Document:

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                                                                EXHIBIT 10.1

                                JENNY CRAIG, INC.

                   AMENDED AND RESTATED 1991 STOCK OPTION PLAN

1.   Purposes

     The purposes of the Jenny Craig, Inc. 1991 Stock Option Plan (the "Plan")
are to enable Jenny Craig, Inc. ("Jenny Craig") and its subsidiaries to attract,
retain and motivate the best qualified personnel and to create a long-term
mutuality of interest between the key personnel and the shareholders of Jenny
Craig by granting them options to purchase Jenny Craig stock.

2.   Definitions

     Unless the context requires otherwise, the following words as used in the
Plan shall have the meanings ascribed to each below, it being understood that
masculine, feminine and neuter pronouns are used interchangeably, and that each
comprehends the others.

     (a) "Advisory Board" shall mean the Advisory Board of Jenny Craig.

     (b) "Board" shall mean the Board of Directors of Jenny Craig.

     (c) "Committee" shall mean such committee, if any, appointed by the Board
to administer the Plan, consisting of such directors as may be appointed by the
Board, provided that, with respect to grants of Options to non-employee
directors and any action hereunder relating to Options held by non-employee
directors, Committee shall mean the Board, and provided further, if the Board
does not appoint a committee to administer the Plan, "Committee" shall mean the
Board.

     (d) "Code" shall mean the Internal Revenue Code of 1986, as amended.

     (e) "Common Stock" shall mean the common stock of Jenny Craig, par value
$.000000005, any common stock into which such common stock may be changed and
any common stock resulting from any reclassification of such common stock.

     (f) "Company" shall mean Jenny Craig and its subsidiaries any of whose
employees are Participants (as hereinafter defined) in this Plan.

     (g) "Fair Market Value" shall mean the value of a share of Common Stock on
a particular date, determined as follows:

         (i) If the Common Stock is listed or admitted to trading on such date
     on the New York Stock Exchange, the mean of the high and low sales prices
     of a Share on such date as reported in the principal consolidated
     transaction reporting system with respect to securities listed or admitted
     to trading on the New York Stock Exchange; or

         (ii) If the Common Stock is not listed or admitted to trading on the
     New York Stock Exchange but is listed or admitted to trading on another
     national exchange, the mean of the high and low sales

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     prices of a Share on such date as reported in the principal consolidated
     transaction reporting system with respect to securities listed or admitted
     to trading on such national exchange; or

         (iii) If the Common Stock is not listed or admitted to trading on any
     national exchange, the mean of the closing bid and asked prices (or, if
     available, the high and low sales prices) of a Share on such date in the
     over-the-counter market, as reported by the National Association of
     Securities Dealers, Inc. Automatic Quotation System, the National Quotation
     Bureau or such other system then in use with regard to the Common Stock or,
     if on such date the stock of the Company is publicly traded but not quoted
     by any such system, the mean of the closing bid and asked prices of a Share
     on such date as furnished by a professional market maker making a market in
     the Common Stock;

         (iv) If in (i), (ii) or (iii) above, as applicable, there were no sales
     on such date reported as provided above, the respective prices on the most
     recent prior day on which a sale of a Share took place; or

         (v) If the Common Stock is not publicly traded, such amount set by the
     Committee in good faith.

     (h) "Minimum Exercise Price" shall mean one hundred percent (100%) of the
Fair Market Value of a Share at the time of the grant of the Option, or the par
value of a Share, whichever is greater.

     (i) "Option" shall mean the right to purchase one Share at a prescribed
purchase price on the terms specified in the Plan.

     (j) "Participant" shall mean a key employee of the Company (who may be, but
need not be, an officer, director and/or member of the Advisory Board of Jenny
Craig), a non-employee director, an Advisory Board member or a consultant to the
Company, who has been granted Options under the Plan.

     (k) "Share" shall mean a share of Common Stock.

3.   Effective Date

     The effective date of the Plan shall be October 1, 1991.

4.   Administration

     (a) The Plan shall be administered by the Committee. The Committee shall
have full authority to interpret the Plan and all Options granted hereunder; to
establish, amend, and rescind rules for carrying out the Plan; to administer the
Plan; to select employees, directors, consultants and Advisory Board members to
participate in the Plan; to grant Options under the Plan; to determine the
terms, exercise price and form of exercise payment for each Option granted under
the Plan; to determine whether each Option granted under the Plan shall be
intended to qualify as an "incentive stock option" under Section 422A of the
Code; and to make all other determinations and to take all such steps in
connection with the Plan and the Options as the Committee deems necessary or
desirable, all of which shall be in the Committee's sole discretion. The
Committee shall not be bound to any standards of uniformity or similarity of
action,

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interpretation or conduct in the discharge of its duties hereunder, regardless
of the apparent similarity of the matters coming before it. Its determination
shall be binding on all parties.

     (b) Any Participant may hold more than one Option under the Plan and under
any other plan pursuant to which stock options, Shares or other incentives may
be granted, issued or paid.

     (c) The Committee may designate the Secretary of Jenny Craig, other
employees of Jenny Craig or competent professional advisors to assist the
Committee in the administration of the Plan, and may grant authority to such
persons to execute agreements or other documents on behalf of the Committee. The
Committee may employ such legal counsel, consultants and agents as it may deem
desirable for the administration of the Plan, and may rely upon any opinion
received from any such counsel or consultant and any computation received from
any such consultant or agent. Expenses incurred by the Committee in the
engagement of such counsel, consultant or agent shall be paid by Jenny Craig.

     (d) No member or former member of the Committee or of the Board shall be
liable for any action or determination made in good faith with respect to the
Plan or any Option granted under it. To the maximum extent permitted by
applicable law, each member or former member of the Committee or of the Board
shall be indemnified and held harmless by Jenny Craig against any cost or
expense (including counsel fees) or liability (including any sum paid in
settlement of a claim with the approval of Jenny Craig) arising out of any act
or omission to act in connection with the Plan unless arising out of such
member's or former member's own fraud or bad faith. Such indemnification shall
be in addition to any rights of indemnification the members or former members
may have as directors under applicable law or under the certificate of
incorporation or by-laws of Jenny Craig.

     (e) The Committee shall select one of its members as a Chairman and shall
adopt such rules and regulations as it shall deem appropriate concerning the
holding of its meetings and the transaction of its business. Any member of the
Committee may be removed at any time either with or without cause by resolution
adopted by the Board, and any vacancy on the Committee may at any time be filled
by resolution adopted by the Board.

     (f) All determinations by the Committee shall be made by the affirmative
vote of a majority of its members. Any such determination may be made at a
meeting duly called and held at which a majority of the members of the Committee
were in attendance in person or through telephonic communication. Any
determination set forth in writing and signed by all of the members of the
Committee shall be as fully effective as if it had been made by a majority vote
of the members at a meeting duly called and held.

5.   Shares; Adjustment Upon Certain Events

     (a) Shares to be issued under the Plan shall be made available, at the
discretion of the Board, either from authorized but unissued Shares or from
issued Shares reacquired by Jenny Craig.

     (b) Except as provided in this Section 5, the aggregate number of Shares
that may be issued under the Plan shall not exceed 3,000,000 shares. If Options
are for any reason cancelled, or expire or terminate unexercised, the Shares
covered by such Options shall again be available for the grant of Options,
subject to the limit provided by the preceding sentence.

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     (c) No fractional Shares will be issued or transferred in the exercise of
any Option. In lieu thereof, Jenny Craig shall pay a cash adjustment equal to
the same fraction of the Fair Market Value of one Share on the date of exercise.

     (d) The existence of the Plan and the Options granted hereunder shall not
affect in any way the right or power of the Board or the stockholders of Jenny
Craig to make or authorize any adjustment, recapitalization, reorganization or
other change in Jenny Craig's capital structure or its business, any merger or
consolidation of Jenny Craig, any issue of bonds, debentures, preferred or prior
preference stocks ahead of or affecting Common Stock, the dissolution or
liquidation of Jenny Craig or any sale or transfer of all or part of its assets
or business, or any other corporate act or proceeding, in which case the
provisions of this Section 5 shall govern outstanding Options.

     (e) The Shares with respect to which Options may be granted are Shares of
Common Stock as presently constituted, but, if and whenever, prior to the
expiration of an Option theretofore granted, Jenny Craig shall effect a
subdivision, recapitalization or consolidation of Shares or the payment of a
stock dividend on Shares without receipt of consideration, the purchase price
per Share and the number and class of Shares and/or other securities with
respect to which such Option thereafter may be exercised, and the total number
and class of Shares and/or other securities that may be issued under this Plan,
shall be proportionately adjusted.

     (f) If Jenny Craig merges or consolidates with one or more corporations,
then from and after the effective date of such merger or consolidation, upon
exercise of an Option theretofore granted the Participant shall be entitled to
purchase under such Option, in lieu of the number of Shares as to which such
Option shall then be exercisable but on the same terms and conditions of
exercise set forth in such Option, the number and class of Shares and/or other
securities or property (including cash) to which the Participant would have been
entitled pursuant to the terms of the agreement of merger or consolidation if,
immediately prior to such merger or consolidation, the Participant had been the
holder of record of the total number of Shares receivable upon exercise of such
Option (whether or not then exercisable) had such merger or consolidation not
occurred.

     (g) If, as a result of any adjustment made pursuant to the preceding
paragraphs of this Section 5, any Participant shall become entitled upon
exercise of an Option to receive any securities other than Common Stock, then
the number and class of securities so receivable thereafter shall be subject to
adjustment from time to time in a manner and on terms as nearly equivalent as
practicable to the provisions with respect to the Common Stock set forth in this
Section 5.

     (h) Except as hereinbefore expressly provided, the issuance by Jenny Craig
of shares of stock of any class, or securities convertible into shares of stock
of any class, for cash, property, labor or services, upon direct sale, upon the
exercise of rights or warrants to subscribe therefor, or upon conversion of
shares or other securities, and in any case whether or not for fair value, shall
not affect, and no adjustment by reason thereof shall be made with respect to,
the number and class of Shares and/or other securities or property subject to
Options theretofore granted or the purchase price per Share.

     (i) Notwithstanding any provision of this Section 5 to the contrary, if
authorized but previously unissued Shares are issued under the Plan, such Shares
shall not be issued for a consideration less than their par value.

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6.   Awards and Terms of Options

     (a) Grant. The Committee may grant Options not intended to be "incentive
stock options" within the meaning of section 422A of the Code to key employees,
Advisory Board members and consultants to the Company, and may grant "incentive
stock options" to key employees. The Board may grant Options not intended to be
"incentive stock options" within the meaning of Section 422A of the Code to
non-employee directors. Additionally, without further action by the Board, the
Committee or the stockholders of Jenny Craig, each non-employee director on the
date immediately prior to the effective date of Jenny Craig's initial public
offering of its common stock, and each person who becomes a non-employee
director thereafter and prior to November 1, 1996 shall automatically receive,
(x) a one-time grant, effective on the date immediately prior to the effective
date of such public offering or, if later, on the date of such person becoming a
director, of Options to purchase 5,000 Shares, and (y) an annual grant, on each
anniversary of the initial grant for so long as such person continues to be a
director, of Options to purchase 500 Shares. Options shall be evidenced by
Option agreements in such form not inconsistent with the Plan as the Committee
shall approve from time to time, which agreements shall contain in substance the
following terms and conditions:

         (i) Exercise Price. The purchase price per Share deliverable upon the
     exercise of an Option shall be determined by the Committee, but shall not
     be less than the Minimum Exercise Price. For Options received by
     non-employee directors pursuant to the second sentence of Section 6(a), the
     purchase price per Share deliverable upon the exercise of an Option shall
     be the Minimum Exercise Price.

        (ii) Number of Shares. The Option agreement shall specify the number of
     Options granted to the Participant, as determined by the Committee or as
     set forth in the second sentence of this Section 6(a) with respect to
     options granted pursuant to such sentence. The maximum number of Options
     that may be granted under the Plan during any calendar year to any
     Participant shall not exceed 500,000 Options, provided however that if the
     Company grants to any Participant during any calendar year less than
     500,000 Options or does not grant any Options during any calendar year to
     such Participant, then the amount of such shortfall shall be carried
     forward and added to the maximum number of Options which may be granted in
     a subsequent year to such Participant. If some of the Options held by a
     Participant are exercised, any unexercised Options held by such Participant
     shall remain outstanding and shall be or become exercisable according to
     their respective terms.

       (iii) Period of Exercisability. Except as otherwise provided in the Plan
     or as otherwise determined by the Committee, no Option granted under the
     Plan shall become exercisable earlier than the expiration of six (6) months
     after the date of grant and each Option shall be exercisable after the
     expiration of such period. The Committee may prescribe shorter or longer
     time periods, periods of partial exercisability and additional requirements
     or conditions with respect to the exercise of Options in the Option
     agreement and may provide, either at the time of grant or thereafter, for
     the acceleration of an Option; provided, however, that no Option shall be
     exercisable after the expiration of ten (10) years from the date of grant.
     Except as hereinafter provided, or as provided in the Participant's Option
     agreement, or as may be determined by the Committee, Options granted to any
     Participant may be exercised only during the continuance of that
     Participant's employment by the Company, service on the Board or Advisory
     Board or service as a consultant to the Company.

     (b) Procedure for Exercise. A Participant electing to exercise one or more
Options shall give written notice to the Chief Financial Officer of Jenny Craig
of such election and of the number of Options the

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Participant has elected to exercise. Shares purchased pursuant to the exercise
of Options shall be paid for at the time of exercise in cash, by the delivery of
unencumbered Shares owned by the Participant (provided that such Shares have
been owned by the Participant for such period as is required by applicable
accounting standards to avoid a charge to earnings), or on such other terms and
conditions as may be acceptable to the Committee and in accordance with Delaware
law. Upon receipt of payment, Jenny Craig shall deliver to the Participant as
soon as practicable a certificate or certificates for the Shares then purchased.

     (c) Expiration and Cancellation. If not previously exercised, each Option
shall expire upon the tenth (10th) anniversary of the date of the grant thereof
or upon the earlier termination of the Participant's employment by the Company,
service on the Board or Advisory Board or service as a consultant to the
Company, except as otherwise provided by Section 7 of the Plan.

7.   Effect of Termination of Employment or Other Service

     (a) By Reason of the Participant's Death. Except as otherwise provided in
the Participant's Option agreement, if the Participant dies while an employee of
the Company or while serving as a consultant to the Company, all outstanding
Options not exercised by the Participant prior to death shall become immediately
exercisable by the Participant's estate or by the person given authority to
exercise such Options by the Participant's will or by operation of law. Unless
otherwise specified in the Option Agreement, such Options shall remain
exercisable for a period of one (1) year from the date of the Participant's
death; provided, however, that no Option may be exercised more than ten (10)
years from the date of grant.

     (b) By Reason of the Participant's Retirement or Disability. Except as
otherwise provided in the Participant's Option agreement, if a Participant
retires at or after age 65 (or, with the consent of the Committee, before age
65), or if a Participant's employment with, or service as a consultant to, the
Company terminates due to disability (within the meaning of section 105(d)(4) of
the Code), all outstanding Options not exercised by the Participant prior to the
termination of his employment or service as a consultant shall immediately
become exercisable. Unless otherwise specified in the Option agreement, all such
Options shall remain exercisable for a period of one (1) year from the date of
termination of the Participant's employment or service as a consultant, except
that Options intended to qualify as incentive stock options may be exercised
only for a period of three (3) months after termination of employment due to
retirement; provided, however, that no Option may be exercised more than ten
(10) years after the date of the grant thereof.

     (c) By Reason of Other Separation from Service. Except as otherwise
provided in the Participant's Option agreement, if a Participant's employment or
service as a consultant is terminated for cause (as hereinafter defined) or is
terminated by the Participant in violation of an agreement between the
Participant and the Company, or if it is discovered after his separation from
service that he had engaged in conduct that would have justified termination of
his employment or service as a consultant for cause, all unexercised and
outstanding Options held by the Participant shall immediately be cancelled.
Termination shall be deemed to be for "cause" if (i) the Participant shall have
committed fraud or any felony in connection with the Participant's duties as an
employee of, or consultant to, the Company, or willful misconduct or the
commission of any other act which causes or may reasonably be expected to cause
substantial economic or reputational injury to the Company, or (ii) such
termination is or would be deemed to be for cause under any employment or
consulting agreement between the Company and the Participant. Unless otherwise
specified in the Option agreement, upon any termination of employment, or
service as a consultant, not

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governed by the preceding portion of this Section 7(c) or by Sections 7(a) or
7(b) hereof, all outstanding Options not exercised by the Participant prior to
the termination of his employment, or service as a consultant, shall remain
exercisable (to the extent exercisable by him immediately before such
separation) for a period of three (3) months after such separation; provided,
however, that (i) except as otherwise provided in the Participant's Option
Agreement, or as otherwise determined by the Committee, no Options that were not
exercisable during the period of the Participant's employment, or service as a
consultant, shall thereafter become exercisable and (ii) no such Option may be
exercised more than ten (10) years after the date of the grant.

     (d) Termination of Other Service. If a non-employee Participant's service
as a member of the Board or the Advisory Board is terminated because of death,
retirement, disability or other reason, any outstanding Options not exercised by
the Participant prior to such termination shall become immediately exercisable
by the Participant (or, in the case of death, by the Participant's estate or by
the person given authority to exercise such Options by the Participant's will or
by operation of law), and such Options shall remain exercisable for a period of
one (1) year from the date of termination of service; provided, however, that no
Option may be exercised more than ten (10) years from the date of grant.

8.   Nontransferability of Options

     No Option shall be transferable by the Participant otherwise than by will
or under applicable laws of descent and distribution. In addition, no Option
shall be assigned, negotiated, pledged, or hypothecated in any way (whether by
operation of law or otherwise), and no Option shall be subject to execution,
attachment or similar process. Upon any transfer, assignment, negotiation,
pledge or hypothecation of any Option, or in the event of any levy upon any
Option by reason of any execution, attachment or similar process, contrary to
the provisions hereof, such Option shall immediately become null and void.

9.   Rights as a Stockholder

     A Participant (or a permitted transferee of an Option) shall have no rights
as a stockholder with respect to any Shares covered by his Option until he shall
have become the holder of record of such Share(s), and no adjustments shall be
made for dividends in cash or other property or distributions or other rights in
respect to any such Shares, except as otherwise specifically provided for in
this Plan.

10.  Determinations

     Each determination, interpretation or other action made or taken pursuant
to the provisions of this Plan by the Board or Committee shall be final and
binding for all purposes and upon all persons, including, without limitation,
the Participants, the Company, the directors, officers, employees and members of
the Advisory Board of the Company, and their respective heirs, executors,
administrators, personal representatives and other successors in interest.

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11.  Termination, Amendment and Modification

     (a) The Plan shall terminate at the close of business on August 28, 2001,
unless terminated sooner as hereinafter provided, and no Option shall be granted
under the Plan thereafter. The termination of the Plan shall not terminate any
outstanding Options which by their terms continue beyond the termination date of
the Plan. At any time prior to that date, the Board may terminate the Plan or
suspend the Plan in whole or in part, or amend the Plan. Notwithstanding the
foregoing, however, no such action may, without the approval of the stockholders
of Jenny Craig, increase the total number of Shares which may be acquired upon
exercise of Options granted under the Plan; reduce the Minimum Exercise Price at
which any Option may be exercised below the Minimum Exercise Price; change the
class of persons eligible to be Participants; or, unless no longer required as a
condition of compliance with the requirements of Rule 16b-3, change the number
of Options to be granted to non-employee directors, or materially increase the
benefits accruing to non-employee directors hereunder.

     (b) Nothing contained in this Section 11 shall be deemed to prevent the
Board or the Committee from authorizing amendments of outstanding Options of
Participants including, without limitation, the reduction of the exercise price
specified therein (or the granting or issuance of new Options at a lower
exercise price upon cancellation of outstanding Options), so long as all Options
outstanding at any one time shall not call for issuance of more Shares than the
remaining number provided for under the Plan and so long as the provisions of
any amended Options would have been permissible under the Plan if such Option
had been originally granted or issued as of the date of such amendment with such
amended terms. Notwithstanding anything to the contrary contained in this
Section 11, no termination, amendment, or modification of the Plan may, without
the consent of the Participant or the transferee of his Option, alter or impair
the rights and obligations arising under any then outstanding Option.

12.  Non-Exclusivity

     Neither the adoption of the Plan by the Board nor the submission of the
Plan to the stockholders of Jenny Craig for approval shall be construed as
creating any limitations on the power of the Board to adopt such other incentive
arrangements as it may deem desirable, including, without limitation, the
granting or issuance of Options, Shares and/or other incentives otherwise than
under the Plan, and such arrangements may be either generally applicable or
limited in application.

13.  Use of Proceeds

     The proceeds of the sale of Shares subject to Options under the Plan are to
be added to the general funds of Jenny Craig and used for its general corporate
purposes as the Board shall determine.

14.  General Provisions

     (a) The Plan shall not impose any obligations on the Company to continue
the employment of, or retain in any other capacity, any Participant, nor shall
it impose any obligation on the part of any Participant to remain in the employ
of, or in any other capacity with the Company.

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     (b) If the Board determines that the law so requires, the holder of an
Option granted hereunder shall, upon any exercise or conversion thereof, execute
and deliver to Jenny Craig a written statement, in form satisfactory to Jenny
Craig, representing and warranting that he is purchasing or accepting the Shares
then acquired for his own account and not with a view to the resale or
distribution thereof, that any subsequent offer for sale or sale of any such
Shares shall be made either pursuant to (i) a Registration Statement on an
appropriate form under the Securities Act of 1933, as amended, which
Registration Statement shall have become effective and shall be current with
respect to the Shares being offered and sold, or (ii) a specific exemption from
the registration requirements of said Act, and that in claiming such exemption
the holder will, prior to any offer for sale or sale of such Shares, obtain a
favorable written opinion from counsel approved by Jenny Craig as to the
availability of such exception.

     (c) Nothing contained in the Plan and no action taken pursuant to the Plan
(including, without limitation, the grant of any Option thereunder) shall create
or be construed to create a trust of any kind, or a fiduciary relationship,
between the Company and any Participant or the executor, administrator or other
personal representative, or designated beneficiary of such Participant, or any
other persons. If and to the extent that any Participant or his executor,
administrator, or other personal representative, as the case may be, acquires a
right to receive any payment from the Company pursuant to the Plan, such right
shall be no greater than the right of an unsecured general creditor of the
Company.

15.  Issuance of Stock Certificates, Legends and Payment of Expenses

     (a) Upon any exercise of an Option and payment of the exercise price as
provided in such Option, a certificate or certificates for the Shares as to
which such Option has been exercised shall be issued by Jenny Craig in the name
of the person or persons exercising such Option and shall be delivered to or
upon the order of such person or persons.

     (b) Certificates for Shares issued upon exercise of an Option shall bear
such legend or legends as the Board, in its discretion, determines to be
necessary or appropriate to prevent a violation of, or to perfect an exemption
from, the registration requirements of the Securities Act of 1933, as amended,
or to implement the provisions of any agreements between the Company and the
Participant with respect to such Shares.

     (c) Jenny Craig shall pay all issue or transfer taxes with respect to the
issuance or transfer of Shares, as well as all fees and expenses necessarily
incurred by Jenny Craig in connection with such issuance or transfer and with
the administration of the Plan.

16.  Listing of Shares and Related Matters

     If at any time the Board shall determine in its sole discretion that the
listing, registration or qualification of the Shares covered by the Plan upon
any national securities exchange or under any state or federal law, or the
consent or approval of any governmental regulatory body, is necessary or
desirable as a condition of, or in connection with, the award or sale of Shares
under the Plan, no Shares will be delivered unless and until such listing,
registration, qualification, consent or approval shall have been effected or
obtained, or otherwise provided for, free of any conditions not acceptable to
the Board.

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17.  Withholding Taxes

     The Company shall have the right to deduct withholding taxes from any
payments made pursuant to the Plan, or to make such other provisions as it deems
necessary or appropriate to satisfy its obligations to withhold federal, state
or local income or other taxes incurred by reason of the exercise of Options or
the issuance of Shares or payments under the Plan, including requiring a
Participant exercising an Option granted hereunder to reimburse the Company for
any taxes required to be withheld or otherwise deducted and paid by the Company
in respect of the Option exercise or the issuance of Shares pursuant thereto. In
lieu thereof, the Company shall have the right to withhold the amount of such
taxes from any other sums due or to become due from the Company to the
Participant upon such terms and conditions as the Company may prescribe.

18.  Notices

     Each Participant shall be responsible for furnishing the Committee with the
current and proper address for the mailing to him of notices and the delivery to
him of agreements, Shares and payments. Any notices required or permitted to be
given shall be deemed given if directed to the person to whom addressed at such
address and mailed by regular United States mail, first-class and prepaid. If
any item mailed to such address is returned as undeliverable to the addressee,
mailing will be suspended until the Participant furnishes the proper address.

19.  Severability of Provisions

     If any provisions of the Plan shall be held invalid or unenforceable, such
invalidity or unenforceability shall not affect any other provisions of the
Plan, and the Plan shall be construed and enforced as if such provisions had not
been included.

20.  Payment to Minors and Others, Etc.

     Any benefit payable to or for the benefit of a minor, an incompetent person
or other person incapable of receipting therefor shall be deemed paid when paid
to such person's guardian or to the party providing or reasonably appearing to
provide for the care of such person, and such payment shall fully discharge the
Committee, the Company and their employees, agents and representatives with
respect thereto.

21.  Headings and Captions

     The headings and captions herein are provided for reference and convenience
only. They shall not be considered part of the Plan and shall not be employed in
the construction of the Plan.

22.  Controlling Law

     The Plan shall be construed and enforced according to the laws of the State
of California.

                                       10Slough

 THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "1933 ACT"), OR ANY APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE SOLD OR TRANSFERRED UNLESS
SUCH SALE OR TRANSFER IS IN ACCORDANCE WITH THE REGISTRATION REQUIREMENTS OF SUCH ACT AND APPLICABLE
LAWS OR SOME OTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND APPLICABLE LAWS IS
AVAILABLE WITH RESPECT THERETO.

 

Exelixis, Inc.

Common Stock Warrant 

Warrant No. ____w-12______

 

For Value Received, Exelixis, Inc., a Delaware corporation (the
"Company"), with its principal office at 260 Littlefield Avenue,  South San Francisco, CA 94080,
hereby certifies that Slough Estates USA Inc., a Delaware corporation (the "Holder") is entitled,
upon surrender of this Warrant with the notice of exercise annexed hereto duly executed at the
principal office of the Company, to purchase from the Company 94,500 shares of common stock of the
Company, subject to adjustment as provided in Section 4.  Such shares shall be fully paid and
nonassessable shares of Common Stock, $.001 par value, of the Company (the "Common Stock") purchased
at a price per share of nine dollars and seventy-five cents ($9.75) (the "Purchase Price"), subject
to the provisions set forth herein.  Until such time as this Warrant is exercised in full or
expires, the Purchase Price and the securities issuable upon exercise of this Warrant are subject to
adjustment as hereinafter provided.  The person or persons on whose name or names any certificate
representing shares of Common Stock is issued hereunder shall be deemed to have become Holder of
record of the shares represented thereby as at the close of business on the date this Warrant is
exercised with respect to such shares, whether or not the transfer books of the Company shall be
closed. The shares of Common Stock deliverable upon such exercise, as adjusted from time to time,
are hereinafter sometimes referred to as "Warrant Shares."

	Term.  The purchase right represented by this Warrant is exercisable,
in whole or in part, at any time and from time to time from the date of grant through the date which
is five (5) years after the closing of the Company's initial public offering of its Common Stock
effected pursuant to a Registration Statement on Form S-1 (or its successor) filed under the
Securities Act of 1933, as amended (the "Act").

	Method of Exercise; Payment; Issuance of New Warrant.  

	General. Subject to Section 1 hereof, the purchase right represented by this
Warrant may be exercised by Holder hereof, in whole or in part and from time to time, by the
surrender of this Warrant (with the notice of exercise form attached hereto as Exhibit A duly
executed) at the principal office of the Company and by the payment to the Company, by cash, check
or wire transfer, of an amount equal to the then applicable Purchase Price multiplied by the number
of Warrant Shares then being purchased.  The person or persons in whose name(s) any certificate(s)
representing shares of Common Stock shall be issuable upon exercise of this Warrant shall be deemed
to have become Holder(s) of record of, and shall be treated for all purposes as the record Holder(s)
of, the shares represented thereby (and such shares shall be deemed to have been issued) immediately
prior to the close of business on the date or dates upon which this Warrant is exercised.  In the
event of any exercise of the rights represented by this Warrant, certificates for the shares of
stock so purchased shall be delivered to Holder hereof as soon as possible and in any event within
thirty days after such exercise and, unless this Warrant has been fully exercised or expired, a new
Warrant of like tenor representing the portion of the Warrant Shares, if any, with respect to which
this Warrant shall not then have been exercised shall also be issued to Holder hereof as soon as
possible and in any event within such thirty-day period.

	Net Issue Exercise.  Notwithstanding any provisions herein to the
contrary, if the fair market value of one share of the Company's Common Stock is greater than the
Purchase Price (at the date of calculation as set forth below), in lieu of exercising this Warrant
for cash, Holder may elect to receive Warrant Shares equal to the value (as determined below) of
this Warrant (or the portion thereof being canceled) by surrender of this Warrant (with the notice
of exercise form attached hereto as Exhibit A duly executed) in which event the Company shall issue
to Holder a number of Warrant Shares computed using the following formula:

X = Y (A-B)

 A

Where X = the number of shares of Warrant Shares to be issued to Holder

Y =the number of Warrant Shares purchasable under the Warrant or, if only
a portion of the Warrant is being exercised, the portion of the Warrant being canceled (at the date
of such calculation)

A =the fair market value of one share of the Company's Common Stock (at
the date of such calculation)

B =the Purchase Price (as adjusted to the date of such calculation)

For purposes of the above calculation, fair market value of one share of Common
Stock shall be determined as follows: (i) if the class of stock of which the Warrant Shares are a
part is listed on  a national stock exchange, on the NASDAQ National Market System or on any other
over-the-counter market, then such fair market value shall be the closing price per share reported
for such class on such national stock exchange or on the NASDAQ National Market System, or the
average of the  final "bid" and "asked" prices reported on such over-the-counter market, as
applicable, at the close of business on the date of calculation, as reported in the Wall Street
Journal; and (ii) if the class of stock of which the Warrant Shares are a part is not listed on any
national stock exchange, on the NASDAQ National Market System or on any other over-the-counter
market, then the Board of Directors of the Company shall determine such fair market value as of the
date of calculation in its reasonable good faith judgment, and shall (upon written request by
Holder) advise Holder of such determination prior to any decision by the registered Holder to
exercise its purchase rights under this Warrant.

	Stock Fully Paid; Reservation of Shares.  All Warrant Shares that may
be issued upon the exercise of the rights represented by this Warrant will, upon issuance pursuant
to the terms and conditions herein, be fully paid and nonassessable, and free from all taxes, liens
and charges with respect to the issue thereof.  During the period within which the rights
represented by this Warrant may be exercised, the Company will at all times have authorized, and
reserved for the purpose of the issue upon exercise of the purchase rights evidenced by this
Warrant, a sufficient number of shares of its Common Stock to provide for the exercise of the rights
represented by this Warrant.  The Company will take all such actions as may be necessary to assure
that such shares of Common Stock may be issued as provided herein without violation of any
applicable law or regulation, or of any requirements of any domestic securities exchange upon which
the Common Stock may be listed; provided, however, that the Company shall not be required to effect
a registration under the Act or state securities laws with respect to such exercise.  The covenant
set forth in the immediately preceding sentence is based in part on the representations made by
Holder in Section 7 and assumes no change in currently applicable law that would make such actions
impracticable.

	Adjustment of Purchase Price and Number of Shares.  The number and
kind of securities purchasable upon the exercise of this Warrant and the Purchase Price shall be
subject to adjustment from time to time upon the occurrence of certain events, as follows:

	Reclassification or Merger.  In case of any reclassification, change
or conversion of securities of the class issuable upon exercise of this Warrant (other than a change
in par value, or from par value to no par value, or from no par value to par value, or as a result
of a subdivision or combination), or in case of any merger of the Company with or into another
corporation (other than a merger with another corporation in which the Company is the acquiring and
the surviving corporation and which does not result in any reclassification or change of outstanding
securities issuable upon exercise of this Warrant), or in case of any sale of all or substantially
all of the assets of the Company, the Company, or such successor or purchasing corporation, as the
case may be, shall duly execute and deliver to Holder a new Warrant (in form and substance
satisfactory to Holder), so that Holder shall have the right to receive, at a total purchase price
not to exceed that payable upon the exercise of the unexercised portion of this Warrant, and in lieu
of the shares of Common Stock theretofore issuable upon exercise of this Warrant, the kind and
amount of shares of stock, other securities, money and property receivable upon such
reclassification, change or merger by a Holder of the number of shares of Common Stock then
purchasable under this Warrant.  Such new Warrant shall provide for adjustments that shall be as
nearly equivalent as may be practicable to the adjustments provided for in this Section 4.  The
provisions of this Section 4.1 shall similarly apply to successive reclassifications, changes,
mergers and transfers.

	Subdivision or Combination of Shares.  If the Company at any time
while this Warrant remains outstanding and unexpired shall subdivide or combine its outstanding
shares of Common Stock, the Purchase Price shall be proportionately decreased in the case of a
subdivision or increased in the case of a combination, effective at the close of business on the
date the subdivision or combination becomes effective.

	Stock Dividends and Other Distributions.  If the Company at any time
while this Warrant is outstanding and unexpired shall (i) pay a dividend with respect to Common
Stock payable in Common Stock, or (ii) make any other distribution with respect to Common Stock
(except any distribution specifically provided for in the foregoing subparagraphs (a) and (b)) of
Common Stock, then the Purchase Price shall be adjusted, from and after the date of determination of
shareholders entitled to receive such dividend or distribution, to that price determined by
multiplying the Purchase Price in effect immediately prior to such date of determination by a
fraction (i) the numerator of which shall be the total number of shares of Common Stock outstanding
immediately prior to such dividend or distribution, and (ii) the denominator of which shall be the
total number of shares of Common Stock outstanding immediately after such dividend or
distribution.

	Adjustment of Number of Shares.  Upon each adjustment in the Purchase
Price, the number of Warrant Shares purchasable hereunder shall be adjusted, to the nearest whole
share, to the product obtained by multiplying the number of Warrant Shares purchasable immediately
prior to such adjustment in the Purchase Price by a fraction, the numerator of which shall be the
Purchase Price immediately prior to such adjustment and the denominator of which shall be the
Purchase Price immediately thereafter.

	Notice of Certain Events

	Notice of Adjustments.  Whenever the Purchase Price or the number of
Warrant Shares purchasable hereunder shall be adjusted pursuant to Section 4 hereof, the Company
shall make a certificate signed by its chief financial officer setting forth, in reasonable detail,
the event requiring the adjustment, the amount of the adjustment, the method by which such
adjustment was calculated, and the Purchase Price and the number of Warrant Shares purchasable
hereunder after giving effect to such adjustment, shall be mailed (without regard to Section 8.2
hereof, by first class mail, postage prepaid) to Holder.

	Other Notices.  If at any time:

(a)  the Company shall declare any cash dividend upon its Common Stock;

(b)  the Company shall declare any dividend upon its Common Stock payable in
stock or make any special dividend or other distribution to the holders of its Common Stock;

(c)  the Company shall offer for subscription pro rata to all holders of its
Common Stock any additional shares of stock of any class or other rights;

(d)  there shall be any capital reorganization or reclassification of the capital
stock of the Company, or consolidation or merger of the Company with, or sale of all or
substantially all of its assets to, another corporation or other entity;

(e)  there shall be a voluntary or involuntary dissolution, liquidation or
winding-up of the Company; or 

(f)  there shall be an initial public offering of Company securities;

then, in any one or more of said cases, the Company shall give, by first
class mail, postage prepaid, addressed to Holder at the address of Holder as shown on the books of
the Company, (1) at least ten (10) days' prior written notice of the date on which the books of the
Company shall close or a record shall be taken for such dividend, distribution, or subscription
rights or for determining rights to vote in respect of any such reorganization, reclassification,
consolidation, merger, sale, dissolution, liquidation, winding-up or public offering, and (2) in the
case of any such event, at least  ten (10) days' prior written notice of the date when the same
shall take place, provided, however, Holder shall make a best efforts attempt to respond to such
notice as early as possible after the receipt thereof.  Any notice given in accordance with the
foregoing clause (1) shall also specify, in the case of any such dividend, distribution or
subscription rights, the date on which the holders of Common Stock shall be entitled thereto.  Any
notice given in accordance with the foregoing clause (2) shall also specify the date on which the
holders of Common Stock shall be entitled to exchange their Common Stock for securities or other
property deliverable upon such reorganization, reclassification, consolidation, merger, sale,
dissolution, liquidation, winding-up, conversion or public offering, as the case may be.

	Fractional Interest. In no event shall
any fractional share of Common Stock be issued upon any exercise of this Warrant.  If, upon exercise
of this Warrant as an entirety, Holder would, except as provided in this Section 6, be entitled to
receive a fractional share of Common Stock, then the Company shall issue the next higher number of
full shares of Common Stock, issuing a full share with respect to such fractional share.

	Compliance with Securities Act; Disposition of Warrant or Shares of Common
Stock.

	Compliance with Securities Act.  Holder, by acceptance hereof, agrees
that this Warrant, and the shares of Common Stock to be issued upon exercise hereof are being
acquired for investment and that Holder will not offer, sell or otherwise dispose of this Warrant,
or any shares of Common Stock to be issued upon exercise hereof except under circumstances which
will not result in a violation of the Act.  Upon exercise of this Warrant, unless the Warrant Shares
being acquired are registered under the Act or an exemption from such registration is available,
Holder shall confirm in writing that the shares of Common Stock so purchased are being acquired for
investment and not with a view toward distribution or resale.  This Warrant and all shares of Common
Stock issued upon exercise of this Warrant (unless registered under the Act) shall be stamped or
imprinted with a legend in substantially the following form:

"THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS.  NO SALE OR DISPOSITION MAY BE
EFFECTED WITHOUT (i) EFFECTIVE REGISTRATION STATEMENTS RELATED THERETO, (ii) AN OPINION OF
COUNSEL FOR HOLDER, REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATIONS ARE NOT
REQUIRED, (iii) RECEIPT OF NO-ACTION LETTERS FROM THE APPROPRIATE GOVERNMENTAL AUTHORITIES, OR
(iv) OTHERWISE COMPLYING WITH THE PROVISIONS OF SECTION 7 OF THE WARRANT UNDER WHICH THESE
SECURITIES WERE ISSUED, DIRECTLY OR INDIRECTLY."

	Representations of Holder.  In addition, in connection with the
issuance of this Warrant, Holder specifically represents to the Company by acceptance of this
Warrant as follows:

	Holder is aware of the Company's business affairs and financial condition,
and has acquired information about the Company sufficient to reach an informed and knowledgeable
decision to acquire this Warrant. Holder is acquiring this Warrant for its own account for
investment purposes only and not with a view to, or for the resale in connection with, any
"distribution" thereof for purposes of the Act.

	Holder understands that this Warrant has not been registered under the Act in
reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the
bona fide nature of Holder's investment intent as expressed herein.  In this connection, Holder
understands that, in the view of the SEC, the statutory basis for such exemption may be unavailable
if Holder's representation was predicated solely upon a present intention to hold the Warrant for
the minimum capital gains period specified under tax statutes, for a deferred sale, for or until an
increase or decrease in the market price of the Warrant, or for a period of one year or any other
fixed period in the future.

	Holder further understands that this Warrant must be held indefinitely unless
subsequently registered under the Act and any applicable state securities laws, or unless exemptions
from registration are otherwise available.  Moreover, Holder understands that the Company is under
no obligation to register this Warrant.

	Holder is aware of the provisions of Rule 144 and 144A, promulgated
under the Act, which, in substance, permit limited public resale of "restricted securities"
acquired, directly or indirectly, from the issuer thereof (or from an affiliate of such issuer), in
a non-public offering subject to the satisfaction of certain conditions, if applicable, including,
among other things:  The availability of certain public information about the Company, the resale
occurring not less than two years after the party has purchased and paid for the securities to be
sold; the sale being made through a broker in an unsolicited "broker's transaction" or in
transactions directly with a market maker (as said term is defined under the Securities Exchange Act
of 1934, as amended) and the amount of securities being sold during any three-month period not
exceeding the specified limitations stated therein.

	Holder further understands that at the time it wishes to sell this Warrant
there may be no public market upon which to make such a sale, and that, even if such a public market
then exists, the Company may not be satisfying the current public information requirements of
Rule 144 and 144A, and that, in such event, Holder may be precluded from selling this Warrant
under Rule 144 and 144A even if the two-year minimum holding period had been
satisfied.

	Holder further understands that in the event all of the requirements of
Rule 144 and 144A are not satisfied, registration under the Act, compliance with
Regulation A, or some other registration exemption will be required; and that, notwithstanding
the fact that Rule 144 and 144A are not exclusive, the Staff of the SEC has expressed its
opinion that persons proposing to sell private placement securities other than in a registered
offering and otherwise than pursuant to Rule 144 and 144A will have a substantial burden of
proof in establishing that an exemption from registration is available for such offers or sales, and
that such persons and their respective brokers who participate in such transactions do so at their
own risk.

	Disposition of Warrant or Shares.  With respect to any offer, sale or
other disposition of this Warrant or any shares of Common Stock acquired pursuant to the exercise of
this Warrant prior to registration of such Warrant or shares, Holder hereof and each subsequent
Holder agrees to give written notice to the Company prior thereto, describing briefly the manner
thereof, together with a written opinion of Holder's counsel, if reasonably requested by the
Company, to the effect that such offer, sale or other disposition may be effected without
registration or qualification (under the Act as then in effect or any federal or state law then in
effect) of this Warrant or such shares of Common Stock and indicating whether or not under the Act
certificates for this Warrant or such shares of Common Stock to be sold or otherwise disposed of
require any restrictive legend as to applicable restrictions on transferability in order to ensure
compliance with such law.  Promptly upon receiving such written notice and reasonably satisfactory
opinion, if so requested, the Company, as promptly as practicable, shall notify Holder that Holder
may sell or otherwise dispose of this Warrant or such shares of Common Stock, all in accordance with
the terms of the notice delivered to the Company.  If a determination has been made pursuant to this
Section 7.3 that the opinion of counsel for Holder is not reasonably satisfactory to the Company,
the Company shall so notify Holder promptly after such determination has been made and shall specify
in detail the legal analysis supporting any such conclusion.  Notwithstanding the foregoing, this
Warrant or such shares of Common Stock may, as to such federal laws, be offered, sold or otherwise
disposed of in accordance with Rule 144 or 144A under the Act, provided that the Company shall
have been furnished with such information as the Company may reasonably request to provide a
reasonable assurance that the provisions of Rule 144 or 144A have been satisfied.  Each
certificate representing this Warrant or the shares of Common Stock thus transferred (except a
transfer pursuant to Rule 144 or 144A) shall bear a legend as to the applicable restrictions on
transferability in order to ensure compliance with such laws, unless in the aforesaid opinion of
counsel for Holder, such legend is not required in order to ensure compliance with such laws.  The
Company may issue stop transfer instructions to its transfer agent in connection with such
restrictions.

	Excepted Transfers.  Neither any restrictions of any legend described
in this Warrant nor the requirements of Section 7.3 above shall apply to any transfer without
any additional consideration of, or grant of a security interest in, this Warrant or any part hereof
(i) to a partner of Holder if Holder is a partnership, (ii) by Holder to a partnership of
which Holder is a general partner, or (iii) to any affiliate of Holder if Holder is a
corporation; provided, however, in any such transfer, the transferee shall on the Company's
request agree in writing to be bound by the terms of this Warrant as if an original signatory
hereto.

	Rights as Shareholders; Information.   Holder shall not be entitled to
vote or receive dividends or be deemed a holder of Common Stock or any other securities of the
Company which may at any time be issuable on the exercise hereof for any purpose, nor shall anything
contained herein be construed to confer upon Holder, as such, any of the rights of a shareholder of
the Company or any right to vote for the election of directors or upon any matter submitted to
shareholders at any meeting thereof, or to receive notice of meetings, or to receive dividends or
subscription rights or otherwise until this Warrant shall have been exercised and the Warrant Shares
purchasable upon the exercise hereof shall have become deliverable, as provided herein.
Notwithstanding the foregoing, the Company will transmit to Holder such information, documents and
reports as are generally distributed to holders of any class or series of the securities of the
Company concurrently with the distribution thereof to the shareholders and will, upon written
request by Holder to the Chief Financial Officer of the Company from time to time (but not more
often than twice in any 12-month period) provide to Holder copies of the following documents within
a reasonable time after such request (but in all events only to the extent that, and no sooner than
the time that, such documents have been made available to the Company's stockholders ): (i) the
Company's most recent audited annual financial statements or, if audited statements are not
available, then the Company's unaudited annual financial statements as of the end of the Company's
most recently ended fiscal year  and (ii) unaudited quarterly financial statements for each quarter
of the Company's fiscal year since the date of the annual financial statements delivered pursuant to
clause (i)  above.  Notwithstanding the preceding sentence, during any period in which the Company
has outstanding a class of publicly-traded securities or is for any reason a reporting company under
the Securities Exchange Act of 1934, it shall be sufficient compliance to provide copies of its most
recent Form 10-K and annual report, any Form 10-Qs and/or 8-Ks filed by the Company with the SEC
since the  date of such Form 10-K, and any proxy statements.

	Market Standoff.  Holder, by acceptance
hereof, agrees that Holder will not, without the prior written consent of the lead underwriter of
the initial public offering of the Common Stock of the Company pursuant to a Public Offering,
directly or indirectly offer to sell, contract to sell (including, without limitation, any short
sale), grant any option for the sale of, acquire any option to dispose of, or otherwise dispose of
any Warrant Shares for a period of 180 days following the day on which the registration statement
filed on behalf of the Company in connection with the Public Offering shall become effective by
order of the SEC.

	Miscellaneous

	Modification and Waiver.  This Warrant and any provision hereof may be
changed, waived, discharged or terminated only by an instrument in writing signed by the party
against which enforcement of the same is sought.

	Notices.  Any notice, request, communication or other document
required or permitted to be given or delivered to Holder hereof or the Company shall be delivered,
or shall be sent by certified or registered mail, postage prepaid, to Holder at its address as shown
on the books of the Company or to the Company at the address indicated therefor on the signature
page of this Warrant.

	Binding Effect on Successors.  This Warrant shall be binding upon any
corporation succeeding the Company by merger, consolidation or acquisition of all or substantially
all of the Company's assets, and all of the obligations of the Company relating to the Common Stock
issuable upon the exercise or conversion of this Warrant shall survive the exercise, conversion and
termination of this Warrant and all of the covenants and agreements of the Company shall inure to
the benefit of the successors and assigns of Holder hereof.  The Company will, at the time of the
exercise or conversion of this Warrant, in whole or in part, upon request of Holder hereof but at
the Company's expense, acknowledge in writing its continuing obligation to Holder hereof in respect
of any rights (including, without limitation, any right to registration of the shares of Registrable
Securities) to which Holder hereof shall continue to be entitled after such exercise or conversion
in accordance with this Warrant; provided, that the failure of Holder hereof to make any such
request shall not affect the continuing obligation of the Company to Holder hereof in respect of
such rights.

	Lost Warrants or Stock Certificates.  The Company covenants to Holder
hereof that, upon receipt of evidence reasonably satisfactory to the Company (such as an affidavit
of Holder) of the loss, theft, destruction or mutilation of this Warrant or any stock certificate
and, in the case of any such loss, theft or destruction, upon receipt of an indemnity reasonably
satisfactory to the Company, or in the case of any such mutilation upon surrender and cancellation
of such Warrant or stock certificate, the Company will make and deliver a new Warrant or stock
certificate, of like tenor, in lieu of the lost, stolen, destroyed or mutilated Warrant or stock
certificate.

	Descriptive Headings.  The descriptive headings of the several
paragraphs of this Warrant are inserted for convenience only and do not constitute a part of this
Warrant.

	Governing Law.  This Warrant shall be construed and enforced in
accordance with, and the rights of the parties shall be governed by, the laws of the State of
California.

	Survival of Representations, Warranties and Agreements.  All
representations and warranties of the Company and Holder hereof contained herein shall survive the
date of grant, the exercise or conversion of this Warrant (or any part hereof) or the termination or
expiration of rights hereunder.  All agreements of the Company and Holder hereof contained herein
shall survive indefinitely until, by their respective terms, they are no longer operative.

	Remedies.  In case any one or more of the covenants and agreements
contained in this Warrant shall have been breached, Holder (in the case of a breach by the Company),
or the Company (in the case of a breach by Holder), may proceed to protect and enforce their or its
rights either by suit in equity and/or by action at law, including, but not limited to, an action
for damages as a result of any such breach and/or an action for specific performance of any such
covenant or agreement contained in this Warrant.

	Acceptance.  Receipt of this Warrant by Holder hereof shall constitute
acceptance of and agreement to the foregoing terms and conditions.

	No Impairment of Rights.  The Company will not, by amendment of its
Certificate of Incorporation or through any other means, avoid or seek to avoid the observance or
performance of any of the terms of this Warrant, but will at all times in good faith assist in the
carrying out of all such terms and in the taking of all such action as may be necessary or
appropriate in order to protect the rights of Holder against impairment.

	Entire Agreement.  This Warrant
constitutes the entire agreement between the parties pertaining to the subject matter herein and
supersedes all prior and contemporaneous agreements, representation and undertakings of the
parties.

	Attorneys' Fees.  In any litigation, arbitration or other legal
proceeding between the Company and Holder relating to or arising out of this Warrant, the prevailing
party shall be entitled to recover all its fees, costs and expenses incurred in connection with such
proceeding, including (but not limited to) reasonable fees and expenses of attorneys and accountants
and including (but not limited to) all such fees, costs and expenses incurred in connection with any
appeals and/or in connection with the enforcement of any judgment or award rendered in such
proceeding.

In Witness Whereof, the Company has duly caused this Warrant to be
signed by its duly authorized officer and to be dated as of April 1, 2000.

Exelixis, Inc.

 

By:

Name: Glen Y. Sato

Title: Chief Financial Officer

 

EXHIBIT A

Subscription Form

 

Dated ___________, ______

Exelixis, Inc.

260 Littlefield Avenue

South San Francisco, CA 94080

Attention: Chief Financial Officer

Ladies and Gentlemen:
The undersigned hereby elects to exercise the warrant issued to it
by Exelixis, Inc. (the "Company") and dated April 1, 2000, Warrant No. ___ (the "Warrant") and to
purchase thereunder __________________________________ shares of the Common Stock of the Company
(the "Shares") at a purchase price of ___________________________________________ Dollars
($__________) per Share or an aggregate purchase price of __________________________________ Dollars
($__________) (the "Purchase Price"); or

The undersigned hereby elects to convert _______ percent (___%) of
the value of the Warrant pursuant to the provisions of Section 2.2 of the Warrant.

Pursuant to the terms of the Warrant the undersigned has delivered the Purchase
Price herewith in full in cash or by certified check or wire transfer (unless the second alternative
above has been marked).  

Very truly yours,

By: 

Title:

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