Document:

Exhibit 10.2

CONTRACT ID # 2369

CONSULTING AGREEMENT

THIS CONSULTING AGREEMENT,
dated as of October 5, 2005, (the “Agreement”)
is entered into by and between: 

ENZON PHARMACEUTICALS, INC. (“Company”),
a Delaware corporation, having a principal place of business at 685 U.S. Highway
202/206, Bridgewater, NJ 08807, 

and

Mark Ogden (“Consultant”), an individual residing at
1310 N. Ritchie Ct., 12-D, Chicago, IL 60610 

BACKGROUND

This
Consulting Agreement confirms the mutual understanding between Enzon and
Consultant with respect to the terms and conditions upon which Consultant will
provide Enzon with the benefit of Consultant’s unique experience and ability in
a consulting capacity. 

TERMS

In
consideration of the foregoing premises, and the mutual covenants, terms and
conditions hereinafter set forth, and intending to be legally bound hereby,
Company and Consultant agree as follows: 

	
  
 	
  
 	
  
 	
  
 
	
 1.
 	
 SERVICES AND
 COMPENSATION
 
	
  
 	
  
 	
  
 	
  
 
	
  
 	
 1.1
 	
 Services.
 Consultant agrees to perform on behalf of Company the consulting services as
 described in Schedule A attached
 hereto (the “Services”). Company
 agrees that Consultant shall have reasonable access to Company’s
 representatives as necessary
 to perform the Services provided for by this Agreement. Consultant will
 provide all Services in a professional manner, consistent with industry
 standards. 
 
	
  
 	
  
 	
  
 
	
  
 	
 1.2
 	
 Compensation.
 As compensation for Consultant’s performance of the Services under this
 Agreement, Company agrees to pay Consultant the amounts specified in Schedule B attached hereto, in accordance
 with the schedule set forth in Schedule B.
 
	
  
 	
  
 	
  
 	
  
 
	
 2.
 	
 USE OF
 CONFIDENTIAL INFORMATION 
 
	
  
 	
  
 	
  
 	
  
 
	
  
 	
 2.1
 	
 During the
 term of this Agreement and for five (5) years after expiration or termination
 of this Agreement, Consultant shall use Confidential Information solely for
 the purpose of performing the Services; provided, however, Consultant shall
 have no liability to Company with respect to use or disclosure of information
 
 

Page 1 of 6

	
  
 	
  
 	
  
 	
  
 
	
  
 	
  
 	
 to third
 parties to the extent that Consultant can establish by written documentation
 that such information has been: 
 
	
  
 	
  
 	
  
 	
  
 
	
  
 	
  
 	
 2.1.1
 	
 part of the
 public domain prior to disclosure by Company of such information to the
 Consultant; 
 
	
  
 	
  
 	
  
 	
  
 
	
  
 	
  
 	
 2.1.2
 	
 part of the
 public domain, without fault on the part of Consultant, subsequent to
 disclosure by Company of such information to Consultant; 
 
	
  
 	
  
 	
  
 	
  
 
	
  
 	
  
 	
 2.1.3
 	
 received by
 Consultant at any time from a source other than Company lawfully having
 possession of and the right to disclose such information; 
 
	
  
 	
  
 	
  
 	
  
 
	
  
 	
  
 	
 2.1.4
 	
 otherwise
 known by Consultant prior to disclosure by Company of such information to
 Consultant; or 
 
	
  
 	
  
 	
  
 	
  
 
	
  
 	
  
 	
 2.1.5
 	
 independently
 developed by or for Consultant without use of, reliance upon or reference to
 Confidential Information received hereunder. 
 
	
  
 	
  
 	
  
 	
  
 
	
  
 	
 2.2
 	
 “Confidential
 Information” shall mean Company’s technical, business and financial
 information, including, where appropriate and without limitation, any
 information, business and financial data, patent disclosures, patent
 applications, trade secrets, structures, computer files, models, techniques,
 processes, compositions, compounds and apparatus disclosed by Company to
 Consultant. 
 
	
  
 	
  
 	
  
 	
  
 
	
  
 	
 2.3
 	
 Notwithstanding
 the provisions of Sections 2.1 and 2.2, this Agreement shall not prohibit
 Consultant from disclosing Confidential Information pursuant to any order of
 any court or governmental agency, provided that Consultant notifies the
 Company of such order as far in advance of such disclosure as reasonably
 possible (and in any event, within 48 hours after receiving such order) and
 cooperates reasonably with the Company’s efforts to obtain a protective order
 or relief from such court or agency. 
 
	
  
 	
  
 	
  
 	
  
 
	
  
 	
 2.4
 	
 Consultant
 agrees that Consultant will not improperly use or disclose any proprietary or
 confidential information or trade secrets of any person or entity with whom
 Consultant has an agreement or duty to keep such information or secrets
 confidential. 
 
	
  
 	
  
 	
  
 	
  
 
	
  
 	
 2.5
 	
 Consultant
 recognizes that Company has received and in the future will receive from
 third parties their confidential or proprietary information subject to a duty
 on Company’s part to maintain the confidentiality of such information and to
 use it only for certain limited purposes. Consultant agrees at all times
 during the term of this Agreement and thereafter, to hold in strictest
 confidence, and not to use, except in connection with Consultant’s
 performance of the Services, and not to disclose to any person or entity, or
 to use it except as necessary in performing the Services, consistent with
 Company’s agreement with such third party. 
 

Page 2 of 6 

	
  
 	
  
 	
  
 
	
  
 	
 2.6
 	
 Consultant
 is hereby prohibited from ever using any of the Company’s proprietary information or trade
 secrets to conduct any business, except for the Company’s business while
 Consultant is employed by the Company.
 
	
  
 	
  
 	
  
 
	
  
 	
 2.7
 	
 Consultant-Restricted
 Information. Consultant agrees that Consultant will not improperly use or
 disclose any proprietary or confidential information or trade secrets of any person
 or entity with whom Consultant has an agreement or duty to keep such information
 or secrets confidential.
 
	
  
 	
  
 	
  
 
	
  
 	
 2.8
 	
 Third
 Party Information. Consultant recognizes that Company has received and in
 the future will receive from third parties their confidential or proprietary information subject
 to a duty on Company’s part to maintain the confidentiality of such information and
 to use it only for certain limited purposes. Consultant’s obligations under the
 CDA with respect to the Confidential Proprietary Information (as such term is
 defined in the CDA) of the Company shall apply to the confidential or proprietary
 information of such third parties.
 
	
  
 	
  
 	
  
 
	
 3.
 	
 INTELLECTUAL
 PROPERTY
 
	
  
 	
  
 
	
  
 	
 Company
 shall own all right, title and interest in and to any intellectual property produced by Consultant
 in the performance of the Services or which result, to any extent, from use of Company’s
 premises or property. If Consultant develops or creates any copyrightable works
 in the performance of the Services or which result, to any extent, from use
 of Company’s premises or property, such works shall be deemed works made for hire and shall be
 owned by the Company. Upon request and at the expense of Company, Consultant
 shall execute and deliver any and all instruments and documents and take such
 other actions as may be necessary or desirable to assign and transfer such
 intellectual property (including, but not limited to, any patents and
 copyrights) to Company.
 
	
  
 	
  
 	
  
 
	
 4.
 	
 WARRANTIES
 AND DISCLAIMER OF WARRANTIES
 
	
  
 	
  
 
	
  
 	
 4.1
 	
 Each
 party warrants to the other that it has the authority to enter into and
 perform this Agreement, and its performance hereunder will not result in the
 breach or violation of any contract, arrangement or understanding it may have
 with any third
 party. Each party warrants to the other that it will comply in all material respects with all
 applicable laws, rules and regulations.
 
	
  
 	
  
 	
  
 
	
  
 	
 4.2
 	
 Each
 party represents and warrants to the other that it has not been, nor is it
 under threat of being, debarred under the Generic Drug Act of 1992.
 
	
  
 	
  
 	
  
 
	
  
 	
 4.3
 	
 Consultant
 shall perform the services in accordance with the highest professional standards and in
 material compliance with all applicable laws and regulations.
 
	
  
 	
  
 	
  
 
	
  
 	
 4.4
 	
 The
 parties hereto acknowledge that the compensation paid hereunder has been
 determined through good faith, arms-length negotiation, and that it is no
 greater than the fair market value of the services rendered and such
 compensation is for bona fide services. No amount paid or reimbursed
 hereunder is intended to be,
 

Page 3 of 6

	
  
 	
  
 	
  
 
	
  
 	
  
 	
 nor
 shall it be construed as, an offer or payment made, whether directly or
 indirectly, to induce the referral of patients, the prescribing, purchase,
 lease or order of any item or service, or the recommending or arranging for the
 purchase, lease
 or order of any item or service.
 
	
  
 	
  
 	
  
 
	
 5.
 	
 TERM
 
	
  
 	
  
 	
  
 
	
  
 	
 5.1
 	
 Term
 and Termination. The initial term of this Agreement shall be for a term
 of one
 year commencing on the date first set forth above, unless terminated earlier
 as set
 forth herein. This Agreement may be renewed upon mutual agreement of the
 parties in writing. Either party may terminate this Agreement during the term
 hereof
 upon thirty (30) days prior written notice to the other party.
 
	
  
 	
  
 	
  
 
	
  
 	
 5.2
 	
 Return
 of Company Property. Promptly upon the expiration or earlier termination
 of this Agreement, and earlier if requested by Company at any time, Consultant
 shall
 deliver to Company (and will not keep in Consultant’s possession or deliver
 to anyone else) all property belonging to Company in Consultant’s possession
 or control,
 including, but not limited to, all Confidential Information and all originals
 and
 copies of any documents, devices, records, data, notes, reports, proposals, lists, correspondence,
 specifications, drawings, blueprints, sketches, materials and equipment. Consultant
 shall not remove any of Company’s property from Company’s premises without
 written authorization from Company.
 
	
  
 	
  
 	
  
 
	
  
 	
 5.3
 	
 In
 the event this Agreement expires or is terminated for any reason, the rights
 and obligations
 of Article 3 shall survive such expiration or termination.
 
	
  
 	
  
 	
  
 
	
 6.
 	
 MISCELLANEOUS
 
	
  
 	
  
 	
  
 
	
  
 	
 6.1
 	
 Social
 Security Number. Consultant certifies that his or her Social Security
 Number is xxx-xx-xxxx. Consultant acknowledges that Company will rely upon the
 foregoing certification in filing certain documents and instruments required
 by law in connection with this Agreement, including, without limitation, Form
 1099 under the Internal Revenue Code of 1986, as amended (or any successor form).
 
	
  
 	
  
 	
  
 
	
  
 	
 6.2
 	
 Independent
 Contractor. For purposes of this Agreement and all Services to be provided hereunder,
 Consultant shall not be considered a partner, co-venturer, agent, employee or
 representative of the Company, but shall remain in all respects an independent
 contractor, and neither party shall have any right or authority to make or
 undertake any promise, warranty or representation, to execute any contract, or otherwise
 to assume any obligation or responsibility in the name of or on behalf of the
 other party.
 
	
  
 	
  
 	
  
 
	
  
 	
 6.3
 	
 Successors. All of the terms and
 provisions of this Agreement shall be binding upon and inure to the benefit of and be
 enforceable by the respective heirs, executors, administrators, legal
 representatives, successors and assigns of the parties hereto, except that
 the duties and responsibilities of Consultant hereunder are of a personal
 nature and shall not be assignable or delegable in whole or in part by
 Consultant.
 

Page 4 of 6

	
  
 	
  
 	
  
 
	
  
 	
 6.4
 	
 Injunctive Relief. Consultant
 agrees that remedies at law for breach of the provisions of this Agreement by
 Consultant may be inadequate and that Company may be entitled to injunctive
 relief, in addition to any other rights that it may have.
 
	
  
 	
  
 	
  
 
	
  
 	
 6.5
 	
 Assignment. This Agreement may not
 be assigned by Consultant without the express written consent of Company.
 
	
  
 	
  
 	
  
 
	
  
 	
 6.6
 	
 Entire Agreement. This Agreement
 along with the CDA represents the entire agreement between the parties
 regarding the subject matter hereof and shall supersede all previous
 communications, representations, understandings and agreements, whether oral
 or written, by or between the parties with respect thereto, whether
 heretofore or hereafter disclosed to Consultant.
 
	
  
 	
  
 	
  
 
	
  
 	
 6.7
 	
 Amendments. No change,
 modification, extension, termination or waiver of this Agreement, or any of
 the provisions herein contained, shall be valid unless made in writing and
 signed by duly authorized representatives of the parties hereto.
 
	
  
 	
  
 	
  
 
	
  
 	
 6.8
 	
 Severability. If any provision of
 this Agreement shall be declared invalid, illegal or unenforceable, such
 provision shall be severed and all remaining provisions shall continue in
 full force and effect.
 
	
  
 	
  
 	
  
 
	
  
 	
 6.9
 	
 Governing Law. This Agreement
 shall be governed by and construed in accordance with the laws of the State
 of New Jersey without regard to its conflict of law provisions.
 
	
  
 	
  
 	
  
 
	
  
 	
 6.10
 	
 Counterparts. This Agreement may
 be executed in two counterparts, each of which shall be deemed to be an
 original as against any party whose signature appears thereon, but both of
 which together shall constitute but one and the same instrument.
 

IN
WITNESS HEREOF, the parties have read and agree to be bound
by the above terms and conditions and have entered into this Consulting
Agreement effective as of the date set forth above.

	
  
 	
  
 	
  
 	
  
 	
  
 
	
 ENZON PHARMACEUTICALS, INC.
 	
  
 	
 CONSULTANT:
 	
  
 
	
  
 	
  
 	
  
 	
  
 
	
 By:
 	

 	
  
 	

 	
  
 
	
  
 	

 
 	
  
 	

 
 	
  
 
	
  
 	
  
 	
 Signature
 	
  
 
	
 Name: Craig A. Tooman
 	
  
 	
  
 	
  
 

	
  
 	
  
 
	
 Title:
 	
 Executive Vice President, Finance

 and Chief Financial Officer
 

Page 5 of 6

SCHEDULE A

CONSULTING SERVICES

Consultant
will provide to the Company accounting advisory services and other consulting
services within the Consultant’s expertise as the Company may reasonably
request from time to time.

SCHEDULE B

COMPENSATION AND PAYMENT SCHEDULE

Hourly Rate: $225.00

Daily Rate (if applicable):
N/A

Maximum aggregate
compensation under this Consulting Agreement: N/A

It is contemplated that
Enzon will arrange and pay in advance for Consultant’s travel, lodging and meal expenses, if any, in connection with
the services rendered hereunder. As a result, it is not anticipated that
Consultant will incur any out of pocket expenses to be subsequently reimbursed by Enzon. Notwithstanding this
expectation, if Consultant does incur certain unanticipated travel, lodging or meal expenses, Enzon will reimburse
Consultant for reasonable travel, lodging, and meal expenses incurred by
Consultant in connection with the performance of the services rendered
hereunder to the extent the same are, in the opinion of Enzon’s general
counsel, lawfully reimbursable. Consultant will provide to Enzon or its
designated agency an expense report and applicable receipts for Consultant’s
expenses.

Consultant shall provide
invoices to the Company from time to time and the Company shall pay any
consulting fee due hereunder within 45 days after its receipt of the relevant
invoice.

Page 6 of 6

September 18, 2006

Mr. Mark Ogden

1310 North Ritchie Court, 12-D

Chicago, Illinois 60610

	
  
 	
  
 	
  
 
	
  
 	
 Re:
 	
 First
Amendment to Consulting Agreement dated October 5, 2005
 

Dear Mr. Ogden:

          This
letter, when signed by you, shall be the First Amendment to the Consulting
Agreement, dated October 5, 2005 (“Agreement”).

          Pursuant
to Section 5.1, upon the expiration of the initial term, the Agreement is
hereby renewed for a period of one year to expire on October 4, 2007 unless
further renewed or earlier terminated.

          All
other terms and conditions of the Agreement shall be unchanged and remain in
full force and effect.

	
  
 	
  
 	
  
 
	
  
 	
 Enzon Pharmaceuticals, Inc.
 
	
  
 	
  
 	
  
 
	
  
 	
 By:
 	
 /s/ Craig Tooman
 
	
  
 	
  
 	

 
 
	
  
 	
 Name:
 	
 Craig Tooman
 
	
  
 	
  
 	

 
 
	
  
 	
 Title:
 	
 EVP, Finance and CFO
 
	
  
 	
  
 	

 
 

          I
hereby acknowledge and accept the foregoing terms and conditions.

	
  
 	
  
 	
  
 
	
  
 	
 Consultant
 
	
  
 	
  
 
	
  
 	
 By:
 	
 /s/ Mark Ogden
 
	
  
 	
  
 	

 
 
	
  
 	
  
 	
 Mark Ogden
 
	
  
 	
  
 	
  
 
	
  
 	
 Date: 
 	
 October 6, 2006
 
	
  
 	
  
 	

 
 

October 17, 2007

Mr. Mark Ogden

1310 North Ritchie Court, 12-D

Chicago, Illinois 60610

	
  
 	
  
 	
  
 
	
  
 	
 Re:
 	
 Second
Amendment to Consulting Agreement dated October 5, 2005
 

Dear Mr. Ogden:

          This
letter, when signed by you, shall be the Second Amendment to the Consulting
Agreement, dated October 5, 2005 (“Agreement”).

	
  
 	
  
 	
  
 
	
  
 	
 •
 	
 Paragraph 5.1. Term and Termination.
 Paragraph 5.1 is amended as follows: “This Agreement shall expire on October
 4, 2008 unless terminated earlier as set forth herein. This Agreement may be
 renewed upon mutual agreement of the parties in writing. Either party may
 terminate this Agreement during the term hereof upon written notice to the
 other party.”
 

          All
other terms and conditions of the Agreement shall be unchanged and remain in
full force and effect.

	
  
 	
  
 	
  
 
	
  
 	
 Enzon
 Pharmaceuticals, Inc.
 
	
  
 	
  
 
	
  
 	
 By:
 	
 /s/ Craig Tooman
 
	
  
 	
  
 	

 
 
	
  
 	
  
 	
 Craig Tooman
 
	
  
 	
  
 	
 EVP, Finance and CFO
 
	
  
 
	
           I
 hereby acknowledge and accept the foregoing terms and conditions.
 
	
  
 
	
  
 	
 Consultant
 
	
  
 	
  
 
	
  
 	
 By:
 	
 /s/ Mark Ogden
 
	
  
 	
  
 	

 
 
	
  
 	
  
 	
 Mark Ogden
 
	
  
 	
  
 	
  
 
	
  
 	
 Date: 
 	
 October 17, 2007
 
	
  
 	
  
 	

 
 

September 25, 2008

Mr. Mark Ogden 

  1310 North Ritchie Court, 12-D

  Chicago, Illinois 60610 

	 
	 
	 

	 
	Re:
	Third Amendment to Consulting Agreement
            dated October 5, 2005

Dear Mr. Ogden: 

          This
    letter, when signed by you, shall be the Third Amendment to the Consulting
    Agreement, dated October 5, 2005 (“Agreement”). 

	 
	 
	 

	 
	•
	Paragraph 5.1. Term and
            Termination. Paragraph 5.1 is amended as follows: “This
            Agreement shall expire on October 4, 2009 unless terminated earlier
            as set forth herein. This Agreement may be renewed upon mutual agreement
            of the parties in writing. Either party may terminate this Agreement
            during the term hereof upon written notice to the other party.” 

	 
	 
	 

	 
	•
	Schedule B – Compensation
            and Payment Schedule is modified as follows:

	 
	 
	 

	 
	 
	Hourly Rate: $325.00

Mr. Mark Ogden

  September 25, 2008

  Page 2 

All other terms and conditions of the Agreement shall be unchanged
    and remain in full force and effect. 

	 
	 
	 

	 
	Enzon Pharmaceuticals, Inc. 

	 
	 

	 
	By: 
	/s/ Craig Tooman

	 
	 
	

    
	 
	 
	Craig Tooman

	 
	 
	EVP, Finance and CFO 

          I
    hereby acknowledge and accept the foregoing terms and conditions. 

	 
	 
	 

	 
	Consultant

	 
	 
	 

	 
	By:
	/s/ Mark Ogden

	 
	 
	

    
	 
	 
	Mark Ogden

	 
	 
	 

	 
	Date:
	September 25, 2008

	 
	 
	

    

MARK OGDEN

  1310 North Ritchie Court, 12-D

  Chicago, Illinois 60610

October 27, 2008

Enzon Pharmaceuticals, Inc.

  685 Route 202/206

  Bridgewater, New Jersey 08807

	 
	 

	Attn:
	Mr. Craig Tooman

	 
	EVP, Finance
      & CFO

	 
	 
	 

	 
	Re:
	Consulting Agreement dated October 5, 2005

Dear Mr. Tooman:

          Please
    be advised that I hereby assign the above-referenced Consulting Agreement
    to Gemsbok Advisors, LLC. All remaining terms and conditions of the Agreement
    shall remain unchanged and in full force and effect.

          Please
    sign where indicated below to evidence Enzon’s consent to this assignment.

	 
	 	 

	 
	Very truly yours, 

	 
	 
	 

	 
	GEMSBOK ADVISORS, LLC

	 
	 
	 

	 
	Consultant

	 
	 

	 
	By:
	/s/ Mark Ogden

	 
	 
	

	 
	 
	Mark Ogden

	 
	 
	 

	 
	Date: 
	October 17, 2007

Accepted and consented:

ENZON PHARMACEUTICALS, INC.

	 
	 
	 

	By:
	/s/ Craig Tooman
	 

	 
	

    	 

	 
	Craig Tooman
	 

	 
	EVP, Finance
      & CFO
	 

October 28, 2008

Mr. Mark Ogden

1310 North Ritchie Court, 12-D

Chicago, Illinois 60610

	
  
 	
  
 	
  
 
	
  
 	
 Re:
 	
 Fourth Amendment to Consulting Agreement
 dated October 5, 2005
 

Dear Mr.
Ogden:

          It has come
to our attention that you wish to amend the name under which services are
provided by you to Enzon. Accordingly, this letter, when signed by you, shall
be the Fourth Amendment to the Consulting Agreement, dated October 5, 2005
(“Agreement”).

	
  
 	
  
 	
  
 
	
  
 	
 •
 	
 The name of
 the Consultant is amended as follows: Gemsbok Advisors, LLC
 

All remaining
terms and conditions of the Agreement shall remain unchanged and in full force
and effect.

	
  
 	
  
 	
  
 	
  
 	
  
 
	
 AGREED:
 	
  
 	
  
 	
  
 
	
  
 	
  
 	
  
 	
  
 	
  
 
	
 GEMSBOK ADVISORS, LLC
 	
  
 	
 ENZON PHARMACEUTICALS, INC.
 
	
  
 	
  
 	
  
 	
  
 	
  
 
	
 By:
 	
 /s/ Mark Ogden
 	
  
 	
 By:
 	
 /s/ Craig Tooman
 
	
  
 	

 
 	
  
 	
  
 	

 
 
	
  
 	
 Mark Ogden
 	
  
 	
  
 	
 Craig Tooman
 
	
 Title:
 	
 President
 	
  
 	
  
 	
 EVP, Finance
 & CFO
 
	
  
 	

 
 	
  
 	
  
 	
  
 
	
 Date:
 	October 28, 2008.
	 
	
  
 	
 Date:
 	
 October 28, 2008.
 	 

	 	
	 	 	 	
	 

  October 6, 2009

  Mr. Mark Ogden 

  Gemsbok Advisors, LLC 

  1310 North Ritchie Court, 12-D

  Chicago, Illinois 60610 

			
	 	
    Re:    	
    Fourth Amendment to Consulting Agreement dated October 5, 2005    

  Dear Mr. Ogden:

       This letter,
  when signed by you, shall be the Fourth Amendment to the Consulting Agreement,
dated October 5, 2005 (“Agreement”). 

	 	•
	Paragraph
            5.1. Term and Termination. Paragraph
            5.1 is amended to read as follows: “This
            Agreement shall expire on October 4, 2010 unless terminated earlier
            as set forth herein. This Agreement may be renewed upon mutual agreement
            of the parties in writing. Either party may terminate this Agreement during
    the term hereof upon written notice to the other party.”

       All other terms and conditions of the Agreement shall be unchanged and remain in full force and effect. 

	
  
 	
  
 	
  
 
	
  
 	
 Enzon Pharmaceuticals, Inc.
 
	
  
 	
  
 	
  
 
	
  
 	
 By:
 	
 /s/ Craig Tooman
 
	
  
 	
  
 	

 
 
	
  
 	
  
 	
 Craig Tooman
 
	
  
 	
  
 	
 EVP, Finance and CFO
 

     I hereby acknowledge and accept the foregoing terms and conditions.

	
  
 	
  
 	
  
 
	
  
 	
 Gemsbok Advisors, LLC
 
	
  
 	
  
 	
  
 
	
  
 	
 By:
 	
 /s/ Mark Ogden
 
	
  
 	
  
 	

 
 
	
  
 	
  
 	
 Mark Ogden
 
	 
	 
	President

	 
	 
	 

	 
	Date:
	October 8, 2009

	 
	 
	
   

August 17, 2010

Mr. Mark Ogden

Gemsbok Advisors, LLC

1310 North Ritchie Court, 12-D

Chicago, Illinois 60610

	
  
 	
  
 	
  
 
	
  
 	
 Re:
 	
 Fifth Amendment to Consulting Agreement
 dated October 5, 2005
 

Dear Mr.
Ogden:

          This letter, when signed by you, shall
be the Fifth Amendment to the Consulting Agreement, dated October 5, 2005 (“Agreement”).

	
  
 	
  
 	
  
 	
  
 	
  
 
	
  
 	
 •
 	
 Paragraph 5.1. Term and Termination. Paragraph 5.1 is amended to read as
follows: “This Agreement shall expire on October 4, 2011 unless terminated earlier as
set forth herein. This Agreement may be renewed upon mutual agreement of the parties in writing.
Either party may terminate this Agreement during the term hereof upon written notice to the other party.”
 
	 
	 
	 

	 
	•
	Paragraph 6.2. Independent
             Contractor. Paragraph 6.2 is hereby deleted in its entirety.

	
  
 	
  
 	
  
 
	
  
 	
 •
 	
 Schedule B
 – Compensation and Payment Schedule is modified as follows:
 
	
  
 	
  
 	
  
 
	
  
 	
  
 	
  
 	
 o
 	
 The maximum aggregate compensation allowable 10/05/2005 thru
 10/04/2011 has been increased by: $200,000
 

          All
other terms and conditions of the Agreement shall be unchanged and remain in
full force and effect.

	
  
 	
  
 	
  
 
	
  
 	
 Enzon Pharmaceuticals, Inc.
 
	
  
 	
  
 	
  
 
	
  
 	
 By:
 	
 /s/ Ralph del Campo
 
	
  
 	
  
 	

 
 
	
  
 	
  
 	
 (Signature)
 
	
  
 	
 Name:
 	
 Ralph del Campo
 
	
  
 	
  
 	

 
 
	
  
 	
 Title:
 	
 Chief Operating Officer and Principal Executive Officer
 
	
  
 	
  
 	

 
 

          I
hereby acknowledge and accept the foregoing terms and conditions.

	
  
 	
  
 	
  
 
	
  
 	
 Gemsbok Advisors, LLC
 
	
  
 	
  
 	
  
 
	
  
 	
 By:
 	
 /s/ Mark Ogden
 
	
  
 	
  
 	

 
 
	
  
 	
  
 	
 Mark Ogden
 
	
  
 	
  
 	
 President
 
	
  
 	
 Date:
 	
 October 22, 2010exv10w16

Exhibit 10.16

 

			
	OFFICER POLICY
	 	BOOZ ALLEN HAMILTON

 

RETIREMENT

			
	Effective Date:     10-1-10
	 	Approved By: Chief Strategy & Talent Officer
	Supersedes Policy:     8-01-08, 4-24-08, 4-1-07	 	 

 

Retirement for an Officer implies significant change in a relationship — typically of
considerable duration — involving substantial commitment by and benefit to both the Officer and
the firm. The retirement process and program should reflect the nature of this relationship. It is
expected that both the Officer and the firm will feel a strong mutual obligation to conduct the
retirement process with respect, dignity, and generosity.

To be most effective, the retirement process should be characterized by openness, honesty, clarity,
and equitability. Both the process and post-retirement programs should foster close continuing
relations between the retired Officer and the firm.

It is in the firm’s interest to retain active Officers as long as they are productive. The
retirement program is intended to facilitate transition to retirement — not to encourage
Officers to retire.

Performance issues will be treated independent of retirement considerations and will be
addressed by the established Officer appraisal system.

ELIGIBILITY

An Officer earns the right to retire, with full retirement benefits, after a minimum of:

	 	•	 	Five years of service as an Officer and upon reaching age 60, or
	 	•	 	Ten years of service as an Officer and upon reaching age 50.

No approval is required for an Officer who meets one of these criteria. However, an Officer must
provide at least 180 days prior written notification of the Officer’s anticipated retirement date
to the Chief Strategy & Talent Officer in order for a retirement to become effective and for the
Officer to become entitled to the benefits described in this Policy. During this notification
period, the Officer shall retain the Officer’s current compensation and benefits. All or any
portion of the 180-day notification period may be waived by the firm, but only upon the written
approval of the Chief Strategy & Talent Officer.

If an Officer is placed in transition, the Officer’s eligible service years and age are
calculated as of the date the transition period begins.

 

					
	RETIREMENT
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	OFFICER POLICY
	 	BOOZ ALLEN HAMILTON

 

Former Officers rehired within five years from the date of the termination of their previous
employment will be granted credit for prior service with the firm in determining eligibility for
retirement benefits. Officers with more than a five-year break-in-service will not be given credit
for prior service.

At the firm’s discretion, Officers departing the firm who do not meet the eligibility criteria to
retire as an Officer but have been with the firm for at least 25 years, in either an Officer or
staff position, may be offered continued health and dental coverage in concert with the U.S.
Retired Officer Medical and Dental Plan.

TRANSITION TO RETIREMENT

Beginning at age 55, formal appraisals will specifically address the issue of the Officer’s future
role. Officers are expected to inform their team/management of intentions regarding retirement well
in advance to allow adequate time for transition planning and management.

Retirement may be staged in one of two ways:

	 	•	 	From full engagement to full retirement on an agreed date
	 
	 	•	 	“Phase down” with reduced points, objectives, and level of effort over a period
that is not expected to exceed three years. (The Flexible Work Arrangements Policy,
which allows Officers and staff to work at less than 100% with compensation reduced
accordingly, continues to be an option and is not affected by the Retirement Policy.)

Level of involvement, role, and activities of Officers in “phase down” mode will be agreed upon
with the appropriate team/management and reviewed annually.

RETIREMENT PAYMENT

For each year of service as an Officer, an Officer is eligible for a retirement payment of $10,000,
pro-rated as appropriate. An Officer’s eligibility to receive the retirement payment shall be
determined on the following basis:

	 	•	 	The Officer has retired on his/her own volition, his/her employment with the
firm has not been terminated by the firm, and he/she has not received severance
benefits to which an Officer who has been terminated would be entitled, and
	 
	 	•	 	The Officer has completed at least five years of service as
an Officer and has reached the age of 60, or
	 
	 	•	 	The Officer has completed at least 10 years of service
as an Officer and has reached

 

					
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	 	•	 	the age of 50.
	 
	 	•	 	Any Officer terminated for cause will be ineligible to receive this payment.

OTHER RETIREMENT-RELATED POLICIES

The firm has established other Officer Policies that include provisions applicable to Officers upon
retirement:

	 	•	 	Bonus Awards for Departing Officers
	 
	 	•	 	Financial Counseling (Pre-retirement)
	 
	 	•	 	Retirement Celebration and Gift

Retired Officers will also receive regular communications about the firm, mailings of major
publications, and periodic updates regarding items of interest. In addition, retired Officers will
be invited to attend selected meetings; expenses for these meetings will be reimbursed consistent
with the policy for active Officers.

Secretarial support and office space will be provided as needed — but not assigned.

BENEFITS IN RETIREMENT

Financial Counseling and Annual Physical Examinations

Upon retirement, $4,000 is available each year as a combined amount to be applied toward financial
counseling/tax preparation assistance and/or an annual physical examination if not covered under
the retired Officer’s medical insurance plan.

These benefits will be provided to non-U.S. citizen, non-U.S. based, retired Officers at the same
pre-tax cost to the firm as incurred for U.S.-citizen/U.S.-based retired Officers.

Medical Insurance

Comprehensive medical insurance coverage will continue for U.S.-based/U.S.-citizen Officers in
retirement under the U.S. Retired Officer Medical and Dental Insurance Plan or a successor plan
(the “Retired Officer Medical Plan”); premiums are paid by the firm. If a retired Officer
pre-deceases his/her spouse or domestic partner, the spouse/domestic partner can remain in the
Retired Officer Medical Plan for life at the firm’s expense. Officers based outside the U. S. will
be provided comparable coverage. (Coverage in the Medical Plus plan ends on the date of
retirement.)

If during the five-year period after a “change in control” (as defined in the Amended and
Restated Equity Incentive Plan) the Retired Officer Medical Plan is terminated or modified

 

					
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in a
manner that is materially adverse to Officers or retired Officers, all Officers (and their
spouses/domestic partners) and all retired Officers (and their spouses/domestic partners) who are
covered by the Retired Officer Medical Plan will be guaranteed continued benefits under the Retired
Officer Medical Plan through the fifth anniversary of the change in control. In addition, each
Officer (or their spouse/domestic partner) and each retired Officer (or their spouse/domestic
partner) who is covered by the Retired Officer Medical Plan shall be paid, during the 90-day period
following the fifth anniversary of the change in control, an amount equal to the excess of the
actuarial cost of the Officer’s (and their spouse’s/domestic partner’s) or retired Officer’s (and
spouse’s/domestic partner’s) benefits under the Retired Officer Medical Plan that would be accrued
on the firm’s financial statements on the fifth anniversary of the change in control in the absence
of such termination or modification of the Retired Officer Medical Plan over the amount that is
accrued on the firm’s financial statements on the fifth anniversary of the change in control giving
effect to the termination or modification (but excluding any accrual for the payment itself). The
actuarial and other assumptions used in calculating the accruals will be the same assumptions as
those used to calculate the accrual immediately prior to the change in control, with such changes
as are required under generally accepted accounting principles or as otherwise approved by a
majority of the members of the firm’s leadership team, as constituted immediately prior to the
change in control (the “CIC Team”).

The firm will notify the Officers of any termination or modification that will result in a payment
under this policy within 30 days after a decision to terminate or modify the Retired Officer
Medical Plan is approved and in any event no later than 90 days prior to the fifth anniversary of
the change in control. Within 30 days after the fifth anniversary of the change in control, the
firm will prepare and deliver to the CIC Team a statement setting forth the calculation of the
aggregate payments to the Officers. The CIC Team, acting by majority vote, will have 30 days
following receipt of the calculation to deliver a written notice that the Officers dispute the
calculation of the payments, which notice will set forth in reasonable detail the basis for the
dispute (e.g., mathematical errors or a change in assumptions other than as required by generally
accepted accounting principles). If the CIC Team does not submit a notice of dispute prior to the
end of the 30-day period, the calculation will be deemed final and binding. The firm and the CIC
Team will work in good faith to resolve any dispute as promptly as possible. Any portion of the
accruals that are not in dispute (i.e., the payment as originally calculated by the firm) will be
paid to the Officers on or before the 90th day following the fifth anniversary of the
change in control.

If the firm and the CIC Team are unable to resolve a dispute on or before the 30th day
following receipt by the firm of the notice of dispute, the firm will retain a nationally
recognized independent public accounting firm (the “Accounting Firm”) selected by the CIC Team to
resolve any remaining disputes contained in the notice of dispute. The Accounting Firm will return
a determination to the firm and the CIC Team as soon as practicable and no later than 60 days after
being engaged to resolve the disputes. The determination of the Accounting Firm will be final and
binding with respect to all disputes

 

					
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presented to it. The firm will pay any remaining amount within
30 days of the resolution of the dispute and, in any event, no later than December 31 of the year in which the Accounting Firm
delivers its final determination. For purposes of this provision, “Officer” shall include those
Vice Presidents of the firm who were Senior Directors as of 10/1/2009.

Retirement Plan

Retirement income funding to the ECAP/Excess ECAP accounts that is applicable to any bonus payment
made after the date of retirement will be provided. Retirement income funding in non-U.S. pension
plans applicable to any bonus payment made after the date of retirement will be provided if allowed
by plan provisions.

Retired Officers are eligible for a distribution of vested benefits from their firm-sponsored
capital accumulation/retirement/pension plan, subject to plan distribution requirements.

MISCELLANEOUS

The $10,000 per year retirement payment and the $4,000 annual combined financial
counseling/physical exam payments are based on current economics and purchasing power. In the
future, the Board is expected to revise these amounts, at its discretion, to reflect
purchasing power, point values, and the like.

Income taxes payable with respect to payments made under this policy are subject to determination
based on the tax residence of the retired Officer.

 

 

 

This document is confidential and intended solely for the use and information of Booz Allen
Hamilton employees and Officers. Except as otherwise provide above in the case of a “change in
control” (as defined in the Amended and Restated Equity Incentive Plan), this policy is subject to
change without notice at the discretion of Booz Allen Hamilton, as are all other policies,
procedures, benefits and other programs of Booz Allen Hamilton. Moreover, country and local law may
supersede the stated policy guidelines. Nothing in this policy should be construed to alter the
at-will employment status of all Booz Allen Hamilton employees.

 

					
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