As of May 15, 1995
Xx. Xxxxx X. Xxxxxxx
000 Xxxxxxx Xxxx
Xxx Xxxxxx, XX 00000
Re: AMENDMENT TO EMPLOYMENT AGREEMENT
Dear Xxxxx:
This letter agreement, when signed by you, will serve as a first
amendment to your employment agreement with Enzon, Inc. (the "Company") dated
as of March 25, 1994 (the "Employment Agreement").
Pursuant to Section 3(b) of the Employment Agreement, you are entitled to
receive an award (the "Award") under the Company's Total Compensation Program
for Officers and Senior Executives (the "Program") based on the completion of
your first year of employment with the Company. The Employment Agreement
further provides that the Award is to consist of an option granted under the
Company's Non-Qualified Stock Option Plan (the "Plan") and cash having the
value and based on the terms set forth therein.
This will confirm our agreement that you will not receive the Award for
the completion of your first year of employment with the Company as provided in
Section 3(b) of the Employment Agreement, and in lieu thereof, the Company
shall grant to you an option (the "Option") under the Plan to purchase 84,000
shares of the Company's common stock, $.01 par value (the "Common Stock"). The
exercise price per share of Common Stock shall be $2.00, which is the fair
market value of a share of Common Stock on the date hereof. The Option shall
be exercisable as to 42,000 shares on May 15, 1996 and as to the remaining
42,000 shares on May 15, 1997 and shall terminate in its entirety on May 15,
2005. The Option is not being granted pursuant to the Program. Except as
provided herein, the Employment Agreement shall remain unchanged.
To evidence your agreement to the foregoing, kindly countersign this
letter on the line provided below.
Very truly yours,
ENZON, INC.
By:/S/ XXXXXXX X. XXXXXXXX
Name: Xxxxxxx X. Xxxxxxxx
Title: Vice President, Finance
AGREED AND ACCEPTED
/S/ XXXXX X. XXXXXXX
Xxxxx X. Xxxxxxx
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