UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ___________ 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 ------------------------------------------------------------------------------- ENZON PHARMACEUTICALS, INC. ------------------------------------------------------------------------------ (Exact name of registrant as specified in its charter) Delaware 0-12957 22-2372868 ------------------------------------------------------------------------------- (State or other jurisdiction (Commission File No.) (IRS Identification No.) of incorporation) ------------------------------------------------------------------------------- 685 Route 202/206, Bridgewater, New Jersey 08807 ------------------------------------------------------------------------------ (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (908) 541-8600 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- (Former name or former address, if changed since last report) ------------------------------------------------------------------------------- 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. -------------------------------- ----------------- ------------------- ------------------- ------------ ------------- 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) -------------------------------- ----------------- ------------------- ------------------- ------------ ------------- -------------------------------- ----------------- ------------------- ------------------- ------------ ------------- Jeffrey Buchalter, $700,000 100% 0-200% 198,100 367,900 President and Chief Executive Officer -------------------------------- ----------------- ------------------- ------------------- ------------ ------------- -------------------------------- ----------------- ------------------- ------------------- ------------ ------------- Ivan Horak, Executive Vice $475,000 60% 0-120% 66,200 122,900 President, Research and Development and Chief Scientific Officer -------------------------------- ----------------- ------------------- ------------------- ------------ ------------- -------------------------------- ----------------- ------------------- ------------------- ------------ ------------- Craig Tooman, Executive Vice $400,000 60% 0-120% 55,800 103,500 President, Finance and Chief Financial Officer -------------------------------- ----------------- ------------------- ------------------- ------------ ------------- -------------------------------- ----------------- ------------------- ------------------- ------------ ------------- Ralph del Campo, Executive $367,500 50% 0-100% 42,000 78,000 Vice President, Operations -------------------------------- ----------------- ------------------- ------------------- ------------ ------------- -------------------------------- ----------------- ------------------- ------------------- ------------ ------------- Paul Davit, Executive Vice $325,000 50% 0-100% 31,900 59,200 President, Human Resources -------------------------------- ----------------- ------------------- ------------------- ------------ ------------- 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