Document:

Exhibit 10.1

	
  

 	
  

 
	
 

	
 Enzon Pharmaceuticals, Inc.

 20 Kingsbridge Road

 Piscataway, NJ 08854

 Phone: 732-980-4500

 Fax: 732-980-4585

 www.enzon.com

 

May 17, 2011

Ana I. Stancic

1 Squire Court

Mahwah, NJ 07430

Dear Ana:

We are pleased to extend
this invitation to join Enzon Pharmaceuticals, Inc. This letter confirms our
offer of employment to you. Reporting to Ralph del Campo, Chief Operating
Officer & Principal Executive Officer, you will join Enzon in the position
of Senior Vice President, Finance and Chief Financial Officer, starting on June
8, 2011. 

Compensation

Your base salary will
be $12,692.31 payable bi-weekly, which annualizes to $330,000 (over 26 pay
periods). You are eligible for participation in Enzon’s annual cash incentive
program with a target incentive of 50% of your base salary. This annual
incentive may vary above (up to 150% of target) or below target based on the
achievement of individual objectives. Your first year incentive will be
prorated from June 8, 2011, and based on mutually agreed upon goals with your
supervisor. Your performance will be reviewed on an annual basis in conjunction
with Enzon’s annual performance management review process. Base salary
increases and cash incentive payouts are at the discretion of management and
will be based on individual and company performance. All compensation described
in this letter will be subject to applicable withholdings.

Equity

To be effective on
your first date of employment, you will be granted options to purchase Thirty
Thousand (30,000) shares of common stock under the Enzon 2011 Stock Option and
Incentive Plan, granted with exercise prices equal to the fair market value of
the Company’s Common Stock on the date of the grant. These options have a ten
(10) year grant life and shall vest and become exercisable at a rate of
one-fourth (1/4) of these shares per year commencing on the first anniversary
from your date of hire, conditioned upon your continued employment with the
Company as of the date of vesting. A separate stock option grant agreement document
will provide more detail on the terms and conditions of the above grant. These
and any subsequent grants are as governed by Company policy and at the
discretion of the Board of Directors.

To be effective on your
first date of employment, you will be awarded Twenty-Five Thousand (25,000)
restricted stock units under the Enzon 2011 Stock Option and Incentive Plan.
These units shall vest and convert to shares of common stock on the third
anniversary of your first date of employment, conditioned upon your continued
employment with the Company as of the date of vesting; however 50% of these
units are subject to accelerated vesting based upon the achievement of
specified performance milestones as approved by the Board. A separate
restricted stock unit award agreement document will provide more detail on the
terms and conditions of the above award. These and any subsequent grants are as
governed by Company policy and at the discretion of the Board of Directors.

Benefits

You will be granted
up to twenty-two (22) days of compensated time off per year, which is earned
each pay period, to be used for vacation, personal and sick days. In addition,
Enzon observes paid holidays, in accordance 

Page 2 of 3

CONFIDENTIAL

with Company policies, which
include eight (8) national holidays and five (5) site designated/floating days
(typically taken the last week of the calendar year).

You and your dependents will
be eligible for health insurance which provides medical, dental and
prescription drug coverage. There is also available to you paid by the company:
Life Insurance, Accidental Death and Dismemberment, Short and Long Term
Disability Insurance. You are eligible for coverage in these benefits programs
on the 1st day of employment.

You shall, in accordance
with the rules and regulations governing eligibility for participation in the
Enzon Pharmaceuticals, Inc. Savings and Investment Plan, be enrolled in this
401(k) program should you so choose. 

In addition, we offer
programs for vision insurance, supplemental life insurance, tuition
reimbursement, flexible spending accounts, discounted employee stock purchase
and other benefits. Additional information on each program will be provided
under separate cover.

Also, as a member of Senior
Management, you are eligible to participate in Enzon’s Executive Deferred
Compensation Program, which provides you with the opportunity to defer income
free of current income taxes. Please contact Richard Krenek, Associate
Director, Compensation and Benefits directly for more information on this
program.

Other Terms

The Immigration
Reform and Control Act of 1986 require that your employability in the United
States be verified through appropriate documentation. Please bring this
documentation (i.e. valid passport, or social security card and valid driver’s
license) with you when you report for work.

This offer of employment is conditional and contingent upon:

	
  

 	
  

 	
  

 
	
  

 	
 1.

 	
 Submitting to a
 pre-employment drug test and receiving a negative test result and otherwise
 complying with Enzon’s Drug Free Workplace Policy

 
	
  

 	
 2.

 	
 Successful background
 check completion

 
	
  

 	
 3.

 	
 Successful completion of
 I-9 form

 

We require that you sign the
Employee Confidentiality Agreement; which is enclosed. You represent that you
have no other relationships which present a conflict with your obligations
under this offer or the Employee Confidentiality Agreement.

You certify that you are not
debarred under the Generic Drug Enforcement Act of 1992 (Sections 306-308 of
the Federal Food, Drug and Cosmetic Act) nor have you received notice of action
or threat of debarment. You further certify that should you receive any notice
of action or threat of debarment during the future course of your employment
after the date of this letter, that you will immediately notify Enzon of this
information.

Your employment will be
governed by Enzon’s standard employment practices and policies including its
employment at will policy, which means that either you or the company may
terminate the employment relationship at any time, with or without cause. You also
acknowledge that Enzon is a Tobacco Free company.

As a member of Senior
Management you will be provided with a General Severance Agreement which
provides compensation in relation to a Change-in-Control of the Company. The
terms and conditions of such severance are defined in the enclosed Agreement,
which is to be signed and returned.

To accept our invitation and
as a condition of employment, we ask that you please sign and return this
letter. 

Page 3 of 3

CONFIDENTIAL

Ana, we are very
enthusiastic about you joining Enzon and look forward to a mutually rewarding
working relationship. We believe we can offer you opportunities that challenge
and reward you and we look forward to your acceptance of this letter agreement.

Sincerely, 

	
  

 
	
 /s/ Paul Davit

 
	

 

 
	
  

 
	
 Paul Davit

 
	
 EVP, Human Resources &
 Administration

 
	
 Enzon Pharmaceuticals,
 Inc.

 
	
  

 
	
 Accepted and agreed:

 
	
  

 
	
 /s/ Ana I. Stancic

 
	

 

 
	
 Ana I. Stancic

 

	
  

 	
  

 
	
 Date:

 	
 5/26/2010Exhibit 10.2

GENERAL SEVERANCE AGREEMENT

                    This
General Severance Agreement (the “Agreement”) is made as of the 8th day of June,
2011, between Enzon Pharmaceuticals, Inc., a Delaware corporation, with offices
in Bridgewater, New Jersey (the “Company”), and Ana I. Stancic (“Executive”),
a resident of New Jersey.

BACKGROUND

                    A.
This Agreement is intended to specify, among other things, the financial
arrangements that the Company will provide to the Executive upon Executive’s separation
from employment with the Company under any of the circumstances described
herein.

                    B.
Executive is employed by the Company in the capacity of Senior Vice President, Finance and Chief Financial
Officer, and, as such, is a key executive of the Company.

                    C.
This Agreement is entered into by the Company in the belief that it is in the
best interests of the Company and its shareholders to provide stable conditions
of employment for Executive notwithstanding the possibility of, among other
things, a threat or occurrence of certain types of change in control, thereby
enhancing the Company’s ability to attract and retain highly qualified people.

                    D.
The Company believes that it is important that it receive certain assurances
with respect to its Confidential Information, proprietary information,
intellectual property, trade secrets and Executive’s work product, and that the
Company receive certain protections with respect to Executive’s activities following
termination of Executive’s employment, and the Company is willing to offer
Executive the compensation, bonuses and other benefits set forth in this
Agreement in order to obtain such assurances and protections.

TERMS

                    To
assure the Company that it will have the continued dedication of Executive
notwithstanding the possibility, threat or occurrence of a bid to take over
control of the Company, and to induce Executive to remain in the employ of the
Company, in consideration of the foregoing premises and for other good and
valuable consideration, the Company and Executive agree as follows:

          1.
Term of Agreement. The term of this Agreement (“Term”) shall commence on
the date hereof as first written above and shall continue through the term of
Executive’s employment with the Company; provided that in the
event that there occurs, during the Term, a Change in Control, as defined in
Section 7(c) hereof, this Agreement shall continue in effect for a period of 12
months beyond the date of such Change in Control.

	
  

 	
  

 
	
  

 	
           (a)
 The terms of the offer letter sent by the Company to the Executive dated May 17, 2011
 (the “Offer Letter”), shall be incorporated by reference into this
 Agreement and shall be an integral part hereof. The compensation payable to
 Executive 

 

	
  

 	
  

 
	
  

 	
 during each fiscal year of the Company beginning
 after the date of commencement of Executive’s employment shall be established
 by the Principal Executive Officer following an annual performance review,
 but in no event shall the annual rate of Base Salary or the Target Bonus set
 forth in the Offer Letter for any successive year of the Term be less than
 the highest annual rate of Base Salary or Target Bonus, as applicable, in
 effect during the previous year of the Term.

 

          2.
Severance upon Termination without Cause or Termination by Executive for
Good Reason in Connection with Change in Control. Subject to the limitation
set forth in Section 3 hereof, in the event the Company terminates Executive’s
employment without Cause, or in the event of a Termination by Executive for
Good Reason, and either such termination occurs within the period which
commences ninety (90) days before and ends one (1) year following a Change in
Control as defined in Section 7(c):

	
  

 	
  

 
	
  

 	
                     (a)
 Executive shall receive her Base Salary through the date of termination;

 
	
  

 	
  

 
	
  

 	
                     (b)
 Executive shall receive a pro rated portion of the Target Bonus (based on the
 Base Salary at the time of such termination) which would have been payable to
 Executive for the fiscal year during which such termination occurs;

 
	
  

 	
  

 
	
  

 	
                     (c)
 Executive shall receive cash payments equal to one (1) times the sum of
 the following: (i) her Base Salary at the time of such termination and (ii) the Target Bonus (based on
 the Base Salary immediately prior to such termination) for the fiscal year in
 which such termination occurs;

 
	
  

 	
  

 
	
  

 	
                     (d)
 Executive shall continue to be entitled to any deferred compensation and
 other unpaid amounts and benefits earned and vested prior to Executive’s
 termination;

 
	
  

 	
  

 
	
  

 	
                     (e)
 if Executive and Executive’s Family Members have medical and dental coverage
 on the date of such termination under a group health plan sponsored by the
 Company, the Company will reimburse Executive for the total applicable
 premium cost for medical and dental coverage under COBRA for Executive and
 Executive’s Family Members for a period of twelve (12) months, commencing on the date of such
 termination; provided, that the Company shall have no obligation to reimburse
 Executive for the premium cost of COBRA coverage as of the date Executive and
 Executive’s Family Members become eligible to obtain comparable benefits from
 a subsequent employer;

 
	
  

 	
  

 
	
  

 	
                     (f)
 the Company shall provide Executive outplacement assistance, as determined by
 the Company in its discretion.

 

          3.
Effect of Change in Control. In the event of a Change of Control as
defined in Section 7(c) in addition to any other consequences provided for in
this Agreement,

	
  

 	
  

 
	
  

 	
           (a)
 all options to acquire shares of the Company held by the Executive shall
 become fully vested immediately prior to the effective date of the Change in
 Control. 

 

2

	
  

 	
  

 
	
  

 	
 Executive shall have a reasonable opportunity to
 exercise all or any portion of such options prior to the effective date of
 the Change in Control, and any options not exercised prior to the effective
 date of the Change in Control shall terminate as of the effective date of the
 Change in Control and will be of no further force or effect. To the extent
 that this section 3(a) is inconsistent with the provisions of the relevant
 plan and granting instruments under which such options were issued, the
 Company and Executive agree that such inconsistent provisions are hereby
 superceded and the provisions of this Section 3(a) shall govern; and

 
	
  

 	
  

 
	
  

 	
           (b)
 all shares of restricted stock and/or restricted stock units awarded to
 Executive shall fully vest immediately prior to the Change in Control.

 

          4.
Limitation. Nothing in this Agreement or in any other plan, award or
agreement of the Company applicable to the Executive shall result in the
reduction or limitation of (i) any payments under Section 2 and/or (ii) the
accelerated vesting of options to acquire common stock and/or (iii) shares of
restricted stock and/or restricted stock units under Section 3 or (iv) any
other payments or benefits (the “Total Payments”) that may be deemed to be
contingent upon a change in ownership or control pursuant to Section 280G of
the Internal Revenue Code (“Code”), regardless of whether the Total Payments
would be subject to the excise tax imposed by Section 4999 of the Code. If the
Executive does become liable for any excise tax under Section 4999 of the Code,
such liability shall not entitle the Executive to any additional payments from
the Company to reimburse the Executive for such tax liability. The Company
shall be entitled to withhold from payments due to the Executive an amount
equal to the actual amount of any excise tax under Section 4999 of the Code to
which the Executive is subject, as determined by the Company’s independent
auditors.

          5.
Time of Payments. All payments made to Executive under any of the
subsections of Section 2 which are based upon Executive’s Base Salary or Target
Bonus shall be made at or as soon as practicable after the termination of
Executive’s employment.

          6.
Release. Notwithstanding anything else herein to the contrary, Executive
shall not be entitled to realize or receive any termination related benefits
provided for under this Agreement, including, without limitation, all
post-termination payments and the acceleration of option or restricted stock or
restricted stock unit vesting schedules, unless Executive shall have executed
and delivered to the Company a full release (reasonably satisfactory to the
Executive and the Company’s counsel) of all claims against the Company and its
affiliates, successors and assigns.

          7.
Definitions.

	
  

 	
  

 
	
  

 	
                     (a)
 “Base Salary” means Executive’s annual base salary as established by
 the Board of Directors of the Company (“Board”) or the Compensation Committee
 from time to time. Executive’s initial Base Salary is as set forth in the
 Offer Letter

 
	
  

 	
  

 
	
  

 	
                     (b)
 “Cause” means:

 
	
  

 	
  

 
	
  

 	
                               (i)
 the willful engaging by Executive in illegal conduct or gross misconduct
 which is demonstrably and materially injurious to the Company; or

 

3

	
  

 	
  

 
	
  

 	
                               (ii)
 Executive’s refusal or inability to perform the duties of his or her position
 as an executive employed by the Company, which refusal or inability is
 demonstrably and materially injurious to the Company; or

 
	
  

 	
  

 
	
  

 	
                               (iii)
 Executive’s breach of his or her obligations under this Agreement or any
 employment agreement between the Company and Executive, which breach is
 demonstrably and materially injurious to the Company; or

 
	
  

 	
  

 
	
  

 	
                               (iv)
 Executive’s failure, where
 applicable, to maintain Executive’s immigration status with the U.S.
 Immigration and Naturalization Service or the Executive’s failure to maintain
 valid employment authorization to provide services to the Company.

 
	
  

 	
  

 
	
  

 	
                               For
 purposes of this Section 7(b), no act or failure to act on Executive’s part
 shall be deemed “willful” unless done, or omitted to be done, by Executive
 not in good faith and without reasonable belief that Executive’s action of
 omission was in the best interest of the Company. Notwithstanding the
 foregoing, with respect to the definitions of Cause set forth in clauses
 (i)-(iii) above, Executive shall not be deemed to have been terminated for
 Cause unless and until the Company delivers to Executive a notice of such
 termination for Cause. Such notice shall be in writing, addressed to
 Executive, labeled “Personal and Confidential,” and sent to the address for
 Executive set forth in Section 8(i) hereof. Any such notice shall describe,
 with particularity, the conduct of Executive forming the basis for such
 termination of employment. Any such notices shall become effective on the 30th
 day following delivery thereof to Executive if Executive has not cured the
 conduct identified in such notice to the satisfaction of the Company, provided,
 however, that the Company may elect to make such termination
 effective immediately, in which case Executive’s employment shall terminate
 immediately upon delivery of the notice of termination, but the Company shall
 continue to pay Executive his or her salary during such 30-day period and the
 last day of such 30-day period shall be deemed to be the date of termination
 of his or her employment for purposes of any pro rata calculations and
 determination of post-termination periods under this agreement.

 
	
  

 	
  

 
	
  

 	
                     (c)
 “Change in Control” means the following:

 
	
  

 	
  

 
	
  

 	
                               (i)
 “Board Change” which, for purposes of this Agreement, shall have
 occurred if, over any twenty-four month period, a majority of the seats
 (other than vacant seats) on the Company’s Board were to be occupied by
 individuals who were neither (A) nominated by at least one-half (1/2) of the
 directors then in office (but excluding, for purposes of determining
 directors then in office, any director whose initial assumption of office
 occurs as a result of either an actual or threatened election contest, or
 other actual or threatened solicitation of proxies or consents by or on
 behalf of a Person (as defined herein) other than the Company or its board of
 directors); nor (B) appointed by directors so nominated, or

 
	
  

 	
  

 
	
  

 	
                               (ii)
 the acquisition by any individual, entity or group (within the meaning of
 Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934 (the 

 

4

	
  

 	
  

 
	
  

 	
 “Exchange Act”), (a “Person”) of
 beneficial ownership (within the meaning of Rule 13d-3 promulgated under the
 Exchange Act) of a majority of the then outstanding voting securities of the
 Company; provided, however, that the following acquisitions shall not
 constitute a Change of Control: (1) any acquisition by the Company, or (2)
 any acquisition by any employee benefit plan (or related trust) sponsored or
 maintained by the Company or any corporation controlled by the Company, or
 (3) any public offering or private placement by the Company of its voting
 securities; or

 
	
  

 	
  

 
	
  

 	
                               (iii)
 a consolidation of the Company with another entity, or a merger of the
 Company with another entity in which neither the Company nor a corporation
 that, prior to the merger, was a subsidiary of the Company shall be the
 surviving entity; or 

 
	
  

 	
  

 
	
  

 	
                               (iv)
 a merger of the Company following which either the Company or a corporation
 that, prior to the merger, was a subsidiary of the Company shall be the
 surviving entity and a majority of the then outstanding voting securities of
 the Company is beneficially owned (within the meaning of beneficial owner, as
 specified below) by a Person or Persons who were not “beneficial owners,” as
 defined in Rule 13d-3 of the Exchange Act, of a majority of the Outstanding
 Company Voting Securities immediately prior to such merger; or 

 
	
  

 	
  

 
	
  

 	
                               (v)
 a voluntary or involuntary liquidation of the Company; 

 
	
  

 	
  

 
	
  

 	
                               (vi)
 a sale or disposition by the Company of at least 80% of its assets in a single
 transaction or a series of transactions (other than a sale or disposition of
 assets to a subsidiary of the Company in a transaction not otherwise
 involving a Change in Control or a change in control of such subsidiary).

 
	
  

 	
  

 
	
  

 	
                               Transactions
 in which the Executive is part of the acquiring group do not constitute a
 Change in Control.

 
	
  

 	
  

 
	
  

 	
                     (d)
 “Good Reason” means:

 
	
  

 	
  

 
	
  

 	
                               (i)
 any material adverse change in Executive’s status or position as an officer
 of the Company, including, without limitation, any diminution in Executive’s
 duties, responsibilities or authority as of the Effective Date or the
 assignment to Executive of any duties or responsibilities that are
 inconsistent with Executive’s status or position; provided, however, that
 none of the foregoing shall be deemed to have occurred by virtue of a change
 in Executive’s reporting relationship as long as Executive maintains his then
 current duties and responsibilities;

 
	
  

 	
  

 
	
  

 	
                               (ii)
 a reduction in Executive’s then current Base Salary or Target Bonus; or

 
	
  

 	
  

 
	
  

 	
                               (iii)
 prior to Executive being permitted to terminate his employment for Good
 Reason hereunder, the Company shall have failed to cure any alleged condition
 described in subparagraphs (i) – (ii) above within the “Cure Period” (defined
 below). For purposes of this Paragraph 7(d), the term “Cure Period” means the
 period commencing on the date of receipt of Executive’s notice referred to in
 the preceding sentence and 

 

5

	
  

 	
  

 
	
  

 	
 ending on the earlier of (A) sixty (60) days
 thereafter or (B) two weeks prior to the first anniversary of the relevant
 Change in Control.

 
	
  

 	
  

 
	
  

 	
                     (e)
 “Target Bonus” means the performance based cash bonus as determined
 under the Company’s bonus plan for management (and any successor bonus plan
 covering management). The amount of Executive’s annual Target Bonus is
 determined by the Board in its discretion following consultation between the
 Principal Executive Officer and Executive prior to, or within sixty (60) days
 after the commencement of, each fiscal year. Executive’s initial Target Bonus
 is as set forth in the Offer Letter.

 
	
  

 	
  

 
	
           7A.
 The Company shall indemnify Executive and hold him harmless from and against
 any claim, liability and expense (including, without limitation, reasonable
 attorney fees) made against or incurred by him in connection with his
 employment by the Company. Such indemnification shall be provided in a manner
 and to an extent that is not less favorable to the Executive as the
 indemnification protection that is afforded by the Company to any other
 officer of comparable title and that is consistent with industry custom and
 standards.

 
	
  

 	
  

 
	
  

 	
 8. Miscellaneous.

 
	
  

 	
  

 
	
  

 	
                     (a)
 No Funding of Severance. Nothing contained in this Agreement or
 otherwise shall require the Company to segregate, earmark or otherwise set
 aside any funds or other assets to provide for any payments required to be
 made under Section 2 hereof, and the rights of Executive to any benefits
 hereunder shall be solely those of a general, unsecured creditor of the
 Company.

 
	
  

 	
  

 
	
  

 	
                     (b)
 Beneficiaries. In the event of Executive’s death, any amount or
 benefit payable or distributable to Executive pursuant to this Agreement
 shall be paid to the beneficiary designated by Executive for such purpose in
 the last written instrument received by the Company prior to Executive’s
 death, if any, or, if no beneficiary has been designated, to Executive’s
 estate, but such designation shall not be deemed to supersede any beneficiary
 designation under any benefit plan of the Company.

 
	
  

 	
  

 
	
  

 	
                     (c)
 Entire Agreement. This Agreement contains the entire understanding
 between the parties hereto with respect to the subject matter hereof and
 supersedes any prior understandings, agreements or representations, written
 or oral, relating to the subject matter hereof.

 
	
  

 	
  

 
	
  

 	
                     (d)
 Counterparts. This Agreement may be executed in separate counterparts,
 each of which will be an original and all of which taken together shall
 constitute one and the same agreement, and any party hereto may execute this
 Agreement by signing any such counterpart.

 
	
  

 	
  

 
	
  

 	
                     (e)
 Severability. Whenever possible, each provision of this Agreement
 shall be interpreted in such a manner as to be effective and valid under
 applicable law but if any provision of this Agreement is held to be invalid,
 illegal or unenforceable under any applicable law or rule, the validity,
 legality and enforceability of the other provision of this Agreement will not
 be affected or impaired thereby. 

 

6

	
  

 	
  

 
	
  

 	
                     (f)
 Successors and Assigns. This Agreement shall be binding upon and inure
 to the benefit of the parties hereto and their respective heirs, personal
 representatives and, to the extent permitted by Section 7(g), successors and
 assigns. The Company will require its successors to expressly assume its
 obligations under this Agreement. 

 
	
  

 	
  

 
	
  

 	
                     (g)
 Assignability. Neither this Agreement nor any right, remedy,
 obligation or liability arising hereunder or by reason hereof shall be
 assignable (including by operation of law) by either party without the prior
 written consent of the other party to this Agreement. 

 
	
  

 	
  

 
	
  

 	
                     (h)
 Modification, Amendment, Waiver or Termination. No provision of this
 Agreement may be modified, amended, waived or terminated except by an
 instrument in writing signed by the parties to this Agreement. No course of
 dealing between the parties will modify, amend, waive or terminate any
 provision of this Agreement or any rights or obligations of any party under
 or by reason of this Agreement. No delay on the part of the Company in
 exercising any right hereunder shall operate as a waiver of such right. No
 waiver, express or implied, by the Company of any right or any breach by
 Executive shall constitute a waiver of any other right or breach by
 Executive.

 
	
  

 	
  

 
	
  

 	
                     (i)
 Notices. All notices, consents, requests, instructions, approvals or
 other communications provided for herein shall be in writing and delivered by
 personal delivery, overnight courier, mail, electronic facsimile or e-mail
 addressed to the receiving party at the address set forth herein. All such
 communications shall be effective when received.

 

	
  

 	
  

 	
  

 
	
  

 	
 Address for the Executive:

 
	
  

 	
  

 
	
  

 	
  

 	
 Ana I. Stancic

 
	
  

 	
  

 	
 1 Squire Court

 
	
  

 	
  

 	
 Mahwah, NJ 07430

 
	
  

 	
  

 	
  

 
	
  

 	
 Address for the Company:

 
	
  

 	
  

 
	
  

 	
  

 	
 Enzon Pharmaceuticals, Inc.

 
	
  

 	
  

 	
 20 Kingsbridge Road

 
	
  

 	
  

 	
 Piscataway, New Jersey 08854

 
	
  

 	
  

 	
 Attn: Vice President and General Counsel

 

	
  

 	
  

 
	
  

 	
                     Any
 party may change the address set forth above by notice to each other party
 given as provided herein.

 
	
  

 	
  

 
	
  

 	
                     (j)
 Headings. The headings contained in this Agreement are for reference
 purposes only and shall not in any way affect the meaning or interpretation
 of this Agreement.

 

7

	
  

 	
  

 
	
  

 	
                     (k)
 Governing Law. ALL MATTERS RELATING TO THE INTERPRETATION,
 CONSTRUCTION, VALIDITY AND ENFORCEMENT OF THIS AGREEMENT SHALL BE GOVERNED BY
 THE INTERNAL LAWS OF THE STATE OF NEW JERSEY, WITHOUT GIVING EFFECT TO ANY
 CHOICE OF LAW PROVISIONS THEREOF.

 
	
  

 	
  

 
	
  

 	
                     (l)
 Arbitration. Any claim or controversy arising out of or relating to
 this Agreement or the breach hereof shall be settled by arbitration in
 accordance with the laws of the State of New Jersey. Such arbitration shall
 be conducted in the State of New Jersey in accordance with the rules then
 existing of the American Arbitration Association. Judgment upon the award
 rendered by the arbitrators may be entered in any court having jurisdiction
 thereof. In the event of any dispute arising under this Agreement, the
 respective parties shall be responsible for the payment of their own legal
 fees and disbursements. 

 
	
  

 	
  

 
	
  

 	
                     (m)
 Third-Party Benefit. Nothing in this Agreement, express or implied, is
 intended to confer upon any third party any rights, remedies, obligations or
 liabilities of any nature whatsoever.

 
	
  

 	
  

 
	
  

 	
                     (n)
 Withholding Taxes. The Company may withhold from any benefits payable
 under this Agreement or any other agreement all federal, state, city or other
 taxes as shall be required pursuant to any law or governmental regulation or
 ruling. Executive hereby agrees to indemnify and hold harmless the Company
 should the Company fail to withhold tax from any such payment from which tax
 is required to be withheld.

 
	
  

 	
  

 
	
  

 	
                     (o)
 No Right to Continued Employment. Executive understands that this
 Severance Agreement is not an employment contract and nothing contained
 herein creates any right to continuous employment with the Company, or to
 employment by the Company for any specified period of time. 

 
	
  

 	
  

 
	
  

 	
                     (p)
 Termination of Previous Agreement. The Previous Agreement is hereby
 terminated and of no further force or effect.

 

IN
WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the date first set forth above. 

ENZON PHARMACEUTICALS, INC.

	
  

 	
  

 
	
 By:

 	
 /s/ Ralph del Campo

 
	
  

 	

 

 
	
  

 	
 Ralph del Campo

 
	
  

 	
 Chief Operating Officer & Principal Executive
 Officer

 
	
  

 	
  

 
	
 By:

 	
 /s/ Ana I. Stancic

 
	
  

 	

 

 
	
  

 	
 Ana I. Stancic

 

8

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