Document:

Exhibit 4.1

 

Section 382
Rights Agreement

 

Dated
as of August 14, 2020

 

by
and between

 

ENZON PHARMACEUTICALS, INC.

 

and

 

CONTINENTAL
STOCK TRANSFER & TRUST COMPANY

as Rights Agent

 

     

     

    

 

TABLE OF CONTENTS

 

Page

#

 

	Section 1.	Certain Definitions	1
	 	 	 
	Section 2.	Appointment of Rights Agent	10
	 	 	 
	Section 3.	Issue of Rights Certificates	11
	 	 	 
	Section 4.	Form of Rights Certificates	13
	 	 	 
	Section 5.	Countersignature and Registration	14
	 	 	 
	Section 6.	Transfer, Split Up, Combination and Exchange of Rights Certificates; Mutilated, Destroyed, Lost or Stolen Rights Certificates	14
	 	 	 
	Section 7.	Exercise of Rights; Purchase Price; Expiration Date of Rights	15
	 	 	 
	Section 8.	Cancellation and Destruction of Rights Certificates	17
	 	 	 
	Section 9.	Reservation and Availability of Capital Stock	17
	 	 	 
	Section 10.	Preferred Stock Record Date	19
	 	 	 
	Section 11.	Adjustment of Purchase Price, Number and Kind of Shares or Number of Rights	19
	 	 	 
	Section 12.	Certificate of Adjusted Purchase Price or Number of Shares	27
	 	 	 
	Section 13.	Consolidation, Merger or Sale or Transfer of Assets, Cash Flow or Earning Power	28
	 	 	 
	Section 14.	Fractional Rights and Fractional Shares	31
	 	 	 
	Section 15.	Rights of Action	32
	 	 	 
	Section 16.	Agreement of Rights Holders	33
	 	 	 
	Section 17.	Rights Certificate Holder Not Deemed a Stockholder	33
	 	 	 
	Section 18.	Concerning the Rights Agent	34
	 	 	 
	Section 19.	Merger or Consolidation or Change of Name of Rights Agent	34
	 	 	 
	Section 20.	Duties of Rights Agent	35
	 	 	 
	Section 21.	Change of Rights Agent	37
	 	 	 
	Section 22.	Issuance of New Rights Certificates	37
	 	 	 
	Section 23.	Redemption and Termination	38
	 	 	 
	Section 24.	Notice of Certain Events	38
	 	 	 
	Section 25.	Notices	39
	 	 	 
	Section 26.	Supplements and Amendments	40

 

    i 

     

    

 

	Section 27.	Exchange	41
	 	 	 
	Section 28.	Successors	43
	 	 	 
	Section 29.	Determinations and Actions by the Board of Directors, etc.	43
	 	 	 
	Section 30.	Benefits of this Agreement	43
	 	 	 
	Section 31.	Tax Compliance and Withholding	44
	 	 	 
	Section 32.	Severability	44
	 	 	 
	Section 33.	Governing Law	44
	 	 	 
	Section 34.	Counterparts	44
	 	 	 
	Section 35.	Descriptive Headings	45

 

Exhibit A — Form of Certificate of Designation

 

Exhibit B — Form of Rights Certificate

 

Exhibit C — Form of
Summary of Rights to Purchase Series A-1 Junior Participating Preferred Stock

 

    ii 

     

    

 

Section 382
Rights Agreement

 

This SECTION 382 RIGHTS AGREEMENT,
dated as of August 14, 2020 (this “Agreement”), is made and entered into by and between Enzon Pharmaceuticals, Inc.,
a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New York
corporation, as rights agent (the “Rights Agent”). Capitalized terms used herein and not otherwise defined shall
have the meanings ascribed to them in Section 1 hereof.

 

RECITALS

 

WHEREAS, the Company has generated net operating
loss carryforwards (“NOLs”) for United States federal income tax purposes, the Company desires to avoid an “ownership
change” within the meaning of Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”),
and the Treasury Regulations promulgated thereunder and thereby preserve the Company’s ability to utilize fully such NOLs,
and, in furtherance of such objective, the Company desires to enter into this Agreement; and

 

WHEREAS, on August 14, 2020 (the “Rights
Dividend Declaration Date”), the Board of Directors of the Company (the “Board of Directors”) authorized
and declared a dividend distribution of one Right for each share of Common Stock outstanding at the Close of Business on August 24,
2020 (the “Record Date”), each Right initially representing the right to purchase one one-thousandth of one
share of Series A-1 Junior Participating Preferred Stock, par value $0.01 per share, of the Company having the rights, powers
and preferences set forth in the form of Certificate of Designation attached hereto as Exhibit A, upon the terms and
subject to the conditions hereinafter set forth (the “Rights”), and has further authorized the issuance of one
Right (as such number may hereinafter be adjusted pursuant to the provisions of Section 11(p) hereof) for each share
of Common Stock that shall become outstanding between the Record Date (whether originally issued or delivered from the Company’s
treasury) and the earlier of the Close of Business on the Distribution Date and the Expiration Date.

 

NOW, THEREFORE, in consideration of the
premises and the mutual agreements herein set forth, the parties hereby agree as follows:

 

Section 1.              Certain
Definitions. For purposes of this Agreement, the following terms have the meanings indicated:

 

(a)            “Acquiring
Person” mean any Person, which, together with all of its Related Persons, is the Beneficial Owner of 4.9% or more of
the shares of Common Stock then outstanding, but shall exclude the Exempted Persons and any Grandfathered Persons. Notwithstanding
anything in this Agreement to the contrary, no Person shall become an “Acquiring Person”:

 

		(i)	as the result of an acquisition of shares of Common Stock by the Company which, by reducing the number of shares of Common
Stock outstanding, increases the percentage of the shares of Common Stock Beneficially Owned by such Person, together with all
of its Related Persons, to 4.9% or more of the shares of Common Stock then outstanding; provided, however, that if a Person, together
with all of its Related Persons, becomes the Beneficial Owner of 4.9% or more of the shares of Common Stock then outstanding by
reason of share acquisitions by the Company and, after such share acquisitions by the Company, becomes the Beneficial Owner of
any additional shares of Common Stock (other than pursuant to a dividend or distribution paid or made by the Company on the outstanding
Common Stock or pursuant to a split or subdivision of the outstanding Common Stock), then such Person shall be deemed to be an
“Acquiring Person” unless, upon becoming the Beneficial Owner of such additional shares of Common Stock, such Person,
together with all of its Related Persons, does not Beneficially Own 4.9% or more of the Common Stock then outstanding;

 

     

     

    

 

		(ii)	if (A) the Board determines that such Person has become an “Acquiring Person” inadvertently (including because
(1) such Person was unaware that it Beneficially Owned a percentage of the then outstanding Common Stock that would otherwise
cause such Person to be an “Acquiring Person” or (2) such Person was aware of the extent of its Beneficial Ownership
of Common Stock but had no actual knowledge of the consequences of such Beneficial Ownership under this Agreement); and (B) such
Person divests as promptly as practicable (as determined by the Board) a sufficient number of shares of Common Stock so that such
Person would no longer be an “Acquiring Person”;

 

		(iii)	solely as a result of any unilateral grant of any security by the Company, or through the exercise of any options, warrants,
rights or similar interests (including restricted stock) granted by the Company to its directors, officers or employees; provided,
however, that if a Person, together with all of its Related Persons, becomes the Beneficial Owner of 4.9% or more of the
shares of Common Stock then outstanding by reason of a unilateral grant of a security by the Company, or through the exercise of
any options, warrants, rights or similar interests (including restricted stock) granted by the Company to its directors, officers
and employees, then such Person shall nevertheless be deemed to be an “Acquiring Person” if, subject to clause (a)(ii) above,
such Person, together with all of its Related Persons, thereafter becomes the Beneficial Owner of any additional shares of Common
Stock (unless upon becoming the Beneficial Owner of additional shares of Common Stock, such Person, together with all of its Related
Persons, does not Beneficially Own 4.9% or more of the Common Stock then outstanding), except as a result of (A) a dividend
or distribution paid or made by the Company on the outstanding Common Stock or a split or subdivision of the outstanding Common
Stock or (B) the unilateral grant of a security by the Company, or through the exercise of any options, warrants, rights or
similar interest (including restricted stock) granted by the Company to its directors, officers or employees; or

 

		(iv)	by means of Common Stock purchases or issuances (including debt to equity exchanges), directly from the Company or indirectly
through an underwritten offering of the Company, in a transaction approved by the Board; provided, however, that
a Person shall be deemed to be an “Acquiring Person” if such Person (A) is or becomes the Beneficial Owner of
4.9% or more of the shares of Common Stock then outstanding following such transaction and (B) following such transaction,
becomes the Beneficial Owner of any additional shares of Common Stock without the prior written consent of the Company and then
Beneficially Owns 4.9% or more of the shares of Common Stock then outstanding.

 

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Notwithstanding the foregoing definition
of “Acquiring Person,” the Board may also determine that any Person is an “Acquiring Person” under this
Agreement if such Person becomes the Beneficial Owner of 4.9% or more of the Common Stock of the Company then outstanding (as the
term “stock” is defined in Treasury Regulations Sections 1.382-2(a)(3) and 1.382-2T(f)(18)).

 

(b)            “Adjustment
Shares” shall have the meaning set forth in Section 11(a)(ii).

 

(c)            “Adjustment
Spread” shall have the meaning set forth in Section 27(a)(ii) hereof.

 

(d)            “Affiliate”
shall have the meaning ascribed to such term in Rule 12b-2 of the Exchange Act as in effect on the date of this Agreement
and, to the extent not included within the foregoing clause, shall also include, with respect to any Person, any other Person (other
than an Exempted Person or a Grandfathered Person) whose shares of Common Stock would be deemed constructively owned by such first
Person, owned by a single “entity” with respect to such first Person as defined in Section 1.382-3(a)(1) of
the Treasury Regulations, or otherwise aggregated with shares owned by such first Person, pursuant to the provisions of Section 382
and the Treasury Regulations; provided, however, that a Person will not be deemed to be an Affiliate of another Person
solely because either or both Persons are or were directors or officers of the Company.

 

(e)            “Agreement”
shall have the meaning set forth in the preamble to this Agreement.

 

(f)             “Associate”
shall have the meaning ascribed to such term in Rule 12b-2 of the Exchange Act as in effect on the date of this Agreement
and, to the extent not included within the foregoing clause, shall also include, with respect to any Person, any other Person (other
than an Exempted Person or a Grandfathered Person) whose shares of Common Stock would be deemed constructively owned by such first
Person or otherwise aggregated with shares owned by such first Person, pursuant to the provisions of Section 382 and the Treasury
Regulations; provided, however, that a Person will not be deemed to be an Associate of another Person solely because either or
both Persons are or were directors or officers of the Company.

 

(g)            A
Person shall be deemed the “Beneficial Owner” of, and shall be deemed to “Beneficially Own”
and have “Beneficial Ownership” of any securities (that are as such, “Beneficially Owned”):

 

		(i)	that such Person would be deemed to directly, indirectly or constructively own (as determined for purposes of Section 382
or the Treasury Regulations), including any coordinated acquisition of securities by any Persons who have a formal or informal
understanding with respect to such acquisition (to the extent ownership of such securities would be attributed to such Persons
under Section 382 and the Treasury Regulations);

 

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		(ii)	that such Person or any of such Person’s Related Persons beneficially owns, directly or indirectly, as determined pursuant
to Rule 13d-3 of the Exchange Act as in effect on the date of this Agreement, including pursuant to any agreement, arrangement
or understanding (whether or not in writing), but only if the effect of such agreement, arrangement or understanding is to treat
such Persons as an “entity” under Section 1.382-3(a)(1) of the Treasury Regulations;

 

		(iii)	that such Person or any of such Person’s Related Persons, directly or indirectly, has the right or obligation to acquire
(whether such right is exercisable, or such obligation is required to be performed, immediately or only after the passage of time
or the satisfaction of other conditions) pursuant to any agreement, arrangement or understanding (whether or not in writing and
other than customary agreements with and between underwriters and selling group members with respect to a bona fide public offering
of securities) or upon the exercise of conversion rights, exchange rights, rights (other than the Rights), warrants or options,
or otherwise; provided, however, that a Person shall not be deemed the “Beneficial Owner” of, or to “beneficially
own,” (A) securities tendered pursuant to a tender or exchange offer made in accordance with the Exchange Act by or
on behalf of such Person or any of such Person’s Related Persons until such tendered securities are accepted for purchase
or exchange, (B) securities issuable upon exercise of Rights at any time prior to the occurrence of a Triggering Event, (C) securities
issuable upon exercise of Rights from and after the occurrence of a Triggering Event which Rights were acquired by such Person
or any such Person’s Related Persons prior to the Distribution Time or pursuant to Section 22 (the “Original Rights”)
or pursuant to Section 11(a)(i) in connection with an adjustment made with respect to any Original Rights, (D) securities
which such Person or any of such Person’s Related Persons may acquire, does or do acquire or may be deemed to have the right
to acquire, pursuant to any merger or other acquisition agreement between the Company and such Person (or one or more of such Person’s
Related Persons), if such agreement has been approved by the Board prior to such Person’s becoming an Acquiring Person, or
(E) securities (including rights, options or warrants) which are convertible or exchangeable into Common Stock until such
time as the convertible or exchangeable securities are exercised and converted or exchanged into Common Stock, except to the extent
that upon the issuance, acquisition or transfer of such rights, options or warrants, such securities would be treated as exercised
under Section 1.382-4(d) of the Treasury Regulations;

 

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		(iv)	that such Person or any of such Person’s Related Persons, directly or indirectly, has the right to vote pursuant to any
agreement, arrangement or understanding, but only if the effect of such agreement, arrangement or understanding is to treat such
Persons as an “entity” under Section 1.382-3(a)(1) of the Treasury Regulations;

 

		(v)	that are Beneficially Owned, directly or indirectly, by any other Person (or any Related Person of such Person) with which
such Person (or any of such Person’s Related Persons) has any agreement, arrangement or understanding (whether or not in
writing and other than customary agreements with and between underwriters and selling group members with respect to a bona fide
public offering of securities), but only if the effect of such agreement, arrangement or understanding is to treat such Persons
as an “entity” under Section 1.382-3(a)(1) of the Treasury Regulations; provided, however, that a Person
shall not be deemed the “Beneficial Owner” of, or to “beneficially own,” any security if such agreement,
arrangement or understanding arises solely from a revocable proxy or consent given in response to a public proxy or consent solicitation
made pursuant to, and in accordance with, the applicable provisions of the Exchange Act; or

 

		(vi)	that are Beneficially Owned, directly or indirectly, by a Counterparty (or any of such Counterparty’s Related Persons)
under any Derivatives Contract (without regard to any short or similar position under the same or any other Derivatives Contract)
to which such Person or any of such Person’s Related Persons is a Receiving Party; provided, however, that the number of
shares of Common Stock that a Person is deemed to Beneficially Own pursuant to this clause (vi) in connection with a particular
Derivatives Contract shall not exceed the number of Notional Common Shares with respect to such Derivatives Contract; provided,
further, that the number of securities Beneficially Owned by each Counterparty (including its Related Persons) under a Derivatives
Contract shall, for purposes of this clause (vi) include all securities that are Beneficially Owned, directly or indirectly,
by any other Counterparty (or any of such other Counterparty’s Related Persons) under any Derivatives Contract to which such
first Counterparty (or any of such first Counterparty’s Related Persons) is a Receiving Party, with this proviso being applied
to successive Counterparties as appropriate.

 

Nothing in this definition shall cause a
Person engaged in business as an underwriter of securities to be the “Beneficial Owner” of, or to “beneficially
own,” any securities acquired through such Person’s participation in good faith in a firm commitment underwriting until
the expiration of forty (40) days after the date of such acquisition, and no officer or director of the Company shall be deemed
to Beneficially Own any securities of any other Person solely by virtue of any actions that such officer or director takes in such
capacity.

 

With respect to any Person, for all purposes
of this Agreement, any calculation of the number of shares of Common Stock outstanding at any particular time, including for purposes
of determining the particular percentage of the outstanding shares of Common Stock of which such Person is the Beneficial Owner,
shall include the number of shares of Common Stock not outstanding at the time of such calculation that such Person is otherwise
deemed to Beneficially Own for purposes of this Agreement, provided, however, that the number of shares of Common Stock
not outstanding that such Person is otherwise deemed to Beneficially Own for purposes of this Agreement shall not be included for
the purpose of computing the percentage of the outstanding shares of Common Stock Beneficially Owned by any other Person (unless
such other Person is also deemed to Beneficially Own, for purposes of this Agreement, such shares of Common Stock not outstanding).

 

    	 	5	 

     

    

 

Notwithstanding anything herein to the contrary,
to the extent not within the foregoing provisions of the definition of Beneficial Owner, a Person shall be deemed the Beneficial
Owner of, and shall be deemed to Beneficially Own or have Beneficial Ownership of, securities which such Person would be deemed
to constructively own or which otherwise would be aggregated with shares owned by such pursuant to Section 382, or any successor
provision or replacement provision and the Treasury Regulations thereunder.

 

(h)            “Board
of Directors” shall have the meaning set forth in the recitals of this Agreement.

 

(i)             “Business
Day” shall mean any day other than a Saturday, Sunday or a day on which banking institutions in the State of New York
are authorized or obligated by law or executive order to close.

 

(j)             “Close
of Business” on any given date shall mean 5:00 P.M., New York City time, on such date; provided, however,
that if such date is not a Business Day it shall mean 5:00 P.M., New York City time, on the next succeeding Business Day.

 

(k)            “Co-Rights
Agents” means any additional Rights Agents appointed pursuant to Section 2 hereof.

 

(l)             “Code”
shall have the meaning set forth in the recitals to this Agreement.

 

(m)           “Common
Stock” shall mean the common stock, par value $0.01 per share, of the Company and any other interest that the Board determines
would be treated as “stock” of the Company for purposes of Section 382 of the Code (including Treasury Regulation
Sections 1.382-2(a)(3) and 1.382-2T(f)(18) in this Agreement in which such meaning is necessary in order to ensure that this
Agreement is effective in preserving the Company’s NOLs and certain other tax benefits, except that “Common Stock”
when used with reference to any Person other than the Company shall mean the capital stock of such Person with the greatest voting
power, or the equity securities or other equity interest having power to control or direct the management, of such Person (or,
if such Person is a Subsidiary of another Person, the Person or Persons that ultimately control such first mentioned Person).

 

(n)            “Common
Stock Equivalents” shall have the meaning set forth in Section 11(a)(iii) hereof.

 

(o)            “Company”
shall have the meaning set forth in the preamble to this Agreement.

 

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(p)            “Counterparty”
shall have the meaning set forth in the definition of “Derivative Contracts.”

 

(q)            “Current
Market Price” shall have the meaning set forth in Sections 11(d)(i) and 11(d)(ii) hereof.

 

(r)             “Current
Value” shall have the meaning set forth in Section 11(a)(iii) hereof.

 

(s)            “Derivative
Contracts” shall mean a contract, including all related documentation, between two parties (the “Receiving Party”
and the “Counterparty”) that is designed to produce economic benefits and risks to the Receiving Party that
correspond substantially to the ownership by the Receiving Party of a number of shares of Common Stock specified or referenced
in such contract (the number corresponding to such economic benefits and risks, the “Notional Common Shares”), regardless
of whether obligations under such contract are required or permitted to be settled through the delivery of cash, shares of Common
Stock or other property, without regard to any short position under the same or any other Derivatives Contract. For the avoidance
of doubt, interests in broad-based index options, broad-based index futures and broad-based publicly traded market baskets of stocks
approved for trading by the appropriate federal governmental authority shall not be deemed “Derivatives Contracts.”

 

(t)             “Distribution
Date” shall have the meaning set forth in Section 3(a) hereof.

 

(u)            “Equivalent
Preferred Stock” shall have the meaning set forth in Section 11(b) hereof.

 

(v)            “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

(w)           “Exempted
Person” shall mean (i) the Company or any of its Subsidiaries, (ii) any officer, director or employee of the
Company or any of its Subsidiaries solely in respect of such Person’s status or authority as such (including any fiduciary
capacity), (iii) any employee benefit plan of the Company or of any Subsidiary of the Company or any entity or trustee holding
(or acting in a fiduciary capacity in respect of) shares of capital stock of the Company for or pursuant to the terms of any such
plan, or for the purpose of funding other employee benefits for employees of the Company or any Subsidiary of the Company, (iv) any
other Person (together with all of its Related Persons) whose Beneficial Ownership of 4.9% or more of the then outstanding shares
of Common Stock will not jeopardize or endanger the availability to the Company of any Tax Benefit, as determined by the Board
in its sole discretion prior to the time any Person becomes an Acquiring Person, provided, however, that such Person will cease
to be an Exempted Person if the Board subsequently makes a contrary determination in its sole discretion, regardless of the reason
for such contrary determination, or (v) any other Person (together with all of its Related Persons) whose Beneficial Ownership
of 4.9% or more of the then outstanding shares of Common Stock was the result of an Exempted Transaction.

 

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(x)            “Exempted
Transaction” shall mean any transaction that the Board of Directors determines, in its sole discretion, is an “Exempted
Transaction,” which determination shall be irrevocable.

 

(y)            “Expiration
Date” shall have the meaning set forth in Section 7(a) hereof.

 

(z)            “Final
Expiration Date” shall have the meaning set forth in Section 7(a) hereof.

 

(aa)          “Grandfathered
Person” shall mean (x) any Person who or which, together with all of such Person’s Related Persons, is, as
of immediately prior to the first public announcement of the adoption of this Agreement, the Beneficial Owner of 4.9% or more of
the shares of Common Stock then outstanding and (y) any Person who or which becomes the Beneficial Owner of 4.9% or more of
the shares of Common Stock then outstanding as a result of the acquisition of Beneficial Ownership of shares of Common Stock from
an individual described in the preceding clause (x) if such acquisition occurs upon such individual’s death pursuant
to such individual’s will or pursuant to a charitable trust created by such individual for estate planning purposes. A Person
ceases to be a “Grandfathered Person” if and when (i) such Person becomes the Beneficial Owner of less than 4.9%
of the shares of Common Stock then outstanding or (ii) such Person increases such Person’s Beneficial Ownership of shares
of Common Stock to an amount equal to or greater than the greater of (A) 4.9% of the shares of Common Stock then outstanding
and (B) the sum of (1) the lowest Beneficial Ownership of such Person as a percentage of the shares of Common Stock outstanding
as of any time from and after the first public announcement of the adoption of this Agreement (other than as a result of an acquisition
of shares of Common Stock by the Company) plus (2) one share of Common Stock. The foregoing definition shall grandfather the
security or instrument underlying such Beneficial Ownership only in the type and form as of the date of this Agreement and shall
not grandfather any subsequent change, modification, swap or exchange of such security or instrument into a different type or form
of security or instrument (unless such change, modification, swap or exchange is contemplated explicitly by the terms of such security
or instrument). For the avoidance of doubt, the swap or exchange of contracts for differences for shares of Common Stock or other
equity securities of the Company shall not be grandfathered under this Agreement.

 

(bb)         “NASDAQ”
means The NASDAQ Stock Market LLC.

 

(cc)          “NOLs”
shall have the meaning set forth in the recitals to this Agreement.

 

(dd)         “Notional
Common Shares” shall have the meaning set forth in the definition of “Derivatives Contract.”

 

(ee)          “NYSE”
shall mean the New York Stock Exchange.

 

(ff)           “Original
Rights” shall have the meaning set forth in the definition of “Beneficial Owner.”

 

(gg)         “Person”
shall mean any individual, firm, corporation, limited liability company, association, trust, partnership, limited liability partnership,
or other entity, or a group of Persons making a “coordinated acquisition” of shares or otherwise treated as an entity
within the meaning of Section 1.382¬3(a)(1) of the Treasury Regulations, and shall include any successor (by merger
or otherwise) of such individual or entity, but shall not include a Public Group (as such term is defined in Section 1.382-2T(f)(13)
of the Treasury Regulations).

 

    	 	8	 

     

    

 

(hh)         “Preferred
Stock” shall mean the Series A-1 Junior Participating Preferred Stock, par value $0.01 per share, of the Company
having the rights, powers and preferences set forth in the form of the Certificate of Designation attached hereto as Exhibit A,
and, to the extent that there are not a sufficient number of shares of Series A-1 Junior Participating Preferred Stock authorized
to permit the full exercise of the Rights, any other series of Preferred Stock, par value $0.01 per share, of the Company designated
for such purpose containing terms substantially similar to the terms of the Series A-1 Junior Participating Preferred Stock.

 

(ii)            “Principal
Party” shall have the meaning set forth in Section 13(b) hereof.

 

(jj)            “Purchase
Price” shall have the meaning set forth in Section 4(a) hereof.

 

(kk)          “Receiving
Party” shall have the meaning set forth in the definition of “Derivatives Contract.”

 

(ll)            “Record
Date” shall have the meaning set forth in the recitals of this Agreement.

 

(mm)        “Redemption
Price” shall have the meaning set forth in Section 23(a) hereof.

 

(nn)          “Related
Person” shall mean, as to any Person, any Affiliate or Associate of such Person.

 

(oo)          “Right”
shall have the meaning set forth in the recitals of this Agreement.

 

(pp)          “Rights
Agent” shall have the meaning set forth in the preamble to this Agreement.

 

(qq)          “Rights
Certificate” shall have the meaning set forth in Section 3(a) hereof.

 

(rr)            “Rights
Dividend Declaration Date” shall have the meaning set forth in the recitals of this Agreement.

 

(ss)           “Section 11(a)(ii) Event”
shall mean any event described in Section 11(a)(ii) hereof.

 

(tt)            “Section 13
Event” shall mean any event described in clause (x), (y) or (z) of Section 13(a) hereof.

 

(uu)          “Section 27(a)(i) Exchange
Ratio” shall have the meaning set forth in Section 27(a)(i) hereof.

 

    	 	9	 

     

    

 

(vv)          “Section 27(a)(ii) Exchange
Ratio” shall have the meaning set forth in Section 27(a)(ii) hereof.

 

(ww)         “Securities
Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

(xx)            “Stock
Acquisition Date” shall mean the first date of public announcement (which, for purposes of this definition, shall include,
without limitation, a report filed pursuant to Section 13(d) under the Exchange Act) by the Company or an Acquiring Person
indicating that an Acquiring Person has become such or such earlier date as a majority of the Board of Directors shall become aware
of the existence of an Acquiring Person; provided, however, that if a Person is determined to be an Exempted Person or a
Grandfathered Person (and as a result such Person is not an Acquiring Person), then the Stock Acquisition Date that otherwise shall
have occurred shall be deemed not to have occurred.

 

(yy)          “Subsidiary”
shall mean, with reference to any Person, any Person of which a majority of the voting power of voting equity securities or equity
interests is beneficially owned, directly or indirectly, by such Person or otherwise controlled by such Person.

 

(zz)            “Substitution
Period” shall have the meaning set forth in Section 11(a)(iii) hereof.

 

(aaa)         “Summary
of Rights” shall have the meaning set forth in Section 3(b) hereof.

 

(bbb)        “Trading
Day” shall have the meaning set forth in Section 11(d)(i) hereof.

 

(ccc)         “Tax
Benefits” shall mean the net operating loss carryovers, capital loss carryovers, general business credit carryovers,
alternative minimum tax credit carryovers, foreign tax credit carryovers, any loss or deduction attributable to a “net unrealized
built-in loss” within the meaning of Section 382 of the Code, and the Treasury Regulations promulgated thereunder, and
any other attribute the benefit of which is subject to possible limitation under Section 382 of the Code, of the Company or
any of its Subsidiaries.

 

(ddd)        “Treasury
Regulations” shall mean final, temporary and proposed income tax regulations promulgated under the Code, as amended.

 

(eee)         “Triggering
Event” shall mean any Section 11(a)(ii) Event or any Section 13 Event.

 

(fff)           “Trust”
shall have the meaning set forth in Section 27(a)(i) hereof.

 

(ggg)        “Trust
Agreement” shall have the meaning set forth in Section 27(a)(i) hereof.

 

Section 2.               Appointment
of Rights Agent. The Company hereby appoints the Rights Agent to act as agent for the
Company and the holders of the Rights (who, in accordance with Section 3 hereof, shall prior to the Distribution Date also
be the holders of the Common Stock) in accordance with the terms and conditions hereof, and the Rights Agent hereby accepts such
appointment. The Company may from time to time appoint such co-Rights Agents as it may deem necessary or desirable (the term “Rights
Agent” being used herein to refer, collectively, to the Rights Agent together with any such co-Rights Agents), upon ten (10) days’
prior written notice to the Rights Agent. In the event the Company appoints one or more co-Rights Agents, the respective duties
of the Rights Agent and any co-Rights Agents shall be as the Company reasonably determines, provided that such duties are consistent
with the terms and conditions of this Agreement and that contemporaneously with such appointment the Company shall notify, in writing,
the Rights Agent and any co-Rights Agents of any such duties. The Rights Agent shall have no duty to supervise, and shall in no
event be liable for, the acts or omissions of any such co-Rights Agents.

 

    	 	10	 

     

    

 

Section 3.               Issue
of Rights Certificates.

 

(a)            Until
the earlier of (i) the Close of Business on the tenth day after the Stock Acquisition Date (or, if the tenth day after the
Stock Acquisition Date occurs before the Record Date, the Close of Business on the Record Date), or (ii) the Close of Business
on the tenth Business Day (or, if such tenth Business Day occurs before the Record Date, the Close of Business on the Record Date),
or such later date as the Board of Directors may determine prior to such time as any Person becomes an Acquiring Person, after
the date that a tender or exchange offer by any Person (other than the Exempted Persons) is first published or sent or given within
the meaning of Rule 14d-2(a) of the General Rules and Regulations under the Exchange Act, if upon consummation thereof,
such Person would become an Acquiring Person (the earlier of (i) and (ii) being herein referred to as the “Distribution
Date”), (x) the Rights will be evidenced (subject to the provisions of paragraph (b) of this Section 3)
by the certificates for the Common Stock registered in the names of the holders of the Common Stock (or, in the case of uncertificated
shares of Common Stock, by the book-entry account that evidences record ownership of such shares) (which certificates or book entries
for Common Stock shall be deemed also to be certificates or book entries for Rights) and not by separate certificates (or book
entries), (y) the surrender for transfer of any certificate representing shares of Common Stock (or, in the case of uncertificated
shares of Common Stock, the effectuation of a book-entry transfer of such shares of Common Stock) in respect of which Rights have
been issued shall also constitute the transfer of the Rights associated with such shares of Common Stock, and (z) the Rights
will be transferable only in connection with the transfer of the underlying shares of Common Stock (including a transfer to the
Company). As soon as practicable after the Distribution Date, the Company will prepare and execute, the Rights Agent will countersign
and the Rights Agent will send by first-class, insured, postage prepaid mail, to each record holder of the Common Stock as of the
Close of Business on the Distribution Date, at the address of such holder shown on the records of the Company, one or more rights
certificates, in substantially the form of Exhibit B hereto (the “Rights Certificates”), evidencing
one Right for each share of Common Stock so held, subject to adjustment as provided herein. In the event that an adjustment in
the number of Rights per share of Common Stock has been made pursuant to Section 11(p) hereof, at the time of distribution
of the Rights Certificates, the Company shall make the necessary and appropriate rounding adjustments (in accordance with Section 14(a) hereof)
so that Rights Certificates representing only whole numbers of Rights are distributed and cash is paid in lieu of any fractional
Rights. As of and after the Distribution Date, the Rights will be evidenced solely by such Rights Certificates.

 

    	 	11	 

     

    

 

(b)            The
Company will make available, as promptly as practicable following the Record Date, a copy of a Summary of Rights, in substantially
the form attached hereto as Exhibit C (the “Summary of Rights”), to any holder of Rights who may
so request from time to time prior to the Expiration Date. With respect to certificates for the Common Stock outstanding as of
the Record Date, or issued subsequent to the Record Date (or, in the case of uncertificated shares of Common Stock, by the book-entry
account that evidences record ownership of such shares), unless and until the Distribution Date shall occur, the Rights will be
evidenced by such certificates for the Common Stock (or book entries) and the registered holders of the Common Stock shall also
be the registered holders of the associated Rights. Until the earliest of the Distribution Date, the Expiration Date (as such term
is defined in Section 7 hereof) or the redemption of the Rights pursuant to Section 23 hereof, the transfer of any certificates
representing shares of Common Stock in respect of which Rights have been issued (or, in the case of uncertificated shares of Common
Stock, the effectuation of a book-entry transfer of such shares of Common Stock) shall also constitute the transfer of the Rights
associated with such shares of Common Stock.

 

(c)            Rights
shall be issued in respect of all shares of Common Stock which are issued (whether originally issued or from the Company’s
treasury) after the Record Date but prior to the earliest of the Distribution Date, the Expiration Date or the redemption of the
Rights pursuant to Section 23 hereof. Certificates representing such shares of Common Stock shall also be deemed to be certificates
for Rights, and shall bear a legend substantially in the following form:

 

“This certificate [These shares] also evidence[s]
and entitle[s] the holder hereof to certain Rights as set forth in the Section 382 Rights Agreement between Enzon Pharmaceuticals, Inc.
(the “Company”) and Continental Stock Transfer & Trust Company, as rights agent (the “Rights
Agent”), dated as of August 14, 2020, as the same may be amended from time to time (the “Rights Agreement”),
the terms of which are hereby incorporated herein by reference and a copy of which is on file at the principal offices of the Rights
Agent. Under certain circumstances, as set forth in the Rights Agreement, such Rights will be evidenced by separate certificates
and will no longer be evidenced by this [certificate] [these shares]. The Rights Agent will mail to the holder of [this certificate]
[these shares] a copy of the Rights Agreement, as in effect on the date of mailing, without charge promptly after receipt of a
written request therefor. Under certain circumstances set forth in the Rights Agreement, Rights issued to, or held by, any Person
who is, was or becomes an Acquiring Person or any Related Persons thereof or specified transferees of such Acquiring Person (or
Related Person thereof) (as such terms are defined in the Rights Agreement), whether currently held by or on behalf of such Person
or by any subsequent holder, may become null and void.”

 

With respect to any book-entry shares of
Common Stock, such legend shall be included in a notice to the record holder of such shares to the extent required by applicable
law. With respect to certificated shares of Common Stock containing the foregoing legend, or any notice of the foregoing legend
delivered to record holders of book-entry shares, until the earlier of the (i) Distribution Date or (ii) the Expiration
Date, the Rights associated with such shares of Common Stock represented by such stock certificates or registered in book-entry
form shall be evidenced by such certificates alone, or such registration in book-entry form alone, and registered holders of such
shares of Common Stock shall also be the registered holders of the associated Rights, and the transfer of any of such shares of
Common Stock represented by such certificates or book-entries shall also constitute the transfer of the Rights associated with
the shares of Common Stock represented by such certificates or book-entries. The omission of any legend described in this Section 3
shall not affect the status, validity or enforceability of any part of this Agreement or the rights of any holder of the Rights.

 

    	 	12	 

     

    

 

Section 4.               Form of
Rights Certificates.

 

(a)            The
Rights Certificates (and the forms of election to purchase and of assignment to be printed on the reverse thereof) shall each be
substantially in the form set forth in Exhibit B hereto and may have such marks of identification or designation and
such legends, summaries or endorsements printed thereon as the Company may deem appropriate and as are not inconsistent with the
provisions of this Agreement, or as may be required to comply with any applicable law or with any rule or regulation made
pursuant thereto or with any rule or regulation of any stock exchange on which the Rights may from time to time be listed,
or to conform to usage. Subject to the provisions of Section 11 and Section 22 hereof, the Rights Certificates, whenever
distributed, shall be dated as of the Record Date or, in the case of Rights with respect to Common Stock issued or becoming outstanding
after the Record Date, the same date as the date of the share certificate evidencing such shares (or, with respect to uncertificated
shares of Common Stock, the date of the issuance of such shares of Common Stock indicated in the books of the registrar and transfer
agent), and on their face shall entitle the holders thereof to purchase such number of one one-thousandths of a share of Preferred
Stock as shall be set forth therein at the price set forth therein (such exercise price per one one-thousandth of a share, the
“Purchase Price”), but the amount and type of securities purchasable upon the exercise of each Right and the
Purchase Price thereof shall be subject to adjustment as provided herein.

 

(b)            Any
Rights Certificate issued pursuant to Section 3(a), Section 11(i) or Section 22 hereof that represents Rights
beneficially owned by any Person known to be: (i) an Acquiring Person or any Related Person of an Acquiring Person, (ii) a
transferee of an Acquiring Person (or of any such Related Person) who becomes a transferee after the Acquiring Person becomes such,
(iii) a transferee of an Acquiring Person (or of any such Related Person) who becomes a transferee prior to or concurrently
with the Acquiring Person becoming such and receives such Rights pursuant to either (A) a transfer (whether or not for consideration)
from the Acquiring Person to holders of equity interests in such Acquiring Person or to any Person with whom such Acquiring Person
has any continuing plan, agreement, arrangement or understanding regarding the transferred Rights or (B) a transfer which
the Board of Directors has determined is part of a plan, agreement, arrangement or understanding which has as a primary purpose
or effect of avoidance of Section 7(e) hereof, or (iv) subsequent transferees of such Persons described in clause
(i), (ii) or (iii) of this sentence, and any Rights Certificate issued pursuant to Section 6 or Section 11
hereof upon transfer, exchange, replacement or adjustment of any other Rights Certificate referred to in this sentence, shall contain
(to the extent feasible) a legend substantially in the following form:

 

“The Rights represented by this Rights Certificate
are or were beneficially owned by a Person who was or became an Acquiring Person or a Related Person of an Acquiring Person (as
such terms are defined in the Section 382 Rights Agreement between Enzon Pharmaceuticals, Inc. and Continental Stock
Transfer & Trust Company, as rights agent, dated as of August 14, 2020, as the same may be amended from time to time
(the “Agreement”). Accordingly, this Rights Certificate and the Rights represented hereby may become null and
void in the circumstances specified in Section 7(e) of such Agreement.”

 

    	 	13	 

     

    

 

The absence of the foregoing legend on any
Rights Certificate shall in no way affect any of the other provisions of this Agreement, including, without limitation, the provisions
of Section 7(e).

 

Section 5.               Countersignature
and Registration.

 

(a)            The
Rights Certificates shall be executed on behalf of the Company by its Chairman of the Board of Directors, its Principal Executive
Officer, its Chief Operating Officer, its Principal Financial Officer or any executive officer of the Company, either manually
or by facsimile or other electronic signature, and shall have affixed thereto the Company’s seal or a facsimile thereof which
shall be attested by the Secretary or an Assistant Secretary of the Company, either manually or by facsimile or other electronic
signature. The Rights Certificates shall be countersigned by the Rights Agent, either manually or by facsimile or other electronic
signature, and shall not be valid for any purpose unless so countersigned. In case any officer of the Company who shall have signed
or attested any of the Rights Certificates shall cease to be such officer of the Company before countersignature by the Rights
Agent and issuance and delivery by the Company, such Rights Certificates, nevertheless, may be countersigned by the Rights Agent
and issued and delivered by the Company with the same force and effect as though the person who signed or attested such Rights
Certificates had not ceased to be such officer of the Company; and any Rights Certificates may be signed or attested on behalf
of the Company by any person who, at the actual date of the execution of such Rights Certificate, shall be a proper officer of
the Company to sign or attest such Rights Certificate, although at the date of the execution of this Agreement any such person
was not such an officer.

 

(b)            Following
the Distribution Date, the Rights Agent shall keep, or cause to be kept, at its principal office or offices designated as the appropriate
place for surrender of Rights Certificates upon exercise or transfer, books for registration and transfer of the Rights Certificates
issued hereunder. Such books shall show the names and addresses of the respective holders of the Rights Certificates, the number
of Rights evidenced on its face by each of the Rights Certificates and the date of each of the Rights Certificates.

 

Section 6.               Transfer,
Split Up, Combination and Exchange of Rights Certificates; Mutilated, Destroyed, Lost or Stolen Rights Certificates.

 

(a)            Subject
to the provisions of Section 4(b), Section 7(e), Section 14 and Section 27 hereof, at any time after the Close
of Business on the Distribution Date, and at or prior to the Close of Business on the Expiration Date or the redemption of the
rights pursuant to Section 23 hereof, any Rights Certificate (other than Rights Certificates representing Rights that have
become null and void pursuant to Section 7(e), that have been redeemed pursuant to Section 23 or that have been exchanged
pursuant to Section 27) or Certificates may be transferred, split up, combined or exchanged for another Rights Certificate
or Certificates, entitling the registered holder to purchase a like number of one one-thousandths of a share of Preferred Stock
(or, following a Triggering Event, Common Stock, other securities, cash or other assets, as the case may be) as the Rights Certificate
or Certificates surrendered then entitles such holder (or former holder in the case of a transfer) to purchase. Any registered
holder desiring to transfer, split up, combine or exchange any Rights Certificate or Certificates shall make such request in writing
delivered to the Rights Agent, and shall surrender the Rights Certificate or Certificates to be transferred, split up, combined
or exchanged at the principal office or offices of the Rights Agent designated for such purpose. Neither the Rights Agent nor the
Company shall be obligated to take any action whatsoever with respect to the transfer, split up, combination or exchange of any
such surrendered Rights Certificate until the registered holder shall have completed and signed the certificate contained in the
form of assignment on the reverse side of such Rights Certificate and shall have provided such additional evidence of the identity
of the Beneficial Owner (or former Beneficial Owner) or Related Persons thereof as the Company shall reasonably request. Thereupon
the Rights Agent shall, subject to Section 4(b), Section 7(e), Section 14 and Section 27 hereof, countersign
and deliver to the Person entitled thereto a Rights Certificate or Rights Certificates, as the case may be, as so requested. The
Company may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with
any transfer, split up, combination or exchange of Rights Certificates. The Rights Agent shall promptly forward any such sum collected
by it to the Company or to such Persons as the Company shall specify by written notice.

 

    	 	14	 

     

    

 

(b)            Upon
receipt by the Company and the Rights Agent of evidence reasonably satisfactory to them of the loss, theft, destruction or mutilation
of a Rights Certificate, and, in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to them,
and, at the Company’s request, reimbursement to the Company and the Rights Agent of all reasonable expenses incidental thereto,
and upon surrender to the Rights Agent and cancellation of the Rights Certificate if mutilated, the Company will execute and deliver
a new Rights Certificate of like tenor to the Rights Agent for countersignature and delivery to the registered owner in lieu of
the Rights Certificate so lost, stolen, destroyed or mutilated.

 

Section 7.               Exercise
of Rights; Purchase Price; Expiration Date of Rights.

 

(a)            Subject
to Section 7(e) and Section 27 hereof, the registered holder of any Rights Certificate may exercise the Rights evidenced
thereby (except as otherwise provided herein including, without limitation, the restrictions on exercisability set forth in Section 9(c),
Section 11(a)(iii) and Section 23(a) hereof) in whole or in part at any time after the Distribution Date upon
surrender of the Rights Certificate, with the form of election to purchase and the certificate on the reverse side thereof duly
executed, to the Rights Agent at the principal office or offices of the Rights Agent designated for such purpose, together with
payment of the aggregate Purchase Price with respect to the total number of one one-thousandth of a share of Preferred Stock (or
other securities, cash or other assets, as the case may be) as to which such surrendered Rights are then exercisable, at or prior
to the earliest of (i) the Close of Business on August 13, 2021 (the “Final Expiration Date”), (ii) the
time at which the Rights are redeemed as provided in Section 23 hereof, (iii) the time at which all of the Rights (other
than Rights that have become void pursuant to the provisions of Section 7(e) hereof) are exchanged for Common Stock or
other assets or securities as provided in Section 27 hereof, (iv) the Close of Business on the effective date of the
repeal of Section 382 of the Code or any successor statute if the Board of Directors determines that this Agreement is no
longer necessary or desirable for the preservation of Tax Benefits, or (v) the Close of Business on the first day of a taxable
year of the Company to which the Board of Directors determines that no Tax Benefits may be carried forward (the earliest of (i) and
(ii) and (iii) and (iv) and (v) being herein referred to as the “Expiration Date”).

 

    	 	15	 

     

    

 

(b)            The
Purchase Price for each one one-thousandth of a share of Preferred Stock pursuant to the exercise of a Right shall initially be
$1.20, and shall be subject to adjustment from time to time as provided in Sections 11 and 13(a) hereof and shall be payable
in accordance with paragraph (c) below.

 

(c)            Upon
receipt of a Rights Certificate representing exercisable Rights, with the form of election to purchase and the certificate duly
executed, accompanied by payment, with respect to each Right so exercised, of the Purchase Price per one one-thousandth of a share
of Preferred Stock (or other shares, securities, cash or other assets, as the case may be) to be purchased as set forth below and
an amount equal to any applicable transfer tax, the Rights Agent shall, subject to Section 20(k) hereof, thereupon promptly
(i) (A) requisition from any transfer agent of the shares of Preferred Stock (or make available, if the Rights Agent
is the transfer agent for such shares) certificates for the total number of one one-thousandths of a share of Preferred Stock to
be purchased and the Company hereby irrevocably authorizes its transfer agent to comply with all such requests, or (B) if
the Company shall have elected to deposit the total number of shares of Preferred Stock issuable upon exercise of the Rights hereunder
with a depositary agent, requisition from the depositary agent depositary receipts representing such number of one one-thousandths
of a share of Preferred Stock as are to be purchased (in which case certificates for the shares of Preferred Stock represented
by such receipts shall be deposited by the transfer agent with the depositary agent) and the Company shall direct the depositary
agent to comply with such request, (ii) requisition from the Company the amount of cash, if any, to be paid in lieu of fractional
shares in accordance with Section 14 hereof, (iii) after receipt of such certificates or depositary receipts, cause the
same to be delivered to, or upon the order of the registered holder of such Rights Certificate, registered in such name or names
as may be designated by such holder, and (iv) after receipt thereof, deliver such cash described in clause (ii) hereof,
if any, to or upon the order of the registered holder of such Rights Certificate. The payment of the Purchase Price (as such amount
may be reduced pursuant to Section 11(a)(iii) hereof) shall be made by certified bank check or bank draft payable to
the order of the Rights Agent for credit to the Company. In the event that the Company is obligated to issue other securities (including
Common Stock) of the Company, pay cash and/or distribute other property pursuant to Section 11(a) hereof, the Company
will make all arrangements necessary so that such other securities, cash and/or other property are available for distribution by
the Rights Agent, if and when appropriate. The Company reserves the right to require prior to the occurrence of a Triggering Event
that, upon any exercise of Rights, a number of Rights be exercised so that only whole shares of Preferred Stock would be issued.

 

(d)            In
case the registered holder of any Rights Certificate shall exercise less than all the Rights evidenced thereby, a new Rights Certificate
evidencing Rights equivalent to the Rights remaining unexercised shall be issued by the Rights Agent and delivered to, or upon
the order of, the registered holder of such Rights Certificate, registered in such name or names as may be designated by such holder,
subject to the provisions of Section 14 hereof.

 

    	 	16	 

     

    

 

(e)            Notwithstanding
anything in this Agreement to the contrary, from and after the first occurrence of a Section 11(a) (ii) Event, any
Rights beneficially owned by any Person known to be (i) an Acquiring Person or a Related Person of an Acquiring Person, (ii) a
transferee of an Acquiring Person (or of any such Related Person) who becomes a transferee after the Acquiring Person becomes such,
(iii) a transferee of an Acquiring Person (or of any such Related Person) who becomes a transferee prior to or concurrently
with the Acquiring Person becoming such and receives such Rights pursuant to either (A) a transfer (whether or not for consideration)
from the Acquiring Person to holders of equity interests in such Acquiring Person or to any Person with whom the Acquiring Person
has any continuing plan, agreement, arrangement or understanding regarding the transferred Rights or (B) a transfer which
the Board of Directors has determined is part of a plan, agreement, arrangement or understanding which has as a primary purpose
or effect the avoidance of this Section 7(e), or (iv) subsequent transferees of such Persons described in clause (i),
(ii) or (iii) of this sentence, shall become null and void without any further action and no holder of such Rights shall
have any rights whatsoever with respect to such Rights, whether under any provision of this Agreement or otherwise. The Company
shall use all reasonable efforts to insure that the provisions of this Section 7(e) and Section 4(b) hereof
are complied with, but shall have no liability to any holder of Rights Certificates or other Person as a result of its failure
to make any determinations with respect to an Acquiring Person or any of its Related Persons or transferees hereunder.

 

(f)            Notwithstanding
anything in this Agreement to the contrary, neither the Rights Agent nor the Company shall be obligated to undertake any action
with respect to a registered holder upon the occurrence of any purported exercise as set forth in this Section 7 unless such
registered holder shall have (i) properly completed and signed the certificate contained in the form of election to purchase
set forth on the reverse side of the Rights Certificate surrendered for such exercise, and (ii) provided such additional evidence
of the identity of the Beneficial Owner (or former Beneficial Owner) or Related Persons thereof as the Company shall reasonably
request.

 

Section 8.               Cancellation
and Destruction of Rights Certificates. All Rights Certificates surrendered for the purpose
of exercise, transfer, split up, combination or exchange shall, if surrendered to the Company or any of its agents, be delivered
to the Rights Agent for cancellation or in canceled form, or, if surrendered to the Rights Agent, shall be canceled by it, and
no Rights Certificates shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Agreement.
The Company shall deliver to the Rights Agent for cancellation and retirement, and the Rights Agent shall so cancel and retire,
any other Rights Certificate purchased or acquired by the Company otherwise than upon the exercise thereof. The Rights Agent shall
deliver all canceled Rights Certificates to the Company, or shall, at the written request of the Company, destroy such canceled
Rights Certificates, and in such case shall deliver a certificate of destruction thereof to the Company.

 

Section 9.               Reservation
and Availability of Capital Stock.

 

(a)            The
Company covenants and agrees that it will cause to be reserved and kept available out of its authorized and unissued shares of
Preferred Stock (and, following the occurrence of a Triggering Event, out of its authorized and unissued shares of Common Stock
and/or other securities or out of its authorized and issued shares held in its treasury), the number of shares of Preferred Stock
(and, following the occurrence of a Triggering Event, Common Stock and/or other securities) that, as provided in this Agreement,
including Section 11(a)(iii) hereof, will be sufficient to permit the exercise in full of all outstanding Rights.

 

    	 	17	 

     

    

 

(b)            So
long as the shares of Preferred Stock (and, following the occurrence of a Triggering Event, Common Stock and/or other securities)
issuable and deliverable upon the exercise of the Rights may be listed on any national securities exchange, the Company shall use
its commercially reasonable efforts to cause, from and after such time as the Rights become exercisable, all shares reserved for
such issuance to be listed on such exchange upon official notice of issuance upon such exercise.

 

(c)            If
the Company is required to file a registration statement pursuant to the Securities Act with respect to the securities purchasable
upon exercise of the Rights, the Company shall use its commercially reasonable efforts to (i) prepare and file, as soon as
practicable following the earliest date after the first occurrence of a Section 11(a)(ii) Event on which the consideration
to be delivered by the Company upon exercise of the Rights has been determined in accordance with Section 11(a)(iii) hereof,
or as soon as is required by applicable law following the Distribution Date, as the case may be, a registration statement under
the Securities Act with respect to the securities purchasable upon exercise of the Rights on an appropriate form, (ii) cause
such registration statement to become effective as soon as practicable after such filing, and (iii) cause such registration
statement to remain effective (with a prospectus at all times meeting the requirements of the Securities Act) until the earlier
of (A) the date as of which the Rights are no longer exercisable for such securities, and (B) the Expiration Date. The
Company will also take such action as may be appropriate under, or to ensure compliance with, the securities or “blue sky”
laws of the various states in connection with the exercisability of the Rights. The Company may temporarily suspend, for a period
of time not to exceed ninety (90) days after the date set forth in clause (i) of the first sentence of this Section 9(c),
the exercisability of the Rights in order to prepare and file such registration statement and permit it to become effective. Upon
any such suspension, the Company shall issue a public announcement stating that the exercisability of the Rights has been temporarily
suspended, as well as a public announcement at such time as the suspension has been rescinded. In addition, if the Company shall
determine that a registration statement is required following the Distribution Date, and a Section 11(a)(ii) Event has
not occurred, the Company may temporarily suspend the exercisability of the Rights until such time as a registration statement
has been declared effective. Notwithstanding any provision of this Agreement to the contrary, the Rights shall not be exercisable
in any jurisdiction if the requisite qualification or exemption in such jurisdiction shall not have been obtained, the exercise
thereof shall not be permitted under applicable law or a registration statement shall not have been declared effective.

 

(d)            The
Company covenants and agrees that it will take all such action as may be necessary to ensure that all one one-thousandths of a
share of Preferred Stock (and, following the occurrence of a Triggering Event, Common Stock and/or other securities) delivered
upon exercise of Rights shall, at the time of delivery of the certificates for such shares (subject to payment of the Purchase
Price), be duly and validly authorized and issued and fully paid and non-assessable.

 

    	 	18	 

     

    

 

(e)            The
Company further covenants and agrees that it will pay when due and payable any and all federal and state transfer taxes and charges
which may be payable in respect of the issuance or delivery of the Rights Certificates and of any certificates for a number of
one one-thousandths of a share of Preferred Stock (or Common Stock and/or other securities, as the case may be) upon the exercise
of Rights. The Company shall not, however, be required to pay any transfer tax which may be payable in respect of any transfer
or delivery of Rights Certificates to a Person other than, or the issuance or delivery of a number of one one-thousandths of a
share of Preferred Stock (or Common Stock and/or other securities, as the case may be) in respect of a name other than that of,
the registered holder of the Rights Certificates evidencing Rights surrendered for exercise or to issue or deliver any certificates
for a number of one one-thousandths of a share of Preferred Stock (or Common Stock and/or other securities, as the case may be)
in a name other than that of the registered holder upon the exercise of any Rights until such tax shall have been paid (any such
tax being payable by the holder of such Rights Certificate at the time of surrender) or until it has been established to the Company’s
satisfaction that no such tax is due.

 

Section 10.            Preferred
Stock Record Date. Each Person in whose name any certificate for a number of one one-thousandths
of a share of Preferred Stock (or Common Stock and/or other securities, as the case may be) is issued upon the exercise of Rights
shall for all purposes be deemed to have become the holder of record of such shares of Preferred Stock (or Common Stock and/or
other securities, as the case may be) represented thereby on, and such certificate shall be dated, the date upon which the Rights
Certificate evidencing such Rights was duly surrendered and payment of the Purchase Price (and all applicable transfer taxes) was
made; provided, however, that if the date of such surrender and payment is a date upon which the Preferred Stock (or Common
Stock and/or other securities, as the case may be) transfer books of the Company are closed, such Person shall be deemed to have
become the record holder of such shares (fractional or otherwise) on, and such certificate shall be dated, the next succeeding
Business Day on which the Preferred Stock (or Common Stock and/or other securities, as the case may be) transfer books of the Company
are open; provided, further, that if delivery of a number of one one-thousandths of a share of Preferred Stock (or Common Stock
and/or other securities, as the case may be) is delayed pursuant to Section 9(c), such Persons shall be deemed to have become
the record holders of such number of one one-thousandths of a share of Preferred Stock (or Common Stock and/or other securities,
as the case may be) only when such shares first become deliverable. Prior to the exercise of the Rights evidenced thereby, the
holder of a Rights Certificate shall not be entitled to any rights of a stockholder of the Company with respect to shares for which
the Rights shall be exercisable, including, without limitation, the right to vote, to receive dividends or other distributions
or to exercise any preemptive rights, and shall not be entitled to receive any notice of any proceedings of the Company, except
as provided herein.

 

Section 11.             Adjustment
of Purchase Price, Number and Kind of Shares or Number of Rights. The Purchase Price,
the number and kind of shares covered by each Right and the number of Rights outstanding are subject to adjustment from time to
time as provided in this Section 11.

 

    	 	19	 

     

    

 

(a)            (i) In
the event the Company shall at any time after the date of this Agreement (A) declare a dividend on the outstanding Preferred
Stock payable in shares of Preferred Stock, (B) subdivide the outstanding Preferred Stock, (C) combine the outstanding
Preferred Stock into a smaller number of shares, or (D) issue any shares of its capital stock in a reclassification of the
Preferred Stock (including any such reclassification in connection with a consolidation or merger in which the Company is the continuing
or surviving corporation), except as otherwise provided in this Section 11(a) and Section 7(e) hereof, the
Purchase Price in effect at the time of the record date for such dividend or of the effective date of such subdivision, combination
or reclassification, and the number and kind of shares of Preferred Stock or capital stock, as the case may be, issuable on such
date, shall be proportionately adjusted so that the holder of any Right exercised after such time shall be entitled to receive,
upon payment of the Purchase Price then in effect, the aggregate number and kind of shares of Preferred Stock or capital stock,
as the case may be, which, if such Right had been exercised immediately prior to such date and at a time when the Preferred Stock
transfer books of the Company were open, such holder would have owned upon such exercise and been entitled to receive by virtue
of such dividend, subdivision, combination or reclassification; provided, however, that in no event shall the consideration
to be paid upon the exercise of one Right be less than the aggregate par value of the shares of Preferred Stock or capital stock,
as the case may be, issuable upon exercise of one Right. If an event occurs which would require an adjustment under both this Section 11(a)(i) and
Section 11(a)(ii) hereof, the adjustment provided for in this Section 11(a)(i) shall be in addition to, and
shall be made prior to, any adjustment required pursuant to Section 11(a)(ii) hereof.

 

(ii)            Subject
to Section 27, in the event any Person shall become an Acquiring Person, then, promptly following the occurrence of such event,
proper provision shall be made so that each holder of a Right (except as provided below and in Section 7(e) hereof) shall
thereafter have the right to receive, upon exercise thereof at the then current Purchase Price in accordance with the terms of
this Agreement, in lieu of a number of one one-thousandths of a share of Preferred Stock, such number of shares of Common Stock
of the Company as shall equal the result obtained by (x) multiplying the then current Purchase Price by the then number of
one one-thousandths of a share of Preferred Stock for which a Right was exercisable immediately prior to the first occurrence of
a Section 11(a)(ii) Event, and (y) dividing that product (which, following such first occurrence, shall thereafter
be referred to as the “Purchase Price” for each Right and for all purposes of this Agreement) by 50% of the
Current Market Price (determined pursuant to Section 11(d) hereof) per share of Common Stock on the date of such first
occurrence (such number of shares, the “Adjustment Shares”).

 

    	 	20	 

     

    

 

(iii)           In
the event that the number of shares of Common Stock which are authorized by the Company’s Certificate of Incorporation but
not outstanding, subscribed for or reserved for issuance for purposes other than upon exercise of the Rights are not sufficient
to permit the exercise in full of the Rights in accordance with the foregoing subparagraph (ii) of this Section 11(a),
the Company shall, to the extent permitted by applicable law and by any agreements or instruments then in effect to which the Company
is a party, (A) determine the value of the Adjustment Shares issuable upon the exercise of a Right (the “Current
Value”), and (B) with respect to each Right (subject to Section 7(e) hereof), make adequate provision
to substitute for some or all of the Adjustment Shares, upon the exercise of a Right and payment of the applicable Purchase Price,
(1) cash, (2) a reduction in the Purchase Price, (3) Common Stock or other equity securities of the Company (including,
without limitation, shares, or units of shares, of preferred stock, such as the Preferred Stock, which the Board of Directors has
deemed to have essentially the same value or economic rights as shares of Common Stock (such shares of preferred stock being referred
to as “Common Stock Equivalents”)), (4) debt securities of the Company, (5) other assets, or (6) any
combination of the foregoing, having an aggregate value equal to the Current Value (less the amount of any reduction in the Purchase
Price), where such aggregate value has been determined by the Board based upon the advice of a financial advisor selected by the
Board of Directors; provided, however, that if the Company shall not have made adequate provision to deliver value
pursuant to clause (B) above within thirty (30) days following the later of (x) the first occurrence of a Section 11(a)(ii) Event
and (y) the date on which the Company’s right of redemption pursuant to Section 23(a) expires (the later of
(x) and (y) being referred to herein as the “Section 11(a)(ii) Trigger Date”), then the
Company shall be obligated to deliver, to the extent permitted by applicable law, upon the surrender for exercise of a Right and
without requiring payment of the Purchase Price, shares of Common Stock (to the extent available) and then, if necessary, shares
of Preferred Stock (to the event available) and then, if necessary, cash, which shares and/or cash have an aggregate value equal
to the Spread. For purposes of the preceding sentence, the term “Spread” shall mean the excess of (i) the
Current Value over (ii) the Purchase Price. If the Board of Directors determines in good faith that it is likely that sufficient
additional shares of Common Stock could be authorized for issuance upon exercise in full of the Rights, the thirty (30) day period
set forth above may be extended to the extent necessary, but not more than ninety (90) days after the Section 11(a)(ii) Trigger
Date, in order that the Company may seek stockholder approval for the authorization of such additional shares (such thirty (30)
day period, as it may be extended, is herein called the “Substitution Period”). To the extent that the Company
determines that action should be taken pursuant to the first and/or third sentences of this Section 11(a)(iii), the Company
(1) shall provide, subject to Section 7(e) hereof, that such action shall apply uniformly to all outstanding Rights,
and (2) may suspend the exercisability of the Rights until the expiration of the Substitution Period in order to seek such
stockholder approval for such authorization of additional shares and/or to decide the appropriate form of distribution to be made
pursuant to such first sentence and to determine the value thereof. In the event of any such suspension, the Company shall issue
a public announcement stating that the exercisability of the Rights has been temporarily suspended, as well as a public announcement
at such time as the suspension is no longer in effect. For purposes of this Section 11(a)(iii), the value of each Adjustment
Share shall be the Current Market Price per share of the Common Stock on the Section 11(a)(ii) Trigger Date and the per
share or per unit value of any Common Stock Equivalent shall be deemed to equal the Current Market Price per share of the Common
Stock on such date. The Board may establish procedures to allocate the right to receive shares of Common Stock upon the exercise
of the Rights among holders of Rights pursuant to this Section 11(a)(iii).

 

    	 	21	 

     

    

 

(b)            In
case the Company shall fix a record date for the issuance of rights (other than the Rights), options or warrants to all holders
of Preferred Stock entitling them to subscribe for or purchase (for a period expiring within forty-five (45) calendar days after
such record date) Preferred Stock (or shares having the same rights, privileges and preferences as the shares of Preferred Stock
(“Equivalent Preferred Stock”)) or securities convertible into Preferred Stock or Equivalent Preferred Stock
at a price per share of Preferred Stock or per share of Equivalent Preferred Stock (or having a conversion price per share, if
a security convertible into Preferred Stock or Equivalent Preferred Stock) less than the Current Market Price (as determined pursuant
to Section 11(d) hereof) per share of Preferred Stock on such record date, the Purchase Price to be in effect after such
record date shall be determined by multiplying the Purchase Price in effect immediately prior to such record date by a fraction,
the numerator of which shall be the number of shares of Preferred Stock outstanding on such record date, plus the number of shares
of Preferred Stock which the aggregate offering price of the total number of shares of Preferred Stock and/or Equivalent Preferred
Stock so to be offered (and/or the aggregate initial conversion price of the convertible securities so to be offered) would purchase
at such Current Market Price, and the denominator of which shall be the number of shares of Preferred Stock outstanding on such
record date, plus the number of additional shares of Preferred Stock and/or Equivalent Preferred Stock to be offered for subscription
or purchase (or into which the convertible securities so to be offered are initially convertible); provided, however,
that in no event shall the consideration to be paid upon the exercise of one Right be less than the aggregate par value of the
shares of Preferred Stock or capital stock, as the case may be, issuable upon exercise of one Right. In case such subscription
price may be paid by delivery of consideration part or all of which may be in a form other than cash, the value of such consideration
shall be as determined in good faith by the Board of Directors, whose determination shall be described in a statement filed with
the Rights Agent and shall be binding on the Rights Agent and the holders of the Rights. Shares of Preferred Stock owned by or
held for the account of the Company shall not be deemed outstanding for the purpose of any such computation. Such adjustment shall
be made successively whenever such a record date is fixed, and in the event that such rights or warrants are not so issued, the
Purchase Price shall be adjusted to be the Purchase Price which would then be in effect if such record date had not been fixed.

 

(c)            In
case the Company shall fix a record date for a distribution to all holders of Preferred Stock (including any such distribution
made in connection with a consolidation or merger in which the Company is the continuing corporation) of cash (other than a regular
quarterly cash dividend out of the earnings or retained earnings of the Company), assets (other than a dividend payable in Preferred
Stock, but including any dividend payable in stock other than Preferred Stock) or evidences of indebtedness, or of subscription
rights or warrants (excluding those referred to in Section 11(b) hereof), the Purchase Price to be in effect after such
record date shall be determined by multiplying the Purchase Price in effect immediately prior to such record date by a fraction,
the numerator of which shall be the Current Market Price (as determined pursuant to Section 11(d) hereof) per share of
Preferred Stock on such record date, less the fair market value (as determined in good faith by the Board of Directors, whose determination
shall be described in a statement filed with the Rights Agent) of the portion of the cash, assets or evidences of indebtedness
so to be distributed or of such subscription rights or warrants applicable to a share of Preferred Stock and the denominator of
which shall be such Current Market Price (as determined pursuant to Section 11(d) hereof) per share of Preferred Stock;
provided, however, that in no event shall the consideration to be paid upon the exercise of one Right be less than
the aggregate par value of the shares of Preferred Stock or capital stock, as the case may be, issuable upon exercise of one Right.
Such adjustments shall be made successively whenever such a record date is fixed, and in the event that such distribution is not
so made, the Purchase Price shall be adjusted to be the Purchase Price which would have been in effect if such record date had
not been fixed.

 

    	 	22	 

     

    

 

(d)            (i) For
the purpose of any computation hereunder, other than computations made pursuant to Section 11(a)(iii) hereof, the Current
Market Price per share of Common Stock on any date shall be deemed to be the average of the daily closing prices per share of such
Common Stock for the thirty (30) consecutive Trading Days immediately prior to such date, and for purposes of computations made
pursuant to Section 11(a)(iii) hereof, the Current Market Price per share of Common Stock on any date shall be deemed
to be the average of the daily closing prices per share of such Common Stock for the ten (10) consecutive Trading Days immediately
following such date; provided, however, that in the event that the Current Market Price per share of the Common Stock
is determined during a period following the announcement by the issuer of such Common Stock of (A) a dividend or distribution
on such Common Stock payable in shares of such Common Stock or securities convertible into shares of such Common Stock (other than
the Rights), or (B) any subdivision, combination or reclassification of such Common Stock, and the ex-dividend date for such
dividend or distribution, or the record date for such subdivision, combination or reclassification shall not have occurred prior
to the commencement of the requisite thirty (30) Trading Day or ten (10) Trading Day period, as set forth above, then, and
in each such case, the Current Market Price shall be properly adjusted to take into account ex-dividend trading. The closing price
for each day shall be the last sale price, regular way, or, in case no such sale takes place on such day, the average of the closing
bid and asked prices, regular way, in either case as reported in the principal consolidated transaction reporting system with respect
to securities listed or admitted to trading on the NASDAQ or, if the shares of Common Stock are not listed or admitted to trading
on the NASDAQ, as reported in the principal consolidated transaction reporting system with respect to securities listed on the
principal national securities exchange on which the shares of Common Stock are listed or admitted to trading or, if the shares
of Common Stock are not listed or admitted to trading on any national securities exchange, the last quoted price or, if not so
quoted, the average of the high bid and low asked prices in the over-the-counter market, as reported by the OTC Bulletin Board
service or such other quotation system then in use, or, if on any such date the shares of Common Stock are not so quoted, the average
of the closing bid and asked prices as furnished by a professional market maker making a market in the Common Stock selected by
the Board of Directors. If on any such date no market maker is making a market in the Common Stock, the fair value of such shares
on such date as determined in good faith by the Board of Directors shall be used. The term “Trading Day” shall
mean a day on which the principal national securities exchange on which the shares of Common Stock are listed or admitted to trading
is open for the transaction of business or, if the shares of Common Stock are not listed or admitted to trading on any national
securities exchange, a Business Day. If the Common Stock is not publicly held or not so listed or traded, Current Market Price
per share shall mean the fair value per share as determined in good faith by the Board of Directors, whose determination shall
be described in a statement filed with the Rights Agent and shall be conclusive for all purposes.

 

    	 	23	 

     

    

 

(ii)            For
the purpose of any computation hereunder, the Current Market Price per share of Preferred Stock shall be determined in the same
manner as set forth above for the Common Stock in clause (i) of this Section 11(d) (other than the last sentence
thereof). If the Current Market Price per share of Preferred Stock cannot be determined in the manner provided above or if the
Preferred Stock is not publicly held or listed or traded in a manner described in clause (i) of this Section 11(d), the
Current Market Price per share of Preferred Stock shall be conclusively deemed to be an amount equal to 1,000 (as such number may
be appropriately adjusted for such events as stock splits, stock dividends and recapitalizations with respect to the Common Stock
occurring after the date of this Agreement) multiplied by the Current Market Price per share of the Common Stock. If neither the
Common Stock nor the Preferred Stock is publicly held or so listed or traded, Current Market Price per share of the Preferred Stock
shall mean the fair value per share as determined in good faith by the Board of Directors, whose determination shall be described
in a statement filed with the Rights Agent and shall be conclusive for all purposes. For all purposes of this Agreement, the Current
Market Price shall be equal to the Current Market Price of one share of Preferred Stock divided by 1,000.

 

(e)            Anything
herein to the contrary notwithstanding, no adjustment in the Purchase Price shall be required unless such adjustment would require
an increase or decrease of at least 1% in the Purchase Price; provided, however, that any adjustments which by reason
of this Section 11(e) are not required to be made shall be carried forward and taken into account in any subsequent adjustment.
All calculations under this Section 11 shall be made to the nearest cent or to the nearest one-thousandth of a share of Common
Stock or other share of capital stock or one-ten millionth of a share of Preferred Stock, as the case may be. Notwithstanding the
first sentence of this Section 11(e), any adjustment required by this Section 11 shall be made no later than the earlier
of (i) three (3) years from the date of the transaction which mandates such adjustment, or (ii) the Expiration Date.

 

(f)            If
as a result of an adjustment made pursuant to Section 11(a)(ii) or Section 13(a) hereof, the holder of any
Right thereafter exercised shall become entitled to receive any shares of capital stock other than Preferred Stock, thereafter
the number of such other shares so receivable upon exercise of any Right and the Purchase Price thereof shall be subject to adjustment
from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the Preferred
Stock contained in Sections 11(a), (b), (c), (e), (g), (h), (i), (j), (k) and (m), and the provisions of Sections 7, 9, 10,
13 and 14 hereof with respect to the Preferred Stock shall apply on like terms to any such other shares.

 

(g)            All
Rights originally issued by the Company subsequent to any adjustment made to the Purchase Price hereunder shall evidence the right
to purchase, at the adjusted Purchase Price, the number of one one-thousandths of a share of Preferred Stock purchasable from time
to time hereunder upon exercise of the Rights, all subject to further adjustment as provided herein.

 

(h)            Unless
the Company shall have exercised its election as provided in Section 11(i), upon each adjustment of the Purchase Price as
a result of the calculations made in Sections 11(b) and (c), each Right outstanding immediately prior to the making of such
adjustment shall thereafter evidence the right to purchase, at the adjusted Purchase Price, that number of one one-thousandths
of a share of Preferred Stock (calculated to the nearest one-ten millionth of a share of Preferred Stock) obtained by:

 

    	 	24	 

     

    

 

(i)            multiplying
(x) the number of one one-thousandths of a share covered by a Right immediately prior to this adjustment, by (y) the
Purchase Price in effect immediately prior to such adjustment of the Purchase Price, and

 

(ii)           dividing
the product so obtained by the Purchase Price in effect immediately after such adjustment of the Purchase Price.

 

(i)            The
Company may elect on or after the date of any adjustment of the Purchase Price to adjust the number of Rights, in lieu of any adjustment
in the number of one one-thousandths of a share of Preferred Stock purchasable upon the exercise of a Right. Each of the Rights
outstanding after the adjustment in the number of Rights shall be exercisable for the number of one one-thousandths of a share
of Preferred Stock for which a Right was exercisable immediately prior to such adjustment. Each Right held of record prior to such
adjustment of the number of Rights shall become that number of Rights (calculated to the nearest one one-thousandth) obtained by
dividing the Purchase Price in effect immediately prior to adjustment of the Purchase Price by the Purchase Price in effect immediately
after adjustment of the Purchase Price. The Company shall make a public announcement of its election to adjust the number of Rights,
indicating the record date for the adjustment, and, if known at the time, the amount of the adjustment to be made. This record
date may be the date on which the Purchase Price is adjusted or any day thereafter, but, if the Rights Certificates have been issued,
shall be at least ten (10) days later than the date of the public announcement. If Rights Certificates have been issued, upon
each adjustment of the number of Rights pursuant to this Section 11(i), the Company shall, as promptly as practicable, cause
to be distributed to holders of record of Rights Certificates on such record date Rights Certificates evidencing, subject to Section 14
hereof, the additional Rights to which such holders shall be entitled as a result of such adjustment, or, at the option of the
Company, shall cause to be distributed to such holders of record in substitution and replacement for the Rights Certificates held
by such holders prior to the date of adjustment, and upon surrender thereof, if required by the Company, new Rights Certificates
evidencing all the Rights to which such holders shall be entitled after such adjustment. Rights Certificates so to be distributed
shall be issued, executed and countersigned in the manner provided for herein (and may bear, at the option of the Company, the
adjusted Purchase Price) and shall be registered in the names of the holders of record of Rights Certificates on the record date
specified in the public announcement.

 

(j)            Irrespective
of any adjustment or change in the Purchase Price or the number of one one-thousandths of a share of Preferred Stock issuable upon
the exercise of the Rights, the Rights Certificates theretofore and thereafter issued may continue to express the Purchase Price
per one one-thousandth of a share and the number of one one-thousandths of a share which were expressed in the initial Rights Certificates
issued hereunder.

 

(k)            Before
taking any action that would cause an adjustment reducing the Purchase Price below the then par value, if any, of the number of
one one-thousandths of a share of Preferred Stock issuable upon exercise of the Rights, the Company shall take any corporate action
which may, in the opinion of its counsel, be necessary in order that the Company may validly and legally issue fully paid and non-assessable
such number of one one-thousandths of a share of Preferred Stock at such adjusted Purchase Price.

 

    	 	25	 

     

    

 

(l)             In
any case in which this Section 11 shall require that an adjustment in the Purchase Price be made effective as of a record
date for a specified event, the Company may elect to defer until the occurrence of such event the issuance to the holder of any
Right exercised after such record date the number of one one-thousandths of a share of Preferred Stock and other capital stock
or securities of the Company, if any, issuable upon such exercise over and above the number of one one-thousandths of a share of
Preferred Stock and other capital stock or securities of the Company, if any, issuable upon such exercise on the basis of the Purchase
Price in effect prior to such adjustment; provided, however, that the Company shall deliver to such holder a due
bill or other appropriate instrument evidencing such holder’s right to receive such additional shares (fractional or otherwise)
or securities upon the occurrence of the event requiring such adjustment.

 

(m)           Anything
in this Section 11 to the contrary notwithstanding, the Company shall be entitled to make such reductions in the Purchase
Price, in addition to those adjustments expressly required by this Section 11, as and to the extent that in their good faith
judgment the Board of Directors shall determine to be advisable in order that any (i) consolidation or subdivision of the
Preferred Stock, (ii) issuance wholly for cash of any shares of Preferred Stock at less than the Current Market Price, (iii) issuance
wholly for cash of shares of Preferred Stock or securities which by their terms are convertible into or exchangeable for shares
of Preferred Stock, (iv) stock dividends or (v) issuance of rights, options or warrants referred to in this Section 11,
hereafter made by the Company to holders of its Preferred Stock shall not be taxable to such stockholders.

 

(n)            The
Company covenants and agrees that it shall not, at any time after the Distribution Date, (i) consolidate with any other Person
(other than a Subsidiary of the Company in a transaction which complies with Section 11(o) hereof), (ii) merge with
or into any other Person (other than a Subsidiary of the Company in a transaction which complies with Section 11(o) hereof),
or (iii) sell or transfer (or permit any Subsidiary to sell or transfer), in one transaction, or a series of related transactions,
assets, cash flow or earning power aggregating more than 50% of the assets or earning power of the Company and its Subsidiaries
(taken as a whole) to any other Person or Persons (other than the Company and/or any of its Subsidiaries in one or more transactions
each of which complies with Section 11(o) hereof), if (x) at the time of or immediately after such consolidation,
merger or sale there are any rights, warrants or other instruments or securities outstanding or agreements in effect which would
substantially diminish or otherwise eliminate the benefits intended to be afforded by the Rights or (y) prior to, simultaneously
with or immediately after such consolidation, merger or sale, the stockholders of the Person who constitutes, or would constitute,
the “Principal Party” for purposes of Section 13(a) hereof shall have received a distribution of Rights previously
owned by such Person or any of its Related Persons; provided, however, this Section 11(n) shall not affect the
ability of any Subsidiary of the Company to consolidate with, merge with or into or sell or transfer assets of earning power to,
any other Subsidiary of the Company.

 

    	 	26	 

     

    

 

(o)            The
Company covenants and agrees that, after the Distribution Date, it will not, except as permitted by Section 23 or Section 26
hereof, take (or permit any Subsidiary to take) any action if at the time such action is taken it is reasonably foreseeable that
such action will diminish substantially or otherwise eliminate the benefits intended to be afforded by the Rights.

 

(p)            Notwithstanding
anything in this Agreement to the contrary, in the event that the Company shall at any time after the Rights Dividend Declaration
Date and prior to the Distribution Date (i) declare a dividend on the outstanding shares of Common Stock payable in shares
of Common Stock, (ii) subdivide the outstanding shares of Common Stock, or (iii) combine or consolidate the outstanding
shares of Common Stock into a smaller number of shares, the number of Rights associated with each share of Common Stock then outstanding,
or issued or delivered thereafter but prior to the Distribution Date, shall be proportionately adjusted so that the number of Rights
thereafter associated with each share of Common Stock following any such event shall equal the result obtained by multiplying the
number of Rights associated with each share of Common Stock immediately prior to such event by a fraction the numerator which shall
be the total number of shares of Common Stock outstanding immediately prior to the occurrence of the event and the denominator
of which shall be the total number of shares of Common Stock outstanding immediately following the occurrence of such event.

 

Section 12.             Certificate
of Adjusted Purchase Price or Number of Shares. Whenever an adjustment is made as provided
in Section 11 and Section 13 hereof, the Company shall (a) promptly prepare a certificate setting forth such adjustment
and a brief statement of the facts accounting for such adjustment, (b) promptly file with the Rights Agent, and with each
transfer agent for the Preferred Stock and the Common Stock, a copy of such certificate, and (c) mail a brief summary thereof
to each holder of a Rights Certificate (or, if prior to the Distribution Date, to each holder of a certificate representing shares
of Common Stock and to each holder of book-entry shares) in accordance with Section 25 hereof. Notwithstanding the foregoing
sentence, the failure of the Company to make such certification or give such notice shall not affect the validity of or the force
or effect of the requirement for such adjustment. The Rights Agent shall be fully protected in relying on any such certificate
and on any adjustment therein contained.

 

    	 	27	 

     

    

 

Section 13.             Consolidation,
Merger or Sale or Transfer of Assets, Cash Flow or Earning Power.

 

(a)            In
the event that, following the Stock Acquisition Date, directly or indirectly, (x) the Company shall consolidate with, or merge
with and into, any other Person (other than a Subsidiary of the Company in a transaction which complies with Section 11(o) hereof),
and the Company shall not be the continuing or surviving entity of such consolidation or merger, (y) any Person (other than
a Subsidiary of the Company in a transaction which complies with Section 11(o) hereof) shall engage in a share exchange
with or shall consolidate with, or merge with or into, the Company, and the Company shall be the continuing or surviving entity
of such share exchange or consolidation or merger and, in connection with such share exchange, consolidation or merger, all or
part of the outstanding shares of Common Stock shall be converted into or exchanged for stock or other securities of any other
Person or cash or any other property, or (z) the Company shall sell or otherwise transfer (or one or more of its Subsidiaries
shall sell or otherwise transfer), in one transaction or a series of related transactions, assets, cash flow or earning power aggregating
more than 50% of the assets, cash flow or earning power of the Company and its Subsidiaries (taken as a whole) to any Person or
Persons (other than the Company or any Subsidiary of the Company in one or more transactions each of which complies with Section 11(o) hereof),
then, and in each such case, proper provision shall be made so that: (i) each holder of a Right, except as provided in Section 7(e) hereof,
shall thereafter have the right to receive, upon the exercise thereof at the then current Purchase Price in accordance with the
terms of this Agreement and in lieu of a number of one one-thousandths of a share of Preferred Stock, such number of validly authorized
and issued, fully paid, non-assessable and freely tradeable shares of Common Stock of the Principal Party (as such term is hereinafter
defined), not subject to any liens, encumbrances, rights of first refusal or other adverse claims, as shall be equal to the result
obtained by (1) multiplying the then current Purchase Price by the number of one one-thousandths of a share of Preferred Stock
for which a Right is exercisable immediately prior to the first occurrence of a Section 13 Event (or, if a Section 11(a)(ii) Event
has occurred prior to the first occurrence of a Section 13 Event, multiplying the number of such one one-thousandths of a
share of Preferred Stock for which a Right was exercisable immediately prior to the first occurrence of a Section 11(a)(ii) Event
by the Purchase Price in effect immediately prior to such first occurrence of a Section 11(a)(ii) Event), and (2) dividing
that product (which, following the first occurrence of a Section 13 Event, shall be referred to as the “Purchase
Price” for each Right and for all purposes of this Agreement) by 50% of the Current Market Price (determined pursuant
to Section 11(d)(i) hereof) per share of the Common Stock of such Principal Party on the date of consummation of such
Section 13 Event; (ii) such Principal Party shall thereafter be liable for, and shall assume, by virtue of such Section 13
Event, all the obligations and duties of the Company pursuant to this Agreement; (iii) the term “Company”
shall thereafter be deemed to refer to such Principal Party, it being specifically intended that the provisions of Section 11
hereof shall apply only to such Principal Party following the first occurrence of a Section 13 Event; (iv) such Principal
Party shall take such steps (including, but not limited to, the reservation of a sufficient number of shares of its Common Stock)
in connection with the consummation of any such transaction as may be necessary to assure that the provisions hereof shall thereafter
be applicable, as nearly as reasonably may be, in relation to its shares of Common Stock thereafter deliverable upon the exercise
of the Rights; and (v) the provisions of Section 11(a)(ii) hereof shall be of no effect following the first occurrence
of any Section 13 Event.

 

(b)            “Principal
Party” shall mean:

 

(i)            in
the case of any transaction described in clause (x) or (y) of the first sentence of Section 13(a), (A) the
Person (including the Company as the successor thereto or as the surviving entity) that is the issuer of any securities into which
shares of Common Stock of the Company are converted or exchanged in such share exchange, merger or consolidation, or, if there
is more than one such issuer, the issuer whose Common Stock has the highest aggregate market value; and (B) if no securities
are so issued, (1) the Person that is the other party to such merger, if such Person survives the merger, or, if there is
more than one such Person, the Person whose Common Stock has the highest aggregate market value, (2) if the Person is the
other party to such share exchange, consolidation or merger does not survive the merger, the Person that does survive the merger
(including the Company, if it survives); and (3) or the Person resulting from the consolidation; and

 

    	 	28	 

     

    

 

(ii)           in
the case of any transaction described in clause (z) of the first sentence of Section 13(a), the Person that is the party
receiving the greatest portion of the assets, cash flow or earning power transferred pursuant to such transaction or transactions,
or if each Person that is a party to such transaction or transactions receives the same portion of the assets, cash flow or earning
power cannot be determined, whichever such Person the Common Stock of which has the highest aggregate market value; provided,
however, that in any such case described in the foregoing clause (i) or (ii) of this Section 13(b), (1) if
the Common Stock of such Person is not at such time and has not been continuously over the preceding twelve-month period registered
under Section 12 of the Exchange Act, and such Person is a direct or indirect Subsidiary of another Person the Common Stock
of which is and has been so registered, “Principal Party” shall refer to such other Person; (2) in case such Person
is a Subsidiary, directly or indirectly, of more than one Person, the Common Stocks of two or more of which are and have been so
registered, “Principal Party” shall refer to whichever of such Persons is the issuer of the Common Stock having the
greatest aggregate market value; and (3) if the Common Stock of such Person is not at such time and has not been so registered
and such Person is owned, directly or indirectly, by a joint venture formed by two or more Persons that are not owned, directly
or indirectly, by the same Person, the rules set forth in the foregoing clauses (1) and (2) will apply to each of
the chains of ownership having an interest in such joint venture as if such Person were a Subsidiary of both or all of such joint
ventures, and the Principal Parties in each such chain shall bear the obligations set forth in this Section 13 in the same
ratio as their direct or indirect interests in such Person bear to the total of such interests.

 

(c)            The
Company shall not consummate any such Section 13 Event unless the Principal Party shall have a sufficient number of authorized
shares of its Common Stock which have not been issued or reserved for issuance to permit the exercise in full of the Rights in
accordance with this Section 13 and unless prior thereto the Company and such Principal Party shall have executed and delivered
to the Rights Agent a supplemental agreement providing for the terms set forth in paragraphs (a) and (b) of this Section 13
and further providing that, as soon as practicable after the date of any Section 13 Event, the Principal Party will:

 

(i)            if
required to file a registration statement under the Securities Act with respect to the Rights and the securities purchasable upon
exercise of the Rights, (A) prepare and file such registration statement on an appropriate form, and (B) use its commercially
reasonable efforts to cause such registration statement to become effective as soon as practicable after such filing to remain
effective (with a prospectus at all times meeting the requirements of the Securities Act) until the Expiration Date;

 

(ii)           qualify
or register the Rights and take all other such action as may be necessary to enable the Principal Party to issue the securities
purchasable upon exercise of the Rights, including but not limited to the registration or qualification of such securities under
all requisite securities laws of jurisdictions of the various states and the listing of such securities on such exchanges and trading
markets as may be necessary or appropriate;

 

    	 	29	 

     

    

 

(iii)          deliver
to holders of the Rights historical financial statements for the Principal Party and each of its Affiliates which comply in all
respects with the requirements for registration on Form 10 under the Exchange Act;

 

(iv)          use
its commercially reasonable efforts to obtain any and all necessary regulatory approvals as may be required with respect to the
securities purchasable upon exercise of the Rights;

 

(v)           use
its commercially reasonable efforts, if the Common Stock of the Principal Party is listed or admitted to trading on the NASDAQ,
the NYSE or on another national securities exchange, to list or admit to trading (or continue the listing of) the Rights and the
securities purchasable upon exercise of the Rights on the NASDAQ, the NYSE or on such securities exchange, or if the securities
of the Principal Party that may be acquired upon exercise of the Rights are not listed or admitted to trading on the NASDAQ, the
NYSE or on another national securities exchange, to cause the Rights and the securities purchasable upon exercise of the Rights
to be authorized for quotation on any other system then in use; and

 

(vi)          obtain
waivers of any rights of first refusal or preemptive rights in respect of the Common Stock of the Principal Party subject to purchase
upon exercise of outstanding Rights.

 

(d)            In
case the Principal Party has, at any relevant time (including the time of the Section 13 Event or immediately thereafter),
a provision in any of its authorized securities or in its certificate or articles of incorporation, bylaws or other instrument
governing its affairs, or any other agreements or arrangements, which provision would have the effect of (i) causing such
Principal Party to issue (other than to holders of Rights pursuant to this Section 13), in connection with, or as a consequence
of, the consummation of a Section 13 Event, shares of Common Stock of such Principal Party at less than the then Current Market
Price or securities exercisable for, or convertible into, Common Stock of such Principal Party at less than such Current Market
Price; (ii) providing for any special payment, tax or similar provision in connection with the issuance of Common Stock of
such Principal Party pursuant to this Section 13 or (iii) otherwise eliminating or substantially diminishing the benefits
intended to be afforded by the Rights in connection with, or as a consequence of, a Section 13 Event, then in each such case,
the Company may not consummate any such Section 13 Event unless prior thereto, the Company and such Principal Party have executed
and delivered to the Rights Agent a supplemental agreement providing that the provision in question of such Principal Party has
been cancelled, waived or amended, or that the authorized securities have been redeemed, so that the applicable provision will
have no effect in connection with, or as a consequence of, the consummation of such Section 13 Event.

 

    	 	30	 

     

    

 

(e)            The
Company covenants and agrees that it shall not, at any time after a Section 13 Event, enter into any transaction of the type
described in Section 13(a)(x) through Section 13(a)(z) if (i) at the time of or immediately after such
transaction there are any rights, warrants or other instruments or securities outstanding or agreements in effect which would substantially
diminish or otherwise eliminate the benefits intended to be afforded by the Rights; (ii) prior to, simultaneously with or
immediately after such transaction, the stockholders of the Person who constitutes, or would constitute, the Principal Party for
purposes of Section 13(b) has received a distribution of Rights previously owned by such Person or any Related Person
thereof or (iii) the form or nature of organization of the Principal Party would preclude or limit the exercisability of the
Rights.

 

(f)             Notwithstanding
anything herein to the contrary, in the event of any merger or acquisition transaction involving the Company pursuant to a merger
or other acquisition agreement between the Company and any Person (or one or more of such Person’s Related Persons), which
agreement has been approved by the Board of Directors prior to any Person becoming an Acquiring Person, this Agreement and the
rights of holders of Rights hereunder shall be terminated in accordance with Section 7(a).

 

(g)            The
provisions of this Section 13 shall similarly apply to successive mergers or consolidations or sales or other transfers. In
the event that a Section 13 Event shall occur at any time after the occurrence of a Section 11(a)(ii) Event, the
Rights which have not theretofore been exercised shall thereafter become exercisable in the manner described in Section 13(a).

 

Section 14.             Fractional
Rights and Fractional Shares.

 

(a)            The
Company shall not be required to issue fractions of Rights, except prior to the Distribution Date as provided in Section 11(p) hereof,
or to distribute Rights Certificates which evidence fractional Rights. In lieu of such fractional Rights, there shall be paid to
the registered holders of the Rights Certificates with regard to which such fractional Rights would otherwise be issuable, an amount
in cash equal to the same fraction of the current market value of a whole Right. For purposes of this Section 14(a), the current
market value of a whole Right shall be the closing price of the Rights for the Trading Day immediately prior to the date on which
such fractional Rights would have been otherwise issuable. The closing price of the Rights for any day shall be the last sale price,
regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, in
either case as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted
to trading on the NASDAQ or NYSE or, if the Rights are not listed or admitted to trading on NASDAQ or NYSE, as reported in the
principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange
on which the Rights are listed or admitted to trading, or if the Rights are not listed or admitted to trading on any national securities
exchange, the last quoted price or, if not so quoted, the average of the high bid and low asked prices in the over-the-counter
market, as reported by the OTC Bulletin Board service or such other quotation system then in use or, if on any such date the Rights
are not so quoted, the average of the closing bid and asked prices as furnished by a professional market maker making a market
in the Rights selected by the Board of Directors. If on any such date no such market maker is making a market in the Rights the
fair value of the Rights on such date as determined in good faith by the Board of Directors shall be used.

 

    	 	31	 

     

    

 

(b)            The
Company shall not be required to issue fractions of shares of Preferred Stock (other than fractions which are integral multiples
of one one-thousandth of a share of Preferred Stock) upon exercise of the Rights or to distribute certificates which evidence fractional
shares of Preferred Stock (other than fractions which are integral multiples of one one-thousandth of a share of Preferred Stock).
Fractions of shares of Preferred Stock in integral multiples of one one-thousandth of a share may, at the election of the Company,
be evidenced by depositary receipts pursuant to an appropriate agreement between the Company and a depositary selected by it; provided,
however, that such agreement shall provide that the holders of such depositary receipts shall have all the rights, privileges
and preferences to which they are entitled as Beneficial Owners of the shares represented by such depositary receipts. In lieu
of fractional shares of Preferred Stock that are not integral multiples of one one-thousandth of a share of Preferred Stock, the
Company may pay to the registered holders of Rights Certificates at the time such Rights are exercised as herein provided an amount
in cash equal to the same fraction of the current market value of one one-thousandth of a share of Preferred Stock. For purposes
of this Section 14(b), the current market value of one one-thousandth of a share of Preferred Stock shall be one one-thousandth
of the closing price of a share of Preferred Stock (as determined pursuant to Section 11(d)(ii) hereof) for the Trading
Day immediately prior to the date of such exercise.

 

(c)            Following
the occurrence of a Triggering Event, the Company shall not be required to issue fractions of shares of Common Stock upon exercise
of the Rights or to distribute certificates which evidence fractional shares of Common Stock. In lieu of fractional shares of Common
Stock, the Company may pay to the registered holders of Rights Certificates at the time such Rights are exercised as herein provided
an amount in cash equal to the same fraction of the current market value of one (1) share of Common Stock. For purposes of
this Section 14(c), the current market value of one (1) share of Common Stock shall be the closing price of one (1) share
of Common Stock (as determined pursuant to Section 11(d)(i) hereof) for the Trading Day immediately prior to the date
of such exercise.

 

(d)            The
holder of a Right by the acceptance of the Rights expressly waives his or her right to receive any fractional Rights or any fractional
shares upon exercise of a Right, except as permitted by this Section 14.

 

Section 15.             Rights
of Action. All rights of action in respect of this Agreement, except the rights of action
that are given to the Rights Agent under Section 18 hereof, are vested in the respective registered holders of the Rights
Certificates (and, prior to the Distribution Date, the registered holders of the Common Stock); and any registered holder of any
Rights Certificate (or, prior to the Distribution Date, any registered holder of the Common Stock), without the consent of the
Rights Agent or of the holder of any other Rights Certificate (or, prior to the Distribution Date, of the Common Stock), may, in
such holder’s own behalf and for such holder’s own benefit, enforce, and may institute and maintain any suit, action
or proceeding against the Company to enforce, or otherwise act in respect of, such holder’s right to exercise the Rights
evidenced by such Rights Certificate in the manner provided in such Rights Certificate and in this Agreement. Without limiting
the foregoing or any remedies available to the holders of Rights, it is specifically acknowledged that the holders of Rights would
not have an adequate remedy at law for any breach of this Agreement and shall be entitled to specific performance of the obligations
hereunder and injunctive relief against actual or threatened violations of the obligations hereunder of any Person subject to this
Agreement.

 

    	 	32	 

     

    

 

Section 16.             Agreement
of Rights Holders. Every holder of a Right by accepting the same consents and agrees with
the Company and the Rights Agent and with every other holder of a Right that:

 

(a)            prior
to the Distribution Date, the Rights will be transferable only in connection with the transfer of Common Stock;

 

(b)            after
the Distribution Date, the Rights Certificates are transferable only on the registry books of the Rights Agent if surrendered at
the principal office or offices of the Rights Agent designated for such purposes, duly endorsed or accompanied by a proper instrument
of transfer and with the appropriate forms and certificates fully executed;

 

(c)            subject
to Section 6(a) and Section 7(f) hereof, the Company and the Rights Agent may deem and treat the Person in
whose name a Rights Certificate (or, prior to the Distribution Date, the associated Common Stock certificate or book-entry record)
is registered as the absolute owner thereof and of the Rights evidenced thereby (notwithstanding any notations of ownership or
writing on the Rights Certificates or the associated Common Stock certificate or book-entry made by anyone other than the Company
or the Rights Agent) for all purposes whatsoever, and neither the Company nor the Rights Agent, subject to the last sentence of
Section 7(e) hereof, shall be required to be affected by any notice to the contrary; and

 

(d)            notwithstanding
anything in this Agreement to the contrary, neither the Company nor the Rights Agent shall have any liability to any holder of
a Right or other Person as a result of its inability to perform any of its obligations under this Agreement by reason of any preliminary
or permanent injunction or other order, decree, judgment or ruling (whether interlocutory or final) issued by a court of competent
jurisdiction or by a governmental, regulatory, self-regulatory or administrative agency or commission, or any statute, rule, regulation
or executive order promulgated or enacted by any governmental authority, prohibiting or otherwise restraining performance of such
obligation; provided, however, the Company must use commercially reasonable efforts to have any such injunction,
order, decree, judgment or ruling lifted or otherwise overturned as promptly as practicable.

 

Section 17.            Rights
Certificate Holder Not Deemed a Stockholder. No holder, as such, of any Rights Certificate
shall be entitled to vote, receive dividends or be deemed for any purpose the holder of the number of one one-thousandths of a
share of Preferred Stock or any other securities of the Company which may at any time be issuable on the exercise of the Rights
represented thereby, nor shall anything contained herein or in any Rights Certificate be construed to confer upon the holder of
any Rights Certificate, as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors
or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action, or
to receive notice of meetings or other actions affecting stockholders (except as provided in Section 24 hereof), or to receive
dividends or subscription rights, or otherwise, until the Right or Rights evidenced by such Rights Certificate shall have been
exercised in accordance with the provisions hereof.

 

    	 	33	 

     

    

 

Section 18.            Concerning
the Rights Agent.

 

(a)            The
Company agrees to pay to the Rights Agent reasonable compensation for all services rendered by it hereunder and, from time to time,
on demand of the Rights Agent, its reasonable expenses and counsel fees and disbursements and other disbursements incurred in the
administration and execution of this Agreement and the exercise and performance of its duties hereunder. The Company also agrees
to indemnify the Rights Agent for, and to hold it harmless against, any loss, liability, or expense, incurred without gross negligence,
bad faith or willful misconduct on the part of the Rights Agent, for any action taken, suffered or omitted by the Rights Agent
in connection with the acceptance and administration of this Agreement, including the reasonable costs and expenses of defending
against any claim of liability.

 

(b)            The
Rights Agent shall be protected and shall incur no liability for or in respect of any action taken, suffered or omitted by it in
connection with its administration of this Agreement in reliance upon any Rights Certificate or certificate for Common Stock or
for other securities of the Company, instrument of assignment or transfer, power of attorney, endorsement, affidavit, letter, notice,
direction, consent, certificate, statement, or other paper or document believed by it to be genuine and to be signed, executed
and, where necessary, verified or acknowledged, by the proper Person or Persons.

 

Section 19.            Merger
or Consolidation or Change of Name of Rights Agent.

 

(a)            Any
corporation into which the Rights Agent or any successor Rights Agent may be merged or with which it may be consolidated, or any
corporation resulting from any merger or consolidation to which the Rights Agent or any successor Rights Agent shall be a party,
or any corporation succeeding to the corporate trust, stock transfer or other shareholder services business of the Rights Agent
or any successor Rights Agent, shall be the successor to the Rights Agent under this Agreement without the execution or filing
of any paper or any further act on the part of any of the parties hereto; but only if such corporation would be eligible for appointment
as a successor Rights Agent under the provisions of Section 21 hereof. The purchase of all or substantially all of the Rights
Agent’s assets employed in the performance of the transfer agent activities shall be deemed a merger or consolidation for
purposes of this Section 19. In case at the time such successor Rights Agent shall succeed to the agency created by this Agreement,
any of the Rights Certificates shall have been countersigned but not delivered, any such successor Rights Agent may adopt the countersignature
of a predecessor Rights Agent and deliver such Rights Certificates so countersigned; and in case at that time any of the Rights
Certificates shall not have been countersigned, any successor Rights Agent may countersign such Rights Certificates either in the
name of the predecessor or in the name of the successor Rights Agent; and in all such cases such Rights Certificates shall have
the full force provided in the Rights Certificates and in this Agreement.

 

(b)            In
case at any time the name of the Rights Agent shall be changed and at such time any of the Rights Certificates shall have been
countersigned but not delivered, the Rights Agent may adopt the countersignature under its prior name and deliver Rights Certificates
so countersigned; and in case at that time any of the Rights Certificates shall not have been countersigned, the Rights Agent may
countersign such Rights Certificates either in its prior name or in its changed name; and in all such cases such Rights Certificates
shall have the full force provided in the Rights Certificates and in this Agreement.

 

    	 	34	 

     

    

 

Section 20.             Duties
of Rights Agent. The Rights Agent undertakes the duties and obligations imposed by this
Agreement upon the following terms and conditions, by all of which the Company and the holders of Rights Certificates, by their
acceptance thereof, shall be bound:

 

(a)            The
Rights Agent may consult with legal counsel (who may be legal counsel for the Company), and the advice of such counsel shall be
full and complete authorization and protection to the Rights Agent as to any action taken or omitted by it in good faith and in
accordance with such opinion.

 

(b)            Whenever
in the performance of its duties under this Agreement the Rights Agent shall deem it necessary or desirable that any fact or matter
(including, without limitation, the identity of any Acquiring Person and the determination of Current Market Price) be proved or
established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect
thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a certificate signed by the
Chairman of the Board of Directors, the Principal Executive Officer, the Chief Operating Officer, the Principal Financial Officer
or any executive officer of the Company and delivered to the Rights Agent; and such certificate shall be full authorization to
the Rights Agent for any action taken or suffered in good faith by it under the provisions of this Agreement in reliance upon such
certificate.

 

(c)            The
Rights Agent shall be liable hereunder only for its own gross negligence, bad faith or willful misconduct.

 

(d)            The
Rights Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or in
the Rights Certificates or be required to verify the same (except as to its countersignature on such Rights Certificates), but
all such statements and recitals are and shall be deemed to have been made by the Company only.

 

(e)            The
Rights Agent shall not be under any responsibility in respect of the validity of this Agreement or the execution and delivery hereof
(except the due execution hereof by the Rights Agent) or in respect of the validity or execution of any Rights Certificate (except
its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained
in this Agreement or in any Rights Certificate; nor shall it be responsible for any adjustment required under the provisions of
Section 11 or Section 13 hereof or responsible for the manner, method or amount of any such adjustment or the ascertaining
of the existence of facts that would require any such adjustment (except with respect to the exercise of Rights evidenced by Rights
Certificates after actual notice of any such adjustment); nor shall it by any act hereunder be deemed to make any representation
or warranty as to the authorization or reservation of any shares of Common Stock or Preferred Stock to be issued pursuant to this
Agreement or any Rights Certificate or as to whether any shares of Common Stock or Preferred Stock will, when so issued, be validly
authorized and issued, fully paid and non-assessable.

 

(f)             The
Company agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered
all such further and other acts, instruments and assurances as may reasonably be required by the Rights Agent for the carrying
out or performing by the Rights Agent of the provisions of this Agreement.

 

    	 	35	 

     

    

 

(g)            The
Rights Agent is hereby authorized and directed to accept instructions with respect to the performance of its duties hereunder from
the Chairman of the Board, the Principal Executive Officer, the Chief Operating Officer, the Principal Financial Officer or any
executive officer of the Company, and to apply to such officers for advice or instructions in connection with its duties, and it
shall not be liable for any action taken or suffered to be taken by it in good faith in accordance with instructions of any such
officer.

 

(h)            The
Rights Agent and any stockholder, director, officer or employee of the Rights Agent may buy, sell or deal in any of the Rights
or other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested,
or contract with or lend money to the Company or otherwise act as fully and freely as though it were not Rights Agent under this
Agreement. Nothing herein shall preclude the Rights Agent from acting in any other capacity for the Company or for any other legal
entity.

 

(i)             The
Rights Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself
or by or through its attorneys or agents, and the Rights Agent shall not be answerable or accountable for any act, default, neglect
or misconduct of any such attorneys or agents or for any loss to the Company resulting from any such act, default, neglect or misconduct;
provided, however, reasonable care was exercised in the selection and continued employment thereof.

 

(j)             No
provision of this Agreement shall require the Rights Agent to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder or in the exercise of its rights if there shall be reasonable grounds for believing
that repayment of such funds or adequate indemnification against such risk or liability is not reasonably assured to it.

 

(k)            If,
with respect to any Rights Certificate surrendered to the Rights Agent for exercise or transfer, the certificate attached to the
form of assignment or form of election to purchase, as the case may be, has either not been completed or indicates an affirmative
response to clause 1 and/or 2 thereof, the Rights Agent shall not take any further action with respect to such requested exercise
or transfer without first consulting with the Company.

 

    	 	36	 

     

    

 

Section 21.            Change
of Rights Agent. The Rights Agent or any successor Rights Agent may resign and be discharged
from its duties under this Agreement upon thirty (30) days’ notice in writing mailed to the Company, and to each transfer
agent of the Common Stock and Preferred Stock, by registered or certified mail, and, if such resignation occurs after the Distribution
Date, to the registered holders of the Rights Certificates by first-class mail. The Company may, in its sole discretion, remove
the Rights Agent or any successor Rights Agent upon thirty (30) days’ notice in writing, mailed to the Rights Agent or successor
Rights Agent, as the case may be, and to each transfer agent of the Common Stock and Preferred Stock, by registered or certified
mail, and, if such resignation occurs after the Distribution Date, to the holders of the Rights Certificates by first-class mail.
If the Rights Agent shall resign or be removed or shall otherwise become incapable of acting, the Company shall appoint a successor
to the Rights Agent. If the Company shall fail to make such appointment within a period of thirty (30) days after giving notice
of such removal or after it has been notified in writing of such resignation or incapacity by the resigning or incapacitated Rights
Agent or by the holder of a Rights Certificate (who shall, with such notice, submit his Rights Certificate for inspection by the
Company), then any registered holder of any Rights Certificate may apply to any court of competent jurisdiction for the appointment
of a new Rights Agent. Any successor Rights Agent, whether appointed by the Company or by such a court, shall be either (a) a
legal business entity organized and doing business under the laws of the United States or of any state of the United States, in
good standing, which is authorized under such laws to exercise corporate trust powers and is subject to supervision or examination
by federal or state authority and which has at the time of its appointment as Rights Agent a combined capital and surplus of at
least $100,000,000 or (b) an Affiliate of a legal business entity described in clause (a) of this sentence. After appointment,
the successor Rights Agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally
named as Rights Agent without further act or deed; but the predecessor Rights Agent shall deliver and transfer to the successor
Rights Agent any property at the time held by it hereunder, and execute and deliver any further assurance, conveyance, act or deed
necessary for the purpose. Not later than the effective date of any such appointment, the Company shall file notice thereof in
writing with the predecessor Rights Agent and each transfer agent of the Common Stock and the Preferred Stock, and, if such appointment
occurs after the Distribution Date, mail a notice thereof in writing to the registered holders of the Rights Certificates. Failure
to give any notice provided for in this Section 21, however, or any defect therein, shall not affect the legality or validity
of the resignation or removal of the Rights Agent or the appointment of the successor Rights Agent, as the case may be.

 

Section 22.            Issuance
of New Rights Certificates. Notwithstanding any of the provisions of this Agreement or
of the Rights to the contrary, the Company may, at its option, issue new Rights Certificates evidencing Rights in such form as
may be approved by its Board of Directors to reflect any adjustment or change in the Purchase Price and the number or kind or class
of shares or other securities or property purchasable under the Rights Certificates made in accordance with the provisions of this
Agreement. In addition, in connection with the issuance or sale of shares of Common Stock following the Distribution Date and prior
to the redemption or expiration of the Rights, the Company (a) shall, with respect to shares of Common Stock so issued or
sold pursuant to the exercise of stock options or under any employee plan or arrangement, granted or awarded prior to the Distribution
Date, or upon the exercise, conversion or exchange of securities hereinafter issued by the Company, and (b) may, in any other
case, if deemed necessary or appropriate by the Board of Directors, issue Rights Certificates representing the appropriate number
of Rights in connection with such issuance or sale; provided, however, that (i) no such Rights Certificate shall be
issued if, and to the extent that, the Company shall be advised by counsel that such issuance would create a significant risk of
material adverse tax consequences to the Company or the Person to whom such Rights Certificate would be issued, and (ii) no
such Rights Certificate shall be issued if, and to the extent that, appropriate adjustment shall otherwise have been made in lieu
of the issuance thereof.

 

    	 	37	 

     

    

 

Section 23.            Redemption
and Termination.

 

(a)            The
Board of Directors may, at its option, prior to the earlier of (i) the Stock Acquisition Date and (ii) the Final Expiration
Date, redeem all but not less than all of the then outstanding Rights at a redemption price of $0.01 per Right, as such amount
may be appropriately adjusted to reflect any stock split, reverse stock split, stock dividend or similar transaction occurring
after the date hereof (such redemption price being hereinafter referred to as the “Redemption Price”). Notwithstanding
anything contained in this Agreement to the contrary, the Rights shall not be exercisable after the first occurrence of a Section 11(a)(ii) Event
until such time as the Company’s right of redemption hereunder has expired. The Company may, at its option, pay the Redemption
Price in cash, shares of Common Stock (based on the “Current Market Price,” as defined in Section 11(d)(i) hereof,
of the Common Stock at the time of redemption) or any other form of consideration deemed appropriate by the Board of Directors.
The redemption of the Rights by the Board of Directors may be made effective at such time, on such basis and with such conditions
as the Board of Directors in its sole discretion may establish.

 

(b)            Immediately
upon the action of the Board of Directors ordering the redemption of the Rights pursuant to Section 23(a) or such later
time as the Board may establish for the effectiveness of such redemption, evidence of which shall have been filed with the Rights
Agent and without any further action and without any notice, the right to exercise the Rights will terminate and the only right
thereafter of the holders of Rights shall be to receive the Redemption Price for each Right so held. Within ten (10) day after
the action of the Board of Directors ordering the redemption of the Rights, the Company shall give notice of such redemption to
the Rights Agent and the holders of the then outstanding Rights by mailing such notice to all such holders at each holder’s
last address as it appears upon the registry books of the Rights Agent or, prior to the Distribution Date, on the registry books
of the transfer agent for the Common Stock, provided, however, that the failure to give, or any defect in, such notice shall not
affect the validity of such redemption. Any notice which is mailed in the manner herein provided shall be deemed given, whether
or not the holder receives the notice. Each such notice of redemption will state the method by which the payment of the Redemption
Price will be made.

 

Section 24.            Notice
of Certain Events.

 

(a)            In
case the Company shall propose, at any time after the earlier of the Distribution Date or the Stock Acquisition Date, (i) to
pay any dividend payable in stock of any class or series to the holders of Preferred Stock or to make any other distribution to
the holders of Preferred Stock (other than a regular quarterly cash dividend out of earnings or retained earnings of the Company),
(ii) to offer to the holders of Preferred Stock rights or warrants to subscribe for or to purchase any additional shares of
Preferred Stock or shares of stock of any class or any other securities, rights or options, (iii) to effect any reclassification
of its Preferred Stock (other than a reclassification involving only the subdivision of outstanding shares of Preferred Stock),
(iv) to effect any consolidation or merger into or with any other Person (other than a Subsidiary of the Company in a transaction
which complies with Section 11(o) hereof), or to effect any sale or other transfer (or to permit one or more of its Subsidiaries
to effect any sale or other transfer), in one transaction or a series of related transactions, of more than 50% of the assets,
cash flow or earning power of the Company and its Subsidiaries (taken as a whole) to any other Person or Persons (other than the
Company and/or any of its Subsidiaries in one or more transactions each of which complies with Section 11(o) hereof),
or (v) to effect the liquidation, dissolution or winding up of the Company, then, in each such case, the Company shall give
to each holder of a Rights Certificate, to the extent feasible and in accordance with Section 25 hereof, a notice of such
proposed action, which shall specify the record date for the purposes of such stock dividend, distribution of rights or warrants,
or the date on which such reclassification, consolidation, merger, sale, transfer, liquidation, dissolution, or winding up is to
take place and the date of participation therein by the holders of the shares of Preferred Stock, if any such date is to be fixed,
and such notice shall be so given in the case of any action covered by clause (i) or (ii) above at least twenty (20)
days prior to the record date for determining holders of the shares of Preferred Stock for purposes of such action, and in the
case of any such other action, at least twenty (20) days prior to the date of the taking of such proposed action or the date of
participation therein by the holders of the shares of Preferred Stock, whichever shall be the earlier; provided, however,
that no such action shall be taken pursuant to this Section 25(a) that will or would conflict with any provision of the
Certificate of Incorporation, provided further that no such notice is required pursuant to this Section 25 if any Subsidiary
of the Company effects a consolidation or merger with or into, or effects a sale or other transfer of assets or earning power to,
any Subsidiary of the Company.

 

    	 	38	 

     

    

 

(b)            In
case any of the events set forth in Section 11(a)(ii) hereof shall occur, then, in any such case, (i) the Company
shall as soon as practicable thereafter give to each holder of a Rights Certificate, to the extent feasible and in accordance with
Section 25 hereof, a notice of the occurrence of such event, which shall specify the event and the consequences of the event
to holders of Rights under Section 11(a)(ii) hereof, and (ii) all references in the preceding paragraph to Preferred
Stock shall be deemed thereafter to refer to Common Stock and/or, if appropriate, other securities.

 

Section 25.            Notices.
Notices or demands authorized by this Agreement to be given or made by the Rights Agent
or by the holder of any Rights Certificate to or on the Company shall be sufficiently given or made if in writing and sent by first-class
or express United States mail, Federal Express or United Parcel Service or any other nationally recognized courier service, postage
prepaid, addressed (until another address is filed in writing with the Rights Agent) or by facsimile transmission (with receipt
confirmation) as follows:

 

Enzon Pharmaceuticals, Inc.

20 Commerce Drive, Suite 135

Cranford, New Jersey 07016

Attention: Principal Executive Officer

 

Subject to the provisions of Section 21, any notice or
demand authorized by this Agreement to be given or made by the Company or by the holder of any Rights Certificate to or on the
Rights Agent shall be sufficiently given or made if in writing and sent by first-class or express United States mail, Federal Express
or United Parcel Service or any other nationally recognized courier service, postage prepaid, addressed (until another address
is filed in writing with the Company) or by facsimile transmission (with receipt confirmation) as follows:

 

Continental Stock Transfer & Trust Company

Attn: Compliance Dept.

1 State Street, 30th Floor

New York, NY 10004

Facsimile No.: 212-616-7608/7616

 

Notices or demands authorized by this Agreement to be given
or made by the Company or the Rights Agent to the holder of any Rights Certificate (or, if prior to the Distribution Date, to the
holder of certificates representing shares of Common Stock or to holders of book-entry shares) shall be sufficiently given or made
if in writing and sent by first-class or express United States mail, Federal Express or United Parcel Service or any other nationally
recognized courier service, postage prepaid, and addressed to such holder at the address of such holder as shown on the registry
books of the Company.

 

    	 	39	 

     

    

 

Section 26.            Supplements
and Amendments.  Prior to the Distribution Date and subject to the penultimate
sentence of this Section 26, the Company and the Rights Agent shall, if the Company so directs, supplement or amend any provision
of this Agreement without the approval of any holders of certificates representing shares of Common Stock or holders of book-entry
shares of Common Stock. From and after the Distribution Date and subject to the penultimate sentence of this Section 26,
the Company and the Rights Agent shall, if the Company so directs, supplement or amend this Agreement without the approval of
any holders of Rights Certificates in order (i) to cure any ambiguity, (ii) to correct or supplement any provision contained
herein which may be defective or inconsistent with any other provisions herein, (iii) to shorten or lengthen any time period
hereunder, or (iv) to change or supplement the provisions hereunder in any manner which the Company may deem necessary or
desirable and which shall not materially adversely affect the interests of the holders of Rights Certificates (other than an Acquiring
Person or an Related Person of an Acquiring Person or any transferee of any Acquiring Person or a Related Person of any Acquiring
Person); provided, however, this Agreement may not be supplemented or amended to lengthen, pursuant to clause (iii) of
this sentence, (A) a time period relating to when the Rights may be redeemed at such time as the Rights are not then redeemable,
or (B) any other time period unless such lengthening is for the purpose of protecting, enhancing or clarifying the rights
of, and/or the benefits to, the holders of Rights. Without limiting the foregoing, the Company, by action of the Board of Directors,
may, at any time before any Person becomes an Acquiring Person, amend this Agreement to make this Agreement inapplicable to a
particular transaction by which a Person might otherwise become an Acquiring Person or to otherwise alter the terms and conditions
of this Agreement as they may apply with respect to any such transaction. For the avoidance of doubt, the Company shall be entitled
to adopt and implement such procedures and arrangements (including with third parties) as it may deem necessary or desirable to
facilitate the exercise, exchange, trading, issuance or distribution of the Rights (and the shares of Preferred Stock issuable
and deliverable upon the exercise of the Rights) as contemplated hereby and to ensure that an Acquiring Person and its Related
Persons and transferees do not obtain the benefits thereof, and any amendment in respect of the foregoing shall be deemed to adversely
affect the interests of the holders of Rights.

 

Upon the delivery of a certificate from an appropriate officer
of the Company which states that the proposed supplement or amendment is in compliance with the terms of this Section 26,
the Rights Agent shall execute any supplement or amendment hereto requested by the Company. Prior to the Distribution Date, the
interests of the holders of Rights shall be deemed coincident with the interests of the holders of Common Stock.

 

    	 	40	 

     

    

 

Section 27.            Exchange.

 

(a)            (i) The
Company may, at its option, at any time after any Person becomes an Acquiring Person, upon resolution by the Board of Directors,
exchange all or part of the then outstanding and exercisable Rights (which shall not include Rights that have become void pursuant
to the provisions of Section 7(e) hereof) for Common Stock at an exchange ratio of one share of Common Stock per Right,
appropriately adjusted to reflect any stock split, reverse stock split, stock dividend or similar transaction occurring after the
date of this Agreement (such exchange ratio being hereinafter referred to as the “Section 27(a)(i) Exchange
Ratio”). Notwithstanding the foregoing, the Company may not effect such exchange at any time after any Acquiring Person,
together with all of its Related Persons, becomes the Beneficial Owner of 50% or more of the shares of Common Stock then outstanding.
From and after the occurrence of a Section 13 Event, any rights that theretofore have not been exchanged pursuant to this
Section 27(a)(i) shall thereafter be exercisable only in accordance with Section 13 and may not be exchanged pursuant
to this Section 27(a)(i). Before effecting an exchange pursuant to this Section 27, the Board of Directors may direct
the Company to enter into a trust agreement in such form and with such terms as the Board of Directors shall then approve (the
“Trust Agreement”). If the Board of Directors so directs, the Company shall enter into the Trust Agreement and
shall issue to the trust created by such Agreement (the “Trust”) all or some (as designated by the Board of
Directors) of the Common Stock issuable pursuant to the exchange, and all or some (as designated by the Board of Directors) holders
of Rights entitled to receive shares pursuant to the exchange shall be entitled to receive such shares (and any dividends paid
or distributions made thereon after the date on which such shares are deposited in the Trust) only from the Trust and solely upon
compliance with the relevant terms and provisions of the Trust Agreement.

 

(ii)           The
Company may, at its option, at any time after any Person becomes an Acquiring Person, upon resolution by the Board of Directors,
exchange all or part of the then outstanding and exercisable Rights (which shall not include Rights that have become void pursuant
to the provisions of Section 7(e) hereof) for Common Stock at an exchange ratio specified in the following sentence,
as appropriately adjusted to reflect any stock split, reverse stock split, stock dividend or similar transaction occurring after
the date of this Agreement. Subject to such adjustment, each Right may be exchanged for that number of shares of Common Stock obtained
by dividing the Adjustment Spread (as defined below) by the then Current Market Price (determined pursuant to Section 11(d) hereof)
per share of Common Stock on the earlier of (i) the date on which any Person becomes an Acquiring Person or (ii) the
date on which a tender or exchange offer by any Person (other than an Exempted Person) is first published or sent or given within
the meaning of Rule 14d-2(a) of the General Rules and Regulations under the Exchange Act, if upon consummation thereof
such Person would be the Beneficial Owner of 4.9% or more of the shares of Common Stock then outstanding (such exchange ratio being
the “Section 27(a)(ii) Exchange Ratio”). The “Adjustment Spread” shall equal (x) the
aggregate market price on the date of such event of the number of Adjustment Shares determined pursuant to Section 11(a)(ii) minus
(y) the Purchase Price.

 

(iii)          Notwithstanding
anything contained in this Section 27(a) to the contrary, the Company may not exchange any Rights pursuant to this Section 27(a) unless
such exchange is approved by a majority of the members of the Board of Directors.

 

    	 	41	 

     

    

 

(b)            Immediately
upon the effectiveness of the action of the Board of Directors ordering the exchange of any Rights pursuant to paragraph (a) of
this Section 27 and without any further action and without any notice, the right to exercise such Rights shall terminate and
the only right thereafter of a holder of such Rights shall be to receive that number of shares of Common Stock equal to the number
of such Rights held by such holder multiplied by the Section 27(a)(i) Exchange Ratio or Section 27(a)(ii) Exchange
Ratio, as the case may be. The Company shall promptly give public notice of any such exchange; provided, however,
that the failure to give, or any defect in, such notice shall not affect the validity of such exchange. The Company promptly thereafter
shall mail a notice of any such exchange to all of the holders of such Rights at their last addresses as they appear upon the registry
books of the Rights Agent. Any notice which is mailed in the manner herein provided shall be deemed given, whether or not the holder
receives the notice. Each such notice of exchange will state the method by which the exchange of the shares of Common Stock for
Rights will be effected and, in the event of any partial exchange, the number of Rights which will be exchanged. Any partial exchange
shall be effected pro rata based on the number of Rights (other than Rights which have become void pursuant to the provisions of
Section 7(e) hereof) held by each holder of Rights. Prior to effecting any exchange and registering shares of Common
Stock in any Person’s name, including any nominee or transferee of a Person, the Company may require (or cause the trustee
of the Trust to require), as a condition thereof, that any holder of Rights provide evidence, including the identity of the Beneficial
Owners thereof and their Related Persons (or former Beneficial Owners thereof and their Related Persons) as the Company reasonably
requests in order to determine if such Rights are void. If any Person fails to comply with such request, the Company shall be entitled
conclusively to deem the Rights formerly held by such Person to be void pursuant to Section 7(e). No failure to give, or any
defect in, any notice provided under this Section 27(b) shall affect the validity of any exchange. Any shares of Common
Stock or other securities issued at the direction of the Board in connection herewith shall be validly issued, fully paid and non-assessable
shares of Common Stock or of such other securities, as the case may be.

 

(c)            Upon
declaring an exchange pursuant to this Section 27, or as promptly as reasonably practicable thereafter, the Company may implement
such procedures as it deems appropriate, in its sole discretion, for the purpose of ensuring that the Common Stock (or such other
consideration) issuable upon an exchange pursuant to this Section 27 is not received by holders of Rights that have become
void pursuant to Section 7(e).

 

(d)            In
any exchange pursuant to this Section 27, the Company, at its option, may substitute shares of Preferred Stock for shares
of Common Stock exchangeable for Rights, at the initial rate of one one-thousandth of a share of Preferred Stock for each share
of Common Stock, as appropriately adjusted to reflect adjustments in the voting rights of the Preferred Stock pursuant to the terms
thereof, so that the fraction of a share of Preferred Stock delivered in lieu of each share of Common stock shall have the same
voting rights as one share of Common Stock.

 

(e)            In
the event that there shall not be sufficient shares of Common Stock issued but not outstanding or authorized but unissued to permit
any exchange of Rights as contemplated in accordance with this Section 27, the Company shall make adequate provision to substitute,
to the extent that there are insufficient shares of Common Stock available (1) cash, (2) other equity securities of the
Company, (3) debt securities of the Company, (4) other assets or (5) any combination of the foregoing, having an
aggregate value per Right equal to (x) in the case of an exchange pursuant to Section 27(a)(i), the then current per
share market price (determined pursuant to Section 11(d) hereof) of the Common Stock multiplied by the Section 27(a)(i) Exchange
Ratio and (y) in the case of an exchange pursuant to Section 27(a)(ii), the Adjustment Spread, where such aggregate value
has been determined by a majority of the members of the Board of Directors, after receiving advice from a nationally recognized
investment banking firm. To the extent that the Company determines that any such substitution must be made, the Company shall provide,
subject to Section 7(e) hereof, that such substitution shall apply uniformly to all outstanding Rights.

 

    	 	42	 

     

    

 

(f)            The
Company shall not be required to issue fractions of shares of Common Stock or to distribute certificates which evidence fractional
shares of Common Stock. In lieu of such fractional shares of Common Stock, the Company shall pay to the registered holders of the
Rights Certificates with regard to which such fractional shares of Common Stock would otherwise be issuable an amount in cash equal
to the same fraction of the current market value of a whole share of Common Stock. For the purposes of this paragraph (f), the
current market value of a whole share of Common Stock shall be the closing price of a share of Common Stock (as determined pursuant
to the second sentence of Section 11(d) hereof) for the Trading Day immediately prior to the date of the exchange pursuant
to this Section 27.

 

Section 28.            Successors.
All the covenants and provisions of this Agreement by or for the benefit of the Company
or the Rights Agent shall bind and inure to the benefit of their respective successors and assigns hereunder.

 

Section 29.            Determinations
and Actions by the Board of Directors, etc. The Board of Directors, or a duly authorized
committee thereof, shall have the exclusive power and authority to administer this Agreement and to exercise all rights and powers
specifically granted to the Board of Directors or to the Company, or as may be necessary or advisable in the administration of
this Agreement, including, without limitation, the right and power to (i) interpret the provisions of this Agreement, (ii) make
all determinations deemed necessary or advisable for the administration of this Agreement (including a determination to redeem
or not redeem the Rights, to exchange or not exchange the Rights or to amend this Agreement). All such actions, calculations, interpretations
and determinations (including, for purposes of clause (y) below, all omissions with respect to the foregoing) which are done
or made by the Board of Directors in good faith, shall (x) be final, conclusive and binding on the Company, the Rights Agent,
the holders of the Rights and all other parties, and (y) not subject the Board of Directors to any liability to the holders
of the Rights.

 

Section 30.            Benefits
of this Agreement. Nothing in this Agreement shall be construed to give to any Person
other than the Company, the Rights Agent and the registered holders of the Rights Certificates (and, prior to the Distribution
Date, registered holders of the Common Stock) any legal or equitable right, remedy or claim under this Agreement; but this Agreement
shall be for the sole and exclusive benefit of the Company, the Rights Agent and the registered holders of the Rights Certificates
(and, prior to the Distribution Date, registered holders of the Common Stock).

 

    	 	43	 

     

    

 

Section 31.            Tax
Compliance and Withholding. The Company hereby authorizes the Rights Agent to deduct from
all payments disbursed by the Rights Agent to the holders of the Rights, if applicable, the tax required to be withheld pursuant
to the Code or by any federal or state statutes subsequently enacted, and to make the necessary returns and payments of such tax
to the relevant taxing authority. The Company will provide withholding and reporting instructions in writing to the Rights Agent
from time to time as relevant, and upon request of the Rights Agent. The Rights Agent shall have no responsibilities with respect
to tax withholding, reporting or payment except as specifically instructed by the Company.

 

Section 32.            Severability.
If any term, provision, covenant or restriction of this Agreement or the Rights is held
by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions,
covenants and restrictions of this Agreement and the Rights shall remain in full force and effect and shall in no way be affected,
impaired or invalidated; provided, however, that notwithstanding anything in this Agreement to the contrary, if any
such term, provision, covenant or restriction is held by such court or authority to be invalid, void or unenforceable and the Board
of Directors determines in its good faith judgment that severing the invalid language from this Agreement or the Rights would adversely
affect the purpose or effect of this Agreement, the right of redemption set forth in Section 23 hereof shall be reinstated
and shall not expire until the Close of Business on the tenth (10th) day following the date of such determination by
the Board of Directors.

 

Section 33.            Governing
Law; Submission to Jurisdiction. This Agreement, each Right and each Rights Certificate
issued hereunder shall be deemed to be a contract made under the laws of the State of Delaware and for all purposes shall be governed
by and construed in accordance with the laws of such State applicable to contracts made and to be performed entirely within such
State. The Company and each holder of Rights hereby irrevocably submits to the exclusive jurisdiction of the Court of Chancery
of the State of Delaware, or, if such court lacks subject matter jurisdiction, the United States District Court for the District
of Delaware, over any suit, action or proceeding arising out of or relating to this Agreement. The Company and each holder of Rights
acknowledge that the forum designated by this Section 33 has a reasonable relation to this Agreement and to such Persons’
relationship with one another. The Company and each holder of Rights hereby waive, to the fullest extent permitted by applicable
law, any objection which they now or hereafter have to personal jurisdiction or to the laying of venue of any such suit, action
or proceeding brought in any court referred to in this Section 33. The Company and each holder of Rights undertake not to
commence any action subject to this Agreement in any forum other than the forum described in this Section 33. The Company
and each holder of Rights agree that, to the fullest extent permitted by applicable law, a final and non-appealable judgment in
any such suit, action or proceeding brought in any such court shall be conclusive and binding upon such Persons.

 

Section 34.               Counterparts.
This Agreement may be executed in any number of counterparts and each of such counterparts
shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.
Delivery of an executed signature page of the Agreement by facsimile or other customary means of electronic transmission (e.g.,
“pdf”) shall be effective as delivery of a manually executed counterpart hereof.

 

    	 	44	 

     

    

 

Section 35.            Descriptive
Headings. Descriptive headings of the several sections of this Agreement are inserted
for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof and the words
“herein,” “hereof,” “hereby,” “hereto,” “hereunder” and words of similar
import are references to this Agreement as a whole and not to any particular section or other provision hereof. The words “include”
and “including” shall be deemed to be followed by the phrase “without limitation.” Each reference in this
Agreement to a period of time following or after a specified date or event shall be calculated without including such specified
date or the day on which such specified event occurs.

 

[SIGNATURE PAGE IMMEDIATELY FOLLOWS]

 

    	 	45	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be duly executed as of the day and year first above written.

 

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

	 	 	Title:  Vice President 

 

    	 	46	 

     

    

 

Exhibit A

 

FORM OF

 

CERTIFICATE OF DESIGNATION

 

OF

 

SERIES A-1 JUNIOR PARTICIPATING PREFERRED
STOCK

 

OF

 

ENZON PHARMACEUTICALS, INC.

 

Pursuant to Section 151 of the

General Corporation Law of the State of Delaware

 

The undersigned do hereby certify that the
following resolution was duly adopted by the Board of Directors of Enzon Pharmaceuticals, Inc., a Delaware corporation (the
“Company”), on August 14, 2020:

 

RESOLVED, that pursuant to the authority
vested in the board of directors of the Company (the “Board of Directors”) by the Company’s Certificate
of Incorporation, as amended (the “Certificate of Incorporation”), the Board of Directors does hereby create,
authorize and provide for the issue of a series of Preferred Stock, par value $0.01 per share, of the Company, to be designated
“Series A-1 Junior Participating Preferred Stock,” initially consisting of 100,000 shares, and to the extent that
the designations, powers, preferences and relative and other special rights and the qualifications, limitations or restrictions
of the Series A-1 Junior Participating Preferred Stock are not stated and expressed in the Certificate of Incorporation, does
hereby fix and herein state and express such designations, powers, preferences and relative and other special rights and the qualifications,
limitations and restrictions thereof, as follows (all terms used herein which are defined in the Certificate of Incorporation shall
be deemed to have the meanings provided therein):

 

Section 1.               Designation
and Amount. The shares of such series shall be designated as “Series A-1
Junior Participating Preferred Stock” and the number of shares constituting such series shall be 100,000. Such number of
shares may be increased or decreased by resolution of the Board of Directors; provided, however, that no decrease shall
reduce the number of shares of Series A-1 Junior Participating Preferred Stock to a number less than the number of shares
then outstanding plus the number of shares reserved for issuance upon the exercise of outstanding options, rights or warrants or
upon the conversion of any outstanding securities issued by the Company convertible into Series A-1 Junior Participating Preferred
Stock.

 

     

     

    

 

Section 2.               Dividends
and Distributions.

 

(a)            Subject
to the prior and superior rights of the holders of any shares of any series of Preferred Stock ranking prior and superior to the
shares of Series A-1 Junior Participating Preferred Stock with respect to dividends, the holders of shares of Series A-1
Junior Participating Preferred Stock, in preference to the holders of Common Stock, par value $0.01 per share, of the Company (the
“Common Stock”), shall be entitled to receive, when, as and if declared by the Board of Directors, out of funds
legally available for the purpose, quarterly dividends payable in cash on the last business day of March, June, September and
December in each year (each such date being referred to herein as a “Quarterly Dividend Payment Date”),
commencing on the first Quarterly Dividend Payment Date after the first issuance of a share or fraction of a share of Series A-1
Junior Participating Preferred Stock, in an amount per share (rounded to the nearest cent) equal to the greater of (a) $1.20
or (b) subject to the provision for adjustment hereinafter set forth, 1,000 times the aggregate per share amount of all cash
dividends, and 1,000 times the aggregate per share amount (payable in kind) of all non-cash dividends or other distributions other
than a dividend payable in shares of Common Stock or a subdivision of the outstanding shares of Common Stock (by reclassification
or otherwise), declared on the Common Stock since the immediately preceding Quarterly Dividend Payment Date, or, with respect to
the first Quarterly Dividend Payment Date, since the first issuance of any share or fraction of a share of Series A-1 Junior
Participating Preferred Stock. In the event the Company shall at any time after August 14, 2020 (the “Rights Declaration
Date”) (i) declare any dividend on Common Stock payable in shares of Common Stock, (ii) subdivide the outstanding
Common Stock, or (iii) combine the outstanding Common Stock into a smaller number of shares, then in each such case the amount
to which holders of shares of Series A-1 Junior Participating Preferred Stock were entitled immediately prior to such event
under clause (b) of the preceding sentence shall be adjusted by multiplying such amount by a fraction the numerator of which
is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of
shares of Common Stock that were outstanding immediately prior to such event.

 

(b)            The
Company shall declare a dividend or distribution on the outstanding shares of Series A-1 Junior Participating Preferred Stock
as provided in Section 2(a) above immediately after it declares a dividend or distribution on the Common Stock (other
than a dividend payable in shares of Common Stock); provided that, in the event no dividend or distribution shall have been
declared on the Common Stock during the period between any Quarterly Dividend Payment Date and the next subsequent Quarterly Dividend
Payment Date, subject to the prior and superior rights of the holders of any shares of any series of Preferred Stock ranking prior
to and superior to the shares of Series A-1 Junior Participating Preferred Stock with respect to dividends, a dividend of
$1.20 per share on the outstanding shares of Series A-1 Junior Participating Preferred Stock shall nevertheless be payable
on such subsequent Quarterly Dividend Payment Date.

 

(c)            Dividends
shall begin to accrue and be cumulative on outstanding shares of Series A-1 Junior Participating Preferred Stock from the
Quarterly Dividend Payment Date next preceding the date of issue of such shares of Series A-1 Junior Participating Preferred
Stock, unless the date of issue of such shares is prior to the record date for the first Quarterly Dividend Payment Date, in which
case dividends on such shares shall begin to accrue from the date of issue of such shares, or unless the date of issue is a Quarterly
Dividend Payment Date or is a date after the record date for the determination of holders of shares of Series A-1 Junior Participating
Preferred Stock entitled to receive a quarterly dividend and before such Quarterly Dividend Payment Date, in either of which events
such dividends shall begin to accrue and be cumulative from such Quarterly Dividend Payment Date. Accrued but unpaid dividends
shall not bear interest. Dividends paid on the shares of Series A-1 Junior Participating Preferred Stock in an amount less
than the total amount of such dividends at the time accrued and payable on such shares shall be allocated pro rata on a share-by-share
basis among all such shares at the time outstanding. The Board of Directors may fix a record date for the determination of holders
of shares of Series A-1 Junior Participating Preferred Stock entitled to receive payment of a dividend or distribution declared
thereon, which record date shall be no more than sixty (60) days prior to the date fixed for the payment thereof.

 

    	 	48	 

     

    

 

Section 3.               Voting
Rights. The holders of shares of Series A-1 Junior Participating Preferred Stock
shall have the following voting rights:

 

(a)            Subject
to the provision for adjustment hereinafter set forth, each share of Series A-1 Junior Participating Preferred Stock shall
entitle the holder thereof to 1,000 votes on all matters submitted to a vote of the stockholders of the Company. In the event the
Company shall at any time after the Rights Declaration Date (i) declare any dividend on Common Stock payable in shares of
Common Stock, (ii) subdivide the outstanding Common Stock, or (iii) combine the outstanding Common Stock into a smaller
number of shares, then in each such case the number of votes per share to which holders of shares of Series A-1 Junior Participating
Preferred Stock were entitled immediately prior to such event shall be adjusted by multiplying such number by a fraction the numerator
of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number
of shares of Common Stock that were outstanding immediately prior to such event.

 

(b)            Except
as otherwise provided herein or by law, the holders of shares of Series A-1 Junior Participating Preferred Stock and the holders
of shares of Common Stock shall vote together as one class on all matters submitted to a vote of stockholders of the Company.

 

(c)            Except
as set forth herein or as otherwise provided by law, holders of Series A-1 Junior Participating Preferred Stock shall have
no special voting rights and their consent shall not be required (except to the extent they are entitled to vote with holders of
Common Stock as set forth herein) for taking any corporate action.

 

Section 4.               Certain
Restrictions.

 

(a)            Whenever
quarterly dividends or other dividends or distributions payable on the Series A-1 Junior Participating Preferred Stock as
provided in Section 2 hereof are in arrears, thereafter and until all accrued and unpaid dividends and distributions, whether
or not declared, on shares of Series A-1 Junior Participating Preferred Stock outstanding shall have been paid in full, the
Company shall not:

 

(i)            declare
or pay dividends on, make any other distributions on, or redeem or purchase or otherwise acquire for consideration any shares of
capital stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series-1 A Junior Participating
Preferred Stock;

 

(ii)           declare
or pay dividends on or make any other distributions on any shares of stock ranking on a parity (either as to dividends or upon
liquidation, dissolution or winding up) with the Series A-1 Junior Participating Preferred Stock, except dividends paid ratably
on the Series A-1 Junior Participating Preferred Stock and all such parity stock on which dividends are payable or in arrears
in proportion to the total amounts to which the holders of all such shares are then entitled;

 

    	 	49	 

     

    

 

(iii)          redeem
or purchase or otherwise acquire for consideration shares of any capital stock ranking on a parity (either as to dividends or upon
liquidation, dissolution or winding up) with the Series A-1 Junior Participating Preferred Stock, provided that the
Company may at any time redeem, purchase or otherwise acquire shares of any such parity stock in exchange for shares of any capital
stock of the Company ranking junior (either as to dividends or upon dissolution, liquidation or winding up) to the Series A-1
Junior Participating Preferred Stock; or

 

(iv)          purchase
or otherwise acquire for consideration any shares of Series A-1 Junior Participating Preferred Stock, or any shares of capital
stock ranking on a parity (either as to dividends or upon liquidation, dissolution or winding up) with the Series A-1 Junior
Participating Preferred Stock, except in accordance with a purchase offer made in writing or by publication (as determined by the
Board of Directors) to all holders of such shares upon such terms as the Board of Directors, after consideration of the respective
annual dividend rates and other relative rights and preferences of the respective series and classes, shall determine in good faith
will result in fair and equitable treatment among the respective series or classes.

 

(b)            The
Company shall not permit any subsidiary of the Company to purchase or otherwise acquire for consideration any shares of stock of
the Company unless the Company could, under Section 4(a), purchase or otherwise acquire such shares at such time and in such
manner.

 

Section 5.               Reacquired
Shares. Any shares of Series A-1 Junior Participating Preferred Stock purchased
or otherwise acquired by the Company in any manner whatsoever shall be retired and canceled promptly after the acquisition thereof.
All such shares shall upon their cancellation become authorized but unissued shares of Preferred Stock and may be reissued as part
of a new series of Preferred Stock to be created by resolution or resolutions of the Board of Directors, subject to the conditions
and restrictions on issuance set forth herein.

 

Section 6.               Liquidation,
Dissolution or Winding Up.

 

(a)            Upon
any liquidation (voluntary or otherwise), dissolution or winding up of the Company, no distribution shall be made to the holders
of shares of capital stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series A-1
Junior Participating Preferred Stock unless, prior thereto, the holders of shares of Series A-1 Junior Participating Preferred
Stock shall have received an amount equal to $1,200 per share of Series A-1 Junior Participating Preferred Stock, plus an
amount equal to accrued and unpaid dividends and distributions thereon, whether or not declared, to the date of such payment (the
“Series A-1 Liquidation Preference”). Following the payment of the full amount of the Series A-1 Liquidation
Preference, no additional distributions shall be made to the holders of shares of Series A-1 Junior Participating Preferred
Stock unless, prior thereto, the holders of shares of Common Stock shall have received an amount per share (the “Common
Adjustment”) equal to the quotient obtained by dividing (i) the Series A-1 Liquidation Preference by (ii) 1,000
(as appropriately adjusted as set forth in Section 6(c) below to reflect such events as stock splits, reverse stock splits,
stock dividends and recapitalizations with respect to the Common Stock) (such number in clause (ii), the “Adjustment Number”).
Following the payment of the full amount of the Series A-1 Liquidation Preference and the Common Adjustment in respect of
all outstanding shares of Series A-1 Junior Participating Preferred Stock and Common Stock, respectively, and the payment
of liquidation preferences of all other shares of capital stock which rank prior to or on a parity with the Series A-1 Junior
Participating Preferred Stock, holders of Series A-1 Junior Participating Preferred Stock and holders of shares of Common
Stock shall receive their ratable and proportionate share of the remaining assets to be distributed in the ratio of the Adjustment
Number to 1 with respect to such Preferred Stock and Common Stock, on a per share basis, respectively.

 

    	 	50	 

     

    

 

(b)            In
the event, however, that there are not sufficient assets available to permit payment in full of the Series A-1 Liquidation
Preference and the liquidation preferences of all other series of Preferred Stock, if any, which rank on a parity (either as to
dividends or upon liquidation, dissolution or winding up) with the Series A-1 Junior Participating Preferred Stock, then such
remaining assets shall be distributed ratably to the holders of such parity shares in proportion to their respective liquidation
preferences. In the event, however, that there are not sufficient assets available to permit payment in full of the Common Adjustment,
then such remaining assets shall be distributed ratably to the holders of Common Stock.

 

(c)            In
the event the Company shall at any time after the Rights Declaration Date (i) declare any dividend on Common Stock payable
in shares of Common Stock, (ii) subdivide the outstanding Common Stock, or (iii) combine the outstanding Common Stock
into a smaller number of shares, then in each such case the Adjustment Number in effect immediately prior to such event shall be
adjusted by multiplying such Adjustment Number by a fraction the numerator of which is the number of shares of Common Stock outstanding
immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately
prior to such event.

 

Section 7.               Consolidation,
Merger, etc. In case the Company shall enter into any consolidation, merger, combination
or other transaction in which the shares of Common Stock are exchanged for or changed into other stock or securities, cash and/or
any other property, then in any such case each share of Series A-1 Junior Participating Preferred Stock shall at the same
time be similarly exchanged or changed into an amount per share (subject to the provision for adjustment hereinafter set forth)
equal to 1,000 times the aggregate amount of stock, securities, cash and/or any other property (payable in kind), as the case may
be, for which or into which each share of Common Stock is exchanged or changed. In the event the Company shall at any time after
the Rights Declaration Date (i) declare any dividend on Common Stock payable in shares of Common Stock, (ii) subdivide
the outstanding Common Stock, or (iii) combine the outstanding Common Stock into a smaller number of shares, then in each
such case the amount set forth in the preceding sentence with respect to the exchange or change of shares of Series A-1 Junior
Participating Preferred Stock shall be adjusted by multiplying such amount by a fraction the numerator of which is the number of
shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common
Stock that were outstanding immediately prior to such event.

 

Section 8.               Ranking.
The Series A-1 Junior Participating Preferred Stock shall rank junior to all other series of the Company’s Preferred
Stock as to the payment of dividends and the distribution of assets, whether or not upon the dissolution, liquidation or winding
up of the Corporation, unless the terms of any such series provides otherwise.

 

    	 	51	 

     

    

 

Section 9.               No
Redemption. The shares of Series A-1 Junior Participating Preferred Stock shall
not be redeemable.

 

Section 10.             Amendment.
The Certificate of Incorporation shall not be further amended in any manner which would materially alter or change the powers,
preferences or special rights of the Series A-1 Junior Participating Preferred Stock so as to affect them adversely without
the affirmative vote of the holders of majority of the outstanding shares of Series A-1 Junior Participating Preferred Stock,
voting separately as a class.

 

Section 11.             Fractional
Shares. Series A-1 Junior Participating Preferred Stock may be issued in fractions
of a share which shall entitle the holder, in proportion to such holder’s fractional shares, to exercise voting rights, receive
dividends, participate in distributions and have the benefit of all other rights of holders of Series A-1 Junior Participating
Preferred Stock.

 

[Signature Page Follows]

 

    	 	52	 

     

    

 

IN
WITNESS WHEREOF, this Certificate of Designation is executed on behalf of the Company by its duly authorized officer
on this 14th day of August, 2020.

 

	 	ENZON PHARMACEUTICALS, INC.
	 	 
	 	 
	 	By:  	 
	 	 	Name: Andrew Rackear                                 
	 	 	Title: Chief Executive Officer and Secretary

 

     

     

    

 

Exhibit B

 

[Form of Rights Certificate]

 

Certificate No. R-Rights

 

NOT
EXERCISABLE AFTER AUGUST 13, 2021 OR EARLIER IF REDEEMED OR EXCHANGED BY THE COMPANY OR SUCH EARLIER EXPIRATION DATE (AS DEFINED
IN THE SECTION 382 RIGHTS AGREEMENT (THE “RIGHTS AGREEMENT”)). AS SET FORTH IN THE RIGHTS AGREEMENT, THE RIGHTS
ARE SUBJECT TO REDEMPTION, AT THE OPTION OF THE COMPANY, AT $0.01 PER RIGHT, AND TO EXCHANGE ON THE TERMS SET FORTH IN THE RIGHTS
AGREEMENT. UNDER CERTAIN CIRCUMSTANCES, RIGHTS BENEFICIALLY OWNED BY AN ACQUIRING PERSON OR ANY RELATED PERSON OF AN ACQUIRING
PERSON (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT) AND ANY SUBSEQUENT HOLDER OF SUCH RIGHTS MAY BECOME NULL AND VOID.
[THE RIGHTS REPRESENTED BY THIS RIGHTS CERTIFICATE ARE OR WERE BENEFICIALLY OWNED BY A PERSON WHO WAS OR BECAME AN ACQUIRING PERSON
OR A RELATED PERSON OF AN ACQUIRING PERSON (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT). ACCORDINGLY, THIS RIGHTS CERTIFICATE
AND THE RIGHTS REPRESENTED HEREBY MAY BECOME NULL AND VOID IN THE CIRCUMSTANCES SPECIFIED IN SECTION 7(e) OF SUCH
AGREEMENT.]†

 

†
The portion of the legend in brackets shall be inserted only if applicable and shall
replace the preceding sentence.

 

Rights Certificate

 

ENZON
PHARMACEUTICALS, INC.

 

This certifies that [ ], or registered assigns, is the registered
owner of the number of Rights set forth above, each of which entitles the owner thereof, subject to the terms, provisions and conditions
of the Section 382 Rights Agreement, dated as of August 14, 2020 (the “Rights Agreement”), between
Enzon Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and Continental Stock Transfer &
Trust Company, a New York corporation (the “Rights Agent”), to purchase from the Company at any time prior to
5:00 P.M. (New York City time) on August 13, 2021 at the office or offices of the Rights Agent designated for such purpose,
or its successors as Rights Agent, one one-thousandth of a fully paid, non-assessable share of Series A-1 Junior Participating
Preferred Stock (the “Preferred Stock”) of the Company, at a purchase price of $1.20 per one one-thousandth
of a share (the “Purchase Price”), upon presentation and surrender of this Rights Certificate with the Form of
Election to Purchase and related Certificate duly executed. The number of Rights evidenced by this Rights Certificate (and the
number of shares which may be purchased upon exercise thereof) set forth above, and the Purchase Price per share set forth above,
are the number and Purchase Price as of August 14, 2020 based on the Preferred Stock as constituted at such date. The Company
reserves the right to require prior to the occurrence of a Triggering Event (as such term is defined in the Rights Agreement) that
a number of Rights be exercised so that only whole shares of Preferred Stock will be issued. Capitalized terms used and not defined
herein shall have the meanings specified in the Rights Agreement.

 

     

     

    

 

Upon the occurrence of a Section 11(a)(ii) Event,
if the Rights evidenced by this Rights Certificate are Beneficially Owned by (i) an Acquiring Person or a Related Person of
any such Acquiring Person, (ii) a transferee of any such Acquiring Person or Related Person, or (iii) under certain circumstances
specified in the Rights Agreement, a transferee of a Person who, after such transfer, became an Acquiring Person, or a Related
Person of such Acquiring Person, such Rights shall become null and void and no holder hereof shall have any right with respect
to such Rights from and after the occurrence of such Section 11(a)(ii) Event.

 

As provided in the Rights Agreement, the Purchase Price and
the number and kind of shares of Preferred Stock or other securities, which may be purchased upon the exercise of the Rights evidenced
by this Rights Certificate are subject to modification and adjustment upon the happening of certain events, including Triggering
Events.

 

This Rights Certificate is subject to all of the terms, provisions
and conditions of the Rights Agreement, which terms, provisions and conditions are hereby incorporated herein by reference and
made a part hereof and to which Rights Agreement reference is hereby made for a full description of the rights, limitations of
rights, obligations, duties and immunities hereunder of the Rights Agent, the Company and the holders of the Rights Certificates,
which limitations of rights include the temporary suspension of the exercisability of such Rights under the specific circumstances
set forth in the Rights Agreement. Copies of the Rights Agreement are on file at the above-mentioned office of the Rights Agent
and are also available upon written request to the Rights Agent.

 

This Rights Certificate, with or without other Rights Certificates,
upon surrender at the principal office or offices of the Rights Agent designated for such purpose, may be exchanged for another
Rights Certificate or Rights Certificates of like tenor and date evidencing Rights entitling the holder to purchase a like aggregate
number of one one-thousandths of a share of Preferred Stock as the Rights evidenced by the Rights Certificate or Rights Certificates
surrendered shall have entitled such holder to purchase. If this Rights Certificate shall be exercised in part, the holder shall
be entitled to receive upon surrender hereof another Rights Certificate or Rights Certificates for the number of whole Rights not
exercised.

 

Subject to the provisions of the Rights Agreement, the Rights
evidenced by this Certificate may be redeemed by the Company at its option at a redemption price of $0.01 per Right at any time
prior to the earlier of (i) the Stock Acquisition Date and (ii) the Final Expiration Time. Immediately upon the action
of the Board of Directors of the Company authorizing redemption or such later time as the Board may establish for the effectiveness
of such redemption, the Rights shall terminate and the only right of the holders of Rights shall be to receive the Redemption Price.
In addition, the Rights may be exchanged, in whole or in part, for shares of the Common Stock. Immediately upon the action of the
Board of Directors of the Company authorizing any such exchange, and without any further action or any notice, the Rights (other
than Rights which are not subject to such exchange) will terminate and the Rights will only enable holders to receive the shares
issuable upon such exchange.

 

    	 	2	 

     

    

 

No fractional shares of Preferred Stock will be issued upon
the exercise of any Right or Rights evidenced hereby (other than fractions which are integral multiples of one one-thousandth of
a share of Preferred Stock, which may, at the election of the Company, be evidenced by depositary receipts), but in lieu thereof
a cash payment will be made, as provided in the Rights Agreement.

 

No holder of this Rights Certificate shall be entitled to vote
or receive dividends or be deemed for any purpose the holder of shares of Preferred Stock or of any other securities of the Company
which may at any time be issuable on the exercise hereof, nor shall anything contained in the Rights Agreement or herein be construed
to confer upon the holder hereof, as such, any of the rights of a stockholder of the Company or any right to vote for the election
of directors or upon any matter submitted to stockholders at any meeting thereof, or to give consent to or withhold consent from
any corporate action, or, to receive notice of meetings or other actions affecting stockholders (except as provided in the Rights
Agreement), or to receive dividends or subscription rights, or otherwise, until the Right or Rights evidenced by this Rights Certificate
shall have been exercised as provided in the Rights Agreement.

 

This Rights Certificate shall not be valid or obligatory for
any purpose until it shall have been countersigned by the Rights Agent.

 

WITNESS the facsimile signature of the proper officers of the
Company and its corporate seal.

 

Dated as of ___________

 

	Attest:	 	ENZON PHARMACEUTICALS, INC.
	 	 	 
	 	 	 
	By:  	 	 	By:  	 
	 	Name:	 	 	Name:
	 	Title:	 	 	Title:
	 	 	 
	 	 	 
	Attest:	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 	 
	 	 	 
	By:  	 	 	By:  	           
	 	Name:                                	 	 	Name:                                           
	 	Title:	 	 	Title:

 

    	 	3	 

     

    

 

[Form of Reverse Side of Rights Certificate]

 

FORM OF ASSIGNMENT

 

(To be executed by the registered holder if such holder desires
to transfer the Rights Certificate.)

 

FOR
VALUE RECEIVED               hereby sells, assigns and transfers unto               (Please
print name and address of transferee) this Rights Certificate, together with all right, title and interest therein, and does hereby
irrevocably constitute and appoint Attorney, to transfer the within Rights Certificate on the books of the within-named Company,
with full power of substitution.

 

Dated: ___

 

Signature: ___

 

Signature Guaranteed:

Certificate

 

The undersigned hereby certifies by checking the appropriate
boxes that:

 

		(1)	this Rights Certificate [         ] is [         ] is not being sold, assigned and transferred by or on behalf of a Person who is or
was an Acquiring Person or a Related Person of any such Acquiring Person (as such terms are defined pursuant to the Rights Agreement);

 

		(2)	after due inquiry and to the best knowledge of the undersigned, it [         ] did [         ] did not acquire the Rights evidenced by
this Rights Certificate from any Person who is, was or subsequently became an Acquiring Person or a Related Person of an Acquiring
Person.

 

Dated: ___

 

Signature: ___

 

Signature Guaranteed:

 

NOTICE

 

The signature to the foregoing Assignment and Certificate must
correspond to the name as written upon the face of this Rights Certificate in every particular, without alteration or enlargement
or any change whatsoever.

 

    	 	4	 

     

    

 

FORM OF ELECTION TO PURCHASE

 

(To be executed if holder desires to exercise Rights represented
by the Rights Certificate.)

 

To: ENZON PHARMACEUTICALS, INC.:

 

The
undersigned hereby irrevocably elects to exercise               Rights
represented by this Rights Certificate to purchase the shares of Preferred Stock issuable upon the exercise of the Rights (or such
other securities of the Company or of any other person which may be issuable upon the exercise of the Rights) and requests that
certificates for such shares be issued in the name of and delivered to:

 

Please insert social security or other identifying number ___________________________

 

(Please print name and address):

 

If such number of Rights shall not be all the Rights evidenced
by this Rights Certificate, a new Rights Certificate for the balance of such Rights shall be registered in the name of and delivered
to:

 

Please insert social security or other identifying number

(Please print name and address):

 

	 	Dated:	 
	 	 
	 	Signature:  	 

 

Signature Guaranteed:

 

Certificate

 

The undersigned hereby certifies by checking the appropriate
boxes that:

 

		(1)	the Rights evidenced by this Rights Certificate [ ] are [ ] are not being exercised by or on behalf of a Person who is or was
an Acquiring Person or a Related Person of any such Acquiring Person (as such terms are defined pursuant to the Rights Agreement);

 

		(2)	after due inquiry and to the best knowledge of the undersigned, it [ ] did [ ] did not acquire the Rights evidenced by this
Rights Certificate from any Person who is, was or became an Acquiring Person or a Related Person of an Acquiring Person.

 

	 	Dated:	 
	 	 
	 	Signature:  	 

 

Signature Guaranteed:

 

NOTICE

 

The signature to the foregoing Election to Purchase and Certificate
must correspond to the name as written upon the face of this Rights Certificate in every particular, without alteration or enlargement
or any change whatsoever.

 

     

     

    

 

Exhibit C

 

SUMMARY OF RIGHTS TO PURCHASE SERIES
A-1 JUNIOR

PARTICIPATING PREFERRED STOCK

 

On August 14, 2020, the Board of Directors
of Enzon Pharmaceuticals, Inc. (the “Company”) approved the execution of a Section 382 Rights Agreement
(the “Rights Agreement”) between the Company and Continental Stock Transfer & Trust Company (the “Rights
Agent”). The Rights Agreement provides for a distribution of one preferred stock purchase right (a “Right”)
for each share of Common Stock, par value $0.01 per share, of the Company (the “Common Stock”) outstanding to
stockholders of record at the close of business on August 24, 2020 (the “Record Date”). Each Right entitles
the registered holder to purchase from the Company one one-thousandth of a share of Series A-1 Junior Participating Preferred
Stock, par value $0.01 per share (the “Preferred Stock”), at a Purchase Price of $1.20 per one one-thousandth
of a share (the “Purchase Price”), subject to adjustment. The description and terms of the Rights are set forth
in the Rights Agreement.

 

The Board of Directors of the Company adopted
the Rights Agreement in an effort to protect stockholder value by attempting to protect against a possible limitation on the Company’s
ability to use its net operating loss carryforwards (the “NOLs”) to reduce potential future federal income tax
obligations. The Company has experienced substantial operating losses, and under the Internal Revenue Code of 1986, as amended
(the “Code”), and rules promulgated by the Internal Revenue Service, the Company may “carry forward”
these losses in certain circumstances to offset any current and future earnings and thus reduce the Company’s federal income
tax liability, subject to certain requirements and restrictions. To the extent that the NOLs do not otherwise become limited, the
Company believes that it will be able to carry forward a significant amount of NOLs, and therefore these NOLs could be a substantial
asset to the Company. However, if the Company experiences an “Ownership Change,” as defined in Section 382 of
the Code, its ability to use the NOLs will be substantially limited, and the timing of the usage of the NOLs could be substantially
delayed, which could therefore significantly impair the value of that asset.

 

A copy of the Rights Agreement is being
filed with the Securities and Exchange Commission as an Exhibit to a Registration Statement on Form 8-A. A copy of the
Rights Agreement is available free of charge from the Company. This Summary of Rights does not purport to be complete and is qualified
in its entirety by reference to the Rights Agreement, which is incorporated herein by reference.

 

Distribution
Date; Acquiring Persons; Transfer of Rights. Initially, the Rights will be attached to all Common Stock certificates
representing shares then outstanding or, in the case of uncertificated shares of Common Stock, the book-entry account that evidences
record ownership of such shares, and no separate Rights Certificates will be distributed. New Rights shall attach to any shares
of Common Stock that become outstanding after the Record Date and prior to the earlier of the Distribution Date (as defined below)
and the Expiration Date (as defined below).

 

     

     

    

 

Subject to certain exceptions specified
in the Rights Agreement, the Rights will separate from the Common Stock and a Distribution Date will occur upon the earlier of
(i) ten (10) days following a public announcement that a person or group of affiliated or associated persons (an “Acquiring
Person”) has acquired, or obtained the right to acquire, beneficial ownership of 4.9% or more of the outstanding shares
of Common Stock (the “Stock Acquisition Date”) or (ii) ten (10) business days following the commencement
of a tender offer or exchange offer that would result in a person or group beneficially owning 4.9% or more of the outstanding
shares of Common Stock. The definition of Acquiring Person excludes any Exempted Person and any Grandfathered Person (each term
as defined below) and any person who would become an Acquiring Person solely as a result of an Exempted Transaction (as defined
below). Until the Distribution Date, (i) the Rights will be evidenced by the Common Stock certificates (or, in the case of
uncertificated Common Stock, the book-entry account that evidences record ownership of Common Stock) and will be transferred with
and only with such Common Stock certificates (or book-entry shares), (ii) new Common Stock certificates (or new book-entries)
after the Record Date will contain a notation incorporating the Rights Agreement by reference and (iii) the surrender for
transfer of any certificates for Common Stock (or book-entry shares) outstanding will also constitute the transfer of the Rights
associated with the Common Stock represented by such certificate (or book-entries).

 

As soon as practicable after the Distribution
Date, Rights Certificates will be mailed to holders of record of the Common Stock as of the close of business on the Distribution
Date. Thereafter, the separate Rights Certificates alone will represent the Rights. Except as otherwise determined by the Board
of Directors, only shares of Common Stock issued prior to the Distribution Date will be issued with Rights.

 

Exempted
Persons. An “Exempted Person” means (i) the Company or any of its Subsidiaries, (ii) any
officer, director or employee of the Company or any of its Subsidiaries solely in respect of such Person’s status or authority
as such (including any fiduciary capacity), (iii) any employee benefit plan of the Company or of any Subsidiary of the Company
or any entity or trustee holding (or acting in a fiduciary capacity in respect of) shares of capital stock of the Company for or
pursuant to the terms of any such plan, or for the purpose of funding other employee benefits for employees of the Company or any
Subsidiary of the Company or (iv) any other Person (together with all of its Related Persons) whose Beneficial Ownership of
4.9% or more of the then outstanding shares of Common Stock will not jeopardize or endanger the availability to the Company of
any Tax Benefit as determined by the Board of Directors in its sole discretion prior to the time any Person becomes an Acquiring
Person, provided, however, that such Person will cease to be an Exempted Person if the Board subsequently makes a contrary
determination in its sole discretion, regardless of the reason for such contrary determination.

 

Grandfathered
Persons. A “Grandfathered Person” is any Person who or which, together with all of such Person’s
Related Persons, is, as of immediately prior to the first public announcement of the adoption of the Rights Agreement, the Beneficial
Owner of 4.9% or more of the shares of Common Stock then outstanding and (y) any Person who or which becomes the Beneficial
Owner of 4.9% or more of the shares of Common Stock then outstanding as a result of the acquisition of Beneficial Ownership of
shares of Common Stock from an individual described in the preceding clause (x) if such acquisition occurs upon such individual’s
death pursuant to such individual’s will or pursuant to a charitable trust created by such individual for estate planning
purposes.

 

    	 	2	 

     

    

 

A Person ceases to be a “Grandfathered
Person” if and when (i) such Person becomes the Beneficial Owner of less than 4.9% of the shares of Common Stock then
outstanding or (ii) such Person increases such Person’s Beneficial Ownership of shares of Common Stock to an amount
equal to or greater than the greater of (A) 4.9% of the shares of Common Stock then outstanding and (B) the sum of (1) the
lowest Beneficial Ownership of such Person as a percentage of the shares of Common Stock outstanding as of any time from and after
the first public announcement of the adoption of the Rights Agreement (other than as a result of an acquisition of shares of Common
Stock by the Company) plus (2) one share of Common Stock. The foregoing definition shall grandfather the security or instrument
underlying such Beneficial Ownership only in the type and form as of the date of the Rights Agreement and shall not grandfather
any subsequent change, modification, swap or exchange of such security or instrument into a different type or form of security
or instrument (unless such change, modification, swap or exchange is contemplated explicitly by the terms of such security or instrument).
For the avoidance of doubt, the swap or exchange of contracts for differences for shares of Common Stock or other equity securities
of the Company shall not be grandfathered under the Rights Agreement.

 

Exempted
Transactions. An “Exempted Transaction” is any transaction that the Board of Directors of the Company
determines, in its sole discretion, is an “Exempted Transaction,” which determination shall be irrevocable.

 

Excercisability;
Expiration. The Rights are not exercisable until the Distribution Date and will expire on the earliest of (i) the
close of business on August 13, 2021, (ii) the time at which the Rights are redeemed pursuant to the Rights Agreement,
(iii) the time at which the Rights are exchanged pursuant to the Rights Agreement, (iv) the repeal of Section 382
of the Code or any successor statute if the Board of Directors of the Company determines that the Rights Agreement is no longer
necessary or desirable for the preservation of certain tax benefits, or (v) the beginning of a taxable year of the Company
to which the Board of Directors of the Company determines that certain tax benefits may not be carried forward. At no time will
the Rights have any voting power.

 

In the event that an Acquiring Person becomes
the beneficial owner of 4.9% or more of the then outstanding shares of Common Stock, each holder of a Right will thereafter have
the right to receive, upon exercise, Common Stock (or, in certain circumstances, cash, property or other securities of the Company),
having a value equal to two times the exercise price of the Right. The exercise price is the Purchase Price times the number of
shares of Common Stock associated with each Right (initially, one). Notwithstanding any of the foregoing, following the occurrence
of an Acquiring Person becoming such (a “Flip-In Event”), all Rights that are, or (under certain circumstances
specified in the Rights Agreement) were, beneficially owned by any Acquiring Person will be null and void. However, Rights are
not exercisable following the occurrence of a Flip-In Event until such time as the Rights are no longer redeemable by the Company
as set forth below.

 

    	 	3	 

     

    

 

For example, at an exercise price of $1.20
per Right, each Right not owned by an Acquiring Person (or by certain related parties) following an event set forth in the preceding
paragraph would entitle its holder to purchase $2.40 worth of Common Stock (or other consideration, as noted above) for $1.20.
If the Common Stock at the time of exercise had a market value per share of $0.20, the holder of each valid Right would be entitled
to purchase twelve shares of Common Stock for $2.40.

 

In the event that, at any time following
the Stock Acquisition Date, (i) the Company engages in a merger or other business combination transaction in which the Company
is not the surviving corporation; (ii) the Company engages in a merger or other business combination transaction in which
the Company is the surviving corporation and the Common Stock is changed or exchanged; or (iii) 50% or more of the Company’s
assets, cash flow or earning power is sold or transferred, each holder of a Right (except Rights which have previously been voided
as set forth above) shall thereafter have the right to receive, upon exercise of the Right, common stock of the acquiring company
having a value equal to two times the exercise price of the Right.

 

The events set forth in this paragraph (a
“Flip-Over Event”) and in the second preceding paragraph are referred to as the “Triggering Events.”

 

Until a Right is exercised, the holder thereof,
as such, will have no rights as a stockholder of the Company, including, without limitation, the right to vote or to receive dividends.
While the distribution of the Rights will not be taxable to stockholders or to the Company, stockholders may, depending upon the
circumstances, recognize taxable income in the event that the Rights become exercisable for Common Stock (or other consideration)
of the Company as set forth above or in the event the Rights are redeemed.

 

Anti-Dilution
Provisions. The Purchase Price payable, and the number of shares of Preferred Stock or other securities or property
issuable, upon exercise of the Rights are subject to adjustment from time to time to prevent dilution (i) in the event of
a stock dividend on, or a subdivision, combination or reclassification of, the Preferred Stock, (ii) if holders of the Preferred
Stock are granted certain rights or warrants to subscribe for Preferred Stock or convertible securities at less than the current
market price of the Preferred Stock, or (iii) upon the distribution to holders of the Preferred Stock of evidences of indebtedness
or assets (excluding regular quarterly cash dividends) or of subscription rights or warrants (other than those referred to above).

 

With certain exceptions, no adjustments
in the Purchase Price will be required until cumulative adjustments amount to at least 1% of the Purchase Price. No fractional
shares of Preferred Stock will be issued and, in lieu thereof, an adjustment in cash will be made based on the market price of
the Preferred Stock on the last trading date prior to the date of exercise.

 

Exchange.
At any time after any person or group becomes an Acquiring Person and prior to the acquisition
by the Acquiring Person of fifty percent (50%) or more of the outstanding shares of Common Stock, the Board of Directors
of the Company may exchange the Rights (other than Rights owned by an Acquiring Person, which shall have become void), in whole
or in part, at an exchange ratio equal to (i) a number of shares of Common Stock per Right with a value equal to the spread
between the value of the number of shares of Common Stock for which the Rights may then be exercised and the Purchase Price or
(ii) if prior to the acquisition by the Acquiring Person of 50% or more of the then outstanding shares of Common Stock, one
share of Common Stock per Right (subject to adjustment).

 

    	 	4	 

     

    

 

Redemption.
At any time prior to the earlier of (1) the Stock Acquisition Date and (2) the Final Expiration Time, the Company may
redeem the Rights in whole, but not in part, at a price of $0.01 per Right (subject to adjustment and payable in cash, Common Stock
or other consideration deemed appropriate by the Board of Directors). Immediately upon the action of the Board of Directors authorizing
any redemption of the Rights, the Rights will terminate and the only right of the holders of Rights will be to receive the $0.01
redemption price.

 

Amendments.
Other than those provisions relating to the principal economic terms of the Rights, any of the provisions of the Rights Agreement
may be amended by the Board of Directors of the Company prior to the Distribution Date. After the Distribution Date, the provisions
of the Rights Agreement may be amended by the Board in order to cure any ambiguity, to make changes which do not materially adversely
affect the interests of holders of Rights (excluding the interests of any Acquiring Person, certain related parties thereto or
any transferee of the foregoing persons), or to shorten or lengthen any time period under the Rights Agreement; provided,
however, that no amendment to adjust the time period governing redemption shall be made at such time as the Rights are not
redeemable.

 

    	 	5Exhibit 10.2

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement
(“Agreement”), dated May 5, 2020 (the “Effective Date”), is entered into by and between Inpixon (the “Employer”
or the “Company”) and Tyler Hoffman (the “Employee”).

 

WITNESSETH:

 

WHEREAS, Employer
desires to employ Employee to serve as Chief Revenue Officer of the Company and Employee desires to be employed by Employer in
such capacity pursuant to the terms and conditions hereinafter set forth.

 

NOW THEREFORE,
in consideration of the foregoing and the mutual promises and covenants herein contained, it is agreed as follows:

 

1. EMPLOYMENT:
DUTIES AND RESPONSIBILITIES

 

Employer hereby employs
Employee as Chief Revenue Officer. Subject at all times to the direction of the Company’s Chief Executive Officer, Employee
shall perform those duties and hold those responsibilities that are usual and customary for a Chief Revenue Officer to perform
and hold. Employee shall primarily perform his job duties at Employer’s office in Palo Alto, California.

 

2. FULL TIME
EMPLOYMENT

 

Employee hereby accepts
employment by Employer, upon the terms and conditions contained herein, and agrees that during the term of this Agreement, the
Employee shall devote substantially all of his business time, attention, and energies to the business of the Employer. Except as
may otherwise be approved by Employer, during the term of this Agreement, Employee will not perform any services for any other
business entity, whether such entity conducts a business which is competitive with the business of Employer or is engaged in any
other business activity; provided, however, that nothing herein contained shall be construed as (a) preventing Employee from investing
his personal assets in any business or businesses which do not compete directly or indirectly with the Employer, provided such
investment or investments do not require any services on his part in the operation of the affairs of the entity in which such investment
is made and in which his participation is solely that of an investor, (b) preventing Employee from purchasing securities in any
corporation whose securities are regularly traded, if such purchases shall not result in his owning beneficially, at any time,
more than 5% of the equity securities of any corporation engaged in a business which is competitive, directly
or indirectly, to that of Employer, (c) preventing Employee from volunteering his time or serving on the Board of any non-competing
entity, such as a school, non-profit, or community organization, or (d) preventing Employee from engaging in any other activities,
if he receives the prior written approval of the Chief Executive Officer of the Company with respect to his engaging in such activities.

 

3. RECORDS

 

In connection with
his engagement hereunder, Employee shall accurately maintain and preserve all notes and records generated by Employer which relate
to Employer and its business and shall make all such reports, written if required, as Employer may reasonably require.

 

4. TERM

 

Employee’s employment
hereunder shall be for a single twenty-four (24) month period (the “Initial Term”), which shall commence May
19, 2020 (the “Start Date”). Thereafter, this Agreement shall automatically be renewed for additional twelve
(12) month periods (the “Subsequent Term”), unless and until either party terminates this Agreement pursuant to Section
14 hereof.

 

     

     

    

 

5. SALARY AND
BONUS

 

As full compensation
for the performance of his duties on behalf of Employer, Employee shall be compensated as follows:

 

(i) Base Salary.
During the Initial Term and each Subsequent Term (if applicable), Employer shall pay Employee a base salary at the rate of Two
Hundred and Ninety Thousand Dollars ($290,000) per annum (which may be increased from time to time as agreed by the Employer and
Employee, payable semi-monthly (“Base Salary”).

 

(ii) Bonuses.
In addition to Base Salary, Employee shall be eligible for an annual bonus in an amount of $210,000 which, except as set forth
below, shall be subject to the terms and conditions of the Company’s employee bonus plan then in effect and the completion
of certain performance milestones to be determined by the Chief Executive Officer, with Employee’s input, and payable quarterly
in equal installments and prorated for any period less than a full quarter. Except as set forth in Section 14 herein, bonuses earned
for the calendar quarter, will be paid within 60 days of the close of the calendar quarter.

 

6. EQUITY

 

(i) Stock Option Grant.
Subject to the approval of the Company’s Board of Directors (the “Board”), Employee shall be entitled to a minimum
of 200,000 options to purchase shares of common stock of the Company, to be issued in accordance with the terms and conditions
of the Company’s 2018 Employee Stock Incentive Plan (the “Plan”), at an exercise price and upon such vesting
terms as shall be determined by the Board and set forth in an award agreement issued pursuant to the Plan and consistent with the
terms of this Agreement. Employee shall also be eligible to participate in the equity based incentive plans of the Company and
may receive awards thereunder, as determined by the Compensation Committee of the Company from time to time and subject to the
terms and conditions of such plans and any award agreement between the Company and Employee evidencing such awards. Notwithstanding
the foregoing, nothing in this Paragraph 6(i) shall be construed to extend the duration of this Agreement or Employee’s employment
by the Company beyond the expiration of the Subsequent Term.

 

(ii) Change of Control.
In the event of a Change of Control, the vesting of each outstanding stock option or other equity-based award granted to Employee
shall automatically be accelerated so that 100% of the unvested shares covered by such award shall be fully vested upon the consummation
of the Change of Control.

  

A “Change
of Control” as used in this Section 6 shall mean any of the following:

 

(i) any consolidation,
merger or sale of the Company in which the Company is not the continuing or surviving corporation or pursuant to which shares of
the Company’s stock would be converted into cash, securities or other property; or

 

(ii) the stockholders
of the Company approve an agreement for the sale, lease, exchange or other transfer (in one transaction or a series of related
transactions) of all or substantially all of the assets of the Company; or

 

(iii) any approval by
the stockholders of the Company of any plan or proposal for the liquidation or dissolution of the Company; or

 

(iv) the appointment
of a trustee in a Chapter 11 bankruptcy proceeding involving the Company or the conversion of such a proceeding into a case under
Chapter 7; or

 

(v) the acquisition of
beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act of an aggregate of 25% or more of the voting power
of the Company’s outstanding voting securities by any single person or group (as such term is used in Rule 13d-5 under the
Exchange Act), unless such acquisition was approved by the Board of Directors prior to the consummation thereof.)

 

    2

     

    

 

7. BUSINESS EXPENSES

 

The Employer shall
pay or reimburse the Employee for all reasonable business expenses incurred by Employee in the performance of his duties hereunder
including, but not limited to, lodging and travel expenses relating to Company business, mobile phone and data usage, customer
entertainment and certain pre-approved home office expenses not paid directly by the Company. Reimbursement for the foregoing expenses
will be made in accordance with regular Company policy then in effect and within a reasonable period following Employee’s
presentation of the details of, and proof of, such expenses.

 

8. FRINGE BENEFITS

 

(i) During the term
of this Agreement, Employer shall provide medical, dental, and vision insurance coverage to Employee, his spouse and his children,
to the same extent, and on the same terms and conditions, it shall provide such coverage to other senior management employees of
the Company.

 

(ii) During the term
of this Agreement, Employee shall be permitted to participate in the Company’s 401K Plan, to the same extent, and on the
same terms and conditions, other senior management employees of the Company shall be permitted to participate.

 

(iii) During the term
of this Agreement, Employer shall provide to Employee four (4) weeks paid vacation days per year, which shall accrue monthly from
the Start Date.

 

(iv) During the term
of this Agreement, Employer shall provide paid sick days to Employee, to the same extent, and on the same terms and conditions,
it shall provide such paid time off to other senior management employees of the Company.

 

9. SUBSIDIARIES

 

For the purposes of
this Agreement all references to business products, services and sales of Employer shall include those of Employer’s subsidiaries
and/or affiliates.

 

10. INVENTIONS

 

All systems, inventions,
discoveries, apparatus, techniques, methods, know-how, formulae or improvements made, developed or conceived by Employee during
Employee’s employment by Employer, whenever or wherever made, developed or conceived, and whether or not during business
hours, which constitute an improvement, on those heretofore, now or at any time during Employee’s employment, developed,
manufactured or used by Employer in connection with the manufacture, process or marketing of any product heretofore or now or hereafter
developed or distributed by Employer, or any services to be performed by Employer or of any product which shall or could reasonably
be manufactured or developed or marketed in the reasonable expansion of Employer’s business, shall be and continue to remain
Employer’s exclusive property, without any added compensation to Employee, and upon the conception of any and every such
invention, process, discovery or improvement and without waiting to perfect or complete it, Employee promises and agrees that Employee
will immediately disclose it to Employer and to no one else and thenceforth will treat it as the property and secret of Employer.

 

Employee will also
execute any instruments requested from time to time by Employer to vest in it complete title and ownership to such invention, discovery
or improvement and will, at the request of Employer, do such acts and execute such instruments as Employer may require, but at
Employer’s expense to obtain Letters of Patent, trademarks or copyrights in the United States and foreign countries, for
such invention, discovery or improvement and for the purpose of vesting title thereto in Employer, all without any additional compensation
of any kind to Employee. Employer hereby notifies Employee that the provisions of this Section 10 do not apply to any inventions
for which no equipment, supplies, facilities or trade secret information of the Employer was used and which was developed entirely
on the Employee’s own time, unless (x) such invention relates to the past, actual or planned business or activities of the
Employer, including, without limitation, research and development or (y) such invention results in any way from any work performed
by the Employee for the Employer.

 

    3

     

    

 

11. CONFIDENTIAL
INFORMATION AND TRADE SECRETS

 

(i) All Confidential
Information shall be the sole property of Employer. Employee will not, during the period of his employment for any reason, disclose
to any person or entity or use or otherwise exploit for Employee’s own benefit or for the benefit of any other person or
entity any Confidential Information which is disclosed to Employee or which becomes known to Employee in the course of his employment
with Employer without the prior written consent of an officer of Employer except as may be necessary and appropriate in the ordinary
course of performing his duties to Employer during the period of his employment with Employer. For purposes of this Section 11(i),
“Confidential Information” shall mean any data or information belonging to Employer, other than Trade Secrets, that
is of value to Employer and is not generally known to competitors of Employer or to the public, and is maintained as confidential
by Employer, including but not limited to non-public information about Employer’s clients, executives, key contractors and
other contractors and information with respect to its products, designs, services, strategies, pricing, processes, procedures,
research, development, inventions, improvements, purchasing, accounting, engineering and marketing (including any discussions or
negotiations with any third parties). Notwithstanding the foregoing, no information will be deemed to be Confidential Information
unless such information is treated by Employer as confidential and shall not include any data or information of Employer that has
been voluntarily disclosed to the public by Employer (except where such public disclosure has been made without the authorization
of Employer), or that has been independently developed and disclosed by others, or that otherwise enters the public domain through
lawful means.

 

(ii) All Trade Secrets
shall be the sole property of Employer. Employee agrees that during his employment with Employer and forever after his termination,
Employee will keep in confidence and trust and will not use or disclose any Trade Secret or anything relating to any Trade Secret,
or deliver any Trade Secret, to any person or entity outside Employer without the prior written consent of the Board of Directors.
For purposes of this Section 11(ii), “Trade Secrets” shall mean any scientific, technical and non-technical data, information,
formula, pattern, compilation, program, device, method, technique, drawing, process, financial data, financial plan, product plan
or list of actual or potential customers or vendors and suppliers of Employer or any portion or part thereof, whether or not copyrightable
or patentable, that is of value to Employer and is not generally known to competitors of Employer or to the public, and whose confidentiality
is maintained, including unpatented and un-copyrighted information relating to Employer’s products, information concerning
proposed new products or services, market feasibility studies, proposed or existing marketing techniques or plans and customer
consumption data, usage or load data, and any other information that constitutes a trade secret as defined in the California Uniform
Trade Secrets Act that appears at Sections 3426-3426.11 of the California Civil Code, in each case to the extent that Employer,
as the context requires, derives economic value, actual or potential, from such information not being generally known to, and not
being readily ascertainable by proper means by, other persons or entities who can obtain economic value from its disclosure or
use.

 

12. NON-SOLICITATION
OF EMPLOYEES

 

During the term of
Employee’s employment and for one year thereafter, Employee will not cause or attempt to cause any employee of Employer to
cease working for Employer. However, this obligation shall not affect any responsibility Employee may have as an employee of Employer
with respect to the bona fide hiring and firing of Employer’s personnel.

 

13. NON-SOLICITATION
OF CUSTOMERS AND PROSPECTIVE CUSTOMERS

 

Employee will not,
during the period of his employment, directly or indirectly, solicit the business of any customer of Employer for the purpose of,
or with the intention of, selling or providing to such customer any product or service in competition with any product or service
sold or provided by Employer. For a period of one year after the termination of Employee’s employment, Employee will not,
directly or indirectly, use any of the Employer’s Trade Secrets in order to induce any of the Employer’s customers
to cease doing business with Employer or to induce them to become the customer of any other person or entity.

 

    4

     

    

 

14. TERMINATION

 

Employee’s employment
with Employer may be terminated as follows:

 

(a) Termination
Without Just Cause.

 

(i) Employer, in its
sole discretion, may terminate Employee’s employment hereunder for any reason without Just Cause (as defined below), at any
time, by notifying Employee in writing of its decision. Employee, in his sole discretion, may terminate his employment hereunder
at any time and for any reason.

 

(ii) If Employer terminates
Employee’s employment hereunder without Just Cause, or Employee has a Resignation for Good Reason (as defined below), Employer
shall: (1) continue to pay to Employee his Base Salary then in effect, subject to customary payroll practices and withholdings,
for three (3) months if Employee was employed by the Company for six (6) but not more than twelve (12) months as of the date of
termination or resignation, for six (6) months if Employee was employed by the Company more than twelve (12) months as of the date
of resignation or termination; (2) within 45 days of termination or resignation, pay to Employee 100% of the value of any earned
and accrued but unpaid bonus amounts that Employee is then eligible for in accordance with Section 5 hereof; (3) within 45 days
of termination or resignation, pay to Employee a lump sum equal to six (6) months (two quarters) of his bonus calculated based
on Employee’s bonus payout for the previous two quarters; (4) within 45 days of termination or resignation, pay to Employee
a lump sum equal to six (6) months of the COBRA premiums that Employee would have to pay to maintain medical, dental, and vision
insurance coverage for Employee, his spouse and his children, to the same extent, and on the same terms and conditions as he had
immediately prior to termination (regardless of any COBRA election actually made by Employee); (5) accelerate six (6) months of
vesting of any unvested options and other equity-based awards, unless Employee is terminated within the first year of employment
in which case he shall receive his one-year cliff vest, accelerated to the termination date; (6) upon termination or resignation,
pay to Employee the value of any accrued but unpaid vacation time; and (7) upon termination or resignation, pay to Employee any
unreimbursed business expenses and travel expenses that are reimbursable under this Agreement that have been incurred by Employee,
subject to the submission of any required documentation.

 

(b) Termination
With Just Cause.

 

(i) Employer may immediately
terminate Employee’s employment hereunder for Just Cause (as defined below) at any time upon delivery of written notice to
Employee.

 

(ii) For purposes of
this Agreement, the phrase “Just Cause” means: (A) Failure or refusal to carry out the lawful duties of Employee described
in Section 1 hereof or any reasonable directions of the CEO or Board of Directors of Employer made in good faith which failure
or refusal, if curable, is not cured within ten (10) business days after written notice thereof from the Employer; (B) The commission
by Employee of any act of gross negligence, fraud or dishonesty causing material harm to the Employer, or any entities in which
Employer owns a majority of the voting securities (collectively, the “Affiliates”); (C) The procurement by Employee
of personal gain or profit at the expense of the Employer or from any transaction in which the Employee has an interest which is
adverse to the interest of the Employer or any Affiliate, unless Employee shall have obtained the prior written consent of the
CEO or Board of Directors of the Employer; (D) Unauthorized use or disclosure of the confidential information or trade secrets
of the Employer, except as may be required by law (in which event Employee shall promptly provide the Employer with written notice
of such legal requirement which shall be advance written notice where practicable); (E) A material breach by Employee of this Agreement,
which breach is not cured within ten (10) business days’ written notice from the Employer; (F) Conviction of, or a plea of
“guilty” or “no contest” to, a felony under the laws of the United States or any state thereof; (G) Acts
of violence directed at any present, former or prospective employee, independent contractor, vendor, customer or business partner
of the Employer; (H) The sale, possession or use of illegal drugs on the premises of the Employer or a client of the Employer;
(I) Misappropriation of the assets of the Employer or other acts of dishonesty related to the business of the Employer and resulting
in a material adverse effect on the Employer; or (J) Employee, on behalf of himself or the Employer, violates or orders the violation
of any laws or governmental regulations applicable to the business of the Employer, resulting in a material adverse effect on the
Employer.

 

    5

     

    

 

(iii) For purposes of
this Agreement, the phrase “Resignation for Good Reason” means that Employee may terminate his employment hereunder
for Good Reason by providing 30 days prior written notice. For purposes of this Agreement, “Good Reason” means: (a)
a material reduction in the Employee’s Base Salary; (b) a material diminution in the Employee’s authority, duties,
responsibilities over which the Employee has responsibility; (c) a requirement that the Employee report to someone other than the
CEO; (d) the requirement by the Company that the Employee relocate his primary place of employment more than 20 miles from the
Palo Alto, California office; or (e) the Company’s material breach of this Agreement; provided that Good Reason based on
any of the above shall exist only if within 30 days of the condition first occurring, the Employee notifies the Company in writing
of the act or omission constituting Good Reason, and the Company fails to correct or cure the act or omission within 30 days after
receiving the Employee’s written notice.

 

(iv) If Employee’s
employment hereunder is terminated by Employer for Just Cause or Employee terminates his employment hereunder for any reason other
than a Resignation for Good Reason, Employer will be required to pay to Employee only that portion of his Base Salary, earned and
accrued but unpaid bonus amounts, accrued but unused vacation pay that has been earned through the date of termination, unreimbursed
business expenses and travel expenses that are reimbursable under this Agreement that have been incurred by Employee, subject to
the submission of any required documentation.

 

(c) Disability and
Death.

 

Employee’s employment
hereunder will be terminated immediately upon (i) Employee’s “Disability” for a period exceeding three (3) months
in any twelve (12) month period, or (ii) Employee’s death. For purposes of this Agreement, “Disability” means
Employee’s incapacity due to any physical or mental illness or injury, as determined by a licensed health care provider,
which renders Employee unable to perform the essential functions of his position, even with reasonable accommodation(s). Employee
warrants, represents and agrees that holding open his position for a period in excess of those provided in this paragraph would
not be a reasonable accommodation and would impose an undue hardship on Employer. If Employee’s employment is terminated
due to such Disability or death, Employer will be required to pay to Employee or Employee’s estate, as the case may be, unrelated
to any amounts that Employee may receive pursuant to any short-term and long-term disability plans or life insurance plans (as
applicable), only his Base Salary, the value of any earned and accrued but unpaid bonus amounts, accrued but unpaid vacation pay
earned through the date of termination, unreimbursed business expenses and travel expenses that are reimbursable under this Agreement
that have been incurred by Employee, subject to the submission of any required documentation, and to the extent required under
the terms of any benefit plan or this Agreement, the vested portion of any benefit under such plan. Employee or Employee’s
estate, as the case may be, will not by operation of this provision forfeit any rights in which Employee is vested at the time
of Employee’s Disability or death.

 

15. INJUNCTION

 

(i) Should Employee at
any time reveal, or threaten to reveal, any Confidential Information or Trade Secret of Employer, or in any way violate, or threaten
to violate, Paragraph 12 or 13 of this Agreement, Employer shall be entitled to an injunction restraining Employee from doing,
or continuing to do so, or performing any such acts; and Employee hereby consents to the issuance of such an injunction without
any requirement that Employer post a bond.

 

(ii) In the event that
a proceeding is brought in equity to enforce the provisions of this Paragraph, Employee shall not argue as a defense that there
is an adequate remedy at law, nor shall Employer be prevented from seeking any other remedies which may be available.

 

(iii) The existence of
any claim or cause of action by Employer against Employee, or by Employee against Employer, whether predicated upon this Agreement
or otherwise, shall not constitute a defense to the enforcement by Employer of the foregoing restrictive covenants but shall be
litigated separately.

 

16. ARBITRATION

 

(i) In the event that
there shall be a dispute among the parties arising out of or relating to this Agreement, or the breach thereof (a “Dispute”),
the parties agree that such Dispute shall be resolved by final and binding arbitration before a single arbitrator in Palo Alto,
California (or within 25 miles thereof), administered by the American Arbitration Association (the “AAA”), in accordance
with AAA’s Employment ADR Rules then in effect. The arbitrator’s decision shall be final and binding upon the parties,
and may be entered and enforced in any court of competent jurisdiction by either of the parties. The arbitrator shall have the
power to grant temporary, preliminary and permanent relief, including without limitation, injunctive relief and specific performance.

 

    6

     

    

  

(ii) The Company and
Employee shall each pay half of the direct costs and expenses of the arbitration, including arbitration and arbitrator fees. Except
as otherwise provided by statute, Employee and the Company are responsible for their respective attorneys’ fees incurred
in connection with enforcing this Agreement. Employee and the Company agree that, to the extent permitted by law, the arbitrator
may, in his or his discretion, award reasonable attorneys’ fees to the prevailing party.

  

17. SECTION 409A
COMPLIANCE

 

(i) This Agreement is
intended to comply with the requirements of Section 409A of the Code and regulations promulgated thereunder (“Section
409A”). To the extent that any provision in this Agreement is ambiguous as to its compliance with Section 409A, the provision
shall be read in such a manner so that no payments due under this Agreement shall be subject to an “additional tax”
as defined in Section 409A(a)(1)(B) of the Code. For purposes of Section 409A, each payment made under this Agreement shall be
treated as a separate payment. In no event may Employee, directly or indirectly, designate the calendar year of payment. Notwithstanding
anything contained herein to the contrary, Employee shall not be considered to have terminated employment with Employer unless
he would be considered to have incurred a “termination of employment” from Employer within the meaning of Treasury
Regulation §1.409A-1(h)(1)(ii).

 

(ii) Notwithstanding
the foregoing, if necessary to comply with the restriction in Section 409A(a)(2)(B) of the Internal Revenue Code of 1986, as amended
(the “Code”) concerning payments to “specified employees,” any payment on account of Employee’s separation
from service that would otherwise be due hereunder within six months after such separation shall nonetheless be delayed until the
first business day of the seventh month following Employee’s date of termination and the first such payment shall include
the cumulative amount of any payments that would have been paid prior to such date if not for such restriction, together with interest
on such cumulative amount during the period of such restriction at a rate, per annum, equal to the applicable federal short-term
rate (compounded monthly) in effect under Section 1274(d) of the Code on the date of termination. For purposes of Section 17 hereof,
Employee shall be a “specified employee” for the 12-month period beginning on the first day of the fourth month following
each “Identification Date” if he is a “key employee” (as defined in Section 416(i) of the Code without
regard to Section 416(i)(5) thereof) of Employer at any time during the 12-month period ending on the “Identification Date.”
For purposes of the foregoing, the Identification Date shall be December 31.”

 

(iii) All reimbursements
provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A, including, where applicable,
the requirement that (i) any reimbursement is for expenses incurred during Employee’s lifetime (or during a shorter period
of time specified in this Agreement), (ii) the amount of expenses eligible for reimbursement during a calendar year may not affect
the expenses eligible for reimbursement in any other calendar year, (iii) the reimbursement of an eligible expense will be made
on or before the last day of the calendar year following the year in which the expense is incurred, and (iv) the right to reimbursement
is not subject to liquidation or exchange for another benefit.

 

18. MISCELLANEOUS

 

If any provision of
this Agreement shall be declared, by a court of competent jurisdiction or arbitrator, to be invalid, illegal or incapable of being
enforced in whole or in part, the remaining conditions and provisions or portions thereof shall nevertheless remain in full force
and effect and enforceable to the extent they are valid, legal and enforceable, and no provision shall be deemed dependent upon
any covenant or provision so expressed herein.

 

The parties hereto
have made no agreements, representations or warranties relating to the subject matter of this Agreement which are not set forth
herein. The provisions of this Agreement may not be amended, supplemented, waived, or changed orally, but only in writing and signed
by Employee and a duly authorized officer of the Company.

 

    7

     

    

 

The rights, benefits,
duties and obligations under this Agreement shall inure to, and be binding upon, the Employer, its successors and assigns, and
upon the Employee and his legal representatives, heirs and legatees. This Agreement constitutes a personal service agreement, and
the performance of the Employee’s obligations hereunder may not be transferred or assigned by the Employee.

 

Employee agrees to
abide by Employer’s rules and regulations as detailed in the Employee Handbook and an Employment, Confidential Information,
Invention Assignment, and Arbitration Agreement, Code of Business Ethics, Electronic Access Policy, and Drug-Free Workplace Policy
Statement.

 

The failure of either
party to insist upon the strict performance of any of the terms, conditions and provisions of this Agreement shall not be construed
as a waiver or relinquishment of future compliance therewith, and said terms, conditions and provisions shall remain in full force
and effect. No waiver of any term or condition of this Agreement, on the part of either party, shall be effective for any purpose
whatsoever unless such waiver is in writing and signed by such party.

 

The validity, interpretation,
construction, and performance of this Agreement shall be governed by the laws of the State of California, without reference to
its conflict-of-law rules.

 

[SIGNATURE PAGE FOLLOWS]

 

    8

     

    

  

IN WITNESS WHEREOF, this
employment agreement is dated as of the date set forth above.

  

	 	EMPLOYER
	 	 
	 	INPIXON
	 	 
	 	By:	/s/ Nadir Ali
	 	 	Nadir Ali, CEO
	 	 
	 	EMPLOYEE
	 	 
	 	/s/ Tyler Hoffman
	 	Tyler Hoffman

 

 

9

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