewed by us for purposes of this Opinion, and we have not assumed and we do not assume any responsibility or liability for any such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. With respect to Management's Forecast reviewed by us, we have assumed that they have been reasonably prepared on bases reflecting the best currently available information and good faith judgments of the Company's management as to the future financial performance of Viskase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. With respect to the projected utilization of the Company's NOLs, we have assumed that they have been reasonably prepared on bases reflecting the best currently available information and good faith judgments of the Company's management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. We have assumed, without independent verification, that the consummation of the Proposed Transaction will not constitute a change of control for Viskase pursuant to Internal Revenue Code Section 382 or otherwise limit the usage by the Company of its NOLs, including, without limitation, under the terms of the tax allocation agreement to which it is party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. We have assumed, without independent verification, that the consummation of the Proposed Transaction will constitute a change of control for Enzon pursuant to Internal Revenue Code Section 382 and will effectively limit the usage of Enzon NOLs and R&D tax credit carryforwards on a combined basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. For purposes of our financial analyses, (a) we have assumed that any potential non-compliance with financial covenants (consisting of a consolidated leverage ratio and fixed charge ratio) related to its senior credit facilities through the Management Forecast will be sufficiently addressed with a waiver from its lenders, amendment to the financial covenant metric threshold, or by way of some other relief mechanism, and (b) at your direction, we have evaluated the Company on a going concern basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. We have not made an independent evaluation or appraisal of the assets or liabilities (contingent or otherwise) of Viskase or Enzon, nor have we been furnished with any such evaluation or appraisals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. A&M has not been requested to, and did not, (a) initiate any discussions with, or solicit any indications of interest from, third parties with respect to the Proposed Transaction, the assets, businesses or operations of Viskase, Enzon, or any alternatives to the Proposed Transaction, (b) negotiate the terms of the Proposed Transaction, or (c) advise the Special Committee or any other party with respect to alternatives to the Proposed Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xi. We have assumed that the Proposed Transaction will be consummated in accordance with the Amended Agreement, without waiver or amendment of any material term or condition thereof, and that the parties to the Amended Agreement will comply in all material respects with all material terms of the Amended Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xii. We have assumed that the final form of the Amended Agreement will not differ from the draft of the Amended Agreement referenced above in any respect material to our analyses or this Opinion;

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Special Committee of the Board of Directors

Viskase Companies, Inc.

October 22, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xiii. We have assumed that all of the conditions required to implement the Proposed Transaction will be satisfied and that the Proposed Transaction will be completed in accordance with the Amended Agreement without any amendments thereto or any waivers of any material terms or conditions thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xiv. We have assumed that all non-IEP affiliated holders of Enzon Preferred Stock will elect to convert their shares to Enzon Common Stock and not redeem such shares for cash at their stated liquidation value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xv. We express no view regarding, and this Opinion does not address, any legal, regulatory, taxation or accounting matters, as to which we understand that the Special Committee has obtained such advice as it deemed necessary from qualified professionals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xvi. We further assumed that the Merger and Conversion would qualify for U.S. federal income tax purposes as a reorganization within the meaning of Section 368(a) of the Internal Revenue Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xvii. This Opinion does not address, and should not be construed to address, the relative merits of the Proposed Transaction as compared to other business strategies or transactions that might be available with respect to Viskase, or the underlying business decision of the Special Committee to effect the Proposed Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xviii. This Opinion does not address whether the consideration to be received for the Viskase Common Stock in the Proposed Transaction represents the best price obtainable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xix. This Opinion is based on business, economic, regulatory, monetary, market and other conditions as they exist as of the date hereof or as of the date of the information provided to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xx. This Opinion is effective as of the date hereof. We have no obligation to update, revise, reaffirm or withdraw this Opinion or otherwise consider events occurring or coming to our attention after the date hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxi. We have assumed that all governmental, regulatory or other consents and approvals necessary for the consummation of the Proposed Transaction will be obtained without any adverse effect on Viskase or Enzon, or the contemplated benefits to be derived in the Proposed Transaction.

To the extent that any of the foregoing assumptions or any of the facts on which this Opinion is based prove to be untrue in any material respect, this Opinion cannot and should not be relied upon. Furthermore, in our analysis and in connection with the preparation of this Opinion, A&M has made numerous assumptions with respect to industry performance, general business, market and economic conditions and other matters, many of which are beyond the control of any party involved in the Proposed Transaction.

This Opinion is not, and should not be construed as, a valuation opinion, credit rating or solvency opinion regarding, or an analysis of the credit worthiness of the Company, Enzon, or any other party, whether prior or subsequent to the Proposed Transaction or otherwise. In addition, A&M is not expressing any opinion as to the price or range of prices at which any of the securities of Viskase or Enzon may trade or be purchased or sold at any time.

In rendering this Opinion, A&M is not expressing any opinion with respect to the fairness of the amount or nature of any compensation to any officers, directors or employees of any party to the Proposed Transaction, or any class of such persons, relative to the Exchange Ratio in the Proposed Transaction or otherwise.

This Opinion may be reproduced in full in an information statement to shareholders of Viskase but may not otherwise be disclosed publicly in any manner without A&M's prior written consent.

This Opinion is provided for the benefit of the Special Committee, in their capacity as such, in connection with and for the purposes of the Special Committee's consideration of the Proposed Transaction. This Opinion does not constitute a recommendation by A&M to the Special Committee, any holder of securities of the Company or any other person as to how to vote or whether to take any action in relation to the Proposed Transaction or any form of assurance by A&M as to the condition of the Company or Enzon. This Opinion only addresses whether the Exchange Ratio in the Proposed Transaction is within a reference range suggested by certain

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Special Committee of the Board of Directors

Viskase Companies, Inc.

October 22, 2025

financial analyses. The decision as to whether to proceed with the Proposed Transaction or any related transaction may depend on an assessment of factors unrelated to the financial analysis on which this Opinion is based.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Disclosure of Prior Relationships** 

A&M will receive a fee as compensation for our services in rendering this Opinion, a portion of which was paid as a non-refundable retainer, a portion of became payable as an incremental fee and the remainder of which is payable upon A&M stating to the Special Committee that it has completed its work with respect to its Opinion. No portion of A&M's fee is contingent upon either the conclusion expressed in the Opinion or whether or not the Proposed Transaction is successfully consummated. The Company has also agreed to reimburse A&M for certain expenses and to indemnify A&M in respect of certain liabilities that might arise out of our engagement. Other than this engagement, during the two years preceding the date of this Opinion, A&M has provided financial advisory services to the Special Committee for which A&M has received compensation, including in connection with certain financing transactions between the Company and an affiliate of IEP and in connection with the Original Proposed Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Conclusion** 

Based upon and subject to the foregoing, it is our opinion that, as of the date hereof, the Exchange Ratio provided for in the Merger, after giving effect to the Related Transactions, pursuant to the Amended Agreement is fair, from a financial point of view, to the holders of Viskase Common Stock other than IEP and its affiliates.

This Opinion has been approved by the internal opinion committee of A&M.

Yours faithfully,

![Graphic](enzn-20250930xs4033.jpg)

Alvarez & Marsal Valuation Services, LLC

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**ANNEX E**

AMENDED AND RESTATED

CERTIFICATE OF INCORPORATION

OF

ENZON PHARMACEUTICALS, INC.

The undersigned, Jeffrey H. Buchalter, being the President and Chief Executive Officer of Enzon Pharmaceuticals, Inc., a corporation organized and existing under the laws of the State of Delaware (the "Corporation"), hereby certifies as follows:

FIRST: The present name of the corporation (hereinafter called the "Corporation") is Enzon Pharmaceuticals, Inc.

SECOND: The name under which the corporation was originally incorporated is Enzon, Inc. and the date of filing the original certificate of incorporation of the Corporation with the Secretary of State of the State of Delaware is May 11, 1983.

THIRD: This Amended and Restated Certificate of Incorporation has been duly adopted by the Corporation's Board of Directors and stockholders pursuant to the provisions of Sections 242 and 245 of the General Corporation Law of the State of Delaware in the form set forth as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.NAME. The name of the corporation is Enzon Pharmaceuticals, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.ADDRESS; REGISTERED AGENT. The Corporation's registered office in the State of Delaware is located at Corporation Trust Center, 1209 Orange Street, City of Wilmington, County of New Castle and the name of its registered agent at such address is The Corporation Trust Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.PURPOSE. The nature of the business and purposes to be conducted or promoted by the Corporation are to engage in, carry on and conduct any lawful act or activity for which corporations may be organized under the General Corporation Law of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.NUMBER OF SHARES. (A) The total number of shares of capital stock which the Corporation shall have authority to issue is 173,000,000 shares, of which 170,000,000 shares shall be Common Stock, par value $.01 per share, and 3,000,000 shares shall be Preferred Stock, par value $.01 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)The Preferred Stock may be issued from time to time in one or more series. The Board of Directors of the Corporation is hereby expressly authorized to provide, by resolution or resolutions duly adopted by it prior to issuance, for the creation of each such series and to fix the designation and the powers, preferences, rights, qualifications, limitations and restrictions relating to the shares of each such series. The authority of the Board of Directors with respect to each series of Preferred Stock shall include, but not be limited to, determining the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the designation of such series, the number of shares to constitute such series and the stated value thereof if different from the par value thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;whether the shares of such series shall have voting rights, in addition to any voting rights provided by law, and, if so, the terms of such voting rights, which may be general or limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;the dividends, if any, payable on such series, whether any such dividends shall be cumulative, and, if so, from what dates, the conditions and dates upon which such dividends shall be payable, and the preference or relation which such dividends shall bear to the dividends payable on any shares of stock of any other class or any other series of Preferred Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;whether the shares of such series shall be subject to redemption by the Corporation, and, if so, the times, prices and other conditions of such redemption;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;the amount or amounts payable upon shares of such series upon, and the rights of the holders of such series in, the voluntary or involuntary liquidation, dissolution or winding up, or upon any distribution of the assets, of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;whether the shares of such series shall be subject to the operation of a retirement or sinking fund and, if so, the extent to and manner in which any such retirement or sinking fund shall be applied to the purchase or redemption of the shares of such series for retirement or other corporation purposes and the terms and provisions relating to the operation thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;whether the shares of such series shall be convertible into, or exchangeable for, shares of stock of any other class or any other series of Preferred Stock or any other securities and, if so, the price or prices or the rate or rates of conversion or exchange and the method, if any, of adjusting the same, and any other terms and conditions of conversion or exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;the conditions or restrictions, if any, upon the creation of indebtedness of the Corporation or upon the issue of any additional stock, including additional shares of such series or of any other series of Preferred Stock or of any other class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;any other powers, preferences and relative, participating, optional and other special rights, and any qualifications, limitations and restrictions, thereof.

The powers, preferences and relative, participating, optional and other special rights of each series of Preferred Stock, and the qualifications, limitations or restrictions thereof, if any, may differ from those of any and all other series at any time outstanding. All shares of any one series of Preferred Stock shall be identical in all respects with all other shares of such series, except that shares of any one series issued at different times may differ as to the dates from which dividends thereof shall be cumulative.

Pursuant to the authority conferred by this Article Fourth upon the Board of Directors of the Corporation, the Board of Directors created a series of Preferred Stock designated as Series B Preferred Stock by filing a Certificate of Designations of the Corporation with the Secretary of State of the State of Delaware (the "Secretary of State") on May 22, 2002, and the voting powers, designations, preferences and relative, participating, optional or other special rights, and the qualifications, limitations or restrictions thereof, of the Corporation's Series B Preferred Stock are set forth in Appendix A hereto and are incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.NAME AND ADDRESS OF INCORPORATOR. The name and mailing address of the incorporator is Dan Brecher, 260 Madison Avenue, New York, New York, 10016.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.ELECTION OF DIRECTORS. Members of the Board of Directors may be elected either by written ballot or by voice vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.ADOPTION, AMENDMENT AND/OR REPEAL OF BY-LAWS. The Board of Directors may from time to time (after adoption by the undersigned of the original by-laws of the Corporation) make, alter or repeal the by-laws of the Corporation; provided, that any by-laws made, amended or repealed by the Board of Directors may be amended or repealed, and any by-laws may be made, by the stockholders of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.COMPROMISES AND ARRANGEMENTS. Whenever a compromise or arrangement is proposed between the Corporation and its creditors or any class of them and/or between this Corporation and its stockholders or any class of them, any court of equitable jurisdiction within the State of Delaware may, on the application in a summary way of this Corporation or of any creditor or stockholder thereof or on the application of any receiver or receivers appointed for this Corporation under the provisions of section 291 of Title 8 of the Delaware Code or on the application of trustees in dissolution or of any receiver or receivers appointed for this Corporation under the provisions of section 279 of Title 8 of the Delaware Code, order a meeting of the creditors or class of creditors, and/or of the stockholders or class of stockholders of this Corporation, as the case may be, to be summoned in such manner as the said court directs. If a majority in number representing three-fourths in value of the creditors or class of creditors, and/or of the stockholders or class of stockholders of this Corporation, as the case may be, agree to any compromise or arrangement and to any reorganization of this Corporation as consequence of such compromise or arrangement, the said compromise or arrangement and the said reorganization shall, if sanctioned by the

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court to which the said application has been made, be binding on all the creditors or class of creditors, and/or on all the stockholders or class of stockholders, of this Corporation, as the case may be, and also on this Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.NUMBER OF DIRECTORS. (A) The Board of Directors shall consist of not less than three nor more than fifteen directors, the exact number of directors to be determined from time to time by resolution adopted by affirmative vote of a majority of the whole Board of Directors, and such exact number shall be four until otherwise determined by resolution adopted by affirmative vote of a majority of the whole Board of Directors. As used in this Article 9, the term "whole Board" means the total number of directors, which the Corporation would have if there were no vacancies. The Board of Directors shall divide the directors into three classes and, when the number of directors is changed, shall determine the class or classes to which the increased or decreased number of directors shall be apportioned; provided, that no decrease in the number of directors shall affect the term of any director then in office. Notwithstanding the foregoing, and except as otherwise required by law, whenever the holders of any one or more series of Preferred Stock shall have the right, voting separately as a class, to elect one or more directors of the Corporation, the terms of the director or directors elected by such holders shall expire at the next succeeding annual meeting of stockholders. The term of office of directors elected at the 1986 Annual Meeting of Stockholders held on January 20, 1987 shall be as follows: the term of office of directors of the first class shall expire at the first annual meeting of stockholders after their election; the term of office of directors of the second class shall expire at the second annual meeting of stockholders after their election; and the term of office of directors of the third class shall expire at the third annual meeting of stockholders after their election; and as to directors of each class, when their respective successors are elected and qualified. At each annual meeting of stockholders subsequent to the 1986 Annual Meeting of Stockholders, directors elected to succeed those whose terms are expiring shall be elected for a term of office to expire at the third succeeding annual meeting of stockholders and when their respective successors are elected and qualified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)Vacancies in the Board of Directors, however caused, and newly created directorships shall be filled solely by a majority vote of the directors then in office, whether or not a quorum, and any director so chosen shall hold office for a term expiring at the annual meeting of stockholders at which the term of the class to which the director has been chosen expires and when the director's successor is elected and qualified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)The affirmative vote of the holders of not less than two-thirds of the outstanding voting shares of capital stock of the Corporation entitled to vote generally in the election of directors shall be required to amend, alter, change or repeal, or adopt any provisions inconsistent with this Article 9, provided, however, that this paragraph shall not apply to, and such two-thirds vote shall not be required for, any amendment, alteration, change, repeal or adoption of any inconsistent provision declared advisable by the Board of Directors by the affirmative vote of two-thirds of the Board and submitted to stockholders for their consideration, but only if a majority of the members of the Board of Directors acting upon such matter shall be Continuing Directors. The term "Continuing Director" shall mean a director who was a member of the Board as of October 1, 1986.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.LIMITATION OF DIRECTORS' LIABILITY; INDEMNIFICATION. A director of the Corporation shall not be personally liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, except for liability (i) for any breach of the director's duty of loyalty to the Corporation or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) under Section 174 of the Delaware General Corporation Law, as the same exists or hereafter may be amended, or (iv) for any transaction from which the director derived an improper personal benefit. If the Delaware General Corporation Law hereafter is amended to authorize the further elimination or limitation of the liability of directors, then the liability of a director of the Corporation, in addition to the limitation on personal liability provided herein, shall be limited to the fullest extent permitted by the amended Delaware General Corporation Law. Any repeal or modification of this paragraph by the stockholders of the Corporation shall be prospective only, and shall not adversely affect any limitation on the personal liability of a director of the corporation existing at the time of such repeal or modification.

(SIGNATURE ON FOLLOWING PAGE)

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I, Jeffrey H. Buchalter, President and Chief Executive Officer of the Corporation, for the purpose of amending and restating the Corporation's Certificate of Incorporation pursuant to the Delaware General Corporation Law, do make this certificate, hereby declaring and certifying that the facts stated herein are true and this is my act and deed on behalf of the Corporation this 18th day of May, 2006.

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| | |
|:---|:---|
| By: | /S/ JEFFREY H. BUCHALTER |
|  | Jeffrey H. Buchalter |
|  | Title:&nbsp;&nbsp;&nbsp;&nbsp;President and Chief Executive Officer |

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Appendix A to Restated Certificate of Incorporation

CERTIFICATE OF DESIGNATION, PREFERENCES AND RIGHTS OF

SERIES B PREFERRED STOCK

OF

ENZON, INC.

Pursuant to Section 151 of the

General Corporation Law of the State of Delaware

Enzon, Inc. (the "Corporation"), a corporation organized and existing under the laws of the State of Delaware, does hereby certify that, pursuant to the authority conferred on the Board of Directors of the Corporation by the Certificate of Incorporation, as amended, of the Corporation and in accordance with Section 151 of the General Corporation Law of the State of Delaware, the Board of Directors of the Corporation adopted the following resolution creating the preferences and rights of its series of 600,000 shares of Preferred Stock, no shares of which have been issued, designated as "Series B Preferred Stock."

RESOLVED, that pursuant to the authority vested in the Board of Directors of this Corporation in accordance with the provisions of its Certificate of Incorporation, as amended, a series of preferred stock of the Corporation is hereby created and the designation and amount of such series and the voting powers, preferences and relative, participating, optional and other special rights of the shares of such series, and the qualifications, limitations or restrictions thereof are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) DESIGNATION AND AMOUNT. The shares of such series shall be designated as "Series B Preferred Stock" (the "SERIES B PREFERRED STOCK") and the number of shares constituting the Series B Preferred Stock shall be six hundred thousand (600,000). Such number of shares may be increased or decreased by resolution of the Board of Directors; provided, that no decrease shall reduce the number of shares of Series B Preferred Stock to a number less than the number of shares then outstanding plus the number of shares reserved for issuance upon the exercise of outstanding options, rights or warrants or upon the conversion of any outstanding securities issued by the Corporation convertible into Series B Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) DIVIDENDS AND DISTRIBUTIONS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to the rights of the holders of any shares of any series of preferred stock (or any similar stock) ranking prior and superior to the Series B Preferred Stock with respect to dividends, the holders of shares of Series B Preferred Stock, in preference to the holders of Common Stock, par value $.01 (the "COMMON STOCK"), of the Corporation, and of any other junior stock, shall be entitled to receive, when, as and if declared by the Board of Directors out of funds legally available for the purpose, quarterly dividends payable in cash on the first day of March, June, September and December in each year (each such date being referred to herein as a "QUARTERLY DIVIDEND PAYMENT DATE"), commencing on the first Quarterly Dividend Payment Date after the first issuance of a share or fraction of a share of Series B Preferred Stock, in an amount per share (rounded to the nearest cent) equal to the greater of (a) $1.00 or (b) subject to the provision for adjustment hereinafter set forth, 1,000 times the aggregate per share amount of all cash dividends, and 1,000 times the aggregate per share amount (payable in kind) of all non-cash dividends or other distributions, other than a dividend payable in shares of Common Stock or a subdivision of the outstanding shares of Common Stock (by reclassification or otherwise), declared on the Common Stock since the immediately preceding Quarterly Dividend Payment Date or, with respect to the first Quarterly Dividend Payment Date, since the first issuance of any share or fraction of a share of Series B Preferred Stock. In the event the Corporation shall at any time after June 3, 2002, declare or pay any dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise) into a greater or lesser number of shares of Common Stock, then in each such case the amount to which holders of shares of Series B Preferred Stock were entitled immediately prior to such event under clause (b) of the preceding sentence shall be adjusted by multiplying such amount by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Corporation shall declare a dividend or distribution on the Series B Preferred Stock as provided in paragraph (A) of this Section immediately after it declares a dividend or distribution on the Common Stock (other than a dividend payable in shares of Common Stock or a subdivision of the outstanding Common Stock); provided that, in the event no dividend or distribution shall have been declared on the Common Stock during the period between any Quarterly Dividend Payment Date and the next subsequent Quarterly Dividend Payment Date, a dividend of $1.00 per share on the Series B Preferred Stock shall nevertheless be payable, out of funds legally available for such purpose, on such subsequent Quarterly Dividend Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Dividends shall begin to accrue and be cumulative on outstanding shares of Series B Preferred Stock from the Quarterly Dividend Payment Date next preceding the date of issue of such shares, unless the date of issue of such shares is prior to the record date for the first Quarterly Dividend Payment Date, in which case dividends on such shares shall begin to accrue from the date of issue of such shares, or unless the date of issue is a Quarterly Dividend Payment Date or is a date after the record date for the determination of holders of shares of Series B Preferred Stock entitled to receive a quarterly dividend and before such Quarterly Dividend Payment Date, in either of which events such dividends shall begin to accrue and be cumulative from such Quarterly Dividend Payment Date. Accrued but unpaid dividends shall not bear interest. Dividends paid on the shares of Series B Preferred Stock in an amount less than the total amount of such dividends at the time accrued and payable on such shares shall be allocated pro rata on a share-by-share basis among all such shares at the time outstanding. The Board of Directors may fix a record date for the determination of holders of shares of Series B Preferred Stock entitled to receive payment of a dividend or distribution declared thereon, which record date shall be not more than 60 days prior to the date fixed for the payment thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) VOTING RIGHTS. The holders of shares of Series B Preferred Stock shall have the following voting rights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to the provision for adjustment hereinafter set forth, each share of Series B Preferred Stock shall entitle the holder thereof to 1,000 votes on all matters submitted to a vote of the stockholders of the Corporation. In the event the Corporation shall at any time after June 3, 2002, declare or pay any dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise) into a greater or lesser number of shares of Common Stock, then in each such case the number of votes per share to which holders of shares of Series B Preferred Stock were entitled immediately prior to such event shall be adjusted by multiplying such number by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except as otherwise provided herein, in any other Certificate of Designation creating a series of preferred stock or any similar stock, or by law, the holders of shares of Series B Preferred Stock and the holders of shares of Common Stock and any other capital stock of the Corporation having general voting rights shall vote together as one class on all matters submitted to a vote of stockholders of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Except as set forth herein, or as otherwise provided by law, holders of Series B Preferred Stock shall have no special voting rights and their consent shall not be required (except to the extent they are entitled to vote with holders of Common Stock as set forth herein) for taking any corporate action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) CERTAIN RESTRICTIONS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Whenever quarterly dividends or other dividends or distributions payable on the Series B Preferred Stock as provided in Section 2 are in arrears, thereafter and until all accrued and unpaid dividends and distributions, whether or not declared, on shares of Series B Preferred Stock outstanding shall have been paid in full, the Corporation shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) declare or pay dividends, or make any other distributions, on any shares of stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series B Preferred Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) declare or pay dividends, or make any other distributions, on any shares of stock ranking on a parity (either as to dividends or upon liquidation, dissolution or winding up) with the Series B Preferred Stock, except dividends paid ratably on the Series B Preferred Stock and all such parity stock on which dividends are payable or in arrears in proportion to the total amounts to which the holders of all such shares are then entitled;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) redeem or purchase or otherwise acquire for consideration shares of any stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series B Preferred Stock, provided that the Corporation may at any time redeem, purchase or otherwise acquire shares of any such junior stock in exchange for shares of any stock of the Corporation ranking junior (either as to dividends or upon dissolution, liquidation or winding up) to the Series B Preferred Stock; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) redeem or purchase or otherwise acquire for consideration any shares of Series B Preferred Stock, or any shares of stock ranking on a parity with the Series B Preferred Stock, except in accordance with a purchase offer made in writing or by publication (as determined by the Board of Directors) to all holders of such shares upon such terms as the Board of Directors, after consideration of the respective annual dividend rates and other relative rights and preferences of the respective series and classes, shall determine in good faith will result in fair and equitable treatment among the respective series or classes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Corporation shall not permit any subsidiary of the Corporation to purchase or otherwise acquire for consideration any shares of stock of the Corporation unless the Corporation could, under paragraph (A) of this Section 4, purchase or otherwise acquire such shares at such time and in such manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) REACQUIRED SHARES. Any shares of Series B Preferred Stock purchased or otherwise acquired by the Corporation in any manner whatsoever shall be retired and cancelled promptly after the acquisition thereof. All such shares shall upon their cancellation become authorized but unissued shares of preferred stock and may be reissued as part of a new series of preferred stock subject to the conditions and restrictions on issuance set forth herein, in the Certificate of Incorporation, as amended, or in any other certificate of designation creating a series of preferred stock or any similar stock or as otherwise required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) LIQUIDATION, DISSOLUTION OR WINDING UP. Upon any liquidation, dissolution or winding up of the Corporation, no distribution shall be made (1) to the holders of shares of stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series B Preferred Stock unless, prior thereto, the holders of shares of Series B Preferred Stock shall have received the greater of (i) $1,000 per share, plus an amount equal to accrued and unpaid dividends and distributions thereon, whether or not declared, to the date of such payment, or (ii) an aggregate amount per share, subject to the provision for adjustment hereinafter set forth, equal to 1,000 times the aggregate amount to be distributed per share to holders of shares of Common Stock, or (2) to the holders of shares of stock ranking on a parity (either as to dividends or upon liquidation, dissolution or winding up) with the Series B Preferred Stock, except distributions made ratably on the Series B Preferred Stock and all such parity stock in proportion to the total amounts to which the holders of all such shares are entitled upon such liquidation, dissolution or winding up. In the event the Corporation shall at any time after June 3, 2002, declare or pay any dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise) into a greater or lesser number of shares of Common Stock, then in each such case the aggregate amount to which holders of shares of Series B Preferred Stock were entitled immediately prior to such event under clause (1)(ii) of the preceding sentence shall be adjusted by multiplying such amount by a fraction the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) CONSOLIDATION, MERGER, ETC. In case the Corporation shall enter into any consolidation, merger, combination or other transaction in which the shares of Common Stock are exchanged for or changed into other stock or securities, cash and/or any other property, then in any such case each share of Series B Preferred Stock shall at the same time be similarly exchanged or changed into an amount per share, subject to the provision for adjustment hereinafter set forth, equal to 1,000 times the aggregate amount of stock, securities, cash and/or any other property (payable in kind), as the case may be, into which or for which each share of Common Stock is changed or exchanged. In the event the Corporation shall at any time after June 3, 2002, declare or pay any dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise) into a greater or lesser number of shares of Common Stock, then in each such case the amount set forth in the preceding sentence with respect to the exchange or change of shares of Series B Preferred Stock shall be adjusted by multiplying such amount by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) NO REDEMPTION. The shares of Series B Preferred Stock shall not be redeemable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) RANK. The Series B Preferred Stock shall rank, with respect to the payment of dividends and the distribution of assets, junior to all series of any other class of the Corporation's preferred stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) FRACTIONAL SHARES. Series B Preferred Stock may be issued in fractions of a share which shall entitle the holder, in proportion to such holder's fractional shares, to receive dividends, participate in distributions and to have the benefit of all other rights of holders of Series B Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) AMENDMENT. The Certificate of Incorporation, as amended of the Corporation shall not be amended in any manner which would materially alter or change the powers, preferences or rights of the Series B Preferred Stock so as to affect them adversely without the affirmative vote of the holders of at least two-thirds of the outstanding shares of Series B Preferred Stock, voting together as a single class.

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CERTIFICATE OF AMENDMENT

TO THE

AMENDED AND RESTATED CERTIFICATE OF INCORPORATION

OF

ENZON PHARMACEUTICALS, INC.

Pursuant to Section 242 of the General

Corporation Law of the State of Delaware

Enzon Pharmaceuticals, Inc., a Delaware corporation (hereinafter called the "CORPORATION"), does hereby certify as follows:

FIRST: Article 9, Paragraphs A and B of the Corporation's Amended and Restated Certificate of Incorporation are hereby amended to read in their entirety as set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;NUMBER OF DIRECTORS. (A) The Board of Directors shall consist of not less than three nor more than fifteen directors, the exact number of directors to be determined from time to time by resolution adopted by affirmative vote of a majority of the whole Board of Directors, and such exact number shall be four until otherwise determined by resolution adopted by affirmative vote of a majority of the whole Board of Directors. As used in this Article 9, the term "whole Board" means the total number of directors, which the Corporation would have if there were no vacancies. The Board of Directors shall not be classified. From and after the 2010 Annual Meeting of Stockholders, directors shall be elected at each annual meeting of stockholders for a one-year term expiring at the next annual meeting of stockholders and until such director's successor is elected and qualified, subject to such director's earlier death, resignation, disqualification or removal; provided that no decrease in the number of directors shall affect the term of any director then in office. Notwithstanding the foregoing, and except as otherwise required by law, whenever the holders of any one or more series of Preferred Stock shall have the right, voting separately as a class, to elect one or more directors of the Corporation, the terms of the director or directors elected by such holders shall be governed by the terms of this Amended and Restated Certificate of Incorporation (including any certificate of designation relating to any series of Preferred Stock) applicable thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise required by law or this Amended and Restated Certificate of Incorporation (including any certificate of designation relating to any series of Preferred Stock), vacancies on the Board of Directors, however caused, and newly created directorships shall be filled solely by a majority vote of the directors then in office, whether or not a quorum, and any director so chosen shall hold office until the next annual meeting of stockholders and until such director's successor is elected and qualified.

SECOND: The foregoing amendments were duly adopted in accordance with Section 242 of the General Corporation Law of the State of Delaware.

[EXECUTION PAGE FOLLOWS.]

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IN WITNESS WHEREOF, Enzon Pharmaceuticals, Inc. has caused this Certificate to be duly executed in its corporate name this 13th day of July, 2010.

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| | | |
|:---|:---|:---|
| **ENZON PHARMACEUTICALS, INC.** | **ENZON PHARMACEUTICALS, INC.** | **ENZON PHARMACEUTICALS, INC.** |
| By: | /s/ Ralph del Campo | /s/ Ralph del Campo |
|  | Name: | Ralph del Campo |
|  | Title: | Principal Executive Officer |

---

[Signature Page to Certificate of Amendment]

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**ANNEX F**

SECOND AMENDED AND RESTATED

BY-LAWS

OF

**ENZON PHARMACEUTICALS, INC.,\***

(A Delaware corporation)

\*(As amended by Amendment No. 1 thereto, effective February 15, 2013. Additions made by such amendment are underlined in boldface type, and deletions made by such amendment are struck through.)

**ARTICLE I**

**DEFINITION**

As used in these By-laws as amended, unless the context otherwise requires, the term:

Section 1.1 "**Assistant Secretary**" means an Assistant Secretary of the Corporation.

Section 1.2 "**Assistant Treasurer**" means an Assistant Treasurer of the Corporation.

Section 1.3 "**Board**" means the Board of Directors of the Corporation.

Section 1.4 "**By-laws**" means the initial by-laws of the Corporation, as amended from time to time.

Section 1.5 "**Certificate of Incorporation**" means the initial certificate of incorporation of the Corporation, as amended, supplemented or restated from time to time.

Section 1.6 "**Corporation**" means Enzon Pharmaceuticals, Inc.

Section 1.7 "**Directors**" means directors of the Corporation.

Section 1.8 "**General Corporation Law**" means the General Corporation Law of the State of Delaware, as amended from time to time.

Section 1.9 "**Office of the Corporation**" means the executive office of the Corporation, anything in Section 131 of the General Corporation law to the contrary notwithstanding.

Section 1.10 "**President**" means the President of the Corporation.

Section 1.11 "**Secretary**" means the Secretary of the Corporation.

Section 1.12 "**Stockholders**" means stockholders of the Corporation.

Section 1.13 "**Treasurer**" means the Treasurer of the Corporation.

Section 1.14 "**Vice President**" means a Vice President of the Corporation.

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**ARTICLE II**

**STOCKHOLDERS**

Section 2.1 Place of Meetings.

Every meeting of the Stockholders shall be held at the office of the Corporation or at such other place within or without the State of Delaware as shall be specified or fixed in the notice of such meeting or in the waiver of notice hereof.

Section 2.2 Annual Meeting.

A meeting of Stockholders shall be held annually for the election of directors or the transaction of other business at such hour and on such business day as may be determined by the Board and designated in the notice of meeting.

Section 2.3 Deferred Meeting for Election of Directors, Etc.

If the annual meeting of Stockholders for the election of directors and the transaction of other business is not held on the date fixed in Section 2.2, the Board shall call a meeting of Stockholders for the election of directors and the transaction of other business as soon thereafter as convenient.

Section 2.4 Other Special Meetings.

A special meeting of Stockholders (other than a special meeting for the election of directors), unless otherwise prescribed by statute, may be called at any time by the Board or by the President or by the Secretary. At any special meeting of Stockholders only such business may be transacted which is related to the purpose or purposes of such meeting set forth in the notice thereof given pursuant to Section 2.6 of the By-laws or in any waiver of notice thereof given pursuant to Section 2.7 of the By-laws.

Section 2.5 Fixing Record Date.

For the purpose of determining the Stockholders entitled to notice of or to vote at any meeting of Stockholders or any adjournment thereof, or to express consent to corporate action in writing without a meeting, or for the purpose of determining Stockholders entitled to receive payment of any dividend or the allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock, or for the purpose of any other lawful action, the Board may fix, in advance, a date as the record date for any such determination of Stockholders. Such date shall not be more than sixty nor less then ten days before the date of such meeting, nor more than sixty days prior to any other action.

Section 2.5.1 If no such record date is fixed, the record date for determining Stockholders entitled to notice of or to vote at a meeting of Stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held;

Section 2.5.2 Without limiting the foregoing, in order that the Corporation may determine the Stockholders entitled to consent to corporate action in writing without a meeting, the Board may fix a record date, which record date shall not precede the date upon which the Resolution fixing the record date is adopted by the Board, and which date shall not be more than ten (10) days after the date upon which the resolution fixing the record date is adopted by the Board. Any Stockholder of record seeking to have the Stockholders authorize or take corporate action by written consent shall, by written notice to the Secretary, request the Board to fix a record date. The Board shall promptly, but in all events within ten (10) days after the date on which such a request is received, adopt a resolution fixing the record date. If no record date has been fixed by the Board within ten (10) days of the date on which such a request is received, the record date for determining Stockholders entitled to consent to corporate action in writing without a meeting, when no prior action by the Board is required by applicable law, shall be the first date on which a signed written consent setting forth the action taken or proposed to be taken is delivered to the Corporation by delivery to its registered office in the State of Delaware, its principal place of business, or any officer or agent of the Corporation having custody of the book in which proceedings of Stockholders meetings are recorded, to the attention of the Secretary of the Corporation. Delivery shall be by hand or by certified or registered mail, return receipt requested. If no record date has been fixed by the Board and prior action by the Board is required by applicable law, the record date for determining Stockholders entitled to consent to corporate action in writing without a meeting shall be at the close of business on the date on which the Board adopts the resolution taking such prior action.

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Section 2.5.3 The record date for determining Stockholders for any purpose other than that specified in Sections 2.5.1 and 2.5.2 shall be at the close of business on the day on which the Board adopts the resolution relating thereto.

When a determination of Stockholders entitled to notice of or to vote at any meeting of Stockholders has been made as provided in this Section 2.5 such determination shall apply to any adjournment thereof, unless the Board fixes a new record date for the adjourned meeting.

Section 2.6 Notice of Meeting of Stockholders.

Except as otherwise provided in Sections 2.5 and 2.7 of the By-laws, whenever under the General Corporation Law or the Certificate of Incorporation or the By-laws, stockholders are required or permitted to take any action at a meeting, written notice shall be given stating the place, date and hour of the meeting and, in the case of a special meeting, the purpose or purposes for which the meeting is called. A copy of the notice of any meeting shall be given, personally or by mail, not less than ten nor more than sixty days before the date of the meeting, to each Stockholder entitled to notice of or to vote at such meeting. If mailed, such notice shall be deemed to be given when deposited in the United States mail, with postage prepaid, and directed to the Stockholder at his address as it appears on the records of the corporation. An affidavit of the Secretary or an Assistant Secretary or of the transfer agent of the Corporation that the notice required by this Section 2.6 has been given shall, in the absence of fraud, be prima facie evidence of the facts stated therein. When a meeting is adjourned to another time or place, notice need not be given of the adjourned meeting if the time and place thereof are announced at the meeting at which the adjournment is taken, and at the adjourned meeting any business may be transacted that might have been transacted at the meeting as originally called. If, however, the adjournment is for more than thirty days, or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each Stockholder of record entitled to vote at the meeting.

Section 2.7 Waivers of Notice.

Whenever notice is required to be given to any Stockholder under any provision of the General Corporation Law or of the Certificate of Incorporation or the By-laws, a written waiver thereof, signed by the Stockholder entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a Stockholder at a meeting shall constitute a waiver of notice of such meeting, except when the Stockholder attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the Stockholders need be specified in any written waiver of notice.

Section 2.8 List of Stockholders.

The Secretary shall prepare and make, or cause to be prepared and made, at least ten days before every meeting of Stockholders, a complete list of the Stockholders entitled to vote at the meeting, arranged in alphabetical order, and showing the address of each Stockholder and the number of shares registered in the name of each Stockholder. Such list shall be open to the examination of any Stockholder, for any purpose germane to the meeting, during ordinary business hours, for a period of at least ten days prior to the meeting, either at a place within the city where the meeting is to be held, which place shall be specified in the notice of the meeting, or, if not so specified, at the place where the meeting is to be held. The list shall also be produced and kept at the time and place of the meeting during the whole time thereof, and may be inspected by any Stockholder who is present.

Section 2.9 Quorum of Stockholders; Adjournment.

The holders of one-third of the shares of stock entitled to vote at any meeting of Stockholders, present in person or represented by proxy, shall constitute a quorum for the transaction of any business at such meeting. When a quorum is once present to organize a meeting of Stockholders, it is not broken by the subsequent withdrawal of any Stockholders. The holders of a majority of the shares of stock present in person or represented by proxy at any meeting of Stockholders, including an adjourned meeting, whether or not a quorum is present, may adjourn such meeting to another time and place.

Section 2.10 Voting; Proxies.

Unless otherwise provided in the Certificate of Incorporation every Stockholder of record shall be entitled at every meeting of Stockholders to one vote for each share of capital stock standing in his name on the record of Stockholders determined in accordance with Section 2.5 of the By-laws. If the Certificate of Incorporation provides for more or less than one vote for any share, on any matter, every reference in the By-laws or the General Corporation Law to a majority or other proportion of stock shall refer to such

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majority or other proportion of the votes of such stock. The provisions of Sections 212 and 217 of the General Corporation Law shall apply in determining whether any shares of capital stock may be voted and the persons, if any, entitled to vote such shares; but the Corporation shall be protected in treating the persons in whose names shares of capital stock stand on the record of Stockholders as owners thereof for all purposes. At any meeting of Stockholders (at which a quorum was present to organize the meeting), all matters, except as otherwise provided by law or by the Certificate of Incorporation or by the By-laws, shall be decided by a majority of the votes cast at such meeting by the holders of shares present in person or represented by proxy and entitled to vote thereon, whether or not a quorum is present when the vote is taken. Commencing with the 2011 Annual Meeting of Stockholders, a nominee for director shall be elected to the Board if the votes cast for such nominee's election exceed the votes cast against such nominee's election; provided, however, that directors shall be elected by a plurality of the votes cast at any meeting of stockholders for which (i) the Secretary receives a notice that a stockholder has nominated a person for election to the Board in compliance with the Certificate of Incorporation and these By-laws, to the extent applicable, and applicable law and (ii) such nomination has not been withdrawn by such stockholder on or before the tenth day before the Corporation first mails its notice of meeting for such meeting to the Stockholders. If Directors are to be elected by a plurality of the votes cast, stockholders shall not be permitted to vote against a nominee. All elections of directors shall be by written ballot unless otherwise provided in the Certificate of Incorporation. In voting on any other question on which a vote by ballot is required by law or is demanded by any Stockholder entitled to vote, the voting shall be by ballot. Each ballot shall be signed by the Stockholder voting or by his proxy, and shall state the number of shares voted. On all other questions, the voting may be viva voce. Every Stockholder entitled to vote at a meeting of Stockholders or to express consent or dissent without a meeting may authorize another person or persons to act for him by proxy. The validity and enforceability of any proxy shall be determined in accordance with Section 212 of the General Corporation Law.

Section 2.11 Selection and Duties of Inspectors at Meetings of Stockholders.

The Board, in advance of any meeting of Stockholders, may appoint one or more inspectors to act at the meeting or any adjournment thereof. If inspectors are not so appointed, the person presiding at such meeting may, and on the request of any Stockholder entitled to vote thereat shall, appoint one or more inspectors. In case any person appointed fails to appear or act, the vacancy may be filled by appointment made by the Board in advance of the meeting or at the meeting by the person presiding thereat. Each inspector, before entering upon the discharge of his duties, shall take and sign an oath faithfully to execute the duties of inspector at such meeting with strict impartiality and according to the best of his ability. The inspector or inspectors shall determine the number of shares outstanding and the voting power of each, the shares represented at the meeting, the existence of a quorum, the validity and effect of proxies, and shall receive votes, ballots or consents, hear and determine all challenges and questions arising in connection with the right to vote, count and tabulate all votes, ballots or consents, determine the result, and do such acts as are proper to conduct the election or vote with fairness to all Stockholders. On request of the person presiding at the meeting or any Stockholder entitled to vote thereat, the inspector or inspectors shall make a report in writing of any challenge, question or matter determined by him or them and execute a certificate of any fact found by him or them. Any report or certificate made by the inspector or inspectors shall be prima facie evidence of the facts stated and of the vote as certified by him or them.

Section 2.12 Organization.

At every meeting of Stockholders, the President, or in the absence of the President a Vice President, and in case more than one Vice President shall be present, that Vice President designated by the Board (or in the absence of any such designation, the most senior Vice President, based on age, present), shall act as chairman of the meeting. The Secretary, or in his absence one of the Assistant Secretaries, shall act as secretary of the meeting. In case none of the officers above designated to act as chairman or secretary of the meeting, respectively, shall be present, a chairman or a secretary of the meeting, as the case may be, shall be chosen by a majority of the votes cast at such meeting by the holders of shares of capital stock present in person or represented by proxy and entitled to vote at the meeting.

Section 2.13 Order of Business.

The order of business at all meetings of Stockholders shall be as determined by the chairman of the meeting, but the order of business to be followed at any meeting at which a quorum is present may be changed by a majority of the votes cast at such meeting by the holders of shares of capital stock present in person or represented by proxy and entitled to vote at the meeting.

Section 2.14 Written Consent of Stockholders Without a Meeting.

Any action which could be taken at any annual or special meeting of Stockholders may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, shall (a) be signed by the holders of

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outstanding stock entitled to vote thereon (as determined in accordance with subsection 2.5.2 hereof) having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted and (b) be delivered to the Corporation by delivery to its registered office in the State of Delaware, its principal place of business, or an officer or agent of the Corporation having custody of the records of proceedings of meetings of Stockholders. Delivery made to the corporation's registered office shall be by hand or by certified mail or registered mail, return receipt requested. Every written consent shall bear the date of signature of each Stockholder who signs the consent and no written consent shall be effective to take the corporate action referred to therein unless written consents signed by the holders of outstanding stock entitled to vote thereon (as determined in accordance with subsection 2.5.2 hereof) having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted, are delivered to the Corporation, in the manner required by this Section, within sixty (60) days of the earliest dated consent delivered to the Corporation in the manner required by this Section 2.14. The validity of any consent executed by a proxy for a Stockholder pursuant to a telegram, cablegram or other means of electronic transmission transmitted to such proxy holder by or upon the authorization of the Stockholder shall be determined by or at the direction of the secretary. A written record of the information upon which the person making such determination relied shall be made and kept in the records of the proceedings of the Stockholders. Any such consent shall be inserted in the minute book as if it were the minutes of a meeting of the Stockholders.

Section 2.15 Notifications of Nominations and Proposed Business.

No business may be transacted at an annual meeting of Stockholders (an "**Annual Meeting**"), other than business that is either (a) specified in the notice of such meeting (or any supplement thereto) given by or at the direction of the Board (or any duly authorized committee thereof), (b) otherwise properly brought before the Annual Meeting by or at the direction of the Board (or any duly authorized committee thereof), or (c) otherwise properly brought before the Annual Meeting by any Stockholder (i) who is a Stockholder of record on the date of the giving of the notice provided for in this Section 2.15 and on the record date for the determination of Stockholders entitled to notice of and to vote at such Annual Meeting, and (ii) who complies with the notice procedures set forth in this Section 2.15.

Only persons who are nominated in accordance with the following procedures shall be eligible for election as Directors, except as may be otherwise provided in the Certificate of Incorporation with respect to the right of holders of preferred stock of the Corporation to nominate and elect a specified number of Directors in certain circumstances. Nominations of persons for election as Directors may be made at any Annual Meeting, or at any special meeting of Stockholders (a "**Special Meeting**") called for the purpose of electing Directors, (a) by or at the direction of the Board (or any duly authorized committee thereof) or (b) by any Stockholder (i) who is a Stockholder of record on the date of the giving of the notice provided for in this Section 2.15 and on the record date for the determination of Stockholders entitled to notice of and to vote at such Annual Meeting or Special Meeting, and (ii) who complies with the notice procedures set forth in this Section 2.15.

In addition to any other applicable requirements, for (a) business to be properly brought before an Annual Meeting by a Stockholder or (b) a nomination to be made at any Annual Meeting or Special Meeting by a Stockholder, such Stockholder must have given timely notice thereof in proper written form to the Secretary.

To be timely, a Stockholder's notice to the Secretary must be delivered to or mailed and received at the principal executive offices of the Corporation **(a) in the case of an Annual Meeting that is held during calendar year 2013, not earlier than the date on which public disclosure of the date of such Annual Meeting is made nor later than the close of business on the tenth (10**<sup>th</sup>**) day following the day on which public disclosure of the date of such Annual Meeting is made;** (**b**) in the case of an Annual Meeting **(other than an Annual Meeting that is held during calendar year 2013)**, not less than ninety (90) days nor more than one hundred twenty (120) days prior to the anniversary date of the immediately preceding Annual Meeting of Stockholders; provided, however, that in the event that the Annual Meeting is called for a date that is not within twenty-five (25) days before or after such anniversary date, notice by the Stockholder in order to be timely must be so received not later than the close of business on the tenth (10th) day following the day on which notice of the date of the Annual Meeting was mailed or public disclosure of the date of the Annual Meeting was made, whichever first occurs; and (**c**) in the case of nominations of persons for election as Directors at a Special Meeting called for the purpose of electing Directors, not later than the close of business on the tenth (10th) day following the day on which notice of the date of the Special Meeting was mailed or public disclosure of the date of the Special Meeting was made, whichever first occurs.

With respect to matters proposed to be brought before an Annual Meeting, to be in proper written form, a Stockholder's notice to the Secretary must set forth as to each matter (i) a brief description of the business desired to be brought before the Annual Meeting and the reasons for conducting such business at the Annual Meeting, (ii) the name and record address of such Stockholder, (iii) the

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class or series and number of shares of capital stock of the Corporation which are owned beneficially or of record by such Stockholder, (iv) a description of all arrangements or understandings between such Stockholder and any other person or persons (including their names) in connection with the proposal of such business by such Stockholder and any material interest of such Stockholder in such business and (v) a representation that such Stockholder intends to appear in person or by proxy at the Annual Meeting to bring such business before the meeting.

With respect to each person proposed to be nominated for election as a Director, to be in proper written form, a Stockholder's notice to the Secretary must set forth (a) as to each person, (i) the name, age, business address and residence address of the person, (ii) the principal occupation or employment of the person, (iii) the class or series and number of shares of capital stock of the Corporation which are owned beneficially or of record by the person (iv) any other information relating to the person that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for election of directors pursuant to Section 14 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the rules and regulations promulgated thereunder and (v) a statement whether such person, if elected, intends to tender, promptly following such person's election or re-election, an irrevocable resignation effective upon such person's failure to receive the required vote for re-election at the next annual meeting at which such person would face re-election, in accordance with the Corporation's Board Resignation Policy; and (b) as to the Stockholder giving the notice, (i) the name and record address of such Stockholder, (ii) the class or series and number of shares of capital stock of the Corporation which are owned beneficially or of record by such Stockholder, (iii) a description of all arrangements or understandings between such Stockholder and each proposed nominee and any other person or persons (including their names) pursuant to which the nomination(s) are to be made by such Stockholder, (iv) a representation that such Stockholder intends to appear in person or by proxy at the meeting to nominate the persons named in its notice and (v) all other information relating to such Stockholder that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for election of directors pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder. Such notice must be accompanied by a written consent of each proposed nominee to being named as a nominee and to serve as a Director if elected.

No business shall be conducted at any Annual Meeting except business brought before such Annual Meeting in accordance with the procedures set forth in this Section 2.15; provided, however, that, once business has been properly brought before such Annual Meeting in accordance with such procedures, nothing in this Section 2.15 shall be deemed to preclude discussion by any Stockholder of any such business. No person shall be eligible for election as a Director unless nominated in accordance with the procedures set forth in this Section 2.15. If (i) the chairman of any Annual Meeting determines that business was not properly brought before the Annual Meeting or (ii) the chairman of any Annual Meeting or Special Meeting determines that a nomination was not made in accordance with the foregoing procedures, the chairman shall declare to the meeting that the business was not properly brought before the meeting or that the nomination was defective, as applicable, and such business shall not be transacted and such defective nomination shall be disregarded.

**ARTICLE III**

**DIRECTORS**

Section 3.1 General Powers.

Except as otherwise provided in the Certificate of Incorporation, the business and affairs of the corporation shall be managed by or under the direction of the Board. The Board may adopt such rules and regulations, not inconsistent with the Certificate of Incorporation or the By-laws or applicable laws, as it may deem proper for the conduct of its meetings and the management of the Corporation. In addition to the powers expressly conferred by the By-laws, the Board may exercise all powers and perform all acts which are not required, by the By-laws or the Certificate of Incorporation or by law, to be exercised and performed by the Stockholders.

Section 3.2 Number.

The Board shall consist of not less than three nor more than fifteen directors, the exact number of directors to be determined from time to time by resolution adopted by affirmative vote of a majority of the whole Board and such exact number shall be four until otherwise determined by resolution adopted by affirmative vote of a majority of the whole Board. As used in this Article 3, the term "**whole Board**" means the total number of directors which the Corporation would have if there were no vacancies.

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Section 3.3 No Classification of the Board.

The Board shall not be classified.

Section 3.4 Election.

Notwithstanding the foregoing, and except as otherwise required by law, whenever the holders of any one or more series of preferred stock shall have the right, voting separately as a class, to elect one or more directors of the Corporation, the terms of the director or directors elected by such holders shall be governed by the terms of the Certificate of Incorporation (including any certificate of designation relating to any series of preferred stock) applicable thereto.

Section 3.5 Term.

From and after the 2010 Annual Meeting of Stockholders, directors shall be elected at each annual meeting of Stockholders for a one-year term expiring at the next annual meeting of Stockholders and until such director's successor is elected and qualified, subject to such director's earlier death, resignation, disqualification or removal; provided that no decrease in the number of directors shall affect the term of any director then in office.

Section 3.6 Vacancies.

Unless otherwise required by law or the Certificate of Incorporation (including any certificate of designation relating to any series of preferred stock), vacancies on the Board, however caused, and newly created directorships shall be filled solely by a majority vote of the directors then in office, whether or not a quorum, and any director so chosen shall hold office until the next annual meeting of Stockholders and until such director's successor is elected and qualified.

Section 3.7 Resignations.

Any director may resign at any time by written notice to the Corporation. Such resignation shall take effect at the time therein specified, and unless otherwise specified, the acceptance of such resignation shall not be necessary to make it effective.

Section 3.8 Removal of Directors.

Except as otherwise provided by law, any or all of the directors may be removed only for cause, by vote of the holders of a majority of the shares then entitled to vote at an election of directors.

Section 3.9 Compensation.

Each director, in consideration of his service as such, shall be entitled to receive from the Corporation such amount per annum or such fees for attendance at directors' meetings, or both, as the Board may from time to time determine, together with reimbursement for the reasonable expenses incurred by him in connection with the performance of his duties. Each director who shall serve as a member of any committee of directors in consideration of his serving as such shall be entitled to such additional amount per annum or such fees for attendance at committee meetings, or both, as the Board may from time to time determine, together with reimbursement for the reasonable expenses incurred by him in the performance of his duties. Nothing in this Section 3.9 shall preclude any director from serving the Corporation or its subsidiaries in any other capacity and receiving proper compensation therefore.

Section 3.10 Place and Time of Meetings of the Board.

Meetings of the Board, regular or special, may be held at any place within or without the State of Delaware. The times and places for holding meetings of the Board may be fixed from time to time by resolution of the Board or (unless contrary to resolution of the Board) in the notice of the meeting.

Section 3.11 Annual Meetings.

On the day when and at the place where the annual meeting of Stockholders for the election of directors is held, and as soon as practicable thereafter, the Board may hold its annual meeting without notice of such meeting, for the purpose of organization, the election of officers and the transaction of other business. The annual meeting of the Board may be held at any other time and place

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specified in a notice given as provided in Section 3.13 of the By-laws for special meetings of the Board or in a waiver of notice thereof.

Section 3.12 Regular Meetings.

Regular meetings of the Board may be held at such times and places as may be fixed from time to time by the Board. Unless otherwise required by the Board, regular meetings of the Board may be held without notice. If any day fixed for a regular meeting of the Board shall be a Saturday or Sunday or a legal holiday at the place where such meeting is to be held, then such meeting shall be held at the same hour at the same place on the first business day thereafter which is not a Saturday, Sunday or legal holiday.

Section 3.13 Special Meetings.

Special meetings of the Board shall be held whenever called by the President or the Secretary or by any two or more directors. Notice of each special meeting of the Board shall, if mailed,. be addressed to each director at the address designated by him for that purpose or, if none is designated, at his last known address at least two days before the date on which the meeting is to be held; or such notice shall be sent to each director at such address by telegraph cable or wireless, or be delivered to him personally, not later than the day before the date on which such meeting is to be held. Every such notice shall state the time and place of the meeting but need not state the purposes of the meeting, except to the extent required by law. If mailed, each notice shall be deemed given when deposited with postage thereon prepaid, in a post office or official depository under the exclusive care and custody of the United States Postal Service. Such mailing shall be by first class mail.

Section 3.14 Adjourned Meetings.

A majority of the directors present at any meeting of the Board, including an adjourned meeting, whether or not a quorum is present, may adjourn such meeting to another time and place. Notice of any adjourned meeting of the Board need not be given to any director whether or not present at the time of the adjournment. Any business may be transacted at any adjourned meeting that might have been transacted at the meeting as originally called.

Section 3.15 Waiver of Notice.

Whenever notice is required to be given to any director or member of a committee of directors under any provision of the General Corporation Law or of the Certificate of Incorporation or By-laws, a written waiver thereof, signed by the person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the directors, or members of a committee of directors, need be specified in any written waiver of notice.

Section 3.16 Organization.

At each meeting of the Board, the President of the Corporation, or in the absence of the president, a chairman chosen by the majority of the directors present, shall preside. The Secretary shall act as secretary at each meeting of the Board. In case the Secretary shall be absent from any meeting of the Board, an Assistant Secretary shall perform the duties of secretary at such meeting; and in the absence from any such meeting of the Secretary and Assistant Secretaries, the person presiding at the meeting may appoint any person to act as secretary of the meeting.

Section 3.17 Quorum of Directors.

One-third of the directors then in office shall constitute a quorum for the transaction of business or of any specified item of business at any meeting of the Board.

Section 3.18 Action by the Board.

All corporate action taken by the Board or any committee thereof shall be taken at a meeting of the Board, or of such committee, as the case may be, except that any action required or permitted to be taken at any meeting of the Board, or of any committee thereof, may be taken without a meeting if all members of the Board or Committee, as the case may be, consent thereto in writing, and the

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writing or writings are filed with the minutes of proceedings of the Board or committee. Members of the Board, or any committee designated by the Board, may participate in a meeting of the Board, or of such committee, as the case may be, by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other, and participation in a meeting pursuant to this Section 3.18 shall constitute presence in person at such meeting. Except as otherwise provided by the Certificate of Incorporation or by law, the vote of a majority of the directors present (including those who participate by means of conference telephone or similar communications equipment) at the time of the vote, if a quorum is present at such time, shall be the act of the Board.

**ARTICLE IV**

**COMMITTEES OF THE BOARD**

The Board may, by resolution passed by a majority of the whole Board, designate one or more committees, each committee to consist of one or more of the directors of the corporation. The Board may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of a committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not he or they constitute a quorum, may unanimously appoint another member of the Board to act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent provided in the resolution of the Board, shall have and may exercise all the powers and authority of the Board in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed to all papers which may require it; but no such committee shall have the power or authority in reference to amending the Certificate of Incorporation, adopting on agreement of merger or consolidation, recommending to the Stockholders the sale, lease or exchange of all or substantially all of the Corporation's property and assets, recommending to the Stockholders a dissolution of the Corporation or a revocation of a dissolution, or amending the By-laws of the Corporation; and, unless the resolution designating it expressly so provides, no such Committee shall have the power or authority to declare a dividend or to authorize the issuance of stock.

**ARTICLE V**

**OFFICERS**

Section 5.1 Officers.

The Board shall elect a President, a Secretary and a Treasurer, and may elect or appoint one or more Vice Presidents and such other officers as it may determine. The Board may designate one or more Vice Presidents as Executive Vice President and may use descriptive words or phrases to designate the standing, seniority or area of special competence of the vice Presidents elected or appointed by it. Each officer shall hold his office until his successor is elected and qualified or until his earlier death, resignation or removal in the manner provided in Section 5.2 of the By-laws. Any two or more offices may be held by the same person. The Board may require any officer to give a bond or other security for the faithful performance of his duties, in such amount and with such sureties as the Board may determine. All officers as between themselves and the Corporation shall have such authority and perform such duties in the management of the Corporation as may be provided in the By-laws or as the Board may from time to time determine.

Section 5.2 Removal of Officers.

Any officers elected or appointed by the Board may be removed by the Board with or without cause. The removal of an officer without cause shall be without prejudice to his contract rights, if any. The election or appointment of an officer shall not of itself create contract rights.

Section 5.3 Resignations.

Any officer may resign at any time in writing by notifying the Board or the President or the Secretary. Such resignation shall take effect at the date of receipt of such notice or at such later time as is therein specified, and, unless otherwise specified, the acceptance of such resignation shall not be necessary to make it effective. The resignation of an officer shall be without prejudice to the contract rights of the Corporation, if any.

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Section 5.4 Vacancies.

A vacancy in any office because of death, resignation, removal, disqualification or any other cause shall be filled for the unexpired portion of the term in the manner prescribed in the By-laws for the regular election or appointment to such office.

Section 5.5 Compensation.

Salaries or other compensation of the officers may be fixed from time to time by the Board. No officer shall be prevented from receiving a salary or other compensation by reason of the fact that he is also a director.

Section 5.6 President.

The President shall be the chief executive officer of the Corporation and shall have general supervision over the business of the Corporation, subject, however, to the control of the Board and of any duly authorized committee of directors. The President shall, if present, preside at all meetings of the Stockholders and at all meetings of the Board. He may, with the Secretary or the Treasurer or an Assistant Secretary or an Assistant Treasurer, sign certificates for shares of capital stock of the Corporation. He may sign and execute in the name of the Corporation deeds, mortgages, bonds, contracts and other instruments, except in cases where the signing and execution thereof shall be expressly delegated by the Board or by the By-laws to some other officer or agent of the Corporation, or shall be required by law otherwise to be signed or executed; and, in general, he shall perform all duties incident to the Office of President and such other duties as from time to time may be assigned to him by the Board.

Section 5.7 Vice Presidents.

At the request of the President, or in his absence, at the request of the Board, the vice Presidents shall (in such order as may be designated by the Board or in the absence of any such designation in order of seniority based on age) perform all of the duties of the President and so acting shall have all the powers of and be subject to all restrictions upon the President. Any Vice President may also, with the Secretary or the Treasurer or an Assistant Secretary or an Assistant Treasurer, sign certificates for shares of capital stock of the Corporation; may sign and execute in the name of the Corporation deeds, mortgages, bonds, contracts or other instruments authorized by the Board, except in cases where the signing and execution thereof shall be expressly delegated by the Board or by the By-laws to some other officer or agent of the Corporation, or shall be required by law otherwise to be signed or executed; and shall perform such other duties as from time to time may be assigned to him by the Board or by the President.

Section 5.8 Secretary.

The Secretary, if present, shall act as secretary of all meetings of the Stockholders and of the Board, and shall keep the minutes thereof in the proper book or books to be provided for that purpose; he shall see that all notices required to be given by the Corporation are duly given and served; he may, with the President or a Vice President, sign certificates for shares of capital stock of the Corporation; he shall be custodian of the seal of the Corporation and may seal with the seal of the Corporation, or a facsimile thereof, all certificates for shares of capital stock of the Corporation and all documents the execution of which on behalf of the corporation under its corporate seal is authorized in accordance with the provisions of the By-laws; he shall have charge of the stock ledger and also of the other books, records and papers of the Corporation relating to its organization and management as a Corporation, and shall see that the reports, statements and other documents required by law are properly kept and filed; and shall, in general, perform all the duties incident to the office of Secretary and such other duties as from time to time may be assigned to him by the Board or by the President.

Section 5.9 Treasurer.

The Treasurer shall have charge and custody of, and be responsible for, all funds, securities and notes of the Corporation; receive and give receipts for moneys due and payable to the Corporation from any sources whatsoever; deposit all such moneys in the name of the Corporation in such banks, trust companies or other depositaries as shall be selected in accordance with these By-laws; against proper vouchers, cause such funds to be disbursed by checks or drafts on the authorized depositaries of the Corporation signed in such manner as shall be determined in accordance with any provisions of the By-laws, and be responsible for the accuracy of the amounts of all moneys so disbursed; regularly enter or cause to be entered in books to be kept by him or under his direction full and adequate account of all moneys received or paid by him for the account of the Corporation; have the right to require, from time to time reports or statements giving such information as he may desire with respect to any and all financial transactions of the Corporation from the officers or agents transacting the same; render to the President or the Board, whenever the President or the Board, respectively, shall

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require him so to do, an account of the financial condition of the Corporation and of all his transactions as Treasurer; exhibit at all reasonable times his books of account and other records to any of the directors upon application at the office of the Corporation where such books and records are kept; and in general, perform all the duties incident to the office of Treasurer and such other duties as from time to time may be assigned to him by the Board or by the President; and he may sign with the President or a Vice President certificates for shares of capital stock of the Corporation.

Section 5.10 Assistant Secretaries and Assistant Treasurers.

Assistant Secretaries and Assistant Treasurers shall perform such duties as shall be assigned to them by the Secretary or by the Treasurer, respectively, or by the Board or by the President. Assistant Secretaries and Assistant Treasurers may, with the President or a Vice President, sign certificates for shares of capital stock of the Corporation.

**ARTICLE VI**

**CONTRACTS, CHECKS, DRAFTS, BANK ACCOUNTS, ETC.**

Section 6.1 Execution of Contracts.

The Board may authorize any officer, employee or agent, in the name and on behalf of the Corporation, to enter into any contract or execute and satisfy any instrument, and any such authority may be general or confined to specific instances, or otherwise limited.

Section 6.2 Loans.

The President or any other officer, employee or agent authorized by the By-laws or by the Board may effect loans and advances at any time for the Corporation from any bank, trust company or other institutions or from any firm, corporation or individual and for such loans and advances may make, execute and deliver promissory notes, bonds or other certificates or evidences of indebtedness of the Corporation, and when authorized so to do may pledge and hypothecate or transfer any securities or other property of the Corporation as security for any such loans or advances. Such authority conferred by the Board may be general or confined to specific instances or otherwise limited.

Section 6.3 Checks, Drafts, Etc.

All checks, drafts and other orders for the payment of money out of the funds of the Corporation and all notes or other evidences of indebtedness of the corporation shall be signed on behalf of the Corporation in such manner as shall from time to time be determined by resolution of the Board.

Section 6.4 Deposits.

The funds of the Corporation not otherwise employed shall be deposited from time to time to the order of the Corporation in such banks, trust companies or other depositaries as the Board may select or as may be selected by an officer, employee, or agent of the Corporation to whom such power may from time to time be delegated by the Board.

**ARTICLE VII**

**STOCK AND DIVIDENDS**

Section 7.1 Shares of Stock.

The shares of capital stock of the Corporation shall be represented by a certificate, unless and until the Board of Directors of the Corporation adopts a resolution permitting shares to be uncertificated. Notwithstanding the adoption of any such resolution providing for uncertificated shares, every holder of capital stock of the Corporation theretofore represented by certificates and, upon request, every holder of uncertificated shares, shall be entitled to have a certificate for shares of capital stock of the Corporation signed by, or in the name of the Corporation by, (a) the Chairman of the Board, the Chief Executive Officer, the President or any Executive Vice President, and (b) the Chief Financial Officer, the Secretary or an Assistant Secretary, certifying the number of shares owned by such stockholder in the Corporation.

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Section 7.2 Transfer of Shares of Stock.

Stock of the Corporation shall be transferable in the manner prescribed by applicable law and in these By-laws. Transfers of stock shall be made on the books of the Corporation, and in the case of certificated shares of stock, only by the person named in the certificate or by such person's attorney lawfully constituted in writing and upon the surrender of the certificate therefor, properly endorsed for transfer and payment of all necessary transfer taxes; or, in the case of uncertificated shares of stock, upon receipt of proper transfer instructions from the registered holder of the shares or by such person's attorney lawfully constituted in writing, and upon payment of all necessary transfer taxes and compliance with appropriate procedures for transferring shares in uncertificated form; provided, however, that such surrender and endorsement, compliance or payment of taxes shall not be required in any case in which the officers of the Corporation shall determine to waive such requirement. With respect to certificated shares of stock, every certificate exchanged, returned or surrendered to the Corporation shall be marked "**Cancelled**," with the date of cancellation, by the Secretary or Assistant Secretary of the Corporation or the transfer agent thereof. No transfer of stock shall be valid as against the Corporation for any purpose until it shall have been entered in the stock records of the Corporation by an entry showing from and to whom transferred.

Section 7.3 Transfer and Registry Agents.

The Corporation may from time to time maintain one or more transfer offices or agent and registry offices or agents at such place of places as may be determined from time to time by the Board.

Section 7.4 Lost, Destroyed, Stolen and Mutilated Certificates.

The holder of any shares of capital stock of the Corporation shall immediately notify the Corporation of any loss, destruction, theft or mutilation of the certificate representing such shares, and the Corporation may issue a new certificate to replace the certificate alleged to have been lost, destroyed, stolen or mutilated. The Board may, in its discretion, as a condition to the issue of any such new certificate, require the owner of the lost, destroyed, stolen or mutilated certificate, or his legal representatives, to make proof satisfactory to the Board of such loss, destruction, theft or mutilation and to advertise such fact in such manner as the Board may require, and to give the corporation and its transfer agents and registrars, or such of them as the Board may require, a bond in such form, in such sum and with such surety or sureties as the Board may direct, to indemnify the Corporation and its transfer agents and registrars against any claim that may be made against any of them on account of the continued existence of any such certificate so alleged to have been lost, destroyed, stolen or mutilated and against any expense in connection with such claim.

Section 7.5 Regulations.

The Board may make such rules and regulations as it may deem expedient, not inconsistent with the By-laws or with the Certificate of Incorporation, concerning the issue, transfer and registration of certificates representing shares of its capital stock.

Section 7.6 Restriction on Transfer of Stock.

A written restriction on the transfer or registration of transfer of capital stock of the Corporation, if permitted by Section 202 of the General Corporation Law and noted conspicuously on the certificate representing such capital stock, may be enforced against the holder of the restricted capital stock or any successor or transferee of the holder including an executor, administrator, trustee, guardian or other fiduciary entrusted with like responsibility for the person or estate of the holder. Unless noted conspicuously on the certificate representing such capital stock, a restriction, even though permitted by Section 202 of the General Corporation Law, shall be ineffective except against a person with actual knowledge of the restriction. A restriction on the transfer or registration of transfer of capital stock of the Corporation may be imposed either by the Certificate of Incorporation or by an agreement among any number of Stockholders or among such Stockholders and the Corporation. No restriction so imposed shall be binding with respect to capital stock issued prior to the adoption of the restriction unless the holders of such capital stock are parties to an agreement or voted in favor of the restriction.

Section 7.7 Dividends, Surplus, Etc.

Subject to the provisions of the Certificate of Incorporation and of law, the Board:

Section 7.7.1 May declare and pay dividends or make other distributions on the outstanding shares of capital stock in such amounts and at such time or times as, in its discretion, the condition of the affairs of the Corporation shall render advisable;

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Section 7.7.2 May use and apply, in its discretion, any of the surplus of the Corporation in purchasing or acquiring any shares of capital stock of the Corporation, or purchase warrants therefore, in accordance with law, or any of its bonds, debentures, notes, scrip or other securities or evidences of indebtedness; and

Section 7.7.3 May set aside from time to time out of such surplus or net profits such sum or sums as, in its discretion, it may think proper, as a reserve fund to meet contingencies, or for equalizing dividends or for the purpose of maintaining or increasing the property or business of the Corporation, or for any purpose it may think conducive to the best interests of the Corporation.

**ARTICLE VIII**

**INDEMNIFICATION**

Section 8.1 Indemnification of Officers and Directors.

The Corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he is or was a director or an officer of the Corporation, against expenses (including attorneys' fees) judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding to the fullest extent and in the manner set forth in and permitted by the General Corporation Law, and any other applicable law, as from time to time in effect. Such right of indemnification shall not be deemed exclusive of any other rights to which such director or officer may be entitled apart from the foregoing provisions. The foregoing provisions of this Section 8.1 shall be deemed to be a contract between the Corporation and each director and officer who serves in such capacity at any time while this Article 8 and the relevant provisions of the General corporation Law and other applicable law, if any, are in effect and any repeal or modification thereof shall not affect any rights or obligations then existing with respect to any state of facts then or theretofore existing or any action, suit or proceeding theretofore or thereafter brought or threatened based in whole or in part upon any such state of facts.

Section 8.2 Indemnification of Other Persons.

The Corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative by reason of the fact that he is or was an employee or agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee or agent of another Corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees) judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding to the extent and in the manner set forth in and permitted by the General Corporation Law, and any other applicable law, as from time to time in effect. Such right of indemnification shall not be deemed exclusive of any other rights to which any such person may be entitled apart from the foregoing provisions.

Section 8.3 Insurance.

The Corporation shall have power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the Corporation, or is or was serving at the request of the Corporation or a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against him and incurred by him in any such capacity, or arising out of his status as such, whether or not the Corporation would have the power to indemnify him against such liability under the provisions of Sections 8.1 and 8.2 of the By-laws or under Section 145 of the General Corporation Law or any other provision of Law.

**ARTICLE IX**

**BOOKS AND RECORDS**

Section 9.1 Books and Records.

The Corporation shall keep correct and complete books and records of account and shall keep minutes of the proceedings of the Stockholders, the Board and any committee of the Board. The Corporation shall keep at the office designated in the Certificate of Incorporation or at the office of the transfer agent or registrar of the Corporation in Delaware, a record containing the names and addresses of all Stockholders, the number and class of shares held by each and the dates when they respectively became the owners of record thereof.

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Section 9.2 Form of Records.

Any records maintained by the Corporation in the regular course of its business including its stock ledger, books of account, and minute books, may be kept on, or be in the form of, punch cards, magnetic tape, photographs, microphotographs, or any other information storage device, provided that the records so kept can be converted into clearly legible written form within a reasonable time. The Corporation shall so convert any records so kept upon the request of any person entitled to inspect the same.

Section 9.3 Inspection of Books and Records.

Except as otherwise provided by law, the Board shall determine from time to time whether, and, if allowed, when and under what conditions and regulations the accounts, books, minutes and other records of the Corporation, shall be open to the inspection of any Stockholder or director.

**ARTICLE X**

**SEAL**

The Board may adopt a corporate seal which shall be in the form of a circle and shall bear the full name of the corporation, the year of its incorporation and the word "**Delaware**."

**ARTICLE XI**

**FISCAL YEAR**

The fiscal year of the Corporation shall be determined, and may be changed, by resolution of the Board.

**ARTICLE XII**

**VOTING OF SHARES HELD**

Unless otherwise provided by resolution of the Board, the President may, from time to time, appoint one or more attorneys or agents of the Corporation, in the name and on behalf of the Corporation, to cast the votes which the Corporation may be entitled to cast as a Stockholder or otherwise in any other corporation, any of whose shares or securities may be held by the Corporation, at meetings of the holders of stock or other securities of such other corporation, or to consent in writing to any action by any such other corporation, and may instruct the person or persons so appointed as to the manner of casting such votes or giving such consent, and may execute or cause to be executed on behalf of the Corporation and under its corporate seal, or otherwise, such written proxies, consents, waivers or other instruments as he may deem necessary or proper in the premises; or the President may himself attend any meeting of the holders of the stock or other securities of any such other corporation and thereat vote or exercise any or all other powers of the Corporation as the holder of such stock or other securities of such other corporation.

**ARTICLE XIII**

**AMENDMENTS**

The By-laws may be altered, amended, supplemented or repealed, or new By-laws may be adopted, by vote of the holders of the shares entitled to vote in the election of directors, provided that Articles 3.2, 3.3, 3.4, 3.5, 3.6, 3.7 and 3.8 may only be amended by the affirmative vote of the holders of not less than two-thirds of the outstanding voting shares of capital stock of the Corporation entitled to vote generally in the election of directors; provided, however, that such two-thirds vote shall not be required for, any amendment, alteration, change, repeal or adoption of any inconsistent provision declared advisable by the Board by the affirmative vote of two-thirds of the Board and submitted to Stockholders for their consideration, but only if a majority of the members of the Board acting upon such matter shall be Continuing Directors. The term "**Continuing Director**" shall mean a director who was a member of the Board as of October 1, 1986. With the exception of Articles 3.2, 3.3, 3.4, 3.5, 3.6, 3.7 and 3.8, the By-laws may also be altered, amended, supplemented, repealed, or new By-laws may be adopted, by the Board. Any By-laws adopted, altered, amended, or supplemented by the Board may be altered, amended, or supplemented or repealed by the Stockholders entitled to vote thereon in accordance with the provisions hereof.

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**ANNEX G**

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| ![Graphic](enzn-20250930xs4036.jpg) | YOUR VOTE IS IMPORTANT. PLEASE VOTE TODAY.2026 ENZON PHARMACEUTICALS, INC. WRITTEN CONSENT OF THE STOCKHOLDERS OF ENZON PHARMACEUTICALS, INC.Please return this consent as soon as practicable, butno later than 5:00 p.m., EasternTime, on February 27, 2026This written consent is solicited by the Board of Directors of Enzon Pharmaceuticals, Inc. WRITTEN CONSENT  FOLD HERE • DO NOT SEPARATE • INSERT IN ENVELOPE PROVIDED  BY ITS SIGNATURE BELOW, THE UNDERSIGNED ACKNOWLEDGES RECEIPT OF THE CONSENT SOLICITATION STATEMENT DATED JANUARY 28, 2026, WHICH IS PART OF THE REGISTRATION STATEMENT ON FORM S-4 (NO. 333-[•]) OF ENZON AND WHICH MORE FULLY DESCRIBES THE PROPOSALS BELOW. Please mark your votes like this Proposal 1. The approval of the proposed charter amendment to the Amended and Restated Certificate of Incorporation of Enzon to effect the consolidation of the issued and outstanding shares of Enzon common stock at a ratio of 1 for 100.Proposal 2. The adoption of the Merger Agreement, dated as of June 20, 2025, by and among Enzon, EPSC Acquisition Corp. ("Merger Sub") and Viskase CONSENT WITHHOLDCONSENT CONSENT WITHHOLDCONSENT ABSTAINABSTAIN PLEASE SIGN, DATE AND RETURN THIS WRITTEN CONSENT PROMPTLY TO ENZON C/O CONTINENTAL STOCK TRANSFER & TRUST COMPANY, 1 STATE STREET PLAZA, 30TH FLOOR, NEW YORK, NEW YORK 10004. ENZON RECOMMENDS THAT YOU ALSO EMAIL A .PDF COPY OF YOUR EXECUTED WRITTEN CONSENT TO ENZON'S CONSENT SOLICITOR, HKL & CO., LLC, AT ENZN@HKLCO.COM.YOUR WRITTEN CONSENT MAY BE CHANGED OR REVOKED ANY TIME BEFORE 5:00 P.M., EASTERN TIME, ON FEBRUARY 27, 2026 OR, IF EARLIER, BEFORE THE CONSENTS OF A SUFFICIENT Companies, Inc. ("Viskase"), as amended by the Merger Agreement Amendment, dated as of October 24, 2025, pursuant to which Merger Sub will merge with and into Viskase, with Viskase surviving the merger as a wholly owned subsidiary of Enzon, and the separate corporate existence of Merger Sub will cease. NUMBER OF SHARES TO ADOPT THE PROPOSALS HAVE BEEN DELIVERED TO THE SECRETARY OF ENZON, BY DELIVERING A NOTICE OF REVOCATION TO THE SECRETARY OF ENZON, OR BY DELIVERING A LATER-DATED WRITTEN CONSENT TO ENZON AT THE ADDRESS SET FORTH ABOVE. Signature Signature, if held jointly Date, 2026.If held in joint tenancy, all persons must sign. When signing as attorney, trustee, executor, administrator, guardian or corporate officer, please give full title as such. If Enzon Common Stock is held by a corporation, please sign the full corporate name by president or other authorized officer. If Enzon Common Stock is held by a partnership or other entity, please sign the full partnership or other entity name by authorized person. |

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| ![Graphic](enzn-20250930xs4037.jpg) |  FOLD HERE • DO NOT SEPARATE • INSERT IN ENVELOPE PROVIDED <br>THIS WRITTEN CONSENT OF THE STOCKHOLDERS IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS OF<br>ENZON PHARMACEUTICALS, INC.<br>Please return this consent no later than 5:00 p.m., Eastern Time, on February 27, 2026, which is the final date that the board of directors of Enzon Pharmaceuticals, Inc., a Delaware corporation ("Enzon"), has set for receipt of written consents. Any written consent not returned will have the same effect as a consent returned that elects to "WITHHOLD CONSENT" on the proposals. Any stockholder that signs, dates and returns this consent but does not indicate whether such stockholder consents, withholds consent or abstains from any particular proposal will be deemed to have elected to "CONSENT" to such proposal in accordance with the recommendation of the board of directors of Enzon.<br>The undersigned, being a holder of record as of the close of business on January 29, 2026 of common stock of Enzon, par value $0.01 per share ("Enzon Common Stock"), hereby consents, withholds consent or abstains as indicated below, by written consent without a meeting pursuant to Section 228 of the General Corporation Law of the State of Delaware, to the proposals as set forth below with respect to all of the shares of Enzon Common Stock that the undersigned holds of record as of the close of business on January 29, 2026.<br>(Continued, and to be marked, dated and signed, on the other side) |

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**PART II — INFORMATION NOT REQUIRED IN PROSPECTUS**

**Item 20. Indemnification of Directors and Officers of Enzon**

***Delaware General Corporation Law***. Section 145(a) of the DGCL provides that a corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation), by reason of the fact that the Person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the Person in connection with such action, suit or proceeding if the Person acted in good faith and in a manner the Person reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe the Person's conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the Person did not act in good faith and in a manner which the Person reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that the Person's conduct was unlawful.

Section 145(b) of the DGCL states that a corporation may indemnify any Person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that the Person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys' fees) actually and reasonably incurred by the Person in connection with the defense or settlement of such action or suit if the Person acted in good faith and in a manner the Person reasonably believed to be in or not opposed to the best interests of the corporation and except that no indemnification shall be made in respect of any claim, issue or matter as to which the Person shall have been adjudged to be liable to the corporation unless and only to the extent that the Court or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, the Person is fairly and reasonably entitled to indemnity for such expenses as the Court or such other court shall deem proper.

Section 145(c) of the DGCL provides that to the extent that a present or former director or officer of a corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in subsections (a) and (b) of Section 145, or in defense of any claim, issue or matter therein, such Person shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by such Person in connection therewith. A corporation may indemnify any other Person who is not a present or former director or officer of the corporation against expenses (including attorney's fees) actually and reasonably incurred by such Person to the extent he or she has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in subsections (a) and (b) of Section 145, or in defense of any claim, issue or matter therein.

Section 145(d) of the DGCL states that any indemnification under subsections (a) and (b) of Section 145 (unless ordered by a court) shall be made by the corporation only as authorized in the specific case upon a determination that indemnification of the present or former director, officer, employee or agent is proper in the circumstances because the Person has met the applicable standard of conduct set forth in subsections (a) and (b) of Section 145. Such determination shall be made with respect to a Person who is a director or officer at the time of such determination (i) by a majority vote of the directors who are not parties to such action, suit or proceeding, even though less than a quorum, (ii) by a committee of such directors designated by majority vote of such directors, even though less than a quorum, (iii) if there are no such directors, or if such directors so direct, by independent legal counsel in a written opinion or (iv) by the stockholders.

Section 145(f) of the DGCL states that the indemnification and advancement of expenses provided by, or granted pursuant to, the other subsections of Section 145 shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in such Person's official capacity and as to action in another capacity while holding such office.

Section 145(g) of the DGCL provides that a corporation shall have the power to purchase and maintain insurance on behalf of any Person who is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against any liability asserted against such Person and incurred by such Person in any such capacity or arising out of such Person's status as such, whether or not the corporation would have the power to indemnify such Person against such liability under the provisions of Section 145.

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Section 145(j) of the DGCL states that the indemnification and advancement of expenses provided by, or granted pursuant to, Section 145 shall, unless otherwise provided when authorized or ratified, continue as to a Person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a Person.

Section 102(b)(7) of the DGCL permits a corporation to provide in its charter that a director or officer of the corporation will not be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director or officer, except for liability (i) for any breach of the director's or officer's duty of loyalty to the corporation or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) for payments of unlawful dividends or unlawful stock purchases or redemptions, (iv) for any transaction from which the director or officer derived an improper Personal benefit or (v) for any officer in any action by or in the right of the corporation.

***Bylaws and Certificate of Incorporation.***

In accordance with Article VIII, Section 8.1 of the Enzon By-Laws, Enzon will indemnify any Person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he is or was a director or an officer of Enzon, against expenses (including attorneys' fees) judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding to the fullest extent and in the manner set forth in and permitted by the DGCL, and any other applicable law, as from time to time in effect. Such right of indemnification will not be deemed exclusive of any other rights to which such director or officer may be entitled apart from the foregoing. The provisions of Section 8.1 are deemed to be a contract between Enzon and each director and officer who serves in such capacity at any time while Article VIII and the relevant provisions of the DGCL and other applicable law, if any, are in effect and any repeal or modification thereof will not affect any rights or obligations then existing with respect to any state of facts then or theretofore existing or any action, suit or proceeding theretofore or thereafter brought or threatened based in whole or in part upon any such state of facts.

Pursuant to Section 8.2 of the Enzon By-Laws, Enzon may indemnify any Person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative by reason of the fact that he is or was an employee or agent of Enzon, or is or was serving at the request of Enzon as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees) judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding to the extent and in the manner set forth in and permitted by the DGCL, and any other applicable law, as from time to time in effect. Such right of indemnification will not be deemed exclusive of any other rights to which any such Person may be entitled apart from the foregoing provisions.

Section 8.3 of the Enzon By-Laws allows Enzon to purchase and maintain insurance on behalf of any Person who is or was a director, officer, employee or agent of Enzon, or is or was serving at the request of Enzon or a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against him and incurred by him in any such capacity, or arising out of his status as such, whether or not Enzon would have the power to indemnify him against such liability under the provisions of Sections 8.1 and 8.2 of the Enzon By-laws or under Section 145 of the DGCL or any other provision of law.

Article X of the Enzon Charter provides that a director of Enzon will not be personally liable to Enzon or its stockholders for monetary damages for breach of fiduciary duty as a director, except for liability (i) for any breach of the director's duty of loyalty to Enzon or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) under Section 174 of the DGCL, as it may be amended, or (iv) for any transaction from which the director derived an improper personal benefit. If the DGCL is amended to authorize the further elimination or limitation of the liability of directors, then the liability of a director of Enzon, in addition to the limitation on personal liability provided in the Enzon Charter, will be limited to the fullest extent permitted by the DGCL. Any repeal or modification of Article X by the stockholders of Enzon shall be prospective only, and shall not adversely affect any limitation on the personal liability of a director of Enzon existing at the time of such repeal or modification.

***Merger Agreement***. Section 6.3 of the Merger Agreement requires that, for six (6) years following the Effective Time, Enzon and the Surviving Company are required to, indemnify and hold harmless all Indemnified Parties against any costs (including reasonable attorneys' fees) and expenses (including advancing costs (including reasonable attorneys' fees) and expenses and applicable retention amounts under applicable insurance policies) prior to the final disposition of any actual or threatened claim, suit, proceeding or investigation to each Indemnified Party to the fullest extent permitted by applicable law, the Enzon Organizational Documents or the

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Viskase Organizational Documents, as applicable, and any indemnification agreements with any Indemnified Party set forth in Section 6.3(a) of the Enzon Disclosure Letter, as defined in the Merger Agreement, judgments, fines, losses, claims, damages, liabilities and amounts paid in settlement in connection with any actual or threatened claim, action, investigation, suit or proceeding, whether civil, criminal, administrative or investigative process, in respect of acts or omissions occurring or alleged to have occurred at or prior to the Effective Time (including acts or omissions occurring in connection with the approval of the Merger Agreement and the consummation of the Merger), whether asserted or claimed prior to, at or after the Effective Time, by reason of the fact of such Indemnified Party's serving or having served as an officer, director or manager of Enzon or any of Enzon's Subsidiaries or Viskase or any of Viskase's Subsidiaries. The foregoing rights to indemnification and advancement also apply with respect to any action to enforce Section 6.3(a) and that all rights to elimination of liability, indemnification and advancement of expenses for acts or omissions occurring or alleged to have occurred at or prior to the Effective Time, whether asserted or claimed prior to, at or after the Effective Time, then existing in favor of the Indemnified Parties as provided in their respective certificate of incorporation or bylaws (or comparable organizational documents) or in any indemnification agreement in existence on the date of the Merger Agreement and provided to Enzon or Viskase, as applicable, prior to the date of the Merger Agreement shall survive the Merger and shall continue in full force and effect in accordance with the terms thereof. Notwithstanding anything in Section 6.3 to the contrary, if any Indemnified Party notifies Enzon or the Surviving Company on or prior to the sixth (6th) anniversary of the Effective Time of a matter in respect of which such Person may seek indemnification or advancement of expenses pursuant to Section 6.3, the provisions of Section 6.3 that require Enzon and the Surviving Company to indemnify and advance expenses shall continue in effect with respect to such matter until the final disposition of all claims, actions, investigations, suits and proceedings relating thereto.

Further, the Merger Agreement requires that, for six (6) years following the Effective Time, Enzon and the Surviving Company are required to maintain in effect the provisions in (i) the Enzon Organizational Documents and Viskase Organizational Documents, respectively, and (ii) certain indemnification agreements of Enzon with any Indemnified Party, subject to certain limited exceptions. Such provisions may not be amended, modified or repealed in a manner that would adversely affect the rights or protections of any Indemnified Party with respect to acts or omissions occurring or alleged to have occurred at or prior to the Effective Time (including acts or omissions occurring in connection with the approval of the Merger Agreement and the consummation of the Merger) without the prior written consent of such Indemnified Party or such Person's heirs, executors, administrators or Representatives.

In addition, the Merger Agreement requires that, at or prior to the Effective Time, Viskase (or, at Enzon's election, Enzon) will purchase a six (6) year prepaid "tail" policy for the benefit of Enzon's directors and officers who served prior to the transactions contemplated by the Merger Agreement, which Enzon and the Surviving Company will maintain in effect for the duration of such policy. The policy must provide coverage on terms and conditions (including retentions, limits and other material terms) that are substantially equivalent to the current directors' and officers' liability insurance and fiduciary liability insurance policies maintained by Enzon and its Subsidiaries with respect to matters arising at or prior to the Effective Time. However, the aggregate cost of such "tail" policy may not exceed 300% of the last aggregate annual premium paid by Enzon prior to the date of the Merger Agreement for such policies, and if the cost would exceed such amount, Viskase will be permitted to purchase as much coverage as is reasonably practicable for such amount.

In the event that Enzon, the Surviving Company, or any of their respective successors or assigns (i) consolidates with or merges into any other Person and is not the continuing or surviving corporation or entity of such consolidation or merger or (ii) transfers all or substantially all of its properties and assets to any Person, then, in each such case, proper provisions shall be made so that the successors and assigns of Enzon or the Surviving Company will assume the obligations set forth in Section 6.3 of the Merger Agreement. The rights and obligations under Section 6.3 of the Merger Agreement will survive the consummation of the Merger and will not be terminated or amended in a manner that is adverse to any Indemnified Party without the written consent of such Indemnified Party. The parties to the Merger Agreement acknowledged and agreed that the Indemnified Parties will be third party beneficiaries of Section 6.3, each of whom may enforce the provisions thereof.

Please see the section titled "*D&O Insurance and Indemnification*" in the consent solicitation statement that forms a part of this Registration Statement on Form S-4 for further information regarding the indemnification and directors' and officers' insurance provisions in the Merger Agreement.

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**EXHIBIT INDEX**

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| 2.1† | [Agreement and Plan of Merger, dated as of June 20, 2025, by and between Enzon Pharmaceuticals, Inc., EPSC Acquisition Corp., and Viskase Companies, Inc. (included as Annex A to the prospectus/consent solicitation/offer to exchange).](#AnnexA_201397) |
| 2.2\*† | [First Amendment to Agreement and Plan of Merger, dated as of October 24, 2025, by and between Enzon Pharmaceuticals, Inc., EPSC Acquisition Corp., and Viskase Companies, Inc. (included as Annex A-1 to the prospectus/consent solicitation/offer to exchange).](#AnnexA1_225933) |

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| 3.1 | [Amended and Restated Certificate of Incorporation dated May 18, 2006, together with that Certificate of Amendment to the Amended and Restated Certificate of Incorporation dated July 13, 2010 (incorporated by reference to Exhibit 3.1 to the Quarterly Report on Form 10-Q of Enzon Pharmaceuticals, Inc. filed on August 9, 2010).](https://www.sec.gov/Archives/edgar/data/727510/000093041310004342/c62401_ex3-1.txt) |
| 3.2 | [Second Amended and Restated By-Laws effective March 11, 2011, as amended by Amendment No. 1 to the Second Amended and Restated By-Laws effective February 15, 2013 (incorporated by reference to Exhibit 3.2 to the Annual Report on Form 10-K of Enzon Pharmaceuticals, Inc. filed with the SEC on March 18, 2013).](https://www.sec.gov/Archives/edgar/data/727510/000114420413015878/v336897_ex3-2.htm)  |
| 3.3 | [First Amendment to the Second Amended and Restated By-Laws, effective February 24, 2022 (incorporated by reference to Exhibit 10.7 to the Annual Report on Form 10-K of Enzon Pharmaceuticals, Inc. filed with the SEC on February 25, 2022).](https://www.sec.gov/Archives/edgar/data/727510/000141057822000226/enzn-20211231xex10d7.htm)  |
| 3.4 | [Certificate of Designation of Series A-1 Junior Participating Preferred Stock of Enzon Pharmaceuticals, Inc. filed with the Secretary of State of the State of Delaware on August 14, 2020 (incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K of Enzon Pharmaceuticals, Inc. filed with the SEC on August 14, 2020).](https://www.sec.gov/Archives/edgar/data/727510/000110465920095642/tm2027628d2_ex3-2.htm)  |
| 3.5 | [Certificate of Designation of Series C Non-Convertible Redeemable Preferred Stock of Enzon Pharmaceuticals, Inc., filed with the Secretary of State of the State of Delaware on September 21, 2020 (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of Enzon Pharmaceuticals, Inc. filed with the SEC on September 23, 2020).](https://www.sec.gov/Archives/edgar/data/727510/000110465920107817/tm2031479d1_ex3-1.htm)  |
| 3.6\* | [Amended and Restated Certificate of Incorporation of Viskase Companies, Inc., filed with the Secretary of State of the State of Delaware on April 3, 2003.](enzn-20250930xex3d6.htm) |
| 3.7\* | [Amended and Restated Bylaws of Viskase Companies, Inc., as amended and restated through August 10, 2017.](enzn-20250930xex3d7.htm)  |
| 3.8\* | [Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Viskase Companies, Inc., filed with the Secretary of State of the State of Delaware on October 7, 2020.](enzn-20250930xex3d8.htm) |
| 4.1 | [Description of Enzon Pharmaceuticals, Inc.'s Registered Securities (incorporated by reference to Exhibit 4.1 to the Annual Report on Form 10-K of Enzon Pharmaceuticals, Inc. filed with the SEC on February 21, 2025).](https://www.sec.gov/Archives/edgar/data/727510/000141057825000177/enzn-20241231xex4d1.htm)  |
| 4.2 | [Section 382 Rights Agreement, dated as of August 14, 2020, by and between Enzon Pharmaceuticals, Inc. and Continental Stock Transfer & Trust Company, which includes the Form of Certificate of Designation as Exhibit A, Form of Rights Certificate as Exhibit B and the Form of Summary of Rights as Exhibit C (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of Enzon Pharmaceuticals, Inc. filed with the SEC on August 14, 2020).](https://www.sec.gov/Archives/edgar/data/727510/000110465920095642/tm2027628d2_ex4-1.htm) |
| 4.3 | [First Amendment to the Section 382 Rights Agreement, dated as of June 4, 2021 and effective as of June 2, 2021, by and between Enzon Pharmaceuticals, Inc. and Continental Stock Transfer & Trust Company (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of Enzon Pharmaceuticals, Inc. filed with the SEC on June 8, 2021).](https://www.sec.gov/Archives/edgar/data/727510/000110465921078218/tm2119004d1_ex4-1.htm) |
| 4.4 | [Second Amendment to the Section 382 Rights Agreement, dated as of May 16, 2024, by and between Enzon Pharmaceuticals, Inc., and Continental Stock Transfer & Trust Company (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of Enzon Pharmaceuticals, Inc. filed with the SEC on May 22, 2024).](https://www.sec.gov/Archives/edgar/data/727510/000110465924064247/tm2415024d1_ex4-1.htm) |
| 4.5 | [Third Amendment to the Section 382 Rights Agreement, dated as of March 31, 2025, by and between Enzon Pharmaceuticals, Inc., and Continental Stock Transfer & Trust Company (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of Enzon Pharmaceuticals, Inc. filed with the SEC on April 1, 2025).](https://www.sec.gov/Archives/edgar/data/727510/000110465925030585/tm2511075d1_ex4-1.htm)  |
| 4.6 | [Fourth Amendment to the Section 382 Rights Agreement, dated as of August 13, 2025, by and between Enzon Pharmaceuticals, Inc. and Continental Stock Transfer & Trust Company (incorporated by reference to Exhibit 4.1 to the Quarterly Report on Form 10-Q of Enzon Pharmaceuticals, Inc. filed with the SEC on August 14, 2025).](https://www.sec.gov/Archives/edgar/data/727510/000141057825001810/enzn-20250630xex4d1.htm) |
| 4.7 | [Fifth Amendment to the Section 382 Rights Agreement, dated as of September 30, 2025, by and between Enzon Pharmaceuticals, Inc. and Continental Stock Transfer & Trust Company (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of Enzon Pharmaceuticals, Inc. filed with the SEC on September 30, 2025).](https://www.sec.gov/Archives/edgar/data/727510/000110465925095078/tm2527543d1_ex4-1.htm) |

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| **Exhibit**<br>**Number** | <br>**Exhibit Description** |
| 4.8 | [Sixth Amendment to the Section 382 Rights Agreement, dated as of December 23, 2025, by and between Enzon Pharmaceuticals, Inc. and Continental Stock Transfer & Trust Company (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of Enzon Pharmaceuticals, Inc. filed with the SEC on December 23, 2025).](https://www.sec.gov/Archives/edgar/data/727510/000110465925124254/tm2534122d1_ex4-1.htm) |
| 5.1\* | [Legal Opinion of Thompson Hine LLP](enzn-20250930xex5d1.htm) |

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| 10.1 | [Development, License and Supply Agreement between Enzon, Inc. (now known as Enzon Pharmaceuticals, Inc.) and Schering Corporation dated November 14, 1990, as amended (incorporated by reference to Exhibit 10.15 to the Annual Report on Form 10-K of Enzon Pharmaceuticals, Inc. filed with the SEC on September 26, 2002).](https://www.sec.gov/Archives/edgar/data/727510/000116923202001801/d52002_ex10-15.txt)  |
| 10.2 | [Amended and Restated Exclusive IP Marketing Agreement, dated as of June 28, 2004, by and between Micromet AG and Enzon Pharmaceuticals, Inc (incorporated by reference to Exhibit 10.28 to the Annual Report on Form 10-K of Enzon Pharmaceuticals, Inc. filed with the SEC on February 21, 2019).](https://www.sec.gov/Archives/edgar/data/727510/000114420419009301/tv513334_ex10-28.htm)  |
| 10.3 | [Letter Agreement, dated January 30, 2019, between Servier IP UK Limited and Enzon Pharmaceuticals, Inc. (incorporated by reference to Exhibit 10.29 to the Annual Report on Form 10-K of Enzon Pharmaceuticals, Inc. filed with the SEC on February 21, 2019).](https://www.sec.gov/Archives/edgar/data/727510/000114420419009301/tv513334_ex10-29.htm)  |
| 10.4 | [Investment Agreement, dated as of September 1, 2020, by and between Enzon Pharmaceuticals, Inc. and Icahn Capital LP (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Enzon Pharmaceuticals, Inc. filed with the SEC on September 1, 2020).](https://www.sec.gov/Archives/edgar/data/727510/000110465920101397/tm2030022d1_ex10-1.htm)  |
| 10.5# | [Independent Contractor Agreement, effective as of February 24, 2022, between Enzon Pharmaceuticals, Inc. and Richard L. Feinstein (incorporated by reference to Exhibit 3.5 to the Annual Report on Form 10-K of Enzon Pharmaceuticals, Inc. filed with the SEC on February 25, 2022).](https://www.sec.gov/Archives/edgar/data/727510/000141057822000226/enzn-20211231xex3d5.htm)  |
| 10.6# | [Form of Indemnification Agreement for members of the Board of Directors (incorporated by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q of Enzon Pharmaceuticals, Inc. filed with the SEC on April 26, 2022).](https://www.sec.gov/Archives/edgar/data/727510/000141057822001018/enzn-20220331xex10d2.htm)  |
| 10.7\*† | [Credit Agreement, dated October 9, 2020, by and between Viskase Companies, Inc., Bank of America, N.A., BMO Harris Bank N.A., Truist Bank, BOFA Securities, Inc., BMO Capital Markets Corp., and BOFA Securities, Inc.](enzn-20250930xex10d7.htm) |
| 10.8\* | [First Amendment to Credit Agreement, dated August 13, 2021](enzn-20250930xex10d8.htm)  |
| 10.9\* | [Second Amendment to Credit Agreement, dated August 10, 2022](enzn-20250930xex10d9.htm) |
| 10.10\*# | [Employment Agreement, dated September 6, 2022, by and between Timothy Feast and Viskase Companies, Inc.](enzn-20250930xex10d10.htm) |
| 10.11\*# | [Viskase Companies, Inc. 2022 Long-Term Incentive Plan](enzn-20250930xex10d11.htm) |
| 10.12\*# | [Viskase Companies, Inc. 2024 Management Incentive Plan](enzn-20250930xex10d12.htm) |
| 10.13\* | [Limited Waiver and Third Amendment to Credit Agreement, dated February 14, 2025](enzn-20250930xex10d13.htm) |

---

---

| | |
|:---|:---|
| 10.14† | [Support Agreement, dated as of June 20, 2025, by and between Icahn Enterprises Holdings L.P. and certain of its affiliates, Enzon Pharmaceuticals, Inc. and Viskase Companies, Inc. (included as Annex B to the prospectus/consent solicitation/offer to exchange).](#AnnexB_270225) |

---

---

| | |
|:---|:---|
| 10.15\* | [Fourth Amendment to Credit Agreement, dated July 25, 2025](enzn-20250930xex10d15.htm) |
| 10.16\* | [Fourth Amendment Fee Letter to Credit Agreement, dated July 25, 2025](enzn-20250930xex10d16.htm) |
| 10.17\* | [Joseph King Offer Letter, dated May 4, 2022, by and between Viskase Companies, Inc. and Joseph King](enzn-20250930xex10d17.htm) |
| 10.18\* | [Thomas Holz Offer Letter, dated December 19, 2022, by and between Viskase Companies, Inc. and Thomas Holz](enzn-20250930xex10d18.htm) |
| 10.19\* | [Armando Herrara Offer Letter, dated March 15, 2024, by and between Viskase Companies, Inc. and Armando Herrara](enzn-20250930xex10d19.htm) |
| 10.20\* | [Jan Stevens Offer Letter, dated June 7, 2024, by and between Viskase Companies, Inc. and Jan Stevens](enzn-20250930xex10d20.htm) |
| 10.21\* | [Marcelo Passos Offer Letter, dated September 13, 2024, by and between Viskase Companies, Inc. and Marcelo Passos](enzn-20250930xex10d21.htm) |
| 10.22\* | [Joseph Marigliano Offer Letter, dated January 30, 2025, by and between Viskase Companies, Inc. and Joseph Marigliano](enzn-20250930xex10d22.htm) |
| 10.23\* | [Silverman Consulting, Inc. Engagement Letter, dated November 1, 2025, by and between Viskase Companies, Inc. and Silverman Consulting, Inc.](enzn-20250930xex10d23.htm) |

---

---

| | |
|:---|:---|
| 10.24\* | [First Amendment to Support Agreement, dated as of October 24, 2025, by and between Icahn Enterprises Holdings L.P. and certain of its affiliates, Enzon Pharmaceuticals, Inc. and Viskase Companies, Inc. (included as Annex B-1 to the prospectus/consent solicitation/offer to exchange).](#AnnexB1_368903) |

---

---

| | |
|:---|:---|
| 10.25\*# | [Employment Agreement between Viskase Companies, Inc. and Thomas D. Davis, effective December 1, 2025.](enzn-20250930xex10d25.htm) |
| 10.26\* | [John Plescia Offer Letter, dated December 8, 2025, by and between Viskase Companies, Inc. and John Plescia.](enzn-20250930xex10d26.htm) |
| 10.27\* | [Robert Schouten Offer Letter, dated September 23, 2025, by and between Viskase GmbH and Robert Schouten.](enzn-20250930xex10d27.htm) |

---

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | <br>**Exhibit Description** |
| 10.28\* | [Securities Purchase Agreement, dated December 30, 2025, by and between Viskase Companies, Inc. and American Entertainment Properties Corp.](enzn-20250930xex10d28.htm) |
| 10.29\*† | [Fifth Amendment to Credit Agreement dated October 10, 2025](enzn-20250930xex10d29.htm) |

---

10.30\* [Securities Purchase Agreement,dated January 23, 2026, by and between Viskase Companies, Inc. and American Entertainment Properties Corp.](enzn-20250930xex10d30.htm)

10.31\* [Sixth Amendment to Credit Agreement dated January 23, 2026.](enzn-20250930xex10d31.htm) <br> 10.32 [Fifth Amendment Fee Letter to Credit Agreement, dated October 10, 2025.](enzn-20250930xex10d32.htm)

---

| | |
|:---|:---|
| 21.1 | [Subsidiaries of Registrant (incorporated by reference to Exhibit 21.1 to the Annual Report on Form 10-K of Enzon Pharmaceuticals, Inc. filed with the SEC on February 21, 2025).](https://www.sec.gov/Archives/edgar/data/727510/000141057825000177/enzn-20241231xex21d1.htm)  |
| 23.1\* | [Consent of EisnerAmper LLP, independent registered public accounting firm for Enzon Pharmaceuticals, Inc.](enzn-20250930xex23d1.htm) |
| 23.2\* | [Consent of Grant Thornton LLP, independent registered public accounting firm for Viskase Companies, Inc.](enzn-20250930xex23d2.htm) |

---

23.3\* [Consent of Thompson Hine LLP (included in Exhibit 5.1)](enzn-20250930xex5d1.htm)

---

| | |
|:---|:---|
| 24.1\* | [Power of Attorney (included on signature page hereto)](#POWEROFATTORNEY_942409) |

---

---

| | |
|:---|:---|
| 99.1\* | [Form of Written Consent of Holders of Common Stock of Enzon Pharmaceuticals, Inc. (included as Annex G to the prospectus/consent solicitation/offer to exchange).](#AnnexG_5489) |
| 99.2\* | [Consent of Robert Flint to be named as a director.](enzn-20250930xex99d2.htm) |
| 99.3\* | [Consent of Colin Kwak to be named as a director.](enzn-20250930xex99d3.htm) |
| 99.4\* | [Consent of Peter K. Shea to be named as a director.](enzn-20250930xex99d4.htm) |
| 99.5\* | [Consent of Kenneth Shea to be named as a director.](enzn-20250930xex99d5.htm) |
| 99.6\* | [Consent of Dustin DeMaria to be named as a director.](enzn-20250930xex99d6.htm) |

---

---

| | |
|:---|:---|
| 99.7\* | [Consent of A.G.P./Alliance Global Partners LLC, financial advisor for Enzon Pharmaceuticals, Inc.](enzn-20250930xex99d7.htm) |
| 99.8\* | [Consent of Alvarez & Marsal Valuation Services, LLC, financial advisor for Viskase Companies, Inc.](enzn-20250930xex99d8.htm) |
| 99.9\* | [Form of Letter of Transmittal.](enzn-20250930xex99d9.htm) |
| 99.10\* | [Form of Notice of Guaranteed Delivery.](enzn-20250930xex99d10.htm) |
| 99.11\* | [Form of Letter to Brokers, Dealers, Commercial Banks, Trust Companies, Custodians and Similar Institutions](enzn-20250930xex99d11.htm) |
| 99.12\* | [Form of Letter to Clients for Use by Brokers, Dealers, Commercial Banks, Trust Companies, Custodians and Similar Institutions](enzn-20250930xex99d12.htm) |
| 107\* | [Filing Fee Table](enzn-20250930xexfees.htm) |

---

\* Filed herewith

˄ Portions of this exhibit have been redacted and filed separately with the SEC pursuant to a confidential treatment request.

# Management contracts or compensatory plans and arrangements required to be filed pursuant to Item 601(b)(10)(ii)(A) or (iii) of Regulation S-K.

&nbsp;&nbsp;&nbsp;&nbsp;† Schedules, exhibits and/or annexes have been omitted pursuant to Item 601(b)(2) of Regulation S-K. A copy of any such omitted item will be furnished supplementally to the Securities and Exchange Commission upon request.

[**Table of Contents**](#TOC)

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, Enzon Pharmaceuticals, Inc. has duly caused this registration statement on Form S-4 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Cranford, State of New Jersey, on January 28, 2026.

---

| | |
|:---|:---|
| **ENZON PHARMACEUTICALS, INC.** | **ENZON PHARMACEUTICALS, INC.** |
| By: | /s/ Richard L. Feinstein |
|  | Name: Richard L. Feinstein |
|  | Title: Chief Executive Officer, Chief Financial Officer and Secretary |

---

**POWER OF ATTORNEY**

Each person whose signature appears below constitutes and appoints Richard L. Feinstein, acting alone or together with another attorney-in-fact, as his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for such person and in his or her name, place and stead, in any and all capacities, to sign any or all further amendments (including post-effective amendments) to this registration statement (and any additional registration statement related hereto permitted by Rule 462(b) promulgated under the Securities Act (and all further amendments, including post-effective amendments, thereto)), and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act, this registration statement has been signed by the following persons in the capacities and on the dates indicated, on January 28, 2026.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| /s/ Richard L. Feinstein | Chief Executive Officer, Chief Financial Officer, Secretary (Principal Executive Officer, Principal Financial Officer) |
| Richard L. Feinstein | Chief Executive Officer, Chief Financial Officer, Secretary (Principal Executive Officer, Principal Financial Officer) |
| /s/ Randolph C. Read | Director (Chairman of the Board) |
| Randolph C. Read | Director (Chairman of the Board) |
| /s/ Jordan Bleznick | Director |
| Jordan Bleznick | Director |
| /s/ Jaffrey A. Firestone | Director |
| Jaffrey A. Firestone | Director |
| /s/ Stephen T. Wills | Director |
| Stephen T. Wills | Director |

---

## Exhibit 3.6

**Exhibit 3.6**

---

| | |
|:---|:---|
| **Delaware** | Page 1 |
| The First State |  |

---

***I, JEFFREY W. BULLOCK, SECRETARY OF STATE OF THE STATE OF DELAWARE, DO HEREBY CERTIFY THE ATTACHED ARE TRUE AND CORRECT COPIES OF ALL DOCUMENTS FILED FROM AND INCLUDING THE RESTATED CERTIFICATE OR A MERGER WITH A RESTATED CERTIFICATE ATTACHED OF "VISKASE COMPANIES, INC." AS RECEIVED AND FILED IN THIS OFFICE.***

***THE FOLLOWING DOCUMENTS HAVE BEEN CERTIFIED:***

***RESTATED CERTIFICATE, FILED THE THIRD DAY OF APRIL, A.D. 2003, AT 3:24 O`CLOCK P.M.***

***CERTIFICATE OF OWNERSHIP, FILED THE THIRTIETH DAY OF JANUARY, A.D. 2004, AT 3:04 O`CLOCK P.M.***

***CERTIFICATE OF DESIGNATION, FILED THE EIGHTH DAY OF NOVEMBER, A.D. 2006, AT 8:10 O`CLOCK A.M.***

***CERTIFICATE OF AMENDMENT, FILED THE SEVENTEENTH DAY OF OCTOBER, A.D. 2017, AT 2:25 O`CLOCK P.M.***

***CERTIFICATE OF AMENDMENT, FILED THE NINETEENTH DAY OF DECEMBER, A.D. 2018, AT 5:50 O`CLOCK P.M.***

---

| | | |
|:---|:---|:---|
|  |  | /s/ Jeffrey W. Bullock, Secretary of State |
|  |  | Jeffrey W. Bullock, Secretary of State |
|  | ![Graphic](enzn-20250930xex3d6001.jpg) |  |
|  | ![Graphic](enzn-20250930xex3d6001.jpg) |  |
|  | ![Graphic](enzn-20250930xex3d6001.jpg) |  |
|  | ![Graphic](enzn-20250930xex3d6001.jpg) |  |
| 757401 8100X <br>SR# 20195651804 | ![Graphic](enzn-20250930xex3d6001.jpg) | Authentication: 203097668<br>Date: 06-25-19 |

---

You may verify this certificate online at corp.delaware.gov/authver.shtml<br>

------

---

| |
|:---|
| *STATE OF DELAWARE* |
| *SECRETARY OF STATE* |
| *DIVISION OF CORPORATIONS* |
| *FILED 03:24 PM 04/03/2003* |
| *030223440 - 0757401* |

---

AMENDED AND RESTATED CERTIFICATE OF INCORPORATION

OF

VISKASE COMPANIES, INC.

VISKASE COMPANIES, INC., a corporation organized and existing under the laws of the State of Delaware (the "Corporation"), pursuant to Sections 242 and 245 of the General Corporation Law of the State of Delaware as set forth in Title 8 of the Delaware Code (the "GCL"), DOES HEREBY CERTIFY:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.That the name of the Corporation is Viskase Companies, Inc., and the original Certificate of Incorporation of the Corporation was filed with the Secretary of State of Delaware on July 21, 1970.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.That the name under which the Corporation was originally incorporated was MGN, Inc. The name was changed to Envirodyne Industries, Inc. in a merger filed September 3, 1970. A merger was filed on September 4, 1998 which changed its name to Viskase Companies, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.That this Amended and Restated Certificate of Incorporation restates and integrates and further amends the Certificate of Incorporation of the Corporation by restating the Certificate of Incorporation in its entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.That this Amended and Restated Certificate of Incorporation is being filed pursuant to 8 Del. C. Section 303, the Corporation's Prepackaged Plan of Reorganization as Modified, and the Order Pursuant To Sections 1125 And l 129(a) Of The Bankruptcy Code And Rules 3017 And 3020 Of The Federal Rules Of Bankruptcy Procedure Finally Approving Shares Disclosure Statement And Confirming Viskase Companies, Inc.'s Prepackaged Plan Of Reorganization As Modified, entered by the United States Bankruptcy Court for the Northern District of Illinois, Eastern Division, on December 20, 2002.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.That the Certificate of Incorporation of the Corporation is hereby amended and restated to read in its entirety as follows:

"FIRST: The name of the corporation is Viskase Companies, Inc. (hereinafter, the "Corporation").

SECOND: The address of the Corporation's registered office in the State of Delaware is 2711 Centerville Road — Suite 400, in the City of Wilmington, County of New Castle. The name of its registered agent at such address is United States Corporation Company.

THIRD: The purpose of the Corporation is to engage in any lawful act or activity for which a corporation may be organized under the General Corporation Law of the State of Delaware as set forth in Title 8 of the Delaware Code.

FOURTH: The total number of shares of all classes of stock which the Corporation shall have the authority to issue is 100,000,000 shares, consisting of (i) 50,000,000 shares of Common Stock, $0.01 par value per share, and (ii) 50,000,000 shares of Preferred Stock, $0.01 par value

------

per share.

The Corporation shall not issue any additional shares of stock, other than upon the exercise of any options, warrants or other convertible securities outstanding as of the date hereof, without approval of the board of directors of the Corporation (the "Board of Directors") upon the affirmative vote of no less than 80% of the authorized number of directors constituting the Board of Directors, including authorized but vacant directorships (the "Whole Board"). The Corporation shall not issue non-voting equity securities, Common Stock or otherwise.

The designations, powers, preferences and relative participating, optional or other special rights and the qualifications, limitations and restrictions thereof in respect of each class of capital stock of the Corporation are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Common Stock

Each holder of record of shares of Common Stock shall be entitled to vote at all meetings of the stockholders and shall have one vote for each share held by him of record.

Subject to the prior rights of the holders of all classes or series of stock at the time outstanding having prior rights as to dividends, the holders of shares of Common Stock shall be entitled to receive, when and as declared by the Board of Directors, out of the assets of the Corporation legally available therefor, such dividends as may be declared from time to time by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Preferred Stock

Subject to the terms contained in any designation of a series of Preferred Stock, the Board of Directors is expressly authorized, at any time and from time to time, to fix, by resolution or resolutions, the following provisions for shares of any class or classes of Preferred Stock of the Corporation or any series of any class of Preferred Stock:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the designation of such class or series, the number of shares to constitute such class or series which may be increased or decreased (but not below the number of shares of that class or series then outstanding) by resolution of the Board of Directors, and the stated value thereof if different from the par value thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)the terms of the voting rights of the shares of such class or series, in addition to any voting rights provided by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)the dividends, if any, payable on such class or series, whether any such dividends shall be cumulative, and, if so, from what dates, the conditions and dates upon which such dividends shall be payable, and the preference or relation which such dividends shall bear to the dividends payable on any shares of stock of any other class or any other series of the same class;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)whether the shares of such class or series shall be subject to redemption by the Corporation, and, if so, the times, prices and other conditions of such redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)the amount or amounts payable upon shares of such series upon, and the rights of the holders of such class or series in, the voluntary or involuntary liquidation, dissolution or winding up, or upon any distribution of the assets, of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)whether the shares of such class or series shall be subject to the operation of a retirement or sinking fund, and, if so, the extent to and manner in which any such retirement or sinking fund shall be applied to the purchase or redemption of the shares of such class or series for retirement or other corporate purposes and the terms and provisions relative to the operation thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)whether the shares of such class or series shall be convertible into, or exchangeable for, shares of stock of any other class or any other series of the same class or any other securities and, if so, the price or prices or the rate or rates of conversion or exchange and the method, if any, of adjusting the same, and any other terms and conditions of conversion or exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)the limitations and restrictions, if any, to be effective while any shares of such class or series are outstanding upon the payment of dividends or the making of other distributions on, and upon the purchase, redemption or other acquisition by the Corporation of the Common Stock or shares of stock of any other class or any other series of the same class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)the conditions or restrictions, if any, upon the creation of indebtedness of the Corporation or upon the issue of any additional stock, including additional shares of such class or series or of any other series of the same class or of any other class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l0)the ranking (be it pari passu, junior or senior) of each class or series vis-a vis any other class or series of any class of Preferred Stock as to the payment of dividends, the distribution of assets and all other matters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)any other powers, preferences and relative, participating, optional and other special rights, and any qualifications, limitations and restrictions thereof, insofar as they are not inconsistent with the provisions of this Amended and Restated Certificate of Incorporation, to the full extent permitted in accordance with the laws of the State of Delaware.

The powers, preferences and relative, participating, optional and other special rights of each class or series of Preferred Stock, and the qualifications, limitations or restrictions thereof, if any, may differ from those of any and all other class or series at any time outstanding.

FIFTH: The following provisions are inserted for the management of the business and for the conduct of the affairs of the Corporation, and for further definition, limitation and regulation of the powers of the Corporation and of its directors and stockholders:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The business and affairs of the Corporation shall be managed by or under the direction of a Board of Directors consisting of not less than three nor more than fifteen directors, the exact number of directors to be determined from time to time by resolution adopted by the affirmative vote of a majority of the directors then in office. Directors shall be elected by the stockholders at each annual meeting of stockholders. Each director shall hold office until the following annual meeting of stockholders and until his successor shall be elected and shall qualify, subject, however, to prior death, resignation, retirement, disqualification or removal from office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Subject to the rights of holders of any series of Preferred Stock then outstanding, any vacancy on the Board of Directors that results from an increase in the number of directors may be filled by the affirmative vote of a majority of the Board of Directors then in office, provided that a quorum is present, and any other vacancy occurring in the Board of Directors may be filled by the affirmative vote of a majority of the directors then in office, even if less than a quorum, or by a sole remaining director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Notwithstanding the foregoing, whenever the holders of any one or more classes or series of Preferred Stock issued by the Corporation shall have the right, voting separately by class or series, to elect directors at an annual or special meeting of stockholders, the election, term of office, filling of vacancies and other features of such directorships shall be governed by the terms of this Amended and Restated Certificate of Incorporation applicable thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Election of directors need not be by ballot unless the Bylaws so provide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)In addition to the powers and authorities hereinabove or by statute expressly conferred upon them, the directors are hereby empowered to exercise all such powers and do all such acts and things as may be exercised or done by the Corporation; subject, nevertheless, to the provisions of the statutes of Delaware, of this Amended and Restated Certificate of Incorporation, and to any Bylaws from time to time made by the stockholders; provided, however, that no Bylaw so made shall invalidate any prior act of the directors which would have been valid if such Bylaw had not been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)The Board of Directors shall have the concurrent power with the stockholders to make, alter, amend, change, add to or repeal the Bylaws of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)The Corporation shall not adopt any new stockholder rights or similar plan without the affirmative vote of not less than (i) 90% of the then outstanding shares of Common Stock and Preferred Stock, if any, entitled to vote thereon and (ii) 80% of the Whole Board, except that in response to an unsolicited tender offer, the Board of Directors may on one occasion after April 3, 2003 adopt a stockholder rights or similar plan having a term of not more than 60 days.

SIXTH: Whenever a compromise or arrangement is proposed between this Corporation and its creditors or any class of them and/or between this Corporation and its stockholders or any class of them, any court of equitable jurisdiction within the State of Delaware may, on the application in a summary way of this Corporation or of any creditor or stockholder thereof or on

------

the application of any receiver or receivers appointed for this Corporation under Section 291 of the GCL or on the application of trustees in dissolution or of any receiver or receivers appointed for this Corporation under Section 279 of the GCL order a meeting of the creditors or class of creditors, and/or of the stockholders or class of stockholders of this Corporation, as the case may be, to be summoned in such manner as the said court directs. If a majority in number representing three-fourths (3/4) in value of the creditors or class of creditors, and/or of the stockholders or class of stockholders of this Corporation, as the case may be, agree to any compromise or arrangement and to any reorganization of this Corporation as a consequence of such compromise or arrangement, the said compromise or arrangement and the said reorganization shall, if sanctioned by the court to which the said application has been made, be binding on all the creditors or class of creditors, and/or on all the stockholders or class of stockholders, of this Corporation, as the case may be, and also on this Corporation.

SEVENTH: The Corporation shall, to the fullest extent permitted by Section 145 of the GCL, as amended from time to time, indemnify all persons whom it may indemnify pursuant thereto. The personal liability of the directors of the Corporation is hereby eliminated to the fullest extent permitted by Section 102 of the GCL, as the same may be amended or supplemented. No amendment to or repeal of this Article SEVENTH shall apply to or have any effect on the liability or alleged liability of any director of the Corporation for or with respect to any acts or omissions of such director occurring prior to such amendment.

EIGHTH: Special meetings of the stockholders of the Corporation for any purpose or purposes may be called at any time by the President, by a majority of the members of the Board of Directors or by the holders of ten percent (10%) or more of the total combined voting power of the outstanding capital stock of the Corporation having voting power for the election of directors."

------

IN WITNESS WHEREOF, the Corporation has caused this Amended and Restated Certificate to be executed on its behalf this 3<sup>rd</sup> day of April, 2003.

---

| | |
|:---|:---|
| VISKASE COMPANIES, INC. | VISKASE COMPANIES, INC. |
| By: | /s/ Gordon S. Donovan |
|  | Name: Gordon S. Donovan |
|  | Title: Vice President |

---

------

---

| |
|:---|
| *State of Delaware<br>Secretary of State <br>Division of Corporations* |
| *Delivered 03:04 PM 01/30/2004<br>FILED 03:04 PM 01/30/2004* |
| *SRV 040066787 - 0757401 FILE* |

---

CERTIFICATE OF OWNERSHIP AND MERGER

MERGING EACH OF

VISKASE HOLDING CORPORATION

AND

VISKASE SALES CORPORATION

INTO

VISKASE COMPANIES, INC.

\* \* \* \* \* \* \*

Viskase Companies, Inc. a corporation organized and existing under the laws of Delaware,

DOES HEREBY CERTIFY:

FIRST: That this corporation was incorporated on the 21<sup>st</sup> day of July, 1970, pursuant to the General Corporation Law of the State of Delaware.

SECOND: (a) That this corporation owns all of the outstanding shares of the capital stock of Viskase Holding Corporation, a corporation incorporated on the 1<sup>st</sup> day of April, 1987, pursuant to the General Corporation Laws of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) That this corporation owns all of the outstanding shares of the capital stock of Viskase Sales Corporation, a corporation incorporated on the 21<sup>st</sup> day of January, 1986, pursuant to the General Corporation Law of the State of Delaware.

THIRD: That this corporation, by the following resolutions of its Board of Directors, duly adopted on January 30, 2004 by the unanimous written consent of its members, filed with the minutes of the Board, determined to and will merge into itself each of said Viskase Holding Corporation and Viskase Sales Corporation

---

| | |
|:---|:---|
| <u>RESOLVED</u>: | that it is deemed advisable and in the bests interests of the Corporation and each of Viskase Holding Corporation and Viskase Sales Corporation, that the Corporation merge, and it hereby does merge into itself, Viskase Holding Corporation and Viskase Sales Corporation, such that the Corporation survives and assumes all of their respective obligations; and |

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<u>FURTHER RESOLVED</u>: that the merger shall be effective upon the date of filing with the Secretary of the State of Delaware; and

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| | |
|:---|:---|
| <u>FURTHER RESOLVED</u>: | that the proper officers of the Corporation be, and each of them acting singly hereby is, authorized to execute and deliver a Certificate of Ownership and Merger setting forth a copy of the resolutions to merge each of said Viskase Holding Corporation and Viskase Sales Corporation, and assume each of their respective liabilities and obligations, and to cause the same to be filed with the Secretary of State and to do all acts and things whatsoever, whether within or without the State of Delaware, which may be in any ways necessary or proper to effect said mergers. |

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IN WITNESS WHEREOF, said Viskase Companies, Inc. has caused this Certificate to be signed by Jon F. Weber, its President, this 30th day of January, 2004.

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| | |
|:---|:---|
| VISKASE COMPANIES, INC. | VISKASE COMPANIES, INC. |
| By: | /s/ Jon F. Weber |
|  | Jon F. Weber, President |

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|:---|
| ***e***<br>|
| ***State of Delaware***<br>***Secretary of State***<br>***Division of Corporations*** |
| ***Delivered 08:10 AM 11/08/2006*** |
| ***FILED 08:10 AM 11/08/2006*** |
| ***SRV 061020800* - *0757401 FILE*** |

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CERTIFICATE OF DESIGNATIONS

OF

SERIES A PREFERRED STOCK

OF

VISKASE COMPANIES, INC.

PURSUANT TO SECTION 151

OF THE GENERAL CORPORATION LAW

OF THE STATE OF DELAWARE

Viskase Companies, Inc. (the "<u>Corporation</u>"), a corporation organized and existing under the General Corporation Law of the State of Delaware (the "<u>DGCL</u>"), DOES HEREBY CERTIFY that, in accordance with the provisions of Section 151 of such law and pursuant to Article IV of the Amended and Restated Certificate of Incorporation of the Corporation (the "<u>Certificate</u> <u>of</u> <u>Incorporation</u>"), the Board of Directors (the "<u>Board</u>") of the Corporation is authorized to issue a series of preferred stock of the Corporation ("<u>Preferred</u> <u>Stock</u>"), has authorized the series of Preferred Stock hereinafter provided for and has adopted the following resolutions creating a series of Preferred Stock, par value $0.01 per share, designated as "<u>Series A Preferred Stock</u>," as follows:

RESOLVED, that, pursuant to the authority vested in the Board in accordance with the provisions of the Certificate of Incorporation, a series of Preferred Stock of the Corporation be, and hereby is, created and that the designation and amount thereof and the voting powers, preferences and relative, participating, optional or other special rights of the shares of such series, and the qualifications, limitations or restrictions thereon, are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Designation and Amount.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1<u>Series A Preferred Stock</u>. Fifteen Million (15,000,000) shares of the authorized and unissued Preferred Stock of the Corporation are hereby designated "Series A Preferred Stock" with the following rights, preferences, powers, privileges and restrictions, qualifications and limitations.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Dividends.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1<u>General</u>. From the date of the issuance of any shares of Series A Preferred Stock and until the earlier of (i) the expiration or earlier termination of the offering of rights to acquire common stock, par value $0.01 per share, of the Corporation ("<u>Common</u> <u>Stock</u>") on the terms and subject to the conditions set forth in that certain Series A Preferred Stock Purchase Agreement, dated November 7, 2006 (as amended, the "<u>Purchase Agreement</u>"), among the Corporation and the Investors identified therein (the "<u>Rights</u> <u>Offering</u>") and (ii) six (6) months from such issuance, each share of Series A Preferred Stock shall accrue a minimum dividend of

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Twenty-One and Nine Thousand Three Hundred Seventy-Five Ten Thousandths Cents ($0.219375) (the period from the date of issuance through the earlier of the dates specified in clauses (i) and (ii) being hereinafter referred to as the "<u>Initial Dividend Period</u>"). After the expiration of the Initial Dividend Period, dividends at the rate of 15% per annum on the Series A Liquidation Value plus accrued and unpaid dividends thereon shall accrue on each share of Series A Preferred Stock. Dividends on the Series A Preferred Stock shall be cumulative and, except as set forth in <u>Section 3.1,</u> shall be payable when, as and if declared by the Board. Dividends shall accrue daily and compound quarterly. The Corporation shall not declare, pay or set aside any dividends on Common Stock unless the holders of the Series A Preferred Stock (the "<u>Series A Holders</u>") then outstanding shall have received payment in full for all accrued but unpaid dividends. The "<u>Series A Liquidation Value</u>" shall mean One Dollar and Ninety-Five Cents ($1.95) per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2<u>Payment-in-Kind</u>. Notwithstanding any other provision of this Certificate of Designations, in the sole discretion of the Corporation, any dividends accruing on the Series A Preferred Stock may be paid in lieu of cash dividends by the issuance of additional shares of Series A Preferred Stock (including fractional shares) having an aggregate Series A Liquidation Value at the time of such payment equal to the amount of the dividend to be paid; <u>provided that</u> if the Corporation pays less than the total amount of dividends then accrued on the Series A Preferred Stock in the form of additional shares of Series A Preferred Stock, such payment in additional shares and the cash portion of any such dividend shall be made pro rata among the Series A Holders based upon the aggregate accrued but unpaid dividends on the Series A Preferred Stock held by each such Series A Holder. If and when any Series A Preferred Stock is authorized and issued under this <u>Section 2.2</u> for the payment of accrued dividends, such Series A Preferred Stock shall be deemed to be validly issued and outstanding and fully paid and nonassessable.

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Liquidation, Dissolution or Winding Up; Deemed Liquidation Event</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1<u>Preferential Payments to Series A Holders</u>. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, or any Deemed Liquidation Event (as defined in <u>Section 3.2</u> below) the Series A Holders at the time of such event shall be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders (on a *pari passu* basis with the holders of any series of Preferred Stock of the Corporation ranking in liquidation on a parity with the Series A Preferred Stock) before any payment shall be made to the holders of Common Stock or any other class or series of capital stock ranking in liquidation junior to the Series A Preferred Stock by reason of their ownership thereof, an amount per share equal to the Series A Liquidation Value plus any dividends accrued but unpaid thereon, whether or not declared. If upon any such liquidation, dissolution or winding up of the Corporation or Deemed Liquidation Event, the assets of the Corporation available for distribution to its stockholders shall be insufficient to pay the Series A Holders and any other series of Preferred Stock ranking in liquidation on a parity with the Series A Preferred Stock the full amount to which they shall be entitled under this <u>Section</u> <u>3.1</u>, the Series A Holders and any other series of Preferred Stock ranking in liquidation on a parity with the Series A Preferred Stock shall share ratably in any distribution of the assets available for distribution in proportion to the respective amounts that would otherwise be payable in respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2<u>Deemed Liquidation Event</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each of the following events shall be considered a "<u>Deemed Liquidation Event</u>" unless the holders of at least majority of the outstanding shares of Series A Preferred Stock elect otherwise by written notice sent to the Corporation at least ten (10) business days prior to the effective date of any such event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)a merger or consolidation in which (A) the Corporation is a constituent party or (B) a subsidiary of the Corporation is a constituent party and the Corporation issues shares of its capital stock pursuant to such merger or consolidation, except in either case any such merger or consolidation involving the Corporation or a subsidiary in which the shares of capital stock of the Corporation outstanding immediately prior to such merger or consolidation continue to represent, or are converted into or exchanged for shares of capital stock that represent, immediately following such merger or consolidation, at least a majority, by voting power, of the capital stock of (1) the surviving or resulting corporation or (2) if the surviving or resulting corporation is a wholly owned subsidiary of another corporation immediately following such merger or consolidation, the parent corporation of such surviving or resulting corporation (<u>provided that,</u> for the purpose of this <u>Section 3.2</u>, all shares of Common Stock issuable upon exercise of Options (as defined below) outstanding immediately prior to such merger or consolidation or upon conversion of Convertible Securities (as defined below) outstanding immediately prior to such merger or consolidation shall be deemed to be outstanding immediately prior to such merger or consolidation and, if applicable, converted or exchanged in such merger or consolidation on the same terms as the actual outstanding shares of Common Stock are converted or exchanged); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of related transactions, by the Corporation or any subsidiary of the Corporation of all or substantially all the assets of the Corporation and its subsidiaries taken as a whole, or the sale or disposition (whether by merger or otherwise) of one or more subsidiaries of the Corporation if substantially all of the assets of the Corporation and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries, except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Corporation shall not have the power to effect a Deemed Liquidation Event unless the agreement or plan of merger or consolidation for such transaction provides that the consideration payable to the stockholders of the Corporation shall be allocated among the holders of capital stock of the Corporation in accordance with <u>Section 3.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)In the event of a Deemed Liquidation Event, if the Corporation does not effect a dissolution of the Corporation under the DGCL within ninety (90) calendar days after such Deemed Liquidation Event, then (i) the Corporation shall send a written notice to each Series A Holder no later than the ninetieth (90th) calendar day after the Deemed Liquidation Event advising such Series A Holder of its right (and the requirements to be met to secure such

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right) pursuant to the terms of the following <u>clause (ii)</u> to require the redemption of such shares of Series A Preferred Stock, and (ii) if the holders of at least a majority of the then outstanding shares of Series A Preferred Stock so request in a written instrument delivered to the Corporation not later than one hundred twenty (120) calendar days after such Deemed Liquidation Event, the Corporation shall use the consideration received by the Corporation in connection with such Deemed Liquidation Event (net of any retained liabilities associated with the assets sold or licensed, as determined in good faith by the Board), together with any other assets of the Corporation available for distribution to its stockholders (the "<u>Available Proceeds</u>"), to the extent legally available therefor, on the one hundred fiftieth (150th) calendar day after such Deemed Liquidation Event, to redeem all outstanding shares of Series A Preferred Stock at a price per share equal to the Series A Liquidation Value plus all accrued and unpaid dividends thereon. Notwithstanding the foregoing, in the event of a redemption pursuant to the preceding sentence, if the Available Proceeds are not sufficient to redeem all outstanding shares of Series A Preferred Stock and of any other series of Preferred Stock ranking in redemption on parity with the Series A Preferred Stock that is required to then be redeemed, the Corporation shall redeem a pro rata portion of each Series A Holder's shares of Series A Preferred Stock and any such other series of Preferred Stock to the fullest extent of such Available Proceeds, based on the respective amounts that would otherwise be payable in respect of the shares to be redeemed if the Available Proceeds were sufficient to redeem all such shares, and shall redeem the remaining shares to have been redeemed as soon as practicable after the Corporation has funds legally available therefor. Prior to the distribution or redemption provided for in this <u>Section 3.2</u>, the Corporation shall not expend or dissipate the consideration received for such Deemed Liquidation Event, except to discharge expenses incurred in connection with such Deemed Liquidation Event or in the ordinary course of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The amount deemed paid or distributed to the holders of capital stock of the Corporation upon any such merger, consolidation, sale, transfer, exclusive license, other disposition or redemption shall be the cash or the value of the property, rights or securities paid or distributed to such holders by the Corporation or the acquiring person, firm or other entity. The value of such property, rights or securities shall be determined in good faith by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Voting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1<u>General</u>. On any matter presented to the stockholders of the Corporation for their action or consideration at any meeting of stockholders of the Corporation (or by written consent of stockholders in lieu of meeting), each Series A Holder shall be entitled to cast the number of votes equal to the number of whole shares of Common Stock into which the shares of Series A Preferred Stock held by such Series A Holder are convertible pursuant to <u>Section 5</u> as of the record date for determining stockholders entitled to vote on such matter. Fractional votes shall not be permitted, but shall be rounded up to the nearest whole number based on the aggregate number of shares of Series A Preferred Stock held by such Series A Holder. Except as provided by law or by the other provisions of the Certificate of Incorporation, Series A Holders shall vote together with the holders of Common Stock, and with the holders of any other series of Preferred Stock the terms of which so provide, as a single class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2<u>Series A Preferred Stock Protective Provisions</u>. At any time when shares of Series A Preferred Stock are outstanding, the Corporation shall not, either directly or indirectly

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by amendment, merger, consolidation or otherwise, consummate any transaction outside the ordinary course of business (other than the Rights Offering) or do any of the following without (in addition to any other vote required by law or the Certificate of Incorporation) the written consent or affirmative vote of the holders of at least a majority of the then outstanding shares of Series A Preferred Stock (voting on a common-equivalent basis in accordance with <u>Section 4.1</u>), given in writing or by vote at a meeting, consenting or voting (as the case may be) separately as a class:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)liquidate, dissolve or wind-up the business and affairs of the Corporation, effect any Deemed Liquidation Event or consent to any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)amend, alter or repeal any provision of the Certificate of Incorporation or Bylaws of the Corporation (other than in connection with the authorization and issuance of Exempted Securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)create, or authorize the creation of, or issue or obligate itself to issue shares of, any additional class or series of capital stock (other than Exempted Securities), or increase the authorized number of shares of Series A Preferred Stock or increase the authorized number of shares of any additional class or series of capital stock (other than in connection with the authorization and issuance of Exempted Securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)purchase or redeem (or permit any subsidiary to purchase or redeem) or pay or declare any dividend or make any distribution on, any shares of capital stock of the Corporation other than (i) redemptions of or dividends or distributions on the Series A Preferred Stock as expressly authorized herein, (ii) dividends or other distributions payable on the Common Stock solely in the form of additional shares of Common Stock, (iii) dividends or other distributions of Exempted Securities, and (iv) repurchases of stock from former employees, officers, directors, consultants or other persons who performed services for the Corporation or any subsidiary in connection with the cessation of such employment or service; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)declare or pay dividends or other distributions in respect of the Common Stock (other than in connection with dividends or other distributions of Exempted Securities).

&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Conversion</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1<u>Optional Conversion</u>. The Series A Holders shall have conversion rights as follows (the "<u>Conversion</u> <u>Rights</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Conversion Rights</u>. Unless theretofore converted in accordance with the provisions of <u>Section 5.2</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)(A) each share of Series A Preferred Stock shall be convertible, at the option of the holder thereof and (B) all shares of Series A Preferred Stock shall be convertible upon the written request of the holders of at least a majority of the outstanding Series A Preferred Stock; in case of clauses (A) and (B), at any time on or after the six-month anniversary of the date of issuance; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)each share of Series A Preferred Stock shall be convertible, at the option of the holder thereof to the extent (and only to the extent) that, in the good faith judgment of the holder thereof (with the advice of legal counsel), the holding of such share of Series A Preferred Stock by such holder, in conjunction with any other stock of the Corporation that is held (directly or indirectly) by such holder or a member of such holder's Controlled Group (as defined below), is reasonably likely to result in the Corporation becoming included in a Controlled Group that includes such holder;

into a number of fully paid and nonassessable shares of Common Stock equal to (x) the per share Series A Liquidation Value plus accrued and unpaid dividends thereon divided by (y) 70% of the Conversion Price (as defined below).

The "<u>Conversion Price</u>" shall initially be equal to One Dollar and Ninety-Five Cents ($1.95). Such initial Conversion Price, and the rate at which shares of Series A Preferred Stock may be converted into shares of Common Stock, shall be subject to adjustment as provided below. "<u>Controlled Group</u>" shall mean (i) a controlled group of corporations within the meaning of Section 414(b) of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>") and the regulations thereunder and (ii) two or more trades or businesses under common control within the meaning of Section 414(c) of the Code and the regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Procedural Requirements</u>. In order for a Series A Holder to voluntarily convert shares of Series A Preferred Stock into shares of Common Stock, such Series A Holder shall surrender the certificate or certificates for such shares of Series A Preferred Stock (or, if such Series A Holder alleges that such certificate has been lost, stolen or destroyed, a lost certificate affidavit and agreement reasonably acceptable to the Corporation to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of such certificate), at the office of the transfer agent for the Series A Preferred Stock (or at the principal office of the Corporation if the Corporation serves as its own transfer agent), together with written notice that such Series A Holder elects to convert all or any number of the shares of the Series A Preferred Stock represented by such certificate or certificates and, if applicable, any event on which such conversion is contingent. Such notice shall state such Series A Holder's name or the names of the nominees in which such Series A Holder wishes the certificate or certificates for shares of Common Stock to be issued. If required by the Corporation, certificates surrendered for conversion shall be endorsed or accompanied by a written instrument or instruments of transfer, in form satisfactory to the Corporation, duly executed by the registered Series A Holder or his, her or its attorney duly authorized in writing. The close of business on the date of receipt by the transfer agent (or by the Corporation if the Corporation serves as its own transfer agent) of such certificates (or lost certificate affidavit and agreement) and notice shall be the time of conversion (the "<u>Conversion Time</u>"), and the shares of Common Stock issuable upon conversion of the shares represented by such certificate shall be deemed to be outstanding of record as of such date. The Corporation shall, as soon as practicable after the Conversion Time, issue and deliver to such Series A Holder, or to his, her or its nominees, a certificate or certificates for the number of full shares of Common Stock issuable upon such conversion in accordance with the provisions hereof, rounded to the nearest whole number of shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Effect of Optional Conversion</u>. All shares of Series A Preferred Stock that shall have been surrendered for conversion as herein provided shall no longer be deemed to be outstanding and all rights with respect to such shares shall immediately cease and terminate at the Conversion Time, except only the right of the Series A Holders thereof to receive shares of Common Stock in exchange therefor. Any shares of Series A Preferred Stock so converted shall be retired and cancelled and may not be reissued as shares of such series, and the Corporation may thereafter take such appropriate action (without the need for stockholder action) as may be necessary to reduce the authorized number of shares of Series A Preferred Stock accordingly. Upon any such conversion, no adjustment to the Conversion Price shall be made for any declared but unpaid dividends on the Series A Preferred Stock surrendered for conversion or on the Common Stock delivered upon conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Mandatory and Controlled Group Conversions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Mandatory Conversion</u>. Upon the (i) expiration of the Rights Offering or (ii) early termination of the Rights Offering with the written consent or affirmative vote of the holders of at least a majority of the then outstanding shares of Series A Preferred Stock (voting on a common-equivalent basis in accordance with <u>Section 4.1)</u>, which, in each case, has been initiated no later than ninety (90) calendar days after the date of initial issuance of the Series A Preferred Stock (the "<u>Trigger Event</u>"), each outstanding share of Series A Preferred Stock remaining outstanding after the fifth (5th) calendar day following the Trigger Event (such date being the "<u>Mandatory Redemption Date</u>") and not otherwise subject to Mandatory Redemption pursuant to <u>Section 6.2</u> shall automatically be converted following the close of business on the first business day following the Mandatory Redemption Date into a number of shares of Common Stock equal to (i) the per share Series A Liquidation Value plus accrued and unpaid dividends divided by (ii) 70% of the Conversion Price (a "<u>Mandatory Conversion</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Controlled Group</u> <u>Conversion</u>. Shares of Series A Preferred Stock held by any holder shall be automatically converted to the extent (and only to the extent) that the holding of such shares by the holder, in conjunction with any other stock of the Corporation that is held (directly or indirectly) by such holder or a member of such holder's Controlled Group (as defined below), would cause the Corporation to be included in a Controlled Group that includes such holder, into a number of shares of Common Stock equal to (i) the per share Series A Liquidation Value plus accrued and unpaid dividends divided by (ii) 70% of the Conversion Price (the "<u>Automatic Controlled Group Conversion</u>"). Any Automatic Controlled Group Conversion shall be effective as of the date immediately preceding the date of holding of such shares by the holder would cause the Corporation to be included in such a Controlled Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Procedural Requirements</u>. Upon a Mandatory Conversion or Automatic Controlled Group Conversion, each affected Series A Holder shall surrender his, her or its certificate or certificates for all such shares (or, if such Series A Holder alleges that such certificate has been lost, stolen or destroyed, a lost certificate affidavit and agreement reasonably acceptable to the Corporation to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of such certificate) to the Corporation at the place designated by the Corporation, and shall thereafter receive certificates for the number of shares of Common Stock to which such Series A Holder is entitled pursuant to this <u>Section 5.2</u>. Upon a Mandatory Conversion, all outstanding shares of Series A

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Preferred Stock, and upon an Automatic Controlled Group Conversion, that number of shares automatically converted in accordance with <u>Section 5.2(b)</u>, shall be deemed to have been converted into shares of Common Stock, which shall be deemed to be outstanding of record, and all rights with respect to the Series A Preferred Stock so converted, shall terminate, except only the rights of the Series A Holders, upon surrender of their certificate or certificates (or lost certificate affidavit and agreement) therefor, to receive the items provided for in the last sentence of this <u>Section 5.2(c)</u>. If so required by the Corporation, certificates surrendered for conversion shall be endorsed or accompanied by written instrument or instruments of transfer, in form satisfactory to the Corporation, duly executed by the Series A Holder or by his, her or its attorney duly authorized in writing. As soon as practicable after the conversion and the surrender of the certificate or certificates (or lost certificate affidavit and agreement) for Series A Preferred Stock, the Corporation shall issue and deliver to such Series A Holder, or to his, her or its nominees, a certificate or certificates for the number of full shares of Common Stock issuable on such conversion in accordance with the provisions hereof, rounded to the nearest whole number of shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Effect of Conversion</u>. All converted shares of Series A Preferred Stock shall, from and after conversion pursuant to this <u>Section 5.2</u>, no longer be deemed to be outstanding. Such converted Series A Preferred Stock shall be retired and cancelled and may not be reissued as shares of such series, and the Corporation may thereafter take such appropriate action (without the need for stockholder action) as may be necessary to reduce the authorized number of shares of Series A Preferred Stock accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3<u>Fractional Shares</u>. No fractional shares of Common Stock shall be issued upon conversion of the Series A Preferred Stock. In lieu of any fractional shares of Common Stock to which the Series A Holder would otherwise be entitled, the Corporation shall round the number of shares of Common Stock into which the Series A Preferred Stock may be converted to the nearest whole number of shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Mechanics of Conversion</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Reservation of Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Corporation shall at all times when the Series A Preferred Stock shall be outstanding, reserve and keep available out of its authorized but unissued capital stock, for the purpose of effecting the conversion of the Series A Preferred Stock, such number of its duly authorized shares of Common Stock as shall from time to time be sufficient to effect the conversion of all outstanding Series A Preferred Stock, and if at any time the number of authorized but unissued shares of Common Stock shall not be sufficient to effect the conversion of all then outstanding shares of the Series A Preferred Stock, the Corporation shall take such corporate action as may be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for such purposes, including, without limitation, engaging in best efforts to obtain the requisite stockholder approval of any necessary amendment to the Certificate of Incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The Corporation shall at all times when the Series A Preferred Stock shall be outstanding, reserve and keep available out of its authorized but unissued capital

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stock, for the purpose of effecting the payment of Series A Preferred Stock in lieu of cash dividends pursuant to <u>Section 2.2</u>, such number of its duly authorized shares of Series A Preferred Stock as shall from time to time be sufficient to effect the payment of Series A Preferred Stock in lieu of all then accrued and unpaid cash dividends, and if at any time the number of authorized but unissued shares of Series A Preferred Stock shall not be sufficient to effect such payment of Series A Preferred Stock, the Corporation shall take such corporate action as may be necessary to increase its authorized but unissued shares of Series A Preferred Stock to such number of shares as shall be sufficient for such purposes, including, without limitation, engaging in best efforts to obtain any requisite stockholder approval of any necessary amendment to the Certificate of Incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Before taking any action that would cause an adjustment reducing the Conversion Price below the then par value of the shares of Common Stock issuable upon conversion of the Series A Preferred Stock, the Corporation shall take any corporate action that may, in the opinion of its counsel, be necessary in order that the Corporation may validly and legally issue fully paid and nonassessable shares of Common Stock at such adjusted Conversion Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Taxes</u>. The Corporation shall pay any and all issue and other similar taxes that may be payable in respect of any issuance or delivery of shares of Common Stock upon conversion of shares of Series A Preferred Stock pursuant to this <u>Section 5</u>. The Corporation shall not, however, be required to pay any tax that may be payable in respect of any transfer involved in the issuance and delivery of shares of Common Stock in a name other than that in which the shares of Series A Preferred Stock so converted were registered, and no such issuance or delivery shall be made unless and until the person or entity requesting such issuance has paid to the Corporation the amount of any such tax or has established, to the satisfaction of the Corporation, that such tax has been paid. In addition, the Corporation shall not be required to pay any tax that may be payable in respect of any dividends paid upon conversion of the Series A Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 <u>Adjustments to Conversion Price for Diluting Issues</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Special Definitions</u>. For purposes of this Certificate of Designations, the following definitions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)"<u>Additional Shares of Capital Stock</u>" shall mean all shares of capital stock issued (or, pursuant to <u>Section 5.5(c)</u> below, deemed to be issued) by the Corporation after the Series A Original Issue Date, other than the following shares of capital stock, and shares of capital stock deemed issued pursuant to the following Options and Convertible Securities (collectively "<u>Exempted Securities</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)shares of capital stock issued as stock dividends, stock splits, recapitalizations and similar transactions completed with respect to both the Common Stock and Series A Preferred Stock;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)shares of capital stock or Options issued to employees or directors of, or consultants or advisors to, the Corporation or any of its subsidiaries pursuant to a plan, agreement or arrangement approved by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)shares of capital stock actually issued upon the conversion or exercise of Series A Preferred Stock, or other derivative securities outstanding as of the Series A Original Issue Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)shares of capital stock, Options or Convertible Securities issued in connection with business acquisitions or to financial institutions or lessors in connection with commercial credit arrangements, equity financings or similar transactions that are primarily of a non-equity financing nature, strategic partners or licensors, or other third parties with whom the Corporation engages in a transaction, in each case, as approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)"<u>Convertible Securities</u>" shall mean any evidences of indebtedness, shares or other securities directly or indirectly convertible into or exchangeable for Common Stock, but excluding Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)"<u>Option</u>" shall mean rights, options or warrants to subscribe for, purchase or otherwise acquire Common Stock or Convertible Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)"<u>Series A Original Issue Date</u>" shall mean the date on which the first share of Series A Preferred Stock was issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>No Adjustment of Conversion Price</u>. No adjustment in the Conversion Price shall be made as the result of the issuance or deemed issuance of Additional Shares of Capital Stock if the Corporation receives written notice from the holders of at least a majority of the then outstanding shares of Series A Preferred Stock agreeing that no such adjustment shall be made as the result of the issuance or deemed issuance of such Additional Shares of Capital Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Deemed Issuance of Additional Shares of Capital Stock</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)If the Corporation at any time or from time to time after the Series A Original Issue Date shall issue any Options or Convertible Securities (excluding Exempted Securities) or shall fix a record date for the determination of holders of any class of securities entitled to receive any such Options or Convertible Securities, then the maximum number of shares of Common Stock (as set forth in the instrument relating thereto, assuming the satisfaction of any conditions to exercisability, convertibility or exchangeability but without regard to any provision contained therein for a subsequent adjustment of such number) issuable upon the exercise of such Options or, in the case of Convertible Securities and Options therefor, the conversion or exchange of such Convertible Securities, shall be deemed to be Additional Shares of Capital Stock issued as of the time of such issue or, in case such a record date shall have been fixed, as of the close of business on such record date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)If the terms of any Option or Convertible Security, the issuance of which resulted in an adjustment to the Conversion Price pursuant to the terms of <u>Section 5.5(d)</u>

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below, are revised as a result of an amendment to such terms or any other adjustment pursuant to the provisions of such Option or Convertible Security (but excluding automatic adjustments to such terms pursuant to anti-dilution or similar provisions of such Option or Convertible Security) to provide for either (1) any increase or decrease in the number of shares of Common Stock issuable upon the exercise, conversion and/or exchange of any such Option or Convertible Security or (2) any increase or decrease in the consideration payable to the Corporation upon such exercise, conversion and/or exchange, then, effective upon such increase or decrease becoming effective, the Conversion Price computed upon the original issue of such Option or Convertible Security (or upon the occurrence of a record date with respect thereto) shall be readjusted to such Conversion Price as would have obtained had such revised terms been in effect upon the original date of issuance of such Option or Convertible Security. Notwithstanding the foregoing, no readjustment pursuant to this <u>clause (ii)</u> of this <u>Section 5.5(c)</u> shall have the effect of increasing the Conversion Price to an amount which exceeds the lesser of (i) the Conversion Price in effect immediately prior to the original adjustment made as a result of the issuance of such Option or Convertible Security, or (ii) the Conversion Price that would have resulted from any issuances of Additional Shares of Capital Stock (other than deemed issuances of Additional Shares of Capital Stock as a result of the issuance of such Option or Convertible Security) between the original adjustment date and such readjustment date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)If the terms of any Option or Convertible Security (excluding Options or Convertible Securities that are themselves Exempted Securities), the issuance of which did not result in an adjustment to the Conversion Price pursuant to the terms of <u>Section 5.5(d)</u> below (either because the consideration per share (determined pursuant to <u>Section 5.5(e)</u> hereof) of the Additional Shares of Capital Stock subject thereto was equal to or greater than the Conversion Price then in effect, or because such Option or Convertible Security was issued before the Series A Original Issue Date), are revised after the Series A Original Issue Date as a result of an amendment to such terms or any other adjustment pursuant to the provisions of such Option or Convertible Security (but excluding automatic adjustments to such terms pursuant to anti-dilution or similar provisions of such Option or Convertible Security) to provide for either (1) any increase or decrease in the number of shares of Common Stock issuable upon the exercise, conversion or exchange of any such Option or Convertible Security or (2) any increase or decrease in the consideration payable to the Corporation upon such exercise, conversion or exchange, then such Option or Convertible Security, as so amended or adjusted, and the Additional Shares of Capital Stock subject thereto (determined in the manner provided in <u>clause (i)</u> of this <u>Section 5.5(c)</u>) shall be deemed to have been issued effective upon such increase or decrease becoming effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Upon the expiration or termination of any unexercised Option or unconverted or unexchanged Convertible Security (or portion thereof) that resulted (either upon its original issuance or upon a revision of its terms) in an adjustment to the Conversion Price pursuant to the terms of <u>Section 5.5(d)</u> below, the Conversion Price shall be readjusted to such Conversion Price as would have obtained had such Option or Convertible Security (or portion thereof) never been issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)If the number of shares of Common Stock issuable upon the exercise, conversion and/or exchange of any Option or Convertible Security, or the consideration payable to the Corporation upon such exercise, conversion and/or exchange, is calculable at the

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time such Option or Convertible Security is issued or amended but is subject to adjustment based upon subsequent events, any adjustment to the Conversion Price provided for in this <u>Section 5.5(c)</u> shall be effected at the time of such issuance or amendment based on such number of shares or amount of consideration without regard to any provisions for subsequent adjustments (and any subsequent adjustments shall be treated as provided in <u>clauses (ii)</u> and <u>(iii)</u> of this <u>Section 5.5(c))</u>. If the number of shares of Common Stock issuable upon the exercise, conversion and/or exchange of any Option or Convertible Security, or the consideration payable to the Corporation upon such exercise, conversion and/or exchange, cannot be calculated at all at the time such Option or Convertible Security is issued or amended, any adjustment to the Conversion Price that would result under the terms of this <u>Section 5</u>*.*<u>5</u> at the time of such issuance or amendment shall instead be effected at the time such number of shares and/or amount of consideration is first calculable (even if subject to subsequent adjustments), assuming for purposes of calculating such adjustment to the Conversion Price that such issuance or amendment took place at the time such calculation can first be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Adjustment of Conversion Price Upon Issuance of Additional Shares of Capital Stock</u>. In the event the Corporation shall at any time after the Series A Original Issue Date issue Additional Shares of Capital Stock (including Additional Shares of Capital Stock deemed to be issued pursuant to <u>Section 5.5(c))</u>, without consideration or for a consideration per share less than the applicable Conversion Price in effect immediately prior to such issue, then the Conversion Price shall be reduced, concurrently with such issue, to the consideration per share received by the Corporation for such issue or deemed issue of the Additional Shares of Capital Stock; <u>provided</u> <u>that</u> if such issuance or deemed issuance was without consideration, then the Corporation shall be deemed to have received an aggregate of $0.01 of consideration for all such Additional Shares of Capital Stock issued or deemed to be issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Determination of Consideration</u>. For purposes of this <u>Section</u> <u>5.5</u>, the consideration received by the Corporation for the issue of any Additional Shares of Capital Stock shall be computed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Cash and Property</u>: Such consideration shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) insofar as it consists of cash, be computed at the aggregate amount of cash received by the Corporation, excluding amounts paid or payable for accrued interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)insofar as it consists of property other than cash, be computed at the fair market value thereof at the time of such issue, as determined in good faith by the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)in the event Additional Shares of Capital Stock are issued together with other shares or securities or other assets of the Corporation for consideration that covers both, be the proportion of such consideration so received, computed as provided in <u>clauses (1)</u> and <u>(2)</u> above, as determined in good faith by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)<u>Options and Convertible Securities</u>. The consideration per share received by the Corporation for Additional Shares of Capital Stock deemed to have been issued

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pursuant to <u>Section 5.5(c)</u>, relating to Options and Convertible Securities, shall be determined by dividing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the total amount, if any, received or receivable by the Corporation as consideration for the issue of such Options or Convertible Securities, plus the minimum aggregate amount of additional consideration (as set forth in the instruments relating thereto, without regard to any provision contained therein for a subsequent adjustment of such consideration) payable to the Corporation upon the exercise of such Options or the conversion or exchange of such Convertible Securities, or in the case of Options for Convertible Securities, the exercise of such Options for Convertible Securities and the conversion or exchange of such Convertible Securities, by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)the maximum number of shares of Common Stock (as set forth in the instruments relating thereto, without regard to any provision contained therein for a subsequent adjustment of such number) issuable upon the exercise of such Options or the conversion or exchange of such Convertible Securities, or in the case of Options for Convertible Securities, the exercise of such Options for Convertible Securities and the conversion or exchange of such Convertible Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Multiple Closing Dates</u>. In the event the Corporation shall issue on more than one date Additional Shares of Capital Stock that are a part of one transaction or a series of related transactions and that would result in an adjustment to the Conversion Price pursuant to the terms of <u>Section 5.5(d)</u> above then, upon the final such issuance, the Conversion Price shall be readjusted to give effect to all such issuances as if they occurred on the date of the first such issuance (and without giving effect to any additional adjustments as a result of any such subsequent issuances within such period).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Certificate as to Adjustments</u>. Upon the occurrence of each adjustment or readjustment of the Conversion Price pursuant to this <u>Section 5.5</u>, the Corporation at its expense shall, as promptly as reasonably practicable but in any event not later than ten (10) calendar days thereafter, compute such adjustment or readjustment in accordance with the terms hereof and furnish to each Series A Holder a certificate setting forth such adjustment or readjustment (including the kind and amount of securities, cash or other property into which the Series A Preferred Stock is convertible) and showing in detail the facts upon which such adjustment or readjustment is based. The Corporation shall, as promptly as reasonably practicable after the written request at any time of any Series A Holder (but in any event not later than ten (10) calendar days thereafter), furnish or cause to be furnished to such holder a certificate setting forth (i) the Conversion Price then in effect, and (ii) the number of shares of Common Stock and the amount, if any, of other securities, cash or property that then would be received upon the conversion of Series A Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Notice of Record Date</u>. In the event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Corporation shall establish a record date for the holders of its Common Stock (or other capital stock or securities at the time issuable upon conversion of the Series A Preferred Stock) for the purpose of entitling or enabling them to receive any dividend or

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other distribution, or to receive any right to subscribe for or purchase any shares of capital stock of any class or any other securities, or to receive any other security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)of any capital reorganization of the Corporation, Deemed Liquidation Event or any reclassification of the Common Stock of the Corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)of the voluntary or involuntary dissolution, liquidation or winding-up of the Corporation,

then, and in each such case, the Corporation shall send or cause to be sent to the Series A Holders a notice specifying, as the case may be, (i) the record date for such dividend, distribution or right, and the amount and character of such dividend, distribution or right, or (ii) the effective date on which such reorganization, reclassification, Deemed Liquidation Event, dissolution, liquidation or winding-up is proposed to take place, and the time, if any is to be fixed, as of which the holders of record of Common Stock (or such other capital stock or securities at the time issuable upon the conversion of the Series A Preferred Stock) shall be entitled to exchange their shares of Common Stock (or such other capital stock or securities) for securities or other property deliverable upon such reorganization, reclassification, Deemed Liquidation Event, dissolution, liquidation or winding-up, and the amount per share and character of such exchange applicable to the Series A Preferred Stock and the Common Stock. Such notice shall be sent at least ten (10) calendar days prior to the record date or effective date for the event specified in such notice.

&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Redemption</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1<u>Optional Redemption</u>. The Corporation shall have the right to redeem, and each Series A Holder shall have the right to require the Corporation to redeem, in whole or in part, each then outstanding share of Series A Preferred Stock held by such Series A Holder at any time after September 30, 2011 for cash consideration equal to the per share Series A Liquidation Value plus all accrued but unpaid dividends thereon; <u>provided that</u> until immediately prior to the Redemption Date, each Series A Holder shall have the right to convert such outstanding Series A Preferred Stock as and to the extent provided in <u>Section 5.1</u>. In the event that a Series A Holder elects to require the Corporation to redeem Series A Preferred Stock in accordance with this <u>Section 6</u><u>.</u><u>1</u>, the Corporation shall, within ten (10) business days following the Corporation's receipt of notice from such Series A Holder, redeem the shares of Series A Preferred Stock as to which such Series A Holder has elected redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2<u>Mandatory Redemption</u>. On or before the Mandatory Redemption Date, for cash consideration equal to the Rights Offering Consideration, the Corporation shall be required to redeem the percentage of shares of outstanding Series A Preferred Stock, equal to the gross proceeds to the Corporation of the Rights Offering <u>divided</u> <u>by</u> Twenty Four Million ($24,000,000) <u>multiplied</u> <u>by</u> One Hundred (100) and expressed as a percentage. For example, if the Corporation receives gross proceeds in the Rights Offering equal to Twelve Million ($12,000,000), then the Corporation would be required to redeem 50% of the outstanding Series A Preferred Stock (or 6,153,846 shares of Series A Preferred Stock) for $13,350,000 of cash consideration. "<u>Rights Offering Consideration</u>" shall mean an amount equal to (a) the gross proceeds to the Corporation of the Rights Offering <u>plus</u> (b) an amount equal to the product of

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Two Million Seven Hundred Thousand Dollars ($2,700,000) <u>multiplied</u> by a fraction the numerator of which is equal to the gross proceeds to the Corporation of the Rights Offering and the denominator of which is Twenty-Four Million Dollars ($24,000,000).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3<u>Partial Redemption</u>. Upon the exercise of redemption rights or obligations pursuant to <u>Section 6.1</u> or this <u>Section 6.2</u>, if the Corporation does not have sufficient funds legally available to redeem all shares of Series A Preferred Stock to be redeemed pursuant to such rights or obligations, the Corporation shall redeem a pro rata portion of each Series A Holder's redeemable shares of such Series A Preferred Stock out of funds legally available therefor, based on the respective amounts that would otherwise be payable in respect of the shares to be redeemed if the legally available funds were sufficient to redeem all such shares, and shall redeem the remaining shares to have been redeemed as soon as practicable after the Corporation has funds legally available therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4<u>Redemption Notice</u>. Written notice of a redemption pursuant to <u>Section 6.1</u> or <u>6.2</u> (the "<u>Redemption Notice</u>") shall be sent to each Series A Holder, in the case of a redemption pursuant to Section 6.1, not less than ten (10) calendar days, and in the case of a redemption pursuant to Section 6.2, not less than one (1) calendar day, prior to the date of each redemption (the "<u>Redemption Date</u>"). Each Redemption Notice shall state:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the number of shares of Series A Preferred Stock held by the Series A Holder that the Corporation shall redeem;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Redemption Date and the redemption price, in accordance with <u>Sections 6.1</u> and <u>6.2</u> (the "<u>Redemption Price")</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)that the Series A Holder is to surrender to the Corporation, in the manner and at the place designated, his, her or its certificate or certificates representing the shares of Series A Preferred Stock to be redeemed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5<u>Surrender of Certificates; Payment</u>. On or before the applicable Redemption Date, each Series A Holder of shares of Series A Preferred Stock to be redeemed on such Redemption Date, unless such Series A Holder has exercised his, her or its right to convert such shares as provided in <u>Section 5</u>**.** <u>1</u>, shall surrender the certificate or certificates representing such shares (or, if such Series A Holder alleges that such certificate has been lost, stolen or destroyed, a lost certificate affidavit and agreement reasonably acceptable to the Corporation to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of such certificate) to the Corporation, in the manner and at the place designated in the Redemption Notice, and thereupon the Redemption Price for such shares shall be payable to the order of the person whose name appears on such certificate or certificates as the owner thereof. In the event less than all of the shares of Series A Preferred Stock represented by a certificate are redeemed, a new certificate representing the unredeemed shares of Series A Preferred Stock shall promptly be issued to such Series A Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6<u>Rights</u> <u>Subsequent</u> <u>to Redemption</u>. If the Redemption Notice shall have been duly given, and if on the applicable Redemption Date the Redemption Price payable upon redemption of the shares of Series A Preferred Stock to be redeemed on such Redemption Date is

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paid or tendered for payment or deposited with an independent payment agent so as to be available therefor, then notwithstanding that the certificates evidencing any of the shares of Series A Preferred Stock so called for redemption shall not have been surrendered, dividends with respect to such shares of Series A Preferred Stock shall cease to accrue after such Redemption Date and all rights with respect to such shares shall forthwith after the Redemption Date terminate, except only the right of the Series A Holders to receive the Redemption Price without interest upon surrender of their certificate or certificates therefor.

&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1<u>Redeemed or Otherwise Acquired Shares</u>. Any shares of Series A Preferred Stock that are redeemed or otherwise acquired by the Corporation or any of its subsidiaries shall be automatically and immediately cancelled and retired and shall not be reissued, sold or transferred. Neither the Corporation nor any of its subsidiaries may exercise any voting or other rights granted to the holders of Series A Preferred Stock following redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2<u>Waiver</u>. Any of the rights, powers, preferences and other terms of the Series A Preferred Stock set forth herein may be waived on behalf of all Series A Holders by the affirmative written consent or vote of the Series A Holders of at least a majority of the shares of Series A Preferred Stock then outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3<u>Notices</u>. Any notice required or permitted by the provisions of this Certificate of Designations to be given to a Series A Holder shall be mailed, postage prepaid, to the post office address last shown on the records of the Corporation, or given by electronic communication in compliance with the provisions of the DGCL, and shall be deemed sent upon such mailing or electronic transmission. In the event a Series A Holder shall not by written notice designate the name to whom payment upon redemption of Series A Preferred Stock should be made or the address to which the certificate or certificates representing, or other evidence of ownership of, such shares, or such payment, should be sent, the Corporation shall be entitled to register such shares, and make such payment, in the name of the Series A Holder of such Series A Preferred Stock as shown on the records of the Corporation and to send the certificate or certificates representing such shares, or such payment, to the address of such Series A Holder shown on the records of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4<u>Severability of Provisions</u>. Whenever possible, each provision hereof shall be interpreted in a manner as to be effective and valid under applicable law, but if any provision hereof is held to by prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating or otherwise adversely affecting the remaining provisions hereof. If a court of competent jurisdiction should determine that a provision hereof would be valid or enforceable if a period of time were extended or shortened or a particular percentage were increased or decreased, then such court may make such change as shall be necessary to render the provision in question effective and valid under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5<u>No Impairment</u>. Unless approved by a vote of the holders of a majority of the Series A Preferred Stock, the Corporation will not, (and shall be without authority to) directly or indirectly by amendment of this Certificate of Designation or of the Certificate of Incorporation of the

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Corporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities, agreement, contract, or undertaking or through any other action:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)diminish, impair, limit, restrict, avoid or seek to impair, limit, restrict or avoid, any of the rights, powers or privileges of the Series A Preferred Stock or the Series A Holders hereunder or the observances or performance of any of the terms to be observed or performed hereunder by the Corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)permit, allow or agree to the diminishment, impairment, limitation, restriction or avoidance of, the observance or performance of any of the terms to be observed or performed hereunder by the Corporation,

but will at all times in good faith assist in, facilitate and assure the carrying out of all the provisions of this Certificate of Designation and the taking of all such action as may be necessary or appropriate in order to protect the rights, powers and privileges of the holders of the Series A Preferred Stock hereunder, including, without limitation, the Conversion Rights of the Series A Holders and the Series A Preferred Stock.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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IN WITNESS WHEREOF, the undersigned has executed this Certificate of Designations on November <u>7</u>, 2006.

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| | |
|:---|:---|
| VISKASE COMPANIES, INC. | VISKASE COMPANIES, INC. |
| By: | /s/ Gordon S. Donovan |
|  | Gordon S. Donovan, Vice President |
|  | and Chief Financial Officer |

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**Signature Page to Certificate of Designations**

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**CERTIFICATE OF AMENDMENT TO**

**THE AMENDED AND RESTATED CERTIFICATE OF INCORPORATION OF** 

**VISKASE COMPANIES, INC.**

Viskase Companies, Inc. (the "<u>Co</u><u>rporation</u>"), organized and existing under and by virtue of the General Corporation Law of the State of Delaware, does hereby certify:

FIRST: The name of the Corporation is Viskase Companies, Inc.

SECOND: This Certificate of Amendment amends the Amended and Restated Certificate of Incorporation of the Corporation to amend and restate the first sentence of Article FOURTH of the Amended and Restated Certificate of Incorporation to read in its entirety as follows:

The total number of shares of all classes of stock which the Corporation shall have the authority to issue is 150,000,000, consisting of (i) 100,000,000 shares of Common Stock, $0.01 par value per share, and (ii) 50,000,000 shares of Preferred Stock, $0.01 par value per share.

THIRD: The amendment of the Amended and Restated Certificate of Incorporation of the Corporation set forth in this Certificate of Amendment was duly adopted in accordance with the applicable provisions of Section 242 of the General Corporation Law of the State of Delaware.

IN WITNESS WHEREOF, the Corporation has caused this certificate to be duly executed by Thomas D. Davis, its President and Chief Executive Officer, this 17th day of October, 2017.

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| | | |
|:---|:---|:---|
| VISKASE COMPANIES, INC. | VISKASE COMPANIES, INC. | VISKASE COMPANIES, INC. |
| By  | /s/ Thomas D. Davis | /s/ Thomas D. Davis |
|  | Name: | Thomas D. Davis |
|  | Title: | President and Chief Executive Officer |

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| |
|:---|
| **State of Delaware**<br>**Secretary of State**<br>**Division of Corporations** |
| **Delivered 02:25 PM 10/17/2017**<br>**FILED 02:25 PM 10/17/2017** |
| **SR 20176656000 – File Number 757401** |

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| |
|:---|
| **State of Delaware** |
| **Secretary of State** |
| **Division of Corporations** |
| **Delivered 05:50 PM 12/19/2018** |
| **FILED 05:50 PM 12/19/2018** |
| **SR 20188266923 - File Number 757401** |

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**CERTIFICATE OF AMENDMENT TO**

**THE AMENDED AND RESTATED CERTIFICATE OF INCORPORATION OF** 

**VISKASE COMPANIES, INC.**

Viskase Companies, Inc. (the "<u>Corporation</u>"), organized and existing under and by virtue of the General Corporation Law of the State of Delaware, does hereby certify:

FIRST: The name of the Corporation is Viskase Companies, Inc.

SECOND: This Certificate of Amendment amends the Amended and Restated Certificate of Incorporation of the Corporation to amend and restate Article FOURTH of the Amended and Restated Certificate of Incorporation to read in its entirety as follows:

FOURTH: The total number of shares of all classes of stock which the Corporation shall have the authority to issue is 150,000,000 shares, consisting of (i) 100,000,000 shares of Common Stock, $0.01 par value per share, and (ii) 50,000,000 shares of Preferred Stock, $0.01 par value per share.

The designations, powers, preferences and relative participating, optional or other special rights and the qualifications, limitations and restrictions thereof in respect of each class of capital stock of the Corporation are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Common Stock

Each holder of record of shares of Common Stock shall be entitled to vote at all meetings of the stockholders and shall have one vote for each share held by him of record.

Subject to the prior rights of the holders of all classes or series of stock at the time outstanding having prior rights as to dividends, the holders of shares of Common Stock shall be entitled to receive, when and as declared by the Board of Directors, out of the assets of the Corporation legally available therefor, such dividends as may be declared from time to time by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Preferred Stock

Subject to the terms contained in any designation of a series of Preferred Stock, the Board of Directors is expressly authorized, at any time and from time to time, to fix, by resolution or resolutions, the following provisions for shares of any class or classes of Preferred Stock of the Corporation or any series of any class of Preferred Stock:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the designation of such class or series, the number of shares to constitute such class or series which may be increased or decreased (but not below the number of shares of that class or series then outstanding) by resolution

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of the Board of Directors, and the stated value thereof if different from the par value thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the terms of the voting rights, if any, of the shares of such class or series, in addition to any voting rights provided by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the dividends, if any, payable on such class or series, whether any such dividends shall be cumulative, and, if so, from what dates, the conditions and dates upon which such dividends shall be payable, and the preference or relation which such dividends shall bear to the dividends payable on any shares of stock of any other class or any other series of the same class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) whether the shares of such class or series shall be subject to redemption by the Corporation, and, if so, the times, prices and other conditions of such redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the amount or amounts payable upon shares of such series upon, and the rights of the holders of such class or series in, the voluntary or involuntary liquidation, dissolution or winding up, or upon any distribution of the assets, of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) whether the shares of such class or series shall be subject to the operation of a retirement or sinking fund, and, if so, the extent to and manner in which any such retirement or sinking fund shall be applied to the purchase or redemption of the shares of such class or series for retirement or other corporate purposes and the terms and provisions relative to the operation thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) whether the shares of such class or series shall be convertible into, or exchangeable for, shares of stock of any other class or any other series of the same class or any other securities and, if so, the price or prices or the rate or rates of conversion or exchange and the method, if any, of adjusting the same, and any other terms and conditions of conversion or exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) the limitations and restrictions, if any, to be effective while any shares of such class or series are outstanding upon the payment of dividends or the making of other distributions on, and upon the purchase, redemption or other acquisition by the Corporation of the Common Stock or shares of stock of any other class or any other series of the same class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) the conditions or restrictions, if any, upon the creation of indebtedness of the Corporation or upon the issue of any additional stock, including additional shares of such class or series or of any other series of the same class or of any other class;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) the ranking (be it pari passu, junior or senior) of each class or series vis-a-vis any other class or series of any class of Preferred Stock as to the payment of dividends, the distribution of assets and all other matters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) any other powers, preferences and relative, participating, optional and other special rights, and any qualifications, limitations and restrictions thereof, insofar as they are not inconsistent with the provisions of this Amended and Restated Certificate of Incorporation, to the full extent permitted in accordance with the laws of the State of Delaware.

The powers, preferences and relative, participating, optional and other special rights of each class or series of Preferred Stock, and the qualifications, limitations or restrictions thereof, if any, may differ from those of any and all other class or series at any time outstanding.

THIRD: This Certificate of Amendment amends the Amended and Restated Certificate of Incorporation to amend and restate Section 7 of Article FIFTH of the Amended and Restated Certificate of Incorporation to read in its entirety as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The Corporation shall not adopt any new stockholder rights or similar plan without the affirmative vote of not less than (i) 90% of the then outstanding shares of Common Stock and Preferred Stock, if any, entitled to vote thereon and (ii) 80% of the authorized number of directors constituting the Board of Directors, including authorized but vacant directorships, except that in response to an unsolicited tender offer, the Board of Directors may on one occasion after April 3, 2003 adopt a stockholder rights or similar plan having a term of not more than 60 days.

FOURTH: This Certificate of Amendment amends the Amended and Restated Certificate of Incorporation to add a new Article NINTH which shall read in its entirety as follows:

NINTH. To the fullest extent permitted by Section 122(17) of the GCL and except as may be otherwise expressly agreed in writing by the Corporation and Icahn Enterprises L.P. ("IELP"), the Corporation, on behalf of itself and its subsidiaries, renounces any interest or expectancy of the Corporation and its subsidiaries in, or in being offered an opportunity to participate in, business opportunities that are from time to time presented to IELP or its affiliates or subsidiaries or any of their respective employees, officers, directors, agents, stockholders, members or partners (other than the Corporation and its subsidiaries), even if the opportunity is one that the Corporation or its subsidiaries might reasonably be deemed to have pursued or had the ability or desire to pursue if granted the opportunity to do so, and no such person or entity shall be liable to the Corporation or any of its subsidiaries for breach of any fiduciary or other duty, as a director or officer or otherwise, by reason of the fact that such person or entity pursues or acquires such business opportunity, directs such business opportunity to another person or entity or fails to present such business opportunity, or information regarding such business opportunity, to the Corporation or its subsidiaries unless, in the case of any such

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person who is a director or officer of the Corporation, such business opportunity is expressly offered to such director or officer in writing solely in his or her capacity as a director or officer of the Corporation. Any person purchasing or otherwise acquiring any interest in any shares of stock of the Corporation shall be deemed to have notice of and consented to the provisions of this Article Ninth. Neither the alteration, amendment or repeal of this Article Ninth nor the adoption of any provision of this Amended and Restated Certificate of Incorporation inconsistent with this Article Ninth shall eliminate or reduce the effect of this Article Ninth in respect of any business opportunity first identified or any other matter occurring, or any cause of action, suit or claim that, but for this Article Ninth, would accrue or arise, prior to such alteration, amendment, repeal or adoption.

FIFTH: The amendment of the Amended and Restated Certificate of Incorporation of the Corporation set forth in this Certificate of Amendment was duly adopted in accordance with the applicable provisions of Section 242 of the General Corporation Law of the State of Delaware.

IN WITNESS WHEREOF, the Corporation has caused this certificate to be duly executed by Thomas D. Davis, its Chairman of the Board, President and Chief Executive Officer, this 19th day of December, 2018.

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| | | |
|:---|:---|:---|
| VISKASE COMPANIES, INC. | VISKASE COMPANIES, INC. | VISKASE COMPANIES, INC. |
| By  | /s/ Thomas D. Davis | /s/ Thomas D. Davis |
|  | Name: | Thomas D. Davis |
|  | Title: | Chairman of the Board, |
|  |  | President and Chief |
|  |  | Executive Officer |

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## Exhibit 3.7

**Exhibit 3.7**

AMENDED AND RESTATED BYLAWS

OF

VISKASE COMPANIES, INC.

(hereinafter called the "Corporation")

(As amended and restated through August 10, 2017)

ARTICLE I

OFFICES

Section 1.<u>Registered Office</u>. The registered office of the Corporation shall be in the City of Wilmington, County of New Castle, State of Delaware.

Section 2.<u>Other Offices</u>. The Corporation may also have offices at such other places both within and without the State of Delaware as the Board of Directors may from time to time determine.

ARTICLE II

MEETINGS OF STOCKHOLDERS

Section 1.<u>Place of Meetings</u>. Meetings of the stockholders for the election of directors or for any other purpose shall be held at such time and place, either within or without the State of Delaware, as shall be designated from time to time by the Board of Directors and stated in the notice of the meeting or in a duly executed waiver of notice thereof.

Section 2.<u>Annual Meetings</u>. The Annual Meetings of Stockholders shall be held on such date and at such time as shall be designated from time to time by the Board of Directors and stated in the notice of the meeting. Written notice of the Annual Meeting of Stockholders stating the place, date and hour of the meeting, and the means of remote communication, if any, by which stockholders and proxyholders may be deemed to be present in person and vote at such meeting, shall be given not less than ten nor more than sixty days before the date of the meeting to each stockholder entitled to vote at such meeting. Notice to stockholders may be given in writing or in the form of electronic transmission as permitted by this Section 2 of this Article II. Notice may be delivered personally, may be delivered by mail, or, with the consent of the stockholder entitled to receive notice, may be delivered by facsimile telecommunication or any of the other means of electronic transmission specified in this Section 2 of this Article II. Notice given by electronic transmission pursuant to this Section 2 of this Article II shall be deemed given: (1) if by facsimile telecommunication, when directed to a facsimile telecommunication number at which the stockholder has consented to receive notice; (2) if by electronic mail, when directed to an electronic mail address at which the stockholder has consented to receive notice; (3) if by posting on an electronic network together with separate notice to the stockholder of such specific posting, upon the later of (A) such posting and (B) the giving of such separate notice; and (4) if by any other form of electronic transmission, when directed to the stockholder. An affidavit of the Secretary or an Assistant Secretary or of the transfer agent or other agent of the

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Corporation that the notice has been given by personal delivery, by mail, or by a form of electronic transmission shall, in the absence of fraud, be prima facie evidence of the facts stated therein.

Section 3.<u>Stockholder Nominations of Directors</u>. Nominations of persons for election to the Board of Directors may be made at any meeting of stockholders either (a) by or at the direction of the Board of Directors (or any duly authorized committee thereof) or (b) by any stockholder of the Corporation who is a stockholder of record on the record date for the determination of stockholders entitled to vote at such meeting.

Section 4.<u>Stockholder Proposals of Business</u>. Any business may be transacted at an annual meeting of stockholders either (a) as specified in the notice of meeting (or any supplement thereto) given by or at the direction of the Board of Directors (or any duly authorized committee thereof), (b) otherwise properly brought before the annual meeting by or at the direction of the Board of Directors (or any duly authorized committee thereof) or (c) otherwise properly brought before the annual meeting by any stockholder of the Corporation who is a stockholder of record on the record date for the determination of stockholders entitled to vote at such annual meeting.

Section 5.<u>Special Meetings</u>. Special Meetings of Stockholders may be called as provided for in the Amended and Restated Certificate of Incorporation. Written notice of a Special Meeting of Stockholders, stating the place, date and hour of the meeting and the purpose or purposes for which the meeting is called, and the means of remote communication, if any, by which stockholders and proxyholders may be deemed to be present in person and vote at such meeting, shall be given not less than ten nor more than sixty days before the date of the meeting to each stockholder entitled to vote at such meeting. Notice to stockholders may be given in writing or in the form of electronic transmission as permitted by this Section 5 of this Article II. Notice may be delivered personally, may be delivered by mail, or, with the consent of the stockholder entitled to receive notice, may be delivered by facsimile telecommunication or any of the other means of electronic transmission specified in this Section 5 of this Article II. Notice given by electronic transmission pursuant to this Section 5 of this Article II shall be deemed given: (1) if by facsimile telecommunication, when directed to a facsimile telecommunication number at which the stockholder has consented to receive notice; (2) if by electronic mail, when directed to an electronic mail address at which the stockholder has consented to receive notice; (3) if by posting on an electronic network together with separate notice to the stockholder of such specific posting, upon the later of (A) such posting and (B) the giving of such separate notice; and (4) if by any other form of electronic transmission, when directed to the stockholder. An affidavit of the secretary or an assistant secretary or of the transfer agent or other agent of the Corporation that the notice has been given by personal delivery, by mail, or by a form of electronic transmission shall, in the absence of fraud, be prima facie evidence of the facts stated therein. Business transacted at all Special Meetings of Stockholders shall be confined to the purposes stated in the notice.

Section 6.<u>Quorum</u>. Except as otherwise provided by law or by the Amended and Restated Certificate of Incorporation, the holders of a majority of the capital stock issued and outstanding and entitled to vote thereat, present in person or represented by proxy, shall constitute a quorum at all meetings of the stockholders for the transaction of business. If,

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however, such quorum shall not be present or represented at any meeting of the stockholders, the stockholders entitled to vote thereat, present in person or represented by proxy, shall have the power to adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present or represented. At such adjourned meeting at which a quorum shall be present or represented, any business may be transacted which might have been transacted at the meeting as originally noticed. If the adjournment is for more than 30 days, or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each stockholder entitled to vote at the meeting.

Section 7.<u>Voting</u>. Unless otherwise required by law, the Amended and Restated Certificate of Incorporation or these Amended and Restated Bylaws, (i) any question brought before any meeting of stockholders shall be decided by the vote of the holders of a majority of the stock represented and entitled to vote thereat and (ii) each stockholder represented at a meeting of stockholders shall be entitled to cast one vote for each share of the capital stock entitled to vote thereat held by such stockholder. Such votes may be cast in person or by proxy but no proxy shall be voted on or after three years from its date, unless such proxy provides for a longer period. Without limiting the manner in which a stockholder may authorize another person or persons to act for him or her as proxy, a stockholder may validly authorize another person or persons to act for him or her as proxy by: (a) executing a writing to that effect, which execution may be accomplished by the stockholder or his authorized officer, director, employee or agent signing the writing or causing his signature to be affixed to the writing by any reasonable means including, but not limited to, facsimile signature; or (b) transmitting or authorizing an electronic transmission setting forth an authorization to act as proxy to the person designated as the holder of the proxy or to a proxy solicitation firm, proxy support service organization or like agent. Proxies by electronic submission must either set forth or be submitted with information from which it can be determined that the electronic submission was authorized by the stockholder. Any copy, facsimile telecommunication or other reliable reproduction of the writing or electronic transmission created pursuant to this paragraph may be substituted or used in lieu of the original writing or electronic transmission for any and all purposes for which the original writing or electronic transmission could be used, provided that such copy, facsimile telecommunication or other reproduction shall be a complete reproduction of the entire original writing or electronic transmission. The Board of Directors, in its discretion, or the officer of the Corporation presiding at a meeting of stockholders, in his or her discretion, may require that any votes cast at such meeting shall be cast by written ballot.

Section 8.<u>List of Stockholders Entitled to Vote</u>. The officer of the Corporation who has charge of the stock ledger of the Corporation shall prepare and make, at least ten days before every meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting, arranged in alphabetical order, and showing the address of each stockholder and the number of shares registered in the name of each stockholder. Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting, during ordinary business hours, for a period of at least ten days prior to the meeting, either at a place within the city where the meeting is to be held, which place shall be specified in the notice of the meeting, or, if not so specified, at the place where the meeting is to be held. The list shall also be produced and kept at the time and place of the meeting during the whole time thereof, and may be inspected by any stockholder of the Corporation who is present.

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Section 9.<u>Stock Ledger</u>. The stock ledger of the Corporation shall be the only evidence as to who are the stockholders entitled to examine the stock ledger, the list required by Section 8 of this Article II or the books of the Corporation, or to vote in person or by proxy at any meeting of stockholders.

ARTICLE III

DIRECTORS

Section 1.<u>Number and Qualification</u>. The authorized number of directors that shall constitute the entire Board of Directors shall be not less than three or more than fifteen directors, the exact number of directors to be determined from time to time by resolution adopted by the affirmative vote of a majority of the directors then in office.

Section 2.<u>Duties and Powers</u>. The business of the Corporation shall be managed by or under the direction of the Board of Directors which may exercise all such powers of the Corporation and do all such lawful acts and things as are not by statute or by the Amended and Restated Certificate of Incorporation or by these Amended and Restated Bylaws directed or required to be exercised or done by the stockholders.

Section 3.<u>Meetings</u>. The Board of Directors may hold meetings, both regular and special, either within or without the State of Delaware. Regular meetings of the Board of Directors may be held without notice at such time and at such place as may from time to time be determined by resolution of the Board of Directors. Advance notice of regular meetings need not be given; provided, that if the Board of Directors shall change the time or place of any regular meeting, notice of such changed time or place shall be given to each member of the Board of Directors at least 24 hours in advance, if such notice is sent to such director by facsimile, by email or by any other form of electronic transmission approved by such director (each, a "<u>Specified Transmission</u>"), or such notice is delivered to him or her by telephone or personally, or at least 48 hours in advance, if such notice is mailed to such director, addressed to him or her at his or her usual place of business or other designated address. Special meetings of the Board of Directors may be called by the President or by a majority of the Board of Directors. Notice of any special meeting of the Board of Directors stating the purpose, time and place of the meeting shall be given to each member of the Board of Directors at least 24 hours in advance, if such notice is sent to such director by Specified Transmission, or such notice is delivered to him or her by telephone or personally, or at least 48 hours in advance, if such notice is mailed to such director, addressed to him or her at his or her usual place of business or other designated address. Notices need not be given to any director who attends a meeting of the Board of Directors without protesting the lack of notice to him or her, prior to or at the commencement of such meeting, or to any director who submits a signed waiver of notice (including by Specified Transmission), whether before or after such meeting. In the event a director is unable to attend a meeting in person, the Board of Directors shall use all reasonable efforts to allow such director to attend such meeting by conference telephone or similar communications equipment.

Section 4.<u>Quorum</u>. Except as may be otherwise specifically provided by law, the Amended and Restated Certificate of Incorporation or these Amended and Restated Bylaws, at all meetings of the Board of Directors, a majority of the entire Board of Directors shall constitute a quorum for the transaction of business, and the act of a majority of the directors present at any

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meeting at which there is a quorum shall be the act of the Board of Directors. If a quorum shall not be present at any meeting of the Board of Directors, the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present.

Section 5.<u>Actions of Board</u>. Unless otherwise provided by the Amended and Restated Certificate of Incorporation or these Amended and Restated Bylaws, any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting, if all the members of the Board of Directors or committee, as the case may be, consent thereto in writing or by Specified Transmission, and the writing or writings or Specified Transmissions are filed with the minutes or proceedings of the Board of Directors or committee.

Section 6.<u>Regulations; Manner of Acting</u>. To the extent consistent with applicable law, the Amended and Restated Certificate of Incorporation and these Amended and Restated Bylaws, the Board of Directors may adopt such rules and regulations for the conduct of meetings of the Board of Directors and for the management of the property, affairs and business of the Corporation as the Board of Directors may deem appropriate.

Section 7.<u>Meetings by Means of Conference Telephone</u>. Unless otherwise provided by the Amended and Restated Certificate of Incorporation or these Amended and Restated Bylaws, members of the Board of Directors, or any committee designated by the Board of Directors, may participate in a meeting of the Board of Directors or such committee by means of a conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other, and participation in a meeting pursuant to this Section 7 shall constitute presence in person at such meeting.

Section 8.<u>Committees</u>. The Board of Directors may designate and establish one or more committees of the Board of Directors only by resolution passed by not less than 80% of the authorized number of directors constituting the Board of Directors, including authorized but vacant directorships (the "Whole Board"). In the absence or disqualification of a member of a committee, and in the absence of a designation by the Board of Directors of an alternate member to replace the absent or disqualified member, the member or members thereof present at any meeting and not disqualified from voting, whether or not he or she or they constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in the place of any absent or disqualified member. Such appointee must meet any criteria for directors set forth in these Amended and Restated Bylaws, in the resolutions of the Board of Directors designating any committee and in applicable law. Except as set forth in these Amended and Restated Bylaws, any such committee, to the extent provided in the resolution of the Board of Directors passed by not less than 80% of the Whole Board and subject to any restrictions or limitations on the delegation of power and authority imposed by applicable law, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the Corporation. Each committee shall keep regular minutes and report to the Board of Directors when required.

Section 9.<u>Reliance on Accounts and Reports, etc</u>. A director, or a member of any Committee designated by the Board of Directors shall, in the performance of his or her duties, be

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fully protected in relying in good faith upon the records of the Corporation and upon information, opinions, reports or statements presented to the Corporation by any of the Corporation's officers or employees, or Committees designated by the Board of Directors, or by any other person as to the matters the member reasonably believes are within such other person's professional or expert competence and who has been selected with reasonable care by or on behalf of the Corporation.

Section 10.<u>Compensation</u>. The directors may be paid their expenses, if any, of attendance at each meeting of the Board of Directors and may be paid a fixed sum for attendance at each meeting of the Board of Directors and/or a stated salary as director. No such payment shall preclude any director from serving the Corporation in any other capacity and receiving compensation therefor. Members of special or standing committees may be allowed like compensation for attending committee meetings.

ARTICLE IV

OFFICERS

Section 1.<u>General</u>. The officers of the Corporation shall be chosen by the Board of Directors and shall be a President, a Secretary and a Treasurer. The Board of Directors, in its discretion, may also choose one or more Vice Presidents, Assistant Secretaries, Assistant Treasurers and other officers. Any number of offices may be held by the same person, unless otherwise prohibited by law, the Amended and Restated Certificate of Incorporation or these Amended and Restated Bylaws.

Section 2.<u>Election</u>. The Board of Directors at its first meeting held after each Annual Meeting of Stockholders shall elect the officers of the Corporation, who shall hold their offices for such terms and shall exercise such powers and perform such duties as shall be determined from time to time by the Board of Directors; and all officers of the Corporation shall hold office until their successors are chosen and qualified, or until their earlier resignation or removal. Any officer elected by the Board of Directors may be removed at any time by the affirmative vote of a majority of the Board of Directors. Any vacancy occurring in any office of the Corporation shall be filled by the Board of Directors. The salaries of all officers of the Corporation shall be fixed by the Board of Directors.

Section 3.<u>Voting Securities Owned by the Corporation</u>. Powers of attorney, proxies, waivers of notice of meeting, consents and other instruments relating to securities owned by the Corporation may be executed in the name of and on behalf of the Corporation by the President or any Vice President and any such officer may, in the name of and on behalf of the Corporation, take all such action as any such officer may deem advisable to vote in person or by proxy at any meeting of security holders of any corporation in which the Corporation may own securities and at any such meeting shall possess and may exercise any and all rights and powers incident to the ownership of such securities and which, as the owner thereof, the Corporation might have exercised and possessed if present. The Board of Directors may, by resolution, from time to time confer like powers upon any other person or persons.

Section 4.<u>President</u>. The President shall preside at all meetings of the stockholders and the Board of Directors at which he or she is present. He or she shall be the Chief Executive

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Officer of the Corporation and shall, subject to the control of the Board of Directors, have general supervision of the business of the Corporation and shall see that all orders and resolutions of the Board of Directors are carried into effect. He or she shall execute all bonds, mortgages, contracts and other instruments of the Corporation requiring a seal, under the seal of the Corporation, except where required or permitted by law to be otherwise signed and executed and except that the other officers of the Corporation may sign and execute documents when so authorized by these Amended and Restated Bylaws, the Board of Directors or the President. The President shall also perform such other duties and may exercise such other powers as from time to time may be assigned to him or her by these Amended and Restated Bylaws or by the Board of Directors.

Section 5.<u>Vice Presidents</u>. At the request of the President or in his or her absence or in the event of his or her inability or refusal to act, the Vice President or the Vice Presidents if there is more than one (in the order designated by the Board of Directors) shall perform the duties of the President and when so acting, shall have all the powers of and be subject to all the restrictions upon the President. Each Vice President shall perform such other duties and have such other powers as the Board of Directors from time to time may prescribe. If there be no Vice President, the Board of Directors shall designate the officer of the Corporation who, in the absence of the President or in the event of the inability or refusal of the President to act, shall perform the duties of the President, and when so acting, shall have all the powers of and be subject to all the restrictions upon the President.

Section 6.<u>Secretary</u>. The Secretary shall attend all meetings of the Board of Directors and all meetings of stockholders and record all the proceedings thereat in a book or books to be kept for that purpose; the Secretary shall also perform like duties for the standing committees when required. The Secretary shall give, or cause to be given, notice of all meetings of the stockholders and, where applicable, meetings of the Board of Directors, and shall perform such other duties as may be prescribed by the Board of Directors or President, under whose supervision he or she shall be. If the Secretary shall be unable or shall refuse to cause to be given notice of all meetings of the stockholders and, where applicable, meetings of the Board of Directors, and if there be no Assistant Secretary, then either the Board of Directors or the President may choose another officer to cause such notice to be given. The Secretary shall have custody of the seal of the Corporation and the Secretary or any Assistant Secretary, if there be one, shall have authority to affix the same to any instrument requiring it and when so affixed, it may be attested by the signature of the Secretary or by the signature of any such Assistant Secretary. The Board of Directors may give general authority to any other officer to affix the seal of the Corporation and to attest the affixing by his or her signature. The Secretary shall see that all books, reports, statements, certificates and other documents and records required by law to be kept or filed are properly kept or filed, as the case may be.

Section 7.<u>Treasurer</u>. The Treasurer shall have the custody of the corporate funds and securities and shall keep full and accurate accounts of receipts and disbursements in books belonging to the Corporation and shall deposit all moneys and other valuable effects in the name and to the credit of the Corporation in such depositories as may be designated by the Board of Directors. The Treasurer shall disburse the funds of the Corporation as may be ordered by the Board of Directors, taking proper vouchers for such disbursements, and shall render to the President and the Board of Directors, at its regular meetings, or when the President or the Board

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of Directors so requires, an account of all his or her transactions as Treasurer and of the financial condition of the Corporation. If required by the Board of Directors, the Treasurer shall give the Corporation a bond in such sum and with such surety or sureties as shall be satisfactory to the Board of Directors for the faithful performance of the duties of his or her office and for the restoration to the Corporation, in case of his or her death, resignation, retirement or removal from office, of all books, papers, vouchers, money and other property of whatever kind in his or her possession or under his or her control belonging to the Corporation.

Section 8.<u>Assistant Secretaries</u>. Except as may be otherwise provided in these Amended and Restated Bylaws, Assistant Secretaries, if there be any, shall perform such duties and have such powers as from time to time may be assigned to them by the Board of Directors, the President, any Vice President, if there be one, or the Secretary, and in the absence of the Secretary or in the event of his or her disability or refusal to act, shall perform the duties of the Secretary, and when so acting, shall have all the powers of and be subject to all the restrictions upon the Secretary.

Section 9.<u>Assistant Treasurers</u>. Assistant Treasurers, if there be any, shall perform such duties and have such powers as from time to time may be assigned to them by the Board of Directors, the President, any Vice President, if there be one, or the Treasurer, and in the absence of the Treasurer or in the event of his or her disability or refusal to act, shall perform the duties of the Treasurer, and when so acting, shall have all the powers of and be subject to all the restrictions upon the Treasurer. If required by the Board of Directors, an Assistant Treasurer shall give the Corporation a bond in such sum and with such surety or sureties as shall be satisfactory to the Board of Directors for the faithful performance of the duties of his or her office and for the restoration to the Corporation, in case of his or her death, resignation, retirement or removal from office, of all books, papers, vouchers, money and other property of whatever kind in his or her possession or under his or her control belonging to the Corporation.

Section 10.<u>Other Officers</u>. Such other officers as the Board of Directors may choose shall perform such duties and have such powers as from time to time may be assigned to them by the Board of Directors. The Board of Directors may delegate to any other officer of the Corporation the power to choose such other officers and to prescribe their respective duties and powers.

ARTICLE V

STOCK

Section 1.<u>Form of Certificates</u>. Every holder of stock in the Corporation shall be entitled to have a certificate signed, in the name of the Corporation (i) by the President or a Vice President and (ii) by the Treasurer or an Assistant Treasurer, or the Secretary or an Assistant Secretary of the Corporation, certifying the number of shares owned by him or her in the Corporation.

Section 2.<u>Signatures</u>. Where a certificate is countersigned by (i) a transfer agent other than the Corporation or its employee, or (ii) a registrar other than the Corporation or its employee, any other signature on the certificate may be a facsimile. In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate

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shall have ceased to be such officer, transfer agent or registrar before such certificate is issued, it may be issued by the Corporation with the same effect as if he or she were such officer, transfer agent or registrar at the date of issue.

Section 3.<u>Lost Certificates</u>. The Board of Directors may direct a new certificate to be issued in place of any certificate theretofore issued by the Corporation alleged to have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming the certificate of stock to be lost, stolen or destroyed. When authorizing such issue of a new certificate, the Board of Directors may, in its discretion and as a condition precedent to the issuance thereof, require the owner of such lost, stolen or destroyed certificate, or his or her legal representative, to advertise the same in such manner as the Board of Directors shall require and/or to give the Corporation a bond in such sum as it may direct as indemnity against any claim that may be made against the Corporation with respect to the certificate alleged to have been lost, stolen or destroyed.

Section 4.<u>Transfers</u>. Stock of the Corporation shall be transferable in the manner prescribed by law and in these Amended and Restated Bylaws. Transfers of stock shall be made on the books of the Corporation only by the person named in the certificate or by his or her attorney lawfully constituted in writing and upon the surrender of the certificate therefor, which shall be cancelled before a new certificate shall be issued.

Section 5.<u>Record Date</u>. In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock, or for the purpose of any other lawful action, the Board of Directors may fix, in advance, a record date, which shall not be more than 60 days nor less than ten days before the date of such meeting, nor more than 60 days prior to any other action. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the Board of Directors may fix a new record date for the adjourned meeting.

Section 6.<u>Beneficial Owners</u>. The Corporation shall be entitled to recognize the exclusive right of a person registered on its books as the owner of shares to receive dividends, and to vote as such owner, and to hold liable for calls and assessments a person registered on its books as the owner of shares, and shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise provided by law.

ARTICLE VI

NOTICES

Section 1.<u>Notices</u>. Whenever written notice is required by law, the Amended and Restated Certificate of Incorporation or these Amended and Restated Bylaws to be given to any director, member of a committee or stockholder, such notice (a) may be given by mail, addressed to such director, member of a committee or stockholder, at his or her address as it appears on the records of the Corporation, with postage thereon prepaid, and such notice shall be deemed to be

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given at the time when the same shall be deposited in the United States mail or (b) may be given by any other method authorized by law, the Amended and Restated Certificate of Incorporation or these Amended and Restated Bylaws.

Section 2.<u>Waivers of Notice</u>. Whenever any notice is required by law, the Amended and Restated Certificate of Incorporation or these Amended and Restated Bylaws to be given to any director, member of a committee or stockholder, a waiver thereof in writing or by Specified Transmission, signed or provided by the person or persons entitled to said notice, whether before or after the time stated therein, shall be deemed equivalent thereto.

ARTICLE VII

GENERAL PROVISIONS

Section 1.<u>Dividends</u>. Dividends upon the capital stock of the Corporation, subject to the provisions of the Amended and Restated Certificate of Incorporation, if any, may be declared by the Board of Directors at any regular or special meeting, and may be paid in cash, in property, or in shares of the capital stock. Before payment of any dividend, there may be set aside out of any funds of the Corporation available for dividends such sum or sums as the Board of Directors from time to time, in its absolute discretion, deems proper as a reserve or reserves to meet contingencies, or for equalizing dividends, or for repairing or maintaining any property of the Corporation, or for any proper purpose, and the Board of Directors may modify or abolish any such reserve.

Section 2.<u>Disbursements</u>. All checks or demands for money and notes of the Corporation shall be signed by such officer or officers or such other person or persons as the Board of Directors may from time to time designate.

Section 3.<u>Fiscal Year</u>. The fiscal year of the Corporation shall be fixed by resolution of the Board of Directors.

Section 4.<u>Corporate Seal</u>. The corporate seal shall have inscribed thereon the name of the Corporation, the year of its organization and the words "Corporate Seal, Delaware." The seal may be used by causing it or a facsimile thereof to be impressed or affixed or reproduced or otherwise.

Section 5.<u>Electronic Transmission</u>. "Electronic transmission", as used in these Amended and Restated Bylaws, means any form of communication, not directly involving the physical transmission of paper, that creates a record that may be retained, retrieved and reviewed by a recipient thereof, and that may be directly reproduced in paper form by such a recipient through an automated process.

ARTICLE VIII

INDEMNIFICATION

Section 1.<u>Power to Indemnify in Actions, Suits or Proceedings Other Than Those by or in the Right of the Corporation</u>. Subject to Section 3 of this Article VIII, the Corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or

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investigative (other than an action by or in the right of the Corporation) by reason of the fact that he or she is or was a director or officer of the Corporation, or is or was a director or officer of the Corporation serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him or her in connection with such action, suit or proceeding if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that his or her conduct was unlawful.

Section 2.<u>Power to Indemnify in Actions, Suits or Proceedings by or in the Right of the Corporation</u>. Subject to Section 3 of this Article VIII, the Corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the Corporation to procure a judgment in its favor by reason of the fact that he or she is or was a director or officer of the Corporation, or is or was a director or officer of the Corporation serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise against expenses (including attorneys' fees) actually and reasonably incurred by him or her in connection with the defense or settlement of such action or suit if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Corporation; except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the Corporation unless and only to the extent that the Court of Chancery or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court shall deem proper.

Section 3.<u>Authorization of Indemnification</u>. Any indemnification under this Article VIII (unless ordered by a court) shall be made by the Corporation only as authorized in the specific case upon a determination that indemnification of the director or officer is proper in the circumstances because he or she has met the applicable standard of conduct set forth in Section 1 or Section 2 of this Article VIII, as the case may be. Such determination shall be made (i) by the Board of Directors by a majority vote of a quorum consisting of directors who were not parties to such action, suit or proceeding, or (ii) if such a quorum is not obtainable, or, even if obtainable, a quorum of disinterested directors so directs, by independent legal counsel in a written opinion, or (iii) by the stockholders. To the extent, however, that a director or officer of the Corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding described above, or in defense of any claim, issue or matter therein, he or she shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by him or her in connection therewith, without the necessity of authorization in the specific case.

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Section 4.<u>Good Faith Defined</u>. For purposes of any determination under Section 3 of this Article VIII, a person shall be deemed to have acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Corporation, or, with respect to any criminal action or proceeding, to have had no reasonable cause to believe his or her conduct was unlawful, if his or her action is based on the records or books of account of the Corporation or another enterprise, or on information supplied to him or her by the officers of the Corporation or another enterprise in the course of their duties, or on the advice of legal counsel for the Corporation or another enterprise or on information or records given or reports made to the Corporation or another enterprise by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Corporation or another enterprise. The term "another enterprise" as used in this Section 4 of this Article VIII shall mean any other corporation or any partnership, joint venture, trust, employee benefit plan or other enterprise of which such person is or was serving at the request of the Corporation as a director, officer, employee or agent. The provisions of this Section 4 of this Article VIII shall not be deemed to be exclusive or to limit in any way the circumstances in which a person may be deemed to have met the applicable standard of conduct set forth in Section 1 or Section 2 of this Article VIII, as the case may be.

Section 5.<u>Indemnification by a Court</u>. Notwithstanding any contrary determination in the specific case under Section 3 of this Article VIII, and notwithstanding the absence of any determination thereunder, any director or officer may apply to any court of competent jurisdiction in the State of Delaware for indemnification to the extent otherwise permissible under Section 1 and Section 2 of this Article VIII. The basis of such indemnification by a court shall be a determination by such court that indemnification of the director or officer is proper in the circumstances because he or she has met the applicable standards of conduct set forth in Section 1 or Section 2 of this Article VIII, as the case may be. Neither a contrary determination in the specific case under Section 3 of this Article VIII nor the absence of any determination thereunder shall be a defense to such application or create a presumption that the director or officer seeking indemnification has not met any applicable standard of conduct. Notice of any application for indemnification pursuant to this Section 5 of this Article VIII shall be given to the Corporation promptly upon the filing of such application. If successful, in whole or in part, the director or officer seeking indemnification shall also be entitled to be paid the expense of prosecuting such application.

Section 6.<u>Expenses Payable in Advance</u>. Notwithstanding the provisions of Section 3, expenses incurred by a director or officer in defending or investigating a threatened or pending action, suit or proceeding shall be paid by the Corporation in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such director or officer to repay such amount if it shall ultimately be determined that he or she is not entitled to be indemnified by the Corporation as authorized in this Article VIII.

Section 7.<u>Nonexclusivity of Indemnification and Advancement of Expenses</u>. The indemnification and advancement of expenses provided by or granted pursuant to this Article VIII shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any Bylaw, agreement, contract, vote of stockholders or disinterested directors or pursuant to the direction (howsoever embodied) of any court of competent jurisdiction or otherwise, both as to action in his or her official capacity and

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as to action in another capacity while holding such office, it being the policy of the Corporation that indemnification of the persons specified in Section 1 and Section 2 of this Article VIII or designated under Section 12 of this Article VIII shall be made to the fullest extent permitted by law. The provisions of this Article VIII shall not be deemed to preclude the indemnification of any person who is not specified in Section 1 or Section 2 of this Article VIII but whom the Corporation has the power or obligation to indemnify under the provisions of the General Corporation Law of the State of Delaware, under Section 12 of this Article VIII or otherwise.

Section 8.<u>Insurance</u>. The Corporation may purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the Corporation, or is or was a director or officer of the Corporation serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise against any liability asserted against him or her and incurred by him or her in any such capacity, or arising out of his or her status as such, whether or not the Corporation would have the power or the obligation to indemnify him or her against such liability under the provisions of this Article VIII.

Section 9.<u>Certain Definitions</u>. For purposes of this Article VIII, references to "the Corporation" shall include, in addition to the resulting corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, employees or agents, so that any person who is or was a director, officer, employee or agent of such constituent corporation, or is or was a director or officer of such constituent corporation serving at the request of such constituent corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise, shall stand in the same position under the provisions of this Article VIII with respect to the resulting or surviving corporation as he or she would have with respect to such constituent corporation if its separate existence had continued. For purposes of this Article VIII, references to "fines" shall include any excise taxes assessed on a person with respect to an employee benefit plan; and references to "serving at the request of the Corporation" shall include any service as a director, officer, employee or agent of the Corporation which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner he or she reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner "not opposed to the best interests of the Corporation" as referred to in this Article VIII.

Section 10.<u>Survival of Indemnification and Advancement of Expenses</u>. The indemnification and advancement of expenses provided by, or granted pursuant to, this Article VIII shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person. Any repeal or modification of this Article VIII by the stockholders of the Corporation shall not adversely affect any rights to indemnification and advancement of expenses existing pursuant to this Article VIII with respect to any acts or omissions occurring prior to such repeal or modification.

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Section 11.<u>Limitation on Indemnification</u>. Notwithstanding anything contained in this Article VIII to the contrary, except for proceedings to enforce rights to indemnification (which shall be governed by Section 5 of this Article VIII), the Corporation shall not be obligated to indemnify any director or officer in connection with a proceeding (or part thereof) initiated by such person unless such proceeding (or part thereof) was authorized or consented to by the Board of Directors.

Section 12.<u>Indemnification of Employees and Agents</u>. The Corporation may, to the extent authorized from time to time by the Board of Directors, provide rights to indemnification and to the advancement of expenses to employees and agents of the Corporation similar to those conferred in this Article VIII to directors and officers of the Corporation.

ARTICLE IX

EXCLUSIVE FORUM

Unless the Corporation consents in writing to the selection of an alternative forum, the sole and exclusive forum for (a) any derivative action or proceeding brought on behalf of the Corporation, (b) any action asserting a claim of breach of a fiduciary duty owed by any director or officer or other employee of the Corporation to the Corporation or the Corporation's stockholders, (c) any action asserting a claim against the Corporation or any director or officer or other employee of the Corporation arising pursuant to any provision of the General Corporation Law of the State of Delaware or the Amended and Restated Certificate of Incorporation or these Amended and Restated Bylaws (as any of the same may be amended from time to time), or (d) any action asserting a claim against the Corporation or any director or officer or other employee of the Corporation governed by the internal affairs doctrine shall be a state court located within the State of Delaware (or, if no state court located within the State of Delaware has jurisdiction, the federal district court for the District of Delaware).

ARTICLE X

AMENDMENTS

These Amended and Restated Bylaws may be altered, amended or repealed, in whole or in part, or new Bylaws may be adopted by the Board of Directors only by a vote of at least 80% of the Whole Board.

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## Exhibit 3.8

**Exhibit 3.8**

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| |
|:---|
| **State of Delaware**  |
| **Secretary of State**  |
| **Division of Corporations** |
| **Delivered 04:14 PM 10/07/2020** |
| **FILED 04:14 PM 10/07/2020** |
| **SR 20207703755 – File Number 757401** |

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**CERTIFICATE OF AMENDMENT TO**

**THE AMENDED AND RESTATED CERTIFICATE OF INCORPORATION OF**

**VISKASE COMPANIES, INC.**

Viskase Companies, Inc. (the "<u>Corporation</u>"), organized and existing under and by virtue of the General Corporation Law of the State of Delaware, does hereby certify that:

FIRST: The name of the Corporation is Viskase Companies, Inc.

SECOND: This Certificate of Amendment amends the Amended and Restated Certificate of Incorporation of the Corporation to amend and restate the first sentence of Article FOURTH of the Amended and Restated Certificate of Incorporation to read in its entirety as follows:

The total number of shares of all classes of stock which the Corporation shall have the authority to issue is 200,000,000 shares, consisting of (i) 150,000,000 shares of Common Stock, $0.01 par value per share, and (ii) 50,000,000 shares of Preferred Stock, $0.01 par value per share.

THIRD: The amendment of the Amended and Restated Certificate of Incorporation of the Corporation set forth in this Certificate of Amendment was duly adopted in accordance with the applicable provisions of Sections 228 and 242 of the General Corporation Law of the State of Delaware.

IN WITNESS WHEREOF, the Corporation has caused this certificate to be duly executed by Michael Schenker, its General Counsel, Executive Vice President, Chief Administrative Officer & Secretary, this 7<sup>th</sup> day of October, 2020.

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| | |
|:---|:---|
| VISKASE COMPANIES, INC. | VISKASE COMPANIES, INC. |
| By: | /s/ Michael Schenker |
| Name: Michael Schenker | Name: Michael Schenker |
| Title: General Counsel, Executive Vice President, Chief Administrative Officer & Secretary | Title: General Counsel, Executive Vice President, Chief Administrative Officer & Secretary |

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## Exhibit 5.1

**Exhibit 5.1**

![Graphic](enzn-20250930xex5d1001.jpg)

January 28, 2026

Enzon Pharmaceuticals, Inc.

20 Commerce Drive (Suite 135)

Cranford, NJ 07016

**Re: Registration Statement on Form S-4**

Ladies and Gentlemen:

We have acted as counsel to Enzon Pharmaceuticals, Inc., a Delaware corporation (the "***Company***"), in connection with the preparation and filing with the U.S. Securities and Exchange Commission (the "***Commission***") of the Registration Statement on Form S-4 on the date hereof(as amended from time to time and including the prospectus/consent solicitation/offer to exchange forming a part thereof, the "***Registration Statement***"), under the Securities Act of 1933, as amended (the "***Securities Act***"), with respect to the shares (the "***Shares***") of the common stock of the Company, par value $0.01 per share, to be issued in connection with the merger contemplated by the Agreement and Plan of Merger, dated as of June 20, 2025, as amended on October 24, 2025, by and among the Company, EPSC Acquisition Corp., a Delaware corporation and a wholly-owned subsidiary of the Company, and Viskase Companies, Inc., a Delaware corporation (the "***Merger Agreement***").

In connection with the opinion below, we have examined and relied upon the Registration Statement, the Company's amended and restated certificate of incorporation, as further amended, and the Company's second amended and restated bylaws, each as currently in effect, a certificate of good standing, issued by the Delaware Secretary of State on a recent date, and the originals or copies certified to our satisfaction of such records, documents, certificates, memoranda, and other instruments as in our judgment are necessary or appropriate to enable us to render the opinion expressed below.

In such examination and in rendering the opinion expressed below, we have assumed, without independent investigation or verification: (i) the genuineness of all signatures on all agreements, instruments, corporate records, certificates, and other documents submitted to us; (ii) the legal capacity, competency, and authority of all individuals executing documents submitted to us; (iii) the authenticity and completeness of all agreements, instruments, corporate records, certificates, and other documents submitted to us as originals; (iv) that all agreements, instruments, corporate records, certificates and other documents submitted to us as certified, electronic, facsimile, conformed, photostatic, or other copies conform to the originals thereof, and that such originals are authentic and complete; (v) the due authorization, execution, and delivery of all agreements, instruments, corporate records, certificates and other documents by all parties thereto (other than the Company); (vi) that no documents submitted to us have been amended or terminated orally or in writing, except as has been disclosed to us in writing; (vii) that the Merger Agreement is the valid and binding obligation of each of the parties thereto, enforceable against such parties in accordance with its terms and that it has not been amended or terminated orally or in writing; and (viii) that the statements contained in the certificates and comparable documents of public officials, officers, and representatives of the Company and other persons on which we have relied for the purposes of this opinion letter are true and correct on and as of the date hereof.

Our opinion is limited to the matters stated herein and no opinion is implied or may be inferred beyond the matters expressly stated. Our opinion herein is expressed solely with respect to the federal laws of the United States and the General Corporation Law of the State of Delaware as in effect on the date hereof. We are not rendering any opinion as to compliance with any federal or state antifraud law, rule, or regulation relating to securities, or to the sale or issuance thereof. Our opinion is based on these laws as in effect on the date hereof, and we disclaim any obligation

------

to advise you of facts, circumstances, events, or developments which hereafter may be brought to our attention and which may alter, affect, or modify the opinion expressed herein. We express no opinion as to whether the laws of any particular jurisdiction other than those identified above are applicable to the subject matter hereof.

On the basis of the foregoing, and in reliance thereon, we are of the opinion that the Shares when issued in accordance with the terms and conditions set forth in the Merger Agreement and pursuant to the Registration Statement, will be validly issued, fully paid, and nonassessable.

We hereby consent to the filing of this opinion letter as an exhibit to the Registration Statement, and to being named under the caption "Legal Matters" contained therein. In giving this consent, we do not hereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission promulgated thereunder.

---

| |
|:---|
| Very truly yours, |
| /s/ Thompson Hine LLP |
| Thompson Hine LLP |

---

------

## Exhibit 10.7

**Exhibit 10.7**

CREDIT AGREEMENT

Dated as of October 9, 2020

among

VISKASE COMPANIES, INC.,

as the Borrower,

CERTAIN SUBSIDIARIES OF THE BORROWER PARTY HERETO,

as the Guarantors,

BANK OF AMERICA, N.A.,

as Administrative Agent, Swingline Lender and

L/C Issuer,

and

THE LENDERS PARTY HERETO

BMO HARRIS BANK N.A.,

as Syndication Agent

TRUIST BANK,

as Documentation Agent

BOFA SECURITIES, INC.,

and

BMO CAPITAL MARKETS CORP.,

as Joint Lead Arrangers

BOFA SECURITIES, INC.,

as Sole Bookrunner

------

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | *Page* |
| ARTICLE I DEFINITIONS AND ACCOUNTING TERMS | ARTICLE I DEFINITIONS AND ACCOUNTING TERMS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.01** | &nbsp;&nbsp;&nbsp;&nbsp;**Defined Terms** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.02** | &nbsp;&nbsp;&nbsp;&nbsp;**Other Interpretive Provisions** | **39** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.03** | &nbsp;&nbsp;&nbsp;&nbsp;**Accounting Terms** | **40** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.04** | &nbsp;&nbsp;&nbsp;&nbsp;**Rounding** | **41** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.05** | &nbsp;&nbsp;&nbsp;&nbsp;**Times of Day** | **41** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.06** | &nbsp;&nbsp;&nbsp;&nbsp;**Letter of Credit Amounts** | **41** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.07** | &nbsp;&nbsp;&nbsp;&nbsp;**UCC Terms** | **42** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.08** | &nbsp;&nbsp;&nbsp;&nbsp;**Rates** | **42** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.09** | &nbsp;&nbsp;&nbsp;&nbsp;**Limited Condition Acquisitions** | **42** |
| ARTICLE II COMMITMENTS AND CREDIT EXTENSIONS | ARTICLE II COMMITMENTS AND CREDIT EXTENSIONS | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.01** | &nbsp;&nbsp;&nbsp;&nbsp;**Loans** | **43** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.02** | &nbsp;&nbsp;&nbsp;&nbsp;**Borrowings, Conversions and Continuations of Loans** | **44** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.03** | &nbsp;&nbsp;&nbsp;&nbsp;**Letters of Credit.** | **45** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.04** | &nbsp;&nbsp;&nbsp;&nbsp;**Swingline Loans.** | **54** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.05** | &nbsp;&nbsp;&nbsp;&nbsp;**Prepayments** | **56** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.06** | &nbsp;&nbsp;&nbsp;&nbsp;**Termination or Reduction of Commitments** | **59** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.07** | &nbsp;&nbsp;&nbsp;&nbsp;**Repayment of Loans** | **59** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.08** | &nbsp;&nbsp;&nbsp;&nbsp;**Interest and Default Rate** | **60** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.09** | &nbsp;&nbsp;&nbsp;&nbsp;**Fees** | **61** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.10** | &nbsp;&nbsp;&nbsp;&nbsp;**Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate** | **62** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.11** | &nbsp;&nbsp;&nbsp;&nbsp;**Evidence of Debt** | **62** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.12** | &nbsp;&nbsp;&nbsp;&nbsp;**Payments Generally; Administrative Agent's Clawback** | **63** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.13** | &nbsp;&nbsp;&nbsp;&nbsp;**Sharing of Payments by Lenders.** | **65** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.14** | &nbsp;&nbsp;&nbsp;&nbsp;**Cash Collateral.** | **65** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.15** | &nbsp;&nbsp;&nbsp;&nbsp;**Defaulting Lenders.** | **66** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.16** | &nbsp;&nbsp;&nbsp;&nbsp;**Increase in Commitments; Borrower Request** | **69** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.17** | &nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Lender Term Loan Purchases.** | **72** |
| ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY | ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.01** | &nbsp;&nbsp;&nbsp;&nbsp;**Taxes.** | **72** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.02** | &nbsp;&nbsp;&nbsp;&nbsp;**Illegality** | **76** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.03** | &nbsp;&nbsp;&nbsp;&nbsp;**Inability to Determine Rates** | **77** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.04** | &nbsp;&nbsp;&nbsp;&nbsp;**Increased Costs; Reserves on Eurodollar Rate Loans.** | **80** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.05** | &nbsp;&nbsp;&nbsp;&nbsp;**Compensation for Losses** | **81** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.06** | &nbsp;&nbsp;&nbsp;&nbsp;**Mitigation Obligations; Replacement of Lenders.** | **82** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.07** | &nbsp;&nbsp;&nbsp;&nbsp;**Survival** | **82** |
| ARTICLE IV CONDITIONS PRECEDENT TO CREDIT EXTENSIONS | ARTICLE IV CONDITIONS PRECEDENT TO CREDIT EXTENSIONS | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.01** | &nbsp;&nbsp;&nbsp;&nbsp;**Conditions of Initial Credit Extension** | **83** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.02** | &nbsp;&nbsp;&nbsp;&nbsp;**Conditions to all Credit Extensions** | **85** |
| ARTICLE V REPRESENTATIONS AND WARRANTIES | ARTICLE V REPRESENTATIONS AND WARRANTIES | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.01** | &nbsp;&nbsp;&nbsp;&nbsp;**Organization; Power** | **86** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.02** | &nbsp;&nbsp;&nbsp;&nbsp;**Authorization; No Conflict** | **86** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.03** | &nbsp;&nbsp;&nbsp;&nbsp;**Enforceability** | **86** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.04** | &nbsp;&nbsp;&nbsp;&nbsp;**Governmental Approvals** | **87** |

---

ii

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.05** | &nbsp;&nbsp;&nbsp;&nbsp;**Financial Statements** | **87** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.06** | &nbsp;&nbsp;&nbsp;&nbsp;**No Material Adverse Change** | **87** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.07** | &nbsp;&nbsp;&nbsp;&nbsp;**Title to Properties; Possession Under Leases** | **87** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.08** | &nbsp;&nbsp;&nbsp;&nbsp;**Subsidiaries** | **88** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.09** | &nbsp;&nbsp;&nbsp;&nbsp;**Litigation; Compliance with Laws** | **88** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.10** | &nbsp;&nbsp;&nbsp;&nbsp;**Agreements** | **88** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.11** | &nbsp;&nbsp;&nbsp;&nbsp;**Federal Reserve Regulations** | **88** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.12** | &nbsp;&nbsp;&nbsp;&nbsp;**Investment Company Act.** | **89** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.13** | &nbsp;&nbsp;&nbsp;&nbsp;**Tax Returns** | **89** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.14** | &nbsp;&nbsp;&nbsp;&nbsp;**No Material Misstatements** | **89** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.15** | &nbsp;&nbsp;&nbsp;&nbsp;**Employee Benefit Plans** | **89** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.16** | &nbsp;&nbsp;&nbsp;&nbsp;**Environmental Matters** | **90** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.17** | &nbsp;&nbsp;&nbsp;&nbsp;**Insurance** | **90** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.18** | &nbsp;&nbsp;&nbsp;&nbsp;**Sanctions Concerns and Anti-Corruption Laws** | **91** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.19** | &nbsp;&nbsp;&nbsp;&nbsp;**Collateral Documents** | **91** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.20** | &nbsp;&nbsp;&nbsp;&nbsp;**Location of Real Property and Leased Premises** | **93** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.21** | &nbsp;&nbsp;&nbsp;&nbsp;**Compliance with FDA and USDA, Permits** | **93** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.22** | &nbsp;&nbsp;&nbsp;&nbsp;**Labor Matters.** | **94** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.23** | &nbsp;&nbsp;&nbsp;&nbsp;**Use of Proceeds.** | **94** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.24** | &nbsp;&nbsp;&nbsp;&nbsp;**Solvency.** | **94** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.25** | &nbsp;&nbsp;&nbsp;&nbsp;**No Burdensome Restrictions.** | **94** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.26** | &nbsp;&nbsp;&nbsp;&nbsp;**Intellectual Property.** | **94** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.27** | &nbsp;&nbsp;&nbsp;&nbsp;**No Default.** | **95** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.28** | &nbsp;&nbsp;&nbsp;&nbsp;**Senior Indebtedness.** | **95** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.29** | &nbsp;&nbsp;&nbsp;&nbsp;**Representations as to Foreign Obligors.** | **95** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.30** | &nbsp;&nbsp;&nbsp;&nbsp;**EEA Financial Institutions.** | **95** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.31** | &nbsp;&nbsp;&nbsp;&nbsp;**Covered Entities** | **95** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.32** | &nbsp;&nbsp;&nbsp;&nbsp;**Beneficial Ownership Certification** | **95** |
| ARTICLE VI AFFIRMATIVE COVENANTS | ARTICLE VI AFFIRMATIVE COVENANTS | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.01** | &nbsp;&nbsp;&nbsp;&nbsp;**Existence; Compliance with Laws; Business and Properties.** | **96** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.02** | &nbsp;&nbsp;&nbsp;&nbsp;**Insurance** | **96** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.03** | &nbsp;&nbsp;&nbsp;&nbsp;**Payment of Obligations and Taxes** | **97** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.04** | &nbsp;&nbsp;&nbsp;&nbsp;**Financial Statements, Reports, Etc** | **97** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.05** | &nbsp;&nbsp;&nbsp;&nbsp;**Litigation and Other Notices** | **100** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.06** | &nbsp;&nbsp;&nbsp;&nbsp;**Information Regarding Collateral** | **100** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.07** | &nbsp;&nbsp;&nbsp;&nbsp;**Maintaining Records; Access to Properties and Inspections; Annual Meetings** | **101** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.08** | &nbsp;&nbsp;&nbsp;&nbsp;**Use of Proceeds** | **101** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.09** | &nbsp;&nbsp;&nbsp;&nbsp;**Employee Benefits** | **101** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.10** | &nbsp;&nbsp;&nbsp;&nbsp;**Compliance with Environmental Laws** | **101** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.11** | &nbsp;&nbsp;&nbsp;&nbsp;**Environmental Reporting** | **102** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.12** | &nbsp;&nbsp;&nbsp;&nbsp;**Further Assurances** | **102** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.13** | &nbsp;&nbsp;&nbsp;&nbsp;**Designation of Subsidiaries** | **103** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.14** | &nbsp;&nbsp;&nbsp;&nbsp;**Anti-Corruption Laws; Sanctions.** | **104** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.15** | &nbsp;&nbsp;&nbsp;&nbsp;**Approvals and Authorizations.** | **104** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.16** | &nbsp;&nbsp;&nbsp;&nbsp;**Cash Management.** | **104** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.17** | &nbsp;&nbsp;&nbsp;&nbsp;**Post-Closing Requirements** | **104** |
| ARTICLE VII NEGATIVE COVENANTS | ARTICLE VII NEGATIVE COVENANTS | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.01** | &nbsp;&nbsp;&nbsp;&nbsp;**Indebtedness** | **105** |

---

iii

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.02** | &nbsp;&nbsp;&nbsp;&nbsp;**Liens** | **106** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.03** | &nbsp;&nbsp;&nbsp;&nbsp;**Investments, Loans and Advances** | **108** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.04** | &nbsp;&nbsp;&nbsp;&nbsp;**Mergers, Consolidations and Acquisitions; Sales of Assets** | **110** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.05** | &nbsp;&nbsp;&nbsp;&nbsp;**Restricted Payments; Restrictive Agreements** | **111** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.06** | &nbsp;&nbsp;&nbsp;&nbsp;**Transaction with Affiliates** | **113** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.07** | &nbsp;&nbsp;&nbsp;&nbsp;**Transactions with Affiliates** | **113** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.08** | &nbsp;&nbsp;&nbsp;&nbsp;**Other Indebtedness and Agreements** | **113** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.09** | &nbsp;&nbsp;&nbsp;&nbsp;**Fiscal Year** | **114** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.10** | &nbsp;&nbsp;&nbsp;&nbsp;**Sale and Leaseback Transaction** | **114** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.11** | &nbsp;&nbsp;&nbsp;&nbsp;**Financial Covenants** | **114** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.12** | &nbsp;&nbsp;&nbsp;&nbsp;**Sanctions** | **114** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.13** | &nbsp;&nbsp;&nbsp;&nbsp;**Anti-Corruption Laws** | **115** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.14** | &nbsp;&nbsp;&nbsp;&nbsp;**Negative Pledge on Owned Real Property** | **115** |
| ARTICLE VIII EVENTS OF DEFAULT AND REMEDIES | ARTICLE VIII EVENTS OF DEFAULT AND REMEDIES | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.01** | &nbsp;&nbsp;&nbsp;&nbsp;**Events of Default.** | **115** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.02** | &nbsp;&nbsp;&nbsp;&nbsp;**Remedies upon Event of Default** | **117** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.03** | &nbsp;&nbsp;&nbsp;&nbsp;**Application of Funds** | **118** |
| ARTICLE IX ADMINISTRATIVE AGENT | ARTICLE IX ADMINISTRATIVE AGENT | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.01** | &nbsp;&nbsp;&nbsp;&nbsp;**Appointment and Authority** | **119** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.02** | &nbsp;&nbsp;&nbsp;&nbsp;**Rights as a Lender** | **120** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.03** | &nbsp;&nbsp;&nbsp;&nbsp;**Exculpatory Provisions** | **120** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.04** | &nbsp;&nbsp;&nbsp;&nbsp;**Reliance by Administrative Agent** | **121** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.05** | &nbsp;&nbsp;&nbsp;&nbsp;**Delegation of Duties** | **122** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.06** | &nbsp;&nbsp;&nbsp;&nbsp;**Resignation of Administrative Agent** | **122** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.07** | &nbsp;&nbsp;&nbsp;&nbsp;**Non-Reliance on Administrative Agent and Other Lenders** | **123** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.08** | &nbsp;&nbsp;&nbsp;&nbsp;**No Other Duties, Etc** | **124** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.09** | &nbsp;&nbsp;&nbsp;&nbsp;**Administrative Agent May File Proofs of Claim; Credit Bidding** | **124** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.10** | &nbsp;&nbsp;&nbsp;&nbsp;**Collateral and Guaranty Matters.** | **126** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.11** | &nbsp;&nbsp;&nbsp;&nbsp;**Secured Cash Management Agreements and Secured Hedge Agreements** | **127** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.12** | &nbsp;&nbsp;&nbsp;&nbsp;**Certain ERISA Matters.** | **127** |
| ARTICLE X CONTINUING GUARANTY | ARTICLE X CONTINUING GUARANTY | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.01** | &nbsp;&nbsp;&nbsp;&nbsp;**Guaranty.** | **128** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.02** | &nbsp;&nbsp;&nbsp;&nbsp;**Rights of Lenders** | **129** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.03** | &nbsp;&nbsp;&nbsp;&nbsp;**Certain Waivers** | **129** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.04** | &nbsp;&nbsp;&nbsp;&nbsp;**Obligations Independent** | **129** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.05** | &nbsp;&nbsp;&nbsp;&nbsp;**Subrogation** | **129** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.06** | &nbsp;&nbsp;&nbsp;&nbsp;**Termination; Reinstatement** | **130** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.07** | &nbsp;&nbsp;&nbsp;&nbsp;**Stay of Acceleration** | **130** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.08** | &nbsp;&nbsp;&nbsp;&nbsp;**Condition of Borrower** | **130** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.09** | &nbsp;&nbsp;&nbsp;&nbsp;**Appointment of Borrower** | **130** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.10** | &nbsp;&nbsp;&nbsp;&nbsp;**Right of Contribution** | **130** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.11** | &nbsp;&nbsp;&nbsp;&nbsp;**Keepwell.** | **131** |
| ARTICLE XI MISCELLANEOUS | ARTICLE XI MISCELLANEOUS | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.01** | &nbsp;&nbsp;&nbsp;&nbsp;**Amendments, Etc** | **131** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.02** | &nbsp;&nbsp;&nbsp;&nbsp;**Notices; Effectiveness; Electronic Communications.** | **133** |

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iv

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---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.03** | &nbsp;&nbsp;&nbsp;&nbsp;**No Waiver; Cumulative Remedies; Enforcement** | **135** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.04** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses; Indemnity; Damage Waiver.** | **136** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.05** | &nbsp;&nbsp;&nbsp;&nbsp;**Payments Set Aside** | **138** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.06** | &nbsp;&nbsp;&nbsp;&nbsp;**Successors and Assigns** | **138** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.07** | &nbsp;&nbsp;&nbsp;&nbsp;**Treatment of Certain Information; Confidentiality.** | **146** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.08** | &nbsp;&nbsp;&nbsp;&nbsp;**Right of Setoff.** | **147** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.09** | &nbsp;&nbsp;&nbsp;&nbsp;**Interest Rate Limitation** | **148** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.10** | &nbsp;&nbsp;&nbsp;&nbsp;**Counterparts; Integration; Effectiveness.** | **148** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.11** | &nbsp;&nbsp;&nbsp;&nbsp;**Survival of Representations and Warranties.** | **148** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.12** | &nbsp;&nbsp;&nbsp;&nbsp;**Severability** | **149** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.13** | &nbsp;&nbsp;&nbsp;&nbsp;**Replacement of Lenders.** | **149** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.14** | &nbsp;&nbsp;&nbsp;&nbsp;**Governing Law; Jurisdiction; Etc.** | **150** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.15** | &nbsp;&nbsp;&nbsp;&nbsp;**Waiver of Jury Trial.** | **151** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.16** | &nbsp;&nbsp;&nbsp;&nbsp;**No Advisory or Fiduciary Responsibility.** | **151** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.17** | &nbsp;&nbsp;&nbsp;&nbsp;**Electronic Execution; Electronic Records.** | **152** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.18** | &nbsp;&nbsp;&nbsp;&nbsp;**USA Patriot Act Notice.** | **153** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.19** | &nbsp;&nbsp;&nbsp;&nbsp;**Acknowledgement and Consent to Bail-In of Affected Financial Institutions.** | **153** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.20** | &nbsp;&nbsp;&nbsp;&nbsp;**Acknowledgement Regarding Any Supported QFCs.** | **153** |

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v

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BORROWER PREPARED SCHEDULES

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 1.01(e) | Immaterial Subsidiaries |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 1.01(f) | Unrestricted Subsidiaries |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 5.04 | Governmental Approvals |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 5.07 | Title to Properties |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 5.08 | Subsidiaries |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 5.09 | Litigation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 5.15 | Pension Plans |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 5.16 | Environmental Matters |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 5.17 | Insurance |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 5.19(a) | Filing Offices |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 5.19(b) | Registered Intellectual Property |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 5.19(c) | Deposit Accounts & Securities Accounts |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 5.19(d) | Tangible Chattel Paper |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 5.19 (e) | Electronic Chattel Paper & Letter-of-Credit Rights |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 5.19 (f) | Commercial Tort Claims |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 5.19 (g) | Pledged Equity Interests |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 5.20(a) | Owned Real Property |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 5.20(b) | Leased Real Property |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 5.26 | Intellectual Property Matters |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 6.17 | Post-Closing Requirements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 7.01 | Existing Indebtedness |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 7.02 | Existing Liens |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 7.03 | Existing Investments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 7.05 | Restrictive Agreements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 7.08(a) | Material Contracts |

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ADMINISTRATIVE AGENT PREPARED SCHEDULES

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 1.01(a) | Certain Addresses for Notices |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 1.01(b) | Initial Commitments and Applicable Percentages |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 1.01(c) | Existing Letters of Credit |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 2.01 | Swingline Commitments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 2.03 | Letter of Credit Commitments |

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EXHIBITS

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit A | Form of Administrative Questionnaire |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit B-1 | Form of Assignment and Assumption |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit B-2 | Form of Affiliated Lender Assignment and Assumption |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit C | Form of Compliance Certificate |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit D | Form of Joinder Agreement |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit E | Form of Loan Notice |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit F | Form of Permitted Acquisition Certificate |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit G | Form of Revolving Note |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit H | Form of Secured Party Designation Notice |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit I | Form of Solvency Certificate |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit J | Form of Swingline Loan Notice |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit K | Form of Term Note |

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vi

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit L | Forms of U.S. Tax Compliance Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit M | Form of Funding Indemnity Letter |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit N | [Reserved] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit O | Form of Notice of Loan Prepayment |

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vii

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**CREDIT AGREEMENT**

This CREDIT AGREEMENT, dated as of October 9, 2020, is by and among VISKASE COMPANIES, INC., a Delaware corporation (the "*Borrower*"), the Guarantors from time to time party hereto, the Lenders from time to time party hereto, and BANK OF AMERICA, N.A., as Administrative Agent, Swingline Lender and L/C Issuer.

**PRELIMINARY STATEMENTS**:

WHEREAS, the Loan Parties (as hereinafter defined) have requested that the Lenders, the Swingline Lender and the L/C Issuer make loans and other financial accommodations to the Loan Parties in an aggregate amount of up to $180,000,000.

WHEREAS, the Lenders, the Swingline Lender and the L/C Issuer have agreed to make such loans and other financial accommodations to the Loan Parties on the terms and subject to the conditions set forth herein.

**NOW THEREFORE**, in consideration of the mutual covenants and agreements herein contained, the parties hereto hereby covenant and agree as follows:

**Article I**

**DEFINITIONS AND ACCOUNTING TERMS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.01**Defined Terms

As used in this Agreement, the following terms shall have the meanings set forth below:

"*Acquisition*" means the acquisition, whether through a single transaction or a series of related transactions, of (a) a majority of the Voting Stock or other controlling ownership interest in another Person (including the purchase of an option, warrant or convertible or similar type security to acquire such a controlling interest at the time it becomes exercisable by the holder thereof), whether by purchase of such equity or other ownership interest or upon the exercise of an option or warrant for, or conversion of securities into, such equity or other ownership interest, or (b) assets of another Person which constitute all or substantially all of the assets of such Person or of a division or line of business of such Person.

"*Additional Guarantor*" has the meaning specified in <u>Section 6.12(b)</u>.

"*Additional Secured Obligations*" means (a) all obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements and (b) all costs and expenses incurred in connection with enforcement and collection of the foregoing, including the reasonable and documented out-of-pocket fees, charges and disbursements of counsel, in each case whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest, expenses and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest, expenses and fees are allowed claims in such proceeding; *provided*, *however*, that Additional Secured Obligations of a Loan Party shall exclude any Excluded Swap Obligations with respect to such Loan Party.

"*Adjustment*" has the meaning specified in <u>Section 3.03(c</u>).

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"*Administrative Agent*" means Bank of America (or any of its designated branch offices or affiliates) in its capacity as administrative agent under any of the Loan Documents, or any successor administrative agent.

"*Administrative Agent*<u>'</u>*s Office*" means, with respect to any currency, the Administrative Agent's address and, as appropriate, account as set forth on <u>Schedule 1.01(a</u>) with respect to such currency, or such other address or account with respect to such currency as the Administrative Agent may from time to time notify the Borrower and the Lenders in writing.

"*Administrative Questionnaire*" means an Administrative Questionnaire in substantially the form of <u>Exhibit A</u> or any other form approved by the Administrative Agent.

"*AEPC*" means American Entertainment Properties Corp., a Delaware corporation.

"*Affected Financial Institution*" means (a) any EEA Financial Institution or (b) any UK Financial Institution.

"*Affiliate*" means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified.

"*Affiliated Lender*" means a Lender that is any Person included in the definition of "Icahn Group" or an Affiliate of the Borrower (including AEPC)(in each case, other than the Borrower, any Subsidiary of the Borrower or a natural person), or is managed or advised by any of the foregoing.

"*Affiliated Lender Assignment and Assumption*" means an assignment and assumption entered into by a Lender and an Affiliated Lender, and accepted by the Administrative Agent, in substantially the form of <u>Exhibit B-2</u> or any other form approved by the Administrative Agent.

"*Agent Parties*" has the meaning specified in <u>Section 11.02(c</u>).

"*Aggregate Commitments*" means the Commitments of all the Lenders.

"*Agreement*" means this Credit Agreement, including all schedules, exhibits and annexes hereto.

"*Annualized Basis*" means, with respect to the calculation of the Consolidated Fixed Charge Coverage Ratio for any applicable Measurement Period, the product of (i) the applicable components of Consolidated Fixed Charge Coverage Ratio made after the Closing Date through the last day of such period (the "*Post-Closing Period*") divided by the number of calendar days in such Post-Closing Period <u>times</u> (ii) 365.

"*Applicable Foreign Obligor Documents*" has the meaning specified in <u>Section 5.29(a)</u>.

"*Applicable Law*" means, as to any Person, all applicable Laws binding upon such Person or to which such a Person is subject.

"*Applicable Percentage*" means (a) in respect of the Term Facility, with respect to any Term Lender at any time, the percentage (carried out to the ninth decimal place) of the Term Facility represented by (i) on or prior to the Closing Date, such Term Lender's Term Commitment at such time and (ii) thereafter, the outstanding principal amount of such Term Lender's Term Loans at such time, and (b) in respect of the Revolving Facility, with respect to any Revolving Lender at any time, the percentage (carried

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out to the ninth decimal place) of the Revolving Facility represented by such Revolving Lender's Revolving Commitment at such time, subject to adjustment as provided in <u>Section 2.15</u>. If the Commitment of all of the Revolving Lenders to make Revolving Loans and the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to <u>Section 8.02</u>, or if the Revolving Commitments have expired, then the Applicable Percentage of each Revolving Lender in respect of the Revolving Facility shall be determined based on the Applicable Percentage of such Revolving Lender in respect of the Revolving Facility most recently in effect, giving effect to any subsequent assignments and to any Lender's status as a Defaulting Lender at the time of determination. The Applicable Percentage of each Lender in respect of each Facility is set forth opposite the name of such Lender on <u>Schedule 1.01(b</u>) or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto or in any documentation executed by such Lender pursuant to <u>Section 2.16</u>, as applicable.

"*Applicable Rate*" means, for any day, the rate per annum set forth below opposite the applicable Level then in effect (based on the Consolidated Leverage Ratio), it being understood that the Applicable Rate for (a) Revolving Loans that are Base Rate Loans shall be the percentage set forth under the column "Revolving Loans" and "Base Rate", (b) Revolving Loans that are Eurodollar Rate Loans shall be the percentage set forth under the column "Revolving Loans" and "Eurodollar Rate & Letter of Credit Fee", (c) that portion of the Term Loan comprised of Base Rate Loans shall be the percentage set forth under the column "Term Loan" and "Base Rate", (d) that portion of the Term Loan comprised of Eurodollar Rate Loans shall be the percentage set forth under the column "Term Loan" and "Eurodollar Rate & Letter of Credit Fee", (e) the Letter of Credit Fee shall be the percentage set forth under the column "Revolving Loans" and "Eurodollar Rate & Letter of Credit Fee", and (f) the Commitment Fee shall be the percentage set forth under the column "Commitment Fee":

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Level | Consolidated Leverage Ratio | Eurodollar Rate<br>& Letter of Credit Fee | Eurodollar Rate<br>& Letter of Credit Fee | Base Rate | Base Rate | Commitment<br>Fee |
| Level | Consolidated Leverage Ratio | Revolving Loans | Term Loan | Revolving Loans | Term Loan | Commitment<br>Fee |
| 1 | <u>></u>3.50:1.00 | 3.25% | 3.25% | 2.25% | 2.25% | 0.40% |
| 2 | <3.50:1.00,<br>*but*<br><u>></u>3.00:1.00 | 3.00% | 3.00% | 2.00% | 2.00% | 0.375% |
| 3 | <3.00:1.00,<br>*but*<br><u>></u>2.50:1.00 | 2.75% | 2.75% | 1.75% | 1.75% | 0.35% |
| 4 | <2.50:1.00,<br>*but*<br><u>></u>2.00:1.00 | 2.25% | 2.25% | 1.25% | 1.25% | 0.325% |
| 5 | <2.00:1.00 | 2.00% | 2.00% | 1.00% | 1.00% | 0.30% |

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Any increase or decrease in the Applicable Rate resulting from a change in the Consolidated Leverage Ratio shall become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to <u>Section 6.04(d</u>); *provided*, *however*, that if a Compliance Certificate is not delivered when due in accordance with <u>Section 6.04(d</u>), then, upon the request of the Required Lenders, Pricing Level 1 shall apply, in each case as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered and in each case shall remain in effect until the first Business Day following the date on which such Compliance Certificate is delivered, whereupon the Applicable Rate shall be adjusted based upon the calculation of the Consolidated Leverage Ratio contained in such Compliance Certificate. In addition, at all times while the Default Rate is in effect, the highest rate set forth in each column of the Applicable Rate shall apply.

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Notwithstanding anything to the contrary contained in this definition, (i) the determination of the Applicable Rate for any period shall be subject to the provisions of <u>Section 2.10(b</u>), (ii) the initial Applicable Rate shall be set at Pricing Level 2 until the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to <u>Section 6.04(d</u>) for the first fiscal quarter to occur following the Closing Date to the Administrative Agent and (iii) the Applicable Rate with respect to any Incremental Term Loan shall be as set forth in the definitive documentation therefor (subject to the requirements of <u>Section 2.16</u>). Any adjustment in the Applicable Rate shall be applicable to all Credit Extensions then existing or subsequently made or issued.

The Applicable Rate set forth above shall be increased as, and to the extent, required by <u>Section 2.16</u>.

"*Applicable Revolving Percentage*" means with respect to any Revolving Lender at any time, such Revolving Lender's Applicable Percentage in respect of the Revolving Facility at such time.

"*Appropriate Lender*" means, at any time, (a) with respect to any Facility, a Lender that has a Commitment with respect to such Facility or holds a Loan under such Facility at such time, (b) with respect to the Letter of Credit Sublimit, (i) the L/C Issuer and (ii) if any Letters of Credit have been issued pursuant to <u>Section 2.03</u>, the Revolving Lenders and (c) with respect to the Swingline Sublimit, (i) the Swingline Lender and (ii) if any Swingline Loans are outstanding pursuant to <u>Section 2.04(a</u>), the Revolving Lenders.

"*Approved Fund*" means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

"*Arrangers*" means BofA Securities and BMO Capital Markets Corp., in their capacities as joint lead arrangers.

"*Assets*" has the meaning specified in <u>Section 7.02</u>.

"*Assignment and Assumption*" means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by <u>Section 11.06(b</u>)), and accepted by the Administrative Agent, in substantially the form of <u>Exhibit B</u> or any other form (including an electronic documentation form generated by use of an electronic platform) approved by the Administrative Agent.

"*Attributable Indebtedness*" means, on any date, (a) in respect of any Capital Lease Obligation of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, (b) in respect of any Synthetic Lease Obligation, the capitalized amount of the remaining lease payments under the relevant lease that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease were accounted for as a capital lease, (c) all Synthetic Debt of such Person and (d) in respect of any Sale and Leaseback Transaction, the present value (discounted in accordance with GAAP at the debt rate implied in the applicable lease) of the obligations of the lessee for rental payments during the term of such lease.

"*Audited Financial Statements*" means the audited Consolidated balance sheet of the Borrower and its Subsidiaries for the fiscal year ended December 31, 2019 and the related Consolidated statements of income or operations, shareholders' equity and cash flows for such fiscal year of the Borrower and its Subsidiaries, including the notes thereto.

"*Auto-Extension Letter of Credit*" has the meaning specified in <u>Section 2.03(b)(ii</u>).

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"*Availability Period*" means in respect of the Revolving Facility, the period from and including the Closing Date to the earliest of (i) the Maturity Date for the Revolving Facility, (ii) the date of termination of the Revolving Commitments pursuant to <u>Section 2.06</u>, and (iii) the date of termination of the Commitment of each Revolving Lender to make Revolving Loans and of the obligation of the L/C Issuer to make L/C Credit Extensions pursuant to <u>Section 8.02</u>.

"*Bail*<u>-</u>*In Action*" means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

"*Bail*<u>-</u>*In Legislation*" means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom,Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

"*Bank of America*" means Bank of America, N.A. and its successors.

"*Base Rate*" means for any day a fluctuating rate of interest per annum equal to the highest of (a) the Federal Funds Rate *plus* 0.50%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its "prime rate," and (c) the Eurodollar Rate *plus* 1.00%, subject to the interest rate floors set forth therein; *provided*, *however*, that if the Base Rate shall be less than 1.75%, such rate shall be deemed 1.75% for purposes of this Agreement. The "prime rate" is a rate set by Bank of America based upon various factors including Bank of America's costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such prime rate announced by Bank of America shall take effect at the opening of business on the day specified in the public announcement of such change. If the Base Rate is being used as an alternate rate of interest pursuant to <u>Section 3.03</u> hereof, then the Base Rate shall be the greater of <u>clauses (a</u>) and (<u>b</u>) above and shall be determined without reference to <u>clause (c</u>) above.

"*Base Rate Loan*" means a Revolving Loan or a Term Loan that bears interest based on the Base Rate. All Base Rate Loans are only available to the Borrower and Loans denominated in Dollars.

"*Beneficial Ownership Certification*" means a certification regarding beneficial ownership required by the Beneficial Ownership Regulation.

"*Beneficial Ownership Regulation*" means 31 C.F.R. § 1010.230.

"*Benefit Plan*" means any of (a) an "employee benefit plan" (as defined in ERISA) that is subject to Title I of ERISA, (b) a "plan" as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such "employee benefit plan" or "plan".

"*BHC Act Affiliate*" of a party means an "affiliate" (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

"*BofA Securities*" means BofA Securities, Inc.

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"*Borrower*" has the meaning specified in the introductory paragraph hereto.

"*Borrower Materials*" has the meaning specified in <u>Section 6.04(l</u>).

"*Borrowing*" means a Revolving Borrowing, a Swingline Borrowing or a Term Borrowing, as the context may require.

"*Business Day*" means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, the state where the Administrative Agent's Office is located; provided that, if such day relates to any interest rate settings as to a Eurodollar Rate Loan denominated in Dollars, any fundings, disbursements, settlements and payments in Dollars in respect of any such Eurodollar Rate Loan, or any other dealings in Dollars to be carried out pursuant to this Agreement in respect of any such Eurodollar Rate Loan, means any such day that is also a London Banking Day

"*Capital Expenditures*" means, for any period, with respect to the Borrower or any Guarantor, the aggregate of all expenditures by the Borrower or any Guarantor for the purchase or other acquisition of any asset (excluding normal replacements and maintenance which are properly charged to current operations) which would be classified as a fixed or capital asset on a consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with GAAP, subject to <u>Section 1.03</u>; *provided*, *however*, that (i) the term "Capital Expenditures" shall not include expenditures that are Permitted Acquisitions and (ii) the purchase price of equipment that is purchased simultaneously with the trade-in of existing equipment or with insurance proceeds shall be included in Capital Expenditures only to the extent of the gross amount by which such purchase price exceeds the credit granted by the seller of such equipment for the equipment being traded in at such time or the amount of such insurance proceeds, as the case may be.

"*Capital Lease Obligations*" of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases or financing leases (but excluding for the avoidance of doubt, any "operating lease") on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP.

"*Cash Collateralize*" means to deposit in a Controlled Account or pledge and deposit with or deliver to the Administrative Agent, for the benefit of one or more of the L/C Issuer or Swingline Lender (as applicable) or the Lenders, as Collateral for L/C Obligations, the Obligations in respect of Swingline Loans, or obligations of the Revolving Lenders to fund participations in respect of L/C Obligations or Swingline Loans (as the context may require), (a) cash or deposit account balances, (b) backstop letters of credit entered into on terms, from issuers and in amounts satisfactory to the Administrative Agent and the applicable L/C Issuer, and/or (c) if the Administrative Agent and the applicable L/C Issuer or Swingline Lender shall agree, in their sole discretion, other credit support, in each case, in Dollars and pursuant to documentation in form and substance satisfactory to the Administrative Agent and the L/C Issuer or the Swingline Lender (as applicable).

"*Cash Collateral*" shall have a meaning correlative to the foregoing and shall include the proceeds of such Cash Collateral and other credit support.

"*Cash Equivalents*" means any of the following types of Investments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)readily marketable obligations issued or directly and fully guaranteed or insured by the United States or any agency or instrumentality thereof having maturities of not more than

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one year from the date of acquisition thereof; *provided*, *however*, that the full faith and credit of the United States is pledged in support thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)time deposits with, or insured certificates of deposit or bankers' acceptances of, any commercial bank that (i) (A) is a Lender or (B) is organized under the laws of the United States, any state thereof or the District of Columbia or is the principal banking subsidiary of a bank holding company organized under the laws of the United States, any state thereof or the District of Columbia, and is a member of the Federal Reserve System, (ii) issues (or the parent of which issues) commercial paper rated as described in <u>clause (c</u>) of this definition and (iii) has combined capital and surplus of at least $500,000,000, in each case with maturities of not more than one year from the date of acquisition thereof (each such commercial bank, an "<u>Approved Bank</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)commercial paper and variable of fixed rate notes issued by any Approved Bank (or by the parent company thereof) or any variable rate notes issued by, or guaranteed by, any domestic corporation rated A-1 (or the equivalent thereof) or better by S&P or P-1 (or the equivalent thereof) or better by Moody's and maturing within two hundred seventy (270) days of the date of acquisition thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)repurchase obligations of any commercial bank satisfying the requirements of clause (b) above or of any recognized securities dealer having combined capital and surplus of not less than $250,000,000, having a term of not more than seven (7) days, with respect to securities satisfying the criteria in clauses (i) or (ii) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)debt securities with maturities of six (6) months or less from the date of acquisition backed by standby letters of credit issued by any commercial bank satisfying the criteria described in clause (ii) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)Investments in money market funds or money market mutual funds substantially all of whose assets are invested in the types of assets described in clauses (i) through (iii) above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)in the case of a Foreign Subsidiary, substantially similar investments of the type described above denominated in foreign currencies and from governments or agencies and instrumentalities thereof, similarly rated political subdivisions thereof or similarly capitalized and rated foreign banks, in each case, in the jurisdiction in which such Foreign Subsidiary is organized.

"*Cash Management Agreement*" means any agreement that is not prohibited by the terms hereof to provide treasury or cash management services, including deposit accounts, overnight draft, credit cards, debit cards, p-cards (including purchasing cards and commercial cards), funds transfer, automated clearinghouse, zero balance accounts, returned check concentration, controlled disbursement, lockbox, account reconciliation and reporting and trade finance services and other cash management services.

"*Cash Management Bank*" means any Person in its capacity as a party to a Cash Management Agreement that, (a) at the time it enters into a Cash Management Agreement with a Loan Party or any Subsidiary, is a Lender or an Affiliate of a Lender, or (b) at the time it (or its Affiliate) becomes a Lender, is a party to a Cash Management Agreement with a Loan Party or any Subsidiary, in each case, in its capacity as a party to such Cash Management Agreement (even if such Person ceases to be a Lender or such Person's Affiliate ceased to be a Lender); *provided*, *however*, that for any of the foregoing to be included as a "Secured Cash Management Agreement" on any date of determination by the Administrative Agent, the applicable Cash Management Bank (other than the Administrative Agent or an Affiliate of the

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Administrative Agent) must have delivered a Secured Party Designation Notice to the Administrative Agent prior to such date of determination.

"*Change in Law*" means the occurrence, after the Closing Date, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; *provided, however,* that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith or in the implementation thereof and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a "Change in Law", regardless of the date enacted, adopted, issued or implemented.

"*Change of Control*" means and shall be deemed to have occurred if (a) the Permitted Holders shall at any time not legally and beneficially own, in the aggregate, directly or indirectly, at least 35% of the voting power of the outstanding Voting Stock of the Borrower, or (b) any person, entity or "group" (within the meaning of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended), other than the Permitted Holders, shall at any time have acquired direct or indirect beneficial ownership of a percentage of the voting power of the outstanding Voting Stock of the Borrower that exceeds 35% thereof, unless, in the case of either clause (a) or (b) above, the Permitted Holders have, at such time, the right or the ability by voting power, contract or otherwise to elect or designate for election at least a majority of the board of directors of the Borrower.

"*Class*", when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving Loans or Term Loans and, when used in reference to any Commitment, refers to whether such Commitment is a Revolving Commitment or Term Commitment.

"*Closing Date*" means the date hereof.

"*Code*" means the Internal Revenue Code of 1986.

"*Collateral*" means all of the "Collateral" referred to in the Collateral Documents and all other property with respect to which Liens in favor of the Administrative Agent for the benefit of the Secured Parties are purported to be granted to and in accordance with the Collateral Documents.

"*Collateral Account*" has the meaning specified in <u>Section 2.03(q)(i</u>).

"*Collateral Documents*" means, collectively, the Security Agreement, the Qualifying Control Agreements, each Joinder Agreement, the Intercompany Note, each of the collateral assignments, security agreements, pledge agreements, account control agreements or other similar agreements delivered to the Administrative Agent pursuant to <u>Section 6.12</u>, and each of the other agreements, instruments or documents that creates or purports to create a Lien in favor of the Administrative Agent for the benefit of the Secured Parties.

"*Commitment*" means a Term Commitment, a Revolving Commitment or an Incremental Commitment, as the context may require.

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"*Commodity Exchange Act*" means the Commodity Exchange Act (7 U.S.C. § 1 *et seq*.), as amended from time to time, and any successor statute.

"*Communication*" has the meaning set forth in <u>Section 11.17(a)</u>.

"*Competitor*" means any Person that is a competitor of the Borrower or any of its Restricted Subsidiaries engaged in substantially similar business operations as Borrower or any of its Restricted Subsidiaries, or any business activity that is related, ancillary or complementary thereto.

"*Compliance Certificate*" means a certificate substantially in the form of <u>Exhibit C</u>.

"*Connection Income Taxes*" means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.

"*Consolidated*" means, when used with reference to financial statements or financial statement items of the Borrower and its Restricted Subsidiaries or any other Person, such statements or items on a consolidated basis in accordance with the consolidation principles of GAAP, but excluding any items attributable to Unrestricted Subsidiaries.

"*Consolidated EBITDA*" means, for any period, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Consolidated Net Income for such Measurement Period <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without duplication and to the extent deducted (and not already added back) (other than with respect to clauses (ix) below) in determining such Consolidated Net Income, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Consolidated Net Interest Expense for such Measurement Period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)all amounts for taxes based on income, profits or capital and commercial activity payments to taxing authorities (or in each case similar taxes or payments), including income tax expense of Consolidated foreign subsidiaries and foreign withholding tax expense, for such Measurement Period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)all amounts attributable to depreciation and amortization for such Measurement Period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)any non-cash charges (including, but not limited to, the write down or impairment of any assets, whether or not current assets), losses or expenses for such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)any non-cash compensation charges and deferred compensation charges, including arising from stock options,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)any pension expense in respect of defined benefit plans in an aggregate amount not to exceed $3,000,000 in any fiscal year,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)severance expenses related to the termination of employees and other restructuring, integration and relocation charges and costs; *provided*, *however*, that, in no event shall the aggregate amount added back to Consolidated EBITDA under this clause (vii) for any Measurement Period, together with any increase to Consolidated EBITDA for such Measurement Period under clause (y) of the definition of "Pro Forma Basis", exceed 15% of Consolidated

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EBITDA for such period (giving Pro Forma Effect to all such relevant adjustments during such Measurement Period),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)costs and expenses incurred in connection with the transactions on the Closing Date and any Permitted Acquisitions; *provided*, *however*, that, in the case of any Permitted Acquisition which is not consummated, in no event shall the aggregate amount added to Consolidated EBITDA under this clause (viii) for any Measurement Period exceed $3,000,000,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)to the extent (A) actually reimbursed in cash from insurance proceeds or (B) as to which the Borrower has made a determination that a reasonable basis exists for reimbursement by a third party and only to the extent that such amount (i) is not denied by the applicable carrier in writing within 180 days of the occurrence of such event and (ii) is in fact reimbursed within 365 days of such determination (with a deduction in the applicable future period for any amount so added back to the extent not so reimbursed within such 365-day period), expenses with respect to any business interruption, liability or casualty; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)any net unrealized non-cash foreign currency translation loss (or minus net unrealized non-cash foreign currency translation gains);

<u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) without duplication (i) all cash payments made during such Measurement Period on account of reserves, restructuring charges and other non-cash charges for a prior period added to Consolidated Net Income for a prior Measurement Period, and (ii) any non-cash gains for such Measurement Period, all determined on a Consolidated basis in accordance with GAAP; *provided*, *however*, that Consolidated EBITDA shall be calculated on a Pro Forma Basis to give effect to any Permitted Acquisitions, permitted Investments, Acquisitions and permitted Dispositions (other than any Permitted Transfer) consummated at any time on or after the first day of the applicable Measurement Period and, except as expressly set forth in the definition of Pro Forma Basis, prior to the date of determination as if each such Permitted Acquisition, or other Investment, Acquisition, or Disposition (other than any Permitted Transfer) had been effected on the first day of such period and as if each such Disposition (other than any Permitted Transfer) had been consummated on the day prior to the first day of such Measurement Period.

Notwithstanding the foregoing, Consolidated EBITDA for the following fiscal quarters shall be the amounts set forth opposite such fiscal quarter below:

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| | |
|:---|:---|
| &nbsp;&nbsp;Fiscal Quarter Ending | &nbsp;&nbsp;Consolidated EBITDA |
| &nbsp;&nbsp;December 31, 2019 | &nbsp;&nbsp;$10534000 |
| &nbsp;&nbsp;March 31, 2020 | &nbsp;&nbsp;$14383000 |
| &nbsp;&nbsp;June 30, 2020 | &nbsp;&nbsp;$16045000 |

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"*Consolidated Fixed Charge Coverage Ratio*" means, for any Measurement Period, the ratio of (a) the sum of (i) Consolidated EBITDA <u>less</u> (ii) the aggregate amount of all Capital Expenditures paid with internally generated cash of the Loan Parties or Revolving Loans during such period to (b) the sum of (i) the aggregate principal amount of all redemptions or similar acquisitions for value of outstanding debt for

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borrowed money or regularly scheduled principal payments to the extent paid in cash (excluding principal payments on any revolving, overdraft, factoring or similar facilities, unless such payments are in conjunction with a commitment reduction), <u>plus</u> (ii) Consolidated Net Interest Expense, <u>plus</u> (iii) the aggregate amount of all Restricted Payments and earnout obligations paid in cash (other than Permitted Tax Distributions), <u>plus</u> (iv) the aggregate amount of Taxes paid in cash (including Permitted Tax Distributions). For purposes hereof, the components of Consolidated Fixed Charge Coverage Ratio set out in clause (b)(i) and (b)(ii) above for each Measurement Period through the Measurement Period ending June 30, 2021 shall be calculated on an Annualized Basis.

"*Consolidated Leverage Ratio*" means, as of any date of determination, the ratio of (a) Total Funded Debt of the Borrower and its Restricted Subsidiaries as of such date to (b) Consolidated EBITDA of the Borrower and its Restricted Subsidiaries on a Consolidated basis for the most recently completed Measurement Period.

"*Consolidated Net Income*" means, for any Measurement Period, the net income or loss of the Borrower and its Restricted Subsidiaries for such period determined on a Consolidated basis in accordance with GAAP; *provided*, *however*, that there shall be excluded (a) the net income or loss of any Restricted Subsidiary to the extent that the declaration or payment of dividends or similar distributions by the Restricted Subsidiary of that income is not at the time permitted by operation of the terms of its charter or any agreement, instrument, judgment, decree, statute, rule or governmental regulation applicable to such Restricted Subsidiary (*provided*, *however*, that, if any approval of any Governmental Authority is required for any such payment or distribution, this clause (a) shall not apply unless and until the applicable Governmental Authority has issued an order restricting such payment or distribution), (b) the income or loss of any Person accrued prior to the date it becomes a subsidiary or is merged into or Consolidated with the Borrower or any Restricted Subsidiary or prior to the date that such Person's assets are acquired by the Borrower or any Restricted Subsidiary, (c) the net income or loss of any Person in which any other Person (other than the Borrower or a wholly owned Restricted Subsidiary or any director holding qualifying shares in accordance with applicable law) has a joint interest to the extent such net income is subject to restrictions, directly or indirectly, on the payment of dividends or the making of distributions by such Person, directly or indirectly, to the Borrower or any Restricted Subsidiary and (d) any non-cash gains or losses attributable to sales of assets outside of the ordinary course of business or any other non-cash non-recurring gains or losses, including, without limitation, any non-cash impairment charges.

"*Consolidated Net Interest Expense*" means, for any period, (a) the sum of (i) the interest expense (including imputed interest expense in respect of Capital Lease Obligations and Synthetic Lease Obligations or any dividends or other payments made in respect of any Equity Interest) of the Borrower and the Restricted Subsidiaries for such period, determined on a Consolidated basis in accordance with GAAP, *plus* (ii) any interest accrued during such period in respect of Indebtedness of the Borrower and the Restricted Subsidiaries that is required to be capitalized rather than included in consolidated interest expense for such period in accordance with GAAP *minus* (b) the sum of (i) total interest income of the Borrower and the Restricted Subsidiaries for such period, in each case determined in accordance with GAAP *plus* (ii) non-cash charges related to the amortization or write-off of debt discount or debt issuance costs and commissions to the extent included in the interest expense for such period. For purposes of the foregoing, interest expense shall be determined after giving effect to any net payments made or received by the Borrower and the Restricted Subsidiary or any Restricted Subsidiaries with respect to interest rate Swap Contracts.

Consolidated Net Interest Expense shall be calculated on a Pro Forma Basis to give effect to any Indebtedness (other than Indebtedness incurred for ordinary course working capital needs under ordinary course revolving or letter of credit facilities) incurred, assumed or permanently repaid or extinguished at any time on or after the first day of the Measurement Period and prior to the date of determination in

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connection with any Permitted Acquisitions and Disposition (other than any Permitted Transfer) as if such incurrence, assumption, repayment or extinguishment had been effected on the first day of such period.

"*Control*" means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. "*Controlling*" and "*Controlled*" have meanings correlative thereto.

"*Controlled Account*" means each deposit account and securities account that is subject to a Qualifying Control Agreement.

"*Covered Entity*" means any of the following:(a) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (b) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (c) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

"*Covered Party*" has the meaning specified in <u>Section 11.20</u>.

"*Credit Extension*" means each of the following: (a) a Borrowing and (b) an L/C Credit Extension.

"*Debt Issuance*" means the issuance by any Loan Party or any Restricted Subsidiary of any Indebtedness other than Indebtedness permitted under <u>Section 7.01</u>.

"*Debtor Relief Laws*" means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.

"*Default*" means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default.

"*Default Rate*" means (a) with respect to any Obligation for which a rate is specified, a rate per annum equal to two percent (2%) in excess of the rate otherwise applicable thereto and (b) with respect to any Obligation for which a rate is not specified or available, a rate per annum equal to the Base Rate *plus* the Applicable Rate for Revolving Loans that are Base Rate Loans *plus* two percent (2%), in each case, to the fullest extent permitted by Applicable Law.

"*Default Right*" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

"*Defaulting Lender*" means, subject to <u>Section 2.15(b</u>), any Lender that (a) has failed to (i) fund all or any portion of its Loans within two (2) Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender's determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, the L/C Issuer, the Swingline Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swingline Loans) within two (2) Business Days of the date when due, (b) has notified the Borrower, the Administrative Agent, the L/C Issuer or the Swingline Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender's obligation to fund a Loan hereunder and states that such position is based on such Lender's determination that a condition precedent

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to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three (3) Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (*provided*, that such Lender shall cease to be a Defaulting Lender pursuant to this <u>clause (c</u>) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state, provincial or federal regulatory authority acting in such a capacity or (iii) become the subject of a Bail-In Action; *provided*, *however*, that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of <u>clauses (a</u>) through (<u>d</u>) above, and the effective date of such status, shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to <u>Section 2.15(b</u>)) as of the date established therefor by the Administrative Agent in a written notice of such determination, which shall be delivered by the Administrative Agent to the Borrower, the L/C Issuer, the Swingline Lender and each other Lender promptly following such determination.

"*Designated Jurisdiction*" means any country or territory to the extent that such country or territory is the subject of any Sanction.

"*Disposition*" or "*Dispose*" means the sale, transfer or other disposition (including any Sale and Leaseback Transaction) of any property by any Loan Party or Restricted Subsidiary, including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith.

"*Disqualified Institution*" means, on any date, (a) any Person identified by name by the Borrower to the Administrative Agent in writing prior to the Closing Date and (b) any other Person that is a Competitor of the Borrower or any of its Subsidiaries, in each case that is separately identified in writing by name by the Borrower to the Administrative Agent from time to time (other than upon and during the continuance of an Event of Default) or (c) any Affiliate of any person identified in clause (a) or (b) that is clearly identifiable as an affiliate on the basis of its name (other than bona fide debt funds that purchase commercial loans in the ordinary course of business, other than such debt funds excluded pursuant to clause (a) of this paragraph), which designation shall not have retroactive effect to any prior assignment or participation to any Lender permitted hereunder or under the Loan Documents at the time of such assignment or participation.

"*Disqualified Preferred Stock*" means all redeemable preferred Equity Interests of any Person, to the extent mandatorily redeemable in cash (other than as a result of a change of control if the documentation regarding such preferred Equity Interests provides for no payment unless, prior to any such payment, all Loans and other Obligations under the Loan Documents are paid in full in cash or the Lenders consent to such payment) on or prior to the date that is ninety-one (91) days after the Maturity Date.

"*Dollar*" and "*$*" mean lawful money of the United States.

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"*Domestic Restricted Subsidiary*" shall mean a Domestic Subsidiary that is a Restricted Subsidiary.

"*Domestic Subsidiary*" means any Subsidiary that is organized under the laws of the United States, any state thereof or the District of Columbia.

"*DQ List*" has the meaning specified in <u>Section 11.06(g)(iv</u>).

"*EEA Financial Institution*" means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in <u>clause (a</u>) of this definition, or (c) any financial institution established in an EEA Member Country which is a Subsidiary of an institution described in <u>clauses (a</u>) or (<u>b</u>) of this definition and is subject to consolidated supervision with its parent.

"*EEA Member Country*" means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

"*EEA Resolution Authority*" means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

"*Eligible Assignee*" means any Person that meets the requirements to be an assignee under <u>Section 11.06</u> (subject to such consents, if any, as may be required under <u>Section 11.06(b)(iii</u>)). For the avoidance of doubt, any Disqualified Institution is subject to <u>Section 11.06(g)</u>.

"*Environmental Laws*" means all applicable current and future Federal, state and local laws (including common law), regulations, rules, ordinances, codes, and any legally binding decrees, judgments, directives and orders (including consent orders), in each case, relating to protection of the environment or natural resources, human health and safety as it relates to environmental protection, the presence, Release of, or exposure to, Hazardous Materials, or the generation, manufacture, processing, distribution, use, treatment, storage, transport, recycling or handling of, or the arrangement for such activities with respect to, Hazardous Materials.

"*Environmental Liability*" means all liabilities, obligations, damages, losses, claims, actions, suits, judgments, orders, fines, penalties, fees, expenses and costs (including administrative oversight costs, natural resource damages and remediation costs), whether contingent or otherwise, arising out of or relating to (a) non-compliance with any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the Release of any Hazardous Materials, or (e) any contract, agreement or other written consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.

"*Equity Interests*" means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any date of determination.

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"*Equity Issuance*" means any issuance or sale by the Borrower or any Restricted Subsidiary of any Qualified Equity Interests of the Borrower or any such Restricted Subsidiary, as applicable, except in each case for (a) any such issuance or sale by a Restricted Subsidiary to the Borrower, any Loan Party or another Restricted Subsidiary, (b) any issuance of directors' qualifying shares, and (c) sales or issuances of Equity Interests of the Borrower to directors, management, consultants or any other employee of the Borrower or any Restricted Subsidiary under any employee stock option or stock purchase plan or employee benefit plan or similar plan in existence from time to time.

"*ERISA*" means the Employee Retirement Income Security Act of 1974, as the same may be amended from time to time.

"*ERISA Affiliate*" means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code, or solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code.

"*ERISA Event*" means (a) any "<u>reportable event</u>", as defined in Section 4043 of ERISA or the regulations issued thereunder, with respect to a Plan (other than an event for which the 30-day notice period is waived), (b) the failure by any Plan to satisfy the minimum funding standards (within the meaning of Section 412 of the Code or Section 302 of ERISA) applicable to such Plan, whether or not waived, (c) the filing pursuant to Section 412 of the Code or Section 302 of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan, (d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability with respect to the termination of any Plan or the withdrawal or partial withdrawal of the Borrower or any of its ERISA Affiliates from any Plan or Multiemployer Plan, (e) a determination that any Plan is, or is reasonably expected to be, in "at risk" status (within the meaning of Section 3030 of ERISA or Section 430 of the Code), the receipt by the Borrower or any of its ERISA Affiliates from the PBGC or a plan administrator of any notice relating to the intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan, (f) the adoption of any amendment to a Plan that would require the provision of security pursuant to Section 436(f) of the Code, (g) the receipt by the Borrower or any of its ERISA Affiliates of any notice, or the receipt by any Multiemployer Plan from the Borrower or any of its ERISA Affiliates of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent within the meaning of Title IV of ERISA, or (h)the occurrence of a "<u>prohibited transaction</u>" (within the meaning of Section 4975 of the Code or 406 of ERISA) with respect to which the Borrower or any of the Restricted Subsidiaries is a "<u>disqualified person</u>" (within the meaning of Section 4975 of the Code) or "<u>party in interest</u>" (within the meaning of Section 406 of ERISA) or with respect to which the Borrower or any such Restricted Subsidiary could otherwise be liable.

"*EU Bail*<u>-</u>*In Legislation Schedule*" means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

"*Eurodollar Rate*" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)for any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum equal to the London Interbank Offered Rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate for U.S. Dollars for a period equal in length to such Interest Period) ("*LIBOR*"), as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) (in such case, the "*LIBOR Rate*") at or about 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period, for

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Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)for any interest rate calculation with respect to a Base Rate Loan on any date, the rate per annum equal to the LIBOR Rate, at or about 11:00 a.m. (London time) determined two (2) Business Days prior to such date for Dollar deposits being delivered in the London interbank market for deposits in Dollars with a term of one (1) month commencing that day;

*provided*, *however*, that, (i) to the extent a comparable or successor rate is approved by the Administrative Agent in connection with any rate set forth in this definition, the approved rate shall be applied in a manner consistent with market practice; *provided*, *further* that, to the extent such market practice is not administratively feasible for the Administrative Agent, such approved rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent and (ii) if the Eurodollar Rate shall be less than 0.75%, such rate shall be deemed 0.75% for purposes of this Agreement.

"*Eurodollar Rate Loan*" means a Loan that bears interest at a rate based on <u>clause (a</u>) of the definition of "Eurodollar Rate".

"*Event of Default*" has the meaning specified in <u>Section 8.01</u>.

"*Excluded Account*" means any (i) account holding assets used solely for purposes of paying payroll obligations, (ii) account holding assets solely held in escrow for third parties established in the ordinary course of business, (iii) account holding assets used solely for purposes of paying trust obligations, (iv) account holding assets used solely for purposes of paying employee benefits obligations, (v) account holding assets used solely for purposes of paying 401(k) obligations, (vi) account holding assets used solely for purposes of paying pension fund obligations, (vii) account holding assets consisting solely of treasury shares, (viii) account holding assets used solely for purposes of paying taxes and (ix) unless otherwise elected by the Borrower, any deposit account or securities account of a Loan Party in any jurisdiction other than the United States.

"*Excluded Property*" has the meaning specified in the Security Agreement.

"*Excluded Subsidiary*" means, as of any date of determination, any Subsidiary that is an Immaterial Subsidiary or an Unrestricted Subsidiary.

"*Excluded Swap Obligation*" means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Guaranty of such Guarantor of, or the grant by such Guarantor of a Lien to secure, such Swap Obligation (or any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation thereof) by virtue of such Guarantor's failure for any reason to constitute an "eligible contract participant" as defined in the Commodity Exchange Act (determined after giving effect to <u>Section 10.11</u> and any other "keepwell", support or other agreement for the benefit of such Guarantor and any and all guarantees of such Guarantor's Swap Obligations by other Guarantors) at the time the Guaranty of such Guarantor, or grant by such Guarantor of a Lien, becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a Master Agreement governing more than one Swap Contract, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to Swap Contracts for which such Guaranty or Lien is or becomes excluded in accordance with the first sentence of this definition.

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"*Excluded Taxes*" means any of the following Taxes imposed on or with respect to any Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under <u>Section 11.13</u>) or (ii) such Lender changes its Lending Office, except in each case to the extent that, pursuant to <u>Sections 3.01(b</u>) or (<u>d</u>), amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its Lending Office, (c) Taxes attributable to such Recipient's failure to comply with <u>Section 3.01(f</u>) and (d) any U.S. federal withholding Taxes imposed pursuant to FATCA.

"*Existing ABL Credit Agreement*" means that certain Loan and Security Agreement dated as of November 14, 2007 (as amended, restated, supplemented or otherwise modified prior to the Closing Date), by and between the Borrower and Icahn Enterprises Holdings L.P.

"*Existing Letters of Credit*" means those certain letters of credit set forth on <u>Schedule 1.01(c</u>).

"*Existing Term Loan Credit Agreement*" means that certain Credit Agreement dated as of January 30, 2014 (as amended, restated, supplemented or otherwise modified prior to the Closing Date), by and among the Borrower, the lenders party thereto and UBS AG, Stamford Branch, as administrative agent and collateral agent.

"*Facility*" means the Term Facility or the Revolving Facility, as the context may require.

"*Facility Termination Date*" means the date as of which all of the following shall have occurred: (a) the Aggregate Commitments have terminated, (b) all Obligations have been paid in full (other than contingent indemnification obligations for which no claim or demand has yet been made), and (c) all Letters of Credit have terminated or expired (other than Letters of Credit as to which other arrangements with respect thereto satisfactory to the Administrative Agent and the L/C Issuer shall have been made).

"*FASB ASC*" means the Accounting Standards Codification of the Financial Accounting Standards Board.

"*FATCA*" means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code.

"*FDA*" has the meaning specified in <u>Section 5.21</u>.

"*Federal Funds Rate*" means, for any day, the rate per annum calculated by the Federal Reserve Bank of New York based on such day's federal funds transactions by depository institutions (as determined in such manner as the Federal Reserve Bank of New York shall set forth on its public website from time to time) and published on the next succeeding Business Day by the Federal Reserve Bank of New York as the federal funds effective rate; provided that if the Federal Funds Rate as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

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"*Fee Letter*" means the letter agreement, dated August 14, 2020, among the Borrower, the Administrative Agent and BofA Securities.

"*Financial Officer*" means of any Person shall mean the chief financial officer, principal accounting officer, vice president of finance, treasurer or controller of such Person.

"*Foreign Lender*" means, (a) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes. For purposes of this definition, the United States, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction.

"*Foreign Obligation Loan Documents*" means all legal documentation entered into between the applicable Foreign Subsidiary and the Foreign Obligation Provider, to the extent evidencing Foreign Subsidiary Secured Obligations.

"*Foreign Obligation Provider*" means any Person in its capacity as a party to a Foreign Obligation Loan Document that, (a) at the time it enters into such Foreign Obligation Loan Document with a Loan Party or any Subsidiary, is a Lender or an office, branch or Affiliate of a Lender, or (b) at the time it (or its Affiliate) becomes a Lender, is a party to such Foreign Obligation Loan Document with a Loan Party or any Subsidiary, in each case in its capacity as a party to such Foreign Obligation Loan Documents (even if such Person ceases to be a Lender or such Person's Affiliate ceased to be a Lender).

"*Foreign Obligor*" means a Loan Party that is a Foreign Subsidiary.

"*Foreign Subsidiary*" means any Subsidiary that is organized under the laws of a jurisdiction other than the United States, a State thereof or the District of Columbia.

"*Foreign Subsidiary Secured Obligations*" means all unpaid principal of, accrued and unpaid interest and fees and reimbursement obligations, and all expenses, reimbursements, indemnities and other obligations under or with respect to, any loans, letters of credit, acceptances, guarantees, overdraft facilities, other credit extensions or accommodations or similar obligations owing by any Foreign Subsidiary to a Foreign Obligation Provider; *provided* that any such obligations constituting Indebtedness shall only constitute Foreign Subsidiary Secured Obligations to the extent permitted under <u>Section 7.01(m)</u>.

"*FRB*" means the Board of Governors of the Federal Reserve System of the United States.

"*Fronting Exposure*" means, at any time there is a Defaulting Lender that is a Revolving Lender, (a) with respect to the L/C Issuer, such Defaulting Lender's Applicable Percentage of the outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender's participation obligation has been reallocated to other Revolving Lenders or Cash Collateralized in accordance with the terms hereof, and (b) with respect to the Swingline Lender, such Defaulting Lender's Applicable Percentage of Swingline Loans other than Swingline Loans as to which such Defaulting Lender's participation obligation has been reallocated to other Revolving Lenders or Cash Collateralized in accordance with the terms hereof.

"*Fund*" means any Person (other than a natural Person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities.

"*Funding Indemnity Letter*" means a funding indemnity letter, substantially in the form of <u>Exhibit M</u>.

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"*GAAP*" means generally accepted accounting principles in the United States set forth from time to time in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board (or agencies with similar functions of comparable stature and authority within the accounting profession) including, without limitation, the FASB Accounting Standards Codification, that are applicable to the circumstances as of the date of determination, consistently applied and subject to <u>Section 1.03</u>.

"*Governmental Authority*" means the government of the United States or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including, without limitation, the FDA, the USDA, the Financial Conduct Authority, the Prudential Regulation Authority and any supra-national bodies such as the European Union or the European Central Bank).

"*Guarantee*" of or by any Person means any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the "<u>primary obligor</u>") in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment of such Indebtedness or other obligation, (b) to purchase or lease property, assets, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment of such Indebtedness or other obligation, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation, or (e) to otherwise assure or hold harmless the owner of such Indebtedness or other obligation against loss in respect thereof; *provided*, *however*, that the term "<u>Guarantee</u>" shall not include endorsements for collection or deposit in the ordinary course of business. The amount of any obligation under a Guarantee of a guarantor shall be deemed to be the lower of (A) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee is made, and (B) the maximum amount for which such guarantor may be liable pursuant to the terms of the instrument embodying such Guarantee, unless such primary obligation and the maximum amount for which such guarantor may be liable are not stated or determinable, in which case the amount of such obligation shall be such guarantor's maximum reasonably anticipated liability in respect thereof as determined by the Borrower in good faith.

"*Guaranteed Obligations*" has the meaning set forth in <u>Section 10.01</u>.

"*Guarantors*" means, collectively, (a) the Restricted Subsidiaries of the Borrower as are or may from time to time become parties to this Agreement pursuant to <u>Section 6.12</u>, and (b) with respect to Additional Secured Obligations owing by any Loan Party or any of its Subsidiaries and any Swap Obligation of a Specified Loan Party (determined before giving effect to <u>Sections 10.01</u> and <u>10.11</u>) under the Guaranty, the Borrower. For the avoidance of doubt, no Excluded Subsidiary shall be required to be a Guarantor.

"*Guaranty*" means, collectively, the Guarantee made by the Guarantors under <u>Article X</u> in favor of the Secured Parties, together with each other guaranty delivered pursuant to <u>Section 6.12</u>.

"*Hazardous Materials*" means (a) any petroleum products or byproducts, (b) per- and polyfluoroalkyl substances, and (c) any chemical, material, substance or waste defined or characterized as toxic, hazardous, a pollutant, or a contaminant or words of similar meaning that is prohibited, limited, or

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regulated by or pursuant to, or gives rise to liability under, any Environmental Law or requiring removal, remediation or reporting under any Environmental Law.

"*Hedge Bank*" means any Person in its capacity as a party to a Swap Contract that, (**a**) at the time it enters into a Swap Contract not prohibited under <u>Articles VI</u> or <u>VII</u>, is a Lender or an Affiliate of a Lender, or (b) at the time it (or its Affiliate) becomes a Lender, is a party to a Swap Contract not prohibited under <u>Articles VI</u> or <u>VII</u>, in each case, in its capacity as a party to such Swap Contract (even if such Person ceases to be a Lender or such Person's Affiliate ceased to be a Lender); *provided*, *however*, in the case of a Secured Hedge Agreement with a Person who is no longer a Lender (or Affiliate of a Lender), such Person shall be considered a Hedge Bank only through the stated termination date (without extension or renewal) of such Secured Hedge Agreement and *provided further* that for any of the foregoing to be included as a "Secured Hedge Agreement" on any date of determination by the Administrative Agent, the applicable Hedge Bank (other than the Administrative Agent or an Affiliate of the Administrative Agent) must have delivered a Secured Party Designation Notice to the Administrative Agent prior to such date of determination.

"*Icahn Group*" means, from time to time, (1) Carl Icahn and his siblings, his and their respective spouses and descendants (including stepchildren and adopted children) and the spouses of such descendants (including stepchildren and adopted children) (collectively, the "<u>Family Group</u>"); (2) any trust, estate, partnership, corporation, company, limited liability company or unincorporated association or organization (each an "*Entity*" and collectively "*Entities*") Controlled by one or more members of the Family Group; (3) any Entity over which one or more members of the Family Group, directly or indirectly, have rights that, either legally or in practical effect, enable them to make or veto significant management decisions with respect to such Entity, whether pursuant to the constituent documents of such Entity, by contract, through representation on a board of directors or other governing body of such Entity, through a management position with such Entity or in any other manner (such rights hereinafter referred to as "*Veto Power*"); (4) the estate of any member of the Family Group; (5) any trust created (in whole or in part) by any one or more members of the Family Group; (6) any individual or Entity who receives an interest in any estate or trust listed in clauses (4) or (5), to the extent of such interest; (7) any trust or estate, substantially all the beneficiaries of which (other than charitable organizations or foundations) consist of one or more members of the Family Group; (8) any organization described in Section 501(c) of the Code, over which any one or more members of the Family Group and the trusts and estates listed in clauses (4), (5) and (7) have direct or indirect Veto Power, or to which they are substantial contributors (as such term is defined in Section 507 of the Code); (9) any organization described in Section 501(c) of the Code of which a member of the Family Group is an officer, director or trustee; or (10) any Entity, directly or indirectly (a) owned or Controlled by or (b) a majority of the economic interests in which are owned by, or are for or accrue to the benefit of, in either case, any Person or Persons identified in clauses (1) through (9) above.

For the purposes of this definition of Icahn Group, and for the avoidance of doubt, in addition to any other Person or Persons that may be considered to possess Control, (x) a partnership shall be considered Controlled by a general partner or managing general partner thereof, (y) a limited liability company shall be considered Controlled by a managing member of such limited liability company, and (z) a trust or estate shall be considered Controlled by any trustee, executor, personal representative, administrator or any other Person or Persons having authority over the control, management or disposition of the income and assets therefrom.

"*Immaterial Subsidiary*" means, at any date of determination, each Restricted Subsidiary of the Borrower that has been designated by the Borrower in writing to the Administrative Agent as an "Immaterial Subsidiary" for purposes of this Agreement (and not redesignated as a Material Subsidiary as provided below); provided that, (a) for purposes of this Agreement, at no time shall (i) the fair market value or the book value (whichever is greater) of the total assets of any Immaterial Subsidiary at the last day of the most recent Measurement Period be equal to or exceed $2,000,000, or (ii) the revenues of any

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Immaterial Subsidiary be equal to exceed $1,000,000 during the last twelve months preceding the Closing Date and, thereafter, during the twelve months preceding the Borrower's most recent fiscal quarter, and (b) the Borrower shall not designate any new Immaterial Subsidiary if such designation would not comply with the provisions set forth in clause (a) above; *provided, further that*, the Borrower may designate and re-designate a Subsidiary as an Immaterial Subsidiary at any time, subject to the terms set forth in this definition. As of the Closing Date, each Immaterial Subsidiary of the Borrower is listed on <u>Schedule 1.01(e)</u>.

"*Impacted Loans*" has the meaning assigned to such term in <u>Section 3.03(a</u>).

"*Increase Effective Date*" has the meaning assigned to such term in <u>Section 2.16</u>.

"*Increase Joinder*" has the meaning assigned to such term in <u>Section 2.16(b)</u>.

"*Incremental Commitments*" means Incremental Revolving Commitments and/or the Incremental Term Commitments.

"*Incremental Revolving Commitment*" has the meaning assigned to such term in <u>Section 2.16</u>.

"*Incremental Term Commitment*" has the meaning assigned to such term in <u>Section 2.16</u>.

"*Incremental Term Loan Maturity Date*" has the meaning assigned to such term in <u>Section 2.16(c).</u>

"*Incremental Term Loans*" means any loans made pursuant to any Incremental Term Commitments.

"*Indebtedness*" means, as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities in accordance with GAAP:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)all obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)all direct or contingent obligations of such Person arising under standby letters of credit, bankers' acceptances, bank guaranties and similar instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the Swap Termination Value of any Swap Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)all obligations of such Person to pay the deferred purchase price of property or services (other than trade accounts payable and accrued obligations incurred in the ordinary course of business);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse (other than customary reservations or retentions of title under agreements with suppliers entered into in the ordinary course of business); *provided, however*, <u>that</u>, if such indebtedness has not been assumed by such Person or is limited in recourse to such Person then the amount of Indebtedness of any Person will be deemed to be equal to the lesser of (x) the aggregate unpaid amount of such Indebtedness and (y) the fair market value (as determined by such Person in good faith) of the property encumbered thereby as determined by such Person in good faith;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)all Attributable Indebtedness of such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)all mandatory and non-discretionary obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment prior to the date that is ninety-one (91) days after the Maturity Date in respect of any Equity Interest in such Person or any other Person, valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends, including Disqualified Preferred Stock; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)all Guarantees of such Person in respect of any of the foregoing.

For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse to such Person.

"*Indemnified Taxes*" means all (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in <u>clause (a</u>), Other Taxes.

"*Indemnitee*" has the meaning specified in <u>Section 11.04(b</u>).

"*Information*" has the meaning specified in <u>Section 11.07(a</u>).

"*Intellectual Property*" has the meaning set forth in the Security Agreement.

"*Intercompany Note*" means that certain Global Intercompany Note, dated as of the Closing Date, by and among the Borrower and certain of its Subsidiaries party thereto.

"*Interest Payment Date*" means, (a) as to any Eurodollar Rate Loan, the last day of each Interest Period applicable to such Loan and the Maturity Date of the Facility under which such Loan was made; *provided*, *however*, that if any Interest Period for a Eurodollar Rate Loan exceeds three (3) months, the respective dates that fall every three (3) months after the beginning of such Interest Period shall also be Interest Payment Dates; and (b) as to any Base Rate Loan or Swingline Loan, the last Business Day of each March, June, September and December and the Maturity Date of the Facility under which such Loan was made (with Swingline Loans being deemed made under the Revolving Facility for purposes of this definition).

"*Interest Period*" means, as to each Eurodollar Rate Loan, the period commencing on the date such Eurodollar Rate Loan is disbursed or converted to or continued as a Eurodollar Rate Loan and ending on the date one (1), two (2), three (3) or six (6) months thereafter (in each case, subject to availability), as selected by the Borrower in its Loan Notice, or such other period that is twelve months or less requested by the Borrower and consented to by all of the Appropriate Lenders; *provided*, *however*, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such

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Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)no Interest Period shall extend beyond the Maturity Date of the Facility under which such Loan was made.

"*Investment*" means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition of Equity Interests of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of debt of, or purchase or other acquisition of any other debt or interest in, another Person (including any partnership or joint venture interest in such other Person and any arrangement pursuant to which the investor Guarantees Indebtedness of such other Person), or (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets of another Person which constitute all or substantially all of the assets of such Person or of a division or line of business of such Person. For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment.The amount of any Investment will be the original cost of such Investment *plus* (x) the cost of all additions thereto, without any adjustments for increases or decreases in value, or write-ups, write-downs or write-offs with respect to such Investment *minus* (y) the amount of any dividend, distribution, interest payment, return of capital, repayment or other amount received in cash by the Borrower or a Subsidiary in respect of such Investment.

"*Involuntary Disposition*" means any loss of, damage to or destruction of, or any condemnation or other taking for public use of, any property of any Loan Party or any Subsidiary.

"*IRS*" means the United States Internal Revenue Service.

"*ISP*" means the International Standby Practices, International Chamber of Commerce Publication No. 590 (or such later version thereof as may be in effect at the applicable time).

"*Issuer Documents*" means with respect to any Letter of Credit, the Letter of Credit Application, and any other document, agreement and instrument entered into by the L/C Issuer and the Borrower (or any Subsidiary) or in favor of the L/C Issuer and relating to such Letter of Credit.

"*Joinder Agreement*" means a joinder agreement substantially in the form of <u>Exhibit D</u> executed and delivered in accordance with the provisions of <u>Section 6.12</u>.

"*Latest Maturity Date*" shall mean, at any time, the latest Maturity Date applicable to any Term Loan hereunder at such time, including the latest maturity date of any Incremental Term Loan, in each case as extended in accordance with this Agreement from time to time.

"*Laws*" means, collectively, all international, foreign, federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority.

"*L*<u>/</u>*C Advance*" means, with respect to each Revolving Lender, such Lender's funding of its participation in any L/C Borrowing in accordance with its Applicable Revolving Percentage.

"*L*<u>/</u>*C Borrowing*" means an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when made or refinanced as a Revolving Borrowing.

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"*L*<u>/</u>*C Commitment*" means, with respect to the L/C Issuer, the commitment of the L/C Issuer to issue Letters of Credit hereunder. The initial amount of the L/C Issuer's Letter of Credit Commitment is set forth on <u>Schedule 2.03</u>. The Letter of Credit Commitment of the L/C Issuer may be modified from time to time by agreement between the L/C Issuer and the Borrower, and notified to the Administrative Agent.

"*L*<u>/</u>*C Credit Extension*" means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the increase of the amount thereof.

"*L/C Disbursement*" means any payment made by the L/C Issuer pursuant to a Letter of Credit.

"*L*<u>/</u>*C Issuer*" means Bank of America in its capacity as issuer of Letters of Credit hereunder, or any successor issuer of Letters of Credit hereunder.

"*L*<u>/</u>*C Obligations*" means, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit plus the aggregate amount of all Unreimbursed Amounts (including all L/C Borrowings). For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with <u>Section 1.06</u>. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be "outstanding" in the amount so remaining available to be drawn.

"*LCA Test Date*" has the meaning specified in <u>Section 1.09</u>.

"*Lender*" means each of the Persons identified as a "Lender" on the signature pages hereto, each other Person that becomes a "Lender" in accordance with this Agreement and, their successors and assigns and, unless the context requires otherwise, includes the Swingline Lender.

"*Lending Office*" means, as to the Administrative Agent, the L/C Issuer or any Lender, the office or offices of such Person described as such in such Person's Administrative Questionnaire, or such other office or offices as such Person may from time to time notify the Borrower and the Administrative Agent; which office may include any Affiliate of such Person or any domestic or foreign branch of such Person or such Affiliate.

"*Letter of Credit*" means any standby letter of credit issued hereunder and shall include the Existing Letters of Credit.

"*Letter of Credit Application*" means an application and agreement for the issuance or amendment of a Letter of Credit in the form from time to time in use by the L/C Issuer.

"*Letter of Credit Fee*" has the meaning specified in <u>Section 2.03(l)</u>.

"*Letter of Credit Sublimit*" means, as of any date of determination, an amount equal to the lesser of (a) $5,000,000 and (b) the Revolving Facility. The Letter of Credit Sublimit is part of, and not in addition to, the Revolving Facility.

"*LIBOR*" has the meaning specified in the definition of Eurodollar Rate.

"*LIBOR Screen Rate*" means the LIBOR quote on the applicable screen page the Administrative Agent designates to determine LIBOR (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time).

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"*LIBOR Successor Rate*" has the meaning specified in <u>Section 3.03(c</u>).

"*LIBOR Successor Rate Conforming Changes*" has the meaning specified in <u>Section 3.03(f</u>).

"*Lien*" means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or otherwise), charge, or preference, priority or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to real property and any financing lease having substantially the same economic effect as any of the foregoing).

"*Limited Condition Acquisition*" means a Permitted Acquisition that is not conditioned on the availability of, or on obtaining, third party financing.

"*Liquidity*" means, on any date of determination, an amount equal to the excess of (x) the aggregate Revolving Commitments of all Revolving Lenders as of such date *plus* the aggregate amount of cash and Cash Equivalents held by the Borrower and its Restricted Subsidiaries on such date (which shall be determined without giving Pro Forma Effect to the proceeds of any Indebtedness incurred on such date) that are not restricted *over* (y) the Outstanding Amount of Revolving Loans and L/C Obligations.

"*Loan*" means an extension of credit by a Lender to the Borrower under <u>Article II</u> in the form of a Term Loan, a Revolving Loan or a Swingline Loan.

"*Loan Documents*" means, collectively, (a) this Agreement, (b) the Notes, (c) the Guaranty, (d) the Collateral Documents, (e) the Fee Letter, (f) the Loan Purchase Agreement, (g) each Issuer Document, (h) each Joinder Agreement, (i) any agreement creating or perfecting rights in Cash Collateral pursuant to the provisions of <u>Section 2.14</u>, and (j) all other certificates, agreements, documents and instruments executed and delivered, in each case, by or on behalf of any Loan Party pursuant to the foregoing (but specifically excluding any Secured Hedge Agreement or any Secured Cash Management Agreement) and any amendments, modifications or supplements thereto or to any other Loan Document or waivers hereof or to any other Loan Document; *provided*, *however*, that for purposes of <u>Section 11.01</u>, "Loan Documents" shall mean this Agreement, the Guaranty and the Collateral Documents.

"*Loan Notice*" means a notice of (a) a Borrowing, (b) a conversion of Loans from one Type to the other, or (c) a continuation of Eurodollar Rate Loans, pursuant to <u>Section 2.02(a</u>), which, if in writing, shall be substantially in the form of <u>Exhibit E</u> or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower.

"*Loan Parties*" means, collectively, the Borrower and each Guarantor.

"*Loan Purchase Agreement*" means the Loan Purchase Agreement, dated as of the Closing Date, by and between AEPC and Bank of America, and acknowledged by the Borrower.

"*London Banking Day*" means any day on which dealings in Dollar deposits are conducted by and between banks in the London interbank eurodollar market.

"*Margin Stock*" means the meaning assigned to such term in Regulation U.

"*Master Agreement*" has the meaning set forth in the definition of "Swap Contract."

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"*Material Adverse Effect*" means (a) a material adverse effect on the business, assets, operations, condition (financial or otherwise) or operating results of the Borrower and the Restricted Subsidiaries, taken as a whole; (b) a material impairment of the ability of the Loan Parties, taken as a whole, to perform their material obligations under the Loan Documents; (c) a material impairment of the validity or enforceability of any of the Loan Documents or the rights and remedies of, or benefits available to, the Secured Parties or the Administrative Agent under any Loan Document, or (d) a material adverse effect on the validity, perfection or priority of the Liens granted pursuant to any of the Collateral Documents.

"*Material Indebtedness*" shall mean any Indebtedness (other than the Obligations hereunder), or obligations in respect of one or more Swap Contracts, whenever incurred or arising, of any one or more of the Borrower or any Restricted Subsidiary in an aggregate principal amount exceeding $7,500,000. For purposes of determining Material Indebtedness, the "principal amount" of the obligations of the Borrower or any Restricted Subsidiary in respect of any Swap Contract at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the Borrower or such Restricted Subsidiary would be required to pay if such Swap Contract were terminated at such time.

"*Material Subsidiary*" means any Restricted Subsidiary other than an Immaterial Subsidiary.

"*Maturity Date*" means (a) with respect to the Revolving Facility, October 9, 2023 and (b) with respect to the Term Facility, October 9, 2023; *provided*, *however*, that, in each case, if such date is not a Business Day, the Maturity Date shall be the next preceding Business Day.

"*Maximum Rate*" has the meaning set forth in <u>Section 11.09</u>.

"*Measurement Period*" means, for any date of determination under this Agreement, the four consecutive fiscal quarters of the Borrower most recently ended as of such date of determination.

"*Minimum Collateral Amount*" means, at any time, (a) with respect to Cash Collateral consisting of cash or deposit account balances, an amount equal to 103% of the Fronting Exposure of the L/C Issuer with respect to Letters of Credit issued and outstanding at such time and (b) otherwise, an amount determined by the Administrative Agent and the L/C Issuer in their sole discretion.

"*Moody*<u>'</u>*s*" means Moody's Investors Service, Inc. and any successor thereto.

"*Multiemployer Plan*" means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

"*Net Cash Proceeds*" means (a) with respect to any Disposition or Involuntary Disposition, the cash proceeds actually received by the Borrower or any of its Restricted Subsidiaries (including cash proceeds subsequently received (as and when received) in respect of non-cash consideration initially received and valued at the initial principal amount thereof in the case of non-cash proceeds consisting of notes or other debt securities and valued at fair market value at the time of such Disposition in the case of other non-cash proceeds), net of (i) selling expenses (including broker's fees or commissions, accountants' fees, investment banking fees, consulting fees, reasonable and documented legal fees and any other customary reasonable and documented fees and out-of-pocket expenses actually incurred in connection therewith, transfer and similar taxes), (ii) amounts provided as a reserve, in accordance with GAAP, against any liabilities, for any taxes, or under any indemnification obligation or purchase price adjustment associated with such Disposition (<u>provided</u> that, to the extent and at the time any such amounts are released from such reserve, such amounts shall constitute Net Cash Proceeds), (iii) the principal amount, premium or penalty, if any, interest and other amounts on any Indebtedness for borrowed money, Capital Lease Obligations or Synthetic Lease Obligations which are secured by the assets sold in such Disposition sold and which are required to be repaid with such proceeds (other than any such Indebtedness assumed by the

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purchaser of such assets) and (iv) any amounts received by the Borrower or any of its Restricted Subsidiaries which would not at the applicable time of determination be permitted to be distributed to its immediate parent, the Borrower or the Administrative Agent by operation of the terms of such receiving party's charter or any agreement, instrument, judgment, decree, statute, rule or governmental regulation applicable to such receiving party, and (b) with respect to any issuance or incurrence of Indebtedness for borrowed money or any Equity Issuance, the cash proceeds thereof actually received by the Borrower or such Restricted Subsidiary, net of all attorneys' fees, consulting fees, investment banking fees, taxes and other customary fees, underwriting discounts, commissions, costs and other expenses incurred in connection therewith.

"*Non*<u>-</u>*Consenting Lender*" means any Lender that does not approve any consent, waiver or amendment that (a) requires the approval of all Lenders or all affected Lenders, in accordance with the terms of <u>Section 11.01</u> and (b) has been approved by the Required Lenders.

"*Non*<u>-</u>*Defaulting Lender*" means, at any time, each Lender that is not a Defaulting Lender at such time.

"*Non-Extension Notice Date*" has the meaning specified in <u>Section 2.03(b)(ii</u>).

"*Note*" means a Term Note or a Revolving Note, as the context may require.

"*Notice of Loan Prepayment*" means a notice of prepayment with respect to a Loan, which shall be substantially in the form of <u>Exhibit O</u> or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer.

"*Obligations*" means (a) all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan Document or otherwise with respect to any Loan, or Letter of Credit and (b) all costs and expenses incurred in connection with enforcement and collection of the foregoing, including the fees, charges and disbursements of counsel, in each case whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest, expenses and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof pursuant to any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest, expenses and fees are allowed claims in such proceeding; *provided*, *however*, that, without limiting the foregoing, the Obligations of a Guarantor shall exclude any Excluded Swap Obligations with respect to such Guarantor.

"*OFAC*" means the Office of Foreign Assets Control of the United States Department of the Treasury.

"*OID*" has the meaning specified in <u>Section 2.16(b)</u>.

"*Organization Documents*" means, (a) with respect to any corporation, the charter or certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating agreement or limited liability company agreement (or equivalent or comparable documents with respect to any non-U.S. jurisdiction); (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization (or equivalent or comparable documents with respect to any non-U.S. jurisdiction) and (d) with respect to all entities, any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority

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in the jurisdiction of its formation or organization (or equivalent or comparable documents with respect to any non-U.S. jurisdiction).

"*Other Connection Taxes*" means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).

"*Other Taxes*" means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to <u>Section 3.06</u>).

"*Outstanding Amount*" means (a) with respect to Term Loans, Revolving Loans and Swingline Loans on any date, the aggregate outstanding principal amount thereof after giving effect to any Borrowings and prepayments or repayments of Term Loans, Revolving Loans and Swingline Loans, as the case may be, occurring on such date; and (b) with respect to any L/C Obligations on any date, the amount of such L/C Obligations on such date after giving effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of such date, including as a result of any reimbursements by the Borrower of Unreimbursed Amounts.

"*Participant*" has the meaning specified in <u>Section 11.06(d</u>).

"*Participant Register*" has the meaning specified in <u>Section 11.06(d</u>).

"*Patriot Act*" has the meaning specified in <u>Section 11.18</u>.

"*PBGC*" means the Pension Benefit Guaranty Corporation.

"*Perfection Certificate*" means the Perfection Certificate delivered in accordance with <u>Section 4.01(e)(i)</u>.

"*Permit*" has the meaning assigned to such term in <u>Section 5.21(b)</u>.

"*Permitted Acquisition*" means an Acquisition by a Loan Party (the Person or division or line of business of the Person to be acquired in such Acquisition shall be referred to herein as the "*Target*"), in each case that is a type of business (or assets used in a type of business) permitted to be engaged in by the Borrower and its Restricted Subsidiaries pursuant to the terms of this Agreement, in each case so long as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(i) no Default shall then exist or would exist after giving effect thereto or (ii) in the case of a Limited Condition Acquisition (x) no Event of Default exists at the time of entry into the definitive agreement in respect of such Acquisition immediately after giving effect to such Acquisition and (y) no Specified Event of Default exists at the time of consummation of such Acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)in the event such Acquisition is consummated by a merger, the Borrower or a Restricted Subsidiary is the surviving entity;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)a description of the Acquisition shall have been delivered to the Administrative Agent prior to the consummation of the Acquisition (and the Administrative Agent shall deliver a copy to any Lender who requests a copy);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the Borrower shall have delivered to the Administrative Agent copies of the most recent financial statements (audited, if then available) of the Target, together with any other information that Administrative Agent may reasonably request (and the Administrative Agent shall deliver a copy to any Lender who requests a copy);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)such Acquisition shall be consummated in all material respects in accordance with Applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)to the extent such Person is required to become a Guarantor under the Loan Documents, such Person shall have executed a Joinder Agreement in accordance with the terms of <u>Section 6.12</u>, and, to the extent required under the Loan Documents, the Administrative Agent, on behalf of the Secured Parties, shall have received (or shall receive in connection with the closing of such Acquisition) a first priority perfected security interest (subject to Permitted Liens) in all property (including Equity Interests but excluding any Excluded Property) acquired with respect to the Target in accordance with the terms of <u>Section 6.12</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)on or prior to the proposed date of such Acquisition, the Administrative Agent and the Lenders shall have received, a Permitted Acquisition Certificate, executed by a Responsible Officer of the Borrower certifying that such Permitted Acquisition complies with the requirements of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)the Borrower shall be in compliance on a Pro Forma Basis with the financial covenants set forth in <u>Section 7.11</u> after giving effect to the consummation of the Acquisition (or, if applicable in accordance with <u>Section 1.09</u>, on the LCA Test Date) and, for any such Acquisition for which the consideration to be paid is greater than $25,000,000, the Borrower shall have delivered to the Administrative Agent a Compliance Certificate demonstrating such compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the aggregate amount of consideration for any Acquisitions (without duplication) (A) in assets that are not (and do not become at the time of such acquisition) directly owned by a Loan Party, or (B) in Equity Interests of Persons that do not become Guarantors shall not exceed $25,000,000 during the term of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)Liquidity shall be greater than $10,000,000 on a Pro Forma Basis after giving effect to the consummation of such Acquisition (or, if applicable in accordance with <u>Section 1.09</u>, on the LCA Test Date).

"*Permitted Acquisition Certificate*" means a certificate substantially the form of <u>Exhibit F</u> or any other form approved by the Administrative Agent.

"*Permitted Business*" shall mean the business currently conducted by the Borrower and its Restricted Subsidiaries, businesses substantially similar to the business currently conducted by the Borrower and its Restricted Subsidiaries, or any business or activity that is related, ancillary or complementary thereto or an extension, development or expansion thereof.

"*Permitted Holders*" means the Icahn Group and any group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision) of which any of the foregoing are members from time to time.

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"*Permitted Liens*" has the meaning set forth in <u>Section 7.02</u>.

"*Permitted Tax Distributions*" mean any dividend, payment or distribution to the Borrower, any Subsidiary or the parent of a consolidated, combined or unitary group of which the Borrower is a member for income tax purposes to pay Taxes due and payable solely in respect of income of the Borrower or any Subsidiary; *provided*, *however*, that, for each taxable period, the amount of such payments made by the Borrower and its Subsidiaries to a parent of a group of which the Borrower is a member in respect of such taxable period in the aggregate shall not exceed the amount that the Borrower and its Subsidiaries that are members of such group would have been required to pay as a stand-alone consolidated, combined or similar income tax group; *provided, further*, that the Permitted Tax Distributions hereunder with respect to any Taxes that are attributable to the activities or income of any Unrestricted Subsidiary for any taxable period shall be limited to the amount actually paid with respect to such period by such Unrestricted Subsidiary to the Borrower or its Restricted Subsidiaries for the purposes of paying such Consolidated, combined or similar income Taxes.

"*Permitted Transfers*" means (a) Dispositions of inventory in the ordinary course of business; (b) Dispositions of property to the Borrower or any Subsidiary; *provided*, *however*, that if the transferor of such property is a Loan Party then the transferee thereof must be a Loan Party; (c) Dispositions of accounts receivable in connection with the collection or compromise thereof; (d) licenses, sublicenses, leases or subleases granted to others not interfering in any material respect with the business of the Borrower and its Subsidiaries; (e) the sale or disposition of Cash Equivalents for fair market value; (f) the sale or other disposition of surplus, damaged, obsolete, scrap, idle or worn-out assets in the ordinary course of business; (g) the sale, transfer, conveyance, assignment, lease or other disposition of furniture, fixtures and equipment in the ordinary course of business; and (h) any sale, transfer, conveyance, assignment, lease or other disposition or series of related sales, transfers, conveyances, assignments, leases or other related dispositions that have a purchase price not in excess of $1,000,000.

"*Permitted Unsecured Debt*" shall mean (a) unsecured subordinated Indebtedness issued or incurred by the Borrower, any Guarantor or any Foreign Subsidiary, and (b) unsecured senior Indebtedness issued by the Borrower, any Guarantor or any Foreign Subsidiary, in each case (other than with respect to any such Indebtedness of Foreign Subsidiaries), (i) the terms of which (A) do not provide for any amortization, scheduled repayment, mandatory redemption or sinking fund obligation prior to the date that is twelve (12) months after the Latest Maturity Date, other than customary offers to repurchase upon a change of control, asset sale or event of loss and customary acceleration rights after an event of default, (B) provide for covenants and events of default customary for Indebtedness of a similar nature as such Permitted Unsecured Debt but in any event the terms and conditions thereof, excluding pricing, fees, rate floors and premiums are, taken as a whole, no more restrictive in any material respect than the terms set forth in this Agreement and (C) in the case of subordinated Indebtedness, provide for subordination of payments in respect of such Indebtedness to the Obligations and guarantees thereof under the Loan Documents customary for subordinated high yield securities or on terms reasonably acceptable to the Administrative Agent, and (ii) in respect of which no Subsidiary of the Borrower that is not an obligor or guarantor under the Loan Documents is an obligor or guarantor (other than Foreign Subsidiaries); *provided*, *however*, that immediately prior to and after giving effect to any incurrence of Permitted Unsecured Debt and the application of proceeds therefrom, no Default shall have occurred and be continuing or would result therefrom. Notwithstanding the foregoing, Disqualified Preferred Stock shall not constitute Permitted Unsecured Debt.

"*Person*" means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.

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"*Plan*" means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code, maintained, sponsored or contributed to by Borrower or any ERISA Affiliate or in respect of which Borrower or any ERISA Affiliate has or could have any liability.

"*Plan of Reorganization*" has the meaning specified in <u>Section 11.06(g</u>).

"*Platform*" has the meaning specified in <u>Section 6.04(l</u>).

"*Pledged Equity*" has the meaning specified in the Security Agreement.

"*Pro Forma Basis*" and "*Pro Forma Effect*" means, for purposes of calculating compliance with any test or covenant under this Agreement, including the financial covenants set forth in <u>Section 7.11</u>, with respect to any relevant transaction or series of related transactions, immediately after giving effect to such transaction or series of related transactions on a pro forma basis as if occurring during the relevant period or thereafter and on or prior to the date of determination with such transaction(s), and all other subject applicable transactions (including debt incurrences and repayments, Acquisitions, Dispositions of all or substantially all of the assets or stock of a Restricted Subsidiary (or any line of business or division of the Borrower or any Restricted Subsidiary) and the designation of a Restricted Subsidiary as an Unrestricted Subsidiary or an Unrestricted Subsidiary as a Restricted Subsidiary) occurring during the relevant period or thereafter and on or prior to the date of determination shall be deemed to have occurred as of the first day of the applicable period of measurement in such test or covenant, and with supporting detail *provided*, *however*, by the Borrower to the Administrative Agent as to any pro forma adjustments; *provided*, *however*, that the foregoing pro forma adjustments may only be applied to the calculation of Consolidated EBITDA (x) to the extent such adjustments are consistent with the definition of Consolidated EBITDA and such supporting detail demonstrates such pro forma adjustments are factually supportable and expected to have a continuing impact, in each case determined on a basis consistent with Article 11 of Regulation S-X of the Securities Act of 1933, as interpreted by the Securities and Exchange Commission, or (y) with respect to any additional pro forma expense and cost reductions or synergies, to the extent set forth in a certificate of a Responsible Officer itemizing any such additional pro forma expense and cost reductions or synergies, net of the benefit received, calculated in good faith, each of which such items must have been realized or be reasonably anticipated to be realizable within 12 months of the initial closing of such transaction or series of transactions; *provided further*, that any increase in Consolidated EBITDA as a result of such pro forma expense and cost reductions or synergies shall not exceed, together with all amounts added back to Consolidated EBITDA for such test period under clause (vii) of the definition of Consolidated EBITDA, 15% of Consolidated EBITDA for such period (giving pro forma effect to all such relevant transactions occurring during such period). Notwithstanding the foregoing, when calculating Consolidated EBITDA for purposes of (i) the definition of "Applicable Rate," and (ii) determining actual compliance (and not pro forma compliance or compliance on a Pro Forma Basis) with the financial covenants set forth in <u>Section 7.11</u>, any events described in this definition of "Pro Forma Basis" that occurred subsequent to the end of the applicable Measurement Period shall not be given pro forma effect.

"*PTE*" means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

"*Public Lender*" has the meaning specified in <u>Section 6.04(l)</u>.

"*QFC*" has the meaning assigned to the term "qualified financial contract" in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

"*QFC Credit Support*" has the meaning specified in <u>Section 11.20</u>.

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"*Qualified ECP Guarantor*" means, at any time, each Loan Party with total assets exceeding $10,000,000 or that qualifies at such time as an "eligible contract participant" under the Commodity Exchange Act and can cause another Person to qualify as an "eligible contract participant" at such time under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

"*Qualified Equity Interests*" of any person shall mean any Equity Interests of such person that are not Disqualified Preferred Stock.

"*Qualifying Control Agreement*" means an agreement, among a Loan Party, a depository institution or securities intermediary and the Administrative Agent, which agreement is in form and substance reasonably acceptable to the Administrative Agent and which provides the Administrative Agent with "control" (as such term is used in Article 9 of the UCC) over the deposit account(s) or securities account(s) described therein.

"*Recipient*" means the Administrative Agent, any Lender, the L/C Issuer or any other recipient of any payment to be made by or on account of any obligation of any Loan Party hereunder.

"*Register*" has the meaning specified in <u>Section 11.06(c</u>).

"*Regulation U*" means Regulation U of the FRB, as in effect from time to time and all official rulings and interpretations thereunder or thereof.

"*Related Parties*" means, with respect to any Person, such Person's Affiliates and the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors, and representatives of such Person and of such Person's Affiliates.

"*Release*" means any release, spill, emission, leaking, dumping, injection, pouring, deposit, disposal, discharge, dispersal, leaching or migration into or through the environment or within or upon any building, structure, facility or fixture.

"*Relevant Governmental Body*" has the meaning specified in <u>Section 3.03(g</u>).

"*Removal Effective Date*" has the meaning set forth in <u>Section 9.06(b</u>).

"*Request for Credit Extension*" means (a) with respect to a Borrowing, conversion or continuation of Term Loans or Revolving Loans, a Loan Notice, (b) with respect to an L/C Credit Extension, a Letter of Credit Application, and (c) with respect to a Swingline Loan, a Swingline Loan Notice.

"*Required Class Lenders*" means, at any time with respect to any Class of Loans or Commitments, Lenders having Total Credit Exposures with respect to such Class representing more than 50**%** of the Total Credit Exposures of all Lenders of such Class. The Total Credit Exposure of any Defaulting Lender with respect to such Class shall be disregarded in determining Required Class Lenders at any time.

"*Required Lenders*" means, at any time, Lenders having Total Credit Exposures representing more than 50% of the Total Credit Exposures of all Lenders. The Total Credit Exposure of any Defaulting Lender shall be disregarded in determining Required Lenders at any time; *provided*, *however*, that, the amount of any participation in any Swingline Loan and Unreimbursed Amounts that such Defaulting Lender has failed to fund that have not been reallocated to and funded by another Lender shall be deemed to be held by the Lender that is the Swingline Lender or the L/C Issuer, as the case may be, in making such determination; *provided further* that, notwithstanding the foregoing, in each case, if there are at any time two (2) or more

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Lenders, at least two (2) Lenders shall be required to constitute "Required Lenders" (Lenders that are Affiliates of one another being considered as one Lender for purposes of this proviso).

"*Resignation Effective Date*" has the meaning set forth in <u>Section 9.06(a</u>).

"*Responsible Officer*" means the chief executive officer, president, chief operating officer, chief administrative officer, executive vice president, chief financial officer, treasurer, assistant treasurer or controller of a Loan Party, solely for purposes of the delivery of incumbency certificates pursuant to <u>Section 4.01(b</u>), the secretary or any assistant secretary of a Loan Party and, solely for purposes of notices given pursuant to <u>Article II</u>, any other officer or employee or equivalent representative of the applicable Loan Party so designated by any of the foregoing officers, directors or managers in a notice to the Administrative Agent or any other officer or employee of the applicable Loan Party designated in or pursuant to an agreement between the applicable Loan Party and the Administrative Agent. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party. To the extent requested by the Administrative Agent, each Responsible Officer will provide an incumbency certificate and to the extent requested by the Administrative Agent, appropriate authorization documentation, in form and substance reasonably satisfactory to the Administrative Agent.

"*Restricted Payment*" means (a) any dividend or other distribution (including without limitation Permitted Tax Distributions), on account of any shares (or equivalent) of any class of Equity Interests of the Borrower or any of its Subsidiaries, now or hereafter outstanding, (b) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any shares (or equivalent) of any class of Equity Interests of the Borrower or any of its Subsidiaries, now or hereafter outstanding, and (c) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire shares of any class of Equity Interests of any Loan Party or any of its Subsidiaries, now or hereafter outstanding.

"*Restricted Subsidiaries*" means (i) each Subsidiary of the Borrower that is not an Unrestricted Subsidiary on the Closing Date, and (ii) any other Subsidiary acquired or formed by the Borrower or any of its Restricted Subsidiaries, directly or indirectly, that is not an Unrestricted Subsidiary.

"*Revolving Borrowing*" means a borrowing consisting of simultaneous Revolving Loans of the same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Revolving Lenders pursuant to <u>Section 2.01(b</u>).

"*Revolving Commitment*" means, as to each Revolving Lender, its obligation to (a) make Revolving Loans to the Borrower pursuant to <u>Section 2.01(b</u>), (b) purchase participations in L/C Obligations, and (c) purchase participations in Swingline Loans, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender's name on <u>Schedule 1.01(b</u>) under the caption "Revolving Commitment" or opposite such caption in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. The Revolving Commitment of all of the Revolving Lenders on the Closing Date shall be $30,000,000.

"*Revolving Exposure*" means, as to any Lender at any time, the aggregate principal amount at such time of its outstanding Revolving Loans and such Lender's participation in L/C Obligations and Swingline Loans at such time.

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"*Revolving Facility*" means, at any time, the aggregate amount of the Revolving Lenders' Revolving Commitments at such time.

"*Revolving Lender*" means, at any time, (a) so long as any Revolving Commitment is in effect, any Lender that has a Revolving Commitment at such time or (b) if the Revolving Commitments have terminated or expired, any Lender that has a Revolving Loan or a participation in L/C Obligations or Swingline Loans at such time.

"*Revolving Loan*" has the meaning specified in <u>Section 2.01(b</u>).

"*Revolving Note*" means a promissory note made by the Borrower in favor of a Revolving Lender evidencing Revolving Loans or Swingline Loans, as the case may be, made by such Revolving Lender, substantially in the form of <u>Exhibit G</u>.

"*S&P*" means Standard & Poor's Financial Services LLC, a subsidiary of S&P Global Inc., and any successor thereto.

"*Sale and Leaseback Transaction*" means, with respect to any Loan Party or any Restricted Subsidiary, any arrangement, directly or indirectly, with any Person whereby such Loan Party or such Restricted Subsidiary shall sell or transfer any property used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other property that it intends to use for substantially the same purpose or purposes as the property being sold or transferred.

"*Sanction*<u>(</u>*s*<u>)</u>" means any sanction administered or enforced by the United States Government (including, without limitation, OFAC), the United Nations Security Council, the European Union, Her Majesty's Treasury ("*HMT*") or other relevant sanctions authority.

"*Scheduled Unavailability Date*" has the meaning specified in <u>Section 3.03(c</u>).

"*Secured Cash Management Agreement*" means any Cash Management Agreement between any Loan Party and any of its Restricted Subsidiaries and any Cash Management Bank.

"*Secured Hedge Agreement*" means any interest rate, currency, foreign exchange, or commodity Swap Contract required by or not prohibited under <u>Article VI</u> or <u>VII</u> between any Loan Party and any of its Restricted Subsidiaries and any Hedge Bank.

"*Secured Obligations*" means all Obligations, all Foreign Subsidiary Secured Obligations and all Additional Secured Obligations.

"*Secured Parties*" means, collectively, the Administrative Agent, the Lenders, the L/C Issuer, the Hedge Banks, the Cash Management Banks, Foreign Obligation Providers and the Indemnitees.

"*Secured Party Designation Notice*" means a notice from any Lender or an Affiliate of a Lender substantially in the form of <u>Exhibit H</u>.

"*Securities Act*" means the Securities Act of 1933, including all amendments thereto and regulations promulgated thereunder.

"*Security Agreement*" means the security and pledge agreement, dated as of the Closing Date, executed in favor of the Administrative Agent by each of the U.S. Loan Parties.

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"*SOFR*" has the meaning specified in <u>Section 3.03(g</u>).

"*SOFR-Based Rate*" has the meaning specified in <u>Section 3.03(g</u>).

"*Solvency Certificate*" means a solvency certificate in substantially in the form of <u>Exhibit I</u>.

"*Solvent*" and "*Solvency*" mean, with respect to any Person on any date of determination considered on a consolidated basis with other applicable Persons, that on such date (a) the fair value of the property of such Person is greater than the total amount of liabilities, including contingent liabilities, of such Person, which for this purpose shall include rights of contribution in respect of obligations for which such Person has provided a Guarantee, (b) the present fair saleable value of the assets of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured, which for this purpose shall include rights of contribution in respect of obligations for which such Person has provided a Guarantee, (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person's ability to pay such debts and liabilities as they mature, (d) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such Person's property would constitute an unreasonably small capital, and (e) such Person is able to pay its debts and liabilities, contingent obligations and other commitments as they mature in the ordinary course of business. For purposes of this definition, the amount of contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.

"*Specified Event of Default*" means an Event of Default under <u>Sections 8.01(b)</u>, <u>(c)</u>, <u>(j)</u> or <u>(k)</u>.

"*Specified Loan Party*" means any Loan Party that is not then an "eligible contract participant" under the Commodity Exchange Act (determined prior to giving effect to <u>Section 10.11</u>).

"*Subordinated Indebtedness*" means Indebtedness incurred by any Loan Party which by its terms (a) is subordinated in right of payment to the prior payment of the Obligations and (b) contains other terms, including, without limitation, standstill, interest rate, maturity and amortization, and insolvency-related provisions, in all respects reasonably acceptable to the Administrative Agent.

"*Subsidiary*" of a Person means a corporation, partnership, limited liability company or other business entity of which a majority of the shares of Voting Stock is at the time beneficially owned, directly or indirectly, by such Person. Unless otherwise specified, all references herein to a "Subsidiary" or to "Subsidiaries" shall refer to a Subsidiary or Subsidiaries of the Borrower.

"*Supported QFC*" has the meaning specified in <u>Section 11.20</u>.

"*Swap Contract*" means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master

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agreement (any such master agreement, together with any related schedules, a "*Master Agreement*"), including any such obligations or liabilities under any Master Agreement.

"*Swap Obligation*" means with respect to any Guarantor any obligation to pay or perform under any agreement, contract or transaction that constitutes a "swap" within the meaning of Section 1a(47) of the Commodity Exchange Act.

"*Swap Termination Value*" means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in <u>clause (a)</u>, the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts (which may include a Lender or any Affiliate of a Lender).

"*Swingline Borrowing*" means a borrowing of a Swingline Loan pursuant to <u>Section 2.04</u>.

"*Swingline Commitment*" means, as to any Lender (a) the amount set forth opposite such Lender's name on <u>Schedule 2.01</u> hereof or (b) if such Lender has entered into an Assignment and Assumption or has otherwise assumed a Swingline Commitment after the Closing Date, the amount set forth for such Lender as its Swingline Commitment in the Register maintained by the Administrative Agent pursuant to <u>Section 11.06(c</u>).

"*Swingline Lender*" means Bank of America in its capacity as provider of Swingline Loans, or any successor swingline lender hereunder.

"*Swingline Loan*" has the meaning specified in <u>Section 2.04(a</u>).

"*Swingline Loan Notice*" means a notice of a Swingline Borrowing pursuant to <u>Section 2.04(b</u>), which shall be substantially in the form of <u>Exhibit J</u> or such other form as approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower.

"*Swingline Sublimit*" means an amount equal to the lesser of (a) $5,000,000 and (b) the Revolving Facility. The Swingline Sublimit is part of, and not in addition to, the Revolving Facility.

"*Synthetic Debt*" means, with respect to any Person as of any date of determination thereof, all obligations of such Person in respect of transactions entered into by such Person that are intended to function primarily as a borrowing of funds (including any minority interest transactions that function primarily as a borrowing) but are not otherwise included in the definition of "Indebtedness" or as a liability on the Consolidated balance sheet of such Person and its Subsidiaries in accordance with GAAP.

"*Synthetic Lease Obligation*" means the monetary obligation of a Person under (a) a so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of property, in each case, creating obligations that do not appear on the balance sheet of such Person but which, upon the application of any Debtor Relief Laws to such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment).

"*Target*" has the meaning set forth in the definition of "Permitted Acquisition."

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"*Taxes*" means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

"*Term Borrowing*" means a borrowing consisting of simultaneous Term Loans of the same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Term Lenders pursuant to <u>Section 2.01(a</u>).

"*Term Commitment*" means, as to each Term Lender, its obligation to make Term Loans to the Borrower pursuant to <u>Section 2.01(a</u>) in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Term Lender's name on <u>Schedule 1.01(b)</u> under the caption "Term Commitment" or opposite such caption in the Assignment and Assumption pursuant to which such Term Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. The Term Commitment of all of the Term Lenders on the Closing Date shall be $150,000,000.

"*Term Facility*" means, at any time, (a) on or prior to the Closing Date, the aggregate amount of the Term Commitments at such time and (b) thereafter, the aggregate principal amount of the Term Loans of all Term Lenders outstanding at such time.

"*Term Lender*" means (a) at any time on or prior to the Closing Date, any Lender that has a Term Commitment at such time and (b) at any time after the Closing Date, any Lender that holds Term Loans at such time.

"*Term Loan*" means an advance made by any Term Lender under the Term Facility.

"*Term Note*" means a promissory note made by the Borrower in favor of a Term Lender evidencing Term Loans made by such Term Lender, substantially in the form of <u>Exhibit K</u>.

"*Term SOFR*" has the meaning specified in <u>Section 3.03(g</u>).

"*Total Assets*" shall mean, as of any date, the total assets of the Borrower and its Restricted Subsidiaries as of the most recent fiscal quarter end for which financial statements have been delivered pursuant to <u>Section 6.04(a)</u> or <u>(b)</u>, *minus* total goodwill and other intangible assets of the Borrower and its Restricted Subsidiaries reflected on such financial statements, all calculated on a Consolidated basis in accordance with GAAP.

"*Total Credit Exposure*" means, as to any Lender at any time, the unused Commitments, Revolving Exposure and Outstanding Amount of all Term Loans of such Lender at such time.

"*Total Funded Debt*" means, as to any Person at a particular time, without duplication, the sum of: (a) the outstanding principal amount of all obligations of such Person, whether current or long-term, for borrowed money and all obligations evidenced by bonds, debentures, notes or other similar instruments (including Obligations thereunder); (b) all obligations of such Person under conditional sale or other title retention agreements relating to property or assets purchased by such Person; (c) all outstanding reimbursement obligations of such Person as an account party in respect of letters of credit and in respect of bankers' acceptances; (d) all obligations of such Person in respect of the deferred purchase price of property or services (other than trade accounts payable and accrued obligations in the ordinary course of business); (e) all Attributable Indebtedness; (f) the liquidation value of all Disqualified Preferred Stock of such Person; (g) without duplication, all Guarantees of such Person with respect to outstanding indebtedness of the types specified in clauses (a) through (f) above of Persons other than the Borrower or any Restricted

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Subsidiary; and (h) all indebtedness of such Person of the types referred to in clauses (a) through (g) above of any partnership in which the Borrower or a Restricted Subsidiary is a general partner, unless such indebtedness is expressly made non-recourse to the Borrower or such Restricted Subsidiary.

"*Total Revolving Exposure*" means, as to any Revolving Lender at any time, the unused Commitments and Revolving Exposure of such Revolving Lender at such time.

"*Total Revolving Outstandings*" means the aggregate Outstanding Amount of all Revolving Loans, Swingline Loans and L/C Obligations.

"*Trade Date*" has the meaning specified in <u>Section 11.06(g)(i</u>).

"*Transactions*" shall mean, collectively, the transactions contemplated by this Agreement to occur on or substantially concurrently with the Closing Date, including, without limitation, the Borrowing of Term Loans by the Borrower, the making of Guarantees of the Secured Obligations by the Guarantors (if any as of the Closing Date), the granting of the Collateral by the U.S. Loan Parties, the repayment of the Existing Term Loan Credit Agreement and the Existing ABL Credit Agreement and the payment of fees and expenses connection therewith.

"*Type*" means, with respect to a Loan, its character as a Base Rate Loan or a Eurodollar Rate Loan.

"*UCC*" means the Uniform Commercial Code as in effect in the State of New York; *provided*, *however*, that, if perfection or the effect of perfection or non-perfection or the priority of any security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, "*UCC*" means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or non-perfection or priority.

"*UCP*" means the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce Publication No. 600 (or such later version thereof as may be in effect at the applicable time).

"*UK Financial Institutions*" means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

"*UK Resolution Authority*" means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

"*United States*" and "*U*<u>.</u>*S*<u>.</u>" mean the United States of America.

"*Unreimbursed Amount*" has the meaning specified in <u>Section 2.03(f</u>).

"*Unrestricted Subsidiary*" means any Subsidiary of the Borrower listed on <u>Schedule 1.01(f)</u> as of the Closing Date, any Subsidiary of the Borrower designated as an "Unrestricted Subsidiary" pursuant to and in compliance with <u>Section 6.13</u> and any Subsidiary of an Unrestricted Subsidiary, in each case unless subsequently designated as a Restricted Subsidiary pursuant to and in compliance with <u>Section 6.13</u>.

"*USDA*" has the meaning specified in <u>Section 5.21</u>.

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"*U*<u>.</u>*S*<u>.</u> *Loan Party*" means any Loan Party that is organized under the laws of the United States, any state thereof for the District of Columbia.

"*U*<u>.</u>*S*<u>.</u> *Person*" means any Person that is a "United States person" as defined in Section 7701(a)(30) of the Code.

"*U.S. Special Resolution Regimes*" has the meaning specified in <u>Section 11.20</u>.

"*U*<u>.</u>*S*<u>.</u> *Tax Compliance Certificate*" has the meaning specified in <u>Section 3.01(f)(ii)(B)(3</u>).

"*Voting Stock*" means, with respect to any Person, Equity Interests issued by such Person the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such Person, even though the right to so vote has been suspended by the happening of such contingency.

"*Weighted Average Life to Maturity*" shall mean, when applied to any Indebtedness at any date, the number of years obtained *by dividing*: (a) the sum of the products obtained *by multiplying* (i) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect thereof, *by* (ii) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; *by* (b) the then outstanding principal amount of such Indebtedness.

"*wholly owned Restricted Subsidiary*" shall mean a Restricted Subsidiary of the Borrower or a Restricted Subsidiary of which securities (except for directors' qualifying shares) or other ownership interests representing 100% of the Equity Interests are, at the time any determination is being made, owned, Controlled or held by the Borrower or one or more wholly owned Restricted Subsidiaries of the Borrower or by the Borrower and one or more wholly owned Restricted Subsidiaries.

"*Withdrawal Liability*" means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part 1 of Subtitle E of Title IV of ERISA.

"*Withholding Agent*" means the Borrower and the Administrative Agent.

"*Write*<u>-</u>*Down and Conversion Powers*" means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.02**Other Interpretive Provisions

With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "include," "includes" and "including" shall be deemed to be followed by the phrase "without limitation." The word "will" shall be construed to have the same meaning and effect as the word "shall." Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document (including the Loan Documents and any Organization Document) shall be construed as referring to such agreement, instrument or other document as from time to time amended, amended and restated, modified, extended, restated, replaced or supplemented from time to time (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed to include such Person's successors and assigns, (iii) the words "hereto," "herein," "hereof" and "hereunder," and words of similar import when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, Preliminary Statements, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Preliminary Statements, Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any law shall include all statutory and regulatory rules, regulations, orders and provisions consolidating, amending, replacing or interpreting such law and any reference to any law, rule or regulation shall, unless otherwise specified, refer to such law, rule or regulation as amended, modified, extended, restated, replaced or supplemented from time to time, and (vi) the words "asset" and "property" shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In the computation of periods of time from a specified date to a later specified date, the word "from" means "from and including;" the words "to" and "until" each mean "to but excluding;" and the word "through" means "to and including."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Any reference herein to a merger, transfer, consolidation, amalgamation, assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a division of or by a limited liability company, or an allocation of assets to a series of a limited liability company (or the unwinding of such a division or allocation), as if it were a merger, transfer, consolidation, amalgamation, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person. Any division of a limited liability company shall constitute a separate Person hereunder (and each division of any limited liability company that is a Subsidiary, joint venture or any other like term shall also constitute such a Person or entity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.03**Accounting Terms

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Generally</u>. All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that used in preparing the Audited Financial Statements, except as otherwise specifically prescribed herein. Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained herein, (i) Indebtedness of the Borrower and its Subsidiaries shall be deemed to be carried at 100%

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of the outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB ASC 470 20 on financial liabilities shall be disregarded, (ii) all liability amounts shall be determined excluding any liability relating to any operating lease, all asset amounts shall be determined excluding any right-of-use assets relating to any operating lease, all amortization amounts shall be determined excluding any amortization of a right-of-use asset relating to any operating lease, and all interest amounts shall be determined excluding any deemed interest comprising a portion of fixed rent payable under any operating lease, in each case to the extent that such liability, asset, amortization or interest pertains to an operating lease under which the covenantor or a member of its consolidated group is the lessee and would not have been accounted for as such under GAAP as in effect on December 31, 2015, and (iii) all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to any election under FASB ASC Topic 825 "Financial Instruments" (or any other financial accounting standard having a similar result or effect) to value any Indebtedness of the Borrower or any Subsidiary at "fair value", as defined therein. For purposes of determining the amount of any outstanding Indebtedness, no effect shall be given to any election by the Borrower to measure an item of Indebtedness using fair value (as permitted by Financial Accounting Standards Board Accounting Standards Codification 825–10–25 (formerly known as FASB 159) or any similar accounting standard).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Changes in GAAP</u>. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders); *provided*, *however*, that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrower shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.04**Rounding

Any financial ratios required to be maintained by the Borrower pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.05**Times of Day

Unless otherwise specified, all references herein to times of day shall be references to Central time (daylight or standard, as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.06**Letter of Credit Amounts

Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time; *provided*, *however*, that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.07**UCC Terms

Terms defined in the UCC in effect on the Closing Date and not otherwise defined herein shall, unless the context otherwise indicates, have the meanings provided by those definitions. Subject to the foregoing, the term "UCC" refers, as of any date of determination, to the UCC then in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.08**Rates

The Administrative Agent does not warrant, nor accept responsibility, nor shall the Administrative Agent have any liability with respect to the administration, submission or any other matter related to the rates in the definition of "Eurodollar Rate" or with respect to any rate that is an alternative or replacement for or successor to any of such rates (including, without limitation, any LIBOR Successor Rate) or the effect of any of the foregoing, or of any LIBOR Successor Rate Conforming Changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.09**Limited Condition Acquisitions

Notwithstanding anything to the contrary herein, to the extent that the terms of this Agreement require (a) compliance with any basket, financial ratio or test (including any Consolidated Leverage Ratio test or any Consolidated Fixed Charge Coverage Ratio test), (b) the absence of a Default or an Event of Default, or (c) a determination as to whether the representations and warranties contained in this Agreement or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality or reference to Material Adverse Effect), in each case in connection with the consummation of a Limited Condition Acquisition, the determination of whether the relevant condition is satisfied may be made, at the election of the Borrower, (A) on the date of the execution of the definitive agreement with respect to such Limited Condition Acquisition (such date, the "*LCA Test Date*"), or (B) on the date on which such Limited Condition Acquisition is consummated, in either case, after giving effect to the relevant Limited Condition Acquisition and any related incurrence of Indebtedness, on a Pro Forma Basis; *provided*, *however*, that, notwithstanding the foregoing, in connection with any Limited Condition Acquisition: (1) the condition set forth in <u>clause (a)</u> of the definition of "Permitted Acquisition" shall be satisfied if (x) no Event of Default shall have occurred and be continuing as of the applicable LCA Test Date, and (y) no Specified Event of Default shall have occurred and be continuing at the time of consummation of such Limited Condition Acquisition; (2) if the proceeds of an Incremental Term Loan are being used to finance such Limited Condition Acquisition, then (x) the conditions set forth in <u>Section 2.16(a)(ii)</u> and <u>Section 4.02(a)</u> shall be required to be satisfied at the time of closing of the Limited Condition Acquisition and funding of such Incremental Term Loan but, if the lenders providing such Incremental Term Loan so agree, the representations and warranties which must be accurate at the time of closing of the Limited Condition Acquisition and funding of such Incremental Term Loan may be limited to customary "specified representations" and such other representations and warranties as may be required by the lenders providing such Incremental Term Loan, and (y) the conditions set forth in <u>Section 2.16(a)(ii)</u> shall, if and to the extent the lenders providing such Incremental Term Loans so agree, be satisfied if (I) no Default shall have occurred and be continuing as of the applicable LCA Test Date, and (II) no Specified Event of Default shall have occurred and be continuing at the time of the funding of such Incremental Term Loans in connection with the consummation of such Limited Condition Acquisition; and (3) such Limited Condition Acquisition and the related Indebtedness to be incurred in connection therewith and the use of proceeds thereof shall be deemed incurred and/or applied at the LCA Test Date (until such time as the Indebtedness is actually incurred or the applicable definitive agreement is terminated without actually consummating the applicable Limited Condition Acquisition) and outstanding thereafter for purposes of determining compliance on a Pro Forma Basis with the financial covenants set forth in <u>Section 7.11</u> (other than for purposes of determining compliance in connection with the making of any Restricted Payment) with any financial ratio or test (including any Consolidated Leverage Ratio test or any

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Consolidated Fixed Charge Coverage Ratio test, or any calculation of the financial covenants set forth in <u>Section 7.11</u>) (it being understood and agreed that for purposes of determining compliance on a Pro Forma Basis with the financial covenants set forth in <u>Section 7.11</u> in connection with the making of any Restricted Payment, the Borrower shall demonstrate compliance with the applicable test both after giving effect to the applicable Limited Condition Acquisition and assuming that such transaction had not occurred). For the avoidance of doubt, if any of such ratios or amounts for which compliance was determined or tested as of the LCA Test Date are thereafter exceeded or otherwise failed to have been complied with as a result of fluctuations in such ratio or amount (including due to fluctuations in Consolidated EBITDA), at or prior to the consummation of the relevant Limited Condition Acquisition, such ratios or amounts will not be deemed to have been exceeded or failed to be complied with as a result of such fluctuations solely for purposes of determining whether the relevant Limited Condition Acquisition is permitted to be consummated or taken. Except as set forth in <u>clause (2)</u> in the proviso to the first sentence in this <u>Section 1.09</u> in connection with the use of the proceeds of an Incremental Term Loan to finance a Limited Condition Acquisition (and, in the case of such <u>clause (2)</u>, only if and to the extent the lenders providing such Incremental Term Loan so agree as provided in such <u>clause (2)</u>), it is understood and agreed that this <u>Section 1.09</u> shall not limit the conditions set forth in <u>Section 4.02</u> with respect to any proposed Credit Extension, in connection with a Limited Condition Acquisition or otherwise.

**Article II**

**COMMITMENTS AND CREDIT EXTENSIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.01**Loans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Term Borrowing</u>. Subject to the terms and conditions set forth herein, each Term Lender severally agrees to make a single loan to the Borrower, in Dollars, on the Closing Date in an amount not to exceed such Term Lender's Applicable Percentage of the Term Facility. The Term Borrowing shall consist of Term Loans made simultaneously by the Term Lenders in accordance with their respective Applicable Percentage of the Term Facility. Term Borrowings repaid or prepaid may not be reborrowed. Term Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein; *provided*, *however*, any Term Borrowing made on the Closing Date or any of the three (3) Business Days following the Closing Date shall be made as Base Rate Loans unless the Borrower delivers a Funding Indemnity Letter not less than three (3) Business Days prior to the date of such Term Borrowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Revolving Borrowings</u>. Subject to the terms and conditions set forth herein, each Revolving Lender severally agrees to make loans (each such loan, a "*Revolving Loan*") to the Borrower, in Dollars, from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender's Revolving Commitment; *provided*<u>,</u> *however*, that after giving effect to any Revolving Borrowing, (i) the Total Revolving Outstandings shall not exceed the Revolving Facility, **and** (ii) the Revolving Exposure of any Lender shall not exceed such Revolving Lender's Revolving Commitment. Within the limits of each Revolving Lender's Revolving Commitment, and subject to the other terms and conditions hereof, the Borrower may borrow Revolving Loans, prepay under <u>Section 2.05</u>, and reborrow under this <u>Section 2.01(b</u>). Revolving Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein; *provided*, *however*, any Revolving Borrowings made on the Closing Date or any of the three (3) Business Days following the Closing Date shall be made as Base Rate Loans unless the Borrower delivers a Funding Indemnity Letter not less than three (3) Business Days prior to the date of such Revolving Borrowing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.02**Borrowings, Conversions and Continuations of Loans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Notice of Borrowing</u>. Each Borrowing, each conversion of Loans from one Type to the other, and each continuation of Eurodollar Rate Loans shall be made upon the Borrower's irrevocable notice to the Administrative Agent, which may be given by: (i) telephone or (ii) a Loan Notice; *provided*, *however*, that any telephonic notice must be confirmed immediately by delivery to the Administrative Agent of a Loan Notice. Each such notice must be received by the Administrative Agent not later than 11:00 a.m. (A) three (3) Business Days prior to the requested date of any Borrowing of, conversion to or continuation of Eurodollar Rate Loans or of any conversion of Eurodollar Rate Loans to Base Rate Loans, and (B) on the requested date of any Borrowing of Base Rate Loans; *provided*, *however*, that if the Borrower wishes to request Eurodollar Rate Loans having an Interest Period other than one (1), two (2), three (3) or six (6) months in duration as provided in the definition of "Interest Period", the applicable notice must be received by the Administrative Agent not later than 11:00 a.m. four (4) Business Days prior to the requested date of such Borrowing, conversion or continuation, whereupon the Administrative Agent shall give prompt notice to the Appropriate Lenders of such request and determine whether the requested Interest Period is acceptable to all of them. Not later than 11:00 a.m., three (3) Business Days before the requested date of such Borrowing, conversion or continuation, the Administrative Agent shall notify the Borrower (which notice may be by telephone) whether or not the requested Interest Period has been consented to by all the Lenders. Each Borrowing of, conversion to or continuation of Eurodollar Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $100,000 in excess thereof (or, in connection with any conversion or continuation of a Term Loan, if less, the entire principal thereof then outstanding). Except as provided in <u>Sections 2.03(c</u>) and <u>2.04(c</u>), each Borrowing of or conversion to Base Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $100,000 in excess thereof (or, in connection with any conversion or continuation of a Term Loan, if less, the entire principal thereof then outstanding). Each Loan Notice and each telephonic notice shall specify (I) the applicable Facility and whether the Borrower is requesting a Borrowing, a conversion of Loans from one Type to the other, or a continuation of Loans, as the case may be, under such Facility, (II) the requested date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (III) the principal amount of Loans to be borrowed, converted or continued, (IV) the Type of Loans to be borrowed or to which existing Loans are to be converted, and (V) if applicable, the duration of the Interest Period with respect thereto. If the Borrower fails to specify a Type of Loan in a Loan Notice or if the Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable Loans shall be made as, or converted to, Base Rate Loans. Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurodollar Rate Loans. If the Borrower requests a Borrowing of, conversion to, or continuation of Eurodollar Rate Loans in any such Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one (1) month. Notwithstanding anything to the contrary herein, a Swingline Loan may not be converted to a Eurodollar Rate Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Advances</u>. Following receipt of a Loan Notice for a Facility, the Administrative Agent shall promptly notify each Appropriate Lender of the amount of its Applicable Percentage under such Facility of the applicable Loans, and if no timely notice of a conversion or continuation is provided by the Borrower, the Administrative Agent shall notify each Appropriate Lender of the details of any automatic conversion to Base Rate Loans described in <u>Section 2.02(a</u>). In the case of a Borrowing, each Appropriate Lender shall make the amount of its Loan available to the Administrative Agent in immediately available funds at the Administrative Agent's Office not later than 1:00 p.m. on the Business Day specified in the applicable Loan Notice. Upon satisfaction of the applicable conditions set forth in <u>Section 4.02</u> (and, if such Borrowing is the initial Credit

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Extension, <u>Section 4.01</u>), the Administrative Agent shall make all funds so received available to the Borrower in like funds as received by the Administrative Agent either by (i) crediting the account of the Borrower on the books of Bank of America with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the Borrower; *provided*, *however*, that if, on the date a Loan Notice with respect to a Revolving Borrowing is given by the Borrower, there are L/C Borrowings outstanding, then the proceeds of such Revolving Borrowing, first, shall be applied to the payment in full of any such L/C Borrowings, and second, shall be made available to the Borrower as provided above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Eurodollar Rate Loans</u>. Except as otherwise provided herein, a Eurodollar Rate Loan may be continued or converted only on the last day of an Interest Period for such Eurodollar Rate Loan. During the existence of a Default, no Loans may be requested as, converted to or continued as Eurodollar Rate Loans without the consent of the Required Lenders and unless repaid, each outstanding Eurodollar Rate Loan shall be converted to a Base Rate Loan at the end of the Interest Period applicable thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Interest Rates</u>. Each determination of an interest rate by the Administrative Agent pursuant to any provision of this Agreement shall be conclusive and binding on the Borrower and the Lenders in the absence of manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Interest Periods</u>. After giving effect to all Term Borrowings, all conversions of Term Loans from one Type to the other, and all continuations of Term Loans as the same Type, there shall not be more than ten (10) Interest Periods in effect in respect of the Term Facility. After giving effect to all Revolving Borrowings, all conversions of Revolving Loans from one Type to the other, and all continuations of Revolving Loans as the same Type, there shall not be more than ten (10) Interest Periods in effect in respect of the Revolving Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Cashless Settlement Mechanism</u>. Notwithstanding anything to the contrary in this Agreement, any Lender may exchange, continue or rollover all or the portion of its Loans in connection with any refinancing, extension, loan modification or similar transaction permitted by the terms of this Agreement, pursuant to a cashless settlement mechanism approved by the Borrower, the Administrative Agent and such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.03**Letters of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>The Letter of Credit Commitment</u>. Subject to the terms and conditions set forth herein, in addition to the Loans provided for in <u>Section 2.01</u>, the Borrower may request that the L/C Issuer, in reliance on the agreements of the Revolving Lenders set forth in this <u>Section 2.03</u>, issue, at any time and from time to time during the Availability Period, Letters of Credit denominated in Dollars for its own account or the account of any of its Restricted Subsidiaries in such form as is acceptable to the Administrative Agent and the L/C Issuer in its reasonable determination. Letters of Credit issued hereunder shall constitute utilization of the Revolving Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Notice of Issuance, Amendment, Extension, Reinstatement or Renewal</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)To request the issuance of a Letter of Credit (or the amendment of the terms and conditions, extension of the terms and conditions, extension of the expiration date, or reinstatement of amounts paid, or renewal of an outstanding Letter of Credit), the Borrower shall deliver (or transmit by electronic communication, if arrangements for doing

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so have been approved by the L/C Issuer) to the L/C Issuer and to the Administrative Agent not later than 11:00 a.m. at least two (2) Business Days (or such later date and time as the Administrative Agent and the L/C Issuer may agree in a particular instance in their sole discretion) prior to the proposed issuance date or date of amendment, as the case may be a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, extended, reinstated or renewed, and specifying the date of issuance, amendment, extension, reinstatement or renewal (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with <u>clause (d</u>) of this <u>Section 2.03</u>), the amount of such Letter of Credit, the name and address of the beneficiary thereof, the purpose and nature of the requested Letter of Credit and such other information as shall be necessary to prepare, amend, extend, reinstate or renew such Letter of Credit. If requested by the L/C Issuer, the Borrower also shall submit a letter of credit application and reimbursement agreement on the L/C Issuer's standard form in connection with any request for a Letter of Credit. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application and reimbursement agreement or other agreement submitted by the Borrower to, or entered into by the Borrower with, the L/C Issuer relating to any Letter of Credit, the terms and conditions of this Agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)If the Borrower so requests in any applicable Letter of Credit Application (or an application for the amendment of an outstanding Letter of Credit), any L/C Issuer may, in its sole discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an "*Auto*<u>-</u>*Extension Letter of Credit*"); *provided*, *however*, that any such Auto-Extension Letter of Credit shall permit such L/C Issuer to prevent any such extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the "*Non*<u>-</u>*Extension Notice Date*") in each such twelve-month period to be agreed upon by the Borrower and such L/C Issuer at the time such Letter of Credit is issued. Unless otherwise directed by such L/C Issuer, the Borrower shall not be required to make a specific request to such L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Revolving Lenders shall be deemed to have authorized (but may not require) the applicable L/C Issuer to permit the extension of such Letter of Credit at any time to an expiration date not later than the date permitted pursuant to <u>Section 2.03(d</u>); *provided*, *however*, that the applicable L/C Issuer shall not (A) permit any such extension if such L/C Issuer has determined that it would not be permitted, or would have no obligation, at such time to issue such Letter of Credit in its extended form under the terms hereof (except that the expiration date may be extended to a date that is no more than one (1) year from the then-current expiration date) or (B) be obligated to permit such extension if it has received notice (which may be in writing or by telephone (if promptly confirmed in writing)) on or before the day that is seven (7) Business Days before the Non-Extension Notice Date from the Administrative Agent, any Revolving Lender or the Borrower that one or more of the applicable conditions set forth in <u>Section 4.02</u> is not then satisfied, and in each such case directing the L/C Issuer not to permit such extension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Limitations on Amounts, Issuance and Amendment</u>. A Letter of Credit shall be issued, amended, extended, reinstated or renewed only if (and upon issuance, amendment, extension, reinstatement or renewal of each Letter of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, extension, reinstatement or renewal (w) the aggregate amount of the outstanding Letters of Credit issued by the L/C Issuer shall not exceed its L/C Commitment, (x) the aggregate L/C Obligations shall not exceed the Letter of Credit Sublimit, (y) the Revolving Exposure of any Lender shall not exceed

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its Revolving Commitment and (z) the Total Revolving Exposure shall not exceed the total Revolving Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The L/C Issuer shall not be under any obligation to issue any Letter of Credit if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the L/C Issuer from issuing the Letter of Credit, or any Law applicable to the L/C Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the L/C Issuer shall prohibit, or request that the L/C Issuer refrain from, the issuance of letters of credit generally or the Letter of Credit in particular or shall impose upon the L/C Issuer with respect to the Letter of Credit any restriction, reserve or capital requirement (for which the L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon the L/C Issuer any unreimbursed loss, cost or expense which was not applicable on the Closing Date and which the L/C Issuer in good faith deems material to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)the issuance of such Letter of Credit would violate one or more policies of the L/C Issuer applicable to letters of credit generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)except as otherwise agreed by the Administrative Agent and the L/C Issuer, the Letter of Credit is in an initial stated amount less than $100,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)any Revolving Lender is at that time a Defaulting Lender, unless the L/C Issuer has entered into arrangements, including the delivery of Cash Collateral, satisfactory to the L/C Issuer (in its sole discretion) with the Borrower or such Lender to eliminate the L/C Issuer's actual or potential Fronting Exposure (after giving effect to <u>Section 2.15(a)(iv</u>)) with respect to the Defaulting Lender arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and all other L/C Obligations as to which the L/C Issuer has actual or potential Fronting Exposure, as it may elect in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The L/C Issuer shall be under no obligation to amend any Letter of Credit if (A) the L/C Issuer would have no obligation at such time to issue the Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of the Letter of Credit does not accept the proposed amendment to the Letter of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Expiration Date</u>. Each Letter of Credit shall have a stated expiration date no later than the earlier of (i) the date twelve (12) months after the date of the issuance of such Letter of Credit (or, in the case of any extension of the expiration date thereof, whether automatic or by amendment, twelve months after the then-current expiration date of such Letter of Credit) and (ii) the date that is five (5) Business Days prior to the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Participations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount or extending the expiration date thereof), and without any further action on the part of the L/C Issuer or the Lenders, the L/C Issuer hereby grants to each Revolving Lender, and each Revolving Lender hereby acquires from the L/C Issuer, a

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participation in such Letter of Credit equal to such Lender's Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit. Each Revolving Lender acknowledges and agrees that its obligation to acquire participations pursuant to this <u>clause (e</u>) in respect of Letters of Credit is absolute, unconditional and irrevocable and shall not be affected by any circumstance whatsoever, including any amendment, extension, reinstatement or renewal of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Revolving Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)In consideration and in furtherance of the foregoing, each Revolving Lender hereby absolutely, unconditionally and irrevocably agrees to pay to the Administrative Agent, for account of the L/C Issuer, such Lender's Applicable Percentage of each L/C Disbursement made by the L/C Issuer not later than 1:00 p.m. on the Business Day specified in the notice provided by the Administrative Agent to the Revolving Lenders pursuant to <u>Section 2.03(f</u>) until such L/C Disbursement is reimbursed by the Borrower or at any time after any reimbursement payment is required to be refunded to the Borrower for any reason, including after the Maturity Date. Such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each such payment shall be made in the same manner as provided in <u>Section 2.02</u> with respect to Loans made by such Lender (and <u>Section 2.02</u> shall apply, *mutatis mutandis*, to the payment obligations of the Revolving Lenders pursuant to this <u>Section 2.03</u>), and the Administrative Agent shall promptly pay to the L/C Issuer the amounts so received by it from the Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to <u>Section 2.03(f</u>), the Administrative Agent shall distribute such payment to the L/C Issuer or, to the extent that the Revolving Lenders have made payments pursuant to this <u>clause (e</u>) to reimburse the L/C Issuer, then to such Lenders and the L/C Issuer as their interests may appear. Any payment made by a Lender pursuant to this <u>clause (e</u>) to reimburse the L/C Issuer for any L/C Disbursement shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such L/C Disbursement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Each Revolving Lender further acknowledges and agrees that its participation in each Letter of Credit will be automatically adjusted to reflect such Lender's Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit at each time such Lender's Commitment is amended pursuant to the operation of <u>Sections 2.16</u>, as a result of an assignment in accordance with <u>Section 11.06</u> or otherwise pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)If any Revolving Lender fails to make available to the Administrative Agent for the account of the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this <u>Section 2.03(e</u>), then, without limiting the other provisions of this Agreement, the L/C Issuer shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the *greater of* the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, *plus* any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender's Revolving Loan included in the relevant Revolving Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Revolving Lender (through the Administrative Agent) with

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respect to any amounts owing under this <u>clause (e)(vi</u>) shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Reimbursement</u>. If the L/C Issuer shall make any L/C Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the L/C Issuer in respect of such L/C Disbursement by paying to the Administrative Agent an amount equal to such L/C Disbursement not later than 12:00 noon on (i) the Business Day that the Borrower receives notice of such L/C Disbursement, if such notice is received prior to 10:00 a.m. or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, *provided*, *however*, that, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with <u>Section 2.02</u> or <u>Section 2.04</u> that such payment be financed with a Borrowing of Base Rate Loans or Swingline Loan in an equivalent amount and, to the extent so financed, the Borrower's obligation to make such payment shall be discharged and replaced by the resulting Borrowing of Base Rate Loans or Swingline Loan. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Lender of the applicable L/C Disbursement, the payment then due from the Borrower in respect thereof (the "*Unreimbursed Amount*") and such Lender's Applicable Percentage thereof. In such event, the Borrower shall be deemed to have requested a Borrowing of Revolving Loans constituting Base Rate Loans to be disbursed on the date of payment by the L/C Issuer under such Letter of Credit in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in <u>Section 2.02</u> for the principal amount of Base Rate Loans. Promptly upon receipt of such notice, each Revolving Lender shall pay to the Administrative Agent its Applicable Percentage of the Unreimbursed Amount pursuant to <u>Section 2.03(e)(ii</u>), subject to the amount of the unutilized portion of the aggregate Revolving Commitments. Any notice given by the L/C Issuer or the Administrative Agent pursuant to this <u>Section 2.03(f</u>) may be given by telephone if immediately confirmed in writing; *provided*, *however*, that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Obligations Absolute</u>. The Borrower's obligation to reimburse L/C Disbursements as provided in <u>clause (f</u>) of this <u>Section 2.03</u> shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any lack of validity or enforceability of this Agreement, any other Loan Document or any Letter of Credit, or any term or provision herein or therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the existence of any claim, counterclaim, setoff, defense or other right that the Borrower or any Subsidiary may have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), the L/C Issuer or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)any draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement in such draft or other document being untrue or inaccurate in any respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)waiver by the L/C Issuer of any requirement that exists for the L/C Issuer's protection and not the protection of the Borrower or any waiver by the L/C Issuer which does not in fact materially prejudice the Borrower;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)payment by the L/C Issuer under a Letter of Credit against presentation of a draft or other document that does not comply strictly with the terms of such Letter of Credit; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this <u>Section 2.03</u>, constitute a legal or equitable discharge of, or provide a right of setoff against, the Borrower's obligations hereunder (other than the defense of payment in full in cash).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Examination</u>. The Borrower shall promptly, following receipt thereof, examine a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in the event of any claim of noncompliance with the Borrower's instructions or other irregularity, the Borrower will immediately notify the L/C Issuer. The Borrower shall be conclusively deemed to have waived any such claim against the L/C Issuer and its correspondents unless such notice is given as aforesaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Liability</u>. None of the Administrative Agent, the Lenders, the L/C Issuer, or any of their Related Parties shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit by the L/C Issuer or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms, any error in translation or any consequence arising from causes beyond the control of the L/C Issuer; *provided*, *however*, that the foregoing shall not be construed to excuse the L/C Issuer from liability to the Borrower to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by Applicable Law) suffered by the Borrower that are caused by the L/C Issuer's failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct on the part of the L/C Issuer (as finally determined by a court of competent jurisdiction), the L/C Issuer shall be deemed to have exercised care in each such determination, and that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the L/C Issuer may replace a purportedly lost, stolen, or destroyed original Letter of Credit or missing amendment thereto with a certified true copy marked as such or waive a requirement for its presentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the L/C Issuer may accept documents that appear on their face to be in substantial compliance with the terms of a Letter of Credit without responsibility for further investigation, regardless of any notice or information to the contrary, and may make payment upon presentation of documents that appear on their face to be in substantial compliance with the terms of such Letter of Credit and without regard to any non-documentary condition in such Letter of Credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the L/C Issuer shall have the right, in its sole discretion, to decline to accept such documents and to make such payment if such documents are not in strict compliance with the terms of such Letter of Credit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)this sentence shall establish the standard of care to be exercised by the L/C Issuer when determining whether drafts and other documents presented under a Letter of

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Credit comply with the terms thereof (and the parties hereto hereby waive, to the extent permitted by Applicable Law, any standard of care inconsistent with the foregoing).

Without limiting the foregoing, none of the Administrative Agent, the Lenders, the L/C Issuer, or any of their Related Parties shall have any liability or responsibility by reason of (A) any presentation that includes forged or fraudulent documents or that is otherwise affected by the fraudulent, bad faith, or illegal conduct of the beneficiary or other Person, (B) the L/C Issuer declining to take-up documents and make payment, (C) against documents that are fraudulent, forged, or for other reasons by which that it is entitled not to honor, (D) following a Borrower's waiver of discrepancies with respect to such documents or request for honor of such documents or (E) the L/C Issuer retaining proceeds of a Letter of Credit based on an apparently applicable attachment order, blocking regulation, or third-party claim notified to the L/C Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)<u>Applicability of ISP and UCP</u>. Unless otherwise expressly agreed by the L/C Issuer and the Borrower when a Letter of Credit is issued by it (including any such agreement applicable to an Existing Letter of Credit), (i) the rules of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the UCP shall apply to each commercial Letter of Credit. Notwithstanding the foregoing, the L/C Issuer shall not be responsible to the Borrower for, and the L/C Issuer's rights and remedies against the Borrower shall not be impaired by, any action or inaction of the L/C Issuer required or permitted under any law, order, or practice that is required or permitted to be applied to any Letter of Credit or this Agreement, including the Law or any order of a jurisdiction where the L/C Issuer or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, or in the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade – International Financial Services Association (BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or not any Letter of Credit chooses such law or practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)<u>Benefits</u>. The L/C Issuer shall act on behalf of the Lenders with respect to any Letters of Credit issued by it and the documents associated therewith, and the L/C Issuer shall have all of the benefits and immunities (i) provided to the Administrative Agent in <u>Article IX</u> with respect to any acts taken or omissions suffered by the L/C Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term "Administrative Agent" as used in <u>Article IX</u> included the L/C Issuer with respect to such acts or omissions, and (ii) as additionally provided herein with respect to the L/C Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)<u>Letter of Credit Fees</u>. The Borrower shall pay to the Administrative Agent for the account of each Revolving Lender in accordance with its Applicable Revolving Percentage a Letter of Credit fee (the "*Letter of Credit Fee*") *times* the maximum stated amount of such Letter of Credit for each standby Letter of Credit equal to the Applicable Rate *times* the daily amount available to be drawn under such Letter of Credit. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with <u>Section 1.06</u>. Letter of Credit Fees shall be (i) payable on the first Business Day following the end of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit and (ii) accrued through and including the last day of each calendar quarter in arrears. If there is any change in the Applicable Rate during any quarter, the daily amount available to be drawn under each Letter of Credit shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect. Notwithstanding anything to the contrary contained herein, upon the

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request of the Required Lenders, while any Event of Default exists, all Letter of Credit Fees shall accrue at the Default Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)<u>Fronting Fee and Documentary and Processing Charges Payable to L/C Issuer</u>. The Borrower shall pay directly to the L/C Issuer for its own account a fronting fee with respect to each Letter of Credit, at the rate per annum equal to the percentage separately agreed upon between the Borrower and the L/C Issuer, computed on the daily amount available to be drawn under such Letter of Credit on a quarterly basis in arrears. Such fronting fee shall be due and payable on the last Business Day of each March, June, September and December in respect of the most recently- ended quarterly period (or portion thereof, in the case of the first payment), commencing with the first such date to occur after the issuance of such Letter of Credit, on the Maturity Date and thereafter on demand. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with <u>Section 1.06</u>. In addition, the Borrower shall pay directly to the L/C Issuer for its own account, in Dollars the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of the L/C Issuer relating to letters of credit as from time to time in effect. Such customary fees and standard costs and charges are due and payable on demand and are nonrefundable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)<u>Disbursement Procedures</u>. The L/C Issuer for any Letter of Credit shall, within the time allowed by Applicable Laws or the specific terms of the Letter of Credit following its receipt thereof, examine all documents purporting to represent a demand for payment under such Letter of Credit. The L/C Issuer shall promptly after such examination notify the Administrative Agent and the Borrower in writing of such demand for payment if the L/C Issuer has made or will make an L/C Disbursement thereunder; *provided*, *however*, that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse the L/C Issuer and the Lenders with respect to any such L/C Disbursement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)<u>Interim Interest</u>. If the L/C Issuer for any standby Letter of Credit shall make any L/C Disbursement, then, unless the Borrower shall reimburse such L/C Disbursement in full on the date such L/C Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such L/C Disbursement is made to but excluding the date that the Borrower reimburses such L/C Disbursement, at the rate per annum then applicable to Base Rate Loans; *provided*, *however*, that if the Borrower fails to reimburse such L/C Disbursement when due pursuant to <u>clause (f</u>) of this <u>Section 2.03</u>, then <u>Section 2.08(b</u>) shall apply. Interest accrued pursuant to this <u>clause (p</u>) shall be for account of the L/C Issuer, except that interest accrued on and after the date of payment by any Lender pursuant to <u>clause (f</u>) of this <u>Section 2.03</u> to reimburse the L/C Issuer shall be for account of such Lender to the extent of such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)<u>Replacement of the L/C Issuer</u>. The L/C Issuer may be replaced at any time by written agreement between the Borrower, the Administrative Agent, the replaced L/C Issuer and the successor L/C Issuer. The Administrative Agent shall notify the Lenders of any such replacement of the L/C Issuer. At the time any such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced L/C Issuer pursuant to <u>Section 2.03(m</u>). From and after the effective date of any such replacement, (i) the successor L/C Issuer shall have all the rights and obligations of an L/C Issuer under this Agreement with respect to Letters of Credit to be issued by it thereafter and (ii) references herein to the term "L/C Issuer" shall be deemed to include such successor or any previous L/C Issuer, or such successor and all previous L/C Issuer, as the context shall require. After the replacement of the L/C Issuer hereunder, the replaced L/C Issuer shall remain a party hereto and shall continue to have all the rights and

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obligations of an L/C Issuer under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)<u>Cash Collateralization</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)If any Event of Default shall occur and be continuing, on the Business Day that the Borrower receives notice from the Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated, Revolving Lenders with L/C Obligations representing at least 66-2/3% of the total L/C Obligations) demanding the deposit of Cash Collateral pursuant to this <u>clause (q)</u>, the Borrower shall on the Business Day that the Borrower receives such notice in writing deposit into an account established and maintained on the books and records of the Administrative Agent (the "*Collateral Account*") an amount in cash equal to 103% of the total L/C Obligations as of such date *plus* any accrued and unpaid interest thereon, *provided*, *however*, that the obligation to deposit such Cash Collateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the Borrower described in <u>clause (f</u>) of <u>Section 8.01</u>. Such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the obligations of the Borrower under this Agreement. In addition, and without limiting the foregoing or <u>clause (d</u>) of this <u>Section 2.03</u>, if any L/C Obligations remain outstanding after the expiration date specified in said <u>clause (d</u>), the Borrower shall immediately deposit into the Collateral Account an amount in cash equal to 103% of such L/C Obligations as of such date *plus* any accrued and unpaid interest thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over the Collateral Account. Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent and at the Borrower's risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in the Collateral Account. Moneys in the Collateral Account shall be applied by the Administrative Agent to reimburse the L/C Issuer for L/C Disbursements for which it has not been reimbursed, together with related fees, costs, and customary processing charges, and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower for the L/C Obligations at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of Lenders with L/C Obligations representing 66-2/3% of the total L/C Obligations), be applied to satisfy other obligations of the Borrower under this Agreement. If the Borrower is required to provide an amount of Cash Collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three (3) Business Days after all Events of Default have been cured or waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)<u>Letters of Credit Issued for Subsidiaries</u>. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary, the Borrower shall be obligated to reimburse, indemnify and compensate the L/C Issuer hereunder for any and all drawings under such Letter of Credit as if such Letter of Credit had been issues solely for the account of the Borrower. The Borrower irrevocably waives any and all defenses that might otherwise be available to it as a guarantor or surety of any or all of the obligations of such Subsidiary in respect of such Letter of Credit. The Borrower hereby acknowledges that the issuance of Letters of Credit for the account of Subsidiaries inures to the benefit of the Borrower,

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and that the Borrower's business derives substantial benefits from the businesses of such Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)<u>Conflict with Issuer Documents</u>. In the event of any conflict between the terms hereof and the terms of any Issuer Document, the terms hereof shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.04**Swingline Loans**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>The Swingline</u>. Subject to the terms and conditions set forth herein, the Swingline Lender, in reliance upon the agreements of the other Lenders set forth in this <u>Section 2.04</u>, may in its sole discretion make loans to the Borrower (each such loan, a "*Swingline Loan*"). Each such Swingline Loan may be made, subject to the terms and conditions set forth herein, to the Borrower, in Dollars, from time to time on any Business Day during the Availability Period in an aggregate amount not to exceed at any time outstanding the amount of the Swingline Sublimit; *provided*, *however*, that (i) after giving effect to any Swingline Loan, (A) the Total Revolving Outstandings shall not exceed the Revolving Facility at such time and (B) the Revolving Exposure of any Revolving Lender at such time shall not exceed such Lender's Revolving Commitment, (ii) the Borrower shall not use the proceeds of any Swingline Loan to refinance any outstanding Swingline Loan, and (iii) the Swingline Lender shall not be under any obligation to make any Swingline Loan if it shall determine (which determination shall be conclusive and binding absent manifest error) that it has, or by such Credit Extension may have, Fronting Exposure. Within the foregoing limits, and subject to the other terms and conditions hereof, the Borrower may borrow under this <u>Section 2.04</u>, prepay under <u>Section 2.05</u>, and reborrow under this <u>Section 2.04</u>. Each Swingline Loan shall bear interest only at a rate based on the Base Rate plus the Applicable Rate. Immediately upon the making of a Swingline Loan, each Revolving Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swingline Lender a risk participation in such Swingline Loan in an amount equal to the product of such Revolving Lender's Applicable Revolving Percentage times the amount of such Swingline Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Borrowing Procedures</u>. Each Swingline Borrowing shall be made upon the Borrower's irrevocable notice to the Swingline Lender and the Administrative Agent, which may be given by: (i) telephone or (ii) a Swingline Loan Notice; *provided*, *however*, that any telephonic notice must be confirmed promptly by delivery to the Swingline Lender and the Administrative Agent of a Swingline Loan Notice. Each such Swingline Loan Notice must be received by the Swingline Lender and the Administrative Agent not later than 1:00 p.m. on the requested borrowing date (or such later time as shall be acceptable to the Administrative Agent and the Swingline Lender), and shall specify (A) the amount to be borrowed, which shall be a minimum of $100,000, and (B) the requested date of the Borrowing (which shall be a Business Day). Promptly after receipt by the Swingline Lender of any Swingline Loan Notice, the Swingline Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has also received such Swingline Loan Notice and, if not, the Swingline Lender will notify the Administrative Agent (by telephone or in writing) of the contents thereof. Unless the Swingline Lender has received notice (by telephone or in writing) from the Administrative Agent (including at the request of any Revolving Lender) prior to 2:00 p.m. on the date of the proposed Swingline Borrowing (1) directing the Swingline Lender not to make such Swingline Loan as a result of the limitations set forth in the first proviso to the first sentence of <u>Section 2.04(a</u>), or (2) that one or more of the applicable conditions specified in <u>Article IV</u> is not then satisfied, then, subject to the terms and conditions hereof, the Swingline Lender may, make the amount of its Swingline Loan available to the Borrower at its office by crediting the account of the Borrower on the books of the Swingline Lender in immediately available funds.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Refinancing of Swingline Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Swingline Lender at any time in its sole discretion may request, on behalf of the Borrower (which hereby irrevocably authorizes the Swingline Lender to so request on its behalf), that each Revolving Lender make a Base Rate Loan in an amount equal to such Lender's Applicable Revolving Percentage of the amount of Swingline Loans then outstanding. Such request shall be made in writing (which written request shall be deemed to be a Loan Notice for purposes hereof) and in accordance with the requirements of <u>Section 2.02</u>, without regard to the minimum and multiples specified therein for the principal amount of Base Rate Loans, but subject to the unutilized portion of the Revolving Facility and the conditions set forth in <u>Section 4.02</u>. The Swingline Lender shall furnish the Borrower with a copy of the applicable Loan Notice promptly after delivering such notice to the Administrative Agent. Each Revolving Lender shall make an amount equal to its Applicable Revolving Percentage of the amount specified in such Loan Notice available to the Administrative Agent in immediately available funds (and the Administrative Agent may apply Cash Collateral available with respect to the applicable Swingline Loan) for the account of the Swingline Lender at the Administrative Agent's Office not later than 1:00 p.m. on the day specified in such Loan Notice, whereupon, subject to <u>Section 2.04(c)(ii</u>), each Revolving Lender that so makes funds available shall be deemed to have made a Base Rate Loan to the Borrower in such amount. The Administrative Agent shall remit the funds so received to the Swingline Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Notwithstanding anything to the contrary in the foregoing, if for any reason any Swingline Loan cannot be refinanced by such a Revolving Borrowing in accordance with <u>Section 2.04(c)(i</u>) (including, without limitation, the failure to satisfy the conditions set forth in <u>Section 4.02</u>), the request for Base Rate Loans submitted by the Swingline Lender as set forth herein shall be deemed to be a request by the Swingline Lender that each of the Revolving Lenders fund its risk participation in the relevant Swingline Loan and each Revolving Lender's payment to the Administrative Agent for the account of the Swingline Lender pursuant to <u>Section 2.04(c)(i</u>) shall be deemed payment in respect of such participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)If any Revolving Lender fails to make available to the Administrative Agent for the account of the Swingline Lender any amount required to be paid by such Lender pursuant to the foregoing provisions of this <u>Section 2.04(c</u>) by the time specified in <u>Section 2.04(c)(i</u>), the Swingline Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Swingline Lender at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the Swingline Lender in accordance with banking industry rules on interbank compensation, *plus* any administrative, processing or similar fees customarily charged by the Swingline Lender in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender's Revolving Loan included in the relevant Revolving Borrowing or funded participation in the relevant Swingline Loan, as the case may be. A certificate of the Swingline Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this <u>clause (c)(iii</u>) shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Each Revolving Lender's obligation to make Revolving Loans or to purchase and fund risk participations in Swingline Loans pursuant to this <u>Section 2.04(c</u>)

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shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Lender may have against the Swingline Lender, the Borrower or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; *provided*, *however*, that each Revolving Lender's obligation to make Revolving Loans pursuant to this <u>Section 2.04(c</u>) is subject to the conditions set forth in <u>Section 4.02</u> (other than delivery by the Borrower of a Loan Notice). No such funding of risk participations shall relieve or otherwise impair the obligation of the Borrower to repay Swingline Loans, together with interest as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Repayment of Participations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)At any time after any Revolving Lender has purchased and funded a risk participation in a Swingline Loan, if the Swingline Lender receives any payment on account of such Swingline Loan, the Swingline Lender will distribute to such Revolving Lender its Applicable Revolving Percentage thereof in the same funds as those received by the Swingline Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)If any payment received by the Swingline Lender in respect of principal or interest on any Swingline Loan is required to be returned by the Swingline Lender under any of the circumstances described in <u>Section 11.05</u> (including pursuant to any settlement entered into by the Swingline Lender in its discretion), each Revolving Lender shall pay to the Swingline Lender its Applicable Revolving Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned, at a rate per annum equal to the Federal Funds Rate. The Administrative Agent will make such demand upon the request of the Swingline Lender. The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Interest for Account of Swingline Lender</u>. The Swingline Lender shall be responsible for invoicing the Borrower for interest on the Swingline Loans. Until each Revolving Lender funds its Base Rate Loan or risk participation pursuant to this <u>Section 2.04</u> to refinance such Revolving Lender's Applicable Revolving Percentage of any Swingline Loan, interest in respect of such Applicable Revolving Percentage shall be solely for the account of the Swingline Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Payments Directly to Swingline Lender</u>. The Borrower shall make all payments of principal and interest in respect of the Swingline Loans directly to the Swingline Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.05**Prepayments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Optional</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Borrower may, upon notice to the Administrative Agent, at any time or from time to time voluntarily prepay Term Loans and Revolving Loans in whole or in part without premium or penalty subject to <u>Section 3.05</u>; *provided*, *however*, that, unless otherwise agreed by the Administrative Agent, (A) such notice must be in substantially the form of a Notice of Loan Prepayment and be received by the Administrative Agent not later than 1:00 p.m. (1) three (3) Business Days prior to any date of prepayment of Eurodollar Rate Loans and (2) on the date of prepayment of Base Rate Loans; (B) any prepayment of Eurodollar Rate Loans shall be in a principal amount of $1,000,000 or a

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whole multiple of $100,000 in excess thereof; and (C) any prepayment of Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding. Each such notice shall specify the date and amount of such prepayment and the Type(s) of Loans to be prepaid and, if Eurodollar Rate Loans are to be prepaid, the Interest Period(s) of such Loans. The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender's ratable portion of such prepayment (based on such Lender's Applicable Percentage in respect of the relevant Facility). If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein; <u>provided</u>, <u>however</u>, that such notice delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other transactions, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any prepayment of a Eurodollar Rate Loan shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to <u>Section 3.05</u>. Each prepayment of the outstanding Term Loans pursuant to this <u>Section 2.05(a</u>) shall be applied to the principal repayment installments thereof as directed by the Borrower (and in the absence of such direction on a pro-rata basis). Subject to <u>Section 2.15</u>, such prepayments shall be paid to the Lenders in accordance with their respective Applicable Percentages in respect of each of the relevant Facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The Borrower may, upon notice to the Swingline Lender pursuant to delivery to the Swingline Lender of a Notice of Loan Prepayment (with a copy to the Administrative Agent), at any time or from time to time, voluntarily prepay Swingline Loans in whole or in part without premium or penalty; *provided*, *however*, that, unless otherwise agreed by the Swingline Lender, (A) such notice must be received by the Swingline Lender and the Administrative Agent not later than 1:00 p.m. on the date of the prepayment, and (B) any such prepayment shall be in a minimum principal amount of $100,000 or a whole multiple of $100,000 in excess hereof (or, if less, the entire principal thereof then outstanding). Each such notice shall specify the date and amount of such prepayment. If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein; <u>provided</u>, <u>however</u>, that such notice delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other transactions, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Mandatory</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Dispositions and Involuntary Dispositions</u>. The Borrower shall prepay the Loans and/or Cash Collateralize the L/C Obligations as hereinafter provided in an aggregate amount equal to 100% of the Net Cash Proceeds received by any Loan Party or any Restricted Subsidiary from all Dispositions (other than Permitted Transfers) and Involuntary Dispositions in excess of $7,500,000 individually, and $15,000,000 in the aggregate during the term of this Agreement; *provided*, *however*, that, that so long as no Default shall have occurred and be continuing, if the Borrower shall deliver to the Administrative Agent a certificate of a Responsible Officer to the effect that the Loan Parties intend to apply the Net Cash Proceeds from such event (or a portion thereof specified in such certificate), within 270 days (or if the Borrower or its Subsidiary is contractually obligated to apply the Net Cash Proceeds within 270 days, within 365 days)

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after receipt of such Net Cash Proceeds, to acquire (or replace or rebuild) assets (excluding inventory) to be used in or useful to the business of the Loan Parties, then no prepayment shall be required pursuant to this paragraph in respect of the Net Cash Proceeds specified in such certificate, *provided further* that to the extent of any such Net Cash Proceeds that have not been so applied by the end of such time period for reinvestment, a prepayment shall be required at such time in an amount equal to such Net Cash Proceeds that have not been so applied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)<u>Debt Issuance</u>. Immediately upon the receipt by the any Loan Party or any Restricted Subsidiary of the Net Cash Proceeds of any Debt Issuance, the Borrower shall prepay the Loans and/or Cash Collateralize the L/C Obligations as hereinafter provided in an aggregate amount equal to 100% of such Net Cash Proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)<u>Application of Payments</u>. Each prepayment of Loans pursuant to the foregoing provisions of <u>clauses (i</u>) and (<u>ii</u>) of this <u>Section 2.05(b</u>) shall be applied, *first*, on a *pro*-*rata* basis for all such principal repayment installments of the Term Loan, but specifically excluding the final principal installment on the Maturity Date and, *second*, to the Revolving Facility in the manner set forth in <u>clause (iv</u>) of this <u>Section 2.05(b</u>). Subject to <u>Section 2.15</u>, such prepayments shall be paid to the Lenders in accordance with their respective Applicable Percentages in respect of the relevant Facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)<u>Revolving Outstandings</u>. If for any reason the Total Revolving Outstandings at any time exceed the Revolving Facility at such time, the Borrower shall immediately prepay Revolving Loans, Swingline Loans and L/C Borrowings and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess; *provided*, *however*, that the Borrower shall not be required to Cash Collateralize the L/C Obligations pursuant to this <u>Section 2.05(b</u>) unless, after the prepayment of the Revolving Loans and Swingline Loans, the Total Revolving Outstandings exceed the Revolving Facility at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)<u>Application of Other Payments</u>. Except as otherwise provided in <u>Section 2.15</u>, prepayments of the Revolving Facility made pursuant to this <u>Section 2.05(b</u>), *first*, shall be applied ratably to the L/C Borrowings and the Swingline Loans, *second*, shall be applied to the outstanding Revolving Loans, and, *third*, shall be used to Cash Collateralize the remaining L/C Obligations; and, in the case of prepayments of the Revolving Facility required pursuant to <u>clauses (i</u>) or (<u>ii</u>) of this <u>Section 2.05(b</u>), the amount remaining, if any, after the prepayment in full of all L/C Borrowings, Swingline Loans and Revolving Loans outstanding at such time and the Cash Collateralization of the remaining L/C Obligations in full may be retained by the Borrower for use in the ordinary course of its business. Upon the drawing of any Letter of Credit that has been Cash Collateralized, the funds held as Cash Collateral shall be applied (without any further action by or notice to or from the Borrower or any other Loan Party or any Defaulting Lender that has provided Cash Collateral) to reimburse the L/C Issuer or the Revolving Lenders, as applicable.

Within the parameters of the applications set forth above, prepayments pursuant to this <u>Section 2.05(b</u>) shall be applied first to Base Rate Loans and then to Eurodollar Rate Loans in direct order of Interest Period maturities. All prepayments under this <u>Section 2.05(b</u>) shall be subject to <u>Section 3.05</u>, but otherwise without premium or penalty, and shall be accompanied by interest on the principal amount prepaid through the date of prepayment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.06**Termination or Reduction of Commitments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Optional</u>. The Borrower may, upon notice to the Administrative Agent, terminate the Revolving Facility, the Letter of Credit Sublimit or the Swingline Sublimit, or from time to time permanently reduce the Revolving Facility, the Letter of Credit Sublimit or the Swingline Sublimit; *provided*, *however*, that (i) any such notice shall be received by the Administrative Agent not later than 11:00 a.m. three (3) Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $5,000,000 or any whole multiple of $1,000,000 in excess thereof and (iii) the Borrower shall not terminate or reduce (A) the Revolving Facility if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Revolving Outstandings would exceed the Revolving Facility, (B) the Letter of Credit Sublimit if, after giving effect thereto, the Outstanding Amount of L/C Obligations not fully Cash Collateralized hereunder would exceed the Letter of Credit Sublimit, or (C) the Swingline Sublimit if, after giving effect thereto and to any concurrent prepayments hereunder, the Outstanding Amount of Swingline Loans would exceed the Letter of Credit Sublimit. A notice of termination of the Revolving Facility delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other transactions, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified date) if such condition is not satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Mandatory</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The aggregate Term Commitments shall be automatically and permanently reduced to zero on the date of the Term Borrowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)If after giving effect to any reduction or termination of Revolving Commitments under this <u>Section 2.06</u>, the Letter of Credit Sublimit or the Swingline Sublimit exceeds the Revolving Facility at such time, the Letter of Credit Sublimit or the Swingline Sublimit, as the case may be, shall be automatically reduced by the amount of such excess.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Application of Commitment Reductions; Payment of Fees</u>. The Administrative Agent will promptly notify the Lenders of any termination or reduction of the Letter of Credit Sublimit, Swingline Sublimit or the Revolving Commitment under this <u>Section 2.06</u>. Upon any reduction of the Revolving Commitments, the Revolving Commitment of each Revolving Lender shall be reduced by such Lender's Applicable Revolving Percentage of such reduction amount. All fees in respect of the Revolving Facility accrued until the effective date of any termination of the Revolving Facility shall be paid on the effective date of such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.07** **Repayment of Loans**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Term Loans</u>. The Borrower shall repay to the Term Lenders the aggregate principal amount of all Term Loans outstanding on the following dates in the respective amounts set forth opposite such dates (which amounts shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in <u>Section 2.05</u>), unless accelerated sooner pursuant to <u>Section 8.02</u>;

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| | |
|:---|:---|
| &nbsp;&nbsp;**Payment Dates** | &nbsp;&nbsp;**Principal Repayment<br>Installments** |
| &nbsp;&nbsp;December 31, 2020 | &nbsp;&nbsp;$1875000 |
| &nbsp;&nbsp;March 31, 2021 | &nbsp;&nbsp;$1875000 |

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| | |
|:---|:---|
| &nbsp;&nbsp;June 30, 2021 | &nbsp;&nbsp;$1875000 |
| &nbsp;&nbsp;September 30, 2021 | &nbsp;&nbsp;$1875000 |
| &nbsp;&nbsp;December 31, 2021 | &nbsp;&nbsp;$1875000 |
| &nbsp;&nbsp;March 31, 2022 | &nbsp;&nbsp;$1875000 |
| &nbsp;&nbsp;June 30, 2022 | &nbsp;&nbsp;$1875000 |
| &nbsp;&nbsp;September 30, 2022 | &nbsp;&nbsp;$1875000 |
| &nbsp;&nbsp;December 31, 2022 | &nbsp;&nbsp;$2812500 |
| &nbsp;&nbsp;March 31, 2023 | &nbsp;&nbsp;$2812500 |
| &nbsp;&nbsp;June 30, 2023 | &nbsp;&nbsp;$2812500 |
| &nbsp;&nbsp;September 30, 2023 | &nbsp;&nbsp;$2812500 |
| &nbsp;&nbsp;Maturity Date | &nbsp;&nbsp;Outstanding Balance of Term<br>Loans |

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*provided*, *however*, that (i) the final principal repayment installment of the Term Loans shall be repaid on the Maturity Date for the Term Facility and in any event shall be in an amount equal to the aggregate principal amount of all Term Loans outstanding on such date, (ii) if any principal repayment installment to be made by the Borrower (other than principal repayment installments on Eurodollar Rate Loans) shall come due on a day other than a Business Day, such principal repayment installment shall be due on the next succeeding Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be and (iii) if any principal repayment installment to be made by the Borrower on a Eurodollar Rate Loan shall come due on a day other than a Business Day, such principal repayment installment shall be extended to the next succeeding Business Day unless the result of such extension would be to extend such principal repayment installment into another calendar month, in which event such principal repayment installment shall be due on the immediately preceding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Revolving Loans</u>. The Borrower shall repay to the Revolving Lenders on the Maturity Date for the Revolving Facility the aggregate principal amount of all Revolving Loans outstanding on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Swingline Loans</u>. The Borrower shall repay each Swingline Loan on the earlier to occur of (i) the date ten (10) Business Days after such Loan is made and (ii) the Maturity Date for the Revolving Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.08** **Interest and Default Rate**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Interest</u>. Subject to the provisions of <u>Section 2.08(b</u>), at the election of the Borrower, (i) each Eurodollar Rate Loan under a Facility shall bear interest on the outstanding principal amount thereof for each Interest Period from the applicable Borrowing date at a rate per annum equal to the Eurodollar Rate for such Interest Period plus the Applicable Rate for such Facility; (ii) each Base Rate Loan under a Facility shall bear interest on the outstanding principal amount thereof from the applicable Borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate for such Facility; and (iii) each Swingline Loan shall bear interest on the outstanding principal amount thereof from the applicable Borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate for the Revolving Facility. To the extent that any calculation of interest or any fee required to be paid under this Agreement shall be based on (or result in) a calculation that is less than zero, such calculation shall be deemed zero for purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Default Rate</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)If any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)If any amount (other than principal of any Loan) payable by the Borrower under any Loan Document is not paid when due (after giving effect to any applicable grace or cure periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the Required Lenders such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Upon the request of the Required Lenders, while any Event of Default exists (including a payment default), all outstanding Obligations (including Letter of Credit Fees) may accrue at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Interest Payments</u>. Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.09**Fees

In addition to certain fees described in <u>clauses (m</u>), (<u>n</u>) and (<u>p</u>) of <u>Section 2.03</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Commitment Fee</u>. The Borrower shall pay to the Administrative Agent for the account of each Revolving Lender in accordance with its Applicable Revolving Percentage, a commitment fee equal to the Applicable Rate *times* the actual daily amount by which the Revolving Facility exceeds the *sum of* (i) the Outstanding Amount of Revolving Loans <u>plus</u> (ii) the Outstanding Amount of L/C Obligations, subject to adjustment as provided in <u>Section 2.15</u>. For the avoidance of doubt, the Outstanding Amount of Swingline Loans shall not be counted towards or considered usage of the Revolving Facility for purposes of determining the commitment fee. The commitment fee shall accrue at all times during the Availability Period, including at any time during which one or more of the conditions in <u>Article IV</u> is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the Closing Date, and on the last day of the Availability Period for the Revolving Facility. The commitment fee shall be calculated quarterly in arrears, and if there is any change in the Applicable Rate during any quarter, the actual daily amount shall be computed and *multiplied by* the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Other Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Borrower shall pay to the Administrative Agent and BofA Securities for its own account fees in the amounts and at the times specified in the Fee Letter. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The Borrower shall pay to the Lenders such fees as shall have been separately agreed upon in writing in the amounts and at the times so specified. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.10**Computation of Interest and Fees**;** Retroactive Adjustments of Applicable Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Computation of Interest and Fees</u>. All computations of interest for Base Rate Loans (including Base Rate Loans determined by reference to the Eurodollar Rate) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a three hundred sixty (360) day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365 day year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to <u>Section 2.12(a</u>), bear interest for one (1) day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Financial Statement Adjustments or Restatements.</u> If, as a result of any restatement of or other adjustment to the financial statements of the Borrower and its Subsidiaries or for any other reason, the Borrower, or the Lenders determine that (i) the Consolidated Leverage Ratio as calculated by the Borrower as of any applicable date was inaccurate and (ii) a proper calculation of the Consolidated Leverage Ratio would have resulted in higher pricing for such period, the Borrower shall promptly and retroactively be obligated to pay to the Administrative Agent for the account of the applicable Lenders or the L/C Issuer, as the case may be, promptly on demand by the Administrative Agent (or, after the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code of the United States, automatically and without further action by the Administrative Agent, any Lender or the L/C Issuer), an amount equal to the excess of the amount of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for such period. This <u>clause (b</u>) shall not limit the rights of the Administrative Agent, any Lender or the L/C Issuer, as the case may be, under any provision of this Agreement to payment of any Obligations hereunder at the Default Rate or under <u>Article VIII</u>. The Borrower's obligations under this <u>clause (b</u>) shall survive the termination of the Aggregate Commitments and the repayment of all other Obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.11**Evidence of Debt

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Maintenance of Accounts</u>. The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender in the ordinary course of business. The Administrative Agent shall maintain the Register in accordance with <u>Section 11.06(c</u>). The accounts or records maintained by each Lender shall be conclusive absent manifest error of the amount of the Credit Extensions made by the Lenders to the Borrower and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the Register, the Register shall control in the absence of manifest error. Upon the request of any Lender made through the Administrative Agent, the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Note, which shall evidence such Lender's Loans in addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Maintenance of Records</u>. In addition to the accounts and records referred to in <u>Section 2.11(a</u>), each Lender and the Administrative Agent shall maintain in accordance with its usual practice accounts or records evidencing the purchases and sales by such Lender of participations in Letters of Credit and Swingline Loans. In the event of any conflict between the accounts and records maintained by the Administrative Agent and the accounts and records of any Lender in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.12**Payments Generally; Administrative Agent**'**s Clawback

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>General</u>. All payments to be made by the Borrower shall be made free and clear of and without condition or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the Administrative Agent's Office in Dollars and in immediately available funds not later than 2:00 p.m. on the date specified herein. The Administrative Agent will promptly distribute to each Lender its Applicable Percentage in respect of the relevant Facility (or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender's Lending Office. All payments received by the Administrative Agent after 2:00 p.m. shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue. Subject to <u>Section 2.07(a</u>) and as otherwise specifically provided for in this Agreement, if any payment to be made by the Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)(i)<u>Funding by Lenders; Presumption by Administrative Agent</u>. Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing of Eurodollar Rate Loans (or, in the case of any Borrowing of Base Rate Loans, prior to 12:00 noon on the date of such Borrowing) that such Lender will not make available to the Administrative Agent such Lender's share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with <u>Section 2.02</u> (or, in the case of a Borrowing of Base Rate Loans, that such Lender has made such share available in accordance with and at the time required by <u>Section 2.02</u>) and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount in immediately available funds with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (A) in the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, *plus* any administrative, processing or similar fees customarily charged by the Administrative Agent in connection with the foregoing, and (B) in the case of a payment to be made by the Borrower, the interest rate applicable to Base Rate Loans. If the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays its share of the applicable Borrowing to the Administrative Agent, then the amount so paid shall constitute such Lender's Loan included in such Borrowing. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)<u>Payments by Borrower; Presumptions by Administrative Agent</u>. Unless the Administrative Agent shall have received notice from the Borrower prior to the time at which any payment is due to the Administrative Agent for the account of the Lenders or the L/C Issuer hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Appropriate Lenders or the L/C Issuer, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Appropriate Lenders or the L/C Issuer, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or the L/C Issuer, in immediately available funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.

A notice of the Administrative Agent to any Lender or the Borrower with respect to any amount owing under this <u>clause (b</u>) shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Failure to Satisfy Conditions Precedent</u>. If any Lender makes available to the Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this <u>Article II</u>, and such funds are not made available to the Borrower by the Administrative Agent because the conditions to the applicable Credit Extension set forth in <u>Article IV</u> are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Obligations of Lenders Several</u>. The obligations of the Lenders hereunder to make Term Loans and Revolving Loans, to fund participations in Letters of Credit and Swingline Loans and to make payments pursuant to <u>Section 11.04(c</u>) are several and not joint. The failure of any Lender to make any Loan, to fund any such participation or to make any payment under <u>Section 11.04(c</u>) on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan, to purchase its participation or to make its payment under <u>Section 11.04(c</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Funding Source</u>. Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Pro Rata Treatment</u>. Except to the extent otherwise provided herein: (i) each Borrowing (other than Swingline Borrowings) shall be made from the Appropriate Lenders, each payment of fees under <u>Section 2.09</u> and <u>clauses (m</u>), (<u>n</u>) and (<u>p</u>) of <u>Section 2.03</u> shall be made for account of the Appropriate Lenders, and each termination or reduction of the amount of the Commitments shall be applied to the respective Commitments of the Lenders, *pro rata* according to the amounts of their respective Commitments; (ii) each Borrowing shall be allocated pro rata among the Lenders according to the amounts of their respective Commitments (in the case of the making of Revolving Loans) or their respective Loans that are to be included in such Borrowing (in the case of conversions and continuations of Loans); (iii) each payment or prepayment of principal of Loans by the Borrower shall be made for account of the Appropriate Lenders pro rata in accordance with the respective unpaid principal amounts of the Loans held by them; and (iv) each payment of interest on Loans by the Borrower shall be made for account of the Appropriate Lenders

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pro rata in accordance with the amounts of interest on such Loans then due and payable to the respective Appropriate Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.13**Sharing of Payments by Lenders.

If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of (a) Obligations in respect of any of the Facilities due and payable to such Lender hereunder and under the other Loan Documents at such time in excess of its ratable share (according to the proportion of (i) the amount of such Obligations due and payable to such Lender at such time to (ii) the aggregate amount of the Obligations in respect of the Facilities due and payable to all Lenders hereunder and under the other Loan Documents at such time) of payments on account of the Obligations in respect of the Facilities due and payable to all Lenders hereunder and under the other Loan Documents at such time obtained by all the Lenders at such time or (b) Obligations in respect of any of the Facilities owing (but not due and payable) to such Lender hereunder and under the other Loan Documents at such time in excess of its ratable share (according to the proportion of (i) the amount of such Obligations owing (but not due and payable) to such Lender at such time to (ii) the aggregate amount of the Obligations in respect of the Facilities owing (but not due and payable) to all Lenders hereunder and under the other Loan Documents at such time) of payments on account of the Obligations in respect of the Facilities owing (but not due and payable) to all Lenders hereunder and under the other Loan Documents at such time obtained by all of the Lenders at such time, then, in each case under <u>clauses (a</u>) and (<u>b</u>) above, the Lender receiving such greater proportion shall (A) notify the Administrative Agent of such fact, and (B) purchase (for cash at face value) participations in the Loans and sub-participations in L/C Obligations and Swingline Loans of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of Obligations in respect of the Facilities then due and payable to the Lenders or owing (but not due and payable) to the Lenders, as the case may be, *provided*, *however*, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)if any such participations or sub-participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations or sub-participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the provisions of this <u>Section 2.13</u> shall not be construed to apply to (A) any payment made by or on behalf of the Borrower pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender or Disqualified Institution), (B) the application of Cash Collateral provided for in <u>Section 2.14</u>, or (C) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or sub-participations in L/C Obligations or Swingline Loans to any assignee or participant, other than an assignment to any Loan Party or any Affiliate thereof (as to which the provisions of this <u>Section 2.13</u> shall apply).

Each Loan Party consents to the foregoing and agrees, to the extent it may effectively do so under Applicable Law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Loan Party rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of such Loan Party in the amount of such participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.14**Cash Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Obligation to Cash Collateralize</u>. At any time there shall exist a Defaulting Lender, within three (3) Business Days following the written request of the Administrative Agent or the

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L/C Issuer (with a copy to the Administrative Agent), the Borrower shall Cash Collateralize the L/C Issuer's Fronting Exposure with respect to such Defaulting Lender (determined after giving effect to <u>Section 2.15(a)(iv</u>) and any Cash Collateral provided by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Grant of Security Interest</u>. The Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grants to (and subjects to the control of) the Administrative Agent, for the benefit of the Administrative Agent, the L/C Issuer and the Lenders, and agrees to maintain, a first priority security interest in all such cash, deposit accounts and all balances therein, and all other property so provided as Collateral pursuant hereto, and in all proceeds of the foregoing, all as security for the obligations to which such Cash Collateral may be applied pursuant to <u>Section 2.14(c</u>). If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent or the L/C Issuer as herein provided, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, the Borrower will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency (determined in the case of Cash Collateral provided pursuant to <u>Section 2.15(a)(v</u>), after giving effect to <u>Section 2.15(a)(v</u>) and any Cash Collateral provided by the Defaulting Lender). All Cash Collateral (other than credit support not constituting funds subject to deposit) shall be maintained in one or more Controlled Accounts at Bank of America. The Borrower shall pay on demand therefor from time to time all customary account opening, activity and other administrative fees and charges in connection with the maintenance and disbursement of Cash Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Application</u>. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of this <u>Section 2.14</u> or <u>Sections 2.03</u>, <u>2.05</u>, <u>2.15</u> or <u>8.02</u> in respect of Letters of Credit shall be held and applied to the satisfaction of the specific L/C Obligations, obligations to fund participations therein (including, as to Cash Collateral provided by a Revolving Lender that is a Defaulting Lender, any interest accrued on such obligation) and other obligations for which the Cash Collateral was so provided, prior to any other application of such property as may be provided for herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Release</u>. Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or to secure other obligations shall be released promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including by the termination of Defaulting Lender status of the applicable Revolving Lender (or, as appropriate, its assignee following compliance with <u>Section 11.06(b)(vi</u>))) or (ii) the determination by the Administrative Agent and the L/C Issuer that there exists excess Cash Collateral; *provided*, *however*, (A) any such release shall be without prejudice to, and any disbursement or other transfer of Cash Collateral shall be and remain subject to, any other Lien conferred under the Loan Documents and the other applicable provisions of the Loan Documents, and (B) the Person providing Cash Collateral and the L/C Issuer may agree that Cash Collateral shall not be released but instead held to support future anticipated Fronting Exposure or other obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.15**Defaulting Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Adjustments</u>. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by Applicable Law:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Waivers and Amendments</u>. Such Defaulting Lender's right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of "Required Lenders" and <u>Section 11.01</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)<u>Defaulting Lender Waterfall</u>. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to <u>Article VIII</u> or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to <u>Section 11.08</u> shall be applied at such time or times as may be determined by the Administrative Agent as follows: *first*, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; *second*, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the L/C Issuer or the Swingline Lender hereunder; *third*, to Cash Collateralize the L/C Issuer's Fronting Exposure with respect to such Defaulting Lender in accordance with <u>Section 2.14</u>; *fourth*, as the Borrower may request (so long as no Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; *fifth*, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released *pro rata* in order to (A) satisfy such Defaulting Lender's potential future funding obligations with respect to Loans under this Agreement and (B) Cash Collateralize the L/C Issuer's future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with <u>Section 2.14</u>; *sixth*, to the payment of any amounts owing to the Lenders, the L/C Issuer or Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the L/C Issuer or the Swingline Lender against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; *seventh*, so long as no Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; and *eighth*, to such Defaulting Lender or as otherwise may be required under the Loan Documents in connection with any Lien conferred thereunder or directed by a court of competent jurisdiction; *provided*, *however*, that if (x) such payment is a payment of the principal amount of any Loans or L/C Borrowings in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in <u>Section 4.02</u> were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Obligations owed to, all Non-Defaulting Lenders on a *pro rata* basis prior to being applied to the payment of any Loans of, or L/C Obligations owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in L/C Obligations and Swingline Loans are held by the Lenders *pro rata* in accordance with the Commitments hereunder without giving effect to <u>Section 2.15(a)(v</u>). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this <u>Section 2.15(a)(ii</u>) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)<u>Certain Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)<u>Fees</u>. No Defaulting Lender shall be entitled to receive any fee payable under <u>Section 2.09(a</u>) for any period during which that Lender is a

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Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)<u>Letter of Credit Fees</u>. Each Defaulting Lender shall be entitled to receive Letter of Credit Fees for any period during which that Lender is a Defaulting Lender only to the extent allocable to its Applicable Revolving Percentage of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to <u>Section 2.14</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)<u>Defaulting Lender Fees</u>. With respect to any Letter of Credit Fee not required to be paid to any Defaulting Lender pursuant to <u>clause (B</u>) above, the Borrower shall (1) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender's participation in L/C Obligations or Swingline Loans that has been reallocated to such Non-Defaulting Lender pursuant to <u>clause (iv</u>) below, (2) pay to the L/C Issuer and the Swingline Lender, as applicable, the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such L/C Issuer's or the Swingline Lender's Fronting Exposure to such Defaulting Lender, and (3) not be required to pay the remaining amount of any such fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)<u>Reallocation of Applicable Revolving Percentages to Reduce Fronting Exposure</u>. All or any part of such Defaulting Lender's participation in L/C Obligations and Swingline Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable Revolving Percentages (calculated without regard to such Defaulting Lender's Commitment) but only to the extent that such reallocation does not cause the aggregate Revolving Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender's Revolving Commitment. Subject to <u>Section 11.19</u>, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender's increased exposure following such reallocation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)<u>Cash Collateral, Repayment of Swingline Loans</u>. If the reallocation described in <u>clause (a)(v</u>) above cannot, or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under Applicable Law, (A) *first*, prepay Swingline Loans in an amount equal to the Swingline Lender's Fronting Exposure and (B) *second*, Cash Collateralize the L/C Issuer's Fronting Exposure in accordance with the procedures set forth in <u>Section 2.14</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Defaulting Lender Cure</u>. If the Borrower, the Administrative Agent, the Swingline Lender and the L/C Issuer agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit and Swingline Loans to be held pro rata by the Lenders in accordance with their Revolving Commitments (without giving effect to <u>Section 2.15(a)(iv</u>)), whereupon such Lender will cease to be a Defaulting Lender; *provided*, *however*, that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and *provided*, *further*, that except to the extent otherwise

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expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender's having been a Defaulting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>New Swingline Loans/Letters of Credit</u>. So long as any Revolving Lender is a Defaulting Lender, (i) the Swingline Lender shall not be required to fund any Swingline Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swingline Loan and (ii) the L/C Issuer shall not be required to issue, extend, increase, reinstate or renew any letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.16**Increase in Commitments; Borrower Request

The Borrower may by written notice to the Administrative Agent elect to request (x) prior to the Maturity Date for the Revolving Facility, an increase to the existing Revolving Commitments (each, an "*Incremental Revolving Commitment*") and/or (y) the establishment of one or more new term loan commitments (each, an "*Incremental Term Commitment*"), by an aggregate amount for all such Incremental Revolving Commitments and Incremental Term Commitments not in excess of $75,000,000. Each such notice shall specify (i) the date (each, an "*Increase Effective Date*") on which the Borrower proposes that the Incremental Commitments shall be effective, which shall be a date not less than ten (10) Business Days after the date on which such notice is delivered to the Administrative Agent and (ii) the identity of each Eligible Assignee or other Person to whom the Borrower proposes any portion of such Incremental Commitments be allocated and the amounts of such allocations; *provided*, *however*, that (i) any existing Lender approached to provide all or a portion of the Incremental Commitments may elect or decline, in its sole discretion, to provide such Incremental Commitment, (ii) the Borrower may make a maximum of three (3) such requests and (iii) Affiliated Lenders shall be subject to <u>Section 2.17</u>. Each Incremental Commitment shall be in an aggregate amount of $10,000,000 or any whole multiple of $5,000,000 in excess thereof (*provided*, *however*, that such amount may be less than $10,000,000 if such amount represents all remaining availability under the aggregate limit in respect of Incremental Commitments set forth in above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Conditions</u>. The Incremental Commitments shall become effective as of the Increase Effective Date; provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)each of the conditions set forth in <u>Section 4.02</u> shall be satisfied (except as qualified in clauses (a)(ii) and (a)(iii) below with respect to an Incremental Term Commitment incurred to finance a Limited Condition Acquisition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)no Default shall have occurred and be continuing or would result from the borrowings to be made on the Increase Effective Date; *provided*, *however*, that in the case of Incremental Term Commitments incurred to finance a Limited Condition Acquisition, (x) no Event of Default exists at the time of entry into the definitive agreement in respect of such acquisition immediately after giving effect to such acquisition and (y) no Specified Event of Default exists at the time of consummation of such Limited Condition Acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the representations and warranties contained in <u>Article V</u> and the other Loan Documents are true and correct in all material respects on and as of the Increase Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall have been true and correct in all material respects as of such earlier date, and except that for purposes of this <u>Section 2.16(a)</u>, the representations and warranties contained in <u>Section 5.05(a)</u> and <u>Section 5.05(b)</u> shall be deemed to refer to the most recent financial statements furnished pursuant to <u>clauses (a)</u> and <u>(b)</u>, respectively, of <u>Section 6.04</u>; *provided*, *however*, that in the case of Incremental Term Commitments incurred to finance a Limited Condition Acquisition,

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the requirement applicable to representation and warranties shall, if otherwise agreed by the Lenders providing such Incremental Term Commitments, be limited to the making and accuracy of certain "specified acquisition representations" conformed to apply to such Limited Condition Acquisition in the acquisition agreement governing such Limited Condition Acquisition and customary "specified representations";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)on a Pro Forma Basis (assuming, in the case of Incremental Revolving Commitments, that such Incremental Revolving Commitments are fully drawn), the Borrower shall be in compliance with each of the covenants set forth in <u>Section 7.11</u> as of the end of the latest fiscal quarter for which internal financial statements are available (or, if applicable in accordance with <u>Section 1.09</u>, on the LCA Test Date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)the Borrower shall make any breakage payments in connection with any adjustment of Revolving Loans pursuant to <u>Section 3.05</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)the Borrower shall deliver or cause to be delivered officer's certificates and legal opinions of the type delivered on the Closing Date to the extent reasonably requested by, and in form and substance reasonably satisfactory to, the Administrative Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)(A)upon the reasonable request of any Lender made at least ten (10) days prior to the Increase Effective Date, the Borrower shall have provided to such Lender, and such Lender shall be reasonably satisfied with, the documentation and other information so requested in connection with applicable "know your customer" and anti-money-laundering rules and regulations, including, without limitation, the PATRIOT Act, in each case at least five (5) days prior to the Increase Effective Date and (B) at least five (5) days prior to the Increase Effective Date, any Loan Party that qualifies as a "legal entity customer" under the Beneficial Ownership Regulation shall have delivered, to each Lender that so requests, a Beneficial Ownership Certification in relation to such Loan Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Terms of New Loans and Commitments</u>. The terms and provisions of Loans made pursuant to Incremental Commitments shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)terms and provisions of Incremental Term Loans shall be, except as otherwise set forth herein or in the Increase Joinder, identical to the Term Loans (it being understood that Incremental Term Loans may be a part of the Term Loans) and to the extent that the terms and provisions of Incremental Term Loans are not identical to the Term Loans (except to the extent permitted by <u>clause (iii)</u>, <u>(iv)</u> or <u>(v)</u> below) they shall be reasonably satisfactory to the Administrative Agent; *provided*, *however*, that in any event the Incremental Term Loans must comply with <u>clauses (iii)</u>, <u>(iv)</u> and <u>(v)</u> below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the terms and provisions of Revolving Loans made pursuant to new Commitments shall be identical to the Revolving Loans; *provided*, *however*, that the up-front fees and/or other arrangement, structuring, closing, underwriting and similar fees payable in respect of any Incremental Revolving Commitment shall be determined by the Borrower and the Lenders of the Incremental Revolving Commitment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the weighted average life to maturity of any Incremental Term Loans shall be no shorter than the remaining weighted average life to maturity of the then existing Term Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)the maturity date of Incremental Term Loans (the "<u>Incremental Term Loan Maturity Date</u>") shall not be earlier than the then Latest Maturity Date;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)the Applicable Rate for Incremental Term Loans shall be determined by the Borrower and the Lenders of the Incremental Term Loans; <u>provided</u> that in the event that the Applicable Rate for any Incremental Term Loan is greater than the Applicable Rate for the Term Loans by more than fifty (50) basis points, then the Applicable Rate for the Term Loans shall be increased to the extent necessary so that the Applicable Rate for the Incremental Term Loans is fifty (50) basis points higher than the Applicable Rate for the Term Loans, and the Applicable Rate for Revolving Loans (at each point in the table set forth in the definition of "Applicable Rate," to the extent applicable) shall be increased by the same number of basis points as the Applicable Rate for the Term Loan is increased; <u>provided</u>, <u>further</u>, that in determining the Applicable Rate applicable to the Term Loans and the Incremental Term Loans, (x) original issue discount ("<u>OID</u>") or upfront fees (which shall be deemed to constitute like amounts of OID) payable by the Borrower to the Lenders of the Term Loans or the Incremental Term Loans in the primary syndication thereof shall be included (with OID being equated to interest based on an assumed four-year life to maturity); (y) customary arrangement or commitment fees payable to BofA Securities (or its respective affiliates) in connection with the Term Loans or to one (1) or more arrangers (or their affiliates) of the Incremental Term Loans shall be excluded; and (z) if the LIBOR or Base Rate "floor" for the Incremental Term Loans is greater than the LIBOR or Base Rate "floor," respectively, for the existing Term Loans, the difference between such floor for the Incremental Term Loans and the existing Term Loans shall be equated to an increase in the Applicable Rate for purposes of this <u>clause (v)</u>.

The Incremental Commitments shall be effected by a joinder agreement (the "<u>Increase Joinder</u>") executed by the Borrower, the Administrative Agent and each Lender making such Incremental Commitment, in form and substance reasonably satisfactory to each of them. Notwithstanding the provisions of <u>Section 11.01</u>, the Increase Joinder may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, to effect the provisions of this <u>Section 2.16</u>. In addition, unless otherwise specifically provided herein, all references in Loan Documents to Revolving Loans or Term Loans shall be deemed, unless the context otherwise requires, to include references to Revolving Loans made pursuant to Incremental Revolving Commitments and Incremental Term Loans that are Term Loans, respectively, made pursuant to this Agreement. This <u>Section 2.16</u> shall supersede any provisions in <u>Section 2.13</u> or <u>Section 11.01</u> to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Adjustment of Revolving Credit Loans</u>. To the extent the Commitments being increased on the relevant Increase Effective Date are Incremental Revolving Commitments, then each Revolving Lender that is acquiring an Incremental Revolving Commitment on the Increase Effective Date shall make a Revolving Loan, the proceeds of which will be used to prepay the Revolving Loans of the other Revolving Lenders immediately prior to such Increase Effective Date, so that, after giving effect thereto, the Revolving Loans outstanding are held by the Revolving Lenders pro rata based on their Revolving Commitments after giving effect to such Increase Effective Date. If there is a new borrowing of Revolving Loans on such Increase Effective Date, the Revolving Lenders after giving effect to such Increase Effective Date shall make such Revolving Loans in accordance with <u>Section 2.01(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Making of New Term Loans</u>. On any Increase Effective Date on which new Commitments for Term Loans are effective, subject to the satisfaction of the foregoing terms and conditions, each Lender of such new Commitment shall make a Term Loan to the Borrower in an amount equal to its new Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Equal and Ratable Benefit.</u> The Loans and Commitments established pursuant to this <u>Section 2.16</u> shall constitute Loans and Commitments under, and shall be entitled to all the benefits afforded by, this Agreement and the other Loan Documents, and shall, without limiting the foregoing, benefit equally

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.17**Affiliated Lender Term Loan Purchases.

Notwithstanding anything to the contrary in this Agreement (other than <u>Section 11.06</u>), any Affiliated Lender may be an assignee in respect of Term Loans (but not Revolving Commitments or Revolving Loans) of a particular Class (and to such extent shall constitute an Eligible Assignee), including through open market purchases; *provided*, *however*, that, (a) the aggregate principal amount of Term Loans of a particular Class owned or held by any Affiliated Lenders at any time shall not exceed, in the aggregate, twenty percent (20%) of the aggregate outstanding principal amount of all Term Loans of such Class; (b) notwithstanding anything to the contrary in the definition of "Required Lenders" or in <u>Section 11.01</u>, the holder of any Term Loans acquired pursuant to this <u>Section 2.17</u> shall not be entitled to vote such Term Loans in any vote requiring the consent of the Required Lenders pursuant to the terms of this Agreement or any other Loan Document (it being understood that the holder of such Term Loans shall have the right to consent to votes requiring the consent of all Lenders or all Lenders directly affected thereby pursuant to <u>Section 11.01</u> or otherwise, or any other amendment which treats such Lenders differently from other Lenders), and for purposes of any such vote such Term Loans shall be deemed not to be outstanding; (c) no Default shall have occurred and be continuing on the date of such purchase or would occur as a result of such assignment; (d) as a condition to purchasing such Term Loans, the Affiliated Lenders acquiring Term Loans pursuant to this <u>Section 2.17</u> shall make the representation provided in <u>Section 5.14</u>; (e) no proceeds of any Revolving Borrowing shall be used to finance any such purchase pursuant to this <u>Section 2.17</u>; (f) by acquiring a Term Loan hereunder, each of the Affiliated Lenders shall be deemed to have (i) waived its right to (1) receive information prepared by the Administrative Agent or any Lender (or any advisor, agent or counsel thereof) under or in connection with this Agreement or any other Loan Document (2) attend any meeting or conference call with the Administrative Agent or any Lender and (3) to receive advice of counsel to the Administrative Agent and the Lenders, (ii) agreed that it is prohibited from making or bringing any claim, in its capacity as a Lender, against the Administrative Agent or any Lender with respect to the duties and obligations of such Persons under the Loan Documents, and (iii) agreed that it will have no right whatsoever to require the Administrative Agent or any Lender to undertake any action (or refrain from taking any action) with respect to this Agreement or any other Loan Document; (g) in connection with the purchase of Term Loans pursuant to this <u>Section 2.17</u>, each Affiliated Lender acquiring Term Loans pursuant to this <u>Section 2.17</u> shall execute and deliver an Affiliated Lender Assignment and Assumption pursuant to which it identifies itself as an Affiliate of the Loan Parties and (h) Term Loans acquired by the Affiliated Lenders shall be subject to the voting limitations set forth in <u>Section 11.06(h)</u>.

**Article IIi**

**TAXES, YIELD PROTECTION AND ILLEGALITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.01**Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Defined Terms</u>. For purposes of this <u>Section 3.01</u>, the term "Applicable Law" includes FATCA and the term "Lender" includes any L/C Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes</u>. Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by Applicable Laws. If any Applicable Laws (as determined in the good faith discretion of an applicable Withholding Agent) require the deduction or withholding of any Tax from any such

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payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with Applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after any required withholding or the making of all required deductions (including deductions applicable to additional sums payable under this <u>Section 3.01</u>) the applicable Recipient receives an amount equal to the sum it would have received had no such withholding or deduction been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Payment of Other Taxes by the Loan Parties</u>. The Loan Parties shall timely pay to the relevant Governmental Authority in accordance with Applicable Law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Tax Indemnifications</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Each of the Loan Parties shall, and does hereby, jointly and severally indemnify each Recipient, and shall make payment in respect thereof within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this <u>Section 3.01</u>) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. Each of the Loan Parties shall also, and does hereby, jointly and severally indemnify the Administrative Agent, and shall make payment in respect thereof within ten (10) days after demand therefor, for any amount which a Lender for any reason fails to pay indefeasibly to the Administrative Agent as required pursuant to <u>Section 3.01(d)(ii</u>) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Each Lender shall, and does hereby, severally indemnify and shall make payment in respect thereof within ten (10) days after demand therefor, (A) the Administrative Agent against any Indemnified Taxes attributable to such Lender, (B) the Administrative Agent and the Loan Parties or a Loan Party against any Taxes attributable to such Lender's failure to comply with the provisions of <u>Section 11.06(d</u>) relating to the maintenance of a Participant Register and (C) the Administrative Agent and the Loan Parties or a Loan Party against any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this <u>clause (d)(ii</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Evidence of Payments</u>. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority, as provided in this <u>Section 3.01</u>, the Borrower shall deliver to the Administrative Agent the original or a copy of a receipt issued by such Governmental

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Authority evidencing such payment, a copy of any return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Status of Lenders; Tax Documentation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in <u>Section 3.01(f)(ii)(A</u>), (<u>ii)(B</u>) and (<u>ii)(D</u>) below) shall not be required if in the Lender's reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Without limiting the generality of the foregoing, in the event that the Borrower is a U.S. Person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of IRS Form W–9 certifying that such Lender is exempt from U.S. federal backup withholding tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed copies of IRS Form W–8BEN–E (or W–8BEN, as applicable) establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "interest" article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W–8BEN–E (or W–8BEN, as applicable) establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "business profits" or "other income" article of such tax treaty;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)executed copies of IRS Form W–8ECI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of <u>Exhibit L–1</u> to the effect that such Foreign Lender is not a "bank" within the meaning of Section 881(c)(3)(A) of the Code, a "10 percent shareholder" of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a "controlled foreign corporation" described in Section 881(c)(3)(C) of the Code (a "*U*<u>.</u>*S*<u>.</u> *Tax Compliance Certificate*") and (y) executed copies of IRS Form W–8BEN–E (or W–8BEN, as applicable); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W–8IMY, accompanied by IRS Form W–8ECI, IRS Form W–8BEN–E (or W–8BEN, as applicable), a U.S. Tax Compliance Certificate substantially in the form of <u>Exhibit L–2</u> or <u>Exhibit L–3</u>, IRS Form W–9, and/or other certification documents from each beneficial owner, as applicable; *provided*, *however*, that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of <u>Exhibit L–4</u> on behalf of each such direct and indirect partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies (or originals, as required) of any other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by Applicable Law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender's obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for the purposes of this <u>clause (f)(ii)(D</u>), "FATCA" shall include any amendments made to FATCA after the date of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Each Lender agrees that if any form or certification it previously delivered pursuant to this <u>Section 3.01</u> expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Treatment of Certain Refunds</u>. Unless required by Applicable Laws, at no time shall the Administrative Agent have any obligation to file for or otherwise pursue on behalf of a Lender, or have any obligation to pay to any Lender, any refund of Taxes withheld or deducted from funds paid for the account of such Lender. If any Recipient determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified by any Loan Party or with respect to which any Loan Party has paid additional amounts pursuant to this <u>Section 3.01</u>, it shall pay to such Loan Party an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by such Loan Party under this <u>Section 3.01</u> with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) incurred by such Recipient, as the case may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), provided that each Loan Party, upon the request of the Recipient, agrees to repay the amount paid over to such Loan Party (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Recipient in the event the Recipient is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this <u>clause (g</u>), in no event will the applicable Recipient be required to pay any amount to such Loan Party pursuant to this <u>clause (g</u>) the payment of which would place the Recipient in a less favorable net after-Tax position than such Recipient would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This <u>clause (g</u>) shall not be construed to require any Recipient to make available its tax returns (or any other information relating to its Taxes that it deems confidential) to any Loan Party or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Survival</u>. Each party's obligations under this <u>Section 3.01</u> shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all other Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.02**Illegality

If any Lender determines in good faith that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its Lending Office to make, maintain or fund or charge interest with respect to any Credit Extension, or to determine or charge interest rates based upon the Eurodollar Rate, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market, then, upon notice thereof by such Lender to the Borrower (through the Administrative Agent), (i) any obligation of such Lender to make or continue Eurodollar Rate Loans to convert Base Rate Loans to Eurodollar Rate Loans shall be suspended, and (ii) if such notice asserts the illegality of such Lender making or maintaining Base Rate Loans the interest rate on which is determined by reference to the Eurodollar Rate component of the Base Rate, the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Eurodollar Rate component of the Base Rate, in each case until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, (A) the Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all Eurodollar Rate Loans of such Lender

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to Base Rate Loans (the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Eurodollar Rate component of the Base Rate), either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurodollar Rate Loans and (B) if such notice asserts the illegality of such Lender determining or charging interest rates based upon the Eurodollar Rate, the Administrative Agent shall during the period of such suspension compute the Base Rate applicable to such Lender without reference to the Eurodollar Rate component thereof until the Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon the Eurodollar Rate. Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted, together with any additional amounts required pursuant to <u>Section 3.05</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.03**Inability to Determine Rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If in connection with any request for a Eurodollar Rate Loan or a conversion to or continuation thereof, (i) the Administrative Agent determines that (A) Dollar deposits are not being offered to banks in the London interbank eurodollar market for the applicable amount and Interest Period of such Eurodollar Rate Loan, or (B) (1) adequate and reasonable means do not exist for determining the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan or in connection with an existing or proposed Base Rate Loan and (2) the circumstances described in <u>Section 3.03(c)(i</u>) do not apply (in each case with respect to this <u>clause (i</u>), "*Impacted Loans*"), or (ii) the Administrative Agent or the Required Lenders determine that for any reason Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the Administrative Agent will promptly so notify the Borrower and each Lender. Thereafter, (x) the obligation of the Lenders to make or maintain Eurodollar Rate Loans shall be suspended (to the extent of the affected Eurodollar Rate Loans or Interest Periods), and (y) in the event of a determination described in the preceding sentence with respect to the Eurodollar Rate component of the Base Rate, the utilization of the Eurodollar Rate component in determining the Base Rate shall be suspended, in each case until the Administrative Agent (or, in the case of a determination by the Required Lenders described in <u>clause (ii</u>) of this <u>Section 3.03(a</u>), until the Administrative Agent upon instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans (to the extent of the affected Eurodollar Rate Loans or Interest Periods) or, failing that, will be deemed to have converted such request into a request for a Borrowing of Base Rate Loans in the amount specified therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding the foregoing, if the Administrative Agent has made the determination described in <u>clause (a)(i</u>) of this <u>Section 3.03</u>, the Administrative Agent in consultation with the Borrower, may establish an alternative interest rate for the Impacted Loans, in which case, such alternative rate of interest shall apply with respect to the Impacted Loans until (i) the Administrative Agent revokes the notice delivered with respect to the Impacted Loans under <u>clause (a)(i</u>) of this <u>Section 3.03</u>, (ii) the Administrative Agent or the Required Lenders notify the Administrative Agent and the Borrower that such alternative interest rate does not adequately and fairly reflect the cost to the Lenders of funding the Impacted Loans, or (iii) any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for such Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference to such alternative rate of interest or to determine or charge interest rates based upon such rate or any Governmental Authority has imposed material restrictions

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on the authority of such Lender to do any of the foregoing and provided the Administrative Agent and the Borrower written notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Notwithstanding anything to the contrary in this Agreement or any other Loan Documents, but without limiting <u>Sections 3.03(a</u>) and (<u>b</u>) above, if the Administrative Agent determines (which determination shall be conclusive and binding upon all parties hereto absent manifest error), or the Borrower or Required Lenders notify the Administrative Agent (with, in the case of the Required Lenders, a copy to the Borrower) that the Borrower or Required Lenders (as applicable) have determined (which determination likewise shall be conclusive and binding upon all parties hereto absent manifest error), that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)adequate and reasonable means do not exist for ascertaining LIBOR for any requested Interest Period, including, without limitation, because the LIBOR Screen Rate is not available or published on a current basis and such circumstances are unlikely to be temporary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the administrator of the LIBOR Screen Rate or a Governmental Authority having or purporting to have jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which LIBOR or the LIBOR Screen Rate shall no longer be made available, or used for determining the interest rate of loans, *provided*, *however*, that, at the time of such statement, there is no successor administrator that is satisfactory to the Administrative Agent, that will continue to provide LIBOR after such specific date (such specific date, the "*Scheduled Unavailability Date*"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)syndicated loans currently being executed, or that include language similar to that contained in this <u>Section 3.03</u>, are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace LIBOR,

then, reasonably promptly after such determination by the Administrative Agent or receipt by the Administrative Agent of such notice, as applicable, the Administrative Agent and the Borrower may amend this Agreement solely for purpose of replacing LIBOR in accordance with this <u>Section 3.03</u> with (x) one or more SOFR-Based Rates or (y) another alternate benchmark rate giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated syndicated credit facilities for such alternative benchmarks and, in each case, including any mathematical or other adjustments to such benchmark giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated syndicated credit facilities for such benchmarks which adjustment or method for calculating such adjustment shall be published on an information service as selected by the Administrative Agent from time to time in its reasonable discretion and may be periodically updated (the "*Adjustment*;" and any such proposed rate, a "*LIBOR Successor Rate*"), and any such amendment shall become effective at 5:00 p.m. on the fifth Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders and the Borrower unless, prior to such time, Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that such Required Lenders (A) in the case of an amendment to replace LIBOR with a rate described in clause (x), object to the Adjustment; or (B) in the case of an amendment to replace LIBOR with a rate described in clause (y), object to such amendment; *provided*, *however*, that for the avoidance of doubt, in the case of clause (A), the Required Lenders shall not be entitled to object to any SOFR-Based Rate contained in any such amendment. Such LIBOR Successor Rate shall be applied in a manner consistent with market practice; *provided*, *however*, that to the extent such market practice is not administratively feasible for the Administrative Agent, such LIBOR Successor Rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)If no LIBOR Successor Rate has been determined and the circumstances under <u>clause (c)(i</u>) above exist or the Scheduled Unavailability Date has occurred (as applicable), the Administrative Agent will promptly so notify the Borrower and each Lender. Thereafter, (i) the obligation of the Lenders to make or maintain Eurodollar Rate Loans shall be suspended, (to the extent of the affected Eurodollar Rate Loans or Interest Periods), and (ii) the Eurodollar Rate component shall no longer be utilized in determining the Base Rate. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans (to the extent of the affected Eurodollar Rate Loans or Interest Periods) or, failing that, will be deemed to have converted such request into a request for a Borrowing of Base Rate Loans (subject to the foregoing <u>clause (ii</u>)) in the amount specified therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Notwithstanding anything else herein, any definition of LIBOR Successor Rate shall provide that in no event shall such LIBOR Successor Rate be less than 0.75% for purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)In connection with the implementation of a LIBOR Successor Rate, the Administrative Agent will have the right to make LIBOR Successor Rate Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such LIBOR Successor Rate Conforming Changes will become effective without any further action or consent of any other party to this Agreement; *provided*, *however*, that, with respect to any such amendment effected, the Administrative Agent shall post each such amendment implementing such LIBOR Successor Rate Conforming Changes to the Lenders reasonably promptly after such amendment becomes effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)For purposes hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)"*LIBOR Successor Rate Conforming Changes*" means, with respect to any proposed LIBOR Successor Rate, any conforming changes to the definition of Base Rate, Interest Period, timing and frequency of determining rates and making payments of interest and other technical, administrative or operational matters as may be appropriate, in the discretion of the Administrative Agent, to reflect the adoption and implementation of such LIBOR Successor Rate and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent determines that adoption of any portion of such market practice is not administratively feasible or that no market practice for the administration of such LIBOR Successor Rate exists, in such other manner of administration as the Administrative Agent determines is reasonably necessary in connection with the administration of this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)"*Relevant Governmental Body*" means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York for the purpose of recommending a benchmark rate to replace LIBOR in loan agreements similar to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)**"***SOFR***"** with respect to any day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark (or a successor administrator) on the Federal Reserve Bank of New York's website and that has been selected or recommended by the Relevant Governmental Body;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)"*SOFR-Based Rate*" means SOFR or Term SOFR; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)**"***Term SOFR***"** means the forward-looking term rate for any period that is approximately (as determined by the Administrative Agent) as long as any of the Interest Period options set forth in the definition of "Interest Period" and that is based on SOFR and that has been selected or recommended by the Relevant Governmental Body ,in each case as published on an information service as selected by the Administrative Agent from time to time in its reasonable discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.04**Increased Costs; Reserves on Eurodollar Rate Loans**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Increased Costs Generally</u>. If any Change in Law shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement contemplated by <u>Section 3.04(e</u>)) or the L/C Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in <u>clauses (b)</u> through <u>(d)</u> of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)impose on any Lender or the L/C Issuer or the London interbank market any other condition, cost or expense affecting this Agreement or Eurodollar Rate Loans made by such Lender or any Letter of Credit or participation therein;

and the result of any of the foregoing shall be to increase the cost to such Lender of making, converting to, continuing or maintaining any Loan (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender or the L/C Issuer of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender or the L/C Issuer hereunder (whether of principal, interest or any other amount) then, upon request of such Lender or the L/C Issuer, the Borrower will pay to such Lender or the L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or the L/C Issuer, as the case may be, for such additional costs incurred or reduction suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Capital Requirements</u>. If any Lender or the L/C Issuer determines that any Change in Law affecting such Lender or the L/C Issuer or any Lending Office of such Lender or such Lender's or the L/C Issuer's holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender's or the L/C Issuer's capital or on the capital of such Lender's or the L/C Issuer's holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by, or participations in Letters of Credit or Swingline Loans held by, such Lender, or the Letters of Credit issued by the L/C Issuer, to a level below that which such Lender or the L/C Issuer or such Lender's or the L/C Issuer's holding company could have achieved but for such Change in Law (taking into consideration such Lender's or the L/C Issuer's policies and the policies of such Lender's or the L/C Issuer's holding company with respect to capital adequacy), then from time to time the Borrower will pay to such Lender or the L/C Issuer, as the case may be, such additional amount or

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amounts as will compensate such Lender or the L/C Issuer or such Lender's or the L/C Issuer's holding company for any such reduction suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Certificates for Reimbursement</u>. A certificate of a Lender or the L/C Issuer setting forth the amount or amounts necessary to compensate such Lender or the L/C Issuer or its holding company, as the case may be, as specified in <u>clause (a</u>) or (<u>b</u>) of this <u>Section 3.04</u> and delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender or the L/C Issuer, as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Reserves on Eurodollar Rate Loans</u>. The Borrower shall pay to each Lender, (i) as long as such Lender shall be required to maintain reserves with respect to liabilities or assets consisting of or including eurocurrency funds or deposits (currently known as "Eurocurrency liabilities"), additional interest on the unpaid principal amount of each Eurodollar Rate Loan equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive), and (ii) as long as such Lender shall be required to comply with any reserve ratio requirement or analogous requirement of any central banking or financial regulatory authority imposed in respect of the maintenance of the Commitments or the funding of the Loans, such additional costs (expressed as a percentage per annum and rounded upwards, if necessary, to the nearest five decimal places) equal to the actual costs allocated to such Commitment or Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive), which in each case shall be due and payable on each date on which interest is payable on such Loan, *provided*, *however*, the Borrower shall have received at least ten (10) days' prior notice (with a copy to the Administrative Agent) of such additional interest or costs from such Lender. If a Lender fails to give notice ten (10) days prior to the relevant Interest Payment Date, such additional interest shall be due and payable ten (10) days from receipt of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Delay in Requests</u>. Failure or delay on the part of any Lender or the L/C Issuer to demand compensation pursuant to the foregoing provisions of this <u>Section 3.04</u> shall not constitute a waiver of such Lender's or the L/C Issuer's right to demand such compensation, *provided*, *however*, that the Borrower shall not be required to compensate a Lender or the L/C Issuer pursuant to the foregoing provisions of this <u>Section 3.04</u> for any increased costs incurred or reductions suffered more than nine (9) months prior to the date that such Lender or the L/C Issuer, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender's or the L/C Issuer's intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine (9) month period referred to above shall be extended to include the period of retroactive effect thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>General Policy</u>. Notwithstanding any other provision of this Section, no Lender or L/C Issuer shall demand compensation for any increased cost or reduction pursuant to this Section if it shall not at the time be the general policy and practice of such Lender or L/C Issuer to demand such compensation from similarly situated customers of such Lender or L/C Issuer in similar circumstances under comparable provisions of other credit agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.05**Compensation for Losses

Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the Borrower shall promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)any continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any failure by the Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert any Loan other than a Base Rate Loan on the date or in the amount notified by the Borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)any assignment of a Eurodollar Rate Loan on a day other than the last day of the Interest Period therefor as a result of a request by the Borrower pursuant to <u>Section 11.13</u>;

including any loss of anticipated profits and any actual loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained. The Borrower shall also pay any customary administrative fees charged by such Lender in connection with the foregoing.

For purposes of calculating amounts payable by the Borrower to the Lenders under this <u>Section 3.05</u>, each Lender shall be deemed to have funded each Eurodollar Rate Loan made by it at the Eurodollar Rate for such Loan by a matching deposit or other borrowing in the London interbank eurodollar market for a comparable amount and for a comparable period, whether or not such Eurodollar Rate Loan was in fact so funded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.06**Mitigation Obligations**;** Replacement of Lenders**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Designation of a Different Lending Office</u>. If any Lender requests compensation under <u>Section 3.04</u>, or requires the Borrower to pay any Indemnified Taxes or additional amounts to any Lender, the L/C Issuer, or any Governmental Authority for the account of any Lender or the L/C Issuer pursuant to <u>Section 3.01</u>, or if any Lender gives a notice pursuant to <u>Section 3.02</u>, then at the request of the Borrower, such Lender or the L/C Issuer shall, as applicable, use reasonable efforts to designate a different Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender or the L/C Issuer, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to <u>Section 3.01</u> or <u>3.04</u>, as the case may be, in the future, or eliminate the need for the notice pursuant to <u>Section 3.02</u>, as applicable, and (ii) in each case, would not subject such Lender or the L/C Issuer, as the case may be, to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender or the L/C Issuer, as the case may be. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender or the L/C Issuer in connection with any such designation or assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Replacement of Lenders</u>. If any Lender requests compensation under <u>Section 3.04</u>, or if the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to <u>Section 3.01</u> and, in each case, such Lender has declined or is unable to designate a different lending office in accordance with <u>Section 3.06(a</u>), the Borrower may replace such Lender in accordance with <u>Section 11.13</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.07**Survival

All of the Borrower's obligations under this <u>Article III</u> shall survive termination of the Aggregate Commitments, repayment of all other Obligations hereunder, resignation of the Administrative Agent and the Facility Termination Date.

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**Article Iv**

**CONDITIONS PRECEDENT TO CREDIT EXTENSIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.01**Conditions of Initial Credit Extension

The obligation of the L/C Issuer and each Lender to make its initial Credit Extension hereunder is subject to satisfaction of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Execution of Credit Agreement; Loan Documents</u>. The Administrative Agent shall have received (i) counterparts of this Agreement, executed by a Responsible Officer of each Loan Party and a duly authorized officer of each Lender, (ii) for the account of each Lender requesting a Note, a Note executed by a Responsible Officer of the Borrower, (iii) counterparts of the Security Agreement executed by a Responsible Officer of the U.S. Loan Parties and each other Collateral Document duly executed by the applicable U.S. Loan Parties and each other Person party thereto, as applicable and (iv) counterparts of any other Loan Document, executed by a Responsible Officer of the applicable Loan Party and a duly authorized officer of each other Person party thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Officer's Certificate</u>. The Administrative Agent shall have received a certificate of a Responsible Officer dated the Closing Date, certifying as to the Organization Documents of each Loan Party (which, to the extent filed with a Governmental Authority, shall be certified as of a recent date by such Governmental Authority), the resolutions of the governing body of each Loan Party, the good standing, existence or its equivalent of each Loan Party and of the incumbency (including specimen signatures) of the Responsible Officers of each Loan Party

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Legal Opinions of Counsel</u>. The Administrative Agent shall have received an opinion or opinions (including, if requested by the Administrative Agent, local counsel opinions) of counsel for the Loan Parties, dated the Closing Date and addressed to the Administrative Agent and the Lenders, in form and substance reasonably acceptable to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Financial Statements</u>. The Administrative Agent and the Lenders shall have received copies of the financial statements referred to in <u>Section 5.05</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Personal Property Collateral</u>. The Administrative Agent shall have received, in form and substance reasonably satisfactory to the Administrative Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Perfection Certificate with respect to the Loan Parties duly executed by a Responsible Officer of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)(A) searches of UCC filings in the jurisdiction of incorporation or formation, as applicable, of each Loan Party and each jurisdiction where any Collateral is located or where a filing would need to be made in order to perfect the Administrative Agent's security interest in the Collateral, copies of the financing statements on file in such jurisdictions and evidence that no Liens exist other than Permitted Liens and (B) tax lien, judgment and bankruptcy searches;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)searches of ownership of Intellectual Property in the appropriate governmental offices and such patent/trademark/copyright filings as requested by the Administrative Agent in order to perfect the Administrative Agent's security interest in the Intellectual Property;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)completed UCC financing statements for each appropriate jurisdiction as is necessary, in the Administrative Agent's reasonable discretion, to perfect the Administrative Agent's security interest in the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)stock or membership certificates, if any, evidencing the Pledged Equity and undated stock or transfer powers duly executed in blank; in each case to the extent such Pledged Equity is certificated; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)to the extent required to be delivered, filed, registered or recorded pursuant to the terms and conditions of the Collateral Documents, all instruments, documents and chattel paper in the possession of any of the Loan Parties, together with allonges or assignments as may be necessary or appropriate to create and perfect the Administrative Agent's and the Lenders' security interest in the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Insurance</u>. The Administrative Agent shall have received certificates of insurance or insurance binders evidencing liability, casualty, property, and business interruption insurance meeting the requirements set forth herein or in the Collateral Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Solvency Certificate</u>. The Administrative Agent shall have received a Solvency Certificate signed by a Responsible Officer of the Borrower as to the financial condition, solvency and related matters of the Borrower and its Subsidiaries, after giving effect to the initial Borrowings under the Loan Documents and the other transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Closing Certificate</u>. The Administrative Agent shall have received a certificate, dated the Closing Date and signed by a Responsible Officer of the Borrower, confirming compliance with the provisions of <u>Sections 4.02(a)</u> and <u>(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Loan Notice</u>. The Administrative Agent shall have received a Loan Notice with respect to the Loans to be made on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)<u>Existing Indebtedness of the Loan Parties</u>. All of the existing Indebtedness for borrowed money of the Borrower and its Restricted Subsidiaries (other than Indebtedness permitted to exist pursuant to <u>Section 7.01</u>)(but including the Indebtedness under the Existing Term Loan Credit Agreement and the Existing ABL Credit Agreement) shall be repaid in full and all security interests related thereto shall be terminated on or prior to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)<u>Anti-Money-Laundering; Beneficial Ownership</u>. Upon the reasonable request of any Lender, the Borrower shall have provided to such Lender, and such Lender shall be reasonably satisfied with, the documentation and other information so requested in connection with applicable "know your customer" and anti-money-laundering rules and regulations, including, without limitation, the Patriot Act, and any Loan Party that qualifies as a "legal entity customer" under the Beneficial Ownership Regulation shall have delivered to each Lender that so requests, a Beneficial Ownership Certification in relation to such Loan Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)<u>Consents</u>. The Administrative Agent shall have received evidence that all members, boards of directors, governmental, shareholder and material third party consents and approvals necessary in connection with the entering into of this Agreement have been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)<u>Fees and Expenses</u>. The Administrative Agent and the Lenders shall have received all fees and expenses, if any, owing pursuant to the Fee Letter and <u>Section 2.09</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)<u>Equity Contribution</u>. The Lenders shall have received evidence that the Borrower has received cash proceeds of at least $100,000,000 from the issuance of common and/or preferred stock (and in the case of any preferred stock, such preferred stock shall be on terms reasonably acceptable to the Administrative Agent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)<u>Loan Purchase Agreement</u>. The Administrative Agent shall have received a counterpart of the Loan Purchase Agreement duly executed by AEPC, and acknowledged by the Borrower.

Without limiting the generality of the provisions of <u>Section 9.03(c</u>), for purposes of determining compliance with the conditions specified in this <u>Section 4.01</u>, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.02**Conditions to all Credit Extensions

The obligation of each Lender and the L/C Issuer to honor any Request for Credit Extension (other than a Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Eurodollar Rate Loans) is subject to the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Representations and Warranties</u>. The representations and warranties of the Borrower and each other Loan Party contained in <u>Article V</u> or any other Loan Document, shall (i) with respect to representations and warranties that contain a materiality qualification, be true and correct on and as of the date of such Credit Extension and (ii) with respect to representations and warranties that do not contain a materiality qualification, be true and correct in all material respects on and as of the date of such Credit Extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (except that such materiality qualifiers shall not be applicable to any representations and warranties that already are qualified by materiality in the text thereof) as of such earlier date, and except that for purposes of this <u>Section 4.02</u>, the representations and warranties contained in <u>Sections 5.05(a</u>) and (<u>b</u>) shall be deemed to refer to the most recent statements furnished pursuant to <u>Sections 6.04(a</u>) and (<u>b</u>), respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Default</u>. No Default shall exist, or would result from such proposed Credit Extension or from the application of the proceeds thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Request for Credit Extension</u>. The Administrative Agent and, if applicable, the L/C Issuer or the Swingline Lender shall have received a Request for Credit Extension in accordance with the requirements hereof.

Each Request for Credit Extension (other than a Loan Notice requesting only a conversion of Loans to the other Type or a continuation of Eurodollar Rate Loans) submitted by the Borrower shall be deemed to be a representation and warranty that the conditions specified in <u>Sections 4.02(a</u>) and (<u>b</u>) have been satisfied on and as of the date of the applicable Credit Extension.

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**Article v**

**REPRESENTATIONS AND WARRANTIES**

Each Loan Party represents and warrants to the Administrative Agent and the Lenders, as of the date made or deemed made, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.01**Organization; Power

Each Loan Party and each of the Restricted Subsidiaries (a) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, (b) has all requisite power and authority to own its property and assets and to carry on its business as now conducted, (c) is qualified to do business in, and is in good standing (where such concept is relevant) in, every jurisdiction where such qualification is required, except where the failure so to qualify could not reasonably be expected to result in a Material Adverse Effect, and (d) has the power and authority to execute, deliver and perform its obligations under each of the Loan Documents and each other agreement or instrument contemplated thereby to which it is a party and, in the case of the Borrower, to borrow hereunder, in the case of each U.S. Loan Party, to grant the Liens contemplated to be granted by it under the Collateral Documents, and in the case of each Guarantor, to Guarantee the Obligations as contemplated by Article X hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.02**Authorization**;** No Conflict

The Loan Documents (a) have been duly authorized by all requisite corporate, limited liability company, partnership or other organizational and, if required, stockholder action, and (b) will not (i) violate (A) any provision of law, statute, rule or regulation, except as would not reasonably be expected to have a Material Adverse Effect, (B) the Organization Documents of any Loan Party or any Restricted Subsidiary (other than any Immaterial Subsidiary), (C) any order of any applicable Governmental Authority except as would not reasonably be expected to have a Material Adverse Effect, (D) any material provision of any material indenture, agreement or other instrument to which any Loan Party or any Restricted Subsidiary (other than any Immaterial Subsidiary or Foreign Subsidiary) is a party or by which any of them or any of their property is or may be bound, or (E) any provision of any indenture, agreement or other instrument to which any Foreign Subsidiary (other than any Immaterial Subsidiary) is a party or by which any of them or any of their property is or may be bound except as would not reasonably be expected to have a Material Adverse Effect, (ii) be in conflict with, result in a breach of or constitute (alone or with notice or lapse of time or both) a default under, or give rise to any right to accelerate or to require the prepayment, repurchase or redemption of any material obligation under any such material indenture, agreement or other instrument that (other than with respect to the Loan Documents) could reasonably be expected to result in a Material Adverse Effect, or (iii) result in the creation or imposition of any Lien upon or with respect to any material property or material assets now owned or hereafter acquired by any Loan Party or any Restricted Subsidiary (other than any Immaterial Subsidiary) (other than any Lien created hereunder or under the Collateral Documents or as expressly permitted hereunder pursuant to <u>Section 7.02</u>), that (other than with respect to the Loan Documents) could reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.03**Enforceability

This Agreement has been duly executed and delivered by the Loan Parties and constitutes, and each other Loan Document when executed and delivered by each Loan Party thereto will constitute a legal, valid and binding obligation of such Loan Party enforceable against such Loan Party in accordance with its terms (subject, in each case, to bankruptcy, insolvency, reorganization, moratorium and similar laws relating to or affecting creditors' rights generally and general principles of equity).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.04**Governmental Approvals**.**

Except as set forth on <u>Schedule 5.04</u>, no action, consent, ruling, order, license, authorization or approval of, registration or filing with, or any other action by any Governmental Authority is or will be required to enter into the Loan Documents, borrow funds in connection therewith, Guarantee the Obligations and grant Liens pursuant to the Collateral Documents except for such as have been made or obtained and are in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.05**Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Historical Financial Statements</u>. The Borrower has delivered to the Lenders the Audited Financial Statements accompanied by an opinion of Grant Thornton LLP and the unaudited Consolidated balance sheet of the Borrower and its Subsidiaries dated as of June 30, 2020 and the related Consolidated statements of income or operations, shareholders' equity and cash flows for the fiscal quarter, and the two fiscal quarter period, ended on that date.

Such financial statements (A) present fairly and accurately in all material respects the financial condition and results of operations and cash flows of the Borrower as of the dates and for the periods to which they relate, (B) disclose all material liabilities, direct or contingent, of the Borrower and its Subsidiaries as of the dates thereof, and (C) were prepared in accordance with GAAP applied on a consistent basis, subject, in the case of unaudited financial statements, to year-end audit adjustments and the absence of footnotes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Forecasts</u>. The forecasts of financial performance of the Borrower and its Subsidiaries furnished to the Lenders prior to the Closing Date, on an annual basis for the projected period from on or about the Closing Date through December 31, 2023, were prepared in good faith by the Borrower and based on assumptions believed by the Borrower at the time made to be reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.06**No Material Adverse Change

Since December 31, 2019, no event, change or condition has occurred that has had (and continues to have), or could reasonably be expected to have, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.07**Title to Properties; Possession Under Leases

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Except as set forth in <u>Schedule 5.07</u>, each of the Borrower and its Restricted Subsidiaries has good and marketable title to (including in connection therewith, valid easements), or valid leasehold interests in, all its material properties and assets, except for (i) minor defects in title that do not interfere with its ability to conduct its business as currently conducted or to utilize such properties and assets for their intended purposes, and (ii) as otherwise could not reasonably be expected to have a Material Adverse Effect. All such material properties and assets are free and clear of Liens, other than Liens expressly permitted by <u>Section 7.02</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Except as set forth in <u>Schedule 5.07</u>, each of the Borrower and each of its Restricted Subsidiaries (other than Immaterial Subsidiaries) is in compliance with all material obligations under all material leases to which it is a party and all such leases are legal, valid, binding and in full force and effect and are enforceable against the Borrower and its Restricted Subsidiaries (other than Immaterial Subsidiaries) party thereto and, to the Borrower's knowledge, against each other party thereto in accordance with their terms, except, with respect to any of the foregoing, for any failures that could not reasonably be expected to have a Material Adverse Effect. Except as set forth in <u>Schedule 5.07</u>, each of the Borrower and

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its Restricted Subsidiaries (other than Immaterial Subsidiaries) enjoys peaceful and undisturbed possession under all such material leases, except for any subleases entered into in the ordinary course of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.08**Subsidiaries

<u>Schedule 5.08</u> sets forth as of the Closing Date a list of all Subsidiaries, their jurisdiction of organization and the percentage ownership interest of the Borrower therein and the ownership interests of the Guarantors. The shares of capital stock or other ownership interests so indicated on <u>Schedule 5.08</u> held in such Subsidiary are fully paid and non-assessable and are owned by the Borrower, directly or indirectly, free and clear of all Liens (other than Liens created under the Collateral Documents, and Liens permitted under Section 7.02).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.09**Litigation; Compliance with Laws

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Except as set forth on <u>Schedule 5.09</u>, there are no actions, suits or proceedings at law or in equity or by or before any Governmental Authority now pending or, to the actual knowledge of the Borrower or the Guarantors, threatened against the Borrower, any Restricted Subsidiary or any business, property or rights of any such Person (i) that involve any Loan Document, or (ii) as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)None of the Borrower or any of its Domestic Subsidiaries or any of their respective material properties or assets is in violation of, nor will the continued operation of their material properties and assets as currently conducted violate, any law, rule or regulation (including any zoning, building, ordinance, code or approval or any building permits), or is in default with respect to any judgment, writ, injunction, decree or order of any Governmental Authority, where such violation or default would reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.10**Agreements

None of the Borrower or any of the Restricted Subsidiaries is in default in any manner under any provision of any indenture or other agreement or instrument evidencing Material Indebtedness, or any other material agreement or instrument to which it is a party, where such default would reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.11**Federal Reserve Regulations

None of the Borrower or any of the Restricted Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of buying or carrying Margin Stock. No part of the proceeds of any Credit Extension will be used, whether directly or indirectly, and whether immediately, incidentally or ultimately, for any purpose that entails a violation of, or that is inconsistent with, the provisions of the Regulations of the Board, including Regulation T, Regulation U or Regulation X. No Indebtedness being reduced or retired out of the proceeds of any Credit Extension was or will be incurred for the purpose of purchasing or carrying any Margin Stock in violation of, or that is inconsistent with, the provisions of the Regulations of the Board, including Regulation T, Regulation U or Regulation X. After giving effect to each Credit Extension, Margin Stock will not constitute more than 25% of the value of the assets of the Loan Parties.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.12**Investment Company Act**.**

None of the Borrower or any Restricted Subsidiary is an "investment company" as defined in, or subject to regulation under, the Investment Company Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.13**Tax Returns

Each of the Borrower and its Restricted Subsidiaries has timely filed or caused to be timely filed all material Federal, state, local and (to the extent it has foreign operations) foreign tax returns required to have been filed by it and has paid or caused to be paid all material taxes then due and payable by it (whether or not shown as due on such returns but after taking into account any valid extensions), except taxes that are being contested in good faith by appropriate proceedings and for which the Borrower or such Restricted Subsidiary, as applicable, shall have set aside on its books adequate reserves with respect thereto in accordance with GAAP and such contest operates to suspend collection of the contested taxes. As of the Closing Date, the Borrower has not engaged in any "listed transaction" (within the meaning of Treasury Regulation Section 1.6011-4 of the Code). There is no proposed tax assessment against the Borrower or its Restricted Subsidiaries that could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.14**No Material Misstatements

No information, report, financial statement, agreement, documentary condition precedent, Exhibit or Schedule furnished by or on behalf of the Borrower or its Subsidiaries to the Administrative Agent or any Lender in connection with the Transactions, in connection with the negotiation of any Loan Document or included therein or delivered pursuant thereto, contained as of the date of such statement any material misstatement of fact or omitted to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading when taken as a whole; *provided*, *however*, that to the extent any such information, report, financial statement, Exhibit or Schedule was based upon or constitutes a forecast or projection, the Borrower represents only that it acted in good faith and utilized reasonable assumptions (based upon accounting principles consistent with the historical audited financial statements of the Borrower) and due care in the preparation of such information, report, financial statement, Exhibit or Schedule (it being recognized that any such forecast or projection is subject to the assumptions and plans reflected therein as of the date thereof, which could differ materially from the actual plans and results, and are necessarily subjective and based on estimates, and that actual results are subject to uncertainties and contingencies which may be beyond the Borrower's control).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.15**Employee Benefits Plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events, could reasonably be expected to result in a Material Adverse Effect. Neither the Borrower nor any of its ERISA Affiliates contributes to, is obligated to contribute to or has or could reasonably be expected to have any obligation or liability with respect to any Multiemployer Plan. Except as disclosed in <u>Schedule 5.15</u>, as of the Closing Date, neither the Borrower nor any of its ERISA Affiliates maintains, sponsors, contributes to, is obligated to contribute to, has or could reasonably be expected to have any obligation or liability with respect to any Plan, nor, except as disclosed in <u>Schedule 5.15</u>, does the Borrower nor any Restricted Subsidiary have any present intention to sponsor, maintain, contribute or incur any obligation or liability with respect to any Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Borrower represents and warrants as of the Closing Date that the Borrower's assets do not constitute "plan assets" (within the meaning of Section 3(42) of ERISA or otherwise) and the Borrower will not be using "plan assets" (within the meaning of Section 3(42) of ERISA

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or otherwise) of one or more Benefit Plans with respect to the Borrower's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.16**Environmental Matters

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Except as set forth in <u>Schedule 5.16</u> and except with respect to any other matters that, individually or in the aggregate, would not reasonably be expected to result in the Borrower or any of the Restricted Subsidiaries (other than any Immaterial Subsidiaries) incurring Environmental Liabilities that could be reasonably expected to result in a Material Adverse Effect, each of the Borrower and its Restricted Subsidiaries (other than Immaterial Subsidiaries) is and has been in compliance with any applicable Environmental Law, which compliance includes obtaining, maintaining and complying with any permit, license, authorization or other approval required under any Environmental Law for any of their operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Except as set forth in <u>Schedule 5.16</u> and except with respect to any other matters that, individually or in the aggregate, would not reasonably be expected to result in the Borrower or any of the Restricted Subsidiaries (other than Immaterial Subsidiaries) incurring Environmental Liabilities that could be reasonably expected to result in a Material Adverse Effect: (i) none of the Borrower or any Restricted Subsidiary (other than any Immaterial Subsidiary) has contractually assumed any Environmental Liability of any Person or has received, or to the actual knowledge of the Borrower and the Guarantors, anticipates receiving, written notice of any claim, order, agreement, or investigation with respect to any Environmental Liability.; (ii) none of the Borrower or any Restricted Subsidiary (other than any Immaterial Subsidiary) is subject to any material, ongoing obligations under a consent decree, administrative order or settlement agreement issued or entered into in connection with Environmental Law; and (iii) no facts or circumstances exist that would reasonably be expected to result in the Borrower or any of the Restricted Subsidiaries (other than Immaterial Subsidiaries) incurring Environmental Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)No Lien under Environmental Laws has attached to any real property in an amount or a manner that could be reasonably expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)As of the Closing Date, except as disclosed on <u>Schedule 5.16</u>, to the knowledge of the Borrower and the Guarantors, the consummation of the transaction contemplated under this Agreement does not require the consent of or filing by any Loan Party with any Governmental Authority under any applicable Environmental Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)As of the Closing Date, each of the Borrower and its Domestic Subsidiaries has made available to the Administrative Agent copies of all requested existing material environmental reports (including any "Phase I environmental site assessments" relating to any real property) and audits, and all documents pertaining to actual material Environmental Liability, in each case to the extent such reports, audits and documents are in their possession, custody or control and are not more than five (5) years old.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.17**Insurance

<u>Schedule 5.17</u> sets forth a true, complete and correct description of all insurance maintained by the Borrower and the Domestic Restricted Subsidiaries (other than Immaterial Subsidiaries), as of the Closing Date. As of such date, all premiums have been duly paid to the extent due. The Borrower and its Restricted Subsidiaries have insurance in such amounts with financially sound and reputable insurance companies and covering such risks and liabilities as are in accordance with normal industry practice and customary for companies of similar size engaged in similar businesses in similar locations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.18**Sanctions Concerns and Anti**-**Corruption Laws

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Sanctions Concerns</u>. No Loan Party, nor any Subsidiary, nor, to the knowledge of the Borrower, any director, officer, employee, agent, affiliate or representative thereof, is an individual or entity that is, or is owned or controlled by one or more individuals or entities that are (i) currently the subject or target of any Sanctions, (ii) included on OFAC's List of Specially Designated Nationals or HMT's Consolidated List of Financial Sanctions Targets, or any similar list enforced by any other relevant sanctions authority or (iii) located, organized or resident in a Designated Jurisdiction. The Borrower and its Subsidiaries have conducted their businesses in compliance in all material respects with all applicable Sanctions and have instituted and maintained policies and procedures designed to promote and achieve compliance with such Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Anti-Corruption Laws</u>. The Loan Parties and their Subsidiaries have conducted their business in compliance in all material respects with the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010 and other applicable anti-corruption legislation in other jurisdictions, and have instituted and maintained policies and procedures designed to promote and achieve compliance with such laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.19**Collateral Documents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Security Agreement, upon execution and delivery thereof by the parties thereto, will be effective to create in favor of the Administrative Agent, to the extent set forth therein, for the benefit of the Secured Parties, a legal, valid and enforceable Lien in the Collateral (as defined in the Security Agreement) and, subject to any limitations herein and therein or in the certificates or notes, as applicable, representing Pledged Equity, Instruments, Tangible Chattel Paper and Supporting Obligations (in each case, as defined in the Security Agreement), the proceeds thereof, except as enforceability may be limited by applicable bankruptcy, insolvency, moratorium (or similar laws affecting the enforcement of creditors' rights generally), by equitable principles (whether enforcement is sought by proceedings in equity or at law) and implied covenants of good faith and fair dealing and (i) when such Pledged Equity, Instruments, Tangible Chattel Paper and Supporting Obligations are delivered to the Administrative Agent, if and to the extent required by the Security Agreement, the Lien created under the Security Agreement shall constitute a fully perfected Lien on, and security interest in, all right, title and interest of the U.S. Loan Parties in such Pledged Equity, Instruments, Tangible Chattel Paper and Supporting Obligations to the extent that a Lien in such Pledged Equity, Instruments, Tangible Chattel Paper or Supporting Obligations can be perfected by delivery, in each case having a first priority perfected security interest in such Pledged Equity, Instruments, Tangible Chattel Paper and Supporting Obligations (except with respect to Liens expressly permitted under <u>Section 7.02</u>), and (ii) when financing statements in appropriate form are filed in the offices specified on <u>Schedule 5.19(a</u>), the Lien created under the Security Agreement will constitute a fully perfected Lien on, and security interest in, all right, title and interest of the U.S. Loan Parties in such Collateral to the extent that a Lien in such Collateral can be perfected by filing of financing statements (other than Intellectual Property, as defined in the Security Agreement, and other Collateral with respect to which possession or control is required for perfection), in each case having a first priority perfected security interest in such Collateral, other than with respect to Liens expressly permitted by <u>Section 7.02</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Intellectual Property</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except as set forth in <u>Schedule 5.19(b)</u>, upon the recordation of any Notice of Grant of Security Interest in Trademarks, Notice of Grant of Security Interest in Patents and Notice of Grant of Security Interest in Copyrights, as and if applicable, with the United States Patent and Trademark Office and the United States Copyright Office, as applicable, together with the duly completed financing

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statements in appropriate form filed in the offices specified in <u>Schedule 5.19(a)</u>, the Lien created under the Security Agreement and such Notice of Grant of Security Interest in Trademarks, Notice of Grant of Security Interest in Patents and Notice of Grant of Security Interest in Copyrights, as applicable, shall constitute a fully perfected Lien on, and security interest in, all right, title and interest of the U.S. Loan Parties in the Intellectual Property (as defined in the Security Agreement) in which a security interest may be perfected by such filing in the United States and its territories and possessions, in each case having priority superior in right to any other person other than with respect to Liens expressly permitted by <u>Section 7.02</u> and (it being understood that subsequent recordings in the United States Patent and Trademark Office and the United States Copyright Office may be necessary to perfect a Lien on registered trademarks and patents, trademark and patent applications and registered copyrights acquired by the U.S. Loan Parties after the date hereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Set forth on <u>Schedule 5.19(b)</u>, as of the Closing Date and as of the last date such Schedule was required to be updated in accordance with Sections 6.06 and 6.12, is a list of all registered or issued Intellectual Property (including all applications for registration and issuance) owned by each of the U.S. Loan Parties or that each of the U.S. Loan Parties has the right to (including the name/title, current owner, registration or application number, and registration or application date and such other information as reasonably requested by the Administrative Agent), but excluding any immaterial Intellectual Property that is no longer used or useful in the business of the Borrower and its Subsidiaries or where the Borrower deems it to be prudent business conduct (to be determined by the Borrower in its reasonable discretion) to abandon such Intellectual Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Deposit Accounts and Securities Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Upon execution and delivery thereof by the parties thereto, the Qualifying Control Agreements, taken together with the Security Agreement, will be effective to create and perfect in favor of the Administrative Agent a legal, valid and enforceable security interest in the deposit accounts and securities accounts described therein and the proceeds and products thereof. Upon the execution of the Qualifying Control Agreements and the Security Agreement, such Collateral Documents shall constitute perfected Liens on, and security interests in, all right, title and interest of the U.S. Loan Parties in the such deposit accounts and securities accounts described therein and the proceeds and products thereof, as security for the Obligations, in each case prior and superior in right to any other person, other than with respect to Liens expressly permitted by <u>Section 7.02</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Set forth on Schedule 5.19(c), as of the Closing Date, is a description of all deposit accounts and securities accounts of the U.S. Loan Parties, including the name of (A) the applicable U.S. Loan Party, (B) in the case of a deposit account, the depository institution and whether such account is an Excluded Account, and (C) in the case of a securities account, the securities intermediary or issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Tangible Chattel Paper</u>. Set forth on <u>Schedule 5.19(d)</u>, as of the Closing Date, is a description of all Tangible Chattel Paper (as defined in the UCC) of the U.S. Loan Parties with a value in excess of $2,500,000.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Electronic Chattel Paper and Letter of Credit Rights</u>. Set forth on <u>Schedule 5.19(e)</u>, as of the Closing Date, is a description of all Electronic Chattel Paper (as defined in the UCC) and Letter-of-Credit Rights (as defined in the UCC) of the U.S. Loan Parties, including the name of (A) the applicable U.S. Loan Party, (B) in the case of Electronic Chattel Paper (as defined in the UCC), the account debtor and (C) in the case of Letter-of-Credit Rights (as defined in the UCC), the issuer or nominated person, as applicable, in each case, with a value in excess of $2,500,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Commercial Tort Claims</u>. Set forth on <u>Schedule 5.19(f)</u>, as of the Closing Date, is a description of all Commercial Tort Claims (as defined in the UCC) of the U.S. Loan Parties (detailing such Commercial Tort Claim in such detail as reasonably requested by the Administrative Agent) with a value in excess of $2,500,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Pledged Equity Interests</u>. Set forth on <u>Schedule 5.19(g)</u>, as of the Closing Date and as of the last date such <u>Schedule 5.19(g)</u> was required to be updated in accordance with Sections 6.04 and 6.12, is a list of (i) all Pledged Equity and (ii) all other Equity Interests (other than Excluded Property) required to be pledged to the Administrative Agent pursuant to the Collateral Documents (in each case, detailing the Grantor (as defined in the Security Agreement)), the Person whose Equity Interests are pledged, the number of shares of each class of Equity Interests, the certificate number and percentage ownership of outstanding shares of each class of Equity Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.20**Location of Real Property and Leased Premises

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Schedule 5.20(a)</u> lists completely and correctly as of the Closing Date all real property owned by the Borrower and its Domestic Restricted Subsidiaries (other than Immaterial Subsidiaries) and the addresses thereof (to the extent available). The Borrower and its Domestic Restricted Subsidiaries (other than Immaterial Subsidiaries) own in fee all the real property set forth on <u>Schedule 5.20(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Schedule 5.20(b)</u> lists completely and correctly as of the Closing Date all real property leased by the Borrower and its Domestic Restricted Subsidiaries (other than Immaterial Subsidiaries) and the addresses thereof (to the extent available). The Borrower and its Domestic Restricted Subsidiaries (other than Immaterial Subsidiaries) have valid leases in all the real property set forth on <u>Schedule 5.20(b</u>), except as noted thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.21**Compliance with FDA and USDA, Permits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Except as would not reasonably be expected to have a Material Adverse Effect, the business and operations of the Borrower are, and have been during the past three (3) years, operated in compliance with all applicable laws and regulations of the U.S. Food and Drug Administration ("<u>FDA</u>") and the U.S. Department of Agriculture ("<u>USDA</u>"). There is no, and has not been during the past three (3) years, any actual or, to the knowledge of the Borrower, potential material action or investigation in respect of the business or operations of the Borrower by the FDA or USDA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Borrower holds, and is operating in compliance with, all material permits, licenses, approvals, certificates and other registrations, authorizations and exemptions of and from the FDA and USDA, as required for the conduct of its business and operations as currently conducted (each, a "<u>Permit</u>"), and each such Permit is in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Borrower has not received, during the past three (3) years, any FDA Form 483 or other notice of inspectional observations, "warning letters," "untitled letters," notice of adverse findings, or other similar notices from the FDA or the USDA alleging or asserting material noncompliance with any applicable laws or regulations or any Permits.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.22**Labor Matters**.**

As of the Closing Date, (i) there are no strikes or lockouts against the Borrower or any Guarantor pending or, to the actual knowledge of the Borrower or the Guarantors, threatened, in each case or in the aggregate, that could be reasonably expected to result in a Material Adverse Effect, (ii) the hours worked by and payments made to employees of the Borrower and its Domestic Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable Federal, state, local or foreign law dealing with such matters that would reasonably be expected to have a Material Adverse Effect, and (iii) all payments due from the Borrower or any of its Domestic Subsidiaries on account of wages and employee health and welfare insurance and other benefits that would reasonably be expected to have a Material Adverse Effect if not paid, have been paid or accrued as a liability on the books of the Borrower or such Domestic Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.23**Use of Proceeds**.**

The Borrower will use the proceeds of the Loans for application by the Borrower (and, to the extent distributed to them by the Borrower, each other Loan Party) solely (i) to repay certain existing Indebtedness, (ii) to pay fees, costs and expenses related to the Transactions, and (iii) for other general corporate and working capital purposes of the Borrower and its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.24**Solvency**.**

On the Closing Date and on the date of each Credit Extension, both immediately before and after (i) with respect to the Closing Date, the consummation of the Transactions, including the making of the Loans and the application of the proceeds thereof on the Closing Date, and (ii) with respect to each other Credit Extension, the making of such Credit Extension and the application of the proceeds thereof on such date, the Loan Parties, taken as a whole, are and will be Solvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.25**No Burdensome Restrictions**.**

Neither the Borrower nor any of its Restricted Subsidiaries is a party to any agreement or instrument or subject to any corporate or other constitutional restriction that has resulted or could reasonably be expected to result in a Material Adverse Effect. Neither the Borrower nor any of its Restricted Subsidiaries is in default in any manner under any provision of any indenture or other agreement or instrument evidencing Indebtedness, or any other agreement or instrument to which it is a party or by which it or any of its property is or may be bound, where such default could reasonably be expected to result in a Material Adverse Effect, and no condition exists which, with the giving of notice or the lapse of time or both, would constitute such a default. As of the Closing Date, the Borrower has delivered or otherwise made available to the Administrative Agent complete and correct copies of all such material agreements, including any amendments, supplements or modifications with respect thereto, and all such agreements are in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.26**Intellectual Property**.**

Except as set forth in <u>Schedule 5.26</u>, the Borrower and its Restricted Subsidiaries own, or is licensed to use, all Intellectual Property (as defined in the Security Agreement) reasonably necessary to conduct its business as currently conducted, without conflict with the rights of any other Person, except as would not reasonably be expected to have a Material Adverse Effect. To the knowledge of the Borrower and its Restricted Subsidiaries, no Intellectual Property now employed, or now contemplated to be employed, by the Borrower or any Restricted Subsidiary in the operation of their respective businesses as currently conducted infringes upon any rights held by any other Person, except as would not reasonably be

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expected to have a Material Adverse Effect. No Person has contested any right, title or interest of the Borrower or any Restricted Subsidiary in, or relating to, any Intellectual Property, which, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.27**No Default

No Default has occurred and is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.28**Senior Indebtedness

The Obligations (including, without limitation, the Guarantee of each Guarantor under the Loan Documents) constitute senior Indebtedness of each of the Loan Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.29**Representations as to Foreign Obligors**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Foreign Obligor is subject to civil and commercial Laws with respect to its obligations under this Agreement and the other Loan Documents to which it is a party (collectively as to such Foreign Obligor, the "*Applicable Foreign Obligor Documents*"), and the execution, delivery and performance by such Foreign Obligor of the Applicable Foreign Obligor Documents constitute and will constitute private and commercial acts and not public or governmental acts. Neither such Foreign Obligor nor any of its property has any immunity from jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) under the laws of the jurisdiction in which such Foreign Obligor is organized and existing in respect of its obligations under the Applicable Foreign Obligor Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Applicable Foreign Obligor Documents are in proper legal form under the Laws of the jurisdiction in which such Foreign Obligor is organized and existing for the enforcement thereof against such Foreign Obligor under the Laws of such jurisdiction, and to ensure the legality, validity, enforceability, of the Applicable Foreign Obligor Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.30**EEA Financial Institutions.

No Loan Party is an EEA Financial Institution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.31**Covered Entities

No Loan Party is a Covered Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.32**Beneficial Ownership Certification

The information included in the Beneficial Ownership Certification, if applicable, is true and correct in all respects.

**Article vI**

**AFFIRMATIVE COVENANTS**

Each of the Loan Parties hereby covenants and agrees that on the Closing Date and thereafter until the Facility Termination Date, such Loan Party shall, and shall cause each of its Restricted Subsidiaries to:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.01**Existence; Compliance with Laws; Business and Properties**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence, except as otherwise expressly permitted under <u>Section 7.04</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Except where any such failure would not reasonably be expected to have a Material Adverse Effect, do or cause to be done all things necessary to obtain, preserve, renew, extend and keep in full force and effect the licenses, permits, franchises, authorizations, Intellectual Property and trade names material to the conduct of the business of the Borrower and the Restricted Subsidiaries, taken as a whole; comply in all material respects with all applicable laws, rules, regulations and decrees and orders of any Governmental Authority, whether now in effect or hereafter enacted and all contractual obligations under any indenture, instrument or agreement pursuant to which any Material Indebtedness of the Borrower or any of the Restricted Subsidiaries is outstanding; and except as permitted under <u>Section 7.04</u>, at all times maintain and preserve all property material to the conduct of such business and keep such property in good repair, working order and condition (ordinary wear and tear excepted) and from time to time make, or cause to be made, all needful and proper repairs, renewals, additions, improvements and replacements thereto necessary in order that the business carried on in connection therewith may be properly conducted at all times (*provided*, *however*, that, in the event of an Involuntary Disposition relating to no more than two separate facilities at any one time, the Loan Parties shall have a reasonable time period to repair and/or replace such facilities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.02**Insurance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Keep its insurable property and business adequately insured at all times by financially sound and reputable insurers; maintain such other insurance, to such extent and against such risks, including fire and other risks insured against by extended coverage, as is customary with companies in the same or similar businesses operating in the same or similar locations, of such types and in such amounts as are customarily carried under similar circumstances by such other Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Promptly following the Administrative Agent's request, cause all such policies covering any Collateral and public liability (except third party, product liability and business interruption) to be endorsed or otherwise amended to include a customary lender's loss payable endorsement and/or additional insured endorsement, as applicable, in form and substance reasonably satisfactory to the Administrative Agent, which endorsement shall provide that, from and after the Closing Date, if the insurance carrier shall have received written notice from the Administrative Agent or the Administrative Agent of the occurrence of an Event of Default, the insurance carrier shall pay all proceeds otherwise payable to the Borrower or the Loan Parties under such policies directly to the Administrative Agent; cause all such policies to provide that neither the Borrower, the Administrative Agent, the Administrative Agent nor any other party shall be a coinsurer thereunder and, to the extent customarily available at a commercially reasonable cost, to contain a "<u>Replacement Cost Endorsement</u>", without any deduction for depreciation, and such other provisions as the Administrative Agent or the Administrative Agent may reasonably require from time to time to protect their interests; deliver certificates of each such policies (and if reasonably requested, certified copies of all such policies) to the Administrative Agent; cause each such policy, to the extent customarily available at a commercially reasonable cost, to provide that it shall not be canceled, modified or not renewed (i) by reason of nonpayment of premium upon not less than 10 days' prior written notice thereof by the insurer to the Administrative Agent (giving the Administrative Agent the right to cure defaults in the payment of premiums), or (ii) for any other reason upon not less than 30 days' prior written notice thereof by the insurer to the Administrative Agent; deliver to the Administrative Agent, prior to the cancellation, modification or non-renewal of any such policy of insurance, a copy of a renewal or replacement policy (or other evidence of renewal of a policy previously delivered to the Administrative Agent) together with evidence reasonably satisfactory to the Administrative Agent of payment of the premium therefor.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Notify the Administrative Agent promptly whenever any separate insurance concurrent in form or contributing in the event of loss with that required to be maintained under this <u>Section 6.02</u> is taken out by any Loan Party; and promptly deliver to the Administrative Agent certificates evidencing such policy or policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.03**Payment of Obligations and Taxes

Pay its Indebtedness and other obligations promptly and in accordance with their terms and pay and discharge promptly when due all material Taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits or in respect of its property, before the same shall become delinquent or in default, as well as all lawful claims for labor, materials and supplies or otherwise that, if unpaid, might give rise to a Lien upon such properties or any part thereof; *provided, however*, that such payment and discharge shall not be required with respect to any such Indebtedness, obligations, Tax, assessment, charge, levy or claim so long as the validity or amount thereof shall be diligently contested in good faith by appropriate proceedings and the Borrower shall have set aside on its books adequate reserves with respect thereto in accordance with GAAP and such contest operates to suspend collection of the contested obligation, tax, assessment or charge and enforcement of a Lien.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.04**Financial Statements, Reports, etc

In the case of the Borrower, furnish to the Administrative Agent, which shall promptly furnish the following information to each Lender in accordance with its customary practice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)within 90 days after the end of each fiscal year, commencing with the fiscal year in which the Closing Date occurs, its Consolidated and consolidating balance sheet and related statements of income, stockholders' equity and cash flows showing the financial condition of the Borrower and its Subsidiaries as of the close of such fiscal year and the results of its operations and the operations of such Subsidiaries during such year, together with comparative figures for the immediately preceding fiscal year, all audited by independent public accountants of recognized standing and accompanied by an opinion of such accountants to the effect that such Consolidated financial statements fairly present the financial condition and results of operations of the Borrower and its Subsidiaries, on a Consolidated and consolidating basis, in accordance with GAAP consistently applied (which opinion shall not be qualified as to scope or contain any going concern or other qualification, explanation or similar provision (except for any such going concern qualification, explanation or similar provision pertaining to one or more debt maturities hereunder occurring within 12 months of the date of the relevant audit opinion));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)within 45 days after the end of each of the first three fiscal quarters of each fiscal year, commencing with the fiscal quarter ended September 30, 2020, its Consolidated and consolidating balance sheet and related statements of income, stockholders' equity and cash flows showing the financial condition of the Borrower and its Subsidiaries as of the close of such fiscal quarter and the results of its operations and the operations of such Subsidiaries during such fiscal quarter and the then elapsed portion of the fiscal year, together with comparative figures for the same periods in the immediately preceding fiscal year, all certified by one of the Responsible Officers of the Borrower, as fairly presenting the financial condition and results of operations of the Borrower and its Subsidiaries, on a Consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)concurrently with any delivery of financial statements under <u>Section 6.04(a)</u> or <u>6.04(b</u>), a certificate of the accounting firm (in the case of <u>Section 6.04(a)</u>) (to the extent that the accounting firm is willing to provide such certificate in accordance with its customary business

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practice and may be limited to accounting matters and disclaim responsibility for legal interpretations), certifying that no Event of Default or Default has occurred as of the last day of the period to which such financial statements relate, if such an Event of Default or Default has occurred, specifying the nature and extent thereof and any corrective action taken or proposed to be taken with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)concurrently with the delivery of the financial statements referred to in <u>Sections 6.04(a</u>) and (<u>b</u>) commencing with the delivery of the financial statements for the fiscal quarter ended September 30, 2020, a duly completed Compliance Certificate signed by a Responsible Officer of the Borrower, and in the event of any change in generally accepted accounting principles used in the preparation of such financial statements, the Borrower shall also provide, if necessary for the determination of compliance with <u>Section 7.11</u>, a statement of reconciliation conforming such financial statements to GAAP, and the pro forma adjustments necessary to eliminate the accounts of Unrestricted Subsidiaries (if any) from such financial statements. Unless the Administrative Agent or a Lender requests executed originals, delivery of the Compliance Certificate may be by electronic communication including fax or email and shall be deemed to be an original and authentic counterpart thereof for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)to the extent applicable, promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials filed by the Borrower or any Subsidiary with the Securities and Exchange Commission, or any Governmental Authority succeeding to any or all of the functions of said Commission, or with any national securities exchange, or distributed to its shareholders, as the case may be; *provided*, *however*, that the Borrower shall not be required to deliver separately such material to the Administrative Agent or any Lender, so long as the Administrative Agent and Lenders have access to such publicly available materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)promptly after the receipt thereof by the Borrower, the Guarantors or any of their respective Subsidiaries, a copy of any final "<u>management letter</u>" received by any such Person from its certified public accountants relating to any deficiency or weakness in accounting practices or in reported results of the Borrower, any Subsidiary or any Guarantor and the management's response thereto to the extent such accountants are willing to provide such letters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)within 60 days after the beginning of each fiscal year, a budget for the Borrower in reasonable detail on a quarterly basis for such fiscal year as customarily prepared by management of the Borrower for its internal use similar in scope with the financial statements provided pursuant to <u>Section 6.04(a)</u>, prepared in summary form, in each case, with appropriate presentation and discussion of the principal assumptions upon which such budgets are based, accompanied by the statement of a Responsible Officer of the Borrower to the effect that the budget of the Borrower is a reasonable estimate for the periods covered thereby and, promptly when available, any significant revisions of such budget, balance sheet and related statements of income, stockholders' equity and cash flows;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)promptly after the request by the Administrative Agent on its own behalf or on behalf of any Lender, all documentation and other information that such Lender reasonably requests in order to comply with its ongoing obligations under applicable "<u>know your customer</u>" and anti-money laundering rules and regulations, including the USA PATRIOT Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)in the event that the Borrower or any of its Restricted Subsidiaries intend to establish, sponsor, maintain, contribute to or incur any obligation or liability with respect to any Plan (other than a Plan disclosed in <u>Schedule 5.15)</u>, the Borrower shall promptly, and in any event

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within 10 Business Days prior to it or any of its Restricted Subsidiaries establishing, maintaining, contributing to, or incurring an obligation with respect to, as applicable, such Plan (other than a Plan disclosed in <u>Schedule 5.15)</u>, inform the Administrative Agent of such intention;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)promptly following any request by the Administrative Agent on its own behalf or on behalf of a Lender, copies of (i) any documents described in Section 101(k)(l) of ERISA that the Borrower or any of its ERISA Affiliates may request with respect to any Multiemployer Plan and (ii) any notices described in Section 101(l)(1) of ERISA that the Borrower or any of its ERISA Affiliates may request with respect to any Multiemployer Plan; *provided*, *however*, that if the Borrower or any of its ERISA Affiliates have not requested such documents or notices from the administrator or sponsor of the applicable Multiemployer Plan, the Borrower or its ERISA Affiliates shall promptly make a request for such documents or notices from the such administrator or sponsor and shall provide copies of such documents and notices promptly after receipt thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)if, as a result of any change in accounting principles and policies from those used in the preparation of the Consolidated financial statements of the Borrower for the fiscal year ended on December 31, 2019, the Consolidated financial statements of the Borrower delivered pursuant to <u>Section 6.04(a)</u> or <u>6.04(b)</u> will differ in any material respect from the Consolidated financial statements that would have been delivered pursuant to such Sections had no such change in accounting principles and policies been made, then, together with the first delivery of such financial statements after such change, one or more statements of reconciliation with respect to such financial statements that would have otherwise been delivered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)the Borrower hereby acknowledges that (i) the Administrative Agent and/or an Affiliate thereof may, but shall not be obligated to, make available to the Lenders and the L/C Issuer materials and/or information provided by or on behalf of the Borrower hereunder (collectively, "*Borrower Materials*") by posting the Borrower Materials on IntraLinks, Syndtrak, ClearPar or a substantially similar electronic transmission system (the "*Platform*") and (ii) certain of the Lenders (each, a "*Public Lender*") may have personnel who do not wish to receive material non-public information with respect to the Borrower or its Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons' securities. The Borrower hereby agrees that so long as the Borrower is the issuer of any outstanding debt or Equity Interests that are registered or issued pursuant to a private offering or is actively contemplating issuing any such securities it will use commercially reasonable efforts to identify that portion of the Borrower Materials that may be distributed to the Public Lenders and that (A) all such Borrower Materials shall be clearly and conspicuously marked "PUBLIC" which, at a minimum, shall mean that the word "PUBLIC" shall appear prominently on the first page thereof; (B) by marking Borrower Materials "PUBLIC," the Borrower shall be deemed to have authorized the Administrative Agent, any Affiliate thereof, the Arrangers, the L/C Issuer and the Lenders to treat such Borrower Materials as not containing any material non-public information (although it may be sensitive and proprietary) with respect to the Borrower or its securities for purposes of United States federal and state securities laws (*provided*, *however*, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in <u>Section 11.07</u>); (C) all Borrower Materials marked "PUBLIC" are permitted to be made available through a portion of the Platform designated "Public Side Information;" and (D) the Administrative Agent and any Affiliate thereof and the Arrangers shall be entitled to treat any Borrower Materials that are not marked "PUBLIC" as being suitable only for posting on a portion of the Platform not designated "Public Side Information"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)promptly, from time to time, after reasonable notice is given, such other information regarding the operations, business affairs and financial condition of the Borrower, any

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Subsidiary or any Guarantor, or compliance with the terms of any Loan Document, as the Administrative Agent (or any Lender through the Administrative Agent) may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.05**Litigation and Other Notices

Furnish to the Administrative Agent prompt written notice after obtaining knowledge thereof of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)any Event of Default or Default, specifying the nature and extent thereof and the corrective action (if any) taken or proposed to be taken with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the filing or commencement of any action, suit or proceeding, whether at law or in equity or by or before any Governmental Authority, (i) against the Borrower or any of its Restricted Subsidiaries that could reasonably be expected to result in a Material Adverse Effect, or (ii) challenging the validity, enforceability or priority of any Loan Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably be expected to result in liability of the Borrower or the Restricted Subsidiaries in an aggregate amount exceeding $5,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the occurrence of an Involuntary Disposition or a series of Involuntary Dispositions with a value of at least $5,000,000 or any other event or series of events which could reasonably be expected to adversely affect the value of the Collateral by at least $5,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)to the extent any Loan Party qualifies as a "legal entity customer" under the Beneficial Ownership Regulation, an updated Beneficial Ownership Certification promptly following any change in the information provided in the Beneficial Ownership Certification delivered to any Lender in relation to such Loan Party that would result in a change to the list of beneficial owners identified in such certification; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)any other development that has resulted in, or would reasonably be expected to result in, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.06**Information Regarding Collateral

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Furnish to the Administrative Agent prompt written notice of any change (i) in any Loan Party's corporate name, (ii) in the jurisdiction of organization or formation of any Loan Party, (iii) in any Loan Party's identity or corporate structure, or (iv) in any Loan Party's Federal Taxpayer Identification Number. The Borrower agrees not to effect or permit any change referred to in the preceding sentence unless, prior to or substantially concurrently therewith, all filings have been made under the Uniform Commercial Code or otherwise that are required in order for the Administrative Agent to continue at all times following such change to have a valid, legal and perfected security interest in all the Collateral secured by it under any Collateral Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In the case of the U.S. Loan Parties, each year, at the time of delivery of the annual financial statements with respect to the preceding applicable period pursuant to <u>Section 6.04(a)</u>, deliver to the Administrative Agent a Compliance Certificate setting forth the information required pursuant to <u>Schedules 5.08</u>, <u>5.17</u>, <u>5.19(a)</u>, <u>5.19(b</u>), <u>5.19(c</u>), <u>5.19(f</u>) and <u>5.19(g</u>) or confirming that there has been no change in such information since the date of the Perfection Certificate delivered pursuant to <u>Section 4.01(e)(i)</u> or the date of the most recent certificate delivered pursuant to this <u>Section 6.06</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.07**Maintaining Records; Access to Properties and Inspections; Annual Meetings; Keep proper books and records and accounts in which full, true and correct entries in conformity with GAAP and Applicable Law are made of all dealings and transactions in relation to its business and activities. The Borrower will, and will cause each of its Restricted Subsidiaries to, permit any representatives designated by the Administrative Agent on its own behalf or on behalf of any Lender to visit and inspect the financial records and the properties of such Person during normal business hours and upon reasonable prior notice and as often as reasonably requested (but in no event more than once annually unless a Default shall have occurred and be continuing) and to make extracts from and copies of such financial records, and permit any such representatives designated by the Administrative Agent (on behalf of itself or any Lender) to discuss the affairs, finances and condition of such Person with the officers thereof and independent accountants therefor; *provided, however*, that when a Default exists the Administrative Agent on its own behalf or on behalf of any Lender (or any of their respective representatives) may do any of the foregoing at the expense of the Borrower. Within 150 days after the end of each fiscal year of the Borrower, at the request of the Administrative Agent or Required Lenders, hold a conference call (at a mutually agreeable time the costs of call to be paid by the Borrower) with all Lenders who choose to attend such meeting, at which meeting shall be reviewed the financial results of the previous fiscal year and the financial condition of the Borrower and its Subsidiaries and the budgets presented for the current fiscal year of the Borrower and its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.08**Use of Proceeds

Use the proceeds of the Credit Extensions only for the purposes set forth in <u>Section 5.23</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.09**Employee Benefits. (a) Comply in all material respects with the applicable provisions of ERISA and the Code, solely as it relates to Plans and Multiemployer Plans, (b) not, and cause any of their Restricted Subsidiaries to not, establish, sponsor, maintain, contribute to or incur any obligation or liability with respect to any Plan (other than a Plan disclosed in <u>Schedule 5.15)</u> that would result in any obligation or liability that would result in, or could reasonably be expected to result in, a Material Adverse Effect, (c) not, and cause any of their Restricted Subsidiaries to not, contribute to or incur any obligation to contribute to any Multiemployer Plan that would result in any obligation or liability that would result in, or could reasonably be expected to result in, a Material Adverse Effect and (d) furnish to the Administrative Agent as soon as possible after, and in any event within ten days after any Responsible Officer of the Borrower or of any Restricted Subsidiaries knows or has reason to know that, any ERISA Event has occurred that, alone or together with any other ERISA Event could reasonably be expected to result in liability of the Borrower or any Restricted Subsidiary in an aggregate amount exceeding $5,000,000, a statement of a Financial Officer of the Borrower setting forth details as to such ERISA Event and the action, if any, that the Borrower or any Restricted Subsidiary proposes to take with respect thereto or that the Borrower has actual knowledge, after due inquiry by a Responsible Officer of the Borrower, that any ERISA Affiliate proposes to take with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.10**Compliance with Environmental Laws

Comply, and require all lessees and other Persons occupying its properties to comply, in all material respects with all Environmental Laws applicable to its operations and real property; obtain and renew all material permits, licenses, authorizations and other approvals required under any Environmental Law for its operations and properties; and conduct any required remedial action to the extent required by and in material compliance with Environmental Laws; *provided, however*, that none of the Borrower nor any Restricted Subsidiary (other than any Immaterial Subsidiary) shall be required to undertake any such remedial action to the extent that its obligation to do so is being contested in good faith and by proper proceedings and appropriate reserves are being maintained with respect to such circumstances in accordance with GAAP.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.11**Environmental Reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall give the Administrative Agent prompt notice (containing reasonable detail) upon obtaining knowledge of any matter that would reasonably be expected to result in the Borrower or any Restricted Subsidiary (other than any Immaterial Subsidiary) incurring Environmental Liabilities in excess of $1,000,000 in the aggregate, and (b) if (i) notice is provided to the Administrative Agent under <u>Section 6.11(a</u>), or (ii) a breach of <u>Section 6.10</u> shall have occurred and be continuing for more than 30 days without the Borrower or any Domestic Subsidiary commencing activities reasonably likely to cure such breach, at the written request of the Required Lenders through the Administrative Agent, provide to the Lenders within 60 days after such notice or request, at the expense of the Loan Parties, an environmental report regarding the matters which are the subject of such notice or request, the steps being taken to address such matters and their estimated cost, which environmental report shall be prepared by an environmental consulting firm reasonably acceptable to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.12**Further Assurances. Take the following actions, in each case subject to clause (d) of this <u>Section 6.12</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Upon the acquisition or formation by any of the Loan Parties of any Restricted Subsidiary, or the designation of an Unrestricted Subsidiary as a Restricted Subsidiary, in each case, that is a wholly owned Restricted Subsidiary and a Material Subsidiary, the Borrower shall cause the Person so acquired or formed (each, an "<u>Additional Guarantor</u>"), as the case may be, to become a Guarantor of the Secured Obligations. Such Additional Guarantor shall become a Loan Party by executing a Joinder Agreement and, if such Additional Guarantor is a Domestic Subsidiary, each other applicable Collateral Document in favor of the Administrative Agent. In addition, (i) such Additional Guarantor which is a Domestic Subsidiary shall execute and deliver such agreements and documents as the Administrative Agent, Administrative

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Agent or the Required Lenders may reasonably request to grant a perfected Lien in respect of substantially all of its personal property (other than Excluded Property) in favor of the Administrative Agent and the Lenders, subject to such exceptions as are contained or may hereafter be contained in the Collateral Documents from time to time, and (ii) the U.S. Loan Parties owning Equity Interests in such Additional Guarantor shall pledge all such Equity Interests in such Additional Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)In connection with the foregoing, the Loan Parties shall deliver to the Administrative Agent, with respect to each new Guarantor to the extent applicable, substantially the same documentation required pursuant to <u>Sections 4.01(b</u>) – (<u>f</u>) and such other documents or agreements as the Administrative Agent may reasonably request, including without limitation, updated <u>Schedules 5.08</u>, <u>5.17</u>, <u>5.19(a)</u>, <u>5.19(b</u>), <u>5.19(c</u>), <u>5.19(d)</u>, <u>5.19(e</u>), <u>5.19(f</u>), <u>5.19(g</u>), <u>5.20(a</u>) and <u>5.20(b</u>); <u>provided</u>, <u>however</u>, that with respect to each new Guarantor that is a Foreign Subsidiary, such documents and agreements shall be substantially similar to those delivered on the Closing Date for the Foreign Subsidiaries that are Loan Parties (including, to the extent the Administrative Agent reasonably requests, a legal opinion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Except for Excluded Accounts, each of the U.S. Loan Parties shall not open, maintain or otherwise have any deposit or other accounts (including securities accounts) at any bank or other financial institution, or any other account where money or securities are or may be deposited or maintained with any Person, other than (i) deposit accounts that are maintained at all times with depositary institutions as to which the Administrative Agent shall have received a Qualifying Control Agreement, (ii) securities accounts that are maintained at all times with financial institutions as to which the Administrative Agent shall have received a Qualifying Control Agreement, (iii) deposit accounts established solely as payroll and other zero balance accounts and (iv) other deposit accounts, so long as at any time the balance in any such account does not exceed $250,000 and the aggregate balance in all such accounts does not exceed $500,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Borrower shall, and shall cause the other U.S. Loan Parties to, take all actions and deliver all instruments and documents required under this <u>Section 6.12</u> (including the granting and perfecting of Liens and security interests as described above) to be undertaken promptly following the acquisition of any assets described above, *provided*, *however*, that such actions and deliveries shall occur within 5 Business Days after the date of the acquisition of such personal property acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.13**Designation of Subsidiaries.

The Borrower may at any time after the Closing Date designate any Restricted Subsidiary of the Borrower as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary; *provided, however* that, (a) immediately before and after such designation, no Event of Default shall have occurred and be continuing, (b) no Subsidiary may be designated as an Unrestricted Subsidiary if such Subsidiary directly or indirectly owns any Equity Interests of, or holds a Lien on, any property of, the Borrower, any Loan Party or any Restricted Subsidiary that is not a Subsidiary to be so designated as an Unrestricted Subsidiary, (c) at no time may any Unrestricted Subsidiary own any asset or Intellectual Property that are material to the operation of the businesses of the Borrower and its Restricted Subsidiaries, (d) after giving Pro Forma Effect to such designation, the Borrower is in compliance with the financial covenants set forth in <u>Section 7.11</u> as of the last day of the applicable Measurement Period, (e) the Consolidated EBITDA of

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all Unrestricted Subsidiaries for the most recent Measurement Period shall not exceed 3.0% of the Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for such Measurement Period, (f) any Unrestricted Subsidiary that has been subsequently designated or re-designated as a Restricted Subsidiary may not thereafter be re-designated an Unrestricted Subsidiary and (g) no such Unrestricted Subsidiary (or Subsidiary thereof) guarantees any Indebtedness of, or has outstanding any Investment in, the Borrower or any Restricted Subsidiary. The designation of any Subsidiary as an Unrestricted Subsidiary after the Closing Date shall constitute an Investment by the Borrower therein at the date of designation in an amount equal to the fair market value as determined in good faith by the Borrower of the Borrower's or its Subsidiary's (as applicable) Investment therein. The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute (i) the incurrence at the time of designation of any Investment, Indebtedness or Liens of such Subsidiary existing at such time and (ii) a return on any Investment by the Borrower in Unrestricted Subsidiaries pursuant to the preceding sentence in an amount equal to the fair market value as determined in good faith by the Borrower at the date of such designation of the Borrower's or its Subsidiary's (as applicable) Investment in such Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.14**Anti-Corruption Laws**;** Sanctions**.**

Conduct its business in compliance in all material respects with the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010 and other similar anti-corruption legislation in other jurisdictions and with all applicable Sanctions, in each case, applicable to the Loan Parties, and maintain policies and procedures designed to promote and achieve compliance with such laws and Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.15**Approvals and Authorizations**.**

Maintain all authorizations, consents, approvals and licenses from, exemptions of, and filings and registrations with, each Governmental Authority of the jurisdiction in which each Foreign Obligor is organized and existing, and all approvals and consents of each other Person in such jurisdiction, in each case that are required in connection with the Loan Documents, except, in each case of the foregoing, where the failure could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.16**Cash Management**.**

Maintain all primary domestic cash management business with Bank of America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.17**Post-Closing Requirements.

Execute and deliver the documents and complete the tasks set forth on <u>Schedule 6.17</u>, in each case within the time limits specified on such schedule, or such later date(s) as the Administrative Agent may agree in its discretion.

**Article Vii**

**NEGATIVE COVENANTS**

From and after the Closing Date, the Borrower covenants and agrees with each Lender that, so long as the Commitments shall remain in existence and until the Obligations (other than any unasserted contingent reimbursement or indemnification obligations) have been paid in full in cash, unless the Required Lenders shall otherwise consent in writing, it will not, and will not cause or permit any of its Restricted Subsidiaries:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.01**Indebtedness.

Incur, create, assume or permit to exist any Indebtedness, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Indebtedness of the Borrower and its Restricted Subsidiaries existing on the Closing Date and set forth in <u>Schedule 7.01</u> and any Indebtedness evidencing a refinancing, refunding, renewal or extension of such Indebtedness; *provided, however* that (A) any such refinancing Indebtedness is in an aggregate principal amount not greater than the aggregate principal amount of the Indebtedness being renewed or refinanced, *plus* the amount of any premiums required to be paid thereon and reasonable fees and expenses associated therewith, (B) such refinancing Indebtedness either (i) has a later or equal final maturity and longer or equal Weighted Average Life to Maturity than the Indebtedness being renewed or refinanced (without giving effect to any prepayments of originally scheduled amortization of such Indebtedness being renewed or refinanced), or (ii) has a final maturity that is more than 91 days after the Latest Maturity Date hereunder, and (C) the covenants, events of default, Liens, subordination and other provisions (other than interest rates) thereof (including any guarantees thereof) shall be, in the aggregate, no less favorable to the Lenders in any material respect than those contained in the Indebtedness being renewed or refinanced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Indebtedness created hereunder and under the other Loan Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)intercompany Indebtedness of the Borrower and the Restricted Subsidiaries to the extent permitted by <u>Sections 7.03(c)</u> or <u>(k</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Indebtedness under performance bonds or with respect to workers' compensation claims, property casualty or liability insurance, take-or-pay obligations in supply arrangements, self-insurance obligations, performance, bid and surety bonds and completion guaranties in each case incurred in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Indebtedness incurred by the Borrower or the Restricted Subsidiaries existing or arising under Swap Contracts in the ordinary course of business and not for speculative purposes; *provided*, *however*, that if such Indebtedness relates to interest rates, (i) such Indebtedness relates to payment obligations on Indebtedness otherwise permitted to be incurred by the Loan Documents, and (ii) the notional principal amount of such Indebtedness at the time incurred does not exceed the principal amount of the Indebtedness to which such Indebtedness relates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)(i) Indebtedness incurred by the Borrower or the Restricted Subsidiaries in respect of netting services, overdraft protections and otherwise in connection with deposit accounts, in each case, other than Indebtedness for borrowed money, and (ii) Indebtedness arising from the honoring of a check or draft drawn against insufficient funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)guarantees and any other contingent obligations of the Borrower and the Restricted Subsidiaries in respect of Indebtedness and other obligations otherwise permitted hereunder (both before or after any liability associated therewith becomes fixed), subject to any limitations set forth in the other subsections of this <u>Section 7.01</u> or in any defined terms contained herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Indebtedness incurred by the Borrower or any of its Restricted Subsidiaries arising from agreements providing for indemnification, holdbacks, working capital or other purchase price adjustments, earn-outs, non-compete agreements, deferred compensation or similar obligations in connection with transactions not prohibited hereunder;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Indebtedness with respect to Capital Lease Obligations, Synthetic Lease Obligations and purchase money obligations for assets and property in an aggregate amount not to exceed at any one time outstanding the greater of (x) $15,000,000, or (y) 3.0% of the Total Assets of the Borrower and its Restricted Subsidiaries, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)Indebtedness owed to any Person providing property, casualty, business interruption or liability insurance to the Borrower or any Restricted Subsidiary, so long as such Indebtedness shall not be in excess of the amount of the unpaid cost of, and shall be incurred only to defer the cost of, such insurance for the annual period in which such Indebtedness is incurred and such Indebtedness shall be outstanding only during such year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)Indebtedness consisting of Permitted Unsecured Debt in an aggregate amount not to exceed $20,000,000; *provided, however* that to the extent such Indebtedness incurred pursuant to this <u>Section 7.01(k)</u> is guaranteed by any guarantors that are not Guarantors hereunder such guarantors shall become Guarantors pursuant to the procedures set forth in <u>Section 6.12</u>; *provided* further that the foregoing proviso shall not apply only to the extent that the providing of such guarantees could reasonably be expected to result in adverse tax consequences to the Borrower based on the foreign status of such guarantors or assets (and such adverse tax consequences would not apply to any guarantees otherwise provided to support such Permitted Unsecured Debt);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)Indebtedness of a Person that becomes a Restricted Subsidiary after the date hereof in connection with an Investment permitted hereby or a Permitted Acquisition in an aggregate principal amount not to exceed the greater of (x) $20,000,000, or (y) 3.0% of the Total Assets of the Borrower and its Restricted Subsidiaries, taken as a whole, and any refinancing, refunding, renewal or extension thereof to the extent such refinancing, refunding, renewal or extension would have been permitted had such Indebtedness been permitted under <u>Section 7.01(a)</u> hereof; *provided*, *however*, that such Indebtedness existed at the time such Person became a Restricted Subsidiary and was not created in contemplation thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)other Indebtedness of the Borrower and the Restricted Subsidiaries (whether or not of a type listed in the other provisions of this <u>Section 7.01)</u> in an aggregate principal amount not exceeding the greater of (x) $15,000,000, or (y) 3.0% of the Total Assets of the Borrower and its Restricted Subsidiaries, taken as a whole, at any time outstanding.

For purposes of determining the outstanding principal amount of any particular Indebtedness incurred pursuant to this <u>Section 7.01</u>, Indebtedness permitted by this <u>Section 7.01</u> need not be permitted solely by reference to one provision permitting such Indebtedness but may be permitted in part by one such provision and in part by one or more other provisions of this covenant permitting such Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.02**Liens.

Create, incur, assume or permit to exist any Lien on any property or assets (including Equity Interests or other securities of any Person, including the Borrower or any Restricted Subsidiary now owned or hereafter acquired by it or on any income or revenues or rights in respect of any thereof (collectively referred to in this <u>Section 7.02</u> as the "*Assets*")), except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Liens existing on the Closing Date and set forth on <u>Schedule 7.02</u> (including securing Indebtedness permitted pursuant to <u>Section 7.01(a</u>), including refinancings thereof permitted hereunder, so long as any asset securing such refinanced Indebtedness also secured the related existing Indebtedness), or that secures intercompany Indebtedness in which the lender is the Borrower or a Guarantor permitted under <u>Section 7.01(c</u>);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any Lien created or otherwise permitted under the Loan Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Liens for taxes not yet due or which are being contested in compliance with <u>Section 6.03</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)landlord's, banks', carriers', warehousemen's, mechanics', materialmen's, repairmen's or other like Liens arising in the ordinary course of business (or imposed by law) and securing obligations that are not due and payable or which are being contested in compliance with <u>Section 6.03</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)pledges and deposits made in the ordinary course of business in compliance with workmen's compensation, unemployment insurance and other social security laws or regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)pledges or deposits of cash and cash equivalents securing deductibles, self-insurance, co-payment, co-insurance, retentions or similar obligations to providers of property, casualty or liability insurance in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto permitted under <u>Section 7.01</u> and rights which may arise under state insurance guarantee funds relating to any such insurance policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)deposits to secure the performance of bids, trade contracts (other than for Indebtedness), leases (other than capital leases), subleases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)zoning restrictions, easements, covenants, conditions, environmental and other land use laws, rules and regulations, utility agreements, reservations, encroachments, rights-of-way, restrictions on use of real property, minor imperfections of title, minor survey defects and other similar encumbrances incurred in the ordinary course of business which, in the aggregate, are not substantial in amount and do not materially detract from the value of the Assets subject thereto or interfere with the ordinary conduct of the business of the Borrower or any of its Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)Liens securing Indebtedness permitted under <u>Section 7.01(i)</u>; *provided*, *however*, that (i) such Liens secure Indebtedness incurred to finance the acquisition, construction or improvement of any equipment, machinery, fixed or capital assets or Capital Lease Obligations and Synthetic Lease Obligations, (ii) such Liens are incurred, and the Indebtedness secured thereby is created, within 180 days after such acquisition (or construction or improvement), (iii) the Indebtedness secured thereby does not exceed 100% of the cost of such real property, improvements, equipment or machinery at the time of such acquisition (or completion of construction or improvement), and (iv) such security interests, unless granted as part of a group financing provided in connection with related equipment, do not apply to any property or assets of the Borrower or any Restricted Subsidiary other than the equipment, machinery, fixed or capital assets which are acquired, constructed or improved, or directly related assets, including, without limitation, accessions thereto and proceeds thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)any interest or title of a lessor or sublessor under any lease of real estate entered into by the Borrower or any Restricted Subsidiary in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)ground leases in respect of real property (and the rights of landlords thereunder) on which facilities owned or leased by the Borrower or its Restricted Subsidiaries are located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)Liens in favor of customs and revenue authorities arising as a matter of law to secure the payment of customs duties in connection with the importation of goods;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)receipt of progress payments and advances from customers in the ordinary course of business to the extent the same creates a Lien on the related inventory and proceeds thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)Liens solely on cash earnest money deposits made by the Borrower or any Restricted Subsidiary in connection with a letter of intent or purchase agreement permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)purported Liens evidenced by precautionary Uniform Commercial Code financing statements filed in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)Liens securing reimbursement obligations with respect to documentary letters of credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)non-exclusive licenses of Intellectual Property granted to or by the Borrower or the Restricted Subsidiaries in the ordinary course of business not interfering with the business of the Borrower or the Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)Liens arising out of consignment or similar arrangements for the sale by the Borrower or the Restricted Subsidiaries of goods through third parties in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)Liens arising out of judgments or awards which do not result in a Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)Liens securing Indebtedness permitted pursuant to <u>Section 7.01(l</u>); *provided, however*, that such Liens do not extend to assets not subject to such Liens at the time of becoming a Restricted Subsidiary (other than improvements and attachments thereon, accessions thereto and proceeds thereof) and are no more favorable to the lienholders than the then-existing Lien;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Liens to secure Indebtedness with respect to Swap Contracts permitted under <u>Section 7.01(e</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)Liens arising in connection with transactions relating to the selling or discounting of accounts receivable in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)licenses, leases, or subleases granted to other Persons not materially interfering with the conduct of the business of the Borrower and its Restricted Subsidiaries taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)Liens securing obligations of any Persons in respect of employee deferred compensation and benefit plans in connection with "rabbi trusts" or other similar arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)Liens upon specific items of inventory or other goods and proceeds thereof of any Person securing such Person's obligations in respect of bankers' acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)other Liens of the Borrower and the Restricted Subsidiaries (whether or not of a type listed in any other provision of this <u>Section 7.02</u>) securing Indebtedness and other obligations in an aggregate principal amount not exceeding the greater of (x) $15,000,000, or (y) 3.0% of the Total Assets of the Borrower and its Restricted Subsidiaries, taken as a whole, at any time outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.03**Investments, Loans and Advances.

Purchase, hold or acquire any Equity Interests, evidences of indebtedness or other securities of, make or permit to exist any loans or advances to, or make or permit to exist any other Investment in, any other Person, except:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Investments by the Borrower and the Restricted Subsidiaries in the Equity Interests of the Borrower or any of the Guarantors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Cash Equivalents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Investments made (i) among or between the Borrower and the Guarantors, (ii) by the Borrower or any Guarantor to any Restricted Subsidiary that is not a Guarantor in an aggregate amount at one time outstanding not to exceed $20,000,000, and (iii) by any Restricted Subsidiary that is not a Guarantor to the Borrower or any of the Restricted Subsidiaries; *provided*, *however*, that if such Investment is an intercompany loan or advance, any such loan or advance to a Loan Party shall be subordinated to such Loan Party's Obligations hereunder and/or under the Security Agreement and evidenced by the Intercompany Note and, in the case of a loan or advance by a Loan Party, pledged by such Loan Party as Collateral pursuant to the Collateral Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)(i) Investments consisting of extensions of credit in the nature of accounts receivable or notes receivables arising from the grant of trade credit in the ordinary course of business, and (ii) investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors or the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)deposits, prepayments and other credits to suppliers made in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)each Loan Party may make investments arising out of the receipt by such party of non-cash consideration for any Disposition permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)guarantees and any other contingent obligations permitted under <u>Section 7.01(g</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)advances to officers, directors and employees of the Borrower and its Restricted Subsidiaries for travel, entertainment, relocation and analogous ordinary business purposes consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Permitted Acquisitions or other transactions permitted by <u>Section 7.04</u> hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)Investments of any Restricted Subsidiary on the date it becomes a Restricted Subsidiary, to the extent such Investments were not made in contemplation or in connection with its becoming a Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)Investments of the Borrower and its Restricted Subsidiaries in VE Netting, LLC (i) existing on the Closing Date and (ii) made pursuant to commitments to make additional Investments in VE Netting, LLC as set forth in the Joint Venture and Operating Agreement of VE Netting, LLC as in existence on the Closing Date and set forth in <u>Schedule 7.03</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)Investments resulting from, or deemed to exist on account of, the purchase and sale among the Borrower and its Restricted Subsidiaries of cellulosic and plastic casing product and cellulosic and plastic extrusion, production and finishing equipment and parts, in each case, on fair and reasonable terms to each party that is a Loan Party as reasonably determined by each such Loan Party's board of directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)other Investments (excluding, in each case, Investments of the type described in Section 7.03(c)(ii) and 7.03(k)) in an aggregate amount at one time outstanding not to exceed $25,000,000.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.04**Mergers, Consolidations and Acquisitions; Sales of Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Merge into or consolidate with any other Person, sell, transfer, lease or otherwise dispose of all or substantially all of its assets or liquidate or dissolve, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any Restricted Subsidiary may merge with (A) the Borrower; *provided*, *however*, that the Borrower shall be the continuing or surviving Person, or (B) any one or more other Restricted Subsidiaries; *provided*, *however*, that when any Loan Party is merging with another Restricted Subsidiary (1) the continuing or surviving Person shall be a Loan Party (including a new Loan Party) or (2) if the continuing or surviving Person is not a Loan Party, the acquisition of such Loan Party by such surviving Restricted Subsidiary is otherwise permitted under <u>Section 7.03</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)any Restricted Subsidiary that is not a Loan Party may merge, amalgamate or consolidate with or into any other Restricted Subsidiary that is not a Loan Party and any Restricted Subsidiary may liquidate or dissolve or change its legal form if the Borrower determines in good faith that such action is in the best interests of the Borrower and its Restricted Subsidiaries and would not reasonably be expected to result in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)any Restricted Subsidiary may sell, transfer, lease or otherwise dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to another Restricted Subsidiary; *provided*, *however*, that if the transferor in such a transaction is a U.S. Loan Party, then (A) the transferee must be a U.S. Loan Party, (B) to the extent constituting an Investment, such Investment must be a permitted Investment in a Restricted Subsidiary that is not a Loan Party in accordance with <u>Section 7.03</u>, or (C) to the extent constituting a sale, transfer, lease or other disposition to a Restricted Subsidiary that is not a Loan Party, such sale, transfer, lease or other disposition is for fair market value and any promissory note or other non-cash consideration received in respect thereof is a permitted Investment in a Subsidiary that is not a Loan Party in accordance with <u>Section 7.03</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)so long as no Default exists or would result therefrom, the Borrower may merge, amalgamate or consolidate with any other Person; *provided*, *however*, that the Borrower shall be the continuing or surviving Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)any Restricted Subsidiary may merge, consolidate or amalgamate with any other Person in order to effect an Investment permitted pursuant to <u>Section 7.03</u>; *provided*, *however*, that if the continuing or surviving Person shall be a Restricted Subsidiary, then such Person, together with any of its Subsidiaries that will be Restricted Subsidiaries, shall have complied with the requirements of <u>Section 6.12</u> and if the other party to such transaction is not a Loan Party, no Default exists after giving effect to such transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)a Restricted Subsidiary may effect a merger, dissolution, liquidation consolidation or amalgamation or sale, transfer, lease or other disposition of all or substantially all of its assets to effect a transaction permitted pursuant to <u>Section 7.04(b)</u> and, to the extent applicable, <u>Section 2.05</u>; *provided*, *however*, that if the other party to such transaction is not a Loan Party, no Default exists after giving effect to such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Make any Disposition unless (i) such Disposition is for consideration at least 75% of which is cash (for which purpose, "cash" shall include (A) up to an aggregate during the term of this Agreement of $10,000,000 of Indebtedness or other liabilities that are assumed by the purchaser or retained by the obligor thereof (and for which the Borrower and its Restricted Subsidiaries shall thereafter have no liability with respect thereto) or that are otherwise cancelled, forgiven or terminated in connection with the

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transaction with such purchaser, (B) Indebtedness (other than the Secured Obligations), to the extent that such Indebtedness is then secured by a Lien permitted under <u>Section 7.02</u> that is then either senior to or pari passu with the Lien then securing the Secured Obligations on the subject property, that are assumed by the purchaser or retained by the obligor thereof (and for which the Borrower and its Restricted Subsidiaries shall thereafter have no liability with respect thereto) or that is otherwise cancelled, forgiven or terminated in connection with the transaction with such purchaser; and (C) any securities received by the Borrower or such other Restricted Subsidiary from such transferee that are converted by the Borrower or such other Restricted Subsidiary into cash or Cash Equivalents (to the extent of the cash or Cash Equivalents received) within 180 days following the closing of the applicable Disposition); and, (ii) no Default shall have occurred and be continuing or would result from such Disposition, (iii) such consideration is at least equal to the fair market value of the assets being sold, transferred, leased, swapped or disposed of and (iv) the aggregate fair market value of all assets Disposed of in reliance upon this <u>Section 7.04(b)</u> shall not exceed (x) $10,000,000 individually (or together with any series of related Dispositions) and (y) $20,000,000 in the aggregate during the term of this Agreement; *provided*, *however*, that the foregoing restrictions of clauses (i), (ii), (iii) and (iv) of this <u>Section 7.04(b)</u> shall not apply to: (w) Permitted Transfers, (x) transfers of condemned property as a result of the exercise of "eminent domain" or other similar policies to the respective Governmental Authority that has condemned such property, transactions in lieu of eminent domain, and other dedications of property that are required to be made to Governmental Authorities, (y) mergers effected pursuant to <u>Section 7.04(a)</u>, or (z) dispositions of property to the extent that (i) such property is exchanged for credit against the purchase price of similar replacement property, or (ii) the proceeds of such disposition are reasonably promptly applied to the purchase price of such replacement property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.05**Restricted Payments; Restrictive Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Declare or make, or agree to declare or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so; *provided, however*, that (i) any Restricted Subsidiary may declare and pay dividends or make other distributions ratably to its equity holders, (ii) the Borrower and the Restricted Subsidiaries may make Restricted Payments in the form of distributions payable solely in the common stock or other common Equity Interests of such Person, (iii) the Borrower may make Permitted Tax Distributions, (iv) the Borrower and its Restricted Subsidiaries may make Restricted Payments in an aggregate amount not to exceed $25,000,000 in any fiscal year, so long as (a) immediately after giving effect to such Restricted Payment on a Pro Forma Basis, the Consolidated Leverage Ratio shall be less than 3.00 to 1.00 and (b) at the time of, and after giving effect to, such Restricted Payment no Default shall have occurred or be continuing, (v) the Borrower or any Restricted Subsidiary may make any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any Equity Interests in any Restricted Subsidiary, to the extent permitted to be made as an Investment under <u>Section 7.03</u>, (vi) any Restricted Subsidiary may issue directors' qualifying shares, and the Borrower and any Restricted Subsidiary may, if no Default has occurred and is continuing or would exist after giving effect thereto, purchase or otherwise acquire shares of Equity Interests of the Borrower and any Restricted Subsidiary from employees, former employees, directors or former directors of the Borrower and such Restricted Subsidiary (or permitted transferees of such employees, former employees, directors or former directors), pursuant to the terms of the agreements (including employment agreements) or plans (or amendments thereto) approved by the Board of Directors of the Borrower under which such individuals purchase or sell or are granted the option to purchase or sell, shares of such Equity Interests; *provided, however*, that the aggregate amount of such repurchases and other acquisitions in any calendar year shall not exceed the sum of (x) $2,000,000 and (y) the aggregate amount of Restricted Payments permitted (but not made) pursuant to this clause (vi) in the immediately preceding calendar year (without giving effect to this clause (y)), (vii) repurchases of Equity Interests deemed to occur upon exercise of stock options, warrants or other similar rights if such Equity Interests represents a portion of the exercise price of such options, warrants or other similar rights, (viii) if no Event of Default shall have occurred and be

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continuing or would exist after giving effect thereto, the acquisition of any shares of Qualified Equity Interests of the Borrower either (i) solely in exchange for other shares of Qualified Equity Interests of the Borrower, or (ii) through the application of net proceeds of a sale for cash (other than to a Subsidiary of the Borrower) of shares of Qualified Equity Interests of the Borrower within 60 days after such sale, and (ix) payments or distributions to dissenting stockholders of Equity Interests of the Borrower pursuant to applicable law, pursuant to or in connection with a consolidation, merger or transfer of assets that complies with the provisions of this Agreement applicable to mergers, consolidations and transfers of all or substantially all of the property and assets of the Borrower or any of its Restricted Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (i) the ability of the Borrower or any Restricted Subsidiary to create, incur or permit to exist any Lien upon any of its property or assets as security for the Secured Obligations, or (ii) the ability of any Restricted Subsidiary to pay dividends or other distributions with respect to any of its Equity Interests or to make or repay loans or advances to the Borrower or any other Loan Party or to Guarantee Indebtedness of the Borrower or any other Loan Party; *provided*, *however*, that the foregoing shall not apply to (A) restrictions and conditions imposed by law or by any Loan Document or an Indebtedness permitted under <u>Section 7.01(a</u>), <u>(b)</u> or (<u>n</u>), (B) customary restrictions and conditions contained in agreements relating to the sale of a subsidiary pending such sale; *provided*, *however*, that such restrictions and conditions apply only to the subsidiary that is to be sold and such sale is permitted (or expected to be permitted) hereunder, (C) to restrictions or conditions imposed by any agreement relating to secured Indebtedness or effecting a refinancing of such Indebtedness permitted hereunder if such restrictions or conditions apply only to the property or assets securing such Indebtedness, (D) restrictions or conditions imposed by any agreement relating to unsecured Indebtedness in favor of the Borrower or any Guarantor or effecting a refinancing of such Indebtedness permitted hereunder, (E) customary provisions in leases and other contracts restricting the assignment thereof, (F) software and other Intellectual Property licenses pursuant to which the Borrower or any Restricted Subsidiary is the licensee of the relevant software or Intellectual Property, as the case may be (in which case, any prohibition or limitation shall relate only to the assets subject of the applicable license), (G) prohibitions and limitations in effect on the date hereof and listed on <u>Schedule 7.05</u>, (H) customary provisions contained in joint venture agreements and other similar agreements applicable to joint ventures permitted hereby, (I) customary provisions restricting the subletting or assignment of any lease governing a leasehold interest, (J) customary restrictions and conditions contained in any agreement relating to an asset sale permitted by <u>Section 6.04</u>, (K) any agreement in effect at the time any Person becomes a subsidiary of the Borrower or an Guarantor, so long as such agreement was not entered into in contemplation of such Person becoming a subsidiary of the Borrower or an Guarantor and such agreement relates to such subsidiary and/or its assets only, (L) to any contractual obligations incurred in the ordinary course of business and on customary terms which limit Liens on the assets subject to the applicable contractual obligation, (M) restrictions on the transfer of assets subject to any Lien permitted under this Agreement, (N) restrictions contained in the terms of the Capital Lease Obligations, Synthetic Lease Obligations and purchase money obligations not incurred in violation of this Agreement; *provided*, *however*, that such restrictions relate only to the assets financed with such Indebtedness, (O) restrictions in other Indebtedness incurred in compliance with <u>Section 7.01</u>, *provided*, *however*, that such restrictions, taken as a whole, are, in the good faith judgment of the Borrower's Board of Directors, no more materially restrictive with respect to such encumbrances and restrictions than those contained in the existing agreements referenced in clauses (A) and (N) above, (P) restrictions imposed on any Foreign Subsidiary resulting from the operation of covenants contained in documentation governing Indebtedness of such Foreign Subsidiary permitted under this Agreement, (Q) restrictions on cash or other deposits imposed by customers under contracts or other arrangements entered into or agreed to in the ordinary course of business, or (R) an agreement governing Indebtedness incurred to refinance the Indebtedness issued, assumed or incurred pursuant to an agreement referred to in clauses (A) and (N) above and otherwise permitted; *provided*, *however*, that the provisions relating to such encumbrance or restriction contained in any such Indebtedness are no less favorable to or more restrictive on the Borrower in any

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material respect as determined by the Board of Directors of the Borrower in their reasonable and good faith judgment than the provisions relating to such encumbrance or restriction contained in agreements referred to in such clauses (A) and (N) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.06**Transactions with Affiliates.

Except for transactions between or among Loan Parties, sell or transfer any property or assets to, or purchase or acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates (other than Affiliated Lenders in connection with the Loan Documents), except that (i) the Borrower or any Restricted Subsidiary may engage in any of the foregoing transactions in the ordinary course of business on terms and conditions not less favorable to the Borrower or such Restricted Subsidiary than could be obtained on an arm's-length basis from unrelated third parties, (ii) the Borrower or any Restricted Subsidiaries may engage in any of the foregoing transactions, whether or not in the ordinary course of business, if such transactions are on terms and conditions not less favorable to the Borrower or such Restricted Subsidiary than could be obtained on an arm's-length basis from unrelated third parties, and: (1) such transaction, together with any related transactions, involves consideration of less than $5,000,000; or (2) such transaction, together with any related transactions, involves consideration of at least $5,000,000 (inclusive), and has been approved by a majority of the disinterested members of the Borrower's board of directors, (iii) the Borrower and the Restricted Subsidiaries may engage in transactions permitted by <u>Sections 7.03(h)</u>, <u>7.04</u> (other than <u>7.04(a)(v)</u>) and/or <u>7.05</u>, (iv) the Borrower and any Restricted Subsidiary may provide indemnification rights and directors' and officers' liability insurance coverage to any of its or its subsidiaries' directors and officers similar to those currently in effect or containing reasonable additional indemnification rights, (v) Affiliates may make contemporaneous purchase and/or sales of Equity Interests of the Borrower, (vi) any agreement as in effect as of the Closing Date and any amendment, consent, waiver or other modification with respect thereto or replacement agreement thereto so long as any such amendment, consent, waiver or other modification with respect thereto or replacement agreement thereto is not more disadvantageous to the Lenders when taken as a whole as compared to the original agreement as in effect on the Closing Date, (vii) the Borrower and the Restricted Subsidiaries may engage in intercompany transactions among each other permitted by <u>Sections 7.01(c)</u> and (g), <u>Section 7.02(r</u>), <u>Section 7.03</u> and <u>Section 7.04(a)(v)</u> and (viii) the Borrower and its Subsidiaries may enter into a tax sharing agreement with any Affiliates of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.07**Business of the Borrower and the Restricted Subsidiaries.

Neither the Borrower nor any Restricted Subsidiary shall engage at any time in any business or business activity other than a Permitted Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.08**Other Indebtedness and Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Permit (i) any waiver, supplement, modification, amendment, termination or release of any indenture, instrument or agreement pursuant to which any Material Indebtedness of the Borrower or any of the Restricted Subsidiaries is outstanding if the effect of such waiver, supplement, modification, amendment, termination or release would be materially adverse to the Lenders or would result in such Material Indebtedness not to be permitted hereunder on the terms resulting from such modification, or (ii) any material waiver, supplement, modification or amendment of (x) Organization Document, (y) an agreement set forth on <u>Schedule 7.08(a)</u>, or (z) any lease between the Borrower or a Guarantor and an Affiliate of the Borrower or such Guarantor that has the effect of increasing the rental amounts payable thereunder, in the case of clause (y) or (z), to the extent any such waiver, supplement, modification or amendment would be adverse to the Lenders (in their capacities as Lenders) in any material respect, and in the case of clause (x), to the extent any such waiver, supplement, modification or amendment would materially adverse to the Secured Parties.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Make (or give any notice in respect thereof) any payment or prepayment of principal on or redemption, repurchase, defeasance or acquisition for value of, or any prepayment or redemption as a result of any asset sale, change of control or similar event of, any Indebtedness outstanding under any Subordinated Indebtedness, junior lien or unsecured Indebtedness, except (i) any payment of principal at scheduled maturity, (ii) a refinancing permitted by <u>Section 7.01(a</u>), (iii) any payment to the extent made with Qualified Equity Interests of the Borrower or with the proceeds from the substantially concurrent sale of any Qualified Equity Interests of the Borrower, (iv) any refinancing of Permitted Unsecured Debt with other Permitted Unsecured Debt, Subordinated Indebtedness or Equity Issuances (in the case of any Permitted Unsecured Debt or Subordinated Indebtedness, only to the extent the same is permitted to be incurred in accordance with <u>Section 7.01)</u>, or (v) any payment required in connection with customary offers to repurchase upon an Disposition or a "change of control" or similar provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.09**Fiscal Year.

With respect to the Borrower, change its fiscal year-end to a date other than December 31.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.10**Sale and Leaseback Transaction.

Enter into any arrangement, directly or indirectly, in any Sale and Leaseback Transaction unless (a) the sale or transfer of such property is permitted by <u>Section 7.04</u> and such arrangement is consummated for fair value as determined at the time of consummation in good faith by the Borrower (which determination may take into account any retained interest or other investment of the Borrower or its Restricted Subsidiaries in connection with, and any other material economic terms of, such arrangement), and (b) any Capital Lease Obligations or Synthetic Lease Obligations or Liens arising in connection therewith are permitted by <u>Sections 7.01</u> and <u>7.02</u>, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.11**Financial Covenants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Consolidated Leverage Ratio</u>. Permit the Consolidated Leverage Ratio as of the end of any Measurement Period ending as of the end of any fiscal quarter of the Borrower set forth below to be greater than the ratio set forth below opposite such period:

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| | |
|:---|:---|
| **Measurement Period Ending** | ***Maximum*<br> Consolidated<br>Leverage Ratio** |
| Closing Date through March 31, 2021 | 4.00 to 1.00 |
| June 30, 2021 through March 31, 2022 | 3.75 to 1.00 |
| June 30, 2022 and each fiscal quarter<br>thereafter | 3.50 to 1.00 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Consolidated Fixed Charge Coverage Ratio</u>. Permit the Consolidated Fixed Charge Coverage Ratio as of the end of any Measurement Period ending as of the end of any fiscal quarter of the Borrower ending after the Closing Date to be less than 1.20 to 1.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.12**Sanctions.

Directly or indirectly, use any Credit Extension or the proceeds of any Credit Extension, or lend, contribute or otherwise make available such Credit Extension or the proceeds of any Credit Extension to any Person, to fund any activities of or business with any Person, that, at the time of such funding, is the subject of Sanctions, or in any other manner that will result in a violation by any Person of Sanctions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.13**Anti**-**Corruption Laws.

Directly or indirectly, use any Credit Extension or the proceeds of any Credit Extension for any purpose which would breach the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010 and other similar anti-corruption legislation in other jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.14**Negative Pledge on Owned Real Property.

Except for Liens permitted by <u>Section 7.02</u> and transactions permitted by <u>Section 7.04</u>, Borrower shall not permit any party to sell, transfer, assign, mortgage, pledge, lease, grant a security interest in or otherwise encumber any real property owned by any U.S. Loan Party to an unaffiliated third party without the prior written consent of the Administrative Agent.

**Article VIII**

**EVENTS OF DEFAULT AND REMEDIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.01**Events of Default**.**

In case of the happening of any of the following events first occurring on or after the Closing Date (each, an "<u>Event of Default</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)any representation or warranty made or deemed made by any Loan Party to any Lender, the Administrative Agent or the Administrative Agent in or in connection with any Loan Document, or any representation, warranty made or deemed to be made in any report, certificate, financial statement or other instrument required to be delivered by any Loan Document, shall prove to have been false or misleading in any material respect when so made, deemed made or furnished;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)default shall be made in the payment of any principal of any Loan or any L/C Obligation or deposit any funds as Cash Collateral in respect of L/C Obligations when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or by acceleration thereof or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)default shall be made in the payment of any interest on any Loan or on any L/C Obligation or any fee or any other amount (other than an amount referred to in (b) above) due and payable under any Loan Document, when and as the same shall become due and payable, and such default shall continue unremedied for a period of five Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)default shall be made in the due observance or performance by the Borrower or any Restricted Subsidiary of any covenant, condition or agreement contained in (i) <u>Section 6.01(a</u>), <u>6.02</u>, <u>6.04(g)</u>, <u>6.05(a)</u>, <u>6.08</u>, <u>6.14</u>, <u>6.16</u>, <u>6.17</u> or in <u>Article VII</u>, or (ii) <u>Sections 6.04(a)</u>, <u>(b)</u> or <u>(d)</u> and such default shall continue unremedied for a period of five (5) days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)default shall be made in the due observance or performance by the Borrower or any Restricted Subsidiary of any covenant, condition or agreement contained in any Loan Document (other than those specified in (b), (c) or (d) above) and such default shall continue unremedied for a period of thirty (30) days after notice thereof from the Administrative Agent or any Lender to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)the Borrower or any Restricted Subsidiary (i) shall fail to pay any principal or interest due in respect of any Material Indebtedness, when and as the same shall become due and payable or (ii) default in the observance or performance of any other agreement or condition relating to any Material Indebtedness

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or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist, the effect of which default or other event or condition is to cause, or to permit the holder or beneficiary of such Material Indebtedness (or a trustee or agent on behalf of such holder or beneficiary) to cause, with the giving of notice if required, such Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; *provided*, *however*, that (x) clause (ii) of this clause (f) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness, and (y) this clause (f) shall not apply to Material Indebtedness in respect of purchase money or vendor financing if such failure is a result of a good faith dispute with the holders of such Indebtedness and such failure is remedied or waived by the holders of such Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)one or more unstayed judgments shall be rendered against the Borrower, any Restricted Subsidiary or any combination thereof for a liability (not partially or fully covered by insurance or effective indemnity) and the same shall remain undischarged for a period of 30 consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to levy upon assets or properties of the Borrower or any Restricted Subsidiary to enforce any such judgment and such judgment either (i) is for the payment of money in an aggregate amount in excess of $7,500,000 (to the extent not adequately covered by insurance (less any deductible) in respect of which a solvent, unaffiliated and reputable insurance company has not denied coverage in writing), or (ii) is for injunctive relief and would reasonably be expected to result in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)any Guarantee for any reason shall cease to be in full force and effect (other than in accordance with its terms), or any Guarantor shall deny in writing that it has any further liability under the Guaranty (other than as a result of the discharge of such Guarantor in accordance with the terms of the Loan Documents);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)at any time (i) the Security Agreement with respect to any Guarantor for any reason, other than the satisfaction in full of all Obligations, shall cease to be in full force and effect (other than in accordance with its terms) or shall be declared to be null and void or any Guarantor shall repudiate its obligations thereunder, (ii) this Agreement, any Collateral Document or any other Loan Document ceases to be in full force and effect (other than by reason of the satisfaction in full of the Obligations in accordance with the terms hereof) or shall be declared null and void, or the Administrative Agent shall not have or shall cease to have a valid and perfected Lien in any Collateral purported to be covered by the Collateral Documents, or (iii) any Loan Party shall contest the validity or enforceability of any Loan Document, or the Liens and claim priorities provided for in the Loan Documents, in writing or deny in writing that it has any further liability, including with respect to future advances by Lenders, under any Loan Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)an involuntary proceeding shall be commenced or an involuntary petition shall be filed in a court of competent jurisdiction seeking (i) relief in respect of the Borrower, any Material Subsidiary that is a Restricted Subsidiary, or of a substantial part of the property or assets of the Borrower, any Material Subsidiary that is a Restricted Subsidiary, under the Bankruptcy Code, or any other Federal, state or foreign bankruptcy, insolvency, receivership or similar law, (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower, any Material Subsidiary that is a Restricted Subsidiary or for a substantial part of the property or assets of the Borrower, any Material Subsidiary that is a Restricted Subsidiary, or (iii) the winding-up or liquidation of the Borrower, any Material Subsidiary that is a Restricted Subsidiary; and in each case such proceeding or petition shall continue uncontroverted within 30 days after commencement of the case or undismissed, unbonded or undischarged for 60 days after commencement of the case or an order or decree approving or ordering any of the foregoing shall be entered;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)the Borrower, any Material Subsidiary that is a Restricted Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking relief under the Bankruptcy Code, or any other Federal, state or foreign bankruptcy, insolvency, receivership or similar law, (ii) consent to the institution of, or fail to contest in a reasonably timely and appropriate manner, any proceeding or the filing of any petition described <u>Section 8.01(j),</u> (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower, any Material Subsidiary that is a Restricted Subsidiary, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors, (vi) generally become unable, admit in writing its inability or fail generally to pay its debts as they become due, or (vii) take any action for the purpose of effecting any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)a Change of Control shall occur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)the Loan Purchase Agreement for any reason shall cease to be in full force and effect (other than in accordance with its terms), or AEPC shall deny in writing that it has any further liability under the Loan Purchase Agreement (other than as a result of the discharge of AEPC in accordance with the terms of the Loan Purchase Agreement), or default shall be made in the due observance or performance by AEPC of any covenant or agreement contained in the Loan Purchase Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)there shall occur one or more ERISA Events, which individually or in the aggregate results in or would reasonably be expected to result in a Material Adverse Effect.

Without limiting the provisions of <u>Article VIII</u>, if a Default shall have occurred under the Loan Documents, then such Default will continue to exist until it either is cured (to the extent specifically permitted) in accordance with the Loan Documents or is otherwise expressly waived by Administrative Agent (with the approval of requisite Appropriate Lenders (in their sole discretion)) as determined in accordance with <u>Section 11.01</u>; and once an Event of Default occurs under the Loan Documents, then such Event of Default will continue to exist until it is expressly waived by the Required Lenders or by the Administrative Agent with the approval of the Required Lenders, as required hereunder in <u>Section 11.01</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.02**Remedies upon Event of Default

If any Event of Default occurs and is continuing, the Administrative Agent shall, at the request of, or may, with the consent of, the Required Lenders, take any or all of the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)declare the Commitment of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions to be terminated, whereupon such commitments and obligation shall be terminated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)require that the Borrower Cash Collateralize the L/C Obligations (in an amount equal to the Minimum Collateral Amount with respect thereto); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)exercise on behalf of itself, the Lenders and the L/C Issuer all rights and remedies available to it, the Lenders and the L/C Issuer under the Loan Documents or Applicable Law or equity;

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*provided*, *however*, that upon the occurrence of an event described in <u>Section 8.01(j)</u> or <u>Section 8.01(k)</u> with respect to the Borrower, the Commitment of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable, and the obligation of the Borrower to Cash Collateralize the L/C Obligations as aforesaid shall automatically become effective, in each case without further act of the Administrative Agent or any Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.03**Application of Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)After the exercise of remedies provided for in <u>Section 8.02</u> (or after the Loans have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to <u>Section 8.02</u>), any amounts received on account of the Secured Obligations shall, subject to the provisions of <u>Sections 2.14</u> and <u>2.15</u>, be applied by the Administrative Agent in the following order:

*First*, to payment of that portion of the Secured Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent and amounts payable under <u>Article III</u>) payable to the Administrative Agent in its capacity as such;

*Second*, to payment of that portion of the Secured Obligations constituting fees, indemnities and other amounts (other than principal, interest and Letter of Credit Fees) payable to the Lenders, the Foreign Obligation Providers and the L/C Issuer (including fees, charges and disbursements of counsel to the respective Lenders, the Foreign Obligation Providers and the L/C Issuer (including fees and time charges for attorneys who may be employees of any Lender or the L/C Issuer)) arising under the Loan Documents and the Foreign Obligation Loan Documents and amounts payable under <u>Article III</u>, ratably among them in proportion to the respective amounts described in this *Second* clause payable to them;

*Third*, to payment of that portion of the Secured Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the Loans, L/C Borrowings and other Secured Obligations arising under the Loan Documents, ratably among the Lenders and the L/C Issuer in proportion to the respective amounts described in this *Third* clause payable to them;

*Fourth*, to payment of that portion of the Secured Obligations constituting unpaid principal of the Loans, L/C Borrowings and Secured Obligations then owing under Secured Hedge Agreements and Secured Cash Management Agreements and to the to the Administrative Agent for the account of the L/C Issuer, to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit to the extent not otherwise Cash Collateralized by the Borrower pursuant to <u>Sections 2.03</u> and <u>2.14</u> and to the Foreign Obligation Providers, to cash collateralize undrawn contingent liability obligations owing to such Foreign Obligation Provider under the Foreign Obligation Loan Documents to the extent not otherwise cash collateralized by the applicable Foreign Subsidiary, in each case ratably among the Administrative Agent, the Lenders, the Foreign Obligation Providers, the L/C Issuer, the Hedge Banks and the Cash Management Banks in proportion to the respective amounts described in this *Fourth* clause held by them; and

*Last*, the balance, if any, after all of the Secured Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by Law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Subject to <u>Sections 2.03(c</u>) and <u>2.14</u>, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to the *Fourth* clause above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Secured Obligations, if any, in the order set forth above. Excluded Swap Obligations with respect to any Guarantor shall not be paid with amounts received from such Guarantor or its assets, but appropriate adjustments shall be made with respect to payments from other Loan Parties to preserve the allocation to Secured Obligations otherwise set forth above in this <u>Section 8.03</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Notwithstanding the foregoing, Secured Obligations arising under Secured Cash Management Agreements, Foreign Obligation Loan Documents and Secured Hedge Agreements shall be excluded from the application described above if the Administrative Agent has not received a Secured Party Designation Notice, together with such supporting documentation as the Administrative Agent may request, from the applicable Cash Management Bank, Foreign Obligation Provider or Hedge Bank, as the case may be. Each Cash Management Bank, Foreign Obligation Provider or Hedge Bank not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of the Administrative Agent pursuant to the terms of <u>Article IX</u> for itself and its Affiliates as if a "Lender" party hereto.

**Article IX**

**ADMINISTRATIVE AGENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.01**Appointment and Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Appointment</u>. Each of the Lenders and the L/C Issuer hereby irrevocably appoints, designates and authorizes Bank of America to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this <u>Article IX</u> are solely for the benefit of the Administrative Agent, the Lenders and the L/C Issuer, and neither the Borrower nor any other Loan Party shall have rights as a third party beneficiary of any of such provisions. It is understood and agreed that the use of the term "agent" herein or in any other Loan Documents (or any other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any Applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties. In addition, to the extent required under the laws of any jurisdiction other than the United States of America, each of the Lenders and Secured Parties hereby grants to the Administrative Agent any required powers of attorney to execute any Collateral Document or other Loan Document governed by the laws of such jurisdiction on such Lender's or Secured Party's behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Administrative Agent</u>. The Administrative Agent shall also act as the "collateral agent" under the Loan Documents, and each of the Lenders (including in its capacities as a Lender, a potential Hedge Bank, a potential Foreign Obligation Provider, Swingline Lender, and a potential Cash Management Bank) and the L/C Issuer hereby irrevocably appoints and authorizes the Administrative Agent to act as the agent of such Lender and the L/C Issuer for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Loan Parties

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to secure any of the Secured Obligations, together with such powers and discretion as are reasonably incidental thereto. In this connection, the Administrative Agent, as "collateral agent" and any co-agents, sub-agents and attorneys-in-fact appointed by the Administrative Agent pursuant to <u>Section 9.05</u> for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents, or for exercising any rights and remedies thereunder at the direction of the Administrative Agent, shall be entitled to the benefits of all provisions of this <u>Article IX</u> and <u>Article XI</u> (including <u>Section 11.04(c</u>), as though such co-agents, sub-agents and attorneys-in-fact were the "collateral agent" under the Loan Documents) as if set forth in full herein with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.02**Rights as a Lender.

The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term "Lender" or "Lenders" shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of banking, trust, financial, advisory, underwriting or other business with any Loan Party or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders or to provide notice to or consent of the Lenders with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.03**Exculpatory Provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Administrative Agent or the Arrangers, as applicable, shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents, and its duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing, the Administrative Agent or the Arrangers, as applicable, and its Related Parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents), *provided*, *however*, that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document or Applicable Law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)shall not have any duty or responsibility to disclose, and shall not be liable for the failure to disclose, to any Lender or the L/C Issuer any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of any of the Loan Parties or any of their Affiliates that is communicated to, or in the possession of, the Administrative Agent, Arrangers or any of their Related

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Parties in any capacity, except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Neither the Administrative Agent nor any of its Related Parties shall be liable for any action taken or not taken by the Administrative Agent under or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby or thereby (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary), or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in <u>Sections 11.01</u> and <u>8.02</u>) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and non-appealable judgment. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default is given in writing to the Administrative Agent by the Borrower, a Lender or the L/C Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Neither the Administrative Agent nor any of its Related Parties shall be responsible or have any liability for, or have any duty to ascertain, inquire into, monitor or enforce, compliance with the provisions of this Agreement relating to Disqualified Institutions. Without limiting the generality of the foregoing, the Administrative Agent shall not ‎(i) be obligated to ascertain, monitor or inquire as to whether any Lender or Participant or prospective Lender or Participant is a Disqualified ‎Institution or (ii) have any liability with respect to or arising out of any assignment or participation of Loans, or disclosure of confidential information, to any ‎Disqualified Institution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.04**Reliance by Administrative Agent.

The Administrative Agent shall be entitled to rely upon, and shall be fully protected in relying and shall not incur any liability for relying upon, any notice, request, certificate, communication, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall be fully protected in relying and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance, extension, renewal or increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the L/C Issuer, the Administrative Agent may presume that such condition is satisfactory to such Lender or the L/C Issuer unless the Administrative Agent shall have received notice to the contrary from such Lender or the L/C Issuer prior to the making of such Loan or the issuance of such Letter of Credit. The Administrative Agent may consult with legal counsel (who may be counsel for the Loan Parties), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with

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the advice of any such counsel, accountants or experts. For purposes of determining compliance with the conditions specified in <u>Section 4.01</u>, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.05**Delegation of Duties.

The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this <u>Article IX</u> shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the Facilities as well as activities as Administrative Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and non-appealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.06**Resignation of Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Notice</u>. The Administrative Agent may at any time give notice of its resignation to the Lenders, the L/C Issuer and the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the "*Resignation Effective Date*"), then the retiring Administrative Agent may (but shall not be obligated to) on behalf of the Lenders and the L/C Issuer, appoint a successor Administrative Agent meeting the qualifications set forth above; *provided*, *however*, that in no event shall any successor Administrative Agent be a Defaulting Lender or a Disqualified Institution. Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Defaulting Lender</u>. If the Person serving as the Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the Required Lenders may, to the extent permitted by applicable Law, by notice in writing to the Borrower and such Person remove such Person as the Administrative Agent and, with the consent of the Borrower, which consent shall not be unreasonably withheld, conditioned or delayed(which Borrowers consent shall not be required if an Event of Default has occurred and is continuing), appoint a successor. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days (or such earlier day as shall be agreed by the Required Lenders) (the "*Removal Effective Date*"), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Effect of Resignation or Removal</u>. With effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (i) the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of the

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Lenders or the L/C Issuer under any of the Loan Documents, the retiring or removed Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (ii) except for any indemnity payments or other amounts then owed to the retiring or removed Administrative Agent, all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender and the L/C Issuer directly, until such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided for above. Upon the acceptance of a successor's appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring or removed Administrative Agent (other than as provided in <u>Section 3.01(g</u>) and other than any rights to indemnity payments or other amounts owed to the retiring or removed Administrative Agent as of the Resignation Effective Date), and the retiring or removed Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this <u>Section 9.06</u>). The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring or removed Administrative Agent's resignation hereunder and under the other Loan Documents, the provisions of this <u>Article XI</u> and <u>Section 11.04</u> shall continue in effect for the benefit of such retiring or removed Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them (A) while the retiring or removed Administrative Agent was acting as Administrative Agent and (B) after such resignation or removal for as long as any of them continues to act in any capacity hereunder or under the other Loan Documents, including, without limitation, (1) acting as collateral agent or otherwise holding any collateral security on behalf of any of the Secured Parties and (2) in respect of any actions taken in connection with transferring the agency to any successor Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>L/C Issuer and Swingline Lender</u>. Any resignation by Bank of America as Administrative Agent pursuant to this <u>Section 9.06</u> shall also constitute its resignation as L/C Issuer and Swingline Lender. If Bank of America resigns as the L/C Issuer, it shall retain all the rights, powers, privileges and duties of the L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as the L/C Issuer and all L/C Obligations with respect thereto, including the right to require the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to <u>Section 2.03(c</u>). If Bank of America resigns as the Swingline Lender, it shall retain all the rights of the Swingline Lender provided for hereunder with respect to Swingline Loans made by it and outstanding as of the effective date of such resignation, including the right to require the Lenders to make Base Rate Loans or fund risk participations in outstanding Swingline Loans pursuant to <u>Section 2.04(c</u>). Upon the appointment by the Borrower of a successor L/C Issuer or Swingline Lender hereunder (which successor shall in all cases be a Lender other than a Defaulting Lender), (i) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer or Swingline Lender, as applicable, (ii) the retiring L/C Issuer and Swingline Lender shall be discharged from all of their respective duties and obligations hereunder or under the other Loan Documents, and (iii) the successor L/C Issuer shall issue Letters of Credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to Bank of America to effectively assume the obligations of Bank of America with respect to such Letters of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.07**Non-Reliance on Administrative Agent, the Arrangers and the Other Lenders.

Each Lender and the L/C Issuer expressly acknowledges that none of the Administrative Agent nor any Arranger has made any representation or warranty to it, and that no act by the Administrative Agent or

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such Arranger hereafter taken, including any consent to, and acceptance of any assignment or review of the affairs of any Loan Party or any Affiliate thereof, shall be deemed to constitute any representation or warranty by the Administrative Agent or such Arranger to any Lender or the L/C Issuer as to any matter, including whether the Administrative Agent or such Arranger have disclosed material information in their (or their Related Parties') possession. Each Lender and the L/C Issuer represents to the Administrative Agent and each Arranger that it has, independently and without reliance upon the Administrative Agent, such Arranger, any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis of, appraisal of, and investigation into, the business, prospects, operations, property, financial and other condition and creditworthiness of the Loan Parties and their Subsidiaries, and all applicable bank or other regulatory Laws relating to the transactions contemplated hereby, and made its own decision to enter into this Agreement and to extend credit to the Borrower hereunder. Each Lender and the L/C Issuer also acknowledge that it will, independently and without reliance upon the Administrative Agent, any Arranger, any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of the Loan Parties. Each Lender and the L/C Issuer represents and warrants that (i) the Loan Documents set forth the terms of a commercial lending facility and (ii) it is engaged in making, acquiring or holding commercial loans in the ordinary course and is entering into this Agreement as a Lender or L/C Issuer for the purpose of making, acquiring or holding commercial loans and providing other facilities set forth herein as may be applicable to such Lender or L/C Issuer, and not for the purpose of purchasing, acquiring or holding any other type of financial instrument, and each Lender and the L/C Issuer agree not to assert a claim in contravention of the foregoing. Each Lender and the L/C Issuer represents and warrants that it is sophisticated with respect to decisions to make, acquire and/or hold commercial loans and to provide other facilities set forth herein, as may be applicable to such Lender or such L/C Issuer, and either it, or the Person exercising discretion in making its decision to make, acquire and/or hold such commercial loans or to provide such other facilities, is experienced in making, acquiring or holding such commercial loans or providing such other facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.08**No Other Duties**,** Etc.

Anything herein to the contrary notwithstanding, none of the titles listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, an Arranger, a Lender or the L/C Issuer hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.09**Administrative Agent May File Proofs of Claim**;** Credit Bidding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations and all other Secured Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the L/C Issuer and the

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Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the L/C Issuer and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders, the L/C Issuer and the Administrative Agent under <u>Sections 2.03(h</u>) and (<u>i</u>), <u>2.09</u>, <u>2.10(b</u>) and <u>11.04</u>) allowed in such judicial proceeding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and the L/C Issuer to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders and the L/C Issuer, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under <u>Sections 2.09</u>, <u>2.10(b</u>) and <u>11.04</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or the L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Secured Obligations or the rights of any Lender or the L/C Issuer to authorize the Administrative Agent to vote in respect of the claim of any Lender or the L/C Issuer or in any such proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Secured Parties hereby irrevocably authorize the Administrative Agent, at the direction of the Required Lenders, to credit bid all or any portion of the Secured Obligations (including accepting some or all of the Collateral in satisfaction of some or all of the Secured Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral (i) at any sale thereof conducted under the provisions of the Bankruptcy Code of the United States, including under Sections 363, 1123 or 1129 of the Bankruptcy Code of the United States, or any similar Laws in any other jurisdictions to which a Loan Party is subject, (ii) at any other sale or foreclosure or acceptance of collateral in lieu of debt conducted by (or with the consent or at the direction of) the Administrative Agent (whether by judicial action or otherwise) in accordance with any Applicable Law. In connection with any such credit bid and purchase, the Secured Obligations owed to the Secured Parties shall be entitled to be, and shall be, credit bid on a ratable basis (with Secured Obligations with respect to contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that would vest upon the liquidation of such claims in an amount proportional to the liquidated portion of the contingent claim amount used in allocating the contingent interests) in the asset or assets so purchased (or in the Equity Interests or debt instruments of the acquisition vehicle or vehicles that are used to consummate such purchase). In connection with any such bid (A) the Administrative Agent shall be authorized to form one or more acquisition vehicles to make a bid, (B) to adopt documents providing for the governance of the acquisition vehicle or vehicles (*provided*, *however*, that any actions by the Administrative Agent with respect to such acquisition vehicle or vehicles, including any disposition of the assets or Equity Interests thereof shall be governed, directly or indirectly, by the vote of the Required Lenders, irrespective of the termination of this Agreement and without giving effect to the limitations on actions by the Required Lenders contained in <u>clauses (a</u>) through (<u>d</u>) of <u>Section 11.01</u> of this Agreement), and (C) to the extent that Secured Obligations that are assigned to an acquisition vehicle are not used to acquire Collateral for any reason (as a result of another bid being higher or better, because the amount of Secured Obligations assigned to the acquisition vehicle exceeds the amount of debt credit bid by the acquisition vehicle or otherwise), such Secured Obligations shall

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automatically be reassigned to the Lenders *pro rata* and the Equity Interests and/or debt instruments issued by any acquisition vehicle on account of the Secured Obligations that had been assigned to the acquisition vehicle shall automatically be cancelled, without the need for any Secured Party or any acquisition vehicle to take any further action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.10**Collateral and Guaranty Matters**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each of the Lenders (including in its capacities as a potential Cash Management Bank, potential Foreign Obligation Provider and a potential Hedge Bank) and the L/C Issuer irrevocably authorize the Administrative Agent, at its option and in its discretion,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)to release any Lien on any property granted to or held by the Administrative Agent under any Loan Document (i) upon the Facility Termination Date, (ii) that is sold or otherwise disposed of or to be sold or otherwise disposed of as part of or in connection with any sale or other disposition or other transaction permitted hereunder or under any other Loan Document, (iii) that constitutes Excluded Property, or (iv) if approved, authorized or ratified in writing by the Required Lenders in accordance with <u>Section 11.01</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)to subordinate or release any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the holder of any Lien on such property that is permitted by <u>Sections 7.02(e)</u>, <u>(h)</u>, (<u>j)</u> and <u>(u)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)to release any Guarantor from its obligations under the Guaranty and any other Loan Document if such Person ceases to be a Restricted Subsidiary as a result of a transaction permitted under the Loan Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)to release any Lien granted to or held by the Administrative Agent under the Loan Documents on the Equity Interests of any Unrestricted Subsidiary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)to enter into and perform each intercreditor or subordination agreement contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent's authority to release or subordinate its interest in particular types or items of property, or to release any Guarantor from its obligations under the Guaranty pursuant to this <u>Section 9.10</u>. In each case as specified in this <u>Section 9.10</u>, the Administrative Agent will, at the Borrower's expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under the Collateral Documents or to subordinate its interest in such item, or to release such Guarantor from its obligations under the Guaranty, in each case in accordance with the terms of the Loan Documents and this <u>Section 9.10</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Administrative Agent shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of the Administrative Agent's Lien thereon, or any certificate prepared by any Loan Party in connection therewith, nor shall the Administrative Agent be responsible or liable to the Lenders for any failure to monitor or maintain any portion of the Collateral.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.11**Secured Cash Management Agreements and Secured Hedge Agreements

Except as otherwise expressly set forth herein in the Guaranty or any Collateral Document, no Cash Management Bank, Foreign Obligation Provider or Hedge Bank that obtains the benefit of the provisions of <u>Section 8.03</u>, the Guaranty or any Collateral by virtue of the provisions hereof or any Collateral Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) (or to notice of or to consent to any amendment, waiver or modification of the provisions hereof or of the Guaranty or any Collateral Document) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this <u>Article IX</u> to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Secured Obligations arising under Secured Cash Management Agreements, Foreign Obligation Loans Documents and Secured Hedge Agreements except to the extent expressly provided herein and unless the Administrative Agent has received a Secured Party Designation Notice of such Secured Obligations, together with such supporting documentation as the Administrative Agent may request, from the applicable Cash Management Bank, Foreign Obligation Provider or Hedge Bank, as the case may be. The Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Secured Obligations arising under Secured Cash Management Agreements, Foreign Obligation Loans Documents and Secured Hedge Agreements in the case of a Facility Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.12**Certain ERISA Matters**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that at least one of the following is and will be true:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)such Lender is not using "plan assets" (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments, or this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the transaction exemption set forth in one or more PTEs, such as PTE 84–14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95–60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90–1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91–38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96–23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)(A) such Lender is an investment fund managed by a "Qualified Professional Asset Manager" (within the meaning of Part VI of PTE 84–14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments

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and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84–14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84–14 are satisfied with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In addition, unless either (1) <u>clause (i</u>) in the immediately preceding <u>clause (a</u>) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with <u>clause (iv</u>) in the immediately preceding <u>clause (a</u>), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto).

**Article X**

**CONTINUING GUARANTY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.01**Guaranty**.**

Each Guarantor hereby absolutely and unconditionally, jointly and severally guarantees, as primary obligor and as a guaranty of payment and performance and not merely as a guaranty of collection, prompt payment when due, whether at stated maturity, by required prepayment, upon acceleration, demand or otherwise, and at all times thereafter, of any and all Secured Obligations (for each Guarantor, subject to the proviso in this sentence, its "*Guaranteed Obligations*"); *provided, however,* that (a) the Guaranteed Obligations of a Guarantor shall exclude any Excluded Swap Obligations with respect to such Guarantor and (b) the liability of each Guarantor individually with respect to this Guaranty shall be limited to an aggregate amount equal to the largest amount that would not render its obligations hereunder subject to avoidance under Section 548 of the Bankruptcy Code of the United States or any comparable provisions of any applicable state law or other Applicable Law. Without limiting the generality of the foregoing, the Guaranteed Obligations shall include any such indebtedness, obligations, and liabilities, or portion thereof, which may be or hereafter become unenforceable or compromised or shall be an allowed or disallowed claim under any proceeding or case commenced by or against any debtor under any Debtor Relief Laws. The Administrative Agent's books and records showing the amount of the Obligations shall be admissible in evidence in any action or proceeding, and shall be binding upon each Guarantor, and conclusive for the purpose of establishing the amount of the Secured Obligations. This Guaranty shall not be affected by the genuineness, validity, regularity or enforceability of the Secured Obligations or any instrument or agreement evidencing any Secured Obligations, or by the existence, validity, enforceability, perfection, non-perfection or extent of any collateral therefor, or by any fact or circumstance relating to the Secured Obligations which might otherwise constitute a defense to the obligations of the Guarantors, or any of them, under this Guaranty, and each Guarantor hereby irrevocably waives any defenses it may now have or hereafter acquire in any way relating to any or all of the foregoing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.02**Rights of Lenders

Each Guarantor consents and agrees that the Secured Parties may, at any time and from time to time, without notice or demand, and without affecting the enforceability or continuing effectiveness hereof: (a) amend, extend, renew, compromise, discharge, accelerate or otherwise change the time for payment or the terms of the Secured Obligations or any part thereof; (b) take, hold, exchange, enforce, waive, release, fail to perfect, sell, or otherwise dispose of any security for the payment of this Guaranty or any Secured Obligations; (c) apply such security and direct the order or manner of sale thereof as the Administrative Agent, the L/C Issuer and the Lenders in their sole discretion may determine; and (d) release or substitute one or more of any endorsers or other guarantors of any of the Secured Obligations. Without limiting the generality of the foregoing, each Guarantor consents to the taking of, or failure to take, any action which might in any manner or to any extent vary the risks of such Guarantor under this Guaranty or which, but for this provision, might operate as a discharge of such Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.03**Certain Waivers

Each Guarantor waives (a) any defense arising by reason of any disability or other defense of the Borrower or any other guarantor, or the cessation from any cause whatsoever (including any act or omission of any Secured Party) of the liability of the Borrower or any other Loan Party; (b) any defense based on any claim that such Guarantor's obligations exceed or are more burdensome than those of the Borrower or any other Loan Party; (c) the benefit of any statute of limitations affecting any Guarantor's liability hereunder; (d) any right to proceed against the Borrower or any other Loan Party, proceed against or exhaust any security for the Secured Obligations, or pursue any other remedy in the power of any Secured Party whatsoever; (e) any benefit of and any right to participate in any security now or hereafter held by any Secured Party; and (f) to the fullest extent permitted by law, any and all other defenses or benefits that may be derived from or afforded by Applicable Law limiting the liability of or exonerating guarantors or sureties. Each Guarantor expressly waives all setoffs and counterclaims and all presentments, demands for payment or performance, notices of nonpayment or nonperformance, protests, notices of protest, notices of dishonor and all other notices or demands of any kind or nature whatsoever with respect to the Secured Obligations, and all notices of acceptance of this Guaranty or of the existence, creation or incurrence of new or additional Secured Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.04**Obligations Independent

The obligations of each Guarantor hereunder are those of primary obligor, and not merely as surety, and are independent of the Secured Obligations and the obligations of any other guarantor, and a separate action may be brought against each Guarantor to enforce this Guaranty whether or not the Borrower or any other person or entity is joined as a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.05**Subrogation

No Guarantor shall exercise any right of subrogation, contribution, indemnity, reimbursement or similar rights with respect to any payments it makes under this Guaranty until all of the Secured Obligations and any amounts payable under this Guaranty have been indefeasibly paid and performed in full and the Commitments and the Facilities are terminated. If any amounts are paid to a Guarantor in violation of the foregoing limitation, then such amounts shall be held in trust for the benefit of the Secured Parties and shall forthwith be paid to the Secured Parties to reduce the amount of the Secured Obligations, whether matured or unmatured.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.06**Termination**;** Reinstatement

This Guaranty is a continuing and irrevocable guaranty of all Secured Obligations now or hereafter existing and shall remain in full force and effect until the Facility Termination Date. Notwithstanding the foregoing, this Guaranty shall continue in full force and effect or be revived, as the case may be, if any payment by or on behalf of the Borrower or a Guarantor is made, or any of the Secured Parties exercises its right of setoff, in respect of the Secured Obligations and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by any of the Secured Parties in their discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Laws or otherwise, all as if such payment had not been made or such setoff had not occurred and whether or not the Secured Parties are in possession of or have released this Guaranty and regardless of any prior revocation, rescission, termination or reduction. The obligations of each Guarantor under this <u>Section 10.06</u> shall survive termination of this Guaranty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.07**Stay of Acceleration

If acceleration of the time for payment of any of the Secured Obligations is stayed, in connection with any case commenced by or against a Guarantor or the Borrower under any Debtor Relief Laws, or otherwise, all such amounts shall nonetheless be payable by each Guarantor, jointly and severally, immediately upon demand by the Secured Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.08**Condition of Borrower

Each Guarantor acknowledges and agrees that it has the sole responsibility for, and has adequate means of, obtaining from the Borrower and any other guarantor such information concerning the financial condition, business and operations of the Borrower and any such other guarantor as such Guarantor requires, and that none of the Secured Parties has any duty, and such Guarantor is not relying on the Secured Parties at any time, to disclose to it any information relating to the business, operations or financial condition of the Borrower or any other guarantor (each Guarantor waiving any duty on the part of the Secured Parties to disclose such information and any defense relating to the failure to provide the same).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.09**Appointment of Borrower

Each of the Loan Parties hereby appoints the Borrower to act as its agent for all purposes of this Agreement, the other Loan Documents and all other documents and electronic platforms entered into in connection herewith and agrees that (a) the Borrower may execute such documents and provide such authorizations on behalf of such Loan Parties as the Borrower deems appropriate in its sole discretion and each Loan Party shall be obligated by all of the terms of any such document and/or authorization executed on its behalf, (b) any notice or communication delivered by the Administrative Agent, L/C Issuer or a Lender to the Borrower shall be deemed delivered to each Loan Party and (c) the Administrative Agent, L/C Issuer or the Lenders may accept, and be permitted to rely on, any document, authorization, instrument or agreement executed by the Borrower on behalf of each of the Loan Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.10**Right of Contribution

The Guarantors agree among themselves that, in connection with payments made hereunder, each Guarantor shall have contribution rights against the other Guarantors as permitted under Applicable Law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.11**Keepwell**.**

Each Loan Party that is a Qualified ECP Guarantor at the time the Guaranty or the grant of a Lien under the Loan Documents, in each case, by any Specified Loan Party becomes effective with respect to any Swap Obligation, hereby jointly and severally, absolutely, unconditionally and irrevocably undertakes to provide such funds or other support to each Specified Loan Party with respect to such Swap Obligation as may be needed by such Specified Loan Party from time to time to honor all of its obligations under the Loan Documents in respect of such Swap Obligation (but, in each case, only up to the maximum amount of such liability that can be hereby incurred without rendering such Qualified ECP Guarantor's obligations and undertakings under this <u>Article X</u> voidable under Applicable Law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations and undertakings of each Qualified ECP Guarantor under this <u>Section 10.11</u> shall remain in full force and effect until the Secured Obligations have been indefeasibly paid and performed in full. Each Loan Party intends this <u>Section 10.11</u> to constitute, and this <u>Section 10.11</u> shall be deemed to constitute, a guarantee of the obligations of, and a "keepwell, support, or other agreement" for the benefit of, each Specified Loan Party for all purposes of the Commodity Exchange Act.

**Article XI**

**MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.01**Amendments**,** Etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to <u>Section 3.03(c</u>) and the last paragraph of this <u>Section 11.01(a)</u>, no amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by the Borrower or any other Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders (or by the Administrative Agent with the consent of the Required Lenders) and the Borrower or the applicable Loan Party, as the case may be, and acknowledged by the Administrative Agent, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; *provided*, *however*, that no such amendment, waiver or consent shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)extend or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to <u>Section 8.02</u>) without the written consent of such Lender (it being understood and agreed that a waiver of any condition precedent in <u>Section 4.02</u> or of any Default or a mandatory reduction in Commitments is not considered an extension or increase in Commitments of any Lender);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)postpone any date fixed by this Agreement or any other Loan Document for any payment (excluding mandatory prepayments) of principal, interest, fees or other amounts due to the Lenders (or any of them) hereunder or under such other Loan Document without the written consent of each Lender entitled to such payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)reduce the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or (subject to <u>clause (D</u>) of the second proviso to this <u>Section 11.01</u>) any fees or other amounts payable hereunder or under any other Loan Document without the written consent of each Lender entitled to such amount; *provided*, *however*, that only the consent of the Required Lenders shall be necessary (i) to amend the definition of "Default Rate" or to waive any obligation of the Borrower to pay interest or Letter of Credit Fees at the Default Rate or (ii) to amend or waive any financial covenant hereunder (or any defined term or component defined term used therein) even if the effect of such amendment

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or waiver would be to reduce the rate of interest on any Loan or L/C Borrowing or to reduce any fee payable hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)change (i) <u>Section 8.03</u> or <u>Section 2.13</u> in a manner that would alter the pro rata sharing of payments, the pro rata application of proceeds, the pro rata reduction of commitments or the order of any waterfall required thereby, in each case, without the written consent of each Lender, (ii) <u>Section 2.12(f</u>) in a manner that would alter the *pro rata* application required thereby without the written consent of each Lender directly affected thereby or (iii) except as permitted under <u>Section 9.10(a)(ii)</u>, subordinate the Liens granted to the Administrative Agent for the benefit of the Lenders as of the Closing Date or subordinate the Secured Obligations hereunder to any other Indebtedness, in each case without the written consent of each Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)change any provision of this <u>Section 11.01</u> or the definition of "Required Lenders" or "Required Class Lenders" or any other provision of any Loan Document specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or thereunder or make any determination or grant any consent hereunder, without the written consent of each Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)release all or substantially all of the Collateral in any transaction or series of related transactions, without the written consent of each Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)release all or substantially all of the value of the Guaranty, without the written consent of each Lender, except to the extent the release of any Subsidiary from the Guaranty is permitted pursuant to <u>Section 9.10</u> (in which case such release may be made by the Administrative Agent acting alone);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)release the Borrower or permit the Borrower to assign or transfer any of its rights or obligations under this Agreement or the other Loan Documents without the consent of each Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)directly and materially adversely affect the rights of Lenders holding Commitments or Loans of one Class differently from the rights of Lenders holding Commitments or Loans of any other Class without the written consent of the applicable Required Class Lenders;

and *provided*, *further*, that (A) no amendment, waiver or consent shall, unless in writing and signed by the L/C Issuer in addition to the Lenders required above, affect the rights or duties of the L/C Issuer under this Agreement or any Issuer Document relating to any Letter of Credit issued or to be issued by it; (B) no amendment, waiver or consent shall, unless in writing and signed by the Swingline Lender in addition to the Lenders required above, affect the rights or duties of the Swingline Lender under this Agreement; (C) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document; and (D) the Fee Letter may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding anything to the contrary herein, (i) no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender, or all Lenders or each affected Lender under a Facility, may be effected with the

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consent of the applicable Lenders other than Defaulting Lenders), except that (A) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Defaulting Lender and (B) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender, or all Lenders or each affected Lender under a Facility, that by its terms affects any Defaulting Lender disproportionately adversely relative to other affected Lenders shall require the consent of such Defaulting Lender; (ii) each Lender is entitled to vote as such Lender sees fit on any bankruptcy reorganization plan that affects the Loans, and each Lender acknowledges that the provisions of Section 1126(c) of the Bankruptcy Code of the United States supersedes the unanimous consent provisions set forth herein and (iii) the Required Lenders shall determine whether or not to allow a Loan Party to use cash collateral in the context of a bankruptcy or insolvency proceeding and such determination shall be binding on all of the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Notwithstanding anything to the contrary herein, this Agreement may be amended and restated without the consent of any Lender (but with the consent of the Borrower and the Administrative Agent) if, upon giving effect to such amendment and restatement, such Lender shall no longer be a party to this Agreement (as so amended and restated), the Commitments of such Lender shall have terminated, such Lender shall have no other commitment or other obligation hereunder and shall have been paid in full all principal, interest and other amounts owing to it or accrued for its account under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Notwithstanding any provision herein to the contrary, if the Administrative Agent and the Borrower acting together identify any ambiguity, omission, mistake, typographical error or other defect in any provision of this Agreement or any other Loan Document (including the schedules and exhibits thereto), then the Administrative Agent and the Borrower shall be permitted to amend, modify or supplement such provision to cure such ambiguity, omission, mistake, typographical error or other defect, and such amendment shall become effective without any further action or consent of any other party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.02**Notices**;** Effectiveness**;** Electronic Communications**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Notices Generally</u>. Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in <u>clause (b)</u> below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by fax transmission or e-mail transmission as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)if to the Borrower or any other Loan Party, the Administrative Agent, the L/C Issuer or the Swingline Lender, to the address, fax number, e-mail address or telephone number specified for such Person on <u>Schedule 1.01(a</u>); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)if to any other Lender, to the address, fax number, e-mail address or telephone number specified in its Administrative Questionnaire (including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire then in effect for the delivery of notices that may contain material non-public information relating to the Borrower).

Notices and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by fax transmission shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given

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at the opening of business on the next Business Day for the recipient). Notices and other communications delivered through electronic communications to the extent provided in <u>clause (b</u>) below shall be effective as provided in such <u>clause (b</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Electronic Communications</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Notices and other communications to the Administrative Agent, the Lenders, the Swingline Lender and the L/C Issuer hereunder may be delivered or furnished by electronic communication (including e-mail, FPML messaging, and Internet or intranet websites) pursuant to an electronic communications agreement (or such other procedures approved by the Administrative Agent in its sole discretion); *provided, however,* that the foregoing shall not apply to notices to any Lender, the Swingline Lender or the L/C Issuer pursuant to <u>Article II</u> if such Lender, the Swingline Lender or the L/C Issuer, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such <u>Article II</u> by electronic communication. The Administrative Agent, the Swingline Lender, the L/C Issuer or the Borrower may each, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, *provided, however,*that approval of such procedures may be limited to particular notices or communications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Unless the Administrative Agent otherwise prescribes, (A) notices and other communications sent to an e-mail address shall be deemed received upon the sender's receipt of an acknowledgment from the intended recipient (such as by the "return receipt requested" function, as available, return e-mail or other written acknowledgement) and (B) notices and other communications posted to an Internet or intranet website shall be deemed received by the intended recipient upon the sender's receipt of an acknowledgement from the intended recipient (such as by the "return receipt requested" function, as available, return e-mail address or other written acknowledgement) indicating that such notice or communication is available and identifying the website address therefor; *provided, however,* that for both <u>clauses (A</u>) and (<u>B</u>), if such notice or other communication is not sent during the normal business hours of the recipient, such notice, email or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>The Platform</u>. THE PLATFORM IS PROVIDED "AS IS" AND "AS AVAILABLE." THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of its Related Parties (collectively, the "*Agent Parties*") have any liability to the Borrower, any Lender, the L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower's, any Loan Party's or the Administrative Agent's transmission of Borrower Materials or notices through the Platform, any other electronic platform or electronic messaging service, or through the Internet.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Change of Address, Etc</u>. Each of the Borrower, the Administrative Agent, the L/C Issuer and the Swingline Lender may change its address, fax number or telephone number or e-mail address for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may change its address, fax number or telephone number or e-mail address for notices and other communications hereunder by notice to the Borrower, the Administrative Agent, the L/C Issuer and the Swingline Lender. In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective address, contact name, telephone number, fax number and e-mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender. Furthermore, each Public Lender agrees to cause at least one (1) individual at or on behalf of such Public Lender to at all times have selected the "Private Side Information" or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender's compliance procedures and Applicable Law, including United States federal and state securities Laws, to make reference to Borrower Materials that are not made available through the "Public Side Information" portion of the Platform and that may contain material non-public information with respect to the Borrower or its securities for purposes of United States federal or state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Reliance by Administrative Agent, L/C Issuer and Lenders</u>. The Administrative Agent, the L/C Issuer and the Lenders shall be entitled to rely and act upon any notices (including, without limitation, telephonic or electronic notices, Loan Notices, Letter of Credit Applications, Notice of Loan Prepayment and Swingline Loan Notices) purportedly given by or on behalf of any Loan Party even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Loan Parties shall indemnify the Administrative Agent, the L/C Issuer, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of a Loan Party. All telephonic notices to and other telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.03**No Waiver**;** Cumulative Remedies**;** Enforcement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)No failure by any Lender, the L/C Issuer or the Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder or under any other Loan Document preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided, and provided under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance with <u>Section 8.02</u> for the benefit of all the Lenders and the L/C Issuer; *provided*, *however*, that the foregoing shall not prohibit (a) the Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) the L/C Issuer or the Swingline Lender from exercising the rights and remedies

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that inure to its benefit (solely in its capacity as L/C Issuer or Swingline Lender, as the case may be) hereunder and under the other Loan Documents, (c) any Lender from exercising setoff rights in accordance with <u>Section 11.08</u> (subject to the terms of <u>Section 2.13</u>), or (d) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; and *provided*<u>,</u> *further*, that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to <u>Section 8.02</u> and (ii) in addition to the matters set forth in <u>clauses (b</u>), (<u>c</u>) and (<u>d</u>) of the preceding proviso and subject to <u>Section 2.13</u>, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.04**Expenses**;** Indemnity**;** Damage Waiver**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Costs and Expenses</u>. The Borrower shall pay (i) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent and its Affiliates (including, but not limited to, (A) the reasonable fees, charges and disbursements of counsel for the Administrative Agent and its Affiliates and (B) due diligence expenses), in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable and documented out-of-pocket expenses incurred by the L/C Issuer in connection with the issuance, amendment, extension, reinstatement or renewal of any Letter of Credit or any demand for payment thereunder and (iii) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent, any Lender or the L/C Issuer (including the fees, charges and disbursements of any counsel for the Administrative Agent, any Lender or the L/C Issuer), in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this <u>Section 11.04</u>, or (B) in connection with Loans made or Letters of Credit issued hereunder, including all such reasonable and documented out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Indemnification by the Borrower</u>. The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), each Lender and the L/C Issuer, and each Related Party of any of the foregoing Persons (each such Person being called an "*Indemnitee*") against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including, without limitation, the reasonable and documented out-of-pocket fees and disbursements of (x) a single firm as primary counsel for the Administrative Agent, along with, if reasonably necessary, such local counsel as may be required by the Administrative Agent, and of a single firm of local counsel in each relevant jurisdiction and (y) a single firm as primary counsel for all the Lenders, along with, if reasonably necessary, such local counsel as may be required by the Lenders, and of a single firm of local counsel in each relevant jurisdiction, and in the event of any actual or potential conflict of interest (as reasonably determined by the applicable Persons), one additional firm of counsel to each group of similarly affected Persons) arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, or, in the case of the Administrative Agent (and any sub-agent thereof) and its Related Parties only, the administration of this Agreement and the other Loan Documents (including in respect of any matters addressed in <u>Section 3.01</u>), (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the

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L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or Release of Hazardous Materials on or from any property owned, leased or operated by a Loan Party or any of its Subsidiaries, or any Environmental Liability related in any way to a Loan Party or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower or any other Loan Party, and regardless of whether any Indemnitee is a party thereto; *provided*, *however*, that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are found in a final, non-appealable judgment by a court of competent jurisdiction (i) to have resulted from such Indemnitee's (or any of its Related Parties') gross negligence or willful misconduct or any material breach of such Indemnitee's (or its Related Parties) obligations hereunder or under any other Loan Document or (ii) to be a dispute solely between and among Indemnitees (other than any claims against an Indemnitee in its capacity or in fulfilling its role as Administrative Agent or an Arranger) to the extent such claims do not arise from any act or omission on the part of the Borrower or any of its Subsidiaries. Without limiting the provisions of <u>Section 3.01(c</u>), this <u>Section 11.04(b</u>) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Reimbursement by Lenders</u>. To the extent that the Borrower for any reason fails to indefeasibly pay any amount required under <u>clauses (a</u>) or (<u>b</u>) of this <u>Section 11.04</u> to be paid by it to the Administrative Agent (or any sub-agent thereof), the L/C Issuer, the Swingline Lender or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), the L/C Issuer, the Swingline Lender or such Related Party, as the case may be, such Lender's pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought based on each Lender's share of the Total Credit Exposure at such time) of such unpaid amount (including any such unpaid amount in respect of a claim asserted by such Lender), such payment to be made severally among them based on such Lender's Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought), *provided*, *however*, that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent), the L/C Issuer or the Swingline Lender in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent), the L/C Issuer or the Swingline Lender in connection with such capacity. The obligations of the Lenders under this <u>clause (c)</u> are subject to the provisions of <u>Section 2.12(d</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Waiver of Consequential Damages, Etc</u>. To the fullest extent permitted by Applicable Law, each party hereto hereby waives, and acknowledges that no other Person shall have, any claim against the Administrative Agent (and any sub-agent thereof), each Lender, the Swingline Lender and the L/C Issuer, and each Related Party of any of the forgoing Persons, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages), except to the extent the same are subject to the indemnity contained in <u>Section 11.04(b)</u>, arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee referred to in <u>clause (b</u>) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients by such Indemnitee or other party hereto through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for direct or actual damages from the gross

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negligence or willful misconduct of such Indemnitee or any of its Related Parties as determined by a final and non-appealable judgement of a court of competent jurisdiction; *provided* that nothing in this <u>Section 11.04(d)</u> shall limit the Borrower's indemnification obligations set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Payments</u>. All amounts due under this <u>Section 11.04</u> shall be payable not later than ten (10) Business Days after demand therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Survival</u>. The agreements in this <u>Section 11.04</u> and the indemnity provisions of <u>Section 11.02(e</u>) shall survive the resignation of the Administrative Agent, the L/C Issuer and the Swingline Lender, the replacement of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.05**Payments Set Aside.

To the extent that any payment by or on behalf of the Borrower is made to the Administrative Agent, the L/C Issuer or any Lender, or the Administrative Agent, the L/C Issuer or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Administrative Agent, the L/C Issuer or such Lender in its reasonable discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender and the L/C Issuer severally agrees to pay to the Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by the Administrative Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of the Lenders and the L/C Issuer under <u>clause (b</u>) of the preceding sentence shall survive the payment in full of the Obligations and the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.06**Successors and Assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Successors and Assigns Generally</u>. The provisions of this Agreement and the other Loan Documents shall be binding upon and inure to the benefit of the parties hereto and thereto and their respective successors and assigns permitted hereby, except neither the Borrower nor any other Loan Party may assign or otherwise transfer any of its rights or obligations hereunder (other than in the case of any Loan Party to the extent expressly permitted under <u>Section 7.04</u>) without the prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of <u>Section 11.06(b</u>), (ii) by way of participation in accordance with the provisions of <u>Section 11.06(d</u>), or (iii) by way of pledge or assignment of a security interest subject to the restrictions of <u>Section 11.06(e</u>) (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in <u>Section 11.06(d</u>) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the L/C Issuer and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Assignments by Lenders</u>. Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement and the other Loan

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Documents (including all or a portion of its Commitment(s) and the Loans (including for purposes of this <u>clause (b</u>), participations in L/C Obligations and in Swingline Loans) at the time owing to it); *provided*, *however*, that (in each case with respect to any Facility) any such assignment shall be subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Minimum Amounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)in the case of an assignment of the entire remaining amount of the assigning Lender's Commitment under any Facility and/or the Loans at the time owing to it (in each case with respect to any Facility) or contemporaneous assignments to related Approved Funds (determined after giving effect to such assignments) that equal at least the amount specified in <u>clause (b)(i)(B</u>) of this <u>Section 11.06</u> in the aggregate or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)in any case not described in <u>clause (b)(i)(A</u>) of this <u>Section 11.06</u>, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment, determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if "Trade Date" is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than $5,000,000, in the case of any assignment in respect of the Revolving Facility, or $1,000,000, in the case of any assignment in respect of the Term Facility, unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents in writing (each such consent not to be unreasonably withheld or delayed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)<u>Proportionate Amounts</u>. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender's rights and obligations under this Agreement and the other Loan Documents with respect to the Loans and/or the Commitment assigned, except that this <u>clause (b)(ii</u>) shall not (A) apply to the Swingline Lender's rights and obligations in respect of Swingline Loans or (B) prohibit any Lender from assigning all or a portion of its rights and obligations among separate Facilities on a non-*pro rata* basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)<u>Required Consents</u>. No consent shall be required for any assignment except to the extent required by <u>clause (b)(i)(B</u>) of this <u>Section 11.06</u> and, in addition:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (1) an Event of Default has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; *provided*, *however*, that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within ten (10) Business Days after having received notice thereof; and *provided*, *further*, that the Borrower's consent shall not be required during the primary syndication of the Facilities;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments in respect of (1) any unfunded Term Commitment or any Revolving Commitment if such assignment is to a Person that is not a Lender with a Commitment in respect of the applicable Facility, an Affiliate of such Lender or an Approved Fund with respect to such Lender or (2) any Term Loan to a Person that is not a Lender, an Affiliate of a Lender or an Approved Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)the consent of the L/C Issuer and the Swingline Lender shall be required for any assignment in respect of the Revolving Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)<u>Assignment and Assumption</u>. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee in the amount of $3,500; *provided*, *however*, that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)<u>No Assignment to Certain Persons</u>. No such assignment shall be made (A) to the Borrower or any of the Borrower's Affiliates (other than Affiliated Lenders) or Subsidiaries, (B) to any Defaulting Lender or any of its Subsidiaries, any Disqualified Institution, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this <u>clause (B</u>) or (C) to a natural Person (or a holding company, investment vehicle or trust for, or owned and operated by or for the primary benefit of one or more natural Persons).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)<u>Certain Additional Payments</u>. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or sub-participations, or other compensating actions, including funding, with the consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (A) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent, the L/C Issuer or any Lender hereunder (and interest accrued thereon) and (B) acquire (and fund as appropriate) its full pro rata share of all Loans and participations in Letters of Credit and Swingline Loans in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under Applicable Law without compliance with the provisions of this <u>clause (b)(vi</u>), then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)Subject to acceptance and recording thereof by the Administrative Agent pursuant to <u>Section 11.06(c</u>), from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from

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its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of <u>Sections 3.01</u>, <u>3.04</u>, <u>3.05</u> and <u>11.04</u> with respect to facts and circumstances occurring prior to the effective date of such assignment); *provided*, *however*, that except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender's having been a Defaulting Lender. Upon request, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this <u>clause (b</u>) shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with <u>Section 11.06(d</u>).

Notwithstanding the foregoing, any sale or assignment pursuant to this <u>Section 11.06(b)</u> to any Affiliated Lender shall be made pursuant to an Affiliated Lender Assignment and Assumption, and otherwise in accordance with the provisions of <u>Section 2.17</u> and this <u>Section 11.06(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Register</u>. The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower (and such agency being solely for Tax purposes), shall maintain at the Administrative Agent's Office a copy of each Assignment and Assumption delivered to it (or the equivalent thereof in electronic form) and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and interest amounts) of the Loans and L/C Obligations owing to, each Lender pursuant to the terms hereof from time to time (the "*Register*"). The entries in the Register shall be conclusive, absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower and any Lender (with respect to such Lender's interest only), at any reasonable time and from time to time upon reasonable prior notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Participations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations to any Person (other than a Disqualified Institution, a natural Person, or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of one or more natural Persons, a Defaulting Lender or the Borrower or any of the Borrower's Affiliates or Subsidiaries) (each, a "*Participant*") in all or a portion of such Lender's rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender's participations in L/C Obligations and/or Swingline Loans) owing to it); *provided*, *however*, that (i) such Lender's obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent, the Lenders and the L/C Issuer shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement. For the avoidance of doubt, each Lender shall be responsible for the indemnity under <u>Section 11.04(c</u>) without regard to the existence of any participations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this

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Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; *provided*, *however*, that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in the first proviso to <u>Section 11.01</u> that affects such Participant. The Borrower agrees that each Participant shall be entitled to the benefits of <u>Sections 3.01</u>, <u>3.04</u> and <u>3.05</u> (subject to the requirements and limitations therein, including the requirements under <u>Section 3.01(f</u>) (it being understood that the documentation required under <u>Section 3.01(f</u>) shall be delivered to the Lender who sells the participation)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to <u>clause (b</u>) of this <u>Section 11.06</u>; *provided*, *however*, that such Participant (A) shall be subject to the provisions of <u>Sections 3.06</u> and <u>11.13</u> as if it were an assignee under <u>clause (b</u>) of this <u>Section 11.06</u> and (B) shall not be entitled to receive any greater payment under <u>Sections 3.01</u> or <u>3.04</u>, with respect to any participation, than the Lender from whom it acquired the applicable participation would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the Borrower's request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of <u>Section 3.06</u> with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of <u>Section 11.08</u> as though it were a Lender; *provided*, *however*, that such Participant agrees to be subject to <u>Section 2.13</u> as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and interest amounts) of each Participant's interest in the Loans or other obligations under the Loan Documents (the "*Participant Register*"); *provided*, *however*, that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant's interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103–1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Certain Pledges</u>. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (including under its Note or Notes, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; *provided*, *however*, that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Resignation as L/C Issuer or Swingline Lender after Assignment</u>. Notwithstanding anything to the contrary contained herein, if at any time Bank of America assigns all of its Revolving Commitment and Revolving Loans pursuant to <u>clause (b</u>) above, Bank of America may, (i) upon thirty (30) days' notice to the Administrative Agent, the Borrower and the Lenders, resign as L/C Issuer and/or (ii) upon thirty (30) days' notice to the Borrower, resign as Swingline Lender. In the event of any such resignation as L/C Issuer or Swingline Lender, the Borrower shall be

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entitled to appoint from among the Lenders a successor L/C Issuer or Swingline Lender hereunder; *provided*, *however*, that no failure by the Borrower to appoint any such successor shall affect the resignation of Bank of America as L/C Issuer or Swingline Lender, as the case may be. If Bank of America resigns as L/C Issuer, it shall retain all the rights, powers, privileges and duties of the L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to <u>Section 2.03(c</u>)). If Bank of America resigns as Swingline Lender, it shall retain all the rights of the Swingline Lender provided for hereunder with respect to Swingline Loans made by it and outstanding as of the effective date of such resignation, including the right to require the Lenders to make Base Rate Loans or fund risk participations in outstanding Swingline Loans pursuant to <u>Section 2.04(c</u>). Upon the appointment of a successor L/C Issuer and/or Swingline Lender, (A) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer or Swingline Lender, as the case may be, and (B) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to Bank of America to effectively assume the obligations of Bank of America with respect to such Letters of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Disqualified Institutions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Notwithstanding anything to the contrary set forth in this <u>Section 11.06</u>, no assignment or, to the extent the DQ List has been posted on the Platform for all Lenders, participation shall be made to any Person that was a Disqualified Institution as of the date (the "*Trade Date*") on which the applicable Lender entered into a binding agreement to sell and assign or participate all or a portion of its rights and obligations under this Agreement to such Person (unless the Borrower has consented to such assignment as otherwise contemplated by this <u>Section 11.06</u>, in which case such Person will not be considered a Disqualified Institution for the purpose of such assignment). For the avoidance of doubt, with respect to any assignee or participant that becomes a Disqualified Institution after the applicable Trade Date (including as a result of the delivery of a notice pursuant to, and/or the expiration of the notice period referred to in, the definition of "Disqualified Institution"), such assignee shall not retroactively be considered a Disqualified Institution. Any assignment in violation of this <u>clause (g)(i</u>) shall not be void, but the other provisions of this <u>clause (g</u>) shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)If any assignment is made to any Disqualified Institution without the Borrower's prior consent in violation of <u>clause (i</u>) above, the Borrower may, at its sole expense and effort, upon notice to the applicable Disqualified Institution and the Administrative Agent, (A) terminate any Revolving Commitment of such Disqualified Institution and repay all obligations of the Borrower owing to such Disqualified Institution in connection with such Revolving Commitment, (B) in the case of outstanding Term Loans held by Disqualified Institutions, prepay such Term Loan by paying the *lesser of* (1) the principal amount thereof and (2) the amount that such Disqualified Institution paid to acquire such Term Loans, in each case *plus* accrued interest, accrued fees and all other amounts (other than principal amounts) payable to it hereunder and under the other Loan Documents and/or (C) require such Disqualified Institution to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in this <u>Section 11.06</u>), all of its interest, rights and obligations under this Agreement and related Loan Documents to an Eligible Assignee that shall assume such obligations at the *lesser of* (1) the principal amount thereof and (2) the amount that such Disqualified Institution paid to acquire such

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interests, rights and obligations, in each case *plus* accrued interest, accrued fees and all other amounts (other than principal amounts) payable to it hereunder and other the other Loan Documents; *provided*, *however*, that, (x) the Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in <u>Section 11.06(b</u>), (y) such assignment does not conflict with Applicable Laws and (z) in the case of <u>clause (B</u>), the Borrower shall not use the proceeds from any Loans to prepay Term Loans held by Disqualified Institutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Notwithstanding anything to the contrary contained in this Agreement, Disqualified Institutions (A) will not (1) have the right to receive information, reports or other materials provided to Lenders by the Borrower, the Administrative Agent or any other Lender, (2) attend or participate in meetings attended by the Lenders and the Administrative Agent, or (3) access any electronic site established for the Lenders or confidential communications from counsel to or financial advisors of the Administrative Agent or the Lenders and (B) (1) for purposes of any consent to any amendment, waiver or modification of, or any action under, and for the purpose of any direction to the Administrative Agent or any Lender to undertake any action (or refrain from taking any action) under this Agreement or any other Loan Document, each Disqualified Institution will be deemed to have consented in the same proportion as the Lenders that are not Disqualified Institutions consented to such matter, and (2) for purposes of voting on any plan of reorganization or plan of liquidation pursuant to any Debtor Relief Laws ("*Plan of Reorganization*"), each Disqualified Institution party hereto hereby agrees (I) not to vote on such Plan of Reorganization, (II) if such Disqualified Institution does vote on such Plan of Reorganization notwithstanding the restriction in the foregoing <u>clause (I</u>), such vote will be deemed not to be in good faith and shall be "designated" pursuant to Section 1126(e) of the Bankruptcy Code (or any similar provision in any other Debtor Relief Laws), and such vote shall not be counted in determining whether the applicable class has accepted or rejected such Plan of Reorganization in accordance with Section 1126(c) of the Bankruptcy Code (or any similar provision in any other Debtor Relief Laws) and (III) not to contest any request by any party for a determination by the bankruptcy court (or other applicable court of competent jurisdiction) effectuating the foregoing <u>clause (II</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)The Administrative Agent shall have the right, and the Borrower hereby expressly authorizes the Administrative Agent, to (A) post the list of Disqualified Institutions provided by the Borrower and any updates thereto from time to time (collectively, the "*DQ List*") on the Platform, including that portion of the Platform that is designated for "public side" Lenders or (B) provide the DQ List to each Lender requesting the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Assignments to Affiliated Lenders</u>. So long as no Default has occurred and is continuing or would result therefrom, each Term Lender shall have the right at any time to sell, assign or transfer all or a portion of its Term Commitment or Term Loans (but not Revolving Commitments or Revolving Loans) owing to it to any Affiliated Lender on a non pro rata basis through open market purchases, in each case subject to the limitations in <u>Section 2.</u>17 and the following additional limitations:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)each Affiliated Lender, solely in its capacity as a Lender, hereby further agrees, and each Affiliate Assignment Agreement shall provide a confirmation, that if any Loan Party shall be subject to any voluntary or involuntary proceeding commenced under any Debtor Relief Law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) each Affiliated Lender shall not take any step or action (whether directly or indirectly) in such proceeding to object to, impede, or delay the exercise of any right or the taking of any action by the Administrative Agent (or the taking of any action by a third party that to which the Administrative Agent has consented with respect to any disposition of assets by Borrower or any equity or debt financing to be made to Borrower), including, without limitation, the filing of any pleading by the Administrative Agent in (or with respect to any matters related to) the proceeding so long as the Administrative Agent is not taking any action to treat such Affiliated Lender's Loans in a manner that is less favorable to such Affiliated Lender in any material respect than the proposed treatment of similar Obligations held by other Lenders (including, without limitation, objecting to any debtor-in-possession financing, use of Cash Collateral, grant of adequate protection, sale or disposition, compromise or plan of reorganization);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the provisions set forth in this Section 11.06(h), and the related provisions set forth in each Affiliate Assignment Agreement, constitute (x) a "subordination agreement" as such term is contemplated by, and utilized in, Section 510(a) of the Bankruptcy Code, and, as such, would be enforceable for all purposes in any case where a Loan Party has filed for protection under any Debtor Relief Laws and affecting the rights of creditors generally applicable to such Loan Party and (y) an irrevocable voting proxy coupled with a pledge in favor of the Administrative Agent with respect to voting obligations set forth in this Section 11.06(h), and the related provisions set forth in each Affiliate Assignment Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) each Affiliated Lender shall support and shall not object to (x) any use of Cash Collateral (including, without limitation, any and all terms of any cash collateral order) and/or any debtor-in-possession financing (including, without limitation, any and all terms of any financing agreement, related documents and financing order) that is supported by or consented to by Administrative Agent and (y) any sale of any assets of the Loan Parties, whether under Section 363 of the Bankruptcy Code or otherwise, that is supported by or consented to by the Administrative Agent (including, without limitation, the terms and conditions of any bidding procedures orders, sale orders and any and all purchase and sale agreements and related documents);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) each Affiliated Lender shall be deemed to have voted in such proceedings in the same proportion as the allocation of voting with respect to such matter by those Term Lenders who are not Affiliated Lenders, except to the extent that any plan under the Bankruptcy Code proposes to treat the Obligations held by such Affiliated Lender in a manner that is less favorable to such Affiliated Lender in any material respect than the proposed treatment of similar Obligations held by other Term Lenders. For the avoidance of doubt, except to the extent that any plan under the Bankruptcy Code proposes to treat the Obligations held by an Affiliated Lender in a manner

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that is less favorable to such Affiliated Lender in any material respect than the proposed treatment of similar Obligations held by other Lenders, the Administrative Agent is hereby irrevocably authorized and empowered (in the name of such Affiliated Lender) to vote on behalf of such Affiliated Lender or consent on behalf of such Affiliated Lender in any such proceedings with respect to any and all claims of such Affiliated Lender relating to the Obligations. Each Affiliated Lender agrees and acknowledges that the foregoing constitutes an irrevocable proxy in favor of the Administrative Agent to vote or consent on behalf of such Affiliated Lender in any proceeding in the manner set forth above and that such Affiliated Lender shall be irrevocably bound to any such votes made or consents given and further shall not challenge or otherwise object to such votes or consents and shall not itself vote or provide consents in the proceeding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) each Affiliated Lender hereby expressly and irrevocably waives, for the benefit of the Administrative Agent and the Lenders any principles or provisions of law (including as set forth in any Debtor Relief Law, statutory or otherwise) which are or might be in conflict with the terms of this Agreement and any legal or equitable discharge of such Affiliated Lender's obligations hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the Borrower shall, from time to time upon the request of the Administrative Agent, promptly deliver to the Administrative Agent a complete list of all Affiliated Lenders holding Term Loans at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.07**Treatment of Certain Information**;** Confidentiality**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Treatment of Certain Information</u>. Each of the Administrative Agent, the Lenders and the L/C Issuer agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (i) to its Affiliates, its auditors and its Related Parties (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (ii) to the extent required or requested by any regulatory authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (iii) to the extent required by Applicable Laws or regulations or by any subpoena or similar legal process, (iv) to any other party hereto, (v) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (vi) subject to an agreement containing provisions substantially the same as those of this <u>Section 11.07</u>, to (A) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights and obligations under this Agreement or any Eligible Assignee invited to be a Lender pursuant to <u>Section 2.16</u> or <u>Section 11.01</u> or (B) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference to the Borrower and its obligations, this Agreement or payments hereunder (it being understood that the DQ List may be disclosed to any assignee or Participant, or prospective assignee or Participant, in reliance on this <u>clause (vi</u>)), (vii) on a confidential basis to (A) any rating agency in connection with rating the Borrower or its Subsidiaries or the credit facilities provided hereunder or (B) the provider of any Platform or other electronic delivery service used by the Administrative Agent, the L/C Issuer and/or the Swingline Lender to deliver Borrower Materials or notices to the Lenders or (viii) the CUSIP Service Bureau

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or any similar agency in connection with the application, issuance, publishing and monitoring of CUSIP numbers or other market identifiers with respect to the credit facilities provided hereunder, or (ix) with the consent of the Borrower or to the extent such Information (x) becomes publicly available other than as a result of a breach of this <u>Section 11.07</u>, (xi) becomes available to the Administrative Agent, any Lender, the L/C Issuer or any of their respective Affiliates on a nonconfidential basis from a source other than the Borrower or (xii) is independently discovered or developed by a party hereto without utilizing any Information received from the Borrower or violating the terms of this <u>Section 11.07</u>. For purposes of this <u>Section 11.07</u>, "*Information*" means all information received from the Borrower or any Subsidiary relating to the Borrower or any Subsidiary or any of their respective businesses, other than any such information that is available to the Administrative Agent, any Lender or the L/C Issuer on a nonconfidential basis prior to disclosure by the Borrower or any Subsidiary. Any Person required to maintain the confidentiality of Information as provided in this <u>Section 11.07</u> shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. In addition, the Administrative Agent and the Lenders may disclose the existence of this Agreement and information about this Agreement to market data collectors, similar service providers to the lending industry and service providers to the Administrative Agent and the Lenders in connection with the administration of this Agreement, the other Loan Documents and the Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Non-Public Information</u>. Each of the Administrative Agent, the Lenders and the L/C Issuer acknowledges that (i) the Information may include material non-public information concerning a Loan Party or a Subsidiary, as the case may be, (ii) it has developed compliance procedures regarding the use of material non-public information and (iii) it will handle such material non-public information in accordance with Applicable Law, including United States federal and state securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Customary Advertising Material</u>. The Loan Parties consent to the publication by the Administrative Agent or any Lender of customary advertising material relating to the transactions contemplated hereby using the name, product photographs, logo or trademark of the Loan Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.08**Right of Setoff**.**

If an Event of Default shall have occurred and be continuing, each Lender, the L/C Issuer and each of their respective Affiliates is hereby authorized at any time and from time to time, after obtaining the prior written consent of the Required Lenders, to the fullest extent permitted by Applicable Law to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, the L/C Issuer or any such Affiliate to or for the credit or the account of the Borrower or any other Loan Party against any and all of the obligations of the Borrower or such Loan Party now or hereafter existing under this Agreement or any other Loan Document to such Lender, the L/C Issuer or such Affiliates, irrespective of whether or not such Lender, the L/C Issuer or Affiliate shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Borrower or such Loan Party may be contingent or unmatured, secured or unsecured, or are owed to a branch, office or Affiliate of such Lender or the L/C Issuer different from the branch, office or Affiliate holding such deposit or obligated on such indebtedness; *provided*, *however*, that in the event that any Defaulting Lender shall exercise any such right of setoff, (a) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of <u>Section 2.15</u> and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the

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Administrative Agent, the L/C Issuer and the Lenders, and (b) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Secured Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, the L/C Issuer and their respective Affiliates under this <u>Section 11.08</u> are in addition to other rights and remedies (including other rights of setoff) that such Lender, the L/C Issuer or their respective Affiliates may have under Applicable Law. Each Lender and the L/C Issuer agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application, provided that the failure to give such notice shall not affect the validity of such setoff and application.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.09**Interest Rate Limitation.

Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by Applicable Law (the "*Maximum Rate*"). If the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower. In determining whether the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by Applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.10**Counterparts**;** Integration**;** Effectiveness**.**

This Agreement and each of the other Loan Documents may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the other Loan Documents, and any separate letter agreements with respect to fees payable to the Administrative Agent or the L/C Issuer, constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in <u>Section 4.01</u>, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement or any other Loan Document, or any certificate delivered thereunder, by fax transmission or e-mail transmission (*e*.*g*., "pdf" or "tif") shall be effective as delivery of a manually executed counterpart of this Agreement or such other Loan Document or certificate. Without limiting the foregoing, to the extent a manually executed counterpart is not specifically required to be delivered under the terms of any Loan Document, upon the request of any party, such fax transmission or e-mail transmission shall be promptly followed by such manually executed counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.11**Survival of Representations and Warranties**.**

All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by the Administrative Agent and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.12**Severability

If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this <u>Section 11.12</u>, if and to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent, the L/C Issuer or the Swingline Lender, as applicable, then such provisions shall be deemed to be in effect only to the extent not so limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.13**Replacement of Lenders**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If the Borrower is entitled to replace a Lender pursuant to the provisions of <u>Section 3.06</u>, or if any Lender is a Defaulting Lender or a Non-Consenting Lender or if any other circumstance exists hereunder that gives the Borrower the right to replace a Lender as a party hereto, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, <u>Section 11.06</u>), all of its interests, rights (other than its existing rights to payments pursuant to <u>Sections 3.01</u> and <u>3.04</u>) and obligations under this Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), *provided*, *however*, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in <u>Section 11.06(b</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)such Lender shall have received payment of an amount equal to 100% of the outstanding principal of its Loans and L/C Advances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under <u>Section 3.05</u>) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)in the case of any such assignment resulting from a claim for compensation under <u>Section 3.04</u> or payments required to be made pursuant to <u>Section 3.01</u>, such assignment will result in a reduction in such compensation or payments thereafter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)such assignment does not conflict with Applicable Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)in the case of an assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented to the applicable amendment, waiver or consent, *provided*, *however*, that the failure by such Non-Consenting Lender to execute and deliver an Assignment and Assumption shall not impair the validity of the removal of such Non-Consenting Lender and the mandatory assignment of such Non-Consenting Lender's Commitments and outstanding Loans and participations in L/C Obligations and Swingline Loans pursuant to this <u>Section 11.13</u> shall nevertheless

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be effective without the execution by such Non-Consenting Lender of an Assignment and Assumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Each party hereto agrees that (i) an assignment required pursuant to this <u>Section 11.13</u> may be effected pursuant to an Assignment and Assumption executed by the Borrower, the Administrative Agent and the assignee and (ii) the Lender required to make such assignment need not be a party thereto in order for such assignment to be effective and shall be deemed to have consented to an be bound by the terms thereof; *provided*, *however*, that, following the effectiveness of any such assignment, the other parties to such assignment agree to execute and deliver such documents necessary to evidence such assignment as reasonably requested by the applicable Lender, *provided further* that any such documents shall be without recourse to or warranty by the parties thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Notwithstanding anything in this <u>Section 11.13</u> to the contrary, (A) the Lender that acts as the L/C Issuer may not be replaced hereunder at any time it has any Letter of Credit outstanding hereunder unless arrangements satisfactory to such Lender (including the furnishing of a backstop standby letter of credit in form and substance, and issued by an issuer, reasonably satisfactory to the L/C Issuer or the depositing of Cash Collateral into a Cash Collateral account in amounts and pursuant to arrangements reasonably satisfactory to the L/C Issuer) have been made with respect to such outstanding Letter of Credit and (B) the Lender that acts as the Administrative Agent may not be replaced hereunder except in accordance with the terms of <u>Section 9.06</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.14**Governing Law**;** Jurisdiction**;** Etc**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>GOVERNING LAW</u>. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>SUBMISSION TO JURISDICTION</u>. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST ANY OTHER PARTY HERETO IN ANY WAY RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW

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YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR THE L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO ENFORCEMENT OF LIENS OR COLLATERAL UNDER THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION WHERE SUCH COLLATERAL IS LOCATED.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>WAIVER OF VENUE</u>. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN <u>CLAUSE (b</u>) OF THIS <u>SECTION 11.14</u>. EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>SERVICE OF PROCESS</u>. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN <u>SECTION 11.02</u>. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.15**Waiver of Jury Trial**.**

EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (a) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (b) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 11.15</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.16**No Advisory or Fiduciary Responsibility**.**

In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower and each other Loan Party acknowledges and agrees, and acknowledges its Affiliates' understanding, that: (a) (i) the arranging and other services regarding this Agreement provided by the Administrative Agent, the Arrangers and the Lenders and their respective Affiliates are arm's-length commercial transactions between

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the Borrower, each other Loan Party and their respective Affiliates, on the one hand, and the Administrative Agent, the Arrangers and the Lenders and their respective Affiliates, on the other hand, (ii) each of the Borrower and the other Loan Parties has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (iii) the Borrower and each other Loan Party is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (b) (i) the Administrative Agent, each Arranger and each Lender and each of their respective Affiliates each is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary, for the Borrower, any other Loan Party or any of their respective Affiliates, or any other Person and (ii) neither the Administrative Agent, any Arranger, nor any Lender nor any of their respective Affiliates has any obligation to the Borrower, any other Loan Party or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (c) the Administrative Agent, the Arrangers and the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower, the other Loan Parties and their respective Affiliates, and neither the Administrative Agent, any Arranger, nor any Lender nor any of their respective Affiliates has any obligation to disclose any of such interests to the Borrower, any other Loan Party or any of their respective Affiliates. To the fullest extent permitted by law, each of the Borrower and each other Loan Party hereby waives and releases any claims that it may have against the Administrative Agent, the Arrangers, the Lenders and their respective Affiliates with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.17**Electronic Execution; Electronic Records**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The words "delivery," "execute," "execution," "signed," "signature," and words of like import in any Loan Document or any other document executed in connection herewith shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; <u>provided that</u> ***notwithstanding anything contained herein to the contrary***, ***the Administrative Agent is under no obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it***; <u>provided</u>, <u>further</u>, ***without limiting the foregoing***, ***upon the request of the Administrative Agent***, ***any electronic signature shall be promptly followed by such manually executed counterpart***. For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by the Administrative Agent and each of the Secured Parties of a manually signed paper document, amendment, approval, consent, information, notice, certificate, request, statement, disclosure or authorization related to this Agreement (each a "Communication") which has been converted into electronic form (such as scanned into PDF format), or an electronically signed Communication converted into another format, for transmission, delivery and/or retention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Borrower hereby acknowledges the receipt of a copy of this Agreement and all other Loan Documents. The Administrative Agent and each Lender may, on behalf of the Borrower, create a microfilm or optical disk or other electronic image of this Agreement and any or all of the other Loan Documents. The Administrative Agent and each Lender may store the electronic image of this Agreement and the other Loan Documents in its electronic form and then

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destroy the paper original as part of the Administrative Agent's and each Lender's normal business practices, with the electronic image deemed to be an original and of the same legal effect, validity and enforceability as the paper originals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.18**USA Patriot Act Notice**.**

Each Lender that is subject to the Patriot Act and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower and the other Loan Parties that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107–56 (signed into law October 26, 2001)) (the "*Patriot Act*"), it is required to obtain, verify and record information that identifies the Borrower and each other Loan Party, which information includes the name and address of the Borrower and each other Loan Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify the Borrower and each other Loan Party in accordance with the Patriot Act. The Borrower and each other Loan Party shall, promptly following a request by the Administrative Agent or any Lender, provide all such other documentation and information that the Administrative Agent or such Lender requests in order to comply with its ongoing obligations under applicable "know your customer" and anti-money laundering rules and regulations, including the Patriot Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.19**Acknowledgement and Consent to Bail-In of Affected Financial Institutions**.**

Solely to the extent any Lender or L/C Issuer that is an Affected Financial Institution is a party to this Agreement and notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender or L/C Issuer that is an Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of a Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the application of any Write-Down and Conversion Powers by an Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the effects of any Bail-In Action on any such liability, including, if applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)a reduction in full or in part or cancellation of any such liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any Resolution Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.20**Acknowledgement Regarding Any Supported QFCs.

To the extent that the Loan Documents provide support, through a guarantee or otherwise, for any Swap Contract or any other agreement or instrument that is a QFC (such support, "*QFC Credit Support*", and each such QFC, a "*Supported QFC*"), the parties acknowledge and agree as follows with respect to the

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resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "*U.S. Special Resolution Regimes*") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States): In the event a Covered Entity that is party to a Supported QFC (each, a "*Covered Party*") becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

[signature pages follow]

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**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be duly executed as of the date first above written.

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| | | |
|:---|:---|:---|
| **BORROWER**: | VISKASE COMPANIES, INC. | VISKASE COMPANIES, INC. |
|  | By: | /s/ Michael Blecic |
|  | Name: | Michael Blecic |
|  | Title: | Vice President, Chief Financial Officer, Chief Accounting Officer & Treasurer |

---

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---

| | | |
|:---|:---|:---|
| **GUARANTOR**: | VISKASE FILMS, INC. | VISKASE FILMS, INC. |
|  | By: | /s/ Michael Blecic |
|  | Name: | Michael Blecic |
|  | Title: | Vice President, Chief Financial Officer, Chief Accounting Officer & Treasurer |
|  | WSC CORP. | WSC CORP. |
|  | By: | /s/ Michael Blecic |
|  | Name: | Michael Blecic |
|  | Title: | Vice President, Chief Financial Officer, Chief Accounting Officer & Treasurer |
|  | VISKASE DEL NORTE, S.A. DE C.V. | VISKASE DEL NORTE, S.A. DE C.V. |
|  | By: | /s/ Kees Bras |
|  | Name: | Kees Bras |
|  | Title: | President & Chief Executive Officer |
|  | SERVICIOS VISKASE DEL NORTE, S.A. DE | SERVICIOS VISKASE DEL NORTE, S.A. DE |
|  | C.V. | C.V. |
|  | By: | /s/ Kees Bras |
|  | Name: | Kees Bras |
|  | Title: | President & Chief Executive Officer |
|  | VISKASE SAS | VISKASE SAS |
|  | By: | /s/ Kees Bras |
|  | Name: | Kees Bras |
|  | Title: | President & Chief Executive Officer |
|  | VISKASE GMBH | VISKASE GMBH |
|  | By: | /s/ Kees Bras |
|  | Name: | Kees Bras |
|  | Title: | President & Chief Executive Officer |
|  | CT CASINGS BETEILIGUNGS GMBH | CT CASINGS BETEILIGUNGS GMBH |
|  | By: | /s/ Claudius Borgmann |
|  | Name: | Claudius Borgmann |
|  | Title: | Managing Director |

---

------

---

| | |
|:---|:---|
| WALSRODER CASINGS GMBH | WALSRODER CASINGS GMBH |
| By: | /s/ Claudius Borgmann |
| Name: | Claudius Borgmann |
| Title: | Managing Director |
| VISKASE SPA | VISKASE SPA |
| By: | /s/ Kees Bras |
| Name: | Kees Bras |
| Title: | President & Chief Executive Officer |
| VISKASE POLSKA SP. Z O.O. | VISKASE POLSKA SP. Z O.O. |
| By: | /s/ Kees Bras |
| Name: | Kees Bras |
| Title: | President & Chief Executive Officer |
| VISKASE SPAIN SLU | VISKASE SPAIN SLU |
| By: | /s/ Kees Bras |
| Name: | Kees Bras |
| Title: | President & Chief Executive Officer |
| VISKASE SALES PHILIPPINES INC. | VISKASE SALES PHILIPPINES INC. |
| By: | /s/ Ali Boussabata |
| Name: | Ali Boussabata |
| Title: | Managing Director |
| VISKASE ASIA-PACIFIC CORP. | VISKASE ASIA-PACIFIC CORP. |
| By: | /s/ Ali Boussabata |
| Name: | Ali Boussabata |
| Title: | Managing Director |

---

------

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| | |
|:---|:---|
| BANK OF AMERICA, N.A., | BANK OF AMERICA, N.A., |
| as Administrative Agent | as Administrative Agent |
| By: | /s/ Taelitha Bonds-Harris |
| Name: | Taelitha Bonds-Harris |
| Title: | Assistant Vice President |
| BANK OF AMERICA, N.A., | BANK OF AMERICA, N.A., |
| as a Lender, L/C Issuer and Swingline Lender | as a Lender, L/C Issuer and Swingline Lender |
| By: | /s/ Brian Adams |
| Name: | Brian Adams |
| Title: | Vice President |

---

------

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| | |
|:---|:---|
| BMO HARRIS BANK N.A., | BMO HARRIS BANK N.A., |
| as a Lender | as a Lender |
| By: | /s/ Andrew Gagle |
| Name: | Andrew Gagle |
| Title: | Director |

---

------

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| | |
|:---|:---|
| TRUIST BANK, | TRUIST BANK, |
| as a Lender | as a Lender |
| By: | /s/ David M. Felty |
| Name: | David M. Felty |
| Title: | Managing Director |

---

------

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| | |
|:---|:---|
| CITIZENS BANK, | CITIZENS BANK, |
| as a Lender | as a Lender |
| By: | /s/ John Sidarous |
| Name: | John Sidarous |
| Title: | Managing Director |

---

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## Exhibit 10.8

**Exhibit 10.8**

**FIRST AMENDMENT TO CREDIT AGREEMENT**

**THIS FIRST AMENDMENT TO CREDIT AGREEMENT** (this "<u>Amendment</u>"), dated as of August 13, 2021, is by and among **VISKASE COMPANIES, INC.**, a Delaware corporation (the "<u>Borrower</u>"), the other Subsidiary Guarantors party hereto, the Lenders party hereto and **BANK OF AMERICA, N.A.**, as administrative agent (in such capacity, the "<u>Administrative Agent</u>").Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed thereto in the Credit Agreement.

**W I T N E S S E T H**

**WHEREAS**, the Borrower, the other Guarantors party thereto, certain financial institutions from time to time party thereto (the "<u>Lenders</u>") and the Administrative Agent are parties to that certain Credit Agreement dated as of October 9, 2020 (as amended, modified, extended, restated, replaced, or supplemented from time to time, the "<u>Credit Agreement</u>");

**WHEREAS**, the Borrower has requested that the Lenders amend certain provisions of the Credit Agreement; and

**WHEREAS**, the Lenders are willing to make such amendments to the Credit Agreement, in accordance with and subject to the terms and conditions set forth herein.

**NOW, THEREFORE**, in consideration of the agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

**Article I**

**AMENDMENTS TO CREDIT AGREEMENT**

Effective as of the Amendment Effective Date but subject to the satisfaction of the conditions precedent set forth in <u>Article II</u> below, the Credit Agreement (including Schedule 1.01(b), but excluding all other Schedules and Exhibits, which shall remain in the original form delivered or most recently amended, as applicable) is hereby amended as set forth in the marked terms on Exhibit A-1 attached hereto. In Exhibit A-1 hereto, deletions of text in the Credit Agreement as amended hereby are indicated by struck-through text, and insertions of text are indicated by bold, double-underlined text. Exhibit A-2 attached hereto sets forth a clean copy of the Credit Agreement as amended hereby, after giving effect to such amendments. This Amendment shall constitute a Loan Document.

**Article II**

**CONDITIONS TO EFFECTIVENESS**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2.01** **Closing Conditions.** This Amendment shall become effective as of the day and year set forth above (the "<u>Amendment Effective Date</u>") upon satisfaction of the following conditions (in each case, in form and substance reasonably acceptable to the Administrative Agent):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Executed Amendment</u>. The Administrative Agent shall have received a copy of this Amendment duly executed by each of the Loan Parties, the Lenders and the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Officer's Certificate</u>. The Administrative Agent shall have received (A) copies of resolutions of the board of directors or an equivalent governing body of each U.S. Loan Party and Viskase SAS approving and authorizing the execution, delivery and performance of this Amendment, certified as of the Amendment Effective Date by a Responsible Officer of such U.S. Loan Party and Viskase SAS, as applicable, as being in full force and effect without modification or amendment, (B) good standing certificates for each U.S. Loan Party and Viskase SAS, in each case, from the jurisdiction in which they are organized (to the extent such concept exists in such jurisdiction) and (C) a certificate of a Responsible Officer of each U.S. Loan Party and Viskase SAS, (x) either (I) attaching and certifying as to the true and complete copies of the Organization Documents of such Loan Party or (II) certifying that the Organization Documents of such U.S. Loan Party and Viskase SAS, as applicable, delivered to the Administrative Agent on the Closing Date pursuant to Section 4.01(b) of the Credit Agreement remain in full force and effect without modification or amendment and (y) evidencing the identity, authority and capacity of each Responsible Officer of such U.S. Loan Party and Viskase SAS, as applicable, authorized to act as a Responsible Officer in connection with this Amendment and the other Loan Documents to which such U.S. Loan Party and Viskase SAS, as applicable, is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Legal Opinions of Counsel</u>. The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Amendment Effective Date) of Jenner & Block LLP, special counsel for the Loan Parties, in each case covering such matters relating to the Loan Parties, the Loan Documents, this Amendment and the transactions contemplated hereby as the Administrative Agent shall reasonably request. The Borrower hereby requests such counsel to deliver such opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Default</u>. After giving effect to this Amendment, no Default or Event of Default shall exist.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Fees and Expenses</u>.(i) The Lenders shall have received from the Borrower all fees and expenses, if any, due and owing pursuant to (x) the First Amendment Fee Letter, dated the date hereof, between the Borrower, the Administrative Agent and BofA Securities and (y) the Credit Agreement, and (ii) legal counsel for the Administrative Agent shall have received from the Borrower payment of all reasonable and documented out-of-pocket fees and expenses incurred in connection with this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Anti-Money-Laundering; Beneficial Ownership</u>. Upon the reasonable request of any Lender, the Borrower shall have provided to such Lender, and such Lender shall be reasonably satisfied with, the documentation and other information so requested in connection

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with applicable "know your customer" and anti-money-laundering rules and regulations, including, without limitation, the Patriot Act, and any Loan Party that qualifies as a "legal entity customer" under the Beneficial Ownership Regulation shall have delivered to each Lender that so requests, a Beneficial Ownership Certification in relation to such Loan Party.

**Article III**

**DEPARTING LENDERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.01** **Departing Lenders**. Certain Lenders have agreed that they shall no longer constitute Lenders under the Credit Agreement as of the Amendment Effective Date (each, a " <u>Departing Lender</u> ").Each Lender that executes and delivers a signature page hereto that identifies it as a Departing Lender shall constitute a Departing Lender as of the Amendment Effective Date.No Departing Lender shall have a Revolving Commitment or hold any portion of the Term Loan on and after the Amendment Effective Date. Each Departing Lender shall cease to be a party to the Credit Agreement as of the Amendment Effective Date, with no rights, duties or obligations thereunder. All amounts owing to a Departing Lender shall be paid by the Borrower to such Departing Lender as of the Amendment Effective Date. The consent of a Departing Lender is not required to give effect to the changes contemplated by this Amendment. The Administrative Agent is hereby authorized to take such steps under the Credit Agreement as reasonably required to give effect to the departure of the Departing Lenders, including, without limitation, reallocating outstanding obligations among the remaining Lenders. The Borrower and each Lender agrees with and consents to the foregoing.

**Article IV**

**MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.01** **Amended Terms**.On and after the Amendment Effective Date, all references to the Credit Agreement in each of the Loan Documents shall hereafter mean the Credit Agreement as amended by this Amendment. Except as specifically amended hereby or otherwise agreed, the Credit Agreement is hereby ratified and confirmed and shall remain in full force and effect according to its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.02** **Representations and Warranties of Loan Parties**. Each of the Loan Parties represents and warrants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)It has taken all necessary action to authorize the execution, delivery and performance of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)This Amendment has been duly executed and delivered by such Person and constitutes such Person's legal, valid and binding obligation, enforceable in accordance with its terms, except as such enforceability may be subject to (i) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors' rights generally and (ii) general

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principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)No consent, approval, authorization or order of, or filing, registration or qualification with, any court or governmental authority or third party is required in connection with the execution, delivery or performance by such Person of this Amendment, except for such as have been made or obtained and are in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The representations and warranties set forth in Article V of the Credit Agreement are true and correct in all material respects as of the date hereof (except for those which expressly relate to an earlier date or those which are qualified by materiality, which shall be true and correct in all respects); provided, however, that no representation or warranty is being made with respect to whether the matters set forth in Section 5.05(b) of the Credit Agreement are true and correct on the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)No event has occurred and is continuing which constitutes a Default or an Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Except as specifically provided in this Amendment, the Obligations are not reduced or modified by this Amendment and are not subject to any offsets, defenses or counterclaims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.03** **Reaffirmation of Obligations**. Without in any way establishing a course of dealing by the Administrative Agent or any Lender, and after giving effect to this Amendment, the Borrower and each Guarantor (i) acknowledges and consents to all of the terms and conditions of this Amendment, (ii) affirms all of its obligations under the Loan Documents (iii) agrees that this Amendment and all documents executed in connection herewith do not operate to reduce or discharge its obligations under the Loan Documents, (iv) agrees that the Collateral Documents continue to be in full force and effect and are not impaired or adversely affected in any manner whatsoever, (v) confirms its grant of security interests pursuant to the Collateral Documents to which it is a party as Collateral for the Obligations, and (vi) acknowledges that all Liens granted (or purported to be granted) pursuant to the Collateral Documents remain and continue in full force and effect in respect of, and to secure, the Obligations.Each Guarantor hereby reaffirms its obligations under the Guaranty and agrees that its obligation to guarantee the Obligations is in full force and effect as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.04** **Loan Document**. This Amendment shall constitute a Loan Document under the terms of the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.05** **Entirety**. This Amendment and the other Loan Documents embody the entire agreement among the parties hereto and supersede all prior agreements and understandings, oral or written, if any, relating to the subject matter hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.06** **Counterparts; Telecopy .** This Amendment may be executed in one or more counterparts, each of which shall constitute an original, but all of which taken together shall be one and the same instrument.Delivery of an executed counterpart of a signature page of this Amendment or any other document required to be delivered hereunder, by fax transmission or e-mail transmission (e.g. "pdf" or "tif") shall be effective as delivery of a manually executed counterpart of this Amendment. The words "delivery," "execute," "execution," "signed," "signature," and words of like import in any Loan Document or any other document executed in connection herewith shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, or any other similar state laws based on the Uniform Electronic Transactions Act. Without limiting the foregoing, upon the request of any party, such fax transmission or e-mail transmission shall be promptly followed by such manually executed counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.07** **No Actions, Claims, Etc.** As of the date hereof, each of the Loan Parties hereby acknowledges and confirms that it has no knowledge of any actions, causes of action, claims, demands, damages and liabilities of whatever kind or nature, in law or in equity, against the Administrative Agent, the Lenders, or the Administrative Agent's or the Lenders' respective officers, employees, representatives, agents, counsel or directors arising from any action by such Persons, or failure of such Persons to act under the Credit Agreement on or prior to the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.08** **GOVERNING LAW.** THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.09** **Successors and Assigns**. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.10** **Jurisdiction; Consent to Services of Process; Waiver of Jury Trial**. The jurisdiction, service of process and waiver of jury trial provisions set forth in Sections 11.14(b), 11.14(c), 11.14(d) and 11.15 of the Credit Agreement are hereby incorporated into this Amendment by reference, mutatis mutandis.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

------

**IN WITNESS WHEREOF**, the parties hereto have caused this Amendment to be duly executed as of the date first above written.

---

| | | | |
|:---|:---|:---|:---|
| **BORROWER**: | VISKASE COMPANIES, INC. | VISKASE COMPANIES, INC. | VISKASE COMPANIES, INC. |
|  | By: | /s/ Kees Bras | /s/ Kees Bras |
|  | Name: | Name: | Kees Bras |
|  | Title: | Title: | President & Chief Financial Officer |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **GUARANTOR**: | VISKASE FILMS, INC. | VISKASE FILMS, INC. | VISKASE FILMS, INC. |
|  | By: | /s/ Kees Bras | /s/ Kees Bras |
|  | Name: | Name: | Kees Bras |
|  | Title: | Title: | President |
|  | WSC CORP. | WSC CORP. | WSC CORP. |
|  | By: | /s/ Kees Bras | /s/ Kees Bras |
|  | Name: | Name: | Kees Bras |
|  | Title: | Title: | President |
|  | VISKASE DEL NORTE, S.A. DE C.V. | VISKASE DEL NORTE, S.A. DE C.V. | VISKASE DEL NORTE, S.A. DE C.V. |
|  | By: | /s/ Jefferson Eldred King | /s/ Jefferson Eldred King |
|  | Name: | Name: | Jefferson Eldred King |
|  | Title: | Title: | President |
|  | SERVICIOS VISKASE DEL NORTE, S.A. DE C.V. | SERVICIOS VISKASE DEL NORTE, S.A. DE C.V. | SERVICIOS VISKASE DEL NORTE, S.A. DE C.V. |
|  | By: | /s/ Jefferson Eldred King | /s/ Jefferson Eldred King |
|  | Name: | Name: | Jefferson Eldred King |
|  | Title: | Title: | President |
|  | VISKASE SAS | VISKASE SAS | VISKASE SAS |
|  | By: | /s/ Kees Bras | /s/ Kees Bras |
|  | Name: | Name: | Kees Bras |
|  | Title: | Title: | President |
|  | VISKASE GMBH | VISKASE GMBH | VISKASE GMBH |
|  | By: | /s/ Kees Bras | /s/ Kees Bras |
|  | Name: | Name: | Kees Bras |
|  | Title: | Title: | Managing Director |
|  | CT CASINGS BETEILIGUNGS GMBH | CT CASINGS BETEILIGUNGS GMBH | CT CASINGS BETEILIGUNGS GMBH |
|  | By: | /s/ Kees Bras | /s/ Kees Bras |
|  | Name: | Name: | Kees Bras |
|  | Title: | Title: | Managing Director |

---

------

---

| | | |
|:---|:---|:---|
| WALSRODER CASINGS GMBH | WALSRODER CASINGS GMBH | WALSRODER CASINGS GMBH |
| By: | /s/ Kees Bras | /s/ Kees Bras |
| Name: | Name: | Kees Bras |
| Title: | Title: | Managing Director |
| VISKASE SPA | VISKASE SPA | VISKASE SPA |
| By: | /s/ Kees Bras | /s/ Kees Bras |
| Name: | Name: | Kees Bras |
| Title: | Title: | President |
| VISKASE POLSKA SP. Z O.O. | VISKASE POLSKA SP. Z O.O. | VISKASE POLSKA SP. Z O.O. |
| By: | /s/ Kees Bras | /s/ Kees Bras |
| Name: | Name: | Kees Bras |
| Title: | Title: | President & Chief Financial Officer |
| VISKASE SPAIN SLU | VISKASE SPAIN SLU | VISKASE SPAIN SLU |
| By:  | /s/ Kees Bras | /s/ Kees Bras |
| Name: | Name: | Kees Bras |
| Title: | Title: | President & Chief Financial Officer |
| VISKASE SALES PHILIPPINES INC. | VISKASE SALES PHILIPPINES INC. | VISKASE SALES PHILIPPINES INC. |
| By: | /s/ Ali Boussabata | /s/ Ali Boussabata |
| Name: | Name: | Ali Boussabata |
| Title: | Title: | Chairman of the Board and President |
| VISKASE ASIA-PACIFIC CORP. | VISKASE ASIA-PACIFIC CORP. | VISKASE ASIA-PACIFIC CORP. |
| By: | /s/ Ali Boussabata | /s/ Ali Boussabata |
| Name: | Name: | Ali Boussabata |
| Title: | Title: | Chairman of the Board and President |

---

------

---

| | | |
|:---|:---|:---|
| BANK OF AMERICA, N.A., | BANK OF AMERICA, N.A., | BANK OF AMERICA, N.A., |
| as Administrative Agent | as Administrative Agent | as Administrative Agent |
| By: | /s/ Taelitha Bonds-Harris | /s/ Taelitha Bonds-Harris |
| Name: | Name: | Taelitha Bonds-Harris |
| Title: | Title: | Assistant Vice President |
| BANK OF AMERICA, N.A., | BANK OF AMERICA, N.A., | BANK OF AMERICA, N.A., |
| as a Lender, L/C Issuer and Swingline Lender | as a Lender, L/C Issuer and Swingline Lender | as a Lender, L/C Issuer and Swingline Lender |
| By:  | /s/ Brian Adams | /s/ Brian Adams |
| Name: | Name: | Brian Adams |
| Title: | Title: | Vice President |

---

------

---

| | | |
|:---|:---|:---|
| BMO HARRIS BANK N.A., | BMO HARRIS BANK N.A., | BMO HARRIS BANK N.A., |
| as a Lender | as a Lender | as a Lender |
| By: | /s/ Manuel Diaz | /s/ Manuel Diaz |
| Name: | Name: | Manuel Diaz |
| Title: | Title: | Managing Director |

---

------

---

| | | |
|:---|:---|:---|
| ASSOCIATED BANK, N.A. | ASSOCIATED BANK, N.A. | ASSOCIATED BANK, N.A. |
| as a Lender | as a Lender | as a Lender |
| By: | /s/ Deann Malcore | /s/ Deann Malcore |
| Name: | Name: | Deann Malcore |
| Title: | Title: | Assistant Vice President |

---

------

---

| | | |
|:---|:---|:---|
| CITIZENS BANK, | CITIZENS BANK, | CITIZENS BANK, |
| as a Lender | as a Lender | as a Lender |
| By: | /s/ Angela Reilly | /s/ Angela Reilly |
| Name: | Name: | Angela Reilly |
| Title: | Title: | Senior Vice President |

---

[Signature Page to First Amendment to Credit Agreement]

------

---

| | | |
|:---|:---|:---|
| The undersigned Departing Lender hereby acknowledges and agrees that, from and after the Amendment Effective Date, it is no longer a party to the Credit Agreement or any of the Loan Documents executed in connection therewith and will not be a party to this Amendment except for purposes of acknowledging it is a Departing Bank | The undersigned Departing Lender hereby acknowledges and agrees that, from and after the Amendment Effective Date, it is no longer a party to the Credit Agreement or any of the Loan Documents executed in connection therewith and will not be a party to this Amendment except for purposes of acknowledging it is a Departing Bank | The undersigned Departing Lender hereby acknowledges and agrees that, from and after the Amendment Effective Date, it is no longer a party to the Credit Agreement or any of the Loan Documents executed in connection therewith and will not be a party to this Amendment except for purposes of acknowledging it is a Departing Bank |
| TRUIST BANK, | TRUIST BANK, | TRUIST BANK, |
| as a Departing Lender | as a Departing Lender | as a Departing Lender |
| By: | /s/ Steve Curran | /s/ Steve Curran |
| Name: | Name: | Steve Curran |
| Title: | Title: | Authorized Signatory |

---

[Signature Page to First Amendment to Credit Agreement]

------

## Exhibit 10.9

**Exhibit 10.9**

**SECOND AMENDMENT TO CREDIT AGREEMENT**

**THIS SECOND AMENDMENT TO CREDIT AGREEMENT** (this "<u>Amendment</u>"), dated as of August 10, 2022, is by and among **VISKASE COMPANIES, INC.**, a Delaware corporation (the "<u>Borrower</u>"), the other Subsidiary Guarantors party hereto, the Lenders party hereto and **BANK OF AMERICA, N.A.**, as administrative agent (in such capacity, the "<u>Administrative Agent</u>"). Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed thereto in the Credit Agreement.

**W I T N E S S E T H**

**WHEREAS**, the Borrower, the other Guarantors party thereto, certain financial institutions from time to time party thereto (the "<u>Lenders</u>") and the Administrative Agent are parties to that certain Credit Agreement dated as of October 9, 2020 (as amended, modified, extended, restated, replaced, or supplemented from time to time, the "<u>Credit Agreement</u>");

**WHEREAS**, the Borrower has requested to increase the Revolving Commitments in an aggregate principal amount equal to $7,000,000 and amend certain other provisions of the Credit Agreement; and

**WHEREAS**, certain of the Lenders have agreed to increase their Revolving Commitments and the Lenders are willing to make such other amendments to the Credit Agreement, in accordance with and subject to the terms and conditions set forth herein.

**NOW, THEREFORE**, in consideration of the agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

**Article I**

**AMENDMENTS TO CREDIT AGREEMENT**

Effective as of the Amendment Effective Date but subject to the satisfaction of the conditions precedent set forth in <u>Article II</u> below, the Credit Agreement (including Schedule 1.01(b), Exhibit C, Exhibit E and Exhibit O but excluding all other Schedules and Exhibits, which shall remain in the original form delivered or most recently amended, as applicable) is hereby amended as set forth in the marked terms on Exhibit A-1 attached hereto. In Exhibit A-1 hereto, deletions of text in the Credit Agreement as amended hereby are indicated by struck-through text, and insertions of text are indicated by bold, double-underlined text. Exhibit A-2 attached hereto sets forth a clean copy of the Credit Agreement as amended hereby, after giving effect to such amendments. This Amendment shall constitute a Loan Document.

**Article II**

**CONDITIONS TO EFFECTIVENESS**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.01** **Closing Conditions.** This Amendment shall become effective as of the day and year set forth above (the " <u>Amendment Effective Date</u> ") upon satisfaction of the following conditions (in each case, in form and substance reasonably acceptable to the Administrative Agent):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Executed Amendment</u>. The Administrative Agent shall have received a copy of this Amendment duly executed by each of the Loan Parties, the Lenders and the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Officer's Certificate</u>. The Administrative Agent shall have received (A) copies of resolutions of the board of directors or an equivalent governing body of each U.S. Loan Party and Viskase SAS approving and authorizing the execution, delivery and performance of this Amendment, certified as of the Amendment Effective Date by a Responsible Officer of such U.S. Loan Party and Viskase SAS, as applicable, as being in full force and effect without modification or amendment, (B) good standing certificates for each U.S. Loan Party and Viskase SAS, in each case, from the jurisdiction in which they are organized (to the extent such concept exists in such jurisdiction) and (C) a certificate of a Responsible Officer of each U.S. Loan Party and Viskase SAS, (x) either (I) attaching and certifying as to the true and complete copies of the Organization Documents of such Loan Party or (II) certifying that the Organization Documents of such U.S. Loan Party and Viskase SAS, as applicable, delivered to the Administrative Agent on the Closing Date pursuant to Section 4.01(b) of the Credit Agreement remain in full force and effect without modification or amendment and (y) evidencing the identity, authority and capacity of each Responsible Officer of such U.S. Loan Party and Viskase SAS, as applicable, authorized to act as a Responsible Officer in connection with this Amendment and the other Loan Documents to which such U.S. Loan Party and Viskase SAS, as applicable, is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Legal Opinion of Counsel</u>. The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Amendment Effective Date) of Jenner & Block LLP, special counsel for the Loan Parties, in each case covering such matters relating to the Loan Parties, the Loan Documents, this Amendment and the transactions contemplated hereby as the Administrative Agent shall reasonably request. The Borrower hereby requests such counsel to deliver such opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Default</u>. After giving effect to this Amendment, no Default or Event of Default shall exist.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Fees and Expenses</u>. (i) The Lenders shall have received from the Borrower all fees and expenses, if any, due and owing pursuant to (x) the Second Amendment Fee Letter, dated the date hereof, between the Borrower, the Administrative Agent and BofA Securities and (y) the Credit Agreement, and (ii) legal counsel for the Administrative Agent shall have received from the Borrower payment of all reasonable and documented out-of-pocket fees and expenses incurred in connection with this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Anti-Money-Laundering; Beneficial Ownership</u>. Upon the reasonable request of any Lender, the Borrower shall have provided to such Lender, and such Lender shall

------

be reasonably satisfied with, the documentation and other information so requested in connection with applicable "know your customer" and anti-money-laundering rules and regulations, including, without limitation, the Patriot Act, and any Loan Party that qualifies as a "legal entity customer" under the Beneficial Ownership Regulation shall have delivered to each Lender that so requests, a Beneficial Ownership Certification in relation to such Loan Party.

**Article III**

**MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.01** **Amended Terms**. On the Amendment Effective Date, the Loans made to the Borrower under the Credit Agreement prior to and outstanding on the Amendment Effective Date (the " <u>Existing Borrowings</u> ") shall remain outstanding under the amended Credit Agreement and shall be automatically converted from Eurodollar Rate Loans to Term SOFR Loans in an aggregate principal amount equal to the aggregate principal amount of the Borrower's Existing Borrowings and shall have an initial Interest Period commencing on the Amendment Effective Date and ending (x) in the case of Term Loans, on September 30, 2022, and (y) in the case of Revolving Loans, on August 31, 2022. The Borrower shall pay to the Lenders that funded the Existing Borrowings the accrued and unpaid interest on the principal amount of all Existing Borrowings payable under the Credit Agreement on the Amendment Effective Date. Each Lender hereby waives any and all breakage payments that may be otherwise payable under Section 3.05 of the Credit Agreement in connection the conversion of Existing Borrowings into Term SOFR Loans on the Amendment Effective Date. Except as expressly set forth herein or in the Amended Credit Agreement, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Lenders or the Administrative Agent under the Existing Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Existing Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect. On and after the Amendment Effective Date, all references to the Credit Agreement in each of the Loan Documents shall hereafter mean the Credit Agreement as amended by this Amendment. Except as specifically amended hereby or otherwise agreed, the Credit Agreement is hereby ratified and confirmed and shall remain in full force and effect according to its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.02** **Representations and Warranties of Loan Parties**. Each of the Loan Parties represents and warrants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)It has taken all necessary action to authorize the execution, delivery and performance of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)This Amendment has been duly executed and delivered by such Person and constitutes such Person's legal, valid and binding obligation, enforceable in accordance with its terms, except as such enforceability may be subject to (i) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer,

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moratorium or similar laws affecting creditors' rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)No consent, approval, authorization or order of, or filing, registration or qualification with, any court or governmental authority or third party is required in connection with the execution, delivery or performance by such Person of this Amendment, except for such as have been made or obtained and are in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The representations and warranties set forth in Article V of the Credit Agreement are true and correct in all material respects as of the date hereof (except for those which expressly relate to an earlier date or those which are qualified by materiality, which shall be true and correct in all respects); provided, however, that no representation or warranty is being made with respect to whether the matters set forth in Section 5.05(b) of the Credit Agreement are true and correct on the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)No event has occurred and is continuing which constitutes a Default or an Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Except as specifically provided in this Amendment, the Obligations are not reduced or modified by this Amendment and are not subject to any offsets, defenses or counterclaims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.03** **Reaffirmation of Obligations**. Without in any way establishing a course of dealing by the Administrative Agent or any Lender, and after giving effect to this Amendment, the Borrower and each Guarantor (i) acknowledges and consents to all of the terms and conditions of this Amendment, (ii) affirms all of its obligations under the Loan Documents (iii) agrees that this Amendment and all documents executed in connection herewith do not operate to reduce or discharge its obligations under the Loan Documents, (iv) agrees that the Collateral Documents continue to be in full force and effect and are not impaired or adversely affected in any manner whatsoever, (v) confirms its grant of security interests pursuant to the Collateral Documents to which it is a party as Collateral for the Obligations, and (vi) acknowledges that all Liens granted (or purported to be granted) pursuant to the Collateral Documents remain and continue in full force and effect in respect of, and to secure, the Obligations. Each Guarantor hereby reaffirms its obligations under the Guaranty and agrees that its obligation to guarantee the Obligations is in full force and effect as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.04** **Loan Document**. This Amendment shall constitute a Loan Document under the terms of the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.05** **Entirety**. This Amendment and the other Loan Documents embody the entire agreement among the parties hereto and supersede all prior agreements and understandings, oral or written, if any, relating to the subject matter hereof.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.06** **Counterparts; Telecopy .** This Amendment may be executed in one or more counterparts, each of which shall constitute an original, but all of which taken together shall be one and the same instrument. Delivery of an executed counterpart of a signature page of this Amendment or any other document required to be delivered hereunder, by fax transmission or e-mail transmission (e.g. "pdf" or "tif") shall be effective as delivery of a manually executed counterpart of this Amendment. The words "delivery," "execute," "execution," "signed," "signature," and words of like import in any Loan Document or any other document executed in connection herewith shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, or any other similar state laws based on the Uniform Electronic Transactions Act. Without limiting the foregoing, upon the request of any party, such fax transmission or e-mail transmission shall be promptly followed by such manually executed counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.07** **No Actions, Claims, Etc.** As of the date hereof, each of the Loan Parties hereby acknowledges and confirms that it has no knowledge of any actions, causes of action, claims, demands, damages and liabilities of whatever kind or nature, in law or in equity, against the Administrative Agent, the Lenders, or the Administrative Agent's or the Lenders' respective officers, employees, representatives, agents, counsel or directors arising from any action by such Persons, or failure of such Persons to act under the Credit Agreement on or prior to the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.08** **GOVERNING LAW.** THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.09** **Successors and Assigns**. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.10** **Jurisdiction; Consent to Services of Process; Waiver of Jury Trial**. The jurisdiction, service of process and waiver of jury trial provisions set forth in Sections 11.14(b), 11.14(c), 11.14(d) and 11.15 of the Credit Agreement are hereby incorporated into this Amendment by reference, mutatis mutandis.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

------

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be duly executed as of the date first above written.

---

| | | |
|:---|:---|:---|
| **BORROWER**<u>:</u> | VISKASE COMPANIES, INC.<u> </u> | VISKASE COMPANIES, INC.<u> </u> |
|  | By: | /s/ Michael Blecic |
|  | Name: | Michael Blecic |
|  | Title: | Vice President, Chief Financial Officer, Chief Accounting Officer and Treasurer |

---

------

---

| | | |
|:---|:---|:---|
| **GUARANTOR**: | VISKASE FILMS, INC. | VISKASE FILMS, INC. |
|  | By: | /s/ Michael Blecic |
|  | Name: | Michael Blecic |
|  | Title: | Chief Financial Officer and Treasurer  |

---

---

| | |
|:---|:---|
| WSC CORP. | WSC CORP. |
| By: | /s/ Michael Blecic |
| Name: | Michael Blecic |
| Title: | Chief Financial Officer and Treasurer  |

---

---

| | |
|:---|:---|
| VISKASE DEL NORTE, S.A. DE C.V. | VISKASE DEL NORTE, S.A. DE C.V. |
| By: | /s/ Michael Blecic |
| Name: | Michael Blecic |
| Title: | Chief Financial Officer  |

---

---

| | |
|:---|:---|
| SERVICIOS VISKASE DEL NORTE, S.A. DE C.V. | SERVICIOS VISKASE DEL NORTE, S.A. DE C.V. |
| By: | /s/ Michael Blecic |
| Name: | Michael Blecic |
| Title: | Chief Financial Officer  |

---

---

| | |
|:---|:---|
| VISKASE SAS | VISKASE SAS |
| By: | /s/ Kees Bras |
| Name: | Kees Bras |
| Title: | President  |

---

---

| | |
|:---|:---|
| VISKASE GMBH | VISKASE GMBH |
| By: | /s/ Kees Bras |
| Name: | Kees Bras |
| Title: | Managing Director  |

---

---

| | |
|:---|:---|
| CT CASINGS BETEILIGUNGS GMBH | CT CASINGS BETEILIGUNGS GMBH |
| By: | /s/ Kees Bras |
| Name: | Kees Bras |
| Title: | Managing Director  |

---

------

---

| | |
|:---|:---|
| WALSRODER CASINGS GMBH | WALSRODER CASINGS GMBH |
| By: | /s/ Kees Bras |
| Name: | Kees Bras |
| Title: | Managing Director  |

---

---

| | |
|:---|:---|
| VISKASE SPA | VISKASE SPA |
| By: | /s/ Kees Bras |
| Name: | Kees Bras |
| Title: | President  |

---

---

| | |
|:---|:---|
| VISKASE POLSKA SP. Z O.O. | VISKASE POLSKA SP. Z O.O. |
| By: | /s/ Kees Bras |
| Name: | Kees Bras |
| Title: | President of the Management Board  |

---

---

| | |
|:---|:---|
| VISKASE SPAIN SLU | VISKASE SPAIN SLU |
| By: | /s/ Kees Bras |
| Name: | Kees Bras |
| Title: | Sole Director  |

---

---

| | |
|:---|:---|
| VISKASE SALES PHILIPPINES INC. | VISKASE SALES PHILIPPINES INC. |
| By: | /s/ Roberto Riccio Manansala Jr. |
| Name: | Roberto Riccio Manansala Jr. |
| Title: | Chairman of the Board and President  |

---

---

| | |
|:---|:---|
| VISKASE ASIA-PACIFIC CORP. | VISKASE ASIA-PACIFIC CORP. |
| By: | /s/ Roberto Riccio Manansala Jr. |
| Name: | Roberto Riccio Manansala Jr. |
| Title: | Chairman of the Board and President  |

---

------

---

| | |
|:---|:---|
| BANK OF AMERICA, N.A., | BANK OF AMERICA, N.A., |
| as Administrative Agent | as Administrative Agent |
| By: | /s/ Christine Trotter |
| Name: | Christine Trotter  |
| Title: | Vice President  |

---

---

| | |
|:---|:---|
| BANK OF AMERICA, N.A., | BANK OF AMERICA, N.A., |
| as a Lender, L/C Issuer and Swingline Lender | as a Lender, L/C Issuer and Swingline Lender |
| By: | /s/ Brian Adams |
| Name: | Brian Adams  |
| Title: | Vice President  |

---

------

---

| | |
|:---|:---|
| BMO HARRIS BANK N.A., | BMO HARRIS BANK N.A., |
| as a Lender | as a Lender |
| By: | /s/ Manuel Diaz |
| Name: | Manuel Diaz |
| Title: | Managing Director  |

---

------

---

| | |
|:---|:---|
| ASSOCIATED BANK, N.A. | ASSOCIATED BANK, N.A. |
| as a Lender | as a Lender |
| By: | /s/ J. Eric Bergren |
| Name: | J. Eric Bergren |
| Title: | Senior Vice President  |

---

------

---

| | |
|:---|:---|
| CITIZENS BANK, | CITIZENS BANK, |
| as a Lender | as a Lender |
| By: | /s/ Angela Reilly |
| Name: | Angela Reilly |
| Title: | Senior Vice President  |

---

------

## Exhibit 10.10

**Exhibit 10.10**

**EMPLOYMENT AGREEMENT**

This **EMPLOYMENT AGREEMENT**, dated as of August 4, 2022 (the <u>"Employment Agreement"),</u> is entered by and between Viskase Companies, Inc., a Delaware corporation (the <u>"Company"),</u> and Timothy P. Feast (the <u>"Executive")</u> and (except as provided in Section 2.1) is effective September 6, 2022 (the <u>"Effective Date").</u>

In consideration of the mutual covenants contained herein and other valid consideration, the sufficiency of which is acknowledged, the parties hereto agree as follows:

Section 1.<u>Employment.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.Term. The Company agrees to employ the Executive, and the Executive agrees to be employed by the Company, in each case pursuant to this Employment Agreement, for a period commencing on the Effective Date and ending on September 5, 2027; provided however, that the Term shall be automatically extended on a month-to-month basis. The above notwithstanding, the Term may be terminated at any time after the Effective Date upon the termination or resignation of the Executive's employment in accordance with Section 3 hereof (the <u>"Term".</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.Duties. During the Term, the Executive shall serve as Chief Executive Officer and President of the Company and such other or additional positions as an officer or director of the Company, and of such direct or indirect affiliates of the Company <u>("Affiliates"</u> t. as the Executive and the board of directors of the Company (the "Board" mutually agree from time to time. In such positions, the Executive shall perform such duties, functions and responsibilities during the Term commensurate with the Executive's positions as reasonably directed by the Board. The Executive shall be employed in the State of Illinois during the Tenn.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.<u>Exclusivity.</u> During the Term, the Executive shall (i) devote substantially all of his professional time and attention to the business and affairs of the Company and its Affiliates, (ii) to the best of his abilities, faithfully serve the Company and its Affiliates, (iii) in all material respects conform to and comply with the lawful and reasonable directions and instructions given to Executive by the Board, consistent with Section 1.2 hereof, (iv) use Executive's best efforts to advance, promote and serve the interests of the Company and its Affiliates, (v) comply with all of the policies of the Company and its Affiliates (including, without limitation, such policies with respect to legal compliance, conflicts of interest, confidentiality and business ethics, as are from time to time in effect), and (vi) except as otherwise permitted herein, not engage in any other business activity, whether or not such activity shall be engaged in for pecuniary profit. The provisions of this Section 1.3 shall not be construed to prevent Executive from (a) investing Executive's personal, private assets as a passive investor in such form or manner as will not require any active services on the part of Executive in the management or operation of the affairs of the companies, partnerships, or other business entities in which any such passive investments are made, or (b) serving on the board of directors of one or more companies, family-related businesses or charitable or non-profit organizations, provided such service does not materially conflict with the Executive's duties and obligations to the Company and such service is approved by the chairman of the Board of Directors of the Company.

Section 2.<u>Compensation.</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.<u>Salary.</u> As compensation for the performance of the Executive's services hereunder, during the Term, the Company shall pay to the Executive a salary at an annual rate of $540,000.00 which annual salary shall be prorated for any partial year at the beginning or end of the Term and shall accrue and be payable in accordance with the Company's standard payroll policies, as such salary may be adjusted upward (but not downward) by the Compensation Committee (or such other duly authorized committee thereof) of the Board (the <u>"Compensation Committee"1</u> in its sole and absolute discretion (as adjusted, the "Base <u>Salary").</u> Subject to the forgoing, the Board will review the Executive's Base Salary for a potential increase no later than the first anniversary of the Effective Date. In the event the Company requests that the Executive commence employment prior to the Effective Date, the Executive shall receive a salary at the same annual rate stated above which shall be prorated for the actual number of days worked through (but not including) the Effective Date and shall not be eligible for any other bonus or other compensation with respect to services provided during such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.<u>Annual Bonus.</u> For each completed fiscal year occurring during the Term, the Executive shall be eligible to receive an annual cash bonus (the <u>"Annual Bonus")</u> with a target award equal to 100% of the Executive's Base Salary. The Annual Bonus will be subject to all of the terms and conditions of the applicable bonus plan, and consistent with this Employment Agreement. The actual Annual Bonus payouts will be based on achievement of the individual and/or Company performance criteria established for the applicable fiscal year by the Compensation Committee in its sole and absolute discretion. For the 2022 fiscal year, Executive shall be guaranteed a gross bonus payment of no less than the pro rata amount of the Annual Bonus paid at the target payout level (prorated based on the number of calendar days that Executive is employed by the Company during the 2022 fiscal year). The Annual Bonus (or any pro-rated portion thereof), if any, payable to Executive for a fiscal year will be paid by the Company to the Executive in the immediately succeeding fiscal year only after the completion of the audit of the Company's consolidated financial statements with respect to such fiscal year and, only after the Compensation Committee, in its sole and absolute discretion, has approved the final achievement level and payout; provided, however, that if the Annual Bonus is payable pursuant to a plan that is intended to provide for the payment of bonuses that constitute "performance-based compensation" within the meaning of Section 162(m) of the Code, the Annual Bonus shall be paid at such time as is provided in the applicable plan. Except with respect to any Pro-Rata Bonus the Executive becomes entitled to herein, the Executive must be actively employed through the last day of the fiscal year during the Term in which the Annual Bonus was earned to be eligible for an Annual Bonus payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.<u>Employee Benefits,</u> During the Term, the Executive shall be eligible to participate in such employee benefit plans and programs of the Company as in effect from time to time on the same basis as other senior executives of the Company and subject to the terms and conditions of any such plans and programs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.<u>Paid Time Off.</u> During the Term, the Executive shall be entitled to 28 days of paid time off of "PTO" each year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.<u>Business E parses.</u> The Company shall pay or reimburse the Executive for all commercially reasonable business out-of-pocket expenses that the Executive incurs during the Term in performing Executive's duties under this Employment Agreement upon presentation of documentation and in accordance with the expense reimbursement policy of the Company as approved by the Board and in effect from time to time. Notwithstanding anything herein to the contrary or otherwise, except to the extent any expense or reimbursement described in this Employment Agreement does not constitute a

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"deferral of compensation" within the meaning of Section 409A of the Code and the Treasury regulations and other guidance issued thereunder, any expense or reimbursement described in this Employment Agreement shall meet the following requirements: (i) the amount of expenses eligible for reimbursement provided to the Executive during any calendar year will not affect the amount of expenses eligible for reimbursement to the Executive in any other calendar year; (ii) the reimbursements for expenses for which the Executive is entitled to be reimbursed shall be made on or before the last day of the calendar year following the calendar year in which the applicable expense is incurred; (iii) the right to payment or reimbursement or in-kind benefits hereunder may not be liquidated or exchanged for any other benefit; and (iv) the reimbursements shall be made pursuant to objectively determinable and nondiscretionary Company policies and procedures regarding such reimbursement of expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.<u>Signing Bonus.</u> The Executive shall be paid a $250,000 signing Bonus (the "Signing Bonus") within 30 days from the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.<u>Loris). — Term Incentive Plan.</u> The Executive will be eligible to participate in the Viskase Companies, Inc. 2022 Long-Term Incentive Plan (the "LTI Plan"). Any award under the LTI Plan shall be payable in accordance with and subject to the terms and conditions of the LTI Plan and the Long-Term Incentive Award Agreement in substantially the form attached hereto as Appendices "A" and "B".

Section 3.<u>Employment Termination.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.<u>Termination of Employment.</u> The Company may terminate the Executive's employment for any reason during the Term, and the Executive may voluntarily resign Executive's employment for any reason during the Term, in each case (other than a termination by the Company for Cause) at any time upon not less than 120 days' notice to the other party. Upon the termination or resignation of the Executive's employment with the Company for any reason (whether during the Term or thereafter), the Executive shall be entitled to any Base Salary earned but unpaid through the date of termination or resignation, any earned but unpaid Annual Bonus for completed fiscal years, any unused accrued PTO, any unreimbursed expenses in accordance with Section 2.5 hereof and any accrued and vested rights or benefits under any Company sponsored employee benefits plans payable in accordance with the terms and conditions of such plans (collectively, the <u>"Accrued Amounts").</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.<u>Certain Terminations.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Termination by the Company Other Than For Cause or Disability: Resignation by the Executive for Good Reason.</u> If during the Term (i) the Executive's employment is terminated by the Company other than (x) for Cause or (y) due to the Executive's death or Disability or (ii) the Executive resigns for Good Reason, then in addition to the Accrued Amounts, the Executive shall be entitled to (collectively, the "Severance Payments") (a) the continuation of Executive's Base Salary in accordance with the Company's standard payroll policies

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at the rate in effect immediately prior to the date of termination or resignation (or, in the case of a resignation for Good Reason, at the rate in effect immediately prior to the occurrence of the event constituting Good Reason, if greater) for six (6) months (as applicable, the "Severance Period"), and (b) a pro-rata Annual Bonus (<u>"Pro-Rata Bonus")</u> for the fiscal year of termination based on achievement of the individual and/or corporate performance criteria established for such fiscal year by the Compensation Committee (in its sole and absolute discretion) and determined by multiplying the amount of the Annual Bonus which would be due for the full fiscal year by a fraction, the numerator of which is the number of completed months during the fiscal year of termination that Executive is employed by the Company and the denominator of which is 12, which amount, if any, shall be payable by the Company to the Executive in the immediately succeeding fiscal year only after the completion of the audit of the Company's consolidated financial statements with respect to such fiscal year of termination and, only after the Compensation Committee, in its sole and absolute discretion, has approved the final achievement level and payout. The Company's obligations to make the Severance Payments shall be conditioned upon: (i) the Executive's continued compliance with Executive's obligations under Section 4 of this Employment Agreement and (ii) the Executive's execution, delivery and non-revocation of a valid and enforceable release of claims arising in connection with the Executive's employment and termination or resignation of employment with the Company (the <u>"Release")</u> in a form reasonably acceptable to the Company and the Executive that becomes effective not later than 45 days after the date of such termination or resignation of employment. The Company shall provide the form of the Release to the Executive within five days following the date of the Executive's termination or resignation of employment. In the event that the Executive breaches any of the covenants set forth in Section 4 of this Employment Agreement, the Executive will immediately return to the Company any portion of the Severance Payments (to the extent applicable) that has been paid to the Executive pursuant to this Section 3.2(a). Subject to the foregoing and Section 3.2(b), the Severance Payments will commence to be paid to the Executive on the 45th day following the Executive's termination of employment, and such first payment shall include payment of any amounts that would otherwise be due prior thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u><u>Termination by the Company For</u> <u>Disability</u><u>.</u> If the Executive's employment is terminated during the Term by the Company by reason of the Executive's Disability, Executive shall be entitled to the Accrued Amounts and any payments to be made to the Executive under the Company's disability plan(s), if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u><u>Termination by Reason of Death.</u> If the Executive's employment is terminated during the Term by reason of his death, Executive shall be entitled to the Accrued Amounts and any employee benefits to which the Executive's estate, spouse or other beneficiaries, as applicable, may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d)</u><u>Resignation without Good Reason.</u> If Executive resigns without Good Reason during the Term, Executive shall be entitled to the Accrued Amounts and any employee benefits to which Executive may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(e)</u><u>Section 409A.</u> To the extent applicable, this Employment Agreement shall be interpreted, construed and operated in accordance with Section 409A of the Code and the Treasury regulations and other guidance issued thereunder. If on the date of the Executive's separation from service (as defined in Treasury Regulation § 1.409A-1(h)) with the Company the Executive is a specified employee (as defined in Code Section 409A and Treasury Regulation §1.409A-1(i)), no payment constituting the "deferral of compensation" within the

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meaning of Treasury Regulation §1.409A- 1(b) and after application of the exemptions provided in Treasury Regulation §§1.409A-1(b)(4) and 1.409A-1(b)(9)(iii) shall be made to the Executive at any time prior to the earlier of (a) the expiration of the six (6) month period following the Executive's separation from service, and (b) the Executive's death, and any such amounts deferred during such period shall instead be paid in a lump sum to the Executive (or, if applicable, the Executive's estate) on the first payroll payment date following expiration of such six (6) month period or, if applicable, the Executive's death. For purposes of conforming this Employment Agreement to Section 409A of the Code, the parties agree that any reference to termination of employment, severance from employment, resignation from employment or similar terms shall mean and be interpreted as a "separation from service" as defined in Treasury Regulation § I .409A-1(h). For purposes of applying Section 409A of the Code to this Employment Agreement (including, without limitation, for purposes of Treasury Regulation Section 1 .409A-2(b)(2)(iii)), each payment that the Executive may be entitled to receive under this Employment Agreement shall be treated as a separate and distinct payment and shall not collectively be treated as a single payment. Neither the Company, nor any of its Affiliates shall *be* obligated to pay or otherwise gross-up the Executive for any federal, state, local or foreign taxes relating to or arising with respect to any benefits, compensation or payment made under this Employment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.<u>Exclusive Remedy.</u> The foregoing payments upon termination or resignation of the Executive's employment shall constitute the exclusive severance payments due the Executive upon a termination or resignation of Executive's employment under this Employment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.<u>Resignation from All Positions.</u> Upon the termination or resignation of the Executive's employment with the Company for any reason, the Executive shall be deemed to have resigned, as of the date of such termination or resignation, from and with respect to all positions the Executive then holds as an officer, director, employee and member of the Board of Directors (and any committee thereof) of the Company and any of its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.<u>Cooperation.</u> Following the termination or resignation of the Executive's employment with the Company for any reason and during any period in which the Executive is receiving Severance Payments, or for six months following termination or resignation of the Executive's employment with the Company if no Severance Payments are payable, the Executive agrees to reasonably cooperate with the Company upon reasonable request of the Board and to be reasonably available to the Company with respect to matters arising out of the Executive's services to the Company and its Affiliates <u>provided. however,</u> such period of cooperation shall be for three years, following any such termination or resignation of Executive's employment for any reason, with respect to tax matters involving the Company or any of its Affiliates. Upon and following any such request of the Board, and only for so long as the Executive is receiving Severance Payments, the Executive shall receive access to email and information technology services from the Company. Notwithstanding the foregoing, (i) the Company shall have the right to revoke or terminate such access at any time for any or no reason and with or without notice, and (ii) Executive's access to such information shall be conditioned upon, and subject to, the Executive not representing himself to be, or holding himself out as, an employee, officer, director, trustee, agent or representative of the Company for any purpose, or otherwise representing himself as a person having any authority to act on behalf of the Company. The Company shall reimburse the Executive for expenses reasonably incurred in connection with such matters as agreed by the Executive and the Board and the Company shall

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compensate the Executive for such cooperation at an hourly rate based on the Executive's most recent Base Salary rate assuming 2,000 working hours per year; <u>provided,</u> that if the Executive is required to spend more than 40 hours in any month on Company matters pursuant to this Section 3.5, the Executive and the Board shall mutually agree to an appropriate rate of compensation for the Executive's time over such 40-hour threshold.

Section 4.<u>Unauthorized Disclosure: Non-Competition: Non-Solicitation: Proprietary Rights'</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.<u>Unauthorized Disclosure.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)During the Term and at all times thereafter, the Executive shall hold in a fiduciary capacity for the benefit of the Company and each of its Affiliates, all secret or confidential information, knowledge or data, including, without limitation, technical information, intellectual property, business and marketing plans, strategies, customer information and lists, software, trade secrets, sources of supplies and materials, designs, production and design techniques and methods, identity of investments, identity of contemplated investments, business opportunities, valuation models and methodologies, processes, technologies, and any other intellectual property relating to the business, or other information concerning the products, promotions, development, financing, expansion plans, business policies and practices, of the Company and each of its Affiliates, and their respective businesses, and other forms of information considered by the Company and its Affiliates to be confidential and in the nature of trade secrets (i) obtained by the Executive during the Executive's employment by the Company or any of its Affiliates and/or during any period of time in which the Executive has access to email and/or information technology services from the Company, and (ii) not otherwise in the public domain (collectively, <u>"Confidential Information").</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Executive also agrees to keep confidential and not to publish, post on his own or to disclose any personal information regarding any controlling Person of the Company (or any of its Affiliates), including, without limitation, Carl C. Icahn, or any of his Affiliates and their respective employees, and any member of the immediate family of any such Person (and all such personal information shall be deemed "Confidential Information" for the purposes of this Employment Agreement). The Executive shall not, without the prior written consent of the Company (acting at the direction of the Board): (i) except to the extent compelled pursuant to the order of a court or other body having jurisdiction over such matter or based upon the advice of counsel that such disclosure is legally required, communicate or divulge any Confidential Information to anyone other than the Company and those designated by the Company; or (ii) use any Confidential Information for any purpose other than the performance of his duties pursuant to this Employment Agreement. The Executive will assist the Company or its designee, at the Company's expense, in obtaining a protective order, other appropriate remedy or other reliable assurance that confidential treatment will be accorded any Confidential Information disclosed pursuant to the terms of this Employment Agreement. The Executive agrees not to disparage the Company, its officers and directors, Mr. Icahn, any Related Parties, or any Affiliate of any of the foregoing, in each case during and/or after the Executive's employment hereunder. Without limiting anything contained above, the Executive agrees and acknowledges that all personal and not otherwise public information about the Company and its Affiliates (including, without limitation, all information regarding Icahn Enterprises L.P. MEM, Carl C. Icahn, Mr. Icahn's family, and

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employees of the Company, IEP and their respective Affiliates) shall constitute Confidential Information for purposes of this Employment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Upon termination or resignation of the Executive's employment with the Company (excepting any permitted use contemplated by Section 3.2(a)), the Executive shall promptly return to the Company all property, keys, notes, memoranda, writings, lists, files, reports, customer lists, correspondence, tapes, disks, cards, surveys, maps, logs, machines, technical data and any other tangible product or document which has been produced by, received by or otherwise submitted to the Executive during the Executive's employment with the Company and related to such employment with the Company, and any copies thereof in Executive's (or capable of being reduced to Executive's) possession.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Executive further agrees not to write, contribute to, or assist any other person in writing or creating, a book, film, broadcast, article, blog or any other publication (whether in print, electronic or any other form) about or concerning, in whole or in part, the Company, IEP, Mr. Icahn and his family members or any of the respective Affiliates and subsidiaries of any of the foregoing (as applicable), in any media, and not to publish or cause to be published in any media. any Confidential Information, and further agrees to keep confidential and not to disclose to any third party, including, but not limited to, newspapers, authors, publicists, journalists, bloggers, gossip columnists, producers, directors, script writers, media personalities, and the like, in any and all media or communication methods, any Confidential Information. In furtherance of the foregoing, the Executive agrees that during the Term and following the termination of his employment with the Company, the sole and only disclosure or statement he will make about or concerning any or all of the Company, IEP, Mr. Icahn and his family members or any of the respective Affiliates and subsidiaries of any of the foregoing (as applicable) is to acknowledge that the Executive is or was employed by the Company (unless otherwise required by applicable law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.Non-Competition. By and in consideration of the Company's entering into this Employment Agreement and the payments to be made and benefits to be provided by the Company hereunder, and in further consideration of the Executive's exposure to the Confidential Information of the Company and its Affiliates, the Executive agrees that the Executive shall not, except as otherwise provided herein, during the Term and thereafter for the period during which the Severance Payments are payable or six months following the end of the Term if no Severance Payments are payable (the <u>"Restriction Period")</u> directly or indirectly, own, manage, operate, join, control, be employed by, or participate in the ownership, management, operation or control of or be connected in any manner with, including, without limitation, holding any position as a principal, agent. owner, stockholder, director, officer, consultant, advisor, independent contractor, employee, partner, or investor in, any Restricted Enterprise (as defined below); <u>provided.</u> that in no event shall ownership of one percent (1%) or less of the outstanding securities of any class of any issuer whose securities are registered under the Securities Exchange Act of 1934, as amended (the <u>"Exchange Act"),</u> standing alone, be prohibited by this Section 4.2, so long as the Executive does not have, or exercise, any rights to manage or operate the business of such issuer other than rights as a stockholder thereof. For purposes of this paragraph, <u>"Restricted Enterprise"</u> shall mean any Person that is actively engaged in any business which is either (i) in competition with the business of the Company or any of its Affiliates conducted during the preceding six months (or following the Tern, the six months preceding the last day of the Term), or (ii) proposed to be conducted by the Company or any of its Affiliates in the Company's or Affiliate's business plan as in effect at that time (or following the Term, the business plan as in effect as of the last day of the Term). During the Restriction Period, upon request of the Company, the Executive shall notify the Company of the Executive's then-current employment status.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.<u>Non-Solicitation of Employees.</u> During the Restriction Period, the Executive shall not directly or indirectly solicit (or assist any Person to solicit) for employment any person who is, or within six months prior to the date of such solicitation was, an employee of the Company or any of its Affiliates, <u>provided. however,</u> that this Section 4.3 shall not prohibit the hiring of any individual as a result of the individual's response to an advertisement in a publication of general circulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.<u>Non-Solicitation of Customers/Suppliers.</u> During the Restriction Period, the Executive shall not, directly or indirectly, (i) solicit, interfere with or entice away from the Company or any of its Affiliates, any current supplier, customer or client, (ii) direct or solicit any current supplier, customer or client away from the Company or any of its Affiliates, or (iii) advise any Person not to do business with or be employed by the Company or any of its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.<u>Extension of Restriction Period.</u> The Restriction Period shall be extended for a period of time equal to any period during which the Executive is in breach of any of Section 4.2, 4.3 or 4.4 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.<u>Proprietary Rights.</u> Any and all inventions, processes, know-how, technologies, trade-secrets information, intellectual property, discoveries, and improvements (whether or not patentable or registrable under copyright or similar statutes}, and all patentable or copyrightable works, initiated, conceived, discovered, reduced to practice, or made by Executive, either alone or in conjunction with others, during the Executive's employment with the Company and related to the business or activities of the Company or its Affiliates (whether or not on the Company's or any of its Affiliates' time or with the use of the Company's or any of its Affiliates' facilities or materials) (the <u>"Developments")</u> shall be the property of the Company or any of its Affiliates, as the case may be, and shall be promptly and fully disclosed by the Executive to the Company. Except to the extent any rights in any Developments constitute a work made for hire under the U.S. Copyright Act, 17 U.S.C. § 101 et seq. that are owned *ab initio* by the Company and/or its Affiliates, the Executive assigns all of Executive's right, title and interest in all Developments (including all intellectual property rights therein) to the Company or its nominee without further compensation, including all rights or benefits therefor, including without limitation the right to sue and recover for past and future infringement. The Executive acknowledges that any rights in any developments constituting a work made for hire under the U.S. Copyright Act, 17 U.S.C § 101 et seq. are owned upon creation by the Company and/or its Affiliates as the Executive's employer. Whenever requested to do so by the Company, and without further compensation therefor, the Executive shall execute any and all applications, assignments or other instruments which the Company shall deem necessary to apply for and obtain trademarks, patents or copyrights of the United States or any foreign country or otherwise protect the interests of the Company and its Affiliates therein. These obligations shall continue beyond the end of the Executive's employment with the Company with respect to the Developments, and shall be binding upon the Executive's employers, assigns, executors, administrators and other legal representatives. In connection with Executive's execution of this Employment Agreement, the Executive has informed the Company in writing of any interest in any inventions or intellectual property rights that Executive holds as of the date hereof. If the Company is unable for any reason to obtain the Executive's signature on any document needed in connection with the actions described in this Section 4.6, the Executive hereby irrevocably designates

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and appoints the Company, its Affiliates, and their respective duly authorized officers and agents as the Executive's agent and attorney in fact to act for and in the Executive's behalf to execute, verify and file any such documents and to do all other lawfully permitted acts to further the purposes of this Section with the same legal force and effect as if executed by the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.<u>Confidentiality of Agreement.</u> Other than with respect to information required to be disclosed by applicable law, the parties hereto agree not to disclose the terms of this Employment Agreement to any Person; provided the Executive may disclose this Employment Agreement and/or any of its terms to the Executive's immediate family, financial advisors and attorneys. Notwithstanding anything in this Section 4.7 to the contrary, the parties hereto (and each of their respective employees, representatives, or other agents) may disclose to any and all Persons, without limitation of any kind, the tax treatment and tax structure of the transactions contemplated by this Employment Agreement, and all materials of any kind (including opinions or other tax analyses) related to such tax treatment and tax structure; provided that this sentence shall not permit any Person to disclose the name of, or other information that would identify, any party to such transactions or to disclose confidential commercial information regarding such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8.<u>Remedies.</u> The Executive agrees that any breach of the terms of this Section 4 would result in irreparable injury and damage to the Company and its Affiliates for which the Company and its Affiliates would have no adequate remedy at law; the Executive therefore also agrees that in the event of said breach or any threat of breach, the Company and its Affiliates shall be entitled to an immediate injunction and restraining order to prevent such breach and/or threatened breach and/or continued breach by the Executive and/or any and all Persons acting for and/or with the Executive, without having to prove damages, in addition to any other remedies to which the Company and its Affiliates may be entitled at law or in equity, including, without limitation, the obligation of the Executive to return any Severance Payments paid by the Company back to the Company. The terms of this paragraph shall not prevent the Company or its Affiliates from pursuing any other available remedies for any breach or threatened breach hereof, including, without limitation, the recovery of damages from the Executive. The Executive and the Company further agree that the provisions of the covenants contained in this Section 4 are reasonable and necessary to protect the businesses of the Company and its Affiliates because of the Executive's access to Confidential Information and Executive's material participation in the operation of such businesses.

Section 5.<u>Representation.</u>

The Executive acknowledges, covenants, agrees, warrants and represents that: (i) he is

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not a party to any contract, nor is he subject to, or bound by any commitment, restrictive covenant or agreement, order, judgment, decree, law, statute, ordinance, rule, regulation or other restriction of any kind or character, which either would or purports to, prevent or restrict him from entering into and performing his obligations under this Employment Agreement free of any limitations; (ii) he is free to enter into the arrangements contemplated herein; (iii) he is not subject to any agreement or obligation that would limit his ability to act on behalf of the Company or any of its Affiliates; (iv) the termination of his existing employment, his entry into the employment contemplated herein and the performance of his duties in respect thereof, will not violate or conflict with any agreement or obligation to which he is subject; and (v) he has had an opportunity to consult with independent legal counsel regarding his rights and obligations under this Employment Agreement and that he fully understands the terms and conditions contained herein.

Section 6.<u>Withholding</u>

All amounts paid to the Executive under this Employment Agreement during or following the Term shall be subject to the withholding of income taxes, employment taxes, and all other applicable taxes imposed by applicable law.

Section 7.<u>Effect of Section 280G of the Code.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.<u>Payment Reduction.</u> Notwithstanding anything contained in this Employment Agreement to the contrary, (i) to the extent that any payment or distribution of any type to or for the benefit of the Executive by the Company, any Affiliate of the Company, any Person who acquires ownership or effective control of the Company or ownership of a substantial portion of the Company's assets (within the meaning of Section 280G of the Code and the regulations thereunder), or any Affiliate of such Person, whether paid or payable or distributed or distributable pursuant to the terms of this Employment Agreement or otherwise (the <u>"Payments")</u> constitutes "parachute payments" (within the meaning of Section 280G of the Code), and if (ii) such aggregate Payments would, if reduced by all federal, state and local taxes applicable thereto, including the excise tax imposed under Section 4999 of the Code (the "Excise <u>Tax"),</u> be less than the amount the Executive would receive, after all taxes, if the Executive received aggregate Payments equal (as valued under Section 280G of the Code) to only three times the Executive's "base amount" (within the meaning of Section 280G of the Code), less $1.00, then (iii) such Payments shall be reduced (but not below zero) if and to the extent necessary so that no Payments to be made or benefit to be provided to the Executive shall be subject to the Excise Tax; <u>provide0, however,</u> that, solely to the extent applicable, the Company shall use its reasonable best efforts to obtain shareholder approval of the Payments provided for in this Employment Agreement in a manner intended to satisfy requirements of the "shareholder approval" exception to Section 280G of the Code and the regulations promulgated thereunder, such that payment may be made to the Executive of such Payments without the application of an Excise Tax. If the Payments are so reduced, the Company shall reduce or eliminate the Payments (x) by first reducing or eliminating the portion of the Payments which are not payable in cash (other than that portion of the Payments subject to clause (z) hereof), (y) then by reducing or eliminating cash payments (other than that portion of the Payments subject to clause (z) hereof) and (z) then by reducing or eliminating the portion of the Payments (whether payable in cash or not payable in cash) to which Treasury Regulation§ 1.280G-1 Q/A 24(c) (or successor thereto)

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applies, in each case in reverse order beginning with payments or benefits which are to be paid the farthest in time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.<u>Determination of Amount of Reduction (if any 1.</u> The determination of whether the Payments shall be reduced as provided in Section 7.I hereof and the amount of such reduction shall be made at the Company's expense by an accounting firm selected by the Company from among the four (4) largest accounting firms in the United States (the <u>"Accounting</u> Firm" The Accounting Firm shall provide its determination (the <u>"Determination"),</u> together with detailed supporting calculations and documentation, to the Company and the Executive within 10 days after the Executive's final day of employment. If the Accounting Firm determines that no Excise Tax is payable by the Executive with respect to the Payments, it shall furnish the Executive with an opinion reasonably acceptable to the Executive that no Excise Tax will be imposed with respect to any such payments and, absent manifest error, such Determination shall be binding, final and conclusive upon the Company and the Executive.

Section 8.<u>Miscellaneous.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.<u>Amendments and Waivers.</u> This Employment Agreement and any of the provisions hereof may be amended, waived (either generally or in a particular instance and either retroactively or prospectively), modified or supplemented, in whole or in part, only by written agreement signed by the parties hereto; <u>provided,</u> that, the observance of any provision of this Employment Agreement may be waived in writing by the party that will lose the benefit of such provision as a result of such waiver. The waiver by any party hereto of a breach of any provision of this Employment Agreement shall not operate or be construed as a further or continuing waiver of such breach or as a waiver of any other or subsequent breach, except as otherwise explicitly provided for in such waiver. Except as otherwise expressly provided herein, no failure on the part of any party to exercise, and no delay in exercising, any right, power or remedy hereunder, or otherwise available in respect hereof at law or in equity, shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such party preclude any other or further exercise thereof or the exercise of any other right, power or remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.<u>Fees and Expenses.</u> In the event of any dispute between the Company and the Executive arising under this Employment Agreement, each party shall be responsible for its own legal fees and related expenses (including the costs of experts, evidence and counsel).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3.Indemnification. To the extent provided in the Company's Certificate of Incorporation or Bylaws, as in effect from time to time, and subject to any separate agreement (if any) between the Company and the Executive regarding indemnification, the Company shall indemnify the Executive for losses or damages incurred by the Executive as a result of causes of action arising from the Executive's performance of duties for the benefit of the Company, whether or not the claim is asserted during the Term. In addition, Executive shall participate in directors and officers insurance, if any, maintained by the Company from time to time on the same terms and conditions as other senior executives or directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4.<u>Assignment.</u> This Employment Agreement, and the Executive's rights and obligations hereunder, may not be assigned by the Executive, and any purported

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assignment by the Executive in violation hereof shall be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5.<u>Payments Following Executive's Death.</u> Any amounts payable to the Executive pursuant to this Employment Agreement that remain unpaid at the Executive's death shall be paid to the Executive's estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6.Notices. Unless otherwise provided herein, all notices, requests demands, claims and other communications provided for under the terms of this Employment Agreement shall be in writing. Any notice, request, demand, claim or other communication hereunder shall be sent by (i) personal delivery (including receipted courier service) or overnight delivery service, (ii) facsimile during normal business hours, with confirmation of receipt, to the number indicated, (iii) reputable commercial overnight delivery service courier or (iv) registered or certified mail, return receipt requested, postage prepaid and addressed to the intended recipient as set forth below:

If to the Company:

Viskase Companies, Inc. <br>333 East Butterfield Road <br>Suite 400

Lombard, IL 60148-5679 <br>Attention: General Counsel <br>Facsimile: 630 874-0176

with a copy to:

Icahn Enterprises, L.P.

16690 Collins Avenue - Penthouse Suite Sunny Isles Beach, Florida 33160

Attention: General Counsel

Facsimile: 917.5913310

If to the Executive:

Timothy P. Feast

[\*\*\*\*\*]

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At the last known principal residence address reflected in the payroll records of the Company, or to such other address as either party shall have furnished to the other in writing in accordance herewith.

All such notices, requests, consents and other communications shall be deemed to have been given when received. Any party may change its facsimile number or its address to which notices, requests, demands, claims and other communications hereunder are to be delivered by giving the other party hereto notice in the manner then set forth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7.<u>Governing Law.</u> This Employment Agreement shall be governed and interpreted and the rights of the parties determined in accordance with the laws of the United States applicable thereto and the internal laws of the State of Delaware without giving effect to the conflict of laws principles thereof. Any unresolved dispute arising out of this Employment Agreement shall be litigated solely in any court of competent jurisdiction in (a) state courts of the State of Florida located in Miami-Dade County and (b) the United States District Court for the Southern District of the State of Florida for the purposes of any action or proceeding arising out of or relating to this Agreement; provided that the Company may elect to pursue a court action to seek injunctive relief in any court of competent jurisdiction to terminate the violation of its proprietary rights, including but not limited to trade secrets, copyrights or trademarks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.8.** <u>Waiver of Jury Trial.</u> THE PARTIES HERETO AGREE TO WAIVE THE RIGHT TO A TRIAL BY JURY. THIS WAIVER IS KNOWINGLY, INTENTIONALLY, AND VOLUNTARILY MADE BY EXECUTIVE, AND EXECUTIVE ACKNOWLEDGES THAT, EXCEPT FOR THE COMPANY'S AGREEMENT TO LIKEWISE WAIVE ITS RIGHTS TO A TRIAL BY JURY (WHICH THE COMPANY HEREBY MAKES), THE COMPANY HAS NOT MADE ANY REPRESENTATIONS OF FACTS TO INDUCE THIS WAIVER OF TRIAL BY JURY OR IN ANY WAY TO MODIFY OR NULLIFY ITS EFFECT. EXECUTIVE FURTHER ACKNOWLEDGES THAT HE HAS READ AND UNDERSTANDS THE MEANING AND RAMIFICATIONS OF THIS WAIVER AND AS EVIDENCE OF THIS FACT SIGNS THIS EMPLOYMENT AGREEMENT BELOW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9.<u>Severability.</u> If any paragraph or part or subpart of any paragraph in this Employment Agreement or the application thereof is construed to be overbroad and/or unenforceable, then the court making such determination shall have the authority to narrow the paragraph or part or subpart of the paragraph as necessary to make it enforceable and the paragraph or part or subpart of the paragraph shall then be enforceable in its/their narrowed form. Moreover, each paragraph or part or subpart of each paragraph in this Employment Agreement is independent of and severable (separate) from each other. In the event that any paragraph or part or subpart of any paragraph in this Employment Agreement is determined to be legally invalid or unenforceable by a court and is not modified by a court to be enforceable, the affected paragraph or part or subpart of such paragraph shall be stricken from this Employment Agreement, and the remaining paragraphs or parts or subparts of such paragraphs of this Employment Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10.<u>Entire Agreement.</u> From and after the Commencement Date, this Employment Agreement constitutes the entire agreement between the parties hereto, and supersedes all prior representations, agreements and understandings, both written and oral, relating to any employment of the Executive by the Company or any of its Affiliates.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11.<u>Counterparts.</u> This Employment Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all such counterparts shall together constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12.<u>Binding Effect.</u> The terms of this Employment Agreement shall be binding upon the Executive, the Executive's heirs, executors, assigns, administrators and legal representatives, and shall inure to the benefit of the Company and its successors and assigns, including, without limitation, any successor to all or substantially all of the business and/or assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13.<u>General Interpretive Principles.</u> The name assigned this Employment Agreement and headings of the sections, paragraphs, subparagraphs, clauses and subclauses of this Employment Agreement are for convenience of reference only and shall not in any way affect the meaning or interpretation of any of the provisions hereof. Words of inclusion shall not be construed as terms of limitation herein, so that references to "include", "includes" and "including" shall not be limiting and shall be regarded as references to non-exclusive and non-characterizing illustrations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14.Mitigation. Notwithstanding any other provision of this Employment Agreement, (a) the Executive will have no obligation to mitigate damages for any breach or termination of this Employment Agreement by the Company, whether by seeking employment or otherwise and (b) the amount of any payment or benefit due the Executive after the date of such breach or termination will not be reduced or offset by any payment or benefit that the Executive may receive from any other source.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.15.<u>Company Actions,</u> Any actions, approvals, decisions, or determinations to be made by the Company under this Employment Agreement shall be made by the Board, except as otherwise expressly provided herein. For purposes of any references herein to the Board's designee, any such reference shall be deemed to include such officers of the Company, or committees of the Board, as the Board may expressly designate from time to time for such purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.16.<u>Survival.</u> All provisions of this Employment Agreement which by their terms, contain continuing obligations by Executive shall survive termination of this Employment Agreement, including without limitation, the covenants, duties and obligations under Sections 3.4, 3.5 and 4 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.17.<u>Assumption of Agreement By Successor.</u> In the event of a Change in Control, the Company will request that any successor expressly assume and agree, pursuant to an appropriate written assumption agreement, to perform the Company's obligations under this Employment Agreement in substantially the same manner and to substantially the same extent that the Company would be required to perform if no such Change in Control had taken place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.18.<u>Definitions.</u> In addition to the defined terms set forth throughout this Employment Agreement, the capitnli7ed terms set forth on <u>Appendix C</u> shall have the respective meanings set forth thereon and are incorporated by reference into this Employment Agreement.

[signature page follows]

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**IN WITNESS WHEREOF, the parties have executed this Employment Agreement as of the date first written above.**

---

| | |
|:---|:---|
| /s/ Timothy P. Feast | **Viskase Companies, Inc.** |
| Timothy P. Feast | **/**s/ Joseph King |
|  | General Counsel |

---

[Signature Page to Employment Agreement]

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## Exhibit 10.11

**Exhibit 10.11**

**VISKASE COMPANIES, INC.**

**2022 LONG-TERM INCENTIVE PLAN**

**For the Performance Period**

**September 6, 2022 – September 5, 2027**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **PURPOSE AND STRUCTURE** 

The Company's (as defined below) 2022 Long-Term Incentive Plan (the <u>"Plan"</u>) is designed to drive a culture focused on long-term company performance. The Plan is intended to deliver "pay-for-performance" through a potential long-term incentive payment, which is based on an overall increase in the Net Asset Value of the Company during the Performance Period, to encourage and stimulate superior performance by eligible Participants, and to assist in retaining key employees. The Plan contemplates the payment of a Bonus Award after a Sale of the Company or at the end of the fifth year of the Plan. This Plan is intended to be in effect through September 5, 2027, subject to the right of the Compensation Committee to amend, modify, or terminate this Plan as provided below. All capitalized terms used in the Plan have the meaning assigned to such terms in Section II below unless such terms are otherwise defined in the Plan or the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **DEFINITIONS** 

Definitions for specific terms used within this Plan are identified below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>"Affiliate"</u> means each of the following: (i) any Subsidiary; (ii) any Parent; (iii) any corporation, trade or business (including, without limitation, a partnership or limited liability company) which directly or indirectly, controls fifty percent (50%) or more (whether by ownership of stock, assets or an equivalent ownership interest or voting interest) of the Company or one of its Affiliates, or is under common control with the Company; (iv) any trade or business (including, without limitation, a partnership or limited liability company) which directly or indirectly controls fifty percent (50%) or more (whether by ownership of stock, assets or an equivalent ownership interest or voting interest) of the Company; and (v) any other entity in which the Company or any of its Affiliates has a material equity interest and which is designated as an "Affiliate" by resolution of the Compensation Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>"Award Agreement"</u> refers to the Long-Term Performance Agreement presented to Participants in this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>"Beneficial Owner</u> " has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Securities Exchange Act of 1934, as amended, except that in calculating the beneficial ownership of any particular "person" (as that term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended), such "person" will be deemed to have beneficial ownership of all securities that such "person" has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only after the passage of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>"Board"</u> means the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>"Bonus Award"</u> is the cash payment that may be earned by Participants, subject to the eligibility requirements set forth in Section III, achievement by the Company of Performance

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Metrics set forth in Section V with respect to the Performance Period, and subject to adjustments as provided in this Plan and the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. " <u>Breach of Conduct</u> " means (i) (A) if a Participant has executed an employment agreement, Award Agreement or other agreement with the Company or any of its Affiliates, then (1) the commission by the Participant of any act contained within the definition of "cause" contained therein or (2) any breach by the Participant of such agreement, (B) a Participant's conviction of, or entering a guilty plea, no contest plea or nolo contendere plea to any crime (other than traffic violations), (C) failure by a Participant to work on a full-time basis in the Company's offices or other approved work location, other than on holidays, vacation days, sick days, or other days off under the Company's business policies; (D) illegal use by a Participant of drugs or alcohol in violation of the Company's business policies; or (E) a material breach by a Participant of the Participant's employment terms; or (ii) conduct, as determined by the Compensation Committee in its sole and absolute discretion, involving any one of the following: (A) a material violation by a Participant of any business policy or standard of the Company or any Subsidiary that has been distributed or made available to the Participant, (B) material misconduct or inadequate performance by a Participant; (C) a Participant's commission of an act of embezzlement, fraud or theft; (D) a Participant's unauthorized disclosure of any trade secret or confidential information of the Company (or any client, customer, supplier or other third party who has a business relationship with the Company) or a Participant's willful failure to protect any trade secret or confidential information of the Company; (E) a Participant's violation of any noncompetition or nonsolicitation covenant or similar agreement with the Company or any of its Subsidiaries or soliciting, inducing, or attempting to induce employees of the Company or its Subsidiaries to terminate their employment with the Company or a Subsidiary; (F) a Participant's violation of any assignment of inventions obligation with the Company or any of its Subsidiaries; (G) a Participant's commission of an act which constitutes unfair competition with the Company or which induces or attempts to induce any customer or prospective customer of the Company to breach a contract with the Company or to decline to do business with the Company; (H) a Participant's commission of an act of fraud or breach of fiduciary duty; (I) the failure of a Participant to perform in a material respect his or her employment obligations without proper cause; (J) any violation by a Participant of the terms or conditions of this Plan or any Award Agreement; or (K) a Participant's disparagement, or inducement of others to do so, of the Company or its Affiliates, or their past or present officers, directors, employees or products, or their controlling persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. <u>"Cause"</u> means with respect to a Participant: (i) dishonesty detrimental to the best interests of the Company or any of its Affiliates; (ii) conduct of a Participant involving any immoral acts which is reasonably likely to impair the reputation of the Company or any of its Affiliates; (iii) willful disloyalty to the Company or the Board; (iv) refusal or failure of a Participant to obey the lawful directions of the Board or immediate superiors; (v) neglect of duties and responsibilities assigned to a Participant; (vi) commission of, or indictment for a felony or any crime involving fraud or embezzlement or dishonesty or conviction of, or plea of nolo contendere to a misdemeanor (other than a traffic violation) punishable by imprisonment under foreign, federal, state or local law; (vii) the violation, as determined by the Board or Compensation Committee based on opinion of counsel, by a Participant of any securities or employment laws or regulations; (viii) the use by a Participant of a controlled substance without a prescription or the use of alcohol, which impairs the Participant's ability to carry out his or her duties and responsibilities; (ix) material violation by a Participant of the Company's policies and procedures or any breach of any agreement between the Company and a Participant (including, without limitation, the Company's applicable

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confidentiality policy and any non-compete and/or non-solicitation provisions to which the Participant is subject); (x) willful misconduct or negligence resulting in a material economic harm to the Company; (xi) unauthorized contact with a prospective buyer or investor; (xii) refusal to execute the signature page of any Company policy requiring a signature indicating his or her agreement thereto; (xiii) embezzlement and/or misappropriation of property of the Company or any of its Affiliates, or any act involving fraud with respect to the Company or any of its Affiliates; or (xiv) failure by the Participant in his or her responsibility to manage or monitor risk which resulted in a subordinate engaging in misconduct or gross dereliction of duty resulting in either a violation of law or Company policy or procedures, that in either case, causes significant financial or reputational harm to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. <u>"Clawback"</u> is a compensation recovery method, provided under the Plan to recover all (or a portion) of a prior Bonus Award based on a correction or restatement of the Company's financial statements or other factors affecting Performance Metrics as expressly described herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. <u>"Code"</u> means the U.S. Internal Revenue Code of 1986, as amended. Any reference to any section of the Code will also be a reference to any successor provision and any Treasury Regulation promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. <u>"Company"</u> means Viskase Companies, Inc. and its Subsidiaries and their successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. <u>"Compensation Committee"</u> means the Compensation Committee of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. <u>"Fiscal Year"</u> means the Company's Fiscal Year beginning January 1 and ending December 31.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. <u>"Good Reason"</u> means (i) a material reduction in a Participant's base salary; (ii) a material reduction by the Company in the duties or responsibilities of the Participant; or (iii) Participant being required to perform illegal acts by the Company. Good Reason shall not exist unless both (x) the Participant provides written notice to the Company of the condition claimed to constitute grounds for a Good Reason termination within thirty (30) days of the initial existence of such condition(s), (y) the Company fails to remedy such condition(s) within thirty (30) days of receiving such written notice thereof; and (z) the Participant terminates employment within sixty-five (65) days following the expiration of the Company's cure period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. <u>"Parent"</u> means any parent corporation of the Company within the meaning of Section 424(e) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O. <u>"Participant(s)"</u> refer(s) to the employees listed selected and approved by the Compensation Committee, as long as any such person is eligible to participate in the Plan pursuant to Section III and any other person approved by the Compensation Committee in its sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P. " <u>Performance Metrics</u> " refers to the positive change in the Net Asset Value of the Company during the Performance Period as described herein and in the Award Agreements.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q. <u>"Performance Period"</u> means the period commencing September 6, 2022 and ending September 5, 2027, or such other performance period in the case of a Sale of the Company, all as described in the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R. <u>"Person"</u> means any natural person, corporation, limited liability company, or other legal entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S. <u>"Related Parties"</u> shall mean (i) Carl Icahn, any spouse and any child, stepchild, sibling or descendant of Carl Icahn; (ii) any estate of Carl Icahn or of any Person referred to in clause (i); (iii) any Person who receives a bequest from or beneficial interest in any estate under clause (ii) to the extent of such interest; (iv) any executor, personal administrator or trustee who holds such beneficial interest in the Company for the benefit of, or as fiduciary for, any Person under clauses (i), (ii) or (iii) to the extent of such interest; (v) any Person directly or indirectly owned or controlled by Carl Icahn or any other Person or Persons identified in clauses (i), (ii) (iii) or (iv); and (vi) any not-for-profit entity not subject to taxation pursuant to Section 501(c)(3) of the Internal Revenue Code or any successor provision to which Carl Icahn or any Person identified in clauses (i), (ii) or (iii) above contributes his beneficial interest in the Company or to which such beneficial interest passes pursuant to such Person's will.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. <u>"Sale of the Company"</u> or " <u>Change in Control</u> " means a (i) the consummation of any transaction (including, without limitation, any sale of stock, merger, consolidation or spinoff), the result of which is that any Person, other than Carl Icahn or the Related Parties, becomes that Beneficial Owner, directly or indirectly, of more than 50% of the voting power of the voting securities of the Company (or, if applicable, its parent corporation or entity) or (ii) the acquisition by any Person, other than Carl Icahn or the Related Parties, of all or substantially all of the assets of Company; provided, however, that in either scenario (i) or (ii) above the sale must be to a buyer that is not an Affiliate of Icahn Enterprises L.P. ("IEP"), or to two or more Persons unaffiliated with IEP acting as a group, in a single transaction or series of related transactions occurring within a 12-month period; and provided, further, that to the extent the definition of Change in Control is applicable to a Bonus Award that constitutes deferred compensation for purposes of Code Section 409A, the transaction or acquisition shall only constitute a Change in Control for purposes of such Bonus Award to the extent the transaction or acquisition would constitute a change in control under either (i) or (ii) and would also constitute a change in control event as defined in 26 C.F.R. 1.409A3(i)(5)(i). Notwithstanding the foregoing, a Sale of the Company shall not occur solely by reason of a public offering of the Company's securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U. <u>"Subsidiary"</u> means any subsidiary corporation of the Company within the meaning of Section 424(f) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **ELIGIBILITY** 

A Participant will become eligible to earn a Bonus Award under the following conditions: (i) the Participant is expressly selected for participation in the Plan and returns to the Company an executed copy of an Award Agreement on a form approved by the Compensation Committee; (ii) the Participant must have returned to the Company executed copies of any confidentiality, non- competition, non-disparagement and other restrictive covenants in any offer letter or employment agreement under which they were employed, and/or in any other agreement they had or were required to have with the Company, and acknowledged his or her understanding and acceptance of the Company's policies consistent with the Company's practices and procedures; (iii) the

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Participant must be employed by the Company on the last day of the Performance Period except as set forth in Sections 8 and 10 of the Award Agreement; and (iv) the Participant is subject to all other terms, conditions, restrictions and/or requirements set forth in this Section III.

● **Termination of Employment.** Each Award Agreement shall set forth the vesting provisions and the impact of an intervening termination of employment upon payment of the Bonus Award, as established by the Compensation Committee in its sole discretion.

● **Forfeiture of Bonus Award.** If a Participant's termination of employment for Cause occurs prior to the date a Bonus Award that has been awarded to such Participant is actually paid out, then the Participant will not be entitled to any bonus payment with respect to such Bonus Award. Bonus Awards are not considered earned until they are approved by the Compensation Committee. As a condition of the receipt of any Bonus Award, a Participant may be required to certify in writing (or will be deemed to have certified) at the time of receipt in a manner acceptable to the Company that the Participant (i) is in compliance with the terms and conditions of the Plan, (ii) has not violated any terms of any applicable Company confidentiality policy or any non-compete and/or non-solicitation provisions to which the Participant is subject, and (iii) has not engaged in, and does not intend to engage in, any behavior that would result in a termination for Cause.

● **Clawback of Bonus Award.** In addition to any other remedies available to the Company or a Subsidiary, and to the fullest extent permitted under applicable law, the Compensation Committee in its sole and absolute discretion, will be entitled to cancel, declare forfeited, rescind, or require the return of any outstanding Bonus Award (or a portion thereof), or recover from the Participant at any time, and the Participant will pay over to the Company upon request, an amount up to the amount of any Bonus Award that has been paid out to the Participant in the event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Restatement of Company's Financial Statements</u>. There is a restatement of the Company's consolidated financial statements (or the Board otherwise determines that the Company's financial statements were incorrect) and the amount of the payment that would have been received by the Participant had the financial results been properly reported would have been lower than the amount actually received; provided however, there shall be no clawback to the extent that a restatement of the financial statements results from the acts or conditions existing prior to the Participant's date of hire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Breach of Conduct</u>. The Compensation Committee determines that: (i) the Participant has, at any time (whether before or after the grant date of the Bonus Award), committed a Breach of Conduct; or (ii) engaged in imprudent conduct with respect to inventory management, capital expenditures, investments and/or engaged in operating behavior which is detrimental to the long-term value of the company, for the purpose of increases the amount of a Bonus Award, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Indemnity Claims</u>. Either the Company or any of its Affiliates is required to make an indemnification payment with respect to a Sale of the Company and the indemnification payment was included in the calculation of the Bonus Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Compensation Committee's Clawback rights described in this section shall expire and be of no force or effect one (1) year after the date of payment of the Bonus Award.

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To the extent that amounts are not immediately repaid to the Company as provided above, the Company may, to the extent permitted by applicable law, seek other remedies, including a set off of the amounts so payable to it against any amounts that may be owing from time to time by the Company or a Subsidiary to the Participant for any reason, including, without limitation, wages, severance or vacation pay or other benefits; provided, however, that, except to the extent permitted by Treasury Regulation Section 1.409A-3(j)(4), such offset shall not apply to amounts that are "deferred compensation" within the meaning of Section 409A of the Internal Revenue Code. The Compensation Committee shall have full and final authority to make all determinations with respect to the Clawback rights set forth herein, including, without limitation, the application of this section and the amount of compensation to be repaid or forfeited by the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **BONUS AWARD** 

Participants covered by this Plan will be notified of eligibility in writing by the Company and will receive an Award Agreement which will provide additional terms and conditions applicable to Bonus Awards, including the Participant's individual "Award Percentage".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **PERFORMANCE METRICS** 

The Board or the Compensation Committee may, in its sole and absolute discretion, at any time prior to the final determination of Bonus Awards, increase, decrease or otherwise adjust Performance Metrics, targets, and payout ranges used hereunder as a result of extraordinary or non-recurring events, changes in applicable accounting rules or principles, changes in the Company's methods of accounting, changes in applicable law, changes due to any consolidation, acquisition or reorganization affecting the Company and its Subsidiaries or such other material change in the Company's business. The Board or the Compensation Committee, as applicable, will implement such change(s) in its sole and absolute discretion and without the consent of any Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **COMPUTATION AND DISBURSEMENT OF FUNDS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **COMPUTATION** 

The calculation of the Company's financial and operational targets will be based upon the Company's audited financials, subject to review and approval by the Compensation Committee in its sole and absolute discretion and determination by the Compensation Committee in its sole and absolute discretion as to whether or not the Performance Metrics were achieved.

Notwithstanding anything to the contrary in this Plan, if the Compensation Committee determines, in its sole and absolute discretion, that calculations underlying the Performance Metrics, including but not limited to, mistakes in the Company's audited financial statements for any Fiscal Year were incorrect, then the Compensation Committee may (i) adjust Bonus Awards (upward or downward); and/or (ii) initiate a Clawback.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **DISBURSEMENT OF FUNDS** 

As soon as practicable after the close of the Performance Period, the Company's Chief Financial Officer will calculate the financial performance and the proposed payout of the applicable Bonus Award in accordance with the terms and conditions of this Plan and the applicable Award Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **TAXES** 

Income, employment, and any other applicable taxes and withholdings will be withheld from any Bonus Award payments required under the Plan to the extent determined by the Company in accordance with applicable law. In addition, in the sole and absolute discretion of the Company, any applicable employment taxes that are a liability of a Participant may be deducted from Bonus Awards and transmitted to the appropriate tax authority. A Participant who receives payment hereunder also will be issued a Form W-2, Form 1099, or other report as is required by law, and such report also will be filed with taxing authorities as is required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **ADMINISTRATION** 

This Plan and each Award Agreement will be administered by the Compensation Committee.

In the event of a claim or dispute brought forth by a Participant, the decision of the Compensation Committee as to the facts in the case and the meaning and intent of any provision of the Plan, or its application, will be final, binding, and conclusive. Notwithstanding anything herein to the contrary, the Compensation Committee shall retain sole and absolute discretion over all matters relating to this Plan and each Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **NO EMPLOYMENT CONTRACT; FUTURE PLANS** 

Participation in this Plan will not confer upon any Participant any right to continue in the employ of the Company nor interfere in any way with the right of the Company to terminate any Participant's employment at any time. The Company is under no obligation to continue the Plan after any Bonus Awards associated with a Sale of the Company or the Performance Period, as the case may be, has been determined and paid if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IX.** **GENERAL PROVISIONS** 

A Participant's rights under the Plan will not be assignable, either voluntarily or involuntarily by way of encumbrance, pledge, attachment, level, or charge of any nature (except as may be required by state or federal law).

Nothing in the Plan will require the Company to segregate or set aside any funds or other property for the purpose of paying any portion of a Bonus Award. No Participant, beneficiary or other person will have any right, title or interest in any amount awarded under the Plan prior to the payment of such Bonus Award to him or her or the close of any Performance Period, or in any property of the Company or its Subsidiaries. A Participant's rights to a Bonus Award under this Plan are no greater than those of unsecured general creditors of the Company.

Notwithstanding anything herein to the contrary, whether or not any Bonus Award is authorized, earned or paid under the Plan shall be determined by the Compensation Committee in its sole and absolute discretion, and no such Bonus Award shall be earned, nor shall any right to any such Bonus Award exist or accrue, unless, among other factors, such Bonus Award has been authorized by the Compensation Committee in its sole and absolute discretion, and actually paid to Participants. In addition, whether or not any Bonus Award is authorized, earned or paid pursuant to the Plan is without regard to whether any of the individual performance metrics, Company financial performance targets and/or goals, or any other benchmarks, targets, personal goals or Company criteria set forth in the Plan are met, not met, exceeded or not exceeded.

The Bonus Awards payable hereunder are provided solely as a payment pursuant to the circumstances described herein and shall not constitute part of a Participant's employment compensation package. The Bonus Awards hereunder are not part of normal or expected

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compensation for purposes of calculating any severance, resignation, termination pay, redundancy, end of service payments, long-service awards, bonus, incentive pay, pension, or retirement benefits or similar payments and do not create any acquired rights.

This Plan is governed by the laws of the State of Delaware and as such will be construed under and in accordance with the laws of the State of Delaware without regard to conflicts of law.

The Board may amend, suspend, modify or terminate the Plan at any time and for any reason. No Bonus Awards shall be granted under the Plan after the termination of the Plan. No termination, amendment, suspension, or modification of the Plan shall adversely affect in any material way any Bonus Award previously granted under the Plan, without the written consent of the Participant of such Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**X.** **COMPLIANCE WITH CODE SECTION 409(A)** 

This Plan and Bonus Awards paid hereunder are intended to be exempt from Code Section 409A and shall be construed, interpreted, and administered accordingly. In no event whatsoever shall the Company or its Affiliates be liable for any additional tax, interest or penalty that may be imposed on any Participant pursuant to Code Section 409A or any damages for failing to comply with Code Section 409A. This section shall not apply to any Participant who is not a U.S. taxpayer (by reason of being a U.S. citizen, U.S. resident or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XI.** **PERSONAL INFORMATION** 

By participating in this Plan, each of the Participants hereunder shall consent to the holding and processing of personal information provided by such Participant to the Company, any Affiliate of the Company, trustee, or third-party service provider, for all purposes relating to the operation of this Plan and to the extent necessary for such operation. These include, but are not limited to: (i) administering and maintaining Participant records; (ii) providing information to the Company, its Affiliates, trustees of any employee benefit trust, registrars, brokers or third-party administrators of this Plan; (iii) providing information to future purchasers or merger partners of the Company or any of its Affiliates, or the business in which a Participant works; and (iv) to the extent not prohibited by applicable law, transferring information about a Participant to any country or territory that may not provide the same protection for the information as the Participant's home country.

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## Exhibit 10.12

**Exhibit 10.12**

![Graphic](enzn-20250930xex10d12001.jpg)

**VISKASE COMPANIES, INC.**

**Management Incentive Plan for Fiscal Year 2024**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **PURPOSE** 

The Viskase Companies, Inc. Management Incentive Plan (the "Plan") has been established for Fiscal Year 2024 for those Participants defined under Section III below.

The purpose of this Plan is to provide additional compensation to Participants for their contribution to the achievement of the objectives of the Company, encouraging and stimulating superior performance by such individuals, and assisting in attracting and retaining highly qualified key employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **DEFINITIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Base Salary equals the base annual salary effective January 1<sup>st</sup><sup>t</sup> of the Plan year. Base Salary shall be the monthly base salary, multiplied by twelve, and shall exclude any "13<sup>th</sup> Month", "14<sup>th</sup> Month", or any other bonus or other remuneration. If a Participant's Bonus level or Base Salary changes during the year, the Base Salary used to calculate the Bonus under this Plan will be prorated for the portion of the year each Bonus level or Base Salary was in effect based on the 12month year described above. For the avoidance of doubt, if applicable, Base Salary shall be determined before reductions for contributions (if any) under Code Section 401(k), and shall not include, without limitation and to the extent applicable, (i) any Financial Award under the Plan; (ii) variable compensation such as incentive awards, commissions or spot bonuses, if any; (iii) imputed income from such programs as life insurance, auto allowance, or non-recurring earnings such as moving or relocation expenses, allowances or perquisites, or reimbursed business expenses; (iv) long-term incentive compensation (including stock or stock-equivalent awards, if any); (v) overtime, unless required to be included in Base Salary for purposes of the Plan in accordance with applicable law; or (vi) sign-on or relocation bonuses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Company means Viskase Companies, Inc. and its subsidiaries and its successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.Fiscal Year means the Company's Fiscal Year beginning January 1, 2024 and ending December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.Plan means the Viskase Companies, Inc. Management Incentive Plan (MIP), as from time to time amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.President & CEO means the President & CEO of Viskase Companies, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.Senior Vice President and General Counsel means the Senior Vice President and General Counsel of Viskase Companies, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.Director, Global Compensation and HRIS means the Director, Global Compensation and HRIS of Viskase Companies, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.Performance Management Committee means the Performance Management Committee of Viskase Companies, Inc., consisting of the President & CEO, the Senior Vice President and General Counsel, and the Director, Global Compensation and HRIS.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.Financial Awards are the awards that Participants may earn pursuant to the Plan.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br>**Participant's**<br>**Base**<br>**Salary** | &nbsp;&nbsp;<br>**X** | <br>**Target** <br>**Bonus** <br>**as a %** <br>**of** <br>**Salary** | <br>**X** | &nbsp;&nbsp;&nbsp;&nbsp;<br>**Participant** <br>**Individual** <br>**Performance** <br>**Factor**<br>**(50%-150%)** | &nbsp;&nbsp;&nbsp;<br>**X** | <br>**EBITDA**<br>**Performance** <br>**Factor** <br>**X** <br>**EBITDA**<br>**Performance weight**<br>**+**<br>**Cash Flow** <br>**Performance** <br>**Factor**<br>**X**<br>**Cash Flow** <br>**Performance** <br>**weight** | &nbsp;&nbsp;<br>**=** | <br>**Participant's** <br>**Financial** <br>**Award** <br>**("Bonus")** |
| &nbsp;&nbsp;<br>**Participant's**<br>**Base**<br>**Salary** | &nbsp;&nbsp;<br>**X** | <br>**Target** <br>**Bonus** <br>**as a %** <br>**of** <br>**Salary** | <br>**X** | &nbsp;&nbsp;&nbsp;&nbsp;<br>**Participant** <br>**Individual** <br>**Performance** <br>**Factor**<br>**(50%-150%)** |  | <br>**EBITDA**<br>**Performance** <br>**Factor** <br>**X** <br>**EBITDA**<br>**Performance weight**<br>**+**<br>**Cash Flow** <br>**Performance** <br>**Factor**<br>**X**<br>**Cash Flow** <br>**Performance** <br>**weight** | &nbsp;&nbsp;<br>**=** | <br>**Participant's** <br>**Financial** <br>**Award** <br>**("Bonus")** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.SMART Goals refer to the personal goals set with respect to each Participant under Section V below at the beginning of each Fiscal Year against which performance is measured.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **EMPLOYEES COVERED BY THIS PLAN** 

Those employees in eligible positions as described on Exhibit B who are specifically approved by the President & CEO for participation in the Plan (each a "Participant") shall be eligible to participate in this Plan in accordance with the terms and conditions herein and in any Plan document approved by the President & CEO and provided to the Participant. During the Fiscal Year, the President & CEO may add additional eligible positions and approve new hires or promoted employees for participation in the Plan. Notwithstanding the foregoing, no Participant shall be eligible to participate in the Plan unless he or she, if required to do so under applicable Company policies and practices, has returned to the Company an executed confidentiality commitment and acknowledged their understanding and acceptance of such confidentiality commitment consistent with the Company practices and procedures.

In order to be eligible to receive a payout under the Plan, on the actual bonus payout date, a Participant must be actively employed, in good standing, and not on a performance improvement plan or in corrective action status as a result of poor performance during the Fiscal Year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **FINANCIAL AWARD** 

A Participant in the Plan shall be entitled to a Financial Award computed as the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A."Participant's Base Salary" shall be the salary as defined in Section II.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B."Target Bonus as a % of Salary" shall be the % Target as described in the participation letter and as set forth in any Plan document approved by the President & CEO and provided to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C."Performance as a % of Target" shall be determined in the manner set forth in Exhibit A based on the attainment of the specified financial and operating goals for the Fiscal Year and the

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attainment of a Participant's SMART Goals. Exhibit A also contains examples showing application of some of the components of the formula set forth above.

It is intended that increases and decreases in Financial Awards which result from the application of Individual Performance Factors over 100% shall not result in an increase in the aggregate Plan payout that would otherwise apply based on the Performance as a % of Target (as set forth on the attached Exhibit A) (such aggregate Plan payout being referred to as the "Maximum Bonus Pool"), and in the event that the Financial Awards otherwise calculated in accordance with this Section IV would exceed the Maximum Bonus Pool, each of the Financial Awards calculated on that basis shall be reduced pro rata in order that the aggregate Financial Awards shall not exceed the Maximum Bonus Pool.

If a Participant was in more than one Bonus-eligible position during a Fiscal Year, a separate computation shall be made for each Bonus-eligible position applicable to the Participant during such Fiscal Year; the sum of the separate computations shall be the Participant's Financial Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **SMART GOAL AND PERFORMANCE RATING** 

SMART Goals for each Participant for the Fiscal Year are to be aligned with the Company's strategic goals and reviewed and approved by the Participant's supervisor, functional area head, Regional General Manager, and local Human Resources Manager. The Participant Individual Performance Factor rating, which will consider attainment of the SMART Goals will be used as a component of Performance as a % of Target and shall represent a percentage of the total obtainable Financial Award, as more fully described in Exhibit A. Employees who are rated as Unsatisfactory shall not be eligible for an award. This evaluation process will be administered by the Director, Global Compensation and HRIS, reviewed and approved by the Senior Vice President and General Counsel and the President & CEO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **PERFORMANCE MEASURES, TARGETS AND PAYOUT RANGES** 

The financial and operating performance measures, targets and payout ranges used for incentive purposes shall be established by the Compensation Committee of the Board of Directors (the "Compensation Committee") based on the annual business plan. Those measures, targets and payout ranges, as appropriate, shall be approved by the President & CEO and the Compensation Committee. The performance measures and targets are set forth in Exhibit A.

At any time prior to the final determination of awards, the Compensation Committee may, in its sole and absolute discretion, increase, decrease, or otherwise adjust performance measures, targets, and payout ranges used hereunder, as a result of extraordinary or non-recurring events, changes in applicable accounting rules or principles, changes in the Company's methods of accounting, changes in applicable law, changes due to consolidations, acquisitions, or reorganizations affecting the Company and its subsidiaries and affiliates, or other similar changes in the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **COMPUTATION AND DISBURSEMENT OF FUNDS** 

As soon as practicable after the close of the Fiscal Year and approval of the Company's annual financial statements, the Chief Financial Officer shall calculate the applicable financial and operating performance measures under the Plan. The Director, Global Compensation and HRIS shall then calculate the proposed payout under the Plan based upon the proposed achievement of the financial and operating performance measures and the determinations of Performance as a % of Target. The proposed payout shall be verified by the President & CEO and presented to the Compensation Committee for review and final approval. Once approved, payment of the Financial Awards shall be made within 30 days after completion of the annual audit, but not later than

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September 30<sup>th</sup> of the calendar year following the fiscal year for which the award is earned. Any determination by the Compensation Committee made under this paragraph shall be final and binding on all parties.

Each Participant shall be liable for any and all federal, state, provincial, local or foreign taxes, pension plan contributions, employment insurance premiums, social insurance contributions, amounts payable to a governmental and/or regulatory body in the Participant's country and other levies of any kind required by applicable laws to be deducted or withheld with respect to the awards granted pursuant to the Plan (collectively, the "Withholding Taxes"). The Company and its subsidiaries shall have the right to deduct and withhold all required Withholding Taxes from any payment or other consideration deliverable to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **PRORATION OF FINANCIAL AWARDS** 

Any Participant who is not employed with the Company in a Bonus-eligible position on or prior to October 1 of the Fiscal Year, or who is not employed in a Bonus-eligible position for a minimum of three months during the Fiscal Year, shall not be eligible to receive a Financial Award for the Fiscal Year, except as otherwise provided by the Compensation Committee. Any Participant who is eligible for a Financial Award but who did not serve in a Bonus-eligible position during the entire Fiscal Year will be eligible for a pro-rated Bonus payment based on the amount of time such eligible Participant was actively and continuously employed in an eligible position during the Fiscal Year.

● *New Hires and Rehires* – The Financial Award will be prorated based upon the number of full months the Participant was employed during the Fiscal Year. For example, a Participant initially hired on July 1 <sup>st</sup> would be eligible for 50% of the annual Financial Award. In the case of rehires, there is no credit for prior service and the rehire date must occur prior to October 1 <sup>st</sup> in order for the Participant to be Bonus-eligible under the Plan for the Fiscal Year.

● *Leaves of Absence -* Time taken during a leave of absence (including disability leave) is not credited toward eligibility for a Financial Award; therefore, awards will be prorated for the length of time on leave of absence. Furthermore, payments of Financial Awards are not considered earned and payable unless and until the Participant returns to work, with the exception of military leave. If the leave of absence lasts nine months or more during the Fiscal Year, the Participant will not have met the three-month eligibility required to earn a Bonus for that Fiscal Year.

● *Promotions and Demotions* – If the action results in a movement from one Bonus-eligible position to another Bonus-eligible position (with either a higher or lower Bonus target) a prorated Financial Award will be calculated. The Financial Award will be calculated separately by factoring the time in each Bonus-eligible position by the corresponding Bonus target and Base Salary during the Participant's tenure in each position. However, if a Participant is both promoted and later demoted during the Fiscal Year, the Participant's entire Bonus eligibility and Bonus target percent will be determined by the lower grade.

● *Status Change* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Change in employment status* – The Financial Award is not payable unless the Participant has occupied a Bonus-eligible position for at least three months during the Fiscal Year and meets all eligibility criteria during the last full quarter of the Fiscal Year, i.e., from October 1 <sup>st</sup> through December 31 <sup>st</sup> . The Financial Award

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will be based upon the Base Salary and the annual Bonus target while in the Bonus eligible position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Bonus-eligible position to a non-Bonus eligible position* – The Financial Award will be prorated based upon the time in a Bonus-eligible position as long as the Participant was in the position for a minimum of three months during the Fiscal Year. A Participant must occupy a Bonus-eligible position prior to October 1 <sup>st</sup> in order to be eligible to receive a Bonus payment for the Fiscal Year. The Financial Award will be based upon the Base Salary and the annual Bonus target while in the Bonus-eligible position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Non-Bonus-eligible position to a Bonus-eligible position* – The Financial Award will be prorated based on the time worked, the corresponding Bonus target, and the Base Salary in effect while in the Bonus-eligible position as long as the Participant was in the eligible position for a minimum of three months during the Fiscal Year. A Participant must move into the Bonus-eligible position prior to October 1 <sup>st</sup> in order to be eligible to receive a Bonus payment for the Fiscal Year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IX.** **FORFEITURE / RECOUPMENT OF FINANCIAL AWARDS** 

Financial Awards are not considered earned until they are approved by the Compensation Committee and are actually paid by the Company. Consequently, a Participant whose employment with the Company is voluntarily or involuntarily terminated prior to the actual Financial Award payment date will be ineligible for payment of the Financial Award, except as otherwise provided by the Compensation Committee in its sole and absolute discretion, in which case any such Financial Award to the terminated employee shall be paid at the time Financial Awards are paid to active employees pursuant to Section VII above.

If the Compensation Committee, in its sole and absolute discretion, determines that (i) there has been misconduct or a gross dereliction of duty resulting in either a violation of law or Company policy or procedures, that in either case, causes significant financial or reputational harm to the Company (or any of its affiliates), and that a Participant committed the misconduct/gross dereliction of duty, or materially failed in his or her responsibility to manage or monitor the applicable conduct or risk; (ii) a conduct of a Participant involves an immoral act which is reasonably likely to impair the reputation of the Company (or any of its affiliates); (iii) a Participant was convicted for a felony or any crime involving fraud or embezzlement or dishonesty or was convicted of, or entered a plea of *nolo contendere* to a misdemeanor (other than a traffic violation) punishable by imprisonment under federal, state or local law; (iv) a Participant violated any securities or employment laws or regulations; (v) a Participant materially breached any confidentiality, non-compete and/or non-solicitation clauses in a Participant's employment letter, employment contract, or other written agreement with the Company (or any of its affiliates); or (vi) a Participant embezzled and/or misappropriated any property of the Company (or any of its affiliates) or committed any act involving fraud with respect to the Company (or any of its affiliates), then, to the extent not prohibited by applicable law, the Compensation Committee, in its sole and absolute discretion, may seek reimbursement from such Participant of (and such Participant shall be obligated to repay) all or any portion of any payments made to such Participant in respect of the Financial Award; provided, however, that the Compensation Committee may only seek such reimbursement in respect of payments of the Financial Award made to a Participant within the three-year period preceding the date that the Compensation Committee makes a determination that there has been misconduct or a gross dereliction of duty.

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If the Compensation Committee determines, in its sole and absolute discretion, that calculations underlying the performance measures and targets, including but not limited to mistakes in the Company's financial statements with respect to the Fiscal Year, were incorrect, then the Compensation Committee may, in its sole and absolute discretion, seek to recover the amount of any payment made to Participants that exceeded the amount that would have been paid based on the corrected calculations; provided, however, that the Compensation Committee may only seek to recover such amounts within the three-year period preceding the date that the Compensation Committee makes a determination that the calculations were incorrect.

To the extent not prohibited by applicable law, if a Participant is an executive officer of the Company, or, if applicable, has otherwise been designated by the Board of Directors as an "officer" for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, the Compensation Committee, may seek reimbursement of any payment made to such Participant in respect of the Financial Award in the event of a restatement of the Company's (or any of its subsidiaries') financial results (occurring due to material noncompliance with any financial reporting requirements under applicable securities laws) that reduced a previously granted payment made to such Participant in respect of the Financial Award. In that event, the Compensation Committee may, in its sole and absolute discretion, seek to recover the amount of any such payment made to the Participant that exceeded the amount that would have been paid based on the restated financial results. The foregoing shall only apply with respect to payments made to a Participant within the three-year period prior to any such restatement.

If the Company subsequently determines that it is required by law to apply a "clawback" or alternate recoupment provision to the Financial Award, under the Dodd-Frank Wall Street Reform and Consumer Protection Act or otherwise, then such clawback or recoupment provision also shall apply to such Financial Award in accordance with the applicable legal requirements.

To the extent not prohibited under applicable law, the Company, in its sole and absolute discretion, will have the right to set off (or cause to be set off) any amounts otherwise due to a Participant from the Company in satisfaction of any repayment obligation of such Participant hereunder, provided that any such amounts are exempt from, or set off in a manner intended to comply with the requirements of Section 409A of the Code.

For the avoidance of doubt, the Company's rights under this Section IX shall apply to Participants, without regard to whether any such Participant is currently providing, or previously provided, services to the Company as an employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**X.** **ADMINISTRATION** 

This Plan shall be administered by the Director, Global Compensation and HRIS, subject to the control and supervision of the President & CEO, Senior Vice President and General Counsel and the Compensation Committee. In the event of a claim or dispute brought forth by a Participant, the decision of the President & CEO as to the facts in the case and the meaning and intent of any provision of the Plan, or its application, shall be final, binding, and conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XI.** **NO EMPLOYMENT CONTRACT; FUTURE PLANS** 

Participation in this Plan shall not confer upon any Participant any right to continue in the employ of the Company nor interfere in any way with the right of the Company to terminate any Participant's employment at any time. The Company is under no obligation to continue the Plan in future years. Participation in this Plan shall also supersede and eliminate any annual incentive bonus plan and/or other statutory or contractual annual bonus arrangement that the Participant has or may

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have had by contract or otherwise ("Other Bonus Arrangement"), except as may be expressly provided in the acceptance document that such Participant executes or in any employment or other agreement that specifically references eligibility to participate in the Management Incentive Plan or its predecessor Management Incentive Plan or SMART Goal Incentive Plan. In the event that, under applicable law, the foregoing sentence is to any extent not enforceable to supersede and eliminate entitlement under such Other Bonus Arrangement, then any amounts which would otherwise be payable under this Plan shall be automatically reduced by any amounts paid or payable to a Participant under any such Other Bonus Arrangement with respect to the same Fiscal Year period.

FOR EMEA BONUS PLANS PARTICIPANTS:

Each Participant, as a condition of participation in the Plan, shall sign an acknowledgement substantially as follows:

"By signing below, the Participant acknowledges and accepts unreservedly that this Plan supersedes by right any prior variable remuneration scheme that he had been previously granted, including but not limited to any sales incentive plan; consequently, membership to the Plan shall terminate any variable remuneration schemes that may have existed before, without any possible accumulation."

"En apposant sa signature ci-après, le Participant reconnaît et accepte sans réserve que ce programme se substitue de plein droit au(x) dispositif(s) antérieur(s) dont il bénéficiait à titre de rémunération variable, y compris, mais sans s'y limiter, tout plan d'incitation à la vente ("*Sales incentive plan*") ; en conséquence l'adhésion au Plan met un terme au(x)dispositifs(s) de rémunération variable ayant préexisté, aucun cumul n'étant possible."]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XII.** **AMENDMENT OR TERMINATION** 

The Compensation Committee may at any time, or from time to time, in its sole and absolute discretion, (a) amend, alter or modify the provisions of this Plan, (b) terminate this Plan, or (c) terminate the participation of an employee or group of employees in this Plan; provided, however, that in the event of the termination of this Plan or a termination of participation, the Compensation Committee, in its sole and absolute discretion, may determine that a prorated award is payable to employees who were Participants in this Plan. If such determination is made and prorated awards are granted, the awards shall be paid within 30 days after completion of the annual audit but not later than September 30 of the calendar year following the Fiscal Year for which the award is earned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XIII.** **GENERAL PROVISIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.No rights of the Participants under this Plan shall be transferable or assignable by a Participant, either voluntarily or involuntarily by way of encumbrance, pledge, attachment, levy, or charge of any nature (except as may be required by state or federal law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Unless not permitted by law, notwithstanding anything herein to the contrary, whether or not any Financial Award is authorized, earned or paid under this Plan shall be determined by the Compensation Committee in its sole and absolute discretion, and no such Financial Award shall be earned, nor shall any right to any such Financial Award exist or accrue, unless, among other factors, such Financial Award has been authorized by the Compensation Committee in its sole and absolute discretion, and actually paid to the Participants. In addition, whether or not any Financial Award is authorized, earned or paid pursuant to this Plan is without regard to whether any

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of the individual performance metrics, Company financial performance targets and/or goals, or any other benchmarks, targets, personal goals, or Company criteria set forth in the Plan are met, not met, exceeded or not exceeded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.Nothing in the Plan shall require the Company to segregate or set aside any funds or other property for the purpose of paying any portion of an award. No Participant, beneficiary or other person shall have any right, title or interest in any amount awarded under the Plan prior to the payment of such award to him or her. A Participant's rights to a Financial Award under this Plan are no greater than those of unsecured general creditors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.By participating in the Plan, each Participant hereunder shall consent to the holding and processing of personal information provided by such Participant to the Company, any affiliate of the Company, trustee or third-party service provider, for all purposes relating to the operation of the Plan and to the extent necessary for such operation. These include, but are not limited to: (i) administering and maintaining Participant records; (ii) providing information to the Company, its affiliates, trustees of any employee benefit trust, registrars, brokers or third party administrators of the Plan; (iii) providing information to future purchasers or merger partners of the Company or any of its affiliates, or the business in which the Participant works; and (iv) to the extent not prohibited by applicable law, transferring information about the Participant to any country or territory that may not provide the same protection for the information as the Participant's home country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.The Financial Award payable hereunder is provided solely as an incentive and shall not constitute part of a Participant's employment compensation package. The Financial Award under the Plan is not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, long-service awards, pension, or retirement benefits or similar payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.This Plan is governed by the laws of the State of New York and as such will be construed under and in accordance with the laws of the State of New York without regard to conflicts of law.

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**VISKASE COMPANIES, INC.**

**2024 Management Incentive Plan Participation Acknowledgement**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Participant** | **Target** |

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I acknowledge receipt of a copy of the 2024 Management Incentive Plan and agree with its provisions.

Signed and Agreed, effective for the Fiscal Year commencing January 1, 2024.

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| | |
|:---|:---|
| PARTICIPANT |  |
| Signature : | Date : |

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| | | |
|:---|:---|:---|
| VISKASE COMPANIES, INC. | VISKASE COMPANIES, INC. |  |
| By : |  | Date : |
|  | Tim Feast |  |
|  | President & CEO |  |

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## Exhibit 10.13

**Exhibit 10.13**

**LIMITED WAIVER AND THIRD AMENDMENT TO CREDIT AGREEMENT**

**THIS LIMITED WAIVER AND THIRD AMENDMENT TO CREDIT AGREEMENT** (this "<u>Amendment</u>"), dated as of February 14, 2025, is by and among **VISKASE COMPANIES, INC.**, a Delaware corporation (the "<u>Borrower</u>"), the other Subsidiary Guarantors party hereto, the Lenders party hereto and **BANK OF AMERICA, N.A.**, as administrative agent (in such capacity, the "<u>Administrative Agent</u>"). Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed thereto in the Credit Agreement.

**W I T N E S S E T H**

**WHEREAS**, the Borrower, the other Guarantors party thereto, certain financial institutions from time to time party thereto (the "<u>Lenders</u>") and the Administrative Agent are parties to that certain Credit Agreement dated as of October 9, 2020 (as amended, modified, extended, restated, replaced, or supplemented from time to time, the "<u>Credit Agreement</u>");

**WHEREAS**, certain Events of Default may have occurred pursuant to (i) Section 8.01(d) of the Credit Agreement as a result of Borrower's failure to comply with the covenant set forth in Section 7.11(a) of the Credit Agreement for the Measurement Period ending December 31, 2024, (ii) Section 8.01(d) of the Credit Agreement as a result of Borrower's failure to comply with the covenant set forth in Section 7.11(b) of the Credit Agreement for the Measurement Period ending December 31, 2024, and (iii) Section 8.01(d) of the Credit Agreement as a result of Borrower's failure to comply with the notice requirements of Section 6.05(a) of the Credit Agreement with respect to the defaults described in clauses (i) and (ii) above (the Events of Default described by and listed in this recital, the "<u>Specified Defaults</u>");

**WHEREAS**, the Borrower has requested that the Lenders waive the Specified Defaults and amend certain provisions of the Credit Agreement; and

**WHEREAS**, the Lenders are willing to waive such Specified Defaults and amend the Credit Agreement, in each case, in accordance with and subject to the terms and conditions set forth herein.

**NOW, THEREFORE**, in consideration of the agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

**Article I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.01** **Limited Waiver of Specified Defaults**. Notwithstanding the provisions of the Credit Agreement to the contrary, the Lenders hereby waive, on a one-time basis, the Specified Defaults.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.02** **Effectiveness of Limited Waiver**. These waivers shall be effective only to the extent specifically set forth herein and shall not (a) be construed as a waiver of any breach, Default or Event of Default other than as specifically waived herein nor as a waiver of any breach, Default or Event of Default of which the Lenders have not been informed by the Loan Parties, (b) affect the right of the Lenders to demand compliance by the Loan Parties with all terms and conditions of the Loan Documents, except as specifically modified or waived by this Amendment, (c) be deemed a waiver of any transaction or future action on the part of the Loan Parties requiring the Lenders' or the Required Lenders' consent or approval under the Loan Documents, or (d) except as waived hereby, be deemed or construed to be a waiver or release of, or a limitation upon, the Administrative Agent's or the Lenders' exercise of any rights or remedies under the Credit Agreement or any other Loan Document, whether arising as a consequence of any Default or Event of Default (other than a Specified Default) which may now exist or otherwise, all such rights and remedies hereby being expressly reserved.

**Article II**

**AMENDMENTS TO CREDIT AGREEMENT**

Effective as of the Amendment Effective Date but subject to the satisfaction of the conditions precedent set forth in <u>Article III</u> below, the Credit Agreement (including Exhibit C thereto, but excluding all other Schedules and Exhibits, which shall remain in the original form delivered or most recently amended, as applicable) is hereby amended as set forth in the marked terms on Exhibit A-1 attached hereto. In Exhibit A-1 hereto, deletions of text in the Credit Agreement as amended hereby are indicated by struck-through text, and insertions of text are indicated by bold, double-underlined text. Exhibit A-2 attached hereto sets forth a clean copy of the Credit Agreement as amended hereby, after giving effect to such amendments.

**Article III**

**CONDITIONS TO EFFECTIVENESS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.01** **Closing Conditions.** This Amendment shall become effective as of the day and year set forth above (the " <u>Amendment Effective Date</u> ") upon satisfaction of the following conditions (in each case, in form and substance reasonably acceptable to the Administrative Agent):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Executed Amendment</u>. The Administrative Agent shall have received a copy of this Amendment duly executed by each of the Loan Parties, Lenders constituting the "Required Lenders" and the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Default</u>. After giving effect to this Amendment, no Default or Event of Default shall exist.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Fees and Expenses</u>. (i) The Lenders shall have received from the Borrower all fees and expenses, if any, due and owing pursuant to (x) the Third Amendment Fee

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Letter, dated the date hereof, among the Borrower, the Administrative Agent and BofA Securities and (y) the Credit Agreement, and (ii) legal counsel for the Administrative Agent shall have received from the Borrower payment of all reasonable and documented out-of-pocket fees and expenses incurred in connection with this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Anti-Money-Laundering; Beneficial Ownership</u>. Upon the reasonable request of any Lender, the Borrower shall have provided to such Lender, and such Lender shall be reasonably satisfied with, the documentation and other information so requested in connection with applicable "know your customer" and anti-money-laundering rules and regulations, including, without limitation, the Patriot Act, and any Loan Party that qualifies as a "legal entity customer" under the Beneficial Ownership Regulation shall have delivered to each Lender that so requests, a Beneficial Ownership Certification in relation to such Loan Party.

**Article IV**

**MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.01** **Amended Terms**. Except as expressly set forth herein or in the Credit Agreement, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Lenders or the Administrative Agent under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect. On and after the Amendment Effective Date, all references to the Credit Agreement in each of the Loan Documents shall hereafter mean the Credit Agreement as amended by this Amendment. Except as specifically amended hereby or otherwise agreed, the Credit Agreement is hereby ratified and confirmed and shall remain in full force and effect according to its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.02** **Representations and Warranties of Loan Parties**. Each of the Loan Parties represents and warrants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)It has taken all necessary action to authorize the execution, delivery and performance of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)This Amendment has been duly executed and delivered by such Person and constitutes such Person's legal, valid and binding obligation, enforceable in accordance with its terms, except as such enforceability may be subject to (i) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors' rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)No consent, approval, authorization or order of, or filing, registration or qualification with, any court or governmental authority or third party is required in

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connection with the execution, delivery or performance by such Person of this Amendment, except for such as have been made or obtained and are in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The representations and warranties set forth in Article V of the Credit Agreement are true and correct in all material respects as of the date hereof (except for those which expressly relate to an earlier date or those which are qualified by materiality, which shall be true and correct in all respects); provided, however, that no representation or warranty is being made with respect to whether the matters set forth in Section 5.05(b) of the Credit Agreement are true and correct on the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)After giving effect to this Amendment, no event has occurred and is continuing which constitutes a Default or an Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Obligations are not reduced or modified by this Amendment and are not subject to any offsets, defenses or counterclaims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.03** **Reaffirmation of Obligations**. Without in any way establishing a course of dealing by the Administrative Agent or any Lender, and after giving effect to this Amendment, the Borrower and each Guarantor (i) acknowledges and consents to all of the terms and conditions of this Amendment, (ii) affirms all of its obligations under the Loan Documents (iii) agrees that this Amendment and all documents executed in connection herewith do not operate to reduce or discharge its obligations under the Loan Documents, (iv) agrees that the Collateral Documents continue to be in full force and effect and are not impaired or adversely affected in any manner whatsoever, (v) confirms its grant of security interests pursuant to the Collateral Documents to which it is a party as Collateral for the Obligations, and (vi) acknowledges that all Liens granted (or purported to be granted) pursuant to the Collateral Documents remain and continue in full force and effect in respect of, and to secure, the Obligations. Each Guarantor hereby reaffirms its obligations under the Guaranty and agrees that its obligation to guarantee the Obligations is in full force and effect as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.04** **Loan Document**. This Amendment shall constitute a Loan Document under the terms of the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.05** **Entirety**. This Amendment and the other Loan Documents embody the entire agreement among the parties hereto and supersede all prior agreements and understandings, oral or written, if any, relating to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.06** **Counterparts; Telecopy .** This Amendment may be executed in one or more counterparts, each of which shall constitute an original, but all of which taken together shall be one and the same instrument. Delivery of an executed counterpart of a signature page of this Amendment or any other document required to be delivered hereunder, by fax transmission or e-mail transmission (e.g. "pdf" or "tif") shall be effective as delivery of a manually executed counterpart of this Amendment. The words "delivery," "execute," "execution," "signed," "signature," and words of like import in any Loan Document or

------

any other document executed in connection herewith shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, or any other similar state laws based on the Uniform Electronic Transactions Act. Without limiting the foregoing, upon the request of any party, such fax transmission or e-mail transmission shall be promptly followed by such manually executed counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.07** **No Actions, Claims, Etc.** As of the date hereof, each of the Loan Parties hereby acknowledges and confirms that it has no knowledge of any actions, causes of action, claims, demands, damages and liabilities of whatever kind or nature, in law or in equity, against the Administrative Agent, the Lenders, or the Administrative Agent's or the Lenders' respective officers, employees, representatives, agents, counsel or directors arising from any action by such Persons, or failure of such Persons to act under the Credit Agreement on or prior to the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.08** **GOVERNING LAW.** THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.09** **Successors and Assigns**. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.10** **Jurisdiction; Consent to Services of Process; Waiver of Jury Trial**. The jurisdiction, service of process and waiver of jury trial provisions set forth in Sections 11.14(b), 11.14(c), 11.14(d) and 11.15 of the Credit Agreement are hereby incorporated into this Amendment by reference, mutatis mutandis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.11** **General Release**. In consideration of the Administrative Agent's willingness to enter into this Amendment, on behalf of the Lenders, each Loan Party hereby releases and forever discharges the Administrative Agent, the L/C Issuer, the Swingline Lender, the Lenders and the Administrative Agent's, the L/C Issuer's, the Swingline Lender's, and the Lender's respective predecessors, successors, assigns, officers, managers, directors, employees, agents, attorneys, representatives, and affiliates (hereinafter all of the above collectively referred to as the " <u>Bank Group</u> "), from any and all claims, counterclaims, demands, damages, debts, suits, liabilities, actions and causes of action of any nature whatsoever, including, without limitation, all claims, demands, and causes of action for contribution and indemnity, whether arising at law or in equity, whether known or unknown, whether liability be direct or indirect, liquidated or unliquidated, whether absolute or contingent, foreseen or unforeseen, and whether or not heretofore asserted, which any Loan Party may have or claim to have against any of the Bank Group in any

------

way related to or connected with the Loan Documents and the transactions contemplated thereby.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be duly executed as of the date first above written.

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| | | | |
|:---|:---|:---|:---|
| **BORROWER**: | VISKASE COMPANIES, INC. | VISKASE COMPANIES, INC. | VISKASE COMPANIES, INC. |
|  | By: | /s/ Thomas Holz | /s/ Thomas Holz |
|  | Name: | Name: | Thomas Holz |
|  | Title: | Title: | Vice President and Chief Financial Officer  |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **GUARANTOR**: | VISKASE FILMS, INC. | VISKASE FILMS, INC. | VISKASE FILMS, INC. |
|  | By: | /s/ Michael Blecic | /s/ Michael Blecic |
|  | Name: | Name: | Michael Blecic |
|  | Title: | Title: | Vice President, Chief Accounting Officer, and Treasurer  |
|  | WSC CORP. | WSC CORP. | WSC CORP. |
|  | By: | /s/ Michael Blecic | /s/ Michael Blecic |
|  | Name: | Name: | Michael Blecic |
|  | Title: | Title: | Vice President, Chief Accounting Officer, and Treasurer |
|  | VISKASE DEL NORTE, S.A. DE C.V. | VISKASE DEL NORTE, S.A. DE C.V. | VISKASE DEL NORTE, S.A. DE C.V. |
|  | By: | /s/ Michael Blecic | /s/ Michael Blecic |
|  | Name: | Name: | Michael Blecic |
|  | Title: | Title: | Vice President, Chief Accounting Officer, and Treasurer |
|  | SERVICIOS VISKASE DEL NORTE, S.A. DE C.V. | SERVICIOS VISKASE DEL NORTE, S.A. DE C.V. | SERVICIOS VISKASE DEL NORTE, S.A. DE C.V. |
|  | By: | /s/ Michael Blecic | /s/ Michael Blecic |
|  | Name: | Name: | Michael Blecic  |
|  | Title: | Title: | Vice President, Chief Accounting Officer, and Treasurer |
|  | VISKASE SAS | VISKASE SAS | VISKASE SAS |
|  | By: | /s/ Timothy Feast | /s/ Timothy Feast |
|  | Name: | Name: | Timothy Feast |
|  | Title: | Title: | President  |
|  | VISKASE GMBH | VISKASE GMBH | VISKASE GMBH |
|  | By: | /s/ Timothy Feast | /s/ Timothy Feast |
|  | Name: | Name: | Timothy Feast |
|  | Title: | Title: | President  |
|  | CT CASINGS BETEILIGUNGS GMBH | CT CASINGS BETEILIGUNGS GMBH | CT CASINGS BETEILIGUNGS GMBH |
|  | By: | /s/ Timothy Feast | /s/ Timothy Feast |
|  | Name: | Name: | Timothy Feast |
|  | Title: | Title: | Managing Director  |

---

------

---

| | | |
|:---|:---|:---|
| WALSRODER CASINGS GMBH | WALSRODER CASINGS GMBH | WALSRODER CASINGS GMBH |
| By: | /s/ Timothy Feast | /s/ Timothy Feast |
| Name: | Name: | Timothy Feast |
| Title: | Title: | Managing Director  |
| VISKASE SPA | VISKASE SPA | VISKASE SPA |
| By: | /s/ Timothy Feast | /s/ Timothy Feast |
| Name: | Name: | Timothy Feast |
| Title: | Title: | President  |
| VISKASE POLSKA SP. Z O.O. | VISKASE POLSKA SP. Z O.O. | VISKASE POLSKA SP. Z O.O. |
| By: | /s/ Timothy Feast | /s/ Timothy Feast |
| Name: | Name: | Timothy Feast |
| Title: | Title: | President  |
| VISKASE SPAIN SLU | VISKASE SPAIN SLU | VISKASE SPAIN SLU |
| By:  | /s/ Timothy Feast | /s/ Timothy Feast |
| Name: | Name: | Timothy Feast |
| Title: | Title: | Director  |
| VISKASE SALES PHILIPPINES INC. | VISKASE SALES PHILIPPINES INC. | VISKASE SALES PHILIPPINES INC. |
| By: | /s/ Mark Arroyo | /s/ Mark Arroyo |
| Name: | Name: | Mark Arroyo |
| Title: | Title: | Chairman and President  |
| VISKASE ASIA-PACIFIC CORP. | VISKASE ASIA-PACIFIC CORP. | VISKASE ASIA-PACIFIC CORP. |
| By: | /s/ Mark Arroyo | /s/ Mark Arroyo |
| Name: | Name: | Mark Arroyo |
| Title: | Title: | Chairman and President  |

---

------

---

| | | |
|:---|:---|:---|
| BANK OF AMERICA, N.A., | BANK OF AMERICA, N.A., | BANK OF AMERICA, N.A., |
| as Administrative Agent | as Administrative Agent | as Administrative Agent |
| By: | /s/ Rose Thomas | /s/ Rose Thomas |
| Name: | Name: | Rose Thomas |
| Title: | Title: | Assistant Vice President  |
| BANK OF AMERICA, N.A., | BANK OF AMERICA, N.A., | BANK OF AMERICA, N.A., |
| as a Lender, L/C Issuer and Swingline Lender | as a Lender, L/C Issuer and Swingline Lender | as a Lender, L/C Issuer and Swingline Lender |
| By:  | /s/ Jeremy Weiss | /s/ Jeremy Weiss |
| Name: | Name: | Jeremy Weiss |
| Title: | Title: | Senior Vice President  |

---

------

---

| | | |
|:---|:---|:---|
| BMO HARRIS BANK N.A., | BMO HARRIS BANK N.A., | BMO HARRIS BANK N.A., |
| as a Lender | as a Lender | as a Lender |
| By: | /s/ Frank Aiello | /s/ Frank Aiello |
| Name: | Name: | Frank Aielllo |
| Title: | Title: | Vice President  |

---

------

---

| | | |
|:---|:---|:---|
| ASSOCIATED BANK, N.A. | ASSOCIATED BANK, N.A. | ASSOCIATED BANK, N.A. |
| as a Lender | as a Lender | as a Lender |
| By: | /s/ J. Eric Bergren | /s/ J. Eric Bergren |
| Name: | Name: | J. Eric Bergren |
| Title: | Title: | Senior Vice President  |

---

------

---

| | | |
|:---|:---|:---|
| CITIZENS BANK, | CITIZENS BANK, | CITIZENS BANK, |
| as a Lender | as a Lender | as a Lender |
| By: | /s/ Angela Reilly | /s/ Angela Reilly |
| Name: | Name: | Angela Reilly  |
| Title: | Title: | Senior Vice President  |

---

------

## Exhibit 10.15

**Exhibit 10.15**

**FOURTH AMENDMENT TO CREDIT AGREEMENT**

**THIS FOURTH AMENDMENT TO CREDIT AGREEMENT** (this "<u>Amendment</u>"), dated as of July 25, 2025, is by and among **VISKASE COMPANIES, INC.**, a Delaware corporation (the "<u>Borrower</u>"), the other Subsidiary Guarantors party hereto, the Lenders party hereto and **BANK OF AMERICA, N.A.**, as administrative agent (in such capacity, the "<u>Administrative Agent</u>"). Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed thereto in the Credit Agreement.

**W I T N E S S E T H**

**WHEREAS**, the Borrower, the other Guarantors party thereto, certain financial institutions from time to time party thereto (the "<u>Lenders</u>") and the Administrative Agent are parties to that certain Credit Agreement dated as of October 9, 2020 (as amended, modified, extended, restated, replaced, or supplemented from time to time, the "<u>Credit Agreement</u>");

**WHEREAS**, certain Defaults and/or Events of Default may have occurred pursuant to (i) Section 8.01(d) of the Credit Agreement as a result of Borrower's failure to comply with the covenant set forth in Section 7.11(a) of the Credit Agreement for the Measurement Period ending June 30, 2025, (ii) Section 8.01(d) of the Credit Agreement as a result of Borrower's failure to comply with the covenant set forth in Section 7.11(b) of the Credit Agreement for the Measurement Period ending June 30, 2025, and (iii) Section 8.01(d) of the Credit Agreement as a result of Borrower's failure to comply with the notice requirements of Section 6.05(a) of the Credit Agreement with respect to the defaults described in clauses (i) and (ii) above (the Defaults and Events of Default described by and listed in this recital, the "<u>Specified Defaults</u>");

**WHEREAS**, pursuant to that certain Agreement and Plan of Merger, dated as of June 20, 2025 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Enzon Merger Agreement</u>"), by and among the Borrower, Enzon Pharmaceuticals, Inc., a Delaware corporation ("<u>Enzon</u>"), and EPSC Acquisition Corp., a Delaware corporation ("<u>Merger Sub</u>"), (i) Merger Sub will be merged with and into the Borrower, with the Borrower as the surviving entity in the Merger and a wholly-owned subsidiary of Enzon (the "<u>Enzon Merger</u>"), and (ii) promptly following the Enzon Merger, the Borrower will convert into a limited liability company under Section 266 of the General Corporation Law of the State of Delaware and Section 18-214 of the Delaware Limited Liability Company Act (the "<u>Surviving Company Conversion</u>");

**WHEREAS,** the Borrower has requested that the Lenders (i) waive the Specified Defaults, (ii) consent to the consummation of the Enzon Merger and the other transactions (including, without limitation, the Surviving Company Conversion) contemplated by the Enzon Merger Agreement, pursuant to and in accordance with the terms of the Enzon Merger Agreement and (iii) amend certain provisions of the Credit Agreement; and

**WHEREAS**, the Lenders are willing to (i) waive the Specified Defaults, (ii) consent to the consummation of the Enzon Merger and the other transactions (including, without limitation, the Surviving Company Conversion) contemplated by the Enzon Merger Agreement and (iii)

------

amend the Credit Agreement, in each case, in accordance with and subject to the terms and conditions set forth herein.

**NOW, THEREFORE**, in consideration of the agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

**ARTICLE I**

**LIMITED WAIVER**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.01** **Limited Waiver of Specified Defaults**. Notwithstanding the provisions of the Credit Agreement to the contrary, the Lenders hereby waive, on a one-time basis, the Specified Defaults.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.02** **Effectiveness of Limited Waiver**. These waivers shall be effective only to the extent specifically set forth herein and shall not (a) be construed as a waiver of any breach, Default or Event of Default other than as specifically waived herein nor as a waiver of any breach, Default or Event of Default of which the Lenders have not been informed by the Loan Parties, (b) affect the right of the Lenders to demand compliance by the Loan Parties with all terms and conditions of the Loan Documents, except as specifically modified or waived by this Amendment, (c) be deemed a waiver of any transaction or future action on the part of the Loan Parties requiring the Lenders' or the Required Lenders' consent or approval under the Loan Documents, or (d) except as waived hereby, be deemed or construed to be a waiver or release of, or a limitation upon, the Administrative Agent's or the Lenders' exercise of any rights or remedies under the Credit Agreement or any other Loan Document, whether arising as a consequence of any Default or Event of Default (other than a Specified Default) which may now exist or otherwise, all such rights and remedies hereby being expressly reserved.

**ARTICLE II**

**AMENDMENTS TO CREDIT AGREEMENT**

Effective as of the Amendment Effective Date but subject to the satisfaction of the conditions precedent set forth in <u>Article III</u> below, the Credit Agreement (including Exhibit C thereto, but excluding all other Schedules and Exhibits, which shall remain in the original form delivered or most recently amended, as applicable) is hereby amended as set forth in the marked terms on Exhibit A-1 attached hereto. In Exhibit A-1 hereto, deletions of text in the Credit Agreement as amended hereby are indicated by struck-through text, and insertions of text are indicated by bold, double-underlined text. Exhibit A-2 attached hereto sets forth a clean copy of the Credit Agreement as amended hereby, after giving effect to such amendments.

------

**ARTICLE III**

**CONDITIONS TO EFFECTIVENESS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.01** **Closing Conditions.** This Amendment shall become effective as of the day and year set forth above (the " <u>Amendment Effective Date</u> ") upon satisfaction of the following conditions (in each case, in form and substance reasonably acceptable to the Administrative Agent):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Executed Amendment</u>. The Administrative Agent shall have received a copy of this Amendment duly executed by each of the Loan Parties, Lenders constituting the "Required Lenders" and the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Default</u>. After giving effect to this Amendment, no Default or Event of Default shall exist.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Fees and Expenses</u>. (i) The Lenders shall have received from the Borrower all fees and expenses, if any, due and owing pursuant to (x) the Fourth Amendment Fee Letter, dated the date hereof, among the Borrower, the Administrative Agent and BofA Securities and (y) the Credit Agreement, and (ii) legal counsel for the Administrative Agent shall have received from the Borrower payment of all reasonable and documented out-of-pocket fees and expenses incurred in connection with this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Anti-Money-Laundering; Beneficial Ownership</u>. Upon the reasonable request of any Lender, the Borrower shall have provided to such Lender, and such Lender shall be reasonably satisfied with, the documentation and other information so requested in connection with applicable "know your customer" and anti-money-laundering rules and regulations, including, without limitation, the Patriot Act, and any Loan Party that qualifies as a "legal entity customer" under the Beneficial Ownership Regulation shall have delivered to each Lender that so requests, a Beneficial Ownership Certification in relation to such Loan Party.

**ARTICLE IV**

**MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.01** **Amended Terms**. Except as expressly set forth herein or in the Credit Agreement, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Lenders or the Administrative Agent under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect. On and after the Amendment Effective Date, all references to the Credit Agreement in each of the Loan Documents shall hereafter mean the Credit Agreement as amended by this Amendment. Except as specifically amended hereby or otherwise agreed, the Credit

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Agreement is hereby ratified and confirmed and shall remain in full force and effect according to its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.02** **Representations and Warranties of Loan Parties**. Each of the Loan Parties represents and warrants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)It has taken all necessary action to authorize the execution, delivery and performance of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)This Amendment has been duly executed and delivered by such Person and constitutes such Person's legal, valid and binding obligation, enforceable in accordance with its terms, except as such enforceability may be subject to (i) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors' rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)No consent, approval, authorization or order of, or filing, registration or qualification with, any court or governmental authority or third party is required in connection with the execution, delivery or performance by such Person of this Amendment, except for such as have been made or obtained and are in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The representations and warranties set forth in Article V of the Credit Agreement are true and correct in all material respects as of the date hereof (except for those which expressly relate to an earlier date or those which are qualified by materiality, which shall be true and correct in all respects); provided, however, that no representation or warranty is being made with respect to whether the matters set forth in Section 5.05(b) of the Credit Agreement are true and correct on the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)After giving effect to this Amendment, no event has occurred and is continuing which constitutes a Default or an Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Obligations are not reduced or modified by this Amendment and are not subject to any offsets, defenses or counterclaims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.03** **Reaffirmation of Obligations**. Without in any way establishing a course of dealing by the Administrative Agent or any Lender, and after giving effect to this Amendment, the Borrower and each Guarantor (i) acknowledges and consents to all of the terms and conditions of this Amendment, (ii) affirms all of its obligations under the Loan Documents (iii) agrees that this Amendment and all documents executed in connection herewith do not operate to reduce or discharge its obligations under the Loan Documents, (iv) agrees that the Collateral Documents continue to be in full force and effect and are not impaired or adversely affected in any manner whatsoever, (v) confirms its grant of security interests pursuant to the Collateral Documents to which it is a party as Collateral for the Obligations, and (vi) acknowledges that all Liens granted (or purported to be

------

granted) pursuant to the Collateral Documents remain and continue in full force and effect in respect of, and to secure, the Obligations. Each Guarantor hereby reaffirms its obligations under the Guaranty and agrees that its obligation to guarantee the Obligations is in full force and effect as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.04** **Loan Document**. This Amendment shall constitute a Loan Document under the terms of the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.05** **Entirety**. This Amendment and the other Loan Documents embody the entire agreement among the parties hereto and supersede all prior agreements and understandings, oral or written, if any, relating to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.06** **Counterparts; Telecopy .** This Amendment may be executed in one or more counterparts, each of which shall constitute an original, but all of which taken together shall be one and the same instrument. Delivery of an executed counterpart of a signature page of this Amendment or any other document required to be delivered hereunder, by fax transmission or e-mail transmission (e.g. "pdf" or "tif") shall be effective as delivery of a manually executed counterpart of this Amendment. The words "delivery," "execute," "execution," "signed," "signature," and words of like import in any Loan Document or any other document executed in connection herewith shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, or any other similar state laws based on the Uniform Electronic Transactions Act. Without limiting the foregoing, upon the request of any party, such fax transmission or e-mail transmission shall be promptly followed by such manually executed counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.07** **No Actions, Claims, Etc.** As of the date hereof, each of the Loan Parties hereby acknowledges and confirms that it has no knowledge of any actions, causes of action, claims, demands, damages and liabilities of whatever kind or nature, in law or in equity, against the Administrative Agent, the Lenders, or the Administrative Agent's or the Lenders' respective officers, employees, representatives, agents, counsel or directors arising from any action by such Persons, or failure of such Persons to act under the Credit Agreement on or prior to the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.08** **GOVERNING LAW.** THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.09** **Successors and Assigns**. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.10** **Jurisdiction; Consent to Services of Process; Waiver of Jury Trial**. The jurisdiction, service of process and waiver of jury trial provisions set forth in Sections 11.14(b), 11.14(c), 11.14(d) and 11.15 of the Credit Agreement are hereby incorporated into this Amendment by reference, mutatis mutandis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.11** **General Release**. In consideration of the Administrative Agent's willingness to enter into this Amendment, on behalf of the Lenders, each Loan Party hereby releases and forever discharges the Administrative Agent, the L/C Issuer, the Swingline Lender, the Lenders and the Administrative Agent's, the L/C Issuer's, the Swingline Lender's, and the Lender's respective predecessors, successors, assigns, officers, managers, directors, employees, agents, attorneys, representatives, and affiliates (hereinafter all of the above collectively referred to as the " <u>Bank Group</u> "), from any and all claims, counterclaims, demands, damages, debts, suits, liabilities, actions and causes of action of any nature whatsoever, including, without limitation, all claims, demands, and causes of action for contribution and indemnity, whether arising at law or in equity, whether known or unknown, whether liability be direct or indirect, liquidated or unliquidated, whether absolute or contingent, foreseen or unforeseen, and whether or not heretofore asserted, which any Loan Party may have or claim to have against any of the Bank Group in any way related to or connected with the Loan Documents and the transactions contemplated thereby.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

------

IN WITNESS WHEREOF the parties hereto have caused this Amendment to be duly executed on the date first above written.

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| | | |
|:---|:---|:---|
| **BORROWER**: | VISKASE COMPANIES, INC. | VISKASE COMPANIES, INC. |
|  | By: | /s/ Carolyn Zhang |
|  | Name:  | Carolyn Zhang |
|  | Title:  | Vice President and Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **GUARANTORS**: | VISKASE FILMS, INC. | VISKASE FILMS, INC. |
|  | By: | /s/ Michael Blecic |
|  | Name:  | Michael Blecic |
|  | Title:  | Vice President, Chief Accounting Officer, and Treasurer |

---

---

| | |
|:---|:---|
| WSC CORP. | WSC CORP. |
| By: | /s/ Michael Blecic |
| Name:  | Michael Blecic |
| Title:  | Vice President, Chief Accounting Officer, and Treasurer |

---

---

| | |
|:---|:---|
| VISKASE DEL NORTE, S.A. DE C.V. | VISKASE DEL NORTE, S.A. DE C.V. |
| By: | /s/ Michael Blecic |
| Name:  | Michael Blecic |
| Title:  | Vice President, Chief Accounting Officer, and Treasurer |

---

---

| | |
|:---|:---|
| SERVICIOS VISKASE DEL NORTE, S.A. DE C.V. | SERVICIOS VISKASE DEL NORTE, S.A. DE C.V. |
| By: | /s/ Michael Blecic |
| Name:  | Michael Blecic |
| Title:  | Vice President, Chief Accounting Officer, and Treasurer |

---

[Signature Page to Fourth Amendment to Credit Agreement]

------

---

| | |
|:---|:---|
| VISKASE SAS | VISKASE SAS |
| By: | /s/ Timothy Feast |
| Name:  | Timothy Feast |
| Title:  | President |

---

---

| | |
|:---|:---|
| VISKASE GMBH | VISKASE GMBH |
| By: | /s/ Timothy Feast |
| Name:  | Timothy Feast |
| Title:  | Managing Director |

---

---

| | |
|:---|:---|
| CT CASINGS BETEILIGUNGS GMBH | CT CASINGS BETEILIGUNGS GMBH |
| By: | /s/ Timothy Feast |
| Name:  | Timothy Feast |
| Title:  | Managing Director |

---

---

| | |
|:---|:---|
| WALSRODER CASINGS GMBH | WALSRODER CASINGS GMBH |
| By: | /s/ Timothy Feast |
| Name:  | Timothy Feast |
| Title:  | Managing Director |

---

---

| | |
|:---|:---|
| VISKASE SPA | VISKASE SPA |
| By: | /s/ Timothy Feast |
| Name:  | Timothy Feast |
| Title:  | President |

---

[Signature Page to Fourth Amendment to Credit Agreement]

------

---

| | |
|:---|:---|
| VISKASE POLSKA SP. Z O.O. | VISKASE POLSKA SP. Z O.O. |
| By: | /s/ Timothy Feast |
| Name:  | Timothy Feast |
| Title:  | President of the Management Board |

---

---

| | |
|:---|:---|
| VISKASE SPAIN SLU | VISKASE SPAIN SLU |
| By: | /s/ Timothy Feast |
| Name:  | Timothy Feast |
| Title:  | Director |

---

---

| | |
|:---|:---|
| VISKASE SALES PHILIPPINES INC. | VISKASE SALES PHILIPPINES INC. |
| By: | /s/ Mark Arroyo |
| Name:  | Mark Arroyo |
| Title:  | Chairman and President |

---

---

| | |
|:---|:---|
| VISKASE ASIA-PACIFIC CORP. | VISKASE ASIA-PACIFIC CORP. |
| By: | /s/ Mark Arroyo |
| Name:  | Mark Arroyo |
| Title:  | Chairman and President |

---

[Signature Page to Fourth Amendment to Credit Agreement]

------

---

| | |
|:---|:---|
| BANK OF AMERICA, N.A., | BANK OF AMERICA, N.A., |
| as Administrative Agent | as Administrative Agent |
| By: | /s/ Rose Thomas |
| Name:  | Rose Thomas |
| Title:  | Assistant Vice President |

---

---

| | |
|:---|:---|
| BANK OF AMERICA, N.A., | BANK OF AMERICA, N.A., |
| individually as a Lender, L/C Issuer and Swingline Lender | individually as a Lender, L/C Issuer and Swingline Lender |
| By: | /s/ John H. Kim |
| Name:  | John H. Kim |
| Title:  | Senior Vice President |

---

[Signature Page to Fourth Amendment to Credit Agreement]

------

---

| | |
|:---|:---|
| BMO BANK N.A., | BMO BANK N.A., |
| as a Lender | as a Lender |
| By: | /s/ Frank Aiello |
| Name:  | Frank Aiello |
| Title:  | Vice President |

---

[Signature Page to Fourth Amendment to Credit Agreement]

------

---

| | |
|:---|:---|
| ASSOCIATED BANK, N.A., | ASSOCIATED BANK, N.A., |
| as a Lender | as a Lender |
| By: | /s/ Steven Jones |
| Name:  | Steven Jones |
| Title:  | Senior Vice President |

---

[Signature Page to Fourth Amendment to Credit Agreement]

------

---

| | |
|:---|:---|
| CITIZENS BANK, N.A., | CITIZENS BANK, N.A., |
| as a Lender | as a Lender |
| By: | /s/ Angela Reilly |
| Name:  | Angela Reilly |
| Title:  | Senior Vice President |

---

[Signature Page to Fourth Amendment to Credit Agreement]

------

[Signature Page to Fourth Amendment to Credit Agreement]

------

## Exhibit 10.16

**Exhibit 10.16**

***Execution Version***

***Confidential***

July 25, 2025

Viskase Companies, Inc.

333 East Butterfield Road

Suite 400

Lombard, Illinois 60148-5679

Attn: Michael Blecic

Fourth Amendment Fee Letter

Viskase Companies, Inc.

Ladies and Gentlemen:

Reference is made that certain Fourth Amendment to Credit Agreement, dated as of July 25, 2025 (the "*Fourth Amendment*") which amends that certain Credit Agreement dated as of October 9, 2020 (as amended, modified, extended, restated, replaced, or supplemented from time to time, the "*Credit Agreement*"), by and among Viskase Companies, Inc., a Delaware corporation (the "*Borrower*"), the Guarantors party thereto, the Lenders party thereto and Bank of America, N.A., as administrative agent (in such capacity, including any successor thereto, the "*Administrative Agent*"). Terms used but not defined in this fee letter agreement (the "*Fee Letter*") shall have the meanings assigned thereto in the Fourth Amendment or the Credit Agreement, as applicable. In connection with, and in consideration of the agreements contained in, the Fourth Amendment, you agree with Bank of America and BofA Securities Inc. ("*BofA Securities*") as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Consent Fee</u>. You will pay to the Administrative Agent, for the account of each Lender (including Bank of America) that delivers its executed signature page to the Fourth Amendment on or prior to the Amendment Effective Date, a one-time consent fee in an amount equal to 0.10% of the aggregate principal amount of such Lender's Existing Amount (as defined below).

"*Existing Amount*" means with respect to each Lender the sum of such Lender's (i) "Revolving Commitment" and (ii) outstanding Term Loans, in each case, that are in effect and outstanding immediately prior to the Amendment Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Amendment Fee</u>. You will pay to BofA Securities, for its own account, a one-time amendment fee in an amount equal $50,000. No Lender shall receive greater fees (excluding any consent fee paid pursuant to paragraph 1 above) for its agreements in respect of the Fourth Amendment than are paid to BofA Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Fees Generally</u>. All fees will be payable in U.S. dollars in immediately available funds to the applicable parties for their respective accounts, or as otherwise directed by the applicable party, free and clear of, and without deduction for, any and all present or future applicable taxes, levies, imposts, deductions, charges or withholdings and all liabilities with respect thereto (with appropriate gross-up for withholding taxes). Once paid, no fee will be refundable under any circumstances and will not be subject to counterclaim, set off or otherwise affected. All of the fees described in this Fee Letter shall be fully

------

earned upon becoming due and payable in accordance with the terms hereof, shall be non-refundable for any reason whatsoever, and shall be in addition to any other fees, costs and expenses payable pursuant to the Amended Credit Agreement or the Loan Documents. Bank of America reserves the right to allocate, in whole or in part, to BofA Securities certain fees payable to Bank of America hereunder in such manner as Bank of America and BofA Securities shall agree in their sole discretion. Your obligation to pay the foregoing fees will not be subject to counterclaim or setoff for, or be otherwise affected by, any claim or dispute you may have.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Confidentiality</u>. You hereby acknowledge and agree that this Fee Letter and the contents hereof are confidential, and, except for disclosure hereof on a confidential basis to your accountants, attorneys and other professional advisors, Related Parties, or as otherwise required by Applicable Laws or regulations or by any subpoena or similar legal process, may not be disclosed by you, in whole or in part, to any person or entity without the prior written consent of the Administrative Agent.

[*REMAINDER OF PAGE INTENTIONALLY LEFT BLANK*]

------

If the foregoing is in accordance with your understanding, please sign and return this Fee Letter to us.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **BANK OF AMERICA**, **N**.**A**. | **BANK OF AMERICA**, **N**.**A**. |
| By: | /s/ John H. Kim |
| Name: | John H. Kim |
| Title: | Senior Vice President |

---

---

| | |
|:---|:---|
| **BOFA SECURITIES, INC.** | **BOFA SECURITIES, INC.** |
| By: | /s/ Katherine J. Ochs |
| Name: | Katherine J. Ochs |
| Title: | Senior Vice President |

---

Signature Page to Fourth Amendment Fee Letter (Viskase Companies, Inc.)

------

Accepted and agreed to

<u>as of the date first above written</u>:

**VISKASE COMPANIES, INC.**

---

| | |
|:---|:---|
| By: | /s/ Carolyn Zhang |
| Name: | Carolyn Zhang |
| Title: | Vice President and Chief Financial Officer |

---

Signature Page to Fourth Amendment Fee Letter (Viskase Companies, Inc.)

------

## Exhibit 10.17

**Exhibit 10.17**

![Graphic](enzn-20250930xex10d17001.jpg)

May 4, 2022

Joseph D King

[\*\*\*\*\*]

Dear Joe:

On behalf of Viskase Companies, Inc. ("Company" or "Viskase"), I am pleased to present you with the following job offer, subject to review and approval of Viskase Board of Directors' Compensation Committee:

---

| | |
|:---|:---|
| **Title:** | **Senior Vice President, General Counsel and Secretary** |
| **Reporting to:** | Kees Bras, President and CEO |
| **Location:** | Lombard, IL - Corporate Headquarters |
| **Start Date:** | June 1, 2022 |
| **Compensation:** | Your compensation per semi-monthly pay period will be $15,625.00 (annualized at $375,000), payable on the 15<sup>th</sup> and the last business day of each month. All of your compensation is subject to deductions as required by the law. |
| **Bonus Plan:** | You will be eligible to participate in the Executive Incentive Plan (or its successor plan) for the fiscal year ending December 31, 2022. Your target annual discretionary bonus under this Plan will be 75% of your earned base salary for the Plan year. Bonuses are prorated for actual time worked in the position. To be eligible for a bonus payment, you must be an active employee on the date the bonus is paid. The bonus compensation will be subject to all terms and conditions of the Executive Incentive Plan (or its successor plan) document, which is subject to change at any time. |
| **Interim Living & Future Travel Reimbursements:** | Your work arrangement will be hybrid in nature, between your home in Cleveland and our Lombard office. You will be reimbursed 100% under interim living for 2022. |
|  | In addition, for future years, reimbursement associated with travels to our Lombard office (from your residence in Cleveland) will be capped at $35,000 per calendar year, subject to applicable payroll taxes. |
| **Long-Term Incentive Plan:** | You will also be eligible to participate in the Viskase Long-Term Incentive Plan (or its successor plan) for the three-year Performance Period beginning in 2023. Your target for LTI will be 75% of your base salary. The Plan details will be provided at a later date. Participation in the Long-Term Incentive Plan (or its |

---

------

---

| | |
|:---|:---|
|  | successor plan) is subject to approval of the Compensation Committee of the Board of Directors of Viskase. |
| **Paid Time Off:** | Viskase has a Paid Time Off Policy to cover your vacation, sick, and personal needs. You begin to accrue your PTO from Date of Hire but cannot use PTO during your first 90 days of employment. Your annual 28 days of earned PTO will be prorated for 2022, and subject to the terms of the Viskase PTO policy. Viskase reserves the right to add, change, or modify the policy at any time. |
| **Benefits:** | You will be eligible (subject to applicable waiting periods specified in the respective plans, including a 30-day waiting period on health, dental, vision, life, etc.) to participate in Viskase benefit plans including health; dental; vision; life; dependent life; health savings account (HSA); contributory 401(k) with Company match and no vesting requirement, and short term and long term disability insurance (eligible after a 90 day waiting period). Viskase reserves the right to add, change, or terminate benefits at any time, including but not limited<br>to, those set forth above. |
| **Severance Benefits:** | In the event of an involuntary termination of your employment by the company, except for Cause, you will receive an amount equal to 50% of your target EIP bonus for the calendar year in which the termination occurs, to be paid in a lump sum subject to applicable payroll taxes. In addition to this amount, you would be eligible for 26 weeks of severance, per the Viskase Severance Plan, and, also subject to applicable payroll taxes. For both the EIP bonus and the 26 weeks of severance, you would be eligible after 90 days of employment. |

---

This offer, and your employment, are conditioned upon successful completion of a drug screen (hair follicle) and background and reference check.

Further, this offer, and your initial and continued employment, are conditioned upon your agreement, as attested by your signature on a Viskase Noncompetition and Nonsolicitation Agreement, that you will not either directly or indirectly during your employment by the Company and for twenty-four (24) months after your employment with the Company ceases engage in competition with the Company or its affiliates. In addition to other covenants which will be contained in the Viskase Noncompetition and Nonsolicitation Agreement and the Memorandum of Employee Agreement — Confidentiality/Work Product/Non-Disparagement, and other Company employment documentation, you agree that during and after your employment you shall not disclose to any third party any confidential or proprietary information of the Company, any of its affiliates or subsidiaries, or any of their respective owners, members, directors, officers, managers, and employees. You further agree that during and after your employment you will not disparage, verbally or in writing, anyone in the Company, any of its affiliates or subsidiaries, or any of their respective owners, members, directors, officers, managers, or employees, and their family members. The details of the Viskase Noncompetition and Nonsolicitation Agreement and the Memorandum of Employee Agreement — Confidentiality/Work Product/Non-Disparagement, and other Company employment documentation will be presented to you and signed by you prior to your employment. Nothing in this offer of employment prohibits you from reporting any possible violations of federal law or regulation to any government agency or entity, including but not limited to the Department of Justice and the Securities and Exchange Commission, or making any other disclosures that are protected under the whistleblower provisions of federal law or regulation. You are not required to notify the Company that you will make or have made such reports or disclosures. Non-compliance with the disclosure provisions of this letter and other Company employment documentation shall not subject you to criminal or civil liability under any Federal or State trade secret law for the disclosure of a Company trade secret if the disclosure is made: (i) in confidence to a Federal, State or local government official, either directly or indirectly, or to an attorney in confidence solely for the purpose of reporting or investigating a suspected violation of law; (ii) in a complaint or other document filed in a lawsuit or other proceeding, provided that any complaint or document containing the trade secret is filed under seal; or (iii) to an attorney representing you in a lawsuit for retaliation by the Company for reporting a suspected violation of law or to use the trade secret information in that court proceeding, provided that any document containing the trade secret is filed under seal and you do not disclose the trade secret, except pursuant to court order.

This offer, and your employment, are also conditioned upon your covenant and representation that (i) you are not a party to any contract, commitment, restrictive covenant or agreement, nor are you subject to, or bound by, any order, judgment, decree, law, statute, ordinance, rule, regulation or other restriction of any kind or character, which would prevent or restrict you from accepting this position and performing your duties, (ii) you have not shared with the Company or any of its affiliates, or any of its or their directors, officers, employees or agents, and will not share or use, any confidential or proprietary information of any prior employer or contractor or any third party from whom you may have received confidential or proprietary information, (iii) you are not subject to any agreement or obligation that would limit your ability to act on behalf of the Company or any of its subsidiaries, (iv) your acceptance of this offer and your performance of your duties in respect thereof will not violate or conflict with any agreement or obligation to which you are subject, and (v) you have delivered to the Company true and complete copies of any currently effective employment agreement, non-competitive agreement or similar agreement to which you are subject.

------

This letter does not constitute a contract or employment agreement. You understand that your employment is "at will" and can be terminated, with or without cause and with or without notice, at any time. Nothing contained in this letter shall limit or otherwise alter the foregoing. Your employment will be subject to other policies, terms and conditions that may be established or modified by the Company from time to time.

On your first day of work we require that you bring proof of your legal right to work in the United States for 1-9 purposes.

We look forward to you joining our Viskase team. Please do not hesitate to contact me at [\*\*\*\*\*] or Jeff Bowen at [\*\*\*\*\*] if you have any questions.

---

| | |
|:---|:---|
| **Sincerely,** | **Sincerely,** |
| /s/ Kees Bras | /s/ Kees Bras |
| **Kees Bras** | **Kees Bras** |
| **President and CEO** | **President and CEO** |
| **Cc:** | **Jeff Bowen, Vice President and Chief People Officer** |
|  | **Employee File** |

---

---

| | | |
|:---|:---|:---|
| ***ACCEPTED:*** |  |  |
| ***Name – Print*** | ***Signature*** | ***Date*** |
| Joseph King | /s/ Joseph King | 5/5/22 |

---

Viskase Companies, Inc.<br>333 East Butterfield Road, Suite 400, Lombard, Illinois, 60561 USA

Phone: (630) 874-0700 Fax: (630) 874-0176

------

## Exhibit 10.18

**Exhibit 10.18**

![Graphic](enzn-20250930xex10d18001.jpg)

December 19, 2022

Thomas Holz

[\*\*\*\*\*]

Dear Tom:

On behalf of Viskase Companies, Inc. ("Viskase" or the "Company"), I am pleased to present you with the following job offer, subject to review and approval of the Compensation Committee of Viskase's Board of Directors:

---

| | |
|:---|:---|
| **Title:** | **Vice President and Chief Financial Offer** |
| **Reporting to:** | Tim Feast, President and CEO |
| **Location:** | Lombard, IL – Corporate Headquarters |
| **Start Date:** | January 3, 2023 |
| **Compensation:** | Your compensation per semi-monthly pay period will be $16,250.00 (annualized at $390,000), payable on the 15<sup>th</sup> and the last business day of each month. All of your compensation is subject to deductions as required by the law. |
| **Bonus Plan:** | You will be eligible to participate in the Executive Incentive Plan (or its successor plan) for the fiscal year ending December 31, 2023. Your target annual discretionary bonus under this Plan will be 60% of your earned base salary for the Plan year. Bonuses are prorated for actual time worked in the position. To be eligible for a bonus payment, you must be an active employee on the date the bonus is paid. The bonus compensation will be subject to all terms and conditions of the Executive Incentive Plan (or its successor plan) document, which is subject to change at any time. |
| **Long-Term Incentive Plan:** | You also will be eligible to participate in the Viskase Companies, Inc. Long-Term Incentive Plan (the "LTI Plan"). Any award under the LTI Plan will be based on a percentage increase of the net asset value of the Company over an established baseline. The LTI Plan details will be provided at a later date. Any award under the LTI Plan shall be payable in accordance with and subject to the terms and conditions of the LTI Plan as approved by the Compensation Committee of the Board of Directors of Viskase. |
| **Paid Time Off:** | Viskase has a Paid Time Off Policy to cover your vacation, sick, and personal needs. You begin to accrue your PTO from Date of Hire but cannot use PTO during your first 90 days of employment. Your annual 28 days of earned PTO will be subject to the terms of the Viskase PTO policy. Viskase reserves the right to add, change, or modify the policy at any time. |

---

Viskase Companies, Inc.

333 East Butterfield Road, Suite 400, Lombard, Illinois, 60561 USA

Phone: (630) 874-0700 Fax: (630) 874-0176

------

Tom Holz

December 19, 2022

Page 2 of 3

---

| | |
|:---|:---|
| **Benefits:** | You will be eligible to participate in Viskase benefit plans including health; dental; vision; life; dependent life; health savings account (HSA); contributory 401(k) with Company match and no vesting requirement, and short-term and long-term disability insurance. All benefit plans except STD and LTD are effective the first of the month following employment. STD and LTD are effective after 90 days of employment. Viskase Companies Inc. reserves the right to add, change, or terminate benefits at any time, including but not limited to, those set forth above. |
| **Severance Benefits:**  | In the event of an involuntary termination of your employment by the Company, except for Cause, you would be eligible for 26 weeks of severance, per the Viskase Severance Plan, and, also subject to applicable payroll taxes. Your eligibility for severance benefits begins after 90 days of employment. |

---

This offer, and your employment, are conditioned upon successful completion of a drug screen (hair follicle) and background and reference check.

Further, this offer, and your initial and continued employment, are conditioned upon your agreement, as attested by your signature on a Viskase Noncompetition and Nonsolicitation Agreement, that you will not either directly or indirectly during your employment by the Company and for twenty-four (24) months after your employment with the Company ceases engage in competition with the Company or its affiliates. In addition to other covenants which will be contained in the Viskase Noncompetition and Nonsolicitation Agreement and the Memorandum of Employee Agreement – Confidentiality/Work Product/Non-Disparagement, and other Company employment documentation, you agree that during and after your employment you shall not disclose to any third party any confidential or proprietary information of the Company, any of its affiliates or subsidiaries, or any of their respective owners, members, directors, officers, managers, and employees. You further agree that during and after your employment you will not disparage, verbally or in writing, anyone in the Company, any of its affiliates or subsidiaries, or any of their respective owners, members, directors, officers, managers, or employees, and their family members. The details of the Viskase Noncompetition and Nonsolicitation Agreement and the Memorandum of Employee Agreement – Confidentiality/Work Product/Non-Disparagement, and other Company employment documentation will be presented to you and signed by you prior to your employment. Nothing in this offer of employment prohibits you from reporting any possible violations of federal law or regulation to any government agency or entity, including but not limited to the Department of Justice and the Securities and Exchange Commission, or making any other disclosures that are protected under the whistleblower provisions of federal law or regulation. You are not required to notify the Company that you will make or have made such reports or disclosures. Non-compliance with the disclosure provisions of this letter and other Company employment documentation shall not subject you to criminal or civil liability under any Federal or State trade secret law for the disclosure of a Company trade secret if the disclosure is made: (i) in confidence to a Federal, State or local government official, either directly or indirectly, or to an attorney in confidence solely for the purpose of reporting or investigating a suspected violation of law; (ii) in a complaint or other document filed in a lawsuit or other proceeding, provided that any complaint or document containing the trade secret is filed under seal; or (iii) to an attorney representing you in a lawsuit for retaliation by the Company for reporting a suspected violation of law or to use the trade secret information in that court proceeding, provided that any document containing the trade secret is filed under seal and you do not disclose the trade secret, except pursuant to court order.

Viskase Companies, Inc.

333 East Butterfield Road, Suite 400, Lombard, Illinois, 60561 USA

Phone: (630) 874-0700 Fax: (630) 874-0176

------

Tom Holz

December 19, 2022

Page 3 of 3

This offer, and your employment, are also conditioned upon your covenant and representation that (i) you are not a party to any contract, commitment, restrictive covenant or agreement, nor are you subject to, or bound by, any order, judgment, decree, law, statute, ordinance, rule, regulation or other restriction of any kind or character, which would prevent or restrict you from accepting this position and performing your duties, (ii) you have not shared with the Company or any of its affiliates, or any of its or their directors, officers, employees or agents, and will not share or use, any confidential or proprietary information of any prior employer or contractor or any third party from whom you may have received confidential or proprietary information, (iii) you are not subject to any agreement or obligation that would limit your ability to act on behalf of the Company or any of its subsidiaries, (iv) your acceptance of this offer and your performance of your duties in respect thereof will not violate or conflict with any agreement or obligation to which you are subject, and (v) you have delivered to the Company true and complete copies of any currently effective employment agreement, non-competitive agreement or similar agreement to which you are subject.

This letter does not constitute a contract or employment agreement. You understand that your employment is "at will" and can be terminated, with or without cause and with or without notice, at any time. Nothing contained in this letter shall limit or otherwise alter the foregoing. Your employment will be subject to other policies, terms and conditions that may be established or modified by the Company from time to time.

On your first day of work, we require that you bring proof of your legal right to work in the United States for I-9 purposes.

We look forward to you joining our Viskase team. Please do not hesitate to contact me at [\*\*\*\*\*] or Jeff Bowen at [\*\*\*\*\*] if you have any questions.

Sincerely,

/s/ Tim Feast<br>

Tim Feast

President and CEO

Cc: Jeff Bowen, Vice President and Chief People Officer

Employee File

---

| | | |
|:---|:---|:---|
| *ACCEPTED:* |  |  |
| *Name – Print* | *Signature* | *Date* |
| THOMAS F. HOLZ | /s/ THOMAS F. HOLZ | 12/19/2022 |

---

Viskase Companies, Inc.

333 East Butterfield Road, Suite 400, Lombard, Illinois, 60561 USA

Phone: (630) 874-0700 Fax: (630) 874-0176

------

## Exhibit 10.19

**Exhibit 10.19**

![Graphic](enzn-20250930xex10d19001.jpg)

March 15, 2024

*Via Electronic Delivery*

Armando Herrera

[\*\*\*\*\*]

Dear Armando:

On behalf of Viskase Companies, Inc. ("Company" or "Viskase"), I am pleased to present you with the following job offer:

---

| | |
|:---|:---|
| **Title:** | **Vice President, Global Human Resources** |
| **Reporting to:** | You will report directly to Joe King, Senior Vice President, General Counsel and Secretary |
| **Location** | Corporate HQs, Lombard, IL |
| **Start Date:** | April 16th (to be confirmed) |
| **Compensation:** | Your compensation per semi-monthly pay period will be $12,291.67 (annualized at $295,000), payable on the 15<sup>th</sup> and the last business day of each month. All of your compensation is subject to deductions as required by the law. |
| **Bonus Plan:** | You will be eligible to participate in the Management Incentive Plan (or its successor plan) for the fiscal year ending December 31, 2024. Your target annual discretionary bonus under this Plan will be 40% of your earned base salary for the Plan year. Bonuses are prorated for actual time worked in the position. To be eligible for a bonus payment, you must be an active employee on the date the bonus is paid. The bonus compensation will be subject to all terms and conditions of the Management Incentive Plan document, which is subject to change at any time. |
| **PTO:** | You will be eligible for 28 days of PTO per year subject to the terms of the Viskase PTO policy. You begin to accrue your PTO from Date of Hire but cannot use PTO during your first 90 days |

---

Viskase Companies, Inc.

333 East Butterfield Road, Suite 400, Lombard, Illinois, 60561 USA

Phone: (630) 874-0700 Fax: (630) 874-0176

------

Armando Herrera

March 15, 2024

Page 2 of 4

---

| | |
|:---|:---|
|  | of employment. Viskase reserves the right to add, change, or modify the policy at any time. |
| **Severance Benefits:** | In the event of an involuntary termination of your employment (except for cause) by the Company at any time after the first ninety (90) days of employment, you would be eligible for 26 weeks of severance, per the Viskase Severance Plan. All payments are subject to applicable payroll taxes. |
| **Benefits:** | You will be eligible to participate in Viskase benefit plans including health; dental; vision; life; dependent life; health savings account (HSA); contributory 401(k) with Company match and no vesting requirement, and short term and longterm disability insurance. All benefit plans except STD and LTD are effective the first of the month following employment. STD and LTD are effective after 90 days of employment.<br>Viskase reserves the right to add, change, or terminate benefits at any time, including but not limited to, those set forth above. |

---

This offer, and your employment, are conditioned upon successful completion of a drug screen (hair follicle) and background and reference check.

Further, this offer, and your initial and continued employment, are conditioned upon your agreement, as attested by your signature on a Viskase Confidentiality and NonCompete Agreement, that you will not either directly or indirectly during your employment by the Company and for twelve months (12) after your employment with the Company ceases engage in competition with the Company or its affiliates. In addition to other covenants which will be contained in the Confidentiality and NonCompete Agreement and other Company employment documentation, you agree that during and after your employment you shall not disclose to any third party any confidential or proprietary information of the Company, any of its affiliates or subsidiaries, or any of their respective owners, members, directors, officers, managers, and employees. You further agree that during and after your employment you will not disparage, verbally or in writing, anyone in the Company, any of its affiliates or subsidiaries, or any of their respective owners, members, directors, officers, managers, or employees, and their family members. The details of the Confidentiality and NonCompete Agreement and other Company employment documentation will be presented to you and signed by you prior to your employment. Nothing in this offer of employment prohibits you from reporting any possible violations of federal law or regulation to any government agency or entity, including but not limited to the Department of Justice and the Securities and Exchange Commission, or making any other disclosures that are protected under the whistleblower provisions of federal law or

Viskase Companies, Inc.

333 East Butterfield Road, Suite 400, Lombard, Illinois, 60561 USA

Phone: (630) 874-0700 Fax: (630) 874-0176

------

Armando Herrera

March 15, 2024

Page 3 of 4

regulation. You are not required to notify the Company that you will make or have made such reports or disclosures. Non-Compliance with the disclosure provisions of this letter and other Company employment documentation shall not subject you to criminal or civil liability under any Federal or State trade secret law for the disclosure of a Company trade secret if the disclosure is made: (i) in confidence to a Federal, State or local government official, either directly or indirectly, or to an attorney in confidence solely for the purpose of reporting or investigating a suspected violation of law; (ii) in a complaint or other document filed in a lawsuit or other proceeding, provided that any complaint or document containing the trade secret is filed under seal; or (iii) to an attorney representing you in a lawsuit for retaliation by the Company for reporting a suspected violation of law or to use the trade secret information in that court proceeding, provided that any document containing the trade secret is filed under seal and you do not disclose the trade secret, except pursuant to court order.

This offer, and your employment, are also conditioned upon your covenant and representation that (i) you are not a party to any contract, commitment, restrictive covenant, or agreement, nor are you subject to, or bound by, any order, judgment, decree, law, statute, ordinance, rule, regulation or other restriction of any kind or character, which would prevent or restrict you from accepting this position and performing your duties, (ii) you have not shared with the Company or any of its affiliates, or any of its or their directors, officers, employees or agents, and will not share or use, any confidential or proprietary information of any prior employer or contractor or any third party from whom you may have received confidential or proprietary information, (iii) you are not subject to any agreement or obligation that would limit your ability to act on behalf of the Company or any of its subsidiaries, (iv) your acceptance of this offer and your performance of your duties in respect thereof will not violate or conflict with any agreement or obligation to which you are subject, and (v) you have delivered to the Company true and complete copies of any currently effective employment agreement, non-competitive agreement or similar agreement to which you are subject.

This letter does not constitute a contract or employment agreement. You understand that your employment is "at will" and can be terminated, with or without cause and with or without notice, at any time. Nothing contained in this letter shall limit or otherwise alter the foregoing. Your employment will be subject to other policies, terms and conditions that may be established or modified by the Company from time to time.

On your first day of work, we require that you bring proof of your legal right to work in the United States for 1-9 purposes.

We look forward to you joining our Viskase Companies, Inc. team. Please do not

Viskase Companies, Inc.

333 East Butterfield Road, Suite 400, Lombard, Illinois, 60561 USA

Phone: (630) 874-0700 Fax: (630) 874-0176

------

Armando Herrera

March 15, 2024

Page 4 of 4

hesitate to contact me at [\*\*\*\*\*] or Lisa Littleton at [\*\*\*\*\*] if you have any questions.

This offer letter expires March 20, 2024, at 4:00 PM central time.

Sincerely,

---

| |
|:---|
| /s/ Joseph D. King |
| Joseph D. King |
| Senior Vice President, General Counsel and Secretary |

---

Cc: Employee File

---

| | | |
|:---|:---|:---|
| *ACCEPTED:* |  |  |
| *Name – Print* | *Signature* | *Date* |
| Armando Herrera | /s/ Armando Herrera | 3/22/24 |

---

Viskase Companies, Inc.

333 East Butterfield Road, Suite 400, Lombard, Illinois, 60561 USA

Phone: (630) 874-0700 Fax: (630) 874-0176

------

## Exhibit 10.20

**Exhibit 10.20**

![Graphic](enzn-20250930xex10d20001.jpg)

June 7, 2024

*Delivered via Email*

Jan Stevens

[\*\*\*\*\*]

Dear Jan:

On behalf of Viskase Companies, Inc. ("Company" or "Viskase"), I am pleased to present you with the following job offer:

---

| | |
|:---|:---|
| **Title:** | **Vice President of Quality and Technology** |
| **Reporting to:**  | You will report directly to Tim Feast, President and CEO |
| **Location**  | This role is a remote position, with occasional visits to the corporate office in Lombard, IL. |
| **Start Date:** | July 15, 2024 (to be confirmed) |
| **Compensation:** | Your compensation per semi-monthly pay period will be $11,875.00 (annualized at $285,000), payable on the 15<sup>th</sup> and the last business day of each month. All of your compensation is subject to deductions as required by the law. |
| **Bonus Plan:** | You will be eligible to participate in the Management Incentive Plan (or its successor plan) for the fiscal year ending December 31, 2024. Your target annual discretionary bonus under this Plan will be 40% of your earned base salary for the Plan year. Bonuses are prorated for actual time worked in the position. To be eligible for a bonus payment, you must be an active employee on the date the bonus is paid. The bonus compensation will be subject to all terms and conditions of the Management Incentive Plan document, which is subject to change at any time. |
| **Introductory Period:** | Your employment will be subject to a three (3) month introductory period, during which the Company will assess your ability to perform the essential functions of the position. |
| **PTO:** | You will be eligible for 28 days of PTO per year subject to the terms of the Viskase PTO policy. You begin to accrue your PTO |

---

Viskase Companies, Inc.

333 East Butterfield Road, Suite 400, Lombard, Illinois, 60561 USA

Phone: (630) 874-0700 Fax: (630) 874-0176

------

Stevens, Jan

June 7, 2024

Page 2 of 4

---

| | |
|:---|:---|
|  | from Date of Hire but cannot use PTO during your first 90 days of employment. Viskase reserves the right to add, change, or modify the policy at any time. |
| **Benefits:** | You will be eligible to participate in Viskase benefit plans including health; dental; vision; life; dependent life; health savings account (HSA); contributory 401(k) with Company match and no vesting requirement, and short term and longterm disability insurance. All benefit plans except STD and LTD are effective the first of the month following employment. STD and LTD are effective after 90 days of employment. Viskase reserves the right to add, change, or terminate benefits at any time, including but not limited to, those set forth above. |
| **Signing Bonus:** | You will receive a one-time cash signing bonus in the amount of $25,000 (the **"Signing Bonus"**), which will be paid to you no later than 30 days following the Start Date. You must be employed by the Company at the time of payment of the **Signing Bonus** to receive the **Signing Bonus.** The **Signing Bonus** shall be subject to deductions and withholdings as required by law. If prior to the 24-month anniversary of the Start Date, you voluntarily resign for any reason or are terminated for cause, you agree to repay to the Company the full amount of the **signing bonus.** You must execute the Company's Agreement To Repay Signing Bonus in order to be eligible for the Signing Bonus. |

---

This offer, and your employment, are conditioned upon successful completion of a drug screen (hair follicle) and background and reference check.

Further, this offer, and your initial and continued employment, are conditioned upon your agreement, as attested by your signature on a Viskase Confidentiality and NonCompete Agreement, that you will not either directly or indirectly during your employment by the Company and for twelve months (12) after your employment with the Company ceases engage in competition with the Company or its affiliates. In addition to other covenants which will be contained in the Confidentiality and NonCompete Agreement and other Company employment documentation, you agree that during and after your employment you shall not disclose to any third party any confidential or proprietary information of the Company, any of its affiliates or subsidiaries, or any of their respective owners, members, directors, officers, managers, and employees. You further agree that during and after your employment you will not disparage, verbally or in writing, anyone in the Company, any of its affiliates or subsidiaries, or any of their respective owners, members, directors, officers, managers, or

Viskase Companies, Inc.

333 East Butterfield Road, Suite 400, Lombard, Illinois, 60561 USA

Phone: (630) 874-0700 Fax: (630) 874-0176

------

Stevens, Jan

June 7, 2024

Page 3 of 4

employees, and their family members. The details of the Confidentiality and NonCompete Agreement and other Company employment documentation will be presented to you and signed by you prior to your employment. Nothing in this offer of employment prohibits you from reporting any possible violations of federal law or regulation to any government agency or entity, including but not limited to the Department of Justice and the Securities and Exchange Commission, or making any other disclosures that are protected under the whistleblower provisions of federal law or regulation. You are not required to notify the Company that you will make or have made such reports or disclosures. Non-Compliance with the disclosure provisions of this letter and other Company employment documentation shall not subject you to criminal or civil liability under any Federal or State trade secret law for the disclosure of a Company trade secret if the disclosure is made: (i) in confidence to a Federal, State or local government official, either directly or indirectly, or to an attorney in confidence solely for the purpose of reporting or investigating a suspected violation of law; (ii) in a complaint or other document filed in a lawsuit or other proceeding, provided that any complaint or document containing the trade secret is filed under seal; or (iii) to an attorney representing you in a lawsuit for retaliation by the Company for reporting a suspected violation of law or to use the trade secret information in that court proceeding, provided that any document containing the trade secret is filed under seal and you do not disclose the trade secret, except pursuant to court order.

This offer, and your employment, are also conditioned upon your covenant and representation that (i) you are not a party to any contract, commitment, restrictive covenant, or agreement, nor are you subject to, or bound by, any order, judgment, decree, law, statute, ordinance, rule, regulation or other restriction of any kind or character, which would prevent or restrict you from accepting this position and performing your duties, (ii) you have not shared with the Company or any of its affiliates, or any of its or their directors, officers, employees or agents, and will not share or use, any confidential or proprietary information of any prior employer or contractor or any third party from whom you may have received confidential or proprietary information, (iii) you are not subject to any agreement or obligation that would limit your ability to act on behalf of the Company or any of its subsidiaries, (iv) your acceptance of this offer and your performance of your duties in respect thereof will not violate or conflict with any agreement or obligation to which you are subject, and (v) you have delivered to the Company true and complete copies of any currently effective employment agreement, non-competitive agreement or similar agreement to which you are subject.

This letter does not constitute a contract or employment agreement. You understand that your employment is "at will" and can be terminated, with or without cause and with or without notice, at any time. Nothing contained in this letter shall limit or

Viskase Companies, Inc.

333 East Butterfield Road, Suite 400, Lombard, Illinois, 60561 USA

Phone: (630) 874-0700 Fax: (630) 874-0176

------

Stevens, Jan

June 7, 2024

Page 4 of 4

otherwise alter the foregoing. Your employment will be subject to other policies, terms and conditions that may be established or modified by the Company from time to time.

On your first day of work, we require that you bring proof of your legal right to work in the United States for 1-9 purposes.

We look forward to you joining our Viskase Companies, Inc. team. Please do not hesitate to contact me at [\*\*\*\*\*] or Lisa Littleton at [\*\*\*\*\*] if you have any questions.

This offer letter expires June 10, 2024, at 4:00 PM central time.

Sincerely,

**Armando Herrera**

Vice President, Global Human Resources

Cc: Employee File

---

| | | |
|:---|:---|:---|
| *ACCEPTED:* |  |  |
| *Name – Print* | *Signature* | *Date* |
| JAN STEVENS | /s/ Jan Stevens | 06/07/2024 |

---

Viskase Companies, Inc.

333 East Butterfield Road, Suite 400, Lombard, Illinois, 60561 USA

Phone: (630) 874-0700 Fax: (630) 874-0176

------

![Graphic](enzn-20250930xex10d20002.jpg)

**AGREEMENT TO REPAY SIGNING BONUS**

Viskase Companies, Inc., ("the Company"), may provide me with a signing bonus of $25,000 (the "Signing Bonus") less any applicable taxes subject to the terms of my June 7, 2024, offer letter (the "Offer Letter") and the terms described below.

&nbsp;&nbsp;&nbsp;&nbsp;1. I understand and agree that in the event that I voluntarily resign or terminate my employment with the Company for any reason or am involuntarily terminated for "Cause" within twenty-four (24) months of my transfer or start date, I will repay 100% of the Signing Bonus to the Company. For the purposes of this Agreement, "Cause" shall include but not be limited to a violation of company policy, misconduct, or failure to perform my job duties, and responsibilities. This reimbursement obligation shall not apply in the event the Company eliminates my position or I am involuntarily terminated due to a reduction in force.

&nbsp;&nbsp;&nbsp;&nbsp;2. To the extent legally permissible, the Company may withhold any amount due from me under this Agreement from any amount(s) otherwise payable to me as of the last day of employment with the Company. Otherwise, I will repay any amount due from me under this Agreement within 30 days after my departure from the Company. If I fail to do so, the Company may bring an action in court to recover the amount due. The acceptance by the Company of partial or delinquent payments, or the failure of the Company to exercise any rights under this Agreement, shall not waive any of my obligations, or the rights of the Company, modify this Agreement or waive any other similar breach of this Agreement by me.

&nbsp;&nbsp;&nbsp;&nbsp;3. I will not be required to repay any portion of the Signing Bonus if I remain employed with the Company for 24 months after my start date.

&nbsp;&nbsp;&nbsp;&nbsp;4. This Agreement does not constitute, and may not be construed as, a commitment by the Company to employ me for any specific duration. My employment with the Company will be at will, which means I may leave the Company, or the Company may require that I leave its employment, for any reason, at any time.

&nbsp;&nbsp;&nbsp;&nbsp;5. The determination of whether I shall be eligible for a Signing Bonus, and if so, to what extent, is described in my Offer Letter and as determined by the Company in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;6. This Agreement, together with my Offer Letter, represents my entire understanding with the Company, and supersedes all prior oral or written agreements or understandings, with respect to the repayment of the Signing Bonus.

&nbsp;&nbsp;&nbsp;&nbsp;7. This Agreement shall be binding upon and inure to the benefit of the Company's successors and assigns. The terms of this Agreement may be waived only by the Company by a written instrument signed by an authorized officer of the Company wherein specific reference is made to this Signing Bonus.

&nbsp;&nbsp;&nbsp;&nbsp;8. This Agreement is governed by the laws of the State of Illinois, without giving effect to principles of conflict of laws. I agree to submit to the jurisdiction and venue of the Illinois state and federal courts located in the counties of Cook and DuPage.

------

Stevens, Jan

June 7, 2024

Page 2 of 2

&nbsp;&nbsp;&nbsp;&nbsp;9. I understand that the terms of this Agreement and the fact that the Company is providing me with a signing bonus constitutes confidential information and shall not be shared with others, with the exception of my legal, tax, or financial advisors as may be necessary.

&nbsp;&nbsp;&nbsp;&nbsp;10. I acknowledge that I have had a reasonable amount of time in which to read and consider the terms of this Agreement and seek the advice of counsel prior to signing it.

Agreed and approved by me on this <u>7</u><sup>th</sup>,day of <u>June</u>, 2024.

---

| |
|:---|
| /s/ Jan Stevens |
| Signature |
| JAN STEVENS |
| Printed Name |

---

------

![Graphic](enzn-20250930xex10d20001.jpg)

**VISKASE COMPANIES, INC.**

**CONFIDENTIALITY, NON-COMPETITION AND NON-SOLICITATION AGREEMENT**

This Agreement is made and is effective as of this 7<sup>th</sup> day of June, 2024, by and between Viskase Companies, Inc. (the "Company"), 333 E. Butterfield Road, Suite 400, Lombard, IL 60148 and current or prospective employee, Jan Stevens ("Employee"), whose principal mailing address is [\*\*\*\*\*]. Any offer of employment, or continuation of employment, as the case may be, is expressly subject to and conditioned upon Employee's execution of this Agreement.

In consideration of Employee's employment at will by the Company and/or one or more of its subsidiaries (hereinafter collectively and individually referred to as "Viskase"), and of the salary and benefits paid to Employee with respect to such employment and future increases therein, Employee and Viskase hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions.</u> For purposes of this Agreement the terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Affiliate" shall mean with respect to any specified Person, another Person which, directly or indirectly, controls, is controlled by, or is under common control with such specified Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "Company" shall mean Viskase Companies, Inc. and/or any of its subsidiaries, parent, or related corporations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "Confidential Information" shall mean all information disclosed or otherwise made available to the Employee by the Company or its Affiliates, employees or representatives, about or relating to the Company's, or any of its Affiliates' plans, business or activities, or employees, including, but not limited to the information set forth in the business plan of the Company and information concerning advertising, marketing plans and strategies, finances or financial condition, accounting, methods, processes, trade secrets, Intellectual Property, product and business plans, and current or potential customer, client, business partner or supplier lists and records, service charges, rates and fees, investments plans or projections, research in respect of acquired or potential target investments and communications and all Work Product;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "Intellectual Property," shall mean all source-codes, object-codes, manuals and other documentation and materials (whether or not in written form) and all versions thereof, together with all other patents, licenses, trademarks, service marks, trade names (whether registered or unregistered), copyrights, proprietary computer software, proprietary inventions, proprietary technology, technical information, intellectual property, discoveries, designs, proprietary rights and non-public information, trade secrets, in each case, whether or not patentable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "Person" an individual, corporation, partnership, trust or unincorporated organization, limited liability company, limited liability partnership, joint venture, joint stock company, any governmental agency or instrumentality or any other entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) "Work Product" shall mean all work product (tangible, recorded or otherwise, and without regard to the form or condition or state of completion, including, without limitation, Intellectual Property invented, created, assembled, or developed in connection with, with respect to, for, or in relation to, the Company during the Employee's employment by the Company.

Viskase Companies, Inc.

333 East Butterfield Road, Suite 400, Lombard, Illinois, 60148 USA

Tel: 630 874-0700 - Fax: 630 282-0498

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Confidentiality.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Employee shall not (either during the continuance of the Employee's employment by the Company or at any time thereafter) disclose any Confidential Information to any Person other than designated employees of the Company, and all such Confidential Information, either in electronic, printed or verbal form will remain the property of the Company and shall not be used by the Employee (either during the continuance of his employment by the Company or at any time thereafter) for his own purpose or for any purpose other than those of the Company. The Employee agrees that the Company will retain proprietary rights in the Confidential Information and disclosure to or awareness by the Employee of the Confidential Information shall not be deemed to confer any rights whatsoever to the Employee in respect of any part of the Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The restrictions and covenants set forth in (a) above applicable to the Confidential Information shall not apply to any portion of the Confidential Information that the Employee can clearly demonstrate is at the time of disclosure or thereafter generally available to and known by the public (other than as a result of its disclosure by the Employee in breach of his obligations herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the event that the Employee is (i) requested by interrogatory, subpoena, deposition, civil investigation demand or other similar legal process or (ii) required by applicable laws, rules, or regulations, to disclose any Confidential Information, the Employee shall provide the Company with prompt written notice of any such request or requirement so that the Company may seek an appropriate protective order. If, failing the entry of a protective order, the Employee is, in the written opinion of his counsel, compelled to disclose Confidential Information, the Employee may disclose that portion of the Confidential Information which his counsel advises the Employee in such opinion that he is compelled to disclose. In any event, the Employee will not oppose, and shall assist, action by the Company in any such proceeding to obtain an appropriate protective order or other reliable assurance that confidential treatment will be accorded the Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Nothing in this agreement prohibits Employee from reporting any possible violations of federal law or regulation to any government agency or entity, including but not limited to the Department of Justice and the Securities and Exchange Commission, or making any other disclosures that are protected under the whistle-blower provisions of federal law or regulation. Employee is not required to notify Viskase that Employee will make or has made such reports or disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Agreement Not to Compete.</u> 

Employee shall not, within the states of Illinois, Arkansas and/or Tennessee either directly or indirectly, and either physically or remotely/digitally, as principal, agent, owner, employee, director, partner, investor, shareholder (other than solely as a holder of not more than 1% of the issued and outstanding shares of any public corporation), consultant, advisor or otherwise howsoever own, operate, carry on or engage in the operation of or have any financial interest in or provide, directly or indirectly, financial assistance to or lend money to or guarantee the debts or obligations of any Person carrying on or engaged in any business that is similar to or competitive with the business conducted by the Company or any of its subsidiaries during the term of Employee's employment and for twelve (12) months after Employee ceases, for any reason, to be employed by Viskase. Employee's obligation not to disclose Confidential Information of Viskase shall not terminate at the end of the twelve (12) month period described above.

Page 2 of 4

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Agreement Not to Solicit.</u> 

The Employee covenants and agrees with the Company and its subsidiaries that, during the term of Employee's employment and for twelve (12) months following the last day of employment by Viskase, the Employee shall not, directly, or indirectly, for himself or for any other Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) solicit, interfere with or endeavor to entice away from the Company or any of its subsidiaries or affiliates, any current or prospective supplier, customer, client, or any Person in the habit of dealing with any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) attempt to direct or solicit any current or prospective supplier, customer, or client away from the Company or any of its subsidiaries or affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) interfere with, entice away or otherwise attempt to obtain or induce the withdrawal of any employee of the Company or any of its subsidiaries or affiliates; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) advise any Person not to do business with the Company or any of its subsidiaries or affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Acknowledgment of Reasonableness of Agreement.</u> 

Employee acknowledges and agrees that the restrictions on Employee's competition with Viskase and Employee's nonsolicitation obligations contained in Paragraphs 3 and 4 of this Agreement are reasonable and justified in light of the nature of Viskase's business and of the confidential and proprietary information of Viskase to which Employee has or may have exposure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Acknowledgment of Need for Injunctive Relief.</u> 

Employee acknowledges and agrees that the remedy at law for any violation of this Agreement, given the nature of Viskase's business and the harm which could be done thereto, would be inadequate, and that Viskase would suffer continuing and irreparable harm to its business as a result of such violations; therefore, in the event of any actual or threatened violation of this Agreement, Viskase shall be entitled, in addition to any other remedies available to it, to a temporary restraining order and preliminary and permanent injunctive relief to prevent any violations hereof, without any requirement to prove actual damages or to post bond, and to any other appropriate equitable relief that any court of competent jurisdiction deems proper. Employee hereby represents to Viskase that Employee's past business skills and experience will enable Employee to obtain satisfactory employment without violating this Agreement and that enforcement of this Agreement will not impose undue hardship upon Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Beneficiaries of Agreements.</u> 

This Agreement shall be for and inure to the benefit of Viskase, any and all of its subsidiaries, affiliates, parents, or related entities as well as the successors, assigns, and transferees of any of the above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>No Modifications Other than in Writing.</u> 

This Agreement shall not be modified, amended, rescinded, or waived other than by a subsequent written agreement signed by Employee and Viskase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Construction of Agreement.</u> 

This Agreement shall be governed by, and construed in accordance with, the laws of the State of Illinois, United Staes, where Viskase has its principal place of business. In the event any court of competent jurisdiction determines that any of the terms or provisions contained in this Agreement are void or unenforceable, such court shall have the right, and is authorized by Employee, to modify such terms or provisions as to render the remaining or modified terms or provisions of this Agreement valid and

Page 3 of 4

------

enforceable to the maximum extent possible and, as so modified, to enforce this Agreement in accordance with its terms,.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Governing Law/Jurisdiction/Service of Process.</u> 

The validity, interpretation, performance, and enforcement of this Agreement shall be governed by the laws of the State of Illinois, United States, without regard to conflict of laws rules. In any action between or among the parties arising out of this Agreement, (i) each of the parties irrevocably consents to the exclusive jurisdiction and venue of the federal and state courts located in, or having jurisdiction over, DuPage County, Illinois, United States; (ii) if any such action is commenced in a state court, then, subject to applicable law, neither party shall object to the removal of such action to any federal court located in, or having jurisdiction over, DuPage County, Illinois, United States; (iii) each of the parties irrevocably waives the right to trial by jury; and (iv) each of the parties irrevocably consents to service of process by first class certified mail, return receipt requested, postage prepaid, to the address of such party set forth in the preamble hereto, unless a party notifies the other in writing of a different address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Miscellaneous.</u> 

This Agreement does not alter, change, or modify the employment-at-will relationship that exists between the Company and the Employee. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns, as the case may be. This Agreement may be assigned by the Company to any affiliate of the Company and to any successor or assign of all or a substantial portion of the Company's business. The Employee may not assign or transfer any of his rights or obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Representation of Knowledge of Contents of Agreement.</u> 

Employee agrees and represents to Viskase that: (i) Employee has read and understands the contents of this Agreement,(ii) Employee has had at least 14 days within which to consider its terms and has asked any and all questions regarding the same; (iii) Employee is hereby advised by the Company to consult with legal counsel of Employee's choice prior to executing this Agreement, and (vii) Employee has not relied on any statements made by anyone associated with the Company that is not contained in this Agreement in deciding to sign this Agreement.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.

---

| |
|:---|
| /s/ Jan Stevens 06/07/2024 |
| **JAN STEVENS** |
| VISKASE COMPANIES, INC. |
| By: |
| Title: |

---

Page 4 of 4

------

## Exhibit 10.21

**Exhibit 10.21**

![Graphic](enzn-20250930xex10d21001.jpg)

September 13, 2024

*Via Electronic Delivery*

Marcelo Passos

[\*\*\*\*\*]

*marcelompassos@yahoo.com*

Dear Marcelo:

On behalf of Viskase Companies, Inc. ("Company" or "Viskase"), I am pleased to present you with the following job offer:

---

| | |
|:---|:---|
| **Title:**  | **Vice President and General Manager Americas** |
| **Reporting to:** | You will report directly to Tim Feast, President, and CEO |
| **Location** | Remote, Home-Based office in Fayetteville, GA  |
| **Start Date:** | September 30, 2024 |
| **Compensation:** | Your compensation per semi-monthly pay period will be $15,000,00 (annualized at $360,000), payable on the 15th and the last business day of each month. All of your compensation is subject to deductions as required by the law. |
| **Bonus Plan:** | In addition to your base salary, as a full-time, salaried employee, you are eligible to participate in the Viskase Management Incentive Plan (VMIP) for calendar year 2025 with a target bonus of 60% of base earnings. The incentive is predicated on obtaining certain objectives based upon both personal and Company performance. Additional details are contained in the Plan's Terms and Conditions. The bonus compensation will be subject to all terms and conditions of the Management Incentive Plan document, which is subject to change at any time. |
| **PTO:** | You will be eligible for 28 days of PTO per year subject to the terms of the Viskase PTO policy. You begin to accrue your PTO from Date of Hire but cannot use PTO during your first 90 days |

---

Viskase Companies, Inc.

333 East Butterfield Road, Suite 400, Lombard, Illinois, 60561 USA

Phone: (630) 874-0700 Fax: (630) 874-0176

------

Marcelo Passos

September 13, 2024<br>Page 2 of 4

---

| | |
|:---|:---|
|  | of employment. Viskase reserves the right to add, change, or modify the policy at any time. |
| **Benefits:** | You will be eligible to participate in Viskase benefit plans including health; dental; vision; life; dependent life; health savings account (HSA); contributory 401 (k) with Company match and no vesting requirement, and short term and longterm disability insurance. All benefit plans except STD and LTD are effective the first of the month following employment. STD and LTD are effective after 90 days of employment. Viskase reserves the right to add, change, or terminate benefits at any time, including but not limited to, those set forth above. |

---

This offer, and your employment, are conditioned upon successful completion of a drug screen (hair follicle) and background and reference check.

Further, this offer, and your initial and continued employment, are conditioned upon your agreement, as attested by your signature on a Viskase Confidentiality and NonCompete Agreement, that you will not either directly or indirectly during your employment by the Company and for twelve months (12) after your employment with the Company ceases engage in competition with the Company or its affiliates. In addition to other covenants which will be contained in the Confidentiality and NonCompete Agreement and other Company employment documentation, you agree that during and after your employment you shall not disclose to any third party any confidential or proprietary information of the Company, any of its affiliates or subsidiaries, or any of their respective owners, members, directors, officers, managers, and employees. You further agree that during and after your employment you will not disparage, verbally or in writing, anyone in the Company, any of its affiliates or subsidiaries, or any of their respective owners, members, directors, officers, managers, or employees, and their family members. The details of the Confidentiality and NonCompete Agreement and other Company employment documentation will be presented to you and signed by you prior to your employment. Nothing in this offer of employment prohibits you from reporting any possible violations of federal law or regulation to any government agency or entity, including but not limited to the Department of Justice and the Securities and Exchange Commission, or making any other disclosures that are protected under the whistleblower provisions of federal law or regulation. You are not required to notify the Company that you will make or have made such reports or disclosures. Non-Compliance with the disclosure provisions of this letter and other Company employment documentation shall not subject you to criminal or civil liability under any Federal or State trade secret law for the disclosure of a Company trade secret if the disclosure is made: (i) in confidence to a Federal, State

Viskase Companies, Inc.

333 East Butterfield Road, Suite 400, Lombard, Illinois, 60561 USA

Phone: (630) 874-0700 Fax: (630) 874-0176

------

Marcelo Passos

September 13, 2024<br>Page 3 of 4

or local government official, either directly or indirectly, or to an attorney in confidence solely for the purpose of reporting or investigating a suspected violation of law; (ii) in a complaint or other document filed in a lawsuit or other proceeding, provided that any complaint or document containing the trade secret is filed under seal; or (iii) to an attorney representing you in a lawsuit for retaliation by the Company for reporting a suspected violation of law or to use the trade secret information in that court proceeding, provided that any document containing the trade secret is filed under seal and you do not disclose the trade secret, except pursuant to court order.

This offer, and your employment, are also conditioned upon your covenant and representation that (i) you are not a party to any contract, commitment, restrictive covenant, or agreement, nor are you subject to, or bound by, any order, judgment, decree, law, statute, ordinance, rule, regulation or other restriction of any kind or character, which would prevent or restrict you from accepting this position and performing your duties, (ii) you have not shared with the Company or any of its affiliates, or any of its or their directors, officers, employees or agents, and will not share or use, any confidential or proprietary information of any prior employer or contractor or any third party from whom you may have received confidential or proprietary information, (iii) you are not subject to any agreement or obligation that would limit your ability to act on behalf of the Company or any of its subsidiaries, (iv) your acceptance of this offer and your performance of your duties in respect thereof will not violate or conflict with any agreement or obligation to which you are subject, and (v) you have delivered to the Company true and complete copies of any currently effective employment agreement, non-competitive agreement or similar agreement to which you are subject.

This letter does not constitute a contract or employment agreement. You understand that your employment is "at will" and can be terminated, with or without cause and with or without notice, at any time. Nothing contained in this letter shall limit or otherwise alter the foregoing. Your employment will be subject to other policies, terms and conditions that may be established or modified by the Company from time to time.

On your first day of work, we require that you bring proof of your legal right to work in the United States for 1-9 purposes.

We look forward to you joining our Viskase Companies, Inc. team. Please do not hesitate to contact Armando Herrera at (708)305-0536 or Lisa Littleton at (985)272-2798 if you have any questions.

Viskase Companies, Inc.

333 East Butterfield Road, Suite 400, Lombard, Illinois, 60561 USA

Phone: (630) 874-0700 Fax: (630) 874-0176

------

Marcelo Passos

September 13, 2024<br>Page 4 of 4

This offer letter expires September 18, 2024, at 4:00 PM central time.

Sincerely,

Tim Feast

President and CEO, Viskase Companies, Inc.

Cc: Human Resources <br>Employee File

---

| | | |
|:---|:---|:---|
| *ACCEPTED:* |  |  |
| *Name – Print* | *Signature* | *Date* |
| Marcelo Passos | /s/ Marcelo Passos | 9.13.24 |

---

Viskase Companies, Inc.

333 East Butterfield Road, Suite 400, Lombard, Illinois, 60561 USA

Phone: (630) 874-0700 Fax: (630) 874-0176

------

![Graphic](enzn-20250930xex10d21002.jpg)

**VISKASE COMPANIES, INC.**

**CONFIDENTIALITY, NON-COMPETITION AND NON-SOLICITATION AGREEMENT**

This Agreement is made and is effective as of this 13th day of September 12, 2024, by and between Viskase Companies, Inc. (the "Company"), 333 E. Butterfield Road, Suite 400, Lombard, IL, 60148, and current or prospective employee, Marcelo **M.** Passos ("Employee"), whose principal mailing address is [\*\*\*\*\*]. Any offer of employment, or continuation of employment, as the case may be, is expressly subject to and conditioned upon Employee's execution of this Agreement.

In consideration of Employee's employment at will by the Company and/or one or more of its subsidiaries (hereinafter collectively and individually referred to as "Viskase"), and of the salary and benefits paid to Employee with respect to such employment and future increases therein, Employee and Viskase hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions.</u> For purposes of this Agreement the terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Affiliate" shall mean with respect to any specified Person, another Person which, directly or indirectly , controls, is controlled by, or is under common control with such specified Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "Company" shall mean Viskase Companies, Inc. and/or any of its subsidiaries, parent, or related corporations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) " Confidential Information" shall mean all information disclosed or otherwise made available to the Employee by the Company or its Affiliates, employees or representatives, about or relating to the Company ' s , or any of its Affiliates' plans, business or activities, or employees, including, but not limited to the information set forth in the business plan of the Company and information concerning advertising, marketing plans and strategies, finances or financial condition, accounting, me t hods, processes, trade secrets, Intellectual Property, product and business plans, and current or potential customer, client, business partner or supplier lists and records, service charges, rates and fees, investments plans or projections, research in respect of acquired or potential target investments and communications and all Work Product;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "Intellectual Property ," shall mean all source-codes, object-codes, manuals and other documentation and materials (whether or not in written form) and all versions thereof, together with all other patents, licenses, trademarks, service marks, trade names (whether registered or unregistered), copyrights, proprietary computer software, proprietary inventions, proprietary technology, technical information, intellectual property, discoveries, designs, proprietary rights and non-public information, trade secrets, in each case, whether or not patentable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "Person" an individual, corporation, partnership, trust or unincorporated organization, limited liability company, limited liability partnership, joint venture, joint stock company, any governmental agency or instrumentality or any other entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) "Work Product" shall mean all work product (tangible, recorded or otherwise, and without regard to the form or condition or state of completion, including, without limitation, Intellectual Property invented, created, assembled, or developed in connection with, with respect to, for, or in relation to, the Company during the Employee's employment by the Company.

Viskase Companies, Inc.

333 East Sutterfield Road. Suite 400, Lombard Illinois 60148. USA

Tel: 630-874-0700- Fax: 630-282-0498

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** <u>Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Employee shall not (either during the continuance of the Employee's employment by the Company or at any time thereafter) disclose any Confidential I nformation to any Person other than designated employees of the Company, and all such Confidential Information, either in electronic, printed or verbal form will remain the property of the Company and shall not be used by the Employee (either during the continuance of his employment by the Company or at any time thereafter) for his own purpose or for any purpose other than those of the Company. The Employee agrees that the Company will retain proprietary rights in the Confidential Information and disclosure to or awareness by the Employee of the Confidential Information shall not be deemed to confer any rights whatsoever to the Employee in respect of any part of the Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The restrictions and covenants set forth in (a) above applicable to the Confidential Information shall not apply to any portion of the Confidential Information that the Employee can clearly demonstrate is at the time of disclosure or thereafter generally available to and known by the public (other than as a result of its disclosure by the Employee in breach of his obligations herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the event that the Employee is (i) requested by interrogatory, subpoena, deposition, civil investigation demand or other similar legal process or (ii) required by applicable laws, rules, or regulations, to disclose any Confidential Information, the Employee shall provide the Company with prompt written notice of any such request or requirement so that the Company may seek an appropriate protective order. If, failing the entry of a protective order, the Employee is, in the written opinion of his counsel, compelled to disclose Confidential Information, the Employee may disclose that portion of the Confidential Information which his counsel advises the Employee in such opinion that he is compelled to disclose. In any event, the Employee will not oppose, and shall assist, action by the Company in any such proceeding to obtain an appropriate protective order or other reliable assurance that confidential treatment will be accorded the Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Nothing in this agreement prohibits Employee from reporting any possible violations of federal law or regulation to any government agency or entity, including but not limited to the Department of Justice and the Securities and Exchange Commission, or making any other disclosures that are protected under the whistle-blower provisions of federal law or regulation. Employee is not required to notify Viskase that Employee will make or has made such reports or disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Agreement Not to Compete.</u> 

Employee shall not, within the states of Illinois, Arkansas, and or Tennessee either directly or indirectly, and either physically or remotely/digitally, as principal, agent, owner, employee, director, partner, investor, shareholder (other than solely as a holder of not more than 1% of the issued and outstanding shares of any public corporation), consultant, advisor or otherwise howsoever own, operate, carry on or engage in the operation of or have any financial interest in or provide, directly or indirectly, financial assistance to or lend money to or guarantee the debts or obligations of any Person carrying on or engaged in any business that is similar to or competitive with the business conducted by the Company or any of its subsidiaries during the term of Employee's employment and for twelve (12) months after Employee ceases, for any reason, to be employed by Viskase. Employee's obligation not to disclose Confidential Information of Viskase shall not terminate at the end of the twelve (12) month period described above.

Page 2 of 4

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Agreement Not to Solicit.</u> 

The Employee covenants and agrees with the Company and its subsidiaries that, during the term of Employee's employment and for twelve (12) months following the last day of employment by Viskase, the Employee shall not, directly, or indirectly, for himself or for any other Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) solicit, interfere with or endeavor to entice away from the Company or any of its subsidiaries or affiliates, any current or prospective supplier, customer, client, or any Person in the habit of dealing with any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) attempt to direct or solicit any current or prospective supplier, customer, or client away from the Company or any of its subsidiaries or affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) interfere with, entice away or otherwise attempt to obtain or induce the withdrawal of any employee of the Company or any of its subsidiaries or affiliates; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) advise any Person not to do business with the Company or any of its subsidiaries or affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Acknowledgment</u> <u>of</u> <u>Reasonableness of Agreement.</u> 

Employee acknowledges and agrees that the restrictions on Employee's competition with Viskase and Employee's nonsolicitation obligations contained in Paragraphs 3 and 4 of this Agreement are reasonable and justified in light of the nature of Viskase's business and of the confidential and proprietary information of Viskase to which Employee has or may have exposure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Acknowledgment of Need for Injunctive Relief.</u> 

Employee acknowledges and agrees that the remedy at law for any violation of this Agreement, given the nature of Viskase's business and the harm which could be done thereto, would be inadequate, and that Viskase would suffer continuing and irreparable harm to its business as a result of such violations; therefore, in the event of any actual or threatened violation of this Agreement, Viskase shall be entitled, in addition to any other remedies available to it, to a temporary restraining order and preliminary and permanent injunctive relief to prevent any violations hereof, without any requirement to prove actual damages or to post bond, and to any other appropriate equitable relief that any court of competent jurisdiction deems proper. Employee hereby represents to Viskase that Employee's past business skills and experience will enable Employee to obtain satisfactory employment without violating this Agreement and that enforcement of this Agreement will not impose undue hardship upon Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Beneficiaries of Agreements.</u> 

This Agreement shall be for and inure to the benefit of Viskase, any and all of its subsidiaries, affiliates, parents, or related entities as well as the successors, assigns, and transferees of any of the above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>No</u> <u>Modifications Other</u> <u>than</u> <u>in Writing.</u> 

This Agreement shall not be modified, amended, rescinded, or waived other than by a subsequent written agreement signed by Employee and Viskase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Construction of Agreement.</u> 

This Agreement shall be governed by, and construed in accordance with, the laws of the State of Illinois, United Staes, where Viskase has its principal place of business. In the event any court of competent jurisdiction determines that any of the terms or provisions contained in this Agreement are void or unenforceable, such court shall have the right, and is authorized by Employee, to modify such terms or

Page 3 of 4

------

provisions as to render the remaining or modified terms or provisions of this Agreement valid and enforceable to the maximum extent possible and, as so modified, to enforce this Agreement in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Governing</u> <u>Law/Jurisdiction/Service</u> <u>of</u> <u>Process.</u> 

The validity, interpretation, performance, and enforcement of this Agreement shall be governed by the laws of the State of Illinois, United States, without regard to conflict of laws rules. In any action between or among the parties arising out of this Agreement, (i) each of the parties irrevocably consents to the exclusive jurisdiction and venue of the federal and state courts located in, or having jurisdiction over, DuPage County, Illinois, United States; (ii) if any such action is commenced in a state court, then, subject to applicable law, neither party shall object to the removal of such action to any federal court located in, or having jurisdiction over, DuPage County, Illinois, United States; (iii) each of the parties irrevocably waives the right to trial by jury; and (iv) each of the parties irrevocably consents to service of process by first class certified mail, return receipt requested, postage prepaid, to the address of such party set forth in the preamble hereto, unless a party notifies the other in writing of a different address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Miscellaneous</u>.

This Agreement does not alter, change, or modify the employment-at-will relationship that exists between the Company and the Employee. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns, as the case may be. This Agreement may be assigned by the Company to any affiliate of the Company and to any successor or assign of all or a substantial portion of the Company's business. The Employee may not assign or transfer any of his rights or obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Representation of Knowledge of Contents of Agreement.</u> 

Employee agrees and represents to Viskase that: (i) Employee has read and understands the contents of this Agreement,(ii) Employee has had at least 14 days within which to consider its terms and has asked any and all questions regarding the same; (iii) Employee is hereby advised by the Company to consult with legal counsel of Employee's choice prior to executing this Agreement, and (vii) Employee has not relied on any statements made by anyone associated with the Company that is not contained in this Agreement in deciding to sign this Agreement.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.

---

| |
|:---|
| **/s/ MARCELO M. PASSOS** |
| **MARCELO M. PASSOS** |
| **VISKASE COMPANIES, INC.** |
| By:  |
| Title:  |

---

Page 4 of 4

------

## Exhibit 10.22

**Exhibit 10.22**

![Graphic](enzn-20250930xex10d22001.jpg)

January 30, 2025

Joseph Marigliano

[\*\*\*\*\*]

Dear Joseph:

On behalf of Viskase Companies, Inc. ("Viskase" or the "Company"), I am pleased to present you with the following job offer:

---

| | |
|:---|:---|
| **Title:** | **Vice President, Business Management** |
| **Primary Focus:** | You will perform such services as requested by the Company's President & CEO. Unless otherwise directed, your primary focus will be to drive global pricing and product strategy, manage and grow margins, and develop a successor. |
| **Reporting to:** | Tim Feast, President and CEO |
| **Location:** | This will be a hybrid assignment based in your home office in Crown Point, IN, with periodic visits to Viskase corporate offices in Lombard. |
| **Start Date:** | February 24, 2025 |
| **Compensation:** | Your compensation per semi-monthly pay period will be $14,041,67 (annualized at $337,000), payable on the 15<sup>t</sup><sup>h</sup> and the last business day of each month. All of your compensation is subject to deductions as required by the law. |
| **Bonus Plan:** | You will be eligible to participate in the Management Incentive Plan (or its successor plan) for the fiscal year ending December 31, 2025. Your target annual discretionary bonus under this Plan will be 50% of your earned base salary for the Plan year. Bonuses are prorated for the actual time worked in the position. To be eligible for a bonus payment, you must be an active employee on the date the bonus is paid. The bonus compensation will be subject to all terms and conditions of the Management Incentive Plan (or its successor plan) document, which is subject to change at any time. |
| **Interim Position** | This will be a temporary/interim position. We anticipate that it will be of two (2) to three (3) years in duration. Your employment may be terminated at any time by you or the Company, with or without cause, for any reason or no reason, on thirty (30) days' written notice. In addition, the Company reserves the right to terminate your employment for cause without prior notice. |
| **Paid Time Off:** | Viskase has a Paid Time Off Policy to cover your vacation, sick, and personal needs. You begin to accrue your PTO from Date of Hire but cannot use PTO during your first 90 days of employment unless otherwise approved. Your annual 28 days |

---

Viskase Companies, Inc.

333 East Butterfield Road, Suite 400, Lombard, Illinois, 60561 USA

Phone: (630) 874-0700 Fax: (630) 874-0176

------

Joseph Marigliano

January 30, 2025

Page 2 of 3

---

| | |
|:---|:---|
|  | of earned PTO will be subject to the terms of the Viskase PTO policy. Viskase reserves the right to add, change, or modify the policy at any time. |
| **Benefits:** | You will be eligible to participate in Viskase benefit plans including health; dental; vision; life; dependent life; health savings account (HSA) and Flexible Spending Account (FSA); contributory 401(k) with Company match and no vesting requirement, and short-term and long-term disability insurance. All benefit plans except STD and LTD are effective the first of the month following employment. STD and LTD are effective after 90 days of employment. You will not be eligible to participate in the Company's Severance Pay Plan and will not be entitled to severance benefits of any kind upon the termination of your employment. Viskase Companies Inc. reserves the right to add, change, or terminate benefits at any time, including but not limited to, those set forth above. |

---

This offer, and your employment, are conditioned upon successful completion of a drug screen and background and reference check.

Further, this offer, and your initial and continued employment, are conditioned upon your agreement, as attested by your signature on a Viskase Noncompetition and Nonsolicitation Agreement, that you will not either directly or indirectly during your employment by the Company and for twelve (12) months after your employment with the Company ceases engage in competition with the Company or its affiliates. In addition to other covenants which will be contained in the Viskase Noncompetition and Nonsolicitation Agreement and the Memorandum of Employee Agreement - Confidentiality/Work Product/Non-Disparagement, and other Company employment documentation, you agree that during and after your employment you shall not disclose to any third party any confidential or proprietary information of the Company, any of its affiliates or subsidiaries, or any of their respective owners, members, directors, officers, managers, and employees. You further agree that during and after your employment you will not disparage, verbally or in writing, anyone in the Company, any of its affiliates or subsidiaries, or any of their respective owners, members, members, directors, officers, managers, or employees, and their family members. The details of the Viskase Noncompetition and Nonsolicitation Agreement and the Memorandum of Employee Agreement - Confidentiality/Work Product/Non-Disparagement, and other Company employment documentation will be presented to you and signed by you prior to your employment. Nothing in this offer of employment prohibits you from reporting any possible violations of federal law or regulation to any government agency or entity, including but not limited to the Department of Justice and the Securities and Exchange Commission, or making any other disclosures that are protected under the whistleblower provisions of federal law or regulation. You are not required to notify the Company that you will make or have made such reports or disclosures. Non-compliance with the disclosure provisions of this letter and other Company employment documentation shall not subject you to criminal or civil liability under any Federal or State trade secret law for the disclosure of a Company trade secret if the disclosure is made: (i) in confidence to a Federal, State or local government official, either directly or indirectly, or to an attorney in confidence solely for the purpose of reporting or investigating a suspected violation of law; (ii) in a complaint or other document filed in a lawsuit or other proceeding, provided that any complaint or document containing the trade secret is filed under seal; or (iii) to an attorney representing you in a lawsuit for retaliation by the Company for reporting a suspected violation of law or to use the trade secret information in that court proceeding, provided that any document containing the trade secret is filed under seal and you do not disclose the trade secret, except pursuant to court order.

Viskase Companies, Inc.

333 East Butterfield Road, Suite 400, Lombard, Illinois, 60561 USA

Phone: (630) 874-0700 Fax: (630) 874-0176

------

Joseph Marigliano

January 30, 2025

Page 3 of 3

This offer, and your employment, are also conditioned upon your covenant and representation that (i) you are not a party to any contract, commitment, restrictive covenant or agreement, nor are you subject to, or bound by, any order, judgment, decree, law, statute, ordinance, rule, regulation or other restriction of any kind or character, which would prevent or restrict you from accepting this position and performing your duties, (ii) you have not shared with the Company or any of its affiliates, or any of its or their directors, officers, employees or agents, and will not share or use, any confidential or proprietary information of any prior employer or contractor or any third party from whom you may have received confidential or proprietary information, (iii) you are not subject to any agreement or obligation that would limit your ability to act on behalf of the Company or any of its subsidiaries, (iv) your acceptance of this offer and your performance of your duties in respect thereof will not violate or conflict with any agreement or obligation to which you are subject, and (v) you have delivered to the Company true and complete copies of any currently effective employment agreement, non-competitive agreement or similar agreement to which you are subject.

This letter does not constitute a contract or employment agreement. You understand that your employment is "at will." Your employment will be subject to other policies, terms and conditions that may be established or modified by the Company from time to time.

On your first day of work, we require that you bring proof of your legal right to work in the United States for I-9 purposes.

We look forward to you joining our Viskase team. Please do not hesitate to contact me at [\*\*\*\*\*] or Armando Herrera at [\*\*\*\*\*] if you have any questions.

This offer expires on Monday, February 3, 2025, at 4:00 PM Central Time.

Sincerely,

/s/ Tim Feast

Tim Feast

President and CEO

Cc: Armando Herrera, Vice President, Human Resources

Employee File

---

| | |
|:---|:---|
| *ACCEPTED:* |  |
| ***JOSEPH MARIGLIANO*** | ***Date*** |
| /s/ JOSEPH MARIGLIANO | 01/31/2025 |

---

Viskase Companies, Inc.

333 East Butterfield Road, Suite 400, Lombard, Illinois, 60561 USA

Phone: (630) 874-0700 Fax: (630) 874-0176

------

## Exhibit 10.23

#### Exhibit 10.23
&nbsp;&nbsp;![GRAPHIC](enzn-20250930xex10d23g001.jpg)<br>

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&nbsp;&nbsp;![GRAPHIC](enzn-20250930xex10d23g006.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](enzn-20250930xex10d23g007.jpg)<br>

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&nbsp;&nbsp;![GRAPHIC](enzn-20250930xex10d23g009.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](enzn-20250930xex10d23g010.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](enzn-20250930xex10d23g011.jpg)<br>

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&nbsp;&nbsp;![GRAPHIC](enzn-20250930xex10d23g015.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](enzn-20250930xex10d23g016.jpg)<br>

## Exhibit 10.25

**Exhibit 10.25**

**EMPLOYMENT AGREEMENT**

This **EMPLOYMENT AGREEMENT**, dated as of November __, 2025 (the "**Employment Agreement**"), is entered by and between **Viskase Companies, Inc.,** a Delaware corporation (the "**Company**"), and **Thomas D. Davis** (the "**Executive**") and (except as provided in Section 2.1) is effective December 1, 2025 (the "**Effective Date**"). In consideration of the mutual covenants contained herein and other valid consideration, the sufficiency of which is acknowledged, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Employment**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.**Term**. The Company agrees to employ the Executive on an interim and trial basis, and the Executive agrees to be employed by the Company on an interim and trial basis, in each case pursuant to this Employment Agreement, for a period commencing on the Effective Date and ending 90 days from the Effective Date (the "**Interim Term**"). Prior to expiration of the Interim Term, the Company and the Executive may mutually agree to continue Executive's employment beyond the Interim Term for an additional period of time to be determined (an "**Additional Term**"), subject to all the terms and conditions contained in this Employment Agreement. The above notwithstanding, the Interim Term or any Additional Term may be terminated after the Effective Date in accordance with Section 3 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.**Duties**. During both the Interim Term and any Additional Term, the Executive shall serve as Chief Executive Officer and President of the Company and such other or additional positions as an officer or director of the Company, and of such direct or indirect affiliates of the Company ("**Affiliates**"), as the Executive and the board of directors of the Company (the "**Board**") mutually agree from time to time. In such positions, the Executive shall perform such duties, functions and responsibilities during both the Interim Term and any Additional Term commensurate with the Executive's positions as reasonably directed by the Board. The Executive shall be employed in the State of Illinois during both the Interim Term and any Additional Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.**Exclusivity**. During both the Interim Term and any Additional Term, the Executive shall: (i) devote substantially all of his professional time and attention to the business and affairs of the Company and its Affiliates; (ii) to the best of his abilities, faithfully serve the Company and its Affiliates; (iii) in all material respects conform to and comply with the lawful and reasonable directions and instructions given to Executive by the Board, consistent with Section 1.2 hereof; (iv) use Executive's best efforts to advance, promote and serve the interests of the Company and its Affiliates; (v) comply with all the policies of the Company and its Affiliates (including, without limitation, such policies with respect to legal compliance, conflicts of interest, confidentiality and business ethics, as are from time to time in effect); and (vi) except as; otherwise permitted herein, not engage in any other business activity, whether or not such activity shall be engaged in for pecuniary profit. The provisions of this Section 1.3 shall not be construed to prevent Executive from: (a) investing Executive's personal, private assets as a passive investor in such form or manner as will not require any active services on the part of Executive in the management or operation of the affairs of the companies, partnerships, or other business entities in which

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any such passive investments are made, or (b) serving on the board of directors of one or more companies, family-related businesses or charitable or non-profit organizations, provided such service does not materially conflict with the Executive's duties and obligations to the Company and such service is approved by the chairman of the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Compensation**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.**Annual Compensation**. As compensation for the performance of the Executive's services hereunder, during both the Interim Term and any Additional Term, the Company shall pay to the Executive a salary at an annual rate of **$625,000.00**, which annual salary shall be prorated for any partial year at the beginning or end of the Interim Term or any Additional Term and shall accrue and be payable in accordance with the Company's standard payroll policies, as such salary may be adjusted upward (but not downward) by the Compensation Committee (or such other duly authorized committee thereof) of the Board (the "**Compensation Committee**") in its sole and absolute discretion (as adjusted, the "**Base Salary**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.**Employee Benefits**. During both the Interim Term and any Additional Term, the Executive shall be eligible to participate in such employee benefit plans and programs of the Company as in effect from time to time on the same basis as other senior executives of the Company and subject to the terms and conditions of any such plans and programs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.**Paid Time Off**. During the Interim Term, the Executive shall be entitled to 7 days of paid time off ("**PTO**"). During any Additional Term, the Executive shall be entitled to an annualized total of 28 days of PTO pro-rated in accordance with the length of the Additional Term. For the avoidance of doubt, the amount of PTO to which the Executive is entitled in any 12-month period shall not exceed 28 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.**Business Expenses**. The Company shall pay or reimburse the Executive for all commercially reasonable business out-of-pocket expenses that the Executive incurs during the Tem1 in performing Executive's duties under this Employment Agreement upon presentation of documentation and in accordance with the expense reimbursement policy of the Company as approved by the Board and in effect from time to time. Notwithstanding anything herein to the contrary or otherwise, except to the extent any expense or reimbursement described in this Employment Agreement does not constitute a "deferral of compensation" within the meaning of Section 409A of the Code and the Treasury regulations and other guidance issued thereunder, any expense or reimbursement described in this Employment Agreement shall meet the following requirements: (i) the amount of expenses eligible for reimbursement provided to the Executive during any calendar year will not affect the amount of expenses eligible for reimbursement to the Executive in any other calendar year; (ii) the reimbursements for expenses for which the Executive is entitled to be reimbursed shall be made on or before the last day of the calendar year following the calendar year in which the applicable expense is incurred; (iii) the right to payment or reimbursement or in-kind benefits hereunder may not be liquidated or exchanged for any other benefit; and (iii) the reimbursements shall be made pursuant to objectively determinable and nondiscretionary Company policies and procedures regarding such

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reimbursement of expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.**Long-Term Incentive Plan**. During any Additional Term, the Executive will be eligible to participate in the Viskase Companies, Inc. Long-Term Incentive Plan (the "LTI Plan"). Any award under the LTI Plan shall be payable in accordance with and subject to the terms and conditions of the LTI Plan and the Long-Tenn Incentive Award Agreement in substantially the form attached hereto as Appendices "A" and "B". For the avoidance of doubt, the Executive will not be able to participate in the LTI Plan during the Interim Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.**Ineligibility for Other Incentive Plans**. For the avoidance of further doubt, the Executive is ineligible to participate in any other Management Incentive Plan ("**MIP**") (or any other short-term incentive) and the only incentive plan in which the Executive is eligible to participate is the LTI Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Employment Termination**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.**Termination of Employment**. The Company may terminate the Executive's employment for any reason during both the Interim or any Additional Term and may do so either with or without notice. The Executive may voluntarily resign Executive's employment for any reason during any Additional Term upon giving at least 6 months' notice. Upon the termination or resignation of the Executive's employment with the Company for any reason (whether during the Interim Term or any Additional Term or thereafter), the Executive shall be entitled to any Base Salary earned but unpaid through the date of termination or resignation, any earned but unpaid Annual Bonus for completed fiscal years, any unused accrued PTO, any unreimbursed expenses in accordance with Section 2.5 hereof and any accrued and vested rights or benefits under any Company sponsored employee benefits plans payable in accordance with the terms and conditions of such plans (collectively, the "**Accrued Amounts**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. **Certain Terminations**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**Termination by the Company Other Than For Cause or Disability: Resignation by the Executive for Good Reason**. If during any Additional Term (i) the Executive's employment is terminated by the Company other than (x) for Cause or (y) due to the Executive's death or Disability or (ii) the Executive resigns for Good Reason, then in addition to the Accrued Amounts, the Executive shall be entitled to (collectively, the "Severance Payments") (a) the continuation of Executive's Base Salary in accordance with the Company's standard payroll policies at the rate in effect immediately prior to the date of termination or resignation (or, in the case of a resignation for Good Reason, at the rate in effect immediately prior to the occurrence of the event constituting Good Reason, if greater) for 3 months (as applicable, the "**Severance Period**"), and (b) a pro-rata Annual Bonus ("**Pro-Rata Bonus**") for the fiscal year of termination based on achievement of the individual and/or corporate performance criteria established for such fiscal year by the Compensation Committee (in its sole and absolute discretion) and determined by multiplying the amount of the Annual Bonus which would be due for the full fiscal year by a fraction, the numerator of which is the

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number of completed months during the fiscal year of termination that Executive is employed by the Company and the denominator of which is 12, which amount, if any, shall be payable by the Company to the Executive in the immediately succeeding fiscal year only after the completion of the audit of the Company's consolidated financial statements with respect to such fiscal year of termination and, only after the Compensation Committee, in its sole and absolute discretion, has approved the final achievement level and payout. The Company's obligations to make the Severance Payments shall be conditioned upon: (i) the Executive's continued compliance with Executive's obligations under Section 4 of this Employment Agreement and (ii) the Executive's execution, delivery and non-revocation of a valid and enforceable release of claims arising in connection with the Executive's employment and termination or resignation of employment with the Company (the "**Release**") in a form reasonably acceptable to the Company and the Executive that becomes effective not later than 21 days after the date of such termination or resignation of employment. The Company shall provide the form of the Release to the Executive within five days following the date of the Executive's termination or resignation of employment. In the event the Executive breaches any of the covenants set forth in Section 4 of this Employment Agreement, the Executive will immediately return to the Company any portion of the Severance Payments (to the extent applicable) that has been paid to the Executive pursuant to this Section 3.2(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**Termination by the Company For Disability**. If the Executive's employment is terminated during either the Interim Term or any Additional Term by the Company by reason of the Executive's Disability, Executive shall be entitled to the Accrued Amounts and any payments to be made to the Executive under the Company's disability plan(s), if any. For the avoidance of doubt, if the Executive's employment ends pursuant to this Section, then Executive is not entitled to the payments set forth in Section 3.2(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**Termination by Reason of Death**. If the Executive's employment is terminated during either the Interim Term or any Additional Term by reason of his death, Executive shall be entitled to the Accrued Amounts and any employee benefits to which the Executive's estate, spouse, or other beneficiaries, as applicable, may be entitled. For the avoidance of doubt, if the Executive's employment ends pursuant to this Section, then Executive is not entitled to the payments set forth in Section 3.2(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)**Resignation without Good Reason**. If Executive resigns without Good Reason during either the Interim Term or any Additional Term, Executive shall be entitled to the Accrued Amounts and any employee benefits to which Executive may be entitled. For the avoidance of doubt, if the Executive's employment ends pursuant to this Section, then Executive is not entitled to the payments set forth in Section 3.2(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)**Section 409A**. To the extent applicable, this Employment Agreement shall be interpreted, construed and operated in accordance with Section 409A of the Code

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and the Treasury regulations and other guidance issued thereunder. If on the date of the Executive's separation from service (as defined in Treasury Regulation §l.409A-l(h)) with the Company the Executive is a specified employee (as defined in Code Section 409A and Treasury Regulation §1.409A-l(i)), no payment constituting the "deferral of compensation" within the meaning of Treasury Regulation §1.409A-l(b) and after application of the exemptions provided in Treasury Regulation §§1.409A-l(b)(4) and l.409A-l(b)(9)(iii) shall be made to the Executive at any time prior to the earlier of (a) the .expiration of the 6 month period following the Executive's separation from service, and (b) the Executive's death, and any such amounts deferred during such period shall instead be paid in a lump sum to the Executive (or, if applicable, the Executive's estate) on the first payroll payment date following expiration of such 6 month period or, if applicable, the Executive's death. For purposes of conforming this Employment Agreement to Section 409A of the Code, the parties agree that any reference to termination of employment, severance from employment, resignation from employment or similar terms shall mean and be interpreted as a "separation from service" as defined in Treasury Regulation §1.409A-l(h). For purposes of applying Section 409A of the Code to this Employment Agreement (including, without limitation, for purposes of Treasury Regulation §1.409A-2(b)(2)(iii), each payment that the Executive may be entitled to receive under this Employment Agreement shall be treated as a separate and distinct payment and shall not collectively be treated as a single payment. Neither the Company, nor any of its Affiliates shall be obligated to pay or otherwise gross-up the Executive for any federal, state, local or foreign taxes relating to or arising with respect to any benefits, compensation or payment made under this Employment Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.**Exclusive Remedy**. The foregoing payments upon termination or resignation of the Executive's employment shall constitute the exclusive severance payments due the Executive upon a termination or resignation of Executive's employment under this Employment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.**Resignation from All Positions**. Upon the termination or resignation of the Executive's employment with the Company for any reason, the Executive shall be deemed to have resigned, as of the date of such termination or resignation, from and with respect to all positions the Executive then holds as an officer, director, employee and member of the Board of Directors (and any committee thereof) of the Company and any of its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.**Cooperation**. Following the termination or resignation of the Executive's employment with the Company for any reason and during any period in which the Executive is receiving Severance Payments, or for 6 months following termination or resignation of the Executive's employment with the Company if no Severance Payments are payable, the Executive agrees to reasonably cooperate with the Company upon reasonable request of the Board and to be reasonably available to the Company with respect to matters arising out of the Executive's services to the Company and its Affiliates **provided, however,** such period of cooperation shall be for three years, following any such termination or resignation of Executive's employment for any reason, with respect to tax

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matters involving the Company or any of its Affiliates. Upon and following any such request of the Board, and only for so long as the Executive is receiving Severance Payments, the Executive may receive access to email and information technology services from the Company. Notwithstanding the foregoing, (i) the Company shall have the right to revoke or terminate such access at any time for any or no reason and with or without notice, and (ii) Executive's access to such information shall be conditioned upon, and subject to, the Executive not representing himself to be, or holding himself out as, an employee, officer, director, trustee, agent or representative of the Company for any purpose, or otherwise representing himself as a person having any authority to act on behalf of the Company. The Company shall reimburse the Executive for expenses reasonably incurred in connection with such matters as agreed by the Executive and the Board and the Company shall compensate the Executive for such cooperation at an hourly rate based on the Executive's most recent Base Salary rate assuming 2,000 working hours per year; **provided** that if the Executive is required to spend more than 40 hours in any month on Company matters pursuant to this Section 3.5, the Executive and the Board shall mutually agree to an appropriate rate of compensation for the Executive's time over such 40-hour threshold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Confidential Information; Non-Competition; Non-Solicitation; Proprietary Rights; Unauthorized Disclosure**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. **Confidential Information**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)During both the Interim Term and any Additional Term and at all times thereafter, the Executive shall hold in a fiduciary capacity for the benefit of the Company and each of its Affiliates, all secret or confidential information, knowledge or data, including, without limitation, technical information, intellectual property, business and marketing plans, strategies, customer information and lists, software, trade secrets, sources of supplies and materials, designs, production and design techniques and methods, identity of investments, identity of contemplated investments, business opportunities, valuation models and methodologies, processes, technologies, and any other intellectual property relating to the business, or other information concerning the products, promotions, development, financing, expansion plans, business policies and practices, of the Company and each of its Affiliates, and their respective businesses, and other forms of information considered by the Company and its Affiliates to be confidential and in the nature of trade secrets (i) obtained by the Executive during the Executive's employment by the Company or any of its Affiliates and/or during any period of time in which the Executive has access to email and/or information technology services from the Company, and (ii) not otherwise in the public domain (collectively, "**Confidential Information**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Executive also agrees to keep confidential and not to publish, post on his own or to disclose any personal information regarding any controlling Person of the Company (or any of its Affiliates), including, without limitation, Carl C. Icahn, or any of his Affiliates and their respective employees, and any member of the immediate family of any such Person (and all such personal information shall

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be deemed "Confidential Information" for the purposes of this Employment Agreement). The Executive shall not, without the prior written consent of the Company (acting at the direction of the Board): (i) except to the extent compelled pursuant to an order of a court or other body having jurisdiction over such matter or based upon the advice of counsel that such disclosure is legally required, communicate or divulge any Confidential Information to anyone other than the Company and those designated by the Company; or (ii) use any Confidential Information for any purpose other than the performance of his duties pursuant to this Employment Agreement. Notwithstanding the foregoing, nothing herein shall prohibit the Executive from reporting or otherwise disclosing possible violations of state, local or federal law or regulation to any governmental agency or entity, or making other disclosures that, in each case, are protected under whistleblower provisions of local, state, or federal law or regulation. Nothing in this Agreement is intended to discourage or restrict the Executive from reporting any theft of trade secrets pursuant to the Defend Trade Secrets Act of 2016 ("DTSA") or other applicable state or federal law. The DTSA provides: An individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (a) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to any attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to an attorney for the individual and use the trade secret information in the court proceeding, if the individual (a) files any document containing the trade secret under seal; and (b) does not disclose the trade secret, except pursuant to court order. The Executive will assist the Company or its designee, at the Company's expense, in obtaining a protective order, other appropriate remedy or other reliable assurance that confidential treatment will be accorded any Confidential Information disclosed pursuant to the terms of this Employment Agreement. The Executive agrees not to disparage the Company, its officers and directors, Mr. Icahn, any Related Parties, or any Affiliate of any of the foregoing, in each case during and/or after the Executive's employment hereunder. Without limiting anything contained above, the Executive agrees and acknowledges that all personal and not otherwise public information about the Company and its Affiliates (including, without limitation, all information regarding Icahn Enterprises L.P. ("**IEP**"), Carl C. Icahn, Mr. Icahn's family, and employees of the Company, IEP and their respective Affiliates) shall constitute Confidential Information for purposes of this Employment Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Upon termination or resignation of the Executive's employment with the Company (excepting any permitted use contemplated by Section 3.2(a)), the Executive shall promptly return to the Company all property, keys, notes, memoranda, writings, lists, files, reports, customer lists, correspondence, tapes, disks, cards, surveys, maps, logs, machines, technical data and any other tangible product or document, whether in hard copy or electronic, which has been produced by, received by or otherwise submitted to the Executive during the Executive's employment with the Company and related to such employment with the Company,

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and any copies thereof in Executive's (or capable of being reduced to Executive's) possession.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Executive: further agrees not to write, contribute to, or assist any other person in writing or creating, a book, film, broadcast, article, blog or any other publication (whether in print, electronic or any other form) about or concerning, in whole or in part, the Company, IEP, Mr. Icahn and his family members or any of the respective Affiliates and subsidiaries of any of the foregoing (as applicable), in any media, and not to publish or cause to be published in any media, any Confidential Information, and further agrees to keep confidential and not to disclose to any third party, including, but not limited to, newspapers, authors, publicists, journalists, bloggers, gossip columnists, producers, directors, script writers, media personalities, and the like, in any and all media or communication methods, any Confidential Information. In furtherance of the foregoing, the Executive agrees that during both the Interim Term and any Additional Term and following the termination of his employment with the Company, the sole and only disclosure or statement he will make about or concerning any or all of the Company, IEP, Mr. Icahn and his family members or any of the respective Affiliates and subsidiaries of any of the foregoing (as applicable) is to acknowledge that the Executive is or was employed by the Company (unless otherwise required by applicable law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.**Non-Competition**. By and in consideration of the Company's entering into this Employment Agreement and the payments to be made and benefits to be provided by the Company hereunder, and in further consideration of the Executive's exposure to the Confidential Information of the Company and its Affiliates, the Executive agrees that the Executive shall not, except as otherwise provided herein, during both the Interim Term and any Additional Term and thereafter for the period during which the Severance Payments are payable or six months following the end of the Term if no Severance Payments are payable (the "**Restriction Period**"), directly or indirectly, own, manage, operate, join, control, be employed by, or participate in the ownership, management, operation or control of, or be connected in any manner with, including, without limitation, holding any position as a principal, agent owner. stockholder, director, officer, consultant, advisor, independent contractor, employee, partner, or investor in, any Restricted Enterprise (as defined below); **provided,** that in no event shall ownership of 1% or less of the outstanding securities of any class of any issuer whose securities are registered under the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), standing alone, be prohibited by this Section 4.2, so long as the Executive does not have, or exercise, any rights to manage or operate the business of such issuer other than rights as a stockholder thereof. For purposes of this paragraph, "**Restricted Enterprise**" shall mean any Person that is actively engaged in any business which is either (i) in competition with the business of the Company or any of its Affiliates conducted during the preceding 6 months (or following the Term, the 6 months preceding the last day of the Term), or (ii) proposed to be conducted by the Company or any of its Affiliates in the Company's or Affiliate's business plan as in effect at that time (or following the Term, the business plan as in effect as of the last day of the Term). During the Restriction Period, upon request of the Company, the Executive shall notify the Company of the Executive's then-current employment status.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.**Non-Solicitation of Employees**. During the Restriction Period, the Executive shall not directly or indirectly solicit (or assist any Person to solicit) for employment any person who is, or within 6 months prior to the date of such solicitation was, an employee of the Company or any of its Affiliates, **provided, however,** that this Section 4.3 shall not prohibit the hiring of any individual as a result of the individual's response to an advertisement in a publication of general circulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.**Non-Solicitation of Customers/Suppliers**. During the Restriction Period, the Executive shall not, directly or indirectly, (i) solicit, interfere with or entice away from the Company or any of its Affiliates, any current supplier, customer or client, (ii) direct or solicit any current supplier, customer or client away from the Company or any of its Affiliates, or (iii) advise any Person not to do business with or be employed by the Company or any of its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.**Extension of Restriction Period**. The Restriction Period shall be extended for a period of time equal to any period during which the Executive is in breach of any of Section 4.2, 4.3, or 4.4 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.**Proprietary Rights**. Any and all inventions, processes, know-how, technologies, trade-secrets information, intellectual property, discoveries, and improvements (whether or not patentable or registrable under copyright or similar statutes}, and all patentable or copyrightable works, initiated, conceived, discovered, reduced to practice, or made by Executive, either alone or in conjunction with others, during the Executive's employment with the Company and related to the business or activities of the Company or its Affiliates (whether or not on the Company's or any of its Affiliates' time or with the use of the Company's or any of its Affiliates' facilities or materials) (the "**Developments**") shall be the property of the Company or any of its Affiliates, as the case may be, and shall be promptly and fully disclosed by the Executive to the Company. Except to the extent any rights in any Developments constitute a work made for hire under the U.S. Copyright Act, 17 U.S.C. § 101 et seq. that are owned *ab initio* by the Company and/or its Affiliates, the Executive assigns all of Executive's right, title and interest in all Developments (including all intellectual property rights therein) to the Company or its nominee without further compensation, including all rights or benefits therefor, including without limitation the right to sue and recover for past and future infringement. The Executive acknowledges that any rights in any developments constituting a work made for hire under the U.S. Copyright Act, 17 U.S.C § 101 et seq. are owned upon creation by the Company and/or its Affiliates as the Executive's employer. Whenever requested to do so by the Company, and without further compensation therefor, the Executive shall execute any and all applications, assignments or other instruments which the Company shall deem necessary to apply for and obtain trademarks, patents or copyrights of the United States or any foreign country or otherwise protect the interests of the Company and its Affiliates therein. These obligations shall continue beyond the end of the Executive's employment with the Company with respect to the Developments, and shall be binding upon the Executive's employers, assigns, executors, administrators and other legal representatives. In connection with Executive's execution of this Employment Agreement, the Executive has informed the Company in writing of any interest in any inventions or intellectual property rights that Executive holds as of the date hereof. If the Company is unable for any reason to obtain the Executive's

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signature on any document needed in connection with the actions described in this Section 4.6, the Executive hereby irrevocably designates and appoints the Company, its Affiliates, and their respective duly authorized officers and agents as the Executive's agent and attorney in fact to act for and in the Executive's behalf to execute, verify and file any such documents and to do all other lawfully permitted acts to further the purposes of this Section with the same legal force and effect as if executed by the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.**Confidentiality of Agreement**. Other than with respect to information required to be disclosed by applicable law, the parties hereto agree not to disclose the terms of this Employment Agreement to any Person; provided the Executive may disclose this Employment Agreement and/or any of its terms to the Executive's immediate family, financial advisors and attorneys. Notwithstanding anything in this Section 4.7 to the contrary, the parties hereto (and each of their respective employees, representatives, or other agents) may disclose to any and all Persons, without limitation of any kind, the tax treatment and tax structure of the transactions contemplated by this Employment Agreement, and all materials of any kind (including opinions or other tax analyses) related to such tax treatment and tax structure; provided that this sentence shall not permit any Person to disclose the name of, or other information that would identify, any party to such transactions or to disclose confidential commercial information regarding such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8.**Remedies**. The Executive agrees that any breach of the terms of this Section 4 would result in irreparable injury and damage to the Company and its Affiliates for which the Company and its Affiliates would have no adequate remedy at law; the Executive therefore also agrees that in the event of said breach or any threat of breach, the Company and its Affiliates shall be entitled to an immediate injunction and restraining order to prevent such breach and/or threatened breach and/or continued breach by the Executive and/or any and all Persons acting for and/or with the Executive, without having to prove damages, in addition to any other remedies to which the Company and its Affiliates may be entitled at law or in equity, including, without limitation, the obligation of the Executive to return any Severance Payments paid by the Company back to the Company. The terms of this paragraph shall not prevent the Company or its Affiliates from pursuing any other available remedies for any breach or threatened breach hereof, including, without limitation, the recovery of damages from the Executive. The Executive and the Company further agree that the provisions of the covenants contained in this Section 4 are reasonable and necessary to protect the businesses of the Company and its Affiliates because of the Executive's access to Confidential Information and Executive's material participation in the operation of such businesses.

5.**Representation**. The Executive acknowledges, covenants, agrees, warrants and represents that: (i) he is not a party to any contract, nor is he subject to, or bound by any commitment, restrictive covenant or agreement, order, judgment, decree, law, statute, ordinance, rule, regulation or other restriction of any kind or character, which either would or purports to, prevent or restrict him from entering into and performing his obligations under this Employment Agreement free of any limitations; (ii) he is free to enter into the arrangements contemplated herein; (iii) he is not subject to any agreement or obligation that would limit his ability to act on behalf of the Company or any of its Affiliates; (iv) the termination of his existing employment, his entry into the

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employment contemplated herein and the performance of his duties in respect thereof, will not violate or conflict with any agreement or obligation to which he is subject; and (v) he has had an opportunity to consult with independent legal counsel regarding his rights and obligations under this Employment Agreement and that he fully understands the terms and conditions contained herein.

6.**Withholding**. All amounts paid to the Executive under this Employment Agreement during or following the Interim Term or any Additional Term shall be subject to the withholding of income taxes, employment taxes, and all other applicable taxes imposed by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Effect of Section 280G of the Code**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.**Payment Reduction**. Notwithstanding anything contained in this Employment Agreement to the contrary, (i) to the extent that any payment or distribution of any type to or for the benefit of the Executive by the Company, any Affiliate of the Company, any Person who acquires ownership or effective control of the Company or ownership of a substantial portion of the Company's assets (within the meaning of Section 280G of the Code and the regulations thereunder), or any Affiliate of such Person, whether paid or payable or distributed or distributable pursuant to the terms of this Employment Agreement or otherwise (the "**Payments**") constitutes "parachute payments" (within the meaning of Section 280G of the Code), and if(ii) such aggregate Payments would, if reduced by all federal, state and local taxes applicable thereto, including the excise tax imposed under Section 4999 of the Code (the "**Excise Tax**") be less than the amount the Executive would receive, after all taxes, if the Executive received aggregate Payments equal (as valued under Section 280G of the Code) to only three times the Executive's "base amount" (within the meaning of Section 280G of the Code), less $1.00, then (iii) such Payments shall be reduced (but not below zero) if and to the extent necessary so that no Payments to be made or benefit to be provided to the Executive shall be subject to the Excise Tax; **provided, however,** that, solely to the extent applicable, the Company shall use its reasonable best efforts to obtain shareholder approval of the Payments provided for in this Employment Agreement in a manner intended to satisfy requirements of the "shareholder approval" exception to Section 280G of the Code and the regulations promulgated thereunder, such that payment may be made to the Executive of such Payments without the application of an Excise Tax. If the Payments are so reduced, the Company shall reduce or eliminate the Payments (x) by first reducing or eliminating the portion of the Payments which are not payable in cash (other than that portion of the Payments subject to clause (z) hereof), (y) then by reducing or eliminating cash payments (other than that portion of the Payments subject to clause (z) hereof) and (z) then by reducing or eliminating the portion of the Payments (whether payable in cash or not payable in cash) lo which Treasury Regulation§ 1.2800-1 Q/A 24(c) (or successor thereto) applies, in each case in reverse order beginning with payments or benefits which are to be paid the farthest in time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.**Determination of Amount of Reduction (if any)**. The determination of whether the Payments shall be reduced as provided in Section 7.1 hereof and the amount of such reduction shall be made at the Company's expense by an accounting firm selected by the Company from among the 4 largest accounting firms in the United States (the "**Accounting Firm**"). The Accounting Firm shall provide its determination (the "**Determination**"),

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together with detailed supporting calculations and documentation, to the Company and the Executive within 10 days after the Executive's final day of employment. If the Accounting Firm determines that no Excise Tax is payable by the Executive with respect to the Payments, it shall furnish the Executive with an opinion reasonably acceptable to the Executive that no Excise Tax will be imposed with respect to any such payments and, absent manifest error, such Determination shall be binding, final and conclusive upon the Company and the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Miscellaneous**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.**Amendments and Waivers**. This Employment Agreement and any of the provisions hereof may be amended, waived (either generally or in a particular instance and either retroactively or prospectively), modified or supplemented, in whole or in part, only by written agreement signed by the parties hereto; **provided** that, the observance of any provision of this Employment Agreement may be waived in writing by the party that will lose the benefit of such provision as a result of such waiver. The waiver by any party hereto of a breach of any provision of this Employment Agreement shall not operate or be construed as a further or continuing waiver of such breach or as a waiver of any other or subsequent breach, except as otherwise explicitly provided for in such waiver. Except as otherwise expressly provided herein, no failure on the part of any party to exercise, and no delay in exercising, any right, power or remedy hereunder, or otherwise available in respect hereof at law or in equity, shall operate as a waiver thereof: nor shall any single or partial exercise of such right, power or remedy by such party preclude any other or further exercise thereof or the exercise of any other right, power or remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.**Fees and Expenses**. In the event of any dispute between the Company and the Executive arising under this Employment Agreement, each party shall be responsible for its own legal fees and related expenses (including the costs of experts, evidence and counsel).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3.**Indemnification**. To the extent provided in the Company's Certificate of Incorporation or Bylaws, as in effect from time to time, and subject to any separate agreement (if any) between the Company and the Executive regarding indemnification, the Company shall indemnify the Executive for losses or damages incurred by the Executive as a result of causes of action arising from the Executive's performance of duties for the benefit of the Company, whether or not the claim is asserted during both the Interim Term and any Additional Term. In addition, Executive shall participate in Directors & Officers Insurance, if any, maintained by the Company from time to time on the same terms and conditions as other senior executives or directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4.**Assignment**. This Employment Agreement, and the Executive's rights and obligations hereunder, may not be assigned by the Executive, and any purported assignment by the Executive in violation hereof shall be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5.**Payments Following Executive's Death**. Any amounts payable to the Executive pursuant to this Employment Agreement that remain unpaid at the Executive's death shall be paid to the Executive's estate.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6.**Notices**. Unless otherwise provided herein, all notices, requests, demands, claims and other communications provided for under the terms of this Employment Agreement shall be in writing. Any notice, request, demand, claim or other communication hereunder shall be sent by (i) personal delivery (including receipted courier service) or overnight delivery service, (ii) facsimile during normal business hours, with confirmation of receipt, to the number indicated, (iii) reputable commercial overnight delivery service courier, or (iv) registered or certified mail, return receipt requested, postage prepaid and addressed to the intended recipient as set forth below:

**If to the Company**:

Viskase Companies, Inc.

Attention: General Counsel

333 East Butterfield Road Suite 400

Lombard, IL 60148-5679 Facsimile: 630 874-0176

**with a copy to**:

Icahn Enterprises, L.P.

Attention: General Counsel

16690 Collins Avenue - Penthouse Suite

Sunny Isles Beach, Florida 33160

Facsimile: 917.591.3310

**If to the Executive**:

Thomas D. Davis

#########################

#########################

#########################

**or**:

At the last known principal residence address reflected in the payroll records of the Company, or to such other address as either party shall have furnished to the other in writing in accordance herewith.

All such notices, requests, consents and other communications shall be deemed to have been given when received. Any party may change its facsimile number or its address to which notices, requests, demands, claims and other communications hereunder are to be delivered by giving the other party hereto notice in the manner then set forth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7.**Governing Law**. This Employment Agreement shall be governed and interpreted and the rights of the parties determined in accordance with the laws of the United States applicable thereto and the internal laws of the State of Delaware without giving effect to the conflict of laws principles thereof. Any unresolved dispute arising out of this Employment Agreement shall be litigated solely in any court of competent jurisdiction in (a) state courts of the State of Florida located in Miami-Dade County and (b) the United

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States District Court for the Southern District of the State of Florida for the purposes of any action or proceeding arising out of or relating to this Agreement; provided that the Company may elect to pursue a court action to seek injunctive relief in any court of competent jurisdiction to terminate the violation of its proprietary rights, including but not limited to trade secrets, copyrights or trademarks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8.**Waiver of Jury Trial**. THE PARTIES HERETO AGREE TO WAIVE THE RIGHT TO A TRIAL BY JURY. THIS WAIVER IS KNOWINGLY, INTENTIONALLY, AND VOLUNTARILY MADE BY EXECUTIVE, AND EXECUTIVE ACKNOWLEDGES THAT, EXCEPT FOR THE COMPANY'S AGREEMENT TO LIKEWISE WAIVE ITS RIGHTS TO A TRIAL BY JURY (WHICH THE COMPANY HEREBY MAKES), THE COMPANY HAS NOT MADE ANY REPRESENTATIONS OF FACTS TO INDUCE THIS WAIVER OF TRIAL BY JURY OR IN ANY WAY TO MODIFY OR NULLIFY ITS EFFECT. EXECUTIVE FURTHER ACKNOWLEDGES THAT HE HAS READ AND UNDERSTANDS THE MEANING AND RAMIFICATIONS OF THIS WAIVER AND AS EVIDENCE OF THIS FACT SIGNS THIS EMPLOYMENT AGREEMENT BELOW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9.**Severability**. If any paragraph or part or subpart of any paragraph in this Employment Agreement or the application thereof is construed to be overbroad and/or unenforceable, then the court making such determination shall have the authority to narrow the paragraph or part or subpart of the paragraph as necessary to make it enforceable and the paragraph or part or subpart of the paragraph shall then be enforceable in its/their narrowed form. Moreover, each paragraph or part or subpart of each paragraph in this Employment Agreement is independent of and severable (separate) from each other. In the event that any paragraph or part or subpart of any paragraph in this Employment Agreement is determined to be legally invalid or unenforceable by a court and is not modified by a court to be enforceable, the affected paragraph or part or subpart of such paragraph shall be stricken from this Employment Agreement, and the remaining paragraphs or parts or subparts of such paragraphs of this Employment Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10.**Entire Agreement**. From and after the Commencement Date, this Employment Agreement constitutes the entire agreement between the parties hereto, and supersedes all prior representations, agreements and understandings, both written and oral, relating to any employment of the Executive by the Company or any of its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11.**Counterparts**. This Employment Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all such counterparts shall together constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12.**Binding Effect**. The terms of this Employment Agreement shall be binding upon the Executive, the Executive's heirs, executors, assigns, administrators and legal representatives, and shall inure to the benefit of the Company and its successors and assigns, including, without limitation, any successor to all or substantially all the business and/or assets of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13.**General Interpretive Principles**. The name assigned to this Employment Agreement and headings of the sections, paragraphs, subparagraphs, clauses and subclauses of this Employment Agreement are for convenience of reference only and shall not in any way affect the meaning or interpretation of any of the provisions hereof. Words of inclusion shall not be construed as terms of limitation herein, so that references to "include", "includes", and "including" shall not be limiting and shall be regarded as references to non-exclusive and non-characterizing illustrations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14.**Mitigation**. Notwithstanding any other provision of this Employment Agreement, (a) the Executive will have no obligation to mitigate damages for any breach or termination of this Employment Agreement by the Company, whether by seeking employment or otherwise and (b) the amount of any payment or benefit due the Executive after the date of such breach or termination will not be reduced or offset by any payment or benefit that the Executive may receive from any other source.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.15.**Company Actions**. Any actions, approvals, decisions, or determinations to be made by the Company under this Employment Agreement shall be made by the Board, except as otherwise expressly provided herein. For purposes of any references herein to the Board's designee, any such reference shall be deemed to include such officers of the Company, or committees of the Board, as the Board may expressly designate from time to time for such purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.16.**Survival**. All provisions of this Employment Agreement which by their terms, contain continuing obligations by Executive shall survive termination of this Employment Agreement, including without limitation, the covenants, duties and obligations under Sections 3.4, 3.5, and 4 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.17.**Assumption of Agreement By Successor**. In the event of a Change in Control, the Company will request that any successor expressly assume and agree, pursuant to an appropriate written assumption agreement, to perform the Company's obligations under this Employment Agreement in substantially the same manner and to substantially the same extent that the Company would be required to perform if no such Change in Control had taken place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.18.**Definitions**. In addition to the defined terms set forth throughout this Employment Agreement, the capitalized terms set forth on **Appendix C** shall have the respective meanings set forth thereon and are incorporated by reference into this Employment Agreement.

[**THE REMAINDER OF THIS PAGE IS INTENTIONALLY BLANK**]

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[**SIGNATURE PAGE TO EMPLOYMENT AGREEMENT**]

IN WITNESS WHEREOF, the parties have executed this Employment Agreement as of the date first written above.

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| | | |
|:---|:---|:---|
| By Tom Davis |  | For Viskase |
| /s/ Tom Davis | 11/26/25 |  |
| Signed | Dated | Joseph D. King<br>Senior Vice President,<br>General Counsel and Secretary<br>|
|  |  | Dated |

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**APPENDIXA**

**Long-Term Incentive**<u> </u>**Plan**

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**APPENDIXB**

**Long-Term Incentive Award Agreement**

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**APPENDIXC**

**Definitions**

"**Affiliate**" means any Person that a Person either directly or indirectly through one or more intermediaries is in common control with, is controlled by or controls, each within the meaning of the Securities Act of 1933, as amended.

"**Cause**" shall mean shall mean that the Executive has engaged in any of the following: (i) willful misconduct or breach of :fiduciary duty; (ii) intentional failure or refusal to perform reasonably assigned duties after written notice of such willful failure or refusal and the failure or refusal is not corrected within 10 business days; provided, however, that the Executive's refusal to participate in or perform any act on behalf of the Company which upon advice of counsel the Executive in good faith believes is illegal or unethical shall not constitute Cause; (iii) the indictment for, conviction of or entering a plea of guilty or nolo contendere to a crime constituting a felony (other than a traffic violation or other offense or violation outside of the course of employment which does not adversely affect the Company and its Affiliates or their reputation or the ability of the Executive to perform Executive's employment-related duties or to represent the Company and its Affiliates); provided, however, that (A) if the Executive is terminated for Cause by reason of Executive's indictment pursuant to this clause (iii) and the indictment is subsequently dismissed or withdrawn or the Executive is found to be not guilty in a court of law in connection with such indictment, then the Executive's termination shall be treated for purposes of this Employment Agreement as a termination by the Company other than for Cause, and the Executive will be entitled to receive (without duplication of benefits and to the extent permitted by law) the payments and benefits set forth in Section 3.2(a) and, to the extent either or both are applicable, Section 3.2(b) and Section 3.2(e), following such dismissal, withdrawal or finding, payable in the manner and subject to the conditions set forth in such Sections and (B) if such indictment relates to environmental matters and does not allege that the Executive was directly involved in or directly supervised the action(s) forming the basis of the indictment, Cause shall not be deemed to exist under this Employment Agreement by reason of such indictment until the Executive is convicted or enters a plea of guilty or nolo contendere in connection with such indictment; or (iv) material breach of the Executive's covenants in Section 4 of this Employment Agreement or any policy of the Company or any Affiliate.

"**Change in Control**" means the occurrence of any of the following:

(a)An acquisition (other than directly from the Company) of any voting securities of the Company (the "**Voting Securities**") by any "Person" (as the term "person" is used for purposes of Section 13(d) or 14(d) of the Exchange Act), immediately after which such Person has "Beneficial Ownership" (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than fifty percent (50%) of (i) the then-outstanding Shares or (ii) the combined voting power of the Company's then-outstanding Voting Securities; **provided, however,** that in determining whether a Change in Control has occurred pursuant to this paragraph (a), the acquisition of Shares or Voting Securities in a Non-Control Acquisition (as hereinafter defined) shall not constitute a Change in Control. A "**Non-Control Acquisition**" shall mean an acquisition by (i) an employee benefit plan (or a trust forming a part thereof) maintained by (A) the Company or (B) any corporation or other Person the majority of the voting power, voting equity securities or equity

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interest of which is owned, directly or indirectly, by the Company (for purposes of this definition, a "**Subsidiary**"), (ii) the Company, any Principal Stockholder or any Subsidiary, or (iii) any Person in connection with a Non-Control Transaction (as hereinafter defined);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The consummation of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)A merger, consolidation or reorganization of a Person (x) with or into the Company or (y) in which securities of the Company are issued (a "**Merger**"), unless such Merger is a "Non-Control Transaction." A "**Non-Control Transaction**" shall mean a Merger in which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)the shareholders of the Company immediately before such Merger, or one or more Principal Stockholders, own directly or indirectly immediately following such Merger at least a majority of the combined voting power of the outstanding voting securities of (I) the corporation resulting from such Merger (the "**Surviving Corporation**"), if fifty percent (50%) or more of the combined voting power of the then outstanding voting securities by the Surviving Corporation is not Beneficially Owned, directly or indirectly, by another Person (a "**Parent Corporation**") or (2) if there is one or more than one Parent Corporation, the ultimate Parent Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)the individuals who were members of the Board immediately prior to the execution of the agreement providing for such Merger constitute at least a majority of the members of the board of directors of(l) the Surviving Corporation, if there is no Parent Corporation, or (2) if there is one or more than one Parent Corporation, the ultimate Parent Corporation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)no Person other than (1) the Company or another corporation that is a party to the agreement of Merger, (2) any Subsidiary, (3) any employee benefit plan (or any trust forming a part thereof) that, immediately prior to the Merger, was maintained by the Company or any Subsidiary, (4) any Person who, immediately prior to the Merger, had Beneficial Ownership of thirty percent (30%) or more of the then outstanding Shares or Voting Securities, or (5) any Principal Stockholder, has Beneficial Ownership, directly or indirectly, of fifty percent (50%) or more of the combined voting power of the outstanding voting securities or common stock of (x) the Surviving Corporation, if there is no Parent Corporation, or (y) if there is one or more than one Parent Corporation, the ultimate Parent Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)A complete liquidation or dissolution of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The sale or other disposition of all or substantially all of the assets of the Company and its subsidiaries taken as a whole to any Person (other than (x) a sale or transfer to a Subsidiary or a Principal Stockholder (or one or more Principal Stockholders acting together) or (y) the distribution to the Company's shareholders of the stock of a Subsidiary or any other assets).

Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because any Person (the "**Subject Person**") acquired Beneficial Ownership of more than the permitted

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amount of the then outstanding Shares or Voting Securities as a result of the acquisition of Shares or Voting Securities by the Company which, by reducing the number of Shares or Voting Securities then outstanding, increases the proportional number of shares Beneficially Owned by the Subject Persons; **provided** that if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition of Shares or Voting Securities by the Company and, after such share acquisition by the Company, the Subject Person becomes the Beneficial Owner of any additional Shares or Voting Securities and such Beneficial Ownership increases the percentage of the then outstanding Shares or Voting Securities Beneficially Owned by the Subject Person, then a Change in Control shall occur.

"**Code**" means the Internal Revenue Code of 1986, as amended.

"**Control**" means the possession, directly or indirectly, of the power to direct or cause the direction of management and policies of a Person, whether through the ownership of stock, by agreement or otherwise and "Controlled" has a corresponding meaning.

"**Disability**" shall mean that: (i) the Executive is unable to perform his duties hereunder as a result of illness or physical injury for a period of at least 90 days; (ii) the Executive is entitled to receive payments under the Company's long-term disability insurance plan; (iii) the Executive has started to receive such disability insurance payments; and (iv) no person has contested or questioned the Executive's right to receive such payments or, if such payments have been contested, the Company has irrevocably and unconditionally agreed to pay the Executive such amounts as will net to the Executive after reduction for applicable federal and state income taxes the same amount as he would have received after such taxes from such insurance.

"**Good Reason**" means (i) a material reduction in Executive's Base Salary; (ii) a material reduction by the Company in the duties or responsibilities of the Executive, including a change in the Executive's reporting line; or (iii) Executive being required to perform illegal acts by the Company. Good Reason shall not exist unless both (x) the executive provides written notice to the Company of the condition claimed to constitute grounds for a Good Reason termination within thirty (30) days of the initial existence of such condition(s), (y) the Company fails to remedy such condition(s) within thirty (30) days of receiving such written notice thereof; and (z) the Executive terminates employment within sixty-five (65) days following the expiration of the Company's cure period.

"**Person**" or "**person**," shall mean any individual, partnership, limited partnership, corporation, limited liability company, trust, foundation, estate, cooperative, association (except his homeowners association, if any), organization, proprietorship, firm, joint venture, joint stock company, syndicate, company, committee, government or governmental subdivision or agency, or other entity, whether or not conducted for profit.

"**Principal**" means Carl Icahn.

"**Principal Stockholder**" means any of Icahn Enterprises L.P., any Affiliate of Icahn Enterprises L.P., the Principal, and any Related Party.

"**Related Party**" means (1) the Principal and his siblings, his and their respective spouses and descendants (including stepchildren and adopted children) and the spouses of such descendants

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(including stepchildren and adopted children) (collectively, the "**Family Group**"); (2) any trust, estate, partnership, corporation, company, limited liability company or unincorporated association or organization (each, an "**Entity**" and collectively "**Entities**") Controlled by one or more members of the Family Group; (3) any Entity over which one or more members of the Family Group, directly or indirectly, have rights that, either legally or in practical effect, enable them to make or veto significant management decisions with respect to such Entity, whether pursuant to the constituent documents of such Entity, by contract, through representation on a board of directors or other governing body of such Entity, through a management position with such Entity or in any other manner (such rights, hereinafter referred to as "**Veto Power**"); (4) the estate of any member of the Family Group; (5) any trust created (in whole or in part) by any one or more members of the Family Group; (6) any individual or Entity who receives an interest in any estate or trust listed in clauses (4) or (5), to the extent of such interest; (7) any trust or estate, substantially all the beneficiaries of which (other than charitable organizations or foundations) consist of one or more members of the Family Group; (8) any organization described in Section S0l(c) of the Code, over which any one or more members of the Family Group and the trusts and estates listed in clauses (4), (5) and (7) have direct or indirect Veto Power, or to which they are substantial contributors (as such term is defined in Section 507 of the Code); (9) any organization described in Section 501(c) of the Code of which a member of the Family Group is an officer, director or trustee; or (10) any Entity, directly or indirectly (a) owned or Controlled by or (b) a majority of the economic interests in which are owned by, or are for or accrue to the benefit of, in either case, any Person or Persons identified in clauses (1) through (9) above. For the purposes of this definition, and for the avoidance of doubt, in addition to any Person or Persons that may be considered to possess Control, (x) a partnership shall be considered Controlled by a general partner or managing general partner thereof, (y) a limited liability company shall be considered Controlled by a managing member of such limited liability company and (z) a trust or estate shall be considered Controlled by any trustee, executor, personal representative, administrator or any other Person or Persons having authority over the control, management or disposition of the income and assets therefrom.

**"Shares"** means the common stock, par value $.01 per share, of the Company and any other securities into which such shares are changed or for which such shares are exchanged.

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## Exhibit 10.26

**Exhibit 10.26**

![Graphic](enzn-20250930xex10d26001.jpg)

December 8, 2025

*Via* <u>Electronic Delivery</u>

John Plescia

[\*\*\*\*\*][\*\*\*\*\*]

Email: [\*\*\*\*\*][\*\*\*\*\*]

Dear John:

On behalf of Viskase Companies, Inc. ("Company" or "Viskase"), I am pleased to present you with the following job offer:

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| | |
|:---|:---|
| **Title:** | **Vice President and General Manager, Americas** |
| **Reporting to:** | You will report directly to Tom Davis, President, and CEO |
| **Location** | Viskase Corporate HQs, Lombard, IL |
| **Start Date:** | December 8, 2025 |
| **Compensation:** | Your compensation per biweekly pay period will be $12,500 (annualized at $325,000), every other Friday. All of your compensation is subject to deductions as required by law. |
| **Bonus Plan:** | In addition to your base salary, as a full-time, salaried employee, you are eligible to participate in the Viskase Management Incentive Plan (MIP) for calendar year 2026 with a target bonus of 60 % of base earnings. The incentive is predicated on obtaining certain objectives based upon both personal and Company performance. Additional details are contained in the Plan's Terms and Conditions. |
| **PTO:** | You will be eligible for 28 days of PTO per year subject to the terms of the Viskase PTO policy. You begin to accrue your PTO from Date of Hire. Viskase reserves the right to add, change, or modify the policy at any time. |

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Viskase Companies, Inc.

333 East Butterfield Road, Suite 400, Lombard, Illinois, 60561 USA

Phone: (630) 874-0700 Fax: (630) 874-0176

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John Plescia

December 8, 2025

Page 2 of 3

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| | |
|:---|:---|
| **Benefits:** | You will be eligible to participate in Viskase benefit plans including health; dental; vision; life; dependent life; flexible spending account (FSA), health savings account (HSA); contributory 401(k) with Company match and no vesting requirement, and shod term and long-term disability insurance. All benefit plans except STD and LTD are effective the first of the month following employment. STD and LTD are effective after 90 days of employment. Viskase reserves the right to add, change, or terminate benefits at any time, including but not limited to, those set forth above. |

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This offer, and your employment, are conditioned upon successful completion of a drug screen and background and reference check. In addition, you will be required to sign the Company's Confidentiality/Non-Disparagement/Inventions policy and adhere to such policies.

The details of the Confidentiality and Non-Disparagement document and other Company employment documentation will be presented to you and signed by you prior to your employment.

This letter does not constitute a contract or employment agreement. You understand that your employment is "at will" and can be terminated, with or without cause and with or without notice, at any time. Nothing contained in this letter shall limit or otherwise alter the foregoing. Your employment will be subject to other policies, terms and conditions that may be established or modified by the Company from time to time.

On your first day of work, we require that you bring proof of your legal right to work in the United States for 1-9 purposes.

We are excited to welcome you back to the Viskase team. Please do not hesitate to contact me or Armando Herrera, VP Global Human Resources, [\*\*\*\*\*].

This offer expires December 11, 2025, at 4:00 PM central time.

Viskase Companies, Inc.

333 East Butterfield Road, Suite 400, Lombard, Illinois, 60561 USA

Phone: (630) 874-0700 Fax: (630) 874-0176

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John Plescia

December 8, 2025

Page 3 of 3

Sincerely,

**Tom Davis**

**President and CEO, Viskase Companies, Inc.**

Cc: Human Resources

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| | |
|:---|:---|
| ACCEPTED: |  |
| /s/ *JOHN N. PLESCIA* | *12/8/25* |
| *JOHN N. PLESCIA* | *DATE* |

---

Viskase Companies, Inc.

333 East Butterfield Road, Suite 400, Lombard, Illinois, 60561 USA

Phone: (630) 874-0700 Fax: (630) 874-0176

------

![Graphic](enzn-20250930xex10d26001.jpg)

**VISKASE COMPANIES INC.**

**CONFIDENTIALITY, NON-COMPETITION AND NON-SOLICITATION AGREEMENT**

This Agreement is made and is effective as of this 8<sup>th</sup> day of December, 2025, by and between Viskase Companies, Inc. (the "Company"), 333 E. Butterfield Road, Suite 400, Lombard, IL 60148 and current or prospective employee, John Plescia ("Employee"), whose principal mailing address is \*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\* Any offer of employment, or continuation of employment, as the case may be, is expressly subject to and conditioned upon Employee's execution of this Agreement.

In consideration of Employee's employment at will by the Company and/or one or more of its subsidiaries (hereinafter collectively and individually referred to as "Viskase"), and of the salary and benefits paid to Employee with respect to such employment and future increases therein, Employee and Viskase hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions</u>. For purposes of this Agreement the terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Affiliate" shall mean with respect to any specified Person, another Person which, directly or indirectly, controls, is controlled by, or is under common control with such specified Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "Company" shall mean Viskase Companies, Inc. and/or any of its subsidiaries, parent, or related corporations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "Confidential Information" shall mean all information disclosed or otherwise made available to the Employee by the Company or its Affiliates, employees or representatives, about or relating to the Company's, or any of its Affiliates' plans, business or activities, or employees, including, but not limited to the information set forth in the business plan of the Company and information concerning advertising, marketing plans and strategies, finances or financial condition, accounting, methods, processes, trade secrets, Intellectual Property, product and business plans, and current or potential customer, client, business partner or supplier lists and records, service charges, rates and fees, investments plans or projections, research in respect of acquired or potential target investments and communications and all Work Product;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "Intellectual Property," shall mean all source-codes, object-codes, manuals and other documentation and materials (whether or not in written form) and all versions thereof, together with all other patents, licenses, trademarks, service marks, trade names (whether registered or unregistered), copyrights, proprietary computer software, proprietary inventions, proprietary technology, technical information, intellectual property, discoveries, designs, proprietary rights and non-public information, trade secrets, in each case, whether or not patentable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "Person" an individual, corporation, partnership, trust or unincorporated organization, limited liability company, limited liability partnership, joint venture, joint stock company, any governmental agency or instrumentality or any other entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) "Work Product" shall mean all work product (tangible, recorded or otherwise, and without regard to the form or condition or state of completion, including, without limitation, Intellectual Property invented, created, assembled, or developed in connection with, with respect to, for, or in relation to, the Company during the Employee's employment by the Company.

Viskase Companies, Inc.

333 East Butterfield Road, Suite 400, Lombard Illinois 60148, USA

![Graphic](enzn-20250930xex10d26003.jpg)630-874-0700 - Fox: 630-282-0498

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Confidentiality.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Employee shall not (either during the continuance of the Employee's employment by the Company or at any time thereafter) disclose any Confidential Information to any Person other than designated employees of the Company, and all such Confidential Information, either in electronic, printed or verbal form will remain the property of the Company and shall not be used by the Employee (either during the continuance of his employment by the Company or at any time thereafter) for his own purpose or for any purpose other than those of the Company. The Employee agrees that the Company will retain proprietary rights in the Confidential Information and disclosure to or awareness by the Employee of the Confidential Information shall not be deemed to confer any rights whatsoever to the Employee in respect of any part of the Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The restrictions and covenants set forth in (a) above applicable to the Confidential Information shall not apply to any portion of the Confidential Information that the Employee can clearly demonstrate is at the time of disclosure or thereafter generally available to and known by the public (other than as a result of its disclosure by the Employee in breach of his obligations herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the event that the Employee is (i) requested by interrogatory, subpoena, deposition, civil investigation demand or other similar legal process or (ii) required by applicable laws, rules, or regulations, to disclose any Confidential Information, the Employee shall provide the Company with prompt written notice of any such request or requirement so that the Company may seek an appropriate protective order. If, failing the entry of a protective order, the Employee is, in the written opinion of his counsel, compelled to disclose Confidential Information, the Employee may disclose that portion of the Confidential Information which his counsel advises the Employee in such opinion that he is compelled to disclose. In any event, the Employee will not oppose, and shall assist, action by the Company in any such proceeding to obtain an appropriate protective order or other reliable assurance that confidential treatment will be accorded the Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Nothing in this agreement prohibits Employee from reporting any possible violations of federal law or regulation to any government agency or entity, including but not limited to the Department of Justice and the Securities and Exchange Commission, or making any other disclosures that are protected under the whistle-blower provisions of federal law or regulation. Employee is not required to notify Viskase that Employee will make or has made such reports or disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Agreement Not to Compete.</u> 

Employee shall not, within the continental United States either directly or indirectly, and either physically or remotely/digitally, as principal, agent, owner, employee, director, partner, investor, shareholder (other than solely as a holder of not more than 1% of the issued and outstanding shares of any public corporation), consultant, advisor or otherwise howsoever own, operate, carry on or engage in the operation of or have any financial interest in or provide, directly or indirectly, financial assistance to or lend money to or guarantee the debts or obligations of any Person carrying on or engaged in any business that is similar to or competitive with the business conducted by the Company or any of its subsidiaries during the term of Employee's employment and for twelve (12) months after Employee ceases, for any reason, to be employed by Viskase. Employee's obligation not to disclose Confidential Information of Viskase shall not terminate at the end of the twelve (12) month period described above.

Page 2 of 4

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Agreement Not to Solicit.</u> 

The Employee covenants and agrees with the Company and its subsidiaries that, during the term of Employee's employment and for twelve (12) months following the last day of employment by Viskase, the Employee shall not, directly, or indirectly, for himself or for any other Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) solicit, interfere with or endeavor to entice away from the Company or any of its subsidiaries or affiliates, any current or prospective supplier, customer, client, or any Person in the habit of dealing with any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) attempt to direct or solicit any current or prospective supplier, customer, or client away from the Company or any of its subsidiaries or affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) interfere with, entice away or otherwise attempt to obtain or induce the withdrawal of any employee of the Company or any of its subsidiaries or affiliates; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) advise any Person not to do business with the Company or any of its subsidiaries or affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Acknowledgment of Reasonableness of Agreement.</u> 

Employee acknowledges and agrees that the restrictions on Employee's competition with Viskase and Employee's non-solicitation obligations contained in Paragraphs 3 and 4 of this Agreement are reasonable and justified in light of the nature of Viskase's business and of the confidential and proprietary information of Viskase to which Employee has or may have exposure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Acknowledgment of Need for Injunctive Relief.</u>![Graphic](enzn-20250930xex10d26004.jpg)![Graphic](enzn-20250930xex10d26005.jpg)Employee acknowledges and agrees that the remedy at law for any violation of this Agreement, given the nature of Viskase's business and the harm which could be done thereto, would be inadequate, and that Viskase would suffer continuing and irreparable harm to its business as a result of such violations; therefore, in the event of any actual or threatened violation of this Agreement, Viskase shall be entitled, in addition to any other remedies available to it, to a temporary restraining order and preliminary and permanent injunctive relief to prevent any violations hereof, without any requirement to prove actual damages or to post bond, and to any other appropriate equitable relief that any court of competent jurisdiction deems proper. Employee hereby represents to Viskase that Employee's past business skills and experience will enable Employee to obtain satisfactory employment without violating this Agreement and that enforcement of this Agreement will not impose undue hardship upon Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Beneficiaries of Agreements</u>.

This Agreement shall be for and inure to the benefit of Viskase, any and all of its subsidiaries, affiliates, parents, or related entities as well as the successors, assigns, and transferees of any of the above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>No Modifications Other than in Writing</u>.

This Agreement shall not be modified, amended, rescinded, or waived other than by a subsequent written agreement signed by Employee and Viskase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Construction of Agreement</u>.

This Agreement shall be governed by, and construed in accordance with, the laws of the State of Illinois, United States, where Viskase has its principal place of business. In the event any court of competent jurisdiction determines that any of the terms or provisions contained in this Agreement are void or ![Graphic](enzn-20250930xex10d26006.jpg)unenforceable, such court shall have the right, and is authorized by Employee, to modify such terms or provisions as to render the remaining or modified terms or provisions of this Agreement valid and

Page 3 of 4

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enforceable to the maximum extent possible and, as so modified, to enforce this Agreement in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Governing Law/Jurisdiction/Service of Process.</u> 

The validity, interpretation, performance, and enforcement of this Agreement shall be governed by the laws of the State of Illinois, United States, without regard to conflict of laws rules. In any action between or among the parties arising out of this Agreement, (i) each of the parties irrevocably consents to the exclusive jurisdiction and venue of the federal and state courts located in, or having jurisdiction over, DuPage County, Illinois, United States; (ii) if any such action is commenced in a state court, then, subject to applicable law, neither party shall object to the removal of such action to any federal court located in, or having jurisdiction over, DuPage County, Illinois, United States; (iii) each of the parties irrevocably waives the right to trial by jury; and (iv) each of the parties irrevocably consents to service of process by first class certified mail, return receipt requested, postage prepaid, to the address of such party set forth in the preamble hereto, unless a party notifies the other in writing of a different address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Miscellaneous</u>.

This Agreement does not alter, change, or modify the employment-at-will relationship that exists between the Company and the Employee. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns, as the case may be. This Agreement may be assigned by the Company to any affiliate of the Company and to any successor or assign of all or a substantial portion of the Company's business. The Employee may not assign or transfer any of his rights or obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Representation of Knowledge of Contents of Agreement.</u> 

Employee agrees and represents to Viskase that: (i) Employee has read and understands the contents of this Agreement,(ii) Employee has had at least 14 days within which to consider its terms and has asked any and all questions regarding the same; (iii) Employee is hereby advised by the Company to consult with legal counsel of Employee's choice prior to executing this Agreement, and (vii) Employee has not relied on any statements made by anyone associated with the Company that is not contained in this Agreement in deciding to sign this Agreement.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.

---

| |
|:---|
| /s/ JOHN N. PLESCIA |
| **JOHN N. PLESCIA** |
| VISKASE COMPANIES, INC. |

---

---

| | |
|:---|:---|
| By: | JOHN PLESCIA |
| Title: | VICE PRESIDENT AND GENERAL MANAGER, AMERICAS |

---

Page 4 of 4

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## Exhibit 10.27

**Exhibit 10.27**

**EMPLOYMENT CONTRACT FOR AN INDEFINITE PERIOD**

**SEPTEMBER 23, 2025**

**Between**

**Viskase GmbH**

**and**

**R.M. Schouten**

------

**CONTENTS**

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| | | |
|:---|:---|:---|
| **Clause** | **Clause** | **Page** |
| 1. | Start date and position | 3 |
| 2. | Place of work | 4 |
| 3. | Duration and termination | 4 |
| 4. | Salary and holiday allowance | 5 |
| 5. | Working hours and overtime | 5 |
| 6. | Travel and expenses | 5 |
| 7. | Holidays | 6 |
| 8. | Sickness | 6 |
| 9. | Pensions | 6 |
| 10. | Confidentiality | 6 |
| 11. | Documents and company property | 7 |
| 12. | Protection of personal data | 8 |
| 13. | Intellectual property rights | 8 |
| 14. | Ancillary activities | 9 |
| 15. | Non-competition and non-solicitation | 10 |
| 16. | Social media | 10 |
| 17. | Penalty | 11 |
| 18. | Other regulations | 11 |
| 19. | Amendment | 11 |
| 20. | Various | 11 |
| 21. | Applicable law and CLA | 12 |
| **Annex** | **Annex** |  |
| 1. | Viskase Companies, Inc. - Job Description | 14 |

---

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| | |
|:---|:---|
| 2 | ![Graphic](enzn-20250930xex10d27001.jpg) |

---

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**EMPLOYMENT CONTRACT**

**THE UNDERSIGNED:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **Viskase GmbH,** having its registered office in Bomlitz, Germany and its principal place of business at *(29699) August-Wolff-Straße 13* in *Bomlitz, Germany,* duly represented in this matter by its sole shareholder Viskase S.A.S. having its registered office in Beauvais, France and its principal place of business at *(60000) 10 chaussée Feldtrappe* in *Beauvais, France,* represented by its president having sole representational power, *Mr. Tim Feast,* hereinafter the **Employer;** and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Mr. Robert Martijn Schouten,** <u>born on March</u> 18, 1977 and currently residing a [\*\*\*[[\*\*\*\*\*] [\*\*\*\*\*]\*\*\*\*\*]\*\*] hereinafter the **Employee;** 

jointly referred to as the **Parties** and each individually as the **Party**.

**WHEREAS:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Employee will be fulfilling the role of Vice President and General Manager in the combined regions of Europe, Middle East & Africa (**EMEA**) and Asia-Pacific (**APAC** and together with EMEA: the **Region)** within the Employer's group parent company, Viskase Companies, Inc. (the **Parent);** and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Employee will be employed by the Employer and the Parties wish to lay down the terms and conditions of employment in this employment contract (the **Employment Contract)**.

**HAVE AGREED AS FOLLOWS:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **START DATE AND POSITION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 The Employee enters into the Employment Contract with the Employer with effect from 29 September 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 The Employee will be employed by the Employer in the position of Vice President and General Manager in the Region within the Parent with the job description set out in **Annex 1** to this Employment Contract, and undertakes to perform, to the best of the Employee's ability, all the work related to the Employer's business that can reasonably be assigned to the Employee by or on behalf of the Employer. The Employee undertakes to act in accordance with the instructions given by or on behalf of the Employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 The Employee undertakes to also carry out other work or to fulfil another position, insofar as this can reasonably be requested from the Employee and the work instructed is related to the business of the Employer. The Employee will, at the request of the Employer, also perform work for any direct or indirect subsidiary or parent company of the Employer, any direct or indirect subsidiary company of such parent company, or any other group company of the Employer within the meaning of Article 2:24b of the Dutch Civil Code **(Group Company** and together: the **Group Companies)**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 The nature of the Employee's position requires that the Employee has to travel frequently to locations outside of the Netherlands, approximately 50% especially initially to establish key relationships.

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| | |
|:---|:---|
| 3 | ![Graphic](enzn-20250930xex10d27001.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 The Employee declares and guarantees to the Employer that there are no impediments (through an agreement, in writing or not in writing, regulations, court rulings or orders, or otherwise, including a non-competition or non-solicitation clause), directly or indirectly, to the entering into of the Employment Contract, the performance of the work or the fulfilment of obligations for the Employee arising from the Employment Contract. The Employee indemnifies the Employer against any claims, costs, damages, liabilities or expenses that may arise for the Employer, on any ground whatsoever, as a result of such impediments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 The Employee declares that at the time of signing this Employment Contract, there are no criminal, compliance or professional conduct-related investigations or proceedings, whether initiated, pending or concluded in respect of the Employee, either in a private capacity or in a professional capacity, all in the broadest sense. If, after signing of the Employment Contract, such investigation or procedure is or will be initiated against the Employee, the Employee will be obliged to fully inform the Employer immediately and to keep the Employer fully informed at all times of the progress of the investigation or procedure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **PLACE OF WORK** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 At the time of entering into the Employment Contract, the place where the work will be performed is the Employee's home address referred to in point (2) of this Employment Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 The Employer reserves the right to unilaterally change the place where the work is carried out insofar as this can reasonably be required of the Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 The Employer, together with the Employee, will ensure a good and safe home office for the Employee that is designed in a manner suited to the personal characteristics of the Employee, unless this cannot reasonably be required from the Employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 The Employee, together with the Employer, is obliged to ensure that the home office meets and continues to meet the requirements laid down in the applicable laws and regulations relating to working conditions at that time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 The Employee will cooperate with an announced visit by the Employer or the occupational health and safety expert to the private home of the Employee in order to check the home office against the requirements laid down in the applicable laws and regulations relating to working conditions at that time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 If, at any time, the home office does not meet the requirements laid down in the applicable laws and regulations relating to working conditions at that time, the Employee is obliged to carry out the work at the office of the Employer until the home office does (again) meet said requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **DURATION AND TERMINATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 The Employment Contract is entered into for an indefinite period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 The Employment Contract ends in any event by operation of law, without notice of termination being required, on the date on which the Employee reaches the state pension age *(AOW-gerechtigde leeftijd)* applicable to the Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Without prejudice to the above, the Employment Contract may be terminated by either Party with due observance of a notice period of 4 months for the Employer and a notice period of 2 months for the Employee.

---

| | |
|:---|:---|
| 4 | ![Graphic](enzn-20250930xex10d27001.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 With regard to the other aspects of termination of the Employment Contract, the applicable laws and regulations as laid down in the Dutch Civil Code (Title 7.10) and the regulations as included in Clause 18 as applicable from time to time, apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **SALARY AND HOLIDAY ALLOWANCE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 The salary is EUR 25,000 gross per month. This salary is including holiday allowance. The salary, subject to any applicable deductions, is transferred monthly to the Employee's bank account as known to the Employer. The Employee agrees to the electronic provision of the salary slip. Employee may be eligible for annual increase in salary at the Company's discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 The Employee shall be eligible to participate in the Management Incentive Plan **(MIP),** up to 60% of the gross salary mentioned in paragraph 4.1 above (terms shall be provided separately) as long as this bonus and this plan will be maintained by the Parent. For the first year of employment, any bonus paid under this program is prorated for actual time worked in the position. To be eligible for a bonus payment, the Employee must be an active employee on the date the bonus is paid. The bonus compensation will be subject to all terms and conditions of the MIP (or its successor plan) document maintained by the Parent, which is subject to change at any time. The granting of a bonus in any certain year does not entitle the Employee to a bonus in another year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 In addition, to the compensation described above, a Long-Term Incentive Plan ("LTIP") is currently being developed. The details of the LTIP will be provided at a later date. Any award under the LTIP will be payable in accordance with and subject to the terms and conditions of the plan document as approved by the Compensation Committee of the Board of Directors of Viskase Companies, Inc. Eligibility to participate in the LTIP is at the discretion of the Compensation Committee of the Board of Directors of Viskase Companies, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 The granting of any bonus or variable remuneration in any certain year does not entitle the Employee to a bonus in another year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **WORKING HOURS AND OVERTIME** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 The customary number of working hours is 40 per week.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 The nature of the work of the Employee entails that the customary number of working hours set out in Clause 5.1 of this Employment Contract may be exceeded. The Employee undertakes to work overtime at the Employer's request, to the extent that, in the Employer's opinion, business conditions so require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 The compensation for working overtime is deemed to be included in the Employee's fixed salary. That means that no separate compensation for working overtime is due to the Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **TRAVEL AND EXPENSES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Business expenses incurred by the Employee are reimbursed in accordance with the expenses scheme as applicable from time to time at the Employer and the Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 The Employee will be granted a maximum monthly allowance of EUR 1815 (inclusive of VAT) for a company car for the professional performance of the Employee's duties and for private use, in accordance with the company car scheme as applicable at the Employer from time to time. Taxes on the financial advantage of the private use are borne by the Employee. The company car including all documents and accessories shall be returned to the Employer at the end of employment. The Employee will not have any right of retention with regard to these

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| | |
|:---|:---|
| 5 | ![Graphic](enzn-20250930xex10d27001.jpg) |

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items. The Employee is authorised to use the vehicle entrusted to it for personal purposes in accordance with the terms and conditions defined by the Employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **HOLIDAYS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 The Employee will be entitled to 30 days of holiday per year. The statutory time limits and expiry dates apply. When taking holidays, the Employee will take into account the interests of the Employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 If the Employment Contract commences and/or ends in the course of the year or if the number of working hours per week changes, the number of days of holiday will accrue on a pro rata basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 With regard to entitlement to other (fully or partially) paid leave, the applicable laws and regulations (including the Dutch Work and Care Act, *Wet arbeid en zorg)* and the regulations as included in Clause 18 as applicable from time to time, apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **SICKNESS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 In the event of sickness within the meaning of Article 7:629 of the Dutch Civil Code, the Employee must report sick to the Employer as soon as possible, but not later than at nine o'clock on the first day of sickness. The Employee shall comply with the rules on notification and inspection of sickness as applicable from time to time at the Employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 In the event of sickness, the Employee is entitled to payment of 100% of his base salary as defined in clause 4.1 of this Agreement salary during the first 6 weeks of sickness. As of week 7 until the end of the obligations based on Article 7:629 Dutch Civil Code, the Employee is entitled to payment of 70% of his base salary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 If and insofar as the Employee can assert a claim for damages against a third party due to loss of income in connection with the Employee's sickness referenced in Clause 8, the Employee will assign such claim to the Employer if and insofar the Employer requests the Employee to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 If the Employment Contract ends and the Employee becomes incapacitated for work (*arbeidsongeschikt*) **  within four weeks after the end of the Employment Contract, the Employee must immediately inform the Employer of this.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **PENSIONS** 

The Employer has no pension scheme in place in which the Employee will participate. Therefore, no offer for a pension agreement within the meaning of the Dutch Pensions Act (*Pensioenwet*) will be made to the Employee. Also, the Employee will not receive a compensation from the Employer to take out a possible private old-age provision and/or death cover and/or a provision for incapacity for work.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **CONFIDENTIALITY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 Except with the Employer's prior written consent, the Employee undertakes, both during the existence of the Employment Contract and after the Employment Contract has been terminated for any reason whatsoever, not to disclose in any manner whatsoever (including social media expressions), whether directly or indirectly, to anyone (including other personnel of the Employer, unless such personnel needs to be informed in connection with their work for the Employer) any confidential information concerning or relating to:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the business of the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the customers *(klanten),* suppliers and other relations of the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) trade secrets as defined in the Dutch Trade Secrets Act *(Wet bescherming bedrijfsgeheimen),* and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any other business information relating to the Employer of which the Employee has become aware as a result of the employment with the Employer and that the Employee knows or should know to be of a confidential nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 In particular if the Employee works from home, the Employee will take all appropriate precautions to: (i) secure business information (both on paper and electronic) relating to the Employer, (ii) prevent unauthorised access to and use of the Employer's business property (including computers, laptops and tablets (if any)) and business information relating to the Employer and (iii) ensure the confidentiality and integrity of all business information relating to the Employer. The Employee is, amongst others, obliged to consistently:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shut down or log off the computer, laptop and tablet, insofar as applicable, when the Employee is not working for the Employer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) store work-related documents in a secure manner so that third parties, including members of the Employee's household, cannot gain knowledge of these documents.

Furthermore, the Employee will not share work-related passwords with third parties, will not receive documents, cases or property from customers *(klanten),* suppliers and other relations of the Employer at the home address and will and does not hold or participate in physical work-related meetings at the home address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 The Employee is obliged to immediately and fully hand over to the Employer all confidential information as referred to in this Clause 10 at the end of the Employment Contract, or at the first request of the Employer (for example in the event of sickness or non-activity for any reason), or to destroy it if the Employer so desires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 In this Clause 10, the term Employer also means any of its Group Companies including the Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 This Clause 10 is without prejudice to any of the Employee's rights and obligations under applicable law and regulations (as applicable from time to time), including but not limited to the Dutch Whistleblowers Protection Act.

**11.** **DOCUMENTS AND COMPANY PROPERTY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 The Employee is prohibited from keeping in possession, both in electronic or physical form, in any way any correspondence, documentation, information carrier, copies thereof and other property made available by any of the Employer and its Group Companies, to the Employee (including but not limited to credit cards, mobile communication devices, keys, documents, handbooks, financial information, plans, USB sticks and other data carriers, access cards, laptop and/or tablet including accessories), except insofar and to the extent this is necessary to perform the duties for the Employer. In any event, the Employee is obliged to immediately and fully hand over to the Employer such correspondence, documentation, other information carriers, copies thereof and other property made available to the Employee at the end of the Employment Contract or at the first request of the Employer (for example in the event of sickness or non-activity for any reason).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 The Employee shall not, under any circumstances, store, transfer, or otherwise process any files, documents, data and other information belonging, concerning or otherwise relating to any of the Employer and its Group Companies on any personal devices or information carriers. This includes, but is not limited to personal computers, laptops, tablets, smartphones and external storage devices that have not been expressly authorized by the Employer. In addition, the Employee is strictly prohibited from sending, forwarding, or otherwise transmitting such files, documents, data and other information to any personal email addresses, messaging applications, cloud storage services or other personal accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 In the event of sickness or non-activity of the Employee (for any reason whatsoever), the Employer is entitled to refuse the Employee access to business information and the use of company property, including but not limited to the Employer's intranet, email accounts, electronic platforms and subscriptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **PROTECTION OF PERSONAL DATA** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 The Employer will process personal data in accordance with the Employee Data Protection Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 The Employee, when processing personal data, will at all times act in accordance with the instructions of the Employer and the applicable policies such as the Employee Data Protection Policy and the regulations and guidelines of the Employer as published on the Employer's intranet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **INTELLECTUAL PROPERTY RIGHTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 It is the intention of the Parties that all (intellectual property) rights relating to inventions and works, including but not limited to patents, copyrights, trademark rights, model rights, database rights, domain names and rights related to know-how, including any applications for such rights and claims in respect thereto, related to all inventions and works created within the framework of and/or in connection with the performance of the Employment Contract through the actions of the Employee (the **Intellectual Property Rights** or **Intellectual Property Right)** will be vested in the Employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 Insofar as certain Intellectual Property Rights are not vested in the Employer by operation of law, the Employee hereby assigns these Intellectual Property Rights in advance to the Employer, which assignment the Employer hereby accepts in advance. This assignment is exclusive, irrevocable, unconditional and with full and unencumbered ownership. The Intellectual Property Rights are assigned in the broadest meaning of the word for all the present and future forms and conceivable manners of exploitation (including disclosure, reproduction and editing), insofar as permitted under Dutch law. This assignment has effect globally for the entire duration of the protection of the Intellectual Property Rights, including any extensions of this duration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 The Employee will, at the expense of the Employer, comply with each request from the Employer to enable it to effect the assignment of Intellectual Property Rights as provided for in the Employment Contract, including entering into additional deeds of assignment, cooperating with the registration of any Intellectual Property Right and the naming of the Intellectual Property Rights in the registers. In connection with the above, the Employee hereby grants an irrevocable authorisation to the Employer - and will insofar as necessary cooperate with the Employer - to do all that is necessary to give effect to this assignment, including the preparation and signing of deeds. The Employer and the Employee expressly exclude the application of Article 3:68 of the Dutch Civil Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 Insofar as permitted under Dutch law, the Employer has the exclusive right to determine whether, when and how the objects to which the assigned rights pertain will be exploited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5 The compensation received by the Employee under the Employment Contract must be considered as fair compensation for all obligations and responsibilities resulting from this clause 13, including but not limited to the transfer of Intellectual Property Rights. This compensation includes compensation within the meaning of Article 12 of the Dutch Patent Act 1995 *(Rijksoctrooiwet 1995)* and also serves as a fee for each form of exploitation of the work, known or unknown at the time of signing of this Employment Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6 Insofar as permitted under Dutch law, the Employee hereby waives personality rights *(persoonlijkheidsrechten)* within the meaning of Article 25 of the Dutch Copyright Act *(Auteurswet).* Insofar as a waiver is not possible, Employee declares not to invoke personality rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7 Any applications or submissions for registration of an Intellectual Property Right will be arranged by the Employer, in the Employer's name and at the Employer's expense. The Employee will not file any applications for registration of an Intellectual Property Right without the explicit written approval of the Employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8 If, in the performance of the Employment Contract, the Employee creates or produces objects or works, tangible or intangible, or any other product that qualifies for protection as an Intellectual Property Right, for which an application or filing for registration is necessary for the acquisition of an Intellectual Property Right, the Employee will timely inform the Employer of this and cooperate with the Employer to enable it to arrange such application or filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.9 The Employee agrees to keep the details of the objects or works, tangible or intangible, or any other product that qualifies for protection as an Intellectual Property Right, that the Employee creates or produces in the performance of the Employment Contract confidential, save with the express approval of the Employer, and to refrain from performing acts that may endanger the validity of the Intellectual Property Rights or that may restrict the scope of protection of the Intellectual Property Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.10 The Employee will inform the Employer as soon as becoming aware of (the threat of) an infringement of the Intellectual Property Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.11 The Employee agrees to assist the Employer, at the request and the expense of the Employer, in defending and maintaining the Intellectual Property Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.12 This provision and the ensuing rights and obligations continue to have effect after termination, for any reason, of the Employment Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **ANCILLARY ACTIVITIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 Without the Employer's prior written consent, the Employee will not accept (i) any paid work with or for third parties, (ii) time-consuming or otherwise substantial unpaid work with or for third parties or (iii) any work with or for third parties that may harm any of the Employer's interests and will refrain from performing activities on own account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 The Employer will only withhold written consent if this can be justified on the basis of an objective ground as referred to in Article 7:653a(1) of the Dutch Civil Code, including but not limited to the health and safety of the Employee, the protection of business confidentiality, the avoidance of conflicts of interest and/or the protection of the good name and reputation of the Employer. Each situation will be judged on its own. Lack of an objective ground in one

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particular case does not automatically lead to lack of an objective ground in another case. The lack of an objective ground in a specific case therefore does not affect the legal validity of this Clause 14 in all other respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **NON-COMPETITION AND NON-SOLICITATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 Given the Employee's duties and responsibilities, Employee shall have access to confidential and strategic information. As such information is essential for the Employer and the Group Companies, the Employee expressly undertakes, in the event the present Employment Contract should be terminated for any reason whatsoever by either party and starting as of the effective date of departure to refrain from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) joining or taking an interest, whether direct or indirect, in any capacity or manner whatsoever, (including without limitation, as a company officer, manager, administrator, employee, consultant, shareholder, partner) for his own behalf or on behalf of third parties, to any company or business having a competing activity with the Employer's, that is to say manufacturing, sales activities and transformation of identical or similar products to those manufactured and distributed by the Employer (i.e. currently cellulosic and plastic casings); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) directly or indirectly, in any capacity or manner whatsoever, contact, solicit, canvass or approach with any natural or legal person with the purpose of manufacturing or distributing competing products to the Employer's, as mentioned in this clause 15.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 The Employee expressly accepts this non-compete and non-solicitation clause and acknowledges that it is necessary to the protection of the Employer's legitimate interests and of the Group Companies' to which it belongs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3 The present non-compete and non-solicitation clause shall apply for a one (1) year duration, effective from the date of the Employee's effective departure and is limited to the countries that are members of the European Union, United Kingdom, Russia, the United States of America, Thailand and the Philippines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4 In return for such prohibition to compete and solicit, the Employee shall receive during the entire duration of this clause a monthly indemnity of a gross amount equal to 50% of the Employee's last base fix gross salary, at value at the date of his effective departure, any other elements of remuneration that would come in addition to the base salary being excluded (the **N-C/N-S Indemnity).** This compensation shall include relating vacation indemnity. This compensation shall be paid every month. A breach of this non-compete and non-solicitation obligation will cause the Employer's obligation to pay the N-C/N-S Indemnity to lapse automatically.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5 The Employer may decide to unilaterally release the Employee from this non-compete and non-solicitation obligation and correspondingly to be released from the obligation of the N-C/N-S Indemnity, provided this release is notified to the Employee within fifteen (15) days after the effective termination of his duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6 In this Clause 15, the term Employer also means any of its Group Companies including the Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **SOCIAL MEDIA** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 The Employee will not make any statements on social media that could damage the reputation of any of the Employer and its Group Companies. The Employee must at all times comply with

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the social media policy as set out in the Viskase Employee Handbook, as amended from time to time at the Employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 Ultimately one month after the end of the Employment Contract, the Employee will truthfully change the Employee's status, job and position on social media, including but not limited to LinkedIn, Facebook, Instagram and X (formerly known as Twitter), in such manner that it is clear that the Employee has no further involvement with any of the Employer and its Group Companies as of the date of termination of the Employment Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.** **PENALTY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 If the Employee acts contrary to one or more of the obligations ensuing from the provisions of Clause 15 of this Employment Contract, the right to payment of the N-C/N-S Indemnity shall lapse automatically. In such case, in addition to the reimbursement of the N-C/N-S Indemnity already paid by Employer, the Employer will be entitled to seek full damages. This penalty clause does not affect the Employer's right to claim performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 The Employee retains the obligations ensuing from the provisions of Clauses 15, and 17.1 of this Employment Contract vis-a-vis the Employer if the Employer's business or any part thereof is transferred by the Employer to a third party within the meaning of Articles 7:662 et seq. of the Dutch Civil Code and the Employment Contract ends prior to or at the time of the transfer, while the Employee would have entered the employment of the acquiring party by operation of law if the Employment Contract had continued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.** **OTHER REGULATIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 Subject to the provisions of the Employment Contract, the terms and conditions of employment adopted by the Employer or the Parent from time to time, as laid down in the employee handbook, apply, as well as all other policies and regulations that apply to the employees of the Employer or the Parent from time to time. A copy of these terms and conditions and policies and regulations has been made available to the Employee and can be consulted on the Employer's intranet. In the event of conflict between the Employment Contract and one or more of the above-mentioned terms and conditions and policies and regulations, the Employment Contract shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2 The Employee acknowledges to be bound by the terms and conditions and policies and regulations referred to in Clause 18.1, as they apply from time to time at the Employer or the Parent. As such, the Employee herewith agrees in advance to possible future amendments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.** **AMENDMENT** 

The Employer reserves the right to unilaterally amend the provisions of the Employment Contract if the Employer's interest outweighs, according to the principles of reasonableness and fairness, the possible interest of the Employee that would be harmed by the amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.** **VARIOUS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1 This Employment Contract constitutes the entire agreement between the Employee and the Employer. This Employment Contract sets aside all previous agreements between the Employee and any of the Employer and its Group Companies, insofar as it concerns the performance of work or the employment relationship in a broader sense, and replaces these agreements. After this Employment Contract has been signed, the Employee and the Employer can no longer derive any rights from said agreements which have been superseded herewith.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2 The voidness of one or more of the provisions of this Employment Contract does not render the other provisions void as well. The Employee and the Employer hereby agree that a void provision will be converted by operation of law into a valid provision that by its nature and purport will as closely as possible resemble the void provision.

**21.** **APPLICABLE LAW AND CLA**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1 The Employment Contract and all contractual and non-contractual obligations ensuing from or connected to it are governed by Dutch law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2 No collective labour agreement applies to the Employment Contract.

*< Signatures on next page >*

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**SIGNATORIES**

This Employment Contract has been agreed and executed in duplicate on <u>9/25/2025</u> 2025 by:

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| **Viskase GmbH** | **Viskase GmbH** | **Robert Martijn Schouten** | **Robert Martijn Schouten** |
| Signed by: | /s/ Tim Feast | Signed by: | /s/ Robert Martijn Schouten |
| By: | Tim Feast |  |  |
| Its: | Authorised representative |  |  |
| Date: | 9/25/2025 | Date: | 9/25/2025 |
| Place: | Arlington Heights, Illinois, USA | Place: | [\*\*\*\*\*] |

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Annex [1]: Viskase Companies, Inc. - Job Description

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**ANNEX 1**

**VISKASE COMPANIES, INC. - JOB DESCRIPTION**

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| **POSITION TITLE: VP / General Manager - EMEA/AP** | **POSITION TITLE: VP / General Manager - EMEA/AP** | **REPORTS TO: Tim Feast, CEO** |
| **DATE PREPARED: June 5, 2024**<br>| ☐ **NEW POSITION&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**☐ **REVISED&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DESCRIPTION** | ☐ **NEW POSITION&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**☐ **REVISED&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DESCRIPTION** |
| **STATUS:** (Check One) ☒ Full Time&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ Part Time&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ Co-Op&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ Temporary&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ Contractor&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ Intern | **STATUS:** (Check One) ☒ Full Time&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ Part Time&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ Co-Op&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ Temporary&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ Contractor&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ Intern | **STATUS:** (Check One) ☒ Full Time&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ Part Time&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ Co-Op&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ Temporary&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ Contractor&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ Intern |
| **SHIFT : Days**  | **FLSA STATUS:** ☒ Exempt&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ Non-Exempt&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ Hourly | **FLSA STATUS:** ☒ Exempt&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ Non-Exempt&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ Hourly |
| **LOCATION: Lombard**<br>| **DEPARTMENT:** | **DEPARTMENT:** |
| **JOB CODE:** | **JOB CODE:** | **JOB GRADE:** |

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| **POSITION PURPOSE:** |
| Lead and drive the Viskase business in the EMEA/AP region. Review and improve organizational effectiveness by developing processes, overseeing employees, establishing a highly motivational work environment, and driving execution in sales and operations. Responsible for implementing business strategies, ensuring the effectiveness of the sales organization and delivering planned growth in sales and margins. Leads operations in the region, including oversight of plants in Europe and Asia Pacific, with responsibility for achieving output, unit cost and productivity goals. Utilizes supply chain processes and organization to effectively deliver high service while managing inventory, plant schedules and cash. Drives P&L performance maintains a top-line orientation while striving to maximize operating income. |
| Main focus of this search must be the proven ability to lead a B2B business unit and ensure that all functions deliver the performance necessary for bottom line results. This is the most important aspect of the search. Strong capability in driving operational improvement is essential and will be more important than specific sales experience (although oversight of key customers and responsibility for growing top line should be within candidates' experience). |

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| **ESSENTIAL RESPONSIBILITIES/DUTIES:** |
| <br>-<br>Deliver planned EBITDA and operational cash flow for the EMEA/AP region.<br>-<br>Develop budget and operating plans for the region. Oversee execution of those plans to deliver committed financial results. Develop effective business strategies that leverage the strengths of the organization versus evolving market trends and competitive landscape.<br>-<br>Drive profitable sales growth in the region, overseeing commercial processes to deliver profitable business mix and enhanced margins. Develop strategic customer relationships and support the commercial team at key accounts.<br>-<br>Oversee operations and ensure that goals are met for safety, quality, cost, delivery, and productivity improvement; work directly with plant leadership to implement targeted Lean tools.<br>-<br>Build and manage the regional organization and ensure the talent exists to achieve the region's strategic goals; create a culture of accountability, results orientation, creativity, and success.<br>-<br>Implement supply chain tools and processes as developed by global S&OP to optimize inventory levels and effectively utilize cash. Achieve top class OTIF.<br>-<br>Contribute to development of global business strategy. Maintain knowledge of competitors' capabilities, activities, and apparent strategies.<br>-<br>Operations – 40%<br>|

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<br>o<br>Optimize operations across plant, minimizing costs while delivering required quality, capacity and service<br>o<br>Drive improvements in waste and operational efficiency; actively manage spending and capital requirements<br>o<br>Build on standardized daily management processes<br>-<br>Commercial — 40%<br>o<br>Implement strong commercial processes to manage customer contracting, sales growth, product complexity<br>o<br>Develop effective commercial strategies<br>o<br>Manage mix and margins<br>o<br>Build an effective commercial team in the region<br>-<br>Supply Chain — 10%<br>o<br>Ensure effective and reliable supply chain management.<br>o<br>Utilize processes, systems and monthly S&OP cadence to achieve improvement in OTIF, inventory, financial forecast accuracy<br>o<br>Oversee global S&OP process and capacity planning<br>-<br>Finance - **(10%)**<br>o<br>Drive P&L performance, including budget attainment; maintain a heavy focus on operating income.<br>o<br>Maintain a focused set of priorities and leverage them to drive financial upsides<br>o<br>Deliver effective financial projections and utilize analytics to focus activities and improve results<br>-<br>Reporting Structure: Direct Reports<br>o<br>Commercial Director, EMEA<br>o<br>General Manager, AP<br>o<br>Director of Operations<br>o<br>Managing Director, Poland<br>o<br>Global Director, S&OP<br>o<br>Head of Applications<br>o<br>Finance Director (reports to CFO directly)<br>

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| **JOB REQUIREMENTS:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bachelor's degree in business or related discipline, MBA ideal<br>Minimum 10+ years proven organizational leadership in business, commercial and/or manufacturing roles.<br>Proven success in driving operations improvements through plant leadership<br>Proven success in achieving profit goals through multiple business levers, including commercial (volume, price, mix)<br>Must be numbers driven, fact-based<br>Manages conflict well. Encourages healthy debate, Challenge status quo, continuously improves processes.<br>Strategic thinker, leads by influence and drives stakeholder alignment.<br>Travel expectation 50% especially initially, to establish key relationships.<br>***This document is not an "all encompassing" list of job duties. Some requirements are subject to possible modification to reasonably accommodate individuals with disabilities. Some requirements may exclude individuals who pose a direct threat or significant risk to the health and safety of themselves or other employees.*** |

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## Exhibit 10.28

**Exhibit 10.28**

**EXECUTION COPY**

**SECURITIES PURCHASE AGREEMENT**

This Securities Purchase Agreement (this "<u>Agreement</u>") is entered into as of December 30, 2025, by and between Viskase Companies, Inc. (the "<u>Company</u>"), and American Entertainment Properties Corp., a Delaware corporation ("<u>Purchaser</u>").

**RECITALS**

**WHEREAS**, the Company wishes to sell to the Purchaser, and the Purchaser wishes to purchase from the Company, 17,241,380 shares of the Company's common stock, par value $0.01 per share (the "<u>Purchased Shares</u>"), on the terms and conditions contained herein in a transaction exempt from the registration requirements of the Securities Act of 1933, as amended (the "<u>Securities Act</u>") pursuant to Section 4(a)(2) of the Securities Act (the "<u>Transaction</u>");

**WHEREAS**, a special committee (the "<u>Special Committee</u>") of independent and disinterested members of the board of directors of the Company (the "<u>Board</u>") has reviewed the Transaction and has unanimously recommended that the Board approve the Transaction; and

**WHEREAS**, the Board has unanimously approved the sale of the Purchased Shares to the Purchaser upon the unanimous recommendation of the Special Committee.

**NOW, THEREFORE**, in consideration of the premises, representations, warranties and the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

**ARTICLE I<br>PURCHASE OF THE PURCHASED SHARES**

**Section 1.1 Purchase and Sale of the Purchased Shares**. Subject to the terms and conditions hereof and in reliance upon the representations and warranties of the parties contained herein, the Purchaser will purchase from the Company, and the Company will deliver, sell, assign and transfer to the Purchaser, the Purchased Shares at a purchase price of $0.58 per share, or an aggregate amount equal to $10,000,000.40 (the "<u>Purchase Price</u>").

**Section 1.2 Closing**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The closing of the purchase and sale of the Purchased Shares (the "<u>Closing</u>") shall take place concurrently with the execution of this Agreement (the "<u>Closing Date</u>") remotely by electronic exchange of documents on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the Closing, (i) the Purchaser shall pay the Purchase Price to the Company by wire transfer of immediately available funds to an account designated by the Company prior to the Closing or by such other method as may be acceptable to the Company, and (ii) the Company shall deliver, or cause to be delivered (a) the Purchased Shares to the Purchaser by book entry, in accordance with the applicable procedures of The Depository Trust Company, and (b) all other documents and instruments reasonably requested by the Purchaser to effect the transfer of the Purchased Shares to the Purchaser. Immediately upon the receipt of the Purchase Price by the Company, the Company shall be deemed to have delivered, sold, transferred and assigned all right, title and interest to the Purchased Shares, and the Purchaser shall be deemed to be the owner of the Purchased Shares, effective for all purposes.

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**Section 1.3 Further Assurances**. The parties hereto shall execute and deliver such additional documents and take such additional actions as any party hereto reasonably may deem to be practical and necessary to consummate the Transaction.

**ARTICLE II<br>REPRESENTATIONS AND WARRANTIES OF THE COMPANY**

The Company represents and warrants to the Purchaser that the statements contained in this Article II are correct and complete as of the Closing.

**Section 2.1 Existence; Authority; Binding Effect**. The Company is duly incorporated, validly existing and in good standing under the laws of the State of Delaware and has full power and authority to enter into this Agreement and consummate the Transaction. The execution and delivery of this Agreement and any other agreements or instruments executed or to be executed and delivered in connection herewith, and the consummation of the transactions contemplated hereby and thereby, by the Company have been recommended for approval of the Board by the Special Committee and duly and validly authorized and approved by the Board and no other action on the part of the Company is necessary in respect thereof. This Agreement is, and each agreement and instrument executed hereunder by the Company in connection herewith will be, a valid and binding obligation of the Company, enforceable in accordance with its respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors' rights generally or by equitable principles relating to enforceability.

**Section 2.2 No Violation**. None of the execution, delivery or performance of this Agreement and each of the other agreements or instruments executed and delivered by the Company in connection herewith will conflict with, or result in any violation of, or default (with or without notice or lapse of time, or both) under or give rise to a right of termination, cancellation, modification or acceleration of any obligation or to a loss of a benefit under, or result in the creation of any lien upon any of the properties or assets of the Company under (i) the certificate of incorporation, bylaws or similar organizational documents of the Company; (ii) any law, order, writ, injunction or decree applicable to the Company or by which any property or asset of the Company is bound or affected; or (iii) any note, bond, mortgage, indenture, contract, agreement, lease, license, permit, franchise, or other instrument or obligation to which the Company is a party or by which the Company or any property or asset of the Company is bound or affected, except in the case of clauses (ii) and (iii) as would not reasonably be expected to have, individually or in the aggregate, a material adverse effect on the financial condition, assets, business or results of operations of the Company and its subsidiaries, taken as a whole.

**Section 2.3 Authorization of Shares**. The Purchased Shares have been duly authorized, and when issued and delivered in accordance with the terms of this Agreement, will be validly issued, fully paid, non-assessable and free of any lien or encumbrance.

**Section 2.4 Consents and Approvals**. No consent, approval, order or authorization of, or registration, declaration, filing with or notice to, any governmental entity or any other person is required to be obtained, made or given by or with respect to the Company in connection with the execution and delivery of this Agreement or other agreements or instruments executed and delivered hereunder or thereunder by the Company, or the performance of any obligations hereunder or thereunder by the Company. Except for the express representations and warranties of the Purchaser contained in this Agreement, neither the Purchaser, nor any of their affiliates, attorneys, accountants or financial and other advisors, has made any representations or warranties to the Company.

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**Section 2.5 Litigation**. There is no proceeding pending, or to the knowledge of the Company, threatened, against the Company and there is no order outstanding that in any manner seeks to prevent, enjoin, materially impair or materially delay the Company's ability to consummate the Transaction.

**ARTICLE III<br>REPRESENTATIONS AND WARRANTIES OF THE PURCHASER**

The Purchaser represents and warrants to the Company that the statements contained in this Article III are correct and complete as of the Closing.

**Section 3.1 No Distribution**. The Purchaser is purchasing the Securities for its own account and not with a present view toward the public sale or distribution thereof and has no intention of selling or distributing any of such Securities or of forming any arrangement or understanding with any other person or entity regarding the sale or distribution of the Securities except as would not result in a violation of the Securities Act. Purchaser will not, directly or indirectly, offer, sell, pledge, transfer or otherwise dispose of (or solicit any offers to buy, purchase or otherwise acquire or take a pledge of) any of the Securities except in accordance with the Securities Act.

**Section 3.2 Existence; Authority; Binding Effect**. The Purchaser is duly incorporated or organized, validly existing and in good standing under the laws of its jurisdiction of organization. The Purchaser has full legal capacity, power and authority to execute and deliver this Agreement, and any other agreements or instruments executed or to be executed by it in connection herewith and to consummate the transactions contemplated herein and therein. The execution, delivery and performance by the Purchaser of this Agreement and any other agreements or instruments executed or to be executed and delivered by the Purchaser in connection herewith, and the consummation of the transactions contemplated hereby and thereby by the Purchaser, have been duly and validly authorized and approved by the board of directors or other governing body of the Purchaser, and no other action on the part of the Purchaser is necessary in respect thereof. This Agreement is, and the other agreements and instruments executed hereunder by the Purchaser in connection herewith will be, a valid and binding obligation of the Purchaser, in each case, to the extent party thereto, enforceable in accordance with its respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors' rights generally or by equitable principles relating to enforceability.

**Section 3.3 No Violation**. None of the execution and delivery of this Agreement, or any other agreements or instruments executed and delivered by the Purchaser in connection herewith, nor the performance of any obligations hereunder or thereunder by the Purchaser, will conflict with, or result in any violation of, under (i) the organizational documents of the Purchaser, including any limited liability company agreement, certificate of incorporation or bylaws or similar agreement; (ii) any law, order, writ, injunction or decree applicable to the Purchaser or by which any property or asset of the Purchaser is bound or affected; or (iii) any note, bond, mortgage, indenture, contract, agreement, lease, license, permit, franchise, or other instrument or obligation to which the Purchaser is a party or by which the Purchaser or any property or asset of the Purchaser is bound or affected. except in the case of clauses (ii) and (iii) as would not reasonably be expected to, individually or in the aggregate, prevent, impair or materially delay the ability of Purchaser to perform its obligations hereunder or prevent, impair or materially delay the consummation of the Transaction.

**Section 3.4 Consents and Approvals**. No consent, approval, order or authorization of, or registration, declaration, filing with or notice to, any governmental entity or any other person is required to be obtained, made or given by or with respect to the Purchaser in connection with the execution and delivery of this Agreement or other agreements or instruments executed and delivered

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hereunder or thereunder by the Purchaser, or the performance of any obligations hereunder or thereunder by the Purchaser.

**Section 3.5 Litigation**. There is no proceeding pending, or to the knowledge of Purchaser, threatened, against Purchaser and there is no order outstanding that in any manner seeks to prevent, enjoin, materially impair or materially delay Purchaser's ability to consummate the Transaction.

**Section 3.6 Adequate Information; No Reliance**. The Purchaser is an "accredited investor" as defined in Rule 501 under the Securities Act. The Purchaser acknowledges and agrees that (i) it has been furnished with all materials it considers relevant to making an investment decision to enter into this Agreement, (ii) the Purchaser, together with its professional advisers, is a sophisticated and experienced investor and is capable of evaluating, to its satisfaction, the accounting, tax, financial, legal and other risks associated with the purchase of the Purchased Shares, and that the Purchaser has had the opportunity to consult with its accounting, tax, financial and legal advisors to be able to evaluate the risks involved in the purchase of the Purchased Shares and to make an informed investment decision with respect to such purchase of the Purchased Shares, and (iii) it is not relying, and has not relied, upon any statement, advice (whether accounting, tax, financial, legal or other), representation or warranty made by the Company or any of its affiliates or representatives, except for the representations and warranties made by the Company in this Agreement.

**ARTICLE IV<br>MISCELLANEOUS**

**Section 4.1 Entire Agreement**. This Agreement, together with the certificates, documents, instruments and writings that are delivered pursuant hereto, constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby.

**Section 4.2 Successors**. All of the terms, agreements, covenants, representations, warranties, and conditions of this Agreement are binding upon, and inure to the benefit of and are enforceable by, the parties hereto and their respective successors.

**Section 4.3 Assignments**. No party hereto may assign either this Agreement or any of its rights, interests, or obligations hereunder without the prior written approval of the other party. Any purported assignment in violation of this <u>Section 4.3</u> shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee.

**Section 4.4 Waiver of Jury Trial**. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY CLAIM OR CAUSE OF ACTION (WHETHER IN CONTRACT OR IN TORT) ARISING OUT OF THIS AGREEMENT OR ANY OF THE OTHER AGREEMENTS, INSTRUMENTS OR DOCUMENTS CONTEMPLATED BY THIS AGREEMENT. THE PARTIES HERETO EACH HEREBY AGREE TO WAIVE THE RESPECTIVE RIGHTS TO JURY TRIAL OF ANY DISPUTE ARISING OUT OF THIS AGREEMENT OR ANY OF THE OTHER AGREEMENTS, INSTRUMENTS OR DOCUMENTS CONTEMPLATED BY THIS AGREEMENT. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL ACTIONS THAT MAY BE FILED IN ANY COURT AND THAT ARISE OUT OF THIS AGREEMENT, INCLUDING, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THE PARTIES HERETO EACH ACKNOWLEDGE THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO

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A BUSINESS RELATIONSHIP AND THAT THEY WILL CONTINUE TO RELY ON THE WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN, THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED ORALLY OR IN WRITING, AND THE WAIVER WILL APPLY TO ANY AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT OR TO ANY OTHER AGREEMENTS, INSTRUMENTS OR DOCUMENTS CONTEMPLATED BY THIS AGREEMENT. IN THE EVENT OF AN ACTION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO TRIAL BY A COURT.

**Section 4.5 Counterparts**. This Agreement may be executed in two or more counterparts, by electronic mail, in .pdf, or original signatures, each of which will be deemed an original but all of which together will constitute one and the same instrument.

**Section 4.6 Headings**. The article and section headings contained in this Agreement are inserted for convenience only and will not affect in any way the meaning or interpretation of this Agreement.

**Section 4.7 Governing Law and Jurisdiction**. This Agreement and any litigation between the parties arising out of this Agreement (whether grounded in contract, tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the State of Delaware, without giving effect to its choice of laws principles. To the fullest extent permitted by applicable law, each of the parties to this Agreement (i) irrevocably agrees that all claims or causes of action (whether in contract or tort) that arise out of this Agreement or any of the other agreements, instruments or documents contemplated by this Agreement shall be exclusively resolved by the Court of Chancery of the State of Delaware (or, only if the Court of Chancery of the State of Delaware does not have jurisdiction over a particular matter, the Superior Court of the State of Delaware (and the Complex Commercial Litigation Division thereof if such division has jurisdiction over the particular matter), or if the Superior Court of the State of Delaware does not have jurisdiction, any federal court of the United States of America sitting in the State of Delaware) (the "<u>Delaware Courts</u>"), and (ii) waives any objection or defense that it may now or hereafter have to the resolution of any such claims or causes of action by the Delaware Courts. Each of the parties to this Agreement consents to and agrees that service of process, summons, notice or document delivered to a party to this Agreement by certified or registered mail, return receipt requested and postage prepaid, addressed to it at the applicable address set forth in <u>Section 4.13</u> or in any other manner permitted by applicable law shall, to the fullest extent permitted by applicable law, be effective service of legal process.

**Section 4.8 Amendments**. This Agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed by the parties hereto.

**Section 4.9 Severability**. The provisions of this Agreement will be deemed severable and the invalidity or unenforceability of any provision will not affect the validity or enforceability of the other provisions hereof; provided that if any provision of this Agreement, as applied to any party hereto or to any circumstance, is adjudged by a governmental body, or arbitrator not to be enforceable in accordance with its terms, the parties hereto agree that the governmental body, or arbitrator, making such determination will have the power to modify the provision in a manner consistent with its objectives such that it is enforceable, and/or to delete specific words or phrases, and in its reduced form, such provision will then be enforceable and will be enforced.

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**Section 4.10 Expenses**. Each party hereto will bear its own costs and expenses incurred in connection with the preparation, execution and performance of this Agreement and the consummation of the transactions contemplated hereby, including all fees and expenses of agents, representatives, financial advisors, legal counsel and accountants.

**Section 4.11 Construction**. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement. Any reference to any federal, state, local, or foreign law will be deemed also to refer to law as amended and all rules and regulations promulgated thereunder, unless the context requires otherwise. The words "*include*," "*includes*," and "*including*" will be deemed to be followed by "*without limitation*." Pronouns in masculine, feminine, and neuter genders will be construed to include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise requires. The words "*this Agreement*," "*herein*," "*hereof*," "*hereby*," "*hereunder*," and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited. The parties hereto intend that each representation, warranty, and covenant contained herein will have independent significance. If any party hereto has breached any representation, warranty, or covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty, or covenant.

**Section 4.12 Waiver**. No waiver by any party hereto of any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional or not, may be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights arising because of any prior or subsequent occurrence.

**Section 4.13 Notice**. All notices, requests, demands, claims and other communications under this Agreement shall be in writing. Any notice, request, demand, claim or other communication under this Agreement shall be deemed duly given when delivered personally to the recipient (i) one (1) business after being sent to the recipient by reputable overnight courier service (charges prepaid), (ii) one (1) business day after being sent to the recipient by electronic mail, or (iii) four (4) business days after being mailed to the recipient by certified or registered mail, return receipt requested and postage prepaid, and addressed to the intended recipient as set forth below:

If to the Company, addressed to it at:

Viskase Companies, Inc.

333 East Butterfield Road, Suite 400<br>Lombard Illinois 60148-5679<br>Attention: Tim Fields, President & CEO<br>Email: [\*\*\*]

<u>With a copy to</u>:

Viskase Companies, Inc.

333 East Butterfield Road, Suite 400<br>Lombard Illinois 60148-5679<br>Attention: Joe King<br>Email: [\*\*\*]

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If to the Purchaser, addressed to it as:

American Entertainment Properties Corp.

16690 Collins Avenue, PH-1

Sunny Isles Beach, FL 33160

<u>With a copy to</u>:

Proskauer Rose LLP<br>Eleven Times Square<br>New York, NY 10036<br>Attention: Joshua Apfelroth; Louis Rambo<br>Email: [\*\*\*]

Any party to this Agreement may change the address to which notices, requests, demands, claims, and other communications hereunder are to be delivered by giving the other parties to this Agreement notice in the manner set forth in this <u>Section 4.13</u>.

[*Signature page follows*]

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**IN WITNESS WHEREOF,** the undersigned have executed this Agreement to be effective as of the date first set forth above.

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| | |
|:---|:---|
| **COMPANY:** | **COMPANY:** |
| **VISKASE COMPANIES, INC.** | **VISKASE COMPANIES, INC.** |
| By: | /s/ Michael Blecic |
| Name: | Michael Blecic |
| Title: | Chief Accounting Officer and Vice President |

---

---

| | |
|:---|:---|
| **PURCHASER:** | **PURCHASER:** |
| **AMERICAN ENTERTAINMENT PROPERTIES CORP.** | **AMERICAN ENTERTAINMENT PROPERTIES CORP.** |
| By: | /s/ Ted Papapostolou |
| Name: | Ted Papapostolou |
| Title: | Chief Financial Officer |

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## Exhibit 10.29

**Exhibit 10.29**

**Execution Version**

**FIFTH AMENDMENT TO CREDIT AGREEMENT**

**THIS FIFTH AMENDMENT TO CREDIT AGREEMENT** (this "<u>Amendment</u>"), dated as of October 10, 2025, is by and among **VISKASE COMPANIES, INC.**, a Delaware corporation (the "<u>Borrower</u>"), the other Subsidiary Guarantors party hereto, the Lenders party hereto and **BANK OF AMERICA, N.A.**, as administrative agent (in such capacity, the "<u>Administrative Agent</u>"). Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed thereto in the Credit Agreement.

**W I T N E S S E T H**

**WHEREAS**, the Borrower, the other Guarantors party thereto, certain financial institutions from time to time party thereto (the "<u>Lenders</u>") and the Administrative Agent are parties to that certain Credit Agreement dated as of October 9, 2020 (as amended, modified, extended, restated, replaced, or supplemented from time to time, the "<u>Credit Agreement</u>");

**WHEREAS**, certain Defaults and/or Events of Default may have occurred pursuant to (i) Section 8.01(d) of the Credit Agreement as a result of Borrower's failure to comply with the covenant set forth in Section 7.11(a) of the Credit Agreement for the Measurement Period ending September 30, 2025 and (ii) Section 8.01(d) of the Credit Agreement as a result of Borrower's failure to comply with the notice requirements of Section 6.05(a) of the Credit Agreement with respect to the defaults described in clause (i) above (the Defaults and Events of Default described by and listed in this recital, the "<u>Specified Defaults</u>");

**WHEREAS,** the Borrower has requested that the Lenders (i) waive the Specified Defaults, and (ii) amend certain provisions of the Credit Agreement; and

**WHEREAS**, the Lenders are willing to (i) waive the Specified Defaults and (ii) amend the Credit Agreement, in each case, in accordance with and subject to the terms and conditions set forth herein.

**NOW, THEREFORE**, in consideration of the agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

**Article I**

**LIMITED WAIVER**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.01** **Limited Waiver of Specified Defaults**. Notwithstanding the provisions of the Credit Agreement to the contrary, the Lenders hereby waive, on a one-time basis, the Specified Defaults.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.02** **Effectiveness of Limited Waiver**. These waivers shall be effective only to the extent specifically set forth herein and shall not (a) be construed as a waiver of any breach, Default or Event of Default other than as specifically waived herein nor as a waiver of

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any breach, Default or Event of Default of which the Lenders have not been informed by the Loan Parties, (b) affect the right of the Lenders to demand compliance by the Loan Parties with all terms and conditions of the Loan Documents, except as specifically modified or waived by this Amendment, (c) be deemed a waiver of any transaction or future action on the part of the Loan Parties requiring the Lenders' or the Required Lenders' consent or approval under the Loan Documents, or (d) except as waived hereby, be deemed or construed to be a waiver or release of, or a limitation upon, the Administrative Agent's or the Lenders' exercise of any rights or remedies under the Credit Agreement or any other Loan Document, whether arising as a consequence of any Default or Event of Default (other than a Specified Default) which may now exist or otherwise, all such rights and remedies hereby being expressly reserved.

**Article II**

**AMENDMENTS TO CREDIT AGREEMENT**

Effective as of the Amendment Effective Date but subject to the satisfaction of the conditions precedent set forth in <u>Article III</u> below, the Credit Agreement (including Exhibit C thereto, but excluding all other Schedules and Exhibits, which shall remain in the original form delivered or most recently amended, as applicable) is hereby amended as set forth in the marked terms on Exhibit A-1 attached hereto. In Exhibit A-1 hereto, deletions of text in the Credit Agreement as amended hereby are indicated by struck-through text, and insertions of text are indicated by bold, double-underlined text. Exhibit A-2 attached hereto sets forth a clean copy of the Credit Agreement as amended hereby, after giving effect to such amendments.

**Article III**

**CONDITIONS TO EFFECTIVENESS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.01** **Closing Conditions.** This Amendment shall become effective as of the day and year set forth above (the " <u>Amendment Effective Date</u> ") upon satisfaction of the following conditions (in each case, in form and substance reasonably acceptable to the Administrative Agent):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Executed Amendment</u>. The Administrative Agent shall have received a copy of this Amendment duly executed by each of the Loan Parties, Lenders constituting the "Required Lenders" and the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Default</u>. After giving effect to this Amendment, no Default or Event of Default shall exist.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Fees and Expenses</u>. (i) The Lenders shall have received from the Borrower all fees and expenses, if any, due and owing pursuant to (x) the Fifth Amendment Fee Letter, dated the date hereof, among the Borrower, the Administrative Agent and BofA Securities and (y) the Credit Agreement, and (ii) legal counsel for the Administrative Agent shall

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have received from the Borrower payment of all reasonable and documented out-of-pocket fees and expenses incurred in connection with this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Anti-Money-Laundering; Beneficial Ownership</u>. Upon the reasonable request of any Lender, the Borrower shall have provided to such Lender, and such Lender shall be reasonably satisfied with, the documentation and other information so requested in connection with applicable "know your customer" and anti-money-laundering rules and regulations, including, without limitation, the Patriot Act, and any Loan Party that qualifies as a "legal entity customer" under the Beneficial Ownership Regulation shall have delivered to each Lender that so requests, a Beneficial Ownership Certification in relation to such Loan Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>September 2025 Equity Issuance</u>. The Borrower shall have consummated the September 2025 Equity Issuance.

**Article IV**

**MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.01** **Amended Terms**. Except as expressly set forth herein or in the Credit Agreement, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Lenders or the Administrative Agent under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect. On and after the Amendment Effective Date, all references to the Credit Agreement in each of the Loan Documents shall hereafter mean the Credit Agreement as amended by this Amendment. Except as specifically amended hereby or otherwise agreed, the Credit Agreement is hereby ratified and confirmed and shall remain in full force and effect according to its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.02** **Representations and Warranties of Loan Parties**. Each of the Loan Parties represents and warrants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)It has taken all necessary action to authorize the execution, delivery and performance of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)This Amendment has been duly executed and delivered by such Person and constitutes such Person's legal, valid and binding obligation, enforceable in accordance with its terms, except as such enforceability may be subject to (i) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors' rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)No consent, approval, authorization or order of, or filing, registration or qualification with, any court or governmental authority or third party is required in

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connection with the execution, delivery or performance by such Person of this Amendment, except for such as have been made or obtained and are in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The representations and warranties set forth in Article V of the Credit Agreement are true and correct in all material respects as of the date hereof (except for those which expressly relate to an earlier date or those which are qualified by materiality, which shall be true and correct in all respects); provided, however, that no representation or warranty is being made with respect to whether the matters set forth in Section 5.05(b) of the Credit Agreement are true and correct on the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)After giving effect to this Amendment, no event has occurred and is continuing which constitutes a Default or an Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Obligations are not reduced or modified by this Amendment and are not subject to any offsets, defenses or counterclaims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.03** **Reaffirmation of Obligations**. Without in any way establishing a course of dealing by the Administrative Agent or any Lender, and after giving effect to this Amendment, the Borrower and each Guarantor (i) acknowledges and consents to all of the terms and conditions of this Amendment, (ii) affirms all of its obligations under the Loan Documents (iii) agrees that this Amendment and all documents executed in connection herewith do not operate to reduce or discharge its obligations under the Loan Documents, (iv) agrees that the Collateral Documents continue to be in full force and effect and are not impaired or adversely affected in any manner whatsoever, (v) confirms its grant of security interests pursuant to the Collateral Documents to which it is a party as Collateral for the Obligations, and (vi) acknowledges that all Liens granted (or purported to be granted) pursuant to the Collateral Documents remain and continue in full force and effect in respect of, and to secure, the Obligations. Each Guarantor hereby reaffirms its obligations under the Guaranty and agrees that its obligation to guarantee the Obligations is in full force and effect as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.04** **Loan Document**. This Amendment shall constitute a Loan Document under the terms of the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.05** **Entirety**. This Amendment and the other Loan Documents embody the entire agreement among the parties hereto and supersede all prior agreements and understandings, oral or written, if any, relating to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.06** **Counterparts; Telecopy .** This Amendment may be executed in one or more counterparts, each of which shall constitute an original, but all of which taken together shall be one and the same instrument. Delivery of an executed counterpart of a signature page of this Amendment or any other document required to be delivered hereunder, by fax transmission or e-mail transmission (e.g. "pdf" or "tif") shall be effective as delivery of a manually executed counterpart of this Amendment. The words "delivery," "execute," "execution," "signed," "signature," and words of like import in any Loan Document or

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any other document executed in connection herewith shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, or any other similar state laws based on the Uniform Electronic Transactions Act. Without limiting the foregoing, upon the request of any party, such fax transmission or e-mail transmission shall be promptly followed by such manually executed counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.07** **No Actions, Claims, Etc.** As of the date hereof, each of the Loan Parties hereby acknowledges and confirms that it has no knowledge of any actions, causes of action, claims, demands, damages and liabilities of whatever kind or nature, in law or in equity, against the Administrative Agent, the Lenders, or the Administrative Agent's or the Lenders' respective officers, employees, representatives, agents, counsel or directors arising from any action by such Persons, or failure of such Persons to act under the Credit Agreement on or prior to the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.08** **GOVERNING LAW.** THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.09** **Successors and Assigns**. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.10** **Jurisdiction; Consent to Services of Process; Waiver of Jury Trial**. The jurisdiction, service of process and waiver of jury trial provisions set forth in Sections 11.14(b), 11.14(c), 11.14(d) and 11.15 of the Credit Agreement are hereby incorporated into this Amendment by reference, mutatis mutandis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.11** **General Release**. In consideration of the Administrative Agent's willingness to enter into this Amendment, on behalf of the Lenders, each Loan Party hereby releases and forever discharges the Administrative Agent, the L/C Issuer, the Swingline Lender, the Lenders and the Administrative Agent's, the L/C Issuer's, the Swingline Lender's, and the Lender's respective predecessors, successors, assigns, officers, managers, directors, employees, agents, attorneys, representatives, and affiliates (hereinafter all of the above collectively referred to as the " <u>Bank Group</u> "), from any and all claims, counterclaims, demands, damages, debts, suits, liabilities, actions and causes of action of any nature whatsoever, including, without limitation, all claims, demands, and causes of action for contribution and indemnity, whether arising at law or in equity, whether known or unknown, whether liability be direct or indirect, liquidated or unliquidated, whether absolute or contingent, foreseen or unforeseen, and whether or not heretofore asserted, which any Loan Party may have or claim to have against any of the Bank Group in any

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way related to or connected with the Loan Documents and the transactions contemplated thereby.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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IN WITNESS WHEREOF the parties hereto have caused this Amendment to be duly executed on the date first above written.

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| | | |
|:---|:---|:---|
| **BORROWER**: | VISKASE COMPANIES, INC. | VISKASE COMPANIES, INC. |
|  | By: | /s/ Carolyn Zhang |
|  | Name: Carolyn Zhang | Name: Carolyn Zhang |
|  | Title: Vice President and Chief Financial Officer | Title: Vice President and Chief Financial Officer |

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| | | |
|:---|:---|:---|
| **GUARANTORS**: | VISKASE FILMS, INC. | VISKASE FILMS, INC. |
|  | By:  | /s/ Michael Blecic |
|  | Name: Michael Blecic | Name: Michael Blecic |
|  | Title: Vice President, Chief Accounting Officer, and Treasurer | Title: Vice President, Chief Accounting Officer, and Treasurer |

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| | |
|:---|:---|
| WSC CORP. | WSC CORP. |
| By:  | /s/ Michael Blecic |
| Name: Michael Blecic | Name: Michael Blecic |
| Title: Vice President, Chief Accounting Officer, and Treasurer | Title: Vice President, Chief Accounting Officer, and Treasurer |

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| | |
|:---|:---|
| VISKASE DEL NORTE, S.A. DE C.V. | VISKASE DEL NORTE, S.A. DE C.V. |
| By:  | /s/ Michael Blecic |
| Name: Michael Blecic | Name: Michael Blecic |
| Title: Vice President, Chief Accounting Officer, and Treasurer | Title: Vice President, Chief Accounting Officer, and Treasurer |

---

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| | |
|:---|:---|
| SERVICIOS VISKASE DEL NORTE, S.A. DE C.V. | SERVICIOS VISKASE DEL NORTE, S.A. DE C.V. |
| By:  | /s/ Michael Blecic |
| Name: Michael Blecic | Name: Michael Blecic |
| Title: Vice President, Chief Accounting Officer, and Treasurer | Title: Vice President, Chief Accounting Officer, and Treasurer |

---

[Signature Page to Fifth Amendment to Credit Agreement]

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| | |
|:---|:---|
| VISKASE SAS | VISKASE SAS |
| By:  | /s/ Timothy Feast |
| Name: Timothy Feast | Name: Timothy Feast |
| Title: President | Title: President |

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| | |
|:---|:---|
| VISKASE GMBH | VISKASE GMBH |
| By:  | /s/ Timothy Feast |
| Name: Timothy Feast | Name: Timothy Feast |
| Title: Geschäftsführer/Managing Director | Title: Geschäftsführer/Managing Director |

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| | |
|:---|:---|
| CT CASINGS BETEILIGUNGS GMBH | CT CASINGS BETEILIGUNGS GMBH |
| By:  | /s/ Timothy Feast |
| Name: Timothy Feast | Name: Timothy Feast |
| Title: Geschäftsführer/Managing Director | Title: Geschäftsführer/Managing Director |

---

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| | |
|:---|:---|
| WALSRODER CASINGS GMBH | WALSRODER CASINGS GMBH |
| By:  | /s/ Timothy Feast |
| Name: Timothy Feast | Name: Timothy Feast |
| Title: Geschäftsführer/Managing Director | Title: Geschäftsführer/Managing Director |

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| | |
|:---|:---|
| VISKASE SPA | VISKASE SPA |
| By:  | /s/ Timothy Feast |
| Name: Timothy Feast | Name: Timothy Feast |
| Title: President | Title: President |

---

[Signature Page to Fifth Amendment to Credit Agreement]

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| | |
|:---|:---|
| VISKASE POLSKA SP. Z O.O. | VISKASE POLSKA SP. Z O.O. |
| By:  | /s/ Timothy Feast |
| Name: Timothy Feast | Name: Timothy Feast |
| Title: President of the Management Board | Title: President of the Management Board |

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| | |
|:---|:---|
| VISKASE SPAIN SLU | VISKASE SPAIN SLU |
| By:  | /s/ Timothy Feast |
| Name: Timothy Feast | Name: Timothy Feast |
| Title: Director (Administrador Solidario) | Title: Director (Administrador Solidario) |

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| | |
|:---|:---|
| VISKASE SALES PHILIPPINES INC. | VISKASE SALES PHILIPPINES INC. |
| By:  | /s/ Mark Arroyo |
| Name: Mark Arroyo | Name: Mark Arroyo |
| Title: Chairman and President | Title: Chairman and President |

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| | |
|:---|:---|
| VISKASE ASIA-PACIFIC CORP. | VISKASE ASIA-PACIFIC CORP. |
| By:  | /s/ Mark Arroyo |
| Name: Mark Arroyo | Name: Mark Arroyo |
| Title: Chairman and President | Title: Chairman and President |

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[Signature Page to Fifth Amendment to Credit Agreement]

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| | |
|:---|:---|
| BANK OF AMERICA, N.A., <br>as Administrative Agent | BANK OF AMERICA, N.A., <br>as Administrative Agent |
| By:  | /s/ Rose Thomas |
| Name: Rose Thomas | Name: Rose Thomas |
| Title: Assistant Vice President | Title: Assistant Vice President |

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| | |
|:---|:---|
| BANK OF AMERICA, N.A., <br>individually as a Lender, L/C Issuer and Swingline<br>Lender | BANK OF AMERICA, N.A., <br>individually as a Lender, L/C Issuer and Swingline<br>Lender |
| By:  | /s/ Jeremy Weiss |
| Name: Jeremy Weiss | Name: Jeremy Weiss |
| Title: Senior Vice President | Title: Senior Vice President |

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[Signature Page to Fifth Amendment to Credit Agreement]

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| | |
|:---|:---|
| BMO BANK N.A.,<br>as a Lender | BMO BANK N.A.,<br>as a Lender |
| By:  | /s/ Frank Aiello |
| Name: Frank Aiello | Name: Frank Aiello |
| Title: Vice President | Title: Vice President |

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[Signature Page to Fifth Amendment to Credit Agreement]

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| | |
|:---|:---|
| ASSOCIATED BANK, N.A.,<br>as a Lender | ASSOCIATED BANK, N.A.,<br>as a Lender |
| By:  | /s/ J. Eric Bergren |
| Name: J. Eric Bergren | Name: J. Eric Bergren |
| Title: Senior Vice President | Title: Senior Vice President |

---

[Signature Page to Fifth Amendment to Credit Agreement]

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| | |
|:---|:---|
| CITIZENS BANK, N.A., <br>as a Lender | CITIZENS BANK, N.A., <br>as a Lender |
| By:  | /s/ Angela Reilly |
| Name: Angela Reilly | Name: Angela Reilly |
| Title: Senior Vice President | Title: Senior Vice President |

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[Signature Page to Fifth Amendment to Credit Agreement]

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<u>EXHIBIT A-1</u>

Credit Agreement, as amended

Attached

[Signature Page to Fifth Amendment to Credit Agreement]

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<u>EXHIBIT A-2</u>

Clean Credit Agreement, as amended

Attached

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## Exhibit 10.30

**Exhibit 10.30**

**EXECUTION COPY**

**SECURITIES PURCHASE AGREEMENT**

This Securities Purchase Agreement (this "<u>Agreement</u>") is entered into as of January 23, 2026, by and between Viskase Companies, Inc. (the "<u>Company</u>"), and American Entertainment Properties Corp., a Delaware corporation ("<u>Purchaser</u>").

**RECITALS**

**WHEREAS**, the Company wishes to sell to the Purchaser, and the Purchaser wishes to purchase from the Company, 25,862,069 shares of the Company's common stock, par value $0.01 per share (the "<u>Purchased Shares</u>"), on the terms and conditions contained herein in a transaction exempt from the registration requirements of the Securities Act of 1933, as amended (the "<u>Securities Act</u>") pursuant to Section 4(a)(2) of the Securities Act (the "<u>Transaction</u>");

**WHEREAS**, a special committee (the "<u>Special Committee</u>") of independent and disinterested members of the board of directors of the Company (the "<u>Board</u>") has reviewed the Transaction and has unanimously recommended that the Board approve the Transaction; and

**WHEREAS**, the Board has unanimously approved the sale of the Purchased Shares to the Purchaser upon the unanimous recommendation of the Special Committee.

**NOW, THEREFORE**, in consideration of the premises, representations, warranties and the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

**ARTICLE I**

**PURCHASE OF THE PURCHASED SHARES**

**Section 1.1 Purchase and Sale of the Purchased Shares**. Subject to the terms and conditions hereof and in reliance upon the representations and warranties of the parties contained herein, the Purchaser will purchase from the Company, and the Company will deliver, sell, assign and transfer to the Purchaser, the Purchased Shares at a purchase price of $0.58 per share, or an aggregate amount equal to $15,000,000.02 (the "<u>Purchase Price</u>").

**Section 1.2 Closing**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The closing of the purchase and sale of the Purchased Shares (the "<u>Closing</u>") shall take place concurrently with the execution of this Agreement (the "<u>Closing Date</u>") remotely by electronic exchange of documents on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the Closing, (i) the Purchaser shall pay the Purchase Price to the Company by wire transfer of immediately available funds to an account designated by the Company prior to the Closing or by such other method as may be acceptable to the Company, and (ii) the Company shall deliver, or cause to be delivered (a) the Purchased Shares to the Purchaser by book entry, in accordance with the applicable procedures of The Depository Trust Company, and (b) all other documents and instruments reasonably requested by the Purchaser to effect the transfer of the Purchased Shares to the Purchaser. Immediately upon the receipt of the Purchase Price by the Company, the Company shall be deemed to have delivered, sold, transferred and assigned all right, title and interest to the Purchased Shares, and the Purchaser shall be deemed to be the owner of the Purchased Shares, effective for all purposes.

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**Section 1.3 Further Assurances**. The parties hereto shall execute and deliver such additional documents and take such additional actions as any party hereto reasonably may deem to be practical and necessary to consummate the Transaction.

**ARTICLE II**

**REPRESENTATIONS AND WARRANTIES OF THE COMPANY**

The Company represents and warrants to the Purchaser that the statements contained in this Article II are correct and complete as of the Closing.

**Section 2.1 Existence; Authority; Binding Effect**. The Company is duly incorporated, validly existing and in good standing under the laws of the State of Delaware and has full power and authority to enter into this Agreement and consummate the Transaction. The execution and delivery of this Agreement and any other agreements or instruments executed or to be executed and delivered in connection herewith, and the consummation of the transactions contemplated hereby and thereby, by the Company have been recommended for approval of the Board by the Special Committee and duly and validly authorized and approved by the Board and no other action on the part of the Company is necessary in respect thereof. This Agreement is, and each agreement and instrument executed hereunder by the Company in connection herewith will be, a valid and binding obligation of the Company, enforceable in accordance with its respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors' rights generally or by equitable principles relating to enforceability.

**Section 2.2 No Violation**. None of the execution, delivery or performance of this Agreement and each of the other agreements or instruments executed and delivered by the Company in connection herewith will conflict with, or result in any violation of, or default (with or without notice or lapse of time, or both) under or give rise to a right of termination, cancellation, modification or acceleration of any obligation or to a loss of a benefit under, or result in the creation of any lien upon any of the properties or assets of the Company under (i) the certificate of incorporation, bylaws or similar organizational documents of the Company; (ii) any law, order, writ, injunction or decree applicable to the Company or by which any property or asset of the Company is bound or affected; or (iii) any note, bond, mortgage, indenture, contract, agreement, lease, license, permit, franchise, or other instrument or obligation to which the Company is a party or by which the Company or any property or asset of the Company is bound or affected, except in the case of clauses (ii) and (iii) as would not reasonably be expected to have, individually or in the aggregate, a material adverse effect on the financial condition, assets, business or results of operations of the Company and its subsidiaries, taken as a whole.

**Section 2.3 Authorization of Shares**. The Purchased Shares have been duly authorized, and when issued and delivered in accordance with the terms of this Agreement, will be validly issued, fully paid, non-assessable and free of any lien or encumbrance.

**Section 2.4 Consents and Approvals**. No consent, approval, order or authorization of, or registration, declaration, filing with or notice to, any governmental entity or any other person is required to be obtained, made or given by or with respect to the Company in connection with the execution and delivery of this Agreement or other agreements or instruments executed and delivered hereunder or thereunder by the Company, or the performance of any obligations hereunder or thereunder by the Company. Except for the express representations and warranties of the Purchaser contained in this Agreement, neither the Purchaser, nor any of their affiliates, attorneys, accountants or financial and other advisors, has made any representations or warranties to the Company.

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**Section 2.5 Litigation**. There is no proceeding pending, or to the knowledge of the Company, threatened, against the Company and there is no order outstanding that in any manner seeks to prevent, enjoin, materially impair or materially delay the Company's ability to consummate the Transaction.

**ARTICLE III**

**REPRESENTATIONS AND WARRANTIES OF THE PURCHASER**

The Purchaser represents and warrants to the Company that the statements contained in this Article III are correct and complete as of the Closing.

**Section 3.1 No Distribution**. The Purchaser is purchasing the Securities for its own account and not with a present view toward the public sale or distribution thereof and has no intention of selling or distributing any of such Securities or of forming any arrangement or understanding with any other person or entity regarding the sale or distribution of the Securities except as would not result in a violation of the Securities Act. Purchaser will not, directly or indirectly, offer, sell, pledge, transfer or otherwise dispose of (or solicit any offers to buy, purchase or otherwise acquire or take a pledge of) any of the Securities except in accordance with the Securities Act.

**Section 3.2 Existence; Authority; Binding Effect**. The Purchaser is duly incorporated or organized, validly existing and in good standing under the laws of its jurisdiction of organization. The Purchaser has full legal capacity, power and authority to execute and deliver this Agreement, and any other agreements or instruments executed or to be executed by it in connection herewith and to consummate the transactions contemplated herein and therein. The execution, delivery and performance by the Purchaser of this Agreement and any other agreements or instruments executed or to be executed and delivered by the Purchaser in connection herewith, and the consummation of the transactions contemplated hereby and thereby by the Purchaser, have been duly and validly authorized and approved by the board of directors or other governing body of the Purchaser, and no other action on the part of the Purchaser is necessary in respect thereof. This Agreement is, and the other agreements and instruments executed hereunder by the Purchaser in connection herewith will be, a valid and binding obligation of the Purchaser, in each case, to the extent party thereto, enforceable in accordance with its respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors' rights generally or by equitable principles relating to enforceability.

**Section 3.3 No Violation**. None of the execution and delivery of this Agreement, or any other agreements or instruments executed and delivered by the Purchaser in connection herewith, nor the performance of any obligations hereunder or thereunder by the Purchaser, will conflict with, or result in any violation of, under (i) the organizational documents of the Purchaser, including any limited liability company agreement, certificate of incorporation or bylaws or similar agreement; (ii) any law, order, writ, injunction or decree applicable to the Purchaser or by which any property or asset of the Purchaser is bound or affected; or (iii) any note, bond, mortgage, indenture, contract, agreement, lease, license, permit, franchise, or other instrument or obligation to which the Purchaser is a party or by which the Purchaser or any property or asset of the Purchaser is bound or affected. except in the case of clauses (ii) and (iii) as would not reasonably be expected to, individually or in the aggregate, prevent, impair or materially delay the ability of Purchaser to perform its obligations hereunder or prevent, impair or materially delay the consummation of the Transaction.

**Section 3.4 Consents and Approvals**. No consent, approval, order or authorization of, or registration, declaration, filing with or notice to, any governmental entity or any other person is required to be obtained, made or given by or with respect to the Purchaser in connection with the execution and delivery of this Agreement or other agreements or instruments executed and delivered

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hereunder or thereunder by the Purchaser, or the performance of any obligations hereunder or thereunder by the Purchaser.

**Section 3.5 Litigation**. There is no proceeding pending, or to the knowledge of Purchaser, threatened, against Purchaser and there is no order outstanding that in any manner seeks to prevent, enjoin, materially impair or materially delay Purchaser's ability to consummate the Transaction.

**Section 3.6 Adequate Information; No Reliance**. The Purchaser is an "accredited investor" as defined in Rule 501 under the Securities Act. The Purchaser acknowledges and agrees that (i) it has been furnished with all materials it considers relevant to making an investment decision to enter into this Agreement, (ii) the Purchaser, together with its professional advisers, is a sophisticated and experienced investor and is capable of evaluating, to its satisfaction, the accounting, tax, financial, legal and other risks associated with the purchase of the Purchased Shares, and that the Purchaser has had the opportunity to consult with its accounting, tax, financial and legal advisors to be able to evaluate the risks involved in the purchase of the Purchased Shares and to make an informed investment decision with respect to such purchase of the Purchased Shares, and (iii) it is not relying, and has not relied, upon any statement, advice (whether accounting, tax, financial, legal or other), representation or warranty made by the Company or any of its affiliates or representatives, except for the representations and warranties made by the Company in this Agreement.

**ARTICLE IV**

**MISCELLANEOUS**

**Section 4.1 Entire Agreement**. This Agreement, together with the certificates, documents, instruments and writings that are delivered pursuant hereto, constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby.

**Section 4.2 Successors**. All of the terms, agreements, covenants, representations, warranties, and conditions of this Agreement are binding upon, and inure to the benefit of and are enforceable by, the parties hereto and their respective successors.

**Section 4.3 Assignments**. No party hereto may assign either this Agreement or any of its rights, interests, or obligations hereunder without the prior written approval of the other party. Any purported assignment in violation of this <u>Section 4.3</u> shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee.

**Section 4.4 Waiver of Jury Trial**. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY CLAIM OR CAUSE OF ACTION (WHETHER IN CONTRACT OR IN TORT) ARISING OUT OF THIS AGREEMENT OR ANY OF THE OTHER AGREEMENTS, INSTRUMENTS OR DOCUMENTS CONTEMPLATED BY THIS AGREEMENT. THE PARTIES HERETO EACH HEREBY AGREE TO WAIVE THE RESPECTIVE RIGHTS TO JURY TRIAL OF ANY DISPUTE ARISING OUT OF THIS AGREEMENT OR ANY OF THE OTHER AGREEMENTS, INSTRUMENTS OR DOCUMENTS CONTEMPLATED BY THIS AGREEMENT. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL ACTIONS THAT MAY BE FILED IN ANY COURT AND THAT ARISE OUT OF THIS AGREEMENT, INCLUDING, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THE PARTIES HERETO EACH ACKNOWLEDGE THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO

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A BUSINESS RELATIONSHIP AND THAT THEY WILL CONTINUE TO RELY ON THE WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN, THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED ORALLY OR IN WRITING, AND THE WAIVER WILL APPLY TO ANY AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT OR TO ANY OTHER AGREEMENTS, INSTRUMENTS OR DOCUMENTS CONTEMPLATED BY THIS AGREEMENT. IN THE EVENT OF AN ACTION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO TRIAL BY A COURT.

**Section 4.5 Counterparts**. This Agreement may be executed in two or more counterparts, by electronic mail, in .pdf, or original signatures, each of which will be deemed an original but all of which together will constitute one and the same instrument.

**Section 4.6 Headings**. The article and section headings contained in this Agreement are inserted for convenience only and will not affect in any way the meaning or interpretation of this Agreement.

**Section 4.7 Governing Law and Jurisdiction**. This Agreement and any litigation between the parties arising out of this Agreement (whether grounded in contract, tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the State of Delaware, without giving effect to its choice of laws principles. To the fullest extent permitted by applicable law, each of the parties to this Agreement (i) irrevocably agrees that all claims or causes of action (whether in contract or tort) that arise out of this Agreement or any of the other agreements, instruments or documents contemplated by this Agreement shall be exclusively resolved by the Court of Chancery of the State of Delaware (or, only if the Court of Chancery of the State of Delaware does not have jurisdiction over a particular matter, the Superior Court of the State of Delaware (and the Complex Commercial Litigation Division thereof if such division has jurisdiction over the particular matter), or if the Superior Court of the State of Delaware does not have jurisdiction, any federal court of the United States of America sitting in the State of Delaware) (the "<u>Delaware Courts</u>"), and (ii) waives any objection or defense that it may now or hereafter have to the resolution of any such claims or causes of action by the Delaware Courts. Each of the parties to this Agreement consents to and agrees that service of process, summons, notice or document delivered to a party to this Agreement by certified or registered mail, return receipt requested and postage prepaid, addressed to it at the applicable address set forth in <u>Section 4.13</u> or in any other manner permitted by applicable law shall, to the fullest extent permitted by applicable law, be effective service of legal process.

**Section 4.8 Amendments**. This Agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed by the parties hereto.

**Section 4.9 Severability**. The provisions of this Agreement will be deemed severable and the invalidity or unenforceability of any provision will not affect the validity or enforceability of the other provisions hereof; provided that if any provision of this Agreement, as applied to any party hereto or to any circumstance, is adjudged by a governmental body, or arbitrator not to be enforceable in accordance with its terms, the parties hereto agree that the governmental body, or arbitrator, making such determination will have the power to modify the provision in a manner consistent with its objectives such that it is enforceable, and/or to delete specific words or phrases, and in its reduced form, such provision will then be enforceable and will be enforced.

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**Section 4.10 Expenses**. Each party hereto will bear its own costs and expenses incurred in connection with the preparation, execution and performance of this Agreement and the consummation of the transactions contemplated hereby, including all fees and expenses of agents, representatives, financial advisors, legal counsel and accountants.

**Section 4.11 Construction**. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement. Any reference to any federal, state, local, or foreign law will be deemed also to refer to law as amended and all rules and regulations promulgated thereunder, unless the context requires otherwise. The words "*include*," "*includes*," and "*including*" will be deemed to be followed by "*without limitation*." Pronouns in masculine, feminine, and neuter genders will be construed to include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise requires. The words "*this Agreement*," "*herein*," "*hereof*," "*hereby*," "*hereunder*," and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited. The parties hereto intend that each representation, warranty, and covenant contained herein will have independent significance. If any party hereto has breached any representation, warranty, or covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty, or covenant.

**Section 4.12 Waiver**. No waiver by any party hereto of any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional or not, may be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights arising because of any prior or subsequent occurrence.

**Section 4.13 Notice**. All notices, requests, demands, claims and other communications under this Agreement shall be in writing. Any notice, request, demand, claim or other communication under this Agreement shall be deemed duly given when delivered personally to the recipient (i) one (1) business after being sent to the recipient by reputable overnight courier service (charges prepaid), (ii) one (1) business day after being sent to the recipient by electronic mail, or (iii) four (4) business days after being mailed to the recipient by certified or registered mail, return receipt requested and postage prepaid, and addressed to the intended recipient as set forth below:

If to the Company, addressed to it at:

Viskase Companies, Inc.

333 East Butterfield Road, Suite 400<br>Lombard Illinois 60148-5679<br>Attention: Tim Fields, President & CEO<br>Email: [\*\*\*]

<u>With a copy to</u>:

Viskase Companies, Inc.

333 East Butterfield Road, Suite 400<br>Lombard Illinois 60148-5679<br>Attention: Joe King<br>Email: [\*\*\*]

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If to the Purchaser, addressed to it as:

American Entertainment Properties Corp.

16690 Collins Avenue, PH-1

Sunny Isles Beach, FL 33160

<u>With a copy to</u>:

Proskauer Rose LLP<br>Eleven Times Square<br>New York, NY 10036<br>Attention: Joshua Apfelroth; Louis Rambo<br>Email: [\*\*\*]

Any party to this Agreement may change the address to which notices, requests, demands, claims, and other communications hereunder are to be delivered by giving the other parties to this Agreement notice in the manner set forth in this <u>Section 4.13</u>.

[*Signature page follows*]

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**IN WITNESS WHEREOF,** the undersigned have executed this Agreement to be effective as of the date first set forth above.

---

| | |
|:---|:---|
| **COMPANY:** | **COMPANY:** |
| **VISKASE COMPANIES, INC.** | **VISKASE COMPANIES, INC.** |
| By: | /s/ Michael Blecic |
| Name: | Michael Blecic |
| Title: | Chief Accounting Officer |
|  | and Vice President |
| **PURCHASER:** | **PURCHASER:** |
| **AMERICAN ENTERTAINMENT PROPERTIES CORP.** | **AMERICAN ENTERTAINMENT PROPERTIES CORP.** |
| By: | /s/ Ted Papapostolou |
| Name: | Ted Papapostolou |
| Title: | Chief Financial Officer |

---

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## Exhibit 10.31

**Exhibit 10.31**

*Execution Version*

**LIMITED WAIVER AND SIXTH AMENDMENT TO CREDIT AGREEMENT**

**THIS LIMITED WAIVER AND SIXTH AMENDMENT TO CREDIT AGREEMENT** (this "<u>Amendment</u>"), dated as of January 23, 2026, is by and among **VISKASE COMPANIES, INC.**, a Delaware corporation (the "<u>Borrower</u>"), the other Subsidiary Guarantors party hereto, the Lenders party hereto and **BANK OF AMERICA, N.A.**, as administrative agent (in such capacity, the "<u>Administrative Agent</u>"). Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed thereto in the Credit Agreement.

**W I T N E S S E T H**

**WHEREAS**, the Borrower, the other Guarantors party thereto, certain financial institutions from time to time party thereto (the "<u>Lenders</u>") and the Administrative Agent are parties to that certain Credit Agreement dated as of October 9, 2020 (as amended, modified, extended, restated, replaced, or supplemented from time to time, the "<u>Credit Agreement</u>");

**WHEREAS**, certain Defaults and/or Events of Default may have occurred and may be continuing as of the date hereof

**WHEREAS**, the Borrower has requested that the Lenders (i) waive those certain Defaults and/or Events of Default that may have occurred and may be continuing as of the date hereof, and (ii) amend certain provisions of the Credit Agreement; and

**WHEREAS**, the Lenders are willing to (i) waive such Defaults and/or Events of Default and (ii) amend the Credit Agreement, in each case, in accordance with and subject to the terms and conditions set forth herein.

**NOW, THEREFORE**, in consideration of the agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

**ARTICLE I**

**LIMITED WAIVER**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.01** **Limited Waiver**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Borrower acknowledges that certain Events of Default may have occurred and may be continuing as of the date hereof pursuant to (i) Section 8.01(d) of the Credit Agreement as a result of the Borrower's possible failure to comply with the Consolidated Leverage Ratio covenant for the Measurement Period ended December 31, 2025, as set forth in Section 7.11(a) of the Credit Agreement and (ii) Section 8.01(d) of the Credit Agreement as a result of the Borrower's possible failure to comply with the Consolidated Fixed Charge Coverage Ratio covenant for the Measurement Period ended December 31, 2025, as set forth in Section 7.11(b) of the Credit Agreement (each, a "<u>Specified Default</u>" and collectively, the "<u>Specified Defaults</u>"). The Borrower hereby (i) acknowledges and agrees that each of the Specified Defaults constitutes a material Event of Default, and (ii) represents and warrant that, except for the Specified Defaults, no other Events of Default have occurred and are continuing as of the date hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding anything to the contrary in the Credit Agreement or the other Loan Documents, the Administrative Agent and the Lenders hereby waive the Specified Defaults, on a one-time basis.

**1.02** **Effectiveness of Limited Waiver**. The waiver granted by the Administrative Agent and the Lenders pursuant hereto shall be effective only to the extent specifically set forth herein and shall not (a) be construed as a waiver of any breach, Default or Event of Default other than as specifically waived herein nor as a waiver of any breach, Default or Event of Default of which the Lenders have not been informed by the Loan Parties, (b) affect the right of the Lenders to demand compliance by the Loan Parties with all terms and conditions of the Loan Documents, except as specifically modified or waived by this Amendment, (c) be deemed a waiver of any transaction or future action on the part of the Loan Parties requiring the Lenders' or the Required Lenders' consent or approval under the Loan Documents, or (d) except as waived hereby, be deemed or construed to be a waiver or release of, or a limitation upon, the Administrative Agent's or the Lenders' exercise of any rights or remedies under the Credit Agreement or any other Loan Document, whether arising as a consequence of any Default or Event of Default (other than a Specified Default) which may now exist or otherwise, all such rights and remedies hereby being expressly reserved.

**ARTICLE II**

**AMENDMENTS TO CREDIT AGREEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.01** Section 1.01 (Defined Terms) of the Credit Agreement is hereby amended by adding the following definitions in the applicable alphabetical order:

"*Sixth Amendment*" means that certain Limited Waiver and Sixth Amendment to the Credit Agreement dated as of the Sixth Amendment Effective Date, by and among the Borrower, the Guarantors, the Lenders and the Administrative Agent.

"*Sixth Amendment Effective Date*" means January 23, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.02** A new Section 2.09(c) is hereby added to the Credit Agreement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Sixth Amendment Fee</u>. In connection with the Sixth Amendment, the Borrower shall pay to the Administrative Agent an amendment fee (the "<u>Sixth Amendment Fee</u>") in an amount equal to $136,375.00. The Sixth Amendment Fee shall be fully-earned, non-refundable, and due and payable as of the Sixth Amendment Effective Date. The Sixth Amendment Fee shall be distributed on a pro rata basis to each Lender (including Bank of America, N.A.) that delivers its executed signature page to the Sixth Amendment on or prior to 2:00 P.M. EST on the Sixth Amendment Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.03** The last paragraph of Section 2.16(b) of the Credit Agreement is hereby amended by restating such paragraph in its entirety as follows:

The Incremental Commitments shall be effected by a joinder agreement (the "<u>Increase Joinder</u>") executed by the Borrower, the Administrative Agent and each Lender making such Incremental Commitment, in form and substance reasonably satisfactory to each of

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them. The Increase Joinder may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, to effect the provisions of this <u>Section 2.16</u>; provided, that, to the extent such amendments include any modifications to, or have the effect of modifying, the Credit Agreement or the other Loan Documents as described in <u>Section 11.01</u>, such amendments shall be governed by the applicable provisions in <u>Section 11.01</u> notwithstanding this <u>Section 2.16</u>. In addition, unless otherwise specifically provided herein, all references in Loan Documents to Revolving Loans or Term Loans shall be deemed, unless the context otherwise requires, to include references to Revolving Loans made pursuant to Incremental Revolving Commitments and Incremental Term Loans that are Term Loans, respectively, made pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.04** Section 6.17 of the Credit Agreement is hereby amended by restating the section in its entirety as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Execute and deliver the documents and complete the tasks set forth on <u>Schedule 6.17</u>, in each case within the time limits specified on such schedule, or such later date(s) as the Administrative Agent may agree in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Within 30 days after the Sixth Amendment Effective Date (or such longer period as shall be satisfactory to the Administrative Agent), execute and deliver to the Administrative Agent the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)An updated, completed Perfection Certificate, dated and signed by a Responsible Officer of the Borrower, together with all attachments contemplated thereby, including an updated organizational chart, updated schedules with respect to deposit accounts (including account numbers and whether or not such accounts are Excluded Accounts), pledged equity, and Intellectual Property of each domestic Loan Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Updated and complete schedules to the Credit Agreement (other than Schedules 6.17, 7.01, 7.02, 7.03, 7.05 and 7.08(a)), as certified by a Responsible Officer of the Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Duly executed Qualifying Control Agreements (to the extent not previously delivered) for each deposit and securities account listed on updated Schedule 5.19(c) to the Credit Agreement that is not an Excluded Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Within 10 days after the Sixth Amendment Effective Date, provide written confirmation, as certified by a Responsible Officer of the Borrower, to the Administrative Agent that the Borrower has received cash equity in an amount that is no less than $10,000,000.

**2.05**A new Section 6.18 is hereby added to the Credit Agreement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18 <u>Cooperation with Administrative Agent's Financial Advisor</u>. From and after the Sixth Amendment Effective Date, the Borrower shall (i) provide the Administrative

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Agent's financial advisor with reasonable access to the Borrower's facilities, financial information and members of senior management at reasonable times and places as is reasonably necessary to perform the services required under its engagement with the Administrative Agent (or its counsel) and (ii) reimburse the Administrative Agent promptly upon demand for any reasonable costs and fees incurred by the Administrative Agent (or its counsel) in connection with the engagement of such financial advisor and/or the services rendered by such financial advisor in accordance with Section 11.04(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.06** Section 7.01(h) of the Credit Agreement is hereby amended by restating such section in its entirety as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Indebtedness incurred by the Borrower or any of its Restricted Subsidiaries arising from agreements providing for indemnification, holdbacks, working capital or other purchase price adjustments, earn-outs, non-compete agreements, deferred compensation or similar obligations in connection with transactions not prohibited hereunder, in an aggregate amount not to exceed at any one time outstanding $100,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.07** Section 7.01(m) and the immediately following paragraph of the Credit Agreement are hereby amended by restating such sections in their entirety as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)other Indebtedness of the Borrower and the Restricted Subsidiaries (excluding, in each case, Indebtedness of the type described in Section 7.01(h), (i), (k) and (l)) in an aggregate principal amount not exceeding the greater of (x) $15,000,000, or (y) 3.0% of the Total Assets of the Borrower and its Restricted Subsidiaries, taken as a whole, at any time outstanding.

For purposes of determining the outstanding principal amount of any particular Indebtedness incurred pursuant to this <u>Section 7.01</u>, Indebtedness permitted by this <u>Section 7.01</u> need not be permitted solely by reference to one provision permitting such Indebtedness but may be permitted in part by one such provision and in part by one or more other provisions of this covenant permitting such Indebtedness, unless expressly prohibited by such provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.08** Section 7.02(p) of the Credit Agreement is hereby amended by restating such section its entirety as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) [Reserved.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.09** Section 7.03(h) of the Credit Agreement is hereby amended by restating such section in its entirety as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) advances to officers, directors and employees of the Borrower and its Restricted Subsidiaries for travel, entertainment, relocation and analogous ordinary business purposes consistent with past practice, in an aggregate amount not to exceed at any one time outstanding $50,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.10** Section 7.03(m) of the Credit Agreement is hereby amended by restating such section in its entirety as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) other Investments (excluding, in each case, Investments of the type described in Section 7.03(c)(ii), 7.03(h) and 7.03(k)) in an aggregate amount at one time outstanding not to exceed $25,000,000.

**2.11**Section 11.01(a)(iv) of the Credit Agreement is hereby amended by restating such section in its entirety as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) (A) change <u>Section 8.03</u> or <u>Section 2.13</u> in a manner that would alter the pro rata sharing of payments, the pro rata application of proceeds, the pro rata reduction of commitments or the order of any waterfall required thereby, in each case, without the written consent of each Lender, (B) change <u>Section 2.12(f</u>) in a manner that would alter the *pro rata* application required thereby without the written consent of each Lender directly affected thereby or (C) except as permitted under <u>Section 9.10(a)(ii)</u>, subordinate, or have the effect of subordinating, the Liens granted to the Administrative Agent for the benefit of the Lenders as of the Closing Date, or subordinate, or have the effect of subordinating, the Secured Obligations hereunder to any other Indebtedness, in each case without the written consent of each Lender;

**2.12**Section 11.04(a) of the Credit Agreement is hereby amended by restating the section in its entirety as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Costs and Expenses</u>. The Borrower shall pay (i) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent and its Affiliates (including, but not limited to, (A) the reasonable fees, charges and disbursements of counsel and other Related Parties for the Administrative Agent and its Affiliates and (B) due diligence expenses), in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable and documented out-of-pocket expenses incurred by the L/C Issuer in connection with the issuance, amendment, extension, reinstatement or renewal of any Letter of Credit or any demand for payment thereunder and (iii) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent, any Lender or the L/C Issuer (including the fees, charges and disbursements of any counsel and other Related Parties for the Administrative Agent, any Lender or the L/C Issuer), in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this <u>Section 11.04</u>, or (B) in connection with Loans made or Letters of Credit issued hereunder, including all such reasonable and documented out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit.

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**ARTICLE III**

**CONDITIONS TO EFFECTIVENESS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.01** **Closing Conditions**. This Amendment shall become effective as of the day and year set forth above (the " <u>Amendment Effective Date</u> ") upon satisfaction (or waiver) of the following conditions (in each case, in form and substance reasonably acceptable to the Administrative Agent and as determined by the Administrative Agent in its sole discretion):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u><u>Executed Amendment</u>. The Administrative Agent shall have received a copy of this Amendment duly executed by each of the Loan Parties, Lenders constituting the "Required Lenders" and the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u><u>Default</u>. After giving effect to this Amendment, no Default or Event of Default shall exist.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u><u>Incumbency Certificate</u>.The Administrative Agent shall have received an incumbency certificate of the Responsible Officers (including specimen signatures) of each Loan Party (to the extent not previously delivered) as of the Amendment Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d)</u><u>Sixth Amendment Fee</u>. The Administrative Agent shall have received payment of the Sixth Amendment Fee equal to $136,375.00, which shall be fully earned by the Administrative Agent and each Lender party hereto, non-refundable and due and payable as of the Amendment Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(e)</u><u>Fees and Expenses</u>. The Administrative Agent shall have received from the Borrower all fees and expenses required to be paid or reimbursed by the Borrower hereunder or the Credit Agreement (as amended hereby), including (i) all fees and expenses of McGuireWoods LLP, as counsel to the Administrative Agent, that have been invoiced prior to the Amendment Effective Date and (ii) all fees and expenses of Ankura Consulting Group, LLC, as financial advisor to the Administrative Agent, that have been invoiced prior to the Amendment Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(f)</u><u>Anti-Money-Laundering; Beneficial Ownership</u>. Upon the reasonable request of any Lender, the Borrower shall have provided to such Lender, and such Lender shall be reasonably satisfied with, the documentation and other information so requested in connection with applicable "know your customer" and anti-money-laundering rules and regulations, including, without limitation, the Patriot Act, and any Loan Party that qualifies as a "legal entity customer" under the Beneficial Ownership Regulation shall have delivered to each Lender that so requests, a Beneficial Ownership Certification in relation to such Loan Party.

**ARTICLE IV**

**MISCELLANEOUS**

**4.01** **Amended Terms**. Except as expressly set forth herein or in the Credit Agreement, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Lenders or the Administrative Agent under the Credit

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Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect. On and after the Amendment Effective Date, all references to the Credit Agreement in each of the Loan Documents shall hereafter mean the Credit Agreement as amended by this Amendment. Except as specifically amended hereby or otherwise agreed, the Credit Agreement is hereby ratified and confirmed and shall remain in full force and effect according to its terms.

**4.02** **Representations and Warranties of Loan Parties**. Each of the Loan Parties represents and warrants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)It has taken all necessary action to authorize the execution, delivery and performance of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)This Amendment has been duly executed and delivered by such Person and constitutes such Person's legal, valid and binding obligation, enforceable in accordance with its terms, except as such enforceability may be subject to (i) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors' rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)No consent, approval, authorization or order of, or filing, registration or qualification with, any court or governmental authority or third party is required in connection with the execution, delivery or performance by such Person of this Amendment, except for such as have been made or obtained and are in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The representations and warranties set forth in Article V of the Credit Agreement are true and correct in all material respects as of the date hereof (except for those which expressly relate to an earlier date or those which are qualified by materiality, which shall be true and correct in all respects).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)After giving effect to this Amendment, no event has occurred and is continuing which constitutes a Default or an Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Secured Obligations are not reduced or modified by this Amendment and are not subject to any offsets, defenses or counterclaims.

**4.03** **Reaffirmation of Obligations**. Without in any way establishing a course of dealing by the Administrative Agent or any Lender, and after giving effect to this Amendment, the Borrower and each Guarantor (i) acknowledges and consents to all of the terms and conditions of this Amendment, (ii) affirms all of its obligations under the Loan Documents (iii) agrees that this Amendment and all documents executed in connection herewith do not operate to reduce or discharge its obligations under the Loan Documents, (iv) agrees that the Collateral Documents continue to be in full force and effect and are not impaired or adversely affected in any manner whatsoever, (v) confirms its grant of security interests pursuant to the Collateral Documents to which it is a party as Collateral for the Obligations, and (vi) acknowledges that all Liens granted (or purported to be granted) pursuant to the Collateral Documents remain and continue in full force

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and effect in respect of, and to secure, the Obligations. Each Guarantor hereby reaffirms its obligations under the Guaranty and agrees that its obligation to guarantee the Obligations is in full force and effect as of the date hereof.

**4.04** **Loan Document**. This Amendment shall constitute a Loan Document under the terms of the Credit Agreement.

**4.05** **Entirety**. This Amendment and the other Loan Documents embody the entire agreement among the parties hereto and supersede all prior agreements and understandings, oral or written, if any, relating to the subject matter hereof.

**4.06** **Counterparts; Telecopy**. This Amendment may be executed in one or more counterparts, each of which shall constitute an original, but all of which taken together shall be one and the same instrument. Delivery of an executed counterpart of a signature page of this Amendment or any other document required to be delivered hereunder, by fax transmission or e-mail transmission (e.g. "pdf" or "tif") shall be effective as delivery of a manually executed counterpart of this Amendment. The words "delivery," "execute," "execution," "signed," "signature," and words of like import in any Loan Document or any other document executed in connection herewith shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, or any other similar state laws based on the Uniform Electronic Transactions Act. Without limiting the foregoing, upon the request of any party, such fax transmission or e-mail transmission shall be promptly followed by such manually executed counterpart.

**4.07** **No Actions, Claims, Etc**. As of the date hereof, each of the Loan Parties hereby acknowledges and confirms that it has no knowledge of any actions, causes of action, claims, demands, damages and liabilities of whatever kind or nature, in law or in equity, against the Administrative Agent, the Lenders, or the Administrative Agent's or the Lenders' respective officers, employees, representatives, agents, counsel or directors arising from any action by such Persons, or failure of such Persons to act under the Credit Agreement on or prior to the date hereof.

**4.08** **GOVERNING LAW**. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.09** **Successors and Assigns**. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

**4.10** **Jurisdiction; Consent to Services of Process; Waiver of Jury Trial**. The jurisdiction, service of process and waiver of jury trial provisions set forth in Sections 11.14(b), 11.14(c), 11.14(d) and 11.15 of the Credit Agreement are hereby incorporated into this Amendment by reference, mutatis mutandis.

**4.11** **General Release**. In consideration of the Administrative Agent's willingness to enter into this Amendment, on behalf of the Lenders, each Loan Party hereby releases and forever discharges

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the Administrative Agent, the L/C Issuer, the Swingline Lender, the Lenders and each of the foregoing's respective predecessors, successors, assigns, officers, managers, directors, employees, agents, attorneys, representatives, and affiliates, of and from any and all manner of actions, causes of action, suit, debts, accounts, covenants, contracts, controversies, agreements, variances, damages, judgments, claims, liabilities, obligations, affirmative defenses, counterclaims, setoffs and demands whatsoever, whether known or unknown, foreseen or unforeseen, asserted or unasserted, in law, equity or otherwise, whether for tort, fraud, contract, violations of federal or state laws, or otherwise, that any Loan Party would have been legally entitled to assert, based on, relating to, or in any manner arising from, in whole or in part, which arise out of or are related to this Amendment, the Credit Agreement, the other Loan Documents, the Secured Obligations or the Collateral and the transactions contemplated thereby (any of the foregoing, a "<u>Released Claim</u>" and collectively, the "<u>Released Claims</u>"). Without limiting the generality of the foregoing, each Loan Party absolutely, unconditionally and irrevocably waives and affirmatively agrees not to allege or otherwise pursue any of the Released Claims, or any defenses, affirmative defenses, counterclaims, claims, causes of action, setoffs or other rights they have or may have under, or in connection with, any Released Claim released and/or discharged by the Loan Parties pursuant to this Section 4.11. The foregoing release, covenant and waivers of this Section 4.11 shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment or prepayment of any of the Loans, or the termination of the Credit Agreement, this Amendment, any other Loan Document or any provision hereof or thereof.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

------

IN WITNESS WHEREOF the parties hereto have caused this Amendment to be duly executed on the date first above written.

---

| | | | |
|:---|:---|:---|:---|
| BORROWER: | VISKASE COMPANIES. INC. | VISKASE COMPANIES. INC. | VISKASE COMPANIES. INC. |
|  | By: | /s/ Mackenzie Stender | /s/ Mackenzie Stender |
|  | Name: | Name: | Mackenzie Stender |
|  | Title: | Title: | Interim Vice President and Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| VISKASE FILMS, INC. | VISKASE FILMS, INC. | VISKASE FILMS, INC. |
| By: | /s/ Michael Blecic | /s/ Michael Blecic |
| Name: | Name: | Michael Blecic |
| Title: | Title: | Vice President, Chief Accounting Officer, and Treasurer |

---

---

| | | |
|:---|:---|:---|
| WSC CORP. | WSC CORP. | WSC CORP. |
| By: | /s/ Michael Blecic | /s/ Michael Blecic |
| Name: | Name: | Michael Blecic |
| Title: | Title: | Vice President, Chief Accounting Officer, and Treasurer |

---

---

| | | |
|:---|:---|:---|
| VISKASE DEL NORTE, S.A. DE C.V. | VISKASE DEL NORTE, S.A. DE C.V. | VISKASE DEL NORTE, S.A. DE C.V. |
| By: | /s/ Michael Blecic | /s/ Michael Blecic |
| Name: | Name: | Michael Blecic |
| Title: | Title: | Vice President, Chief Accounting Officer, and Treasurer |

---

---

| | | |
|:---|:---|:---|
| SERVICIOS VISKASE DEL NORTE, S.A. DE C.V. | SERVICIOS VISKASE DEL NORTE, S.A. DE C.V. | SERVICIOS VISKASE DEL NORTE, S.A. DE C.V. |
| By: | /s/ Michael Blecic | /s/ Michael Blecic |
| Name: | Name: | Michael Blecic |
| Title: | Title: | Vice President, Chief Accounting Officer, and Treasurer |

---

------

---

| | | |
|:---|:---|:---|
| VISKASE SAS | VISKASE SAS | VISKASE SAS |
| By: | /s/ Thomas D. Davis | /s/ Thomas D. Davis |
| Name: | Name: | Thomas Dale Davis |
| Title: | Title: | President |

---

---

| | | |
|:---|:---|:---|
| VISKASE GMBH | VISKASE GMBH | VISKASE GMBH |
| By: | /s/ Thomas D. Davis | /s/ Thomas D. Davis |
| Name: | Name: | Thomas Dale Davis |
| Title: | Title: | Geschäftsführer/Managing Director |

---

---

| | | |
|:---|:---|:---|
| CT CASINGS BETEILIGUNGS GMBH | CT CASINGS BETEILIGUNGS GMBH | CT CASINGS BETEILIGUNGS GMBH |
| By: | /s/ Thomas D. Davis | /s/ Thomas D. Davis |
| Name: | Name: | Thomas Dale Davis |
| Title: | Title: | Geschäftsführer/Managing Director |

---

---

| | | |
|:---|:---|:---|
| WALSRODER CASINGS GMBH | WALSRODER CASINGS GMBH | WALSRODER CASINGS GMBH |
| By: | /s/ Thomas D. Davis | /s/ Thomas D. Davis |
| Name: | Name: | Thomas Dale Davis |
| Title: | Title: | Geschäftsführer/Managing Director |

---

---

| | | |
|:---|:---|:---|
| VISKASE SPA | VISKASE SPA | VISKASE SPA |
| By: | /s/ Thomas D. Davis | /s/ Thomas D. Davis |
| Name: | Name: | Thomas Dale Davis |
| Title: | Title: | President |

---

------

---

| | | |
|:---|:---|:---|
| VISKASE POLSKA SP. Z O.O. | VISKASE POLSKA SP. Z O.O. | VISKASE POLSKA SP. Z O.O. |
| By: | /s/ Thomas D. Davis | /s/ Thomas D. Davis |
| Name: | Name: | Thomas Dale Davis |
| Title: | Title: | President of the Management Board |

---

---

| | | |
|:---|:---|:---|
| VISKASE SPAIN SLU | VISKASE SPAIN SLU | VISKASE SPAIN SLU |
| By: | /s/ Thomas D. Davis | /s/ Thomas D. Davis |
| Name: | Name: | Thomas Dale Davis |
| Title: | Title: | Director (Administrador Solidario) |

---

---

| | | |
|:---|:---|:---|
| VISKASE SALES PHILIPPINES INC. | VISKASE SALES PHILIPPINES INC. | VISKASE SALES PHILIPPINES INC. |
| By: | /s/ Mark Arroyo | /s/ Mark Arroyo |
| Name: | Name: | Mark Arroyo |
| Title: | Title: | Chairman and President |

---

---

| | | |
|:---|:---|:---|
| VISKASE ASIA-PACIFIC CORP. | VISKASE ASIA-PACIFIC CORP. | VISKASE ASIA-PACIFIC CORP. |
| By: | /s/ Mark Arroyo | /s/ Mark Arroyo |
| Name: | Name: | Mark Arroyo |
| Title: | Title: | Chairman and President |

---

------

---

| | | |
|:---|:---|:---|
| BANK OF AMERICA, N.A., <br>as Administrative Agent | BANK OF AMERICA, N.A., <br>as Administrative Agent | BANK OF AMERICA, N.A., <br>as Administrative Agent |
| By: | /s/ Rose Thomas | /s/ Rose Thomas |
| Name: | Name: | Rose Thomas |
| Title: | Title: | Assistant Vice President |

---

---

| | | |
|:---|:---|:---|
| BANK OF AMERICA, N.A., <br>individually as a Lender, L/C Issuer and Swingline Lender | BANK OF AMERICA, N.A., <br>individually as a Lender, L/C Issuer and Swingline Lender | BANK OF AMERICA, N.A., <br>individually as a Lender, L/C Issuer and Swingline Lender |
| By: | /s/ Andrew J. Maidman | /s/ Andrew J. Maidman |
| Name: | Name: | Andrew J. Maidman |
| Title: | Title: | Senior Vice President |

---

------

---

| | | |
|:---|:---|:---|
| BMO BANK N.A.,<br>as a Lender | BMO BANK N.A.,<br>as a Lender | BMO BANK N.A.,<br>as a Lender |
| By: | /s/ Constantine Bilitsis | /s/ Constantine Bilitsis |
| Name: | Name: | Constantine Bilitsis |
| Title: | Title: | Vice President |

---

------

---

| | | |
|:---|:---|:---|
| ASSOCIATED BANK, N.A.,<br>as a Lender | ASSOCIATED BANK, N.A.,<br>as a Lender | ASSOCIATED BANK, N.A.,<br>as a Lender |
| By: | /s/ J. Eric Bergren | /s/ J. Eric Bergren |
| Name: | Name: | J. Eric Bergren |
| Title: | Title: | Senior Vice President |

---

------

---

| | | |
|:---|:---|:---|
| CITIZENS BANK, N.A.,<br>as a Lender | CITIZENS BANK, N.A.,<br>as a Lender | CITIZENS BANK, N.A.,<br>as a Lender |
| By: | /s/ Besi Tsakiris | /s/ Besi Tsakiris |
| Name: | Name: | Besi Tsakiris |
| Title: | Title: | Vice President |

---

------

## Exhibit 10.32

**Exhibit 10.32**

***Execution Version***

***Confidential***

October 10, 2025

Viskase Companies, Inc.

333 East Butterfield Road

Suite 400

Lombard, Illinois 60148-5679

Attn: Michael Blecic

Fifth Amendment Fee Letter

Viskase Companies, Inc.

Ladies and Gentlemen:

Reference is made that certain Fifth Amendment to Credit Agreement, dated as of October 10, 2025 (the "*Fifth Amendment*") which amends that certain Credit Agreement dated as of October 9, 2020 (as amended, modified, extended, restated, replaced, or supplemented from time to time, the "*Credit Agreement*"), by and among Viskase Companies, Inc., a Delaware corporation (the "*Borrower*"), the Guarantors party thereto, the Lenders party thereto and Bank of America, N.A., as administrative agent (in such capacity, including any successor thereto, the "*Administrative Agent*"). Terms used but not defined in this fee letter agreement (the "*Fee Letter*") shall have the meanings assigned thereto in the Fifth Amendment or the Credit Agreement, as applicable. In connection with, and in consideration of the agreements contained in, the Fifth Amendment, you agree with Bank of America and BofA Securities Inc. ("*BofA Securities*") as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Consent Fee</u>. You will pay to the Administrative Agent, for the account of each Lender (including Bank of America) that delivers its executed signature page to the Fifth Amendment on or prior to the Amendment Effective Date, a one-time consent fee in an amount equal to 0.10% of the aggregate principal amount of such Lender's Existing Amount (as defined below).

"*Existing Amount*" means with respect to each Lender the sum of such Lender's (i) "Revolving Commitment" and (ii) outstanding Term Loans, in each case, that are in effect and outstanding immediately prior to the Amendment Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Amendment Fee</u>. You will pay to BofA Securities, for its own account, a one-time amendment fee in an amount equal $25,000. No Lender shall receive greater fees (excluding any consent fee paid pursuant to paragraph 1 above) for its agreements in respect of the Fifth Amendment than are paid to BofA Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Fees Generally</u>. All fees will be payable in U.S. dollars in immediately available funds to the applicable parties for their respective accounts, or as otherwise directed by the applicable party, free and clear of, and without deduction for, any and all present or future applicable taxes, levies, imposts, deductions, charges or withholdings and all liabilities with respect thereto (with appropriate gross-up for withholding taxes). Once paid, no fee will be refundable under any circumstances and will not be subject to counterclaim, set off or otherwise affected. All of the fees described in this Fee Letter shall be fully

------

earned upon becoming due and payable in accordance with the terms hereof, shall be non-refundable for any reason whatsoever, and shall be in addition to any other fees, costs and expenses payable pursuant to the Amended Credit Agreement or the Loan Documents. Bank of America reserves the right to allocate, in whole or in part, to BofA Securities certain fees payable to Bank of America hereunder in such manner as Bank of America and BofA Securities shall agree in their sole discretion. Your obligation to pay the foregoing fees will not be subject to counterclaim or setoff for, or be otherwise affected by, any claim or dispute you may have.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Confidentiality</u>. You hereby acknowledge and agree that this Fee Letter and the contents hereof are confidential, and, except for disclosure hereof on a confidential basis to your accountants, attorneys and other professional advisors, Related Parties, or as otherwise required by Applicable Laws or regulations or by any subpoena or similar legal process, may not be disclosed by you, in whole or in part, to any person or entity without the prior written consent of the Administrative Agent.

[*REMAINDER OF PAGE INTENTIONALLY LEFT BLANK*]

------

If the foregoing is in accordance with your understanding, please sign and return this Fee Letter to us.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **BANK OF AMERICA, N.A.** | **BANK OF AMERICA, N.A.** |
| By: | /s/ Katherine J. Ochs |
| Name: | Katherine J. Ochs |
| Title: | Senior Vice President |
| **BOFA SECURITIES, INC.** | **BOFA SECURITIES, INC.** |
| By: | /s/ Katherine J. Ochs |
| Name: | Katherine J. Ochs |
| Title: | Senior Vice President |

---

Signature Page to Fifth Amendment Fee Letter (Viskase Companies, Inc.)

------

ACCEPTED AND AGREED TO

<u>AS OF THE DATE FIRST ABOVE WRITTEN:</u>

**VISKASE COMPANIES, INC.**

---

| | |
|:---|:---|
| By: | /s/ Carolyn Zhang |
| Name: | Carolyn Zhang |
| Title: | Vice President and Chief Financial Officer |

---

Signature Page to Fifth Amendment Fee Letter (Viskase Companies, Inc.)

------

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the inclusion in this Registration Statement of Enzon Pharmaceuticals, Inc. and Subsidiaries on Form S-4 to be filed on or about January 28, 2026 of our report dated February 21, 2025, on our audits of the financial statements as of December 31, 2024 and 2023 and for each of the years then ended. We also consent to the reference to our firm under the caption "Experts" in this Registration Statement.

*/s/ EisnerAmper LLP*

EISNERAMPER LLP

Philadelphia, Pennsylvania

January 28, 2026

------

## Exhibit 23.2

**Exhibit 23.2**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We have issued our report dated December 19, 2025, with respect to the consolidated financial statements of Viskase Companies, Inc. as of and for the year ended December 31, 2024 contained in the Registration Statement. We consent to the use of the aforementioned report in the Registration Statement, and to the use of our name as it appears under the caption "Experts."

/s/ GRANT THORNTON LLP

Chicago, Illinois <br>January 28, 2026

------

## Exhibit 99.2

**Exhibit 99.2**

January 23, 2026

Enzon Pharmaceuticals, Inc.

200 Commerce Drive, Suite 135

Cranford, NJ 07016

**Consent to Reference in Registration Statement**

Enzon Pharmaceuticals, Inc. (the "Company") has filed a Registration Statement on Form S-4, as amended, with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), as of the date hereof. In connection therewith, I hereby consent, pursuant to Rule 438 of the Securities Act, to the reference to me in the prospectus/consent solicitation/offer to exchange included in such registration statement as a future member of the board of directors of the Company.

---

| |
|:---|
| Sincerely, |
| /s/ Robert E. Flint |
| Robert E. Flint |

---

------

## Exhibit 99.3

**Exhibit 99.3**

January 23, 2026

Enzon Pharmaceuticals, Inc.

200 Commerce Drive, Suite 135

Cranford, NJ 07016

**Consent to Reference in Registration Statement**

Enzon Pharmaceuticals, Inc. (the "Company") has filed a Registration Statement on Form S-4, as amended, with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), as of the date hereof. In connection therewith, I hereby consent, pursuant to Rule 438 of the Securities Act, to the reference to me in the prospectus/consent solicitation/offer to exchange included in such registration statement as a future member of the board of directors of the Company.

---

| |
|:---|
| Sincerely, |
| /s/ Colin Kwak |
| Colin Kwak |

---

------

## Exhibit 99.4

**Exhibit 99.4**

January 23, 2026

Enzon Pharmaceuticals, Inc.

200 Commerce Drive, Suite 135

Cranford, NJ 07016

**Consent to Reference in Registration Statement**

Enzon Pharmaceuticals, Inc. (the "Company") has filed a Registration Statement on Form S-4, as amended, with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), as of the date hereof. In connection therewith, I hereby consent, pursuant to Rule 438 of the Securities Act, to the reference to me in the prospectus/consent solicitation/offer to exchange included in such registration statement as a future member of the board of directors of the Company.

---

| |
|:---|
| Sincerely, |
| /s/ Peter K. Shea |
| Peter K. Shea |

---

------

## Exhibit 99.5

**Exhibit 99.5**

January 23, 2026

Enzon Pharmaceuticals, Inc.

200 Commerce Drive, Suite 135

Cranford, NJ 07016

**Consent to Reference in Registration Statement**

Enzon Pharmaceuticals, Inc. (the "Company") has filed a Registration Statement on Form S-4, as amended, with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), as of the date hereof. In connection therewith, I hereby consent, pursuant to Rule 438 of the Securities Act, to the reference to me in the prospectus/consent solicitation/offer to exchange included in such registration statement as a future member of the board of directors of the Company.

---

| |
|:---|
| Sincerely, |
| /s/ Kenneth Shea |
| Kenneth Shea |

---

------

## Exhibit 99.6

**Exhibit 99.6**

January 23, 2026

Enzon Pharmaceuticals, Inc.

200 Commerce Drive, Suite 135

Cranford, NJ 07016

**Consent to Reference in Registration Statement**

Enzon Pharmaceuticals, Inc. (the "Company") has filed a Registration Statement on Form S-4, as amended, with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), as of the date hereof. In connection therewith, I hereby consent, pursuant to Rule 438 of the Securities Act, to the reference to me in the prospectus/consent solicitation/offer to exchange included in such registration statement as a future member of the board of directors of the Company.

---

| |
|:---|
| Sincerely, |
| /s/ Dustin DeMaria |
| Dustin DeMaria |

---

------

## Exhibit 99.7

**Exhibit 99.7**

![Graphic](enzn-20250930xex99d7001.jpg)

The Special Committee of the Board of Directors

Enzon Pharmaceuticals, Inc.

20 Commerce Drive, Suite 135

Cranford, NJ 07016

Dear Special Committee:

We hereby consent to the inclusion of our opinion letter, dated October 21, 2025, to the Special Committee of the Board of Directors of Enzon Pharmaceuticals, Inc. ("Enzon") as Annex C to, and reference to such opinion letter under the heading "THE MERGER — Opinion of the Enzon Special Committee's Financial Advisor" in, the prospectus/consent solicitation/offer to exchange relating to the proposed merger of Enzon and Viskase Companies, Inc., which prospectus/consent solicitation/offer to exchange forms a part of the Registration Statement on Form S-4 of Enzon (the "Registration Statement"). By giving such consent, we do not thereby admit that we are experts with respect to any part of such Registration Statement within the meaning of the term "expert" as used in, or that we come within the category of persons whose consent is required under, the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission promulgated thereunder.

---

| | |
|:---|:---|
|  | Very truly yours, |
|  | /s/ A.G.P./Alliance Global Partners LLC |
|  | A.G.P./Alliance Global Partners LLC |
| January 28, 2026 |  |

---

------

## Exhibit 99.8

**Exhibit 99.8**

**CONSENT OF ALVAREZ & MARSAL VALUATION SERVICES, LLC**

January 28, 2026

Special Committee of the Board of Directors

Viskase Companies, Inc.

333 East Butterfield Road, Suite 400

Lombard, Illinois 60148-5679

RE: prospectus/consent solicitation/offer to exchange of Enzon Pharmaceuticals, Inc. ("Enzon") and Viskase Companies, Inc. ("Viskase"), which forms part of the Registration Statement on Form S-4 of Enzon (the "Registration Statement").

Dear Members of the Special Committee:

Reference is made to our opinion letter ("opinion"), dated October 22, 2025, to the Special Committee of the Board of Directors of Viskase (the "Special Committee"). We understand that Viskase has determined to include our opinion in the prospectus/consent solicitation/offer to exchange of Enzon and Viskase (the prospectus/consent solicitation/offer to exchange) included in the above referenced Registration Statement.

Our opinion was provided for the Special Committee (in its capacity as such) in connection with its consideration of the transaction contemplated therein and may not be used, circulated, quoted or otherwise referred to for any other purpose, nor is it to be filed with, included in or referred to in whole or in part in any registration statement, proxy statement or any other document, except, in each instance, in accordance with our prior written consent. In that regard, we hereby consent to the reference to our opinion in the prospectus/consent solicitation/offer to exchange included in the Registration Statement filed with the Securities and Exchange Commission as of the date hereof under the captions "THE MERGER *—* Background of the Merger," "THE MERGER *—* Viskase's Reasons for the Merger; Recommendation of the Viskase Special Committee and the Viskase Board *— Opinion of the Viskase Special Committee's Financial Advisor*," and "THE MERGER *—* Opinion of Financial Advisor to the Viskase Special Committee," and to the inclusion of our opinion as Annex D to the Registration Statement. Notwithstanding the foregoing, it is understood that this consent is being delivered solely in connection with the filing of the above-mentioned Registration Statement as of the date hereof and that our opinion is not to be filed with, included in or referred to in whole or in part in any registration statement (including any amendments to the above-mentioned Registration Statement), proxy statement or any other document, except, in each instance, in accordance with our prior written consent.

In giving such consent, we do not thereby admit that we are experts with respect to any part of such Registration Statement within the meaning of the term "expert" as used in, or that we come within the category of persons whose consent is required under, the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission promulgated thereunder.

---

| |
|:---|
| Very truly yours, |
| /s/ Alvarez & Marsal Valuation Services, LLC |
| Alvarez & Marsal Valuation Services, LLC |

---

------

## Exhibit 99.9

**Exhibit 99.9**

**LETTER OF TRANSMITTAL**

**OFFER TO EXCHANGE SHARES OF**

**SERIES C NON-CONVERTIBLE REDEEMABLE PREFERRED STOCK**

**OF**

**ENZON PHARMACEUTICALS, INC.**

**for**

**Shares of Common Stock of Enzon Pharmaceuticals, Inc.**

**(subject to the terms and conditions described in the prospectus/consent solicitation/offer to exchange and this letter of transmittal)**

***The Depositary and Exchange Agent for the offer is:***

![Graphic](enzn-20250930xex99d9001.jpg)

---

| | |
|:---|:---|
| *If delivering by mail:*<br>Continental Stock Transfer & Trust Company,<br>Attn: Corporate Actions,<br>1 State Street 30th Floor, New York, NY 10004<br>Telephone:800-509-5586<br>| *If delivering by hand, express mail, courier*<br>*or any other expedited service:*<br>Continental Stock Transfer & Trust Company,<br>Attn: Corporate Actions,<br>1 State Street 30th Floor, New York, NY 10004<br>Telephone: 800-509-5586<br>|

---

**DELIVERY OF THIS LETTER OF TRANSMITTAL TO AN ADDRESS OTHER THAN AS SET FORTH ABOVE WILL NOT CONSTITUTE A VALID DELIVERY TO THE EXCHANGE AGENT.**

---

| | | |
|:---|:---|:---|
| **THE OFFER AND THE WITHDRAWAL RIGHTS WILL EXPIRE AT ONE MINUTE AFTER 11:59 P.M., EASTERN TIME, ON [ ], 2026, UNLESS EXTENDED OR TERMINATED. SHARES**<br>**TENDERED PURSUANT TO THE OFFER MAY BE WITHDRAWN AT ANY TIME PRIOR TO THE**<br>**EXPIRATION OF THE OFFER.** | **THE OFFER AND THE WITHDRAWAL RIGHTS WILL EXPIRE AT ONE MINUTE AFTER 11:59 P.M., EASTERN TIME, ON [ ], 2026, UNLESS EXTENDED OR TERMINATED. SHARES**<br>**TENDERED PURSUANT TO THE OFFER MAY BE WITHDRAWN AT ANY TIME PRIOR TO THE**<br>**EXPIRATION OF THE OFFER.** | **THE OFFER AND THE WITHDRAWAL RIGHTS WILL EXPIRE AT ONE MINUTE AFTER 11:59 P.M., EASTERN TIME, ON [ ], 2026, UNLESS EXTENDED OR TERMINATED. SHARES**<br>**TENDERED PURSUANT TO THE OFFER MAY BE WITHDRAWN AT ANY TIME PRIOR TO THE**<br>**EXPIRATION OF THE OFFER.** |
| **DESCRIPTION OF SHARES TENDERED** | **DESCRIPTION OF SHARES TENDERED** | **DESCRIPTION OF SHARES TENDERED** |
| **Name(s) and Address(es) of Registered**<br>**Holder(s)**<br>**(Please fill in, if blank, exactly as name(s)**<br>**appear(s) on security position listing)** | **Number and Class of Shares Tendered**<br>**(Attach additional signed list if necessary. See Instruction 4)** | **Number and Class of Shares Tendered**<br>**(Attach additional signed list if necessary. See Instruction 4)** |
|  |  | **Total Number of**<br>**Shares**<br>**Tendered (book entry shares**<br>**and Direct Registration**<br>**Shares) (2)** |
|  | &nbsp;&nbsp;&nbsp;**Total Shares** |  |

---

**THE INSTRUCTIONS SET FORTH IN THIS LETTER OF TRANSMITTAL SHOULD BE READ CAREFULLY AND IN THEIR ENTIRETY BEFORE THIS LETTER OF TRANSMITTAL IS COMPLETED.**

**The offer (described below) is not being made to (nor will tender of shares be accepted from or on behalf of) stockholders in any jurisdiction where it would be illegal to do so.**

------

Ladies and Gentlemen:

Enzon Pharmaceuticals, Inc., a Delaware corporation (the "Offeror") is offering, upon the terms and subject to the conditions set forth in the Prospectus/Consent Solicitation/Offer to Exchange (as defined below) and in this letter of transmittal, to exchange for each outstanding share of Series C Non-Convertible Redeemable Preferred Stock, $0.01 par value per share (the "Series C Preferred Stock") validly tendered and not validly withdrawn in the offer: a number of shares of the Offeror's common stock, $0.01 par value per share (the "Common Stock") equal to (i) the aggregate liquidation preference of each share of Series C Preferred Stock, divided by (ii) $7.83 after giving effect to the Reverse Stock Split (as defined in the Prospectus/Consent Solicitation/Offer to Exchange, dated January 28, 2026 (the "Prospectus/Consent Solicitation/Offer to Exchange")) (the "Exchange Ratio," and such offer, on the terms and subject to the conditions and procedures set forth in the Prospectus/Consent Solicitation/Offer to Exchange and the Letter of Transmittal, together with any amendments or supplements thereto, the "Offer").

The Offer is being made to all holders of Series C Preferred Stock. The Series C Preferred Stock is governed by the Certificate of Designation, dated September 21, 2020. The Series C Preferred Stock is not listed on a securities exchange nor traded in an over-the-counter market. As of January [<u> </u>], 2026, a total of 40,000 shares of Series C Preferred Stock were outstanding.

The Offeror has filed with the Securities and Exchange Commission a Registration Statement on Form S-4, dated January 28, 2026 (the "Registration Statement"), relating to (i) the issuance of Common Stock in connection with the proposed merger (the "Merger") of the Company and Viskase Companies, Inc. ("Viskase"), and (ii) the offer to exchange shares of Common Stock to holders of shares of Series C Preferred Stock validly tendered and not validly withdrawn in the Offer.

The Offer is conditioned upon the satisfaction or waiver of all of the conditions to the consummation of the Merger set forth in the Agreement and Plan of Merger, dated June 20, 2025 by and among the Offeror, EPSC Acquisition Corp. ("EPSC") and Viskase (the "Original Merger Agreement"), as amended by the First Amendment to the Agreement and Plan of Merger, dated October 24, 2025, by and among the Offeror, EPSC and Viskase (the "First Amendment to the Merger Agreement," and, as amended, the "Merger Agreement"), including, without limitation, the effectiveness of the Registration Statement and the receipt by the Offeror of the requisite written consent of its stockholders approving the Merger and the other transactions contemplated by the Merger Agreement. The Offeror intends to complete the Offer substantially concurrently with the consummation of the Merger.

Shares of Series C Preferred Stock not exchanged for shares of Common Stock pursuant to the Offer will remain outstanding subject to their current terms. We reserve the right to redeem any of the shares of Series C Preferred Stock, as applicable, pursuant to their terms at any time, including prior to the completion of the Offer.

This letter of transmittal is to be used for tendering shares of Series C Preferred Stock to the Offeror pursuant to the Offer. Holders of Series C Preferred Stock may use this letter of transmittal to tender shares of Series C Preferred Stock held in electronic book-entry form, except that return of this letter of transmittal to the Exchange Agent is not required if a message is transmitted by The Depositary Trust Company ("DTC") to, and is received by, Continental Stock Transfer & Trust (the "Exchange Agent"), forming a part of a book-entry confirmation, which states that DTC has received an express acknowledgement from the DTC participant tendering the shares that are the subject of such transmittal and that the Offeror may enforce this agreement against such participant (an "Agent's Message"). In each case, tendering Offeror stockholders should follow the other instructions set forth in this letter of transmittal and in the Prospectus/Consent Solicitation/Offer to Exchange, including the section of the Prospectus/Consent Solicitation/Offer to Exchange entitled "*Series C Exchange Offer—Procedures for Tendering Shares of Enzon Series C Preferred Stock*."

The Offer is scheduled to expire one minute after 11:59 p.m., Eastern Time, at the end of [__], 2026, unless extended or terminated. "Expiration of the Offer" means one minute after 11:59 p.m., Eastern Time, at the end of [__], 2026, unless and until the Offeror has extended the period during which the Offer is open, subject to the terms and conditions of the Merger Agreement, in which event the term "Expiration of the Offer" means the latest time and date at which the Offer, as so extended by the Offeror, will expire. Stockholders whose certificates for shares are not immediately available or who cannot deliver their certificates and all other required documents to the Exchange Agent or complete the procedures for book-entry transfer prior to the Expiration Time may tender their shares by properly completing

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and duly executing the Notice of Guaranteed Delivery pursuant to the guaranteed delivery procedures set forth the section of the Prospectus/Consent Solicitation/Offer to Exchange entitled "*Series C Exchange Offer—Procedures for Tendering Shares of Enzon Series C Preferred Stock*."

By signing and returning this letter of transmittal, or through delivery of an Agent's Message, the undersigned elects to tender his, her or its shares of Series C Preferred Stock pursuant to the foregoing and agrees to the terms set forth herein.

Each holder of Series C Preferred Stock whose shares of Series C Preferred Stock are exchanged pursuant to the Offer will receive that number of shares of Common Stock calculated pursuant to the Exchange Ratio.

Upon the terms and subject to the conditions of the Offer (and, if the Offer is extended, amended, supplemented or earlier terminated, the terms or the conditions of any such extension, amendment, supplement or termination), and subject to and effective upon acceptance for exchange of the shares of Series C Preferred Stock tendered herewith in accordance with the terms of the Offer, the undersigned hereby (i) sells, assigns and transfers to or upon the order of the Offeror all right, title and interest in and to any and all of the shares of Series C Preferred Stock that are being tendered hereby (and any and all dividends, distributions, rights, other shares of Series C Preferred Stock or other securities issued or issuable in respect thereof on or after the date hereof (or on or after the date of the applicable Agent's Message) (collectively, "Distributions")) and (ii) irrevocably constitutes and appoints the Exchange Agent the true and lawful agent and attorney-in-fact of the undersigned with respect to such shares of Series C Preferred Stock (and any and all Distributions), with full power of substitution (such power of attorney being deemed to be an irrevocable power coupled with an interest), to (1) transfer ownership of such shares of Series C Preferred Stock (and any and all Distributions) on the account books maintained by DTC, together, in any such case, with all accompanying evidences of transfer and authenticity, to or upon the order of the Offeror, (2) present such shares of Series C Preferred Stock (and any and all Distributions) for transfer on the books of the Offeror and (3) receive all benefits and otherwise exercise all rights of beneficial ownership of such shares of Series C Preferred Stock (and any and all Distributions), all in accordance with the terms of the Offer.

For clarity, unless and until the Offeror has accepted the shares of Series C Preferred Stock for exchange in the Offer, the foregoing sale, assignment, transfer and appointment shall have no effect and shall be deemed not to have any effect.

Subject to the following provisions of this paragraph, the undersigned hereby irrevocably appoints the designees of the Offeror as the undersigned's agents, attorneys-in-fact and proxies, each with full power of substitution, to exercise to the full extent the rights of the undersigned with respect to all of the shares of Series C Preferred Stock tendered hereby (and any and all Distributions) that have been accepted for exchange by the Offeror. All such powers of attorney and proxies shall be considered irrevocable and coupled with an interest in the tendered shares of Series C Preferred Stock (and any and all Distributions); provided that such appointment will be effective when, and only to the extent that, the Offeror accepts such shares of Series C Preferred Stock for exchange and deposits with the Exchange Agent the transaction consideration for such shares of Series C Preferred Stock. Such acceptance for exchange will, without further action, revoke any prior powers of attorney and proxies given by the undersigned at any time with respect to such shares of Series C Preferred Stock (and any and all Distributions), and no subsequent powers of attorney, proxies, consents or revocations may be given or executed by the undersigned with respect to such tendered shares of Series C Preferred Stock (and, if given or executed, will not be deemed effective). The designees of the Offeror will, with respect to such shares of Series C Preferred Stock (and any and all Distributions) for which the appointment is effective, be empowered to exercise all voting, consent and other rights of such stockholder with respect to such stockholder's shares of Series C Preferred Stock as they in their discretion may deem proper at any annual or special meeting of Offeror stockholders or any adjournment or postponement thereof, by written consent in lieu of any such meeting or otherwise. The Offeror reserves the right to require that, in order for such shares of Series C Preferred Stock to be deemed validly tendered, immediately upon the Offeror's acceptance of such shares of Series C Preferred Stock for exchange, the Offeror must be able to exercise full voting, consent and other rights with respect to such shares of Series C Preferred Stock (and any and all Distributions). For clarity, unless and until the Offeror has accepted the shares of Series C Preferred Stock for exchange in the Offer, the foregoing appointment and provisions of this paragraph shall have no effect and shall be deemed not to have any effect.

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The undersigned hereby represents and warrants that (1) the undersigned owns the tendered shares of Series C Preferred Stock (and any and all other shares of Series C Preferred Stock or other securities issued or issuable in respect of such shares of Series C Preferred Stock); (2) the undersigned has the full power and authority to tender, sell, assign and transfer the tendered shares of Series C Preferred Stock (and any and all Distributions); and (3) when the same are accepted for exchange by the Offeror, the Offeror will acquire good and unencumbered title to the same number of shares of Series C Preferred Stock as are tendered hereby, free and clear of all liens, restrictions, charges and encumbrances and not subject to any adverse claims and such shares of Series C Preferred Stock (and any and all Distributions) will not be transferred to the Offeror in violation of any contractual or other restriction on the transfer thereof. The undersigned, upon request, will execute and deliver all additional documents deemed by the Exchange Agent or the Offeror to be necessary or desirable to complete the sale, assignment and transfer of the shares of Series C Preferred Stock tendered hereby (and any and all Distributions). In addition, the undersigned will remit and transfer promptly to the Exchange Agent for the account of the Offeror all Distributions in respect of the shares of Series C Preferred Stock tendered hereby, accompanied by appropriate documentation of transfer, and, pending such remittance and transfer or appropriate assurance thereof, the Offeror will be entitled to all rights and privileges as the owner of each such Distribution and may withhold the entire consideration payable in the Offer in respect of the shares of Series C Preferred Stock tendered hereby or deduct from such consideration the amount or value of such Distribution as determined by the Offeror in its sole discretion.

All authority herein conferred or agreed to be conferred will survive the death or incapacity of the undersigned, and any obligation of the undersigned hereunder will be binding upon the heirs, executors, administrators, personal representatives, trustees in bankruptcy, successors and assigns of the undersigned. Except as stated in the Prospectus/Consent Solicitation/Offer to Exchange, this tender is irrevocable.

The undersigned understands that the acceptance for exchange by the Offeror of shares of Series C Preferred Stock will constitute a binding agreement between the undersigned and the Offeror upon the terms of and subject to the conditions to the Offer (and, if the Offer is extended, amended, supplemented or earlier terminated, the terms or the conditions of any such extension, amendment, supplement or termination). The undersigned recognizes that, under the circumstances set forth in the Prospectus/Consent Solicitation/Offer to Exchange, the Offeror may not be required to accept for exchange any of the shares of Series C Preferred Stock tendered hereby.

The undersigned understands that the delivery and surrender of shares of Series C Preferred Stock that the undersigned has tendered are not effective, and the risk of loss of such shares of Series C Preferred Stock does not pass to the Exchange Agent, unless and until the Exchange Agent receives this letter of transmittal, properly completed and duly executed, or an Agent's Message, together with all accompanying evidences of authority in form satisfactory to the Offeror and any other required documents. THE UNDERSIGNED UNDERSTANDS THAT THE OFFEROR'S INTERPRETATION OF THE TERMS AND CONDITIONS OF THE OFFER (INCLUDING THIS LETTER OF TRANSMITTAL AND THE INSTRUCTIONS HERETO) WILL BE FINAL AND BINDING TO THE FULLEST EXTENT PERMITTED BY LAW. ALL QUESTIONS AS TO THE FORM OF DOCUMENTS AND THE VALIDITY, FORM, ELIGIBILITY (INCLUDING TIME OF RECEIPT) AND ACCEPTANCE FOR EXCHANGE OF ANY SHARES OF SERIES C PREFERRED STOCK WILL BE DETERMINED BY THE OFFEROR IN ITS DISCRETION, WHICH DETERMINATION WILL BE FINAL AND BINDING TO THE FULLEST EXTENT PERMITTED BY LAW. The undersigned also understands that no tender of shares of Series C Preferred Stock will be deemed validly made until all defects and irregularities with respect thereto have been cured or waived. In addition, the undersigned understands that none of the Offeror, Viskase, or any of their respective affiliates or assigns, the Exchange Agent or the information agent identified on the back page of this letter of transmittal or any other person is or will be under any duty to give notification of any defects or irregularities in tenders or will incur any liability for failure to give any such notification.

Unless otherwise indicated under "Special Issuance or Payment Instructions," the undersigned hereby requests that the shares of Series C Preferred Stock and the return of any shares of Series C Preferred Stock not tendered or not accepted for exchange, be in the name(s) of the undersigned and by credit to the applicable account at DTC. The undersigned recognizes that the Offeror has no obligation, pursuant to the "Special Issuance or Payment Instructions," to transfer any shares of Series C Preferred Stock from the name of the registered holder(s) thereof if the Offeror does not accept for exchange such shares of Series C Preferred Stock so tendered.

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Similarly, unless otherwise indicated under "Special Delivery Instructions," the undersigned hereby requests that the certificates for shares of Series C Preferred Stock (or, at the Offeror's election, evidence of book-entry of Series C Preferred Stock) be delivered to the undersigned at the address(es) of the registered holder(s). In the event that the boxes titled "Special Issuance or Payment Instructions" and "Special Delivery Instructions" are both completed, the undersigned hereby requests that the certificates for shares of Common Stock (or, at the Offeror's election, evidence of book-entry of Common Stock) be issued in the name(s) of and delivered to the person(s) so indicated.

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| **SPECIAL ISSUANCE OR PAYMENT INSTRUCTIONS** <br>**(See Instructions 1, 5, 6 and 7)** |
| &nbsp;&nbsp;To be completed ONLY if the shares of Common Stock are to be issued in the name of someone other than the registered holder(s) listed above in the box titled "Description of Shares Tendered."<br>Issue as follows: <br>Name <br>**(Please Print)**<br>Address <br>**(Include Zip Code)**<br>Area Code and <br>Telephone No. <br>Taxpayer Identification or <br>Social Security No.<br>(Also complete the enclosed IRS Form W-9 or an appropriate IRS Form W-8, as applicable) |
| **SPECIAL DELIVERY INSTRUCTIONS** <br>**(See Instructions 1, 5 and 7)** |
| &nbsp;&nbsp;To be completed ONLY if the shares of Common Stock are to be sent to an address other than the address(es) of the registered holder(s) listed above in the box titled "Description of Shares Tendered." <br>Mail as follows: <br>Name <br>**(Please Print)**<br>Address <br>**(Include Zip Code)**<br>Area Code and <br>Telephone No. |

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**IMPORTANT**

**STOCKHOLDER: SIGN HERE**

**(Please complete and return the enclosed IRS Form W-9 or an appropriate IRS Form W-8, as**

**applicable)**

**SIGN HERE:**

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|:---|:---|
| Sign Here: |  |
|  | **Signature(s) of Holder(s) of Shares** |
| Sign Here: |  |
|  | **Signature(s) of Holder(s) of Shares** |
| Date |  |

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| | | |
|:---|:---|:---|
| Name |  |  |
|  | **(Please Print)** | **(Please Print)** |
| Capacity <br>(full title) |  |  |
| Address |  |  |
|  |  | **(Include Zip Code)** |
| Area Code and <br>Telephone No. |  |  |
| Tax Identification or <br>Social Security <br>No. (See <br>enclosed IRS <br>Form W-9) |  |  |

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(Must be signed by registered holder(s) exactly as name(s) appear(s) on a security position listing or by person(s) authorized to become registered holder(s) by documents transmitted herewith. If signature is by a trustee, executor, administrator, guardian, attorney-in-fact, agent, officer of a corporation or other person acting in a fiduciary or representative capacity, please set forth full title and see Instruction 5.)

**Guarantee of Signature(s)**

**(If Required—See Instructions 1 and 5)**

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|:---|:---|
| Authorized Signature |  |
| Name: |  |
| Name of Firm |  |
| Address |  |
|  | **(Include Zip Code)** |
| Area Code and <br>Telephone No. |  |
| Date |  |

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**INSTRUCTIONS**

**FORMING PART OF THE TERMS AND CONDITIONS OF THE OFFER**

**1. Guarantee of Signatures**. No signature guarantee is required on this letter of transmittal (1) if this letter of transmittal is signed by the registered holder(s) (which term, for purposes of this document, includes any participant in DTC's systems whose name(s) appear(s) on a security position listing as the owner(s) of the shares of Series C Preferred Stock) of shares of Series C Preferred Stock and such holder(s) have not completed either the box titled "Special Issuance or Payment Instructions" or the box titled "Special Delivery Instructions" on this letter of transmittal or (2) if shares of Series C Preferred Stock are tendered for the account of a financial institution (including most commercial banks, savings and loan associations and brokerage houses) that is a member in the Security Transfer Agents Medallion Program or by any other "eligible guarantor institution," as such term is defined in Rule 17Ad-15 under the Securities Exchange Act of 1934, as amended (an "eligible institution"). In all other cases, all signatures on this letter of transmittal must be guaranteed by an eligible institution. See also Instruction 5.

**2. Requirements of Tender**. This letter of transmittal is to be completed and signed by Offeror stockholders, with any required signature guarantees, and returned to the Exchange Agent, together with a properly completed IRS Form W-9 or IRS Form W-8, as applicable, and any other documents required by this letter of transmittal or the Exchange Agent, except that this letter of transmittal does not need to be used if an Agent's Message is utilized. An "Agent's Message" is a message transmitted by DTC to, and received by, the Exchange Agent, forming a part of a book-entry confirmation, which states that DTC has received an express acknowledgment from the DTC participant tendering the shares that are the subject of such book-entry confirmation that such participant has received and agrees to be bound by the terms of this letter of transmittal and that the Offeror may enforce this agreement against such participant. For an Offeror stockholder to validly tender shares of Series C Preferred Stock pursuant to the offer, the Exchange Agent must receive prior to the Expiration of the Offer this letter of transmittal (or a manually signed facsimile thereof), properly completed and duly executed, together with any required signature guarantees or, in the case of a book-entry transfer, an Agent's Message in the case of a book-entry transfer, and any other documents required by this letter of transmittal or the Exchange Agent, at one of the Exchange Agent's addresses set forth on the back cover of this letter of transmittal. See also the section of the Prospectus/Consent Solicitation/Offer to Exchange entitled "*Series C Exchange Offer—Procedures for Tendering Shares of Enzon Series C Preferred Stock*."

**THE METHOD OF DELIVERY OF THIS LETTER OF TRANSMITTAL AND ALL OTHER REQUIRED DOCUMENTS, INCLUDING DELIVERY THROUGH DTC, IS AT THE OPTION AND THE RISK OF THE TENDERING OFFEROR STOCKHOLDER, AND THE DELIVERY WILL BE DEEMED MADE ONLY WHEN ACTUALLY RECEIVED BY THE EXCHANGE AGENT. IF DELIVERY IS BY MAIL, REGISTERED MAIL WITH RETURN RECEIPT REQUESTED, PROPERLY INSURED, IS RECOMMENDED. IN ALL CASES, SUFFICIENT TIME SHOULD BE ALLOWED TO ENSURE TIMELY DELIVERY. THE OFFEROR IS NOT PROVIDING FOR GUARANTEED DELIVERY PROCEDURES. ACCORDINGLY, OFFEROR STOCKHOLDERS MUST ALLOW SUFFICIENT TIME FOR THE NECESSARY TENDER PROCEDURES TO BE COMPLETED DURING NORMAL BUSINESS HOURS PRIOR TO THE EXPIRATION OF THE OFFER. PLEASE READ THIS ENTIRE LETTER OF TRANSMITTAL AND CONSENT, INCLUDING THE INSTRUCTIONS, CAREFULLY BEFORE COMPLETING THIS LETTER OF TRANSMITTAL.**

The Offeror will not accept any alternative, conditional or contingent tenders, and no fractional shares of Series C Preferred Stock will be accepted for exchange. By executing this letter of transmittal (or a manual facsimile thereof) or transmitting an Agent's Message, the tendering stockholder waives any right to receive any notice of the acceptance for exchange of the tendered shares of Series C Preferred Stock.

**3. Guaranteed Delivery.** Holders of Series C Preferred Stock desiring to tender shares pursuant to the Offer but whose shares of Series C Preferred Stock cannot otherwise be delivered with all other required documents to the Exchange Agent prior to the Expiration Date may nevertheless tender shares of Series C Preferred Stock, as long as all of the following conditions are satisfied:

(a) the tender must be made by or through an eligible institution (as described in Instruction 1);

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(b) the Exchange Agent receives by hand, mail, overnight courier, facsimile or electronic mail transmission, at its address set forth in this letter of transmittal, prior to the Expiration Date, a properly completed and duly executed Notice of Guaranteed Delivery in the form provided by the Company to the undersigned with this letter of transmittal (with any required signature guarantees); and

(c) a confirmation of a book-entry transfer into the Exchange Agent's account at DTC of all shares of Series C Preferred Stock delivered electronically, in each case together with a properly completed and duly executed letter of transmittal with any required signature guarantees (or, in the case of a book-entry transfer without delivery of a letter of transmittal, an Agent's Message in accordance with ATOP), and any other documents required by this letter of transmittal, must be received by the Exchange Agent within two business days after the date the Exchange Agent receives such Notice of Guaranteed Delivery, all as provided in the Prospectus/Consent Solicitation/Offer to Exchange.

A holder of shares of Series C Preferred Stock may deliver the Notice of Guaranteed Delivery by facsimile transmission, e-mail or mail to the Exchange Agent.

Except as specifically permitted by the Prospectus/Consent Solicitation/Offer to Exchange, no alternative or contingent exchanges will be accepted.

**4. Inadequate Space**. If the space provided herein under "Description of Shares Tendered" is inadequate, the number of shares of Series C Preferred Stock tendered should be listed on a separate signed schedule and attached hereto.

**5. Signatures; Stock Powers.**

(a) *Exact Signatures*. If this letter of transmittal is signed by the registered holder(s) of the shares of Series C Preferred Stock tendered hereby, the signature(s) must correspond with the name(s) as written on the security position listing evidencing such shares of Series C Preferred Stock without any change whatsoever.

(b) *Joint Holders*. If any of the shares of Series C Preferred Stock tendered hereby are held of record by two or more persons, all such persons must sign this letter of transmittal.

(c) *Different Names*. If any of the shares of Series C Preferred Stock tendered hereby are registered in different names, it will be necessary to complete, sign and submit as many separate letters of transmittal as there are different registrations of such shares of Series C Preferred Stock.

(d) *Stock Powers*. If this letter of transmittal is signed by the registered holder(s) of the shares of Series C Preferred Stock tendered hereby, no separate stock powers are required unless the shares of Common Stock are to be issued to a person other than the registered holder(s). In all other cases, such stock powers are required, and signatures on any such stock powers must be guaranteed by an eligible institution as described under Instruction 1.

If this letter of transmittal or any stock power is executed by a trustee, executor, administrator, guardian, attorney-in-fact, officer of a corporation or other person acting in a fiduciary or representative capacity, such person should so indicate when signing, and proper evidence satisfactory to the Offeror of such person so to act must be submitted.

**6. Transfer Taxes**. Except as otherwise provided in this Instruction 6, the Offeror or any successor entity thereto or designated affiliate thereof will pay any stock transfer tax with respect to the transfer of any shares of Series C Preferred Stock to it pursuant to the Offer (for the avoidance of doubt, transfer taxes do not include U.S. federal income or withholding taxes). If, however, the consideration is to be paid to, or if security position listing(s) evidencing shares of Series C Preferred Stock not tendered or not accepted for exchange are to be issued in the name of, any person other than the registered holder(s), or if tendered security position listing(s) evidencing shares of Series C Preferred Stock are registered in the name of any person other than the person(s) signing this letter of transmittal, the Offeror will not be responsible for any transfer or other similar taxes (whether imposed on the registered holder(s) or such other person or otherwise) payable on account of any such issuance or transfer to such other person and no consideration shall be paid or issued in respect of such shares of Series C Preferred Stock pursuant to the offer unless evidence satisfactory to Offeror that such taxes have been paid or are not required to be paid is submitted.

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**7. Special Issuance or Payment and Delivery Instructions**. If the certificates for shares of Common Stock (or, at Offeror's election, evidence of book-entry of Common Stock) and any certificates for the shares of Series C Preferred Stock not tendered or not accepted for exchange (and any accompanying documents, as appropriate) are to be issued in the name of and/or delivered to a person other than the registered holder(s) listed above in the box titled "Description of Shares Tendered" or delivered to the registered holder(s) listed above in the box titled "Description of Shares Tendered" at an address other than that listed above in the box titled "Description of Shares Tendered," the appropriate boxes on this letter of transmittal should be completed and the signature will need to be guaranteed as described under Instruction 1.

**8. Tax Withholding**. In order to avoid backup withholding, each Offeror stockholder that is a United States person within the meaning of the Internal Revenue Code of 1986, as amended (a "United States person"), and, if applicable, each other payee that is a United States person, must provide the Exchange Agent with such stockholder's or payee's correct taxpayer identification number ("TIN") and certify that such stockholder or payee is not subject to backup withholding by completing the enclosed IRS Form W-9 or otherwise establish a basis for exemption from backup withholding. If the Exchange Agent is not provided with such stockholder's or payee's correct TIN or an adequate basis for exemption from backup withholding before payment is made, payments of cash made to such stockholder or payee may be subject to backup withholding at the applicable rate and such stockholder or payee may be subject to a penalty imposed by the Internal Revenue Service (the "IRS"). See the enclosed IRS Form W-9 and the instructions thereto for additional information.

Certain stockholders or payees (including, among others, corporations and certain foreign persons) are not subject to backup withholding. An Offeror stockholder or other payee that is not a United States person may qualify as an exempt recipient for purposes of United States federal backup withholding by providing the Exchange Agent with a properly completed IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, or other appropriate IRS Form W-8, signed under penalties of perjury, attesting to such stockholder's foreign status or by otherwise establishing an exemption. An appropriate IRS Form W-8 may be obtained from the Exchange Agent or the IRS website (*www.irs.gov*). Failure to complete IRS Form W-9 or the appropriate IRS Form W-8 will not, by itself, cause shares of Series C Preferred Stock to be deemed invalidly tendered, but may require the Exchange Agent to withhold from the cash amounts paid pursuant to the offer. Backup withholding is not an additional tax. Rather, the U.S. federal income tax liability, if any, of a person subject to backup withholding will be reduced by the amount of tax withheld. If backup withholding results in the overpayment of taxes, a payee may claim a refund or credit by timely submitting the required information to the IRS. Tax matters can be complicated, and the tax consequences of the Offer to a particular stockholder will depend on such stockholder's particular facts and circumstances. Offeror stockholders should consult their own tax advisors to determine the specific consequences to them of tendering their shares of Series C Preferred Stock pursuant to the offer.

**FAILURE TO COMPLETE AND RETURN THE ENCLOSED IRS FORM W-9 OR THE APPROPRIATE IRS FORM W-8 MAY RESULT IN BACKUP WITHHOLDING FROM THE CASH AMOUNTS PAID PURSUANT TO THE OFFER.**

**IRS CIRCULAR 230 DISCLOSURE**

**TO ENSURE COMPLIANCE WITH REQUIREMENTS IMPOSED BY THE IRS, WE INFORM YOU THAT ANY UNITED STATES TAX ADVICE CONTAINED IN THIS LETTER OF TRANSMITTAL (INCLUDING ANY ATTACHMENTS) IS NOT INTENDED OR WRITTEN TO BE USED, AND CANNOT BE USED, FOR THE PURPOSE OF (I) AVOIDING PENALTIES UNDER THE INTERNAL REVENUE CODE OR (II) PROMOTING, MARKETING OR RECOMMENDING TO ANOTHER PARTY ANY MATTERS ADDRESSED HEREIN.**

**9. Requests for Additional Copies**. Questions and requests for assistance or additional copies of the Prospectus/Consent Solicitation/Offer to Exchange and this letter of transmittal should be directed to the information agent at its address and telephone number set forth on the back page of this letter of transmittal. Stockholders may also contact their brokers, dealers, commercial banks, trust companies or other nominees for assistance concerning the offer.

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**10. Waiver of Conditions**. The Offeror reserves the absolute right to waive any condition of the Offer to the extent permitted by applicable law except as specified in the Prospectus/Consent Solicitation/Offer to Exchange.

**11. Irregularities**. All questions as to form, validity, eligibility (including time of receipt) and acceptance for exchange of any tender of shares of Series C Preferred Stock and any notice of withdrawal will be determined by the Offeror in its sole discretion, which determinations shall be final and binding to the fullest extent permitted by law. The Offeror reserves the absolute right to reject any or all tenders of shares of Series C Preferred Stock it determines not to be in proper form or the acceptance of or exchange for which may, in the opinion of Offeror's counsel, be unlawful. The Offeror also reserves the absolute right to waive any defect or irregularity in the tender of any shares of Series C Preferred Stock of any particular stockholder, whether or not similar defects or irregularities are waived in the case of other stockholders. No tender of shares of Series C Preferred Stock will be deemed to be properly made until all defects and irregularities with respect thereto have been cured or waived. Unless waived, any defects or irregularities in connection with tenders must be cured within such time as the Offeror shall determine. None of the Offeror, Viskase, their respective affiliates and associates, the Exchange Agent, the information agent or any other person is or will be obligated to give notice of any defects or irregularities in tenders of shares of Series C Preferred Stock, or to waive any such defect or irregularity, and none of them will incur any liability for failure to give any such notice or waiver. The Offeror's interpretation of the terms and conditions of the offer, including this letter of transmittal, will be final and binding to the fullest extent permitted by law.

IMPORTANT: THIS LETTER OF TRANSMITTAL, TOGETHER WITH ANY SIGNATURE GUARANTEES, OR, IN THE CASE OF A BOOK-ENTRY TRANSFER, AN AGENT'S MESSAGE, AND ANY OTHER REQUIRED DOCUMENTS, MUST BE RECEIVED BY THE EXCHANGE AGENT PRIOR TO THE EXPIRATION OF THE OFFER OR SHARES MUST BE DELIVERED PURSUANT TO THE PROCEDURES FOR BOOK-ENTRY TRANSFER, IN EACH CASE PRIOR TO THE EXPIRATION OF THE OFFER.

Facsimiles of this letter of transmittal, properly completed and duly signed, will be accepted. In such case, a copy of this letter of transmittal and any other required documents should be sent or delivered by each stockholder or such stockholder's broker, dealer, commercial bank, trust company or other nominee to the Exchange Agent at one of its addresses set forth herein.

If the Offeror becomes aware of any jurisdiction in which the making of the Offer or the tender of shares of Series C Preferred Stock in connection therewith would not be in compliance with applicable law, the Offeror will make a good faith effort to comply with any such law. If, after such good faith effort, the Offeror cannot comply with any such law, the Offer will not be made to (nor will tenders be accepted from or on behalf of) the holders of shares of Series C Preferred Stock in such jurisdiction. In any jurisdiction where the securities, blue sky or other laws require the Offer to be made by a licensed broker or dealer, the Offer shall be deemed to be made on behalf of the Offeror by one or more registered brokers or dealers licensed under the laws of such jurisdiction.

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***The Depositary & Exchange Agent for the offer is:***

![Graphic](enzn-20250930xex99d9001.jpg)

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| | |
|:---|:---|
| *If delivering by mail:* <br>Continental Stock Transfer & Trust Company, <br>Attn: Corporate Actions, <br>1 State Street 30th Floor, New York, NY 10004 <br>Telephone: 800-509-5586 | *If delivering by hand, express mail, courier*<u> </u><br>*or any other expedited service:* <br>Continental Stock Transfer & Trust Company, <br>Attn: Corporate Actions, <br>1 State Street 30th Floor, New York, NY 10004 <br>Telephone: 800-509-5586 |

---

Questions or requests for assistance may be directed to the information agent at its address and telephone number set forth below. Requests for additional copies of the Prospectus/Consent Solicitation/Offer to Exchange and this letter of transmittal may be directed to the information agent at the address and telephone number set forth below. Stockholders may also contact their broker, dealer, commercial bank or trust company for assistance concerning the offer.

***The information agent for the offer is:***

**HKL & Co., LLC**

3 Columbus Circle, 15th Floor

New York, NY 10019

Banks and Brokerage Firms Please Call Collect: +1 (212) 468-5380

All Others Call Toll-Free: +1 (800) 326-5997

Email: enzn@hklco.com

------

## Exhibit 99.10

**Exhibit 99.10**

**NOTICE OF GUARANTEED DELIVERY OF**

**SHARES OF SERIES C PREFERRED STOCK OF**

**ENZON PHARMACEUTICALS, INC.**

**Pursuant to the Prospectus/Consent Solicitation/Offer to Exchange, dated January 28, 2026**

**Instructions for Use**

Unless defined herein, terms used in this Notice of Guaranteed Delivery shall have definitions set forth in the Prospectus/Consent Solicitation/Offer to Exchange, dated January 28, 2026, filed with the U.S. Securities and Exchange Commission on January 28, 2026.

This Notice of Guaranteed Delivery, or one substantially in the form hereof, must be used to accept the Offer if:

● the procedure for book-entry transfer cannot be completed on a timely basis; or

● time will not permit all required documents, including a properly completed and duly executed Letter of Transmittal and any other required documents, to reach Continental Stock Transfer & Trust Company (the "Exchange Agent") prior to the Expiration of the Offer.

This Notice of Guaranteed Delivery, properly completed and duly executed, must be delivered by hand, mail, overnight courier, facsimile or electronic mail transmission to the Exchange Agent, as described in the section of the Prospectus/Consent Solicitation/Offer to Exchange entitled "*Series C Exchange Offer—Procedure for Tendering Shares of Enzon Series C Preferred Stock—Guaranteed Delivery Procedures*." The method of delivery of all required documents is at the holder's option and risk.

For this Notice of Guaranteed Delivery to be validly delivered, it must be *received* by the Exchange Agent at the address below prior to the Expiration of the Offer. Delivery of this notice to another address will not constitute a valid delivery. If delivered to the Offeror, the information agent or the book-entry transfer facility, a Notice of Guaranteed Delivery will not be forwarded to the Exchange Agent and such delivery to the Offeror, the information agent or the book-entry transfer facility, as the case may be, will not constitute a valid delivery.

The signature of the holder of Series C Preferred Stock on this Notice of Guaranteed Delivery must be guaranteed by an "Eligible Institution," and the Eligible Institution must also execute the Guarantee of Delivery attached hereto. An "Eligible Institution" is a bank, broker, dealer, credit union, savings association or other entity that is a member in good standing of the Securities Transfer Agents Medallion Program or a bank, broker, dealer, credit union, savings association or other entity which is an "eligible guarantor institution," as that term is defined in Rule 17Ad-15 promulgated under the Securities Exchange Act of 1934, as amended.

**In addition, if the instructions to the Letter of Transmittal require a signature on a Letter of Transmittal to be guaranteed by an eligible institution, such signature guarantee must appear in the applicable space provided in the signature box on the Letter of Transmittal.**

------

**NOTICE OF GUARANTEED DELIVERY OF**

**SHARES OF SERIES C PREFERRED STOCK OF**

**ENZON PHARMACEUTICALS, INC.**

**Pursuant to the Prospectus/Consent Solicitation/Offer to Exchange, dated January 28, 2026**

**TO: CONTINENTAL STOCK TRANSFER & TRUST COMPANY**

1 State Street, 30th Floor

New York, NY 10004

Attention: Corporate Actions Department

The undersigned acknowledges receipt of the Prospectus/Consent Solicitation/Offer to Exchange, dated January 28, 2026 (the "Prospectus/Consent Solicitation/Offer to Exchange"), and the related Letter of Transmittal (the "Letter of Transmittal").

By signing this Notice of Guaranteed Delivery, the holder tenders for exchange, upon the terms and subject to the conditions described in the Prospectus/Consent Solicitation/Offer to Exchange and in the Letter of Transmittal, the number of shares of Series C Non-Convertible Redeemable Preferred Stock, $0.01 par value per share (the "Series C Preferred Stock"), of Enzon Pharmaceuticals, Inc. specified below, pursuant to the guaranteed delivery procedures described in the section of the Prospectus/Consent Solicitation/Offer to Exchange entitled "*Series C Exchange Offer—Procedure for Tendering Shares of Enzon Series C Preferred Stock—Guaranteed Delivery Procedures*."

**DESCRIPTION OF SHARES OF SERIES C PREFERRED STOCK TENDERED**

List below the shares of Series C Preferred Stock to which this Notice of Guaranteed Delivery relates.

---

| | |
|:---|:---|
| **Name(s) and Address(es)** <br>**of Registered Holder(s)** <br>**of Shares of Preferred Stock** | **Number of Shares of Preferred Stock** <br>**Tendered** |
|  | **Total:** |

---

(1)Unless otherwise indicated above, it will be assumed that all shares of Series C Preferred Stock listed above are being tendered pursuant to this Notice of Guaranteed Delivery.

☐ CHECK HERE IF THE SHARES OF SERIES C PREFERRED STOCK LISTED ABOVE WILL BE DELIVERED BY BOOK-ENTRY TRANSFER MADE TO THE ACCOUNT MAINTAINED BY THE EXCHANGE AGENT WITH THE DEPOSITORY TRUST COMPANY ("DTC") AND COMPLETE THE FOLLOWING (FOR USE BY ELIGIBLE INSTITUTIONS ONLY):

Name of Tendering Institution: <br> Account Number:

------

**SIGNATURES**

---

| |
|:---|
| Signature(s) of Preferred Stock Holder(s) |
| Name(s) of Preferred Stock Holder(s) (Please Print) |
| Address |
| City, State, Zip Code |
| Telephone Number |
| Date |

---

**GUARANTEE OF SIGNATURES**

---

| |
|:---|
| Authorized Signature |
| Name (Please Print) |
| Title |
| Name of Firm (must be an Eligible Institution as defined in this Notice of Guaranteed Delivery) |
| Address |
| City, State, Zip Code |
| Telephone Number |
| Date |

---

------

**GUARANTEE OF DELIVERY**

**(Not to be used for Signature Guarantee)**

The undersigned, a bank, broker, dealer, credit union, savings association or other entity that is a member in good standing of the Securities Transfer Agents Medallion Program or a bank, broker, dealer, credit union, savings association or other entity which is an "eligible guarantor institution," as that term is defined in Rule 17Ad-15 promulgated under the Securities Exchange Act of 1934, as amended (each of the foregoing constituting an "Eligible Institution"), guarantees delivery to the Exchange Agent of the shares of Series C Preferred Stock tendered in proper form for transfer, or a confirmation that the shares of Series C Preferred Stock tendered have been delivered pursuant to the procedure for book-entry transfer described in the Prospectus/Consent Solicitation/Offer to Exchange and the Letter of Transmittal into the Exchange Agent's account at the book-entry transfer facility, in each case together with a properly completed and duly executed Letter(s) of Transmittal, or an Agent's Message in the case of a book-entry transfer, and any other required documents, all within one (1) Over-the-Counter Bulletin Board quotation days after the date of receipt by the Exchange Agent of this Notice of Guaranteed Delivery.

The Eligible Institution that completes this form must communicate the guarantee to the Exchange Agent and must deliver the Letter of Transmittal to the Exchange Agent, or confirmation of receipt of the shares of Series C Preferred Stock pursuant to the procedure for book-entry transfer and an Agent's Message, within the time set forth above. Failure to do so could result in a financial loss to such Eligible Institution.

---

| |
|:---|
| Authorized Signature Name (Please Print) |
| Title |
| Name of Firm |
| Address |
| City, State, Zip Code |
| Telephone Number |
| Date |

---

------

## Exhibit 99.11

**Exhibit 99.11**

**LETTER TO BROKERS, DEALERS, COMMERCIAL BANKS, TRUST COMPANIES AND OTHER NOMINEES**

**Offer To Exchange Shares of Series C Preferred Stock**

**of**

**Enzon Pharmaceuticals, Inc.**

**for**

**Shares of Common Stock**

**of**

**Enzon Pharmaceuticals, Inc.**

**THE OFFER (AS DEFINED BELOW) AND WITHDRAWAL RIGHTS WILL EXPIRE AT ONE MINUTE AFTER 11:59 P.M., EASTERN TIME, ON [ ], 2026, OR SUCH LATER TIME AND DATE TO WHICH WE MAY EXTEND. THE SHARES OF SERIES C PREFERRED STOCK (AS DEFINED BELOW) TENDERED PURSUANT TO THE OFFER MAY BE WITHDRAWN PRIOR TO THE EXPIRATION DATE (AS DEFINED BELOW). CONSENTS MAY BE REVOKED ONLY BY WITHDRAWING THE TENDER OF THE RELATED SHARES OF SERIES C PREFERRED STOCK AND THE WITHDRAWAL OF ANY SHARES OF SERIES C PREFERRED STOCK WILL AUTOMATICALLY CONSTITUTE A REVOCATION OF THE RELATED CONSENTS.**<br>

[<u> </u>], 2026

**To Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees:**

Enclosed are the Prospectus/Consent Solicitation/Offer to Exchange, dated January 28, 2026 (the "Prospectus/Consent Solicitation/Offer to Exchange"), and the related Letter of Transmittal (the "Letter of Transmittal"), which together set forth the offer by Enzon Pharmaceuticals, Inc., a Delaware corporation (the "Company," the "Offeror," "we," "our" and "us"), to each holder of outstanding shares of Series C Non-Convertible Redeemable Preferred Stock, $0.01 par value per share (the "Series C Preferred Stock"), of the Company, the opportunity to receive that number of shares of common stock, $0.01 par value per share ("Common Stock"), equal to (i) the aggregate liquidation preference of each share of Series C Preferred Stock, divided by (ii) $7.83 after giving effect to the Reverse Stock Split (as defined in the Prospectus/Consent Solicitation/Offer to Exchange) (the "Exchange Ratio," and such offer, on the terms and subject to the conditions and procedures set forth in the Prospectus/Consent Solicitation/Offer to Exchange and the Letter of Transmittal, together with any amendments or supplements thereto, the "Offer"). The Offer is made solely upon the terms and conditions in the Prospectus/Consent Solicitation/Offer to Exchange and in the Letter of Transmittal. The Offer will expire at one minute after 11:59 p.m., Eastern Time, on [<u> </u>], 2026, or such later time and date to which the Company may extend the Offer. The period during which the Offer is open, giving effect to any withdrawal or extension, is referred to as the "Offer Period." The date and time at which the Offer Period ends is referred to as the "Expiration Date." Unless defined herein, terms used in this Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees shall have definitions set forth in the Prospectus/Consent Solicitation/Offer to Exchange.

The Offer is being made to all holders of Series C Preferred Stock. The Series C Preferred Stock is governed by the Certificate of Designation, dated September 21, 2020. The Series C Preferred Stock is not listed on a securities exchange nor traded in an over-the-counter market. As of January [<u> </u>], 2026, a total of 40,000 shares of Series C Preferred Stock were outstanding.

------

Each holder of Series C Preferred Stock whose shares of Series C Preferred Stock are exchanged pursuant to the Offer will receive that number of shares of Common Stock calculated pursuant to the Exchange Ratio.

No fractional shares of Common Stock will be issued. Instead, holders will receive a cash payment in lieu of fractional shares. The Company's obligation to complete the Offer is not conditioned on the receipt of a minimum number of tendered shares of Series C Preferred Stock.

The Offer is conditioned upon the satisfaction or waiver of all of the conditions to the consummation of the Merger set forth in the Agreement and Plan of Merger, dated June 20, 2025 by and among the Offeror, EPSC Acquisition Corp. ("EPSC") and Viskase Companies Inc. ("Viskase") (the "Original Merger Agreement"), as amended by the First Amendment to the Agreement and Plan of Merger, dated October 24, 2025, by and among the Offeror, EPSC and Viskase (the "First Amendment to the Merger Agreement," and as amended, the "Merger Agreement"), including, without limitation, the effectiveness of the Registration Statement and the receipt by Enzon of the requisite written consent of holders of its Common Stock approving the Merger and the other transactions contemplated by the Merger Agreement. The Offeror intends to complete the Offer substantially concurrently with the consummation of the Merger. Holders of Series C Preferred Stock may withdraw any shares of Series C Preferred Stock tendered by them into the Offer at any time prior to the Expiration Date.

Shares of Series C Preferred Stock not exchanged for shares of our Common Stock pursuant to the Offer will remain outstanding subject to their current terms. We reserve the right to redeem any of the shares of Series C Preferred Stock, as applicable, pursuant to their current terms at any time, including prior to the completion of the Offer.

**WE ARE NOT AWARE OF ANY U.S. STATE WHERE THE MAKING OF THE OFFER IS NOT IN COMPLIANCE WITH APPLICABLE LAW. IF WE BECOME AWARE OF ANY U.S. STATE WHERE THE MAKING OF THE OFFER OR THE ACCEPTANCE OF THE SHARES OF SERIES C PREFERRED STOCK PURSUANT TO THE OFFER IS NOT IN COMPLIANCE WITH APPLICABLE LAW, WE WILL MAKE A GOOD FAITH EFFORT TO COMPLY WITH THE APPLICABLE LAW. IF, AFTER SUCH GOOD FAITH EFFORT, WE CANNOT COMPLY WITH THE APPLICABLE LAW, THE OFFER WILL NOT BE MADE TO (NOR WILL TENDERS BE ACCEPTED FROM OR ON BEHALF OF) HOLDERS OF SERIES C PREFERRED STOCK.**

Enclosed with this letter are copies of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Prospectus/Consent Solicitation/Offer to Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Letter of Transmittal, for your use in accepting the Offer, tendering shares of Series C Preferred Stock for exchange and for the information of your clients for whose accounts you hold shares of Series C Preferred Stock registered in your name or in the name of your nominee. Manually signed copies of the Letter of Transmittal may be used to tender shares of Series C Preferred Stock and provide consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Notice of Guaranteed Delivery to be used to accept the Offer in the event (i) the procedure for book-entry transfer cannot be completed on a timely basis or (ii) time will not permit all required documents to reach Continental Stock Transfer & Trust Company (the "Exchange Agent") prior to the Expiration Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A form of letter which may be sent by you to your clients for whose accounts you hold shares of Series C Preferred Stock registered in your name or in the name of your nominee, including an Instructions Form provided for obtaining each such client's instructions with regard to the Offer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A return envelope addressed to Exchange Agent.

**Certain conditions to the Offer are described in the section of the Prospectus/Consent Solicitation/Offer to Exchange entitled "*Series C Exchange Offer—Conditions of the Series C Exchange Offer*."**

**We urge you to contact your clients promptly. Please note that the Offer and withdrawal rights will expire at one minute after 11:59 p.m., Eastern Time, on [__], 2026, or such later time and date to which the Company may extend the Offer.**

------

The Company will not pay any fees or commissions to any broker, dealer or other person (other than the Exchange Agent, the information agent, dealer manager and solicitation agent and certain other persons, as described in the sections of the Prospectus/Consent Solicitation/Offer to Exchange entitled "*Series C Exchange Offer—Fees and Expenses*") for soliciting tenders of shares of Series C Preferred Stock pursuant to the Offer. However, the Company will, on request, reimburse you for customary clerical and mailing expenses incurred by you in forwarding copies of the enclosed materials to your clients for whose accounts you hold shares of Series C Preferred Stock.

Any questions you have regarding the Offer should be directed to, and additional copies of the enclosed materials may be obtained from, the information agent in the Offer:

*The Information Agent for the Offer is:*

**HKL & Co., LLC**

3 Columbus Circle, 15th Floor

New York, NY 10019

Banks and Brokerage Firms Please Call Collect: +1 (212) 468-5380

All Others Call Toll-Free: +1 (800) 326-5997

Email: enzn@hklco.com

Very truly yours,

Enzon Pharmaceuticals, Inc.

**Nothing contained in this letter or in the enclosed documents shall constitute you or any other person the agent of the Company, the Exchange Agent, the dealer manager and solicitation agent, the information agent or any affiliate of any of them, or authorize you or any other person to give any information or use any document or make any statement on behalf of any of them in connection with the Offer other than the enclosed documents and the statements contained therein.**

------

## Exhibit 99.12

**Exhibit 99.12**

**LETTER TO CLIENTS OF BROKERS, DEALERS, COMMERCIAL BANKS, TRUST**

**COMPANIES AND OTHER NOMINEES**

**Offer To Exchange Shares of Series C Preferred Stock**

**of**

**Enzon Pharmaceuticals, Inc.**

**for**

**Shares of Common Stock**

**of**

**Enzon Pharmaceuticals, Inc.**

**THE OFFER (AS DEFINED BELOW) AND WITHDRAWAL RIGHTS WILL EXPIRE AT ONE MINUTE AFTER 11:59 P.M., EASTERN TIME, ON [__], 2026, OR SUCH LATER TIME AND DATE TO WHICH WE MAY EXTEND. THE SHARES OF SERIES C PREFERRED STOCK (AS DEFINED BELOW) TENDERED PURSUANT TO THE OFFER MAY BE WITHDRAWN PRIOR TO THE EXPIRATION DATE (AS DEFINED BELOW). CONSENTS MAY BE REVOKED ONLY BY WITHDRAWING THE TENDER OF THE RELATED SHARES OF SERIES C PREFERRED STOCK AND THE WITHDRAWAL OF ANY SHARES OF SERIES C PREFERRED STOCK WILL AUTOMATICALLY CONSTITUTE A REVOCATION OF THE RELATED CONSENTS.**<br>

[ <u>]</u>, 2026

**To Our Clients:**

Enclosed are the Prospectus/Consent Solicitation/Offer to Exchange dated January 28, 2026 (the "Prospectus/Consent Solicitation/Offer to Exchange"), and the related Letter of Transmittal (the "Letter of Transmittal"), which together set forth the offer by Enzon Pharmaceuticals, Inc., a Delaware corporation (the "Company" or the "Offeror"), to each holder of outstanding shares of Series C Non-Convertible Redeemable Preferred Stock, $0.01 par value per share (the "Series C Preferred Stock"), of the Company, of the opportunity to receive that number of shares of common stock, $0.01 par value per share ("Common Stock"), equal to (i) the aggregate liquidation preference of each share of Series C Preferred Stock, divided by (ii) $7.83 after giving effect to the Reverse Stock Split (as defined in the Prospectus/Consent Solicitation/Offer to Exchange) (the "Exchange Ratio," and such offer, on the terms and subject to the conditions and procedures set forth in the Prospectus/Consent Solicitation/Offer to Exchange and the Letter of Transmittal, together with any amendments or supplements thereto, the "Offer").

The Offer is made solely upon the terms and conditions in the Prospectus/Consent Solicitation/Offer to Exchange and in the Letter of Transmittal. The Offer will expire at one minute after 11:59 p.m., Eastern Time, on [<u> </u>], 2026, or such later time and date to which the Company may extend the Offer. The period during which the Offer is open, giving effect to any withdrawal or extension, is referred to as the "Offer Period." The date and time at which the Offer Period ends is referred to as the "Expiration Date." Unless defined herein, terms used in this Letter to Clients of Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees shall have definitions set forth in the Prospectus/Consent Solicitation/Offer to Exchange.

The shares of Series C Preferred Stock are not listed on a securities exchange nor traded in an over-the-counter market. As of January [<u> </u>], 2026, a total of 40,000 shares of Series C Preferred Stock were outstanding.

Each holder of Series C Preferred Stock whose shares of Series C Preferred Stock are exchanged pursuant to the Offer will receive that number of shares of Common Stock calculated pursuant to the Exchange Ratio. Any holder of Series C Preferred Stock that participates in the Offer may tender less than all of their shares of Series C Preferred Stock for exchange.

No fractional shares of Common Stock will be issued. Instead, holders will receive a cash payment in lieu of fractional shares. The Company's obligation to complete the Offer is not conditioned on the receipt of a minimum number of tendered shares of Series C Preferred Stock.

------

The Offer is conditioned upon the satisfaction or waiver of all of the conditions to the consummation of the Merger set forth in the Agreement and Plan of Merger, dated June 20, 2025 by and among the Offeror, EPSC Acquisition Corp. ("EPSC") and Viskase Companies, Inc. ("Viskase") (the "Original Merger Agreement"), as amended by the First Amendment to the Agreement and Plan of Merger, dated October 24, 2025, by and among the Offeror, EPSC and Viskase (the "First Amendment to the Merger Agreement," and, as amended, the "Merger Agreement"), including, without limitation, the effectiveness of the Registration Statement and the receipt by Enzon of the requisite written consent of holders of its Common Stock approving the Merger and the other transactions contemplated by the Merger Agreement. The Offeror intends to complete the Offer substantially concurrently with the consummation of the Merger. Holders of Series C Preferred Stock may withdraw any shares of Series C Preferred Stock tendered by them into the Offer at any time prior to the Expiration Date.

Shares of Series C Preferred Stock not exchanged for shares of our Common Stock pursuant to the Offer will remain outstanding subject to their current terms. We reserve the right to redeem any of the shares of Series C Preferred Stock, as applicable, pursuant to their current terms at any time, including prior to the completion of the Offer.

**WE ARE NOT AWARE OF ANY U.S. STATE WHERE THE MAKING OF THE OFFER IS NOT IN COMPLIANCE WITH APPLICABLE LAW. IF WE BECOME AWARE OF ANY U.S. STATE WHERE THE MAKING OF THE OFFER OR THE ACCEPTANCE OF THE SHARES OF SERIES C PREFERRED STOCK PURSUANT TO THE OFFER IS NOT IN COMPLIANCE WITH APPLICABLE LAW, WE WILL MAKE A GOOD FAITH EFFORT TO COMPLY WITH THE APPLICABLE LAW. IF, AFTER SUCH GOOD FAITH EFFORT, WE CANNOT COMPLY WITH THE APPLICABLE LAW, THE OFFER WILL NOT BE MADE TO (NOR WILL TENDERS BE ACCEPTED FROM OR ON BEHALF OF) HOLDERS OF SERIES C PREFERRED STOCK.**

*Please follow the instructions in this document and the related documents, including the accompanying Letter of Transmittal, to cause your shares of Series C Preferred Stock to be tendered for exchange pursuant to the Offer.*

On the terms and subject to the conditions of the Offer, the Company will allow the exchange of all shares of Series C Preferred Stock properly tendered before the Expiration Date and not properly withdrawn, at an exchange rate equal to the Exchange Ratio.

We are the owner of record of shares of Series C Preferred Stock held for your account. As such, only we can exchange and tender your shares of Series C Preferred Stock, and then only pursuant to your instructions. We are sending you the Letter of Transmittal for your information only; you cannot use it to exchange and tender shares of Series C Preferred Stock we hold for your account. Please instruct us as to whether you wish us to tender for exchange any or all of the shares of Series C Preferred Stock we hold for your account, on the terms and subject to the conditions of the Offer.

Please note the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Your shares of Series C Preferred Stock may be exchanged at the exchange rate equal to the Exchange Ratio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Offer is made solely upon the terms and conditions set forth in the Prospectus/Consent Solicitation/Offer to Exchange and in the Letter of Transmittal. In particular, please see "*Series C Exchange Offer—Conditions of the Series C Exchange Offer*" in the Prospectus/Consent Solicitation/Offer to Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Offer and withdrawal rights will expire at one minute after 11:59 p.m., Eastern Time, on [ <u> </u> ], 2026, or such later time and date to which the Company may extend the Offer.

**If you wish to have us tender any or all of your shares of Series C Preferred Stock for exchange pursuant to the Offer, please so instruct us by completing, executing, detaching and returning to us the attached Instructions Form. If you authorize us to tender your shares of Series C Preferred Stock, we will tender for exchange all of your shares of Series C Preferred Stock unless you specify otherwise on the attached Instruction Form.**

**Your prompt action is requested. Your Instruction Form should be forwarded to us in ample time to permit us to submit a tender on your behalf before the Expiration Date. Please note that the Offer and withdrawal rights**

------

**will expire at one minute after 11:59 p.m., Eastern Time, on [ ], 2026, or such later time and date to which the Company may extend the Offer.**

**An authorized committee of the Board of Directors of the Company has approved the Offer. However, neither the Company nor any of its management, its Board of Directors, the information agent, or the exchange agent for the Offer is making any recommendation as to whether holders of shares of Series C Preferred Stock should tender shares of Series C Preferred Stock for exchange in the Offer. The Company has not authorized any person to make any recommendation. You should carefully evaluate all information in the Prospectus/Consent Solicitation/Offer to Exchange and in the Letter of Transmittal and should consult your own investment and tax advisors. You must decide whether to have your shares of Series C Preferred Stock exchanged and, if so, how many shares of Series C Preferred Stock to have exchanged. In doing so, you should read carefully the information in the Prospectus/Consent Solicitation/Offer to Exchange and in the Letter of Transmittal.**

------

**Instructions Form**

**Offer To Exchange Shares of Series C Preferred Stock**

**of**

**Enzon Pharmaceuticals, Inc.**

**for**

**Shares of Common Stock**

**of**

**Enzon Pharmaceuticals, Inc.**

The undersigned acknowledges receipt of your letter and the enclosed Prospectus/Consent Solicitation/Offer to Exchange dated January 28, 2026 (the "Prospectus/Consent Solicitation/Offer to Exchange"), and the related Letter of Transmittal (the "Letter of Transmittal"), which together set forth the offer by Enzon Pharmaceuticals, Inc., a Delaware corporation (the "Company" or the "Offeror"), to each holder of outstanding shares of Series C Non-Convertible Redeemable Preferred Stock, $0.01 par value per share (the "Series C Preferred Stock"), of the Company, of the opportunity to receive that number of shares of common stock, $0.01 par value per share ("Common Stock"), equal to (i) the aggregate liquidation preference of each share of Series C Preferred Stock, divided by (ii) $7.83 after giving effect to the Reverse Stock Split (as defined in the Prospectus/Consent Solicitation/Offer to Exchange) (the "Exchange Ratio," and such offer, on the terms and subject to the conditions and procedures set forth in the Prospectus/Consent Solicitation/Offer to Exchange and the Letter of Transmittal, together with any amendments or supplements thereto, the "Offer").

**The undersigned hereby instructs you to tender for exchange the number of shares of Series C Preferred Stock indicated below or, if no number is indicated, all shares of Series C Preferred Stock you hold for the account of the undersigned, on the terms and subject to the conditions set forth in the Prospectus/Consent Solicitation/Offer to Exchange and in the Letter of Transmittal.**

By participating in the Offer, the undersigned acknowledges that: (i) the Offer is made solely upon the terms and conditions in the Prospectus/Consent Solicitation/Offer to Exchange and in the Letter of Transmittal; (ii) the Offer will expire at one minute after 11:59 p.m., Eastern Time, on [<u> </u>], 2026, or such later time and date to which the Company may extend the Offer (the period during which the Offer is open, giving effect to any withdrawal or extension, is referred to as the "Offer Period"); (iii) the Offer may be extended, modified, suspended or terminated by the Company as provided in the Prospectus/Consent Solicitation/Offer to Exchange; (iv) the undersigned is voluntarily participating in the Offer and is aware of the conditions of the Offer; (v) the future value of shares of the Common Stock is unknown and cannot be predicted with certainty; (vi) the undersigned has received and read the Prospectus/Consent Solicitation/Offer to Exchange and the Letter of Transmittal; and (vii) regardless of any action that the Company takes with respect to any or all income/capital gains tax, social security or insurance, transfer tax or other tax-related items ("Tax Items") related to the Offer and the disposition of shares of Series C Preferred Stock, the undersigned acknowledges that the ultimate liability for all Tax Items is and remains the responsibility solely of the undersigned. In that regard, the undersigned authorizes the Company to withhold all applicable Tax Items legally payable by the undersigned.

------

**Number of Shares of Preferred Stock to be exchanged by you for the account of the undersigned:**

\* No fractional shares of Common Stock will be issued pursuant to the Offer. In lieu of issuing fractional shares, any holder of Series C Preferred Stock who would otherwise have been entitled to receive fractional shares pursuant to the Offer will, after aggregating all such fractional shares of such holder, be paid in cash (without interest) in an amount equal to such fractional amount multiplied by the volume weighted averages of the trading prices of Common Stock over the five (5) consecutive Trading Days ending on (and including) the Trading Day that is two (2) Trading Days prior to the date of the Effective Time, rounded down to the nearest penny, in lieu of fractional shares. The Company's obligation to complete the Offer is not conditioned on the receipt of a minimum number of tendered shares of Preferred Stock

\* Unless otherwise indicated it will be assumed that all shares of Series C Preferred Stock held by us for your account are to be exchanged.

---

| | |
|:---|:---|
| Signature(s):  |  |
| Name(s):  |  |
|  | (Please Print) |
| Taxpayer Identification Number:  |  |
| Address(es):  |  |
|  | (Including Zip Code) |
| Area Code/Phone Number: |  |
| Date: |  |

---

------

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-4**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ENZON PHARMACEUTICALS, INC.**  |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation or Carry Forward Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to be Paid | 1 | Equity | Common Stock (Merger Consideration) | 457(o) | 478534 | $8612233.20 | 0.0001381 | $1189.35 |
| Fees to be Paid | 2 | Equity | Common Stock (Series C Preferred Stock Exchange Offer) | 457(o) | 103640 | $7.23 | 0.0001381 | $0.00 |
| Fees Previously Paid |  |  |  |  |  |  |  |  |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |  |
|  |  |  | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $8612240.43  |  | $1189.35  |
|  |  |  | Total Fees Previously Paid:  | Total Fees Previously Paid:  | Total Fees Previously Paid:  |  |  | $0.00  |
|  |  |  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  | $0.00  |
|  |  |  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  | $1189.35  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

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|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup>  | Rule 457(f) Fee Calculation Details <br>1 Applies to offering lines 1 and 2. Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457 under the Securities Act of 1933, as amended (the "Securities Act"). In addition, the number of shares of Registrant's common stock being registered reflect and assume the consummation of a consolidation of Registrant's common stock pursuant to which all shares of Registrant's common stock would be combined and reclassified at a ratio of 1 to 100 (the "Reverse Stock Split"). The Reverse Stock Split is expected to occur prior to the consummation of the transactions described in the prospectus. If the Reverse Stock Split does not occur, the Registrant will file a pre-effective amendment to this prospectus to reflect the actual number of shares being registered and to adjust the related filing fee accordingly. With respect to offering line 1, the filing fee is calculated in accordance with Rule 457(f)(1) under the Securities Act. Pursuant to the terms of the merger agreement, the Registrant is offering 478,534 shares of its common stock in exchange for the shares of common stock of Viskase Companies, Inc. ("Viskase"), not held by the IEH Parties, in connection with the proposed merger. In accordance with Rule 457(f)(1), the fee was calculated based on a market value of the common stock of Viskase of $0.90 per share, determined using the average of the bid and asked price of the common stock on the OTCPink tier of the OTC Markets on January 23, 2026, a date that is within five business days of the date on which this Registration Statement is being filed. | Rule 457(f) Fee Calculation Details <br>1 Applies to offering lines 1 and 2. Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457 under the Securities Act of 1933, as amended (the "Securities Act"). In addition, the number of shares of Registrant's common stock being registered reflect and assume the consummation of a consolidation of Registrant's common stock pursuant to which all shares of Registrant's common stock would be combined and reclassified at a ratio of 1 to 100 (the "Reverse Stock Split"). The Reverse Stock Split is expected to occur prior to the consummation of the transactions described in the prospectus. If the Reverse Stock Split does not occur, the Registrant will file a pre-effective amendment to this prospectus to reflect the actual number of shares being registered and to adjust the related filing fee accordingly. With respect to offering line 1, the filing fee is calculated in accordance with Rule 457(f)(1) under the Securities Act. Pursuant to the terms of the merger agreement, the Registrant is offering 478,534 shares of its common stock in exchange for the shares of common stock of Viskase Companies, Inc. ("Viskase"), not held by the IEH Parties, in connection with the proposed merger. In accordance with Rule 457(f)(1), the fee was calculated based on a market value of the common stock of Viskase of $0.90 per share, determined using the average of the bid and asked price of the common stock on the OTCPink tier of the OTC Markets on January 23, 2026, a date that is within five business days of the date on which this Registration Statement is being filed. | Rule 457(f) Fee Calculation Details <br>1 Applies to offering lines 1 and 2. Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457 under the Securities Act of 1933, as amended (the "Securities Act"). In addition, the number of shares of Registrant's common stock being registered reflect and assume the consummation of a consolidation of Registrant's common stock pursuant to which all shares of Registrant's common stock would be combined and reclassified at a ratio of 1 to 100 (the "Reverse Stock Split"). The Reverse Stock Split is expected to occur prior to the consummation of the transactions described in the prospectus. If the Reverse Stock Split does not occur, the Registrant will file a pre-effective amendment to this prospectus to reflect the actual number of shares being registered and to adjust the related filing fee accordingly. With respect to offering line 1, the filing fee is calculated in accordance with Rule 457(f)(1) under the Securities Act. Pursuant to the terms of the merger agreement, the Registrant is offering 478,534 shares of its common stock in exchange for the shares of common stock of Viskase Companies, Inc. ("Viskase"), not held by the IEH Parties, in connection with the proposed merger. In accordance with Rule 457(f)(1), the fee was calculated based on a market value of the common stock of Viskase of $0.90 per share, determined using the average of the bid and asked price of the common stock on the OTCPink tier of the OTC Markets on January 23, 2026, a date that is within five business days of the date on which this Registration Statement is being filed. | Rule 457(f) Fee Calculation Details <br>1 Applies to offering lines 1 and 2. Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457 under the Securities Act of 1933, as amended (the "Securities Act"). In addition, the number of shares of Registrant's common stock being registered reflect and assume the consummation of a consolidation of Registrant's common stock pursuant to which all shares of Registrant's common stock would be combined and reclassified at a ratio of 1 to 100 (the "Reverse Stock Split"). The Reverse Stock Split is expected to occur prior to the consummation of the transactions described in the prospectus. If the Reverse Stock Split does not occur, the Registrant will file a pre-effective amendment to this prospectus to reflect the actual number of shares being registered and to adjust the related filing fee accordingly. With respect to offering line 1, the filing fee is calculated in accordance with Rule 457(f)(1) under the Securities Act. Pursuant to the terms of the merger agreement, the Registrant is offering 478,534 shares of its common stock in exchange for the shares of common stock of Viskase Companies, Inc. ("Viskase"), not held by the IEH Parties, in connection with the proposed merger. In accordance with Rule 457(f)(1), the fee was calculated based on a market value of the common stock of Viskase of $0.90 per share, determined using the average of the bid and asked price of the common stock on the OTCPink tier of the OTC Markets on January 23, 2026, a date that is within five business days of the date on which this Registration Statement is being filed. | Rule 457(f) Fee Calculation Details <br>1 Applies to offering lines 1 and 2. Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457 under the Securities Act of 1933, as amended (the "Securities Act"). In addition, the number of shares of Registrant's common stock being registered reflect and assume the consummation of a consolidation of Registrant's common stock pursuant to which all shares of Registrant's common stock would be combined and reclassified at a ratio of 1 to 100 (the "Reverse Stock Split"). The Reverse Stock Split is expected to occur prior to the consummation of the transactions described in the prospectus. If the Reverse Stock Split does not occur, the Registrant will file a pre-effective amendment to this prospectus to reflect the actual number of shares being registered and to adjust the related filing fee accordingly. With respect to offering line 1, the filing fee is calculated in accordance with Rule 457(f)(1) under the Securities Act. Pursuant to the terms of the merger agreement, the Registrant is offering 478,534 shares of its common stock in exchange for the shares of common stock of Viskase Companies, Inc. ("Viskase"), not held by the IEH Parties, in connection with the proposed merger. In accordance with Rule 457(f)(1), the fee was calculated based on a market value of the common stock of Viskase of $0.90 per share, determined using the average of the bid and asked price of the common stock on the OTCPink tier of the OTC Markets on January 23, 2026, a date that is within five business days of the date on which this Registration Statement is being filed. | Rule 457(f) Fee Calculation Details <br>1 Applies to offering lines 1 and 2. Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457 under the Securities Act of 1933, as amended (the "Securities Act"). In addition, the number of shares of Registrant's common stock being registered reflect and assume the consummation of a consolidation of Registrant's common stock pursuant to which all shares of Registrant's common stock would be combined and reclassified at a ratio of 1 to 100 (the "Reverse Stock Split"). The Reverse Stock Split is expected to occur prior to the consummation of the transactions described in the prospectus. If the Reverse Stock Split does not occur, the Registrant will file a pre-effective amendment to this prospectus to reflect the actual number of shares being registered and to adjust the related filing fee accordingly. With respect to offering line 1, the filing fee is calculated in accordance with Rule 457(f)(1) under the Securities Act. Pursuant to the terms of the merger agreement, the Registrant is offering 478,534 shares of its common stock in exchange for the shares of common stock of Viskase Companies, Inc. ("Viskase"), not held by the IEH Parties, in connection with the proposed merger. In accordance with Rule 457(f)(1), the fee was calculated based on a market value of the common stock of Viskase of $0.90 per share, determined using the average of the bid and asked price of the common stock on the OTCPink tier of the OTC Markets on January 23, 2026, a date that is within five business days of the date on which this Registration Statement is being filed. |
|  | Amount of Securities to be Received or Cancelled | Value per Share of Securities to be Received or Cancelled | Total Value of Securities to be Received or Cancelled | Cash Consideration Received by the registrant | Cash Consideration (Paid) by the registrant | Maximum Aggregate Offering Price |
|  | 9569148 | $0.90 | $8612233.20 |  |  | $8612233.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>2</sup>  | Rule 457(f) Fee Calculation Details <br>2 With respect to offering line 2, the Amount Registered represents the maximum aggregate amount of the Registrant's common stock to be issued in connection with the exchange of Registrant's issued and outstanding Series C preferred stock, that is not held by the IEH Parties, for Registrant's common stock in the exchange offer to which the prospectus relates. In accordance with Rule 457(f)(2), the fee was calculated using the book value of the Series C Preferred Stock, that is not held by the IEH Parties, as of the latest practicable date prior to the date on which this Registration Statement is being filed. | Rule 457(f) Fee Calculation Details <br>2 With respect to offering line 2, the Amount Registered represents the maximum aggregate amount of the Registrant's common stock to be issued in connection with the exchange of Registrant's issued and outstanding Series C preferred stock, that is not held by the IEH Parties, for Registrant's common stock in the exchange offer to which the prospectus relates. In accordance with Rule 457(f)(2), the fee was calculated using the book value of the Series C Preferred Stock, that is not held by the IEH Parties, as of the latest practicable date prior to the date on which this Registration Statement is being filed. | Rule 457(f) Fee Calculation Details <br>2 With respect to offering line 2, the Amount Registered represents the maximum aggregate amount of the Registrant's common stock to be issued in connection with the exchange of Registrant's issued and outstanding Series C preferred stock, that is not held by the IEH Parties, for Registrant's common stock in the exchange offer to which the prospectus relates. In accordance with Rule 457(f)(2), the fee was calculated using the book value of the Series C Preferred Stock, that is not held by the IEH Parties, as of the latest practicable date prior to the date on which this Registration Statement is being filed. | Rule 457(f) Fee Calculation Details <br>2 With respect to offering line 2, the Amount Registered represents the maximum aggregate amount of the Registrant's common stock to be issued in connection with the exchange of Registrant's issued and outstanding Series C preferred stock, that is not held by the IEH Parties, for Registrant's common stock in the exchange offer to which the prospectus relates. In accordance with Rule 457(f)(2), the fee was calculated using the book value of the Series C Preferred Stock, that is not held by the IEH Parties, as of the latest practicable date prior to the date on which this Registration Statement is being filed. | Rule 457(f) Fee Calculation Details <br>2 With respect to offering line 2, the Amount Registered represents the maximum aggregate amount of the Registrant's common stock to be issued in connection with the exchange of Registrant's issued and outstanding Series C preferred stock, that is not held by the IEH Parties, for Registrant's common stock in the exchange offer to which the prospectus relates. In accordance with Rule 457(f)(2), the fee was calculated using the book value of the Series C Preferred Stock, that is not held by the IEH Parties, as of the latest practicable date prior to the date on which this Registration Statement is being filed. | Rule 457(f) Fee Calculation Details <br>2 With respect to offering line 2, the Amount Registered represents the maximum aggregate amount of the Registrant's common stock to be issued in connection with the exchange of Registrant's issued and outstanding Series C preferred stock, that is not held by the IEH Parties, for Registrant's common stock in the exchange offer to which the prospectus relates. In accordance with Rule 457(f)(2), the fee was calculated using the book value of the Series C Preferred Stock, that is not held by the IEH Parties, as of the latest practicable date prior to the date on which this Registration Statement is being filed. |
|  | Amount of Securities to be Received or Cancelled | Value per Share of Securities to be Received or Cancelled | Total Value of Securities to be Received or Cancelled | Cash Consideration Received by the registrant | Cash Consideration (Paid) by the registrant | Maximum Aggregate Offering Price |
|  | 723 | $0.01 | $7.23 |  |  | $7.23 |

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|:---|:---|
| | |
| **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |

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|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Securities Previously Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price of Securities Previously Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Form Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **File Number**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Initial Effective Date**  |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

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