AMENDED AND RESTATED EMPLOYMENT AGREEMENT
AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”) dated as of
April 27, 2007, between Enzon Pharmaceuticals, Inc. (the “Company”), a Delaware corporation with offices in
Bridgewater, New Jersey, and Jeffrey H. Buchalter (the “Executive”), a resident of Warren, New Jersey.
WHEREAS , the Company and the Executive are parties to that certain Employment Agreement, dated as
of December 22, 2004 (the “Employment Agreement”).
WHEREAS , the Company and the Executive desire to amend and restate the Employment Agreement as
set forth in this Amended and Restated Employment Agreement.
WHEREAS , the Company wishes to employ the Executive to render services for the Company on the
terms and conditions set forth in this Agreement, and the Executive wishes to be retained and employed by the
Company on such terms and conditions;
NOW, THEREFORE , in consideration of the premises, the mutual agreements set forth below and other
good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree
1. Employment . The Company hereby employs the Executive, and the Executive accepts such employment
and agrees to perform services for the Company, for the period and upon the other terms and conditions set forth
in this Agreement.
2. Term . The term of the Executive’s employment hereunder commenced on December 22, 2004 (the
“Commencement Date”), and unless terminated at an earlier date in accordance with Section 9 hereof, shall
extend through such date, not earlier than December 31, 2009, which is twelve (12) months following the date on
which either party hereto receives written notice (a “notice of non-renewal”) from the other party that such other
party does not wish for the term hereof to continue beyond such twelve (12) month period (the “Term”). Subject
to possible earlier termination in accordance with Section 9 hereof, unless and until a no