Exelixis granted stock option to purchase shares of common stock, restricted stock units

Exelixis, Inc.May 15 2010

Exelixis, Inc. (Nasdaq:EXEL) announced that today it granted a nonstatutory stock option to purchase 32,500 shares of Exelixis common stock and restricted stock units representing an aggregate of 37,750 shares of Exelixis common stock to nine new employees. The stock option has an exercise price per share equal to $5.93, the fair market value of Exelixis common stock on the date of grant, and a ten year term. The stock option vests over the course of four years, with 1/4^th of the shares vesting on the one-year anniversary of the employee's date of hire and 1/48^th of the shares vesting monthly thereafter over a total of four years, subject to the new employee's continued service relationship with Exelixis on each such date. The restricted stock unit awards vest as to 1/4^th of the shares subject to the restricted stock unit award on the first established quarterly vesting date following the one-year anniversary of the employee's date of hire and thereafter as to 1/16^th of the original number of shares subject to the restricted stock unit award on each succeeding February 15^th, May 15^th, August 15^th and November 15^th, subject to the new employee's continued service relationship with Exelixis on each such date.

The stock option and restricted stock awards are subject to the terms and conditions of the Exelixis 2010 Inducement Award Plan and were granted as an inducement material to the new employees' entering into employment with Exelixis in accordance with NASDAQ listing Rule 5635(c)(4).