Document:

Exhibit
10.3

EMPLOYMENT
AGREEMENT

This EMPLOYMENT AGREEMENT (the “Agreement”) is entered
into as of this 10th day of June, 2005 (the “Commencement Date”) by and between
Penn National Gaming, Inc., a Pennsylvania corporation (the “Company”), and
Robert S. Ippolito, an individual residing in Pennsylvania (“Executive”).

WHEREAS, Executive and the Company have are party to
an Employment Agreement (as amended and extended from time to time, the “Initial
Agreement”); and

WHEREAS, the parties now desire to terminate the
Initial Agreement and to enter into a new agreement reflecting, among other
things, certain additional covenants and consideration exchanged by the
parties, all as more specifically set forth herein.

NOW, THEREFORE, the parties hereto, intending to be
legally bound, hereby agree as follows:

1.     Employment.  The
Company hereby agrees to employ Executive and Executive hereby accepts such
employment, in accordance with the terms, conditions and provisions hereinafter
set forth.

1.1.          Duties and Responsibilities.  Executive shall serve as Vice President,
Secretary and Treasurer of the Company. 
Executive shall perform all duties and accept all responsibilities
incident to such position as may be reasonably assigned to him by the Chief
Executive Officer and the Board of Directors of the Company (the “Board”).
Executive’s principal place of employment shall be in Wyomissing, Pennsylvania.

1.2.          Term. The term of this
Agreement shall begin on the date hereof and shall terminate at the close of
business on the third anniversary of the Commencement Date (the “Initial Term”),
unless earlier terminated in accordance with Section 3 hereof.  This Agreement shall automatically renew for
additional three-year periods (each, a “Renewal Term” and, together with the
Initial Term, the “Employment Term”) unless either party has delivered written
notice of non-renewal at least 60 days prior to the start of a Renewal Term or
unless earlier terminated in accordance with Section 3 hereof.

1.3.          Extent of Service.  Executive agrees to use Executive’s best
efforts to carry out Executive’s duties and responsibilities and, consistent
with the other provisions of this Agreement, to devote substantially all of
Executive’s business time, attention and energy thereto.  The foregoing shall not be construed as
preventing Executive from serving on the board of philanthropic organizations,
or providing oversight with respect to his personal investments, so long as
such service does not materially interfere with Executive’s duties hereunder.

2.     Compensation.  For
all services rendered by Executive to the Company, the Company shall compensate
Executive as set forth below.

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2.1.          Base Salary.  The Company shall pay Executive a base salary
(“Base Salary”), commencing on the Commencement Date, at the annual rate of two
hundred forty thousand ($240,000) dollars, payable in installments at such
times as the Company customarily pays its other senior executives (“Peer
Executives”).  Executive’s performance
and Base Salary shall be reviewed annually. 
Any increase in Base Salary or other compensation shall be made at the
discretion of the Board or the compensation committee of the Board (the “Compensation
Committee”).

2.2.          Cash Bonuses.  Executive shall participate in the Company’s
incentive compensation plan for senior management as such may be adopted,
amended and approved, from time to time, by the Compensation Committee.

2.3.          Equity Compensation.  The Company may grant to Executive options or
other equity compensation pursuant to, and subject to the terms and conditions
of, the then current equity compensation plan of Penn National Gaming,
Inc.  The Compensation Committee shall
set the amount and terms of such options or other equity compensation.

2.4.          Other Benefits.  Executive shall be entitled to participate in
all other employee benefit plans and programs, including, without limitation,
health, vacation, retirement, deferred compensation or SERP, made available to
other Peer Executives, as such plans and programs may be in effect from time to
time and subject to the eligibility requirements of the each plan.  Nothing in this Agreement shall prevent the
Company from amending or terminating any retirement, welfare or other employee
benefit plans or programs from time to time, as the Company deems appropriate.

2.5.          Vacation, Sick Leave and Holidays.  Executive shall be entitled in each calendar
year to four (4) weeks of paid vacation time. 
Each vacation shall be taken by Executive at such time or times as
agreed upon by the Company and Executive, and any portion of Executive’s
allowable vacation time not used during the calendar year shall be subject to
the Company’s payroll policies regarding carryover vacation.  Executive shall be entitled to holiday and
sick leave in accordance with the Company’s holiday and other pay for time not
worked policies.

2.6.          Reimbursement of Expenses.  Executive shall be provided with
reimbursement of reasonable expenses related to Executive’s employment by the
Company on a basis no less favorable than that authorized from time to time for
Peer Executives.

2.7.          Automobile.  During the term of this Agreement, the
Company shall provide Executive with an automobile of such make and model
consistent with the Company’s policy for its provision of automobiles to Peer
Executives. The Company shall reimburse Executive for all expenses arising from
or related to the maintenance, repair and daily operation of such automobile in
carrying out Executive’s duties hereunder, including but not limited to, fuel,
service and insurance costs, provided that Executive presents vouchers
evidencing such expenses as required by the Company.

2.8.          Perquisites.  The Company shall also continue to pay the
premiums for all split dollar life insurance policies issued as of the date
hereof and held by that certain irrevocable trusts created by Executive.

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3.     Termination. 
Executive’s employment may be terminated prior to the end of the
Employment Term in accordance with, and subject to the terms and conditions,
set forth below.

3.1.          Termination
by the Company.

(a)           Without
Cause.  The Company may terminate
Executive at any time without Cause (as such term is defined in subsection (b)
below) upon delivery of written notice to Executive, which notice shall set
forth the effective date of such termination.

(b)           With Cause.  The Company may terminate Executive at any
time for Cause effective immediately upon delivery of written notice to
Executive.  As used herein, the term “Cause”
shall mean:

(i)            Executive shall have been convicted
of a felony or any misdemeanor involving allegations of fraud, theft, perjury
or conspiracy;

(ii)           Executive is found disqualified or
not suitable to hold a casino or other gaming license by a governmental gaming
authority in any jurisdiction where Executive is required to be found
qualified, suitable or licensed;

(iii)          Executive materially breaches any
material Company policy or any material term hereof, including, without
limitation, Sections 4 through 7 and, in each case, fails to cure such breach
within 15 days after receipt of written notice thereof; or

(iv)          Executive misappropriates corporate
funds as determined in good faith by the Board.

3.2.          Termination
by the Executive.  Executive may
voluntarily terminate employment for any reason effective upon 60 days’ prior
written notice to the Company, unless the Company waives such notice
requirement (in which case the Company shall notify Executive in writing as to
the effective date of termination).

3.3.          Termination for Death or Disability.  In the event of the death or total disability
of Executive, this Agreement shall terminate effective as of the date of
Executive’s death or total disability. 
The term “total disability” shall have the definition set forth in the
Company’s Long Term Disability Insurance Policy in effect at the time of such
determination.

3.4.          Payments Due Upon Termination.

(a)           Generally.  Upon any termination described in Sections
3.1, 3.2 or 3.3 above, Executive shall be entitled to receive any amounts due
for Base Salary earned or expenses incurred through the effective date of
termination and any benefits accrued or earned on or prior to such date in
accordance with the terms of any applicable benefit plans and programs.

(b)           Certain Circumstances.  In the event the Company terminates Executive’s
employment without Cause or due to death or a total disability or in the event
that the Company elects not to renew this Agreement, and subject to Executive
executing the release attached

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hereto as Exhibit A,
Executive shall be entitled to receive the following in lieu of any other severance:

(i)            Executive shall receive a payment
equal to Executive’s monthly Base Salary at the highest rate in effect for
Executive during the 24-month period immediately preceding the effective date
of termination and Executive’s monthly bonus value (determined by dividing the
highest amount of annual cash bonus compensation paid to Executive in respect
of either the first or second full calendar year immediately preceding the
effective date of termination by twelve) for a period equal to the greater of (1)
the number of months remaining in the Employment Term or (2) 24 months (the “Severance
Period”).

(ii)           Executive shall continue to receive
the health benefits coverage in effect on the effective date of termination (or
as the same may be changed from time to time for Peer Executives) for Executive
and, if any, Executive’s spouse and dependents for the Severance Period.  At the option of the Company, the Company may
elect to pay Executive cash in lieu of such coverage in an amount equal to
Executive’s after-tax cost of obtaining generally comparable coverage for such
period.

(iii)          Executive shall continue to serve as a
non-officer employee of the Company during the Severance Period and, as such,
all options granted to Executive shall continue vesting for such period.

(c)           Payments.  Cash Payments due under this Section 3.4
shall be made as follows: 75% shall be made within 15 days of the effective
date of termination and the balance shall be made in accordance with the
payroll practices in effect on the date of termination, unless, at the Company’s
sole option, the Company elects to make all such payments in a single lump
sum.  Except as otherwise provided in
this Section 3.4, Section 8 or Section 9, no other payments or benefits shall
be due under this Agreement to Executive.

3.5.          Notice of Termination.  Any termination of Executive’s employment
shall be communicated by a written notice of termination delivered within the
time period specified in this Section 3. 
The notice of termination shall (i) indicate the specific termination
provision in this Agreement relied upon, (ii) briefly summarize the facts and
circumstances deemed to provide a basis for a termination of employment and the
applicable provision hereof, and (iii) specify the termination date in accordance
with the requirements of this Agreement.

4.     No Conflicts of Interest. 
Executive agrees that throughout the period of Executive’s employment
hereunder or otherwise, Executive will not perform any activities or services,
or accept other employment that would materially interfere with or present a
conflict of interest concerning Executive’s employment with the Company.  Executive agrees and acknowledges that
Executive’s employment by the Company is conditioned upon Executive adhering to
and complying with the business practices and requirements of ethical conduct
set forth in writing from time to time by the Company in its employee manual or
similar publication.  Executive
represents and warrants that no other contract, agreement or understanding to
which Executive is a party or may be subject will be violated by the execution
of this Agreement by Executive.

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5.     Confidentiality. 
Executive recognizes and acknowledges that Executive will have access to
certain confidential information of the Company and that such information
constitutes valuable, special and unique property of the Company (including,
but not limited to, information such as business strategies, identity of
acquisition or growth targets, marketing plans, customer lists, and other
business related information for the Company’s customers).  Executive agrees that Executive will not, for
any reason or purpose whatsoever, during or after the term of employment,
disclose any of such confidential information to any party, and that Executive
will keep inviolate and secret all confidential information or knowledge which
Executive has access to by virtue of Executive’s employment with the Company,
except as otherwise may be necessary in the ordinary course of performing
Executive’s duties with the Company.

6.     Non-Competition.

(a)           As used herein, the term “Restriction
Period” shall mean a period equal to the greater of (i) the remainder of the
Employment Term in effect on the effective date of termination and (ii) the
Severance Period, if applicable; provided, however, that, if on or before the
Trigger Date, Executive has been terminated for one of the reasons contemplated
by Section 3.4(b), Executive may elect to terminate the Restriction Period at
any time following the first anniversary of the effective date of termination
by delivering written notice to the Company that Executive has made such
election and that, in consideration therefore, is waiving the right to receive
any continued payments under Section 3.4(b).

(b)           During Executive’s employment by the
Company and for the duration of the Restriction Period thereafter, Executive
shall not, except with the prior written consent of the Company, directly or
indirectly, own, manage, operate, join, control, finance or participate in the
ownership, management, operation, control or financing of, or be connected as
an officer, director, employee, partner, principal, agent, representative,
consultant or otherwise with, or use or permit Executive’s name to be used in
connection with, any business or enterprise which owns or operates a gaming or
pari-mutuel facility located within 150 miles of any gaming or pari-mutuel
facility owned or operated by the Company or any of its affiliates.

(c)           The foregoing restrictions shall not
be construed to prohibit Executive’s ownership of less than 5% of any class of
securities of any corporation which is engaged in any of the foregoing
businesses and has a class of securities registered pursuant to the Securities
Exchange Act of 1934, provided that such ownership represents a passive
investment and that neither Executive nor any group of persons including
Executive in any way, either directly or indirectly, manages or exercises
control of any such corporation, guarantees any of its financial obligations,
otherwise takes any part in its business, other than exercising Executive’s
rights as a shareholder, or seeks to do any of the foregoing.

(d)           Executive acknowledges that the covenants contained in Sections 5 through 7 hereof
are reasonable and necessary to protect the legitimate interests of the Company and its affiliates and, in
particular, that the duration and geographic scope of such covenants are
reasonable given the nature of this Agreement and the position that Executive will hold within the Company.  Executive further agrees to disclose the
existence and terms of such covenants to any employer that Executive works for
during the Restriction Period.

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7.     Non-Solicitation. 
During Executive’s employment by the Company and for a period equal to
the greater of the Restriction Period or one year after the effective date of
termination, Executive will not, except with the prior written consent of the
Company, (i) directly or indirectly, solicit or hire, or encourage the
solicitation or hiring of, any person who is, or was within a six month period
prior to such solicitation or hiring, an executive or management employee of
the Company or any of its affiliates for any position as an employee,
independent contractor, consultant or otherwise or (ii) divert or attempt to
divert any existing business of the Company or any of its affiliates.

8.     Change
of Control.

8.1.          Consideration

(a)           Change
of Control.  In the event of a Change
of Control (as defined below), Executive shall be entitled to receive a cash
payment in an amount equal to the product of three times the sum of (i) the
highest annual rate of Base Salary in effect for Executive during the 24-month
period immediately preceding the effective date of the Change in Control (the “Trigger
Date”) and (ii) the highest amount of annual cash bonus compensation paid to
Executive in respect of either the first or second full calendar year
immediately preceding the Trigger Date.

(b)           Restrictive Provisions.  As consideration for the foregoing payments,
Executive agrees not to challenge the enforceability of any of the restrictions
contained in Sections 5, 6 or 7 of this Agreement upon or after the occurrence
of a Change of Control. Executive and Company acknowledge that, as additional
consideration for the change of control payments, Executive has also agreed to
limit Executive’s ability to opt out of the Restriction Period in Section 6(a)
to periods prior to the Trigger Date.

8.2.          Payment Terms.  This change of control payment shall be made
in two lump sum payments as follows: (i) 75% to Executive on the Trigger Date;
and (ii) 25% into a mutually acceptable escrow account on the Trigger Date,
payable to Executive on the 90th day following the Trigger Date.  Notwithstanding any of the foregoing to the
contrary, the payment contemplated by clause (ii) shall be paid immediately
upon the occurrence of any of the following: (a) Executive’s employment is
terminated by the Company; or (b) Executive terminates employment for Good
Reason (as defined below).

8.3.          Certain Other Terms.  In the event payments are being made to
Executive under this Section 8, no payments shall be due under Section
3.4(b)(i) of this Agreement with respect to any termination of Executive’s
employment following a Change of Control. 
At the option of the Company, the Company may require Executive to
execute the release attached hereto as Exhibit A; provided, however,
that this requirement shall not in any way alter the timing of the payments to
be made under Section 8.2.  The
provisions of this Section 8 shall continue to apply to Executive if, during
the 24-month period immediately preceding the Trigger Date, the Company
terminates Executive’s employment without Cause or due to a total disability or
the Company elects not to renew this Agreement; provided, however, that, in
such event, any payments due under Section 8 shall be reduced by any prior
payments made under Section 3.4(b)(i).

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8.4.          Defined Terms.

(a)           Change of Control.  The occurrence of one or more of the
following events:  (i) any sale, lease,
exchange or other transfer (in one transaction or a series of related
transactions) of all or substantially all of the assets of the Company; (ii)
the election of two (2) or more persons to the Board who do not constitute
Continuing Directors; or (iii) the ownership or acquisition by any Person or
Group of the power, directly or indirectly, to vote or direct the voting of
securities having more than forty percent (40%) of the ordinary voting power
for the election of directors of the Company.

(b)           Good Reason.  The occurrence of any of the following events
that the Company fails to cure within 10 days after receiving written notice
thereof from Executive: (i) assignment to Executive of any duties inconsistent
in any material respect with Executive’s position (including status, offices,
titles and reporting requirements), authority, duties or responsibilities or
inconsistent with Executive’s legal or fiduciary obligations; (ii) any
reduction in Executive’s compensation or substantial reduction in Executive’s
benefits taken as a whole; (iii) any travel requirements materially greater
than Executive’s travel requirements prior to the Change of Control; or (iv)
breach of any material term of this Agreement by the Company.

(c)           Continuing Directors.  Any person who, as of the date of
determination, either (i) was a member of the Board as of the date of this
Agreement or (ii) was nominated for election or elected to the Board with the
affirmative vote of a majority of directors comprising the Board or, if
applicable, the Nominating Committee of the Board, who were Continuing
Directors immediately prior to such nomination or election.

(d)           Group.  Any group of related Persons for purposes of
Section 13(d) of the Securities Exchange Act of 1934, as amended.

(e)           Person.  Any individual, partnership, joint venture,
trust, corporation, limited liability entity, unincorporated organization or
other entity (including a governmental entity).

9.     Certain Tax Matters.

9.1.          Generally.  In the event Executive becomes entitled to
receive the payments (the “Severance Payments”) provided under Section 3 or
Section 8 hereof or under any other plan or arrangement providing for payments
under circumstances similar to those contemplated by such sections, and if any
of the Severance Payments will be subject to the tax (the “Excise Tax”) imposed
by Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”),
the Company shall pay to Executive at the time specified for such payments, an
additional amount (the “Gross-Up Payment”) such that the net amount retained by
Executive shall be equal to the amount of the Severance Payments after
deducting normal and ordinary taxes but not deducting (a) the Excise Tax
and (b) any federal, state and local income tax and Excise Tax payable on
the payment provided for by this Section 9.

9.2.          Illustration.  For example, if the Severance Payments are
$1,000,000 and if Executive is subject to the Excise Tax, then the Gross-Up
Payment will be such that Executive will retain an amount of $1,000,000 less
only any normal and ordinary taxes on such amount.

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The Excise Tax and
federal, state and local taxes and any Excise Tax on the payment provided by
this Section 9 will not be deemed normal and ordinary taxes.

9.3.          Certain Terms.  For purposes of determining whether any of
the Severance Payments will be subject to the Excise Tax and the amount of such
Excise Tax, the following will apply:

(a)           Any other payments or benefits
received or to be received by Executive in connection with a Change in Control
of the Company or Executive’s termination of employment (whether pursuant to
the terms of this Agreement or any other plan, arrangement or agreement with
the Company shall be treated as “parachute payments” within the meaning of
Section 280G(b)(2) of the Code, and all “excess parachute payments” within
the meaning of Section 280G(b)(1) shall be treated as subject to the
Excise Tax, unless in the opinion of tax counsel selected by the Company’s
Compensation Committee and acceptable to Executive, such other payments or
benefits (in whole or in part) do not constitute parachute payments, or such
excess parachute payments (in whole or in part) represent reasonable
compensation for services actually rendered within the meaning of
Section 280G(b)(4) of the Code in excess of the base amount within the
meaning of Section 280G(b)(3) of the Code, or are otherwise not subject to
the Excise Tax;

(b)           The amount of the Severance Payments
which shall be treated as subject to the Excise Tax shall be equal to the
lesser of (y) the total amount of the Severance Payments or (z) the
amount of excess parachute payments within the meaning of
Section 280G(b)(1) (after applying clause (a), above); and

(c)           The value of any non-cash benefits or
any deferred payment or benefit shall be determined by the Company’s independent
auditors in accordance with proposed, temporary or final regulations under
Sections 280G(d)(3) and (4) of the Code or, in the absence of such
regulations, in accordance with the principles of Section 280G(d)(3) and
(4) of the Code. For purposes of determining the amount of the Gross-Up
Payment, Executive shall be deemed to pay Federal income taxes at the highest
marginal rate of federal income taxation in the calendar year in which the
Gross-Up Payment is to be made and state and local income taxes at the highest
marginal rate of taxation in the state and locality of Executive on the Trigger
Date, net of the maximum reduction in Federal income taxes which could be
obtained from deduction of such state and local taxes. In the event that the
amount of Excise Tax attributable to Severance Payments is subsequently
determined to be less than the amount taken into account hereunder at the time
of determination then, subject to applicable law, appropriate adjustments will
be made with respect to the payments hereunder.

9.4.          Fees and Expenses.  The Company shall reimburse Executive for all
reasonable legal fees and expenses incurred by Executive in connection with any
tax audit or proceeding to the extent attributable to the application of
Section 4999 of the Code or any regulations pertaining thereto to any
payment or benefit provided hereunder.

10.   Document Surrender.  Upon the termination of Executive’s
employment for any reason, Executive shall immediately surrender and deliver to
the Company all documents, correspondence and any other information, of any
type whatsoever, from the Company or any of

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its agents, servants,
employees, suppliers, and existing or potential customers, that came into
Executive’s possession by any means whatsoever, during the course of employment.

11.   Governing Law.  This Agreement shall be governed by and
construed in accordance with the internal laws (and not the law of conflicts)
of the Commonwealth of Pennsylvania.

12.   Jurisdiction.  The parties hereby irrevocably consent to the
jurisdiction of the courts of the Commonwealth of Pennsylvania for all purposes
in connection with any action or proceeding which arises out of or relates to
this Agreement and agree that any action instituted under this Agreement shall
be commenced, prosecuted and continued only in the state or federal courts
having jurisdiction for matters arising in Wyomissing, Pennsylvania, which
shall be the exclusive and only proper forum for adjudicating such a claim.

13.   Notices.  All notices and other communications required
or permitted under this Agreement or necessary or convenient in connection
herewith shall be in writing and shall be deemed to have been given when hand
delivered, delivered by guaranteed next-day delivery or sent by facsimile (with
confirmation of transmission) or shall be deemed given on the third business
day when mailed by registered or certified mail, as follows (provided that
notice of change of address shall be deemed given only when received):

If to the Company, to:

Penn National Gaming,
Inc.

825 Berkshire Boulevard, Suite 200

Wyomissing, PA 19610

Fax: (610) 376-2842

Attention: Chairman

If to Executive, to:

Robert S. Ippolito

c/o Penn National Gaming, Inc.

825 Berkshire Boulevard, Suite 200

Wyomissing, PA 19610

Fax: (610) 376-2842

or to such other names or addresses as the Company or
Executive, as the case may be, shall designate by notice to each other person
entitled to receive notices in the manner specified in this Section.

14.   Contents of Agreement; Amendment and
Assignment.

14.1.        This Agreement sets forth the entire
understanding between the parties hereto with respect to the subject matter
hereof and supersedes all prior or contemporaneous agreements or understandings
with respect to thereto, including without limitation, the Initial Agreement
which is hereby terminated.  This
Agreement cannot be changed, modified, extended, waived or

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terminated except upon a
written instrument signed by the party against which it is to be enforced.

14.2.        Executive
may not assign any of his rights or obligations under this Agreement.  The Company may assign its rights and
obligations under this Agreement to any successor to all or substantially all of its assets or business by
means of liquidation, dissolution, merger, consolidation,
transfer of assets or otherwise.

15.   Severability.  If any provision of this Agreement or
application thereof to anyone or under any circumstances is adjudicated to be
invalid or unenforceable in any jurisdiction, such invalidity or
unenforceability shall not affect any other provision or application of this
Agreement which can be given effect without the invalid or unenforceable
provision or application and shall not invalidate or render unenforceable such
provision or application in any other jurisdiction.  If any provision is held void, invalid or
unenforceable with respect to particular circumstances, it shall nevertheless
remain in full force and effect in all other circumstances.  In
addition, if any court determines that any part of Sections 5, 6 or 7 hereof is
unenforceable because of its duration, geographical scope or otherwise, such
court will have the power to modify such provision and, in its modified form,
such provision will then be enforceable.

16.   Remedies.

16.1.        No remedy conferred upon a party by this
Agreement is intended to be exclusive of any other remedy, and each and every
such remedy shall be cumulative and shall be in addition to any other remedy
given under this Agreement or now or hereafter existing at law or in equity.

16.2.        No delay or omission by a party in
exercising any right, remedy or power under this Agreement or existing at law
or in equity shall be construed as a waiver thereof, and any such right, remedy
or power may be exercised by such party from time to time and as often as may
be deemed expedient or necessary by such party in its sole discretion.

16.3.        Executive acknowledges that money damages would not be
a sufficient remedy for any breach of this Agreement by Executive and that the
Company shall be entitled to specific performance and injunctive relief as
remedies for any such breach, in addition to all other remedies available at
law or equity to the Company.

17.   Construction.  This Agreement is the result of thoughtful
negotiations and reflects an arms’ length bargain between two sophisticated
parties, each represented by counsel. 
The parties agree that, if this Agreement requires interpretation,
neither party should be considered “the drafter” nor be entitled to any
presumption that ambiguities are to be resolved in his or her favor.

18.   Beneficiaries/References.  Executive shall be entitled, to the extent
permitted under any applicable law, to select and change a beneficiary or
beneficiaries to receive any compensation or benefit payable under this
Agreement following Executive’s death by giving the Company written notice
thereof.  In the event of Executive’s
death or a judicial determination of Executive’s incompetence, reference in
this Agreement to Executive shall be deemed, where appropriate, to refer to
Executive’s beneficiary, estate or other legal representative.

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19.   Withholding.  All payments under this Agreement shall be
made subject to applicable tax withholding, and the Company shall withhold from
any payments under this Agreement all federal, state and local taxes, as the
Company is required to withhold pursuant to any law or governmental rule or
regulation.  Except as specifically
provided otherwise in this Agreement, Executive shall bear all expense of, and
be solely responsible for, all federal, state and local taxes due with respect
to any payment received under this Agreement.

20.   Regulatory Compliance.  The terms and provisions hereof shall be
conditioned on and subject to compliance with all laws, rules, and regulations
of all jurisdictions, or agencies, boards or commissions thereof, having
regulatory jurisdiction over the employment or activities of Executive
hereunder.

IN WITNESS WHEREOF, the undersigned, intending to be legally bound, have
executed this Agreement as of the date first above written.

	
  

  	
  PENN
  NATIONAL GAMING, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Peter M. Carlino

  	
   

  
	
   

  	
  Name: Peter
  M. Carlino

  
	
   

  	
  Title:  Chairman and
  Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  Robert S. Ippolito

  	
   

  
	
   

  	
  Robert S. Ippolito

  

 

 11Exhibit
10.22

PONIARD
PHARMACEUTICALS, INC.

KEY EXECUTIVE SEVERANCE AGREEMENT

This Key Executive
Severance Agreement (VP) (this “Agreement”), dated
as of May 7, 2007, is entered into by and between PONIARD PHARMACEUTICALS, INC.,
a Washington corporation (as supplemented by Section 10, the “Company”), and Ronald A. Martell (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 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 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 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.

 2
 

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 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;

 3
 

(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 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
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.

5.2          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

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 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”).

 4
 

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; 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 fifty (50) miles from the city in
which the Executive will be 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 

 5
 

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, 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.

5.9          Dispute regarding existence of Good
Reason for Termination

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 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:

6.1          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
 

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.

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 his 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 as may hereafter be designated by notice given in compliance with the terms
hereof:

 7
 

If to the Executive:                                               Ronald
A. Martell
                                                                                                 49 Wisteria Way

                                                                                                Basking Ridge,
New Jersey  07920

If to the Company:                                               Poniard
Pharmaceuticals, Inc.
                                                                                                 300
Elliott Avenue West, Suite 500
                                                                                                 Seattle,
Washington 98119
                                                                                                 Attn:  Chief Executive Officer

With a copy to:                                                    Perkins
Coie LLP
                                                                                                 1201
Third Avenue, 40th Floor
                                                                                                 Seattle,
Washington 98101-3099
                                                                                                 Attn:  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.

 8
 

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.

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 

 9
 

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

(c)           the severance payment required under
Section 5.1(c) hereof need not be paid during the first six
(6) months of the Payment Period if a severance payment is made under
Section 8.1(d) of the Change of Control Agreement; provided that the
remaining one-third balance of the severance payment required under
Section 5.1(c) hereof shall be paid during the Payment Period as provided
herein.

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.

 10
 

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.

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 McMAHON

  
	
   

  	
   

  	
  Name: Gerald McMahon, Ph.D.

  
	
   

  	
   

  	
  Its: Chairman and CEO

  
	
   

  	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ RONALD A. MARTELL

  
	
   

  	
   

  	
  Name: Ronald A. Martell

  

 

 11

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