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                                                                    EXHIBIT 10.8

                             VISKASE COMPANIES, INC.
                              RESTRICTED STOCK PLAN

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                             VISKASE COMPANIES, INC.
                              RESTRICTED STOCK PLAN

SECTION 1. PURPOSE

      The Board of Directors of Viskase Companies, Inc. (the "Company") has
established the Viskase Companies, Inc. Restricted Stock Plan (the "Plan"). The
purpose of the Plan is to encourage employees to stay in the employ of the
Company and its subsidiaries following the Company's restructuring of its
capital structure.

SECTION 2. DEFINITIONS

      Administrator: The Board.

      Award: Any grant of Restricted Shares made pursuant to the terms of the
Plan.

      Board: The Board of Directors of the Company.

      Change of Control: The Company's stockholders approve an agreement to
merge or consolidate the Company with another corporation, or an agreement
providing for the sale of substantially all of the assets of the Company to one
or more corporations and the approved transaction is consummated.
Notwithstanding the foregoing, Change of Control will not include any merger or
sale if the Company's holders before the merger or sale would control a majority
of the voting power of the successor immediately following the merger or sale.
However, Change of Control will include the acquisition by any person or group
(other than High River Limited Partnership, Debt Strategies Fund, Inc. or
Northeast Investors Trust or their respective affiliates) of 40% or more of the
voting power of the Company or its successor, but only if directors designated
by such acquiring person or group (other than High River Limited Partnership,
Debt Strategies Fund, Inc. or Northeast Investors Trust or their respective
affiliates) thereafter constitute a majority of the Board.

      Code: The Internal Revenue Code of 1986, as amended.

      Company: Viskase Companies, Inc., a Delaware corporation, and any
successor thereto.

      Disability: A condition entitling a Participant to benefit under the
long-term disability policy maintained by the Company or one of its
subsidiaries.

      Grant Date: The date on which an Award is made to a Participant.

      Participant: Any individual selected from time to time by the
Administrator to receive an Award in accordance with Section 3 below.

      Plan: The Viskase Companies, Inc. Restricted Stock Plan, as amended from
time to time.

      Stock: The Common Stock, par value a .01 per share, of the Company.

      Restricted Shares: Shares of Stock issued pursuant to the Plan subject to
restrictions as contemplated by Sections 5 and 6 of the Plan.

      Restriction Period: With respect to any Restricted Shares, the period of
time during which such Restricted Shares remain subject to conditions imposed by
the Plan in connection with the Award thereof that might result in the
forfeiture of such Award, as contemplated by Sections 5 and 6 of the Plan.

      Retirement: Termination of employment because of early or normal
retirement under an approved retirement program of the Company or one of its
subsidiaries.

SECTION 3. ADMINISTRATION

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      The Plan shall be administered by the Administrator. Subject to the terms
and conditions of the Plan, the Administrator shall make all determinations
necessary or advisable for the implementation and administration of the Plan,
including without limitation, (a) selecting Participants upon the consultation
and recommendation of the Company's Chief Executive Officer and (b) making
Awards in such amounts as the Administrator shall determine upon the
consultation and recommendation of the Company's Chief Executive Officer. In
addition, the Administrator shall have the authority to construe and interpret
the Plan and to waive any restriction applicable to an Award including, without
limitation, forfeiture of an Award in the event of termination of employment.
Any decision made or action taken in good faith by the Administrator in
connection with the administration, interpretation, and implementation of the
Plan and of its rules and regulations shall, to the extent permitted by law, be
conclusive and binding upon all Participants under the Plan and upon any person
claiming under or through a Participant. No member of the Administrator will be
liable for any action taken or determination made in good faith by the
Administrator or such member with respect to the Plan or any Award thereunder,
and no other director of the Company shall be liable for any such decision made
or action taken by the Administrator. The Administrator may obtain such advice
or assistance from others as it deems appropriate. In addition, to the extent
permitted by law, the Administrator may delegate its duties hereunder.

SECTION 4. STOCK SUBJECT TO PLAN

      Subject to Section 7, the aggregate number of shares of Stock that may be
issued under the Plan shall not exceed 660,000. The shares of Stock to be
delivered under the Plan will be made available from authorized but unissued
shares of Stock. In the event that any Award expires, terminates or is cancelled
for any reason, the shares of Stock awarded but not vested shall again be
available for grant under the Plan.

SECTION 5. RESTRICTED SHARES AWARDS

      (a)   Grant of Restricted Shares. Subject to the terms and conditions set
forth in the Plan, Awards shall be granted to Participants in such amounts as
determined by the Administrator in accordance with Section 3 above.

      (b)   Terms and Conditions of Restricted Shares. Restricted Shares granted
to Participants under the Plan shall be subject to the following terms and
conditions until they vest in accordance with the vesting schedule set forth in
Section 5(c) below.

            (i)   Subject to Sections 3 and 7, Restricted Shares granted to
      Participants may not be sold, assigned, transferred, pledged, or otherwise
      encumbered. No Restricted Shares subject to the Plan shall be subject to
      seizure by any creditor of the Participant or of his/her beneficiary, by a
      proceeding in law or in equity, nor shall such amounts be transferable by
      operation of law in the event of bankruptcy or insolvency of the
      Participant or of his/her beneficiary. Any such attempted sale,
      assignment, transfer, pledge, encumbrance, or other disposition not in
      strict compliance with the Plan shall be null and void. Except for such
      restrictions contained in this Section 5 and except that the Participant
      shall not be entitled to delivery of a certificate representing such
      shares until such shares have vested, the Participant as owner of such
      shares shall have all the rights of a stockholder, including but not
      limited to the right to vote the shares.

            (ii)  Any dividends paid on Restricted Shares shall be paid into a
      trust account for the benefit of the Participants and shall be paid to the
      Participant with respect to such Restricted Shares if and as such
      Restricted Shares shall vest.

            (iii) Restricted Shares granted under the Plan shall be held in book
      entry form on the records of the transfer agent of the Company.

      (c)   Vesting Schedule. Shares of Stock initially granted shall vest as
follows: (i) 12-1/2% of such shares on the Grant Date, (ii) 17-1/2% of such
shares on the first anniversary of the Grant Date, (iii) 20% of such shares on
the second anniversary of the Grant Date, (iv) 20% of such shares on the third
anniversary of the Grant Date, and (v) 30% of such shares on the fourth
anniversary of the Grant Date. Shares of Stock granted to Participants after the
first grant shall vest as determined by the Administrator in accordance with
Section 3 above.

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      (d)   Subject to the limitations of the Plan, upon vesting, a certificate
for such shares will be issued to the Participant (or his or her legal
representative, beneficiary or heir).

SECTION 6. TERMINATION OF EMPLOYMENT

      (a)   All Restricted Shares subject to an Award which have not vested to a
Participant at the time of termination of employment shall be forfeited upon
termination of employment with the Company or one of its subsidiaries for any
reason other than involuntary separation of employment from the Company for any
reason other than for Cause, as hereinafter defined, on the part of the
Participant ("Termination"), or the Disability or Retirement of such
Participant. "Cause" shall mean a finding adopted in good faith by the
Administrator that a Participant willfully failed to substantially perform his
services or duties for the Company (other than a failure resulting from a
Participant's Disability) and in the good faith judgment of the Administrator
such failure continues following reasonable notice to the Participant providing
a reasonable description of the basis for the Administrator's finding; provided,
however, that if the Participant is a party to an Employment Agreement, the
definition of "cause" set forth in that Agreement shall be substituted for the
foregoing definition.

      (b)   In the event the employment of a Participant with the Company or one
of its subsidiaries shall terminate on account of Disability, such Participant
or beneficiary shall not forfeit any Restricted Shares subject to an Award which
have not yet vested and, at the time the shares would have otherwise vested
hereunder, the Participant or his/her beneficiary shall be entitled to delivery
of a certificate representing the Restricted Shares granted to such Participant.

      (c)   In the event of a Termination (as defined in paragraph (a)), such
Participant or beneficiary shall not forfeit any Restricted Shares subject to an
Award which have not yet vested and shall be immediately entitled to delivery of
a certificate representing such Restricted Shares.

SECTION 7. CHANGE OF CONTROL; ADJUSTMENT PROVISIONS

      In the event of a Change of Control, all restrictions on the Restricted
Shares shall immediately lapse and Participants shall be immediately entitled to
delivery of a certificate representing such Restricted Shares. In the event of
any change in the number of shares of Preferred Stock or Common Stock
outstanding by reason of any stock dividend or split, recapitalization, merger,
consolidation, combination or exchange of shares or similar corporate change,
each Award of Restricted Stock and the number of shares authorized for issuance
under Section 4 hereof shall be proportionally adjusted.

SECTION 8. GENERAL PROVISIONS

      (a)   Employment. Nothing in the Plan or in any related instrument shall
confer upon any Participant any right to continue in the employment of the
Company or one of its subsidiaries or shall affect the right of the Company or
one of its subsidiaries to terminate the employment of any Participant with or
without cause.

      (b)   Legality of Issuance of Shares. No Stock shall be issued pursuant to
an Award unless and until all legal requirements applicable to such issuance
have been satisfied.

      (c)   Ownership of Stock Allocated to Plan. No Participant (individually
or as a member of a group), and no beneficiary or other person claiming under or
through such Participant, shall have any right, title, or interest in or to any
Stock allocated or reserved for purposes of the Plan or subject to any Award
except as to shares of Stock, if any, as shall have been issued to such
Participant.

      (d)   Governing Law. The Plan, and all agreements hereunder, shall be
construed in accordance with and governed by the laws of the State of Illinois.

      (e)   Acceptance of Awards. The acceptance of an Award by a Participant
shall be deemed to indicate the acceptance by the Participant and ratification
of, and consent to, any action taken under the Plan by the Company or
Administrator.

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      (f)   Award Agreements. Each Participant receiving an Award under the Plan
shall enter into an Award Agreement and any other agreement required by the
Administrator with the Company in a form specified by the Administrator. Each
such Participant shall agree to the restrictions, terms and conditions of the
Award set forth therein and in the Plan.

      (g)   Certain Legal Requirements. Each Award under the Plan shall be
subject to the requirement that, if at any time the Administrator determines, in
its discretion, that the listing, registration, or qualification of the shares
subject to the Award upon any securities exchange or under any state or federal
law, or the consent or approval of any governmental regulatory body, is
necessary or desirable as a condition of, or in connection with, the issue,
purchase, or transfer of the shares of Stock subject to such Award, such shares
shall not be issued, purchased, or transferred unless such listing,
registration, qualification, consent, or approval shall have been effected or
obtained free of any conditions not acceptable to the Administrator. As a
condition precedent to the issuance of shares pursuant to the grant of an Award,
the Administrator may require that the Participant take any reasonable action to
meet such requirement. The Administrator may impose any restrictions it deems
advisable on the Restricted Shares subject to any Award relating to compliance
with the Securities Act of 1933, as amended, and any other applicable blue sky
or other securities laws, and to the requirements of any stock exchange or
securities quotation system upon which such shares or shares of the same class
are then listed or quoted.

      (h)   Withholding. At the time the restrictions on the Restricted Shares
lapse, the Company or one of its subsidiaries, whichever the case may be, shall
have the right to withhold from a Participant's wages an amount sufficient to
satisfy any applicable federal, state or withholding tax requirements.

SECTION 9. TERM, AMENDMENT OR DISCONTINUANCE OF THE PLAN

      (a)   This Plan and the Awards granted hereunder shall only be effective
upon the effective date of the Company's prepackaged chapter 11 plan of
reorganization, as contemplated under the Restructuring Agreement, dated as of
July 15, 2002, among the Company, High River Limited Partnership, Debt
Strategies Fund, Inc., and Northeast Investors Trust.

      (b)   Amendment or Discontinuance. The Plan may be amended or discontinued
by the Board from time to time, subject to any requirements of law or any stock
exchange or other system on which the Stock may be traded. The Administrator may
(i) without the consent of a Participant, make such modifications in the terms
and conditions of an Award held by such Participant as the Administrator deems
advisable and which do not adversely affect the rights of such Participant in
such Award and (ii) with the consent of a Participant, make any other
modifications in the terms and conditions of an Award held by such Participant
as the Administrator deems advisable.

      (c)   Effect of Amendment or Discontinuance on Awards. No amendment or
discontinuance of the Plan by the Board or the stockholders of the Company shall
adversely affect the rights of a Participant in any Award theretofore granted to
such Participant without the consent of such Participant.

                                    * * * * *

                                       4<PAGE>

                                                                    EXHIBIT 10.9

                             VISKASE COMPANIES, INC.

                 Management Incentive Plan for Fiscal Year 2004

I.    PURPOSE

      The Viskase Companies, Inc. Management Incentive Plan has been established
      for Fiscal Year 2004 for those Participants defined under Section III
      below.

      The purpose of this Plan is to provide additional compensation to
      Participants for their contribution to the achievement of the objectives
      of the Company, encouraging and stimulating superior performance by such
      personnel, and assisting in attracting and retaining highly qualified key
      employees.

II.   DEFINITIONS

      A. Base Salary equals the salary earnings for the portion of the Fiscal
      Year during which the Participant was an active employee at the level of
      management for which the computation is made. Salary earnings do not
      include Plan awards, long-term incentive awards, and imputed income from
      such programs as executive life insurance, auto allowance, or
      non-recurring earnings such as moving expenses. Salary earnings are
      determined before reductions for contributions under Section 401(K) of the
      Internal Revenue Code of 1986 as amended.

      B. Company means Viskase Companies, Inc. and its subsidiaries and its
      successors and assigns.

      C. Fiscal Year means the Company's Fiscal Year beginning January 1 and
      ending the last day of December.

      D. Plan means the Viskase Companies, Inc. Management Incentive Plan, as
      from time to time amended.

      E. Chief Executive Officer means the Chief Executive Officer of Viskase
      Companies, Inc.

      F. Financial Targets are the financial goal(s) of the Company for the
      Fiscal Year identified in Exhibit B as applied to Participants in Exhibit
      C.

      G. Personal Goals refer to the personal goals and objectives set by each
      Participant and his/her supervisor at the beginning of each Fiscal Year
      against which performance is measured under Section V below.

III.  EMPLOYEES COVERED BY THIS PLAN

      Those employees listed on Exhibit C (each a "Participant") shall be
      eligible to participate in this Plan.

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IV.   FINANCIAL AWARD

      A Participant in the Plan shall be entitled to a Financial Award computed
      as the product of:

<TABLE>
<S>                    <C>  <C>             <C>  <C>               <C>   <C>             <C> <C>
                                                    Company              Individual
Participant's Base          Bonus as a %         Performance as          Performance          Participant's
      Salary           X      of Salary     X    a % of Target     X       Rating        =   Financial Award
</TABLE>

      A. "Participant's Base Salary" shall be the salary as defined in Section
      II A in effect during applicable period.

      B. "Bonus as % of Salary" shall be as set forth in Exhibit A, Table I
      based upon Management Level of each Participant.

      C. "Company Performance as a % of Target" shall be determined in
      accordance with the schedule set forth in Exhibit A, Table II based on the
      attainment of the Company's financial target for the applicable period.

      D. "Individual Performance Rating" shall be based on an individual
      performance evaluation in accordance with Section V below

      If a Participant was in more than one management level during a Fiscal
      Year, a separate computation shall be made for each level applicable to
      the Participant during such Fiscal Year; the sum of the separate
      computations shall be the Participant's Financial Award.

V.    PERSONAL PERFORMANCE RATING

      Personal goals for each Participant are to be developed jointly by the
      Participant and his/her supervisor for the Fiscal Year. Attainment of such
      goals and other performance criteria, both quantifiable and
      non-quantifiable, may be used to arrive at an overall individual
      performance rating. Such criteria shall be applied consistently to
      Participants with similar duties pursuant to an evaluation process to be
      reviewed and approved by the Vice President, Administration. Criteria that
      may be weighed in arriving at an individual performance rating include,
      without limitation:

      -     Achievement of income goals

      -     Development of subordinates

      -     Successful completion or progress toward completion of projects

      -     Successful development of new accounts/products

      -     Improvement in product programs

      -     Attainment of self development objectives

      -     Control or reduction of operating expenses

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      The supervisor will assign a Personal Performance Rating, reflecting the
      Participant's performance during such Fiscal Year. The Personal
      Performance Rating recommendation of the supervisor shall be reviewed by
      the appropriate member of the Management Committee, who shall recommend an
      appropriate Personal Performance Rating to the Chief Executive Officer who
      shall approve the final Personal Performance Rating for each Participant.
      The Chief Executive Officer reserves the right, in his sole discretion, to
      accept the Personal Performance Rating recommendation for each Participant
      or to modify any Personal Performance Rating for any Participant to
      achieve such dispersion of performance ratings as the Chief Executive
      Officer deems appropriate.

VI.   PERFORMANCE MEASURES, TARGETS AND PAYOUT RANGES

      The financial performance measures, targets and payout ranges used for
      incentive purposes shall be established by the Board of Directors based on
      the annual business plan. Those measures, targets and payout ranges, as
      appropriate, shall be approved by the Chief Executive Officer and the
      Board of Directors. The performance measures, targets and payout ranges
      are defined in Exhibit B.

VII.  PARTICIPANT BONUS COMPOSITION

      The composition of the bonuses are established by Management Level and
      communicated individually to each Participant.

VIII. COMPUTATION AND DISBURSEMENT OF FUNDS

      As soon as practicable after the close of the Fiscal Year, the members of
      the Management Committee will recommend a Personal Performance Rating for
      each Participant in his department to the Chief Executive Officer and the
      Board of Directors. The Chief Financial Officer of the Company shall
      calculate the financial performance measure. A Personal Performance
      Percentage (%) shall be determined by the Chief Executive Officer, which
      will be applied uniformly to each Personal Performance Rating. The
      proposed payout shall be presented to the Board of Directors for final
      approval. Once approved, payment of the Financial Awards shall be made as
      soon as practicable after the completion of the annual audit.

      If the Participant dies before receiving his/her award, the amount due
      will be paid to the designated beneficiaries on file with the Company and,
      in the absence of such designation, to the Participant's estate.

      All payment awards shall be reduced by amounts required to be withheld for
      taxes at the time payments are made.

IX.   CHANGES TO TARGET

      The Chairman of the Board of Directors, at any time prior to the final
      determination of awards and in consultation with the Board of Directors,
      may consider changes to the performance measures, targets, and payout
      ranges used for incentive purposes, such that if, in the judgment of the
      Chairman of the Board of Directors, such change(s) is/are desirable

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      in the interests of equitable treatment of the Participants and the
      Company as a result of extraordinary or non-recurring events, changes in
      applicable accounting rules or principles, changes in the Company's
      methods of accounting, changes in applicable law, changes due to
      consolidation, acquisitions, or reorganization. The Chief Executive
      Officer shall implement such change(s) for immediate incorporation into
      the Plan.

X.    PARTIAL AWARDS

      A Participant shall be entitled to payment of a partial Financial Award
      if, prior to the end of such Fiscal Year, a Participant:

      -     Dies;

      -     Retires (is eligible to immediately receive retirement benefits
            under a Company sponsored retirement plan);

      -     Becomes permanently disabled;

      -     Transfers to a position with a salary grade not eligible for
            participation in the Plan;

      -     Enters military service;

      -     Takes an approved leave of absence;

      -     Is appointed or elected to public office; or

      -     Is terminated due to position elimination.

      provided that the Participant was an active employee for a minimum of 30
      consecutive calendar days during such Fiscal Year. Such partial awards
      shall be paid at the time when payments of awards for such Fiscal Year are
      made to active Participants.

      Participants hired, or who otherwise become eligible to participate
      hereunder, during the course of a Fiscal Year and who are employed through
      the end of such Fiscal Year shall be eligible for a pro-rated award based
      on their Base Salary during such Fiscal Year and length of eligible
      service prior to the end of the Fiscal Year.

XI.   FORFEITURE OF BONUS

      Except as provided in Section X, no Participant who ceases to be an
      employee of the Company prior to the end of a Fiscal Year shall be
      entitled to any Financial Award under this Plan for such Fiscal Year
      unless the Chief Executive Officer determines otherwise.

      Except as provided in Section X, Participants who cease to be an employee
      of the Company between the end of a prior Fiscal Year and the payment date
      of awards for such prior Fiscal Year shall not be entitled to awards
      earned during such prior Fiscal Year unless the Chief Executive Officer
      determines otherwise.

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XII.  ADMINISTRATION

      This Plan shall be administered by the Vice President, Administration of
      Viskase Companies, Inc., subject to the control and supervision of the
      Chief Executive Officer and the Board of Directors of Viskase Companies,
      Inc.

      In the event of a claim or dispute brought forth by a Participant, the
      decision of the Chief Executive Officer as to the facts in the case and
      the meaning and intent of any provision of the Plan, or its application,
      shall be final and conclusive.

XIII. NO EMPLOYMENT CONTRACT; FUTURE PLANS

      Participation in this Plan shall not confer upon any Participant any right
      to continue in the employ of the Company nor interfere in any way with the
      right of the Company to terminate any Participant's employment at any
      time. The Company is under no obligation to continue the Plan in future
      Fiscal Years.

XIV.  AMENDMENT OR TERMINATION

      The Board of Directors of the Company may at any time, or from time to
      time, (a) amend, alter or modify the provisions of this Plan, (b)
      terminate this Plan, or (c) terminate the participation of an employee or
      group of employees in this Plan; provided, however, that in the event of
      the termination of this Plan or a termination of participation, the
      Company shall provide the partial awards to the affected Participant(s)
      for the portion of the Fiscal Year during which such employee(s) were
      Participants in this Plan, in a manner in which the Company, in its sole
      judgment, determines to be equitable to such Participants and the Board of
      Directors of the Company.

XV.   GENERAL PROVISIONS

      A. No right under the Plan shall be assignable, either voluntarily or
      involuntarily by way of encumbrance, pledge, attachment, level or charge
      of any nature (except as may be required by state or federal law).

      B. Nothing in the Plan shall require the Company to segregate or set aside
      any funds or other property for the purpose of paying any portion of an
      award. No Participant, beneficiary or other person shall have any right,
      title or interest in any amount awarded under the Plan prior to the close
      of the Fiscal Year, or in any property of the Company or its subsidiaries.

   ________________________________         ____________________________________
      Final Approval Date                         Chief  Executive Officer

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