EXELIXIS, INC. — Director's Dealing 2026

Feb 19, 2026

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: EXELIXIS, INC. (EXEL)
CIK: 0000939767
Period of Report: 2026-02-13

Reporting Person: MORRISSEY MICHAEL (Director, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2026-02-13	Common Stock	M	494700	$21.31	Acquired	2319941	Direct
2026-02-13	Common Stock	F	369606	$43.92	Disposed	1950335	Direct
2026-02-15	Common Stock	F	120390	$43.92	Disposed	1829945	Direct
2026-02-17	Common Stock	G	250736	—	Disposed	1579209	Direct
2026-02-17	Common Stock	G	250736	—	Acquired	1965140	Indirect
2026-02-18	Common Stock	G	125094	—	Disposed	1454115	Direct
2026-02-18	Common Stock	G	125094	—	Acquired	2090234	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2026-02-13	Option (right to buy)	$21.31	M	494700	Disposed	2028-03-03	Common Stock (494700)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	17728	Indirect

Footnotes

F1: Includes 1,454,115 shares of Exelixis, Inc. common stock ("Common Stock") that will be issued to the Reporting Person upon vesting of restricted stock units ("RSUs") and PSUs granted to the
Reporting Person on March 31, 2025 ("One-Time Award PSUs"). Each RSU is the economic equivalent of one share of Common Stock and each One-Time Award PSU represents a contingent right to
receive one share of Common Stock.

F2: Represents a "net exercise" of an outstanding stock option to purchase 494,700 shares, and pursuant to which the Reporting Person received 125,094 shares of Common Stock. The Issuer withheld
369,606 shares of Common Stock underlying the stock option for payment of the exercise price and tax withholding using the closing stock price on January 13, 2026 of $43.92.

F3: Shares withheld by Exelixis, Inc. to satisfy taxes payable in connection with the vesting of performance-based restricted stock units awarded on March 4, 2022, for which the Compensation Committee certified that Exelixis, Inc. had achieved certain performance criteria on January 16, 2025.

F4: On February 17, 2026, the Reporting Person gifted 250,736 shares of Common Stock to Michael M. Morrissey and Meghan D. Morrissey, Trustees of the Morrissey Family Trust dated July 21, 1994, as
amended.

F5: Shares held by Michael M. Morrissey and Meghan D. Morrissey, Trustees of the Morrissey Family Living Trust dated July 21, 1994, as amended.

F6: On February 18, 2026, the Reporting Person gifted 125,094 shares of Common Stock to Michael M. Morrissey and Meghan D. Morrissey, Trustees of the Morrissey Family Trust dated July 21, 1994, as
amended.

F7: Represents shares of Common Stock under the Exelixis, Inc. 401(k) Plan, pursuant to a plan statement dated as of February 13, 2026.

F8: The option, representing the right to purchase a total of 494,700 shares of Common Stock, became fully exercisable on March 4, 2025.