On March 30, 2012, due to its current financial condition Poniard Pharmaceuticals, Inc. terminates Michael S. Perry, DVM, PhD, its President, Chief Operating Officer and Chief Medical Officer, and Michael K. Jackson, its Interim Chief Financial Officer and Chief Accounting Officer, effective March 31, 2012. Perry and Mr. Jackson will become consultants to the company under consulting arrangements yet to be completed. Perry will receive severance benefits under his amended and restated Key Executive Severance Agreement dated as of February 5, 2010. Jackson will receive severance benefits under his amended and restated Key Executive Severance Agreement dated as of February 24, 2009.