EXELIXIS, INC. — Director's Dealing 2018

May 25, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: EXELIXIS, INC. (EXEL)
CIK: 0000939767
Period of Report: 2018-05-22

Reporting Person: WILLSEY LANCE (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-05-22	Common Stock	S	50000	$21.40	Disposed	418273	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-05-24	Option (right to buy)	$20.5	A	31167	Acquired	2025-05-23	Common Stock (31167.0)	Direct

Footnotes

F1: Represents the weighted average sales price. The shares were sold in multiple transactions at prices ranging from $21.26 to $21.60. Reporting Person undertakes to provide Exelixis, Inc., any security holder of Exelixis, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote 1 to this Form 4.

F2: Option granted pursuant to the Exelixis, Inc. 2017 Equity Incentive Plan. The option is exercisable immediately, subject to repurchase provisions, and will vest as to 1/12th of the shares subject to the option each month following the date of grant, subject to the Reporting Person's continuous service through such dates.