Document:

Amended and Restated Severance Plan

 Exhibit 10(iv) 
 NORTHERN TRUST CORPORATION SEVERANCE PLAN 
 (As Amended and Restated effective as of January 1,
2009) 
 The Northern Trust Corporation Severance Plan was adopted on April 30, 2002, effective as of March 1, 2002, and has been amended on
several occasions since that date, including an amendment and restatement that was generally effective January 1, 2008 (with such other effective dates as were noted therein), as a result of various changes in applicable law, including, the
American Jobs Creation Act of 2004, and to make certain other changes. Northern Trust Corporation now hereby further amends and restates the Northern Trust Corporation Severance Plan effective as of January 1, 2009, to make certain further
desired changes. 
 ARTICLE I 
 Purpose 
 The purpose of the Northern Trust Corporation Severance Plan (“Plan”) is to provide
severance payments to certain Employees in the event their employment is terminated by their Employer in specified circumstances such as job eliminations, reductions in force and similar situations described in this Plan. 
 ARTICLE II 
 Definitions

  

	2.1	“Administrator” means the Corporation or such person(s) or committee(s) designated by the Corporation. The Administrator shall be the “plan administrator”
and the “named fiduciary” of the Plan for purposes of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). 

  

	2.2	“Base Pay” means: (i) (A) for a salaried Employee, that Employee’s weekly base salary as determined from the personnel records of an Employer at
Termination and (B) for an Employee who is paid on an hourly basis, that Employee’s hourly rate of pay multiplied by the number of hours the Employee is scheduled to work during a week, as determined from the personnel records of the
Employer at Termination, plus (ii) for any Employee, that Employee’s scheduled weekly shift differential, if any, as determined from the personnel records of the Employer at Termination. In all instances, Base Pay excludes overtime,
commissions, bonuses, reimbursements, pay for time worked in excess of hours scheduled and all other forms of compensation. 

  

	2.3	“Committee” means the Employee Benefit Administrative Committee of the Company, as constituted from time to time. 

  

	2.4	“Company” means The Northern Trust Company, an Illinois state bank, and its successors and assigns. 

  

	2.5	“Corporation” means Northern Trust Corporation, a Delaware corporation, and its successors and assigns. 

	2.6	“Eligible Employee” means an Employee who is determined by the Administrator to be entitled to Severance Benefits under the Plan, subject to Section 4.4.

  

	2.7	“Employee” means an individual employed in the service of an Employer as a regular full-time or part-time common-law employee (i) on the active payroll;
(ii) on a leave of absence with a reemployment guarantee; or (iii) receiving disability benefits. An Employee does not include individuals in jobs classified by an Employer as “temporary” or “limited post” positions or
any other individual in the temporary employ of an Employer. No individual will be considered an Employee nor will such individual be otherwise eligible to receive benefits under the Plan during any period in which such individual is providing
services to an Employer under a contract, arrangement, or understanding with such individual, or with an agency or leasing organization that treats the individual as either an independent contractor or an employee of such agency or leasing
organization, even if such individual is later determined (by judicial action or otherwise) to have been a common law employee of an Employer rather than an independent contractor or an employee of such agency or leasing organization.

  

	2.8	“Employer” means the Corporation and its U.S. affiliates, including the Company. The term “affiliate” means any corporation which is a member of
the same controlled group of corporations as the Corporation under Section 1563(a) of the Internal Revenue Code of 1986, as amended (the “Code”) or an unincorporated trade or business under Section 414(c) of the Code.

  

	2.9	“Severance Benefits” means the benefits described in the Severance Schedule to the Plan to which an Eligible Employee may be entitled under the provisions of the
Plan. 

  

	2.10	“Termination” means, for purposes of determining entitlement to Severance Benefits under the Plan, a complete severance of an Employee’s employment
relationship with Employer. “Termination” does not include situations involving (i) temporary absence, such as a Family and Medical Leave Act (“FMLA”) leave or a temporary layoff, in which an Employee retains any entitlement
to reinstatement; (ii) the total or partial sale or transfer of ownership of an Employer or a business unit of an Employer (stock or asset sale) if the Employee is offered employment with the purchasing or new entity as part of or at the time
of the sale or transfer; (iii) the outsourcing of Employer work to a non-Employer if the Employee is offered employment with such non-Employer as part of or at the time of the outsourcing; or (iv) the elimination of the position or job of
an Employee if the Employee is offered comparable employment with an Employer (as determined by the Employer in the Employer’s sole discretion) in a position which does not require relocation to a non-commutable distance.

  

	2.11	 “Termination Based on Employer Action” means any involuntary Termination of an Eligible Employee at the request of an Employer due to:
(i) the elimination of such Employee’s job, (ii) a reduction in force, (iii) the outsourcing of Employer work to a non-Employer, (iv) the consolidation of positions or functions, (v) the relocation of work to a
non-commutable distance as provided in an Employer’s policies and practices, or (vi) the sale or transfer of all or part of the stock or assets of an Employer or a business unit of Employer; provided, however, that a Termination Based on
Employer Action, shall not 

  

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be considered to have occurred if the Employee is offered (A) comparable employment with an Employer (as determined by the Employer in the
Employer’s sole discretion) in a position which does not require relocation to a non-commutable distance, or (B) employment with a purchaser, transferee or outsourcing non-Employer or an affiliate of a purchaser, transferee, or outsourcing
non-Employer, regardless of whether the Employee elects to accept any such offer. 

  

	2.12	“Termination for Unacceptable Performance” means the Termination of an Employee for reasons related to his or her performance of job duties and responsibilities,
which performance is considered unacceptable to an Employer. 

  

	2.13	“Termination for Cause” means the Termination of an Employee for engaging in conduct which violates an Employer’s policies and/or is harmful to an Employer,
including but not limited to excessive unauthorized absenteeism or tardiness, abuse of controlled substances and/or alcohol, reporting to work under the influence of controlled substances and/or alcohol, gambling, possession of firearms on Employer
property, theft or unauthorized use of Employer property, conduct which creates a conflict of interest, unauthorized use of insider information and offering or accepting bribes, and all other misconduct, as determined by an Employer in the
Employer’s sole discretion. 

  

	2.14	“Voluntary Termination” means an Employee’s voluntary Termination of his or her employment. 

  

	2.15	“Year of Service” means a 12-consecutive month period beginning on the Employee’s hire date with an Employer and on each anniversary thereof during which he or
she continues to be an Employee. 

 ARTICLE III 
 Eligibility for Severance Benefits 
  

	3.1	Termination Based on Employer Action. Subject to Section 4.4, an Employee whose Termination of employment is a Termination Based on Employer Action, as defined in
Section 2.11, will be considered an Eligible Employee and entitled to Severance Benefits. 

  

	3.2	Ineligible Employees. An Employee whose Termination of employment is for any reason other than a Termination Based on Employer Action, including but not limited to
Termination for Cause, Termination for Unacceptable Performance, or Voluntary Termination, shall not be entitled to Severance Benefits under this Plan. 

  

	3.3	 Employees on Leave or Receiving Disability Benefits. (i) (A) Except as otherwise required by applicable law, no Eligible Employee may apply for or
commence any leave of absence after the beginning of such Eligible Employee’s Notification Period described in Section 4.2, even if such leave was previously approved before such Notification Period. (B) If an Eligible Employee
commences an authorized leave of absence during the Notification Period pursuant to applicable law as described in Section 3.3(i)(A) or if 

  

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an Eligible Employee has commenced an authorized leave of absence under an Employer’s leave policies before such Eligible Employee’s Notification
Period, such Eligible Employee may remain on such leave until the earlier of the authorized end of the leave or the end of such Notification Period. At the end of such Notification Period, such Eligible Employee’s employment will be terminated,
and such Eligible Employee will be entitled to Severance Benefits, subject to Section 4.4. 

 (ii) If, before or during
the Eligible Employee’s Notification Period described in Section 4.2, an Eligible Employee begins receiving benefits under an Employer’s short-term disability plan, the Eligible Employee will continue to receive such disability
benefits through the end of the certification period under such short-term disability plan. At the end of the certification period, such Eligible Employee’s employment will be terminated, and such Eligible Employee will be entitled to Severance
Benefits, subject to Section 4.4 and subsection (iii) of this Section 3.3. 
 (iii) If, before or during the Eligible
Employee’s Notification Period (or immediately following an Eligible Employee’s receipt of short-term disability benefits pursuant to subsection (ii) of this Section 3.3), an Eligible Employee begins receiving benefits under an
Employer’s long-term disability plan, such Eligible Employee will continue to receive such disability benefits in accordance with such long-term disability plan. If such an Eligible Employee is able to return to active employment within six
(6) months from such Eligible Employee’s first day of absence due to disability, such Eligible Employee’s employment will be terminated, and such Eligible Employee will be entitled to Severance Benefits, subject to Section 4.4.
However, if such an Eligible Employee is absent from employment due to disability for more than six (6) months, such Eligible Employee will no longer be entitled to any Severance Benefits regardless of the reasons for or timing of such
Employee’s Termination of employment. 
 (iv) Anything in the Plan to the contrary notwithstanding, an Eligible Employee who, during his
or her Notification Period, is on an authorized, unpaid personal leave with a medical condition pursuant to his or her Employer’s leave policies, shall be treated for purposes of this Plan as if he or she were receiving benefits under such
Employer’s short-term disability plan. Such an Eligible Employee’s employment termination and eligibility for Severance Benefits shall be determined under Section 3.3(ii) of this Plan. 
 ARTICLE IV 
 Severance
Benefits 
  

	4.1	Severance Benefits. An Eligible Employee shall be entitled to severance benefit payments in accordance with the Severance Schedule attached hereto. In addition, an Eligible
Employee shall be entitled to certain welfare benefits and enhanced retirement benefits in accordance with the Severance Schedule. Welfare benefits and enhanced retirement benefits shall only be provided pursuant to the Plan in accordance with the
provisions of the applicable welfare and retirement plans sponsored by an Employer. 

  

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	4.2	Payment. An Eligible Employee will receive Severance Benefits in the form of a lump sum cash payment to be made as soon as practicable following Termination Based on Employer
Action. All payments will be made from an Employer’s general assets. Severance Benefits will commence upon the Eligible Employee’s Termination Based on Employer Action following a notification period of no less than sixty (60) days
(the “Notification Period”). At the Employer’s sole discretion, an Eligible Employee may or may not be required to report to his or her usual work location and to continue to perform his or her regular duties during the Notification
Period. Payment of Severance Benefits is conditioned upon the execution of a release in accordance with the provisions of Section 4.4. 

  

	4.3	Withholding. An Employer shall withhold from any Severance Benefits paid hereunder all federal and state income, FICA and other employment taxes, and any other amounts
required or permitted to be withheld under any agreement with the Eligible Employee, applicable law or other employee benefit plans of an Employer. 

  

	 4.4
	 Payments Conditioned on Release. Except as otherwise provided in this Section 4.4, eligibility for the
receipt of any and all Severance Benefits under the Plan is expressly conditioned upon the execution by an Eligible Employee of a comprehensive settlement agreement, waiver and release (“Release”), in a form and manner to be determined in
the sole discretion of the Administrator. An Eligible Employee who does not execute such a Release or who revokes such a Release during the applicable revocation period will receive only (i) one week of Base Pay for Non-Officers and two weeks
of Base Pay for Officers as described in the Severance Schedule, (ii) access to the Employer’s Family Assistance and LifeCare® Programs for a period of ninety (90) days
following such Eligible Employee’s Termination date and basic outplacement assistance, and (iii) the opportunity to work with a recruiting consultant to perform an internal search for a new position during the Notification Period, and will
not be eligible for any other Severance Benefits under the Plan regardless of the reason for Termination. 

  

	4.5	Right of Offset. By accepting Severance Benefits under the Plan, an Eligible Employee agrees that the Administrator, in its sole discretion, may withhold from any amounts
payable under the Plan any amounts owed to the Employer by the Eligible Employee. 

  

	4.6	Reduction for Other Severance Payments. The amount of Severance Benefits to which an Eligible Employee is otherwise entitled under the Plan upon a Termination Based on
Employer Action shall be reduced by the amount, if any, of any other severance payments payable by reason of such Termination to the Eligible Employee by an Employer under any other plan, program or individual contractual arrangement.

  

	4.7	Death of Eligible Employee. If an Eligible Employee dies after his or her date of Termination Based on Employer Action under this Plan and prior to the receipt of all
Severance Benefits to which he or she is entitled under the Plan, any such remaining Severance Benefits shall be paid on his or her behalf in the form of a single, lump sum cash payment to the Eligible Employee’s estate or to the court
presiding over the deceased Eligible Employee’s estate, if in the opinion of the Administrator, the administration of the estate is in dispute. 

  

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 If an Eligible Employee dies, after the beginning of his or her Notification Period but before his or her
date of Termination Based on Employer Action, no Severance Benefits or other payments of any kind will be made to him or her or on his or her behalf under this Plan at any time. Instead, such pay and/or benefits as are provided upon the death of any
other active Employee shall be payable with respect to such deceased Eligible Employee. 
  

	4.8	Reemployed Eligible Employees. If an Eligible Employee has a Termination of employment and he or she is later reemployed by an Employer, his or her prior service with the
Employer will be treated as follows for Plan purposes if his or her employment is terminated under the Plan following such reemployment: (i) If such Eligible Employee is reemployed within a year of the prior Termination date, the period of
absence and such Eligible Employee’s prior service as of the prior Termination date will be considered continuous service for purposes of determining eligibility for and the amount of Plan benefits under the Plan. 

 (ii) If such Eligible Employee is reemployed more than one year after the prior Termination date, neither such Eligible Employee’s prior service nor
the period of absence will be considered as service for any purpose under the Plan. Instead, such former Eligible Employee’s date of reemployment with an Employer will determine such Employee’s subsequent eligibility for and amount of Plan
benefits under the Plan, if any. 
  

	4.9	Severance Benefits Limit. Anything in the Plan to the contrary notwithstanding, effective as of January 1, 2005, Severance Benefits payments and any COBRA Subsidy
(described in the Severance Schedule) payable under the Plan shall not exceed two times the lesser of: (i) the Eligible Employee’s annualized Base Pay for the Eligible Employee’s taxable year preceding the Eligible Employee’s
taxable year in which the Eligible Employee’s Termination of employment occurs (adjusted for any increase during that year that was expected to continue indefinitely if the Eligible Employee had not experienced a Termination of employment); or
(ii) the maximum amount that may be taken into account under a qualified plan pursuant to Code Section 401(a)(17) for the year in which the Eligible Employee has a Termination of employment. . Anything in the Plan to the contrary
notwithstanding, effective as of January 1, 2005, Severance Benefits payments and any COBRA Subsidy must be paid no later than the last day of the Eligible Employee’s second taxable year following the Eligible Employee’s taxable year
in which the Eligible Employee’s Termination of employment occurs. 

 ARTICLE V 
 Plan Administration 
  

	5.1	 Operation and Administration of Plan by the Administrator. The Administrator shall have the complete authority to control and manage the operation and
administration of the Plan. The Administrator (including the Committee with respect to appeals of adverse benefit determinations or denied claims under Section 5.6 and with respect to other 

  

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responsibilities or duties delegated to the Committee under the Plan and/or by action of the Corporation, the Company, an Employer or the Administrator) has
full and exclusive discretionary authority to: 

  

	 	a.	construe and interpret the provisions of the Plan; 

  

	 	b.	adopt any rules, procedures and forms necessary for the operation and administration of the Plan; 

  

	 	c.	determine all questions relating to the eligibility, benefits and other rights of Employees under the Plan; 

  

	 	d.	keep all records necessary for the operation and administration of the Plan; 

  

	 	e.	designate or employ agents (who may also be Employees of an Employer) and delegate to such agents the exercise of one or more specific powers of the Administrator;

  

	 	f.	delegate any or all of its authority under the Plan to any individual, organization or committee either within an Employer or an unrelated third party; and 

 

	 	g.	retain any legal, accounting or other expert advisers (who may also be advisers to an Employer) in connection with the Administrator’s operation and administration of the Plan.

  

	5.2	Reliance on Documents, Instruments, etc. The Administrator may rely on any certificate, statement or other representation made on behalf of an Employer or any Employee which
it in good faith believes to be genuine, and on any certificate, statement, report or other representation made to it by any agent or any attorney, accountant or other expert retained by it or an Employer in connection with the operation and
administration of the Plan. 

  

	5.3	Administrative Expenses. All expenses of operating and administering the Plan, including, but not limited to, fees of any agents and experts retained by the Administrator
under Sections 5.1 and 5.2, will be paid by the Employer. 

  

	5.4	Bond, Compensation, Indemnification of Administrator. No bond or other security will be required of the Administrator except as provided by law. No compensation will be paid
to any person for performing his or her duties as Administrator. If the Administrator is not an Employer, the Administrator will be indemnified by the Corporation for any liabilities (including legal expenses) arising from any act or failure to act
which is done in good faith in accordance with the Plan’s provisions. 

  

	5.5	 Claims. Any person (a “claimant”) may make a claim for benefits under the Plan by filing a written request for benefits with the Administrator. If
the claim is wholly or partially denied, the Administrator will cause the claimant to receive written or electronic 

  

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notice of the adverse benefit determination within ninety (90) days after receipt of the claim. Notice of an adverse benefit determination shall be
written in a manner calculated to be understood by the claimant and shall contain (1) the specific reason or reasons for the adverse benefit determination, (2) a specific reference to the pertinent Plan provisions upon which the adverse
determination is based, (3) a description of any additional material or information necessary for the claimant to perfect the claim, together with an explanation of why such material or information is necessary, and (4) an explanation of
the Plan’s review procedures and the time limits applicable to such procedures including a statement of the claimant’s right to bring a civil action under Section 502(a) of ERISA following an adverse benefit determination. If the
Administrator determines that an extension of time is necessary for processing the claim, the Administrator shall notify the claimant in writing or electronically of such extension, the special circumstances requiring the extension and the date by
which the Administrator expects to render the benefit determination. In no event shall the extension exceed a period of ninety (90) days from the end of the initial ninety (90) day period. If notice of the denial of a claim is not
furnished within ninety (90) days after the Administrator receives it (or within one hundred and eighty (180) days after such receipt if the Administrator determines an extension is necessary), the claim shall be deemed denied and the
claimant shall be permitted to proceed to the review stage described in Section 5.6. 

  

	5.6	Appeals. Within sixty (60) days after the claimant receives the written or electronic notice of an adverse benefit determination, or the date the claim is deemed denied
pursuant to Section 5.5, the claimant may file a written request with the Committee that it conduct a full and fair review of the adverse benefit determination. In connection with the claimant’s appeal of the adverse benefit determination,
the claimant may review pertinent documents and may submit issues and comments in writing. The Committee shall render a decision on the appeal no later than the date of the Committee meeting which immediately follows the Committee’s receipt of
the claimant’s request for review, unless the request for review is filed within thirty (30) days preceding the date of such meeting. In such case, a decision will be made no later than the date of the second meeting following the
Committee’s receipt of the claimant’s request for review. The Committee may extend this review until no later than its third meeting following the claimant’s request for review if special circumstances apply and the Committee notifies
the claimant of such extension. The Committee shall notify the claimant in writing or electronically of any such extension, the special circumstances requiring the extension, and the date by which the Committee expects to render the determination on
review. The Committee shall notify the claimant of its decision in writing or electronically within a reasonable time (but not later than five (5) business days) after the Committee meeting at which the claimant’s request for review is
considered. In the case of an adverse determination, such notice shall (1) include specific reasons for the adverse determination, (2) be written in a manner calculated to be understood by the claimant, (3) contain specific references
to the pertinent Plan provisions upon which the benefit determination is based, (4) contain a statement that the claimant is entitled to receive upon request and free of charge, reasonable access to, and copies of, all documents, records, and
other information relevant to the claimant’s claim for benefits, and (5) contain a statement of the claimant’s right to bring an action under Section 502(a) of ERISA. 

  

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 The Committee has full discretion and authority to construe and interpret all provisions of the Plan. The
claimant may not bring a legal action in any court under the Plan until the claim and appeal rights described in this Section have been exercised and exhausted, and the eligibility or benefits requested in the appeal have been denied, in whole or in
part. 
  

	5.7	Rules Governing Claim and Appeal Procedures. The Administrator or the Committee may adopt additional rules for implementing the claim and appeal procedures under the Plan, so
long as they are consistent with Department of Labor Regulation §2560.503-1 or any applicable successor to such regulation. 

  

	5.8	Terms Include Authorized Delegates. Where appropriate, the term “Company”, “Corporation”, “Committee”, “Employer” or
“Administrator” as used in this Plan shall also include any applicable subcommittee or any duly authorized delegate of the Company, the Corporation, the Committee, the Employer or the Administrator, as the case may be. Such duly authorized
delegate may be an individual or an organization within the Company, the Corporation, the Committee, the Employer or the Administrator, or may be an unrelated third party individual or organization. 

 ARTICLE VI 
 General
Provisions 
  

	6.1	Amendment and Termination. The Corporation may at any time and without prior notice amend or terminate the Plan, provided, that in no event shall any such amendment or
termination in any manner affect the entitlement to Severance Benefits of an Eligible Employee who became eligible for such Severance Benefits prior to the date of such amendment or termination. 

  

	 	(a)	Any termination shall be made by action of the Compensation and Benefits Committee of the Board of Directors of the Corporation (the “Board”) (or by action of the Board if
the Compensation and Benefits Committee is unavailable or unable to act for any reason) and shall be effective as of the date set forth in such resolution. 

  

	 	(b)	Any amendment shall be made in accordance with the following: 

  

	 	(i)	material amendments to the Plan (including any extraordinary amendment related to an acquisition or divestiture by the Company or the Corporation) shall be made by action of the
Compensation and Benefits Committee of the Board (or by action of the Board, if the Compensation and Benefits Committee is unavailable or unable to act for any reason); and 

  

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	 	(ii)	(A) non-material or administrative amendments to the Plan (including any amendment pursuant to guidelines established by the Compensation and Benefits Committee of the Board related
to an acquisition or divestiture by the Company or the Corporation) or (B) any amendment to the Plan deemed required, authorized or desirable under applicable statutes, regulations or rulings, shall be made by action of either the Chief
Executive Officer of the Corporation or the Executive Vice President and Human Resources Department Head of the Corporation (or either of their duly authorized designees). 

  

	6.2	Governing Law. To the extent not preempted by ERISA or any other federal law, the Plan shall be governed by and construed in accordance with the laws of Illinois, excluding
conflicts of laws provisions. 

  

	6.3	Nonassignability. Severance Benefits under the Plan may not be assigned or alienated by any Employee. 

  

	6.4	Electronic or Telephonic Notices. Any election, notice, direction or other such action required or permitted to be made in writing under the Plan may also be made
electronically, telephonically or otherwise, to the extent then permitted by applicable law and the administrative rules prescribed by the Committee. 

  

	6.5	Gender and Number. Unless the context clearly indicates otherwise, words in any gender will include any other gender, words in the singular will include the plural and words
in the plural will include the singular. 

  

	6.6	Severance Benefits Not Compensation. The period for which Severance Benefits are paid and the Severance Benefits provided under the Plan shall not constitute employment,
compensation or salary for purposes of determining eligibility, entitlement to benefits or the amount of benefits under any other employee benefit plan of an Employer. 

  

	6.7	Severability. Any provision in the Plan that may be unenforceable will be deemed severed from the remainder hereof, with such remaining provisions being given full force and
effect. 

  

	6.8	Exemption from Code Section 409A. The Plan and all Severance Benefits provided under the Plan are intended to be exempt from the requirements of Code Section 409A,
and the Plan shall be construed and administered so as to cause such Severance Benefits to be exempt from such Code section. 

  

	6.9	Effective Date: This amendment and restatement of the Plan is generally effective January 1, 2009 (with such other effective dates as are noted herein). The original
effective date of the Plan was March 1, 2002. 

  

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 IN WITNESS WHEREOF, the Corporation has caused this amendment and restatement of the Northern Trust Corporation
Severance Plan to be executed on its behalf by its duly authorized officer this 8th day of January, 2009, effective as of January 1, 2009 (or as of such other dates as are noted herein). 
  

			
	NORTHERN TRUST CORPORATION
		
	By:	 	 /s/ Timothy P. Moen

	Name:	 	Timothy P. Moen
	Title:	 	Executive Vice President and Human Resources Department Head

  

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 REVISED EFFECTIVE 1/1/09 
 (With other effective dates as provided) 
 Severance Schedule for Termination By Employer Action*

  

							
	SEVERANCE BENEFITS PAYMENTS**
		
	 Official Status
	  	 Years of Service

	 	  	 Less than 3 Years
	  	 Greater than or equal to 3 Years
 but less than 25 Years
	  	 Greater than or equal to 25 Years

	 Officer*
	  	4 weeks of Base Pay	  	2 weeks of Base Pay per completed Year of Service	  	52 weeks of Base Pay
				
	 Non-Officer*
	  	2 weeks of Base Pay	  	1 week of Base Pay per completed Year of Service	  	26 weeks of Base Pay

  

	**	Minimum Severance Benefits Pay is 2 weeks of Base Pay and Maximum Severance Benefits Pay is 52 weeks of Base Pay, subject to Section 4.9. Severance Benefits Payments and any
COBRA Subsidy, described below, will be paid as a lump sum 

  

	
	WELFARE BENEFITS
	
	COBRA Continuation Coverage: An Eligible Employee and eligible dependents have the right to continue medical, dental and vision coverage in accordance with the time periods set forth
under the provisions of the federal Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”). Medical, dental and vision coverage will automatically cease on the last day of the month in which an Eligible Employee’s
Termination of employment occurs unless an Eligible Employee elects such continuation coverage under the provisions of COBRA. The costs of such coverage shall be payable by the Eligible Employee for the duration of the COBRA coverage, to be paid
monthly by personal check, as the premiums become due.
	
	COBRA Subsidy*: The Employer shall provide a COBRA subsidy payment to assist the Eligible Employee in paying the costs of coverage under applicable employee welfare benefit plans (medical and
dental). Subject to Section 4.9, the amount of the COBRA subsidy payment shall, equal the difference between an Eligible Employee’s active employee medical and/or dental premium(s) as of the first day of the Notification Period (described
in Section 4.2) and the rate under COBRA on such date, including the 2% administrative fee, multiplied by the number of weeks to which an Eligible Employee is eligible for Severance Benefits Payments as described above. The COBRA subsidy
payment shall be made in the form of a lump sum.

  

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	Outplacement Assistance*: Varied levels of outplacement assistance will be offered through a firm selected by the Employer. Outplacement assistance will be available on the
first day of an Eligible Employee’s Notification Period. The level and duration of outplacement assistance will be determined by an Eligible Employee’s official status in accordance with the Employer’s policies and practices. In order
to use outplacement assistance, an Eligible Employee must begin outplacement assistance no later than 30 days after Termination of employment. Anything in the Plan to the contrary notwithstanding, effective as of January 1, 2005, outplacement
assistance will not be available to an Eligible Employee after the last day of the Eligible Employee’s second taxable year following the Eligible Employee’s taxable year in which the Eligible Employee’s Termination of employment
occurs.
		
	Non-contributory Life Insurance, Business Travel, Workers Compensation	  	Coverage ends upon Termination.
		
	Contributory Life Insurance, Dependent Life Insurance, 24-Hour Accident Insurance	  	Coverage ends on the last day of the month for which a premium contribution from an Eligible Employee’s salary was made.
		
	Health Care Account, Day Care Account	  	Eligible Employees may submit claims for expenses incurred prior to Termination date in accordance with applicable plan terms and administrative requirements. Claims must be submitted prior
to end of first quarter of the year following Termination. Health Care Account may be extended on after-tax basis through a valid COBRA election.
		
	Educational Assistance*	  	Existing tuition reimbursement repayment obligations will be waived. At the Eligible Employee’s Termination of employment, if enrolled and attending course(s), the Eligible Employee will
be reimbursed in accordance with the Educational Assistance Program.
		
	Short-Term Disability, Long-Term Disability	  	Coverage ends upon Termination, unless disabled on the date of Termination. If disabled on the date of Termination, coverage will generally continue until the individual is determined to be
medically able to return to work, in accordance with applicable disability plan terms. See also Plan Section 3.3 (ii) and (iii).
		
	Family Assistance and LifeCare® Programs	  	Eligible Employees will have access to these programs for 90 days following Termination.

  

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	ENHANCED RETIREMENT AND OTHER BENEFITS
		
	Pension Plan and TIP*	  	Enhanced retirement eligibility, vesting and related benefits will be provided in accordance with the applicable retirement plans.
		
	Stock Options, Stock Units and other Stock Awards*	  	Enhanced vesting and other benefits may be provided in accordance with the applicable stock plan and the Eligible Employee’s stock option, stock unit or other stock award agreements.

  

	 *
	 NOTE: Eligibility for receipt of all benefits is conditioned on execution (and non-revocation) of a settlement
agreement, waiver and release (“Release”) in accordance with Section 4.4., provided that an Eligible Employee who does not execute (or who revokes within the revocation period) such a Release shall be entitled to
(i) severance benefits, payable in the form of a lump sum, in the amount of one (1) week of Base Pay for non-officers and two (2)weeks of Base Pay for officers, (ii) access to (A) the Employer’s Family Assistance and
LifeCare® Programs for 90 days following Termination and (B) basic outplacement assistance and (iii) the opportunity to work with a recruiting consultant to perform an internal
search for a new position during the Notification Period, subject to Section 4.9. 

  

 - 14 - 

 SUPPLEMENT #1 
 Special Rules for Certain Eligible Employees Participating in Job Change Program 
 This Supplement #1 to the Northern
Trust Corporation Severance Plan, as amended and restated effective as of January 1, 2009, (the “Plan”) is made a part of the Plan and supersedes any provisions thereof to the extent that they are not consistent with this Supplement.
Unless the context clearly implies or indicates to the contrary, a word, term or phrase used or defined in the Plan is similarly used or defined for purposes of this Supplement #1. 
  

	1.	Effective Date. February 10, 2006. 

  

	2.	Application. This Supplement #1 shall apply to any Eligible Employee who: 

  

	 	(a)	becomes an Eligible Employee on or after the Effective Date of this Supplement #1 as a direct result of the Corporation’s Global Operating Model-India, as determined by an
Employer in the Employer’s sole discretion; and 

  

	 	(b)	during the Notification Period described in Section 4.2, but prior to Termination of employment, begins employment in another position with an Employer as a result of the
Eligible Employee’s participation in the Corporation’s Job Change Program (a “Job Match Position”) 

 (Individually, a “Job Change Eligible Employee” and collectively, the “Job Change Eligible Employees”). 
  

	3.	Special Provision. The following special provision shall apply to the Job Change Eligible Employees: 

 If during the 60-day job match assessment period (as described in the Job Change Program), it is determined that a job match did not occur for a Job
Change Eligible Employee with respect to the Job Match Position, such Job Change Eligible Employee’s employment will be terminated (subject to Paragraph 4 of this Supplement #1) on the later of: 
  

	 	(a)	the last day of the Job Change Eligible Employee’s Notification Period described in Section 4.2, or 

  

	 	(b)	the date during the 60-day job match assessment period as of which it is determined, by an Employer or such Eligible Employee, that a job match has not occurred, with respect to the
Job Match Position; provided, however, that in the event of a conflict between such Eligible Employee and an Employer with respect to whether a job match has or has not occurred, the determination by the Employer, in the Employer’s sole
discretion, shall control for all purposes under the Plan and this Supplement #1. 

  

 - 15 - 

 Upon such Termination of employment, such Job Change Eligible Employee will be entitled to Severance
Benefits, subject to Section 4.4 and any other applicable provisions of the Plan (including but not limited to Sections 2.11 and 4.9). 
  

	4.	Effect of Job Match or Other Employment Offer. Anything in the Plan or this Supplement #1 to the contrary notwithstanding, if, prior to an Eligible Employee’s
Termination of employment: 

  

	 	(a)	as a result of such Eligible Employee’s employment in a Job Match Position, it is determined by an Employer, in the Employer’s sole discretion, that a job match has
occurred for such Eligible Employee, or 

  

	 	(b)	under any other circumstance, the Eligible Employee is offered a comparable position with an Employer or a position with a purchaser, transferee or outsourcing non-Employer or
affiliate pursuant to Section 2.11, 

 then a Termination Based on Employer Action shall not be considered to have
occurred, and such Eligible Employee shall not be entitled to any Severance Benefits under the Plan. 
  

	5.	Limitations on Supplement. Nothing in this Supplement #1 shall be construed to provide any Job Change Eligible Employee with any rights or benefits under the Plan other than
those described in Paragraph 3 above. 

  

 - 16 -Form of Common Stock Agreement and Warrant Certificate

 Exhibit 4.17 
 EXELIXIS, INC. 
 and 
                 , AS WARRANT AGENT 
 FORM OF COMMON STOCK 
 WARRANT AGREEMENT 
 DATED AS OF                  

 EXELIXIS, INC. 
 FORM OF COMMON STOCK WARRANT AGREEMENT 
 COMMON STOCK
WARRANT AGREEMENT (this “Agreement”), dated as of                  between Exelixis Inc., a Delaware corporation (the
“Company”) and                     , a [corporation] [national banking association] organized and existing under the laws of
                 and having a corporate trust office in                 , as warrant
agent (the “Warrant Agent”). 
 WHEREAS, the Company proposes to sell [if Warrants are sold
with other securities—[title of such other securities being offered] (the “Other Securities”) with] warrant certificates evidencing one or more warrants (the “Warrants” or, individually, a “Warrant”) representing
the right to purchase Common Stock of the Company, par value $0.001 per share (the “Warrant Securities”), such warrant certificates and other warrant certificates issued pursuant to this Agreement being herein called the “Warrant
Certificates”; and 
 WHEREAS, the Company desires the Warrant Agent to act on behalf of the
Company, and the Warrant Agent is willing so to act, in connection with the issuance, registration, transfer, exchange, exercise and replacement of the Warrant Certificates, and in this Agreement wishes to set forth, among other things, the form and
provisions of the Warrant Certificates and the terms and conditions on which they may be issued, registered, transferred, exchanged, exercised and replaced. 
 NOW THEREFORE, in consideration of the premises and of the mutual agreements herein contained, the parties hereto agree as follows: 
 ARTICLE 1 
 ISSUANCE OF WARRANTS AND
EXECUTION AND DELIVERY OF WARRANT 
 CERTIFICATES 
 1.1 Issuance Of Warrants. [If Warrants alone—Upon issuance, each Warrant Certificate shall evidence one or more Warrants.] [If Other Securities and Warrants—Warrant Certificates shall be [initially]
issued in connection with the issuance of the Other Securities [but shall be separately transferable on and after                     (the
“Detachable Date”)] [and shall not be separately transferable] and each Warrant Certificate shall evidence one or more Warrants.] Each Warrant evidenced thereby shall represent the right, subject to the provisions contained herein and
therein, to purchase one Warrant Security. [If Other Securities and Warrants—Warrant Certificates shall be initially issued in units with the Other Securities and each Warrant Certificate included in such a unit shall evidence
                     Warrants for each [$             principal amount]
[             shares] of Other Securities included in such unit.] 
 1.2
Execution And Delivery Of Warrant Certificates. Each Warrant Certificate, whenever issued, shall be in registered form substantially in the form set forth in Exhibit A hereto, shall be dated the date of its countersignature by the Warrant
Agent and may have such 

 
letters, numbers, or other marks of identification or designation and such legends or endorsements printed, lithographed or engraved thereon as the officers
of the Company executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Agreement, or as may be required to comply with any law or with any rule or
regulation made pursuant thereto or with any rule or regulation of any securities exchange on which the Warrants may be listed, or to conform to usage. The Warrant Certificates shall be signed on behalf of the Company by any of its present or future
chief executive officers, presidents, senior vice presidents, vice presidents, chief financial officers, chief legal officers, treasurers, assistant treasurers, controllers, assistant controllers, secretaries or assistant secretaries under its
corporate seal reproduced thereon. Such signatures may be manual or facsimile signatures of such authorized officers and may be imprinted or otherwise reproduced on the Warrant Certificates. The seal of the Company may be in the form of a facsimile
thereof and may be impressed, affixed, imprinted or otherwise reproduced on the Warrant Certificates. 
 No Warrant Certificate shall be
valid for any purpose, and no Warrant evidenced thereby shall be exercisable, until such Warrant Certificate has been countersigned by the manual signature of the Warrant Agent. Such signature by the Warrant Agent upon any Warrant Certificate
executed by the Company shall be conclusive evidence that the Warrant Certificate so countersigned has been duly issued hereunder. 
 In case
any officer of the Company who shall have signed any of the Warrant Certificates either manually or by facsimile signature shall cease to be such officer before the Warrant Certificates so signed shall have been countersigned and delivered by the
Warrant Agent, such Warrant Certificates may be countersigned and delivered notwithstanding that the person who signed Warrant Certificates ceased to be such officer of the Company; and any Warrant Certificate may be signed on behalf of the Company
by such persons as, at the actual date of the execution of such Warrant Certificate, shall be the proper officers of the Company, although at the date of the execution of this Agreement any such person was not such officer. 
 The term “holder” or “holder of a Warrant Certificate” as used herein shall mean any person in whose name at the time any Warrant
Certificate shall be registered upon the books to be maintained by the Warrant Agent for that purpose [If Other Securities and Warrants are not immediately detachable—or upon the registration of the Other Securities prior to the Detachable
Date. Prior to the Detachable Date, the Company will, or will cause the registrar of the Other Securities to, make available at all times to the Warrant Agent such information as to holders of the Other Securities as may be necessary to keep the
Warrant Agent’s records up to date]. 
 1.3 Issuance Of Warrant Certificates. Warrant Certificates evidencing the right to
purchase Warrant Securities may be executed by the Company and delivered to the Warrant Agent upon the execution of this Warrant Agreement or from time to time thereafter. The Warrant Agent shall, upon receipt of Warrant Certificates duly executed
on behalf of the Company, countersign such Warrant Certificates and shall deliver such Warrant Certificates to or upon the order of the Company. 

 ARTICLE 2 
 WARRANT PRICE, DURATION AND EXERCISE OF WARRANTS 
 2.1 Warrant Price. During the period
specified in Section 2.2, each Warrant shall, subject to the terms of this Warrant Agreement and the applicable Warrant Certificate, entitle the holder thereof to purchase the number of Warrant Securities specified in the applicable Warrant
Certificate at an exercise price of $             per Warrant Security, subject to adjustment upon the occurrence of certain events, as hereinafter provided. Such purchase price per
Warrant Security is referred to in this Agreement as the “Warrant Price.” 
 2.2 Duration Of Warrants. Each Warrant may be
exercised in whole or in part at any time, as specified herein, on or after [the date thereof] [            ] and at or before
[            ] p.m., [            ] time, on [            ] or such
later date as the Company may designate by notice to the Warrant Agent and the holders of Warrant Certificates mailed to their addresses as set forth in the record books of the Warrant Agent (the “Expiration Date”). Each Warrant not
exercised at or before [            ] p.m., [            ] time, on the Expiration Date shall become void, and all rights of the
holder of the Warrant Certificate evidencing such Warrant under this Agreement shall cease. 
 2.3 Exercise Of Warrants.

 (a) During the period specified in Section 2.2, the Warrants may be exercised to purchase a whole number of Warrant
Securities in registered form by providing certain information as set forth on the reverse side of the Warrant Certificate and by paying in full, in lawful money of the United States of America, [in cash or by certified check or official bank check
in New York Clearing House funds] [by bank wire transfer in immediately available funds] the Warrant Price for each Warrant Security with respect to which a Warrant is being exercised to the Warrant Agent at its corporate trust office, provided that
such exercise is subject to receipt within five business days of such payment by the Warrant Agent of the Warrant Certificate with the form of election to purchase Warrant Securities set forth on the reverse side of the Warrant Certificate properly
completed and duly executed. The date on which payment in full of the Warrant Price is received by the Warrant Agent shall, subject to receipt of the Warrant Certificate as aforesaid, be deemed to be the date on which the Warrant is exercised;
provided, however, that if, at the date of receipt of such Warrant Certificates and payment in full of the Warrant Price, the transfer books for the Warrant Securities purchasable upon the exercise of such Warrants shall be closed, no such receipt
of such Warrant Certificates and no such payment of such Warrant Price shall be effective to constitute the person so designated to be named as the holder of record of such Warrant Securities on such date, but shall be effective to constitute such
person as the holder of record of such Warrant Securities for all purposes at the opening of business on the next succeeding day on which the transfer books for the Warrant Securities purchasable upon the exercise of such Warrants shall be opened,
and the certificates for the Warrant Securities in respect of which such Warrants are then exercised shall be issuable as of the date on such next succeeding day on which the transfer books shall next be opened, and until such date the Company shall
be under no duty to deliver any certificate for such Warrant Securities. The Warrant Agent shall deposit all funds received by it in payment of the Warrant Price in an account of the Company maintained with it and shall advise the Company by 

 
telephone at the end of each day on which a payment for the exercise of Warrants is received of the amount so deposited to its account. The Warrant Agent
shall promptly confirm such telephone advice to the Company in writing. 
 (b) The Warrant Agent shall, from time to time, as promptly
as practicable, advise the Company of (i) the number of Warrant Securities with respect to which Warrants were exercised, (ii) the instructions of each holder of the Warrant Certificates evidencing such Warrants with respect to delivery of
the Warrant Securities to which such holder is entitled upon such exercise, (iii) delivery of Warrant Certificates evidencing the balance, if any, of the Warrants for the remaining Warrant Securities after such exercise, and (iv) such
other information as the Company shall reasonably require. 
 (c) As soon as practicable after the exercise of any Warrant, the
Company shall issue to or upon the order of the holder of the Warrant Certificate evidencing such Warrant the Warrant Securities to which such holder is entitled, in fully registered form, registered in such name or names as may be directed by such
holder. If fewer than all of the Warrants evidenced by such Warrant Certificate are exercised, the Company shall execute, and an authorized officer of the Warrant Agent shall manually countersign and deliver, a new Warrant Certificate evidencing
Warrants for the number of Warrant Securities remaining unexercised. 
 (d) The Company shall not be required to pay any stamp or
other tax or other governmental charge required to be paid in connection with any transfer involved in the issue of the Warrant Securities, and in the event that any such transfer is involved, the Company shall not be required to issue or deliver
any Warrant Security until such tax or other charge shall have been paid or it has been established to the Company’s satisfaction that no such tax or other charge is due. 
 (e) Prior to the issuance of any Warrants there shall have been reserved, and the Company shall at all times through the Expiration Date keep
reserved, out of its authorized but unissued Warrant Securities, a number of shares sufficient to provide for the exercise of the Warrants. 
 ARTICLE 3 
 OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF WARRANT 
 CERTIFICATES 
 3.1 No Rights As
Warrant Securityholder Conferred By Warrants Or Warrant Certificates. No Warrant Certificate or Warrant evidenced thereby shall entitle the holder thereof to any of the rights of a holder of Warrant Securities, including, without limitation, the
right to receive the payment of dividends or distributions, if any, on the Warrant Securities or to exercise any voting rights, except to the extent expressly set forth in this Agreement or the applicable Warrant Certificate. 
 3.2 Lost, Stolen, Mutilated Or Destroyed Warrant Certificates. Upon receipt by the Warrant Agent of evidence reasonably satisfactory to it and the
Company of the ownership of and the loss, theft, destruction or mutilation of any Warrant Certificate and/or indemnity 

 
reasonably satisfactory to the Warrant Agent and the Company and, in the case of mutilation, upon surrender of the mutilated Warrant Certificate to the
Warrant Agent for cancellation, then, in the absence of notice to the Company or the Warrant Agent that such Warrant Certificate has been acquired by a bona fide purchaser, the Company shall execute, and an authorized officer of the Warrant Agent
shall manually countersign and deliver, in exchange for or in lieu of the lost, stolen, destroyed or mutilated Warrant Certificate, a new Warrant Certificate of the same tenor and evidencing Warrants for a like number of Warrant Securities. Upon the
issuance of any new Warrant Certificate under this Section 3.2, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the
fees and expenses of the Warrant Agent) in connection therewith. Every substitute Warrant Certificate executed and delivered pursuant to this Section 3.2 in lieu of any lost, stolen or destroyed Warrant Certificate shall represent an additional
contractual obligation of the Company, whether or not the lost, stolen or destroyed Warrant Certificate shall be at any time enforceable by anyone, and shall be entitled to the benefits of this Agreement equally and proportionately with any and all
other Warrant Certificates duly executed and delivered hereunder. The provisions of this Section 3.2 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement of mutilated, lost,
stolen or destroyed Warrant Certificates. 
 3.3 Holder Of Warrant Certificate May Enforce Rights. Notwithstanding any of the
provisions of this Agreement, any holder of a Warrant Certificate, without the consent of the Warrant Agent, the holder of any Warrant Securities or the holder of any other Warrant Certificate, may, in such holder’s own behalf and for such
holder’s own benefit, enforce, and may institute and maintain any suit, action or proceeding against the Company suitable to enforce, or otherwise in respect of, such holder’s right to exercise the Warrants evidenced by such holder’s
Warrant Certificate in the manner provided in such holder’s Warrant Certificate and in this Agreement. 
 3.4 Adjustments.

 (a) In case the Company shall at any time subdivide its outstanding shares of Common Stock into a greater number of shares, the
Warrant Price in effect immediately prior to such subdivision shall be proportionately reduced and the number of Warrant Securities purchasable under the Warrants shall be proportionately increased. Conversely, in case the outstanding shares of
Common Stock of the Company shall be combined into a smaller number of shares, the Warrant Price in effect immediately prior to such combination shall be proportionately increased and the number of Warrant Securities purchasable under the Warrants
shall be proportionately decreased. 
 (b) If at any time or from time to time the holders of Common Stock (or any shares of stock or
other securities at the time receivable upon the exercise of the Warrants) shall have received or become entitled to receive, without payment therefore, 
 (i) Common Stock or any shares of stock or other securities which are at any time directly or indirectly convertible into or exchangeable for Common Stock, or any rights or options to subscribe for, purchase or
otherwise acquire any of the foregoing by way of dividend or other distribution; 

 (ii) any cash paid or payable otherwise than as a cash dividend paid or payable out of the
Company’s current or retained earnings; 
 (iii) any evidence of the Company’s indebtedness or rights to subscribe for or
purchase the Company’s indebtedness; or 
 (iv) Common Stock or additional stock or other securities or property (including
cash) by way of spinoff, split-up, reclassification, combination of shares or similar corporate rearrangement (other than shares of Common Stock issued as a stock split or adjustments in respect of which shall be covered by the terms of
Section 3.4(a) above), then and in each such case, the holder of each Warrant shall, upon the exercise of the Warrant, be entitled to receive, in addition to the number of Warrant Securities receivable thereupon, and without payment of any
additional consideration therefore, the amount of stock and other securities and property (including cash and indebtedness or rights to subscribe for or purchase indebtedness) which such holder would hold on the date of such exercise had he been the
holder of record of such Warrant Securities as of the date on which holders of Common Stock received or became entitled to receive such shares or all other additional stock and other securities and property. 
 (c) In case of (i) any reclassification, capital reorganization, or change in the Common Stock of the Company (other than as a result of a
subdivision, combination, or stock dividend provided for in Section 3.4(a) or Section 3.4(b) above), (ii) share exchange, merger or similar transaction of the Company with or into another person or entity (other than a share exchange,
merger or similar transaction in which the Company is the acquiring or surviving corporation and which does not result in any change in the Common Stock other than the issuance of additional shares of Common Stock) or (iii) the sale, exchange,
lease, transfer or other disposition of all or substantially all of the properties and assets of the Company as an entirety (in any such case, a “Reorganization Event”), then, as a condition of such Reorganization Event, lawful provisions
shall be made, and duly executed documents evidencing the same from the Company or its successor shall be delivered to the holders of the Warrants, so that the holders of the Warrants shall have the right at any time prior to the expiration of the
Warrants to purchase, at a total price equal to that payable upon the exercise of the Warrants, the kind and amount of shares of stock and other securities and property receivable in connection with such Reorganization Event by a holder of the same
number of Warrant Securities as were purchasable by the holders of the Warrants immediately prior to such Reorganization Event. In any such case appropriate provisions shall be made with respect to the rights and interests of the holders of the
Warrants so that the provisions hereof shall thereafter be applicable with respect to any shares of stock or other securities and property deliverable upon exercise the Warrants, and appropriate adjustments shall be made to the Warrant Price payable
hereunder provided the aggregate purchase price shall remain the same. In the case of any transaction described in clauses (ii) and (iii) above, the Company shall thereupon be relieved of any further obligation hereunder or under the
Warrants, and the Company as the predecessor corporation may thereupon or at any time thereafter be dissolved, wound up or liquidated. Such successor or assuming entity thereupon may cause to be signed, and may issue either in its own name or in the
name of the Company, any or all of the Warrants issuable hereunder which heretofore shall not have been signed by the Company, and may execute and deliver securities in its own name, in fulfillment of its obligations to deliver Warrant Securities
upon exercise of the Warrants. All the Warrants so issued shall in all respects have the same legal rank and benefit under this 

 
Agreement as the Warrants theretofore or thereafter issued in accordance with the terms of this Agreement as though all of such Warrants had been issued at
the date of the execution hereof. In any case of any such Reorganization Event, such changes in phraseology and form (but not in substance) may be made in the Warrants thereafter to be issued as may be appropriate. The Warrant Agent may receive a
written opinion of legal counsel as conclusive evidence that any such Reorganization Event complies with the provisions of this Section 3.4. 
 (d) The Company may, at its option, at any time until the Expiration Date, reduce the then current Warrant Price to any amount deemed appropriate by the Board of Directors of the Company for any period not exceeding twenty
consecutive days (as evidenced in a resolution adopted by such Board of Directors), but only upon giving the notices required by Section 3.5 at least ten days prior to taking such action. 
 (e) Except as herein otherwise expressly provided, no adjustment in the Warrant Price shall be made by reason of the issuance of shares of Common
Stock, or securities convertible into or exchangeable for shares of Common Stock, or securities carrying the right to purchase any of the foregoing or for any other reason whatsoever. 
 (f) No fractional Warrant Securities shall be issued upon the exercise of Warrants. If more than one Warrant shall be exercised at one time by the
same holder, the number of full Warrant Securities which shall be issuable upon such exercise shall be computed on the basis of the aggregate number of Warrant Securities purchased pursuant to the Warrants so exercised. Instead of any fractional
Warrant Security which would otherwise be issuable upon exercise of any Warrant, the Company shall pay a cash adjustment in respect of such fraction in an amount equal to the same fraction of the last reported sale price (or bid price if there were
no sales) per Warrant Security, in either case as reported on the principal registered national securities exchange on which the Warrant Securities are listed or admitted to trading on the business day that next precedes the day of exercise or, if
the Warrant Securities are not then listed or admitted to trading on any registered national securities exchange, the average of the closing high bid and low asked prices as reported on the OTC Bulletin Board Service (the “OTC Bulletin
Board”) operated by the Financial Industry Regulatory Authority, Inc. (“FINRA”) or, if not available on the OTC Bulletin Board, then the average of the closing high bid and low asked prices as reported on any other U.S. quotation
medium or inter-dealer quotation system on such date, or if on any such date the Warrant Securities are not listed or admitted to trading on a registered national securities exchange, are not included in the OTC Bulletin Board, and are not quoted on
any other U.S. quotation medium or inter-dealer quotation system, an amount equal to the same fraction of the average of the closing bid and asked prices as furnished by any FINRA member firm selected from time to time by the Company for that
purpose at the close of business on the business day that next precedes the day of exercise. 
 (g) Whenever the Warrant Price then in
effect is adjusted as herein provided, the Company shall mail to each holder of the Warrants at such holder’s address as it shall appear on the books of the Company a statement setting forth the adjusted Warrant Price then and thereafter
effective under the provisions hereof, together with the facts, in reasonable detail, upon which such adjustment is based. 

 3.5 Notice To Warrantholders. In case the Company shall (a) effect any dividend or
distribution described in Section 3.4(b), (b) effect any Reorganization Event, (c) make any distribution on or in respect of the Common Stock in connection with the dissolution, liquidation or winding up of the Company, or
(d) reduce the then current Warrant Price pursuant to Section 3.4(d), then the Company shall mail to each holder of Warrants at such holder’s address as it shall appear on the books of the Warrant Agent, at least ten days prior to the
applicable date hereinafter specified, a notice stating (x) the record date for such dividend or distribution, or, if a record is not to be taken, the date as of which the holders of record of Common Stock that will be entitled to such dividend
or distribution are to be determined, (y) the date on which such Reorganization Event, dissolution, liquidation or winding up is expected to become effective, and the date as of which it is expected that holders of Common Stock of record shall
be entitled to exchange their shares of Common Stock for securities or other property deliverable upon such Reorganization Event, dissolution, liquidation or winding up, or (z) the first date on which the then current Warrant Price shall be
reduced pursuant to Section 3.4(d). No failure to mail such notice nor any defect therein or in the mailing thereof shall affect any such transaction or any adjustment in the Warrant Price required by Section 3.4. 
 3.6 [If The Warrants Are Subject To Acceleration By The Company, Insert—Acceleration Of Warrants By The Company. 
 (a) At any time on or after
                    , the Company shall have the right to accelerate any or all Warrants at any time by causing them to expire at the close of
business on the day next preceding a specified date (the “Acceleration Date”), if the Market Price (as hereinafter defined) of the Common Stock equals or exceeds             
percent (             %) of the then effective Warrant Price on any twenty Trading Days (as hereinafter defined) within a period of thirty consecutive Trading Days ending no more than
five Trading Days prior to the date on which the Company gives notice to the Warrant Agent of its election to accelerate the Warrants. 
 (b) “Market Price” for each Trading Day shall be, if the Common Stock is listed or admitted to trading on any registered national securities exchange, the last reported sale price, regular way (or, if no such price is
reported, the average of the reported closing bid and asked prices, regular way) of Common Stock, in either case as reported on the principal registered national securities exchange on which the Common Stock is listed or admitted to trading or, if
not listed or admitted to trading on any registered national securities exchange, the average of the closing high bid and low asked prices as reported on the OTC Bulletin Board operated by FINRA, or if not available on the OTC Bulletin Board, then
the average of the closing high bid and low asked prices as reported on any other U.S. quotation medium or inter-dealer quotation system, or if on any such date the shares of Common Stock are not listed or admitted to trading on a registered
national securities exchange, are not included in the OTC Bulletin Board, and are not quoted on any other U.S. quotation medium or inter-dealer quotation system, the average of the closing bid and asked prices as furnished by any FINRA member firm
selected from time to time by the Company for that purpose. “Trading Day” shall be each Monday through Friday, other than any day on which securities are not traded in the system or on the exchange that is the principal market for the
Common Stock, as determined by the Board of Directors of the Company. 

 (c) In the event of an acceleration of less than all of the Warrants, the Warrant Agent shall
select the Warrants to be accelerated by lot, pro rata or in such other manner as it deems, in its discretion, to be fair and appropriate. 
 (d) Notice of an acceleration specifying the Acceleration Date shall be sent by mail first class, postage prepaid, to each registered holder of a Warrant Certificate representing a Warrant accelerated at such holder’s address
appearing on the books of the Warrant Agent not more than sixty days nor less than thirty days before the Acceleration Date. Such notice of an acceleration also shall be given no more than twenty days, and no less than ten days, prior to the mailing
of notice to registered holders of Warrants pursuant to this Section 3.6, by publication at least once in a newspaper of general circulation in the City of New York. 
 (e) Any Warrant accelerated may be exercised until [            ] p.m.,
[            ] time, on the business day next preceding the Acceleration Date. The Warrant Price shall be payable as provided in Section 2.] 
 ARTICLE 4 
 EXCHANGE AND TRANSFER OF
WARRANT CERTIFICATES 
 4.1 Exchange And Transfer Of Warrant Certificates. [If Other Securities with Warrants which are
immediately detachable—Upon] [If Other Securities with Warrants which are not immediately detachable—Prior to the Detachable Date, a Warrant Certificate may be exchanged or transferred only together with the Other Security to which the
Warrant Certificate was initially attached, and only for the purpose of effecting or in conjunction with an exchange or transfer of such Other Security. Prior to any Detachable Date, each transfer of the Other Security shall operate also to transfer
the related Warrant Certificates. After the Detachable Date, upon] surrender at the corporate trust office of the Warrant Agent, Warrant Certificates evidencing Warrants may be exchanged for Warrant Certificates in other denominations evidencing
such Warrants or the transfer thereof may be registered in whole or in part; provided that such other Warrant Certificates evidence Warrants for the same aggregate number of Warrant Securities as the Warrant Certificates so surrendered. The Warrant
Agent shall keep, at its corporate trust office, books in which, subject to such reasonable regulations as it may prescribe, it shall register Warrant Certificates and exchanges and transfers of outstanding Warrant Certificates, upon surrender of
the Warrant Certificates to the Warrant Agent at its corporate trust office for exchange or registration of transfer, properly endorsed or accompanied by appropriate instruments of registration of transfer and written instructions for transfer, all
in form satisfactory to the Company and the Warrant Agent. No service charge shall be made for any exchange or registration of transfer of Warrant Certificates, but the Company may require payment of a sum sufficient to cover any stamp or other tax
or other governmental charge that may be imposed in connection with any such exchange or registration of transfer. Whenever any Warrant Certificates are so surrendered for exchange or registration of transfer, an authorized officer of the Warrant
Agent shall manually countersign and deliver to the person or persons entitled thereto a Warrant Certificate or Warrant Certificates duly authorized and executed by the Company, as so requested. The Warrant Agent shall not be required to effect any
exchange or registration of transfer which will result in the issuance of a Warrant Certificate evidencing a Warrant for a fraction of a Warrant Security or a number of Warrants for a whole number of 

 
Warrant Securities and a fraction of a Warrant Security. All Warrant Certificates issued upon any exchange or registration of transfer of Warrant
Certificates shall be the valid obligations of the Company, evidencing the same obligations and entitled to the same benefits under this Agreement as the Warrant Certificate surrendered for such exchange or registration of transfer. 
 4.2 Treatment Of Holders Of Warrant Certificates. [If Other Securities and Warrants are not immediately detachable—Prior to the Detachable
Date, the Company, the Warrant Agent and all other persons may treat the owner of the Other Security as the owner of the Warrant Certificates initially attached thereto for any purpose and as the person entitled to exercise the rights represented by
the Warrants evidenced by such Warrant Certificates, any notice to the contrary notwithstanding. After the Detachable Date and prior to due presentment of a Warrant Certificate for registration of transfer, the] [The] Company, the Warrant Agent and
all other persons may treat the registered holder of a Warrant Certificate as the absolute owner thereof for any purpose and as the person entitled to exercise the rights represented by the Warrants evidenced thereby, any notice to the contrary
notwithstanding. 
 4.3 Cancellation Of Warrant Certificates. Any Warrant Certificate surrendered for exchange, registration of
transfer or exercise of the Warrants evidenced thereby shall, if surrendered to the Company, be delivered to the Warrant Agent and all Warrant Certificates surrendered or so delivered to the Warrant Agent shall be promptly canceled by the Warrant
Agent and shall not be reissued and, except as expressly permitted by this Agreement, no Warrant Certificate shall be issued hereunder in exchange therefor or in lieu thereof. 
 The Warrant Agent shall deliver to the Company from time to time or otherwise dispose of canceled Warrant Certificates in a manner satisfactory to the
Company. 
 ARTICLE 5 
 CONCERNING THE WARRANT AGENT 
 5.1 Warrant Agent. The Company hereby appoints
                     as Warrant Agent of the Company in respect of the Warrants and the Warrant Certificates upon the terms and subject to the
conditions herein set forth, and                      hereby accepts such appointment. The Warrant Agent shall have the powers and authority
granted to and conferred upon it in the Warrant Certificates and hereby and such further powers and authority to act on behalf of the Company as the Company may hereafter grant to or confer upon it. All of the terms and provisions with respect to
such powers and authority contained in the Warrant Certificates are subject to and governed by the terms and provisions hereof. 
 5.2
Conditions Of Warrant Agent’s Obligations. The Warrant Agent accepts its obligations herein set forth upon the terms and conditions hereof, including the following to all of which the Company agrees and to all of which the rights hereunder
of the holders from time to time of the Warrant Certificates shall be subject: 
 (a) Compensation And Indemnification. The Company
agrees promptly to pay the Warrant Agent the compensation to be agreed upon with the Company for all services rendered by the Warrant Agent and to reimburse the Warrant Agent for reasonable out-of-pocket 

 
expenses (including reasonable counsel fees) incurred without negligence, bad faith or willful misconduct by the Warrant Agent in connection with the
services rendered hereunder by the Warrant Agent. The Company also agrees to indemnify the Warrant Agent for, and to hold it harmless against, any loss, liability or expense incurred without negligence, bad faith or willful misconduct on the part of
the Warrant Agent, arising out of or in connection with its acting as Warrant Agent hereunder, including the reasonable costs and expenses of defending against any claim of such liability. 
 (b) Agent For The Company. In acting under this Warrant Agreement and in connection with the Warrant Certificates, the Warrant Agent is acting
solely as agent of the Company and does not assume any obligations or relationship of agency or trust for or with any of the holders of Warrant Certificates or beneficial owners of Warrants. 
 (c) Counsel. The Warrant Agent may consult with counsel satisfactory to it, which may include counsel for the Company, and the written advice of
such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with the advice of such counsel. 
 (d) Documents. The Warrant Agent shall be protected and shall incur no liability for or in respect of any action taken or omitted by it in
reliance upon any Warrant Certificate, notice, direction, consent, certificate, affidavit, statement or other paper or document reasonably believed by it to be genuine and to have been presented or signed by the proper parties. 
 (e) Certain Transactions. The Warrant Agent, and its officers, directors and employees, may become the owner of, or acquire any interest in,
Warrants, with the same rights that it or they would have if it were not the Warrant Agent hereunder, and, to the extent permitted by applicable law, it or they may engage or be interested in any financial or other transaction with the Company and
may act on, or as depositary, trustee or agent for, any committee or body of holders of Warrant Securities or other obligations of the Company as freely as if it were not the Warrant Agent hereunder. Nothing in this Warrant Agreement shall be deemed
to prevent the Warrant Agent from acting as trustee under any indenture to which the Company is a party. 
 (f) No Liability For
Interest. Unless otherwise agreed with the Company, the Warrant Agent shall have no liability for interest on any monies at any time received by it pursuant to any of the provisions of this Agreement or of the Warrant Certificates. 

(g) No Liability For Invalidity. The Warrant Agent shall have no liability with respect to any invalidity of this Agreement or any of the
Warrant Certificates (except as to the Warrant Agent’s countersignature thereon). 
 (h) No Responsibility For Representations.
The Warrant Agent shall not be responsible for any of the recitals or representations herein or in the Warrant Certificates (except as to the Warrant Agent’s countersignature thereon), all of which are made solely by the Company. 

 (i) No Implied Obligations. The Warrant Agent shall be obligated to perform only such duties as
are herein and in the Warrant Certificates specifically set forth and no implied duties or obligations shall be read into this Agreement or the Warrant Certificates against the Warrant Agent. The Warrant Agent shall not be under any obligation to
take any action hereunder which may tend to involve it in any expense or liability, the payment of which within a reasonable time is not, in its reasonable opinion, assured to it. The Warrant Agent shall not be accountable or under any duty or
responsibility for the use by the Company of any of the Warrant Certificates authenticated by the Warrant Agent and delivered by it to the Company pursuant to this Agreement or for the application by the Company of the proceeds of the Warrant
Certificates. The Warrant Agent shall have no duty or responsibility in case of any default by the Company in the performance of its covenants or agreements contained herein or in the Warrant Certificates or in the case of the receipt of any written
demand from a holder of a Warrant Certificate with respect to such default, including, without limiting the generality of the foregoing, any duty or responsibility to initiate or attempt to initiate any proceedings at law or otherwise or, except as
provided in Section 6.2 hereof, to make any demand upon the Company. 
 5.3 Resignation, Removal And Appointment Of Successors. 

 (a) The Company agrees, for the benefit of the holders from time to time of the Warrant Certificates, that there shall at all times
be a Warrant Agent hereunder until all the Warrants have been exercised or are no longer exercisable. 
 (b) The Warrant Agent may at
any time resign as agent by giving written notice to the Company of such intention on its part, specifying the date on which its desired resignation shall become effective; provided that such date shall not be less than three months after the date
on which such notice is given unless the Company otherwise agrees. The Warrant Agent hereunder may be removed at any time by the filing with it of an instrument in writing signed by or on behalf of the Company and specifying such removal and the
intended date when it shall become effective. Such resignation or removal shall take effect upon the appointment by the Company, as hereinafter provided, of a successor Warrant Agent (which shall be a bank or trust company authorized under the laws
of the jurisdiction of its organization to exercise corporate trust powers) and the acceptance of such appointment by such successor Warrant Agent. The obligation of the Company under Section 5.2(a) shall continue to the extent set forth
therein notwithstanding the resignation or removal of the Warrant Agent. 
 (c) In case at any time the Warrant Agent shall resign, or
shall be removed, or shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or shall commence a voluntary case under the Federal bankruptcy laws, as now or hereafter constituted, or under any other applicable Federal or
state bankruptcy, insolvency or similar law or shall consent to the appointment of or taking possession by a receiver, custodian, liquidator, assignee, trustee, sequestrator (or other similar official) of the Warrant Agent or its property or
affairs, or shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts generally as they become due, or shall take corporate action in furtherance of any such action, or a decree or order for
relief by a court having jurisdiction in the premises shall have been entered in respect of the Warrant Agent in an involuntary case under the Federal bankruptcy laws, as now or hereafter constituted, or any other applicable Federal or state
bankruptcy, insolvency or similar law, or a decree or order by a court having jurisdiction in the 

 
premises shall have been entered for the appointment of a receiver, custodian, liquidator, assignee, trustee, sequestrator (or similar official) of the
Warrant Agent or of its property or affairs, or any public officer shall take charge or control of the Warrant Agent or of its property or affairs for the purpose of rehabilitation, conservation, winding up or liquidation, a successor Warrant Agent,
qualified as aforesaid, shall be appointed by the Company by an instrument in writing, filed with the successor Warrant Agent. Upon the appointment as aforesaid of a successor Warrant Agent and acceptance by the successor Warrant Agent of such
appointment, the Warrant Agent shall cease to be Warrant Agent hereunder. 
 (d) Any successor Warrant Agent appointed hereunder shall
execute, acknowledge and deliver to its predecessor and to the Company an instrument accepting such appointment hereunder, and thereupon such successor Warrant Agent, without any further act, deed or conveyance, shall become vested with all the
authority, rights, powers, trusts, immunities, duties and obligations of such predecessor with like effect as if originally named as Warrant Agent hereunder, and such predecessor, upon payment of its charges and disbursements then unpaid, shall
thereupon become obligated to transfer, deliver and pay over, and such successor Warrant Agent shall be entitled to receive, all monies, securities and other property on deposit with or held by such predecessor, as Warrant Agent hereunder.

 (e) Any corporation into which the Warrant Agent hereunder may be merged or converted or any corporation with which the Warrant
Agent may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Warrant Agent shall be a party, or any corporation to which the Warrant Agent shall sell or otherwise transfer all or substantially all
the assets and business of the Warrant Agent, provided that it shall be qualified as aforesaid, shall be the successor Warrant Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the
parties hereto. 
 ARTICLE 6 
 MISCELLANEOUS 
 6.1 Amendment. This Agreement may be amended by the parties hereto, without the consent of the holder
of any Warrant Certificate, for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein, or making any other provisions with respect to matters or questions arising under this Agreement
as the Company and the Warrant Agent may deem necessary or desirable; provided that such action shall not materially adversely affect the interests of the holders of the Warrant Certificates. 
 6.2 Notices And Demands To The Company And Warrant Agent. If the Warrant Agent shall receive any notice or demand addressed to the Company by the
holder of a Warrant Certificate pursuant to the provisions of the Warrant Certificates, the Warrant Agent shall promptly forward such notice or demand to the Company. 
 6.3 Addresses. Any communication from the Company to the Warrant Agent with respect to this Agreement shall be addressed to             ,
Attention:              and any communication from the Warrant Agent to the Company with respect to this Agreement shall be addressed to Exelixis, Inc., 249 East Grand Ave., P.O. Box
511, South San Francisco, California 94083-0511, Attention: General Counsel (or such other address as shall be specified in writing by the Warrant Agent or by the Company). 

 6.4 Governing Law. This Agreement and each Warrant Certificate issued hereunder shall be governed
by and construed in accordance with the laws of the State of New York. 
 6.5 Delivery Of Prospectus. The Company shall furnish to the
Warrant Agent sufficient copies of a prospectus meeting the requirements of the Securities Act of 1933, as amended, relating to the Warrant Securities deliverable upon exercise of the Warrants (the “Prospectus”), and the Warrant Agent
agrees that upon the exercise of any Warrant, the Warrant Agent will deliver to the holder of the Warrant Certificate evidencing such Warrant, prior to or concurrently with the delivery of the Warrant Securities issued upon such exercise, a
Prospectus. 
 The Warrant Agent shall not, by reason of any such delivery, assume any responsibility for the accuracy or adequacy of such
Prospectus. 
 6.6 Obtaining Of Governmental Approvals. The Company will from time to time take all action which may be necessary to
obtain and keep effective any and all permits, consents and approvals of governmental agencies and authorities and securities act filings under United States Federal and state laws (including without limitation a registration statement in respect of
the Warrants and Warrant Securities under the Securities Act of 1933, as amended), which may be or become requisite in connection with the issuance, sale, transfer, and delivery of the Warrant Securities issued upon exercise of the Warrants, the
issuance, sale, transfer and delivery of the Warrants or upon the expiration of the period during which the Warrants are exercisable. 
 6.7 Persons Having Rights Under Warrant Agreement. Nothing in this Agreement shall give to any person other than the Company, the Warrant Agent and the holders of the Warrant Certificates any right, remedy or claim under or by reason
of this Agreement. 
 6.8 Headings. The descriptive headings of the several Articles and Sections of this Agreement are inserted for
convenience only and shall not control or affect the meaning or construction of any of the provisions hereof. 
 6.9 Counterparts.
This Agreement may be executed in any number of counterparts, each of which as so executed shall be deemed to be an original, but such counterparts shall together constitute but one and the same instrument. 
 6.10 Inspection Of Agreement. A copy of this Agreement shall be available at all reasonable times at the principal corporate trust office of the
Warrant Agent for inspection by the holder of any Warrant Certificate. The Warrant Agent may require such holder to submit his Warrant Certificate for inspection by it. 

 IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be duly executed, all as of the day and year first above written. 
  

									
		 		 		 	EXELIXIS, INC.
					
		 		 		 	 By
	 	  

					
		 		 		 	Its	 	  

					
	Attest:	 		 		 		 	
				
	  
	 		 		 	
				
	  
	 		 		 	
				
		 		 		 	WARRANT AGENT
					
		 		 		 	By	 	  

					
		 		 		 	Its	 	  

					
	Attest:	 		 		 		 	
				
	  
	 		 		 	
				
	  
	 		 		 	

 [SIGNATURE PAGE TO COMMON STOCK WARRANT AGREEMENT] 

 EXHIBIT A 
 FORM OF WARRANT CERTIFICATE 
 [FACE OF WARRANT CERTIFICATE] 
  

			
	[[Form if Warrants are attached to Other Securities and are not immediately detachable.]	 	[Prior to             , this Warrant Certificate cannot be transferred or exchanged unless attached to a [Title of Other Securities].]

		
	[Form of Legend if Warrants are not immediately exercisable.]	 	[Prior to             , Warrants evidenced by this Warrant Certificate cannot be exercised.]

 EXERCISABLE ONLY IF COUNTERSIGNED BY THE WARRANT AGENT AS PROVIDED HEREIN 
 VOID AFTER [            ] P.M.,
[            ] TIME, ON             , 

 EXELIXIS, INC. 
 WARRANT CERTIFICATE REPRESENTING 
 WARRANTS TO PURCHASE 
 COMMON STOCK, PAR VALUE $0.001 PER SHARE 
  

			
	No.                 	  	Warrants        

 This certifies that
                 or registered assigns is the registered owner of the above indicated number of Warrants, each Warrant entitling such owner [if Warrants are
attached to Other Securities and are not immediately detachable—, subject to the registered owner qualifying as a “Holder” of this Warrant Certificate, as hereinafter defined),] to purchase, at any time [after
[        ] p.m., [            ] time, [on               
and] on or before [        ] p.m., [            ] time, on
              ,                  shares of Common Stock, par value $0.001 per share
(the “Warrant Securities”), of Exelixis, Inc. (the “Company”) on the following basis: during the period from                 , through and
including                 , the exercise price per Warrant Security will be $            ,
subject to adjustment as provided in the Warrant Agreement (as hereinafter defined) (the “Warrant Price”). The Holder may exercise the Warrants evidenced hereby by providing certain information set forth on the back hereof and by paying in
full, in lawful money of the United States of America, [in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds], the Warrant Price for each Warrant Security with
respect to which this Warrant is exercised to the Warrant Agent (as hereinafter defined) and by surrendering this Warrant Certificate, with the purchase form on the back hereof duly executed, at the corporate trust office of [name of Warrant Agent],
or its successor as warrant agent (the “Warrant Agent”), which is, on the date hereof, at the address specified on the reverse hereof, and upon compliance with and subject to the conditions set forth herein and in the Warrant Agreement (as
hereinafter defined). 
 The term “Holder” as used herein shall mean [if Warrants are attached to Other Securities and are not
immediately detachable—prior to                 ,              (the “Detachable
Date”), the registered owner of the Company’s [title of Other Securities] to which this Warrant Certificate was initially attached, and after such Detachable Date,] the person in whose name at the time this Warrant Certificate shall be
registered upon the books to be maintained by the Warrant Agent for that purpose pursuant to Section 4 of the Warrant Agreement. 
 The
Warrants evidenced by this Warrant Certificate may be exercised to purchase a whole number of Warrant Securities in registered form. Upon any exercise of fewer than all of the Warrants evidenced by this Warrant Certificate, there shall be issued to
the Holder hereof a new Warrant Certificate evidencing Warrants for the number of Warrant Securities remaining unexercised. 
 This Warrant
Certificate is issued under and in accordance with the Warrant Agreement dated as of                 ,
             (the “Warrant Agreement”), between the Company and the Warrant Agent and is subject to the terms and provisions contained in the Warrant Agreement, to all of
which terms and provisions the Holder of this Warrant Certificate consents by acceptance hereof. Copies of the Warrant Agreement are on file at the above-mentioned office of the Warrant Agent. 

 [If Warrants are attached to Other Securities and are not immediately detachable - Prior to the
Detachable Date, this Warrant Certificate may be exchanged or transferred only together with the [Title of Other Securities] (the “Other Securities”) to which this Warrant Certificate was initially attached, and only for the purpose of
effecting or in conjunction with, an exchange or transfer of such Other Security. Additionally, on or prior to the Detachable Date, each transfer of such Other Security on the register of the Other Securities shall operate also to transfer this
Warrant Certificate. After such date, transfer of this] [If Warrants are attached to Other Securities and are immediately detachable - Transfer of this] Warrant Certificate may be registered when this Warrant Certificate is surrendered at the
corporate trust office of the Warrant Agent by the registered owner or such owner’s assigns, in the manner and subject to the limitations provided in the Warrant Agreement. 
 [If Other Securities with Warrants which are not immediately detachable - Except as provided in the immediately preceding paragraph, after] [If Other
Securities with Warrants which are immediately detachable or Warrants alone - After] countersignature by the Warrant Agent and prior to the expiration of this Warrant Certificate, this Warrant Certificate may be exchanged at the corporate trust
office of the Warrant Agent for Warrant Certificates representing Warrants for the same aggregate number of Warrant Securities. 
 This
Warrant Certificate shall not entitle the Holder hereof to any of the rights of a holder of the Warrant Securities, including, without limitation, the right to receive payments of dividends or distributions, if any, on the Warrant Securities (except
to the extent set forth in the Warrant Agreement) or to exercise any voting rights. 
 Reference is hereby made to the further provisions of
this Warrant Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 This Warrant Certificate shall not be valid or obligatory for any purpose until countersigned by the Warrant Agent. 

 IN WITNESS WHEREOF, the Company has
caused this Warrant to be executed in its name and on its behalf by the facsimile signatures of its duly authorized officers. 
  

							
	Dated:                                      
                                         
    	 		 		 	
			
		 		 	EXELIXIS, INC.
				
		 		 	By	 	  

				
		 		 	Its	 	  

				
	Attest:	 		 		 	
				
	  
	 		 		 	
			
		 		 	Countersigned:
			
		 		 	  

		 		 	As Warrant Agent
				
		 		 	By	 	  

		 		 	Authorized Signature

 [REVERSE OF WARRANT CERTIFICATE] 
 (Instructions for Exercise of Warrant) 
 To exercise any Warrants evidenced
hereby for Warrant Securities (as hereinafter defined), the Holder must pay, in lawful money of the United States of America, [in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in
immediately available funds], the Warrant Price in full for Warrants exercised, to [Warrant Agent] [address of Warrant Agent], Attn:                 , which payment must
specify the name of the Holder and the number of Warrants exercised by such Holder. In addition, the Holder must complete the information required below and present this Warrant Certificate in person or by mail (certified or registered mail is
recommended) to the Warrant Agent at the appropriate address set forth above. This Warrant Certificate, completed and duly executed, must be received by the Warrant Agent within five business days of the payment. 
 (To be executed upon exercise of Warrants) 
 The undersigned hereby irrevocably elects to exercise                  Warrants, evidenced by this Warrant Certificate, to purchase
                 shares of the Common Stock, par value $0.001 per share (the “Warrant Securities”), of Exelixis, Inc. and represents that he has
tendered payment for such Warrant Securities, in lawful money of the United States of America, [in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds], to the
order of Exelixis, Inc., c/o [insert name and address of Warrant Agent], in the amount of $             in accordance with the terms hereof. The undersigned requests that said Warrant
Securities be in fully registered form in the authorized denominations, registered in such names and delivered all as specified in accordance with the instructions set forth below. 
 If the number of Warrants exercised is less than all of the Warrants evidenced hereby, the undersigned requests that a new Warrant Certificate evidencing
the Warrants for the number of Warrant Securities remaining unexercised be issued and delivered to the undersigned unless otherwise specified in the instructions below. 
  

									
	Dated	 	  
	 		 	Name	 	  

		 		 		 		 	Please Print

  

									
	Address:	 	  
	 		 		  	
				
	  
	 		 		  	
				
	  
	 		 		  	

  

							
	  
	 		 		  	
	(Insert Social Security or Other Identifying Number of Holder)	 		 		  	

  

					
			
	Signature Guaranteed	 	  
	  	
		 	                            Signature	  	

 (Signature must conform in all respects to name of holder as specified on the face of this Warrant Certificate and must
bear a signature guarantee by a FINRA member firm). 
 This Warrant may be exercised at the following addresses: 
  

					
	By hand at	 	  
	 	
		
	  
	 	
		
	  
	 	
			
	By mail at	 	  
	 	
		
	  
	 	
		
	  
	 	

 [Instructions as to form and delivery of Warrant Securities and, if applicable, Warrant Certificates evidencing
Warrants for the number of Warrant Securities remaining unexercised—complete as appropriate.] 

 ASSIGNMENT 
 [Form of assignment to be executed if Warrant Holder desires to transfer Warrant) 
 FOR VALUE RECEIVED,
                     hereby sells, assigns and transfers unto: 
  

					
	  
	 		  	
			
	  
	 		  	
			
	  
	 		  	  

	(Please print name and address including zip code)	 		  	Please print Social Security or other identifying number

 the right represented by the within Warrant to purchase
                 shares of [Title of Warrant Securities] of Exelixis, Inc. to which the within Warrant relates and appoints
                 attorney to transfer such right on the books of the Warrant Agent with full power of substitution in the premises. 
  

							
	Dated	 	  
	 		  	  

		 		 		  	Signature

 (Signature must conform in all respects to name of holder as specified on the face of the Warrant)

  

					
	Signature Guaranteed

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