-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CkGitACX/8qMvXaBIV6L1lg6QvVjox33iIqsbCjZ2eoH3K/LpwaFDpy9JKdQZosI 2uPh5dVmZmYAXocCta3C2g== 0000932799-06-000124.txt : 20060405 0000932799-06-000124.hdr.sgml : 20060405 20060405172153 ACCESSION NUMBER: 0000932799-06-000124 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20060401 ITEM INFORMATION: Entry into a Material Definitive Agreement FILED AS OF DATE: 20060405 DATE AS OF CHANGE: 20060405 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENZON PHARMACEUTICALS INC CENTRAL INDEX KEY: 0000727510 STANDARD INDUSTRIAL CLASSIFICATION: BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836] IRS NUMBER: 222372868 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-12957 FILM NUMBER: 06742965 BUSINESS ADDRESS: STREET 1: 685 ROUTE 202/206 CITY: BRIDGEWATER STATE: NJ ZIP: 08807 BUSINESS PHONE: 908 541 8711 MAIL ADDRESS: STREET 1: 685 ROUTE 202/206 STREET 2: ATT: GENERAL COUNSEL CITY: BRIDGEWATER STATE: NJ ZIP: 08807 FORMER COMPANY: FORMER CONFORMED NAME: ENZON PHARMACEUTICALS INC DATE OF NAME CHANGE: 20021211 FORMER COMPANY: FORMER CONFORMED NAME: ENZON PHARMACEUTICAL INC DATE OF NAME CHANGE: 20021210 FORMER COMPANY: FORMER CONFORMED NAME: ENZON INC DATE OF NAME CHANGE: 19920703 8-K 1 form8k.txt FORM 8K APRIL 1, 2006 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 -----END PRIVACY-ENHANCED MESSAGE-----