On February 28, 2013, Enzon Pharmaceuticals Inc. and Aby Buchbinder, who was serving as the company's Vice President, Clinical Development, entered into a Severance Agreement and Release of Claims which provides for the termination of Dr. Buchbinder's employment with the company effective February 28, 2013. The Severance Agreement remains subject to revocation by Dr. Buchbinder for seven days following February 28, 2013.