EXELIXIS, INC. — Director's Dealing 2012

May 17, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: EXELIXIS INC (EXEL)
CIK: 0000939767
Period of Report: 2012-05-15

Reporting Person: Lamb Peter (EVP, Discovery Research & CSO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-05-15	Common Stock	M	2343	—	Acquired	19668	Direct
2012-05-15	Common Stock	F	859	—	Disposed	18809	Direct
2012-05-15	Common Stock	M	781	—	Acquired	19590	Direct
2012-05-15	Common Stock	F	286	—	Disposed	19304	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-05-15	Restricted Stock Units	$	M	2343	Disposed		Common Stock (2343)	Direct
2012-05-15	Restricted Stock Units	$	M	781	Disposed		Common Stock (781)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	7094	Indirect

Footnotes

F1: Represents the conversion upon vesting of restricted stock units into common stock (the "Converted Common Stock #1"). On December 9, 2009, the reporting person was granted 37,500 restricted stock units, of which 1/16th of the shares subject to the restricted stock units vested on May 15, 2012. Such restricted stock units were previously reported in Table II on a From 4 filed with the Securities and Exchange Commission on December 11, 2009.

F2: The reporting person is reporting the withholding by Exelixis, Inc. of 859 shares of common stock to satisfy the reporting person's tax withholding obligations in connection with the delivery of the Converted Common Stock #1 to the reporting person on May 15, 2012.

F3: Represents the conversion upon vesting of restricted stock units into common stock (the "Converted Common Stock #2"). On December 15, 2009, the reporting person was granted 12,500 restricted stock units, of which 1/16th of the shares subject to the restricted stock units vested on May 15, 2012. Such restricted stock units were previously reported in Table II on a From 4 filed with the Securities and Exchange Commission on December 16, 2009.

F4: The reporting person is reporting the withholding by Exelixis, Inc. of 286 shares of common stock to satisfy the reporting person's tax withholding obligations in connection with the delivery of the Converted Common Stock #2 to the reporting person on May 15, 2012.

F5: Represents 7,094 shares of Exelixis, Inc. common stock under the Exelixis, Inc. 401(k) Plan, pursuant to a plan statement dated as of May 15, 2012.

F6: Each restricted stock unit is the economic equivalent of one share of Exelixis, Inc. common stock.

F7: On December 9, 2009, the reporting person was granted 37,500 restricted stock units, of which 1/16th of the shares subject to the restricted stock units vested on May 15, 2012. The common stock into which such vested restricted stock units converted on May 15, 2012 is reported in Table I on this Form 4. The remaining unvested restricted stock units will continue to vest as to 1/16th of the original number of shares subject to the restricted stock units on each succeeding August 15, November 15, February 15 and May 15 until fully vested.

F8: On December 15, 2009, the reporting person was granted 12,500 restricted stock units, of which 1/16th of the shares subject to the restricted stock units vested on May 15, 2012. The common stock into which such vested restricted stock units converted on May 15, 2012 is reported in Table I on this Form 4. The remaining unvested restricted stock units will continue to vest as to 1/16th of the original number of shares subject to the restricted stock units on each succeeding August 15, November 15, February 15 and May 15 until fully vested.