I think a deal is close if not done.....Aby Buchbinder is out effective today.
Item 5.02 Departure of Directors or Certain Officers; Compensatory Arrangements of Certain Officers.
On February 28, 2013, Enzon Pharmaceuticals, Inc. (the “Company”) and Aby Buchbinder, who was serving as the Company’s Vice President, Clinical Development, entered into a Severance Agreement and Release of Claims (the “Severance Agreement”), 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.
The Severance Agreement provides that Dr. Buchbinder will receive (i) a payment in the amount of $20,307 representing the prorated amount of Dr. Buchbinder’s target bonus for fiscal year 2013 for the period through the end of his employment, (ii) a severance payment in the amount of $358,936, and (iii) a payment of $4,000 to assist Dr. Buchbinder with outplacement. The foregoing payments are to be made in a single cash lump sum on the next regular payday occurring after March 7, 2013. In addition, if Dr. Buchbinder elects COBRA group health continuation coverage, Dr. Buchbinder will receive reimbursement for the total applicable premium cost for medical, dental and vision continuation coverage for him and his family for a period of up to twelve months. The Severance Agreement provides that the remaining restricted stock units granted to Dr. Buchbinder on September 22, 2010 will continue to vest such that he will become vested in such restricted stock units on the original vesting date (i.e. September 22, 2013) or, if earlier, the date a Change in Control (as defined therein) of the Company occurs. In consideration for such continued vesting, Dr. Buchbinder agreed to provide services as a consultant through December 31, 2013, at such times as may be reasonably requested by the Company at a rate of $175 per hour. Under the terms of the Severance Agreement, Dr. Buchbinder agreed to release the Compan
I agree- they are rolling out severance packages for many officers- which will either keep expenses down while they are looking for a buyer(s) or a sale announcement is coming in the not too distant future.
You don't elimate this position if you're growing your buisiness. From the SEC filing it's clear Aby doesn't have another position and he was let go. IMO, the acquiring company doesn't need to keep this person/position on staff. I think a deal is very near and that it will happen before the quarterly release. GL....I hope I'm right.
Aby Buchbinder, M.D.
— Vice President, Clinical Development
Aby Buchbinder has served as Enzon’s vice president of clinical development since January 2006. Prior to joining Enzon, he held several clinical-development positions at major pharmaceutical companies, including senior director at Johnson & Johnson PRD, global clinical director at Aventis, and associate director at Pharmacia Corporation. Dr. Buchbinder has experience with the design, writing, and implementation of clinical protocol; the design, defense and implementation of clinical development plans; leadership of global clinical teams; and interactions with regulatory authorities.
Prior to joining industry, Dr. Buchbinder was head of the Stem Cell Transplantation Program at North Shore University Hospital in Manhasset, NY, where he was a practicing medical oncologist. He received his M.D. from McGill University.