Exhibit 10.24  PONIARD PHARMACEUTICALS,
INC.AMENDED AND RESTATED
KEY EXECUTIVE SEVERANCE AGREEMENT  This Amended and Restated Key Executive Severance
Agreement (this Agreement), dated as of March 3,
2008, is entered into by and between PONIARD PHARMACEUTICALS, INC., a
Washington corporation (formerly known as NeoRx Corporation and as supplemented
by Section 10, the Company), and CAROLINE LOEWY
(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 thisAgreement
as first appearing above; 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 nine (9) months
prior to the end of the Initial Term or any Renewal Term, and provided further
that if a Change of Control (as defined in the Change of Control Agreement
referenced in Section 16 hereof) occurs during the Term, the Term shall
automatically extend for the duration of the Employment Period (as defined in
the Change of Control Agreement). The Term of
this Agreement shall be the Initial Term plus all Renewal Terms and, if
applicable, the duration of the Employment Period. 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 of the
Executives productive time, ability, attention and effort to the business and
affairs of the Company and the discharge of the responsibilities assigned to
the Executive 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 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:  4.1By 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 the Executives employment for Good Reason (as
defined below) or for any reason, upon giving Notice of Termination (as defined
below).  4.2Automatic 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  2


beyond the Executives control, unless the Executive
is granted a leave of absence by the Board.  4.3Notice 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 or preclude the Executive or the
Company from asserting such fact or circumstance in enforcing the Executives
or the Companys rights hereunder.  4.4Date 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 the Executives 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.  5.1Termination 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 the
Executives employment for Good Reason, the Executive shall be entitled to:  (a)receive payment of the following accrued
obligations (the Accrued Obligations):  3


(i)the Executives then current annual base
salary through the Date of Termination to the extent not theretofore paid;  (ii)any compensation previously deferred by
the Executive (together with accrued interest or earnings thereon, if any); and  (iii)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 nine (9) months after the Date
of Termination or until the Executive qualifies for comparable medical and
dental insurance benefits from another employer, whichever occurs first, the
Company shall pay the Executives premiums for health insurance benefit
continuation for the Executive and the Executives 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
seventy five percent (75%) of the Executives then current annual base salary
for the fiscal year in which the Date of Termination occurs, subject to payment
as set forth in Sections 5.5 and 5.9 hereof.  5.2Termination 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.  5.3Expiration 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.  5.4Termination 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 the Executives 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  4


beneficiary, as applicable in the case of the
Executives death) and to provide COBRA Continuation.  5.5Payment Schedule  All payments of Accrued Obligations, or any portion
thereof payable pursuant to this Section 5, other than deferred
compensation pursuant to Section 5.1(a)(ii), shall be made to the
Executive within ten (10) working days of the Date of Termination. Deferred
compensation pursuant to Section 5.1(a)(ii) shall be payable pursuant
to the terms of the deferred compensation program. Any severance payments
payable to the Executive pursuant to Section 5.1(c) shall be made to
the Executive in the form of salary continuation, payable at normal payroll
intervals during the nine (9) month period following the Date of
Termination (Payment Period). For
purposes of determining the payment schedule, other than for deferred
compensation pursuant to Section 5.1(a)(ii), to the extent that the
payment schedule in this Section 5.5 would subject payments to the
distribution requirements set forth in Section 409A(a)(2) of the
Internal Revenue Code of 1986, as amended (Code), because the Date of
Termination is different than the date that a person would be deemed to have
had a separation from service within the meaning of Code Section 409A(a)(2)(i),
the Date of Termination shall be treated as the latest date so as to not
subject such payments to the distribution requirements set forth in Code Section 409A(a)(2).
Notwithstanding the preceding provisions of this Section 5, if necessary
to meet the requirements of subparagraphs (A)(i) and (B)(i) of Code Section 409A(a)(2),
the amounts that would normally be paid during the first six months after the
Executives separation from service within the meaning of Code Section 409A(a)(2) shall
not be paid to an Executive  who is a
specified employee (as defined in Code Section 409A(a)(2)(B)(i) in
accordance with the procedures established by the Compensation Committee) until
the six-month anniversary of the Executives separation from service.  5.6Cause  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; provided, however, that the
Executive has been given reasonable notice and opportunity to correct any such
failure;  5


(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.  5.7Good 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 that 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 fifty (50) miles from the city in
which the Executive is currently employed by the Company, i.e., San Francisco,
California or 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  (e)any other material violation of any
provision of this Agreement by the Company;  provided, however, that the Executive has notified the
Company of such salary reduction, assignment, failure, situation or violation
within ninety (90) days of its occurrence and there has been compliance with
the notice and opportunity to cure requirements of Section 8 hereof.  6


5.8General Release of Claims  As a condition to the payment contemplated by this Section 5,
the Executive shall execute a general release and waiver 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 and waiver 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. Such
release and waiver shall be delivered to the Company no later than the
fifteenth day of the third month of the fiscal year following the year in which
the Date of Termination occurs.  5.9Dispute Regarding Existence of Good
Reason for Termination  In the event the Company disputes whether Good Reason
existed for the Executive to terminate the Executives employment for Good
Reason, the Company shall pay salary continuation as provided in 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 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.  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:  6.1Health  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 the
Executive from fulfilling the Executives 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.  7


6.2No 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 or obligations by which the Executive may
be bound.  7.Nondisclosure; Return of Materials  7.1Nondisclosure  Except as required by the Executives 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 the Executives compensation, granting the Executive any
promotions or raises, or entrusting the Executive with any information that
helps the Company compete with others.  7.2Return 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 the Executives 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 as may
hereafter be designated by notice given in compliance with the terms hereof:  8


If to the Executive:
  
  Caroline Loewy[Address]If to the Company:
  
  Poniard
  Pharmaceuticals, Inc.300 Elliott Avenue
  West, Suite 500Seattle, Washington
  98119Attn: Chief Executive
  OfficerWith a copy to:
  
  Perkins Coie LLP1201 Third Avenue, 48th
  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 Poniard Pharmaceuticals, Inc. 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 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.  9


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 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. To the extent
necessary to prevent Executive from being subject to any additional tax
pursuant to Code Section 409A(a)(1)(B), any amounts payable to the
Executive pursuant to this paragraph shall be paid in no event later than the
year following the year during which such costs and fees were incurred.  10


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 entering into an
Amended and Restated 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  (c)the severance
payment required under Section 5.1(c) hereof (and paid pursuant to Section 5.5
hereof) need not be paid to the extent a severance payment is made under Section 8.1(d) of
the Change of Control Agreement, i.e., the credit from Section 8.1(d) of
the Change of Control Agreement is applied as amounts become due under Section 5.5
hereof.  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  11


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 the Executive 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. Without
limitation on the foregoing, the payments made pursuant to this Section 17
shall be made no later than the end of the year following the year in which the
Executive remits such excise tax to the IRS.  18.Entire Agreement  This Agreement supersedes and replaces the Key
Executive Severance Agreement, dated as of June 23, 2006, between the
parties, and 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.  20.409A Interpretation Provision  The
Company intends that this Agreement fully comply with the payout and other
limitations and restrictions imposed under Code Section 409A if and to the
extent such Code Section 409A is otherwise applicable to payments under
this Agreement and such compliance is necessary to avoid the penalties
otherwise imposed under Code Section 409A. In this connection, the Company
and Executive agree that the payout timing provisions and any other terms of
this Agreement shall be interpreted and deemed modified, if and to the extent
necessary, to comply with the payout and other limitations and restrictions
imposed under Code Section 409A if and to the extent such Code Section 409A
is otherwise applicable to this Agreement and such compliance is necessary to
avoid the penalties otherwise imposed under Code Section 409A.  21.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.  12


IN WITNESS WHEREOF, the parties have executed and
entered into this Agreement effective on the date first set forth above.   PONIARD PHARMACEUTICALS, INC.By:
  /s/ Gerald McMahonName: Gerald McMahonIts:  Chief
  Executive OfficerEXECUTIVEBy:
  /s/ Caroline LoewyName:  Caroline
  Loewy  13