Document:

Exhibit 10.29

 

SEPARATION
AGREEMENT

 

This
Separation Agreement (this "Agreement") is made as of the 13th day of December, 2013,
between Enzon Pharmaceuticals, Inc., a Delaware corporation, with offices in Piscataway,
New Jersey (the "Company"), and George W. Hebard III (the "Executive").

 

BACKGROUND

 

A.This Agreement constitutes
the agreement between the Company and the Executive concerning the Executive's separation from employment with the Company.

 

B.The Company desires to
ensure that it can rely on the continued services of the Executive to assist with a transition in the business of the Company,
in order to avoid potentially material liabilities, obligations or losses that might arise from such transition if the Company
is not able to rely on employees who have experience with the operations of the Company.

 

 

TERMS

 

In consideration of the foregoing
premises and for other good and valuable consideration, the Company and Executive agree as follows:

 

l.Term of Agreement.
The term of this Agreement (the "Term") shall commence on the date hereof as first written above and shall continue through
the Separation Date. The term “Separation Date” means December 31, 2013.

 

2.Continuation of Employment.
During the Term, the Executive’s employment shall continue on substantially the same terms and conditions as are in effect
on the date hereof, subject to changes, if any, required by law. The Executive’s employment shall terminate on the Separation
Date.

 

3.Payments and Benefits
Upon Termination.

 

(a) Subject to the continued
employment of the Executive through the Separation Date, the Company shall:

 

(i)
pay to the Executive his regular salary through the Separation Date, and any earned and unused compensated time off, payable
in one lump sum payment on the next regular payday following the Separation Date; and

 

(ii) so long as the Executive
continues to provide consulting services for the Company cause each outstanding and unvested equity-based compensation award granted
to the Executive in his role as Interim Principal Executive Officer to continue to vest in accordance with its terms. Vesting will
cease if the Executive informs the Board of Directors (the “Board”) prior to the applicable vesting date that he is
no longer able or willing to provide such services or if the Board informs the Executive prior to the applicable vesting date that
his consulting services are no longer required. For the avoidance of doubt, Executive acknowledges that all equity grants made
to him as a director have been cancelled.

 

    	 

    	 

    

 

4.General
Release. In consideration of the benefits Executive will receive under this Agreement,
to which Executive would not otherwise be entitled, Executive hereby releases and discharges Company, from any and all claims
and/or causes of action, known and unknown, which Executive may have or could claim to have against the Company up to and including
the date of signing this Agreement. This general release includes, but is not limited to, all claims arising from or during Executive’s
employment or as a result of the end of Executive’s employment and all claims arising under federal, state or local laws
prohibiting employment discrimination and/or harassment based upon age, race, sex, religion, handicap, national origin, sexual
orientation, veteran status, or any other protected characteristic, including but not limited to any and all claims arising under
Title VII of the Civil Rights Act of 1964 and 1991, the Age Discrimination in Employment Act, the Employee Retirement Income Security
Act of 1974, the Americans with Disabilities Act, the Rehabilitation Act, the Equal Pay Act, the Family and Medical Leave Act,
the Fair Labor Standard Act, the Sarbanes-Oxley Act, the Health Insurance Portability and Accountability Act, the New Jersey Law
Against Discrimination, the New Jersey Conscientious Employee Protection Act, the New Jersey Family Leave Act, New Jersey Paid
Leave Insurance Act, any applicable state wage and hour laws, and/or any other state, federal, or municipal employment discrimination
statutes (including but not limited to claims based on age, sex, attainment of benefit plan rights, race, national origin, religion,
handicap, sexual orientation, sexual harassment, marital status, retaliation, and veteran status), and/or any other federal, state,
or local statute, law, ordinance, or regulation and/or pursuant to any other theory whatsoever, including but not limited to claims
related to breach of implied or express employment contracts, breach of the implied covenant of good faith and fair dealing, defamation,
wrongful discharge, constructive discharge, negligence of any kind, intentional infliction of emotional distress, whistleblowing,
estoppel or detrimental reliance, public policy, constitutional or tort claims, violation of the penal statutes and common law
claims, or pursuant to any other theory or claim whatsoever, arising out of or related to employment with the Company and/or any
other occurrence from the beginning of time to the date of this Agreement, whether presently asserted or otherwise. This Agreement
specifically includes any and all claims, demands, obligations, and/or causes of action for damages or penalties relating to or
in any way connected with the matters referred to herein, whether or not now known or suspected to exist, and whether or not specifically
or particularly described or referred to herein. Executive expressly waives any right or claim of right to assert hereafter that
any claim, demand, obligation, damage, liability and/or cause of action has, through ignorance, oversight or error, been omitted
from the terms of this Agreement. Executive represents that he has not heretofore assigned or transferred, or purported to assign
or transfer, to any person or entity, any claim, known or unknown to exist, or any portion thereof or interest therein, which
such person has or may have had against the Company. This Agreement and release does not, however, require Executive to waive
the right to file a charge with or participate before the Equal Employment Opportunity Commission, provided, however, that Executive
gives up the right to recover damages and attorneys' fees from such a proceeding. Nor does this Agreement and Release require
Executive to waive vested rights, if any, to pension, retiree, health or similar benefits under the Company's existing plans or
Executive’s right to enforce this Agreement. Executive specifically acknowledges that he does not have any vested rights
to any such pension, retiree, health or similar benefit other than rights as a participant in the Company’s terminated 401K
defined contribution retirement plan and as an eligible employee in the Company’s health care plan. Unless otherwise prohibited
by law, Executive agrees that should Executive file a lawsuit in court which is found to be barred in whole or part by this Agreement,
Executive will pay back to the Company any and all sums paid by the Company to Executive or on Executive’s behalf pursuant
to this Agreement and Executive will pay the legal fees incurred by the Company in defending those claims found to be barred.

 

    	 

    	 

    

 

5.
Provision of Consulting Services. Executive
agrees to continue to serve as Principal Executive Officer and to render to the Company following the Separation Date such reasonable
consulting services as the Company may from time to time reasonably request. In consideration of such services, Company agrees
to pay to Executive a fee of $250 per hour for each hour or portion of an hour worked. The Company agrees to reimburse Executive
for his reasonable expenses incurred in connection with his performance of services hereunder, provided that any such expense
in excess of one thousand dollars ($1,000) must be pre-approved by the Company. Executive agrees to retain and provide the Company
with evidence of his performance of services and any such expenses reasonably acceptable to the Company as a condition to his
entitlement to any compensation hereunder. For the avoidance of doubt, the provisions in this paragraph 5 can be terminated by
the Company or the Executive at any time, for any reason.

 

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

 

7.Section
409A.

 

(a)
Anything in this Agreement to the contrary notwithstanding, if at the time of Executive's separation from service within the meaning
of Section 409A of the Code, the Company determines that Executive is a "specified employee" within the meaning of Section
409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Executive becomes entitled to under this Agreement
on account of the Executive's separation from service would be considered deferred compensation subject to the 20 percent additional
tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such
payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one
day after the Executive's separation from service, or (B) Executive's death. It
is the intention of the parties that none of the payments provided herein be considered deferred compensation subject
to such tax.

 

    	 

    	 

    

 

(b)
To the extent that any payment or benefit described in this Agreement constitutes "non-qualified deferred compensation"
under Section 409A of the Code, and to the extent that such payment or benefit is payable upon Executive's termination of employment,
then such payments or benefits shall be payable only upon the Executive's "separation from service." The determination
of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury
Regulation Section 1.409A-1(h).

 

(c)
The parties intend that this Agreement will be administered in accordance with Section 409A of the Code. To the extent that any
provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such
a manner so that all payments hereunder comply with Section 409A of the Code. The parties agree that this Agreement may be amended,
as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related
rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party.

 

(d)
The Company makes no representation or warranty and shall have no liability to the Executive or any other person if any provisions
of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an
exemption from, or the conditions of such Section.

 

8.Miscellaneous.

 

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

 

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

 

(c) Entire Agreement.
This Agreement contains the entire understanding between the parties hereto with respect to the subject matter hereof and supersedes
any prior understandings, agreements or representations, written or oral, relating to the subject matter hereof. Executive acknowledges
that he is not a party to any employment agreement, equity award agreement or compensation plan other than as specifically referenced
in this Agreement and that he is not entitled to any compensation or other payments other than as specifically referenced herein.

 

 

    	 

    	 

    

 

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

 

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

 

(f) Successors and Assigns.
This Agreement shall be binding upon and inure to the benefit of the patiies hereto and their respective heirs, personal representatives
and, to the extent pem1itted by Section 7(g), successors and assigns. The Company will require its successors to expressly assume
its obligations under this Agreement.

 

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

 

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

 

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

 

Address for the Executive:

 

[ADDRESS]

[E-MAIL ADDRESS]

 

Address for the Company:

 

Enzon Pharmaceuticals, Inc.

Attn: Jonathan Christodoro

[E-MAIL ADDRESS]

 

 

    	 

    	 

    

 

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

 

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

 

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

 

 

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

 

(m) Withholding Taxes.
The Company may withhold from any benefits payable under this Agreement or any other agreement all federal, state, city or other
taxes as shall be required pursuant to any law or governmental regulation or ruling.

 

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

 

 

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

 

	 	ENZON PHARMACEUTICALS, INC.
	 	 
	 	 
	 	/s/ Richard L. Feinstein
	 	By: Richard L. Feinstein
	 	 
	 	 
	 	 
	 	/s/ George W. Hebard III
	 	George W. Hebard IIIExhibit 10.30

  

INDEPENDENT CONTRACTOR AGREEMENT

 

This Independent
Contractor Agreement (the “Agreement”) is effective as of December 13, 2013 (the “Effective Date”)
by and between Richard L. Feinstein, CPA (“Feinstein”) and Enzon Pharmaceuticals, Inc.(“Enzon”),
pursuant to which Feinstein is being engaged to serve as Enzon’s Principal Financial Officer.

 

RECITALS

 

WHEREAS:
Enzon desires to retain the services of Feinstein, and Feinstein desires 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.Feinstein’s
Position and Duties; Term.

 

A.Feinstein is hereby
engaged by Enzon as an independent contractor to serve as the Principal Financial Officer of Enzon, with a title of Vice President
– Finance and Principal Financial Officer. Feinstein’s services and responsibilities (the “Services”)
shall be commensurate with the customary services and responsibilities of a chief financial officer for a publicly listed company
engaged in providing financial services similar to the business operations of Enzon and its subsidiaries. Without derogating from
the foregoing, Feinstein will work at the request of Enzon as and when requested by Enzon.

 

B.The term of this
Agreement (the “Term”) shall commence on the Effective Date and continue until terminated by either party with
or without cause upon receipt of written notice.

 

2.Independent
Contractor Relationship.

 

A.The relationship
between Enzon and Feinstein shall be that of independent contracting parties and shall not be deemed to be any other relationship,
including, without limitation, that of principal and agent. Nothing herein shall be construed to create the relationship of employer
and employee between Enzon and Feinstein. Feinstein shall exercise his own independent judgment as to the method and manner of
performance of the Services hereunder. Enzon does not seek, and shall not expect, any control over Feinstein’s performance
of the Services; provided, however, Feinstein shall conform to such policies and procedures established by Enzon and to such customary
standards which are necessary to satisfy applicable statutes, rules or regulations governing the provision of such Services. Enzon
shall not be obligated to provide any employee-related benefit to Feinstein, including, but not limited to, Workers Compensation
insurance, unemployment insurance, disability insurance, health or accident insurance, nor will Enzon make any contributions for
Social Security, or withholding taxes on behalf of Enzon. Feinstein acknowledges that Enzon will not provide any benefits or participation
in any benefit plan applicable to an employer-employee relationship. Feinstein shall be solely responsible for the payment of all
applicable governmental taxes, including federal, state and local taxes, and Social Security contributions.

 

    	 

    	 

    

 

B.Feinstein is free
to devote whatever time he chooses to any other business in which he may choose to engage, provided he complies with all applicable
regulatory rules. Feinstein may determine his own hours of work and may perform the Services in any manner or sequence he determines,
subject, however, to such restrictions as may exist in order to comply with the policies of Enzon or to satisfy the requirements
or standards of the statutes, rules or regulations governing the Services.

 

C.Feinstein has not
received any training from Enzon, and Enzon will not provide any training to Feinstein.

 

D.Feinstein shall
not have the authority to hire, direct and pay other persons in connection with the Services without the prior written consent
of Enzon. Any person so employed by Feinstein shall be the employee of Feinstein and shall not be the employee or agent of Enzon.

 

3.Compliance
With Statutes, Rules And Regulations.

 

As part of
the proper performance of the Services, at all times during the Term, Feinstein shall comply with all applicable statutes, regulations,
rules and written statements of policy promulgated and administered by the Securities and Exchange Commission and any state or
municipal governmental or regulatory agency; and the rules of any national securities exchange or association in which Enzon is
or may become a member.

 

4.Compensation.

 

A.Feinstein shall
be paid at the rate of $225 per hour for each hour worked by Feinstein in connection with the Services, limited to a maximum of
$1,350 per day, unless any additional hourly charges for a particular day have been approved in advance by Enzon. Feinstein shall
perform the Services at such times and as requested by Enzon.

 

B.In addition to
the hourly compensation referred to in Section 4(A) above, Enzon will reimburse Feinstein for reasonable out-of-pocket expenses
incurred by Feinstein in connection with the performance of the Services, including: (i) mileage at the rate of fifty (50) cents
per mile for any driving that may be required in connection with Feinstein’s performance of the Services; (ii) tolls; (iii)
supplies; and (iv) other reasonable expenses incurred by Feinstein in connection with the performance of the Services.

 

C.Feinstein will
submit a detailed bill to Enzon for all time worked and expenses incurred during each two (2) week period, together with receipts
or documentation of expenses, during the Term, and Enzon will pay each such proper bill within twelve (12) business days of its
receipt.

 

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5.Warranties.

 

A.Each party warrants
to the other that it has the authority to enter into and perform this agreement, and its performance hereunder will not result
in the breach or violation of any contract, arrangement or understanding it may have with any third party. Each party warrants
to the other that it will comply in all material respects with all applicable laws, rules and regulations.

 

B.Consultant shall
perform the services in accordance with the highest professional standards and in compliance with all applicable laws and regulations.

 

6.Indemnification.
Feinstein shall be entitled to the same indemnification rights from Enzon under the bylaws of Enzon as are applicable to all other
officers of Enzon and covered by the same Directors and Officers Insurance as all other officers and directors of Enzon.

 

7.Confidentiality.
Each of the parties to this Agreement agrees to maintain in strict confidence the terms of this Agreement. Feinstein acknowledges
and agrees that during the Term, he will have access to “Confidential Information” concerning Enzon, its affiliates,
and their clients and employees, and that such Confidential Information constitutes a valuable and unique asset of Enzon. For purposes
of this Agreement, Confidential Information includes, but is not limited to, proprietary information pertaining to Enzon, its affiliates
and clients, including business plans (both current and under development), data, trade secrets, financial information, costs,
revenues, profits, methodologies, information concerning clients and potential clients, compilations, systems, technologies, computer
programs, and all other information which Enzon and its clients treat as confidential. All Confidential Information obtained by
Feinstein in the course of providing the Services shall be deemed confidential and proprietary. Feinstein covenants and agrees
that, during the Term and at all times thereafter, Feinstein will not, except as may be required by applicable law, regulation,
legal process, or the request of any regulatory or self-regulatory authority, (i) for any reason use for Feinstein’s own
benefit or the benefit of any person or entity with which Feinstein may be associated, or disclose any Confidential Information
to any person or entity, for any reason or purpose, without the prior written consent of Enzon; or (ii) remove or cause to be removed
from Enzon’s office any Confidential Information or material relating thereto for purposes other than those for use in connection
with Feinstein’s Services. Upon the expiration of the Term (including any renewal thereof), Feinstein agrees to return to
Enzon all tangible embodiments of all Confidential Information in Feinstein’s possession or control, nor will Feinstein retain
any copy or records of such Confidential Information, in hard copy or electronic form.

 

8.Miscellaneous.

 

A.This Agreement
shall in all respects be governed by, and construed and enforced in accordance with the laws of the State of New Jersey, without
giving effect to its conflicts of laws provisions.

 

B.This Agreement
shall be binding upon and shall inure to the benefit of the parties hereto and their permitted successors and assigns. This Agreement
may not be assigned by Feinstein without the prior written consent of Enzon.

 

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C.The terms of this
Agreement cannot be modified, altered or changed, except in a writing signed by both parties.

 

D.Any notice, request
or instruction to be given under this Agreement by one party to the other party shall be in writing and delivered personally, with
receipt thereof acknowledged, or sent by registered or certified mail, postage prepaid, to the following addresses, as applicable:

 

	 	If to Enzon:	20 Kingsbridge Rd
	 	 	Piscataway, NJ 08873
	 	 	Attn: Principal Executive Officer
	 	 	With a copy to: General Counsel
	 	 	 
	 	If to Feinstein:	Richard L. Feinstein, CPA
	 	 	[ADDRESS]

 

IN WITNESS WHEREOF,
the parties have executed this Agreement as of December 13, 2013.

 

 

	 	Enzon Pharmaceuticals, Inc.	 
	 	 	 	 
	 	 	 	 
	Dated:  December 13, 2013	By: 	/s/ George W. Hebard III	 
	 	George W. Hebard III	 
	 	Interim Principal Executive Officer	 
	 	 	 	 
	 	 	 	 
	Dated:  12/13/2013	/s/ Richard L. Feinstein	 
	 	Richard L. Feinstein, CPA	 
	 	 	 	 
	 	 	 	 

 

 

 

 

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