UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April 1, 2006
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ENZON PHARMACEUTICALS, INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-12957 22-2372868
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(State or other jurisdiction (Commission File No.) (IRS Identification No.)
of incorporation)
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685 Route 202/206, Bridgewater, New Jersey 08807
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (908) 541-8600
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(Former name or former address, if changed since last report)
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communication pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b)
[ ] Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement.
On April 1, 2006, the Compensation Committee of the Board of Directors of Enzon
Pharmaceuticals, Inc. ("Enzon") approved an increase in the compensation of
certain executive officers of Enzon. In November 2005, at the time of the
determination of executive officer annual bonuses for 2005 and the regular
annual increase in executive officer base salaries for 2006, the Compensation
Committee determined that the advice of an outside compensation consulting firm
was necessary to assist the Compensation Committee in determining the
appropriate compensation for the Company's executive officers for 2006. In
February 2006, the Compensation Committee engaged an independent compensation
consulting firm to prepare a benchmarking study of executive officer
compensation. After taking into account the results of this study and other
relevant information, the Compensation Committee determined to increase the base
salary of, and provide incentive compensation to, certain of Enzon's executive
officers as set forth below.
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Name and Title of Executive Base Salary Target 2006 Cash 2006 Cash Bonus Restricted Stock
Officer effective Bonus Range Stock Options
April 1, 2006 (as percentage of (as percentage of Units Grant Grant
base salary) base salary)
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Jeffrey Buchalter, $700,000 100% 0-200% 198,100 367,900
President and Chief Executive
Officer
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Ivan Horak, Executive Vice $475,000 60% 0-120% 66,200 122,900
President, Research and
Development and Chief
Scientific Officer
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Craig Tooman, Executive Vice $400,000 60% 0-120% 55,800 103,500
President, Finance and Chief
Financial Officer
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Ralph del Campo, Executive $367,500 50% 0-100% 42,000 78,000
Vice President, Operations
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Paul Davit, Executive Vice $325,000 50% 0-100% 31,900 59,200
President, Human Resources
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The restricted stock units and options to purchase common stock were granted on
April 3, 2006. The 2006 annual cash bonuses for the executive officers will be
based on objective individual and corporate objectives, targets and factors and
evaluation as to the extent of achievement thereof. The individual objectives,
targets and factors were separately determined for each executive officer and
reflect operational and other achievements specific to such executive officer's
position and duties.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: April 5, 2006
By: /s/ CRAIG A. TOOMAN
Name: Craig A. Tooman
Title: Executive Vice President, Finance
and Chief Financial Officer