Document:

EX-10.2

 Exhibit 10.2 

AMENDED AND RESTATED 

ADVISORY AGREEMENT 

This AMENDED AND RESTATED ADVISORY AGREEMENT (this “Advisory Agreement”), dated as of December 10, 2013, is entered into by and
among Strategic Storage Growth Trust, Inc., a Maryland corporation (the “Company”), SS Growth Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”) and SS Growth Advisor, LLC, a Delaware
limited liability company (the “Advisor”), on the following terms and conditions. 
 W I T N E S S E T H 

WHEREAS, on June 17, 2013, the Company, the Operating Partnership and the Advisor entered into an advisory agreement; 

WHEREAS, the Company, the Operating Partnership and the Advisor desire to amend and restate such advisory agreement; 

WHEREAS, the Company intends to qualify as a REIT, and to invest its funds in investments permitted by Sections 856 through 860 of the Code;

 WHEREAS, the Company is the general partner of the Operating Partnership; 

WHEREAS, the Company and the Operating Partnership desire to avail themselves of the experience, sources of information, advice, assistance
and certain facilities available to the Advisor and its Affiliates and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision of the Board of Directors of the Company, all as
provided herein; and 
 WHEREAS, the Advisor is willing to undertake to render such services, subject to the supervision of the Board of
Directors, on the terms and conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the foregoing and of the mutual
covenants and agreements contained herein, the parties hereto agree as follows: 
 ARTICLE 1. 

DEFINITIONS 
 As
used in this Advisory Agreement, the following terms have the definitions hereinafter indicated: 
 “Acquisition Expenses” means
expenses incurred by the Company, the Operating Partnership, the Advisor or any of their Affiliates in connection with the sourcing, selection, evaluation and acquisition of, and investment in, Properties, whether or not acquired or made, including
but not limited to legal fees and expenses, travel and communications expenses, costs of financial analysis, appraisals and surveys, nonrefundable option payments on Property not acquired, accounting fees and expenses, computer use-related expenses,
architectural and engineering reports, environmental reports, title insurance and escrow fees, and personnel and other direct expenses related to the selection and acquisition of Properties. 

“Acquisition Fee” means any and all fees and commissions, exclusive of Acquisition Expenses, paid by any Person to any other Person
(including any fees or commissions paid by or to any Affiliate of the Company or the Advisor) in connection with the making or investing in mortgage loans or the 

 
purchase, development or construction of a Property. This fee is paid to the Advisor in the amount established pursuant to Section 9.1 for the services provided to the Company and the
Operating Partnership described in Section 4.2. 
 “Advisor” means the Person responsible for directing or performing the
day-to-day business affairs of the Company and the Operating Partnership, including a Person to which an Advisor subcontracts substantially all such functions. The Advisor is SS Growth Advisor, LLC or any Person which succeeds it in such capacity.

 “Advisory Agreement” means this advisory agreement among the Company, the Operating Partnership and the Advisor pursuant to
which the Advisor will direct or perform the day-to-day business affairs of the Company and the Operating Partnership, as it may be further amended or restated from time to time. 

“Affiliate” or “Affiliated” means, as to any individual, corporation, partnership, trust, limited liability company or
other legal entity (other than the Company): (a) any Person or entity, directly or indirectly owning, controlling, or holding with power to vote ten percent (10%) or more of the outstanding voting securities of another Person or entity;
(b) any Person ten percent (10%) or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with power to vote, by such other Person; (c) any Person or entity directly or indirectly through
one or more intermediaries controlling, controlled by, or under common control with another Person or entity; (d) any officer, director, general partner or trustee of such Person or entity; and (e) if such other Person or entity is an
officer, director, general partner, or trustee of a Person or entity, the Person or entity for which such Person or entity acts in any such capacity. 

“Assets” means any and all GAAP assets including but not limited to all real estate investments (real, personal or otherwise),
tangible or intangible, owned or held by, or for the account of, the Company or the Operating Partnership, whether directly or indirectly through another entity or entities, including Properties. 

“Average Invested Assets” means, for a specified period, the average of the aggregate GAAP basis book carrying values of the Assets
invested, directly or indirectly, in equity interests in and loans secured, directly or indirectly, by real estate before reserves for depreciation or bad debts or other similar non-cash reserves, computed by taking the average of such values at the
end of each month during such period. 
 “Asset Management Fee” means the monthly fee paid to the Advisor in the amount
established pursuant to Section 9.2 for the services provided to the Company and the Operating Partnership described in Section 4.3. 

“Board of Directors” or “Board” means the individuals holding such office, as of any particular time, under the Charter of
the Company, whether they are the Directors named therein or additional or successor Directors. 
 “Bylaws” means the bylaws of
the Company, as the same may be amended from time to time. 
 “Charter” means the charter of the Company, including the articles
of incorporation and all articles of amendment, articles of amendment and restatement, articles supplementary and other modifications thereto as filed with the State Department of Assessments and Taxation of the State of Maryland. 

  
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 “Code” means the Internal Revenue Code of 1986, as amended from time to time, or any
successor statute thereto. Reference to any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect
from time to time. 
 “Common Stock” means shares of the Company’s common stock, $0.001 par value per share, the terms and
conditions of which are set forth in the Charter. 
 “Common Stockholders” means holders of shares of Common Stock. 

“Company” means Strategic Storage Growth Trust, Inc., a corporation organized under the laws of the State of Maryland. 

“Contract Purchase Price” means the amount actually paid or allocated in respect of the purchase, development, construction, or
improvement of a Property, exclusive of Acquisition Fees and Acquisition Expenses. 
 “Contract Sales Price” means the total
consideration provided for in the sales contract for the sale of a Property. 
 “Dealer Manager” means Select Capital Corporation,
an Affiliate of the Advisor, or such other Person or entity selected by the Board of Directors to act as the dealer manager for the offering of the Stock. Select Capital Corporation is a member of the Financial Industry Regulatory Authority. 

“Development Fee” means a fee for the packaging of a Property, including negotiating and approving plans, and undertaking to assist
in obtaining zoning and necessary variances and financing for the specific Property, either initially or at a later date. 

“Director” means an individual who is a member of the Board of Directors. 

“Disposition Fee” means the fee paid to the Advisor in connection with the Sale of a Property as described in Section 9.5 of
this Advisory Agreement. 
 “Distributions” means any dividends or other distributions of money or other property paid by the
Company to the holders of Common Stock or preferred stock, including dividends that may constitute a return of capital for federal income tax purposes. 

“GAAP” means generally accepted accounting principles consistently applied as used in the United States. 

“Independent Director” means a Director who is not, and within the last two (2) years has not been, directly or indirectly
associated with the Advisor or the Sponsor by virtue of (a) ownership of an interest in the Advisor, the Sponsor or their Affiliates, (b) employment by the Advisor, the Sponsor or their Affiliates, (c) service as an officer or
director of the Advisor, the Sponsor or their Affiliates, (d) performance of services, other than as a Director, for the Company, (e) service as a director or trustee of more than three (3) real estate investment trusts organized by
the Advisor or the Sponsor or advised by the Advisor, or (f) maintenance of a material business or professional relationship with the Advisor, the Sponsor or any of their Affiliates. A business or professional relationship is considered
material if the gross revenue derived by the Director from the Advisor, the Sponsor and Affiliates exceeds five percent (5%) of either the Director’s annual gross revenue during either of the last two (2) years or the Director’s
net worth on a fair market value basis. An indirect relationship shall include circumstances in which a 

  
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Director’s spouse, parents, children, siblings, mothers- or fathers-in-law, sons- or daughters-in-law or brothers- or sisters-in-law are or have been associated with the Advisor, the
Sponsor, any of their Affiliates or the Company or the Operating Partnership. 
 “Joint Venture” or “Joint Ventures”
means those joint venture or general partnership arrangements in which the Company or the Operating Partnership is a co-venturer or general partner which are established to acquire Properties. 

“Memorandum” shall mean the Amended and Restated Confidential Private Placement Memorandum dated December 10, 2013 to sell
Stock. 
 “Offering” shall mean the offering of Stock pursuant to the Memorandum. 

“Operating Partnership” means SS Growth Operating Partnership, L.P., a Delaware limited partnership. 

“Operating Partnership Agreement” means the First Amended and Restated Limited Partnership Agreement of the Operating Partnership,
as amended and restated from time to time. 
 “OP Unit” means a unit of limited partnership interest in the Operating Partnership.

 “Organizational and Offering Expenses” means any and all costs and expenses incurred by the Company, the Advisor or any
Affiliate of either in connection with and in preparing the Company for the Offering, including legal, accounting, printing, mailing, filing and registration fees, escrow fees, and other accountable organization and offering expenses including, but
not limited to: (a) costs and expenses of conducting educational conferences and seminars; (b) costs and expenses of attending broker-dealer sponsored conferences; (c) amounts to reimburse the Advisor for all marketing-related costs
and expenses such as salaries and direct expenses of employees of the Advisor and its affiliates in connection with registering and marketing of our shares, including, but not limited to, the senior management team and various other accounting and
finance employees and administrative overhead allocated to these employees; (d) facilities and technology costs, insurance expenses and other costs and expenses associated with the Offering and to facilitate the marketing of the Stock; and
(e) payment or reimbursement of bona fide due diligence expenses. 
 “Person” shall mean any natural person, partnership,
corporation, association, trust, limited liability company or other legal entity. 
 “Property” or “Properties” means
the real properties or real estate investments which are acquired by the Company either directly or through the Operating Partnership, Joint Ventures, partnerships or other entities. 

“Property Manager” means any entity that has been retained to perform and carry out at one or more of the Properties property
management services. 
 “REIT” means a corporation, trust or association which is engaged in investing in equity interests in real
estate (including fee ownership and leasehold interests and interests in partnerships and Joint Ventures holding real estate) or in loans secured by mortgages on real estate or both and that qualifies as a real estate investment trust under the REIT
Provisions of the Code. 

  
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 “REIT Provisions of the Code” means Sections 856 through 860 of the Code and any
successor or other provisions of the Code relating to real estate investment trusts (including provisions as to the attribution of ownership of beneficial interests therein) and the regulations promulgated thereunder. 

“Sale” or “Sales” means any transaction or series of transactions whereby: (a) the Operating Partnership sells,
grants, transfers, conveys or relinquishes its ownership of any Property or portion thereof, including the lease of any Property consisting of the building only, and including any event with respect to any Property which gives rise to a significant
amount of insurance proceeds or condemnation awards; (b) the Operating Partnership sells, grants, transfers, conveys or relinquishes its ownership of all or substantially all of the interest of the Operating Partnership in any Joint Venture in
which it is a co-venturer or partner; (c) any Joint Venture in which the Operating Partnership is a co-venturer or partner sells, grants, transfers, conveys or relinquishes its ownership of any Property or portion thereof, including any event
with respect to any Property which gives rise to insurance claims or condemnation awards; (d) the Operating Partnership sells, grants, conveys, or relinquishes its interest in any asset, or portion thereof, including any event with respect to
any asset which gives rise to a significant amount of insurance proceeds or similar awards; or (e) the Operating Partnership sells or otherwise disposes of or distributes all of its assets in liquidation of the Operating Partnership. 

“Sales Commissions” means any and all commissions payable to underwriters, dealer managers or other broker-dealers in connection
with the sale of Stock, including, without limitation, commissions payable to the Dealer Manager. 
 “Securities” means any class
or series of units or shares of the Company or the Operating Partnership, including common shares or preferred units or shares and any other evidences of equity or beneficial or other interests, voting trust certificates, bonds, debentures, notes or
other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as “Securities” or any certificates of interest, shares or participations in, temporary or interim
certificates for, receipts for, guarantees of, or warrants, options or rights to subscribe to, purchase or acquire, any of the foregoing. 

“Sponsor” means Strategic Storage Holdings, LLC, a Delaware limited liability company. 

“Stock” means shares of stock of the Company of any class or series, including Common Stock, preferred stock or shares-in-trust.

 “Stockholders” means the registered holders of the Company’s Stock. 

“Termination Date” means the date of termination of this Advisory Agreement. 

ARTICLE 2. 

APPOINTMENT 
 The
Company, through the powers vested in the Board of Directors, and the Operating Partnership hereby appoint the Advisor to serve as its advisor and asset manager on the terms and conditions set forth in this Advisory Agreement, and the Advisor hereby
accepts such appointment. The Advisor undertakes to use its commercially reasonable best efforts to present to the Company and the Operating Partnership potential investment opportunities and to provide a continuing and suitable investment program
consistent with the investment objectives and policies of the Company as determined and adopted from time to time by the Board. 

  
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 ARTICLE 3. 

AUTHORITY OF THE ADVISOR 

3.1 General. All rights and powers to manage and control the day-to-day business and affairs of the Company and the Operating
Partnership shall be vested in the Advisor. The Advisor shall have the power to delegate all or any part of its rights and powers to manage and control the business and affairs of the Company and the Operating Partnership to such officers,
employees, Affiliates, agents and representatives of the Advisor, the Company or the Operating Partnership as it may from time to time deem appropriate. Any authority delegated by the Advisor to any other Person shall be subject to the limitations
on the rights and powers of the Advisor specifically set forth in this Advisory Agreement, the Charter, the Bylaws and the Operating Partnership Agreement. 

3.2 Powers of the Advisor. Subject to the express limitations set forth in this Advisory Agreement and subject to the
supervision of the Board, the power to direct the management, operation and policies of the Company and the Operating Partnership shall be vested in the Advisor, which shall have the power by itself and shall be authorized and empowered on behalf
and in the name of the Company and the Operating Partnership, as applicable, to carry out any and all of the objectives and purposes of the Company and the Operating Partnership and to perform all acts and enter into and perform all contracts and
other undertakings that it may in its sole discretion deem necessary, advisable or incidental thereto to perform its obligations under this Advisory Agreement. 

3.3 Modification or Revocation of Authority of Advisor. The Board may, at any time upon the giving of notice to the Advisor,
modify or revoke the authority or approvals set forth in Articles 3 and 4, provided however, that such modification or revocation shall be effective upon receipt by the Advisor and shall not be applicable to investment transactions to which the
Advisor has committed the Company or the Operating Partnership prior to the date of receipt by the Advisor of such notification. 

ARTICLE 4. 
 DUTIES OF
THE ADVISOR 
 The Advisor undertakes to use its commercially reasonable best efforts to present to the Company and the Operating
Partnership potential investment opportunities and to provide a continuing and suitable investment program consistent with the investment objectives and policies of the Company as determined and adopted from time to time by the Board. In connection
therewith, the Advisor agrees to perform the following services on behalf of the Company and the Operating Partnership. 
 4.1
Organizational and Offering Services. The Advisor shall manage and supervise: 
 (a) the structure and development of any
Offering, including the determination of the specific terms of the Securities to be offered by the Company; 
 (b) the preparation of all
organizational and offering related documents, and obtaining of all required regulatory approvals of such documents, if any; 
 (c) along
with the Dealer Manager, approval of the participating dealers and negotiation of the related selling agreements; 
 (d) coordination of the
due diligence process relating to participating dealers and their review of the Memorandum and other Offering and Company documents; 
 (e)
preparation and approval of all marketing materials contemplated to be used by the Dealer Manager or others in an Offering; 

  
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 (f) along with the Dealer Manager, negotiation and coordination with the transfer agent for the
receipt, collection, processing and acceptance of subscription agreements, commissions, and other administrative support functions; 
 (g)
creation and implementation of various technology and electronic communications related to an Offering; and 
 (h) all other services
related to organization of the Company or the Offering, whether performed and incurred by the Advisor or its Affiliates. 
 4.2
Acquisition Services. The Advisor shall: 
 (a) serve as the Company’s and the Operating Partnership’s investment
and financial advisor and provide relevant market research and economic and statistical data in connection with the Company’s assets and investment objectives and policies; 

(b) subject to Article 3 hereof and the investment objectives and policies of the Company: (i) locate, analyze and select potential
investments; (ii) structure and negotiate the terms and conditions of transactions pursuant to which investments in Assets will be made; (iii) acquire Assets on behalf of the Company and the Operating Partnership; and (iv) arrange for
financing related to acquisitions of Assets; 
 (c) perform due diligence on prospective investments and create due diligence reports
summarizing the results of such work; 
 (d) prepare reports regarding prospective investments which include recommendations and supporting
documentation necessary for the Board to evaluate the proposed investments; 
 (e) obtain reports (which may be prepared by the Advisor or
its Affiliates), where appropriate, concerning the value of contemplated investments of the Company and the Operating Partnership; and 

(f) negotiate and execute investments and other transactions approved by the Board. 

4.3 Asset Management Services and Administrative Services. 

(a) Asset Management and Property Related Services. The Advisor shall: 

(i) negotiate and service the Company’s and the Operating Partnership’s debt facilities and other financings; 

(ii) monitor applicable markets and obtain reports (which may be prepared by the Advisor or its Affiliates) where appropriate, concerning the
value of investments of the Company and the Operating Partnership; 
 (iii) monitor and evaluate the performance of investments of the
Company and the Operating Partnership; provide daily management services to the Company and perform and supervise the various management and operational functions related to the Company’s and the Operating Partnership’s investments; 

(iv) coordinate with the Property Manager on its duties under any property management agreement and assist in obtaining all necessary
approvals of major property transactions as governed by the applicable property management agreement; 

  
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 (v) coordinate and manage relationships between the Company and the Operating Partnership with
any Joint Venture partners; 
 (vi) consult with the officers and Directors of the Company and provide assistance with the evaluation and
approval of potential property dispositions, sales or refinancings; and 
 (vii) provide the officers and Directors of the Company periodic
reports regarding prospective investments in Properties. 
 (b) Accounting and Other Administrative Services. The Advisor shall: 

(i) coordinate with the Company’s independent accountants and auditors to prepare and deliver to the Board an annual report covering the
Advisor’s compliance with certain material aspects of this Advisory Agreement; 
 (ii) maintain accounting systems, records and data
and any other information requested concerning the activities of the Company and the Operating Partnership; 
 (iii) provide tax and
compliance services and coordinate with appropriate third parties, including independent accountants and other consultants, on related tax matters; 

(iv) maintain all appropriate books and records of the Company and the Operating Partnership; 

(v) consult with the officers of the Company and the Board relating to the corporate governance structure and appropriate policies and
procedures related thereto; 
 (vi) perform all reporting, record keeping, internal controls and similar matters in a manner to allow the
Company to comply with applicable law; 
 (vii) investigate, select, and, on behalf of the Company and the Operating Partnership, engage
and conduct business with such Persons as the Advisor deems necessary to the proper performance of its obligations hereunder, including but not limited to consultants, accountants, lenders, technical advisors, attorneys, brokers, underwriters,
corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, banks, builders, developers, property owners, mortgagers, construction companies and any and all Persons acting in any other capacity
deemed by the Advisor necessary or desirable for the performance of any of the foregoing services; 
 (viii) supervise the performance of
such ministerial and administrative functions as may be necessary in connection with the daily operations of the Assets; 
 (ix) provide
the Company and the Operating Partnership with all necessary cash management services; 
 (x) consult with the officers of the Company and
the Board and assist the Board in evaluating and obtaining adequate insurance coverage based upon risk management determinations; 
 (xi)
manage and perform the various administrative functions necessary for the management of the day-to-day operations of the Company and the Operating Partnership; 

(xii) provide or arrange for administrative services and items, legal and other services, office space, office furnishings, personnel and
other overhead items necessary and incidental to the Company’s and the Operating Partnership’s business and operations; 

  
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 (xiii) provide financial and operational planning services and portfolio management functions;
and 
 (xiv) from time-to-time, or at any time reasonably requested by the Board, make reports to the Board on the Advisor’s
performance of services to the Company and the Operating Partnership under this Advisory Agreement. 
 (c) Stockholder Services. The
Advisor shall: 
 (i) have the authority, in its sole discretion, to retain a transfer agent on behalf of the Company to perform all
necessary transfer agent functions; 
 (ii) manage and coordinate with such transfer agent, if retained by the Advisor, the distribution
process and payments to Stockholders; 
 (iii) manage communications with Stockholders, including answering phone calls, preparing and
sending written and electronic reports and other communications; and 
 (iv) establish technology infrastructure to assist in providing
Stockholder support and service. 
 ARTICLE 5. 

BANK ACCOUNTS 
 The
Advisor may establish and maintain one or more bank accounts in its own name for the account of the Company or the Operating Partnership or in the name of the Company or the Operating Partnership and may collect and deposit into any such account or
accounts, and disburse from any such account or accounts, any money on behalf of the Company or the Operating Partnership, under such terms and conditions as the Board may approve, provided that no funds shall be commingled with the funds of the
Advisor; and the Advisor shall from time to time render appropriate accountings of such collections and payments to the Board and to the auditors of the Company. 

ARTICLE 6. 
 RECORDS;
ACCESS 
 The Advisor shall maintain appropriate records of all its activities hereunder and make such records available for
inspection by the Board and by counsel, auditors and authorized agents of the Company and the Operating Partnership, at any time or from time to time during normal business hours. The Advisor, in the conduct of its responsibilities to the Company
and the Operating Partnership, shall maintain adequate and separate books and records for the Company’s and the Operating Partnership’s operations in accordance with GAAP, which shall be supported by sufficient documentation to ascertain
that such books and records are properly and accurately recorded. Such books and records shall be the property of the Company. Such books and records shall include all information necessary to calculate and audit the fees or reimbursements paid
under this Advisory Agreement. The Advisor shall utilize procedures to attempt to ensure such control over accounting and financial transactions as is reasonably required to protect the Company’s and the Operating Partnership’s assets from
theft, error or fraudulent activity. All financial statements that the Advisor delivers to the Company shall be prepared on an accrual basis in accordance with GAAP, except for special financial reports which by their nature require a deviation from
GAAP. The Advisor shall maintain necessary liaison with the Company’s independent accountants and shall provide such accountants with such reports and other information as the Company shall request. The Advisor shall at all reasonable times
have access to the books and records of the Company and the Operating Partnership. 

  
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 ARTICLE 7. 

OTHER ACTIVITIES OF THE ADVISOR 

7.1 General. Nothing herein contained shall prevent the Advisor from engaging in other activities, including, without
limitation, the rendering of advice to other Persons (including other REITs) and the management of other programs advised, sponsored or organized by the Advisor or its Affiliates; nor shall this Advisory Agreement limit or restrict the right of any
director, officer, employee, or stockholder of the Advisor or its Affiliates to engage in any other business or to render services of any kind to any other partnership, corporation, firm, individual, trust or association. The Advisor may, with
respect to any investment in which the Company is a participant, also render advice and service to each and every other participant therein. The Advisor shall report to the Board the existence of any condition or circumstance, existing or
anticipated, of which it has knowledge, which creates or could create a conflict of interest between the Advisor’s obligations to the Company and the Operating Partnership and its obligations to or its interest in any other partnership,
corporation, firm, individual, trust or association. 
 7.2 Policy with Respect to Allocation of Investment Opportunities.
Before the Advisor presents an investment opportunity that would in its judgment be suitable for the Company to another Advisor-sponsored program, such as Strategic Storage Trust, Inc., the Advisor shall determine in its sole discretion that the
investment opportunity is more suitable for such other program than for the Company based on factors such as the following: the investment objectives and criteria of each program; the cash requirements and anticipated cash flow of each entity; the
size of the investment opportunity; the effect of the acquisition on diversification of each entity’s investments; the income tax consequences of the purchase on each entity; the policies of each program relating to leverage; the amount of
funds available to each program and the length of time such funds have been available for investment. In the event that an investment opportunity becomes available that is, in the sole discretion of the Advisor, equally suitable for both the Company
and another Advisor-sponsored program, then the Advisor may offer the other program the investment opportunity if it has had the longest period of time elapse since it was offered an investment opportunity. The Advisor will use its reasonable
efforts to fairly allocate investment opportunities in accordance with such allocation method and will promptly disclose any material deviation from such policy or the establishment of a new policy, which shall be allowed provided (a) the Board
is provided with notice of such policy at least 60 days prior to such policy becoming effective and (b) such policy provides for the reasonable allocation of investment opportunities among such programs. The Advisor shall provide the Board of
Directors with any information reasonably requested so that the Board of Directors can ensure that the allocation of investment opportunities is applied fairly. Nothing herein shall be deemed to prevent the Advisor or an Affiliate from pursuing an
investment opportunity directly rather than offering it to the Company or another Advisor-sponsored program so long as the Advisor is fulfilling its obligation to present a continuing and suitable investment program to the Company which is
consistent with the investment policies and objectives of the Company. If a subsequent development, such as a delay in the closing of a property or a delay in the construction of a property, causes any such investment, in the opinion of the Board of
Directors and the Advisor, to be more appropriate for an entity other than the entity which committed to make the investment, however, the Advisor has the right to agree that the other entity affiliated with the Advisors or its Affiliates may make
the investment. 
 ARTICLE 8. 

LIMITATIONS ON ACTIVITIES 

Anything else in this Advisory Agreement to the contrary notwithstanding, the Advisor shall refrain from taking any action which, in its sole
judgment made in good faith, would (a) adversely affect the status of the Company as a REIT, (b) subject the Company to regulation under the Investment Company Act of 1940, as amended, (c) violate any law, rule, regulation or
statement of policy of any 

  
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governmental body or agency having jurisdiction over the Company, its Stock or its other Securities, or the Operating Partnership, or (d) violate the Charter, the Bylaws or the Operating
Partnership Agreement, except if such action shall be ordered by the Board, in which case the Advisor shall notify promptly the Board of the Advisor’s judgment of the potential impact of such action and shall refrain from taking such action
until it receives further clarification or instructions from the Board. In such event the Advisor shall have no liability for acting in accordance with the specific instructions of the Board so given. Notwithstanding the foregoing, the Advisor, its
directors, officers, employees and stockholders, and stockholders, directors and officers of the Advisor’s Affiliates shall not be liable to the Company or the Operating Partnership or to the Board or Stockholders for any act or omission by the
Advisor, its directors, officers or employees, or stockholders, directors or officers of the Advisor’s Affiliates except as provided in this Advisory Agreement. 

ARTICLE 9. 
 FEES

 9.1 Acquisition Fees. The Company will pay the Advisor, as compensation for the services described in
Section 4.2, Acquisition Fees in an amount equal to 1.5% of (a) the Contract Purchase Price of each Property acquired by the Company, including any debt attributable to the Property, plus amounts incurred for the development, construction
or other capital improvements, or (b) the funds advanced in respect of a loan or other investment. The purchase price allocable for a Property held through a Joint Venture shall equal the product of (i) the Contract Purchase Price of the
Property and (ii) the direct or indirect ownership percentage in the Joint Venture held directly or indirectly by the Company or the Operating Partnership. For purposes of this Section 9.1, “ownership percentage” shall be the
percentage of capital stock, membership interests, partnership interests or other equity interests held by the Company or the Operating Partnership, without regard to classification of such interests. 

9.2 Asset Management Fee. Commencing on the date hereof, for the asset management services included in the services described in
Section 4.3(a), the Company shall pay the Advisor a monthly Asset Management Fee in an amount equal to one-twelfth of 0.5% of the Average Invested Assets. The Advisor may elect to receive the Asset Management Fee, in whole or in part, in OP
Units or Stock. 
 9.3 Financing Fee. The Advisor shall receive a financing fee, in connection with any loan or line of credit
obtained for the Company in connection with the acquisition, development or repositioning of a Property in the amount of 0.5% of the amount made available under such loan or line of credit. 

9.4 Development Fee. The Advisor or its Affiliates shall receive a market-based Development Fee equal to the amount that would
be payable to an unaffiliated third-party for development of a similar property in the same geographic region, which Development Fee may be reallowed to a third party developer. 

9.5 Property Disposition Fee. The Advisor shall receive a Disposition Fee, in connection with the Sale, exchange or other
disposition of one or more Properties, equal to 3% of the gross sales price of such Property(ies) inclusive of any real estate commissions paid to third party real estate brokers (without reduction for any seller or other credits). 

9.6 Loans from Affiliates. If any loans are made to the Company by the Advisor or an Affiliate, the rate of interest that may be
charged by the Advisor or such Affiliate shall be no less favorable to the Company than the terms available between non-Affiliated persons for similar loans. Notwithstanding the foregoing, bridge financing to effectuate an acquisition of a Property
by the Operating Partnership prior to raising the necessary capital in the Offering may be provided by the Advisor or an Affiliate at the then current market rates. 

  
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 ARTICLE 10. 

EXPENSES 
 10.1
Reimbursable Expenses. In addition to the compensation paid to the Advisor pursuant to Article 9 hereof, the Company or the Operating Partnership shall pay directly or reimburse the Advisor for all of the expenses paid or incurred by
the Advisor (to the extent not reimbursable by another party, such as the Dealer Manager) in connection with the services it provides to the Company and the Operating Partnership pursuant to this Advisory Agreement, including, but not limited to:

 (a) reimbursements for Organizational and Offering Expenses in connection with the Offering; 

(b) Acquisition Expenses incurred by the Advisor or its Affiliates; 

(c) Acquisition Fees and Acquisition Expenses payable to unaffiliated Persons incurred in connection with the selection and acquisition of
Properties; 
 (d) the actual out-of-pocket cost of goods and services used by the Company and the Operating Partnership and obtained from
entities not affiliated with the Advisor including brokerage and other fees paid in connection with the purchase, operation and sale of Assets; 

(e) interest and other costs for borrowed money, including discounts, points and other similar fees; 

(f) taxes and assessments on income or Property and taxes as an expense of doing business and any taxes otherwise imposed on the Company and
the Operating Partnership, its business or income; 
 (g) costs associated with insurance required in connection with the business of the
Company, the Operating Partnership or by the Board; 
 (h) expenses of managing and operating Properties owned by the Company or the
Operating Partnership, whether payable to an Affiliate of the Company or a non-affiliated Person; 
 (i) all expenses in connection with
payments to Directors and meetings of the Directors and Stockholders; 
 (j) expenses associated with the listing of the Common Stock on a
national securities exchange or with the issuance and distribution of Securities other than the Stock issued in the Offering, such as selling commissions and fees, advertising expenses, taxes, legal and accounting fees, listing and registration
fees; 
 (k) expenses connected with payments of Distributions in cash or otherwise made or caused to be made by the Company to the
Stockholders; 
 (l) expenses of organizing, converting, modifying, merging, liquidating or dissolving the Company, the Operating
Partnership or of amending the Charter, the Bylaws or the Operating Partnership Agreement; 
 (m) expenses of maintaining communications
with Stockholders, including the cost of preparation, printing, and mailing annual reports and other Stockholder reports, proxy statements and other reports required by governmental entities; 

  
 12 

 (n) administrative service expenses, including all direct and indirect costs and expenses
incurred by Advisor in fulfilling its duties hereunder and including personnel costs; provided, however, that no reimbursement shall be made for costs of personnel to the extent that such personnel perform services in transactions for which the
Advisor receives the Acquisition Fee or Disposition Fee. Such direct and indirect costs and expenses may include reasonable wages and salaries and other employee-related expenses of all employees of Advisor who are directly engaged in the operation,
management, administration, and marketing of the Company, including taxes, insurance and benefits relating to such employees, and legal, travel and other out-of-pocket expenses which are directly related to their services provided by Advisor
pursuant to this Advisory Agreement; 
 (o) audit, accounting and legal fees, and other fees for professional services relating to the
operations of the Company and the Operating Partnership and all such fees incurred at the request, or on behalf of, the Board of Directors; and 

(p) out-of-pocket costs for the Company and the Operating Partnership to comply with all applicable laws, regulation and ordinances; and all
other out-of-pocket costs necessary for the operation of the Company, the Operating Partnership and the Assets incurred by the Advisor in performing its duties hereunder. 

The Company or the Operating Partnership shall also reimburse the Advisor or Affiliates of the Advisor for all direct and indirect costs and
expenses incurred on behalf of the Company or the Operating Partnership prior to the execution of this Advisory Agreement. 
 10.2
Other Services. Should the Directors request that the Advisor or any member, manager, officer or employee thereof render services for the Company or the Operating Partnership other than as set forth in this Advisory Agreement, such
services shall be separately compensated at such rates and in such amounts as are agreed by the Advisor and the Board of Directors, and shall not be deemed to be services pursuant to the terms of this Advisory Agreement. 

10.3 Timing of and Limitations on Reimbursements. Expenses incurred by the Advisor on behalf of the Company and the Operating
Partnership and payable pursuant to this Article 10 shall be reimbursed no less frequently than monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Company and the Operating Partnership during each quarter,
and shall deliver such statement to the Company within 45 days after the end of each quarter. The Company or the Operating Partnership may advance funds to the Advisor for expenses the Advisor anticipates will be incurred by the Advisor within the
current month and any such advances shall be deducted from the amounts reimbursed by the Company or the Operating Partnership to the Advisor. 

ARTICLE 11. 
 NO
PARTNERSHIP OR JOINT VENTURE 
 The parties to this Advisory Agreement are not partners or joint venturers with each other, and
nothing in this Advisory Agreement shall be construed to make them such partners or joint venturers or impose any liability as such on either of them, and neither shall have the power to bind or obligate any of them except as set forth herein. In
all respects, the status of the Advisor under this Advisory Agreement is that of an independent contractor. 
 ARTICLE 12. 

RELATIONSHIP WITH DIRECTORS 

Subject to Article 8 of this Advisory Agreement and to restrictions set forth in the Charter or deemed advisable with respect to the
qualification of the Company as a REIT, directors, officers and 

  
 13 

 
employees of the Advisor or an Affiliate of the Advisor or any corporate parents of an Affiliate, or directors, officers or stockholders of any director, officer or corporate parent of an
Affiliate may serve as a Director and as officers of the Company, except that no officer or employee of the Advisor or its Affiliates who also is a Director or officer of the Company shall receive any compensation from the Company for serving as a
Director or officer other than reasonable reimbursement for travel and related expenses incurred in attending meetings of the Directors. Directors who are not Independent Directors will be individuals nominated by the Advisor, provided that such
director nominees are either directors of the Advisor or have been elected by the board of directors of the Advisor as executive officers of the Advisor. 

ARTICLE 13. 

REPRESENTATIONS AND WARRANTIES 

13.1 The Company. To induce the Advisor to enter into this Advisory Agreement, the Company hereby represents and warrants that:

 (a) The Company is a corporation, duly organized, validly existing and in good standing under the laws of the State of Maryland with all
requisite corporate power and authority and all material licenses, permits and authorizations necessary to carry out the transactions contemplated by this Advisory Agreement. 

(b) The Company’s execution, delivery and performance of this Advisory Agreement has been duly authorized by the Board of Directors of
the Company. This Advisory Agreement constitutes the valid and binding obligation of the Company, enforceable against the Company in accordance with its terms. The Company’s execution and delivery of this Advisory Agreement and its fulfillment
of and compliance with the respective terms hereof do not and will not (i) conflict with or result in a breach of the terms, conditions or provisions of, (ii) constitute a default under, (iii) result in the creation of any lien,
security interest, charge or encumbrance upon the assets of the Company pursuant to, (iv) give any third party the right to modify, terminate or accelerate any obligation under, (v) result in a violation of or (vi) require any
authorization, consent, approval, exception or other action by or notice to any court or administrative or governmental body pursuant to, the Charter or Bylaws or any law, statute, rule or regulation to which the Company is subject, or any
agreement, instrument, order, judgment or decree by which the Company is bound, in any such case in a manner that would have a material adverse effect on the ability of the Company to perform any of its obligations under this Advisory Agreement.

 13.2 The Operating Partnership. To induce the Advisor to enter into this Advisory Agreement, the Operating Partnership
hereby represents and warrants that: 
 (a) The Operating Partnership is a Delaware limited partnership, duly organized, validly existing
and in good standing under the laws of the State of Delaware with all requisite power and authority and all material licenses, permits and authorizations necessary to carry out the transactions contemplated by this Advisory Agreement. 

(b) The Operating Partnership’s execution, delivery and performance of this Advisory Agreement has been duly authorized. This Advisory
Agreement constitutes the valid and binding obligation of the Operating Partnership, enforceable against the Operating Partnership in accordance with its terms. The Operating Partnership’s execution and delivery of this Advisory Agreement and
its fulfillment of and compliance with the respective terms hereof do not and will not (i) conflict with or result in a breach of the terms, conditions or provisions of, (ii) constitute a default under, (iii) result in the creation of
any lien, security interest, charge or encumbrance upon the assets of the Operating Partnership pursuant to, (iv) give any third party the right to modify, terminate or accelerate 

  
 14 

 
any obligation under, (v) result in a violation of or (vi) require any authorization, consent, approval, exception or other action by or notice to any court or administrative or
governmental body pursuant to, the Operating Partnership Agreement or any law, statute, rule or regulation to which the Operating Partnership is subject, or any agreement, instrument, order, judgment or decree by which the Operating Partnership is
bound, in any such case in a manner that would have a material adverse effect on the ability of the Operating Partnership to perform any of its obligations under this Advisory Agreement. 

13.3 The Advisor. To induce the Company and the Operating Partnership to enter into this Advisory Agreement, the Advisor
represents and warrants that: 
 (a) The Advisor is a limited liability company, duly organized, validly existing and in good standing under
the laws of the State of Delaware with all requisite company power and authority and all material licenses, permits and authorizations necessary to carry out the transactions contemplated by this Advisory Agreement. 

(b) The Advisor’s execution, delivery and performance of this Advisory Agreement has been duly authorized. This Advisory Agreement
constitutes a valid and binding obligation of the Advisor, enforceable against the Advisor in accordance with its terms. The Advisor’s execution and delivery of this Advisory Agreement and its fulfillment of and compliance with the respective
terms hereof do not and will not (i) conflict with or result in a breach of the terms, conditions or provisions of, (ii) constitute a default under, (iii) result in the creation of any lien, security interest, charge or encumbrance
upon the Advisor’s assets pursuant to, (iv) give any third party the right to modify, terminate or accelerate any obligation under, (v) result in a violation of or (vi) require any authorization, consent, approval, exemption or
other action by or notice to any court or administrative or governmental body pursuant to, the Advisor’s articles of incorporation or bylaws, or any law, statute, rule or regulation to which the Advisor is subject, or any agreement, instrument,
order, judgment or decree by which the Advisor is bound, in any such case in a manner that would have a material adverse effect on the ability of the Advisor to perform any of its obligations under this Advisory Agreement. 

(c) The Advisor has received copies of the Charter, the Bylaws, the Memorandum and the Operating Partnership Agreement and is familiar with
the terms thereof, including without limitation the investment limitations included therein. The Advisor warrants that it will use reasonable care to avoid any act or omission that would conflict with the terms of the Charter, the Bylaws, the
Memorandum, or the Operating Partnership Agreement in the absence of the express direction of a majority of the Board of Directors. 

ARTICLE 14. 
 TERM;
TERMINATION OF AGREEMENT 
 14.1 Term. This Advisory Agreement shall continue in force until December 31, 2021.
Thereafter, this Advisory Agreement may be renewed for an unlimited number of successive one-year terms upon mutual consent of the parties. The Company, acting through the Board, will evaluate the performance of the Advisor annually before renewing
this Advisory Agreement, and each such renewal shall be for a term of no more than one year. 
 14.2 Termination by Any Party.
This Advisory Agreement may be terminated upon 60 days’ written notice without cause or penalty, by any party (a majority of the Board of Directors for the Company or the manager of the Advisor). 

  
 15 

 14.3 Termination by the Advisor. This Advisory Agreement may be terminated
immediately by the Advisor in the event of any material breach of this Advisory Agreement by the Company or the Operating Partnership not cured within 30 days after written notice thereof. 

14.4 Termination by the Company. This Advisory Agreement may be terminated immediately by the Company or the Operating
Partnership in the event of (a) any material breach of this Advisory Agreement by the Advisor not cured by the Advisor within 30 days after written notice thereof; (b) a decree or order is rendered by a court having jurisdiction
(i) adjudging Advisor as bankrupt or insolvent, or (ii) approving as properly filed a petition seeking reorganization, readjustment, arrangement, composition or similar relief for Advisor under the federal bankruptcy laws or any similar
applicable law or practice, or (iii) appointing a receiver or liquidator or trustee or assignee in bankruptcy or insolvency of Advisor or a substantial part of the property of Advisor, or for the winding up or liquidation of its affairs; or
(c) Advisor (i) institutes proceedings to be adjudicated a voluntary bankrupt or an insolvent, (ii) consents to the filing of a bankruptcy proceeding against it, (iii) files a petition or answer or consent seeking reorganization,
readjustment, arrangement, composition or relief under any similar applicable law or practice, (iv) consents to the filing of any such petition, or to the appointment of a receiver or liquidator or trustee or assignee in bankruptcy or
insolvency for it or for a substantial part of its property, (v) makes an assignment for the benefit of creditors, (vi) is unable to or admits in writing its inability to pay its debts generally as they become due unless such inability
shall be the fault of the Operating Partnership, or (vii) takes company or other action in furtherance of any of the aforesaid purposes. 

14.5 Survival. The provisions of Articles 1, 6, 7 and 15 through 20 survive termination of this Advisory Agreement. 

ARTICLE 15. 
 PAYMENTS
TO AND DUTIES OF 
 PARTIES UPON TERMINATION 

15.1 Reimbursable Expenses and Earned Fees. After the Termination Date, the Advisor shall be entitled to receive from the
Company or the Operating Partnership within thirty (30) days after the effective date of such termination all amounts then accrued and owing to the Advisor, including all unpaid reimbursable expenses and all earned but unpaid fees payable to
the Advisor prior to termination of this Advisory Agreement. 
 15.2 Advisor’s Duties Upon Termination. The Advisor shall
promptly upon termination: 
 (a) pay over to the Company and the Operating Partnership all money collected and held for the account of the
Company and the Operating Partnership pursuant to this Advisory Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 

(b) deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by
it, covering the period following the date of the last accounting furnished to the Board; 
 (c) deliver to the Board all assets, including
Properties, and documents of the Company and the Operating Partnership then in the custody of the Advisor; and 
 (d) cooperate with the
Company and the Operating Partnership to provide an orderly management transition. 
 15.3 Non-Solicitation. During the period
commencing on the effective date of this Advisory Agreement and ending two years following the Termination Date, the Company shall not, without the 

  
 16 

 
Advisor’s prior written consent, directly or indirectly, (i) solicit or encourage any employee, consultant, contractor or other Person performing services on behalf of the Advisor or
its Affiliates to leave the employment or other service of the Advisor or any of its Affiliates, or (ii) hire or pay, directly or indirectly, any compensation to, on behalf of the Company or any other Person, any employee, consultant,
contractor or other Person performing services on behalf of the Advisor or its Affiliates who has left the employment of, or engagement by, the Advisor or any of its Affiliates within the two-year period following the termination of that
person’s employment with, or engagement by, the Advisor or any of its Affiliates. During the period commencing on the effective date of this Advisory Agreement and ending two years following the Termination Date, the Company will not, whether
for its own account or for the account of any other Person, intentionally interfere with the relationship of the Advisor or any of its Affiliates with, or endeavor to entice away from the Advisor or any of its Affiliates, any Person who during the
term of this Advisory Agreement is, or during the preceding two-year period was, a tenant, co-investor, co-developer, joint venturer or other customer of the Advisor or any of its Affiliates. 

ARTICLE 16. 

ASSIGNMENT TO AN AFFILIATE 

This Advisory Agreement may be assigned by the Advisor to an Affiliate with the approval of a majority of the Board of Directors. The Advisor
may delegate duties and obligations and assign any rights to receive fees or other payments under this Advisory Agreement without obtaining the approval of the Board of Directors. This Advisory Agreement shall not be assigned by the Company or the
Operating Partnership without the consent of the Advisor, except in the case of an assignment by the Company or the Operating Partnership, as the case may be, to a legal entity that is a successor to all of the assets, rights and obligations of the
Company or the Operating Partnership, as the case may be, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Company or the Operating Partnership, as the case may be, is
bound by this Advisory Agreement. 
 ARTICLE 17. 

INCORPORATION OF THE CHARTER AND THE OPERATING PARTNERSHIP AGREEMENT 

To the extent that the Charter or the Operating Partnership Agreement as in effect on the date hereof impose obligations or restrictions on
the Advisor or grant the Advisor certain rights which are not set forth in this Advisory Agreement, the Advisor shall abide by such obligations or restrictions and such rights shall inure to the benefit of the Advisor with the same force and effect
as if they were set forth herein. 
 ARTICLE 18. 

INDEMNIFICATION BY THE COMPANY AND THE OPERATING PARTNERSHIP 

The Company and the Operating Partnership shall indemnify and hold harmless the Advisor and its Affiliates, including their respective
officers, directors, partners and employees, from contract or other liability, claims, damages, taxes or losses and related expenses including attorneys’ fees, arising in the performance of their duties hereunder, to the extent such liability,
claims, damages, taxes or losses and related expenses are not fully reimbursed by insurance, subject to any limitations imposed by the laws of the State of Maryland and the State of Delaware, as applicable, and only if (a) such liability or
loss was not the result of gross negligence, bad faith, fraud, willful malfeasance, misconduct, or reckless disregard of its duties by the Advisor or its Affiliates, and (b) such indemnification is recoverable out of net assets of the Company.

  
 17 

 ARTICLE 19. 

INDEMNIFICATION BY ADVISOR 

The Advisor shall indemnify and hold harmless the Company and the Operating Partnership, including their respective officers, directors,
partners and employees, from contract or other liability, claims, damages, taxes or losses and related expenses including attorneys’ fees, to the extent that such liability, claims, damages, taxes or losses and related expenses are not fully
reimbursed by insurance and are incurred by reason of the Advisor’s gross negligence, bad faith, fraud, willful misfeasance, misconduct, or reckless disregard of its duties, subject to any limitations imposed by the laws of the State of
Delaware, but Advisor shall not be held responsible for any action of the Board in declining to follow any advice or recommendation given by the Advisor. 

ARTICLE 20. 

LIMITATION OF LIABILITY 

In no event will the parties be liable for damages based on loss of income, profit or savings or indirect, incidental, consequential,
exemplary, punitive or special damages of the other party or person, including third parties, even if such party has been advised of the possibility of such damages in advance, and all such damages are expressly disclaimed. 

ARTICLE 21. 
 NOTICES

 Any notice in this Advisory Agreement permitted to be given, made or accepted by either party to the other, must be in writing
and may be given or served by (1) overnight courier, (2) depositing the same in the United States mail, postpaid, certified, return receipt requested, or (3) facsimile transfer. Notice deposited in the United States mail shall be
deemed given when mailed. Notice given in any other manner shall be effective when received at the address of the addressee. For purposes hereof the addresses of the parties, until changed as hereafter provided, shall be as follows: 

 

			
	To the Company:	  	Strategic Storage Growth Trust, Inc.
		  	Attention: H. Michael Schwartz
		  	111 Corporate Drive, Suite 120
		  	Ladera Ranch, California 92694
		  	Fax: 949-429-6606
		
	To the Operating Partnership:	  	SS Growth Operating Partnership, L.P.
		  	Attention: H. Michael Schwartz
		  	111 Corporate Drive, Suite 120
		  	Ladera Ranch, California 92694
		  	Fax: 949-429-6606
		
	To the Advisor:	  	SS Growth Advisor, LLC
		  	Attention: H. Michael Schwartz
		  	111 Corporate Drive, Suite 120
		  	Ladera Ranch, California 92694
		  	Fax: 949-429-6606

 Any party may at any time give notice in writing to the other party of a change in its address for the
purposes of this Article 21. 

  
 18 

 ARTICLE 22. 

MODIFICATION 
 This
Advisory Agreement shall not be changed, modified, terminated, or discharged, in whole or in part, except by an instrument in writing signed by the parties hereto, or their respective successors or assignees. 

ARTICLE 23. 

SEVERABILITY 
 The
provisions of this Advisory Agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or
unenforceable in whole or in part. 
 ARTICLE 24. 

CONSTRUCTION/GOVERNING LAW 

The provisions of this Advisory Agreement shall be construed and interpreted in accordance with the laws of the State of California. 

ARTICLE 25. 
 ENTIRE
AGREEMENT 
 This Advisory Agreement contains the entire agreement and understanding among the parties hereto with respect to the
subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms
hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. This Advisory Agreement may not be modified or amended other than by an agreement in writing. 

ARTICLE 26. 

INDULGENCES, NOT WAIVERS 

Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Advisory Agreement shall
operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right,
remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party
asserted to have granted such waiver. 
 ARTICLE 27. 

GENDER 
 Words used
herein regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 

  
 19 

 ARTICLE 28. 

TITLES NOT TO AFFECT INTERPRETATION 

The titles of paragraphs and subparagraphs contained in this Advisory Agreement are for convenience only, and they neither form a part of this
Advisory Agreement nor are they to be used in the construction or interpretation hereof. 
 ARTICLE 29. 

EXECUTION IN COUNTERPARTS 

This Advisory Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party
whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Advisory Agreement shall become binding when the counterparts hereof, taken together, bear the signatures of all of the parties reflected
hereon as the signatories. 
 ARTICLE 30. 

INITIAL INVESTMENT 

The Advisor has purchased 100 shares of Common Stock for $1,000. The Advisor has purchased 20,100 OP Units for $201,000. The Advisor may not
sell any of the OP Units while the Advisor acts in such advisory capacity to the Company or the Operating Partnership, provided, that such OP Units may be transferred to Affiliates of the Advisor. Affiliates of the Advisor may not sell any of the OP
Units while the Advisor acts in such advisory capacity to the Company or the Operating Partnership, provided, that such OP Units may be transferred to the Advisor or other Affiliates of the Advisor. The restrictions included above shall not apply to
any other Securities acquired by the Advisor or its Affiliates. With respect to any Securities owned by the Advisor, the Directors, or any of their Affiliates, neither the Advisor, nor the Directors, nor any of their Affiliates may vote or consent
on matters submitted to the Stockholders regarding the removal of the Advisor, Directors or any of their Affiliates or any transaction between the Company and any of them. In determining the requisite percentage in interest of Securities necessary
to approve a matter on which the Advisor, Directors and any of their Affiliates may not vote or consent, any Securities owned by any of them shall not be included. 

[SIGNATURES APPEAR ON NEXT PAGE] 

  
 20 

 IN WITNESS WHEREOF, the parties hereto have executed this Advisory Agreement as of the date and
year first above written. 
  

											
	COMPANY:	 	ADVISOR:
		
	STRATEGIC STORAGE GROWTH TRUST, INC.,	 	SS GROWTH ADVISOR, LLC,
	a Maryland corporation	 		 	a Delaware limited liability company
					
	By:	 	  
	 		 	By:	 	  

		 	H. Michael Schwartz, President	 		 		 	H. Michael Schwartz, President
				
	OPERATING PARTNERSHIP:	 		 		 	
				
	SS GROWTH OPERATING PARTNERSHIP, L.P., a Delaware limited partnership	 		 		 	
					
	By:	 	Strategic Storage Growth Trust, Inc., a Maryland corporation and its General Partner	 		 		 	
						
		 	By:	 	  
	 		 		 	
		 		 	H. Michael Schwartz, President	 		 		 	

  
 21Prepared by R.R. Donnelley Financial -- EX-4.1

 Exhibit 4.1 

THIS WARRANT, THE SECURITIES ISSUABLE UPON EXERCISE HEREOF AND ANY FAILURE PAYMENT SHARES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAW, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF OR EXERCISED UNLESS (I) A REGISTRATION STATEMENT REGISTERING SUCH SECURITIES
UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS SHALL HAVE BECOME EFFECTIVE, OR (II) THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO IT THAT SUCH TRANSFER MAY LAWFULLY BE MADE WITHOUT REGISTRATION UNDER THE
SECURITIES ACT OR QUALIFICATION UNDER APPLICABLE STATE SECURITIES LAWS, OR (III) SUCH SECURITIES ARE SOLD PURSUANT TO RULE 144 OR RULE 144A. 
 AN
INVESTMENT IN THESE SECURITIES INVOLVES A HIGH DEGREE OF RISK. HOLDERS MUST RELY ON THEIR OWN ANALYSIS OF THE INVESTMENT AND ASSESSMENT OF THE RISKS INVOLVED. 
  

			
	Warrant to Purchase	 	
	              Shares	 	Warrant Number

 Warrant to Purchase Common Stock 

of 
 EXELIXIS, INC.

 THIS CERTIFIES that                      or any
subsequent holder hereof has the right to purchase from EXELIXIS, INC., a Delaware corporation (the “Company”),                      fully
paid and nonassessable shares, of the Company’s common stock, $0.001 par value per share (“Common Stock”), subject to adjustment as provided herein, at a price equal to the Exercise Price as defined in Section 3 below, at any
time during the Term (as defined below). 
 Holder agrees with the Company that this Warrant to Purchase Common Stock of the Company (this
“Warrant” or this “Agreement”) is issued and all rights hereunder shall be held subject to all of the conditions, limitations and provisions set forth herein. 

1. Date of Issuance and Term.  
 This Warrant shall be
deemed to be issued on January 22, 2014 (“Date of Issuance”). This Warrant was issued in conjunction with that certain third amendment (the “Amendment”), dated January 22, 2014, between the Company, Deerfield Private
Design International, L.P., Deerfield Private Design Fund, L.P., Deerfield International Limited and Deerfield Partners, L.P., to the Note Purchase Agreement, dated June 2, 2010, between the Company, Deerfield Private Design Fund, L.P. and
Deerfield Private Design International, L.P. (as amended, including by the Amendment, the “Note Purchase Agreement”) and that certain Registration Rights Agreement, dated January 22, 2014 (the “Registration Rights
Agreement”) by and among Deerfield International Limited and Deerfield Partners, L.P. The term of this Warrant (the “Term”) begins on the Date of Issuance and ends at 5:00 p.m., New York City time, on the Ending Date (as defined
below). For purposes herein, “Ending Date” shall mean, (i) at any time prior to the time that the Company has sent notice of an “Extension Election” under Section 2.10 of the Note Purchase Agreement (the “Election
Time”), the date that is two (2) years after the Date of Issuance and (ii) from and after the Election Time, on the date that is four (4) years after the Date of Issuance. 

Notwithstanding anything herein to the contrary, the Company shall not issue to the Holder, and the Holder may not acquire, a number of shares of Common Stock
upon exercise of this Warrant to the extent that, upon such exercise, the number of shares of Common Stock then beneficially owned by the Holder and its Affiliates and any other persons or entities whose beneficial ownership of Common Stock would be
aggregated with the Holder’s for purposes of Section 13(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) (including shares held by any “group” of which the Holder is a member, but excluding shares
beneficially owned by virtue of the ownership of securities or rights to acquire securities that have limitations on the right to convert, exercise or purchase similar to the limitation set forth herein) would exceed 9.98% of the total number of
shares of Common Stock then issued and outstanding (the “9.98% Cap”), provided, however, that the 9.98% Cap shall not apply with respect to the issuance of shares of Common Stock pursuant to a Cashless Major Exercise (as defined below) in
connection with a Major Transaction (as defined below) covered by the provisions of Section 5(c)(i)(A)(2) below in which the Company is not the surviving entity (a “Qualified Change of Control Transaction”), and, provided, further,
that the 9.98% Cap shall only apply to the extent that the Common Stock is deemed to constitute an “equity security” pursuant to Rule 13d-1(i) promulgated under the Exchange Act.. For purposes hereof, “group” has the

 
meaning set forth in Section 13(d) of the Exchange Act and applicable regulations of the Securities and Exchange Commission (the “SEC”), and the percentage held by the Holder shall
be determined in a manner consistent with the provisions of Section 13(d) of the Exchange Act. Upon the written request of the Holder, the Company shall, within two (2) Trading Days confirm orally and in writing to the Holder the number of
shares of Common Stock then outstanding. 
 “Affiliate” means any person or entity that, directly or indirectly through one or more
intermediaries, controls or is controlled by or is under common control with a person or entity, as such terms are used in and construed under Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”). With respect to a
Holder of Warrants, any investment fund or managed account that is managed on a discretionary basis by the same investment manager as such Holder will be deemed to be an Affiliate of such Holder. 

“Business Day” means a day on which banks are open for business in The City of New York and San Francisco. 

“Grace Period” shall have the meaning set forth in the Registration Rights Agreement. 

“Holder” means Deerfield Private Design International, L.P. and any transferee or assignee pursuant to the terms of this Warrant. 

“Initial Filing Deadline” shall have the meaning set forth in the Registration Rights Agreement. 

“Initial Registration Deadline” shall have the meaning set forth in the Registration Rights Agreement. 

“Initial Registration Statement” shall have the meaning set forth in the Registration Rights Agreement. 

“Registrable Securities” shall have the meaning set forth in the Registration Rights Agreement. 

“Registration” shall have the meaning set forth in the Registration Rights Agreement. 

“Registration Period” shall have the meaning set forth in the Registration Rights Agreement. 

“Registration Statement” shall have the meaning set forth in the Registration Rights Agreement. 

“Trading Day” means any day on which the Common Stock is traded for at least two hours on NASDAQ, or on the principal securities exchange or other
securities market on which the Common Stock is then being traded. 
 2. Exercise. 

(a) Manner of Exercise. During the Term, this Warrant may be Exercised as to all or any lesser number of full shares of Common Stock covered hereby (the
“Warrant Shares” or the “Shares”) by sending to the Company the Exercise Form attached hereto as Exhibit A (the “Exercise Form”) duly completed and executed, together with the full Exercise Price (as defined
below, which may be satisfied by a Cash Exercise, a Cashless Exercise, a Cashless Major Exercise or a Cashless Default Exercise, each as defined below) for each share of Common Stock as to which this Warrant is Exercised, at the office of the
Company, Exelixis, Inc., 210 East Grand Avenue, South San Francisco, CA 94080, Attention: Finance Department; E-mail: dburke@exelixis.com, with a copy thereof to be sent via facsimile and email to: (650) 837-7179; E-mail: simonton@exelixis.com,
jbucher@exelixis.com, and stockadministration@exelixis.com, or at such other offices or agencies as the Company may designate in writing, by overnight mail, facsimile or electronic mail (the delivery of the Exercise Form together with the payment of
the Exercise Price, if applicable, hereinafter called the “Exercise” of this Warrant). 
 (b) Date of Exercise. If any portion of the
Exercise Price is satisfied by a Cash Exercise (as defined below), the “Date of Exercise” of the Warrant shall be defined as the later of (A) the date that the Exercise Form attached hereto as Exhibit A, completed and executed,
is sent by facsimile and electronic mail to the Company, as provided in Section 2(a), provided that the original Warrant (if the Warrant has been exercised in full) and Exercise Form are received by the Company as soon as practicable thereafter
and (B) the date that the Exercise Price, if applicable in a Cash Exercise, is received by the Company. If no portion of the Exercise Price is satisfied by a Cash Exercise, the “Date of Exercise” of the Warrant shall be defined as the
date that the Exercise Form, completed and executed, is sent by facsimile and electronic mail to the Company, as provided in Section 2(a), provided that the original Warrant (if the Warrant has been exercised in full) and Exercise Form are
received by the Company, as soon as practicable thereafter. The Holder shall not be required 

  
 2 

 
to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case the
Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date the final Exercise Form is delivered to the Company. Execution and delivery of an Exercise Form with respect to a partial Exercise
shall have the same effect as cancellation of the original Warrant and issuance of a New Warrant evidencing the right to purchase the remaining number of Warrant Shares. 

(c) Delivery of Common Stock Upon Exercise. Within three (3) Trading Days after any Date of Exercise, or in the case of a Cashless Major Exercise
or a Cashless Default Exercise (each as defined in Section 5(c)(i) below), within the period provided in Section 5(c)(iv) or Section 3(a)(iv), as applicable (the “Delivery Period”), the Company shall issue and deliver (or
cause its transfer agent (the “Transfer Agent”) to so issue and deliver) in accordance with the terms hereof to or upon the order of the Holder that number of shares of Common Stock (“Exercise Shares”) for the portion of this
Warrant exercised as shall be determined in accordance herewith. Upon the Exercise of this Warrant or any part thereof, the Company shall, at its own cost and expense, take all reasonable steps, including obtaining and delivering, an opinion of
counsel to assure that the Transfer Agent shall issue stock certificates in the name of Holder (or its nominee) or such other persons as designated by Holder and in such denominations to be specified at Exercise representing the number of shares of
Common Stock issuable upon such Exercise. 
 (d) Delivery Failure. In addition to any other remedies which may be available to the Holder, in the
event that the Company fails for any reason to effect delivery of the Exercise Shares by the end of the Delivery Period, the Holder will be entitled to revoke all or part of the relevant Exercise Form by delivery of a notice to such effect to the
Company whereupon the Company and the Holder shall each be restored to their respective positions immediately prior to the delivery of such notice, except that the liquidated damages described herein shall be payable through the date notice of
revocation or rescission is given to the Company. 
 (e) Legends. 

(i) Restrictive Legend. The Holder understands that this Warrant, the Exercise Shares and the Failure Payment Shares (as defined in Section 10
hereof) have not been registered on the Date of Issuance, under the Securities Act. The Holder understands that until such time as (i) this Warrant has been registered under the Securities Act and/or (ii) the Exercise Shares and/or the
Failure Payment Shares, as applicable, have been registered under the Securities Act as contemplated by the Registration Rights Agreement, or otherwise may be sold pursuant to Rule 144 under the Securities Act or an exemption from registration under
the Securities Act without any restriction as to the number of securities as of a particular date that can then be immediately sold, (A) this Warrant will bear a restrictive legend in substantially the form set forth on the first page of this
Warrant (and a stop-transfer order may be placed against transfer of such securities) and (B) the Exercise Shares and the Failure Payment Shares will bear a restrictive legend in substantially the following form (and a stop-transfer order may
be placed against transfer of the certificates for such securities): 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
FOR THE SECURITIES UNDER SAID ACT OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SAID ACT INCLUDING, WITHOUT LIMITATION, PURSUANT TO RULES 144 OR 144A UNDER SAID ACT OR PURSUANT TO A PRIVATE SALE EFFECTED UNDER APPLICABLE FORMAL OR INFORMAL SEC
INTERPRETATION OR GUIDANCE, SUCH AS A SO-CALLED “4(1) AND A HALF” SALE, SUBJECT TO DELIVERY OF AN OPINION, AS PROVIDED IN THE WARRANT. 

“THE SALE, TRANSFER OR ASSIGNMENT OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS AND CONDITIONS OF A CERTAIN
REGISTRATION RIGHTS AGREEMENT DATED AS OF JANUARY [ ], 2014, AS AMENDED FROM TIME TO TIME. COPIES OF SUCH AGREEMENT MAY BE OBTAINED AT NO COST BY WRITTEN REQUEST MADE BY THE HOLDER OF RECORD OF THIS CERTIFICATE TO THE SECRETARY OF THE COMPANY.”

 (ii) Removal of Restrictive Legends. This Warrant and certificates evidencing the Exercise Shares and any Failure Payment Shares shall not contain
any legend restricting the transfer thereof (including any legend set forth above in subsection 2(e)(i)): (A) while a registration statement (including a Registration Statement) covering the sale or resale of such security is effective under
the Securities Act, or (B) following any sale of such Warrant, Exercise Shares and/or Failure Payment Shares pursuant to Rule 144, or (C) if such Warrant, Exercise Shares and/or Failure Payment Shares are eligible for sale under Rule
144(b)(1), or (D) if such legend is not 

  
 3 

 
required under any other applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the SEC) and the Company shall have received
an opinion of counsel to the Holder in form reasonably acceptable to the Company to such effect, which opinion shall, at the request of the Company, be delivered to the Transfer Agent as well (collectively, the “Unrestricted Conditions”).
If the Unrestricted Conditions are met, the Company shall cause its counsel to issue a legal opinion to the Transfer Agent if required by the Company’s transfer agent to effect the issuance of the Exercise Shares or any Failure Payment Shares,
as applicable, without a restrictive legend or removal of the legend hereunder. If the Unrestricted Conditions are met at the time of issuance of this Warrant, the Exercise Shares and/or any Failure Payment Shares, then this Warrant, the Exercise
Shares and/or any Failure Payment Shares, as applicable, shall be issued free of all legends. The Company agrees that at such time as the Unrestricted Conditions are met or such legend is otherwise no longer required under this Section 2(e), it
will, no later than three (3) Trading Days following the delivery (the “Unlegended Shares Delivery Deadline”) by the Holder to the Company or the Transfer Agent of this Warrant and a certificate representing Exercise Shares or Failure
Payment Shares, as applicable, issued with a restrictive legend (such third Trading Day, the “Legend Removal Date”), deliver or cause to be delivered to such Holder this Warrant and/or a certificate (or electronic transfer) representing
such shares that is free from all restrictive and other legends. 
 (iii) Sale of Unlegended Shares. Holder agrees that the removal of the
restrictive legend from this Warrant and any certificates representing securities as set forth in Section 2(e) above is predicated upon the Company’s reliance that the Holder will sell, transfer, assign, pledge, hypothecate or otherwise
dispose of this Warrant, any Exercise Shares and/or any Failure Payment Shares pursuant to either the registration requirements of the Securities Act, including any applicable prospectus delivery requirements, or an exemption therefrom, and that if
such securities are sold pursuant to a Registration Statement, they will be sold in compliance with the plan of distribution set forth therein. 
 (f)
Cancellation of Warrant. This Warrant shall be canceled upon the full Exercise of this Warrant or upon full redemption of this Warrant. As soon as practical after the Date of Exercise, Holder shall be entitled to receive Common Stock for the
number of shares purchased upon such Exercise of this Warrant as set forth in Section 2(c), and if this Warrant is not Exercised in full, Holder shall be entitled, if requested and upon physical surrender of this Warrant, to receive a new
Warrant (containing terms identical to this Warrant other than the number of shares of Common Stock represented thereby) representing any unexercised portion of this Warrant in addition to such Common Stock; provided, however, as set forth in
Section 2(b), the Holder shall not be required to physically surrender this Warrant if the Warrant is not exercised in full and the holder does not request a new Warrant representing any unexercised portion of this Warrant. 

(g) Holder of Record. Each person in whose name any Warrant for shares of Common Stock is issued shall, for all purposes, be deemed to be the Holder of
record of such shares on the Date of Exercise of this Warrant, irrespective of the date of delivery of the Common Stock purchased upon the Exercise of this Warrant or the date such Common Stock is credited to the Holder’s DTC account, as the
case may be. Nothing in this Warrant shall be construed as conferring upon Holder any rights as a stockholder of the Company; provided, however, that in the event of a Cashless Major Exercise in respect of a Qualified Change of Control Transaction,
the Holder shall be deemed to have become the holder of record of the shares issuable upon such exercise immediately prior to the consummation of such Qualified Change of Control Transaction. 

(h) Delivery of Electronic Shares. In lieu of delivering physical certificates representing the Common Stock issuable upon Exercise or legend removal
or representing Failure Payment Shares, provided the Company’s Transfer Agent is participating in the Depository Trust Company (“DTC”) Fast Automated Securities Transfer (“FAST”) program, upon written request of the Holder,
the Company shall use its commercially reasonable efforts to cause its Transfer Agent to electronically transmit the Common Stock issuable to the Holder by crediting the account of the Holder’s prime broker with DTC through its Deposit
Withdrawal Agent Commission (DWAC) system. The time periods for delivery and penalties described herein shall apply to the electronic transmittals described herein. Any delivery not effected by electronic transmission shall be effected by delivery
of physical certificates. 
 (i) Buy-In. In addition to any other rights available to the Holder, if the Company fails to cause its Transfer Agent to
transmit to the Holder a certificate or certificates, or electronic shares through DWAC, representing the Exercise Shares pursuant to an Exercise on or before the Delivery Period (other than a failure caused by any incorrect or incomplete
information provided by Holder to the Company hereunder, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases shares of Common
Stock to deliver in satisfaction of a sale by the Holder of the Exercise Shares which the Holder anticipated receiving upon such Exercise (a “Buy-In”), then the Company shall (1) pay in cash to the Holder the amount by which
(x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (A) the number of Exercise Shares that the Company was
required to 

  
 4 

 
deliver to the Holder in connection with the Exercise at issue times and (B) the price at which the sell order giving rise to such purchase obligation was executed, and (2) at the
option of the Holder, either reinstate the portion of the Warrant and equivalent number of Exercise Shares for which such Exercise was not honored or deliver to the Holder certificate(s) representing the number of shares of Common Stock that would
have been issued had the Company timely complied with its Exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted Exercise
to cover the sale of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under subsection (1) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder
shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In, together with applicable confirmations and other evidence reasonably requested by the Company. Nothing herein shall limit a Holder’s
right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver certificates
representing shares of Common Stock upon Exercise of the Warrant as required pursuant to the terms hereof. 
 3. Payment of Warrant Exercise Price.

 (a) Exercise Price. The Exercise Price (“Exercise Price”) shall initially equal $9.70; provided, however, that, from and after the
tenth (10th) Trading Day following the Election Time, the Exercise Price shall be equal to the lesser of (x) the Exercise Price in effect immediately prior to such time and (y) 120%
of the Volume Weighted Average Price (as defined below) of the Common Stock for the ten (10) Trading Days immediately following the date on which the Election Time has occurred; provided, however, that the Exercise Price shall not be below
$0.001 per share. The Exercise Price hereunder shall be subject to adjustment pursuant to the terms hereof, including but not limited to Section 5 below. 

Payment of the Exercise Price may be made by either of the following, or a combination thereof, at the election of Holder: 

(i) Cash Exercise: The Holder may exercise this Warrant in cash, bank or cashier’s check or wire transfer (a “Cash Exercise”); or 

(ii) Cashless Exercise. The Holder, at its option, may exercise this Warrant in a cashless exercise transaction. In order to effect a Cashless
Exercise, the Holder shall send to the Company at its principal office the Exercise Form, in the manner set forth in Section 2(a) above, indicating that the Holder is exercising the Warrant pursuant to a cashless election, in which event the
Company shall issue Holder a number of shares of Common Stock computed using the following formula (a “Cashless Exercise”): 
 X =
Y (A-B)/A 
 where: X = the number of shares of Common Stock to be issued to Holder. 

Y = the number of shares of Common Stock for which this Warrant is being Exercised. 

A = the Market Price of one (1) share of Common Stock (for purposes of this Section 3(a)(ii), where “Market Price,” as of
any date, means the Volume Weighted Average Price (as defined herein) of the Company’s Common Stock during the ten (10) consecutive Trading Day period immediately preceding the date in question. 

B = the Exercise Price. 
 As used
herein, the “Volume Weighted Average Price” for any security as of any date means the volume weighted average sale price on The NASDAQ Global Select Market or The NASDAQ Global Market (“NASDAQ”) as reported by, or based upon data
reported by, Bloomberg Financial Markets or an equivalent, reliable reporting service mutually acceptable to and hereafter designated by holders of a majority in interest of the Warrants and the Company (“Bloomberg”) or, if NASDAQ is not
the principal trading market for such security, the volume weighted average sale price of such security on the principal securities exchange or trading market where such security is listed or traded as reported by Bloomberg, or, if no volume
weighted average sale price is reported for such security, then the last closing trade price of such security as reported by Bloomberg, or, if no last closing trade price is reported for such security by Bloomberg, the average of the bid prices of
any market makers for such security that are listed in the over the counter market by the Financial Industry Regulatory Authority, Inc. or in the “pink sheets” by the Pink OTC Market, Inc.. If the Volume Weighted Average Price cannot be
calculated for such security on such date in the manner provided above, the volume weighted average price shall be the fair market value as determined in good faith by the Company’s board of directors. 

  
 5 

 (iii) Cashless Major Exercise: To the extent the Holder shall exercise this Warrant or any portion
thereof as a Cashless Major Exercise pursuant to Section 5(c)(i) below, the Holder shall send to the Company the Exercise Form, in the manner set forth in Section 2(a) above, indicating that the Holder is exercising this Warrant (or such
portion thereof) pursuant to a Cashless Major Exercise, in which event the Company shall issue a number of shares of Common Stock equal to the Black-Scholes Value (as defined in Section 5(c)(iii) below) of the remaining unexercised portion of
this Warrant (or such applicable portion being exercised) divided by the closing price of the Common Stock on the principal securities exchange or other securities market on which the Common Stock is then traded on the Trading Day immediately
preceding the date on which the applicable Major Transaction is consummated. 
 (iv) Cashless Default Exercise. To the extent the Holder exercises
this Warrant as a Cashless Default Exercise pursuant to Section 11(b)(i) below, the Holder shall send to the Company the Exercise Form, in the manner set forth in Section 2(a) above, indicating that the Holder is exercising this Warrant
pursuant to a Cashless Default Exercise, in which event, unless the Company has exercised its right to effect a Mandatory Redemption in accordance with Section 11(b)(i), the Company shall issue to the Holder, within five (5) Trading Days
of the delivery of such Exercise Form, a number of shares of Common Stock (which shares shall be valued at the Volume Weighted Average Price for the five (5) Trading Days prior to the applicable Default Notice) equal to the Black-Scholes value
(determined by use of the Black-Scholes Option Pricing Model using the criteria set forth on Schedule 1 hereto) of the remaining unexercised portion of this Warrant on the date of delivery of such Exercise Form.. 

4. Transfer and Registration. 
 (a) Transfer Rights.
Subject to the provisions of Section 8 of this Warrant, this Warrant may be transferred on the books of the Company, in whole or in part, in person or by attorney, upon surrender of this Warrant properly completed and endorsed. This Warrant
shall be canceled upon such surrender and, as soon as practicable thereafter, the person to whom such transfer is made shall be entitled to receive a new Warrant or Warrants as to the portion of this Warrant transferred, and Holder shall be entitled
to receive a new Warrant as to the portion hereof retained. 
 (b) Registrable Securities. The Exercise Shares have registration rights pursuant to
the Registration Rights Agreement. 
 5. Adjustments Upon Certain Events. 

(a) Participation. The Holder, as the holder of this Warrant, shall be entitled to receive such dividends paid and distributions of any kind (other than
the payment of any stock dividend covered by the provisions of Section 5(b) below) made to the holders of Common Stock of the Company to the same extent as if the Holder had Exercised this Warrant into Common Stock (without regard to any
limitations on exercise herein or elsewhere and without regard to whether or not a sufficient number of shares are authorized and reserved to effect any such exercise and issuance) and had held such shares of Common Stock on the record date for such
dividends and distributions. Payments under the preceding sentence shall be made concurrently with the dividend or distribution to the holders of Common Stock. 

(b) Recapitalization or Reclassification. If the Company shall at any time effect a stock split, payment of stock dividend, recapitalization,
reclassification or other similar transaction of such character that the shares of Common Stock shall be changed into or become exchangeable for a larger or smaller number of shares, then upon the effective date thereof, the number of shares of
Common Stock which Holder shall be entitled to purchase upon Exercise of this Warrant shall be increased or decreased, as the case may be, in direct proportion to the increase or decrease in the number of shares of Common Stock by reason of such
stock split, payment of stock dividend, recapitalization, reclassification or similar transaction, and the Exercise Price shall be, in the case of an increase in the number of shares, proportionally decreased and, in the case of decrease in the
number of shares, proportionally increased. The Company shall give Holder the same notice it provides to holders of Common Stock of any transaction described in this Section 5(b). 

(c) Rights Upon Major Transaction. 
 (i) Major
Transaction. To the extent that any Major Transaction (or portion thereof) will not be treated as an Assumption pursuant to the next following paragraph, then (1) in the case of a Cash-Out Major Transaction and in the case of a Mixed Major
Transaction to the extent of the percentage of the cash consideration in the Mixed Major Transaction (determined in accordance with the definition of a Mixed Major Transaction below), the Holder shall have the right to require the Company to redeem
the Holder’s outstanding Warrants (or the applicable portion in a Mixed Major Transaction) in accordance with Section 5(c)(iii) below and (2) in the case of all other Major Transactions and in the case of a Mixed Major Transaction to
the extent of the percentage of the consideration represented by securities of a Successor Entity in the Mixed Major Transaction, the Holder shall have the right to exercise this Warrant as a Cashless Major Exercise. For the avoidance of doubt, in
no event shall the Holder have the right to treat a Major Transaction as an 

  
 6 

 
Assumption unless the Company has elected to treat such Major Transaction as an Assumption pursuant to the next following paragraph. Notwithstanding anything herein to the contrary, and except as
set forth in the next sentence, the Holder may elect to waive its rights under this Section 5(c)(i) with respect to any Major Transaction in which event none of the provisions contained in this Section 5(c)(i) shall apply. In the event of
a Major Transaction in which all shares of Common Stock are cancelled and converted into the right to receive cash and/or securities of Another Entity (as defined below), then, any portion of this Warrant that is neither redeemed, assumed or
exercised pursuant to the terms of this Warrant prior to the closing of such Major Transaction, shall (A) automatically and immediately convert into shares of Common Stock, and shall be deemed to have been exercised pursuant to a Cashless
Exercise, immediately prior to the consummation of such Major Transaction if the aggregate consideration to be received for the Common Stock in such Major Transaction is greater than the aggregate Exercise Price for such shares, or (B) be
cancelled and terminated without further action by the Holder or the Company upon consummation of such Major Transaction if the aggregate consideration to be received for the Common Stock in the Major Transaction is less than the aggregate Exercise
Price for such shares. 
 In the event of a Qualified Major Transaction, the Company shall have the right to cause such Qualified Major Transaction (or the
applicable portion of a Qualified Major Transaction that is a Mixed Major Transaction) to be treated as an Assumption in accordance with Section 5(c)(ii) below with respect (but only with respect) to the percentage of this Warrant then owned by
the Holder equal to the percentage of the consideration to be paid in the Major Transaction represented by the securities of a Successor Entity (determined as set forth in the definition of “Mixed Major Transaction” below). 

Consummation of each of the following events shall constitute a “Major Transaction”: 

(A) a consolidation, merger, exchange of shares, recapitalization, reorganization, business combination or other similar event (in each case other than an
event provided for in Section 5(b) above and other than a merger effected for purposes of changing the Company’s state of incorporation), (1) following which the holders of Common Stock immediately preceding such consolidation,
merger, exchange, recapitalization, reorganization, combination or event either (a) no longer hold a majority of the shares of Common Stock or (b) no longer have the ability to elect a majority of the board of directors of the Company or
(2) as a result of which shares of Common Stock shall be changed into (or the shares of Common Stock become entitled to receive) the same or a different number of shares of the same or another class or classes of stock or securities of another
entity (collectively, a “Change of Control Transaction”); 
 (B) the sale or transfer of assets in one transaction or a series of related
transactions for a purchase price (excluding any consideration allocable to any Excluded Transaction or Intellectual Property Sale (as defined below) relating to cabozantinib) of more than (1) $400 million (the “Aggregate
Consideration”) or (2) 50% of the Company’s Market Capitalization (as defined below).; or 
 (C) the consummation of a purchase, tender or
exchange offer made to the holders of outstanding shares of Common Stock, such that following such purchase, tender or exchange offer a Change of Control Transaction shall have occurred. 

If the maximum aggregate consideration payable in a transaction or series of related transactions described in Section 5(c)(i)(B)(1) above
(i) includes contingent payments related to future events, and (ii) exceeds the Aggregate Consideration (without applying any discounts or valuation procedures described below), then for purposes of determining whether the Aggregate
Consideration has been reached, the net present value of such contingent payments shall be determined prior to the public announcement of such transaction by a qualified third-party valuation firm retained by the Company selected from a list of such
firms previously agreed upon between the Company and the initial Holder hereof. 
 Notwithstanding the foregoing, none of the following (an “Excluded
Transaction”) shall constitute a Major Transaction : 
 (x) entering into any collaborative arrangement, licensing agreement, joint venture or
partnership providing for the research, development or commercial exploitation of compounds, products or services that provides for the payments received therefrom or the Company’s income or profits to be shared with another Person, including,
without limitation, (1) the grant, to an entity engaged in the pharmaceutical or biotechnology industry, of a license or option to obtain a license to any of the Company’s intellectual property or other assets, provided that the Company or
a wholly owned subsidiary of the Company (and not any third party or any of the Company’s stockholders) directly receives from such entity all consideration paid or payable by such entity in consideration of such grant (other than any payments
made by such third party in satisfaction of obligations of the Company or its wholly-owned subsidiaries), which consideration may, but need not, include (without limitation) upfront, milestone, royalty and profit-sharing payments, and (2) the
grant of a license or option to obtain a license to, or the sale or other transfer of, the Company’s intellectual property or other assets to any entity that intends to research and develop or commercialize products or services covered by such

  
 7 

 
intellectual property or embodying or arising from such other assets, whether directly or through the Company or another entity, provided that the Company or a wholly owned subsidiary of the
Company (and not any third party or any of the Company’s stockholders) retains the right or has the obligation to reacquire such intellectual property or other assets at a price no more than an amount that reasonably reflects the value of such
assets or intellectual property or to terminate such license or option; 
 (y) the incurrence, grant or existence of, or any sale or transfer of any assets
in connection with, any Permitted Lien (as defined in the Note Purchase Agreement); and 
 (z) Product Sales (as defined below) 

, provided, however, notwithstanding any provision of this definition to the contrary, an Intellectual Property Sale (as defined below) shall not constitute
an Excluded Transaction. 
 For purposes hereof: 

“Another Entity” shall mean an entity in which the holders of a majority of the shares of Common Stock of the Company immediately prior to the
consummation of a Major Transaction do not hold a majority of the equity securities in such entity. 
 “Cashless Default Exercise” shall mean an
exercise of this Warrant as a “Cashless Default Exercise” in accordance with Section 3(a)(iv) and 11(b) hereof. 
 “Cashless Major
Exercise” shall mean an exercise of this Warrant or portion thereof as a “Cashless Major Exercise” in accordance with Section 3(a)(iii) and 5(c)(i) hereof. 

“Cash-Out Major Transaction” means a Major Transaction in which the consideration payable to holders of Common Stock in connection with the Major
Transaction consists solely of cash. 
 “Exclusive License” means, with respect to any drug or pharmaceutical product, any license to the
intellectual property relating to such drug or pharmaceutical product with a term greater than, or substantially equal to the remaining expected useful life, or, if applicable, patent life of such intellectual property (unless terminable prior to
such time without material penalty or premium by the licensor) and which provides for exclusive rights to develop, commercialize, sell, market and promote such drug or product within the United States, Europe and/or Japan; provided that an
“Exclusive License” shall not include (a) any license solely to sell, offer for sale, promote and/or distribute any such drug or product on an exclusive basis within any particular geographic region or territory in consideration for
sales based payments to the Company, (b) any licenses, which may be exclusive, solely to manufacture any such drug or product, and (c) any license, solely to manufacture, use, promote, offer for sale and/or sell any authorized generic
version of such drug or product. 
 “Eligible Market” means the over the counter Bulletin Board, the New York Stock Exchange, Inc., the NYSE Arca,
the NASDAQ Capital Market, the NASDAQ Global Market, the NASDAQ Global Select Market or the NYSE MKT LLC. 
 “Intellectual Property Sale” means
any sale, assignment, the grant of any Exclusive License or other transfer of the right, title or interest of the Company or any of its subsidiaries in intellectual property, as a result of which the Company or its subsidiary transfers all or
substantially all of its legal or economic interests, in such intellectual property in a transaction whereby the predominate consideration received for transferred interests in such intellectual property to be received upfront as compared to any
retained or reversionary interests in such intellectual property and any rights of the Company or any of its subsidiaries to royalties, milestones, profit sharing and other future payments in respect of such intellectual property; provided that an
Intellectual Property Sale does not include (a) the assignment, cancellation, abandonment or other disposition of intellectual property that is, in the reasonable judgment of the Company, no longer economically practicable to maintain or useful
for the sale of the applicable drug or product or in the conduct of the business of the Company and its subsidiaries, taken as a whole and which does not have material value, or (b) any license or sublicense that is not an Exclusive License.

 “Product Sales” means the sale or distribution by the Company or any of its subsidiaries of drug or pharmaceutical products in the ordinary
course of the Company’s or such subsidiary’s business. 
 “Market Capitalization” means the product of (x) the number of issued and
outstanding shares of Common Stock as of the Trading Day immediately preceeding the date of the execution of the definitive agreement relating to a Major Transaction described in clause (B) of the definition thereof, multiplied by (y) the
per share closing price of the Common Stock on such Trading Day. 

  
 8 

 “Mixed Major Transaction” means a Major Transaction in which the consideration payable to holders of
Common Stock consists partially of cash and partially of securities of a Successor Entity. If the Successor Entity is a Publicly Traded Successor Entity, the percentage of consideration represented by securities of such Successor Entity shall be
equal to the percentage that the value of the aggregate anticipated number of shares of the Publicly Traded Successor Entity to be issued to holders of Common Stock of the Company represents of the aggregate value of all consideration, including
cash consideration, in such Mixed Major Transaction, as such values are set forth in any definitive agreement for the Mixed Major Transaction that has been executed at the time of the first public announcement of the Major Transaction or, if no such
value is determinable from such definitive agreement, based on the closing market price for shares of the Publicly Traded Successor Entity on its principal securities exchange on the Trading Day preceding the first public announcement of the Mixed
Major Transaction. If the Successor Entity is a Private Successor Entity, the percentage of consideration represented by securities of such Successor Entity shall be determined in good-faith by the Company’s board of directors. 

A “Parent Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person. 

“Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization,
any other entity and a government or any department or agency thereof. 
 “Private Successor Entity” means a Successor Entity that is not a
Publicly Traded Successor Entity. 
 “Publicly Traded Successor Entity” means a Successor Entity that is a publicly traded corporation whose
common stock is quoted on or listed for trading on an Eligible Market (as defined above). 
 “Qualified Major Transaction” means (i) a Major
Transaction where the consideration payable to holders of Common Stock in connection with the Major Transaction consists in whole or in part of securities of a Publicly Traded Successor Entity or (ii) a Major Transaction where any non-cash
portion of the consideration payable to holders of Common Stock in connection with the Major Transaction consists of securities of a Private Successor Entity, which such Private Successor Entity shall be approved of in writing by the Holder. 

A “Successor Entity” shall be as defined in Section 5(c)(ii) below. 

(ii) Assumption. The Company shall not enter into or be party to a Major Transaction that is to be treated as an Assumption pursuant to
Section 5(c)(i), unless any Person purchasing the Company’s assets or Common Stock, or any successor entity resulting from such Major Transaction, or if the Common Stock is convertible in such Major Transaction into shares of capital stock
of its Parent Entity, its Parent Entity (in each case, a “Successor Entity”), assumes in writing all of the obligations of the Company under this Warrant (or applicable portion thereof subject to Assumption under Section 5(c)(i)
above) and the Registration Rights Agreement in accordance with the provisions of this Section 5(c)(ii), and delivers to each holder of Warrants in exchange for such Warrants (or applicable portion) a security of the Successor Entity
evidenced by a written instrument substantially similar in form and substance to the Warrants, including, without limitation, an instrument representing the appropriate number of shares of the Successor Entity, having substantially similar exercise
rights as the Warrants (including but not limited to a similar Exercise Price and similar Exercise Price adjustment provisions based on the price per share or conversion ratio to be received by the holders of Common Stock in the Major Transaction)
and containing the other rights set forth herein and substantially similar registration rights as provided by the Registration Rights Agreement. Upon the occurrence of any Major Transaction treated as an Assumption hereunder, any Successor Entity
shall succeed to, and be substituted for (so that from and after the date of such Major Transaction, the provisions of this Warrant and the Registration Rights Agreement (or substantially similar instruments, if applicable) referring to the
“Company” shall refer instead to the Successor Entity), and may exercise every right and power of, the Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such Successor Entity had
been named as the Company herein. Upon consummation of the Major Transaction, the Successor Entity shall deliver to the Holder confirmation that there shall be issued upon exercise or redemption of this Warrant at any time after the consummation of
the Major Transaction, in lieu of the shares of Common Stock (or other securities, cash, assets or other property) issuable upon the exercise of the Warrants (or applicable portion thereof) prior to such Major Transaction, such shares of common
stock (or their equivalent) of the Successor Entity, as adjusted in accordance with the provisions of this Warrant. The provisions of this Section shall apply similarly and equally to successive Major Transactions and shall be applied without regard
to any limitations on the exercise of this Warrant including any applicable beneficial ownership limitations. Any assumption of Company obligations under this paragraph shall be referred to herein as an “Assumption”. 

  
 9 

 (iii) Notice; Major Transaction Redemption Right; Notice of Cashless Major Exercise. At least thirty
(30) days prior to the consummation of any Major Transaction, but, in any event, within five Trading Days following the first to occur of (x) the date of the public announcement of such Major Transaction if such announcement is made before
4:00 p.m., New York City time, or (y) the day following the public announcement of such Major Transaction if such announcement is made on and after 4:00 p.m., New York City time, the Company shall deliver written notice thereof via facsimile
and overnight courier to the Holder (a “Major Transaction Notice”), which such Major Transaction Notice shall, if applicable, indicate whether the Company desires to have the Warrant treated as an Assumption in accordance with the
provisions of Section 5(c)(i) above. Other than in respect of all or a portion of the Warrant that is to be treated as an Assumption or is eligible for a Cashless Major Exercise (without taking into consideration the 9.98% Cap) in accordance
with Section 5(c)(i), at any time during the period beginning after the Holder’s receipt of a Major Transaction Notice and ending five (5) Trading Days prior to the scheduled consummation of such Major Transaction (the “MT Rights
Period”), the Holder may require the Company to redeem (a “Redemption Upon Major Transaction”) all or any portion of this Warrant not treated as an Assumption or eligible for a Cashless Major Exercise (without taking into
consideration the 9.98% Cap) by delivering written notice thereof (“Major Transaction Redemption Notice”) to the Company, which Major Transaction Redemption Notice shall indicate the portion of the principal amount (the “Redemption
Principal Amount”) of the Warrant that the Holder is electing to have redeemed. The outstanding portion of this Warrant to the extent subject to redemption pursuant to this subsection (iii) (the “Redeemable Shares”) shall be
redeemed by the Company at a price (the “Major Transaction Warrant Redemption Price”) payable in cash equal to the “Black Scholes Value” of the Redeemable Shares determined by use of the Black Scholes Option Pricing Model using
the criteria set forth in Schedule 1 hereto (the “Black Scholes Value”). 
 To the extent the Holder shall elect to effect a Cashless Major
Exercise in respect of a Major Transaction, the Holder shall deliver its Exercise Form in accordance with Section 3(a)(iii), within the MT Rights Period. 

(iv) Escrow; Payment of Major Transaction Warrant Redemption Price. Following the receipt of a Major Transaction Redemption Notice or a Cashless Major
Exercise from the Holder, the Company shall not effect a Major Transaction that is being treated as a redemption or eligible for a Cashless Major Exercise in accordance with subsection (iii) above, unless it either obtains the written agreement
of the Successor Entity that payment of the Major Transaction Warrant Redemption Price and/or applicable Exercise Shares shall be made to the Holder upon consummation of such Major Transaction or it shall first place into an escrow account with an
independent escrow agent, at least three (3) Trading Days prior to the closing date of the Major Transaction (the “Major Transaction Escrow Deadline”), an amount in cash or shares of Common Stock, as applicable, equal to the Major
Transaction Warrant Redemption Price and/or applicable Exercise Shares. Concurrently upon closing of such Major Transaction, the Company shall pay or shall instruct the escrow agent to pay the Major Transaction Warrant Redemption Price and/or to
deliver the applicable Exercise Shares to the Holder. For purposes of determining the amount required to be placed in escrow pursuant to the provisions of this subsection (iv) and without affecting the amount of the actual Major Transaction
Warrant Redemption Price and/or the applicable Exercise Shares, the calculation of the price referred to in clause (1) of the first column of Schedule 1 hereto with respect to Stock Price shall be determined based on the Closing Market Price
(as defined herein) of the Common Stock on the Trading Day immediately preceding the date that the funds and/or shares, as applicable, are deposited with the escrow agent. 

Redemptions and/or Major Cashless Exercises required by this Section 5(c) shall be made in accordance with the provisions of Section 12. To the
extent redemptions and/or Major Cashless Exercises required by this Section 5(c) are deemed or determined by a court of competent jurisdiction to be prepayments of the Warrant by the Company, such redemptions and/or Major Cashless Exercises
shall be deemed to be voluntary prepayments. Notwithstanding anything to the contrary in this Section 5, until the Major Transaction Warrant Redemption Price and/or Major Cashless Exercises is paid in full, this Warrant may be exercised, in
whole or in part, by the Holder into shares of Common Stock, or in the event the Exercise Date is after the consummation of the Major Transaction, shares of publicly traded common stock (or their equivalent) of the Successor Entity pursuant to
Section 5(c). The parties hereto agree that in the event of the Company’s redemption and/or Major Cashless Exercises of any portion of the Warrant under this Section 5(c), the Holder’s damages would be uncertain and difficult to
estimate because of the parties’ inability to predict future interest rates and the uncertainty of the availability of a suitable substitute investment opportunity for the Holder. Accordingly, any premium due under this Section 5(c) is
intended by the parties to be, and shall be deemed, a reasonable estimate of the Holder’s actual loss of its investment opportunity and not as a penalty. 

  
 10 

 (d) Exercise Price Adjusted. As used in this Warrant, the term “Exercise Price” shall mean the
purchase price per share specified in Section 3(a) of this Warrant, until the occurrence of an event stated in this Section 5 or otherwise set forth in this Warrant, and thereafter shall mean said price as adjusted from time to time in
accordance with the provisions of said subsection. No adjustment made pursuant to any provision of this Section 5 shall have the net effect of increasing or decreasing the Exercise Price in relation to the split adjusted and distribution
adjusted price of the Common Stock, as applicable. 
 (e) Adjustments: Additional Shares, Securities or Assets. In the event that at any time, as a
result of an adjustment made pursuant to this Section 5 or otherwise, Holder shall, upon Exercise of this Warrant, become entitled to receive shares and/or other securities or assets (other than Common Stock) then, wherever appropriate, all
references herein to shares of Common Stock shall be deemed to refer to and include such shares and/or other securities or assets; and thereafter the number of such shares and/or other securities or assets shall be subject to adjustment from time to
time in a manner and upon terms as nearly equivalent as practicable to the provisions of this Section 5. 
 (f) Notice of Adjustments. Whenever
the Exercise Price is adjusted pursuant to the terms of this Warrant, the Company shall promptly mail to the Holder a notice (an “Exercise Price Adjustment Notice”) setting forth the Exercise Price after such adjustment and setting forth a
statement of the facts requiring such adjustment. The Company shall, upon the written request at any time of the Holder, furnish to such Holder a like Warrant setting forth (i) such adjustment or readjustment, (ii) the Exercise Price at
the time in effect and (iii) the number of shares of Common Stock and the amount, if any, of other securities or property which at the time would be received upon Exercise of the Warrant. For purposes of clarification, whether or not the
Company provides an Exercise Price Adjustment Notice pursuant to this Section 5(f), upon the occurrence of any event that leads to an adjustment of the Exercise Price, the Holder would be entitled to receive a number of Exercise Shares based
upon the new Exercise Price, as adjusted, for exercises occurring on or after the date of such adjustment, regardless of whether a Holder accurately refers to the adjusted Exercise Price in the Exercise Form. 

6. Fractional Interests. 
 No fractional shares or scrip
representing fractional shares shall be issuable upon the Exercise of this Warrant, but on Exercise of this Warrant, Holder may purchase only a whole number of shares of Common Stock. If, on Exercise of this Warrant, Holder would be entitled to a
fractional share of Common Stock or a right to acquire a fractional share of Common Stock, such fractional share shall be disregarded and the number of shares of Common Stock issuable upon Exercise shall be the next higher whole number of shares.

  
 11 

 7. Reservation of Shares. 

From and after the date hereof, the Company shall at all times reserve for issuance such number of authorized and unissued shares of Common Stock (or other
securities substituted therefor as herein above provided) as shall be sufficient for the Exercise of this Warrant. If at any time the number of shares of Common Stock authorized and reserved for issuance is below the number of shares sufficient for
the Exercise of this Warrant (a “Share Authorization Failure”), the Company will promptly take all corporate action necessary to authorize and reserve a sufficient number of shares, including, without limitation, calling a special meeting
of stockholders to authorize additional shares to meet the Company’s obligations under this Section 7, in the case of an insufficient number of authorized shares, and using its commercially reasonable efforts to obtain stockholder approval
of an increase in such authorized number of shares. The Company covenants and agrees that upon the Exercise of this Warrant, all shares of Common Stock issuable upon such Exercise shall be duly and validly issued, fully paid and nonassessable and
not subject to preemptive rights, rights of first refusal or similar rights of any person or entity. 
 8. Restrictions on Transfer. 

(a) Registration or Exemption Required. Assuming the accuracy of the representations and warranties of the Holder contained in Section 8(c), this
Warrant has been issued in a transaction exempt from the registration requirements of the Securities Act by virtue of Regulation D and exempt from state registration or qualification under applicable state laws. The Warrant, the Exercise Shares and
the Failure Payment Shares may not be pledged, transferred, sold, assigned, hypothecated or otherwise disposed of except pursuant to an effective registration statement, pursuant to Rule 144 or after receipt by the Company of an opinion of counsel
for the Holder that any such pledge, transfer, sale, assignment, hypothecation or other disposition shall be exempt from the registration requirements of the Securities Act and applicable state laws, including, without limitation, a so called
“4(1) and a half” transaction. The Holder agrees to comply with the reporting obligations applicable to it under Section 16 of the Exchange Act with respect to this Warrant, the Exercise Shares and the Failure Payment Shares and any
other shares of Common Stock beneficially owned by it. 
 (b) Assignment. Subject to applicable securities laws and Sections 8(a), the Holder may
sell, transfer, assign, pledge, hypothecate or otherwise dispose of this Warrant, in whole or in part. Holder shall deliver a written notice to Company, substantially in the form of the Assignment attached hereto as Exhibit B, indicating the
person or persons to whom the Warrant shall be assigned and the respective number of warrants to be assigned to each assignee. The Company shall effect the assignment within three (3) Trading Days of its receipt of a properly completed and
executed form of Assignment and, if required by this Warrant, receipt by the Company of an opinion of counsel (the “Transfer Delivery Period”), and shall deliver to the assignee(s) designated by Holder a Warrant or Warrants of like tenor
and terms for the appropriate number of shares. This Warrant and the rights evidenced hereby shall inure to the benefit of and be binding upon the successors and assigns of the Holder. The provisions of this Warrant are intended to be for the
benefit of all Holders from time to time of this Warrant, and shall be enforceable by any such Holder. For avoidance of doubt, in the event Holder notifies the Company that such sale or transfer is a so called “4(1) and half” transaction,
the parties hereto agree that a legal opinion from outside counsel for the Holder delivered to counsel for the Company substantially in the form attached hereto as Exhibit C shall be the only requirement to satisfy an exemption from registration
under the Securities Act to effectuate such “4(1) and half” transaction. 
 (c) Representations of the Holder. The right to acquire Common
Stock or the Common Stock issuable upon exercise of the Holder’s rights contained herein will be acquired for investment and not with a view to the sale or distribution of any part thereof in violation of the Securities Act, and the Holder has
no present intention of selling, transferring, assigning, pledging, hypothecating or otherwise disposing of this Warrant in any public distribution of the same except pursuant to a registration or exemption; provided, however, that no such
representations shall be construed as constituting an agreement by the Holder to hold any of the Warrant Shares for any minimum or other specific term and the Holder shall reserve the right to dispose of such Warrant Shares at any time in accordance
with or pursuant to a registration statement or an exemption under the Securities Act. Holder is an “accredited investor” within the meaning of the Securities and Exchange Commission’s Rule 501 of Regulation D, as presently
in effect. The Holder understands (i) that the Common Stock issuable upon exercise of the Holder’s rights contained herein is not registered under the Securities Act or qualified under applicable state securities laws on the ground that
the issuance contemplated by this Warrant will be exempt from the registration and qualifications requirements thereof and (ii) that the Company’s reliance on such exemption is predicated on the representations set forth in this
Section 8(c). The Holder has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of its investment and has the ability to bear the economic risks of its investment. 

  
 12 

 9. Noncircumvention. 

The Company hereby covenants and agrees that the Company will not, by amendment of its certificate of incorporation, bylaws or through any reorganization,
transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, and will at all
times in good faith carry out all the provisions of this Warrant and take all action as may be reasonably required to protect the rights of the Holder. Without limiting the generality of the foregoing, the Company (i) shall not increase the par
value of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect, and (ii) shall take all such actions as may be necessary or appropriate in order that the Company may validly and legally
issue fully paid and nonassessable shares of Common Stock upon the exercise of this Warrant. 
 10. Events of Failure; Definition of Black Scholes
Value. 
 (a) Definition. 
 The occurrence of each of
the following shall be considered to be an “Event of Failure.” 
 (i) A Delivery Failure occurs, where a “Delivery
Failure” shall be deemed to have occurred if the Company fails to use its reasonable best efforts to deliver Exercise Shares to the Holder within any applicable Delivery Period (other than due to the limitation contained in the second paragraph
of Section 1); 
 (ii) A Legend Removal Failure occurs, where a “Legend Removal Failure” shall be deemed to have occurred if
the Company fails to use its reasonable best efforts to issue this Warrant and/or Exercise Shares without a restrictive legend, or fails to use it reasonable best efforts to remove a restrictive legend, when and as required under
Section 2(e) hereof; 
 (iii) a Transfer Delivery Failure occurs, where a “Transfer Delivery Failure” shall be deemed to have
occurred if the Company fails to use its reasonable best efforts to deliver a Warrant within any applicable Transfer Delivery Period; and 

(iv) a Registration Failure (as defined below). 

For purpose hereof, “Registration Failure” means that (A) the Company fails to file the Initial Registration Statement with the SEC on or
before the Initial Filing Deadline or fails to file any other Registration Statement that is required to be filed pursuant to Section 2(a) of the Registration Rights Agreement to the extent required under the Registration Rights Agreement or
(B) the Company fails to use reasonable best efforts to obtain effectiveness with the SEC, prior to the Initial Registration Deadline with respect to the Initial Registration Statement or as required under the Registration Rights Agreement with
respect to any other Registration Statement that is required to be filed pursuant to Section 2(a) of the Registration Rights Agreement, or fails to use reasonable best efforts to keep such Registration Statement current and effective as
required in Section 3 of the Registration Rights Agreement (subject to the Company’s right to delay or suspend effectiveness pursuant to Section 3(q) of the Registration Rights Agreement) or (C) any Registration Statement
required to be filed under the applicable Registration Rights Agreement, after its initial effectiveness and during the Registration Period, lapses in effect or sales of all of the Registrable Securities cannot otherwise be made thereunder (whether
by reason of the Company’s failure to amend or supplement the prospectus included therein in accordance with the Registration Rights Agreement, the Company’s failure to file and use reasonable best efforts to obtain effectiveness with the
SEC of an additional Registration Statement or amended Registration Statement required pursuant to Section 3 of the Registration Rights Agreement or otherwise) for a period of time in excess of the Grace Period, provided that in each
case, a Registration Failure shall be deemed to not have occurred if such Registration Failure results from a breach by any holder of a Registrable Security of its obligations pursuant to Section 4 of the Registration Rights Agreement. 

(b) Failure Payments; Black-Scholes Determination. The Company understands that any Event of Failure (as defined above) could result in economic loss
to the Holder. In the event that any Event of Failure occurs (other than an Event of Failure caused by the submission of any incomplete or inaccurate information required to be furnished by the Holder) as compensation to the Holder for such loss,
the Company agrees to pay (as liquidated damages and not as a penalty) to the Holder payments payable in, at the Company’s option, cash or shares of common stock that are valued for these purposes at 97.5% of the Volume Weighted Average Price
on the date of such calculation (“Failure Payments”) at a rate of 12% per annum (or the maximum rate permitted by applicable law, whichever is less) of the Black-Scholes value (as determined below) of the remaining unexercised portion
of this Warrant on the date of such Event of Failure (as recalculated on the first Business Day of each month thereafter for as long as Failure Payments shall continue to accrue), which shall accrue daily from the date of such Event of Failure until
the Event of Failure is cured, accruing daily and compounded monthly; provided, however, if the Company elects to pay the Failure Payments in shares of Common Stock (the “Failure Payment Shares”), the Holder shall receive up to such amount
of shares of Common Stock such that Holder and any other 

  
 13 

 
persons or entities whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange Act (including shares held by any
“group” of which the Holder is a member, but excluding shares beneficially owned by virtue of the ownership of securities or rights to acquire securities that have limitations on the right to convert, exercise or purchase similar to the
limitation set forth herein) shall not collectively beneficially own greater than 9.98% of the total number of shares of Common Stock of the Company then issued and outstanding, and provided further, that the forgoing proviso shall not be construed
to require any cash payment by the Company of the remaining amount of the Failure Payment. For purposes of clarification, it is agreed and understood that Failure Payments shall continue to accrue following any Event of Default until the applicable
Default Amount is paid in full. The Holder shall make reasonable efforts to notify the Company if, during any period in which Failure Payments are accruing, Failure Payments cannot be paid by virtue of the ownership restrictions set forth in this
subsection (b) and, following such notice, shall make reasonable efforts to notify the Company if, during such period that Failure Payments are accruing the Holder’s ownership of Common Stock falls below such threshold. 

Notwithstanding the above, with respect to a Registration Failure, in the event that the Company (i) has (A) by the Initial Filing Deadline filed
the Initial Registration Statement as required by the Registration Rights Agreement and (B) to the extent required under the Registration Rights Agreement filed any other Registration Statement that is required to be filed pursuant to
Section 2(a) of the Registration Rights Agreement and (ii) has responded in writing to any comments to such Registration Statement that the Company has received from the SEC within ten (10) Business Days of such receipt, and
nevertheless the SEC has not declared effective (X) the Initial Registration Statement by the Initial Registration Deadline and (Y) with respect to any other Registration Statement that is required to be filed pursuant to Section 2(a)
of the Registration Rights Agreement, as required under the Registration Rights Agreement, then the Failure Payments attributable to a Registration Failure shall be reduced from 12% to 10% (calculated as set forth above). The Company shall satisfy
any Failure Payments incurred under this Section pursuant to Section 10(c) below. 
 For purposes hereof, the “Black-Scholes” value
of a Warrant shall be determined by use of the Black-Scholes Option Pricing Model using the criteria set forth on Schedule 1 hereto. 
 (c) Payment of
Accrued Failure Payments. The Failure Payment Shares for each Event of Failure shall be issued and delivered on or before the fifth (5th) Trading Day of each month following a month in which Failure Payments accrued. Nothing herein shall
limit the Holder’s right to pursue actual damages (to the extent in excess of the Failure Payments) for the Company’s Event of Failure, and the Holder shall have the right to pursue all remedies available at law or in equity (including a
decree of specific performance and/or injunctive relief). Notwithstanding the above, if a particular Event of Failure results in an Event of Default pursuant to Section 11 hereof, then the Failure Payment, for that Event of Failure only, shall
be considered to have been satisfied upon payment to the Holder of an amount equal to the greater of (i) the Failure Payment, and (ii) the Default Amount, payable in accordance with Section 11. 

(d) Maximum Interest Rate. Nothing contained herein or in any document referred to herein or delivered in connection herewith shall be deemed to
establish or require the payment of a rate of interest or other charges in excess of the maximum permitted by applicable law. In the event that the rate of interest or dividends required to be paid or other charges hereunder exceed the maximum
permitted by such law, any payments in excess of such maximum shall be credited against amounts owed by the Company to the Holder and thus refunded to the Company. 

11. Default and Redemption. 
 (a) Events Of
Default. Each of the following events shall be considered to be an “Event of Default,” unless waived by the Holder: 
 (i) Failure To
Effect Registration. With respect to all Registration Failures, a Registration Failure occurs and remains uncured for a period of more than forty-five (45) days (or sixty (60) days in the case where the Company (i) has (A) by
the Initial Filing Deadline filed the Initial Registration Statement as required by the Registration Rights Agreement or (B) to the extent required under the Registration Rights Agreement filed any other Registration Statement that is required
to be filed pursuant to Section 2(a) of the Registration Rights Agreement and (ii) has responded in writing to any comments to such Registration Statement that the Company has received from the SEC within ten (10) Business Days of
such receipt, and nevertheless the SEC has not declared effective (X) the Initial Registration Statement by the Initial Registration Deadline or (Y) with respect to any other Registration Statement that is required to be filed pursuant to
Section 2(a) of the Registration Rights Agreement, as required under the Registration Rights Agreement, and such Registration Failure relates solely to the Company’s failure to have the applicable Registration Statement declared
effective as required by the Registration Rights Agreement), provided that in each case, a Registration Failure shall be deemed to not have occurred if such Registration Failure results from a breach by any holder of a Registrable Security of
its obligations pursuant to Section 4 of the Registration Rights Agreement; 

  
 14 

 (ii) Failure To Deliver Common Stock. Other than as provided in Section 11(a)(iv)(C) below, a
Delivery Failure (as defined above) occurs and remains uncured for a period of more than twenty (20) days; or at any time, the Company announces or states in writing that it will not honor its obligations to issue shares of Common Stock to the
Holder upon Exercise by the Holder of the Exercise rights of the Holder in accordance with the terms of this Warrant; 
 (iii) Legend Removal
Failure. A Legend Removal Failure (as defined above) occurs and remains uncured for a period of thirty (30) days; and 
 (iv) Corporate
Existence; Major Transaction. (A) The Company has effected a Major Transaction without paying the Major Transaction Warrant Redemption Price, if applicable, to the Holder pursuant to Section 5(c)(iii), (B) with respect to a Major
Transaction that is to be treated as an Assumption under the terms hereof, the Company has failed to meet the Assumption requirements of Section 5(c)(ii) prior to effecting a Major Transaction or (C) a Delivery Failure has occurred with
respect to the Exercise Shares issuable upon exercise by the Holder of a Cashless Major Exercise. 
 (b) Mandatory Redemption; Cashless Default
Exercise. 
 (i) Mandatory Redemption Amount; Cashless Default Exercise. If any Events of Default shall occur then, upon the occurrence and during
the continuation of any Event of Default, the Holder shall have the right to exercise this Warrant pursuant to a Cashless Default Exercise in accordance with Section 3(a)(iv) above; provided, however, that the Company shall have the right to
redeem the outstanding amount of this Warrant and pay to the Holder (a “Mandatory Redemption”), in full satisfaction of its obligations hereunder by delivery of a notice to such effect to the Holder within two (2) Business Days
following receipt of such Exercise Form delivered in accordance with Section 3(a)(iv), an amount in cash (the “Mandatory Redemption Amount” or the “Default Amount”) equal to the Black-Scholes value (as determined in
accordance with Section 10(b) of the remaining unexercised portion of this Warrant on the date of delivery of such Exercise Form. 
 The Mandatory
Redemption Amount shall be payable within five (5) Trading Days of the date of delivery of such Exercise Form. 
 (ii) Liquidated Damages. The
parties hereto acknowledge and agree that the sums payable as Failure Payments or pursuant to a Mandatory Redemption shall give rise to liquidated damages and not penalties. The parties further acknowledge that (A) the amount of loss or damages
likely to be incurred by the Holder is incapable or is difficult to precisely estimate, (B) the amounts specified bear a reasonable proportion and are not plainly or grossly disproportionate to the probable loss likely to be incurred by the
Holder, and (C) the parties are sophisticated business parties and have been represented by sophisticated and able legal and financial counsel and negotiated this Agreement at arm’s length. 

Subject to the time period for payment of the Mandatory Redemption Amount pursuant to Section 11(b)(i) above, from and after the Company’s election
to redeem the outstanding Warrant as provided in clause (i) above, the Default Amount, together with all other amounts payable hereunder, shall immediately become due and payable, all without demand, presentment or notice, all of which hereby
are expressly waived, together with all costs, including, without limitation, legal fees and expenses, of collection, and the Holder shall be entitled to exercise all other rights and remedies available at law or in equity. 

(c) Remedies, Other Obligations, Breaches And Injunctive Relief. The remedies provided in this Warrant shall be cumulative and in addition to all other
remedies available under this Warrant, the Note Purchase Agreement and the Registration Rights Agreement, at law or in equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the right of
the Holder to pursue actual damages for any failure by the Company to comply with the terms of this Warrant. The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder and that the remedy at
law for any such breach may be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach, the holder of this Warrant shall be entitled, in addition to all other available remedies, to an injunction
restraining any breach, without the necessity of showing economic loss and without any bond or other security being required. 
 12. Mechanics of
Holder’s Redemptions.  
 In the event that the Company does not pay the applicable Major Transaction Warrant Redemption Price or issue the Exercise
Shares upon a Cashless Major Exercise or Cashless Default (collectively, “Early Termination Shares”) to the Holder within the time period required, at any time thereafter and until the Company pays such unpaid Major Transaction Warrant
Redemption Price or issues such 

  
 15 

 
Early Termination Shares in full, the Holder shall have the option, in lieu of redemption or exercise, to require the Company to promptly return to the Holder all or any portion of this Warrant
that was submitted for redemption or exercise and for which the applicable Major Transaction Warrant Redemption Price (together with any late charges thereon) or Early Termination Shares has not been paid by submitting a written notice to the
Company (the “Return Notice”). Upon the Company’s receipt of such notice, (x) the applicable early termination or exercise, as the case may be, shall be null and void with respect to such applicable portion of this Warrant, and
(y) the Company shall immediately return this Warrant, or issue a new Warrant to the Holder representing the portion of this Warrant that was submitted for redemption. The Holder’s delivery of a notice voiding a notice and exercise of its
rights following such notice shall not affect the Company’s obligations to make any payments of Failure Payments which have accrued prior to the date of such notice with respect to the Warrant subject to such notice. 

13. Limitation on Issuance of Common Stock. 
 (a) Share
Cap. Notwithstanding anything herein to the contrary, the maximum number of shares of Common Stock (i) issued or issuable pursuant to this Warrant and all additional Warrants issued pursuant to Section 3(d) of that certain Third
Amendment to the Note Purchase Agreement, dated as of the date hereof, may not exceed 3,000,000 shares of Common Stock, as appropriately adjusted for any stock split or combination. For the avoidance of doubt, the Company shall not be required to
net cash settle or otherwise make any cash payment to Holder to settle this Warrant by virtue of such limitation. 
 (b) No Obligation to Net Cash Settle
this Warrant. Notwithstanding anything to the contrary herein, in the event that the Company is not permitted to issue shares of Common Stock to Holder pursuant to this Warrant because the number of shares of Common Stock then beneficially owned
by the Holder and its Affiliates and any other persons or entities whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange Act (including shares held by any
“group” of which the Holder is a member, but excluding shares beneficially owned by virtue of the ownership of securities or rights to acquire securities that have limitations on the right to convert, exercise or purchase similar to the
limitation set forth herein) would violate the 9.98% Cap, the Company shall not be required to net cash settle or otherwise make any cash payment to Holder to settle this Warrant by virtue of such limitation. 

14. Benefits of this Warrant. 
 Nothing in this Warrant
shall be construed to confer upon any person other than the Company and Holder any legal or equitable right, remedy or claim under this Warrant and this Warrant shall be for the sole and exclusive benefit of the Company and Holder. 

15. Governing Law.  
 All questions concerning the
construction, validity, enforcement and interpretation of this Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof.
Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement (whether brought against a party hereto or its respective affiliates, directors, officers,
shareholders, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the
City of New York, borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit,
action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal
service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for
notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner
permitted by law. The parties hereby waive all rights to a trial by jury. If either party shall commence an action or proceeding to enforce any provisions of this Agreement, then the prevailing party in such action or proceeding shall be reimbursed
by the other party for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding. 

  
 16 

 16. Loss of Warrant. 

Upon receipt by the Company of evidence of the loss, theft, destruction or mutilation of this Warrant, and (in the case of loss, theft or destruction) of
indemnity or security reasonably satisfactory to the Company, and upon surrender and cancellation of this Warrant, if mutilated, the Company shall execute and deliver a new Warrant of like tenor and date. 

17. Notice or Demands. 
 Except as otherwise provided
herein, notices or demands pursuant to this Warrant to be given or made by Holder to or on the Company shall be sufficiently given or made if sent by overnight delivery with a nationally recognized overnight courier service or by certified or
registered mail, return receipt requested, postage prepaid, and addressed, until another address is designated in writing by the Company, to the address set forth in Section 2(a) above. To the extent any notice or demand pursuant to this
Warrant can be made by electronic mail, such notice or demand given or made by Holder to or on the Company shall be sufficiently given or made if it is sent by electronic mail to the addresses that the Company shall designate in writing from time to
time (it being understood that the Company may require such notices to be sent to multiple facsimile numbers and/or electronic mail addresses). Notices or demands pursuant to this Warrant to be given or made by the Company to or on Holder shall be
sufficiently given or made if sent by overnight delivery with a nationally recognized overnight courier service or by certified or registered mail, return receipt requested, postage prepaid, and addressed, to the address of Holder set forth in the
Company’s records, until another address is designated in writing by Holder. 

  
 17 

 IN WITNESS WHEREOF, the undersigned has executed this Warrant as of the
         day of January, 2014. 
  

			
	EXELIXIS, INC.
		
	By:	 	
                  

		 	Print 
		 	Title: 

  
 18 

 EXHIBIT A 

EXERCISE FORM FOR WARRANT 

TO: EXELIXIS, INC. 
 CHECK THE
APPLICABLE BOX: 
  

	 ̈	Cash Exercise 

 The undersigned hereby irrevocably exercises the attached warrant
(the “Warrant”) with respect to                  shares of Common Stock (the “Common Stock”) of EXELIXIS, INC., a Delaware corporation (the
“Company”). 
  

	 ̈	Cashless Exercise 

 The undersigned hereby irrevocably exercises the Warrant with
respect to                  shares of Common Stock of the Company and herewith makes payment of the Exercise Price with respect to such shares in full, all in accordance
with the conditions and provisions of said Warrant. 
  

	 ̈	Cashless Major Exercise 

 The undersigned hereby irrevocably exercises the Warrant
with respect to     % of the principal amount of the Warrant currently outstanding pursuant to a Cashless Major Exercise in accordance with the terms of the Warrant. 

 

	 ̈	Cashless Default Exercise 

 The undersigned hereby irrevocably exercises the
Warrant pursuant to a Cashless Default Exercise, in accordance with the terms of the Warrant. 
  

	1.	The undersigned agrees not to sell, transfer, assign, pledge, hypothecate or otherwise dispose of any of the Common Stock obtained on Exercise of the Warrant, except in accordance with applicable securities laws and the
provisions of Section 8(a) of the Warrant. 

  

	2.	The number of shares of Common Stock beneficially owned by the Holder and its Affiliates (as defined in the Warrant) and any other persons or entities whose beneficial ownership of Common Stock would be aggregated with
the Holder’s for purposes of Section 13(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) (including shares held by any “group” of which the Holder is a member, but excluding shares beneficially owned
by virtue of the ownership of securities or rights to acquire securities that have limitations on the right to convert, exercise or purchase similar to the limitation set forth herein) is
                    . For purposes hereof, “group” has the meaning set forth in Section 13(d) of the Exchange Act and
applicable regulations of the Securities and Exchange Commission, and the number of shares beneficially owned has been determined in a manner consistent with Section 13(d) of the Exchange Act and the rules and regulations promulgated
thereunder. 

  

	3.	The undersigned requests that a warrant representing any unexercised portion hereof be issued, pursuant to the Warrant in the name of the undersigned and delivered to the undersigned at the address set forth below.

  

	4.	Capitalized terms used but not otherwise defined in this Exercise Form shall have the meaning ascribed thereto in the Warrant. 

  

	5.	In the event of any conflict between the term of this Exercise Form and any provisions of this Warrant, the terms of the Warrant shall govern. 

Dated:                      

 

	
	
	  
 Signature

 

	 Print Name

 

  
 19 

 Address 

NOTICE 
 The signature to the foregoing Exercise Form must
correspond to the name as written upon the face of the attached Warrant in every particular, without alteration or enlargement or any change whatsoever. 

  
 20 

 EXHIBIT B 

ASSIGNMENT 
 (To be
executed by the registered holder 
 desiring to transfer the Warrant) 

FOR VALUE RECEIVED, the undersigned holder of the attached warrant (the “Warrant”) hereby sells, assigns and transfers unto the person or persons
below named the right to purchase                  shares of the Common Stock of EXELIXIS, INC., a Delaware corporation, evidenced by the attached Warrant and
does hereby irrevocably constitute and appoint                  attorney to transfer the said Warrant on the books of the Company, with full power of substitution in the
premises. 
 The undersigned hereby certifies that the Warrant is being sold, assigned or transferred in accordance with all applicable securities laws.

  

							
	Dated:                    	 		 		 	  

		 		 		 	Signature

 Fill in for new registration of Warrant: 
  

	
	  

Name

	
	  
 Address

	
	  
 Please print name and address of
assignee
 (including zip code number)

 NOTICE 
 The signature to the
foregoing Assignment must correspond to the name as written upon the face of the attached Warrant in every particular, without alteration or enlargement or any change whatsoever. 

  
 21 

 EXHIBIT C 

FORM OF OPINION 

            , 20     

[                ] 

 

	Re:	Exelixis, Inc. (the “Company”) 

 Dear Sir: 

[                ]
(“[                ]”) intends to transfer                  [Warrants (the
“Warrants”)/shares of Common Stock (the “Shares”)] of the Company to                 
(“                ”) without registration under the Securities Act of 1933, as amended (the “Securities Act”). In connection therewith, we have
examined and relied upon the truth of representations contained in an Investor Representation Letter attached hereto and have examined such other documents and issues of law as we have deemed relevant. 

Based on and subject to the foregoing, we are of the opinion that the transfer of the [Warrants/Shares] by
                 to                  may be effected without registration under the
Securities Act, provided, however, that the [Warrants/Shares] to be transferred to                  contain a legend restricting its transferability
pursuant to the Securities Act and that transfer of the [Warrants/Shares] is subject to a stop order. 
 The foregoing opinion is furnished only to
                 and may not be used, circulated, quoted or otherwise referred to or relied upon by you for any purposes other than the purpose for which furnished or by
any other person for any purpose, without our prior written consent. 
 Very truly yours, 

 [FORM OF INVESTOR REPRESENTATION LETTER] 

            , 20     

[                ] 

Gentlemen: 

                (“        ”)
has agreed to purchase                 [Warrants (the “Warrants”)/shares of Common Stock (“Shares”)] of Exelixis, Inc. (the “Company”) from
[                ] (“[                ]”). We understand that the
[Warrants/Shares] are “restricted securities.” We represent and warrant that                 is a sophisticated institutional investor that qualifies as an
“Accredited Investor” as defined in Rule 501 of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”). 

                represents and warrants as of the date hereof as follows: 

1. That it is acquiring the [Warrants and the shares of common stock, $0.001 par value per share underlying such Warrants (the “Exercise
Shares”)/Shares] solely for its account for investment and not with a view to or for sale or distribution of said [Warrants or Exercise Shares/Shares] or any part thereof.
                also represents that the entire legal and beneficial interests of the [Warrants and Exercise Shares/Shares]
                is acquiring is being acquired for, and will be held for, its account only; 

2. That the [Warrants and the Exercise Shares/Shares] have not been registered under the Securities Act on the basis that no distribution or
public offering of the stock of the Company is to be effected.                 realizes that the basis for the exemption may not be present if, notwithstanding its
representations,                 has a present intention of acquiring the securities for a fixed or determinable period in the future, selling (in connection with a
distribution or otherwise), granting any participation in, or otherwise distributing the securities.                 has no such present intention; 

3. That the [Warrants and the Exercise Shares/Shares] must be held indefinitely unless they are subsequently registered under the Securities
Act or an exemption from such registration is available.                 recognizes that the Company has no obligation to register the [Warrants/Shares], or to comply
with any exemption from such registration; 
 4. That neither the [Warrants nor the Exercise Shares/Shares] may be sold pursuant to Rule 144
adopted under the Securities Act unless certain conditions are met, including, among other things, the existence of a public market for the shares, the availability of certain current public information about Company, the resale following the
required holding period under Rule 144 and the number of shares being sold during any three month period not exceeding specified limitations; 

5. That it will not make any disposition of all or any part of the [Warrants or Exercise Shares/Shares] in any event unless and until: 

(i) The Company shall have received a letter secured by
                from the Securities and Exchange Commission stating that no action will be recommended to the Securities and Exchange Commission with respect to the
proposed disposition; 
 (ii) There is then in effect a registration statement under the Securities Act covering such proposed disposition
and such disposition is made in accordance with said registration statement; or 
 (iii)
                shall have notified the Company of the proposed disposition and shall have furnished counsel to the Company with an opinion of counsel, reasonably
satisfactory to counsel to the Company, that no registration under the Securities Act or qualification under any state securities laws is required for the proposed disposition. 

  
 23 

 We acknowledge that the Company will place stop orders with respect to the [Warrants and the Exercise
Shares/Shares], and if a registration statement is not effective, the [Exercise Shares/Shares] shall bear the following restrictive legend: 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE
STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER SAID ACT, OR PURSUANT TO AN EXEMPTION FROM
REGISTRATION UNDER SAID ACT INCLUDING, WITHOUT LIMITATION, PURSUANT TO RULES 144 OR 144A UNDER SAID ACT.” 
 “THE SALE, TRANSFER
OR ASSIGNMENT OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS AND CONDITIONS OF A CERTAIN REGISTRATION RIGHTS AGREEMENT DATED AS OF JANUARY 22, 2014, AS AMENDED FROM TIME TO TIME, AMONG THE COMPANY AND A HOLDER OF ITS
OUTSTANDING SECURITIES. COPIES OF SUCH AGREEMENT MAY BE OBTAINED AT NO COST BY WRITTEN REQUEST MADE BY THE HOLDER OF RECORD OF THIS CERTIFICATE TO THE SECRETARY OF THE COMPANY.” 

At any time and from time to time after the date hereof,
                shall, without further consideration, execute and deliver to
[                ] or the Company such other instruments or documents and shall take such other actions as they may reasonably request to carry out the transactions
contemplated hereby. 
 Very truly yours, 

  
 24 

 Schedule 1 

Black-Scholes Value 
  

					
	 	  	 Calculation Under Section 5(c)(iii)
	  	 Calculation Under Section 3(a)(iv), 10(b) or
11(b)

	 Remaining Term
	  	Number of calendar days from date of public announcement of the Major Transaction until the prevailing Ending Date at such time.	  	Number of calendar days from date of the Event of Failure until the prevailing Ending Date at such time.
			
	 Interest Rate
	  	A risk-free interest rate corresponding to the US$ LIBOR/Swap rate for a period equal to the Remaining Term.	  	A risk-free interest rate corresponding to the US$ LIBOR/Swap rate for a period equal to the Remaining Term.
			
	 Volatility
	  	50%	  	50%
			
	 Stock Price
	  	The closing price of the Common Stock on NASDAQ, or, if that is not the principal trading market for the Common Stock, such principal market on which the Common Stock is traded or listed (the “Closing Market Price”) on the
trading day immediately preceding the date on which a Major Transaction is consummated.	  	The volume Weighted Average Price on the date of such calculation.
			
	 Dividends
	  	Zero.	  	Zero.
			
	 Cost to Borrow
	  	Zero.	  	Zero.
			
	 Strike Price
	  	Exercise Price as defined in Section 3(a)	  	Exercise Price as defined in Section 3(a)

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