Michael Morrissey - 24 Jan 2023 Form 4 Insider Report for EXELIXIS, INC. (EXEL)

Role: President and CEO, Director
Signature: /s/ Nina Ayer, Attorney in Fact
Issuer symbol: EXEL
Transactions as of: 24 Jan 2023
Net transactions value: -$656,424
Form type: 4
Filing time: 26 Jan 2023, 19:59:38 UTC
Previous filing: 17 Nov 2022
Next filing: 01 Feb 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	EXEL	Common Stock	Gift	$0	-106,010	-24%	$0.000000	340,655	07 Dec 2022	Direct	F1, F2
transaction	EXEL	Common Stock	Gift	$0	+106,010	+8.9%	$0.000000	1,302,326	07 Dec 2022	By Trust	F1, F3
transaction	EXEL	Common Stock	Options Exercise	$420,000	+100,000	+29%	$4.20^*	440,655	24 Jan 2023	Direct
transaction	EXEL	Common Stock	Tax liability	$1,076,424	-62,006	-14%	$17.36	378,649	24 Jan 2023	Direct	F4
holding	EXEL	Common Stock						17,728	24 Jan 2023	By 401(k)	F5

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	EXEL	Option (right to buy)	Options Exercise	$0	-100,000	-100%	$0.000000^*	0	24 Jan 2023	Common Stock	100,000	$4.20	Direct	F6

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	On December 7, 2022, the Reporting Person gifted 106,010 shares of Exelixis, Inc. common stock ("Common Stock") to Michael M. Morrissey and Meghan D. Morrissey, Trustees of the Morrissey Family Trust dated July 21, 1994, as amended.
F2	Includes 340,655 shares of Common Stock that will be issued to the Reporting Person upon vesting of restricted stock units.
F3	Shares held by Michael M. Morrissey and Meghan D. Morrissey, Trustees of the Morrissey Family Living Trust dated July 21, 1994, as amended.
F4	Represents a "net exercise" of an outstanding stock option. The Reporting Person received 37,994 shares of Common Stock on the net exercise of a stock option to purchase 100,000 shares of Common Stock. The Issuer withheld 62,006 shares of Common Stock underlying the stock option for payment of the exercise price and tax withholding using a stock price on January 24, 2023 of $17.36.
F5	Represents shares of Common Stock under the Exelixis, Inc. 401(k) Plan, pursuant to a plan statement dated as of January 24, 2023.
F6	The option, representing the right to purchase a total of 150,000 shares of Common Stock, became fully exercisable on February 11, 2020.