EXHIBIT
10.26  The Company has entered into the attached form of Key
Executive Severance Agreement with the following executive officers as of the
following dates:  Name
  
  DateLinda T. Findlay
  
  10/30/2001Neile A. Grayson
  
  10/30/2001Richard G. Ghalie
  
  10/30/2001Melinda G. Kile
  
  10/30/2001Leslie J. Sabo
  
  10/30/2001  All of the agreements, except that of Ms. Grayson,
provide for severance pay equal to 50% of the executives then current annual
base salary.  Ms. Grayson s agreement
provides for severance payments equal to 75% of her current annual base salary
and nine months of other benefits if employment is terminated during the
Initial Term of her agreement.  NEORX CORPORATION
KEY EXECUTIVE SEVERANCE AGREEMENT (VP)  This Key Executive Severance Agreement (VP) (this Agreement), dated as of              , 20       ,
is entered into by and between NEORX CORPORATION, a Washington corporation (as
supplemented by Section 10, the Company),
and                (the Executive).  The Board of Directors of the Company (the Board) has determined that it is in the best interests
of the Company and its shareholders to ensure that the Company will have the
continued dedication of the Executive, notwithstanding the fact that the
Executive does not have any form of traditional employment contract or other
assurance of job security.  The Board
believes it is imperative to diminish any distraction of the Executive arising
from the personal uncertainty and insecurity that  
   arises in the absence of any assurance of job security by providing the
Executive with reasonable compensation and benefit arrangements in the event of
termination of the Executives employment by the Company under certain defined
circumstances.  In order to accomplish these objectives, the Board has
caused the Company to enter into this Agreement.  1.             Term  The initial term of this Agreement (the Initial Term) shall
be for a period of one (1) year from the date of this Agreement as first
appearing; provided, however, that this Agreement shall automatically renew for
successive additional one (1) year periods (Renewal Terms), unless notice of nonrenewal
is given by either party to the other party at least ninety (90) days prior to
the end of the Initial Term or any Renewal Term.  The Term
of this Agreement shall be the Initial Term plus all Renewal Terms.  At the end of the Term, this Agreement shall
terminate without further action by either the Company or the Executive.  2.             Employment  The Executive and the Company acknowledge that, except
as may otherwise be provided under any other written agreement between the
Executive and the Company, the employment of the Executive by the Company or by
any affiliated or successor company is at will and may be terminated by
either the Executive or the Company or its affiliated companies at any time
with or without cause, subject to the termination payments prescribed herein.  3.             Attention
and Effort  During any period of time that the Executive remains
in the employ of the Company, and excluding any periods of vacation and sick
leave to which the Executive is entitled, the Executive will devote all his
productive time, ability, attention and effort to the business and affairs of
the Company and the discharge of the responsibilities assigned to him hereunder,
and will seek to perform faithfully and efficiently such responsibilities.  It shall not be a violation of this
Agreement for the Executive to (a) serve on corporate, civic or charitable
boards or committees, (b) deliver lectures, fulfill speaking engagements
or teach at educational institutions, (c) manage personal investments, or
(d) engage in activities permitted by the policies of the Company or as
specifically permitted by the Company, so long as such activities do not
significantly interfere with the performance of the Executives
responsibilities in accordance with this Agreement.  It is expressly understood and agreed that to the extent any such
activities have been conducted by the Executive  2 
   prior to the Term, the continued conduct of such activities (or the
conduct of activities similar in nature and scope thereto) during the Term
shall not thereafter be deemed to interfere with the performance of the
Executives responsibilities to the Company.  4.             Termination  During the Term, employment of the Executive may be
terminated as follows, but, in any case, the nondisclosure provisions set forth
in Section 7 hereof shall survive the termination of this Agreement and
the termination of the Executives employment with the Company:  4.1          By the Company or the Executive  At any time during the Term, the Company may terminate
the employment of the Executive with or without Cause (as defined below), and
the Executive may terminate his employment for Good Reason (as defined below)
or for any reason, upon giving Notice of Termination (as defined below).  4.2          Automatic Termination  This Agreement and the Executives employment shall
terminate automatically upon the death or Total Disability of the Executive.  The term Total
Disability as used herein shall mean the Executives inability
(with such accommodation as may be required by law and which places no undue
burden on the Company), as determined by a physician selected by the Company
and acceptable to the Executive, to perform the Executives essential duties
for a period or periods aggregating twelve (12) weeks in any three hundred
sixty-five (365) day period as a result of physical or mental illness, loss of
legal capacity or any other cause beyond the Executives control, unless the
Executive is granted a leave of absence by the Board.  4.3          Notice of Termination  Any termination by the Company or by the Executive
during the Term shall be communicated by Notice of Termination to the other
party given in accordance with Section 9 hereof.  The term Notice of Termination shall
mean a written notice that (a) indicates the specific termination
provision in this Agreement relied upon and (b) to the extent applicable,
sets forth in reasonable detail the facts and circumstances claimed to provide
a basis for termination of the Executives employment under the provision so
indicated.  The failure by the Executive
or the Company to set forth in the Notice of Termination any fact or
circumstance that contributes to a showing of Good Reason or Cause shall not
waive any right of the Executive or the Company hereunder  3 
   or preclude the Executive or the Company from asserting such fact or
circumstance in enforcing the Executives or the Companys rights hereunder.  4.4          Date of Termination  Date of Termination means
(a) if the Executives employment is terminated by reason of death, the
last day of the calendar month in which the Executives death occurs,
(b) if the Executives employment is terminated by reason of Total
Disability, immediately upon a determination by the Company of the
Executives Total Disability, and (c) in all other cases, ten (10) days
after the date of personal delivery or mailing of the Notice of
Termination.  The Executives employment
and performance of services will continue during such ten (10) day period;
provided, however, that the Company may, upon notice to the Executive and
without reducing the Executives compensation during such period, excuse the
Executive from any or all of his duties during such period.  5.             Termination
Payments  In the event of termination of the Executives
employment during the Term, all compensation and benefits shall terminate,
except as specifically provided in this Section 5.  5.1          Termination by the Company Other Than
for Cause or by the Executive for Good Reason  If during the Term the Company terminates the
Executives employment other than for Cause or the Executive terminates his
employment for Good Reason, the Executive shall be entitled to:  (a)           receive
payment of the following accrued obligations (the Accrued
Obligations):  (i)            the Executives
then current annual base salary through the Date of Termination to the extent
not theretofore paid; and  (ii)           any compensation
previously deferred by the Executive (together with accrued interest or
earnings thereon, if any) and any accrued vacation pay that would be payable
under the Companys standard policy, in each case to the extent not theretofore
paid;  (b)           for
six months after the Date of Termination or until the Executive qualifies for
comparable medical and dental insurance benefits from another  4 
   employer, whichever occurs first, the Company shall pay the Executives
premiums for health insurance benefit continuation for the Executive and his
family members, if applicable, that the Company provides to the Executive under
the provisions of the federal Consolidated Omnibus Budget Reconciliation Act of
1985, as amended (COBRA), to the extent that
the Company would have paid such premiums had the Executive remained employed
by the Company (such continued payment is hereinafter referred to as COBRA Continuation); and  (c)           an
amount as severance pay equal to fifty percent (50%) of the Executives then
current annual base salary for the fiscal year in which the Date of Termination
occurs, subject to payment and potential reduction as set forth in
Section 5.5 hereof.  5.2          Termination for Cause or Other Than
for Good Reason  If during the Term the Executives employment shall be
terminated by the Company for Cause or by the Executive for other than Good
Reason, this Agreement shall terminate without further obligation on the part
of the Company to the Executive, other than the Companys obligation to pay the
Executive the Accrued Obligations to the extent theretofore unpaid.  5.3          Expiration of Term  In the event the Executives employment is not
terminated prior to expiration of the Term, this Agreement shall terminate
without further obligation on the part of the Company to the Executive.  5.4          Termination Because of Death or Total
Disability  If the Executives employment is terminated during the
Term by reason of the Executives death or Total Disability, this Agreement
shall terminate automatically without further obligation on the part of the
Company to the Executive or his legal representatives under this Agreement,
other than the Companys obligation to pay the Executive the Accrued
Obligations (which shall be paid to the Executives estate or beneficiary, as
applicable in the case of the Executives death) and to provide COBRA
Continuation.  5.5          Payment Schedule and Offset for Other
Earnings  All payments of Accrued Obligations, or any portion
thereof payable pursuant to this Section 5, shall be made to the Executive
within ten (10) working days of the Date of Termination.  Any severance payments payable to the
Executive pursuant to  5 
   Section 5.1(c) shall be made to the Executive in the form of
salary continuation, payable at normal payroll intervals during the six month
severance period, and subject to offset for other earnings received by the
Executive as follows:  (a)           The
Executive shall have no affirmative duty to seek other employment or otherwise
mitigate lost earnings during the six month severance period.  (b)           The
Executive shall disclose to the Company any earnings received (or that the
Executive had the right to receive) from employment, consulting or performance
of other personal services during the six month severance period, and the
source(s) of such earnings.  (c)           The
Company, in each payroll period that a severance payment is due, shall have the
right to offset on a dollar-for-dollar basis all such earnings that the
Executive received or had the right to receive during that payroll period.  (d)           In
the event the Company disputes whether Good Reason existed for the Executive to
terminate his employment for Good Reason, the Company shall pay salary
continuation as provided above in this Section 5.5 until the earliest of
(i) settlement by the parties, (ii) determination by arbitration in
accordance with Section 14 hereof that Good Reason did not exist, and
(iii) completion of the payments required by this Section 5.5 and
Section 5.1(c) hereof.  If,
pursuant to Section 14 hereof, an arbitrator determines that Good Reason
did not exist, the arbitrator shall also decide whether the Executive had a reasonable,
good-faith basis for claiming that there was Good Reason to terminate.  If the arbitrator determines that there was
not such a basis, the Executive shall be obligated to repay promptly to the
Company the salary continuation payments; if the arbitrator determines that
there was such a basis, the Executive shall not be obligated to repay the
salary continuation.  5.6          Cause  For purposes of this Agreement, Cause means cause given by the Executive to
the Company and shall include, without limitation, the occurrence of one or
more of the following events:  (a)           a
clear refusal to carry out any material lawful duties of the Executive or any
directions of the Board or senior management of the Company reasonably
consistent with those duties;  (b)           persistent
failure to carry out any lawful duties of the Executive or any directions of
the Board or senior management reasonably consistent with those duties;  6 
   provided, however, that the Executive has been given reasonable notice
and opportunity to correct any such failure;  (c)           violation
by the Executive of a state or federal criminal law involving the commission of
a crime against the Company or any other criminal act involving moral
turpitude;  (d)           current
abuse by the Executive of alcohol or controlled substances; deception, fraud,
misrepresentation or dishonesty by the Executive; or any incident materially
compromising the Executives reputation or ability to represent the Company
with investors, customers or the public; or  (e)           any
other material violation of any provision of this Agreement by the Executive,
subject to the notice and opportunity to cure requirements of Section 8
hereof.  5.7          Good Reason  For purposes of this Agreement, Good
Reason means:  (a)           reduction
of the Executives annual base salary to a level below the level in effect on
the date of this Agreement, regardless of any change in the Executives duties
or responsibilities;  (b)           the
assignment to the Executive of any duties materially inconsistent with the
Executives position, authority, duties or responsibilities or any other action
by the Company the results in a material diminution in such position,
authority, duties or responsibilities, excluding for this purpose an isolated
and inadvertent action not taken in bad faith and that is remedied by the
Company promptly after receipt of notice thereof given by the Executive;  (c)           the
Companys requiring the Executive to be based at any office or location more
than twenty (20) miles from the Companys current location in Seattle,
Washington;  (d)           any
failure by the Company to comply with and satisfy Section 10 hereof,
provided, however, that the Companys successor has received at least ten (10)
days prior written notice from the Company or the Executive of the
requirements of Section 10 hereof; or  7 
   (e)           any
other material violation of any provision of this Agreement by the Company,
subject to the notice and opportunity to cure requirements of Section 8
hereof.  5.8          General Release of Claims  As a condition to the payment contemplated by Section
5.1(c), the Executive shall execute a general release of claims against the
Company in a form satisfactory to the Company in its sole discretion.  By way of example and not limitation, the
general release of claims will include any claims for wages, bonuses,
employment benefits, or damages of any kind whatsoever, arising out of any
contracts, express or implied, any covenant of good faith and fair dealing,
express or implied, any theory of wrongful discharge, any legal restriction on
the Companys right to terminate employment, or any federal, state or other
governmental statute or ordinance, including, without limitation, Title VII of
the Civil Rights Act of 1964, the federal Age Discrimination in Employment Act,
the Americans with Disabilities Act, the Family and Medical Leave Act, the
Washington Law Against Discrimination, or any other legal limitation on the
employment relationship.  6.             Representations,
Warranties and Other Conditions  In order to induce the Company to enter into this
Agreement, the Executive represents and warrants to the Company as follows:  6.1          Health  The Executive is in good health and knows of no
physical or mental disability that, with any accommodation that may be required
by law and that places no undue burden on the Company, would prevent him from
fulfilling his obligations hereunder. 
The Executive agrees, if the Company requests, to submit to reasonable
periodic medical examinations by a physician or physicians designated, paid for
and arranged by the Company.  The
Executive agrees that the examinations medical report shall be provided to the
Company.  6.2          No Violation of Other Agreements  The Executive represents that neither the execution
nor the performance of this Agreement by the Executive will violate or conflict
in any way with any other agreement by which the Executive may be bound.  8    7.             Nondisclosure;
Return of Materials  7.1          Nondisclosure  Except as required by his employment with the Company,
the Executive will not, at any time during the term of employment by the
Company, or at any time thereafter, directly, indirectly or otherwise, use,
communicate, disclose, disseminate, lecture upon or publish articles relating to
any confidential, proprietary or trade secret information without the prior
written consent of the Company.  The
Executive understands that the Company will be relying on this covenant in
continuing the Executives employment, paying him compensation, granting him
any promotions or raises, or entrusting him with any information that helps the
Company compete with others.  7.2          Return of Materials  All documents, records, notebooks, notes, memoranda,
drawings or other documents made or compiled by the Executive at any time while
employed by the Company, or in his possession, including any and all copies
thereof, shall be the property of the Company and shall be held by the
Executive in trust and solely for the benefit of the Company, and shall be
delivered to the Company by the Executive upon termination of employment or at
any other time upon request by the Company.  8.             Notice
and Cure of Breach  Whenever a breach of this Agreement by either party is
relied upon as justification for any action taken by the other party pursuant
to any provision of this Agreement, other than clause (a), (b), (c) or (d)
of Section 5.6 hereof, before such action is taken, the party asserting
the breach of this Agreement shall give the other party at least twenty (20) days
prior written notice of the existence and the nature of such breach before
taking further action hereunder and shall give the party purportedly in breach
of this Agreement the opportunity to correct such breach during the twenty (20)
day period.  9.             Form
of Notice  Every notice required by the terms of this Agreement
shall be given in writing by serving the same upon the party to whom it was
addressed personally or by registered or certified mail, return receipt
requested, at the address set forth below or at such other address s may
hereafter be designated by notice given in compliance with the terms hereof:  9 
   If to the Executive:If to the Company
  
  NeoRx Corporation410 West HarrisonSeattle, Washington 98119Attn: 
  PresidentWith a copy to:
  
  Perkins Coie LLP1201 Third Avenue, 40th FloorSeattle, Washington 98101-3099Attn:  James
  R. Lisbakken  Except as set forth in
Section 4.4 hereof, if notice is mailed, such notice shall be effective
upon mailing.  10.          Assignment  This Agreement is personal to the Executive and shall
not be assignable by the Executive.  The Company shall assign to and require any successor
(whether direct or indirect, by purchase, merger, consolidation or otherwise)
to all or substantially all the business and/or assets of the Company to assume
expressly and agree to perform this Agreement in the same manner and to the
same extent that the Company would be required to perform it if no such
succession had taken place.  As used in
this Agreement, the Company shall mean NeoRx
Corporation and any affiliated company or successor to its business and/or
assets as aforesaid that assumes and agrees to perform this Agreement by
contract, operation of law or otherwise; and as long as such successor assumes
and agrees to perform this Agreement, the termination of the Executives
employment by one such entity and the immediate hiring and continuation of the
Executives employment by the succeeding entity shall not be deemed to
constitute a termination or trigger any severance obligation under this
Agreement.  All the terms and provisions
of this Agreement shall be binding upon and inure to the benefit of and be
enforceable by the parties hereto and their respective successors and permitted
assigns.  11.          Waivers  No delay or failure by any party hereto in exercising,
protecting or enforcing any of its rights, titles, interests or remedies
hereunder, and no course of dealing or performance with respect thereto, shall
constitute a waiver thereof.  The
express  10 
   waiver by a party hereto of any right, title, interest or remedy in a
particular instance or circumstance shall not constitute a waiver thereof in
any other instance or circumstance.  All
rights and remedies shall be cumulative and not exclusive of any other rights
or remedies.  12.          Amendments In Writing  No amendment, modification, waiver, termination or
discharge of any provision of this Agreement, or consent to any departure
therefrom by either party hereto, shall in any event be effective unless the
same shall be in writing, specifically identifying this Agreement and the
provision intended to be amended, modified, waived, terminated or discharged
and signed by the Company and the Executive, and each such amendment,
modification, waiver, termination or discharge shall be effective only in the
specific instance and for the specific purpose for which given.  No provision of this Agreement shall be
varied, contradicted or explained by any oral agreement, course of dealing or
performance or any other matter not set forth in an agreement in writing and
signed by the Company and the Executive.  13.          Applicable Law  This Agreement shall in all respects, including all
matters of construction, validity and performance, be governed by, and
construed and enforced in accordance with, the laws of the State of Washington,
without regard to any rules governing conflicts of laws.  14.          Arbitration; Attorneys Fees  Except in connection with enforcing Section 7
hereof, for which legal and equitable remedies may be sought in a court of law,
any dispute arising under this Agreement shall be subject to arbitration.  The arbitration proceeding shall be
conducted in accordance with the Commercial Arbitration Rules of the American
Arbitration Association (the AAA Rules) then
in effect, conducted by one (1) arbitrator either mutually agreed upon or
selected in accordance with the AAA Rules. 
The arbitration shall be conducted in King County, Washington, under the
jurisdiction of the Seattle office of the American Arbitration
Association.  The arbitrator shall have
authority only to interpret and apply the provisions of this Agreement, and
shall have no authority to add to, subtract from or otherwise modify the terms
of this Agreement.  Any demand for
arbitration must be made within sixty (60) days of the event(s) giving rise to
the claim that this Agreement has been breached.  The arbitrators decision shall be final and binding, and each
party agrees to be bound by the arbitrators award, subject only to an appeal
therefrom in accordance with the laws  11 
   of the State of Washington. 
Either party may obtain judgment upon the arbitrators award in the
Superior Court of King County, Washington.  If it becomes necessary to pursue or defend any legal
proceeding, whether in arbitration or court, in order to resolve a dispute
arising under this Agreement, the prevailing party in any such proceeding shall
be entitled to recover its reasonable costs and attorneys fees.  15.          Severability  If any provision of this Agreement shall be held
invalid, illegal or unenforceable in any jurisdiction, for any reason,
including, without limitation, the duration of such provision, its geographical
scope or the extent of the activities prohibited or required by it, then, to
the full extent permitted by law, (a) all other provisions hereof shall
remain in full force and effect in such jurisdiction and shall be liberally construed
in order to carry out the intent of the parties hereto as nearly as may be
possible, (b) such invalidity, illegality or unenforceability shall not
affect the validity, legality or enforceability of any other provision hereof,
and (c) any court or arbitrator having jurisdiction thereover shall have
the power to reform such provision to the extent necessary for such provision
to be enforceable under applicable law.  16.          Coordination With Change of Control
Agreement  The Company and the Executive are contemporaneously
with this Agreement entering into a Change of Control Agreement (the Change of Control Agreement), which agreement provides
for certain forms of severance and benefit payments in the event of termination
of Executives employment under certain defined circumstances.  This Agreement is in addition to the Change
of Control Agreement, providing certain assurances to the Executive in
circumstances that the Change of Control Agreement does not cover, and in no
way supersedes or nullifies the Change of Control Agreement.  Nevertheless, it is possible that a
termination of employment by the Company or by the Executive may fall within
the scope of both agreements.  In such
event, payments made to the Executive under Section 5.1 hereof shall be coordinated
with payments made to the Executive under Section 8.1 of the Change of
Control Agreement as follows:  (a)           Accrued
Obligations under this Agreement need not be paid if paid under the Change of
Control Agreement;  (b)           COBRA
Continuation under this Agreement need not be provided if provided under the
Change of Control Agreement; and  12 
   (c)           the
severance payment required under Section 5.1(c) hereof need not be paid if
a severance payment is made under Section 8.1(d) of the Change of Control
Agreement.  17.          Excess Parachute Payments  Unless provided by Section 8.8 of the Change of
Control Agreement, if any portion of the payments or benefits under this
Agreement or any other agreement or benefit plan of the Company (including
stock options) would be characterized as an excess parachute payment to the
Executive under Section 280G of the Internal Revenue Code of 1986, as
amended (the Code), the Executive shall
be paid any excise tax that the Executive owes under Section 4999 of the
Code as a result of such characterization, such excise tax to be paid to the
Executive at least ten (10) days prior to the date that he is obligated to make
the excise tax payment.  The
determination of whether and to what extent any payments or benefits would be
excess parachute payments and the date by which any excise tax shall be due,
shall be determined in writing by recognized tax counsel selected by the
Company and reasonably acceptable to the Executive.  18.          Entire Agreement  Except as described in Section 16 hereof, this
Agreement constitutes the entire agreement between the Company and the
Executive with respect to the subject matter hereof, and all prior or
contemporaneous oral or written communications, understandings or agreements
between the Company and the Executive with respect to such subject matter are
hereby superseded and nullified in their entireties, except that the
Proprietary Information and Invention Agreement between the Executive and the
Company shall continue in full force and effect to the extent not superseded by
Section 10 hereof.  19.          Withholding  The Company may withhold from any amounts payable
under this Agreement such federal, state or local taxes as shall be required to
be withheld pursuant to any applicable law or regulation.  20.          Counterparts  This Agreement may be executed in counterparts, each
of which counterpart shall be deemed an original, but all of which together
shall constitute one and the same instrument.  13 
   IN WITNESS
WHEREOF, the parties have executed and entered into this Agreement effective on
the date first set forth above.  NEORX
  CORPORATIONBy:Name:Its:EXECUTIVEBy:Name:  14