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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>_______________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">April 12, 2012 (April 6, 2012)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THRESHOLD PHARMACEUTICALS, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact name of registrant as specified
in its charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center">&nbsp;</P>

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    <TD STYLE="width: 33%; padding: 0; font-size: 10pt; font-weight: bold; text-align: center; text-indent: 0">Delaware</TD>
    <TD STYLE="width: 33%; padding: 0; font-size: 10pt; font-weight: bold; text-align: center; text-indent: 0">001&#45;32979</TD>
    <TD STYLE="width: 33%; padding: 0; font-size: 10pt; font-weight: bold; text-align: center; text-indent: 0">94&#45;3409596</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: center"><B>(State or other jurisdiction</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>of incorporation)</B></P></TD>
    <TD STYLE="padding: 0; font-size: 10pt; font-weight: bold; text-align: center; text-indent: 0">(Commission File Number)</TD>
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(IRS Employer</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Identification No.)</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>170 Harbor Way, Suite 300<BR>
South San Francisco, California 94080</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Address of principal executive offices)(Zip
Code)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(650) 474-8200</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Registrant&rsquo;s telephone number,
including area code)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">o</FONT> Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">o</FONT> Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">o</FONT> Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">o</FONT> Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;1 - Registrant&rsquo;s Business and Operations
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; padding: 0; text-indent: 0">Item&nbsp;1.01.</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; padding: 0; text-indent: 0">Entry into a Material Definitive Agreement.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">On April 9, 2012 Threshold Pharmaceuticals,
Inc. (the &ldquo;Company&rdquo;) entered into Amended and Restated Change of Control Severance Agreements (the&nbsp;&ldquo;Amended
Agreements&rdquo;) with Harold&nbsp;E. Selick, the Company&rsquo;s Chief Executive Officer and Mark&nbsp;D. Matteucci, the Company&rsquo;s
Senior Vice President, Discovery Research. The Amended Agreements amend and restate the Amended and Restated Change of Control
Agreements previously entered into with Drs.&nbsp;Selick and Matteucci in November 2008 (the&nbsp;&ldquo;Prior Agreements&rdquo;).
In addition to the benefits provided under the Prior Agreements, the Amended Agreements provide, in the case where the officer&rsquo;s
employment is terminated without cause or involuntarily terminated within 18 months following a change of control, for payment
of bonuses due in the year of termination plus a <I>pro rata</I> amount of the bonus that would have been awarded for the year
following termination, assuming full bonus payment for that year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Also on April 9, 2012, the Company entered
into Change of Control Severance Agreements (each, a &ldquo;Severance Agreement,&rdquo; and together, the &ldquo;Severance Agreements&rdquo;)
with Tillman E. Pearce, M.D., the Company&rsquo;s Chief Medical Officer and with Stewart M. Kroll, the Company&rsquo;s Senior Vice
President of Biostatistics and Clinical Operations. The Severance Agreements provide, among other things, that if the officer&rsquo;s
employment is terminated by the Company without cause or is involuntarily terminated, then such officer will be entitled to a severance
payment consisting of 12 months base salary as in effect as of the date of termination. Under Dr. Pearce&rsquo;s Severance Agreement,
such a termination must occur on or after February 16, 2013 in order to receive this severance benefit. If the officer&rsquo;s
employment is terminated without cause or involuntarily terminated within 18 months following a change of control, then such officer
will be entitled to the following severance benefits: 12 months base salary and any applicable allowances in effect as of the date
of termination or, if greater, as in effect in the year in which the change of control occurs, payment of bonuses due in the year
of termination plus a <I>pro rata</I> amount of the bonus that would have been awarded for the year following termination, assuming
full bonus payment for that year, immediate acceleration and vesting of all stock options or other awards granted prior to the
change of control, the termination of the Company&rsquo;s right to repurchase shares of restricted stock purchased prior to the
change of control, extension of the exercise period for stock options or other awards granted prior to the change of control to
two years following the date of termination and up to 12 months of health benefits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The foregoing description of the terms
of the Amended Agreements and the Severance Agreements is qualified in its entirety by reference to the form of Amended and Restated
Change of Control Severance Agreement attached as Exhibit&nbsp;10.1to this Current Report on Form 8-K and incorporated herein by
reference and to the Change of Control Severance Agreements between the Company and each of Dr. Pearce and Mr. Kroll, which are
attached as Exhibits&nbsp;10.2 and 10.3, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;5 - Corporate Governance and Management </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; padding: 0; text-indent: 0">Item&nbsp;5.02.</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; padding: 0; text-indent: 0">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">On April 6, 2012, the Board of Directors
of the Company (the &ldquo;Board&rdquo;), upon recommendation of the Compensation Committee, approved the following base salary
increases, effective January 1, 2012: Harold E. Selick, the Company&rsquo;s Chief Executive Officer&mdash;$575,000 (acted on and
approved solely by the independent members of the Board), Stewart M. Kroll, Senior Vice President of Biostatistics and Clinical
Operations &mdash;$311,969, Mark D. Matteucci, Senior Vice President, Discovery Research&mdash;$297,000, and Joel Fernandes, Vice
President, Finance and Controller&mdash;$254,188.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Also on April 6, 2012, the Board, upon
recommendation of the Compensation Committee, approved the following bonuses for services rendered to the Company during the fiscal
year ended December 31, 2011: Dr. Selick&mdash;$250,000 (acted on and approved solely by the independent members of the Board),
Mr. Kroll &mdash;$107,139, Dr. Matteucci &mdash;$105,875, and Mr. Fernandes&mdash;$69,306.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Also on April 6, 2012, the Board,
based upon the recommendation of the Compensation Committee, granted an incentive stock option to each of the Company&rsquo;s
executive officers under the Company&rsquo;s 2004 Amended and Restated Equity Incentive Plan (the &ldquo;Plan&rdquo;), which
was filed as Exhibit 10.2 to the Company&rsquo;s annual report on Form 10-K, filed with the Securities and Exchange
Commission on March 15, 2012. Each option is exercisable for the following number of shares of the Company&rsquo;s common
stock (&ldquo;Common Stock&rdquo;): Dr. Selick &ndash; 325,000 shares, Mr. Kroll &mdash;100,000 shares, Dr. Matteucci
&mdash;100,000 shares, and Mr. Fernandes&mdash;60,000 shares. Each of these options has a term of 10 years and a vesting
commencement date of April 6, 2012. The shares of Common Stock subject to each option will vest as to 1/48th of the shares on
a monthly basis such that the options are 100% vested as of April 6, 2016, assuming the executive officer continues to remain
an employee of the Company. The exercise price per share for each option is $7.22 per share, the closing sales price of the
Company&rsquo;s Common Stock on the NASDAQ Capital Market on the date of grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Also on April 6, 2012, the Board, based
upon the recommendation of the Compensation Committee, approved increasing the annual stock option grant to each of the Company&rsquo;s
non-employee directors (Jeffrey W. Bird, Bruce C. Cozadd, David R. Hoffman, Wilfred E. Jaeger, George G.C. Parker and David R.
Parkinson) under the Plan. Each option will be exercisable for 20,000 shares of Common Stock. Each of these options will have a
term of 10 years and will have a vesting commencement date on or about the date of the 2013 annual meeting of stockholders of the
Company, at which time they will be granted. The shares of Common Stock subject to each option will vest as to 1/12th of the shares
on a monthly basis such that the options are 100% vested as of one year after the date of grant, assuming the director continues
to remain in service to the Company. The exercise price per share for each option will be equal to the closing sales price of the
Common Stock on the NASDAQ Capital Market on the date of grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">(e) The information called for by this
item is contained in Item 1.01, which is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">(f) The following table sets forth information
concerning compensation earned for services rendered to us by (a) our principal executive officer and (b) our two most highly compensated
executive officers at the end of fiscal year 2011 (our &ldquo;named executive officers&rdquo;). This table includes bonuses awarded
with respect to fiscal year 2011, which amounts were not calculable as of the date on which the Company&rsquo;s most recent proxy
statement was filed with the Securities and Exchange Commission. Bonuses with respect to fiscal year 2011 were approved on April
6, 2012 by the Board of Directors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center">Name and Principal <BR> Position</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">Year</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">Salary(1) <BR> ($)</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">Bonus(2)<BR> ($)</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">Option Awards(3)<BR> ($)</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center">
<B>All Other
Compensation<BR>
($)&nbsp;</B>&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">Total<BR> ($)</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD NOWRAP STYLE="width: 18%">Harold E. Selick, <I>Ph.D.</I></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: center">2011</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: center">&nbsp;500,000</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: center">&nbsp;250,000</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: center">&nbsp;322,761</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: center">&nbsp;1,290(4)</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: center">&nbsp;1,074,051</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD NOWRAP>Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2010</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;245,473</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;1,722(4)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;747,195</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP>Stewart M. Kroll</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2011</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;278,283</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;107,139</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;74,380</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;630(4)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;460,432</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom">Senior Vice President of <BR> Biostatistics and Clinical <BR> Operations</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">2010</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;262,600</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;81,923</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;1,331(4)(5)</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;345,854</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD NOWRAP>Mark D. Matteucci, <I>Ph.D.</I></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2011</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;275,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;105,875</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;81,177</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;1,161(4)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;463,213</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD NOWRAP STYLE="vertical-align: bottom">Senior Vice President, <BR> Discovery Research</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">2010</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;275,000</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;67,675</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;1,663(4)(5)</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;344,338</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding: 0; text-indent: 0">(1)</TD>
    <TD STYLE="width: 95%; padding: 0; text-indent: 0">Includes amounts deferred pursuant to our 401(k) plan.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">(2)</TD>
    <TD STYLE="padding: 0; text-indent: 0">In 2011, our executive management team requested not to receive any bonuses with respect to fiscal year 2010 to enable the Company to preserve cash.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">(3)</TD>
    <TD STYLE="padding: 0; text-indent: 0">The amounts in this column represent the dollar amount recognized for financial statement reporting purposes with respect to fiscal years 2011 and 2010 in accordance with ASC 718 disregarding any forfeiture assumptions.&nbsp; See Note&nbsp;9 of the notes to our financial statements in our Annual Report on Form&nbsp;10&#45;K filed on March&nbsp;15, 2012 for a discussion of all assumptions we made in determining the ASC 718 values of our equity awards.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">(4)</TD>
    <TD STYLE="padding: 0; text-indent: 0">Represents group term life insurance premiums paid by us on behalf of the named individual for fiscal years 2011 and 2010.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">(5)</TD>
    <TD STYLE="padding: 0; text-indent: 0">Includes $750 for the reimbursement of Mr. Kroll&rsquo;s medical insurance deductible in 2010.&nbsp; Includes $500 for the reimbursement of Dr.&nbsp;Matteucci&rsquo;s medical insurance deductible in 2010.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <TD STYLE="font-size: 10pt; font-weight: bold; padding: 0; text-indent: 0">Financial Statements and Exhibits.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d) Exhibits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Exhibit 10.1&nbsp;&nbsp;&nbsp;&nbsp;Form of Amended and Restated
Change of Control Severance Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Exhibit 10.2&nbsp;&nbsp;&nbsp;&nbsp;Change of Control Severance
Agreement between the Company and Tillman E. Pearce</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Exhibit 10.3 &nbsp;&nbsp;&nbsp;&nbsp;Change of Control Severance
Agreement between the Company and Stewart M. Kroll</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; font-weight: bold; text-indent: 0">THRESHOLD PHARMACEUTICALS, INC.</TD>
    <TD STYLE="padding: 0; font-weight: bold; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 50%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 5%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 35%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">By:</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; border-bottom: Black 1pt solid">/s/ <FONT STYLE="font-variant: small-caps">Joel A. Fernandes</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Joel A. Fernandes</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Vice President, Finance and Controller</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: April 12, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
April 12, 2012 (April 6, 2012)
THRESHOLD PHARMACEUTICALS, INC.
(Exact name of registrant as specified
in its charter)
Delaware
001-32979
94-3409596
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
170 Harbor Way, Suite 300
South San Francisco, California 94080
(Address of principal executive offices)(Zip
Code)
(650) 474-8200
(Registrant's telephone number,
including area code)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Section 1 - Registrant's Business and Operations
Item 1.01.
Entry into a Material Definitive Agreement.
On April 9, 2012 Threshold Pharmaceuticals,
Inc. (the "Company") entered into Amended and Restated Change of Control Severance Agreements (the "Amended
Agreements") with Harold E. Selick, the Company's Chief Executive Officer and Mark D. Matteucci, the Company's
Senior Vice President, Discovery Research. The Amended Agreements amend and restate the Amended and Restated Change of Control
Agreements previously entered into with Drs. Selick and Matteucci in November 2008 (the "Prior Agreements").
In addition to the benefits provided under the Prior Agreements, the Amended Agreements provide, in the case where the officer's
employment is terminated without cause or involuntarily terminated within 18 months following a change of control, for payment
of bonuses due in the year of termination plus a
pro rata
amount of the bonus that would have been awarded for the year
following termination, assuming full bonus payment for that year.
Also on April 9, 2012, the Company entered
into Change of Control Severance Agreements (each, a "Severance Agreement," and together, the "Severance Agreements")
with Tillman E. Pearce, M.D., the Company's Chief Medical Officer and with Stewart M. Kroll, the Company's Senior Vice
President of Biostatistics and Clinical Operations. The Severance Agreements provide, among other things, that if the officer's
employment is terminated by the Company without cause or is involuntarily terminated, then such officer will be entitled to a severance
payment consisting of 12 months base salary as in effect as of the date of termination. Under Dr. Pearce's Severance Agreement,
such a termination must occur on or after February 16, 2013 in order to receive this severance benefit. If the officer's
employment is terminated without cause or involuntarily terminated within 18 months following a change of control, then such officer
will be entitled to the following severance benefits: 12 months base salary and any applicable allowances in effect as of the date
of termination or, if greater, as in effect in the year in which the change of control occurs, payment of bonuses due in the year
of termination plus a
pro rata
amount of the bonus that would have been awarded for the year following termination, assuming
full bonus payment for that year, immediate acceleration and vesting of all stock options or other awards granted prior to the
change of control, the termination of the Company's right to repurchase shares of restricted stock purchased prior to the
change of control, extension of the exercise period for stock options or other awards granted prior to the change of control to
two years following the date of termination and up to 12 months of health benefits.
The foregoing description of the terms
of the Amended Agreements and the Severance Agreements is qualified in its entirety by reference to the form of Amended and Restated
Change of Control Severance Agreement attached as Exhibit 10.1to this Current Report on Form 8-K and incorporated herein by
reference and to the Change of Control Severance Agreements between the Company and each of Dr. Pearce and Mr. Kroll, which are
attached as Exhibits 10.2 and 10.3, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.
Section 5 - Corporate Governance and Management
Item 5.02.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 6, 2012, the Board of Directors
of the Company (the "Board"), upon recommendation of the Compensation Committee, approved the following base salary
increases, effective January 1, 2012: Harold E. Selick, the Company's Chief Executive Officer—$575,000 (acted on and
approved solely by the independent members of the Board), Stewart M. Kroll, Senior Vice President of Biostatistics and Clinical
Operations —$311,969, Mark D. Matteucci, Senior Vice President, Discovery Research—$297,000, and Joel Fernandes, Vice
President, Finance and Controller—$254,188.
Also on April 6, 2012, the Board, upon
recommendation of the Compensation Committee, approved the following bonuses for services rendered to the Company during the fiscal
year ended December 31, 2011: Dr. Selick—$250,000 (acted on and approved solely by the independent members of the Board),
Mr. Kroll —$107,139, Dr. Matteucci —$105,875, and Mr. Fernandes—$69,306.
Also on April 6, 2012, the Board,
based upon the recommendation of the Compensation Committee, granted an incentive stock option to each of the Company's
executive officers under the Company's 2004 Amended and Restated Equity Incentive Plan (the "Plan"), which
was filed as Exhibit 10.2 to the Company's annual report on Form 10-K, filed with the Securities and Exchange
Commission on March 15, 2012. Each option is exercisable for the following number of shares of the Company's common
stock ("Common Stock"): Dr. Selick – 325,000 shares, Mr. Kroll —100,000 shares, Dr. Matteucci
—100,000 shares, and Mr. Fernandes—60,000 shares. Each of these options has a term of 10 years and a vesting
commencement date of April 6, 2012. The shares of Common Stock subject to each option will vest as to 1/48th of the shares on
a monthly basis such that the options are 100% vested as of April 6, 2016, assuming the executive officer continues to remain
an employee of the Company. The exercise price per share for each option is $7.22 per share, the closing sales price of the
Company's Common Stock on the NASDAQ Capital Market on the date of grant.
Also on April 6, 2012, the Board, based
upon the recommendation of the Compensation Committee, approved increasing the annual stock option grant to each of the Company's
non-employee directors (Jeffrey W. Bird, Bruce C. Cozadd, David R. Hoffman, Wilfred E. Jaeger, George G.C. Parker and David R.
Parkinson) under the Plan. Each option will be exercisable for 20,000 shares of Common Stock. Each of these options will have a
term of 10 years and will have a vesting commencement date on or about the date of the 2013 annual meeting of stockholders of the
Company, at which time they will be granted. The shares of Common Stock subject to each option will vest as to 1/12th of the shares
on a monthly basis such that the options are 100% vested as of one year after the date of grant, assuming the director continues
to remain in service to the Company. The exercise price per share for each option will be equal to the closing sales price of the
Common Stock on the NASDAQ Capital Market on the date of grant.
(e) The information called for by this
item is contained in Item 1.01, which is incorporated herein by reference.
(f) The following table sets forth information
concerning compensation earned for services rendered to us by (a) our principal executive officer and (b) our two most highly compensated
executive officers at the end of fiscal year 2011 (our "named executive officers"). This table includes bonuses awarded
with respect to fiscal year 2011, which amounts were not calculable as of the date on which the Company's most recent proxy
statement was filed with the Securities and Exchange Commission. Bonuses with respect to fiscal year 2011 were approved on April
6, 2012 by the Board of Directors of the Company.
Name and Principal
Position
Year
Salary(1)
($)
Bonus(2)
($)
Option Awards(3)
($)
All Other
Compensation
($)
Total
($)
Harold E. Selick,
Ph.D.
2011
500,000
250,000
322,761
1,290(4)
1,074,051
Chief Executive Officer
2010
500,000
-
245,473
1,722(4)
747,195
Stewart M. Kroll
2011
278,283
107,139
74,380
630(4)
460,432
Senior Vice President of
Biostatistics and Clinical
Operations
2010
262,600
-
81,923
1,331(4)(5)
345,854
Mark D. Matteucci,
Ph.D.
2011
275,000
105,875
81,177
1,161(4)
463,213
Senior Vice President,
Discovery Research
2010
275,000
-
67,675
1,663(4)(5)
344,338
(1)
Includes amounts deferred pursuant to our 401(k) plan.
(2)
In 2011, our executive management team requested not to receive any bonuses with respect to fiscal year 2010 to enable the Company to preserve cash.
(3)
The amounts in this column represent the dollar amount recognized for financial statement reporting purposes with respect to fiscal years 2011 and 2010 in accordance with ASC 718 disregarding any forfeiture assumptions.  See Note 9 of the notes to our financial statements in our Annual Report on Form 10-K filed on March 15, 2012 for a discussion of all assumptions we made in determining the ASC 718 values of our equity awards.
(4)
Represents group term life insurance premiums paid by us on behalf of the named individual for fiscal years 2011 and 2010.
(5)
Includes $750 for the reimbursement of Mr. Kroll's medical insurance deductible in 2010.  Includes $500 for the reimbursement of Dr. Matteucci's medical insurance deductible in 2010.
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits
Exhibit 10.1    Form of Amended and Restated
Change of Control Severance Agreement
Exhibit 10.2    Change of Control Severance
Agreement between the Company and Tillman E. Pearce
Exhibit 10.3     Change of Control Severance
Agreement between the Company and Stewart M. Kroll
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
THRESHOLD PHARMACEUTICALS, INC.
By:
/s/
Joel A. Fernandes
Joel A. Fernandes
Vice President, Finance and Controller
Date: April 12, 2012