EXEL executive grant: 50,673 RSUs added, 713,161 shares owned

Rhea-AI Filing Summary

Exelixis insider equity award and holdings update. An Exelixis executive received 50,673 restricted stock units (RSUs) on 10/08/2025 under the 2017 Equity Incentive Plan. The RSUs vest in four equal installments, beginning 11/15/2026 and then each 11/15 thereafter until fully vested, meaning 25% vests on each vesting date. After the grant, the reporting person beneficially owns 713,161 shares in total, which includes 431,306 shares that will be issued upon vesting of other RSUs. The filing also reports 5,835 shares held in a 401(k) plan. The Form 4 was signed on 10/10/2025.

Positive

• 50,673 RSU grant increases executive stake and aligns interests with shareholders
• Multi-year vesting (each 25% on 11/15) supports retention through 11/15/2029

Negative

• None.

Insights

Corporate Governance Analyst

New RSU grant aligns executive incentives with shareholder outcomes via multi-year vesting.

The reporting person received 50,673 RSUs on 10/08/2025 with a standard four-year vesting schedule that vests 25% each year starting 11/15/2026. Equity awards tied to time-based vesting are a common retention tool and increase the executive's exposure to the company's equity over several years.

Key dependencies include continued service through each vesting date and the company's share issuance processes. Investors can monitor the scheduled vesting dates and the 431,306 additional RSU-backed shares noted as part of the reporting person’s holdings; near-term dilution from these awards is limited while vesting remains future-dated.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Aftab Dana

(Last) (First) (Middle)

C/O EXELIXIS, INC.

1851 HARBOR BAY PARKWAY

(Street)

ALAMEDA CA 94502

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
EXELIXIS, INC. [ EXEL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, Research & Development

3. Date of Earliest Transaction (Month/Day/Year)
10/08/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	10/08/2025(1)		A		50,673(1)	A	$0	713,161(2)	D
Common Stock								5,835(3)	I	By 401(k)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents shares of Exelixis, Inc. common stock ("Common Stock") that will be issued to the Reporting Person upon the vesting of restricted stock units ("RSUs"). The RSUs were granted to the Reporting Person on the Transaction Date pursuant to the Exelixis, Inc. 2017 Equity Incentive Plan. The RSUs will vest as to 1/4th of the original number of shares subject to the RSU award on November 15, 2026 and thereafter as to 1/4th of the original number of shares subject to the RSU award on each November 15th until fully vested.

2. Includes 431,306 shares of Common Stock that will be issued to the Reporting Person upon vesting of RSUs.

3. Represents shares of Common Stock under the Exelixis, Inc. 401(k) Plan, pursuant to a plan statement dated as of October 7, 2025.

Remarks:

	/s/ Nina Ayer, Attorney in Fact	10/10/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did the Exelixis (EXEL) Form 4 filed on 10/10/2025 disclose?

The filing shows an executive was granted 50,673 RSUs on 10/08/2025 and now beneficially owns 713,161 shares in total.

When do the newly granted RSUs for EXEL vest?

The RSUs vest 25% on 11/15/2026 and then 25% on each subsequent 11/15 until fully vested.

How many shares in total does the reporting person own after the transaction?

The reporting person beneficially owns 713,161 shares following the reported transaction, including 431,306 shares tied to other RSUs.

Does the Form 4 report any 401(k) holdings for the reporting person at EXEL?

Yes; the filing reports 5,835 shares held under the Exelixis 401(k) Plan as of a plan statement dated 10/07/2025.

Who filed the Form 4 for the reporting person at Exelixis?

The form is signed by an attorney-in-fact, /s/ Nina Ayer, and dated 10/10/2025.