N@N

Exelixis Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

^{Published on 2010-05-14 18:20:32 - Market Wire}
 

SOUTH SAN FRANCISCO, Calif.--([ BUSINESS WIRE ])--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 employeea™s date of hire and 1/48^th of the shares vesting monthly thereafter over a total of four years, subject to the new employeea™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 employeea™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 employeea™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 employeesa™ entering into employment with Exelixis in accordance with NASDAQ listing Rule 5635(c)(4).

About Exelixis

Exelixis, Inc. is a development-stage biotechnology company dedicated to the discovery and development of novel small molecule therapeutics for the treatment of cancer and other serious diseases. The company is leveraging its biological expertise and integrated research and development capabilities to generate a pipeline of development compounds with significant therapeutic and commercial potential for the treatment of cancer and potentially other serious diseases. Currently, Exelixisa™ broad product pipeline includes investigational compounds in phase 3, phase 2, and phase 1 clinical development. Exelixis has established strategic corporate alliances with major pharmaceutical and biotechnology companies, including Bristol-Myers Squibb Company, sanofi-aventis, GlaxoSmithKline, Genentech (a wholly owned member of the Roche Group), Boehringer Ingelheim, Pfizer Inc., and Daiichi-Sankyo. For more information, please visit the companya™s web site at [ http://www.exelixis.com ].

Exelixis and the Exelixis logo are registered U.S. trademarks.