Document:

Consent to Sublease by HCP Life Sciences, Exelixis and Threshold Pharmaceuticals

 Exhibit 10.6 
 CONSENT TO SUBLEASE AGREEMENT 
 THIS CONSENT TO SUBLEASE AGREEMENT
(this “Agreement”) is made as of August 19, 2011, by and among HCP Life Science REIT, Inc., a Maryland corporation (“Landlord”), Exelixis Inc., a Delaware corporation (“Tenant”), and Threshold
Pharmaceuticals, Inc., a Delaware corporation (“Subtenant”). 
 R E C I T
A L S 
 A. Reference is hereby made to that certain Build-to-Suit Lease dated as of May 12, 1999
between Landlord and Tenant (as amended by that certain First Amendment to Build-to-Suit Lease dated as of March 29, 2000, that certain Second Amendment to Build-to-Suit Lease dated as of January 31, 2001, and that certain Third Amendment
to Build-to-Suit Lease dated as of May 24, 2001, the “Lease”), for the buildings located at 169 Harbor Way and 170 Harbor Way in South San Francisco, California (each, a “Building” and collectively, the
“Premises”). 
 B. Pursuant to the terms of Article 13 of the Lease, Tenant has requested
Landlord’s consent to that certain Sublease dated July 25, 2011, between Tenant and Subtenant (the “Sublease”), with respect to a subletting by Subtenant of a portion of the Premises, as more particularly described in the
Sublease (the “Sublet Premises”). A copy of the Sublease is attached hereto as Exhibit A. Landlord is willing to consent to the Sublease in the terms and conditions contained herein. 

C. All defined terms not otherwise expressly defined herein shall have the respective meanings given in the Lease. 

A G R E E M E N T 

1. Landlord’s Consent. Landlord hereby consents to the Sublease; provided, however, notwithstanding anything contained in the
Sublease to the contrary, such consent is granted by Landlord only upon the terms and conditions set forth in this Agreement. The Sublease is subject and subordinate to the Lease. Landlord shall not be bound by any of the terms, covenant,
conditions, provisions or agreements of the Sublease. Subtenant acknowledges for the benefit of Landlord that Subtenant accepts the Sublet Premises in their presently existing, “as-is” condition and that Landlord has made no representation
or warranty to Subtenant as to the compliance of the Sublet Premises with any law, statute, ordinance, rule or regulation. Tenant and Subtenant hereby represent and warrant to Landlord that the copy of the Sublease attached hereto is a full,
complete and accurate copy of the Sublease, and that there are no other documents or instruments relating to the use of the Sublet Premises by Subtenant other than the Sublease. 

2. Reimbursement of Landlord. Within five (5) days after invoice, Tenant shall reimburse Landlord all of Landlord’s
reasonable costs and expenses incurred in connection with its review and consent of the Sublease and preparation and negotiation of this Agreement. 
 [Consent to Sublease] 

 3. Non-Release of Tenant; Further Transfers. Neither the Sublease nor this consent
thereto shall release or discharge Tenant from any liability, whether past, present or future, under the Lease or alter the primary liability of the Tenant to pay the rent and perform and comply with all of the obligations of Tenant to be performed
under the Lease (including the payment of all bills rendered by Landlord for charges incurred by the Subtenant for services and materials supplied to the Sublet Premises). Neither the Sublease nor this consent thereto shall be construed as a waiver
of Landlord’s right to consent to any further subletting either by Tenant or by the Subtenant, or to any assignment by Tenant of the Lease or assignment by the Subtenant of the Sublease, or as a consent to any portion of the Sublet Premises
being used or occupied by any other party. Landlord may consent to subsequent sublettings and assignments of the Lease or any amendments or modifications thereto without notifying Subtenant nor anyone else liable under the Sublease and without
obtaining their consent. No such action by Landlord shall relieve such persons from any liability to Landlord or otherwise with regard to the Sublet Premises. 
 4. Relationship With Landlord. Tenant hereby assigns and transfers to Landlord the Tenant’s interest in the Sublease and all rentals and income arising therefrom, subject to the terms of this
Section 4. Landlord, by consenting to the Sublease agrees that until the earlier of (a) the occurrence of a default in the performance of Tenant’s obligations under the Lease which remains uncured beyond any applicable notice
and cure period, or (b) the occurrence of a Recurring Rent Default (defined below), Tenant may receive, collect and enjoy the rents accruing under the Sublease. In the event Tenant shall default in the performance of its obligations to Landlord
under the Lease (whether or not Landlord terminates the Lease), which default remains uncured beyond any applicable notice and cure period, Landlord may at its option by notice to Tenant, either (i) terminate the Sublease, (ii) elect to
receive and collect, directly from Subtenant, all rent and any other sums owing and to be owed under the Sublease, as further set forth in Section 4.1, below, or (iii) elect to succeed to Tenant’s interest in the Sublease and cause
Subtenant to attorn to Landlord, as further set forth in Section 4.2, below. Additionally, in the event a Recurring Rent Default occurs, Landlord may at its option by notice to Tenant, elect to receive and collect, directly from Subtenant, all
rent and any other sums owing and to be owed under the Sublease, as further set forth in Section 4.1, below. As used herein, a “Recurring Rent Default” shall mean and refer to Tenant’s failure to pay minimum rental,
operating expenses or any other sum payable under the Lease on or before the due date thereof on three (3) or more occasions during any twelve (12) consecutive month period. 

4.1 Landlord’s Election to Receive Rents. Landlord shall not, by reason of the Sublease, nor by reason of the collection of
rents or any other sums from the Subtenant pursuant to Section 4, item (ii), above, or pursuant to the penultimate sentence of Section 4, above, be deemed liable to Subtenant for any failure of Tenant to perform and comply with any
obligation of Tenant, and Tenant hereby irrevocably authorizes and directs Subtenant, upon receipt of any written notice from Landlord stating that a default exists in the performance of Tenant’s obligations under the Lease, to pay to Landlord
the rents and any other sums due and to become due under the Sublease. Tenant agrees that Subtenant shall have the right to rely upon any such statement and request from Landlord, and that Subtenant shall pay any such rents and any other sums to
Landlord without any obligation or right to inquire as to whether such default exists and notwithstanding any notice from or claim from Tenant to the contrary. Tenant shall not have any right or claim against Subtenant for any such rents or any
other sums so paid by Subtenant to Landlord. Landlord shall credit Tenant with any rent received by Landlord under such 

  

					
		  	-2-	  	[Consent to Sublease]

 
assignment but the acceptance of any payment on account of rent from the Subtenant as the result of any such default shall in no manner whatsoever be deemed an attornment by the Landlord to
Subtenant or by Subtenant to Landlord, be deemed a waiver by Landlord of any provision of the Lease, or serve to release Tenant from any liability under the terms, covenants, conditions, provisions or agreements under the Lease. Notwithstanding the
foregoing, any other payment of rent from the Subtenant directly to Landlord, regardless of the circumstances or reasons therefor, shall in no manner whatsoever be deemed an attornment by the Subtenant to Landlord in the absence of a specific
written agreement signed by Landlord to such an effect. 
 4.2 Landlord’s Election of Tenant’s Attornment. In
the event Landlord elects, at its option, to cause Subtenant to attorn to Landlord pursuant to Section 3, item (iii), above, Landlord shall undertake the obligations of Tenant under the Sublease from the time of the exercise of the
option, but Landlord shall not (i) be liable for any prepayment of more than one month’s rent or any security deposit paid by Subtenant, (ii) be liable for any previous act or omission of Tenant under the Lease or for any other
defaults of Tenant under the Sublease, (iii) be subject to any defenses or offsets previously accrued which Subtenant may have against Tenant, or (iv) be bound by any changes or modifications made to the Sublease without the written
consent of Landlord. 
 4.3 Operational Matters. Notwithstanding Landlord’s consent to the Sublease as set forth
herein, Landlord shall not be obligated to accept from Subtenant any payments of Base Rent or Additional Rent due under the Lease, all of which shall be paid by Tenant as set forth in the Lease. Requests for Building services as provided under the
Lease, including without limitation, parking privileges, repair and maintenance services, or any other services or obligations to be performed by Landlord under the terms of the Lease, shall be made by Tenant, and Landlord shall have no obligation
to respond to any direct request of Subtenant regarding the same. 
 4.4 No Waiver. The acceptance of any amounts by
Landlord from Subtenant or any other party shall not be deemed a waiver by Landlord of the obligation of Tenant to pay any or all amount due and owing under the Lease. The performance of any obligation required by Tenant under the Lease by Subtenant
or any other party shall not be deemed a waiver by Landlord of the duty of Tenant to perform such obligation or any other obligation as to which performance is or becomes due under the Lease. 

4.5 Acts of Subtenant. Any act or omission by Subtenant, or by any other person or entity for whose acts or omissions Tenant is
liable or responsible under the terms of the Lease, that violates any of the provisions of the Lease, shall be deemed a violation of the Lease by Tenant, subject to any applicable notice and cure provisions contained in the Lease. 

4.6 Indemnification. Subtenant hereby assumes all risk of damage to property or injury to persons in, upon or about the Premises
from any cause whatsoever (including, but not limited to, any personal injuries resulting from a slip and fall in, upon or about the Premises) and agrees that Landlord, its partners, subpartners and their respective officers, agents, servants,
employees, and independent contractors shall not be liable for, and are hereby released from any responsibility for, any damage either to person or property or resulting from the loss of use thereof, which damage is sustained by Subtenant or by
other persons claiming through 

  

					
		  	-3-	  	[Consent to Sublease]

 
Subtenant. Tenant shall indemnify, defend, protect, and hold Landlord harmless from any and all loss, cost, damage, expense and liability (including without limitation court costs and reasonable
attorneys’ fees) incurred in connection with or arising from any cause in, on or about the Premises (including, but not limited to, a slip and fall), any acts, omissions or negligence of Subtenant or of any person claiming by, through or under
Subtenant, or of the contractors, agents, servants, employees, invitees, guests or licensees of Subtenant or any such person, in, on or about the Building, provided that the terms of the foregoing indemnity shall not apply to the gross negligence or
willful misconduct of Landlord. The provisions of this Section 4.6 shall survive the expiration or sooner termination of the Sublease with respect to any claims or liability arising in connection with any event occurring prior to such
expiration or termination. 
 4.7 Insurance. Prior to Subtenant’s occupancy of the Sublet Premises, Subtenant shall
provide Landlord with certificates of all of the insurance required to be carried by Subtenant by the terms of the Sublease, which shall show Landlord as being an additional insured thereunder. The waiver of subrogation contained in
Section 12.4 of the Lease shall apply as between Landlord and Subtenant. 
 4.8 No Consent to Alterations or
Particular Use. Notwithstanding anything contained in the Sublease to the contrary, Landlord’s consent to the Sublease as contained in this Agreement shall not be deemed to be a consent to (i) any alteration or work of improvement that
Tenant or Subtenant may desire or intend in the Sublet Premises, (ii) any use of hazardous, radioactive or toxic materials in or about the Sublet Premises, or (iii) any signage proposed to be installed for the benefit of Subtenant.

 5. General Provisions. 
 5.1 Consideration for Sublease. Tenant and Subtenant represent and warrant that there are no additional payments of rent or any other consideration of any type payable by Subtenant to Tenant with
regard to the Sublet Premises other than as disclosed in the Sublease. 
 5.2 Brokerage Commission. Tenant and Subtenant
covenant and agree that under no circumstances shall Landlord be liable for any brokerage commission or other charge or expense in connection with the Sublease and Tenant and Subtenant agree to protect, defend indemnify and hold Landlord harmless
from and against the same and from any cost or expense (including, but not limited to, attorney’s fees) incurred by Landlord in resisting any claim for any such brokerage commission. 

5.3 Recapture. This consent shall in no manner be construed as limiting Landlord’s ability to exercise any rights to
recapture any portion of the Premises, as set forth in the Lease, in the event of a proposed future sublease or assignment of such portion of the Premises. 
 5.4 Controlling Law. The terms and provisions of this Agreement shall be construed in accordance with and governed by the laws of the State of California. 

5.5 Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto, their heirs, successors
and permitted assigns. As used herein, the singular number includes the plural and the masculine gender includes the feminine and neuter. 

  

					
		  	-4-	  	[Consent to Sublease]

 5.6 Captions. The paragraph captions utilized herein are in no way intended to
interpret or limit the terms and conditions hereof; rather, they are intended for purposes of convenience only. 
 5.7
Partial Invalidity. If any term, provision or condition contained in this Agreement shall, to any extent, be invalid or unenforceable, the remainder of this Agreement, or the application of such term, provision or condition to persons or
circumstances other than those with respect to which it is invalid or unenforceable, shall not be affected thereby, and each and every other term, provision and condition of this Agreement shall be valid and enforceable to the fullest extent
permitted by law. 
 5.8 Attorneys’ Fees. If either party commences litigation against the other for the specific
performance of this Agreement, for damages for the breach hereof or otherwise for enforcement of any remedy hereunder, the parties hereto agree to and hereby do waive any right to a trial by jury and, in the event of any such commencement of
litigation, the prevailing party shall be entitled to recover from the other party such costs and reasonable attorneys’ fees as may have been incurred. 
 [Signatures begin on next page] 

  

					
		  	-5-	  	[Consent to Sublease]

 IN WITNESS WHEREOF, the parties have executed this Consent to Sublease Agreement as of the
day and year first above written. 
  

			
	“Landlord”
	
	 HCP Life Science REIT, Inc.
 a Maryland corporation

		
	By:	 	 /s/ Jonathan Bergschneider

	Its:	 	EVP
	
	“Tenant”
	
	 Exelixis, Inc.,
 a
Delaware corporation

		
	By:	 	 /s/ Frank Karbe

	Name:	 	Frank Karbe
	Its:	 	EVP & CFO
	
	“Subtenant”
	
	 Threshold Pharmaceuticals, Inc.,
 a Delaware corporation

		
	By:	 	 /s/ Joel A. Fernandes

	Name:	 	Joel A. Fernandes
	Its:	 	Vice President, Finance & Controller

  

					
		  	-6-	  	[Consent to Sublease]

 EXHIBIT A 

THE SUBLEASE 

See Exhibit 10.5 to Form 10-Q filed 10/27/2011 

  

					
		  	-7-	  	[Consent to Sublease]Amendment No. 11 to the Loan and Security Agreement

 [ * ] = Certain confidential information contained in this document, marked by brackets, has been omitted
and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.. 
 Exhibit 10.7 
 ELEVENTH AMENDMENT 

TO 

LOAN AND SECURITY AGREEMENT 
 THIS ELEVENTH AMENDMENT to Loan and Security Agreement (this “Amendment”) is entered into this 18 day of August, 2011, by and between Silicon Valley Bank (“Bank”)
and Exelixis, Inc., a Delaware corporation (“Borrower”), whose address is 210 E. Grand Avenue, South San Francisco, California 94080. 
 RECITALS 
 A. Bank and Borrower have entered into that
certain Loan and Security Agreement dated as of May 22, 2002 (as amended, modified, supplemented or restated from time to time, the “Loan Agreement”). 
 B. Bank has extended credit to Borrower for the purposes permitted in the Loan Agreement. 
 C. Borrower has requested that Bank amend the Loan Agreement and Bank has agreed to so amend certain provisions of the Loan Agreement, but only to the extent, in accordance with the terms, subject
to the conditions, and in reliance upon the representations and warranties set forth below. 
 AGREEMENT

 NOW, THEREFORE, in consideration of the foregoing recitals and other good and
valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 
 1. Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement. 

2. Amendments to Loan Agreement. 
 2.1 Overadvances. Sections 2.2 of the Loan Agreement is hereby amended and restated in its entirety as follows: 
 “2.2 Overadvances. 
 (a) If the Obligations under Section 2.1.1
at any time exceed the Facility A Committed Equipment Line, or the principal balance of the non-interest bearing certificate deposit account (any such 

  
 1 

 
account, a “CD Account”), segregated securities account (any such account, a “SVBS Account”), or segregated asset management account (any such account, a
“SAM Account”) required by Section 6.4(a) hereof at any time is less than 100% of the outstanding principal balance of the Obligations under Section 2.1.1, then Borrower will be in an Overadvance to the extent of such
excess amount. If Borrower is in an Overadvance, then Borrower shall immediately repay to Bank such excess amount. 
 (b) If the
Obligations under Section 2.1.2 at any time exceed the Facility B Committed Equipment Line, or the principal balance of the CD Account, SVBS Account, or SAM Account required by Section 6.4(b) hereof at any time is less than 100% of the
outstanding principal balance of the Obligations under Section 2.1.2, then Borrower will be in an Overadvance to the extent of such excess amount. If Borrower is in an Overadvance, then Borrower shall immediately repay to Bank such excess
amount. 
 (c) If the Obligations under Section 2.1.3 at any time exceed the Facility C Committed Equipment Line, or the
principal balance of the CD Account, SVBS Account, or SAM Account required by Section 6.4(c) hereof at any time is less than 100% of the outstanding principal balance of the Obligations under Section 2.1.3, then Borrower will be in an
Overadvance to the extent of such excess amount. If Borrower is in an Overadvance, then Borrower shall immediately repay to Bank such excess amount.” 
 (d) If the Obligations under Section 2.1.4 at any time exceed the Facility D Committed Equipment Line, or the principal balance of the CD Account, SVBS Account, or SAM Account required by
Section 6.4(c) hereof at any time is less than 100% of the outstanding principal balance of the Obligations under Section 2.1.4, then Borrower will be in an Overadvance to the extent of such excess amount. If Borrower is in an Overadvance,
then Borrower shall immediately repay to Bank such excess amount. 
 Notwithstanding the foregoing, Bank may from time to time
re-evaluate its collateral position and, solely with respect to a SVBS or SAM Account, as a result of a collateral inspection pursuant to Section 6.6 hereof, may increase any of the collateral balance percentage requirements set forth in
this Section 2.2 or Section 6.4 with respect thereto to an amount not to exceed 107% of the outstanding principal balance of the applicable Obligations. The parties hereto acknowledge that as of the Eleventh Amendment

  
 [ * ] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

2 

 
Effective Date, the principal balance of the foregoing accounts required under this Section 2.2 have a value equal to or greater than 102% of the outstanding principal balance of the
Obligations.” 
 2.2 Collateral Accounts. Section 6.4 of the Loan Agreement is hereby amended and
restated in its entirety to read as follows: 
 “6.4 Collateral Accounts. 

(a) Borrower will at all times maintain on deposit in a CD Account, SVBS Account, or SAM Account with Bank or one of Bank’s
Affiliates a principal balance in a value equal to at least 100% of the outstanding principal balance of the Obligations under Section 2.1.1 plus all requested Credit Extensions (other than the principal portion of the Obligations under
Section 2.1.2, Section 2.1.3, Section 2.1.4 and Section 2.1.5), the value of such account to be marked to market on a monthly basis. The balance in such account, as applicable, must be invested in a manner consistent with the
Investment Policy approved by the Audit Committee of Borrower’s Board of Directors (as the same may be from time to time amended, modified or supplemented, the “Borrower Investment Policy”), or in mutual funds offered by Bank
or one of its Affiliates, as determined by Borrower and acceptable to Bank in its reasonable discretion. 
 (b) Borrower will at
all times maintain on deposit in a CD Account, SVBS Account, or SAM Account with Bank or one of Bank’s Affiliates a principal balance in a value equal to at least 100% of the outstanding principal balance of the Obligations under
Section 2.1.2 plus all requested Credit Extensions (other than the principal portion of the Obligations under Section 2.1.1, Section 2.1.3, Section 2.1.4 and Section 2.1.5), the value of such account to be marked to market
on a monthly basis. The balance in such account, as applicable, must be invested in a manner consistent with the Borrower Investment Policy, or in mutual funds offered by Bank or one of its Affiliates, as determined by Borrower and acceptable to
Bank in its reasonable discretion. 
 (c) Borrower will at all times maintain on deposit in a CD Account, SVBS Account, or SAM
Account with Bank or one of Bank’s Affiliates a principal balance in a value equal to at least 100% of the outstanding principal balance of the Obligations under Section 2.1.3 plus all requested Credit Extensions (other than the principal
portion of the Obligations under Section 2.1.1, Section 2.1.2, Section 2.1.4 and Section 2.1.5), the value of such account to be marked to market on a monthly basis. The balance in such account, as applicable, must be invested in
a manner 

  
 [ * ] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

3 

 
consistent with the Borrower Investment Policy, or in mutual funds offered by Bank or one of its Affiliates, as determined by Borrower and acceptable to Bank in its reasonable discretion.

 (d) Borrower will at all times maintain on deposit in a CD Account, SVBS Account, or SAM Account with Bank or one of
Bank’s Affiliates a principal balance in a value equal to at least 100% of the outstanding principal balance of the Obligations under Section 2.1.4 plus all requested Credit Extensions (other than the principal portion of the Obligations
under Section 2.1.1, Section 2.1.2, Section 2.1.3 and Section 2.1.5), the value of such account to be marked to market on a monthly basis. The balance in such account, as applicable, must be invested in a manner consistent with
the Borrower Investment Policy, or in mutual funds offered by Bank or one of its Affiliates, as determined by Borrower and acceptable to Bank in its reasonable discretion. 
 (e) Borrower will at all times maintain on deposit in a CD Account, SVBS Account, or SAM Account with Bank or one of Bank’s Affiliates a compensating balance, which constitutes support for the
Obligations, with a principal balance in a value equal to at least 100% of the outstanding principal balance of the Obligations under Section 2.1.5 plus all requested Credit Extensions (other than the principal portion of the Obligations under
Section 2.1.1, Section 2.1.2, Section 2.1.3 and Section 2.1.4), the value of such account to be marked to market on a monthly basis. In the event that Borrower withdraws funds from such account and, as a result, the compensating
balance falls below a value equal to least 100% of the outstanding principal balance of the Obligations under Section 2.1.5 plus all requested Credit Extensions (other than the principal portion of the Obligations under Section 2.1.1,
Section 2.1.2, Section 2.1.3 and Section 2.1.4), then Borrower shall be in violation of this Section 6.4(e). The balance in such account, as applicable, must be invested in a manner consistent with the Borrower Investment Policy,
or in mutual funds offered by Bank or one of its Affiliates, as determined by Borrower and acceptable to Bank in its reasonable discretion. 
 Notwithstanding the foregoing, Bank may from time to time re-evaluate its collateral position and, solely with respect to a SVBS or SAM Account, as a result of a collateral inspection pursuant to
Section 6.6 hereof, may increase any of the collateral balance percentage requirements set forth in Section 2.2 or this Section 6.4 with respect thereto to an amount not to exceed 107% of the outstanding principal
balance of the applicable Obligations. The parties hereto acknowledge that as of the Eleventh Amendment Effective Date, the principal balance of the foregoing 

  
 [ * ] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

4 

 
accounts required under this Section 6.4 have a value equal to or greater than 102% of the outstanding principal balance of the Obligations.” 

2.3 Collateral Inspections. A new Section 6.6 of the Loan Agreement is hereby added following the existing
Section 6.5 as follows: 
 “6.6 Collateral Inspections. Borrower shall allow Bank, or its agents, to inspect
the Collateral. Such inspections shall be conducted no more often than once every three months unless an Event of Default has occurred and is continuing. In the event that any collateral inspection results in Bank desiring to change any of the
collateral balance percentage requirements pursuant to Section 2.2 or Section 6.4 herein, Bank shall provide Borrower with written notice and Borrower shall have 30 days from the date of receipt of such notice, at its sole
and absolute discretion, to either (i) conform to such new collateral balance percentage requirement(s) by providing additional Collateral or (ii) change the investments in the accounts to conform with the applicable collateral balance
percentage requirements in existence prior to the receipt of such notice.” 
 2.4 Definitions.
Section 13 of the Loan Agreement is hereby amended by adding the following definition in alphabetical order: 

“Eleventh Amendment Effective Date” means August 18, 2011. 

2.5 Exhibit A. Exhibit A attached to the Loan Agreement is hereby deleted in its entirety and replaced with Exhibit A
attached hereto. 
 3. Limitation of Amendments. 

3.1 The amendments set forth in Section 2, above, are effective for the purposes set forth herein and shall be limited
precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have or may
have in the future under or in connection with any Loan Document. 
 3.2 This Amendment shall be construed in connection
with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and
effect. 
 4. Representations and Warranties. To induce Bank to enter into this Amendment, Borrower hereby represents and
warrants to Bank as follows: 
 4.1 Immediately after giving effect to this Amendment, (a) the representations and
warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to 

  
 [ * ] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

5 

 
an earlier date, in which case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing; 

4.2 Borrower has the power and authority to execute and deliver this Amendment and to perform its obligations under the Loan
Agreement, as amended by this Amendment; 
 4.3 The organizational documents of Borrower delivered by Borrower to Bank
most recently prior to the execution of this Amendment remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect; 

4.4 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan
Agreement, as amended by this Amendment, have been duly authorized; 
 4.5 The execution and delivery by Borrower of this
Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual restriction
with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower; 

4.6 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan
Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision
thereof, binding on either Borrower, except as already has been obtained or made; and 
 4.7 This Amendment has been duly
executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium
or other similar laws of general application and equitable principles relating to or affecting creditors’ rights. 
 5.
Conditions Precedent. The effectiveness of this Amendment is expressly conditioned upon: 
 5.1 receipt by Bank of a
fully executed copy of this Amendment executed by Bank and Borrower; 
 5.2 Bank confirming all deposit balances required
in connection with the Loan Agreement as amended by this Amendment; 

  
 [ * ] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

6 

 5.3 Borrower having opened segregated securities or asset management accounts in
accordance with this Amendment; 
 5.4 receipt by Bank of duly executed securities account control agreements with
respect to the new securities accounts in form and substance satisfactory to Bank, and Bank having a perfected first-priority security interest in each securities account required to be maintained by Borrower in connection with the Loan Agreement;

 5.5 receipt by Bank of a fully executed copy of a Borrower’s Secretary certificate; 

5.6 receipt by Bank of all acknowledgments of filed amended financing statements describing the new Collateral necessary to
perfect its lien on such Collateral; and 
 5.7 receipt by Bank of all Bank Expenses incurred by Bank in connection with
this Amendment and any other Bank Expenses now due and payable under the Loan Agreement. 
 6. Counterparts. This
Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. 
 7. Effectiveness. This Amendment shall be deemed effective upon the due execution and delivery to Bank of this Amendment by each party hereto. 

  
 [ * ] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

7 

 IN WITNESS WHEREOF, the parties hereto
have caused this Amendment to be duly executed and delivered as of the date first written above. 
  

									
	BANK	  	 	  	BORROWER
			
	SILICON VALLEY BANK	  		  	EXELIXIS, INC.
					
	By:	  	 /s/ Lindsay Schwallie
	  		  	By:	  	 /s/ Frank Karbe

	Name:	  	Lindsay Schwallie	  		  	Name:	  	Frank Karbe
	Title:	  	Relationship Manager	  		  	Title:	  	EVP & CFO

  
 Amendment
Number Eleven to Loan and Security Agreement 
 [ * ] = Certain confidential information contained in this document, marked by brackets, has
been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 EXHIBIT A 
 The Collateral consists of all of Borrower’s right, title and interest in and to the following: 
 All documents, cash, deposit accounts, securities, securities entitlements, securities accounts, investment property, financial assets, letters of credit, certificates of deposit and instruments held in
the following segregated investment or deposit accounts with Bank or an affiliate of Bank, whether now owned or hereafter acquired, and all proceeds of any of the foregoing, and all of Borrower’s Books relating to the foregoing: 

ACCOUNT # [ * ] 

  
 Amendment
Number Eleven to Loan and Security Agreement 
 [ * ] = Certain confidential information contained in this document, marked by brackets, has
been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

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