Exhibit 10.16
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Enzon Pharmaceuticals, Inc.
Executive Deferred Compensation Plan
-1-
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ENZON PHARMACEUTICALS, INC.
Executive Deferred Compensation Plan
(2006 Restatement)
1. Statement of History and Purpose
Effective November 1, 2003, Enzon Pharmaceuticals, Inc. established this deferred compensation plan for its key
employees which, in its most recently amended form, is maintained under a document entitled “ENZON
PHARMACEUTICALS, INC. Executive Deferred Compensation Plan (December 2003)” (the “Prior Plan
Statement”). Effective January 1, 2005, this Plan was amended and restated to comply with the deferred
compensation provisions in the American Jobs Creation Act of 2004. The provisions in this Plan apply to both: (i)
deferrals made which relate entirely to services performed on or before December 31, 2004 ( i.e . with respect to
compensation that was earned and vested as of 12/31/04) and (ii) deferrals which relate all or in part to services
performed on or after January 1, 2005. No deferrals shall continue to be invested and distributed pursuant to the
terms of the Prior Plan Statement. Effective August 1, 2006, this Plan was amended and restated to make certain
clarifications and ministerial changes.
The purpose of the Enzon Pharmaceuticals, Inc. Executive Deferred Compensation Plan (the “Plan”) is to aid
Enzon Pharmaceuticals, Inc. (the “Company”) and its subsidiaries in attracting and retaining key employees by
providing a non-qualified compensation deferral vehicle.
2. Definitions
2.01 Annual Incentive Compensation – “Annual Incentive Compensation” means the amount paid annually to
the Participant under the Enzon Pharmaceuticals Management Incentive Plan before reductions for deferrals
under this Plan or the Enzon Inc. Savings and Investment Plan.
2.02 Base Salary – “Base Salary” means the Participant’s annual basic rate of pay from the Company excluding
Annual Incentive Compensation and oth