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EMPLOYMENT AGREEMENT

THIS AGREEMENT is made on the 14th day of September, 2020 by and between Kathryn M. JohnBull (the “Employee”) and DLH HOLDINGS CORP., a New Jersey corporation (the “Company”) and is effective as of the 1st day of October, 2020 (the “Effective Date”). 

W I T N E S S E T H:

WHEREAS, the Company and its subsidiaries are engaged in the business of providing professional and technical services; and

WHEREAS, the Employee is currently employed by the Company as the Chief Financial Officer of the Company, and the Company desires to continue the employment of the Employee and secure for the Company the experience, ability and services of the Employee; and

WHEREAS, the Employee desires to continue her employment with the Company, pursuant to the terms and conditions herein set forth, superseding all prior oral and written employment agreements, and term sheets and letters between the Company, its subsidiaries and/or predecessors and Employee;

NOW, THEREFORE, it is mutually agreed by and between the parties hereto as follows:

ARTICLE I
DEFINITIONS

 1.1 Accrued Compensation.  “Accrued Compensation” shall mean an amount which shall include all amounts earned or accrued through the Termination Date (as defined below) but not paid as of the Termination Date, including (a) Base Salary, (b) reimbursement for business expenses incurred by the Employee on behalf of the Company, pursuant to the Company’s expense reimbursement policy in effect at such time, (c) vacation pay, and (d) unpaid bonuses and incentive compensation earned and awarded prior to the Termination Date.  

 1.2Cause.  “Cause” shall mean: (a) willful disobedience by the Employee of a material and lawful instruction of the Chief Executive Officer or Board of Directors of the Company; (b) formal charge, indictment or conviction of the Employee of any misdemeanor involving fraud or embezzlement or similar crime, or any felony; (c) conduct amounting to fraud, dishonesty, gross negligence, willful misconduct or recurring insubordination; or (d) excessive absences from work, other than for illness or Disability; provided that the Company shall not have the right to terminate the employment of Employee pursuant to the foregoing clauses (a), (c), and (d) above unless written notice specifying such breach shall have been given to the Employee and, in the case of breach which is capable of being cured, the Employee shall have failed to cure such breach within thirty (30) days after her receipt of such notice.

 1.3Change in Control.   A “Change in Control” shall mean any of the following events: 
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  (a)  (i) 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 Securities Exchange Act of 1934, as amended (the “1934 Act”)) immediately after which such Person has “Beneficial Ownership” (within the meaning of Rule 13d-3 promulgated under the 1934 Act) of twenty percent (20%) or more of the combined voting power of the Company’s then outstanding Voting Securities (49% if such Person is Wynnefield Capital Inc. and its affiliates); provided, however, that in determining whether a Change in Control has occurred, Voting Securities which are acquired in a “Non-Control Acquisition” (as defined below) shall not constitute an acquisition which would cause a Change in Control. A “Non-Control Acquisition” shall mean an acquisition by (1) an employee benefit plan (or a trust forming a part thereof) maintained by (x) the Company or (y) any corporation or other Person of which a majority of its voting power or its equity securities or equity interest is owned directly or indirectly by the Company (a “Subsidiary”), or (2) the Company or any Subsidiary.
        
   (ii)  Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because a Person (the “Subject Person”) gained Beneficial Ownership of more than the permitted amount of the outstanding Voting Securities as a result of the acquisition of Voting Securities by the Company which, by reducing the number of Voting Securities outstanding, increases the proportional number of shares Beneficially Owned by the Subject Person, provided that if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition of Voting Securities by the Company, and after such share acquisition by the Company, the Subject Person becomes the Beneficial Owner of any additional Voting Securities which increases the percentage of the then outstanding Voting Securities Beneficially Owned by the Subject Person, then a Change in Control shall occur. 

        (b) The individuals who, as of the date this Agreement is approved by the Board, are members of the Board (the “Incumbent Board”), cease for any reason to constitute at least two-thirds of the Board; provided, however, that if the election, or nomination for election by the Company’s stockholders, of any new director was approved by a vote of at least two-thirds of the Incumbent Board, such new director shall, for purposes of this Agreement, be considered and defined as a member of the Incumbent Board; and provided, further, that no individual shall be considered a member of the Incumbent Board if such individual initially assumed office as a result of either an actual “Election Contest” (as described in Rule 14a-11 promulgated under the 1934 Act) or other solicitation of proxies or consents by or on behalf of a Person other than the Board (a “Proxy Contest”); or

  (c) Approval by stockholders of the Company of:

         (i) A merger, consolidation or reorganization involving the Company, unless: (1) the stockholders of the Company, immediately before such merger, consolidation or reorganization, own, directly or indirectly immediately following such merger, consolidation or reorganization, at least sixty percent (60%) of the combined voting power of the outstanding voting securities of the corporation resulting from such merger or consolidation or reorganization (the “Surviving Corporation”) in substantially the same proportion as their ownership of the 

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Voting Securities immediately before such merger, consolidation or reorganization, (2) the individuals who were members of the Incumbent Board immediately prior to the execution of the agreement providing for such merger, consolidation or reorganization constitute at least two-thirds of the members of the board of directors of the Surviving Corporation, and (3) no Person (other than the Company, any Subsidiary, any employee benefit plan (or any trust forming a part thereof) maintained by the Company, the Surviving Corporation or any Subsidiary) becomes Beneficial Owner of twenty percent (20%) or more of the combined voting power of the Surviving Corporation’s then outstanding voting securities as a result of such merger (49% if such Person is Wynnefield Capital Inc. and its affiliates), consolidation or reorganization, a transaction described in clauses (1) through (3) shall herein be referred to as a “Non-Control Transaction”; or

   (ii)  An agreement for the sale or other disposition of all or substantially all of the assets of the Company, to any Person, other than a transfer to a Subsidiary, in one transaction or a series of related transactions; 

   (iii) The stockholders of the Company approve any plan or proposal for the liquidation or dissolution of the Company.

  (d) Notwithstanding anything contained in this Agreement to the contrary, if the Employee’s employment is terminated prior to a Change in Control and the Employee reasonably demonstrates that such termination (i) was at the request of a third party who has indicated an intention or taken steps reasonably calculated to effect a Change in Control (a “Third Party”) or (ii) otherwise occurred in connection with, or in anticipation of, a Change in Control, then for all purposes of this Agreement, the date of a Change in Control with respect to the Employee shall mean the date immediately prior to the date of such termination of the Employee’s employment. 

 1.4 Continuation Benefits. “Continuation Benefits” shall be the continuation of the Benefits, as defined in Section 5.1, for the period commencing on the Termination Date and terminating 12 months thereafter (the “Continuation Period”) at the Company’s expense on behalf of the Employee and her dependents, by payment of Employee’s COBRA premiums or otherwise; provided, however, that (a) any COBRA continuation benefit shall expire at an earlier date as provided by COBRA or in order to ensure that such benefit is not deemed to be a “discriminatory insured plan” as contemplated by the Public Health Service Act (as added by the Patient Protection and Affordable Care Act); and (b) the level and availability of benefits provided during the Continuation Period shall at all times be subject to the post-employment conversion or portability provisions of the benefit plans.  The Company’s obligation hereunder with respect to the foregoing benefits shall also be limited to the extent that if the Employee obtains any such benefits pursuant to a subsequent employer’s benefit plans, the Company may reduce the coverage of any benefits it is required to provide the Employee hereunder as long as the aggregate coverage and benefits of the combined benefit plans is no less favorable to the Employee than the coverage and benefits required to be provided hereunder. This definition of Continuation Benefits shall not be interpreted so as to limit any benefits to which the Employee, 

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her dependents or beneficiaries may be entitled under any of the Company’s employee benefit plans, programs or practices following the Employee’s termination of employment, including, without limitation, retiree medical and life insurance benefits. 

 1.5Disability.  “Disability” shall mean a physical or mental infirmity which impairs the Employee’s ability to substantially perform her duties with the Company for a period of ninety (90) consecutive days and the Employee has not returned to her full-time employment prior to the Termination Date as stated in the “Notice of Termination” (as defined below). 

 1.6Good Reason. “Good Reason” shall mean without the written consent of the Employee: (a) a material breach of any provision of this Agreement by the Company; (b) failure by the Company to pay when due any compensation to the Employee; (c) a reduction in the Employee’s Base Salary; (d) failure by the Company to maintain the Employee in the positions referred to in Section 2.1 of this Agreement; (e) assignment to the Employee of any duties materially and adversely inconsistent with the Employee’s positions, authority, duties, responsibilities, powers, functions, reporting relationship or title or any other action by the Company that results in a material diminution of such positions, authority, duties, responsibilities, powers, functions, reporting relationship or title; or (f) within 90 days of the date on which a Change of Control event is legally consummated, either of the following events occurs without the written consent of the Employee: (A) the Employee ceases to serve as an “executive officer” of the Company (as such term is defined by the Securities Exchange Act of 1934) or (B) any successor to the Company does not expressly assume all obligations of the Company under this Agreement. Notwithstanding the foregoing, however, the Employee agrees not to terminate her employment for Good Reason pursuant to this Section 1.6 unless (i) the Employee has given the Company at least 30 days’ prior written notice of her intent to terminate her employment for Good Reason, which notice shall specify the facts and circumstances constituting Good Reason; and (ii) the Company has not remedied such facts and circumstances constituting Good Reason to the reasonable and good faith satisfaction of the Employee within a 30-day period after receipt of such notice.

 1.7Notice of Termination.  A “Notice of Termination” shall mean a written notice from the Company, or the Employee, of termination of the Employee’s employment which indicates the provision in this Agreement relied upon, if any and which sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Employee’s employment under the provision so indicated. A Notice of Termination served by the Company shall specify the effective date of termination. 

 1.8Pro Rata Bonus.  “Pro Rata Bonus” shall mean an amount equal to the maximum bonus Employee had an opportunity to earn pursuant to Section 4.2 multiplied by a fraction, the numerator of which shall be the number of days from the commencement of the fiscal year to the Termination Date, and the denominator of which shall be the number of days in the fiscal year in which Employee was terminated.

 1.9Severance Payment.  “Severance Payment” shall mean an amount equal to the sum of 12 months of Employee’s Base Salary in effect on the Termination Date. The Severance 

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Payment shall be payable in equal installments on each of the Company’s regular pay dates for executives during the twelve months commencing on the first regular executive pay date following the Termination Date.  The Severance Payment is conditioned on the Employee executing a termination agreement and release in a form reasonably acceptable to the Employee and the Company.  

 1.10Termination Date.  “Termination Date” shall mean (a) in the case of the Employee’s death, her date of death; (b) in the case of Good Reason, 30 days from the date the Notice of Termination is given to the Company, provided the Company has not remedied such facts and circumstances constituting Good Reason to the reasonable and good faith satisfaction of the Employee; (c) in the case of termination of employment on or after the Expiration Date, the last day of employment; and (d) in all other cases, the date specified in the Notice of Termination; provided, however, if the Employee’s employment is terminated by the Company for any reason except Cause, the date specified in the Notice of Termination shall be at least 30 days from the date the Notice of Termination is given to the Employee, and provided further that in the case of Disability, the Employee shall not have returned to the full-time performance of her duties during such period of at least 30 days.

ARTICLE II
EMPLOYMENT

2.1Subject to and upon the terms and conditions of this Agreement, the Company hereby agrees to continue the employment of the Employee, and the Employee hereby agrees to continue such employment, as Chief Financial Officer and Treasurer of the Company, reporting directly to the Chief Executive Officer, the Board of Directors of the Company, and the Audit Committee of the Board of Directors. The Employee’s position includes acting as an officer and/or director of any of the Company’s subsidiaries as determined by the Board of Directors.

ARTICLE III
DUTIES

3.1The Employee shall, during the term of her employment with the Company, and subject to the direction and control of the Company’s Chief Executive Officer, Board of Directors, and the Audit Committee of the Board of Directors exercise such authority, perform such executive duties and functions and discharge such responsibilities as are reasonably associated with her executive position or as may be reasonably assigned or delegated to her from time to time by the Company’s Chief Executive Officer, Board of Directors, and Audit Committee during the term of this Agreement and consistent with her position as Chief Financial Officer and Treasurer.

3.2The Employee shall perform, in conjunction with the Company’s executive management, to the best of her ability the following services and duties for the Company and its subsidiary corporations (by way of example, and not by way of limitation):

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(a)Those duties attendant to the position with the Company for which Employee is employed;

(b)Establish and implement current and long-range objectives, plans, and policies, subject to the approval of the Chief Executive Officer and Board of Directors;

(c)Financial planning including the development of, liaison with, financing sources and investment bankers;

(d)Managerial oversight of the Company’s accounting department;

(e)Primary responsibility for the preparation and filing of all financial activity reports with federal and state regulatory authorities;

(f)Acquiring appropriate insurance coverage to safeguard Company’s assets (excluding workers’ compensation coverage and medical benefits);

(g)Evaluation and integration of acquisitions, joint ventures, and other opportunities; and

(h)Promotion of the relationships of the Company and its subsidiaries with their respective employees, customers, suppliers and others in the business community.

3.3The Employee agrees to devote full business time and her best efforts in the performance of her duties for the Company and any subsidiary corporation of the Company. 

3.4Employee shall undertake regular travel to the Company’s executive and operational offices, and such other occasional travel within or outside the United States as is or may be reasonably necessary in the interests of the Company.  All such travel shall be at the sole cost and expense of the Company and shall include reasonable lodging and food costs incurred by Employee while traveling.

ARTICLE IV
COMPENSATION

4.1During the term of this Agreement, Employee shall be compensated initially at the rate of $355,000.00 per annum, subject to such increases, if any, as determined by the Board, or if the Board so designates, the Management Resources and Compensation Committee (the “Committee”), in its discretion, at the commencement of each of the Company’s fiscal years during the term of this Agreement (the “Base Salary”). The Base Salary shall be paid to the Employee in accordance with the Company’s regular executive payroll periods.

4.2Employee may receive a bonus (the “Bonus”) in the sole discretion of the Committee in accordance with the following parameters:  

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(a)Employee will have an opportunity to earn a cash Bonus of up to 70% of Employee’s Base Salary for each fiscal year of employment. The Bonus will be based on performance targets and other key objectives established by the Committee at the commencement of each fiscal year, and the determination of whether the performance criteria shall have been attained shall be solely in the discretion of the Committee. 

(b)Targeted bonus will be reduced or increased by 2% of Base Salary for every 1% of variance between the actual results and the targets.

(c)No bonus will be awarded if results are less than 90% of target. 

4.3The Company shall deduct from Employee’s compensation all federal, state, and local taxes which it may now or hereafter be required to deduct.

4.4Employee may receive such other additional compensation as may be determined from time to time by the Board of Directors or Committee including bonuses and other long-term compensation plans. Nothing herein shall be deemed or construed to require the Board of Directors or Committee to award any bonus or additional compensation.

4.5Notwithstanding any other provisions in this Agreement to the contrary, the Employee agrees and acknowledges that any incentive-based compensation, or any other compensation, paid or payable to Employee pursuant to this Agreement or any other agreement or arrangement with the Company which is subject to recoupment or clawback under any applicable law, government regulation, or stock exchange listing requirement, including without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act and such regulations as may be promulgated thereunder by the Securities and Exchange Commission, will be subject to such deductions and clawback (recovery) as may be required to be made pursuant to applicable law, government regulation, stock exchange listing requirement or any policy of the Company adopted pursuant to any such law, government regulation, or stock exchange listing requirement. This section shall survive the termination of this Agreement for a period of three (3) years.

ARTICLE V
BENEFITS

5.1During the term hereof, the Company shall provide Employee and her immediate family with the following benefits (the “Benefits”): (a) group health care and insurance benefits as generally made available to the Company’s senior management; and (b) such other insurance benefits obtained by the Company and made generally available to the Company’s senior management. The Company shall reimburse Employee, upon presentation of appropriate vouchers, for all reasonable business expenses incurred by Employee on behalf of the Company upon presentation of suitable documentation.

5.2In the event the Company wishes to obtain “key person” life insurance on the life of Employee, Employee agrees to cooperate with the Company in completing any applications 

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necessary to obtain such insurance and promptly submit to such physical examinations and furnish such information as any proposed insurance carrier may request.

5.3For the term of this Agreement, Employee shall be entitled to paid vacation at the rate of four (4) weeks per annum.

ARTICLE VI
NON-DISCLOSURE

6.1The Employee shall not, at any time during or after the termination of her employment hereunder, except when acting on behalf of and with the authorization of the Company, make use of or disclose to any person, corporation, or other entity, for any purpose whatsoever, any trade secret or other confidential information concerning the Company’s business, finances, marketing,  accounting, personnel and/or staffing business of the Company and its subsidiaries, including information relating to any customer of the Company or pool of temporary or permanent employees, governmental customer or any other nonpublic business information of the Company and/or its subsidiaries learned as a consequence of Employee’s employment with the Company (collectively referred to as the “Proprietary Information”).  For the purposes of this Agreement, trade secrets and confidential information shall mean information disclosed to the Employee or known by her as a consequence of her employment by the Company, whether or not pursuant to this Agreement, and not generally known in the industry.  The Employee acknowledges that Proprietary Information, trade secrets and other items of confidential information, as they may exist from time to time, are valuable and unique assets of the Company, and that disclosure of any such information would cause substantial injury to the Company. Trade secrets and confidential information shall cease to be trade secrets or confidential information, as applicable, at such time as such information becomes public other than through disclosure, directly or indirectly, by Employee in violation of this Agreement.

6.2If Employee is requested or required (by oral questions, interrogatories, requests for information or document subpoenas, civil investigative demands, or similar process) to disclose any Proprietary Information, Employee shall, unless prohibited by law, promptly notify the Company of such request(s) so that the Company may seek an appropriate protective order.  Notwithstanding the foregoing, Employee understands that nothing contained in this Agreement limits Employee’s ability from reporting possible violations of federal law or regulation to any federal, state or local governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, or any agency Inspector General (“Government Agencies”), or making other disclosures that are protected under the whistleblower provisions of federal law or regulation. Employee further understands that this Agreement does not limit Employee’s ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company. This Agreement does not limit Employee’s right to receive an award for information provided to any Government Agencies.

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6.3Except as otherwise may be agreed by the Company in writing, in consideration of the employment of Employee by the Company, and free of any additional obligations of the Company to make additional payment to Employee, Employee hereby agrees to irrevocably assign to the Company any and all of Employee’s rights (including patent rights, copyrights, trade secret rights and other rights, throughout the world), title and interest in and to all inventions, software, manuscripts, documentation, improvements or other intellectual property whether or not protectable by any state or federal laws relating to the protection of intellectual property, relating to the present or future business of the Company that are developed by Employee  during the term of her employment with the Company, either alone or jointly with others, and whether or not developed during normal business hours or arising within the scope of her duties of employment. Employee agrees that all such inventions, software, manuscripts, documentation, improvement or other intellectual property shall be and remain the sole and exclusive property of the Company and shall be deemed the product of work for hire.  Employee hereby agrees to execute such assignments and other documents as the Company may consider appropriate to vest all right, title and interest therein to the Company and hereby appoints the Company as Employee’s attorney-in-fact with full powers to execute such document itself in the event employee fails or is unable to provide the Company with such signed documents.  Employee shall also assign to, or as directed by, the Company, all of her right, title and interest in and to any and all inventions and other intellectual property, the full title to which is required to be in the United States government of any of its agencies. The Company shall have all right, title and interest in all research and work product produced by Employee as an employee of the Company, including, but not limited to, all research materials. Notwithstanding the foregoing, this provision does not apply to an invention for which no equipment, supplies, facility, or trade secret information of the Company was used and which was developed entirely on Employee’s own time, unless (a) the invention relates (i) to the business of the Company, or (ii) to the Company’s actual or demonstrably anticipated research or development, or (b) the invention results from any work performed by Employee for the Company.  

ARTICLE VII
RESTRICTIVE COVENANT

7.1During the term of Employment with the Company, and for a period of one (1) year following termination of employment for any reason, Employee agrees that she will not, directly or indirectly, enter into or become associated with or engage in any other business (whether as a partner, officer, director, shareholder, employee, consultant, or otherwise), which is involved in the business of providing (a) temporary and/or permanent staffing of governmental employees, (b) medical and office administration/technical professionals or logistical personnel contracts with the United States government through the United States General Services Administration (“GSA”), United States Department of Veterans Affairs (“DVA”), United States Department of Defense (“DOD”), or other federal, state and local entities, (c) program management, consulting, or communications solutions to federal government and other customers, including without limitation to the United States Department of Health and Human Services, or (d) is otherwise engaged in the same or similar business as the Company in direct competition with the Company, or which the Company was in the process of developing, during the tenure of Employee’s employment by the Company (collectively, a “Competitive Business”). 

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Notwithstanding the foregoing, the ownership by Employee of less than five percent of the shares of any publicly held corporation shall not violate the provisions of this Article VII.  

7.2In furtherance of, and in addition to, Section 7.1, during the period of non-competition specified in Section 7.1 (the “Restricted Period”), Employee shall not during the Restricted Period, directly or indirectly, whether as a principal, agent, employee, independent contractor, employer, partner or shareholder, in connection with or related to any Competitive Business, solicit (a) any actual customers, partners or contracts addressed by the Company during the tenure of Employee’s employment or (b) any customers, partners or contracts that were within the Company’s business development pipeline within the twelve month period ending on the effective date of the termination of employment. In addition, Employee will not during the Restricted Period, either directly or indirectly, whether as a principal, agent, employee, independent contractor, employer, partner or shareholder, solicit, hire, attempt to solicit or hire, or participate in any attempt to solicit or hire, any person who is employed by the Company or retained as a consultant by the Company (or who was employed or retained by the Company within 12 months of the Termination Date or who was being actively recruited by the Company) to: (A) terminate her employment or engagement with the Company; (B) accept employment or engagement with anyone other than the Company, or (C) in any manner interfere with the business of the Company. 

7.3Employee hereby acknowledges that the covenants and agreements contained in Article VI and Article VII of this Agreement (the “Restrictive Covenants”) are reasonable and valid in all respects and that the Company is entering into this Agreement, inter alia, on such acknowledgement. If Employee breaches, or threatens to commit a breach, of any of the Restrictive Covenants, the Company shall have the following rights and remedies, each of which rights and remedies shall be independent of the other and severally enforceable, and all of which rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available to the Company under law or in equity: (a) the right and remedy to have the Restrictive Covenants specifically enforced by any court having equity jurisdiction, it being acknowledged and agreed that any such breach or threatened breach will cause irreparable injury to the Company and that money damages will not provide an adequate remedy to the Company; (b) the right and remedy to require Employee to account for and pay over to the Company such damages as are recoverable at law as the result of any transactions constituting a breach of any of the Restrictive Covenants; (c) if any court determines that any of the Restrictive Covenants, or any part thereof, is invalid or unenforceable, the remainder of the Restrictive Covenants shall not thereby be affected and shall be given full effect, without regard to the invalid portions; and (d) if any court construes any of the Restrictive Covenants, or any part thereof, to be unenforceable because of the duration of such provision or the area covered thereby, such court shall have the power to reduce the duration or area of such provision and, in its reduced form, such provision shall then be enforceable and shall be enforced. The parties intend to and hereby confer jurisdiction to enforce the Restrictive Covenants upon the courts of any jurisdiction within the geographical scope of such Restrictive Covenants. If the courts of any one or more such jurisdictions hold the Restrictive Covenants wholly unenforceable by reason of the breadth of such scope or otherwise, it is the intention of the parties that such determination not bar or in any way affect the Company’s right to the relief provided above in the courts of any other 

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jurisdiction, within the geographical scope of such Restrictive Covenants, as to breaches of such Restrictive Covenants in such other respective jurisdiction such Restrictive Covenants as they relate to each jurisdiction being, for this purpose, severable into diverse and independent covenants.

ARTICLE VIII
TERM

8.1This Agreement shall be for a term (the “Initial Term”) commencing on the Effective Date as set forth above and terminating on September 30, 2023 (the “Expiration Date”), unless sooner terminated upon the death of the Employee, or as otherwise provided herein.

8.2Unless this Agreement is earlier terminated pursuant to the terms hereof, the Company agrees to use its best efforts to notify Employee in writing of the Company’s intention to continue Employee’s employment after the Expiration Date no less than ninety (90) days prior to the Expiration Date. In the event the Company either (a) fails to notify the Employee in accordance with this Section 8.2, (b) notifies Employee that it does not intend to continue the Employee’s employment after the Expiration Date, or (c) after notifying the Employee pursuant to Section 8.2, fails to reach an agreement on a new employment agreement prior to the Expiration Date, then upon termination of the Employee’s employment on or after the Expiration Date for any reason except Cause, the Company shall pay Employee the Severance Payment, Accrued Compensation and the Continuation Benefits.

ARTICLE IX
TERMINATION

9.1The Company may terminate this Agreement by giving a Notice of Termination to the Employee in accordance with this Agreement:  

(a)for Cause;
(b)without Cause; or
(c)for Disability.

9.2Employee may terminate this Agreement by giving a Notice of Termination to the Company in accordance with this Agreement, at any time, with or without Good Reason.

9.3If the Employee’s employment with the Company shall be terminated, the Company shall pay and/or provide to the Employee the following compensation and benefits in lieu of any other compensation or benefits arising under this Agreement or otherwise:

(a)if the Employee was terminated by the Company for Cause, or the Employee terminates without Good Reason: the Accrued Compensation;

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(b)if the Employee was terminated by the Company for Disability: (i) the Continuation Benefits; (ii) the Accrued Compensation; (iii) the Severance Payment; and (iv) the Pro-Rata Bonus; 

(c)if termination was due to the Employee’s death: (i) the Accrued Compensation; (ii) the Continuation Benefits; and (iii) the Pro Rata Bonus; or

(d)if the Employee was terminated by the Company without Cause, or the Employee terminates this Agreement for Good Reason: (i) the Accrued Compensation; (ii) an amount equal to 1.5 times the Severance Payment; and (iii) the Continuation Benefits. 

9.4The amounts payable under this Section 9, shall be paid as follows:

(a)Accrued Compensation shall be paid within five (5) business days after the Employee’s Termination Date (or earlier, if required by applicable law).

(b)If the Continuation Benefits are paid in cash, the payments shall be made on the first day of each month during the Continuation Period (or earlier, if required by applicable law)

(c)The Severance Payment shall be payable in equal installments on each of the Company’s regular pay dates for executives (or earlier, if required by applicable law) during the twelve-month period for which Employee is entitled to the Severance Payment, commencing on the first regular executive pay date following the Termination Date.   

Notwithstanding the foregoing, however, if Employee’s termination, giving rise to a right to Severance Payment and Continuation Benefits, occurs after March 15th of a given year, the payments of the Severance Payment and any payments for Continuation Benefits shall be accelerated to complete payment before March 15th of the year following termination if necessary to comply with the short term deferral exception under Section 409A of the Code to conform with the intent of Section 12.1 of this Agreement. The parties agree that if any such provision is subject to more than one interpretation or construction, such ambiguity shall be resolved in favor of that interpretation or construction which is consistent with such provisions not being subject to the provisions of Section 409A. 

9.5Notwithstanding the foregoing, the payment of any and all compensation due hereunder, except Accrued Compensation and Employee’s right to exercise any vested Employee Stock Options after the Termination Date, is expressly conditioned on (i) in the event Employee is a member of the Board of Directors on the Termination Date, Employee’s resignation from the Board of Directors of the Company and with any Subsidiary of the Company, within five (5) business days of notice by the Company requesting such resignation, (ii) Employee’s execution (and not revoking) a general release and waiver of claims against the Company in a form reasonably acceptable to the Employee and the Company, and (iii) full and continued compliance by Employee with the covenants and obligations described in Article VI and Article VII of this Agreement.

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9.6The Employee shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise and no such payment shall be offset or reduced by the amount of any compensation or benefits provided to the Employee in any subsequent employment except as provided in Section 1.4.

ARTICLE X
EQUITY AND LONG-TERM INCENTIVE AWARDS

10.1During the term of this Agreement, Employee shall be eligible to receive equity or performance awards payable in shares, cash or other property pursuant to any long-term incentive compensation plan adopted by the Committee or the Board. Equity awards shall be granted under the Company’s 2016 Omnibus Equity Incentive Plan, as amended, or such other equity compensation plan as may be adopted by the Company in the discretion of the Committee or the Board. The actual grant date value of any such awards shall be determined in the discretion of the Committee or Board and any such awards shall include such vesting conditions and other terms and conditions as determined by the Committee or the Board. 

10.2In the event that either (i) Employee’s employment is terminated due to her Disability or death or (ii) within ninety (90) days of a Change in Control, either the Employee’s employment is terminated by the Company without Cause or the Employee terminates this Agreement and resigns employment for Good Reason, then

(a)following the Employee’s date of termination and subject to the conditions of Section 9.5, each unexpired option presently outstanding and held by Employee, and unless expressly determined otherwise by the Management Resources and Compensation Committee at the time of grant, each unexpired option to purchase shares of Common Stock of the Company granted to Employee after the date hereof, shall immediately vest and be exercisable in full and the exercise period in which Employee may exercise all such options shall be extended to the duration of their original term, and the terms of all such options shall be deemed amended to take into account the foregoing provisions; and 

(b)unless expressly determined otherwise by the Management Resources and Compensation Committee at the time of grant, each other unexpired equity compensation award, including restricted stock or stock unit awards held by the Employee shall be deemed to be fully vested and free from repurchase and forfeiture provisions, and, to the extent applicable, will no longer be subject to a right of repurchase by or forfeiture to the Company; provided that the vesting will not accelerate the distribution of shares underlying equity awards if such acceleration of distribution would trigger taxation under Section 409A of the Code.

10.3In the event Employee’s employment was terminated by the Company without Cause or the Employee terminates this Agreement and resigns employment for Good Reason, and such termination is not within the ninety (90) period of a Change in Control, then, 

{N0285684  } 
13

(a)following the Employee’s date of termination and subject to the conditions of Section 9.5, each unexpired option presently outstanding and held by Employee that is subject only to time-based vesting conditions and unless expressly determined otherwise by the Management Resources and Compensation Committee at the time of grant, each unexpired option to purchase shares of Common Stock of the Company granted to Employee after the date hereof that is subject only to time-based vesting conditions, shall immediately vest and be exercisable in full and the exercise period in which Employee may exercise all such options shall be extended to the duration of their original term, and the terms of all such options shall be deemed amended to take into account the foregoing provisions; and 

(b)unless expressly determined otherwise by the Management Resources and Compensation Committee at the time of grant, each other unexpired equity compensation award, including restricted stock or stock unit awards held by the Employee that is subject only to time-based vesting conditions, shall be deemed to be fully vested and free from repurchase and forfeiture provisions, and, to the extent applicable, will no longer be subject to a right of repurchase by or forfeiture to the Company; provided that the vesting will not accelerate the distribution of shares underlying equity awards if such acceleration of distribution would trigger taxation under Section 409A of the Code. 

ARTICLE XI
EXTRAORDINARY TRANSACTIONS

11.1The Company’s Board of Directors has determined that it is appropriate to reinforce and encourage the continued attention and dedication of members of the Company's management, including the Employee, to their assigned duties without distraction in potentially disturbing circumstances arising from the possibility of a change in control of the Company.

11.2In the event that within ninety (90) days of a Change of Control, Employee is terminated without Cause, or Employee terminates her employment for Good Reason, then, subject to the conditions of Section 9.5, the Company shall pay and/or provide to the Employee, in addition to the provisions of Section 10.2, above, the following compensation and benefits, in lieu of any other payments due hereunder: (i) the Accrued Compensation; (ii) the Continuation Benefits; and (iii) a lump sum payment within ten (10) days of the Termination Date equal to 150% of the Employee’s Base Salary in effect on the effective date of the Change of Control.

11.3Notwithstanding the foregoing, if the payment under this Article XI, either alone or together with other payments which the Employee has the right to receive from the Company, would constitute an “excess parachute payment” as defined in Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), the aggregate of such credits or payments under this Agreement and other agreements shall be reduced to the largest amount as will result in no portion of such aggregate payments being subject to the excise tax imposed by Section 4999 of the Code. The priority of the reduction of excess parachute payments shall be in the discretion of the Employee. The Company shall give notice to the Employee as soon as practicable after its determination that Change of Control payments and benefits are subject to the excise tax, but no later than ten (10) days in advance of the due date of such Change of 

{N0285684  } 
14

Control payments and benefits, specifying the proposed date of payment and the Change of Control benefits and payments subject to the excise tax. Employee shall exercise her option under this Section 11.3 by written notice to the Company within five (5) days in advance of the due date of the Change of Control payments and benefits specifying the priority of reduction of the excess parachute payments.
 
ARTICLE XII
SECTION 409A COMPLIANCE

12.1 To the extent applicable, it is intended that any amounts payable under this Agreement shall either be exempt from Section 409A of the Code or shall comply with Section 409A (including Treasury regulations and other published guidance related thereto) so as not to subject Employee to payment of any additional tax, penalty or interest imposed under Section 409A of the Code. The provisions of this Agreement shall be construed and interpreted to the maximum extent permitted to avoid the imputation of any such additional tax, penalty or interest under Section 409A of the Code yet preserve (to the nearest extent reasonably possible) the intended benefit payable to Employee. Notwithstanding the foregoing, the Company makes no representations regarding the tax treatment of any payments hereunder, and the Employee shall be responsible for any and all applicable taxes, other than the Company’s share of employment taxes on the severance payments provided by the Agreement. Employee acknowledges that Employee has been advised to obtain independent legal, tax or other counsel in connection with Section 409A of the Code. 

12.2 Notwithstanding any provisions of this Agreement to the contrary, if Employee is a “specified employee” (within the meaning of Section 409A of the Code and the regulations adopted thereunder) at the time of Employee’s separation from service and if any portion of the payments or benefits to be received by Employee upon separation from service would be considered deferred compensation under Section 409A of the Code and the regulations adopted thereunder (“Nonqualified Deferred Compensation”), amounts that would otherwise be payable pursuant to this Agreement during the six-month period immediately following Employee’s separation from service that constitute Nonqualified Deferred Compensation and benefits that would otherwise be provided pursuant to this Agreement during the six-month period immediately following Employee’s separation from service that constitute Nonqualified Deferred Compensation will instead be paid or made available on the earlier of (i) the first business day of the seventh month following the date of Employee’s separation from service and (ii) Employee’s death. Notwithstanding anything in this Agreement to the contrary, distributions upon termination of Employee’s employment shall be interpreted to mean Employee’s “separation from service” with the Company (as determined in accordance with Section 409A of the Code and the regulations adopted thereunder).  Each payment under this Agreement shall be regarded as a “separate payment” and not of a series of payments for purposes of Section 409A of the Code.

12.3 Except as otherwise specifically provided in this Agreement, if any reimbursement to which the Employee is entitled under this Agreement would constitute deferred compensation subject to Section 409A of the Code, the following additional rules shall 

{N0285684  } 
15

apply: (i) the reimbursable expense must have been incurred, except as otherwise expressly provided in this Agreement, during the term of this Agreement; (ii) the amount of expenses eligible for reimbursement during any taxable year will not affect the amount of expenses eligible for reimbursement in any other taxable year; (iii) the reimbursement shall be made as soon as practicable after Employee’s submission of such expenses in accordance with the Company’s policy, but in no event later than the last day of Employee’s taxable year following the taxable year in which the expense was incurred; and (iv) the Employee’s entitlement to reimbursement shall not be subject to liquidation or exchange for another benefit.

ARTICLE XIII
ARBITRATION AND INDEMNIFICATION
 
13.1Any controversy, dispute or claim arising out of or relating to this Agreement or breach thereof, with the sole exception of any claim, breach, or violation arising under Articles VI or VII hereof, shall be shall first be settled through good faith negotiation. If the dispute cannot be settled through negotiation, the parties agree to attempt in good faith to settle the dispute by mediation administered by JAMS. If the parties are unsuccessful at resolving the dispute through mediation, the parties agree to final and binding arbitration before a single arbitrator in the State of Georgia in accordance with the Rules of the American Arbitration Association.  The arbitrator shall be selected by the Association and shall be an attorney-at-law experienced in the field of corporate law. Any judgment upon any arbitration award may be entered in any court, federal or state, having competent jurisdiction of the parties.

13.2The Company hereby agrees to indemnify, defend, and hold harmless the Employee for any and all claims arising from or related to her employment by the Company at any time asserted, at any place asserted, to the fullest extent permitted by law, except for claims based on Employee’s fraud, deceit or willfulness. The Company shall maintain such insurance as is necessary and reasonable to protect the Employee from any and all claims arising from or in connection with her employment by the Company during the term of Employee’s employment with the Company and for a period of six (6) years after the date of termination of employment for any reason. The provisions of this Section 13.2 are in addition to and not in lieu of any indemnification, defense or other benefit to which Employee may be entitled by statute, regulation, common law or otherwise.

ARTICLE XIV
SEVERABILITY

14.1If any provision of this Agreement shall be held invalid and unenforceable, the remainder of this Agreement shall remain in full force and effect.  If any provision is held invalid or unenforceable with respect to particular circumstances, it shall remain in full force and effect in all other circumstances.

{N0285684  } 
16

ARTICLE XV
NOTICE

15.1 For the purposes of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when (a) personally delivered or (b) sent by (i) a nationally recognized overnight courier service or (ii) certified mail, return receipt requested, postage prepaid and in each case addressed to the respective addresses as set forth below or to any such other address as the party to receive the notice shall advise by due notice given in accordance with this paragraph. All notices and communications shall be deemed to have been received on (A) if delivered by personal service, the date of delivery thereof; (B) if delivered by a nationally recognized overnight courier service, on the first business day following deposit with such courier service; or (C) on the third business day after the mailing thereof via certified mail. Notwithstanding the foregoing, any notice of change of address shall be effective only upon receipt. 

The current addresses of the parties are as follows:

IF TO THE COMPANY: DLH Holdings Corp.  
3565 Piedmont Road, N.E.
Building 3, Suite 700  
Atlanta, GA  30305
Attention: Chief Executive Officer  

        WITH A COPY TO:  Victor J. DiGioia
           Becker & Poliakoff, LLP
           45 Broadway, 17th Floor
           New York, NY 10006 

IF TO THE EMPLOYEE: Kathryn M. JohnBull

WITH A COPY TO:       

ARTICLE XVI
BENEFIT

16.1This Agreement shall inure to, and shall be binding upon, the parties hereto, the successors and assigns of the Company, and the heirs and personal representatives of the Employee. The respective rights and obligations of the parties hereunder shall survive any termination of this Agreement to the extent necessary to the intended preservation of such rights and obligations.

{N0285684  } 
17

ARTICLE XVII
AMENDMENTS AND WAIVERS

17.1No supplement, modification, amendment or waiver of the terms of this Agreement shall be binding on the parties hereto unless executed in writing by the parties to this Agreement. No waiver of any of the provisions of this Agreement shall be deemed to or shall constitute a waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing waiver unless otherwise expressly provided. Any failure to insist upon strict compliance with any of the terms and conditions of this Agreement shall not be deemed a waiver of any such terms or conditions and the waiver by either party of any breach or violation of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach of construction and validity.

ARTICLE XVIII
GOVERNING LAW

18.1 This Agreement has been negotiated and executed in the State of Georgia which shall govern its construction and validity.

ARTICLE XIX
JURISDICTION

19.1Any or all actions or proceedings which may be brought by the Company or Employee under this Agreement shall be brought in courts having a situs within the State of Georgia, and Employee and the Company each hereby consent to the jurisdiction of any local, state, or federal court located within the State of Georgia.

ARTICLE XX
ENTIRE AGREEMENT

20.1This Agreement sets forth the entire agreement between the parties and supersedes all prior agreements, letters and understandings between the parties, whether oral or written, prior to the date of execution of this Agreement, except for the terms of employee stock option plans, restricted stock grants and option certificates (unless otherwise expressly stated herein).

ARTICLE XXI
INTERPRETATION AND INDEPENDENT REPRESENTATION

21.1 The parties agree that they have both had the opportunity to review and negotiate this Agreement, and that any inconsistency or dispute related to the interpretation of any of the provisions of this Agreement shall not be construed against either party. The headings used in this Agreement are for convenience only and are not to be considered in construing or interpreting this Agreement. The Employee has been advised and had the opportunity to consult with an attorney or other advisor prior to executing this agreement. The Employee understands, 

{N0285684  } 
18

confirms and agrees that counsel to the Company (Becker & Poliakoff LLP) has not acted and is not acting as counsel to the Employee and that Employee has not relied upon any legal advice except as provided by its own counsel.  
        
ARTICLE XXII
EXECUTION

22.1 This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page was an original thereof.

Remainder of page intentionally left blank; signature page follows.

{N0285684  } 
19

IN WITNESS WHEREOF, the parties hereto have executed this Agreement and affixed their hands and seals the day and year first above written.

DLH HOLDINGS CORP.

By: _/s/ Frances M. Murphy              ____________
Dr. Frances M. Murphy,
Chairperson of the Management Resources and Compensation Committee of the Board of Directors

EMPLOYEE

/s/ Kathryn M. JohnBull              ______________                                       
Kathryn M. JohnBull,
Employee

{N0285684  } 
20Exhibit 4.2 

 

 

 

SUBSCRIPTION AND ESCROW AGENT
AGREEMENT

 

Between

 

Enzon Pharmaceuticals, Inc.

 

And

 

Continental Stock Transfer
 & Trust Company

 

    

     

    

 

THIS SUBSCRIPTION
AND ESCROW AGENT AGREEMENT (“Agreement”) between Enzon Pharmaceuticals, Inc., a Delaware corporation (the “Company”),
and Continental Stock Transfer & Trust Company, a New York corporation (“Continental”), is dated as of September
[  ], 2020.

 

1.       Appointment.

 

(a)       The
Company is distributing at no charge (the “Rights Offering”) to its stockholders of record at the close of business
on _______ [  ], 2020 (the “Record Date”), transferable subscription rights (the “Rights”)
to purchase up to an aggregate of 40,000 units (the “Units”) consisting of up to 30,000,000 shares of the Company’s
common stock, par value $0.01 per share (the “Common Stock”), and up to 40,000 shares of newly designated Series
C Preferred Stock, par value $0.01 per share (the “Preferred Stock”). Each stockholder will receive one Right
for each share of Common Stock owned, and no fractional Rights will be issued. For every 1,105 Rights held, a stockholder will
be entitled to purchase one Unit at a purchase price of $1,090 per Unit (the “Subscription Price”). Each Unit
consists of one share of Preferred Stock and 750 shares of Common Stock. The term “Subscribed” shall mean submitted
for purchase from the Company by a stockholder in accordance with the terms of the Rights Offering, and the term “Subscription”
shall mean any such submission.

 

(b)       The
Rights Offering will expire on _______ [  ], 2020 at 5:00 p.m. New York City Time (the “Expiration Time”),
unless the Company shall have extended the period of time for which the Rights Offering is open, in its sole discretion for up
to 30 days, in which event the term “Expiration Time” shall mean the latest time and date at which the Rights Offering,
as so extended by the Company from time to time, shall expire.

 

(c)       The
Company filed a Registration Statement on Form S-1 (File No. 333-248528) relating to the Rights Offering with the Securities and
Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended, on September 1, 2020 (the “Registration
Statement”). The terms of the Rights Offering are more fully described in the Prospectus (the “Prospectus”)
forming part of the Registration Statement as such Registration Statement may be declared effective by the SEC. A copy of the Prospectus
is attached hereto as Exhibit 1. All terms used and not defined herein shall have the same meaning as in the Prospectus.
Promptly after the Record Date, Continental, in its capacity as transfer agent, will generate a list of holders of Common Stock
as of the Record Date (the “Record Stockholders List”).

 

(d)       The
Company hereby appoints Continental to act as subscription agent (the “Subscription Agent”) for the Rights Offering
in accordance with and subject to the following terms and conditions.

 

2.       Subscription
of Rights.

 

(a)       The
Rights are evidenced by subscription rights certificates (the “Certificates”), a copy of the form of which is
attached hereto as Exhibit 2. The Certificates entitle the holders to subscribe, upon payment of the Subscription Price,
for Units at the rate of one Unit per every 1,105 Rights evidenced by a Certificate (the “Subscription Right”).
No fractional Units will be issued.

 

3.       Duties
of Subscription Agent. As Subscription Agent, Continental is authorized and directed to perform the following:

 

(a)       Issue
the Certificates in accordance with this Agreement in the names of the holders of the Common Stock of record or other nominees
on the Record Date, keep such records as are necessary for the purpose of recording such issuance, and furnish a copy of such records
to the Company. The Certificates may be signed on behalf of the Subscription Agent by the manual or facsimile signature of a Vice
President or Assistant Vice President of the Subscription Agent, or by the manual signature of any of its other authorized officers.

 

    2

     

    

  

(b)       Promptly
after Continental receives the Record Stockholders List, Continental shall:

 

(i)       mail
or cause to be mailed, by first class mail, or deliver (which delivery may be done electronically through the facilities of the
Depository Trust Company (“DTC”) or otherwise) to each holder of Common Stock of record on the Record Date whose
address of record is within the United States and Canada, (i) a Certificate evidencing the Rights to which such stockholder
is entitled under the Rights Offering, (ii) a copy of the Prospectus, and (iii) a return envelope addressed to the Subscription
Agent; and

 

(ii)       mail
or cause to be mailed, to each holder of Common Stock of record on the Record Date whose address of record is outside the United
States and Canada, or is an A.P.O. or F.P.O. address, a copy of the Prospectus. Continental shall refrain from mailing Certificates
issuable to any holder of Common Stock of record on the Record Date whose address of record is outside the United States and Canada,
or is an A.P.O. or F.P.O. address, and hold such Certificates for the account of such stockholder subject to such stockholder making
satisfactory arrangements with the Subscription Agent for the exercise of the Rights evidenced thereby, and follow the instructions
of such stockholder for the exercise of such Rights if such instructions are received at or before 11:00 a.m., New York City Time,
at least three business days prior to the Expiration Time.

 

(c)       Mail
or deliver (which delivery may be done electronically through the facilities of DTC or otherwise) a copy of the Prospectus with
certificates for shares of Common Stock and Preferred Stock when such are issued to persons other than the registered holder of
the Certificate.

 

(d)       Accept
Subscriptions upon the due exercise (including payment of the Subscription Price) on or prior to the Expiration Time of Rights
in accordance with the terms of the Certificates and the Prospectus.

 

(e)       Subject
to the next sentence, accept Subscriptions from stockholders whose Certificates are alleged to have been lost, stolen, or destroyed
upon receipt by Continental of an affidavit of theft, loss, or destruction and a bond of indemnity in form and substance reasonably
satisfactory to Continental, accompanied by payment of the Subscription Price for the total number of Rights Subscribed. Upon receipt
of such affidavit and bond of indemnity and compliance with any other applicable requirements, stop orders shall be placed on said
Certificates and Continental shall withhold delivery of the Rights Subscribed for until after the Certificates have expired and
it has been determined that the Rights evidenced by the Certificates have not otherwise been purported to have been exercised or
otherwise surrendered.

 

(f)       Accept
Subscriptions, without further authorization or direction from the Company, without procuring supporting legal papers or other
proof of authority to sign (including without limitation proof of appointment of a fiduciary or other person acting in a representative
capacity), and without signatures of co-fiduciaries, co-representatives, or any other person:

 

(i)       if
the Certificate is registered in the name of a fiduciary and is executed by, and the Rights are to be issued in the name of, such
fiduciary;

 

(ii)       if
the Certificate is registered in the name of joint tenants and is executed by one of the joint tenants, provided the certificate
representing the Rights is issued in the names of, and is to be delivered to, such joint tenants;

 

(iii)       if
the Certificate is registered in the name of a corporation and is executed by a person in a manner which appears or purports to
be done in the capacity of an officer, or agent thereof, provided the Rights are to be issued in the name of such corporation;
or

 

(iv)       if
the Certificate is registered in the name of an individual and is executed by a person purporting to act as such individual’s
executor, administrator, or personal representative, provided, the Rights are to be registered in the name of the subscriber as
executor or administrator of the estate of the deceased registered holder and there is no evidence indicating the subscriber is
not the duly authorized representative that he purports to be.

 

    3

     

    

 

(g)       Accept
Subscriptions not accompanied by Certificates if submitted by a firm having membership in the New York Stock Exchange or another
national securities exchange or by a commercial bank or trust company having an office in the United States and accompanied by
proper payment for the total number of Rights Subscribed.

 

(h)       Refer
to the Company, for specific instructions as to acceptance or rejection, Subscriptions received after the Expiration Time, Subscriptions
not authorized to be accepted, and Subscriptions otherwise failing to comply with the requirements of the Prospectus and the terms
and conditions of the Certificates. To that end, Continental acknowledges that certain Section 382 Rights Agreement, dated as of
August 14, 2020, between the Company and Continental (“Rights Agreement”), which would have dilutive effects
on certain stockholders of the Company in the event a Distribution Date were to occur under the Rights Agreement. Continental and
the Company shall coordinate the acceptance of Subscriptions with the intent to avoid the occurrence of a Distribution Date under
the Rights Agreement, and no acceptance of Subscriptions shall be effective without the Company’s approval under this Section
3(h).

 

4.       Acceptance
of Subscriptions. Upon acceptance of a Subscription, Continental shall from time to time during the offering:

 

(a)       Hold
all monies received in a dedicated, non-interest bearing escrow account for the benefit of the Company. Promptly following the
Expiration Time, Continental shall, upon the receipt of the Distribution Letter in the form attached hereto as Exhibit 3
and executed by the Company, distribute to the Company the funds from exercise of the Subscription Rights in such account and following
the Expiration Date issue (in physical form or electronically through the facilities of DTC, in each case in a manner approved
by the Company) certificates for shares of Common Stock and Preferred Stock comprising the Units issuable with respect to Subscriptions
that have been accepted. Continental will not be obligated to calculate or pay interest to any holder or any other party claiming
through a holder or otherwise. It is hereby agreed immediately following the effective date of the Subscription, immediately available
funds, represented by certified check, money order, or wire transfer but not personal check, will be deposited with Continental
in accordance with Exhibit 7. In the event that the Rights Offering is not consummated because the Company has withdrawn, cancelled
or terminated the Rights Offering, Continental shall, upon the receipt of the Liquidation Letter in the form attached hereto as
Exhibit 4 and executed by the Company, liquidate the segregated account in which the subscription monies were held
as promptly as practicable and distribute the funds to each respective subscribing stockholder who elected to exercise its Rights.

 

(b)       Advise
the Company daily by facsimile transmission and confirm by letter to the attention of Andrew Rackear (the “Company Representative”)
as to the total number of Units Subscribed for and the amount of funds received, with cumulative totals for each; and in addition
advise the Company Representative, by telephone at (732) 980-4500, confirmed by e-mail transmission to Andrew.Rackear@enzon.com,
of the amount of funds received identified in accordance with (a) above, deposited, available, or transferred in accordance with
(a) above, with cumulative totals; and

 

(c)       As
promptly as possible but in any event on or before 3:30 p.m., New York City Time, on the first full business day following the
Expiration Time, advise the Company Representative in accordance with (b) above of the number of Units Subscribed and the number
of Units unsubscribed.

 

5.       Completion
of Rights Offering. Upon completion of the Rights Offering:

 

(a)       Continental
shall issue (in physical form or electronically through the facilities of DTC, in each case in a manner approved by the Company)
certificates for the Common Stock and Preferred Stock comprising the Units for which Subscriptions have been received.

 

(b)       The
Certificates may be physical certificates but may, as instructed by the Company be issued electronically through the facilities
of DTC. The Company shall appoint and have in office at all times a Transfer Agent and Registrar for the Certificates, which may
be Continental and which shall keep books and records of the registration and transfers and exchanges of Certificates (such books
and records are hereinafter called the “Certificate Register”). The Company shall promptly notify the Transfer
Agent and Registrar of the exercise of any Certificates. The Company shall promptly notify Continental of any change in the Transfer
Agent and Registrar of the Certificates.

 

    4

     

    

 

(c)       All
Certificates issued upon any registration of transfer or exchange of Certificates shall be the valid obligations of the Company,
evidencing the same obligations, and entitled to the same benefits under this Agreement, as the Certificates surrendered for such
registration of transfer or exchange.

 

(d)       For
so long as this Agreement shall be in effect, the Company will reserve for issuance and keep available free from preemptive rights
a sufficient number of shares of Common Stock and Preferred Stock to permit the exercise in full of all Rights issued pursuant
to the Rights Offering. Subject to the terms and conditions of this Agreement, Continental will request the Transfer Agent for
the Common Stock and Preferred Stock to issue (in physical form or electronically through the facilities of DTC, in each case in
a manner approved by the Company) certificates evidencing the appropriate number of shares of Common Stock and Preferred Stock
as required from time to time in order to effectuate the Subscriptions.

 

(e)       The
Company shall take any and all action, including without limitation obtaining the authorization, consent, lack of objection, registration,
or approval of any governmental authority, or the taking of any other action under the laws of the United States of America or
any political subdivision thereof, to insure that all shares of Common Stock and Preferred Stock comprising the Units issuable
upon the exercise of the Certificates at the time of delivery of the certificates therefor (subject to payment of the Subscription
Price) will be duly and validly issued and fully paid and non-assessable shares of Common Stock and Preferred Stock, free from
all preemptive rights and taxes, liens, charges, and security interests created by or imposed upon the Company with respect thereto.

 

(f)       The
Company shall from time to time take all action necessary or appropriate to obtain and keep effective all registrations, permits,
consents, and approvals of the SEC and any other governmental agency or authority and make such filings under federal and state
laws which may be necessary or appropriate in connection with the issuance and delivery of Certificates or the issuance, sale,
transfer, and delivery of Common Stock and Preferred Stock comprising the Units issued upon exercise of Certificates.

 

6.       Procedure
for Discrepancies. Continental shall follow its regular procedures to attempt to reconcile any discrepancies between the number
of shares of Common Stock and Preferred Stock comprising Units that any Certificate may indicate are to be issued to a stockholder
and the number that the Record Stockholders List indicates may be issued to such stockholder. In any instance where Continental
cannot reconcile such discrepancies by following such procedures, Continental will consult with the Company for instructions as
to the number of shares of Common Stock and Preferred Stock, if any, it is authorized to issue. In the absence of such instructions,
Continental is authorized not to issue any shares of Common Stock or Preferred Stock to such stockholder.

 

7.       Procedure
for Deficient Items. Continental shall examine the Certificates received by it as Subscription Agent to ascertain whether they
appear to have been properly completed and executed. In the event Continental determines that any Certificate does not appear to
have been properly completed or executed, or where the Certificates do not appear to be in proper form for Subscription, or any
other irregularity in connection with the Subscription appears to exist, Continental shall follow, where possible, its regular
procedures to attempt to cause such irregularity to be corrected. Continental is not authorized to waive any irregularity in connection
with the Subscription, unless Continental shall have received from the Company the Certificate which was delivered, duly dated
and signed by an authorized officer of the Company, indicating that any irregularity in such Certificate has been cured or waived
and that such Certificate has been accepted by the Company. If any such irregularity is neither corrected nor waived, Continental
will return to the subscribing stockholder (at its option by either first class mail under a blanket surety bond or insurance protecting
Continental and the Company from losses or liabilities arising out of the non-receipt or nondelivery of Certificates or by registered
mail insured separately for the value of such Certificates) to such stockholder’s address as set forth in the Subscription
any Certificates surrendered in connection therewith and any other documents received with such Certificates, and a letter of notice
to be furnished by the Company explaining the reasons for the return of the Certificates and other documents.

 

8.       Date/Time
Stamp. Each document received by Continental relating to its duties hereunder shall be dated and time stamped when received.

 

    5

     

    

 

9.       Transfer
Procedures. If certificates representing shares of Common Stock and Preferred Stock are to be delivered by Continental to a
person other than the person in whose name a surrendered Certificate is registered, Continental shall issue no certificates for
Common Stock or Preferred Stock until the Certificate so surrendered has been properly endorsed (or otherwise put in proper form
for transfer).

 

10.       Tax
Reporting. Should any issue arise regarding federal income tax reporting or withholding, Continental shall take such action
as the Company reasonably instructs in writing.

 

11.       Termination.
The Company may terminate this Agreement at any time by so notifying Continental in writing. Continental may terminate this Agreement
upon 60 days’ prior written notice to the Company. Upon any such termination, Continental shall be relieved and discharged
of any further responsibilities with respect to its duties hereunder. Upon payment of all Continental’s outstanding fees
and expenses, Continental shall forward to the Company or its designee promptly any Certificate or other document relating to Continental’s
duties hereunder that Continental may receive after its appointment has so terminated. Sections 12, 13, 14, and 19 of this Agreement
shall survive any termination of this Agreement.

 

12.       Authorizations
and Protections. As agent for the Company, Continental:

 

(a)       shall
have no duties or obligations other than those specifically set forth herein or as may subsequently be agreed to in writing by
Continental and the Company;

 

(b)       shall
have no obligation to issue any shares of Common Stock or Preferred Stock unless the Company shall have provided a sufficient number
of certificates for such Common Stock and Preferred Stock;

 

(c)       shall
be regarded as making no representations and having no responsibilities as to the validity, sufficiency, value, or genuineness
of any Certificates surrendered to Continental hereunder or shares of Common Stock or Preferred Stock comprising the Units issued
in exchange therefor, and will not be required to or be responsible for and will make no representations as to, the validity, sufficiency,
value or genuineness of the Rights Offering;

 

(d)       shall
not be obligated to take any legal action hereunder; if, however, Continental determines to take any legal action hereunder, and
where the taking of such action might, in Continental’s judgment, subject or expose it to any expense or liability, Continental
shall not be required to act unless it shall have been furnished with an indemnity reasonably satisfactory to it;

 

(e)       may
rely on and shall be fully authorized and protected in acting or failing to act upon any certificate, instrument, opinion, notice,
letter, telegram, telex, facsimile transmission, or other document or security delivered to Continental and believed by it to be
genuine and to have been signed by the proper party or parties;

 

(f)       shall
not be liable or responsible for any recital or statement contained in the Prospectus or any other documents relating thereto;

 

(g)       shall
not be liable or responsible for any failure on the part of the Company to comply with any of its covenants and obligations relating
to the Rights Offering, including without limitation obligations under applicable securities laws;

 

(h)       may
rely on and shall be fully authorized and protected in acting or failing to act upon the written, telephonic, or oral instructions
of officers of the Company with respect to any matter relating to Continental acting as Subscription Agent covered by this Agreement
(or supplementing or qualifying any such actions);

 

(i)       may
consult with counsel satisfactory to Continental, including internal counsel, and the advice of such counsel shall be full and
complete authorization and protection in respect of any action taken, suffered, or omitted by Continental hereunder in good faith
and in reliance upon the advice of such counsel; and

 

(j)       is
not authorized, and shall have no obligation, to pay any brokers, dealers, or soliciting fees to any person.

 

    6

     

    

 

13.       Indemnification.
The Company agrees to indemnify Continental for, and hold it harmless from and against, any loss, liability, claim, or expense
(“Loss”) arising out of or in connection with Continental’s performance of its duties under this Agreement
or this appointment, including the costs and expenses of defending itself against any Loss or enforcing this Agreement, except
to the extent that such Loss shall have been determined by a court of competent jurisdiction to be a result of Continental’s
gross negligence or intentional misconduct.

 

14.       Limitation
of Liability.

 

(a)       In
the absence of gross negligence or intentional misconduct on its part, Continental shall not be liable for any action taken, suffered,
or omitted by it or for any error of judgment made by it in the performance of its duties under this Agreement. Anything in this
agreement to the contrary notwithstanding, in no event shall Continental be liable for special, indirect, incidental, or consequential
loss or damage of any kind whatsoever (including but not limited to lost profits), even if Continental has been advised of the
likelihood of such damages and regardless of the form of action. Any liability of Continental will be limited to the amount of
fees paid by the Company hereunder.

 

(b)       In
the event any question or dispute arises with respect to the proper interpretation of this Agreement or Continental’s duties
hereunder or the rights of the Company or of any holders surrendering Certificates for Units pursuant to the Rights Offering, Continental
shall not be required to act and shall not be held liable or responsible for refusing to act until the question or dispute has
been judicially settled (and Continental may, if it deems it advisable, but shall not be obligated to, file a suit in interpleader
or for a declaratory judgment for such purpose) by final judgment rendered by a court of competent jurisdiction, binding on all
stockholders and parties interested in the matter which is no longer subject to review or appeal, or settled by a written document
in form and substance satisfactory to Continental and executed by the Company and each such stockholder and party. In addition,
Continental may require for such purpose, but shall not be obligated to require, the execution of such written settlement by all
the stockholders and all other parties that may have an interest in the settlement.

 

15.       Representations,
Warranties and Covenants. The Company represents, warrants, and covenants that (a) it is duly incorporated, validly existing,
and in good standing under the laws of its jurisdiction of incorporation, (b) the making and consummation of the Rights Offering
and the execution, delivery, and performance of all transactions contemplated thereby (including without limitation this Agreement)
have been duly authorized by all necessary corporate action and will not result in a breach of or constitute a default under the
certificate of incorporation or bylaws of the Company or any indenture, agreement, or instrument to which either is a party or
is bound, (c) this Agreement has been duly executed and delivered by the Company and constitutes a legal, valid, binding obligation
of the Company, enforceable against the Company in accordance with its terms, (d) the Rights Offering will comply in all material
respects with all material applicable requirements of law, and (e) to the best of its knowledge, there is no litigation pending
as of the date hereof in connection with the Rights Offering.

 

16.       Notices.
All notices, demands, and other communications given pursuant to the terms and provisions hereof shall be in writing, shall (except
as provided for in Section 18 hereof) be deemed effective on the date of receipt, and may be sent by facsimile, overnight delivery
services, or by certified or registered mail, return receipt requested to:

 

	If
    to the Company:
	 
	

                                         Enzon Pharmaceuticals, Inc.

                                                                          20
                                         Commerce Drive (Suite 135)

                                                                          Cranford,
                                         New Jersey 07016

                                                                          Attention:
                                         Andrew Rackear, Chief Executive Officer

 

    7

     

    

 

	with a copy to:
	 
	

Thompson Hine LLP
 335 Madison Avenue, 12th Floor
 New York, New York 10017-4611
 Attention: Todd E. Mason

Facsimile: (212) 344-6101 

	 
	If to Continental:
	 
	Continental Stock Transfer & Trust Company

1 State Street Plaza- 30th Floor

New York, NY 10004

Telephone:  (212) 845-3287

Facsimile:  (212) 616-7616

Attn:  Reorganization Department
	 

17.       Specimen
Signatures. Set forth in Exhibit 5 hereto is a list of the names and specimen signatures of the persons authorized
to act for the Company under this Agreement. The Secretary of the Company shall, from time to time, certify to Continental the
names and signatures of any other persons authorized to act for the Company, as the case may be, under this Agreement.

 

18.       Instructions.
Any instructions given to Continental orally, as permitted by any provision of this Agreement, shall, upon the request of Continental,
be confirmed in writing by the Company (which for these purposes only may be undertaken by e-mail transmission) as soon as practicable.
Continental shall not be liable or responsible and shall be fully authorized and protected for acting, or failing to act, in accordance
with any oral instructions which do not conform with the written confirmation received in accordance with this Section.

 

19.       Fees.
Whether or not any Certificates are surrendered to Continental, for its services as Subscription Agent hereunder, the Company shall
pay to Continental in accordance with Exhibit 6, together with reimbursement for reasonable out-of-pocket expenses. All amounts
owed to Continental hereunder are due upon receipt of the invoice.

 

20.       Force
Majeure. Continental shall not be liable for any failure or delay arising out of conditions beyond its reasonable control including,
but not limited to, work stoppages, fires, civil disobedience, riots, rebellions, storms, electrical, mechanical, computer or communications
facilities failures, acts of God or similar occurrences.

 

21.       Miscellaneous.

 

(a)       This
Agreement shall be governed by and construed in accordance with the laws of the State of New York without giving effect to conflict
of laws, rules, or principles.

 

(b)       No
provision of this Agreement may be amended, modified, or waived, except in writing signed by all of the parties hereto.

 

(c)       Except
as expressly set forth elsewhere in this Agreement, all notices, instructions, and communications under this Agreement shall be
in writing, shall be effective upon receipt and shall be addressed as provided in Section 16 to such other address as a party hereto
shall notify the other parties in writing.

 

(d)       In
the event that any claim of inconsistency between this Agreement and the terms of the Rights Offering arise, as they may from time
to time be amended, the terms of the Rights Offering shall control, except with respect to Continental’s duties, liabilities,
and rights, including without limitation compensation and indemnification, which shall be controlled by the terms of this Agreement.

 

    8

     

    

 

(e)       If
any provision of this Agreement shall be held illegal, invalid, or unenforceable by any court, this Agreement shall be construed
and enforced as if such provision had not been contained herein and shall be deemed an Agreement among the parties hereto to the
full extent permitted by applicable law.

 

(f)       This
Agreement shall be binding upon, inure to the benefit of, and be enforceable by, the respective successors and assigns of the parties
hereto.

 

(g)       This
Agreement may not be assigned by any party without the prior written consent of all parties.

 

(h)       This
Agreement may be executed in counterparts, each of which, when taken together, shall constitute one and the same agreement, and
each of which may be delivered by the parties by facsimile or other electronic transmission, which shall not impair the validity
of such counterparts.

 

(Signature page follows)

 

    9

     

    

 

Signature Page

to

Subscription and Escrow Agent Agreement

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement by their duly authorized officers as of the day and year above written.

 

	 	ENZON PHARMACEUTICALS, INC.
	 	 
	 	By:	 
	 	Name: 	Andrew Rackear
	 	Title: 	Chief Executive Officer and Secretary
	 	 
	 	CONTINENTAL STOCK TRANSFER
    & TRUST COMPANY,

 as Subscription Agent
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	Exhibit 1	Prospectus
	Exhibit 2	Form of Subscription Rights Certificate
	Exhibit 3	Distribution Letter
	Exhibit 4	Liquidation Letter
	Exhibit 5	List of Authorized Representatives

 

    10

     

    

 

Exhibit 1

to

Subscription and Escrow Agent Agreement

 

Prospectus

 

    

     

    

 

Exhibit 2

to

Subscription and Escrow Agent Agreement

 

Form of Subscription Rights Certificate

 

    

     

    

 

Exhibit 3

to

Subscription and Escrow Agent Agreement

 

Form of Distribution Letter

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust
Company

1 State Street- 30th Fl.

New York, New York 10004

Attn: [                     ]

Re: Trust Account No. [    ]
Termination Letter

 

Ladies and Gentlemen:

 

Pursuant to Section
4(a) of the Subscription Agent Agreement between Enzon Pharmaceuticals, Inc., a Delaware corporation (“Company”), and
Continental Stock Transfer & Trust Company (“Subscription Agent”), dated as of [_________], 2020 (“Subscription
Agent Agreement”), you are hereby directed and authorized to transfer the subscription funds held in the segregated account
immediately in accordance with the terms of the Subscription Agent Agreement.

 

	 	Very truly yours,
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    

     

    

 

Exhibit 4

to

Subscription and Escrow Agent Agreement

 

Form of Liquidation Letter

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust
Company

1 State Street- 30th Fl.

New York, New York 10004

Attn: [        ]

Re: Trust Account No. [ ] Termination Letter

 

Ladies and Gentlemen:

 

Pursuant to Section
4(a) of the Subscription Agent Agreement between Enzon Pharmaceuticals, Inc., a Delaware corporation (“Company”), and
Continental Stock Transfer & Trust Company (“Subscription Agent”), dated as of [_________], 2020 (“Subscription
Agent Agreement”), this is to advise you that the Company has withdrawn or otherwise terminated its Rights Offering (as defined
in the Subscription Agent Agreement).

 

In accordance with
the terms of the Subscription Agent Agreement, we hereby authorize you to commence liquidation of the segregated account in which
the subscription monies were held as promptly as practicable to stockholders who elected to exercise their Rights. You shall commence
distribution of such funds in accordance with the terms of the segregated account and you shall oversee the distribution of such
funds. Upon the payment of all the funds in the segregated account, your obligations under the Subscription Agent Agreement shall
be terminated.

 

	 	Very truly yours,
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    

     

    

 

Exhibit 5

to

Subscription and Escrow Agent Agreement

 

List of Authorized Representatives

 

	Authorized

        Representative
	 	Specimen
        Signature

	Andrew
    Rackear	 	 
	 	 	
	 	 	

 

	
        Authorized

        Representative
	 	
        Specimen
        Signature

	Richard L. Feinstein	 	 
	 	 	
	 	 	

 

	
        Authorized

        Representative
	 	
        Specimen
        Signature

	 	 	 
	 	 	
	 	 	

 

    

     

    

 

Exhibit 6

to

Subscription and Escrow Agent Agreement

 

 FEE SCHEDULE 

   

 TO SERVE AS AGENT FOR 

   

 SUBSCRIPTION AND ESCROW AGENT AGREEMENT 

   

	   	 A. 	 FEES
    FOR SERVICES * 

   

	 Administration 	   	 $25,000.00 
	 Calculation of entitlements and disbursements 	   	 Included 
	 Drafting and setting of rights certificate 	   	 Included 
	 Printing, sorting and enclosing of offer
    documents for mailing 	   	 At cost 
	 Postage 	   	 At cost 

   

 *The above fees exclude out-of-pocket expenses
and assume the use of Continental’s standard Subscription Agent Agreement. This Fee Schedule is based upon information provided
to date and may be subject to change. 

   

   

	   	 B. 	 SERVICES COVERED 

   

	   	 • 	 A designated
    administrator to carry out Agent duties, including document review and execution of subscription agent agreement, review of
    rights subscription certificates and communication materials, project management, and on-going project updates and reporting 

   

	   	 • 	 KYC, OFAC and
    USA Patriot Act due diligence review 

   

	   	 • 	 Receiving, opening
    and processing returned rights certificates 

   

	   	 • 	 Tabulating and
    reporting of subscription activity 

   

	   	 • 	 Maintain the
    rights file which includes transfers 

   

	   	 • 	 Coordination
    and processing of rights for option holders (as applicable) 

   

	   	 • 	 Curing
    defective rights subscriptions, including telephoning and writing stockholders in connection with unsigned or improperly executed
    rights certificate 

   

	   	 • 	 Canceling
    surrendered rights certificates 

   

	   	 • 	 Issue
    Units (preferred and common stock) 

   

	   	 • 	 Responding
    to stockholder telephone, email and correspondence inquiries 

   

	   	 • 	 Issue
    refund checks 

   

	   	 • 	 Replacing
    checks alleged to have been lost or destroyed (if applicable) 

   

	   	 C. 	 ITEMS
    NOT COVERED 

   

	   	 • 	 All
    out-of-pocket expenses will be billed as incurred 

   

	   	 • 	 Review
    of IRS Form W-8IMY or foreign tax documents 

   

	   	 • 	 Copies
    of subscription documents 

   

	   	 • 	 Conversion
    of non-standard stockholder records 

   

	   	 D. 	 ASSUMPTIONS 

   

	   	 • 	 Fee
    Schedule is based upon information known at this time about the transaction 

   

	   	 • 	 Significant
    changes made in the terms or requirements of this transaction could require modifications to this Fee Schedule 

   

	   	 • 	 Continental
    will coordinate the printing and mailing of stockholder rights certificates and offer materials being delivered by your printer 

   

	   	 • 	 Number
    of stockholders – approximately 796 

   

	   	 • 	 There
    will not be any tax reporting 

   

    

     

    

 

Exhibit 7

to

Subscription and Escrow Agent Agreement

 

Wire Instructions

 

 

 

ACCOUNT NAME

CST AAF Enzon Pharmaceuticals, Inc.

BANK

JPMorgan Chase Bank

4 Metrotech Center, 14th Floor

Brooklyn, NY 11245

 

ACCOUNT#

    475-483616

 

ABA#

021000021

 

SWIFT CODE

CHASUS33

 

Reference: Enzon Rights

Attn: Ernest Wilson

 

	
        PRIMARY CONTACT: 

        Anthony Borino

        Administrator

        Continental Stock Transfer & Trust Company Corporate Actions
        Services

        1 State Street, 30th Floor

        0: (212) 845-3284

        E: aborino@continentalstock.com

         
	
        SECONDARY CONTACT: 

        Wilton Davila

        Vice President

        Continental Stock Transfer & Trust Company

        Corporate Actions Services

        1 State Street, 30th Floor

        0: (212) 845-3226

        E: wdavila@continentalstock.com

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