EXELIXIS, INC. — Director's Dealing 2010

Dec 16, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: EXELIXIS INC (EXEL)
CIK: 0000939767
Period of Report: 2010-12-14

Reporting Person: RIVERA LUPE M (EVP, Operations)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-12-14	Common Stock	M	6250	$5.63	Acquired	6250	Direct
2010-12-14	Common Stock	S	6250	$7	Disposed	0	Direct
2010-12-14	Common Stock	M	3000	$5.63	Acquired	3000	Direct
2010-12-14	Common Stock	S	3000	$7	Disposed	0	Direct
2010-12-14	Common Stock	M	4000	$5.63	Acquired	4000	Direct
2010-12-14	Common Stock	S	4000	$7	Disposed	0	Direct
2010-12-14	Common Stock	M	11750	$5.63	Acquired	11750	Direct
2010-12-14	Common Stock	S	11750	$7	Disposed	0	Direct
2010-12-15	Common Stock	M	4250	$5.63	Acquired	4250	Direct
2010-12-15	Common Stock	S	4250	$7.5	Disposed	0	Direct
2010-12-15	Common Stock	M	20750	$5.63	Acquired	20750	Direct
2010-12-15	Common Stock	S	20750	$7.50	Disposed	0	Direct
2010-12-15	Common Stock	M	25000	$5.63	Acquired	25000	Direct
2010-12-15	Common Stock	S	25000	$8	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-12-14	Option (right to buy)	$5.63	M	6250	Disposed	2015-10-17	Common Stock (6250)	Direct
2010-12-14	Option (right to buy)	$5.63	M	3000	Disposed	2015-10-17	Common Stock (3000)	Direct
2010-12-14	Option (right to buy)	$5.63	M	4000	Disposed	2015-10-17	Common Stock (4000)	Direct
2010-12-14	Option (right to buy)	$5.63	M	11750	Disposed	2015-10-17	Common Stock (11750)	Direct
2010-12-15	Option (right to buy)	$5.63	M	4250	Disposed	2015-10-17	Common Stock (4250)	Direct
2010-12-15	Option (right to buy)	$5.63	M	20750	Disposed	2015-10-17	Common Stock (20750)	Direct
2010-12-15	Option (right to buy)	$5.63	M	25000	Disposed	2015-10-17	Common Stock (25000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2963.201	Indirect

Footnotes

F1: The sale reported on this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 11, 2009, as amended.

F2: Represents 2963.201 shares of Exelixis, Inc. common stock under the Exelixis, Inc. 401(k) Plan, pursuant to a plan statement dated as of December 15, 2010.

F3: The option, representing the right to purchase a total of 16,000 shares, became exercisable as to one hundred percent (100%) of the shares subject to the option on August 5, 2010.

F4: The option, representing the right to purchase a total of 105,000 shares, became exercisable as to one hundred percent (100%) of the shares subject to the option on August 5, 2010.