Exhibit 10.2

 

AMENDMENT NO. 1
TO AMENDED AND RESTATED
KEY EXECUTIVE SEVERANCE AGREEMENT

 

This Amendment No. 1 (this “Amendment”), dated as of February 5, 2010, is
entered into by and between PONIARD PHARMACEUTICALS, INC., a Washington
corporation (the “Company”), and RONALD A. MARTELL (the “Executive”).

 

RECITALS

 

A.                                    The Company and the Executive are parties
to an Amended and Restated Key Executive Severance Agreement, dated as of
February 24, 2009 (the “Agreement”).

 

B.                                    The Executive has been promoted to Chief
Executive Officer of the Company and the parties desire to amend the Agreement
to provide the Executive additional benefits.

 

AGREEMENT

 

NOW, THEREFORE, the parties agree as follows:

 

1.                                      Termination Payments - COBRA.

 

The phrase “nine (9) months” in the first line of Section 5.1(b) shall be
changed to “twelve (12) months”.

 

2.                                      Termination Payments - Salary.

 

The phrase “seventy-five percent (75%)” in the first line of
Section 5.1(c) shall be changed to “one hundred percent (100%)”.

 

3.                                      Full Force and Effect.

 

Except as amended by this Amendment, the Agreement shall remain in full force
and effect in accordance with its terms.

 

IN WITNESS WHEREOF, the parties have executed and entered into this Amendment
effective as of the date first above written.

 

 

 

PONIARD PHARMACEUTICALS, INC.

 

 

 

 

 

 

 

By:

/s/ Gerald McMahon

 

 

 

 

 

 

 

Name: Gerald McMahon

 

Its: Chairman

 

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EXECUTIVE

 

 

 

 

 

 

 

By:

/s/ Ronald A. Martell

 

 

 

 

 

 

 

Name: Ronald A. Martell

 

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