Document:

Exhibit
10.27

 

AMENDMENT
1

 

INDEPENDENT
CONTRACTOR AGREEMENT

 

This
Amendment 1 to the Independent Contractor Agreement (the “Amended Agreement”) is effective as of December
28, 2015 (the “Effective Date”) by and between Richard L. Feinstein, CPA (“Feinstein”) and
Enzon Pharmaceuticals, Inc. (“Enzon”), pursuant to which Feinstein is continuing his engagement as Enzon’s
Vice President-Finance and Principal Financial Officer.

 

RECITALS

 

WHEREAS,
Enzon and Feinstein entered into an Independent Contractor Agreement effective as of December 13, 2013 (the “Agreement”),
pursuant to which Feinstein was appointed to serve as Enzon’s Vice President-Finance and Principal Financial Officer.

 

WHEREAS,
Enzon desires to continue to retain the services of Feinstein, and Feinstein desires to continue to provide such services
to Enzon, subject to the terms and conditions contained herein.

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements contained herein, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows:

 

1.         Paragraph
4 A of the Agreement shall be deleted in its entirety and amended as follows: “Feinstein shall be paid at the rate of $285
per hour for each hour worked by Feinstein in connection with the Services. Feinstein shall perform the Services at such times
and as requested by Enzon.

 

     

     

    

 

2.         All
other terms and conditions shall remain the same.

 

IN
WITNESS WHEREOF, the parties have executed this Amended Agreement as of December 16, 2015.

 

	 	 	Enzon Pharmaceuticals, Inc.
	 	 	 	 
	Dated:  December 16, 2015	 	By: 	/s/ Jennifer
    McNealey
	 	 	 	 
		 	Richard
    L. Feinstein
	 	 	 
	Dated:  December 16, 2015	 	/s/
    Richard L. Feinstein

 

    	 	2Exhibit 10.28

 

AGREEMENT

 

THIS
AGREEMENT (this “Agreement”), made as of the 29th day of December, 2015 by and among KINGSBRIDGE 2005,
LLC, a New Jersey limited liability company, having an office c/o Hampshire Real Estate 15 Maple Avenue, Morristown, New Jersey
07960 (hereinafter “Landlord”), and ENZON PHARMACEUTICALS, INC. f/k/a Enzon, Inc a Delaware corporation with offices
20 Kingsbridge Rd Piscataway NJ 08854 (hereinafter “Tenant”) AXCELLERATE PHARMA, LLC, a Delaware limited liability
company, having an office 20 Kingsbridge Rd, Piscataway NJ 08854 (hereinafter “Subtenant”).

 

WITNESSETH:

 

WHEREAS,
by Lease Agreement dated April 1, 1995 (the “Original Lease”), between BDG Kingsbridge L.L.C., predecessor-in-interest
to Landlord, and Enzon Pharmaceuticals,., f/k/a
Enzon, Inc., a Delaware corporation, as amended by that certain First Amendment to Lease dated as of November 15, 2001 (the “First
Amendment”), and as further amended by that certain Consent to Sublease and Amendment to Lease dated November 14, 2013 by
and among Landlord, Tenant and Subtenant (the “Consent”, together with the Original Lease and the First Amendment,
the “Lease”), Landlord did demise and let unto Tenant and Tenant did hire and take from Landlord that certain building
(the “Building”) and property located at 20 Kingsbridge Road, Piscataway, New Jersey (the “Premises”),
as more fully described in the Lease; and

 

WHEREAS,
Tenant and Subtenant entered into that certain Amended and Restated Agreement of Sublease dated November 13,2013 (the “Sublease”),
whereby Tenant did sublease and sublet to Subtenant a portion of the Premises (the “Sublease Premises”), as more fully
described in the Sublease; and

 

WHEREAS,
the term of the Lease is set to expire on July 31, 2021; and

 

WHEREAS,
Tenant desires to surrender the Premises and to terminate its obligations under the Lease prior to the aforesaid expiration date
and Landlord is willing to agree to an early termination of Tenant’s obligations under the Lease, to accept the surrender
of the Premises from Tenant, and to accept the Sublease as a direct lease between Subtenant and Landlord, all upon the terms and
conditions hereinafter set forth.

 

NOW,
THEREFORE, in consideration of the mutual covenants herein contained and for other good and valuable consideration, the mutual
receipt and legal sufficiency of which is
hereby acknowledged, Landlord Subtenant and Tenant agree as follows:

 

1.             Subject
to the provisions of this Agreement and notwithstanding anything to the contrary set forth in the Lease or in any other agreement,
(a) all of Tenant’s right, title and interest and all of Tenant’s obligations under and benefits set forth in, the
Lease will terminate as of the later to occur of (i) December 30, 2015, or (ii) the date of receipt of the Fee Mortgagee Consent
(as defined herein) (the “Termination Date”) with the same force and effect as if such date were the date originally
set forth in the Lease as the expiration date, and (b) effective on the Termination Date, Tenant shall surrender to Landlord all
of its right, title and interest in and to the Premises and the Lease, the Sublease shall be a direct lease between Landlord and
Subtenant, and Tenant’s liability under the Lease shall be wholly extinguished.

 

     

     

    

 

3.             Landlord,
Tenant and Subtenant, acknowledge and agree that from and after the Termination Date, the Sublease shall be deemed a direct lease
between Landlord and Subtenant. Landlord and subtenant Tenant
agree to negotiate in good faith, to execute a direct Lease under substantially the same terms and conditions of the Sublease
with the goal to execute the new Lease within 30 days from the date hereof.

 

4.             The
parties hereto acknowledge and agree that this Agreement is subject to the consent of the Landlord’s mortgage lender (the
“Fee Mortgagee”). Landlord agrees, at Landlord’s cost and expense, to promptly request the issuance of such
Fee Mortgagee’s consent and to act in good faith and to diligently seek to obtain such
consent. In furtherance of obtaining such consent, the parties agree to submit such forms, provide such information and
take such other actions as may be reasonably requested by the Fee Mortgagee, to the extent that such forms, information and actions
are in the possession of or can reasonably be performed by such party; provided however, Tenant and Subtenant shall have no obligation
to incur additional expenses or to agree to adverse terms. In the event Fee Mortgagee fails or refuses to issue its written consent
to provisions set forth in this Agreement (the “Fee Mortgagee Consent”) on or before December30, 2016, Tenant shall
have the right to terminate this Agreement by notice to Landlord and to Tenant and, upon receipt of such termination notice, all
payments, if any, paid to Landlord on account of this Agreement, shall be returned to Tenant and this Agreement shall be deemed
void ab initio and no party shall have any further rights or obligations hereunder. Upon receipt of the Fee Mortgagee Consent,
this Section 6 shall be deemed void and without further force or effect.

 

5.             Landlord
and Subtenant, each represent and warrant to the other parties hereto that such representing party has the legal power, right
and authority to enter into this Agreement and to consummate the transactions contemplated hereby; and all requisite corporate
action has been taken in connection with each such party’s entering into this Agreement and the instruments referenced herein,
and to consummate the transactions contemplated hereby. Landlord represents that, other than the Fee Mortgagee Consent, no further
consents or approvals are necessary, required or proper for its entering into this Agreement, including, without limitation, the
approval or consent of any other mortgagee or any ground landlord.

 

10.             This
Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof, and there are no verbal
or collateral understandings, agreements, representations or warranties not expressly set forth in this Agreement. This Agreement
may not be modified, amended or terminated nor any of its provisions waived except by an agreement in writing signed by the party
against whom enforcement of any modification, amendment or waiver is sought.

 

11.             
This Agreement shall be governed by the laws of the State of New Jersey.
The covenants, agreements, terms, provisions and conditions contained in this Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns.

 

    	 	-2-	 

     

    

 

12.             Notwithstanding
any provision contained in this Agreement or the Lease or
the Sublease to the contrary, this Agreement shall only become effective after the execution and delivery of this
Agreement by Landlord, Tenant and Subtenant,
and after receipt of the
Fee Mortgagee Consent.

 

13.             This
Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which taken together
shall constitute one instrument. The parties hereto agree to accept a digital image (received by facsimile, PDF or other electronic
means) of this Agreement, as fully executed, as a true and correct original and admissible as best evidence to the extent permitted
by a court with proper jurisdiction.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	 	-3-	 

     

    

 

IN WITNESS WHEREOF, Landlord and Tenant have duly executed
this Surrender and Release Agreement as of the day and year first above written.

 

	LANDLORD:	 	TENANT:
	 	 	 
	KINGSBRIDGE 2005, LLC	 	ENZON PHARMACEUTICALS, INC.
	 	 	 	 
	Shelbourne Jersey Portfolio 2,	 	By:	/s/ George W. Hebard III
	Limited Liability Company	 	 	Name: George W. Hebard III
	Shelbourne HPVI Management Group, 	 	 	Title: Interim Principal Executive Officer
	LLC, its Managing Member	 	 	 
	By: 	HPFVI Shelbourne LLC, 	 	 	 
	 	its Managing Member	 	 	 
	By: 	Hampshire Partners Fund VI, L.P., 	 	 	 
	 	its Sole Member	 	 	 
	By: 	Hampshire Partners LLC, its General Partner	 	 	 
	 	 	 	 	 
	By:	/s/ Norman A. Feinstein	 	 	 
	 	Name: Norman A. Feinstein	 	 	 
	 	Title: Vice Chairman	 	 	 

 

	SUBTENANT:	 
	 	 
	AXCELLERATE
    PHARMA, LLC	 
	 	 	 
	By:	/s/
    Dilip Mehta	 
	 	Name:
    	Dilip
    Mehta	 
	 	Title:  Co-Founder & CEO	 

 

    	 	-4-

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