Document:

EXHIBIT 10(m)

          THIS WARRANT AND THE  SECURITIES  ISSUABLE UPON THE EXERCISE
          HEREOF HAVE NOT BEEN REGISTERED  UNDER THE SECURITIES ACT OF
          1933.  THEY  MAY NOT BE SOLD,  OFFERED  FOR  SALE,  PLEDGED,
          HYPOTHECATED, OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN
          EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF
          1933, OR AN OPINION OF COUNSEL  SATISFACTORY  TO THE COMPANY
          THAT  REGISTRATION  IS NOT REQUIRED UNDER SUCH ACT OR UNLESS
          SOLD PURSUANT TO RULE 144 UNDER SUCH ACT.

No.

                        WARRANT TO PURCHASE COMMON STOCK
                                       of
                               PHARMOS CORPORATION

                          Void after ____________, 200_

     This  Warrant is issued to SmallCaps  Online  Group LLC, or its  registered
assigns ("Holder") by Pharmos Corporation, a Nevada corporation (the "Company"),
on _________________, (the "Warrant Issue Date").

     1. Purchase  Shares.  Subject to the terms and conditions  hereinafter  set
forth,  the Holder is entitled,  upon surrender of this Warrant at the principal
office of the Company (or at such other  place as the Company  shall  notify the
holder  hereof in  writing),  to purchase  from the Company up to four  thousand
(4,000) fully paid and nonassessable  shares of Common Stock of the Company,  as
constituted on the Warrant Issue Date (the "Common Stock"). The number of shares
of Common  Stock  issuable  pursuant to this Section 1 (the  "Shares")  shall be
subject to adjustment pursuant to Section 8 hereof.

     2. Exercise Price.  The purchase price for the Shares shall be $1.1875,  as
adjusted from time to time pursuant to Section 8 hereof (the "Exercise Price").

     3. Exercise Period. This Warrant shall be exercisable, in whole or in part,
during the term  commencing on the Warrant Issue Date and ending at 5:00 p.m. on
_____________, 200_.

     4.  Method  of  Exercise.   While  this  Warrant  remains  outstanding  and
exercisable  in accordance  with Section 3 above,  the Holder may  exercise,  in
whole or in part, the purchase rights evidenced  hereby.  Such exercise shall be
effected by:

<PAGE>

          (a) the  surrender of the Warrant,  together with a duly executed copy
     of the form of Notice of Election  attached hereto, to the Secretary of the
     Company at its principal offices; and

          (b) the  payment to the  Company of an amount  equal to the  aggregate
     Exercise Price for the number of Shares being purchased.

     5. Net Exercise.  In lieu of exercising this Warrant pursuant to Section 4,
the  Holder  may elect to  receive,  without  the  payment  by the Holder of any
additional  consideration,  shares  of Common  Stock  equal to the value of this
Warrant (or the portion  thereof being canceled) by surrender of this Warrant at
the principal  office of the Company  together with notice of such election,  in
which event the Company  shall issue to the holder  hereof a number of shares of
Common Stock computed using the following formula:

                        Y (A - B)
                        ---------
                    X =        A

     Where:    X =  The  number of  shares  of Common  Stock to be issued to the
                    Holder pursuant to this net exercise;

               Y =  The  number  of  Shares  in  respect  of which the net issue
                    election is made;

               A =  The fair  market  value of one share of the Common  Stock at
                    the time the net issue election is made;

               B =  The  Exercise  Price  (as  adjusted  to the  date of the net
                    issuance).

For  purposes of this  Section 5, the fair  market  value of one share of Common
Stock as of a particular date shall be determined as follows: (i) if traded on a
securities  exchange or through the Nasdaq National  Market,  the value shall be
deemed  to be the  average  of the  closing  prices  of the  securities  on such
exchange  over the thirty (30) day period ending three (3) days prior to the net
exercise election; (ii) if traded over-the-counter, the value shall be deemed to
be the average of the closing bid or sale prices  (whichever is applicable) over
the thirty (30) day period ending three (3) days prior to the net exercise;  and
(iii) if there is no active  public  market,  the value shall be the fair market
value  thereof,  as  determined  in good faith by the Board of  Directors of the
Company.

     6.  Certificates  for  Shares.  Upon the  exercise of the  purchase  rights
evidenced by this Warrant,  one or more certificates for the number of Shares so
purchased shall be issued as soon as practicable  thereafter  (with  appropriate
restrictive legends, if applicable), and in any event within thirty (30) days of
the delivery of the subscription notice.

     7. Issuance of Shares.  The Company covenants that the Shares,  when issued
pursuant to the exercise of this Warrant, will be duly and validly issued, fully
paid and nonassessable and free from all taxes,  liens, and charges with respect
to the issuance thereof.

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<PAGE>

     8.  Adjustment  of Exercise  Price and Number of Shares.  The number of and
kind of  securities  purchasable  upon exercise of this Warrant and the Exercise
Price shall be subject to adjustment from time to time as follows:

          (a)  Subdivisions,  Combinations and Other  Issuances.  If the Company
     shall at any time prior to the  expiration  of this Warrant  subdivide  its
     Common  Stock,  by split-up or otherwise,  or combine its Common Stock,  or
     issue  additional  shares of its Common Stock as a dividend with respect to
     any  shares of its  Common  Stock,  the  number of Shares  issuable  on the
     exercise of this Warrant shall  forthwith be  proportionately  increased in
     the case of a subdivision or stock dividend,  or proportionately  decreased
     in the case of a combination. Appropriate adjustments shall also be made to
     the purchase  price  payable per share,  but the aggregate  purchase  price
     payable for the total number of Shares  purchasable  under this Warrant (as
     adjusted)  shall remain the same.  Any  adjustment  under this Section 8(a)
     shall become effective at the close of business on the date the subdivision
     or  combination  becomes  effective,  or as of  the  record  date  of  such
     dividend,  or in the event that no record date is fixed, upon the making of
     such dividend.

          (b) Reclassification, Reorganization and Consolidation. In case of any
     reclassification,  capital reorganization, or change in the Common Stock of
     the Company (other than as a result of a subdivision, combination, or stock
     dividend provided for in Section 8(a) above),  then, as a condition of such
     reclassification,  reorganization,  or change,  lawful  provision  shall be
     made, and duly executed  documents  evidencing the same from the Company or
     its  successor  shall be delivered to the Holder,  so that the Holder shall
     have the  right at any time  prior to the  expiration  of this  Warrant  to
     purchase,  at a total price equal to that payable upon the exercise of this
     Warrant,  the kind and amount of shares of stock and other  securities  and
     property    receivable   in   connection   with   such    reclassification,
     reorganization,  or  change  by a holder  of the same  number  of shares of
     Common Stock as were  purchasable by the Holder  immediately  prior to such
     reclassification,  reorganization,  or change. In any such case appropriate
     provisions  shall be made with  respect to the rights and  interest  of the
     Holder so that the provisions  hereof shall  thereafter be applicable  with
     respect to any shares of stock or other securities and property deliverable
     upon exercise  hereof,  and  appropriate  adjustments  shall be made to the
     purchase price per share payable hereunder, provided the aggregate purchase
     price shall remain the same.

          (c) Notice of  Adjustment.  When any adjustment is required to be made
     in the number or kind of shares  purchasable  upon exercise of the Warrant,
     or in the Warrant Price,  the Company shall  promptly  notify the holder of
     such event and of the number of shares of Common Stock or other  securities
     or property thereafter purchasable upon exercise of this Warrant.

     9.  No  Fractional   Shares  or  Scrip.  No  fractional   shares  or  scrip
representing  fractional  shares  shall  be  issued  upon the  exercise  of this
Warrant,  but in lieu of such  fractional  shares the Company  shall make a cash
payment therefor on the basis of the Exercise Price then in effect.

                                       3
<PAGE>

     10. No Stockholder  Rights.  Prior to exercise of this Warrant,  the Holder
shall not be entitled to any rights of a stockholder with respect to the Shares,
including (without limitation) the right to vote such Shares,  receive dividends
or other  distributions  thereon,  exercise  preemptive rights or be notified of
stockholder  meetings,  and such  holder  shall not be entitled to any notice or
other communication concerning the business or affairs of the Company.  However,
nothing in this  Section 10 shall  limit the right of the Holder to be  provided
the Notices required under this Warrant.

     11. Transfers of Warrant. Subject to compliance with applicable federal and
state securities laws, this Warrant and all rights hereunder are transferable in
whole or in part by the Holder to any person or entity  upon  written  notice to
the Company. The transfer shall be recorded on the books of the Company upon the
surrender of this Warrant,  properly  endorsed,  to the Company at its principal
offices,  and the  payment  to the  Company  of all  transfer  taxes  and  other
governmental  charges  imposed  on such  transfer.  In the  event  of a  partial
transfer,  the Company  shall issue to the holders one or more  appropriate  new
warrants.

     12.  Successors  and Assigns.  The terms and provisions of this Warrant and
the Purchase  Agreement  shall inure to the benefit of, and be binding upon, the
Company and the Holder hereof and their respective successors and assigns.

     13. Amendments and Waivers. Any term of this Warrant may be amended and the
observance of any term of this Warrant may be waived  (either  generally or in a
particular instance and either retroactively or prospectively), with the written
consent of the Company and the Holder.

     14.  Assumption  of Warrant.  If at any time,  while this  Warrant,  or any
portion thereof,  is outstanding and unexpired there shall be (i) an acquisition
of the Company by another entity by means of a merger,  consolidation,  or other
transaction or series of related  transactions  resulting in the exchange of the
outstanding  shares of the Company's Capital Stock such that stockholders of the
Company prior to such transaction own, directly or indirectly,  less than 50% of
the voting power of the surviving  entity,  or (ii) a sale or transfer of all or
substantially  all of the Company's assets to any other person,  then, as a part
of such  acquisition,  sale or transfer,  lawful provision shall be made so that
the Holder  shall  thereafter  be  entitled  to receive  upon  exercise  of this
Warrant,  during the period  specified  herein and upon  payment of the Exercise
Price  then in  effect,  the  number of shares of stock or other  securities  or
property of the successor corporation  resulting from such acquisition,  sale or
transfer which a holder of the shares  deliverable upon exercise of this Warrant
would have been  entitled  to receive in such  acquisition,  sale or transfer if
this Warrant had been exercised  immediately  before such  acquisition,  sale or
transfer, all subject to further adjustment as provided in this Section 14; and,
in any such case,  appropriate  adjustment (as determined by the Company's Board
of Directors)  shall be made in the  application  of the  provisions  herein set
forth with respect to the rights and  interests  thereafter of the Holder to the
end that the provisions set forth herein  (including  provisions with respect to
changes in and other  adjustments  of the number of Warrant Shares of the Holder
is entitled to purchase) shall thereafter by applicable,  as nearly as possible,
in relation to any shares of

                                       4
<PAGE>

Common Stock or other securities or other property  thereafter  deliverable upon
the exercise of this Warrant.

     15. Notices. All notices required under this Warrant and shall be deemed to
have been given or made for all purposes (i) upon personal  delivery,  (ii) upon
confirmation  receipt  that  the  communication  was  successfully  sent  to the
applicable  number if sent by  facsimile;  (iii) one day after being sent,  when
sent by professional  overnight courier service, or (iv) five days after posting
when sent by registered or certified mail.  Notices to the Company shall be sent
to the  principal  office of the  Company (or at such other place as the Company
shall notify the Holder hereof in writing).  Notices to the Holder shall be sent
to the address of the Holder on the books of the Company (or at such other place
as the Holder shall notify the Company hereof in writing).

     16. Attorneys' Fees. If any action of law or equity is necessary to enforce
or interpret the terms of this Warrant,  the prevailing  party shall be entitled
to its reasonable  attorneys' fees,  costs and  disbursements in addition to any
other relief to which it may be entitled.

     17.  Captions.  The section  and  subsection  headings of this  Warrant are
inserted for convenience only and shall not constitute a part of this Warrant in
construing or interpreting any provision hereof.

     18.  Governing Law. This Warrant shall be governed by the laws of the State
of New York as applied to  agreements  among New York  residents  made and to be
performed entirely within the State of New York.

     IN WITNESS  WHEREOF,  Pharmos  Corporation  has caused  this  Warrant to be
executed by an officer thereunto duly authorized.

                                        ----------------------------
                                        Robert W. Cook
                                        Vice President Finance &
                                        Chief Financial Officer

                                       5
<PAGE>

                               NOTICE OF EXERCISE

To:  PHARMOS CORPORATION

     The undersigned hereby elects to [check applicable subsection]:

________  (a)  Purchase    _________________   shares   of   Common   Stock   of
               _________________,  pursuant to the terms of the attached Warrant
               and payment of the Exercise  Price per share  required under such
               Warrant accompanies this notice;

          OR

________  (b)  Exercise the attached  Warrant for [all of the shares]  [________
               of the shares] [cross out inapplicable  phrase] purchasable under
               the Warrant pursuant to the net exercise  provisions of Section 5
               of such Warrant.

     The  undersigned  hereby  represents  and warrants that the  undersigned is
acquiring such shares for its own account for investment  purposes only, and not
for resale or with a view to distribution of such shares or any part thereof.

                                        WARRANTHOLDER:

                                        ----------------------------------------

                                        By:
                                             -----------------------------------
                                             [NAME]

                              Address:
                                        ----------------------------------------
Date:
     -------------------------------

Name in which shares should be registered:

------------------------------------EMPLOYMENT AGREEMENT

     Employment  Agreement dated as of August 10, 2000,  between Enzon,  Inc., a
Delaware Corporation (the "Company"),  having an address at 20 Kingsbridge Road,
Piscataway, New Jersey 08854, and Peter Tombros ("Executive"), having an address
at 159 Lambert Road, New Canaan, CT 06840.

                                   WITNESSETH:

     WHEREAS,  the Company is a biopharmaceutical  company engaged in developing
advanced therapeutics for life threatening diseases; and

     WHEREAS,   Executive  has  extensive   experience  as  an  executive  of  a
pharmaceutical company and a biopharmaceutical company; and

     WHEREAS,  the Company  desires to continue the  employment of the Executive
and  the  Executive  desires  to  continue  such  employment  on the  terms  and
conditions hereinafter set forth.

     NOW,  THEREFORE,  in  consideration  of the  employment of Executive by the
Company, the above premises and the mutual agreements hereinafter set forth, the
parties hereto agree as follows:

     1.   Duties.

     (a) The Company  employs the Executive as its President and Chief Executive
Officer  and  Executive  accepts  such  employment  subject  to  the  terms  and
conditions  hereof.  As President and Chief Executive  Officer,  Executive shall
have the  authority  and duty  generally to supervise and direct the business of
the  Company,  subject to the control of the Board of  Directors  of the Company
(the "Board") and of any duly authorized Committees of the Board.

     (b)  Executive  agrees as President and Chief  Executive  Officer to devote
substantially  all of his time, during regular business hours, to the affairs of
the Company

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<PAGE>

and shall at all times act with due regard to the best interests of the Company.
It is understood  and agreed that  Executive  may undertake  civic or charitable
responsibilities on a part time basis, provided that such responsibilities don't
cause Executive to violate the provisions of this Section 1(b). It is understood
and agreed that  Executive  may  continue to serve on the board of  directors of
Alpharma Inc. and NPS Pharmaceuticals  Inc. and subject to the prior approval of
the Board (which approval will not be unreasonably withheld), Executive may join
and serve on the board of directors of other companies.

     2.   Noncompetition and Confidentiality.

     (a) The  "Noncompete  Period" shall be (i) the term of this  Agreement and,
(ii)  (A)  the  two  (2)  year  period  immediately   following  termination  of
Executive's  full-time  employment as President and Chief Executive Officer with
the Company in the event Executive voluntarily terminates his employment,  other
than  pursuant to Section  4(b)(i) or Section  4(b)(vi)  hereof,  or the Company
terminates  Executive's  employment  pursuant to Section 4(b)(ii) hereof, or (B)
(x) any period of time during which the Executive  receives base salary payments
from the  Company  pursuant  to  Section  3(d)  hereof in the event  Executive's
full-time  employment  with the  Company as its  President  and Chief  Executive
Officer is  terminated  for any reason  which would  entitle  Executive  to base
salary  payments  under  Section  3(d) hereof plus (y) any period of time during
which Executive receives  consulting payments pursuant to Section 3(n) hereof in
the event  Executive's  full-time  employment as President  and Chief  Executive
Officer  with the  Company is  terminated  for any reason  which  would  entitle
Executive to  consulting  payments  under Section  3(n).  During the  Noncompete
Period,  Executive  will not  directly,  or  indirectly,  whether as an officer,
director,  stockholder,  partner, proprietor,  associate,  employee, consultant,
representative or otherwise,  become, or be interested in or associated with any
other person,

                                      E-2
<PAGE>

corporation, firm, partnership or entity, engaged to a significant degree in (x)
developing,  marketing or selling enzymes,  protein-based  biopharmaceuticals or
other  pharmaceuticals  that are modified using polyethylene glycol ("PEG"), (y)
developing,  marketing or selling single-chain  antigen-binding  proteins or (z)
any  technology or area of business in which the Company  becomes  involved to a
significant  degree  during  the term of this  Agreement.  For  purposes  of the
preceding sentence to determine whether any entity is engaged in such activities
to a "significant degree" comparison will be made to the Company's operations at
that time. In other words, an entity will be deemed to be engaged in an activity
to a  significant  degree if the  number  of  employees  and/or  amount of funds
devoted by such  entity to such  activity  would be  material  to the  Company's
operations  at that time.  Notwithstanding  anything to the  contrary  contained
herein,  Executive  shall be  entitled to work with or for (i) an entity that is
developing, marketing or manufacturing monoclonal antibodies, (ii) a licensee of
the Company if the only  activities  conducted  by such  licensee  that would be
covered by the restrictions in this Section 2(b) are conducted  pursuant to, and
covered  by, the  license  granted by the  Company  and (iii) an entity  that is
engaged in a research  project that would be covered by the restrictions in this
Section  2(b) if such  research  project  is not  material  to such  entity  and
Executive would have no direct involvement in such research project; provided in
the case of employment  covered by clauses (ii) and (iii)  Executive  shall have
provided the Board with a detailed  description  of the proposed  employment and
obtained  the  written   consent  of  the  Board  (which  consent  will  not  be
unreasonably  withheld)  prior to commencing any such  employment.  Executive is
hereby prohibited from ever using any of the Company's  proprietary  information
or trade  secrets to conduct any  business,  except for the  Company's  business
while  Executive  is employed by the Company as provided in Section 2(b) hereof.
The provision contained in the preceding sentence

                                      E-3
<PAGE>

shall survive the  termination of Executive's  employment  pursuant to Section 4
hereof or otherwise.  In the event  Executive  breaches any of the covenants set
forth in this Section 2(a), the running of the period of  restriction  set forth
herein  shall  recommence  upon  Executive's  compliance  with the terms of this
Section 2(a).

     (b) Executive  recognizes and acknowledges that information relating to the
Company's  business,  including,  but not  limited to,  information  relating to
patent applications filed or to be filed by the Company,  trade secrets relating
to the Company's products or services, and information relating to the Company's
research and development activities,  shall be and remain the sole and exclusive
property  of the Company  and is a  valuable,  special  and unique  asset of the
Company's  business.  The  Executive  will not,  during or after the term of his
employment  by the  Company,  disclose  any  such  information  to  any  person,
corporation,  firm,  partnership  or  other  entity;  provided,  however,  that,
notwithstanding  the foregoing,  during the term of Executive's  employment with
the Company,  Executive may make such  disclosure  if such  disclosure is in the
Company's best interests,  is made in order to promote and enhance the Company's
business, and sufficient arrangements are made with the person or entity to whom
such disclosure is made to ensure the  confidentiality  of such disclosure.  The
provisions of this Section 2(b) shall  survive the  termination  of  Executive's
employment pursuant to Section 4 hereof or otherwise.

     (c) Executive  agrees that the covenants and  agreements  contained in this
Section 2 are the  essence of this  Agreement;  that each of such  covenants  is
reasonable  and  necessary  to protect and  preserve  the  Company's  interests,
properties and business;  that  irreparable  loss and damage will be suffered by
the Company should Executive  breach any of such covenants and agreements;  that
given the unique nature of the Company's business such

                                      E-4
<PAGE>

loss and damage would be suffered by the Company regardless of where a breach of
such covenants and agreements occur,  thus, making the absence of a geographical
limitation  reasonable;  that each of such covenants and agreements is separate,
distinct and severable not only from the other of such  covenants and agreements
but also from the other and  remaining  provisions of this  Agreement;  that the
unenforceability  or breach of any such  covenant or agreement  shall not affect
the validity or  enforceability  of any other such  covenant or agreement or any
other  provision  of this  Agreement;  and that,  in addition to other  remedies
available to it, the Company  shall be entitled to both  temporary and permanent
injunctions  and any other rights or remedies it may have,  at law or in equity,
to prevent a breach or contemplated breach by Executive of any such covenants or
agreements. Notwithstanding anything herein to the contrary, if a period of time
or other  restriction  specified  in this Section 2 should be  determined  to be
unreasonable  in a  judicial  proceeding,  then  the  period  of time  or  other
restriction  shall be revised so that the covenants  contained in this Section 2
may be enforced  during such  period of time and in  accordance  with such other
restrictions as may be determined to be reasonable.

     (d)  Executive  agrees to assign and does hereby  assign to the Company all
tangible and intangible  property,  including,  but not limited to,  inventions,
developments or discoveries conceived, made or discovered by Executive solely or
in collaboration with others during the term of Executive's full-time employment
as President and Chief Executive  Officer with the Company,  which relate in any
manner to the Company's business.

     3.   Compensation and Other Benefits.

     For all services rendered by Executive and all covenants  undertaken by him
pursuant to this  Agreement,  the Company shall pay, and Executive shall accept,
the compensation set forth in this Section 3.

                                      E-5
<PAGE>

     (a)  Executive  shall  receive  an  annual  base  salary  of Three  Hundred
Sixty-Seven  Thousand  Five  Hundred  Dollars  ($367,500.00)  during the term of
Executive's  full-time employment hereunder as the Company's President and Chief
Executive  Officer,  payable in  accordance  with the Company's  normal  payroll
practices  for its senior  management.  The  Company  may,  at any time,  in the
discretion of the Board, increase, but not decrease,  Executive's base salary in
response to increases in the cost of living or based upon merit as a result of a
positive  review of  Executive's  performance by the Board.  Executive  shall be
entitled to begin receiving his salary hereunder on the Effective Date.

     (b) For so long as  Executive  is  employed  by the  Company on a full-time
basis as its President and Chief Executive Officer,  Executive shall be entitled
to  participate  in the Senior  Management  Performance  Incentive  Program,  as
approved by the Board or Compensation  Committee and any other incentive program
hereafter  established  and available to executive  officers of the Company (the
"Program").  There  shall be no  guarantee  that any payment or grant of options
shall be made under the  Program,  and a payment or grant of options in one year
does not imply that a similar payment or grant, or any payment or grant, will be
made in subsequent years.

     (c) In addition to any options  which may be granted to Executive  pursuant
to Section 3(b)  hereof,  Executive  is hereby  granted,  as of the date of this
Agreement,  options to purchase an aggregate of 100,000  shares of the Company's
common  stock,   $.01  par  value  (the  "Common  Stock")  under  the  Company's
Non-Qualified  Stock Option Plan, as amended (the  "Non-Qualified  Plan") at the
per share  exercise  price equal to the closing price of the Common Stock on the
date of grant. Such options shall vest and become exercisable as to such 100,000
shares of Common Stock on June 30, 2003, if, except as otherwise provided in

                                      E-6
<PAGE>

Section  3(d),  Executive  shall then be  employed by the Company on a full-time
basis as its President and Chief Executive Officer; provided, however, that such
options  immediately shall vest and become exercisable when the closing price of
a share of the Company's Common Stock is at least one hundred dollars  ($100.00)
as reported on the NASDAQ National  Market for at least twenty (20)  consecutive
trading  days,  provided  that,  except as otherwise  provided in Section  3(d),
Executive is then employed by the Company on a full-time  basis as its President
and Chief Executive Officer (the "Accelerated Vesting Schedule").  In all cases,
if  such  options  vest  and  become  exercisable,  such  options  shall  remain
exercisable  until the  close of  business  on  August 9, 2010 (the  "Expiration
Date").  Such  options  shall be  represented  by a  Non-Qualified  Stock Option
Certificate (the "Option Certificate") in the form attached hereto as Exhibit A.
The price of the  Company's  Common Stock that triggers  accelerated  vesting of
such  options  shall be adjusted for stock  splits,  stock  dividends  and other
similar recapitalization events.

     (d) In the event the Company terminates Executive's full-time employment as
the Company's President and Chief Executive Officer for any reason,  except "For
Cause" pursuant to Section  4(b)(ii) hereof or due to Executive's  Disability or
Death  pursuant  to Sections  4(b)(iii)  or 4(b)(iv)  hereof,  respectively,  or
Executive  terminates  his full-time  employment as the Company's  President and
Chief Executive  Officer pursuant to Sections 4(b)(i) or 4(b)(vi) hereof,  prior
to the second anniversary of the Effective Date (the "Second Anniversary Date"),
Executive  shall receive  either (A) the remainder of his base salary  hereunder
payable  through the Second  Anniversary  Date or (B) his base salary  hereunder
payable for one year immediately following such termination,  whichever shall be
greater. In the event the Company terminates Executive's full-time employment as
the Company's President and Chief Executive Officer for any reason,  except "For
Cause" pursuant to Section 4(b)(ii) hereof or due

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<PAGE>

to Executive's  Disability or Death  pursuant to Sections  4(b)(iii) or 4(b)(iv)
hereof,  respectively,  or Executive  terminates his full-time employment as the
Company's  President and Chief Executive Officer pursuant to Sections 4(b)(i) or
4(b)(vi)  hereof,  subsequent to the Second  Anniversary  Date,  Executive shall
receive his base salary  hereunder  payable for one year  immediately  following
such termination or until Executive  becomes  otherwise  employed on a full-time
basis, whichever is sooner. In the event the Executive's full-time employment as
the  Company's  President  and Chief  Executive  Officer is  terminated  for any
reason,  except for  Employee's  voluntary  resignation,  other than pursuant to
Sections 4(b)(i) or 4(b)(vi) hereof, or pursuant to Section  4(b)(ii),  (iii) or
(iv)  hereof,  if the  options  granted  pursuant  to  Section  3(c)  hereof are
exercisable at the time of such termination (the "Vested Options"),  such Vested
Options shall remain  exercisable until the Expiration Date set forth in Section
3(c) hereof or if the options  granted  pursuant to Section  3(c) hereof are not
exercisable  at the time of such  termination  (the  "Non-Vested  Options") such
Non-Vested  Options shall become  exercisable in accordance with the Accelerated
Vesting Schedule provisions of Section 3(c) or in accordance with the provisions
for Change in  Control  events set forth in  Section  3(g)  hereof,  in the same
manner as if the Executive's full-time employment as the Company's President and
Chief  Executive  Officer had not been  terminated.  In the event the Non-Vested
Options  become  exercisable  in accordance  with the preceding  sentence,  such
options will remain  exercisable  until the Expiration Date set forth in Section
3(c);  provided that the Non-Vested  Options will terminate and be of no further
force  and  effect  if such  options  have not  vested  in  accordance  with the
Accelerated Vesting Schedule or the Change in Control provisions of Section 3(g)
hereof  on or  prior to June 30,  2003.  In the  event  the  Company  terminates
Executive's  employment  "For  Cause"  pursuant  to Section  4(b)(ii)  hereof or
Executive terminates his full-time employment

                                      E-8
<PAGE>

hereunder as the Company's  President and Chief Executive Officer for any reason
other than as provided in Sections 4(b)(i) or 4(b)(vi)  hereof,  Executive shall
receive  no  further  payments  from the  Company,  and if the  options  granted
pursuant  to  Section  3(c)  hereof  are  Vested  Options  at the  time  of such
termination such options shall remain  exercisable until the Expiration Date set
forth in Section 3(c) or if the options granted  pursuant to Section 3(c) hereof
are  Non-Vested  Options  at the time of such  termination  such  options  shall
terminate  immediately as of the date of such termination.  All salary and other
payments  (including  any bonus  payment  under  Section  3(m)  hereof)  made to
Executive  hereunder  shall  be made in  accordance  with the  Company's  normal
payroll practices for senior management.  It is acknowledged and agreed that the
provisions of this Section 3(d) relating to the exercise of the options  granted
pursuant to Section 3(c) hereof  subsequent to the  termination  of  Executive's
employment  with the Company  shall be deemed a waiver and  modification  of the
restrictions  imposed on the exercise of options in the event of  termination of
employment  under Section H of the  Non-Qualified  Plan and that such waiver and
modification  was authorized and approved by the  Compensation  Committee of the
Board (the "Committee") as permitted by Section H of the Non-Qualified Plan.

     (e) In the event  the  Company  terminates  Executive's  employment  due to
Executive's  Disability  pursuant to Section  4(b)(iii) of this  Agreement,  the
Company  shall pay to  Executive,  during the six-month  period  following  such
termination,  an amount equal to the difference between  Executive's base salary
hereunder for such six months (exclusive of benefits) and the amount received by
Executive  during such  six-month  period under any employee  disability  policy
maintained  by the  Company  for the benefit of  Executive.  The  Company  shall
calculate and pay any amounts due herein no less frequently  than  semi-monthly.
If the options granted pursuant to Section 3(c) hereof are Vested Options at the
time of such  termination for

                                      E-9
<PAGE>

Disability such options shall remain  exercisable  until the Expiration Date set
forth in Section 3(c) hereof.  If the options  granted  pursuant to Section 3(c)
hereof are Non-Vested Options at the time of such termination for Disability,  a
pro rata  portion  (based upon the number of days which have elapsed at the time
of such termination in the three (3) year period  commencing on July 1, 2000 and
ending  on June 30,  2003  (the  "Vesting  Period"))  of the  options  which are
Non-Vested  Options at the time of such  termination  shall  become  exercisable
immediately  upon  such  termination  and  shall  remain  exercisable  until the
Expiration Date set forth in Section 3(c). All remaining Non-Vested Options will
terminate as of the date of such termination.  For example,  if such termination
for  Disability  occurs 50% of the way through the  Vesting  Period,  50% of the
total number of  Non-Vested  Options shall vest and become  exercisable  and the
remaining 50% of the Non-Vested  Options will terminate.  It is acknowledged and
agreed  that the  immediately  preceding  sentence  shall be deemed a waiver and
modification of the restrictions imposed on the exercise of options in the event
of disability under Section H of the Non-Qualified Plan and that such waiver and
modification  was  authorized  and  approved by the  Committee  as  permitted by
Section H of the Non-Qualified Plan.

     (f) In the event  Executive's  employment  is  terminated  due to his death
pursuant  to  Section  4(b)(iv)  of this  Agreement,  the  Company  shall pay to
Executive's  estate,  during the six-month  period  following such  termination,
Executive's base salary  hereunder for such six months  (exclusive of benefits).
If the options granted pursuant to Section 3(c) hereof are Vested Options at the
time of such termination for death, such options shall remain  exercisable until
the  Expiration  Date set forth in Section 3(c) hereof.  If the options  granted
pursuant  to  Section  3(c)  hereof are  Non-Vested  Options at the time of such
termination  for death,  a pro rata portion (based upon the number of days which
have elapsed at the time of such

                                      E-10
<PAGE>

termination in the Vesting  Period) of the options which are Non-Vested  Options
at the time of such termination shall become  exercisable  immediately upon such
termination and shall remain  exercisable until the Expiration Date set forth in
Section 3(c). All remaining  Non-Vested Options will terminate as of the date of
such termination. For example, if such termination occurs 50% of the way through
the Vesting Period, 50% of the total number of Non-Vested Options shall vest and
become  exercisable  and  the  remaining  50% of  the  Non-Vested  Options  will
terminate. It is acknowledged and agreed that the immediately preceding sentence
shall be deemed to be a waiver and modification of the  restrictions  imposed on
the  exercise  of  options  in  the  event  of  death  under  Section  I of  the
Non-Qualified  Plan and that such waiver and  modification  was  authorized  and
approved by the Committee as permitted by Section I of the Non-Qualified Plan.

     (g) In the event of a Change of  Control,  the Change of Control  Agreement
dated as of January 20, 1995, between Executive and Company shall govern, except
as  specifically  set forth  herein  with  respect  to the  options  granted  to
Executive  pursuant to Section  3(c)  hereof.  For  purposes  hereof  "Change of
Control" shall mean: (i) A "Board Change" which, for purposes of this Agreement,
shall have  occurred if a majority of the seats (other than vacant seats) on the
Company's  Board  were to be  occupied  by  individuals  who  were  neither  (A)
nominated  by a  majority  of the  Incumbent  Directors  nor  (B)  appointed  by
directors so nominated. An "Incumbent Director" is a member of the Board who has
been either (A)  nominated by a majority of the directors of the Company then in
office or (B)  appointed by  directors so  nominated,  but  excluding,  for this
purpose,  any such  individual  whose  initial  assumption of office occurs as a
result of either an actual or  threatened  election  contest  (as such terms are
used in Rule 14a-11 of Regulation 14A promulgated under the Securities  Exchange
Act of 1934,  as amended (the  "Exchange  Act")) or other  actual or  threatened
solicitation of

                                      E-11
<PAGE>

proxies or consents by or on behalf of a Person (as defined  herein)  other than
the Board; or (ii) the  acquisition by any  individual,  entity or group (within
the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a "Person") of
beneficial  ownership  (within the meaning of Rule 13d-3  promulgated  under the
Exchange  Act) of a majority of the then  outstanding  voting  securities of the
Company (the "Outstanding Company Voting Securities");  provided,  however, that
the following  acquisitions  shall not  constitute a Change of Control:  (A) any
acquisition by the Company,  or (B) any acquisition by any employee benefit plan
(or related  trust)  sponsored or maintained  by the Company or any  corporation
controlled by the Company,  or (C) any public  offering or private  placement by
the Company of its voting securities;  or (iii) a merger or consolidation of the
Company with another entity in which neither the Company nor a corporation that,
prior to the merger or consolidation,  was a subsidiary of the Company, shall be
the surviving entity; or (iv) a merger or consolidation of the Company following
which  either  the  Company  or a  corporation  that,  prior  to the  merger  or
consolidation,  was a subsidiary of the Company,  shall be the surviving  entity
and a majority of the Outstanding Company Voting Securities is owned by a Person
or Persons who were not  "beneficial  owners" of a majority  of the  Outstanding
Company Voting Securities immediately prior to such merger or consolidation;  or
(v) a voluntary or  involuntary  liquidation  of the Company;  or (vi) a sale or
disposition by the Company of at least 80% of its assets in a single transaction
or a series of  transactions  (other than a sale or  disposition  of assets to a
subsidiary of the Company in a transaction  not involving a Change of Control or
a change in control of such subsidiary).  If any of the Change in Control events
specified  in (iii),  (v) or (vi) above  occur  prior to July 1,  2003,  and the
options granted pursuant to Section 3(c) hereof are Non-Vested Options as of the
effective  date of such  Change  in  Control  event,  such  options  shall  vest
immediately prior to such effective date (and Executive

                                      E-12
<PAGE>

will be provided a reasonable opportunity to exercise such options prior to such
effective  date) in the event the  shareholders of the Company receive a payment
or consideration for their shares of Common Stock in connection with such Change
in Control event which is at least equal to $100 per share (as such price may be
adjusted for stock splits,  stock  dividends and other similar  recapitalization
events);  provided  that if Executive is no longer  employed by the Company on a
full-time basis as its President and Chief Executive Officer at the time of such
Change in Control event,  such option will vest as provided  herein only if such
option is  otherwise  eligible to vest in  accordance  with  Section 3(d) hereof
based on the manner in which such employment was terminated. In the event any of
the Change in Control events  specified in (iii),  (v) or (vi) above occur,  all
options  granted  under  Section  3(c)  (whether  Vested  Options or  Non-Vested
Options)  shall  terminate  as of the  effective  date of such Change in Control
event to the extent not  previously  exercised.  If any of the Change in Control
events  specified  in (i),  (ii) or (iv)  above  occur and the  options  granted
pursuant to Section 3(c) hereof are Vested  Options as of the effective  date of
such Change in Control event,  such options shall remain  exercisable  until the
Expiration  Date set forth in Section  3(c)  hereof and if the  options  granted
under Section 3(c) hereof are  Non-Vested  Options as of the  effective  date of
such Change in Control event,  such options shall become  exercisable and remain
exercisable in accordance with the provisions of Section 3(c) in the same manner
as if such Change in Control event had not occurred;  provided, however, that if
a Change in Control event specified in (iv) occurs prior to July 1, 2003 and the
shareholders of the Company receive a payment or consideration  for their shares
of Common  Stock in  connection  with such  Change in Control  event which is at
least equal to $100 per share (as such price may be adjusted  for stock  splits,
stock  dividends and other similar  recapitalization  events),  such  Non-Vested
Options shall vest and become exercisable as of the effective date of

                                      E-13
<PAGE>

such Change in Control event;  provided that if Executive is no longer  employed
by the Company on a full-time basis as its President and Chief Executive Officer
at the time of such Change in Control  event,  such option will vest as provided
herein only if such option is  otherwise  eligible  to vest in  accordance  with
Section 3(d) hereof based on the manner in which such employment was terminated.
Notwithstanding any provisions  contained in Section L of the Non-Qualified Plan
or in the Option  Certificate  pertaining to the exercise of the options granted
pursuant to Section 3(c) hereof, if any of the events specified in (iii),  (iv),
(v) or (vi) above occur the provisions contained herein shall apply.

     (h) Executive  shall be entitled to vacations in accordance with the policy
of the Company  with  respect to its senior  management,  in effect from time to
time and shall be eligible to  participate  in any  pension,  profit  sharing or
similar plan and any health,  hospitalization,  medical,  accident,  disability,
sick leave,  supplementary  income  benefit,  life  insurance  or other  similar
benefit plan or program of the Company now existing or hereafter established and
available to the Company's  employees  generally or to key employees as a group,
in all cases to the extent his age,  health  and other  qualifications  make him
eligible to  participate.  Executive  also shall be entitled to such  additional
benefits  as may be  granted  to him from  time to time by the  Board.  Upon the
termination of Executive's full-time employment as President and Chief Executive
Officer for any reason,  the Company shall pay Executive for any unused  accrued
vacation time.

     (i) Executive shall be reimbursed for reasonable travel,  entertainment and
other expenses associated with the performance of his duties hereunder, promptly
upon his delivery of appropriate receipts and other documentation evidencing the
incurrence of such expenses.

                                      E-14
<PAGE>

     (j) All compensation payable and other benefits provided under this Section
3 shall be subject to  customary  withholding  for  income,  F.I.C.A.  and other
employment taxes.

     (k) All  options  granted  pursuant  to this  Section  3 shall be issued in
accordance with and be subject to the terms and conditions of the  Non-Qualified
Plan.  Except as  otherwise  specifically  set forth  herein,  if there exists a
conflict  between  the  terms of the  Non-Qualified  Plan and the  terms of this
Agreement,  the terms of the Non-Qualified  Plan shall govern. If there exists a
conflict  between the terms of this Agreement and the Option  Certificate,  this
Agreement shall govern.  Executive has reviewed the  Non-Qualified  Plan and the
form of the Option Certificate prior to executing this Agreement.

     (l) All  options  and  terms  and  conditions  pertaining  thereto  granted
pursuant to this  Section 3 shall  extend  beyond the  Termination  Date of this
Agreement.

     (m) In the event the Company terminates Executive's full-time employment as
the Company's President and Chief Executive Officer for any reason,  except "For
Cause"  pursuant  to  Section  4(b)(ii)  hereof,  or  Executive  terminates  his
full-time  employment as the Company's  President  and Chief  Executive  Officer
pursuant to Sections 4(b)(i) or 4(b)(vi) hereof,  prior to the Termination Date,
Executive will be entitled to participate in the bonus pool which may be awarded
to the executive  officers of the Company for the year in which such termination
occurs  (and any prior  year with  respect  to which a bonus was  awarded to the
executive  officer  but not  paid) to the same  extent  as if he had been  Chief
Executive  Officer of the  Company  for the  entire  year for which the bonus is
awarded;  provided that the amount of the bonus awarded to Executive will be pro
rated based on the number of days during such year on which Executive  served as
Chief Executive Officer of the Company. For example, if Executive

                                      E-15
<PAGE>

served as Chief Executive Officer for six months of the year for which the bonus
is awarded he would  receive  50% of the bonus he would  have been  entitled  to
receive if he had served as Chief Executive Officer for the entire year. Nothing
contained  herein shall  guarantee  that any bonus will be paid to Executive and
Executive  will  only  receive  a bonus as  determined  hereunder  if the  other
executive officers of the Company are awarded a bonus.

     (n) In the event the Company terminates Executive's full-time employment as
the Company's President and Chief Executive Officer for any reason,  except "For
Cause"  pursuant  to  Section  4(b)(ii)  hereof,  or  Executive  terminates  his
full-time  employment as the Company's  President  and Chief  Executive  Officer
pursuant to Sections  4(b)(i) or 4(b)(vi) hereof prior to the Termination  Date,
Executive will continue to consult with the Company and the Board on a part time
basis  from  the  date his  full-time  employment  is so  terminated  until  the
Termination Date. During the period in which Executive  provides such consulting
services,  Executive  will be deemed to be a  part-time  employee of the Company
and,  thus an employee of the Company for  purposes of the  Non-Qualified  Plan.
During his tenure as a part-time  employee,  (i) Executive  will be available to
consult  with  the  Company  and the  Board  during  normal  business  hours  as
reasonably requested by the Board upon at least ten days prior written notice to
Executive (it being  understood  that  Executive  will not be required to devote
more than four days per month to the  Company and will not be required to travel
on behalf of the Company),  (ii) commencing once Executive ceases receiving base
salary payments pursuant to Section 3(d) hereof,  Executive will receive $10,000
per month (payable in accordance with the Company's normal payroll  procedures),
(iii)  except as  provided in Section  3(o)  hereof and under the  Non-Qualified
Plan,  Executive  will not  receive  any other  benefits  as an  employee of the
Company, (iv) the Company will pay all reasonable expenses incurred by Executive
in providing

                                      E-16
<PAGE>

Services under this Section 3(n), and (v) Executive will use reasonable  efforts
to fulfill any consulting  requests under this Section 3(n), but shall not be in
breach of any provision  hereof if health  concerns  prevent him from  providing
such services and Executive may  terminate  his  consulting  service  obligation
under this Section 3(n) (and his employment under the Non-Qualified Plan) at any
time upon notice to the Company (it being understood that such termination shall
not affect any of Executive's  rights hereunder except for the payments provided
for in this Section 3(n)).

     (o) During the period  commencing as of the date this Agreement is executed
and ending on the Termination Date,  Executive will receive  reimbursement  from
the Company  (payable  monthly) at the rate of up to $10,000 per year for health
insurance  coverage for Executive and his family which is substantially  similar
to the health insurance coverage Executive had as of the Effective Date.

     (p) To the  extent  allowable  under  the  Company's  401(k)  Plan  and all
applicable laws and regulations,  the Company shall make matching  contributions
to  Executive's  401(k) Plan account with the Company based upon the base salary
payments made to Executive  pursuant to Section 3(d) hereof.  Such contributions
will be made in the manner and amount  which is  consistent  with the  Company's
practice at the time Executive's  employment with the Company is terminated.  If
such  matching  contributions  are  not  permitted,  the  Company  shall  pay to
Executive  the maximum  amount the Company would have been able to contribute to
Executive's  401(k)  account  assuming  Executive  would  have made the  maximum
contribution allowed based upon his base annual salary at the time his full-time
employment is terminated.

                                      E-17
<PAGE>

     4.   Term and Termination of this Agreement

     (a) The term of Executive's  employment pursuant to this Agreement shall be
deemed to have  commenced  as of July 1, 2000 (the  "Effective  Date")  and will
terminate  at the close of business on June 30,  2003 (the  "Termination  Date")
unless earlier terminated as provided herein.

     (b) Executive's employment by the Company hereunder may be terminated prior
to the Termination Date:

          (i) By  Executive  at any time upon the  breach by the  Company of any
     material term of this  Agreement,  provided that Executive  shall have sent
     written  notice of such breach to the Chairman of the Board and the Company
     shall have  failed to correct  such breach  within  thirty (30) days of its
     receipt of such notice;

          (ii) By the Company  immediately  For Cause.  For purposes hereof "For
     Cause"  shall mean (A) any  willful  and  knowing  material  breach of this
     Agreement by Executive; (B) any attempt by Executive to secure any personal
     profit in  connection  with the  business  of the  Company  not  previously
     disclosed  to and  approved  by the  Company and a majority of its Board of
     Directors;  (C) Executive's  criminal  conviction for fraud,  embezzlement,
     bribery or any  felonious  offense;  or (D)  Executive's  commission of any
     willful and intentional act of fraud or dishonesty against the Company.  In
     the event the Company  terminates  Executive's  employment  "For Cause" the
     Board shall provide  Executive as soon as  practicable  (but not later than
     seven (7)  business  days  thereafter)  with a written  explanation  of the
     reasons for such termination;

                                      E-18
<PAGE>

          (iii) By the Company upon Executive's Disability.  For purposes hereof
     "Disability"  shall  mean a physical  or mental  condition  which  prevents
     Executive from  performing his duties  hereunder for a continuous six month
     period or for a total of six months during any 18 month period;

          (iv) Upon the death of Executive;

          (v) By the Company at any time upon  thirty (30) days prior  notice of
     such  termination sent to Executive by or at the direction of the Company's
     Board  of  Directors;   provided  that  such  termination  shall  terminate
     Executive's  full-time  employment  as the  Company's  President  and Chief
     Executive Officer; or

          (vi) By Executive  immediately  once a successor to Executive as Chief
     Executive  Officer of the  Company  begins his or her  employment  with the
     Company  (it  being  understood  that  for  purposes  of this  Agreement  a
     termination  of his  employment  with the Company  pursuant to this Section
     4(b)(vi)  shall not be deemed to be a voluntary  resignation by Executive);
     provided  that  such  termination  shall  terminate  Executive's  full-time
     employment as the Company's President and Chief Executive Officer.

     (c) Except as otherwise  provided  herein,  upon termination of Executive's
full-time employment as the Company's President and Chief Executive Officer, the
Company  shall  have  no  further   obligation  to  Executive  or  his  personal
representative  with  respect  to  remuneration  due  under  this  Agreement  or
otherwise.

5.   Notices.

     All notices,  requests,  demands and other  communications  provided for by
this  Agreement  shall be in writing and shall be deemed to have been given when
delivered by hand and  acknowledged  by receipt or when mailed at any general or
branch United States Post

                                      E-19
<PAGE>

     Office  enclosed  in  a  registered  or  certified  postpaid  envelope  and
     addressed  to the address of the  respective  party stated below or to such
     changed address as the party may have fixed by notice:

                  To the Company:   Enzon, Inc.
                                    20 Kingsbridge Road
                                    Piscataway, NJ  08854
                                    Attn: Corporate Secretary

                  To Executive:     Peter Tombros
                                    159 Lambert Road
                                    New Canaan, Connecticut  06840

6.   Miscellaneous.

          (a) This Agreement shall be construed, interpreted and governed by the
     laws of the State of New Jersey,  without  regard to the  conflicts  of law
     provisions thereof.

          (b) This  Agreement  shall be binding upon and inure to the benefit of
     Executive, his legal representatives,  heirs and distributees, and shall be
     binding  upon and inure to the benefit of the Company,  and its  successors
     and assigns; provided,  however, that, because this Agreement is a personal
     service  contract,  Executive shall not assign any of his employment duties
     or  obligations  hereunder and any purported  assignment  shall be null and
     void ab initio.

          (c) Except as otherwise  specifically  provided herein, this Agreement
     contains  the entire  agreement  of the parties with respect to its subject
     matter,  and no  waiver,  modification  or change of any of its  provisions
     shall be valid unless in writing and signed by the party  against whom such
     claimed waiver, modification or change is sought to be enforced.

          (d) Except as  otherwise  specifically  provided  for  hereunder,  the
     waiver of any breach of any duty, term or condition of this Agreement shall
     not be deemed to

                                      E-20
<PAGE>

     constitute a waiver of any preceding or succeeding breach of the same or of
     any other duty, term or condition of this Agreement.

          (e) The headings of the sections and subsections of this Agreement are
     inserted for convenience  only and shall not be deemed to constitute a part
     hereof or to affect the meaning thereof.

          (f) Executive  represents and warrants that his  performance of all of
     the terms of this  Agreement and of his  obligations as an executive of the
     Company  does not and will not  breach  any  non-competition  agreement  or
     agreement to keep in confidence  any  proprietary  information or knowledge
     acquired by him in  confidence  or in trust from a third party prior to his
     employment with the Company.

          (g) Except as otherwise  specifically provided for hereunder any claim
     or  controversy  arising out of or relating to this Agreement or the breach
     hereof shall be settled by arbitration  in accordance  with the laws of the
     State of New Jersey.  Such  arbitration  shall be conducted in the State of
     New Jersey in  accordance  with the rules  then  existing  of the  American
     Arbitration   Association.   Judgment  upon  the  award   rendered  by  the
     arbitrators may be entered in any court having jurisdiction thereof. In the
     event of any dispute  arising under this  Agreement,  the prevailing  party
     shall be entitled to reasonable  legal fees and  disbursements  incurred in
     connection therewith.

          (h) Whenever  the context  requires,  any  pronouns  used herein shall
     include the  corresponding  masculine,  feminine or neuter  forms,  and the
     singular  forms of nouns and  pronouns  shall  include the plural forms and
     vice versa.

                                      E-21
<PAGE>

          IN WITNESS WHEREOF, the parties have executed this Agreement effective
     as of the day and year first above written.

                                          EXECUTIVE

                                          /s/ Peter Tombros
                                          -------------------------------------
                                          Peter Tombros

                                          ENZON, INC.

                                          By: /s/ Kenneth J. Zuerblis,
                                             ----------------------------------
                                            Kenneth J. Zuerblis,
                                            Vice President, Finance and Chief
                                            Financial Officer

                                      E-22
<PAGE>

                                                                       Exhibit A
                         Certificate No. ______________

No. of options:  100,000        Date granted:  August 10, 2000    Price: $50.625

     This Option is granted  pursuant to the  employment  agreement  dated as of
August 10, 2000 (the "Employment Agreement") between the Optionee and Enzon Inc.
(the "Company").  The Optionee  acknowledges receipt of a copy of the Enzon 1987
Non-Qualified Stock Option Plan (the "Plan"), and represents that he is familiar
with the terms and  provisions  of the Plan and the  Employment  Agreement.  The
Optionee  hereby  accepts this Option subject to all the terms and provisions of
the Plan and the Employment  Agreement,  it being understood and agreed that the
vesting and exercise  terms of this Option  shall be governed by the  Employment
Agreement.  The Optionee  hereby  agrees to accept as binding,  conclusive,  and
final all decisions  and  interpretations  of the Stock Option  Committee or the
Board of Directors upon any questions  arising under the Plan. As a condition to
the  issuance of shares of Common Stock of the Company  under this  Option,  the
Optionee  authorizes the Company to withhold,  in accordance with applicable law
from any regular  cash  compensation  payable to him,  any taxes  required to be
withheld by the  Company  under  Federal,  state or local law as a result of his
exercise of this Option.

Dated:
                                                ---------------------------
                                                Signature

                                                ---------------------------
                                                Name

                                      E-23

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00015-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00015-of-00352.parquet"}]]