Document:

10.71

 

AMENDED EMPLOYMENT AGREEMENT

 

This Amendment to
Severance Agreement (the "Amendment") is made and entered into as of August 3, 2012 (the "Effective Date")
by and between Symmetry Medical, Inc., a Delaware corporation (“Company”), and Fred Hite (the "Executive").

 

WITNESSETH

 

WHEREAS, Executive
and Company entered into a Severance Agreement on or about May 4, 2010 (the “Agreement”); and

 

WHEREAS, the Parties
wish to modify the Agreement to provide Executive with additional incentives to continue to make valuable contributions to the
productivity and profitability of the Company; and

 

NOW, THEREFORE, in
consideration of the foregoing and of the mutual covenants herein contained and the mutual benefits herein provided, the Company
and Executive hereby agree as follows:

 

1.           Maintenance
of Terms. All terms in the Agreement shall remain in full force and effect unless specifically modified herein.

 

2.           Severance
Benefits. Section 4 of the Agreement, addressing the benefits to be paid following a Qualifying Termination, is amended to
replace the final sentence in the first paragraph therein with the following:

 

If the Qualifying Termination
occurs within six months before or twelve months following a Change in Control, as defined in Section 4.f, then the number
of months in the Severance Period and the amounts payable under Section 4.a shall be multiplied by 200%.

 

3.            Severance
Benefits – Health Insurance Continuation. Section 4.c of the Agreement is amended to add the following sentence:

 

If the Qualifying Termination
occurs within six months before or twelve months following a Change in Control, as defined in Section 4.f, then Company shall
pay to Executive, in addition to any other payments hereunder, an amount equal to Executive’s cost for COBRA continuation
coverage through and including the earlier of the date Executive obtains alternative healthcare coverage from another source or
until the end of the Severance Period.

 

4.            Severance
Benefits – The following provision shall be added to Section 4 of the Agreement as a new Section 4.h:

 

If the Qualifying Termination
occurs within six months before or twelve months following a Change in Control, as defined in Section 4.f, then Executive
shall be entitled to:

 

		i.	The reimbursement of or
                                                                   payment for expenses associated with his continued use of his
                                                                   then-current automobile (or comparable automobile should his
                                                                   lease expire during this period) for up to 6 months following
                                                                   separation;

		ii.	Outplacement services from
                                                                    a company of his choice for up to 1 year following the Separation
                                                                    Date, up to a maximum cost of $30,000.

 

    	 

    	 

    

 

5.            Complete
Agreement. Except as specifically set forth herein, this Amendment does not affect Executive's rights or duties under the
Agreement, the 2004 Equity Incentive Plan, any successor equity incentive plan, or any related award or restriction agreements
between Executive and the Company.

 

IN WITNESS WHEREOF,
the parties have caused this Amendment to be executed and delivered as of the date set forth above.

 

	 	SYMMETRY MEDICAL, INC.
	 	 
	 	By:	 
	 	Thomas J. Sullivan, President and Chief Executive Officer, Symmetry Medical Inc.
	 	 
	 	FRED L. HITE:10.72

 

AMENDED EMPLOYMENT AGREEMENT

 

This Amendment to
Severance Agreement (the "Amendment") is made and entered into as of August __, 2012 (the "Effective Date")
by and between Symmetry Medical, Inc., a Delaware corporation (“Company”), and ________________ (the "Executive").

 

WITNESSETH

 

WHEREAS, Executive
and Company entered into a Severance Agreement on or about May 4, 2010 (the “Agreement”); and

 

WHEREAS, the Parties
wish to modify the Agreement to provide Executive with additional incentives to make and continue to make valuable contributions
to the productivity and profitability of the Company; and

 

NOW, THEREFORE, in
consideration of the foregoing and of the mutual covenants herein contained and the mutual benefits herein provided, the Company
and Executive hereby agree as follows:

 

5.           Maintenance
of Terms. All terms in the Agreement shall remain in full force and effect unless specifically modified herein.

 

6.           Severance
Benefits. Section 4 of the Agreement, addressing the benefits to be paid following a Qualifying Termination, shall be modified
to add the following sentence to the end of the first paragraph therein:

 

If the Qualifying Termination
occurs within twelve months following a Change in Control, as defined in Section 4.g, then the number of months in the Severance
Period and the amounts payable under Section 4.a shall be multiplied by 150%.

 

		7.	Definition. The following
                                                                      shall be added as new Section 4.g:

 

As used in this Agreement,
a "Change in Control" of the Company means:

 

		i.	The acquisition by any
                                                                      individual, entity or group (a "Person") of beneficial
                                                                      ownership of fifty percent (50%) or more of the combined
                                                                      voting power of the then outstanding voting securities of
                                                                      the Company.

 

		ii.	The replacement of a
                                                                       majority of members of the Board of Directors during any
                                                                       12-month period by members whose appointment or election
                                                                       is not endorsed by a majority of the members of the Board
                                                                       of Directors prior to the date of the appointment or election;

 

		iii.	A reorganization, merger
                                                                        or consolidation (a "Combination"), in each
                                                                        case, unless, following such Combination:

 

		a.	more than fifty percent
                                                                       (50%) of the then combined voting power of the securities
                                                                       of the corporation resulting from such Combination is beneficially
                                                                       owned by all or substantially all of the individuals and/or
                                                                       entities who were the beneficial owners of the outstanding
                                                                       Company common stock immediately prior to such Combination
                                                                       in substantially the same proportions as their ownership
                                                                       of voting power immediately prior to such Combination,
                                                                       and

 

    	 

    	 

    

 

		b.	at least a majority
                                                                       of the members of the board of directors of the corporation
                                                                       resulting from such Combination were members of the Company's
                                                                       Board at the time of the execution of the initial agreement
                                                                       providing for such Combination;

 

		iv.	A complete liquidation
                                                                       or dissolution of the Company; or

 

		v.	The sale or other disposition
                                                                      of all or substantially all of the assets of the Company.

 

Despite any other provision
of this Section 4.g to the contrary, an event shall not constitute a Change in Control if it does not constitute a change in the
ownership or effective control, or in the ownership of a substantial portion of the assets of, the Company within the meaning
of Section 409A(a)(2)(A)(v) of the Code and its interpretive regulations.

 

8.           Complete
Agreement. Except as specifically set forth herein, this Amendment does not affect Executive's rights or duties under the
Agreement, the 2004 Equity Incentive Plan, any successor equity incentive plan, or any related award or restriction agreements
between Executive and the Company.

 

IN WITNESS WHEREOF,
the parties have caused this Amendment to be executed and delivered as of the date set forth above.

 

	 	SYMMETRY MEDICAL, INC.
	 	 
	 	By: ______________________________________
	 	Thomas J. Sullivan, President and Chief Executive Officer, Symmetry Medical Inc.
	 	 
	 	EXECUTIVE:
	 	 
	 	_________________________________________
	 	 
	 	Printed Name: _____________________________Exhibit 10.1

 

SEVERANCE AGREEMENT AND RELEASE OF CLAIMS

 

June 5, 2012

 

This Severance Agreement
and Release of Claims (this “Agreement”) is made and entered into by Ana I. Stancic for herself and her attorneys,
heirs, dependents, beneficiaries, executors, administrators, successors, and assigns (hereinafter referred to as “you”),
and Enzon Pharmaceuticals, Inc., (hereinafter the “Company”).

 

1.            You acknowledge
that your employment with the Company and any subsidiary terminated effective as of the close of business on May
16, 2012 (the “Separation Date”). You acknowledge that you are removed, effective on the Separation Date, from
your positions as Principal Executive Officer, Executive Vice President, Chief Operating Officer and Chief Financial Officer of
the Company, as well as any other positions that you may hold with the Company or any of its subsidiaries, and you shall promptly
take all further actions as may be reasonably requested by the Company to confirm such removals. You agree that, subject to your
business and personal schedules, you will, to the extent reasonably requested by the Company, cooperate in ensuring an orderly
transition of your duties and responsibilities, including making yourself reasonably available to consult with the Company regarding
matters of which you have been involved or have knowledge. Regardless of whether you sign this Agreement, you will receive your
regular salary through the Separation Date, any earned and unused compensated time off, and any reimbursements for business-related
expenses previously submitted by you in accordance with the Company’s policies. Your medical insurance coverage under the
Company’s health care plan will end on May 31, 2012. After that date, you may be eligible to elect to participate
in Company’s group health plans as offered to active employees under the provisions of COBRA. COBRA information will be sent
to you by CIGNA, our third party administrator.

 

2.            You will be paid the severance
benefits you are entitled to pursuant to Section 2A of the Amended and Restated General Severance Agreement dated as of November
22, 2011 by and between you and the Company, (the “Severance Agreement”). As required by Section 6 of the Severance
Agreement, you will not be entitled to realize or receive any such severance benefits unless you have executed (and not revoked)
this Agreement, which constitutes the release of the Company contemplated by Section 6 of the Severance Agreement, in accordance
with Section 14 of this Agreement. The severance benefits payable to you in accordance with Section 2A of the Severance Agreement
are as follows:

 

		a.	You will receive a cash lump sum severance in the amount of $771,200, which equals one (1) times
the sum of the following: (i) your current Base Salary and (ii) your Target Bonus (60% of your Base Salary) for the current fiscal
year. This amount will be paid to you as soon as practicable after the Separation Date but in no event later than seventy-five
(75) days following the Separation Date.

 

		b.	You will receive a cash lump sum in the amount of $108,450, which equals the pro-rated portion
of your Target Bonus (60% of your Base Salary), based on the period worked in 2012, which would have been payable for fiscal year
2012 had you remained employed by the Company. This amount will be paid to you as soon as practicable after the Separation Date
but in no event later than seventy-five (75) days following the Separation Date.

 

		c.	If you timely and validly elect COBRA group health continuation coverage, the
Company will reimburse you for the total applicable premium cost for medical and dental continuation
coverage for you and your family for a period of twelve (12) months commencing on the Separation Date, provided that the Company
shall have no obligation to reimburse you for the premium cost of such continuation coverage as of the date you and your family
members become eligible to obtain comparable benefits from a subsequent employer. Should you become eligible to obtain such
coverage, it is your obligation to immediately notify the Company.

 

		d.	The Company shall provide you with outplacement assistance for a period
of up to six (6) months from the effective date of this Agreement through a provider selected by the Company, at a cost not to
exceed $7,600.

 

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		e.	You shall be under no obligation to seek other employment and, except as provided in Section 2c
above, there shall be no offset against amounts due to you on account of any remuneration or benefits provided by any subsequent
employment you may obtain.

 

3.            All benefits of any kind, other
than as expressly provided in this Agreement, will cease as of the Separation Date. Vesting or forfeiture of stock options and/or
restricted stock units, if any, will be in accordance with the terms of the applicable plan and award agreements. You shall be
vested in your 401(k) account to the extent provided under the terms of the Company’s 401(k) plan.

 

4.            You agree not to engage in any
conduct, or make any statements or representations that disparage, demean or impugn the Company or any of its subsidiaries or affiliates
or any of their respective officers, directors, employees, successors, products or services. The Company agrees that it shall not,
and it shall cause each director of the Company, not to, engage in any conduct, or make any statements or representations that
disparage, demean or impugn you or your reputation. You and the Company each agree that this Agreement shall not be construed as
an admission of wrongdoing by the Company or you, and that the Company and you each expressly denies such wrongdoing. Nothing herein
shall restrict any party from making truthful statements in good faith that (i) are required by applicable law, legal process or
by order of a court of competent jurisdiction, (ii) are necessary with respect to any litigation, arbitration or mediation involving
this Agreement, including, but not limited to, the enforcement of this Agreement, or (iii) are in response to incorrect, disparaging,
demeaning or impugning statements to the extent reasonably necessary to correct or refute such statement.

 

5.            You agree that, after the Separation
Date, you remain bound by and will continue to comply with the terms of the Employee Confidentiality Agreement that you signed,
according to its terms.

 

6.            You agree that, unless publicly
disclosed by the Company or otherwise required by applicable law or by order of any court of competent jurisdiction, you have kept
and will keep the terms and conditions of this Agreement, including without limitation the amount of consideration paid here under,
strictly confidential and you agree not to reveal, publish, communicate, or otherwise disseminate this information to any person
or entity not a party hereto. Notwithstanding the foregoing, you may disclose the terms of this Agreement to your spouse and attorney
or other professional advisor as necessary for the purposes of obtaining legal, tax or financial advice, or as otherwise required
by law, so long as such persons agree to maintain the confidentiality of the information.

 

7.            In consideration
of the benefits you will receive under this Agreement and in accordance with the terms of the Severance Agreement, you hereby release
and discharge the Company, any parent, subsidiary, affiliate, successor, predecessor, or otherwise related companies, and the past,
present and future employees, officers, directors, shareholders, representatives, agents, attorneys, assigns, insurers and employee
benefit programs of any of them (the “Company Releasees”), from any and all claims, demands and/or causes of action,
known and unknown, which you may have or could claim to have against the Company Releasees up to and including the date of signing
this Agreement, provided, however, that your release and discharge of the Company’s employees, officers, directors, shareholders,
representatives, agents, attorneys, assigns and insurers shall be only in their capacities as such. This general release includes,
but is not limited to, all claims arising from or during your employment or as a result of the end of your employment and all claims
arising under federal, state or local laws prohibiting employment discrimination and/or harassment based upon age, race, sex, religion,
handicap, national origin, sexual orientation, veteran status, or any other protected characteristic, including but not limited
to any and all claims arising under Title VII of the Civil Rights Act of 1964 and 1991, the Age Discrimination in Employment Act,
the Employee Retirement Income Security Act, the Americans with Disabilities Act, the Rehabilitation Act, the Equal Pay Act, the
Family and Medical Leave Act, the Fair Labor Standard Act, the Sarbanes-Oxley Act, the Health Insurance Portability and Accountability
Act, the New Jersey Law Against Discrimination, the New Jersey Conscientious Employee Protection Act, the New Jersey Family Leave
Act, New Jersey Paid Leave Insurance Act, any applicable state wage and hour laws, and/or any other state, federal, or municipal
employment discrimination statutes (including but not limited to claims based on age, sex, attainment of benefit plan rights, race,
national origin, religion, handicap, sexual orientation, sexual harassment, marital status, retaliation, and veteran status), and/or
any other federal, state, or local statute, law, ordinance, or regulation and/or pursuant to any other theory whatsoever, including
but not limited to claims related to breach of implied or express employment contracts, breach of the implied covenant of good
faith and fair dealing, defamation, wrongful discharge, constructive discharge, negligence of any kind, intentional infliction
of emotional distress, whistle-blowing, estoppel or detrimental reliance, public policy, constitutional or tort claims, violation
of the penal statutes and common law claims, or pursuant to any other theory or claim whatsoever, arising out of or related to
employment with the Company and/or any other occurrence from the beginning of time to the date of this Agreement, whether presently
asserted or otherwise.

 

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This Agreement specifically
includes any and all claims, demands, obligations, and/or causes of action for damages or penalties relating to or in any way connected
with the matters referred to herein, whether or not now known or suspected to exist, and whether or not specifically or particularly
described or referred to herein. You expressly waive any right or claim of right to assert hereafter that any claim, demand, obligation,
damage, liability and/or cause of action has, through ignorance, oversight or error, been omitted from the terms of this Agreement.
You represent that you have not heretofore assigned or transferred, or purported to assign or transfer, to any person or entity,
any claim, known or unknown to exist, or any portion thereof or interest therein, which such person has or may have had against
any Company Releasee.

 

This Agreement and
release does not, however, require you to waive the right to file a charge with or participate before the Equal Employment Opportunity
Commission, provided, however, that you give up the right to recover damages and attorneys’ fees from such a proceeding.
Nor does this Agreement and release (i) require you to waive vested rights, if any, to pension, retiree, health or similar benefits
under the Company’s existing plans, (ii) affect your right to enforce this Agreement, (iii) affect any right or claim that
arises after the date of this Agreement, (iv) affect your eligibility for indemnification in accordance with applicable laws or
the certificate of incorporation and by-laws of the Company, or any applicable insurance policy, with respect to any liability
you incur or incurred as an employee or officer of the Company, or (v) affect any right you may have to obtain contribution as
permitted by law in the event of entry of judgment against you as a result of any act or failure to act for which you and the Company
are jointly liable.

 

Unless otherwise prohibited
by law, you agree that should you file a lawsuit in court which is found to be barred in whole or part by this Agreement, you will
pay the legal fees incurred by the Company in defending those claims found to be barred, and you shall be subject to such other
rights and remedies as the Company may have. In signing this Agreement, you acknowledge and intend that it shall be effective as
a bar to each and every one of the claims hereinabove mentioned or implied. You acknowledge and agree that this waiver is an essential
and material term of this Agreement and that without such waiver the Company would not have agreed to make the payments hereunder.
You further agree that in the event you should bring a claim seeking damages against any of the Company Releasees, or in the event
you should seek to recover against any of the Company Releasees in any claim brought by a governmental agency on your behalf, this
Agreement shall serve as a complete defense to such claims.

 

8.            The Company represents and warrants
that as of the date of this Agreement the Board of Directors of the Company is not aware of any claims, demands and/or causes of
action that the Company may have against you.

 

9.            As a material condition of this
Agreement, you further represent and warrant that you have transferred, or will transfer before execution of this Agreement, to
the Company all property and information of the Company which came into your possession or was developed by you in the course of
your employment with the Company, including but not limited to project files, keys, reports, customer lists, computers, facsimile
machines, furniture, office supplies, pagers, and printers. You further represent and warrant that you have retained no copies
of any such materials or other items; and further, if you should discover that any such materials or other items, or copies thereof,
are in your possession or control, you will promptly return them to the Company without disclosure to others. Anything to the contrary
notwithstanding, you shall be entitled to retain (i) papers and other materials which are solely of a personal nature, including,
but not limited to, photographs, correspondence, personal diaries, calendars and Rolodexes, personal files and phone books, (ii) information
showing your compensation or relating to reimbursement of expenses, (iii) information that you reasonably believe may be needed
for personal tax purposes, and (iv) copies of plans, programs and agreements relating to your employment, or termination thereof,
with the Company.

 

10.          Except as provided herein, you
acknowledge that the Company has paid all sums owed to you, including but not limited to all salary, bonuses, commissions, business
expenses, allowances, vacation pay and other benefits and perquisites as a result of your employment with the Company and/or the
termination of that employment.

 

11.          All amounts payable under this
Agreement shall be subject to withholding by the Company for all federal, state, city or other taxes as may be required pursuant
to any law or governmental regulation or ruling.

  

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12.          This Agreement (a) supersedes
any prior understanding, agreement, practice or contract, oral or written, between you and Company relating to your employment
or compensation, other than Sections 2 (it being understood that any payments that may be required to be made under such Section
2 shall be in lieu of, not in addition to, the amounts set forth in Section 2 of this Agreement), 4, 5, 6, 7A and 8 of the Severance
Agreement; (b) may be modified only by a writing signed by both parties; (c) is not assignable or transferable by you; and (d)
will be interpreted, enforced and governed by the substantive law of the State of New Jersey. Notwithstanding the foregoing, the
parties acknowledge and agree that the Employee Confidentiality Agreement that you signed shall remain in full force and effect
according to its terms.

 

13.          In the event
that any portion of this Agreement may be held to be invalid or unenforceable for any reason, such invalidity, illegality or unenforceability
shall not affect in any manner whatsoever any other provision of this Agreement (which provisions shall remain in full force and
effect) and a court of competent jurisdiction shall, at the Company’s request, reform any invalid or unenforceable provision
to include only such duration, area, scope of activity and other restrictions as such court shall determine to be necessary to
make such provision valid, legal and enforceable.

 

14.          By signing below
you agree to be legally bound by the terms of this Agreement and acknowledge that you have carefully read and completely understand
the terms of this Agreement and are signing it knowingly, voluntarily and without duress, coercion or undue influence. You further
agree that this Agreement contains the entire Agreement between you and the Company. You are advised to consult with
an attorney before signing this Agreement. You have until twenty-one (21) days from the date of this Agreement to consider
this document. If you have not returned a signed copy of this Agreement by that time, the Company will assume that you have elected
not to sign it and the offer will be considered withdrawn. If you choose to accept the terms of this Agreement by signing below,
you will have an additional seven (7) days following the date of your signature to revoke the Agreement in writing to the
Company directed to Andrew Rackear at 20 Kingsbridge Road, Piscataway, New Jersey 08854 and the Agreement shall not become effective
or enforceable until the revocation period has expired.

 

15.          This Agreement
may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute
one and the same instrument. Signatures delivered by facsimile or PDF shall be effective for all purposes.

 

	Acknowledged and agreed to	 	ENZON PHARMACEUTICALS, INC.
	 	 	 	 
	/s/Ana I. Stancic	 	By:	/s/Andrew Rackear
	 	 	 
	Ana I. Stancic	 	Vice President and General Counsel
	 	 	 	 	 
	Dated:	June 7, 2012	 	Dated:	June 11, 2012

 

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