Document:

WARRANT PURCHASE AGREEMENT, DATED JUNE 9, 2005

 Exhibit 4.4 

 
  

 
 WARRANT PURCHASE AGREEMENT

 between 

EXELIXIS, INC. 

and 
 SYMPHONY
EVOLUTION HOLDINGS, LLC 
  
  

Dated as of June 9, 2005 
  

 
  

 
  

 Table of Contents 

 

					
	 	  	Page
	 ARTICLE I DEFINITIONS
	  	1
			
	 SECTION 1.01
	  	DEFINITIONS	  	1
		
	 ARTICLE II PURCHASE AND SALE OF WARRANTS
	  	1
			
	 SECTION 2.01
	  	AUTHORIZATION TO ISSUE A WARRANTS	  	1
	 SECTION 2.02
	  	AUTHORIZATION TO ISSUE THE B WARRANTS	  	2
	 SECTION 2.03
	  	AUTHORIZATION TO ISSUE C WARRANTS	  	2
	 SECTION 2.04
	  	PURCHASE AND SALE OF A WARRANTS	  	2
	 SECTION 2.05
	  	PURCHASE AND SALE OF B WARRANTS	  	3
	 SECTION 2.06
	  	PURCHASE AND SALE OF C WARRANTS	  	3
	 SECTION 2.07
	  	WARRANT DATES	  	3
		
	 ARTICLE III CONDITIONS OF PURCHASE
	  	3
			
	 SECTION 3.01
	  	CONDITIONS PRECEDENT TO EACH PARTY’S OBLIGATIONS	  	3
	 SECTION 3.02
	  	CONDITIONS PRECEDENT TO HOLDINGS’ OBLIGATIONS	  	4
	 SECTION 3.03
	  	CONDITIONS PRECEDENT TO EXELIXIS’ OBLIGATIONS	  	5
		
	 ARTICLE IV REPRESENTATIONS, WARRANTIES AND COVENANTS
	  	7
			
	 SECTION 4.01
	  	REPRESENTATIONS, WARRANTIES AND COVENANTS OF HOLDINGS	  	7
	 SECTION 4.02
	  	REPRESENTATIONS, WARRANTIES AND COVENANTS OF EXELIXIS	  	10
		
	 ARTICLE V INDEMNITY
	  	11
			
	 SECTION 5.01
	  	INDEMNIFICATION	  	11
	 SECTION 5.02
	  	NOTICE OF CLAIMS	  	12
	 SECTION 5.03
	  	DEFENSE OF PROCEEDINGS	  	13
	 SECTION 5.04
	  	SETTLEMENT	  	14
		
	 ARTICLE VI TRANSFER RESTRICTIONS
	  	14
			
	 SECTION 6.01
	  	TRANSFER RESTRICTIONS	  	14
	 SECTION 6.02
	  	LEGENDS	  	15
	 SECTION 6.03
	  	WARRANT SHARE LEGEND REMOVAL	  	16
	 SECTION 6.04
	  	IMPROPER TRANSFER	  	16
	 SECTION 6.05
	  	ORDERLY SALE	  	16
		
	 ARTICLE VII MISCELLANEOUS
	  	16
			
	 SECTION 7.01
	  	NOTICE OF MATERIAL EVENT	  	17
	 SECTION 7.02
	  	NOTICES	  	17
	 SECTION 7.03
	  	GOVERNING LAW; CONSENT TO JURISDICTION AND SERVICE OF
PROCESS	  	18
	 SECTION 7.04
	  	WAIVER OF JURY TRIAL	  	18
	 SECTION 7.05
	  	ENTIRE AGREEMENT	  	18
	 SECTION 7.06
	  	AMENDMENT; SUCCESSORS; ASSIGNMENT; COUNTERPARTS	  	18

			
	 Annex A
	  	Certain Definitions
	 Exhibit A
	  	Opinion of Cooley Godward LLP
	 Exhibit B
	  	Form of A Warrant
	 Exhibit C
	  	Form of B Warrant
	 Exhibit D
	  	Form of C Warrant

  

 ii 

 WARRANT PURCHASE AGREEMENT 

This WARRANT PURCHASE AGREEMENT is dated as of June 9, 2005 (this “Agreement”) by and between Exelixis,
Inc., a Delaware corporation (“Exelixis”), and Symphony Evolution Holdings LLC, a Delaware limited liability company (together with its permitted successors, assigns and transferees, “Holdings”).

 WHEREAS, contemporaneously with the execution of this Agreement, Holdings, Exelixis, and Symphony Evolution, Inc., a Delaware
corporation (“Symphony Evolution”) are entering into a Purchase Option Agreement (the “Purchase Option Agreement”) pursuant to which, among other things, Holdings is granting to Exelixis an option to
purchase (the “Purchase Option”) all of the equity securities of Symphony Evolution (the “Symphony Evolution Equity Securities”) owned, or hereafter acquired, by Holdings on the terms set forth in the
Purchase Option Agreement; and 
 WHEREAS, in consideration for Holdings’ grant of the Purchase Option to Exelixis,
Exelixis desires to issue and sell to Holdings the Warrants described herein; 
 NOW, THEREFORE, in consideration of the
foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto (the “Parties”) agree as follows: 

ARTICLE I 

DEFINITIONS 

Section 1.01 Definitions. Capitalized terms used but not defined herein are used as defined in Annex A hereto. 

ARTICLE II 

PURCHASE AND SALE OF WARRANTS 

Section 2.01 Authorization to Issue A Warrants. 

(a) Exelixis has authorized the issuance of certain warrants (the “A Warrants”) representing the right to
purchase 750,000 shares of Exelixis’ common stock (“Exelixis Common Stock”), par value $0.001 per share, at a price per share that shall be an amount equal to 125% of the average closing price of Exelixis Common Stock,
as reported in the Wall Street Journal, on the NASDAQ National Market, or other national exchange that is the primary exchange on which Exelixis Common Stock is listed, over a continuous period of sixty (60) trading days immediately
proceeding the second trading day prior to the Closing Date (as defined in Section 2.04 hereof) (such shares, the “A Warrant Shares”). The A Warrants shall be evidenced by certificates issued pursuant to this
Agreement in the form set forth in Exhibit B hereto, with such appropriate insertions, omissions, substitutions, and other variations as are required or permitted by this Agreement. 

 Section 2.02 Authorization to Issue the B Warrants. 

(a) Exelixis has authorized the issuance of certain warrants (the “B Warrants”) representing the right to
purchase up to 750,000 shares of Exelixis Common Stock, par value $0.001 per share, at a price per share that shall be an amount equal to 125% of the average closing price of Exelixis Common Stock, as reported in the Wall Street Journal, on
the NASDAQ National Market, or other national exchange that is the primary exchange on which Exelixis Common Stock is listed, over a continuous period of sixty (60) trading days immediately proceeding the second trading day prior to the Closing
Date (such shares, the “B Warrant Shares”). The B Warrants shall be evidenced by certificates issued pursuant to this Agreement in the form set forth in Exhibit C hereto, with such appropriate insertions, omissions,
substitutions, and other variations as are required or permitted by this Agreement. 
 (b) In the event that at any time on or
prior to the Additional Funding Date (as defined in the Funding Agreement), less than an aggregate amount equal to $80,000,000.00 million (the “Maximum Committed Capital”) has been contributed by Holdings to Symphony
Evolution (such contributed capital, the “Funded Capital”), either through the purchase of Symphony Evolution Equity Securities or other means of equity investment, the number of shares of Exelixis Common Stock subject to the
B Warrants shall be reduced, for each dollar that the Funded Capital is less than the Maximum Committed Capital, by decreasing the number of shares represented by the B Warrants by 0.01875 shares per dollar. 

Section 2.03 Authorization to Issue C Warrants. 

(a) Exelixis has authorized the issuance of certain warrants (the “C Warrants”, and together with the A Warrants
and the B Warrants, the “Warrants”), representing the right to purchase up to 500,000 shares of Exelixis Common Stock, par value $0.001 per share, at a price per share that shall be an amount equal to 125% of the average
closing price of Exelixis Common Stock, as reported in the Wall Street Journal, on the NASDAQ National Market, or other national exchange that is the primary exchange on which Exelixis Common Stock is listed, over a continuous period of sixty
(60) trading days immediately proceeding the second trading day prior to the C Warrant Date (as defined below) (such shares, the “C Warrant Shares”, and together with the A Warrant Shares and the B Warrant Shares, the
“Warrant Shares”). The C Warrants shall be evidenced by certificates issued pursuant to this Agreement in the form set forth in Exhibit D hereto, with such appropriate insertions, omissions, substitutions, and other
variations as are required or permitted by this Agreement. 
 (b) In the event that the Funded Capital is less than the Maximum
Committed Capital, the number of shares of Exelixis Common Stock subject to the C Warrants shall be reduced, for each dollar that the Funded Capital is less than the Maximum Committed Capital, by decreasing the number of shares represented by the C
Warrants by 0.00625 shares per dollar. 
 Section 2.04 Purchase and Sale of A Warrants. Exelixis hereby agrees to issue
to Holdings, and Holdings hereby agrees to acquire from Exelixis, the A Warrants on the 
  

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Closing Date (hereinafter, the “A Warrant Date”), subject to the fulfillment of the conditions precedent described in Article III below. The A Warrants will be
issued to Holdings as consideration for the execution and delivery by Holdings of the Purchase Option Agreement. 
 Section 2.05
Purchase and Sale of B Warrants. Exelixis hereby agrees to issue to Holdings, and Holdings hereby agrees to acquire from Exelixis, the B Warrants on the second Business Day immediately following the Additional Funding Date (the “B
Warrant Date”). The issuance to Holdings of the B Warrants shall not be subject to any further conditions precedent hereunder, other than (i) the continued existence of the Purchase Option, and (ii) the satisfaction of the
specified conditions precedent set forth in Article III, on or prior to the B Warrant Date. The B Warrants will be issued to Holdings as deferred consideration for the execution and delivery by Holdings of the Purchase Option Agreement.

 Section 2.06 Purchase and Sale of C Warrants. Exelixis hereby agrees to issue to Holdings, and Holdings hereby agrees
to acquire from Exelixis, the C Warrants on the first Business Day immediately following the expiration of the Purchase Option (the “C Warrant Date”, and collectively with the A Warrant Date and the B Warrant Date, the
“Warrant Dates”). The issuance to Holdings of the C Warrants shall not be subject to any further conditions precedent hereunder, other than (i) the unexercised expiration of the Purchase Option and (ii) the
satisfaction of the specified conditions precedent set forth in Article III, on or prior to the C Warrant Date. The C Warrants will be issued to Holdings as deferred consideration for the execution and delivery by Holdings of the Purchase
Option Agreement. In the event that Exelixis exercises the Purchase Option prior to its expiry, the C Warrants shall not be issued to Holdings. 

Section 2.07 Warrant Dates. Subject to the terms and conditions of this Agreement, the issuance, sale and purchase of the A, B and
C Warrants contemplated by this Agreement shall take place at a closing on each Warrant Date (each a “Warrant Closing”) to be held at the offices of Shearman & Sterling, 599 Lexington Avenue, New York, New York
10022, at 10:00 A.M., Eastern Time, following the satisfaction or waiver of all other conditions to the obligations of the Parties set forth in Section 2.04, 2.05 or 2.06 hereof, as applicable, or at such other place or at
such other time or such other date as Holdings and Exelixis shall mutually agree upon in writing. 
 ARTICLE III 

CONDITIONS OF PURCHASE 

Section 3.01 Conditions Precedent to Each Party’s Obligations. The respective obligations of Exelixis and Holdings to effect
the transactions contemplated hereby shall be subject to the satisfaction of the conditions precedent contained in this Section 3.01 or the waiver thereof in writing by Holdings and Exelixis prior to or on the A Warrant Date, the B
Warrant Date or the C Warrant Date, as applicable. 
 (a) Approvals. All Governmental Approvals imposed by any
Governmental Authority in connection with the transactions contemplated by this Agreement and the other Operative Documents required to be in effect prior to or on the A Warrant Date shall be in effect, the failure of which to be in effect would,
either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect on either of the Parties. 
  

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 (b) Litigation. No Governmental Authority of competent jurisdiction shall have
enacted, issued, promulgated, enforced or entered any law or Governmental Order (whether temporary, preliminary or permanent) that is in effect and restrains, enjoins or otherwise prohibits the consummation of the transactions contemplated hereby or
in the other Operative Documents. 
 Section 3.02 Conditions Precedent to Holdings’ Obligations. The obligation of
Holdings to effect the transactions contemplated hereby shall be subject to the satisfaction of the further conditions precedent contained in this Section 3.02, or the waiver thereof in writing by Holdings, prior to or on the A Warrant
Date. 
 (a) Authorization, Execution and Delivery of Documents. This Agreement and each of the other Operative Documents
(including all schedules, annexes and exhibits thereto) required to be entered into on or prior to the A Warrant Date shall have been duly authorized, executed and delivered by each of the parties thereto (other than Holdings) and shall be in full
force and effect. 
 (b) Issuance of Warrants. All actions required by any applicable law to issue the Warrants shall
have been duly taken by Exelixis (or provisions therefor shall have been made), including, without limitation, the making of all registrations and filings required to be made prior to or on the A Warrant Date, and all necessary consents shall have
been received, the failure to take, or the absence of which, would, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect on Holdings. 

(c) Performance of Obligations by Exelixis; Representations and Warranties. Exelixis shall have performed in all material respects
and complied in all material respects with all agreements and conditions contained in this Agreement and the other Operative Documents that are required to be performed or complied with by it prior to or on such A Warrant Date. Exelixis’
representations and warranties set forth in Section 4.02 of this Agreement shall be true and correct in all respects as of such A Warrant Date with the same effect as though such representations and warranties were made on and as of the
A Warrant Date (or if stated to have been made as of an earlier date, as of such date). 
 (d) Opinions of Counsel.
Holdings shall have received an opinion letter from Cooley Godward LLP, counsel for Exelixis, substantially in the form attached hereto as Exhibit A. 

(e) Closing Certificate. At the A Warrant Date, Holdings shall have received a certificate from Exelixis executed by its Chief
Financial Officer or other duly authorized executive officer, dated as of the A Warrant Date, in form and substance reasonably satisfactory to Holdings, certifying: 

(i) (A) that the Operative Documents to which Exelixis is a party have been duly authorized, executed and delivered by
Exelixis, and (B) that Exelixis has satisfied all conditions precedent contained in the Operative Documents to which it is a party required to be satisfied by it on or prior to the A Warrant Date; and 

 

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 (ii) as to (A) the accuracy and completeness of the contents of
Exelixis’ charter documents, (B) the resolutions of Exelixis’ board of directors, duly authorizing Exelixis’ execution, delivery and performance of each Operative Document to which it is or is to be a party and each other
document required to be executed and delivered by it in accordance with the provisions hereof or thereof, and (C) the incumbency and signature of Exelixis’ representatives authorized to execute and deliver documents on its behalf in
connection with the obligations contemplated hereby and by the other Operative Documents. 
 (f) Further Documents,
Certificates, Etc. Holdings shall have received such other documents, certificates or opinions as Holdings may reasonably request in connection with the consummation of the transactions contemplated by this Agreement. 

(g) No Events of Default. No breach, default, event of default or other similar event by Exelixis, and no event which with the
giving of notice, the passage of time, or both, would constitute any of the foregoing, under any Operative Document or any other material contract or agreement to which Exelixis is a party, shall have occurred and be continuing, and no condition
shall exist that constitutes, or with the giving of notice, the passage of time, or both, would constitute such default, event of default or other similar event. 

(h) No Violation. The transactions contemplated hereby shall comply with all applicable law in effect as of the A Warrant Date,
and no party (other than Holdings) to such transactions shall be in violation of any such applicable law, the failure to comply with which would, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect on
Holdings. Holdings shall not be subject to any penalty or liability pursuant to any violation of applicable law in effect as of such A Warrant Date by virtue of the transactions contemplated hereby and by each of the other Operative Documents.

 (i) Change in Law. There shall have been no change in any law, rule or regulation or the interpretation thereof
(including any law, rule or regulation relating to taxes) that prohibits or prevents the consummation of this Agreement or any of the transactions contemplated hereby (including the sale and purchase of the Warrants) or by the Operative Documents or
that results in any material increase in taxes payable by Holdings or Investors. 
 (j) Other Conditions Precedent.
Exelixis shall have satisfied and complied with all applicable conditions precedent set forth in each other Operative Document to which Exelixis is a party required to be satisfied and complied with prior to or on the A Warrant Date. 

Section 3.03 Conditions Precedent to Exelixis’ Obligations. The obligation of Exelixis to effect the transactions
contemplated hereby shall be subject to the satisfaction of the further conditions precedent contained in this Section 3.03, or the waiver thereof in writing by Exelixis, prior to or on the A Warrant Date, and in the case of Sections
3.03(a), (b)(ii), (c)(ii), (e) and (f), the satisfaction thereof or the waiver thereof by Exelixis, prior to or on the B Warrant Date and the C Warrant Date. 

 

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 (a) Authorization, Execution and Delivery of Documents. This Agreement and each of
the other Operative Documents (including all schedules and exhibits thereto) required to be entered into on or prior to the A Warrant Date (or the B Warrant Date or the C Warrant Date, as applicable) shall have been duly authorized, executed and
delivered by each of the parties thereto (other than Exelixis) and shall be in full force and effect. 
 (b) Performance of
Obligations by Holdings; Representations and Warranties. 
 (i) As of the A Warrant Date, Holdings shall have
performed in all material respects and complied in all material respects with all agreements and conditions contained in this Agreement and the other Operative Documents required to be performed or complied with by it prior to or at the A Warrant
Date. Each of Holdings’ representations and warranties set forth in Section 4.01 of this Agreement shall be true and correct in all respects as of the A Warrant Date with the same effect as though such representations and warranties
were made on and as of the A Warrant Date (or if stated to have been made as of an earlier date, as of such date). 

(ii) As of the B Warrant Date or the C Warrant Date, as applicable, each of Holdings’ representations and warranties
set forth in Section 4.01(a)(vi) of this Agreement shall be true and correct in all respects, with the same effect as though such representations and warranties were made on and as of the B Warrant Date or the C Warrant Date, as
applicable (or if stated to have been made as of an earlier date, as of such date). Holdings shall not be in material default or breach of any Operative Document that has resulted in, or would reasonably be expected to result in, a material adverse
effect on the Programs or Exelixis’ rights under the Operative Documents, as of the B Warrant Date or the C Warrant Date, as applicable. 

(c) Warrant Date Certificates. At the A Warrant Date, or the B Warrant Date or the C Warrant Date, as applicable and in accordance
with the opening sentence of this Section 3.03, Exelixis shall have received a certificate from Holdings executed by its Chief Financial Officer or other executive officer, dated the date of such Warrant Date, in form and substance
reasonably satisfactory to Exelixis, certifying: 
 (i) as of the A Warrant Date: 

(A) that (1) the Operative Documents to which Holdings is a party have been duly authorized, executed and delivered
by Holdings, (2) Holdings has satisfied all conditions precedent contained in the Operative Documents to which it is a party required to be satisfied by it on or prior to the A Warrant Date, and (3) Holdings has performed in all material
respects and complied in all material respects with all covenants, agreements and obligations that are required to be performed or complied with by it prior to or on the A Warrant Date; and 

(B) to (1) the accuracy and completeness of the contents of Holdings’ charter documents, (2) the
resolutions of Holdings’ members, duly authorizing Holdings’ execution, delivery and performance of each Operative Document to which it is or is to be a party and each other document required to be executed and

  

 6 

 
delivered by it in accordance with the provisions hereof or thereof, and (3) the incumbency and signature of Holdings’ representatives authorized to execute and deliver documents on its
behalf in connection with the obligations contemplated hereby and by the other Operative Documents; or 
 (ii) as
of the B Warrant Date or the C Warrant Date, as applicable (A) that the Operative Documents to which Holdings is a party have been duly authorized, executed and delivered by Holdings; (B) that Holdings has satisfied all conditions
precedent contained in the Operative Documents to which it is a party required to be satisfied by it on or prior to the Closing Date; and (C) that Holdings is not in material default or breach of any Operative Document that has resulted in, or
would reasonably be expected to result in, a material adverse effect on the Programs or Exelixis’ rights under the Operative Documents, as of the B Warrant Date or the C Warrant Date, as applicable. 

(d) No Events of Default. No default, event of default or other similar event by Holdings, and no event which with the giving of
notice, the passage of time, or both, would constitute any of the foregoing, under any Operative Document or any other material contract or agreement to which Holdings is a party, shall have occurred and be continuing, and no condition shall exist
that constitutes, or with the giving of notice, the passage of time, or both, would constitute such default, event of default or other similar event. 

(e) No Violation. The transactions contemplated hereby shall comply in all material respects with all applicable law in effect as
of the A Warrant Date (or the B Warrant Date or the C Warrant Date, as applicable), and no party (other than Exelixis) to such transactions shall be in material violation of any such applicable law, the failure to comply with which would, either
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect on Exelixis. Exelixis shall not be subject to any penalty or liability pursuant to any violation of applicable law in effect as of such A Warrant Date by
virtue of the transactions contemplated hereby and by each of the other Operative Documents. 
 (f) Change in Law. There
shall have been no change in any law, rule or regulation or the interpretation thereof (including any law, rule or regulation relating to taxes) that prohibits or prevents the consummation of this Agreement or any of the transactions contemplated
hereby (including the sale and purchase of the Warrants) or by the Operative Documents. 
 (g) Other Conditions
Precedent. Holdings shall have satisfied and complied with all applicable conditions precedent set forth in each other Operative Document to which Holdings is a party required to be satisfied and complied with prior to or on the A Warrant Date.

 ARTICLE IV 

REPRESENTATIONS, WARRANTIES AND COVENANTS 

Section 4.01 Representations, Warranties and Covenants of Holdings. 

(a) Holdings hereby represents and warrants to Exelixis that: 

(i) Organization. Holdings is a limited liability company, duly formed, validly existing and in good standing under
the laws of the State of Delaware. 
  

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 (ii) Authority and Validity. Holdings has all requisite limited
liability company power and authority to execute, deliver and perform its obligations under this Agreement and to consummate the transactions contemplated hereby. The execution, delivery and performance by Holdings of this Agreement and the
consummation of the transactions contemplated hereby have been duly and validly authorized by all necessary action required on the part of Holdings, and no other proceedings on the part of Holdings are necessary to authorize this Agreement or for
Holdings to perform its obligations under this Agreement. This Agreement constitutes the lawful, valid and legally binding obligation of Holdings, enforceable in accordance with its terms, except as the same may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and general equitable principles regardless of whether such enforceability is considered in a proceeding at law or in equity.

 (iii) No Violation or Conflict. The execution, delivery and performance of this Agreement and the
transactions contemplated hereby do not (A) violate, conflict with or result in the breach of any provision of the Organizational Documents of Holdings, (B) conflict with or violate any law or Governmental Order applicable to Holdings or
any of its assets, properties or businesses, or (C) conflict with, result in any breach of, constitute a default (or event that with the giving of notice or lapse of time, or both, would become a default) under, require any consent under, or
give to others any rights of termination, amendment, acceleration, suspension, revocation or cancellation of, or result in the creation of any Encumbrance on any of the assets or properties of Holdings, pursuant to, any note, bond, mortgage or
indenture, contract, agreement, lease, sublease, license, permit, franchise or other instrument or arrangement to which Holdings is a party except, in the case of clauses (B) and (C), to the extent that such conflicts, breaches,
defaults or other matters would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect on Holdings. 

(iv) Governmental Consents and Approvals. The execution, delivery and performance of this Agreement by Holdings do
not, and the consummation of the transactions contemplated hereby do not and will not, require any Governmental Approval which has not already been obtained, effected or provided, except with respect to which the failure to so obtain, effect or
provide would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect on Holdings. 

(v) Litigation. There are no actions by or against Holdings pending before any Governmental Authority or, to the
knowledge of Holdings, threatened to be brought by or before any Governmental Authority, that would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect on Holdings. There are no pending or, to the knowledge of
Holdings, threatened actions to which Holdings is a party (or threatened to be named as a party) to set aside, restrain, enjoin or prevent the execution, delivery or performance of this Agreement or the Operative Documents or the consummation of the
transactions contemplated hereby or thereby by any party hereto or 
  

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thereto. Holdings is not subject to any Governmental Order (nor, to the knowledge of Holdings, is there any such Governmental Order threatened to be imposed by any Governmental Authority) that
would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect on Holdings. 

(vi) Accredited Investor. 

(A) Holdings is and will remain at all relevant times an “Accredited Investor”. 

(B) Holdings has relied completely on the advice of, or has consulted with or has had the opportunity to consult with, its
own personal tax, investment, legal or other advisors and has not relied on Exelixis or any of its Affiliates for advice. Holdings has reviewed the Investment Overview and is aware of the risks disclosed therein. Holdings acknowledges that it has
had a reasonable opportunity to conduct its own due diligence with respect to the Products, the Programs, Symphony Evolution, Exelixis and the transactions contemplated by the Operative Documents. 

(C) Holdings has been advised and understands that the offer and sale of the A Warrants, the B Warrants, the C Warrants,
the A Warrant Shares, the B Warrant Shares and the C Warrant Shares have not been registered under the Securities Act. Holdings is able to bear the economic risk of such investment for an indefinite period and to afford a complete loss thereof.

 (D) Holdings is acquiring the A Warrants, the B Warrants, the C Warrants, the A Warrant Shares, the B Warrant
Shares and the C Warrant Shares solely for Holdings’ own account for investment purposes as a principal and not with a view to the resale of all or any part thereof; provided, that Holdings may transfer the A Warrants, the B Warrants and
the C Warrants as set forth in Section 6.01 hereof. Holdings agrees that the A Warrants, the B Warrants, the C Warrants, the A Warrant Shares, the B Warrant Shares and the C Warrant Shares may not be resold (1) without registration
thereof under the Securities Act (unless an exemption from such registration is available), or (2) in violation of any law. Holdings acknowledges that Exelixis is not required to register the A Warrants, the B Warrants, the C Warrants, the A
Warrant Shares, the B Warrant Shares or the C Warrant Shares under the Securities Act. Holdings is not and will not be an underwriter within the meaning of Section 2(11) of the Securities Act with respect to the A Warrants, the B Warrants, the
C Warrants, the A Warrant Shares, the B Warrant Shares or the C Warrant Shares. 
 (E) No person or entity acting
on behalf of, or under the authority of, Holdings is or will be entitled to any broker’s, finder’s, or similar fees or commission payable by Exelixis or any of its Affiliates. 

 

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 (F) Holdings acknowledges and agrees to treat the warrants for federal,
state and local income tax purposes as option premium paid in return for the grant of the Purchase Option. 
 Section 4.02
Representations, Warranties and Covenants of Exelixis. 
 (a) Exelixis hereby represents and warrants to
Holdings that: 
 (i) Organization. Exelixis is a corporation, duly organized, validly existing and in
good standing under the laws of the State of Delaware. 
 (ii) Authority and Validity. Exelixis has all
requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement and to consummate the transactions contemplated hereby. The execution, delivery and performance by Exelixis of this Agreement and the
consummation of the transactions contemplated hereby have been duly and validly authorized by all necessary action required on the part of Exelixis, and no other proceedings on the part of Exelixis are necessary to authorize this Agreement or for
Exelixis to perform its obligations under this Agreement. This Agreement constitutes the lawful, valid and legally binding obligation of Exelixis, enforceable in accordance with its terms, except as the same may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and general equitable principles regardless of whether such enforceability is considered in a proceeding at law or in equity.

 (iii) No Violation or Conflict. The execution, delivery and performance of this Agreement and the
transactions contemplated hereby do not (A) violate, conflict with or result in the breach of any provision of the Organizational Documents of Exelixis, (B) conflict with or violate any law or Governmental Order applicable to Exelixis or
any of its assets, properties or businesses, or (C) conflict with, result in any breach of, constitute a default (or event that with the giving of notice or lapse of time, or both, would become a default) under, require any consent under, or
give to others any rights of termination, amendment, acceleration, suspension, revocation or cancellation of, or result in the creation of any Encumbrance on any of the assets or properties of Exelixis, pursuant to, any note, bond, mortgage or
indenture, contract, agreement, lease, sublease, license, permit, franchise or other instrument or arrangement to which Exelixis is a party except, in the case of clauses (B) and (C), to the extent that such conflicts, breaches,
defaults or other matters would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect on Exelixis. 

(iv) Governmental Consents and Approvals. Other than any HSR Act Filings and Additional Regulatory Filings which,
if the Purchase Option is exercised by Exelixis, will be obtained on or prior to the Purchase Option Closing Date and any Governmental Approvals relating to federal securities or state “blue sky” laws, the execution, delivery and
performance of this Agreement by Exelixis do not, and the consummation of the transactions contemplated hereby do not and will not, require any Governmental Approval which has not already been obtained, effected or provided, except with respect to
which the failure to so obtain, effect or provide would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect on Exelixis. 

 

 10 

 (v) Litigation. There are no actions by or against Exelixis pending
before any Governmental Authority or, to the knowledge of Exelixis, threatened to be brought by or before any Governmental Authority, that would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect on Exelixis.
There are no pending or, to the knowledge of Exelixis, threatened actions, to which Exelixis is a party (or is threatened to be named as a party) to set aside, restrain, enjoin or prevent the execution, delivery or performance of this Agreement or
the Operative Documents or the consummation of the transactions contemplated hereby or thereby by any party hereto or thereto. Exelixis is not subject to any Governmental Order (nor, to the knowledge of Exelixis, is there any such Governmental Order
threatened to be imposed by any Governmental Authority) that would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect on Exelixis. 

(vi) Private Placement. Assuming the accuracy of Holdings’ representations and warranties set forth in
Section 4.01, (i) the purchase and sale of the Warrants is exempt from the registration requirements of the Securities Act, and (ii) no other offering of Common Stock by Exelixis will be integrated with the offering of the
Warrants or the Warrant Shares. Neither Exelixis nor any Person acting on its behalf has or will offer the Warrants or the Warrant Shares by any form of general solicitation or general advertising and all filings required under Rule 503 of the
Securities Act will be made in a timely manner. 
 (b) Exelixis covenants and agrees with Holdings that, so long as any of the
Warrants are outstanding (including as such Warrants may be reissued pursuant to transfer in accordance with Section 6.01 hereof), Exelixis shall take all action necessary to reserve and keep available out of its authorized and unissued
Exelixis Common Stock, solely for the purpose of effecting the exercise of the Warrants, 100% of the number of shares of Exelixis Common Stock issuable upon exercise of the Warrants. Upon exercise in accordance with the Warrants, the Exelixis Common
Stock delivered thereby will be validly issued, fully paid and nonassessable and free from all taxes, liens and charges with respect to the issue thereof, with the holders being entitled to all rights accorded to a holder of the Exelixis Common
Stock. 
 (c) Exelixis acknowledges and agrees to treat the warrants for federal, state and local income tax purposes as option
premium paid in return for the grant of the Purchase Option. 
 ARTICLE V 

INDEMNITY 

Section 5.01 Indemnification. To the greatest extent permitted by applicable law, Exelixis shall indemnify and hold harmless
Holdings, and Holdings shall indemnify and hold harmless Exelixis, and each of their respective Affiliates, officers, directors, employees, agents, partners, members, successors, assigns, representatives of, and each Person, if any 

 

 11 

 
(including any officers, directors, employees, agents, partners, members of such Person) who controls, Holdings and Exelixis, as applicable, within the meaning of the Securities Act or the
Exchange Act, (each, an “Indemnified Party”), from and against any and all actions, causes of action, suits, claims, losses, diminution in value, costs, interest, penalties, fees, liabilities and damages, and
expenses in connection therewith (irrespective of whether any such Indemnified Party is a party to the action for which indemnification hereunder is sought), and including reasonable attorneys’ fees and disbursements (hereinafter, a
“Loss”), incurred by any Indemnified Party as a result of, or arising out of, or relating to: (i) in the case of Exelixis being the Indemnifying Party, (A) any breach of any representation or warranty made by
Exelixis herein or in any certificate, instrument or document delivered hereunder, (B) any breach of any covenant, agreement or obligation of Exelixis contained herein or in any certificate, instrument or document delivered hereunder, or
(C) any untrue statement of a material fact about Exelixis contained in the reports filed by Exelixis with the SEC, or the omission therefrom of a material fact about Exelixis required to be stated therein or necessary in order to make the
statements therein, in light of the circumstances under which they were made, not misleading, to the extent that such reports are attached to the Investment Overview; provided, that the information contained in a later filed report filed
prior to the date of this Agreement shall be deemed to update any related information contained in a previously filed report (the items set forth herein in clauses (A), (B) and (C) being hereinafter referred to as the
“Holdings Claims”), and (ii) in the case of Holdings being the Indemnifying Party, (x) any breach of any representation or warranty made by Holdings herein or in any certificate, instrument or document delivered
hereunder, (y) any breach of any covenant, agreement or obligation of Holdings contained herein or in any certificate, instrument or document delivered hereunder, or (z) any untrue statement or alleged untrue statement of a material fact
about Holdings contained in the Investment Overview or the omission or alleged omission therefrom of a material fact about Holdings required to be stated therein or necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading, (the items set forth herein in clauses (x), (y) and (z) being hereinafter referred to as the “Exelixis Claims”). To the extent that the foregoing
undertaking by Exelixis, Holdings may be unenforceable for any reason, such Party shall make the maximum contribution to the payment and satisfaction of any Loss that is permissible under applicable law. 

Section 5.02 Notice of Claims. Any Indemnified Party that proposes to assert a right to be indemnified under this Article V
shall notify Exelixis or Holdings, as applicable (the “Indemnifying Party”), promptly after receipt of notice of commencement of any action, suit or proceeding against such Indemnified Party (an “Indemnified
Proceeding”) in respect of which a claim is to be made under this Article V, or the incurrence or realization of any Loss in respect of which a claim is to be made under this Article V, of the commencement of such
Indemnified Proceeding or of such incurrence or realization, enclosing a copy of all relevant documents, including all papers served and claims made, but the omission to so notify the applicable Indemnifying Party promptly of any such Indemnified
Proceeding or incurrence or realization shall not relieve (x) such Indemnifying Party from any liability that it may have to such Indemnified Party under this Article V or otherwise, except, as to such Indemnifying Party’s liability
under this Article V, to the extent, but only to the extent, that such Indemnifying Party shall have been prejudiced by such omission, or (y) any other indemnitor from liability that it may have to any Indemnified Party under the
Operative Documents. 
  

 12 

 Section 5.03 Defense of Proceedings. In case any Indemnified Proceeding shall be
brought against any Indemnified Party, it shall notify the applicable Indemnifying Party of the commencement thereof as provided in Section 5.02, and such Indemnifying Party shall be entitled to participate in, and provided such
Indemnified Proceeding involves a claim solely for money damages and does not seek an injunction or other equitable relief against the Indemnified Party and is not a criminal or regulatory action, to assume the defense of, such Indemnified
Proceeding with counsel reasonably satisfactory to such Indemnified Party, and after notice from such Indemnifying Party to such Indemnified Party of such Indemnifying Party’s election to so assume the defense thereof and the failure by such
Indemnified Party to object to such counsel within ten (10) Business Days following its receipt of such notice, such Indemnifying Party shall not be liable to such Indemnified Party for legal or other expenses related to such Indemnified
Proceedings incurred after such notice of election to assume such defense except as provided below and except for the reasonable costs of investigating, monitoring or cooperating in such defense subsequently incurred by such Indemnified Party
reasonably necessary in connection with the defense thereof. Such Indemnified Party shall have the right to employ its counsel in any such Indemnified Proceeding, but the fees and expenses of such counsel shall be at the expense of such Indemnified
Party unless: 
 (i) the employment of counsel by such Indemnified Party at the expense of the applicable
Indemnifying Party has been authorized in writing by such Indemnifying Party; 
 (ii) such Indemnified Party
shall have reasonably concluded in its good faith (which conclusion shall be determinative unless a court determines that such conclusion was not reached reasonably and in good faith) that there is or may be a conflict of interest between the
applicable Indemnifying Party and such Indemnified Party in the conduct of the defense of such Indemnified Proceeding or that there are or may be one or more different or additional defenses, claims, counterclaims, or causes of action available to
such Indemnified Party (it being agreed that in any case referred to in this clause (ii) such Indemnifying Party shall not have the right to direct the defense of such Indemnified Proceeding on behalf of the Indemnified Party);

 (iii) the applicable Indemnifying Party shall not have employed counsel reasonably acceptable to the
Indemnified Party, to assume the defense of such Indemnified Proceeding within a reasonable time after notice of the commencement thereof (provided, however, that this clause shall not be deemed to constitute a waiver of any conflict
of interest that may arise with respect to any such counsel); or 
 (iv) any counsel employed by the applicable
Indemnifying Party shall fail to timely commence or diligently conduct the defense of such Indemnified Proceeding; 
 in each of
which cases the fees and expenses of counsel for such Indemnified Party shall be at the expense of such Indemnifying Party. Only one counsel shall be retained by all Indemnified Parties with respect to any Indemnified Proceeding, unless counsel for
any Indemnified Party reasonably concludes in good faith (which conclusion shall be determinative unless a court determines that such conclusion was not reached reasonably and in good faith) that there is or may be a conflict of interest between
such Indemnified Party and one or more other Indemnified Parties in the conduct of the defense of such Indemnified Proceeding or that there are or may be one or more different or additional defenses, claims, counterclaims, or causes or action
available to such Indemnified Party. 
  

 13 

 Section 5.04 Settlement. Without the prior written consent of such Indemnified Party,
such Indemnifying Party shall not settle or compromise, or consent to the entry of any judgment in, any pending or threatened Indemnified Proceeding, unless such settlement, compromise, consent or related judgment (i) includes an unconditional
release of such Indemnified Party from all liability for Losses arising out of such claim, action, investigation, suit or other legal proceeding, (ii) provides for the payment of money damages as the sole relief for the claimant (whether at law
or in equity), (iii) involves no finding or admission of any violation of law or the rights of any Person by the Indemnified Party, and (iv) is not in the nature of a criminal or regulatory action. No Indemnified Party shall settle or
compromise, or consent to the entry of any judgment in, any pending or threatened Indemnified Proceeding in respect of which any payment would result hereunder or under the Operative Documents without the prior written consent of the Indemnifying
Party, such consent not to be unreasonably conditioned, withheld or delayed. 
 ARTICLE VI 

TRANSFER RESTRICTIONS 

Section 6.01 Transfer Restrictions. Holdings agrees (and agrees to cause all of its members and any subsequent transferees thereof
to so agree) that (i) it will not, directly or indirectly, offer, sell, assign, transfer, grant or sell a participation in, pledge or otherwise dispose of any Warrants or Warrant Shares (or solicit any offers to buy or otherwise acquire, or
take a pledge of, any Warrants) unless such Warrants or Warrant Shares are registered and/or qualified under the Securities Act and applicable state securities laws, or unless an exemption from the registration or qualification requirements is
otherwise available; provided, that Holdings may transfer the Warrants or Warrant Shares to Investors, RRD and each Symphony Fund; and Investors, but not any other member of Holdings, may distribute the Warrants or Warrant Shares to its
respective members; (ii) (A) no transfer of such Warrants, or (B) with respect to a private placement of the Warrant Shares, no transfer of such Warrant Shares shall be effective or recognized unless the transferor and the transferee
make the representations and agreements contained herein including, without limitation, agreeing to be bound by orderly sale provisions equivalent to those set forth in this Article VI and furnish to Exelixis such certifications and other
information as Exelixis may reasonably request to confirm that any proposed transfer complies with the restrictions set forth herein and any applicable laws; and (iii) (A) Warrants may only be transferred in minimum denominations of
Warrants representing the right to purchase at least 100,000 Warrant Shares, and (B) with respect to a private placement, Warrant Shares may only be transferred in minimum denominations of at least 100,000 Warrant Shares; provided,
however, that in the event that any holder of any Warrants or Warrant Shares holds Warrants representing the right to purchase less than 100,000 Warrant Shares, or holds less than 100,000 Warrant Shares, as the case may be, such holder shall
be entitled to exercise all, but not less than all, such Warrants and sell all, but not less than all, such Warrant Shares delivered to it in connection therewith, notwithstanding the fact that the number of such Warrant Shares is less than 100,000;
provided, further, that Holdings agrees (and agrees to cause its members and any subsequent transferees thereof to so agree), that with respect to the Warrants, such holder of Warrants will not sell or otherwise transfer any Warrants,
except in private placements to Accredited Investors. 
  

 14 

 Section 6.02 Legends. 

(a) Holdings acknowledges and agrees that Exelixis shall affix to each certificate evidencing outstanding Warrants (and any certificates
issued upon the transfer of the Warrants) a legend in substantially the following form (a “Warrant Legend”): 

“NEITHER THIS WARRANT NOR THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE BEEN THE SUBJECT OF REGISTRATION UNDER THE SECURITIES ACT
OF 1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF ANY STATE, AND THE SAME HAVE BEEN (OR WILL BE, WITH RESPECT TO THE SECURITIES ISSUABLE UPON EXERCISE HEREOF) ISSUED IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF SAID ACT AND
SUCH LAWS. NEITHER THIS WARRANT NOR THE SECURITIES ISSUABLE UPON EXERCISE HEREOF MAY BE SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT AS PERMITTED UNDER SUCH SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION
THEREFROM. 
 THE WARRANT EVIDENCED BY THIS CERTIFICATE IS SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AS SET FORTH IN THE
WARRANT PURCHASE AGREEMENT, DATED AS OF JUNE 9, 2005, COPIES OF WHICH ARE ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF THE ISSUER. NO REGISTRATION OF TRANSFER OF THIS WARRANT WILL BE MADE ON THE BOOKS OF THE ISSUER UNLESS AND UNTIL SUCH
RESTRICTIONS SHALL HAVE BEEN COMPLIED WITH.” 
 (b) Holdings acknowledges and agrees that any stock certificate(s)
representing Warrant Shares issued by Exelixis pursuant hereto may contain a legend (the “Warrant Share Legend”) substantially as follows: 

“THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE
SECURITIES LAWS OF ANY STATE, AND THE SAME HAVE BEEN ISSUED IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF SAID ACT AND SUCH LAWS. SUCH SHARES MAY NOT BE SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT AS
PERMITTED UNDER SUCH SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. 
  

 15 

 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER
AS SET FORTH IN THE WARRANT PURCHASE AGREEMENT, DATED AS OF JUNE 9, 2005, COPIES OF WHICH ARE ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF THE ISSUER. NO REGISTRATION OF TRANSFER OF THESE SHARES WILL BE MADE ON THE BOOKS OF THE ISSUER UNLESS AND
UNTIL SUCH RESTRICTIONS SHALL HAVE BEEN COMPLIED WITH.” 
 Section 6.03 Warrant Share Legend Removal. If the
certificates representing such Warrants or Warrant Shares, as the case may be, include a Warrant Legend or Warrant Share Legend, as applicable (each as set forth in Section 6.02 hereof), Exelixis shall, upon a request from Holdings, or a
member or subsequent transferee thereof, as soon as practicable but in no event more than thirty (30) days after receiving such request, remove or cause to be removed (i) if the Warrants or Warrant Shares cease to be restricted securities,
the securities law portion of the Warrant Legend or Warrant Share Legend and/or (ii) in the event of a sale of the Warrants or Warrant Shares in compliance with the transfer restrictions, the transfer restriction portion of the Warrant Legend
or Warrant Share Legend, from such certificates representing the Warrants or Warrant Shares as Holdings, or such member or transferee, shall designate, in accordance with the terms hereof and, if applicable, in accordance with the terms of the
applicable Warrant. 
 Section 6.04 Improper Transfer. Any attempt to sell, assign, transfer, grant or sell a
participation in, pledge or otherwise dispose of any Warrants or any Warrant Shares, not in compliance with this Agreement shall be null and void and Exelixis shall give no effect to such attempted sale, assignment, transfer, grant, sale of a
participation, pledge or other disposition. 
 Section 6.05 Orderly Sale. Holdings agrees (and agrees to cause its
members and any subsequent transferees thereof to so agree) that in the event that any holder of Warrants exercises its Warrants to purchase Warrant Shares, the holders of the Warrant Shares will not sell or otherwise transfer in any one day shares
of Exelixis Common Stock totaling, in the aggregate, more than 50,000 shares of such Exelixis Common Stock in the aggregate as such sale may be reported on NASDAQ (or other national exchange that is then the primary exchange on which Exelixis Common
Stock is listed); provided, however, that Holdings (and its Affiliates, and any subsequent transferees) may sell such shares without regard to the 50,000 shares limitation in private placements to Accredited Investors so long as such
sales are not reported on NASDAQ or any public exchange; provided, further, that any holder of Warrant Shares holding less than 50,000 Warrant Shares, shall not be subject to the restrictions of this Section 6.05, and none
of Holdings or any of its Affiliates shall be required to monitor the sales of Warrant Shares of such holders. 
 ARTICLE VII

 MISCELLANEOUS 
  

 16 

 Section 7.01 Notice of Material Event. Each Party agrees that, upon it receiving
knowledge of a material event or development with respect to any of the transactions contemplated hereby that, to the knowledge of its executive officers, is not known to the other Parties, such Party shall notify the other Parties in writing within
three (3) Business Days of the receipt of such knowledge by any executive officer of such Party; provided, that the failure to provide such notice shall not impair or otherwise be deemed a waiver of any rights any Party may have arising
from such material event or development, and that notice under this Section 7.01 shall not in itself constitute notice of any breach of any of the Operative Documents. 

Section 7.02 Notices. Any notice, request, demand, waiver, consent, approval, or other communication which is required or
permitted to be given to any Party hereto shall be in writing and shall be deemed given only if delivered to the Party personally or sent to the Party by facsimile transmission (promptly followed by a hard-copy delivered in accordance with this
Section 7.02), by next Business Day delivery by a nationally recognized courier service, or by registered or certified mail (return receipt requested), with postage and registration or certification fees thereon prepaid, addressed to the
Party at its address set forth below: 
 Exelixis: 

Exelixis, Inc. 

170 Harbor Way 

South San Francisco, CA 94083 

Attention: Corporate Secretary 

Facsimile: (650) 837-7951 

Holdings: 

Symphony Evolution Holdings LLC 

7361 Calhoun Place, Suite 325 

Rockville, MD 20850 

Attn: Joseph P. Clancy 

Facsimile: (301) 762-6154 

with a copy to: 

Symphony Capital Partners, L.P. 

875 Third Avenue,
18th Floor 

New York, NY 10022 

Attn: Mark Kessel 

Facsimile: (212) 632-5401 

and 
 Symphony
Strategic Partners, LLC 
 875 Third Avenue,
18th Floor 

New York, NY 10022 

Attn: Mark Kessel 

Facsimile: (212) 632-5401 
  

 17 

 or to such other address as such Party may from time to time specify by notice given in the manner provided
herein to each other Party entitled to receive notice hereunder. 
 Section 7.03 Governing Law; Consent to Jurisdiction and
Service of Process. 
 (a) This Agreement shall be governed by, and construed in accordance with, the laws of the State of
New York; except to the extent that this Agreement pertains to the internal governance of Exelixis, and to such extent this Agreement shall be governed and construed in accordance with the laws of the State of Delaware. 

(b) Each of the Parties hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of
any New York State court and any Delaware State court or federal court of the United States of America sitting in The City of New York, Borough of Manhattan or Wilmington, Delaware, and any appellate court from any jurisdiction thereof, in any
action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the Parties hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding
may be heard and determined in any such New York State court, any such Delaware State court or, to the fullest extent permitted by law, in such federal court. Each of the Parties agrees that a final judgment in any such action or proceeding shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that any Party may otherwise have to bring any action or proceeding relating to
this Agreement. 
 (c) Each of the Parties irrevocably and unconditionally waives, to the fullest extent it may legally and
effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any New York State or federal court, or any Delaware State or federal court.
Each of the Parties hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. Each of the parties hereby consent to service of process
by mail. 
 Section 7.04 Waiver of Jury Trial. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY
IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

Section 7.05 Entire Agreement. This Agreement (including any Annexes, Schedules, Exhibits or other attachments here) constitutes
the entire agreement between the Parties with respect to the matters covered hereby and supersedes all prior agreements and understandings with respect to such matters between the Parties. 

Section 7.06 Amendment; Successors; Assignment; Counterparts. 

 

 18 

 (a) The terms of this Agreement shall not be waived, altered, modified, amended or
supplemented in any manner whatsoever except by a written instrument signed by each of the Parties. 
 (b) Nothing expressed or
implied herein is intended or shall be construed to confer upon or to give to any Person, other than the Parties, any right, remedy or claim under or by reason of this Agreement or of any term, covenant or condition hereof, and all the terms,
covenants, conditions, promises and agreements contained herein shall be for the sole and exclusive benefit of the Parties and their successors and permitted assigns. 

(c) Any Party may waive, solely with respect to itself, any one or more of its rights hereunder without the consent of any other Party
hereto; provided, that no such waiver shall be effective unless set forth in a written instrument executed by the Party hereto against whom such waiver is to be effective. 

(d) This Agreement may be executed in one or more counterparts, each of which, when executed, shall be deemed an original but all of
which taken together shall constitute one and the same Agreement 
 (e) Neither Exelixis nor Holdings may assign, delegate,
transfer, sell or otherwise dispose of (collectively, “Transfer”), in whole or in part, any or all of its rights or obligations hereunder to any Person (a “Transferee”) without the prior written
approval of the other Party; provided, however, that Exelixis, without the prior approval of each of the other Parties, acting in accordance with Article 14 of the Amended and Restated Research and Development Agreement, may make such
Transfer to any Person which acquires all or substantially all of Exelixis’ assets or business (or assets or business related to the Programs) or which is the surviving or resulting Person in a merger or consolidation with Exelixis;
provided further, that in the event of any Transfer, Exelixis or Holdings, as applicable, shall provide written notice to the other Parties of any such Transfer not later than thirty (30) days after such Transfer setting forth the
identity and address of the Transferee and summarizing the terms of the Transfer. In no event shall such assignment alter the definition of “Exelixis Common Stock” except as a result of the surviving or resulting “parent” entity
in a merger being other than Exelixis, in which case any reference to Exelixis Common Stock shall be deemed to instead reference the common stock, if any, of the surviving or resulting entity. 

[SIGNATURES FOLLOW ON NEXT PAGE] 
  

 19 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
respective officers or other representatives thereunto duly authorized, as of the date first above written. 
  

					
	EXELIXIS, INC.
		
	By:	 	/s/ Christoph Pereira
		 	Name:	 	Christoph Pereira
		 	Title:	 	Vice President, Legal Affairs and Secretary
	
	SYMPHONY EVOLUTION HOLDINGS LLC
		
	By:	 	Symphony Capital Partners, L.P.,
		 	its Manager
		
	By:	 	Symphony Capital GP, L.P.,
		 	its general partner
		
	By:	 	Symphony GP, LLC,
		 	its general partner
		
	By:	 	/s/ Mark Kessel
		 	Name:	 	Mark Kessel
		 	Title:	 	Managing Member

 ANNEX A 

CERTAIN DEFINITIONS 

“$” means United States dollars. 

“Accredited Investor” has the meaning set forth in Rule 501(a) of Regulation D promulgated under the Securities
Act of 1933, as amended. 
 “Act” means the Delaware Limited Liability Company Act, 6 Del. C. §
18-101 et seq. 
 “Additional Funds” has the meaning set forth in Section 2(b) of the Funding
Agreement. 
 “Additional Funding Date” has the meaning set forth in Section 3 of the Funding
Agreement. 
 “Additional Party” has the meaning set forth in Section 12 of the Confidentiality
Agreement. 
 “Additional Regulatory Filings” means such Governmental Approvals as required to be made
under any law applicable to the purchase of the Symphony Evolution Equity Securities under the Agreement. 
 “Ad Hoc
Meeting” has the meaning set forth in Paragraph 6 of Annex B to the Amended and Restated Research and Development Agreement. 

“Adjusted Capital Account Deficit” has the meaning set forth in Section 1.01 of the Holdings LLC Agreement.

 “Affected Member” has the meaning set forth in Section 27 of the Investors LLC Agreement.

 “Affiliate” means, with respect to any Person (i) any Person directly or indirectly controlling,
controlled by or under common control with such Person, (ii) any officer, director, general partner, member or trustee of such Person, or (iii) any Person who is an officer, director, general partner, member or trustee of any Person
described in clauses (i) or (ii) of this sentence. For purposes of this definition, the terms “controlling,” “controlled by” or “under common control with” shall mean the possession, direct or indirect, of the
power to direct or cause the direction of the management and policies of a Person or entity, whether through the ownership of voting securities, by contract or otherwise, or the power to elect at least 50% of the directors, managers, general
partners, or persons exercising similar authority with respect to such Person or entities. 
  

 1 

 “Amended and Restated Research and Development Agreement” means the
Amended and Restated Research and Development Agreement dated as of June 9, 2005, among Exelixis, Holdings and Symphony Evolution. 

“Asset Value” has the meaning set forth in Section 1.01 of the Holdings LLC Agreement. 

“Auditors” means an independent certified public accounting firm of recognized national standing. 

“A Warrant Date” has the meaning set forth in Section 2.04 of the Warrant Purchase Agreement. 

“A Warrants” has the meaning set forth in Section 2.01 of the Warrant Purchase Agreement. 

“A Warrant Shares” has the meaning set forth in Section 2.01 of the Warrant Purchase Agreement. 

“Bankruptcy Code” means the United States Bankruptcy Code. 

“Bloomberg” means Bloomberg L.P., a multimedia based distributor of information services, including data and
analysis for financial markets and businesses. 
 “Bloomberg Screen” means the display page designated
on the Bloomberg service (or such other page as may replace that page on that service) for the purpose of displaying prices or bids of Exelixis Common Stock. 

“Business Day” means any day other than Saturday, Sunday or any other day on which commercial banks in The City
of New York or the City of San Francisco are authorized or required by law to remain closed. 
 “B
Warrants” has the meaning set forth in Section 2.02 of the Warrant Purchase Agreement. 
 “B
Warrant Date” has the meaning set forth in Section 2.02 of the Warrant Purchase Agreement. 
 “B
Warrant Shares” has the meaning set forth in Section 2.05 of the Warrant Purchase Agreement. 

“Capital Contributions” has the meaning set forth in Section 1.01 of the Holdings LLC Agreement. 

“Capitalized Leases” means all leases that have been or should be, in accordance with GAAP, recorded as
capitalized leases. 
  

 2 

 “Cash Available for Distribution” has the meaning set forth in
Section 1.01 of the Holdings LLC Agreement. 
 “Chair” has the meaning set forth in Paragraph 4 of
Annex B to the Amended and Restated Research and Development Agreement. 
 “Change of Control” means and
includes the occurrence of any of the following events, but specifically excludes (i) acquisitions of capital stock directly from Exelixis for cash, whether in a public or private offering, (ii) sales of capital stock by stockholders of
Exelixis, and (iii) acquisitions of capital stock by or from any employee benefit plan or related trust: 

(a) the merger, reorganization or consolidation of Exelixis into or with another corporation or legal entity in which
Exelixis’ stockholders holding the right to vote with respect to matters generally immediately preceding such merger, reorganization or consolidation, own less than fifty percent (50%) of the voting securities of the surviving entity; or

 (b) the sale of all or substantially all of Exelixis’ assets or business. 

“Class A Member” means a holder of a Class A Membership Interest. 

“Class A Membership Interest” means a Class A Membership Interest in Holdings. 

“Class B Member” means a holder of a Class B Membership Interest. 

“Class B Membership Interest” means a Class B Membership Interest in Holdings. 

“Class C Member” means a holder of a Class C Membership Interest. 

“Class C Membership Interest” means a Class C Membership Interest in Holdings. 

“Class D Member” means a holder of a Class D Membership Interest. 

“Class D Membership Interest” means a Class D Membership Interest in Holdings. 

“Clinical Budget” has the meaning set forth in Section 4.1 of the Amended and Restated Research and
Development Agreement. 
 “Clinical Plan” has the meaning set forth in Section 4.1 of the Amended
and Restated Research and Development Agreement. 
 “Closing Date” means June 9, 2005. 

 

 3 

 “CMC” means the chemistry, manufacturing and controls documentation
as required for filings with Regulatory Authority relating to the manufacturing, production and testing of drug products. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time. 

“Committed Capital” means $80,000,000.00. 

“Common Stock” means the common stock, par value $0.01 per share, of Symphony Evolution. 

“Company Expenses” has the meaning set forth in Section 5.09 of the Holdings LLC Agreement. 

“Company Property” has the meaning set forth in Section 1.01 of the Holdings LLC Agreement. 

“Confidential Information” has the meaning set forth in Section 2 of the Confidentiality Agreement.

 “Confidentiality Agreement” means the Confidentiality Agreement, dated as of June 9, 2005, among
Symphony Evolution, Holdings, Exelixis, each Symphony Fund, SCP, SSP, Investors, Symphony Capital, RRD and Daniel F. Hoth, M.D., Herbert J. Conrad, and Alastair J.J. Wood, M.D. 

“Conflict Transaction” has the meaning set forth in Article IX of the Symphony Evolution Charter. 

“Control” means, with respect to any material, information or intellectual property right, that a Party owns or
has a license to such item or right, and has the ability to grant the other Party access, a license or a sublicense (as applicable) in or to such item or right as provided in the Operative Documents without violating the terms of any agreement or
other arrangement with any third party. 
 “C Warrants” has the meaning set forth in Section 2.03
of the Warrant Purchase Agreement. 
 “C Warrant Date” has the meaning set forth in Section 2.06 of
the Warrant Purchase Agreement. 
 “C Warrant Shares” has the meaning set forth in Section 2.03 of
the Warrant Purchase Agreement. 
 “Debt” of any Person means, without duplication: 

(a) all indebtedness of such Person for borrowed money, 

 

 4 

 (b) all obligations of such Person for the deferred purchase price of
property or services (other than any portion of any trade payable obligation that shall not have remained unpaid for 91 days or more from the later of (A) the original due date of such portion and (B) the customary payment date in the
industry and relevant market for such portion), 
 (c) all obligations of such Person evidenced by bonds, notes,
debentures or other similar instruments, 
 (d) all obligations of such Person created or arising under any
conditional sale or other title retention agreement with respect to property acquired by such Person (whether or not the rights and remedies of the seller or lender under such agreement in an event of default are limited to repossession or sale of
such property), 
 (e) all Capitalized Leases to which such Person is a party, 

(f) all obligations, contingent or otherwise, of such Person under acceptance, letter of credit or similar facilities,

 (g) all obligations of such Person to purchase, redeem, retire, defease or otherwise acquire for value any
Equity Securities of such Person, 
 (h) the net amount of all financial obligations of such Person in respect of
Hedge Agreements, 
 (i) the net amount of all other financial obligations of such Person under any contract or
other agreement to which such Person is a party, 
 (j) all Debt of other Persons of the type described in
clauses (a) through (i) above guaranteed, directly or indirectly, in any manner by such Person, or in effect guaranteed, directly or indirectly, by such Person through an agreement (A) to pay or purchase such Debt or to advance or
supply funds for the payment or purchase of such Debt, (B) to purchase, sell or lease (as lessee or lessor) property, or to purchase or sell services, primarily for the purpose of enabling the debtor to make payment of such Debt or to assure
the holder of such Debt against loss, (C) to supply funds to or in any other manner invest in the debtor (including any agreement to pay for property or services irrespective of whether such property is received or such services are rendered)
or (D) otherwise to assure a creditor against loss, and 
 (k) all Debt of the type described in
clauses (a) through (i) above secured by (or for which the holder of such Debt has an existing right, contingent or otherwise, to be secured by) any Encumbrance on property (including accounts and contract rights) owned or held or used
under lease or license by such Person, even though such Person has not assumed or become liable for payment of such Debt. 

“Development Budget” means the budget for the implementation of the Development Plan that is agreed upon by
Exelixis and Symphony Evolution as of the Effective Date, as may be revised from time to time in accordance with the Development Committee Charter and the Amended and Restated Research and Development Agreement. 

 

 5 

 “Development Committee” has the meaning set forth in Article 3
of the Amended and Restated Research and Development Agreement. 
 “Development Committee Charter” has
the meaning set forth in Article 3 of the Amended and Restated Research and Development Agreement. 

“Development Committee Member” has the meaning set forth in Paragraph 1 of Annex B to the Amended and Restated
Research and Development Agreement. 
 “Development Plan” means the development plan, covering all the
Programs, agreed to by Exelixis and Symphony Evolution as of the Effective Date, as may be revised from time to time in accordance with the Development Committee Charter and the Amended and Restated Research and Development Agreement. 

“Directors” has the meaning set forth in the Preliminary Statement of the Indemnification Agreement. 

“Disclosing Party” has the meaning set forth in Section 3 of the Confidentiality Agreement. 

“Discontinuation Closing Date” means the date of Symphony’s receipt of the Discontinuation Price.

 “Discontinuation Option” has the meaning set forth in Section 11.2(a) of the Amended and
Restated Research and Development Agreement. 
 “Discontinuation Price” has the meaning set forth in
Section 11.2(a) of the Amended and Restated Research and Development Agreement. 
 “Discontinued
Program” has the meaning set forth in Section 2.10 of the Novated and Restated Technology License Agreement. 

“Disinterested Directors” has the meaning set forth in Article IX of the Symphony Evolution Charter. 

“Distribution” has the meaning set forth in Section 1.01 of the Holdings LLC Agreement. 

“Effective Date” has the meaning set forth in the Novated and Restated Technology License Agreement. 

“Effective Registration Date” has the meaning set forth in the Registration Rights Agreement 

 

 6 

 “Encumbrance” means (i) any security interest, pledge,
mortgage, lien (statutory or other), charge or option to purchase, lease or otherwise acquire any interest, (ii) any adverse claim, restriction, covenant, title defect, hypothecation, assignment, deposit arrangement or other encumbrance of any
kind, preference or priority, or (iii) any other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, any conditional sale or other title retention agreement). 

“Enhancements” means findings, improvements, discoveries, inventions, additions, modifications, enhancements,
derivative works, clinical development data, or changes to the Licensed Intellectual Property and Regulatory Files. 

“Equity Securities” means, with respect to any Person, shares of capital stock of (or other ownership or profit
interests in) such Person, warrants, options or other rights for the purchase or other acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person, securities convertible into or exchangeable
for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or other acquisition from such Person of such shares (or such other interests), and other ownership or profit
interests in such Person (including, without limitation, partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are authorized or otherwise existing
on any date of determination. 
 “ERISA” means the United States Employee Retirement Income Security Act
of 1974, as amended. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the
rules and regulations promulgated thereunder. 
 “Exelixis” means Exelixis, Inc., a Delaware
corporation. 
 “Exelixis Common Stock” means the common stock, par value $0.001 per share, of Exelixis.

 “Exelixis Common Stock Valuation” has the meaning set forth in Section 2(e) of the Purchase
Option Agreement. 
 “Exelixis-GlaxoSmithKline Collaboration Committee” means the committee established
by Exelixis and GlaxoSmithKline pursuant to Section 2.2 of the GSK Agreement. 
 “Exelixis Member”
has the meaning set forth in Section 2(c) of the Management Services Agreement. 
 “Exelixis
Obligations” has the meaning set forth in Section 6.1 of the Amended and Restated Research and Development Agreement. 

“Exelixis Personnel” has the meaning set forth in Section 8.4 of the Amended and Restated Research and
Development Agreement. 
  

 7 

 “Existing NDA” has the meaning set forth in Section 2 of the
Confidentiality Agreement. 
 “Expert” has the meaning set forth in Section 11.2(c) of the Amended
and Restated Research and Development Agreement. 
 “Extension Funding” has the meaning set forth in
Section 2 of the Research Cost Sharing and Extension Agreement. 
 “External Directors” has the
meaning set forth in the preamble of the Confidentiality Agreement. 
 “FDA” means the United States
Food and Drug Administration or its successor agency in the United States. 
 “FDA Sponsor” has the
meaning set forth in Section 5.1 of the Amended and Restated Research and Development Agreement. 
 “Final
Purchase Price” has the meaning set forth in Section 2(j)(ii) of the Purchase Option Agreement. 

“Financial Audits” has the meaning set forth in Section 6.7 of the Amended and Restated Research and
Development Agreement. 
 “Financing” has the meaning set forth in the Preliminary Statement of the
Purchase Option Agreement. 
 “Fiscal Year” has for each Operative Document in which it appears the
meaning set forth in such Operative Document. 
 “Form S-3” means the Registration Form S-3 as defined
under the Securities Act. 
 “FTE” has the meaning set forth in Section 4.1 of the Amended and
Restated Research and Development Agreement. 
 “Funded Capital” has the meaning set forth in
Section 2.02(b) of the Warrant Purchase Agreement. 
 “Funding Agreement” means the Funding
Agreement, dated June 9, 2005, among Exelixis, SCP and Investors. 
 “Funding Notice” has the
meaning set forth in Section 2(a) of the Funding Agreement. 
 “Funds Price” has the meaning set
forth in Section 2(b) of the Purchase Option Agreement. 
 “GAAP” means generally accepted
accounting principles in effect in the United States of America from time to time. 
  

 8 

 “GlaxoSmithKline” means SmithKline Beecham Corporation, a
Pennsylvania corporation, doing business as GlaxoSmithKline. 
 “Governmental Approvals” means
authorizations, consents, orders, declarations or approvals of, or filings with, or terminations or expirations of waiting periods imposed by any Governmental Authority. 

“Governmental Authority” means any United States or non-United States federal, national, supranational, state,
provincial, local, or similar government, governmental, regulatory or administrative authority, agency or commission or any court, tribunal, or judicial or arbitral body. 

“Governmental Order” means any order, writ, judgment, injunction, decree, stipulation, determination or award
entered by or with any Governmental Authority. 
 “GSK Agreement” has the meaning set forth in
Section 4.10 of the Novated and Restated Technology License Agreement. 
 “Hedge Agreement” means
any interest rate swap, cap or collar agreement, interest rate future or option contract, currency swap agreement, currency future or option contract or other similar hedging agreement. 

“HHMI” has the meaning set forth in Annex C of the Novated and Restated Technology License Agreement. 

“Holdings” means Symphony Evolution Holdings LLC, a Delaware limited liability company. 

“Holdings Claims” has the meaning set forth in Section 5.01 of the Warrant Purchase Agreement. 

“Holdings LLC Agreement” means the Second Amended and Restated Limited Liability Company Agreement of Holdings
dated June 9, 2005. 
 “HSR Act Filings” means the premerger notification and report forms required
under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. 
 “IND” means an
Investigational New Drug Application, as described in 21 U.S.C. § 355(i)(1) and 21 C.F.R. § 312 in the regulations promulgated by the United States Food and Drug Administration, or any foreign equivalent thereof. 

“Indemnification Agreement” means the Indemnification Agreement among Symphony Evolution and the Directors named
therein, dated June 9, 2005. 
 “Independent Accountant” has the meaning set forth in
Section 2(i)(ii) of the Purchase Option Agreement. 
  

 9 

 “Initial Funds” has the meaning set forth in Section 2(a) of
the Funding Agreement. 
 “Initial Holdings LLC Agreement” means the Agreement of Limited Liability
Company of Holdings, dated March 30, 2005. 
 “Initial Investors LLC Agreement” means the Agreement
of Limited Liability Company of Investors, dated May 20, 2005. 
 “Initial LLC Member” has the
meaning set forth in Section 1.01 of the Holdings LLC Agreement. 
 “Interest Certificate” has the
meaning set forth in Section 1.01 of the Holdings LLC Agreement. 
 “Interim Holdings LLC
Agreement” means the Amended and Restated Agreement of Limited Liability Company of Holdings, dated June 2, 2005. 

“Investment Company Act” means the Investment Company Act of 1940, as amended. 

“Investment Overview” means the investment overview describing the transactions entered into pursuant to the
Operative Documents. 
 “Investment Policy” has the meaning set forth in Section 1(a)(viii) of the
Management Services Agreement. 
 “Investors” means Symphony Evolution Investors LLC. 

“Investors LLC Agreement” means Amended and Restated Agreement of Limited Liability Company of Investors dated
June 9, 2005. 
 “IRS” means the U.S. Internal Revenue Service. 

“Knowledge” means the actual (and not imputed) knowledge of the executive officers of Exelixis, without the duty
of inquiry or investigation. 
 “Law” means any law, statute, treaty, constitution, regulation, rule,
ordinance, order or Governmental Approval, or other governmental restriction, requirement or determination, of or by any Governmental Authority. 

“Ledger Fee” has the meaning set forth in Section 6(b) of the Management Services Agreement. 

“License” has the meaning set forth in the Preliminary Statement of the Purchase Option Agreement. 

 

 10 

 “Licensed Intellectual Property” means the Licensed Patent Rights,
Symphony Evolution Enhancements, Licensor Enhancements and the Licensed Know-How. 
 “Licensed Know-How”
means any and all proprietary technology (other than the University IP) that is Controlled by Licensor as of the Closing Date and that relates to the Licensed Patent Rights, Regulatory Files, XL647, XL784, XL999, Structurally Related Compounds or
the Programs, including without limitation, manufacturing processes or protocols, know-how, writings, documentation, data, technical information, techniques, results of experimentation and testing, diagnostic and prognostic assays, specifications,
databases, any and all laboratory, research,, pharmacological, toxicological, analytical, quality control pre-clinical and clinical data, and other information and materials, whether or not patentable. 

“Licensed Patent Rights” means: 

(a) any and all patents, patent applications and invention disclosures Controlled by Licensor as of the Closing Date and relating to
XL647, XL784, XL999, Structurally Related Compounds or the Programs, including, but not limited to, the patents and patent applications listed on Annex B to the Novated and Restated Technology License Agreement, but excluding the University IP;

 (b) any and all reissues, continuations, divisionals, continuations-in-part (but only to the extent the subject matter in
such continuations-in-part has been disclosed in the patents or patent applications listed on Annex B), reexaminations, renewals, substitutes, extensions or foreign counterparts of the foregoing, whether filed prior to or after the expiration or
termination of the Purchase Option; and 
 (c) any and all patents and patent applications that claim Licensor Enhancements or
Symphony Evolution Enhancements. 
 “Licensor” means Exelixis. 

“Licensor Enhancements” means all findings, improvements, discoveries, inventions, additions, modifications,
enhancements, derivative works, or changes to the Licensed Intellectual Property, Regulatory Files, XL647, XL784, XL999, Structurally Related Compounds or the Programs, in each case, developed by Licensor during the Term in the course of performing
Exelixis’ rights and obligations under the Amended and Restated Research & Development Agreement, including performing Exelixis’ funded research pursuant to Section 4.3 of the Amended and Restated Research and Development
Agreement, to the extent such items do not otherwise qualify as Symphony Evolution Enhancements hereunder, regardless of whether such work is funded by Symphony Evolution or Exelixis. 

“Lien” has the meaning set forth in Section 1.01 of the Holdings LLC Agreement. 

“Liquidating Event” has the meaning set forth in Section 8.01 of the Holdings LLC Agreement. 

 

 11 

 “LLC Agreements” means the Initial Holdings LLC Agreement, the
Interim Holdings LLC Agreement, the Holdings LLC Agreement, the Initial Investors LLC Agreement and the Investors LLC Agreement. 

“Loss” has for each Operative Document in which it appears the meaning set forth in such Operative Document.

 “Management Budget” has the meaning set forth in Section 4.1 of the Amended and Restated
Research and Development Agreement. 
 “Management Fee” has the meaning set forth in Section 6(a)
of the Management Services Agreement. 
 “Management Plan” has the meaning set forth in Section 4.1
of the Amended and Restated Research and Development Agreement. 
 “Management Services” has the meaning
set forth in Section 1(a) of the Management Services Agreement. 
 “Management Services Agreement”
means the Management Services Agreement between Symphony Evolution and RRD, dated as of June 9, 2005. 

“Manager” means (i) for each LLC Agreement in which it appears, the meaning set forth in such LLC Agreement,
and (ii) for each other Operative Document in which it appears, RRD. 
 “Manager Event” has the
meaning set forth in Section 3.01(f) of the Holdings LLC Agreement. 
 “Material Adverse Effect”
means, with respect to any Person, a material adverse effect on (i) the business, assets, property or condition (financial or otherwise) of such Person or, (ii) its ability to comply with and satisfy its respective agreements and
obligations under the Operative Documents or, (iii) the enforceability of the obligations of such Person of any of the Operative Documents to which it is a party. 

“Material Change” has the meaning set forth in Paragraph 12 of Annex B of the Amended and Restated Research and
Development Agreement. 
 “Material Contract” has the meaning set forth in Section 3(j) of the
Management Services Agreement. 
 “Material Subsidiary” means, at any time, a Subsidiary of Exelixis
having assets in an amount equal to at least 5% of the amount of total consolidated assets of Exelixis and its Subsidiaries (determined as of the last day of the most recent fiscal quarter of Exelixis) or revenues or net income in an amount equal to
at least 5% of the amount of total consolidated revenues or net income of Exelixis and its Subsidiaries for the 12-month period ending on the last day of the most recent fiscal quarter of Exelixis. 

 

 12 

 “Maximum Committed Capital” has the meaning set forth in
Section 2.02(b) of the Warrant Purchase Agreement. 
 “Medical Discontinuation Event” means
(a) as specified in each Protocol, those data that, if collected in such Protocol, demonstrate that such Protocol should not be continued or (b) a series of adverse events, side effects or other undesirable outcomes that, when collected in
a Protocol, would cause a reasonable FDA Sponsor to discontinue such Protocol. 
 “Membership Interest”
means (i) for each LLC Agreement in which it appears, the meaning set forth in such LLC Agreement, and (ii) for each other Operative Document in which it appears, the meaning set forth in the Holdings LLC Agreement. 

“NASDAQ” means the National Association of Securities Dealers Automatic Quotation System. 

“NDA” means a New Drug Application, as defined in the regulations promulgated by the United States Food and Drug
Administration, or any foreign equivalent thereof. 
 “Net Debt” has the meaning set forth in
Section 2(b) of the Purchase Option Agreement. 
 “Non-Exelixis Capital Transaction” means any
(i) sale or other disposition of all or part of the Symphony Evolution Shares or all or substantially all of the operating assets of Symphony Evolution, to a Person other than Exelixis or an Affiliate of Exelixis or (ii) distribution in
kind of the Symphony Evolution Shares following the expiration of the Purchase Option. 
 “Novated and Restated
Technology License Agreement” means the Novated and Restated Technology License Agreement, dated as of June 9, 2005, among Exelixis, Symphony Evolution and Holdings. 

“Operative Documents” means, collectively, the Indemnification Agreement, the Holdings LLC Agreement, the
Purchase Option Agreement, the Warrant Purchase Agreement, the Registration Rights Agreement, the Subscription Agreement, the Technology License Agreement, the Novated and Restated Technology License Agreement, the Management Services Agreement, the
Research and Development Agreement, the Amended and Restated Research and Development Agreement, the Research Cost Sharing and Extension Agreement, the Confidentiality Agreement, the Funding Agreement and each other certificate and agreement
executed in connection with any of the foregoing documents. 
 “Organizational Documents” means any
certificates or articles of incorporation or formation, partnership agreements, trust instruments, bylaws or other governing documents. 

“Parties” means, for each Operative Document or other agreement in which it appears, the parties to such
Operative Document or other agreement, as set forth therein (each a “Party”). With respect to any agreement in which a provision is included therein by reference to a provision in another agreement, the term “Party”
shall be read to refer to the parties to the document at hand, not the agreement that is referenced. 
  

 13 

 “Payment Terms” has the meaning set forth in Section 8.2 of the
Amended and Restated Research and Development Agreement. 
 “Percentage” has the meaning set forth in
Section 1.01 of the Holdings LLC Agreement. 
 “Permitted Investments” has the meaning set forth in
Section 1.01 of the Holdings LLC Agreement. 
 “Permitted Investments Letter” means the Permitted
Investments Letter dated as of June 9, 2005, from Symphony Evolution to RRD, as set forth in Exhibit B to the Management Services Agreement. 

“Permitted Lien” has the meaning set forth in Section 1.01 of the Holdings LLC Agreement. 

“Person” means any individual, partnership (whether general or limited), limited liability company, corporation,
trust, estate, association, nominee or other entity. 
 “Personnel” of a Party means such Party, its
employees, subcontractors, consultants, representatives and agents. 
 “Prime Rate” means the quoted
“Prime Rate” at JPMorgan Chase Bank or, if such bank ceases to exist or is not quoting a base rate, prime rate reference rate or similar rate for United States dollar loans, such other major money center commercial bank in New York City
selected by the Manager. 
 “Product” means any product that contains or comprises XL647, XL784 or XL999
or any Structurally Related Compound thereof. 
 “Profit” has the meaning set forth in Section 1.01
of the Holdings LLC Agreement. 
 “Program Option” has the meaning set forth in Section 11.1(a) of
the Amended and Restated Research and Development Agreement. 
 “Program Option Closing Date” has the
meaning set forth in Section 11.1(d) of the Amended and Restated Research and Development Agreement. 
 “Program
Option Exercise Date” has the meaning set forth in Section 11.1(b) of the Amended and Restated Research and Development Agreement. 

“Program Option Exercise Notice” has the meaning set forth in Section 11.1(b) of the Amended and Restated
Research and Development Agreement. 
 “Program Option Exercise Price” has the meaning set forth in
Section 11.1(c) of the Amended and Restated Research and Development Agreement. 
  

 14 

 “Program Option Period” has the meaning set forth in
Section 11.1(a) of the Amended and Restated Research and Development Agreement. 
 “Programs” means
those certain clinical programs pursuing indications for XL647, XL784, and XL999 in accordance with the Development Plan (each a “Program”). 

“Protocol” means a written protocol that meets the substantive requirements of Section 6 of
the ICH Guideline for Good Clinical Practice as adopted by the FDA, effective May 9, 1997 and is included within the Clinical Plan or later modified or added to the Clinical Plan pursuant to Section 4.2 of the Amended and Restated Research
and Development Agreement. 
 “Public Companies” has the meaning set forth in Section 5(e) of the
Purchase Option Agreement. 
 “Purchase Option” has the meaning set forth in Section 1(a) of the
Purchase Option Agreement. 
 “Purchase Option Agreement” means this Purchase Option Agreement dated as
of June 9, 2005, among Exelixis, Holdings and Symphony Evolution. 
 “Purchase Option Closing Date”
has the meaning set forth in Section 2(a) of the Purchase Option Agreement. 
 “Purchase Option Dispute
Notice” has the meaning set forth in Section 2(b) of the Purchase Option Agreement. 
 “Purchase
Option Exercise Date” has the meaning set forth in Section 2(a) of the Purchase Option Agreement. 

“Purchase Option Exercise Notice” has the meaning set forth in Section 2(a) of the Purchase Option
Agreement. 
 “Purchase Option Period” has the meaning set forth in Section 1(c)(iii) of the
Purchase Option Agreement. 
 “Purchase Price” has the meaning set forth in Section 2(b) of the
Purchase Option Agreement. 
 “QA Audits” has the meaning set forth in Section 6.6 of the Amended
and Restated Research and Development Agreement. 
 “Quarterly Meeting” has the meaning set forth in
Paragraph 6 of Annex B of the Amended and Restated Research and Development Agreement. 
 “Regents” has
the meaning set forth in Section 3.1 of the Novated and Restated Technology License Agreement. 
  

 15 

 “Regents Agreement” has the meaning set forth in Section 3.1 of
the Novated and Restated Technology License Agreement. 
 “Regents Claims” has the meaning set forth in
Annex C of the Novated and Restated Technology License Agreement. 
 “Regents Indemnitees” has the
meaning set forth in Annex C of the Novated and Restated Technology License Agreement. 
 “Regents
Technology” has the meaning set forth in Annex C of the Novated and Restated Technology License Agreement. 

“Registration Rights Agreement” means the Registration Rights Agreement dated as of the Closing Date, between
Exelixis and Holdings. 
 “Registration Statement” has the meaning set forth in Section 1(b)
of the Registration Rights Agreement. 
 “Regulatory Authority” means the United States Food and Drug
Administration, or any successor agency in the United States, or any health regulatory authority(ies) in any other country that is a counterpart to the FDA and has responsibility for granting registrations or other regulatory approval for the
marketing, manufacture, storage, sale or use of drugs in such other country. 
 “Regulatory Allocation”
has the meaning set forth in Section 3.06 of the Holdings LLC Agreement. 
 “Regulatory Files”
means any IND, NDA or any other filings filed with any Regulatory Authority with respect to XL647, XL784, XL999 or the Programs. 

“Removed Director” has the meaning set forth in Section 3.01(h)(i) of the Holdings LLC Agreement.

 “Representative” of any Person means such Person’s shareholders, principals, directors,
officers, employees, members, managers and/or partners. 
 “Research and Development Agreement” means
the Research and Development Agreement dated as of June 9, 2005, between Exelixis and Holdings. 
 “Research
Cost Sharing and Extension Agreement” means the Research Cost Sharing and Extension Agreement dated as of June 9, 2005, between Exelixis, Holdings, and Symphony Evolution. 

“RRD” means RRD International, LLC, a Delaware limited liability company. 

“RRD Indemnified Party” has the meaning set forth in Section 10(a)(i) of the Management Services Agreement.

  

 16 

 “RRD Loss” has the meaning set forth in Section 10(a)(i) of the
Management Services Agreement. 
 “Schedule K-1” has the meaning set forth in Section 9.02(a) of
the Holdings LLC Agreement. 
 “Scientific Discontinuation Event” has the meaning set forth in
Section 4.2(f) of the Amended and Restated Research and Development Agreement. 
 “SCP” means
Symphony Capital Partners, L.P., a Delaware limited partnership. 
 “SEC” means the United States
Securities and Exchange Commission. 
 “Securities Act” means the Securities Act of 1933, as amended.

 “Shareholder” means any Person who owns any Symphony Evolution Shares. 

“Solvent” has the meaning set forth in Section 1.01 of the Holdings LLC Agreement. 

“SSP” means Symphony Strategic Partners, LLC, a Delaware limited liability company. 

“Stock Payment Date” has the meaning set forth in Section 2 of the Subscription Agreement. 

“Stock Purchase Price” has the meaning set forth in Section 2 of the Subscription Agreement. 

“Structurally Related Compound” means: 

(a) with respect to XL647, any compound that is claimed in any patent within the Licensed Patent Rights, which patent: 

(i) also specifically claims XL647; 

(ii) issues from a continuation or a divisional of a patent described in (i); or 

(iii) claims priority to one or more of the following patent applications: U.S. provisional application Serial
No. 60/396,269 (filed July 15, 2002); U.S. provisional application Serial No. 60/447,212 (filed February 13, 2003); or PCT application Serial No. PCT/US03/21923 (filed July 14, 2003); 

(b) with respect to XL784, any compound that is claimed in any patent within the Licensed Patent Rights, which patent: 

(i) also specifically claims XL784; 

(ii) issues from a continuation or a divisional of a patent described in (i); or 

(iii) claims priority to one or more of the following patent applications: U.S. provisional application Serial
No. 60/388,326 (filed June 12, 2002); or PCT application Serial No. PCT/US03/18262 (filed June 11, 2003); and 
  

 17 

 (c) with respect to XL999, any compound that is claimed in any patent within the Licensed
Patent Rights, which patent: 
 (i) also specifically claims XL999; 

(ii) issues from a continuation or a divisional of a patent described in (i); or 

(iii) claims priority to one or more of the following patent applications: U.S. provisional application Serial
No. 60/426,680 (filed November 15, 2002); U.S. provisional application Serial No. 60/470,674 (filed May 14, 2003); or PCT application Serial No. PCT/US03/36567 (filed November 14, 2003). 

“Subcontracting Agreement” has the meaning set forth in Section 6.3 of the Amended and Restated Research and
Development Agreement. 
 “Subcontractor” has the meaning set forth in Section 6.3 of the Amended
and Restated Research and Development Agreement. 
 “Subscription Agreement” means the Subscription
Agreement between Symphony Evolution and Holdings, dated as of June 9, 2005. 
 “Subsidiary” of any
Person means any corporation, partnership, joint venture, limited liability company, trust or estate of which (or in which) more than 50% of (a) the issued and outstanding capital stock having ordinary voting power to elect a majority of the
board of directors of such corporation (irrespective of whether at the time capital stock of any other class or classes of such corporation shall or might have voting power upon the occurrence of any contingency); (b) the interest in the
capital or profits of such partnership, joint venture or limited liability company; or (c) the beneficial interest in such trust or estate is at the time directly or indirectly owned or controlled by such Person, by such Person and one or more
of its other Subsidiaries or by one or more of such Person’s other Subsidiaries. 
 “Surviving
Entity” means the surviving legal entity which is surviving entity to Exelixis after giving effect to a Change of Control. 

“Symphony Capital” means Symphony Capital LLC, a Delaware limited liability company. 

“Symphony Evolution” means Symphony Evolution, Inc., a Delaware corporation. 

“Symphony Evolution Board” means the Symphony Evolution board of directors. 

“Symphony Evolution By-laws” means the By-laws of Symphony Evolution, as adopted by resolution of the Symphony
Evolution Board on June 9, 2005. 
 “Symphony Evolution Charter” means the Amended and Restated
Certificate of Incorporation of Symphony Evolution, dated as of June 9, 2005. 
 “Symphony Evolution Director
Event” has the meaning set forth in Section 3.01(h)(i) of the Holdings LLC Agreement. 
  

 18 

 “Symphony Evolution Enhancements” means findings, improvements,
discoveries, inventions, additions, modifications, enhancements, derivative works, or changes to the Licensed Intellectual Property, Regulatory Files, XL647, XL784, XL999, Products or the Programs, made by or on behalf of Symphony Evolution during
the Term. 
 “Symphony Evolution Equity Securities” means the Common Stock and any other stock or shares
issued by Symphony Evolution. 
 “Symphony Evolution Loss” has the meaning set forth in
Section 10(b) of the Management Services Agreement. 
 “Symphony Evolution Securities Encumbrance”
has the meaning set forth in Section 4(b)(ii) of the Purchase Option Agreement. 
 “Symphony Evolution
Shares” has the meaning set forth in Section 2.02 of the Holdings LLC Agreement. 
 “Symphony
Funds” means Symphony Capital Partners, L.P., a Delaware limited partnership, and Symphony Strategic Partners, LLC, a Delaware limited liability company (each a “Symphony Fund”). 

“Symphony Member” has the meaning set forth in Section 4.2(d) of the Amended and Restated Research and
Development Agreement. 
 “Tangible Materials” means any tangible documentation, whether written or
electronic, existing as of the Closing Date or during the Term, that is Controlled by the Licensor, embodying the Licensed Intellectual Property, Regulatory Files, XL647, XL784, XL999, Products or the Programs, including, but not limited to,
documentation, patent applications and invention disclosures. 
 “Tax Amount” has the meaning set forth
in Section 4.02 of the Holdings LLC Agreement. 
 “Technology License Agreement” means the
Technology License Agreement, dated as of June 9, 2005, between Exelixis and Holdings. 
 “Term”
means the period starting on the Closing Date and ending upon the termination or expiration of the Purchase Option Period. 

“Territory” means the world. 

“Third Party IP” has the meaning set forth in Section 2.9 of the Novated and Restated Technology License
Agreement. 
 “Third Party Licensor” means (a) a third party from which Exelixis has received a
license or sublicense to Licensed Intellectual Property or (b) a third party to which Exelixis has granted a license or sublicense to the Licensed Intellectual Property. As of the Closing Date, GlaxoSmithKline is the only Third Party Licensor.

  

 19 

 “Transfer” has for each Operative Document in which it appears the
meaning set forth in such Operative Document. 
 “Transferee” has, for each Operative Document in which
it appears, the meaning set forth in such Operative Document. 
 “University Agreements” has the meaning
set forth in Section 3.1 of the Novated and Restated Technology License Agreement. 
 “University
IP” has the meaning set forth in Section 3.1 of the Novated and Restated Technology License Agreement. 

“Voluntary Bankruptcy” has the meaning set forth in Section 1.01 of the Holdings LLC Agreement. 

“Warrant Closing” has the meaning set forth in Section 2.07 of the Warrant Purchase Agreement. 

“Warrant Date” has the meaning set forth in Section 2.06 of the Warrant Purchase Agreement. 

“Warrant Purchase Agreement” means the Warrant Purchase Agreement dated as of the Closing Date, between Exelixis
and Holdings. 
 “Warrants” has the meaning set forth in Section 2.03 of the Warrant Purchase
Agreement. 
 “Warrant Share Legend” has the meaning set forth in Section 6.02 of the Warrant
Purchase Agreement. 
 “Warrant Shares” has the meaning set forth in Section 2.03 of the Warrant
Purchase Agreement. 
 “XL647” means: 

 

 

  

 20 

 “XL784” means: 

 
 “XL999” means: 

 
 “Yale” has the meaning set forth in Section 3.1 of the Novated
and Restated Technology License Agreement. 
 “Yale Agreement” has the meaning set forth in
Section 3.1 of the Novated and Restated Technology License Agreement. 
 “Yale Claims” has the
meaning set forth in Annex C of the Novated and Restated Technology License Agreement. 
 “Yale
Indemnitees” has the meaning set forth in Annex C of the Novated and Restated Technology License Agreement. 

“Yale Technology” has the meaning set forth in Annex C of the Novated and Restated Technology License Agreement.

  

 21 

 EXHIBIT A 

 

			
	June 9, 2005	 	

 Symphony Evolution Holdings LLC 

7361 Calhoun Place, Suite 325 
 Rockville, MD
20850 
 Dear Ladies and Gentlemen: 

We have acted as counsel for Exelixis, Inc., a Delaware corporation (the “Company”), in connection with the financing of the clinical
development of certain of the Company’s product candidates (the “Financing”). In connection with the Financing, the Company is entering into the agreements listed on Schedule I hereto (collectively, the “Transaction
Agreements”). We are rendering this opinion pursuant to Section 3.02(d) of the Warrant Purchase Agreement. 
 In connection with this
opinion, we have examined and relied upon the representations and warranties as to factual matters contained in and made pursuant to the Transaction Agreements by the various parties and originals, or copies certified to our satisfaction, of such
records, documents, certificates, opinions, memoranda and other instruments as in our judgment are necessary or appropriate to enable us to render the opinion expressed below. 

As to certain factual matters, we have relied upon certificates of officers of the Company and have not sought to independently verify such matters.
Where we render an opinion “to our knowledge” or concerning an item “known to us” or our opinion otherwise refers to our knowledge, it is based solely upon (i) an inquiry of attorneys within this firm who have represented
the Company in this transaction, (ii) receipt of a certificate executed by an officer of the Company covering such matters and (iii) such other investigation, if any, that we specifically set forth herein. 

In rendering this opinion, we have assumed: the authenticity of all documents submitted to us as originals; the conformity to originals of all documents
submitted to us as copies; the accuracy, completeness and authenticity of certificates of public officials; the due authorization, execution and delivery of all documents (except the due authorization, execution and delivery by the Company of the
Transaction Agreements), where authorization, execution and delivery are prerequisites to the effectiveness of such documents; and the genuineness and authenticity of all signatures on original documents (except the signatures on behalf of the
Company on the Transaction Agreements). We have also assumed: that all individuals executing and delivering documents had the legal capacity to so execute and deliver; that the Transaction Agreements are obligations binding upon the parties thereto
other than the Company; that the parties to the Transaction Agreements other than the Company have filed any required California franchise or income tax returns and have paid any required California franchise or income taxes; and that there are no
extrinsic agreements or understandings among the parties to the Transaction Agreements or to the Material Agreements (as defined below) that would modify or interpret the terms of any such agreements or the respective rights or obligations of the
parties thereunder. 
  

 Symphony Evolution Holdings LLC 

Page Two 
 Our opinion is expressed only with
respect to the federal laws of the United States of America and the laws of the State of California and the General Corporation Law of the State of Delaware. We note that the parties to the Transaction Agreements have designated the laws of the
State of New York as the laws governing the Transaction Agreements. Our opinion in paragraph 5 below as to the validity, binding effect and enforceability of the Transaction Agreements is premised upon the result that would obtain if a California
court were to apply the internal laws of the State of California (notwithstanding the designation of the laws of the State of New York) to the interpretation and enforcement of the Transaction Agreements. We express no opinion as to whether the laws
of any particular jurisdiction apply, and no opinion to the extent that the laws of any jurisdiction other than those identified above are applicable to the subject matter hereof. 

We are not rendering any opinion as to any statute, rule, regulation, ordinance, decree or decisional law relating to antitrust, banking, land use,
environmental, pension, employee benefit, tax, fraudulent conveyance, usury, laws governing the legality of investments for regulated entities, regulations T, U or X of the Board of Governors of the Federal Reserve System or local law. Furthermore,
we express no opinion with respect to compliance with antifraud laws, rules or regulations relating to securities or the offer and sale thereof; compliance with fiduciary duties by the Company’s Board of Directors or stockholders; compliance
with safe harbors for disinterested Board of Director or stockholder approvals; compliance with state securities or blue sky laws except as specifically set forth below; or compliance with laws that place limitations on corporate distributions.

 With regard to our opinion in paragraph 1 below with respect to the good standing of the Company, we have relied solely upon a certificate of
the Secretary of State of the State of Delaware as of a recent date. 
 With regard to our opinion paragraph 3 below concerning defaults under
and any material breaches of any agreement identified on Schedule II hereto, we have relied solely upon (i) a certificate of an officer of the Company, (ii) a list supplied to us by the Company of material agreements to which the Company
is a party, or by which it is bound, a copy of which is attached hereto as Schedule II (the “Material Agreements”) and (iii) an examination of the Material Agreements in the form provided to us by the Company. We have made no further
investigation. Further, with regard to our opinion in paragraph 3 below concerning Material Agreements, we express no opinion as to (i) financial covenants or similar provisions therein requiring financial calculations or determinations to
ascertain compliance, (ii) provisions therein relating to the occurrence of a “material adverse event” or words of similar import or (iii) any statement or writing that may constitute parol evidence bearing on interpretation or
construction. 

 Symphony Evolution Holdings LLC 

Page Three 
 With regard to our opinion in
paragraph 7 below, we express no opinion to the extent that, notwithstanding its current reservation of shares of Common Stock, future issuances of securities of the Company and/or antidilution adjustments to outstanding securities of the Company
may cause the Warrant Shares to be convertible for more shares of Common Stock than the number that then remain authorized but unissued. 
 With
regard to our opinion in paragraph 8 with respect to exemption from registration, no opinion is expressed with respect to the integration of the offer and sale of the Warrants or the Warrant Shares with any offers or sales of securities occurring
subsequent to the date hereof. 
 With regard to our opinion in paragraph 9 below, we have based our opinion, to the extent we consider
appropriate, on Rule 3a-8 under the Investment Company Act of 1940, as amended, and a certificate of an officer of the Company as to compliance with each of the requirements necessary to comply with Rule 3a-8. We have conducted no further
investigation. 
 On the basis of the foregoing, in reliance thereon and with the foregoing qualifications, we are of the opinion that:

  

	1.	The Company has been duly incorporated and is a validly existing corporation in good standing under the laws of the State of Delaware. 

 

	2.	The Company has the corporate power to execute, deliver and perform its obligations under the Transaction Agreements. Each of the Transaction Agreements has been duly
and validly authorized, executed and delivered by the Company. 

  

	3.	The execution and delivery of the Transaction Agreements by the Company and the consummation of the transactions contemplated thereby that would occur at the closing of
the sale and issuance of the Warrant (as defined on Schedule I hereto) will not, (a) violate any provision of the Company’s certificate of incorporation or by-laws, (b) violate any governmental statute, rule or regulation which in our
experience is typically applicable to transactions of the nature contemplated by the Transaction Agreements, (c) violate any order, writ, judgment, injunction, decree, determination or award which has been entered against the Company and of
which we are aware or (d) constitute a default under or a material breach of any Material Agreement, in the case of clause (d) to the extent such default or breach would materially and adversely affect the Company.

  

	4.	 All consents, approvals, authorizations or orders of, and filings, registrations and qualifications with any U.S. Federal or California regulatory
authority or governmental body required for the due execution or delivery by the Company of any Transaction Agreement and the sale and issuance of the Warrant have been made or obtained, except (a) for the filing of a Form D pursuant to
Securities and Exchange Commission Regulation D and (b) for the filing of the notice to be filed under California Corporations Code Section 25102.1(d). 

 Symphony Evolution Holdings LLC 

Page Four 
  

	5.	Each of the Transaction Agreements constitutes, and, if the B Warrants and C Warrants (each as defined in the Warrant Purchase Agreement) were to be issued at the
closing of the sale and issuance of the Warrant in accordance with the terms of the Warrant Purchase Agreement, each of the B Warrants and the C Warrants would constitute, a valid and binding agreement of the Company, enforceable against the Company
in accordance with its respective terms, except as rights to indemnity and contribution under Sections 6 and 7 of the Registration Rights Agreement, Section 10 of the Purchase Option Agreement, Article V of the Warrant Purchase Agreement,
Section 15 of the Research and Development Agreement, Section 15 of the Amended and Restated Research and Development Agreement, Section 6 of the Technology License Agreement, Section 6 of the Novated and Restated Technology
License Agreement, Paragraphs (c)(iv) under “Yale Agreement” in Annex C of the Technology License Agreement, Paragraph (c)(vi) under “Regents Agreement” in Annex C of the Technology License Agreement, Paragraph (c)(iv) under
“Yale Agreement” in Annex C of the Novated and Restated Technology License Agreement and Paragraph (c)(vi) under “Regents Agreement” in Annex C of the Novated and Restated Technology License Agreement may be limited by applicable
laws and except as enforcement may be limited by applicable bankruptcy, insolvency, reorganization, arrangement, suretyship, dissolution, moratorium, receivership or other similar laws affecting creditors’ rights and the law of fraudulent
transfer, and subject to state law, federal law, or general equity principles and to limitations on availability of equitable relief, including specific performance, regardless of whether enforcement is considered in a proceeding in equity or at
law. 

  

	6.	The offer and sale of the Warrants (as defined in the Warrant Purchase Agreement) have been duly authorized by the Company. 

 

	7.	The Warrant Shares (as defined in the Warrant Purchase Agreement) and, assuming the Purchase Option (as defined in the Purchase Option Agreement) is exercised in
accordance with the Purchase Option Agreement, the Exelixis Common Stock (as defined in the Purchase Option Agreement), when sold and issued in accordance with the terms of the Warrants or the Purchase Option Agreement, as applicable, will be
validly issued, fully paid and non-assessable, and the issuance of the Warrant Shares is not be subject to preemptive rights pursuant to the General Corporation Law of the State of Delaware, the certificate of incorporation or by-laws of the Company
or similar rights to subscribe pursuant to any Material Agreement. 

  

	8.	The offer and sale of the Warrants and Warrant Shares are and will be exempt from the registration requirements of the Securities Act of 1933, as amended, subject to
the timely filing of a Form D pursuant to Securities and Exchange Commission Regulation D. 

 Symphony Evolution Holdings LLC 

Page Five 
  

	9.	The Company is not an “investment company” as defined in the Investment Company Act of 1940, as amended. 

Our opinion in paragraph 5 above is specifically subject to the following limitations, exceptions, qualifications and assumptions: 

A. We express no opinion as to the effect of court decisions, invoking statutes or principles of equity, which have held that
certain covenants and provisions of agreements are unenforceable where enforcement of such covenants or provisions under the circumstances would violate the enforcing party’s implied covenant of good faith and fair dealing or would be limited
by the principles of course of dealing or course of performance. 
 B. We express no opinion as to the effect of any
federal or state law or equitable principle which provides that a court may refuse to enforce, or may limit the application of, a contract or any clause thereof that the courts find to be unconscionable at the time it was made or contrary to public
policy. 
 C. We express no opinion as to the enforceability under certain circumstances of provisions expressly or by
implication waiving broadly or vaguely stated rights, unknown future rights including without limitation rights to damages, or defenses to obligations or rights granted by law, when such waivers are against public policy or prohibited by law.

 D. We express no opinion as to the enforceability under certain circumstances of provisions to the effect that rights
or remedies are not exclusive, that rights or remedies may be exercised without notice, that every right or remedy is cumulative and may be exercised in addition to or with any other right or remedy, that election of a particular remedy or remedies
does not preclude recourse to one or more remedies, or that failure to exercise or delay in exercising rights or remedies will not operate as a waiver of any such right or remedy. 

E. We express no opinion as to the enforceability of any provision of an applicable agreement requiring that waivers must be in
writing; such provision may not be binding or enforceable if a non-executory oral agreement has been created modifying any such provision or if an implied agreement by trade practice or course of conduct has given rise to a waiver. 

F. Enforceability of the following rights and remedies may be limited by applicable law: (i) any provision which provides for
a rate of interest which exceeds that permissible under applicable law; (ii) any provision which purports to affect the jurisdiction of a court (including provisions as to methods of service of process and as to property which may be subject to
such jurisdiction) or may be subject to the discretion of a court (including provisions as to venue); (iii) any provision which purports to make available remedies for violations, breaches or defaults that are determined by a court of competent
jurisdiction to be non-material or unreasonable; (iv) any provision which provides for a choice of law or choice of forum; (v) any provision relating to the indemnification or exculpation of any party; and (vi) any provision that
contains a 

 Symphony Evolution Holdings LLC 

Page Six 
 waiver of the benefits of statutory,
regulatory, or constitutional rights, unless and to the extent the statute, regulation, or constitution explicitly allows waiver, including without limitation, any provision which purports to waive trial by jury. 

G. We express no opinion with respect to the following: (i) any document referenced in the Transaction Agreements that is not
a Transaction Agreement; and (ii) the enforceability of the Transaction Agreements by or against any person or entity that is not a party thereto. 

H. We express no opinion as to the enforceability of any provision for penalties, liquidated damages, acceleration of future
amounts due (other than principal) without appropriate discount to present value, late charges, prepayment charges, or increased interest rates upon default. 

I. We express no opinion as the enforceability of any provision stating that the provisions of a contract are severable.

 J. We express no opinion as to the enforceability of any provision that would permit the other party to require
performance without requiring consideration of the impracticability or impossibility of performance at the time of attempted enforcement due to unforeseen circumstances not within the contemplation of the parties. 

K. We express no opinion as to the Company’s rights in the technology which is the subject of the Technology License
Agreement, the Novated and Restated Technology License Agreement, the Research and Development Agreement, or the Amended and Restated Research and Development Agreement (collectively, the “Technology Agreements”). We further express no
opinion to the extent that portions of the Technology Agreements may be deemed to be agreements to agree, or as to the future interpretation of these agreements. 

 Symphony Evolution Holdings LLC 

Page Seven 
 This opinion is intended solely for
your benefit and is not to be made available to or be relied upon by any other person, firm, or entity without our prior written consent. 

Very truly yours, 
  

			
	COOLEY GODWARD LLP
		
	By:	 	 
		 	Robert L. Jones

  

 SCHEDULE I 

LIST OF TRANSACTION AGREEMENTS 

 

	1.	Warrant Purchase Agreement, dated as of June 9, 2005, between the Company and Symphony Evolution Holdings LLC (the “Warrant Purchase Agreement”).

  

	2.	Warrant to purchase 750,000 shares of common stock of the Company, dated as of June 9, 2005 (the “Warrant”). 

 

	3.	Purchase Option Agreement, dated as of June 9, 2005, by and among the Company, Symphony Evolution Holdings LLC and Symphony Evolution, Inc. (the “Purchase
Option Agreement”). 

  

	4.	Research and Development Agreement, dated as of June 9, 2005, between the Company and Symphony Evolution Holdings LLC (the “Research and Development
Agreement”). 

  

	5.	Amended & Restated Research and Development Agreement, dated as of June 9, 2005, between the Company, Symphony Evolution, Inc. and Symphony Evolution
Holdings LLC (the “Amended & Restated Research and Development Agreement”). 

  

	6.	Technology License Agreement, dated as of June 9, 2005, between the Company and Symphony Evolution Holdings LLC (the “Technology License Agreement”).

  

	7.	Novated and Restated Technology License Agreement, dated as of June 9, 2005, between the Company, Symphony Evolution, Inc. and Symphony Evolution Holdings LLC (the
“Novated and Restated Technology License Agreement”). 

  

	8.	Confidentiality Agreement, dated as of June 9, 2005, by and among the Company, Symphony Evolution, Inc. and Symphony Evolution Holdings LLC, Symphony Capital
Partners, L.P., Symphony Strategic Partners, LLC, Symphony Evolution Investors, LLC, Symphony Capital LLC, RRD International, LLC, Daniel F. Hoth, M.D., Herbert J. Conrad, and Alastair J.J. Wood, M.D. (the “Confidentiality Agreement”).

  

	9.	Funding Agreement, dated as of June 9, 2005, by and among the Company, Symphony Capital Partners, L.P., Symphony Evolution Holdings LLC and Symphony Evolution
Investors, LLC (the “Funding Agreement”). 

  

	10.	Registration Rights Agreement, dated as of June 9, 2005, between the Company and Symphony Evolution Holdings LLC (the “Registration Rights Agreement”).

  

	11.	Research Cost Sharing and Extension Agreement, dated as of June 9, 2005, by and among the Company, Symphony Evolution Holdings LLC and Symphony Evolution, Inc.
(the “Research Cost Sharing and Extension Agreement”). 

 SCHEDULE II 

LIST OF MATERIAL AGREEMENTS 

 

	1.	Indemnity Agreement, dated various dates, between Exelixis, Inc. and each of its directors and certain of its officers. 

 

	2.	Form of Convertible Promissory Note, dated May 22, 2001 by and between Exelixis, Inc. and Protein Design Labs, Inc. 

 

	3.	Form of Note Purchase Agreement, dated May 22, 2001 by and between Exelixis, Inc. and Protein Design Labs, Inc. 

 

	4.	Fourth Amended and Restated Registration Rights Agreement, dated February 26, 1999 among Exelixis, Inc. and certain Stockholders of Exelixis, Inc.

  

	5.	Registration Rights Agreement, dated October 18, 2004, by and among Exelixis, Inc., X-Ceptor Therapeutics, Inc., and certain holders of capital stock of X-Ceptor
Therapeutics, Inc. listed in Annex I thereto. 

  

	6.	Registration Rights Agreement, dated October 18, 2004, by and among Exelixis, Inc., X-Ceptor Therapeutics, Inc., and certain holders of capital stock of X-Ceptor
Therapeutics, Inc. listed in Annex I thereto. 

  

	7.	Collaboration Agreement, dated December 16, 1999, between Exelixis, Inc., Bayer Corporation and Genoptera LLC. 

 

	8.	Amendment No. 1, effective January 1, 2005, to Collaboration Agreement, among Exelixis, Inc. Bayer CropScience LP and Genoptera LLC. 

 

	9.	Operating Agreement, dated December 15, 1999, between Exelixis, Inc., Bayer Corporation and Genoptera LLC. 

 

	10.	Collaboration Agreement, dated May 22, 2001, by and between Exelixis, Inc. and Protein Design Labs, Inc. 

 

	11.	Amended and Restated Cancer Collaboration Agreement, dated as of December 15, 2003, by and between Exelixis, Inc. and Bristol-Myers Squibb Company.

  

	12.	Product Development and Commercialization Agreement, dated as of October 28, 2002, by and between SmithKlineBeecham Corporation and Exelixis, Inc.

  

	13.	First Amendment to the Product Development and Commercialization Agreement, dated as of October 28, 2002, by and between SmithKlineBeecham Corporation and
Exelixis, Inc. 

  

	14.	Stock Purchase and Stock Issuance Agreement, dated as of October 28, 2002, by and between SmithKlineBeecham Corporation and Exelixis, Inc.

	15.	First Amendment to the Stock Purchase and Stock Issuance Agreement, dated as of October 28, 2002, by and between SmithKlineBeecham Corporation and Exelixis, Inc.

  

	16.	Loan and Security Agreement, dated as of October 28, 2002, by and between SmithKlineBeecham Corporation and Exelixis, Inc. 

 

	17.	Second Amendment the Loan and Security Agreement, dated as of October 28, 2002, by and between SmithKlineBeecham Corporation and Exelixis, Inc.

  

	18.	Third Amendment to the Loan and Security Agreement, dated as of October 28, 2002, by and between SmithKlineBeecham Corporation and Exelixis, Inc.

  

	19.	Sublease Agreement, dated June 1, 1997, between Arris Pharmaceutical Corporation and Exelixis, Inc. 

 

	20.	Lease, dated May 12, 1999, between Britannia Pointe Grand Limited Partnership and Exelixis, Inc. 

 

	21.	First Amendment to Lease, dated March 29, 2000, between Britannia Pointe Grand Limited Partnership and Exelixis, Inc. 

 

	22.	Lease Agreement, dated May 24, 2001, between Britannia Pointe Grand Limited Partnership and Exelixis, Inc. 

 

	23.	Second Amendment to Lease, dated July 20, 2004, between Britannia Pointe Grand Limited Partnership and Exelixis, Inc. 

 

	24.	Master Lease Agreement, dated April 9, 2001, between GE Capital Corporation and Exelixis, Inc. 

 

	25.	Loan and Security Agreement, dated May 22, 2002, by and between Silicon Valley Bank and Exelixis, Inc. 

 

	26.	Loan Modification Agreement, dated December 21, 2004, between Silicon Valley Bank and Exelixis, Inc. 

 

	27.	Collaboration agreement, dated May 31, 2005, between Exelixis, Inc. and Genentech, Inc. 

 

	28.	Lease Agreement, dated May 27, 2005, between Britannia Pointe Grand Limited Partnership and Exelixis, Inc. 

 EXHIBIT B 

NEITHER THIS WARRANT NOR THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE BEEN THE SUBJECT OF REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR UNDER THE SECURITIES LAWS OF ANY STATE, AND THE SAME HAVE BEEN (OR WILL BE, WITH RESPECT TO THE SECURITIES ISSUABLE UPON EXERCISE HEREOF) ISSUED IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF SAID ACT AND SUCH LAWS.
NEITHER THIS WARRANT NOR THE SECURITIES ISSUABLE UPON EXERCISE HEREOF MAY BE SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT AS PERMITTED UNDER SUCH SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM.

 THE WARRANT EVIDENCED BY THIS CERTIFICATE IS SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AS SET FORTH IN THE WARRANT PURCHASE
AGREEMENT, DATED AS OF JUNE 9, 2005, COPIES OF WHICH ARE ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF THE ISSUER. NO REGISTRATION OF TRANSFER OF THIS WARRANT WILL BE MADE ON THE BOOKS OF THE ISSUER UNLESS AND UNTIL SUCH RESTRICTIONS SHALL HAVE BEEN
COMPLIED WITH. 
 EXELIXIS, INC. 

WARRANT TO PURCHASE COMMON STOCK 

June 9, 2005 

Void After June 9, 2010 

THIS CERTIFIES THAT, for value received, SYMPHONY
EVOLUTION HOLDINGS LLC, a Delaware limited liability company, with its principal office at 7361 Calhoun Place, Suite 325, Rockville, MD 20850, or its assigns (the “Holder”), is entitled to subscribe for
and purchase at the Exercise Price (as defined below) from EXELIXIS, INC., a Delaware corporation, with its principal office at 170 Harbor Way, P.O. Box 511, South San Francisco, CA 94083 (the
“Company”), up to Seven Hundred Fifty Thousand (750,000) shares of Common Stock, par value $0.001 per share, of the Company (the “Common Stock”). 

This Warrant is being issued pursuant to the terms of the Warrant Purchase Agreement, dated as of June 9, 2005, between the Company
and Holder (the “Warrant Purchase Agreement”). 
  

 1. 

 1. DEFINITIONS. As used herein, the following terms shall have
the following respective meanings: 
 (a) “Exercise Period” shall mean the period commencing on
the date hereof and ending on June 9, 2010. 
 (b) “Exercise Price” shall mean $8.90 per
share, subject to adjustment pursuant to Section 4 below. 
 (c) “Exercise Shares” shall
mean the shares of Common Stock issuable upon exercise of this Warrant, subject to adjustment pursuant to the terms herein, including but not limited to adjustment pursuant to Section 4 below. 

2. EXERCISE OF WARRANT. 

2.1 Generally. The rights represented by this Warrant may be exercised in whole or in part at any time during the
Exercise Period, by delivery of the following to the Company at its address set forth above (or at such other address as it may designate pursuant to Section 12 hereof): 

(a) an executed Notice of Exercise in the form attached hereto; 

(b) payment of the Exercise Price of the shares thereby subscribed for by wire transfer or cashier’s check
drawn on a United States bank to the Company, or by means of a cashless exercise pursuant to Section 2.2; and 

(c) this Warrant. 

Upon the exercise of the rights represented by this Warrant, a certificate or certificates for the Exercise Shares so purchased,
registered in the name of the Holder or persons affiliated with the Holder, if the Holder so designates, shall be issued and delivered to the Holder as soon as practicable, but in no event longer than 30 days, after the rights represented by this
Warrant shall have been so exercised. The Company shall, upon request of the Holder, if available and if allowed under applicable securities laws, use its commercially reasonable efforts to deliver any certificate or certificates required to be
delivered by the Company under this section electronically through the Depository Trust Corporation or another established clearing corporation performing similar functions. If this Warrant shall have been exercised in part, the Company shall, at
the time of delivery of the certificate or certificates representing Exercise Shares, deliver to Holder a new Warrant evidencing the rights of Holder to purchase the unpurchased Exercise Shares called for by this Warrant, which new Warrant shall in
all other respects be identical to this Warrant. 
 The person in whose name any certificate or certificates for Exercise Shares
are to be issued upon exercise of this Warrant shall be deemed to have become the holder of record of such shares on the date on which this Warrant was surrendered and payment of the Exercise Price and all taxes required to be paid by the Holder, if
any, was made, irrespective of the date of delivery of such certificate or certificates, except that, if the date of such surrender and payment is a date when the stock transfer books of the Company are closed, such person shall be deemed to have
become the holder of such shares at the close of business on the next succeeding date on which the stock transfer books are open. 
  

 2. 

 2.2 Cashless Exercise. Notwithstanding any provisions herein
to the contrary, if the fair market value of one share of Common Stock is greater than the Exercise Price (at the date of calculation as set forth below), in lieu of exercising this Warrant by payment of cash, the Holder may elect to receive shares
equal to the value (as determined below) of this Warrant (or the portion thereof being exercised) by surrender of this Warrant together with the properly endorsed Notice of Exercise, in which event the Company shall issue to the Holder a number of
shares of Common Stock computed using the following formula: 
 X = Y (A-B) 

            A 

Where X = the number of shares of Common Stock to be issued to the Holder 

 

			
	 Y =
	 	the number of shares of Common Stock purchasable under the Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being exercised (at the
date of such calculation)
		
	 A =
	 	the fair market value of one share of Common Stock (at the date of such calculation)
		
	 B =
	 	Exercise Price (as adjusted to the date of such calculation)

For purposes of the above calculation, the fair market value of one share of Common Stock shall equal the average closing
price of the Common Stock, as reported in the Wall Street Journal, on the NASDAQ National Market, or other national exchange that is then the primary exchange on which the Common Stock is listed (the “the Principal Market”), for the
30 trading days immediately preceding the second trading day prior to the date on which the Holder delivers to the Company an executed Notice of Exercise in the form attached hereto. If the Common Stock is not quoted on the NASDAQ National Market,
or listed on another national exchange, the fair market value of one share of Common Stock shall be determined by the Company’s Board of Directors in good faith. 

2.3 Legend. All certificates evidencing the shares to be issued to the Holder may bear the following legends: 

“THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE
SECURITIES LAWS OF ANY STATE, AND THE SAME HAVE BEEN ISSUED IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF SAID ACT AND SUCH LAWS. SUCH SHARES MAY NOT BE SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT AS
PERMITTED UNDER SUCH SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM.” 
 “THE SHARES REPRESENTED BY
THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AS SET FORTH IN THE WARRANT PURCHASE AGREEMENT, DATED AS OF JUNE 9, 2005, COPIES OF WHICH ARE ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF THE ISSUER. NO REGISTRATION OF TRANSFER OF
THESE SHARES WILL BE MADE ON THE BOOKS OF THE ISSUER UNLESS AND UNTIL SUCH RESTRICTIONS SHALL HAVE BEEN COMPLIED WITH.” 
  

 3. 

 2.4 Charges, Taxes and Expenses. Issuance of certificates for
Exercise Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall be paid by the Company, and such certificates
shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event certificates for Exercise Shares are to be issued in a name other than the name of the Holder,
this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder; and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer
tax incidental thereto. 
 3. COVENANTS OF THE COMPANY.

 3.1 No Impairment. Except and to the extent as waived or consented to by the Holder, the Company
will at all times in good faith assist in the carrying out of all the provisions of this Warrant and in the taking of all such action as may be necessary or appropriate in order to protect the exercise rights of the Holder against impairment.

 3.2 Notices of Record Date. If at any time: 

(a) the Company shall take a record of the holders of Common Stock for the purpose of entitling them to receive a dividend
or other distribution, or any right to subscribe for or purchase any evidences of its indebtedness, any shares of stock of any class or any other securities or property, or to receive any other right (other than with respect to any equity or equity
equivalent security issued pursuant to a rights plan adopted by the Company’s Board of Directors); 
 (b)
there shall be any capital reorganization of the Company, any reclassification or recapitalization of the capital stock of the Company or any consolidation or merger of the Company, or any sale, transfer or other disposition of all or substantially
all the property, assets or business of the Company; or 
 (c) there shall be a voluntary or involuntary
dissolution, liquidation or winding up of the Company; 
 then, in any one or more of such cases, the Company shall give to Holder (i) at
least 10 days’ prior written notice of the date on which a record date shall be selected for such dividend, distribution or right or for determining rights to vote in respect of any such reorganization, reclassification, recapitalization,
consolidation, merger, sale, transfer, disposition, dissolution, liquidation or winding up and (ii) in the case of any such reorganization, reclassification, recapitalization, consolidation, merger, sale, transfer, disposition, dissolution,
liquidation or winding up, at least 10 days’ prior written notice of the date on which the same shall take place. Such notice in accordance with the foregoing clause also shall specify the date on which the holders of Common Stock shall be
entitled to any such dividend, distribution or right, and the amount and character thereof. 
  

 4. 

 4. ADJUSTMENT OF EXERCISE
PRICE. In the event of changes in the outstanding Common Stock by reason of stock dividends, split-ups, recapitalizations, reclassifications, combinations or exchanges of shares, separations, reorganizations, liquidations or the
like, the number and class of shares available under this Warrant in the aggregate and the Exercise Price shall be correspondingly adjusted to give the Holder of this Warrant, on exercise for the same aggregate Exercise Price, the total number,
class and kind of shares as the Holder would have owned had the Warrant been exercised prior to the event and had the Holder continued to hold such shares until after the event requiring adjustment. The form of this Warrant need not be changed
because of any adjustment in the number of Exercise Shares subject to this Warrant. 
 5. FRACTIONAL
SHARES. No fractional shares shall be issued upon the exercise of this Warrant, including as a consequence of any adjustment pursuant hereto. If the exercise would result in the issuance of a fractional share, the Company shall,
in lieu of issuance of any fractional share, pay the Holder otherwise entitled to such fraction a sum in cash equal to the product resulting from multiplying the then current fair market value of an Exercise Share (determined as provided in
Section 2.2 hereof) by such fraction; provided, however, that the Company may elect in its sole discretion to issue the next higher number of full shares of Common Stock by issuing a full share with respect to such fractional share. 

6. CORPORATE TRANSACTIONS. In case the Company shall reorganize its capital, reclassify its
capital stock, consolidate or merge with or into another corporation (where the Company is not the surviving corporation or where there is a change in or distribution with respect to the Common Stock), or sell, transfer or otherwise dispose of all
or substantially all its property, assets or business and, pursuant to the terms of such reorganization, reclassification, merger, consolidation or disposition of assets, shares of common stock of the successor or acquiring corporation, or any cash,
shares of stock or other securities or property of any nature whatsoever (including warrants or other subscription or purchase rights) in addition to or in lieu of common stock of the successor or acquiring corporation (“Other Property”),
are to be received by or distributed to the holders of the Common Stock, then the Holder shall have the right thereafter to receive, upon exercise of this Warrant, the number of shares of common stock of the successor or acquiring corporation or of
the Company, if it is the surviving corporation, and Other Property receivable upon or as a result of such reorganization, reclassification, merger, consolidation or disposition of assets by a Holder of the number of shares of Common Stock for which
this Warrant is exercisable immediately prior to such event. For purposes of this Section 6, “common stock of the successor or acquiring corporation” shall include stock of such corporation of any class which is not preferred as to
dividends or assets over any other class of stock of such corporation and which is not subject to redemption and shall also include any evidences of indebtedness, shares of stock or other securities which are convertible into or exchangeable for any
such stock, either immediately or upon the arrival of a specified date or the happening of a specified event and any warrants or other rights to subscribe for or purchase any such stock. The foregoing provisions of this Section 6 shall
similarly apply to successive reorganizations, reclassifications, mergers, consolidations or disposition of assets. 
 7.
NOTICE OF ADJUSTMENT. Whenever the number of Exercise Shares or number or kind of securities or other property purchasable upon the exercise of this Warrant or the Exercise Price is adjusted, as
herein provided, the Company shall give notice thereof to the Holder at the address of such Holder appearing on the books of the Company, which notice shall 

 

 5. 

 
state the number of Exercise Shares (and other securities or property) purchasable upon the exercise of this Warrant and the Exercise Price of such Exercise Shares (and other securities or
property) after such adjustment, setting forth a brief statement of the facts requiring such adjustment and setting forth the computation by which such adjustment was made. 

8. ORDERLY SALE. This Warrant and the Exercise Shares are subject to the provisions of
Section 6.05 of the Warrant Purchase Agreement. 
 9. NO STOCKHOLDER
RIGHTS. This Warrant does not entitle the Holder to any voting rights or other rights as a stockholder of the Company prior to the exercise hereof. Upon the exercise of this Warrant in accordance with Section 2, the Exercise
Shares so purchased shall be and be deemed to be issued to such Holder as the record owner of such shares as of the close of business on the date of such exercise. 

10. TRANSFER OF WARRANT. Subject to applicable laws, the restriction on
transfer set forth on the first page of this Warrant and the provisions of Article VI of the Warrant Purchase Agreement, this Warrant and all rights hereunder are transferable by the Holder, in person or by duly authorized attorney, upon delivery of
this Warrant, the Assignment Form attached hereto and funds sufficient to pay any transfer taxes payable upon the making of such transfer, to any transferee designated by Holder. Upon such surrender and, if required, such payment, the Company shall
execute and deliver a new Warrant or Warrants in the name of the assignee or assignees and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this
Warrant not so assigned, and this Warrant shall promptly be cancelled. A Warrant, if properly assigned, may be exercised by a new holder for the purchase of Exercise Shares without having a new Warrant issued. The Company may require, as a condition
of allowing a transfer (i) that the Holder or transferee of this Warrant, as the case may be, furnish to the Company a written opinion of counsel (which opinion shall be in form, substance and scope customary for opinions of counsel in
comparable transactions) to the effect that such transfer may be made without registration under the Securities Act and under applicable state securities or blue sky laws, (ii) that the holder or transferee execute and deliver to the Company an
investment letter in form and substance acceptable to the Company, (iii) that the transferee be an “accredited investor” as defined in Rule 501(a) promulgated under the Securities Act and (iv) the transferee agree in writing to
be bound by the terms of this Warrant and the Warrant Purchase Agreement as if an original signatory thereto. 
 11.
LOST, STOLEN, MUTILATED OR DESTROYED WARRANT. If this Warrant is lost, stolen, mutilated or destroyed, the Company may, on such terms as to indemnity or
otherwise as it may reasonably impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination and tenor as the Warrant so lost, stolen, mutilated or destroyed. 

12. NOTICES, ETC. Any notice, request, demand, waiver, consent, approval or other
communication that is required or permitted to be given hereto shall be in writing and shall be deemed given only if delivered to the applicable party personally or sent to the party by facsimile transmission (promptly followed by a hard-copy
delivered in accordance with this Section 12), by next business day delivery by a nationally recognized courier service, or by registered or 

 

 6. 

 
certified mail (return receipt requested), with postage and registration or certification fees thereon prepaid, addressed to the party at its address set forth in the Warrant Purchase Agreement,
or at such other address as the Company or Holder may designate by ten (10) days advance written notice to the other party hereto. 

13. ACCEPTANCE. Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all of
the terms and conditions contained herein. 
 14. GOVERNING LAW. This Warrant and
all rights, obligations and liabilities hereunder shall be governed by the laws of the State of New York. 
 15.
SATURDAYS, SUNDAYS, HOLIDAYS, ETC. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall be a
Saturday, Sunday or a legal holiday, then such action may be taken or such right may be exercised on the next succeeding day not a Saturday, Sunday or legal holiday. 

16. AMENDMENT. This Warrant may be modified or amended or the provisions hereof waived with
the written consent of the Company and the Holder. 
 17. SUCCESSORS AND
ASSIGNS. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors of the Company and the successors and
permitted assigns of Holder. 
 18. HEADINGS. The headings used in this Warrant are
for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant. 
  

 7. 

 IN WITNESS WHEREOF, the
Company has caused this Warrant to be executed by its duly authorized officer as of June 9, 2005. 
  

					
	EXELIXIS, INC.
		
	By:	 	 
		 	Name:	 	Christoph Pereira
		 	Title:	 	Vice President, Legal Affairs and Secretary

  

 8. 

 NOTICE OF EXERCISE 

TO: EXELIXIS, INC. 

(1)  ̈ The undersigned hereby elects to purchase ________ shares of Common Stock of
EXELIXIS, INC. (the “Company”) pursuant to the terms of the attached Warrant, and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any. 

 ̈ The undersigned hereby elects to purchase ________ shares of Common Stock of
EXELIXIS, INC. (the “Company”) pursuant to the terms of the net exercise provisions set forth in Section 2.2 of the attached Warrant, and shall tender payment of all applicable transfer taxes, if
any. 
 (2) Please issue a certificate or certificates representing said shares of Common Stock in the name of the
undersigned or in such other name as is specified below: 
  

 
 (Name)

  
  

 
  

(Address) 

(ii) (3) The undersigned represents that: 

(A) It is an “accredited investor” within the meaning of Rule 501(a) of Regulation D promulgated under the
Securities Act of 1933, as amended (the “Securities Act”). 
 (B) It has relied completely on the
advice of, or has consulted with or has had the opportunity to consult with, its own personal tax, investment, legal or other advisors and has not relied on the Company or any of its affiliates for advice. 

(C) It has been advised and understands that the offer and sale of the attached Warrant and the shares of Common Stock
issued upon exercise of the Warrant (the “Warrant Shares”) have not been registered under the Securities Act. It is able to bear the economic risk of such investment for an indefinite period and to afford a complete loss thereof.

 (D) It is acquiring the Warrant Shares solely for its own account for investment purposes as a principal and
not with a view to the resale of all or any part thereof. It agrees that the Warrant Shares may not be resold (1) without registration thereof under the Securities Act (unless an exemption from such registration is available), or (2) in
violation of any law. It acknowledges that the Company is not required to register the Warrant Shares under the Securities Act. It is not and will not be an underwriter within the meaning of Section 2(11) of the Securities Act with respect to
the Warrant Shares. 

 (E) No person or entity acting on behalf of, or under the authority of, the
undersigned is or will be entitled to any broker’s, finder’s, or similar fees or commission payable by the Company or any of its affiliates. 
  

					
	  	 		 	  
	(Date)	 		 	(Signature)
			
	 	 		 	  
		 		 	(Print name)

  

 

 ASSIGNMENT FORM 

(To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 FOR VALUE RECEIVED, the foregoing Warrant and all rights
evidenced thereby are hereby assigned to 
  

			
	Name:	  	 
		  	(Please Print)
		
	Address:	  	 
		  	(Please Print)

 Dated: __________, 2___

 Holder’s 
 Signature:
                                         
                                         
   
 Holder’s 

Address:
                                         
                                         
   
 NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant,
without alteration or enlargement or any change whatever. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant. 

 EXHIBIT C 

FORM OF “B” WARRANT 

NEITHER THIS WARRANT NOR THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE BEEN THE SUBJECT OF REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR UNDER THE SECURITIES LAWS OF ANY STATE, AND THE SAME HAVE BEEN (OR WILL BE, WITH RESPECT TO THE SECURITIES ISSUABLE UPON EXERCISE HEREOF) ISSUED IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF SAID ACT AND SUCH LAWS.
NEITHER THIS WARRANT NOR THE SECURITIES ISSUABLE UPON EXERCISE HEREOF MAY BE SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT AS PERMITTED UNDER SUCH SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM.

 THE WARRANT EVIDENCED BY THIS CERTIFICATE IS SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AS SET FORTH IN THE WARRANT PURCHASE
AGREEMENT, DATED AS OF JUNE 9, 2005, COPIES OF WHICH ARE ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF THE ISSUER. NO REGISTRATION OF TRANSFER OF THIS WARRANT WILL BE MADE ON THE BOOKS OF THE ISSUER UNLESS AND UNTIL SUCH RESTRICTIONS SHALL HAVE BEEN
COMPLIED WITH. 
 EXELIXIS, INC. 

WARRANT TO PURCHASE COMMON STOCK 

_______ __, 2006 

Void After June 9, 2010 

THIS CERTIFIES THAT, for value received, SYMPHONY
EVOLUTION HOLDINGS LLC, a Delaware limited liability company, with its principal office at 7361 Calhoun Place, Suite 325, Rockville, MD 20850, or its assigns (the “Holder”), is entitled to subscribe for
and purchase at the Exercise Price (as defined below) from EXELIXIS, INC., a Delaware corporation, with its principal office at 170 Harbor Way, P.O. Box 511, South San Francisco, CA 94083 (the
“Company”), up to _________________________ (            ) [FILL IN NUMBER OF SHARES AT ISSUANCE BASED ON SECTION 2.02 OF WARRANT PURCHASE AGREEMENT] shares of Common
Stock, par value $0.001 per share, of the Company (the “Common Stock”). 
  

 1. 

 This Warrant is being issued pursuant to the terms of the Warrant Purchase Agreement, dated
as of June 9, 2005, between the Company and Holder (the “Warrant Purchase Agreement”). 
 19.
DEFINITIONS. As used herein, the following terms shall have the following respective meanings: 

(a) “Exercise Period” shall mean the period commencing on the date hereof and ending on June 9,
2010. 
 (b) “Exercise Price” shall mean $8.90 per share, subject to adjustment pursuant to
Section 4 below. 
 (c) “Exercise Shares” shall mean the shares of Common Stock issuable
upon exercise of this Warrant, subject to adjustment pursuant to the terms herein, including but not limited to adjustment pursuant to Section 4 below. 

20. EXERCISE OF WARRANT. 

20.1 Generally. The rights represented by this Warrant may be exercised in whole or in part at any time
during the Exercise Period, by delivery of the following to the Company at its address set forth above (or at such other address as it may designate pursuant to Section 12 hereof): 

(a) an executed Notice of Exercise in the form attached hereto; 

(b) payment of the Exercise Price of the shares thereby subscribed for by wire transfer or cashier’s check
drawn on a United States bank to the Company, or by means of a cashless exercise pursuant to Section 2.2; and 

(c) this Warrant. 

Upon the exercise of the rights represented by this Warrant, a certificate or certificates for the Exercise Shares so
purchased, registered in the name of the Holder or persons affiliated with the Holder, if the Holder so designates, shall be issued and delivered to the Holder as soon as practicable, but in no event longer than 30 days, after the rights represented
by this Warrant shall have been so exercised. The Company shall, upon request of the Holder, if available and if allowed under applicable securities laws, use its commercially reasonable efforts to deliver any certificate or certificates required to
be delivered by the Company under this section electronically through the Depository Trust Corporation or another established clearing corporation performing similar functions. If this Warrant shall have been exercised in part, the Company shall, at
the time of delivery of the certificate or certificates representing Exercise Shares, deliver to Holder a new Warrant evidencing the rights of Holder to purchase the unpurchased Exercise Shares called for by this Warrant, which new Warrant shall in
all other respects be identical to this Warrant. 
  

 2. 

 The person in whose name any certificate or certificates for Exercise Shares
are to be issued upon exercise of this Warrant shall be deemed to have become the holder of record of such shares on the date on which this Warrant was surrendered and payment of the Exercise Price and all taxes required to be paid by the Holder, if
any, was made, irrespective of the date of delivery of such certificate or certificates, except that, if the date of such surrender and payment is a date when the stock transfer books of the Company are closed, such person shall be deemed to have
become the holder of such shares at the close of business on the next succeeding date on which the stock transfer books are open. 

20.2 Cashless Exercise. Notwithstanding any provisions herein to the contrary, if the fair market value of
one share of Common Stock is greater than the Exercise Price (at the date of calculation as set forth below), in lieu of exercising this Warrant by payment of cash, the Holder may elect to receive shares equal to the value (as determined below) of
this Warrant (or the portion thereof being exercised) by surrender of this Warrant together with the properly endorsed Notice of Exercise, in which event the Company shall issue to the Holder a number of shares of Common Stock computed using the
following formula: 
 X = Y (A-B) 

            A 

Where X = the number of shares of Common Stock to be issued to the Holder 

 

			
	 Y =
	  	the number of shares of Common Stock purchasable under the Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being exercised (at the
date of such calculation)
		
	 A =
	  	the fair market value of one share of Common Stock (at the date of such calculation)
		
	 B =
	  	Exercise Price (as adjusted to the date of such calculation)

For purposes of the above calculation, the fair market value of one share of Common Stock shall equal the average closing
price of the Common Stock, as reported in the Wall Street Journal, on the NASDAQ National Market, or other national exchange that is then the primary exchange on which the Common Stock is listed (the “the Principal Market”), for the
30 trading days immediately preceding the second trading day prior to the date on which the Holder delivers to the Company an executed Notice of Exercise in the form attached hereto. If the Common Stock is not quoted on the NASDAQ National Market,
or listed on another national exchange, the fair market value of one share of Common Stock shall be determined by the Company’s Board of Directors in good faith. 

20.3 Legend. All certificates evidencing the shares to be issued to the Holder may bear the following
legends: 
 “THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF ANY STATE, AND THE SAME HAVE BEEN ISSUED IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF SAID ACT AND SUCH LAWS. SUCH SHARES MAY NOT BE SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED
OR OTHERWISE DISPOSED OF EXCEPT AS PERMITTED UNDER SUCH SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM.” 
  

 3. 

 “THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN
RESTRICTIONS ON TRANSFER AS SET FORTH IN THE WARRANT PURCHASE AGREEMENT, DATED AS OF JUNE 9, 2005, COPIES OF WHICH ARE ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF THE ISSUER. NO REGISTRATION OF TRANSFER OF THESE SHARES WILL BE MADE ON THE BOOKS OF
THE ISSUER UNLESS AND UNTIL SUCH RESTRICTIONS SHALL HAVE BEEN COMPLIED WITH.” 
 20.4 Charges,
Taxes and Expenses. Issuance of certificates for Exercise Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses
shall be paid by the Company, and such certificates shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event certificates for Exercise Shares are to be
issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder; and the Company may require, as a condition thereto, the payment
of a sum sufficient to reimburse it for any transfer tax incidental thereto. 
 21. COVENANTS
OF THE COMPANY. 
 21.1 No Impairment. Except and
to the extent as waived or consented to by the Holder, the Company will at all times in good faith assist in the carrying out of all the provisions of this Warrant and in the taking of all such action as may be necessary or appropriate in order to
protect the exercise rights of the Holder against impairment. 
 21.2 Notices of Record Date. If at any
time: 
 (a) the Company shall take a record of the holders of Common Stock for the purpose of entitling them to
receive a dividend or other distribution, or any right to subscribe for or purchase any evidences of its indebtedness, any shares of stock of any class or any other securities or property, or to receive any other right (other than with respect to
any equity or equity equivalent security issued pursuant to a rights plan adopted by the Company’s Board of Directors); 

(b) there shall be any capital reorganization of the Company, any reclassification or recapitalization of the capital
stock of the Company or any consolidation or merger of the Company, or any sale, transfer or other disposition of all or substantially all the property, assets or business of the Company; or 

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

then, in any one or more of such cases, the Company shall give to Holder (i) at least 10 days’ prior written notice of the date on which a
record date shall be selected for such dividend, distribution or right or for determining rights to vote in respect of any such reorganization, 

 

 4. 

 
reclassification, recapitalization, consolidation, merger, sale, transfer, disposition, dissolution, liquidation or winding up and (ii) in the case of any such reorganization,
reclassification, recapitalization, consolidation, merger, sale, transfer, disposition, dissolution, liquidation or winding up, at least 10 days’ prior written notice of the date on which the same shall take place. Such notice in accordance
with the foregoing clause also shall specify the date on which the holders of Common Stock shall be entitled to any such dividend, distribution or right, and the amount and character thereof. 

22. ADJUSTMENT OF EXERCISE PRICE. In the event of changes in
the outstanding Common Stock by reason of stock dividends, split-ups, recapitalizations, reclassifications, combinations or exchanges of shares, separations, reorganizations, liquidations or the like, the number and class of shares available under
this Warrant in the aggregate and the Exercise Price shall be correspondingly adjusted to give the Holder of this Warrant, on exercise for the same aggregate Exercise Price, the total number, class and kind of shares as the Holder would have owned
had the Warrant been exercised prior to the event and had the Holder continued to hold such shares until after the event requiring adjustment. The form of this Warrant need not be changed because of any adjustment in the number of Exercise Shares
subject to this Warrant. 
 23. FRACTIONAL SHARES. No fractional shares shall be
issued upon the exercise of this Warrant, including as a consequence of any adjustment pursuant hereto. If the exercise would result in the issuance of a fractional share, the Company shall, in lieu of issuance of any fractional share, pay the
Holder otherwise entitled to such fraction a sum in cash equal to the product resulting from multiplying the then current fair market value of an Exercise Share (determined as provided in Section 2.2 hereof) by such fraction; provided, however,
that the Company may elect in its sole discretion to issue the next higher number of full shares of Common Stock by issuing a full share with respect to such fractional share. 

24. CORPORATE TRANSACTIONS. In case the Company shall reorganize its capital, reclassify its
capital stock, consolidate or merge with or into another corporation (where the Company is not the surviving corporation or where there is a change in or distribution with respect to the Common Stock), or sell, transfer or otherwise dispose of all
or substantially all its property, assets or business and, pursuant to the terms of such reorganization, reclassification, merger, consolidation or disposition of assets, shares of common stock of the successor or acquiring corporation, or any cash,
shares of stock or other securities or property of any nature whatsoever (including warrants or other subscription or purchase rights) in addition to or in lieu of common stock of the successor or acquiring corporation (“Other Property”),
are to be received by or distributed to the holders of the Common Stock, then the Holder shall have the right thereafter to receive, upon exercise of this Warrant, the number of shares of common stock of the successor or acquiring corporation or of
the Company, if it is the surviving corporation, and Other Property receivable upon or as a result of such reorganization, reclassification, merger, consolidation or disposition of assets by a Holder of the number of shares of Common Stock for which
this Warrant is exercisable immediately prior to such event. For purposes of this Section 6, “common stock of the successor or acquiring corporation” shall include stock of such corporation of any class which is not preferred as to
dividends or assets over any other class of stock of such corporation and which is not subject to redemption and shall also include any evidences of indebtedness, shares of stock or other securities which are convertible into or exchangeable for any
such stock, either immediately or upon the arrival of a specified date or the 
  

 5. 

 
happening of a specified event and any warrants or other rights to subscribe for or purchase any such stock. The foregoing provisions of this Section 6 shall similarly apply to successive
reorganizations, reclassifications, mergers, consolidations or disposition of assets. 
 25. NOTICE
OF ADJUSTMENT. Whenever the number of Exercise Shares or number or kind of securities or other property purchasable upon the exercise of this Warrant or the Exercise Price is adjusted, as herein provided, the
Company shall give notice thereof to the Holder at the address of such Holder appearing on the books of the Company, which notice shall state the number of Exercise Shares (and other securities or property) purchasable upon the exercise of this
Warrant and the Exercise Price of such Exercise Shares (and other securities or property) after such adjustment, setting forth a brief statement of the facts requiring such adjustment and setting forth the computation by which such adjustment was
made. 
 26. ORDERLY SALE. This Warrant and the Exercise Shares are subject to the
provisions of Section 6.05 of the Warrant Purchase Agreement. 
 27. NO STOCKHOLDER
RIGHTS. This Warrant does not entitle the Holder to any voting rights or other rights as a stockholder of the Company prior to the exercise hereof. Upon the exercise of this Warrant in accordance with Section 2, the Exercise
Shares so purchased shall be and be deemed to be issued to such Holder as the record owner of such shares as of the close of business on the date of such exercise. 

28. TRANSFER OF WARRANT. Subject to applicable laws, the restriction on
transfer set forth on the first page of this Warrant and the provisions of Article VI of the Warrant Purchase Agreement, this Warrant and all rights hereunder are transferable by the Holder, in person or by duly authorized attorney, upon delivery of
this Warrant, the Assignment Form attached hereto and funds sufficient to pay any transfer taxes payable upon the making of such transfer, to any transferee designated by Holder. Upon such surrender and, if required, such payment, the Company shall
execute and deliver a new Warrant or Warrants in the name of the assignee or assignees and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this
Warrant not so assigned, and this Warrant shall promptly be cancelled. A Warrant, if properly assigned, may be exercised by a new holder for the purchase of Exercise Shares without having a new Warrant issued. The Company may require, as a condition
of allowing a transfer (i) that the Holder or transferee of this Warrant, as the case may be, furnish to the Company a written opinion of counsel (which opinion shall be in form, substance and scope customary for opinions of counsel in
comparable transactions) to the effect that such transfer may be made without registration under the Securities Act and under applicable state securities or blue sky laws, (ii) that the holder or transferee execute and deliver to the Company an
investment letter in form and substance acceptable to the Company, (iii) that the transferee be an “accredited investor” as defined in Rule 501(a) promulgated under the Securities Act and (iv) the transferee agree in writing to
be bound by the terms of this Warrant and the Warrant Purchase Agreement as if an original signatory thereto. 
 29.
LOST, STOLEN, MUTILATED OR DESTROYED WARRANT. If this Warrant is lost, stolen, mutilated or destroyed, the Company may, on such terms as to indemnity or
otherwise as it may reasonably impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination and tenor as the Warrant so lost, stolen, mutilated or destroyed. 

 

 6. 

 30. NOTICES, ETC. Any notice, request, demand,
waiver, consent, approval or other communication that is required or permitted to be given hereto shall be in writing and shall be deemed given only if delivered to the applicable party personally or sent to the party by facsimile transmission
(promptly followed by a hard-copy delivered in accordance with this Section 12), by next business day delivery by a nationally recognized courier service, or by registered or certified mail (return receipt requested), with postage and
registration or certification fees thereon prepaid, addressed to the party at its address set forth in the Warrant Purchase Agreement, or at such other address as the Company or Holder may designate by ten (10) days advance written notice to
the other party hereto. 
 31. ACCEPTANCE. Receipt of this Warrant by the Holder shall constitute
acceptance of and agreement to all of the terms and conditions contained herein. 
 32. GOVERNING
LAW. This Warrant and all rights, obligations and liabilities hereunder shall be governed by the laws of the State of New York. 

33. SATURDAYS, SUNDAYS, HOLIDAYS, ETC. If the
last or appointed day for the taking of any action or the expiration of any right required or granted herein shall be a Saturday, Sunday or a legal holiday, then such action may be taken or such right may be exercised on the next succeeding day not
a Saturday, Sunday or legal holiday. 
 34. AMENDMENT. This Warrant may be modified
or amended or the provisions hereof waived with the written consent of the Company and the Holder. 
 35.
SUCCESSORS AND ASSIGNS. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the
successors of the Company and the successors and permitted assigns of Holder. 
 36.
HEADINGS. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant. 

 

 7. 

 IN WITNESS WHEREOF, the
Company has caused this Warrant to be executed by its duly authorized officer as of ___________ __, 2006. 
  

			
	EXELIXIS, INC.
		
	By:	 	 
		
	Name:	 	 
		
	Title:	 	 

  

 8. 

 NOTICE OF EXERCISE 

TO: EXELIXIS, INC. 

(1)  ̈ The undersigned hereby elects to purchase ________ shares of Common Stock of
EXELIXIS, INC. (the “Company”) pursuant to the terms of the attached Warrant, and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any. 

 ̈ The undersigned hereby elects to purchase ________ shares of Common Stock of
EXELIXIS, INC. (the “Company”) pursuant to the terms of the net exercise provisions set forth in Section 2.2 of the attached Warrant, and shall tender payment of all applicable transfer taxes, if
any. 
 (2) Please issue a certificate or certificates representing said shares of Common Stock in the name of the
undersigned or in such other name as is specified below: 
  

 
 (Name)

  
  

 
  

(Address) 

(iii) (3) The undersigned represents that: 

(A) It is an “accredited investor” within the meaning of Rule 501(a) of Regulation D promulgated under the
Securities Act of 1933, as amended (the “Securities Act”). 
 (B) It has relied completely on the
advice of, or has consulted with or has had the opportunity to consult with, its own personal tax, investment, legal or other advisors and has not relied on the Company or any of its affiliates for advice. 

(C) It has been advised and understands that the offer and sale of the attached Warrant and the shares of Common Stock
issued upon exercise of the Warrant (the “Warrant Shares”) have not been registered under the Securities Act. It is able to bear the economic risk of such investment for an indefinite period and to afford a complete loss thereof.

 (D) It is acquiring the Warrant Shares solely for its own account for investment purposes as a principal and
not with a view to the resale of all or any part thereof. It agrees that the Warrant Shares may not be resold (1) without registration thereof under the Securities Act (unless an exemption from such registration is available), or (2) in
violation of any law. It acknowledges that the Company is not required to register the Warrant Shares under the Securities Act. It is not and will not be an underwriter within the meaning of Section 2(11) of the Securities Act with respect to
the Warrant Shares. 

 (E) No person or entity acting on behalf of, or under the authority of, the
undersigned is or will be entitled to any broker’s, finder’s, or similar fees or commission payable by the Company or any of its affiliates. 
  

					
	  	 		 	  
	(Date)	 		 	(Signature)
			
		 		 	 
		 		 	(Print name)

 ASSIGNMENT FORM 

(To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 FOR VALUE RECEIVED, the foregoing Warrant and all rights
evidenced thereby are hereby assigned to 
 Name: _____________________________________________________________________________________________

 (Please Print) 

Address: ____________________________________________________________________________________________ 

(Please Print) 
 Dated:
__________, 2___ 
 Holder’s 

Signature: _____________________________________ 

Holder’s 
 Address:
______________________________________ 
 NOTE: The signature to this Assignment Form must correspond with the name as it appears on the
face of the Warrant, without alteration or enlargement or any change whatever. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.

 EXHIBIT D 

FORM OF “C” WARRANT 

NEITHER THIS WARRANT NOR THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE BEEN THE SUBJECT OF REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR UNDER THE SECURITIES LAWS OF ANY STATE, AND THE SAME HAVE BEEN (OR WILL BE, WITH RESPECT TO THE SECURITIES ISSUABLE UPON EXERCISE HEREOF) ISSUED IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF SAID ACT AND SUCH LAWS.
NEITHER THIS WARRANT NOR THE SECURITIES ISSUABLE UPON EXERCISE HEREOF MAY BE SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT AS PERMITTED UNDER SUCH SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM.

 THE WARRANT EVIDENCED BY THIS CERTIFICATE IS SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AS SET FORTH IN THE WARRANT PURCHASE
AGREEMENT, DATED AS OF JUNE 9, 2005, COPIES OF WHICH ARE ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF THE ISSUER. NO REGISTRATION OF TRANSFER OF THIS WARRANT WILL BE MADE ON THE BOOKS OF THE ISSUER UNLESS AND UNTIL SUCH RESTRICTIONS SHALL HAVE BEEN
COMPLIED WITH. 
 EXELIXIS, INC. 

WARRANT TO PURCHASE COMMON STOCK 

_______ __, 2009 

Void After _______ __, 2014 

THIS CERTIFIES THAT, for value received, SYMPHONY
EVOLUTION HOLDINGS LLC, a Delaware limited liability company, with its principal office at 7361 Calhoun Place, Suite 325, Rockville, MD 20850, or its assigns (the “Holder”), is entitled to subscribe for
and purchase at the Exercise Price (as defined below) from EXELIXIS, INC., a Delaware corporation, with its principal office at 170 Harbor Way, P.O. Box 511, South San Francisco, CA 94083 (the
“Company”), up to _________________________ (            ) [FILL IN NUMBER OF SHARES AT ISSUANCE BASED ON SECTION 2.03 OF WARRANT PURCHASE AGREEMENT] shares of Common
Stock, par value $0.001 per share, of the Company (the “Common Stock”). 
  

 1. 

 This Warrant is being issued pursuant to the terms of the Warrant Purchase Agreement, dated
as of June 9, 2005, between the Company and Holder (the “Warrant Purchase Agreement”). 
 37.
DEFINITIONS. As used herein, the following terms shall have the following respective meanings: 

(a) “Exercise Period” shall mean the period commencing on the date hereof and ending on _________ [FILL
IN DATE 5 YEARS AFTER ISSUANCE DATE]. 
 (b) “Exercise Price” shall mean $____ [FILL IN AT
ISSUANCE DATE BASED ON SECTION 2.03 OF WARRANT PURCHASE AGREEMENT] per share, subject to adjustment pursuant to Section 4 below. 

(c) “Exercise Shares” shall mean the shares of Common Stock issuable upon exercise of this Warrant,
subject to adjustment pursuant to the terms herein, including but not limited to adjustment pursuant to Section 4 below. 

38. EXERCISE OF WARRANT. 

38.1 Generally. The rights represented by this Warrant may be exercised in whole or in part at any time
during the Exercise Period, by delivery of the following to the Company at its address set forth above (or at such other address as it may designate pursuant to Section 12 hereof): 

(a) an executed Notice of Exercise in the form attached hereto; 

(b) payment of the Exercise Price of the shares thereby subscribed for by wire transfer or cashier’s check
drawn on a United States bank to the Company, or by means of a cashless exercise pursuant to Section 2.2; and 

(c) this Warrant. 

Upon the exercise of the rights represented by this Warrant, a certificate or certificates for the Exercise Shares so
purchased, registered in the name of the Holder or persons affiliated with the Holder, if the Holder so designates, shall be issued and delivered to the Holder as soon as practicable, but in no event longer than 30 days, after the rights represented
by this Warrant shall have been so exercised. The Company shall, upon request of the Holder, if available and if allowed under applicable securities laws, use its commercially reasonable efforts to deliver any certificate or certificates required to
be delivered by the Company under this section electronically through the Depository Trust Corporation or another established clearing corporation performing similar functions. If this Warrant shall have been exercised in part, the Company shall, at
the time of delivery of the certificate or certificates representing Exercise Shares, deliver to Holder a new Warrant evidencing the rights of Holder to purchase the unpurchased Exercise Shares called for by this Warrant, which new Warrant shall in
all other respects be identical to this Warrant. 
  

 2. 

 The person in whose name any certificate or certificates for Exercise Shares
are to be issued upon exercise of this Warrant shall be deemed to have become the holder of record of such shares on the date on which this Warrant was surrendered and payment of the Exercise Price and all taxes required to be paid by the Holder, if
any, was made, irrespective of the date of delivery of such certificate or certificates, except that, if the date of such surrender and payment is a date when the stock transfer books of the Company are closed, such person shall be deemed to have
become the holder of such shares at the close of business on the next succeeding date on which the stock transfer books are open. 

38.2 Cashless Exercise. Notwithstanding any provisions herein to the contrary, if the fair market value of
one share of Common Stock is greater than the Exercise Price (at the date of calculation as set forth below), in lieu of exercising this Warrant by payment of cash, the Holder may elect to receive shares equal to the value (as determined below) of
this Warrant (or the portion thereof being exercised) by surrender of this Warrant together with the properly endorsed Notice of Exercise, in which event the Company shall issue to the Holder a number of shares of Common Stock computed using the
following formula: 
  

			
		  	X = Y (A-B)
		  	            A
	
	Where X =     the number of shares of Common Stock to be issued to the Holder
		
	Y =	  	the number of shares of Common Stock purchasable under the Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being exercised (at the date
of such calculation)
		
	A =	  	the fair market value of one share of Common Stock (at the date of such calculation)
		
	B =	  	Exercise Price (as adjusted to the date of such calculation)

For purposes of the above calculation, the fair market value of one share of Common Stock shall equal the average closing
price of the Common Stock, as reported in the Wall Street Journal, on the NASDAQ National Market, or other national exchange that is then the primary exchange on which the Common Stock is listed (the “the Principal Market”), for the
30 trading days immediately preceding the second trading day prior to the date on which the Holder delivers to the Company an executed Notice of Exercise in the form attached hereto. If the Common Stock is not quoted on the NASDAQ National Market,
or listed on another national exchange, the fair market value of one share of Common Stock shall be determined by the Company’s Board of Directors in good faith. 

38.3 Legend. All certificates evidencing the shares to be issued to the Holder may bear the following
legends: 
 “THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF ANY STATE, AND THE SAME HAVE BEEN ISSUED IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF SAID 

 

 3. 

 
ACT AND SUCH LAWS. SUCH SHARES MAY NOT BE SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT AS PERMITTED UNDER SUCH SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION
THEREFROM.” 
 “THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON
TRANSFER AS SET FORTH IN THE WARRANT PURCHASE AGREEMENT, DATED AS OF JUNE 9, 2005, COPIES OF WHICH ARE ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF THE ISSUER. NO REGISTRATION OF TRANSFER OF THESE SHARES WILL BE MADE ON THE BOOKS OF THE ISSUER
UNLESS AND UNTIL SUCH RESTRICTIONS SHALL HAVE BEEN COMPLIED WITH.” 
 38.4 Charges, Taxes and
Expenses. Issuance of certificates for Exercise Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall be
paid by the Company, and such certificates shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event certificates for Exercise Shares are to be issued in a
name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder; and the Company may require, as a condition thereto, the payment of a sum
sufficient to reimburse it for any transfer tax incidental thereto. 
 39. COVENANTS OF
THE COMPANY. 
 39.1 No Impairment. Except and to the extent as waived
or consented to by the Holder, the Company will at all times in good faith assist in the carrying out of all the provisions of this Warrant and in the taking of all such action as may be necessary or appropriate in order to protect the exercise
rights of the Holder against impairment. 
 39.2 Notices of Record Date. If at any time: 

(a) the Company shall take a record of the holders of Common Stock for the purpose of entitling them to receive a dividend
or other distribution, or any right to subscribe for or purchase any evidences of its indebtedness, any shares of stock of any class or any other securities or property, or to receive any other right (other than with respect to any equity or equity
equivalent security issued pursuant to a rights plan adopted by the Company’s Board of Directors); 
 (b)
there shall be any capital reorganization of the Company, any reclassification or recapitalization of the capital stock of the Company or any consolidation or merger of the Company, or any sale, transfer or other disposition of all or substantially
all the property, assets or business of the Company; or 
 (c) there shall be a voluntary or involuntary
dissolution, liquidation or winding up of the Company; 
  

 4. 

 then, in any one or more of such cases, the Company shall give to Holder (i) at least 10 days’
prior written notice of the date on which a record date shall be selected for such dividend, distribution or right or for determining rights to vote in respect of any such reorganization, reclassification, recapitalization, consolidation, merger,
sale, transfer, disposition, dissolution, liquidation or winding up and (ii) in the case of any such reorganization, reclassification, recapitalization, consolidation, merger, sale, transfer, disposition, dissolution, liquidation or winding up,
at least 10 days’ prior written notice of the date on which the same shall take place. Such notice in accordance with the foregoing clause also shall specify the date on which the holders of Common Stock shall be entitled to any such dividend,
distribution or right, and the amount and character thereof. 
 40. ADJUSTMENT OF
EXERCISE PRICE. In the event of changes in the outstanding Common Stock by reason of stock dividends, split-ups, recapitalizations, reclassifications, combinations or exchanges of shares, separations,
reorganizations, liquidations or the like, the number and class of shares available under this Warrant in the aggregate and the Exercise Price shall be correspondingly adjusted to give the Holder of this Warrant, on exercise for the same aggregate
Exercise Price, the total number, class and kind of shares as the Holder would have owned had the Warrant been exercised prior to the event and had the Holder continued to hold such shares until after the event requiring adjustment. The form of this
Warrant need not be changed because of any adjustment in the number of Exercise Shares subject to this Warrant. 
 41.
FRACTIONAL SHARES. No fractional shares shall be issued upon the exercise of this Warrant, including as a consequence of any adjustment pursuant hereto. If the exercise would result in the issuance of a
fractional share, the Company shall, in lieu of issuance of any fractional share, pay the Holder otherwise entitled to such fraction a sum in cash equal to the product resulting from multiplying the then current fair market value of an Exercise
Share (determined as provided in Section 2.2 hereof) by such fraction; provided, however, that the Company may elect in its sole discretion to issue the next higher number of full shares of Common Stock by issuing a full share with respect to
such fractional share. 
 42. CORPORATE TRANSACTIONS. In case the Company shall
reorganize its capital, reclassify its capital stock, consolidate or merge with or into another corporation (where the Company is not the surviving corporation or where there is a change in or distribution with respect to the Common Stock), or sell,
transfer or otherwise dispose of all or substantially all its property, assets or business and, pursuant to the terms of such reorganization, reclassification, merger, consolidation or disposition of assets, shares of common stock of the successor
or acquiring corporation, or any cash, shares of stock or other securities or property of any nature whatsoever (including warrants or other subscription or purchase rights) in addition to or in lieu of common stock of the successor or acquiring
corporation (“Other Property”), are to be received by or distributed to the holders of the Common Stock, then the Holder shall have the right thereafter to receive, upon exercise of this Warrant, the number of shares of common stock of the
successor or acquiring corporation or of the Company, if it is the surviving corporation, and Other Property receivable upon or as a result of such reorganization, reclassification, merger, consolidation or disposition of assets by a Holder of the
number of shares of Common Stock for which this Warrant is exercisable immediately prior to such event. For purposes of this Section 6, “common stock of the successor or acquiring corporation” shall include stock of such corporation
of any class which is not preferred as to dividends or assets over any other class of 
  

 5. 

 
stock of such corporation and which is not subject to redemption and shall also include any evidences of indebtedness, shares of stock or other securities which are convertible into or
exchangeable for any such stock, either immediately or upon the arrival of a specified date or the happening of a specified event and any warrants or other rights to subscribe for or purchase any such stock. The foregoing provisions of this
Section 6 shall similarly apply to successive reorganizations, reclassifications, mergers, consolidations or disposition of assets. 

43. NOTICE OF ADJUSTMENT. Whenever the number of Exercise Shares or number or
kind of securities or other property purchasable upon the exercise of this Warrant or the Exercise Price is adjusted, as herein provided, the Company shall give notice thereof to the Holder at the address of such Holder appearing on the books of the
Company, which notice shall state the number of Exercise Shares (and other securities or property) purchasable upon the exercise of this Warrant and the Exercise Price of such Exercise Shares (and other securities or property) after such adjustment,
setting forth a brief statement of the facts requiring such adjustment and setting forth the computation by which such adjustment was made. 

44. ORDERLY SALE. This Warrant and the Exercise Shares are subject to the provisions of
Section 6.05 of the Warrant Purchase Agreement. 
 45. NO STOCKHOLDER
RIGHTS. This Warrant does not entitle the Holder to any voting rights or other rights as a stockholder of the Company prior to the exercise hereof. Upon the exercise of this Warrant in accordance with Section 2, the Exercise
Shares so purchased shall be and be deemed to be issued to such Holder as the record owner of such shares as of the close of business on the date of such exercise. 

46. TRANSFER OF WARRANT. Subject to applicable laws, the restriction on
transfer set forth on the first page of this Warrant and the provisions of Article VI of the Warrant Purchase Agreement, this Warrant and all rights hereunder are transferable by the Holder, in person or by duly authorized attorney, upon delivery of
this Warrant, the Assignment Form attached hereto and funds sufficient to pay any transfer taxes payable upon the making of such transfer, to any transferee designated by Holder. Upon such surrender and, if required, such payment, the Company shall
execute and deliver a new Warrant or Warrants in the name of the assignee or assignees and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this
Warrant not so assigned, and this Warrant shall promptly be cancelled. A Warrant, if properly assigned, may be exercised by a new holder for the purchase of Exercise Shares without having a new Warrant issued. The Company may require, as a condition
of allowing a transfer (i) that the Holder or transferee of this Warrant, as the case may be, furnish to the Company a written opinion of counsel (which opinion shall be in form, substance and scope customary for opinions of counsel in
comparable transactions) to the effect that such transfer may be made without registration under the Securities Act and under applicable state securities or blue sky laws, (ii) that the holder or transferee execute and deliver to the Company an
investment letter in form and substance acceptable to the Company, (iii) that the transferee be an “accredited investor” as defined in Rule 501(a) promulgated under the Securities Act and (iv) the transferee agree in writing to
be bound by the terms of this Warrant and the Warrant Purchase Agreement as if an original signatory thereto. 
  

 6. 

 47. LOST, STOLEN, MUTILATED
OR DESTROYED WARRANT. If this Warrant is lost, stolen, mutilated or destroyed, the Company may, on such terms as to indemnity or otherwise as it may reasonably impose (which shall, in the case of a
mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination and tenor as the Warrant so lost, stolen, mutilated or destroyed. 

48. NOTICES, ETC. Any notice, request, demand, waiver, consent, approval or other
communication that is required or permitted to be given hereto shall be in writing and shall be deemed given only if delivered to the applicable party personally or sent to the party by facsimile transmission (promptly followed by a hard-copy
delivered in accordance with this Section 12), by next business day delivery by a nationally recognized courier service, or by registered or certified mail (return receipt requested), with postage and registration or certification fees thereon
prepaid, addressed to the party at its address set forth in the Warrant Purchase Agreement, or at such other address as the Company or Holder may designate by ten (10) days advance written notice to the other party hereto. 

49. ACCEPTANCE. Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all of
the terms and conditions contained herein. 
 50. GOVERNING LAW. This Warrant and
all rights, obligations and liabilities hereunder shall be governed by the laws of the State of New York. 
 51.
SATURDAYS, SUNDAYS, HOLIDAYS, ETC. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall be a
Saturday, Sunday or a legal holiday, then such action may be taken or such right may be exercised on the next succeeding day not a Saturday, Sunday or legal holiday. 

52. AMENDMENT. This Warrant may be modified or amended or the provisions hereof waived with
the written consent of the Company and the Holder. 
 53. SUCCESSORS AND
ASSIGNS. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors of the Company and the successors and
permitted assigns of Holder. 
 54. HEADINGS. The headings used in this Warrant are
for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant. 
  

 7. 

 IN WITNESS WHEREOF, the
Company has caused this Warrant to be executed by its duly authorized officer as of ___________ __, 2009. 
  

			
	EXELIXIS, INC.
		
	By:	 	 
		
	Name:	 	 
		
	Title:	 	 

  

 8. 

 NOTICE OF EXERCISE 

TO: EXELIXIS, INC. 

(1)  ̈ The undersigned hereby elects to purchase ________ shares of Common Stock of
EXELIXIS, INC. (the “Company”) pursuant to the terms of the attached Warrant, and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any. 

 ̈ The undersigned hereby elects to purchase ________ shares of Common Stock of
EXELIXIS, INC. (the “Company”) pursuant to the terms of the net exercise provisions set forth in Section 2.2 of the attached Warrant, and shall tender payment of all applicable transfer taxes, if
any. 
 (2) Please issue a certificate or certificates representing said shares of Common Stock in the name of the
undersigned or in such other name as is specified below: 
  

 
 (Name)

  
  

 
  

(Address) 

(iv) (3) The undersigned represents that: 

(A) It is an “accredited investor” within the meaning of Rule 501(a) of Regulation D promulgated under the
Securities Act of 1933, as amended (the “Securities Act”). 
 (B) It has relied completely on the
advice of, or has consulted with or has had the opportunity to consult with, its own personal tax, investment, legal or other advisors and has not relied on the Company or any of its affiliates for advice. 

(C) It has been advised and understands that the offer and sale of the attached Warrant and the shares of Common Stock
issued upon exercise of the Warrant (the “Warrant Shares”) have not been registered under the Securities Act. It is able to bear the economic risk of such investment for an indefinite period and to afford a complete loss thereof.

 (D) It is acquiring the Warrant Shares solely for its own account for investment purposes as a principal and
not with a view to the resale of all or any part thereof. It agrees that the Warrant Shares may not be resold (1) without registration thereof under the Securities Act (unless an exemption from such registration is available), or (2) in
violation of any law. It acknowledges that the Company is not required to register the Warrant Shares under the Securities Act. It is not and will not be an underwriter within the meaning of Section 2(11) of the Securities Act with respect to
the Warrant Shares. 

 (E) No person or entity acting on behalf of, or under the authority of, the
undersigned is or will be entitled to any broker’s, finder’s, or similar fees or commission payable by the Company or any of its affiliates. 
  

					
	  	 		 	  
	(Date)	 		 	(Signature)
			
		 		 	 
		 		 	(Print name)

 ASSIGNMENT FORM 

(To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 FOR VALUE RECEIVED, the foregoing Warrant and all rights
evidenced thereby are hereby assigned to 
 Name: _____________________________________________________________________________________________

 (Please Print) 

Address: _____________________________________________________________________________________________ 

(Please Print) 
 Dated:
__________, 2___ 
 Holder’s 

Signature: _____________________________________ 

Holder’s 
 Address:
______________________________________ 
 NOTE: The signature to this Assignment Form must correspond with the name as it appears on the
face of the Warrant, without alteration or enlargement or any change whatever. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.REGISTRATION RIGHTS AGREEMENT, DATED JUNE 9, 2005

 Exhibit 4.9 

 
  

 
 REGISTRATION RIGHTS AGREEMENT

 between 

EXELIXIS, INC. 

and 
 SYMPHONY
EVOLUTION HOLDINGS LLC 
  
  

Dated as of June 9, 2005 
  

 
  

 
  

 Table of Contents 

 

					
	 Section
	 	 	  	Page
	 Section 1.
	 	Definitions	  	1
			
	 Section 2.
	 	Registration	  	2
			
	 Section 3.
	 	Related Obligations	  	2
			
	 Section 4.
	 	Obligations Of The Investor(s)	  	6
			
	 Section 5.
	 	Expenses of Registration	  	6
			
	 Section 6.
	 	Indemnification	  	6
			
	 Section 7.
	 	Contribution	  	10
			
	 Section 8.
	 	Reports Under The 1934 Act	  	10
			
	 Section 9.
	 	Assignment of Registration Rights	  	11
			
	 Section 10.
	 	Amendment of Registration Rights	  	11
			
	 Section 11.
	 	Miscellaneous	  	11

 REGISTRATION RIGHTS AGREEMENT 

REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of June 9, 2005, by and between EXELIXIS, INC., a
Delaware corporation (“Exelixis”), and SYMPHONY EVOLUTION HOLDINGS LLC, a Delaware limited liability company (together with its permitted successors, assigns and transferees, “Holdings”). 

RECITALS: 

WHEREAS, in connection with the exercise by Exelixis of the Purchase Option under the Purchase Option Agreement, among Exelixis,
Holdings and Symphony Evolution, Inc., a Delaware corporation (“Symphony Evolution”), of even date herewith (the “Purchase Option Agreement”), Exelixis may elect to issue shares of Exelixis’ common stock, par
value $0.001 per share (“Exelixis Common Stock”) (such shares of Exelixis Common Stock when and if issued, the “Purchase Option Shares”) to Holdings in partial payment of the Purchase Price in accordance with the
terms of the Purchase Option Agreement; and 
 WHEREAS, to induce Holdings to execute and deliver the Purchase Option
Agreement, Exelixis has agreed to provide certain registration rights under the Securities Act of 1933, as amended (the “Securities Act”), and applicable state securities laws with respect to the Purchase Option Shares; 

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Exelixis and Holdings (the “Parties”) hereby agree as follows: 

Section 1. Definitions. 

(a) Capitalized terms used but not defined herein are used as defined in Purchase Option Agreement. 

(b) As used in this Agreement, the following terms shall have the following meanings: 

(i) “Effective Registration Date” means the date that the Registration Statement (as defined below) is
first declared effective by the SEC. 
 (ii) “Investor(s)” means Holdings, any transferee or
assignee thereof to whom Holdings assigns its rights under this Agreement and who agrees to become bound by the provisions of this Agreement in accordance with Section 9 and any transferee or assignee thereof to whom a transferee or
assignee assigns its rights under this Agreement and who agrees to become bound by the provisions of this Agreement in accordance with Section 9. 

(iii) “Purchase Option Related Registrable Securities” means (i) the Purchase Option Shares, and
(ii) any Exelixis Common Stock issued with respect to the Purchase Option Shares as a result of any stock split, stock dividend, recapitalization, exchange or similar event or otherwise. 

 

 1 

 (iv) “register,” “registered,” and
“registration” refer to a registration effected by preparing and filing one or more Registration Statements in compliance with the Securities Act and pursuant to Rule 415, and the declaration or ordering of effectiveness of such
Registration Statement(s) by the SEC. 
 (v) “Registrable Securities” means the Purchase Option
Related Registrable Securities; provided, however, that such securities will cease to be Registrable Securities on the earlier of (A) the date as of which the Investor(s) may sell such securities without restriction pursuant to
Rule 144(k) (or successor thereto) promulgated under the Securities Act or (B) the date on which the Investor(s) shall have sold all such securities. 

(vi) “Registration Statement” means a registration statement or registration statements of Exelixis filed
under the Securities Act covering the Registrable Securities. 
 (vii) “Rule 415” means Rule 415
under the Securities Act or any successor rule providing for offering securities on a continuous or delayed basis. 

Section 2. Registration. 

(a) Right to Registration. In the event Exelixis elects to exercise the Purchase Option as set forth in the
Purchase Option Agreement, and in so doing elects to issue Purchase Option Related Registrable Securities, Exelixis shall prepare and, in accordance with Section 2(a)(ii)(A) of the Purchase Option Agreement, file with the SEC a Registration
Statement on Form S-3 covering the resale of the Purchase Option Related Registrable Securities. The Registration Statement prepared pursuant hereto shall register for resale that number of shares of Exelixis Common Stock equal to the number of
Purchase Option Related Registrable Securities as would be issued pursuant to the terms of the Purchase Option Agreement. Exelixis shall use commercially reasonable efforts to have the Registration Statement declared effective by the SEC as soon as
practicable following the Purchase Option Exercise Date. 
 (b) Ineligibility for Form S-3. In the event
that Form S-3 is not available for the registration of the resale of Registrable Securities hereunder, Exelixis shall (i) in accordance with Section 2(a)(ii)(A) of the Purchase Option Agreement, register the resale of the Registrable
Securities on another appropriate form reasonably acceptable to Holdings (which acceptable forms shall include Form S-1), and (ii) undertake to register the Registrable Securities on Form S-3 as soon as such form is available; provided
that Exelixis shall maintain the effectiveness of the Registration Statement then in effect until such time as a Registration Statement on Form S-3 covering the Registrable Securities has been declared effective by the SEC. 

Section 3. Related Obligations. At such time as Exelixis is obligated to file a Registration Statement with the SEC
pursuant to Section 2(a) or 2(b), Exelixis will use commercially reasonable efforts to effect the registration of the Registrable Securities in accordance with the intended method of disposition thereof and, pursuant thereto
(except at such times as Exelixis may be required to suspend the use of a prospectus forming a part of the Registration Statement pursuant to Section 3(l), at which time Exelixis’ obligations under Sections 3(a), (b),
(c), (d), (i) and (k) may also be suspended, as required), Exelixis shall have the following obligations: 

(a) Exelixis shall keep each Registration Statement effective pursuant to Rule 415 at all times until the earlier of
(i) the date as of which the Investor(s) may sell all of the Registrable Securities covered by such Registration Statement without restriction pursuant to Rule 144(k) (or successor thereto) promulgated under the Securities Act, or (ii) the
date on which the Investor(s) shall have sold all the Registrable Securities covered by such Registration Statement (the “Registration Period”). 

 

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 (b) Exelixis shall prepare and file with the SEC such amendments (including
post-effective amendments) and supplements to a Registration Statement and the prospectus used in connection with such Registration Statement as may be necessary to keep such Registration Statement effective at all times during the Registration
Period, and, during such period, comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities of Exelixis covered by such Registration Statement until such time as all of such Registrable Securities
shall have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof as set forth in such Registration Statement. In the case of amendments and supplements to a Registration Statement which are required
to be filed pursuant to this Agreement (including pursuant to this Section 3(b)) by reason of Exelixis filing a report on Form 10-K, Form 10-Q or Form 8-K or any analogous report under the Securities Exchange Act of 1934, as amended (the
“1934 Act”), Exelixis shall have incorporated such report by reference into such Registration Statement, if applicable, or shall file such amendments or supplements with the SEC on the same day on which the 1934 Act report is filed
which created the requirement for Exelixis to amend or supplement such Registration Statement. 
 (c) Exelixis
shall furnish to each Investor whose Registrable Securities are included in any Registration Statement, without charge, (i) promptly after the same is prepared and filed with the SEC, at least one copy of such Registration Statement and any
amendment(s) thereto, including financial statements and schedules, and each preliminary prospectus, (ii) upon the effectiveness of any Registration Statement, ten (10) copies of the prospectus included in such Registration Statement and
all amendments and supplements thereto (or such other number of copies as such Investor may reasonably request), and (iii) such other documents, including copies of any preliminary or final prospectus, as such Investor may reasonably request
from time to time in order to facilitate the disposition of the Registrable Securities owned by such Investor. 

(d) Exelixis shall use commercially reasonable efforts to (i) register and qualify, unless an exemption from
registration and qualification applies, the resale by Investor(s) of the Registrable Securities covered by a Registration Statement under such other securities or “blue sky” laws of such jurisdictions in the United States as Investor(s)
reasonably request, (ii) prepare and file in those jurisdictions such amendments (including post-effective amendments) and supplements to such registrations and qualifications as may be necessary to maintain the effectiveness thereof during the
Registration Period, and (iii) take such other actions as may be necessary to maintain such registrations and qualifications in effect at all times during the Registration Period; provided, however, that Exelixis shall not be
required in connection therewith or as a condition thereto to (x) qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(d), (y) subject itself to general taxation
in any such jurisdiction, or (z) file a general consent to service of process in any such 
  

 3 

 
jurisdiction. Exelixis shall promptly notify each Investor who holds Registrable Securities of the receipt by Exelixis of any notification with respect to the suspension of the registration or
qualification of any of the Registrable Securities for sale under the securities or “blue sky” laws of any jurisdiction in the United States or its receipt of actual notice of the initiation or threatening of any proceeding for such
purpose. 
 (e) Exelixis shall notify each Investor in writing of the happening of any event, as promptly as
practicable after becoming aware of such event, as a result of which the prospectus included in a Registration Statement, as then in effect, includes an untrue statement of a material fact or omission to state a material fact required to be stated
therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and, subject to Section 3(l) hereof, promptly prepare a supplement or amendment to such Registration
Statement to correct such untrue statement or omission. Exelixis shall also promptly notify each Investor in writing when a prospectus or any prospectus supplement or post-effective amendment has been filed, and when a Registration Statement or any
post-effective amendment has become effective. 
 (f) Exelixis shall use commercially reasonable efforts to
prevent the issuance of any stop order or other suspension of effectiveness of a Registration Statement, or the suspension of the qualification of any of the Registrable Securities for sale in any jurisdiction and, if such an order or suspension is
issued, to obtain the withdrawal of such order or suspension at the earliest possible moment. 
 (g) In the event
that any Investor is deemed to be an “underwriter” with respect to the Registrable Securities, upon the written request of such Investor in connection with such Investor’s due diligence requirements, if any, Exelixis shall make
available for inspection by (i) such Investor, and (ii) any legal counsel, accountants or other agents retained by the Investor (collectively, “Inspectors”), all pertinent financial and other records, and pertinent
corporate documents and properties of Exelixis (collectively, “Records”), as shall be reasonably deemed necessary by each Inspector, and cause Exelixis’ officers, directors and employees to supply all information which any
Inspector may reasonably request; provided, however, that each Inspector and such Investor shall agree in writing to hold in strict confidence and shall not make any disclosure (except with respect to an Inspector, to the relevant
Investor) or use of any Record or other information which Exelixis determines in good faith to be confidential, and of which determination the Inspectors are so notified, unless the release of such Records is ordered pursuant to a final,
non-appealable subpoena or order from a court or government body of competent jurisdiction. Each Investor agrees that it shall, upon learning that disclosure of such Records is required or is sought in or by a court or governmental body of competent
jurisdiction or through other means, give prompt notice to Exelixis and allow Exelixis, at its expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, the Records deemed confidential. Nothing herein
(or in any other confidentiality agreement between Exelixis and any Investor) shall be deemed to limit the Investor(s)’ ability to sell Registrable Securities in a manner which is otherwise consistent with applicable laws and regulations.

 (h) Exelixis shall hold in confidence and not make any disclosure of information concerning an Investor
provided to Exelixis unless (i) disclosure of such information is necessary to comply with federal or state securities laws or the rules of any securities exchange or trading market on which the Exelixis Common Stock is listed or traded,
(ii) the disclosure of 
  

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such information is necessary to avoid or correct a misstatement or omission in any Registration Statement, or (iii) the release of such information is ordered pursuant to a subpoena or
other final, non-appealable order from a court or governmental body of competent jurisdiction. Exelixis agrees that it shall, upon learning that disclosure of such information concerning an Investor is sought in or by a court or governmental body of
competent jurisdiction or through other means, give prompt written notice to such Investor and allow such Investor, at the Investor’s expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, such
information. 
 (i) Exelixis shall use commercially reasonable efforts either to (i) cause all the
Registrable Securities covered by a Registration Statement to be listed on each securities exchange on which securities of the same class or series issued by Exelixis are then listed, if any, if the listing of such Registrable Securities is then
permitted under the rules of such exchange, or (ii) secure designation and quotation of all the Registrable Securities covered by a Registration Statement on the NASDAQ National Market. Exelixis shall pay all fees and expenses in connection
with satisfying its obligation under this Section 3(i). 
 (j) Exelixis shall cooperate with the
Investor(s) who hold Registrable Securities being offered and, to the extent applicable, facilitate the timely preparation and delivery of certificates representing the Registrable Securities to be offered pursuant to a Registration Statement and
enable such certificates to be in such denominations or amounts, as the case may be, as the Investor(s) may reasonably request and registered in such names as the Investor(s) may request. 

(k) If requested by an Investor, Exelixis shall (i) as soon as practicable incorporate in a prospectus supplement or
post-effective amendment such information as an Investor reasonably requests to be included therein relating to the sale and distribution of Registrable Securities, including, without limitation, information with respect to the number of Registrable
Securities being offered or sold, the purchase price being paid therefor and any other terms of the offering of the Registrable Securities to be sold in such offering and (ii) as soon as practicable make all required filings of such prospectus
supplement or post-effective amendment after being notified of the matters to be incorporated in such prospectus supplement or post-effective amendment. 

(l) Notwithstanding anything to the contrary herein, at any time after the Registration Statement has been declared
effective by the SEC, Exelixis may delay the disclosure of material, non-public information concerning Exelixis the disclosure of which at the time is not, in the good faith opinion of Exelixis, in the best interest of Exelixis (a “Grace
Period”); provided, that Exelixis shall promptly notify the Investor(s) in writing of the existence of a Grace Period in conformity with the provisions of this Section 3(l) and the date on which the Grace Period will
begin (such notice, a “Commencement Notice”; and, provided further, that no Grace Period shall exceed thirty (30) days during any ninety (90) day period and during any three hundred sixty five (365) day period
such Grace Periods shall not exceed an aggregate of ninety (90) days. For purposes of determining the length of a Grace Period above, the Grace Period shall begin on and include the date specified by Exelixis in the Commencement Notice and
shall end on and include the date Investor(s) receive written notice of the termination of the Grace Period by Exelixis (which notice may be contained in the Commencement Notice). The provisions of Section 3(f) hereof shall not be
applicable during any Grace Period. Upon expiration of the Grace Period, Exelixis shall again be bound by the first sentence of Section 3(e) with respect to the information giving rise thereto unless such material, non-public information
is no longer applicable. 
  

 5 

 Section 4. Obligations Of The Investor(s). 

(a) At least seven (7) Business Days prior to the first anticipated filing date of a Registration Statement, Exelixis
shall notify each Investor in writing of the information Exelixis requires from each such Investor if such Investor elects to have any of such Investor’s Registrable Securities included in such Registration Statement. It shall be a condition
precedent to the obligations of Exelixis to complete the registration pursuant to this Agreement with respect to the Registrable Securities of a particular Investor that such Investor shall furnish to Exelixis such information regarding itself, the
Registrable Securities held by it and the intended method of disposition of the Registrable Securities held by it as shall be reasonably required to effect the effectiveness of the registration of such Registrable Securities and shall execute such
documents in connection with such registration as Exelixis may reasonably request. 
 (b) Each Investor, by such
Investor’s acceptance of the Registrable Securities, agrees to cooperate with Exelixis as reasonably requested by Exelixis in connection with the preparation and filing of any Registration Statement hereunder, unless such Investor has notified
Exelixis in writing of such Investor’s election to exclude all of such Investor’s Registrable Securities from such Registration Statement. 

(c) Each Investor agrees that, upon receipt of any notice from Exelixis of the happening of any event of the kind
described in Section 3(f) or the first sentence of Section 3(e), such Investor will immediately discontinue disposition of Registrable Securities pursuant to any Registration Statement(s) covering such Registrable Securities
until such Investor’s receipt of the copies of the supplemented or amended prospectus contemplated by the second sentence of Section 3(e) or receipt of notice that no supplement or amendment is required. 

(d) Each Investor covenants and agrees that it will comply with any applicable prospectus delivery requirements of the
Securities Act as applicable to it in connection with sales of Registrable Securities pursuant to a Registration Statement. 

Section 5. Expenses of Registration. All reasonable expenses, other than underwriting discounts and commissions,
incurred in connection with registrations, filings or qualifications pursuant to Sections 2 and 3 hereof, including, without limitation, all registration, listing and qualifications fees, printers and accounting fees, and fees and
disbursements of counsel for Exelixis shall be paid by Exelixis. All underwriting discounts and selling commissions applicable to the sale of the Registrable Securities shall be paid by the Investor(s), provided, however, that Exelixis
shall reimburse the Investor(s) for the reasonable actual fees and disbursements of one legal counsel designated by the holders of at least a majority of the Registrable Securities in connection with registration, filing or qualification pursuant to
Sections 2 and 3 of this Agreement, which amount shall be limited to $30,000 in total over the term of this Agreement. 

Section 6. Indemnification. In the event any Registrable Securities are included in a Registration Statement under
this Agreement: 
  

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 (a) To the fullest extent permitted by law, Exelixis will, and hereby does,
indemnify and hold harmless each Investor, the directors, officers, partners, members, employees, agents, representatives of, and each Person, if any, who controls any Investor within the meaning of the Securities Act or the 1934 Act (each, an
“Investor Indemnified Person”), against any losses, claims, damages, liabilities, judgments, fines, penalties, charges, costs, reasonable attorneys’ fees, amounts paid in settlement or expenses, joint or several (collectively,
“Claims”), incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative or other regulatory
agency, body or the SEC, whether pending or threatened, whether or not an indemnified Person is or may be a party thereto (“Indemnified Damages”), to which any of them may become subject insofar as such Claims (or actions or
proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact in a Registration Statement or any post-effective amendment thereto or in
any filing made in connection with the qualification of the offering under the securities or other “blue sky” laws of any jurisdiction in which Registrable Securities are offered (“Blue Sky Filing”), or the omission or
alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading; (ii) any untrue statement or alleged untrue statement of a material fact contained in any preliminary prospectus
if used prior to the Effective Registration Date of such Registration Statement, or contained in the final prospectus (as amended or supplemented, if Exelixis files any amendment thereof or supplement thereto with the SEC) or the omission or alleged
omission to state therein any material fact necessary to make the statements made therein, in the light of the circumstances under which the statements therein were made, not misleading; or (iii) any material violation or alleged violation by
Exelixis of any federal, state or common law, rule or regulation applicable to Exelixis in connection with any Registration Statement, prospectus or any preliminary prospectus, any amendment or supplement thereto, or the issuance of any Registrable
Securities to Holdings (the matters in the foregoing clauses (i) through (iii) being, collectively, “Violations”). Subject to Section 6(c), Exelixis shall reimburse the Investor Indemnified Persons, promptly as
such expenses are incurred and are due and payable, for any legal fees or other reasonable expenses incurred by them in connection with investigating or defending any such Claim. Notwithstanding anything to the contrary contained herein, the
indemnification agreement contained in this Section 6(a): (A) shall not apply to a Claim by an Investor Indemnified Person arising out of or based upon a Violation that occurs in reliance upon and in conformity with information
furnished in writing to Exelixis by or on behalf of any such Investor Indemnified Person expressly for use in connection with the preparation of the Registration Statement or any such amendment thereof or supplement thereto if such information was
timely made available by Exelixis pursuant to Section 3(c); (B) with respect to any preliminary prospectus, shall not inure to the benefit of any such Person from whom the Person asserting any such Claim purchased the Registrable
Securities that are the subject thereof (or to the benefit of any Person controlling such Person) if the untrue statement or omission of material fact contained in the preliminary prospectus was corrected in the prospectus, as then amended or
supplemented, if such prospectus was timely made available by Exelixis pursuant to Section 3(d), and the Investor Indemnified Person was promptly advised in writing not to use the incorrect prospectus prior to the use giving rise to a
violation and such Investor Indemnified Person, notwithstanding such advice, used it or failed to deliver the correct prospectus as required by the Securities Act and such correct prospectus was timely made available pursuant to
Section 3(d); (C) shall not be available to the extent such Claim is based on a failure of the 
  

 7 

 
Investor Indemnified Person to deliver or to cause to be delivered the prospectus made available by Exelixis, including a corrected prospectus, if such prospectus or corrected prospectus was
timely made available by Exelixis pursuant to Section 3(d); and (D) shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of Exelixis, which consent shall not be
unreasonably withheld or delayed. Such indemnity shall remain full force and effect regardless of any investigation made by or on behalf of the Investor Indemnified Person and shall survive the transfer of the Registrable Securities by the
Investor(s) pursuant to Section 9. 
 (b) In connection with any Registration Statement in which an
Investor is participating, each such Investor agrees to severally and not jointly indemnify, and hold harmless, to the same extent and in the same manner as is set forth in Section 6(a), Exelixis, each of its directors, each of its
officers who signs the Registration Statement and each Person, if any, who controls Exelixis within the meaning of the Securities Act or the 1934 Act (each, a “Company Indemnified Person”), against any Claim or Indemnified Damages
to which any of them may become subject, under the Securities Act, the 1934 Act or otherwise, insofar as such Claim or Indemnified Damages arise out of or are based upon any Violation, in each case to the extent, and only to the extent, that such
Violation occurs in reliance upon and in conformity with written information furnished to Exelixis by such Investor expressly for use in connection with such Registration Statement; and, subject to Section 6(d), such Investor will
reimburse, promptly as such expenses are incurred and are due and payable, any legal or other expenses reasonably incurred by a Company Indemnified Person in connection with investigating or defending any such Claim; provided, however,
that the indemnity agreement contained in this Section 6(b) and the agreement with respect to contribution contained in Section 7 shall not apply to amounts paid in settlement of any Claim if such settlement is effected
without the prior written consent of such Investor, which consent shall not be unreasonably withheld or delayed; provided, further, however, that an Investor shall be liable under this Section 6(b) for only that amount of a
Claim or Indemnified Damages as does not exceed the net proceeds to such Investor as a result of the sale of Registrable Securities pursuant to such Registration Statement. Such indemnity shall remain in full force and effect regardless of any
investigation made by or on behalf of such Company Indemnified Person and shall survive the transfer of the Registrable Securities by the Investor(s) pursuant to Section 9. Notwithstanding anything to the contrary contained herein, the
indemnification agreement contained in this Section 6(b) with respect to any preliminary prospectus shall not inure to the benefit of any Company Indemnified Person if the untrue statement or omission of material fact contained in the
preliminary prospectus was corrected on a timely basis in the prospectus, as then amended or supplemented. 
 (c)
If either an Investor Indemnified Person or a Company Indemnified Person (an “Indemnified Person”) proposes to assert a right to be indemnified under this Section 6, such Indemnified Person shall notify either Exelixis
or the relevant Investor(s), as applicable (the “Indemnifying Person”), promptly after receipt of notice of commencement of any action, suit or proceeding against such Indemnified Person (an “Indemnified
Proceeding”) in respect of which a Claim is to be made under this Section 6, or the incurrence or realization of any Indemnified Damages in respect of which a Claim is to be made under this Section 6, of the
commencement of such Indemnified Proceeding or of such incurrence or realization, enclosing a copy of all relevant documents, including all papers served and claims made, but the omission to so notify the applicable Indemnifying Person promptly of
any such Indemnified Proceeding or incurrence or realization shall not relieve (x) such Indemnifying Person from any liability that it 

 

 8 

 
may have to such Indemnified Person under this Section 6 or otherwise, except, as to such Indemnifying Person’s liability under this Section 6, to the extent, but
only to the extent, that such Indemnifying Person shall have been prejudiced by such omission, or (y) any other Indemnifying Person from liability that it may have to any Indemnified Person under the Operative Documents. 

(d) In case any Indemnified Proceeding shall be brought against any Indemnified Person and it shall notify the applicable
Indemnifying Person of the commencement thereof as provided by Section 6(c) and such Indemnifying Person shall be entitled to participate in, and provided such Indemnified Proceeding involves a claim solely for money damages and does not
seek an injunction or other equitable relief against the Indemnified Person and is not a criminal or regulatory action, to assume the defense of, such Indemnified Proceeding with counsel reasonably satisfactory to such Indemnified Person, and after
notice from such Indemnifying Person to such Indemnified Person of such Indemnifying Person’s election so to assume the defense thereof and the failure by such Indemnified Person to object to such counsel within ten (10) Business Days
following its receipt of such notice, such Indemnifying Person shall not be liable to such Indemnified Person for legal or other expenses related to such Indemnified Proceedings incurred after such notice of election to assume such defense except as
provided below and except for the reasonable costs of investigating, monitoring or cooperating in such defense subsequently incurred by such Indemnified Person reasonably necessary in connection with the defense thereof. Such Indemnified Person
shall have the right to employ its counsel in any such Indemnified Proceeding, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless: 

(i) the employment of counsel by such Indemnified Person at the expense of the applicable Indemnifying Person has been
authorized in writing by such Indemnifying Person; 
 (ii) such Indemnified Person shall have reasonably
concluded in its good faith (which conclusion shall be determinative unless a court determines that such conclusion was not reached reasonably and in good faith) that there is or may be a conflict of interest between the applicable Indemnifying
Person and such Indemnified Person in the conduct of the defense of such Indemnified Proceeding or that there are or may be one or more different or additional defenses, claims, counterclaims, or causes of action available to such Indemnified Person
(it being agreed that in any case referred to in this clause (ii) such Indemnifying Person shall not have the right to direct the defense of such Indemnified Proceeding on behalf of the Indemnified Person); 

(iii) the applicable Indemnifying Person shall not have employed counsel reasonably acceptable to the Indemnified Person,
to assume the defense of such Indemnified Proceeding within a reasonable time after notice of the commencement thereof (provided, however, that this clause shall not be deemed to constitute a waiver of any conflict of interest that may
arise with respect to any such counsel); or 
 (iv) any counsel employed by the applicable Indemnifying Person
shall fail to timely commence or diligently conduct the defense of such Indemnified Proceeding; 
  

 9 

 in each of which cases the fees and expenses of counsel for such Indemnified Person shall be
at the expense of such Indemnifying Person. Only one counsel shall be retained by all Indemnified Persons with respect to any Indemnified Proceeding, unless counsel for any Indemnified Person reasonably concludes in good faith (which conclusion
shall be determinative unless a court determines that such conclusion was not reached reasonably and in good faith) that there is or may be a conflict of interest between such Indemnified Person and one or more other Indemnified Persons in the
conduct of the defense of such Indemnified Proceeding or that there are or may be one or more different or additional defenses, claims, counterclaims, or causes or action available to such Indemnified Person. 

(e) Without the prior written consent of such Indemnified Person, such Indemnifying Person shall not settle or compromise,
or consent to the entry of any judgment in, any pending or threatened Indemnified Proceeding, unless such settlement, compromise, consent or related judgment (i) includes an unconditional release of such Indemnified Person from all liability
for Losses arising out of such claim, action, investigation, suit or other legal proceeding, (ii) provides for the payment of money damages as the sole relief for the claimant (whether at law or in equity), (iii) involves no finding or
admission of any violation of law or the rights of any Person by the Indemnified Person, and (iv) is not in the nature of a criminal or regulatory action. No Indemnified Person shall settle or compromise, or consent to the entry of any judgment
in, any pending or threatened Indemnified Proceeding in respect of which any payment would result hereunder or under the Operative Documents without the prior written consent of the Indemnifying Person, such consent not to be unreasonably
conditioned, withheld or delayed. 
 (f) The indemnification required by this Section 6 shall be made
by periodic payments of the amount of Claims during the course of the investigation or defense, as and when Indemnified Damages are incurred. 

Section 7. Contribution. To the extent any indemnification by an indemnifying Person is prohibited or limited by
law, the indemnifying party agrees to make the maximum contribution with respect to any amounts for which it would otherwise be liable under Section 6 to the fullest extent permitted by law; provided, however, that:
(i) no Person involved in the sale of Registrable Securities which Person is guilty of fraudulent misrepresentation (within the meaning Section 11(f) of the Securities Act) in connection with such sale shall be entitled to contribution
from any Person involved in such sale of Registrable Securities who was not guilty of fraudulent misrepresentation; and (ii) contribution by any seller of Registrable Securities shall be limited in amount to the net amount of proceeds received
by such seller from the sale of such Registrable Securities pursuant to such Registration Statement. 
 Section
8. Reports Under The 1934 Act. With a view to making available to the Investor(s) the benefits of Rule 144 promulgated under the Securities Act or any other similar rule or regulation of the SEC that may at any time permit the Investor(s) to
sell securities of Exelixis to the public without registration (“Rule 144”), Exelixis agrees to use commercially reasonable efforts to: 

(a) make and keep public information available, as those terms are understood and defined in Rule 144; 

(b) file with the SEC in a timely manner all reports and other documents required of Exelixis under the Securities Act and
the 1934 Act so long as Exelixis remains subject to such requirements and the filing of such reports and other documents is required for the applicable provisions of Rule 144; and 

 

 10 

 (c) furnish to each Investor so long as such Investor owns Registrable
Securities, promptly upon request, (i) a written statement by Exelixis, if true, that it has complied with the reporting requirements of Rule 144, the Securities Act and the 1934 Act, (ii) a copy of the most recent annual or quarterly
report of Exelixis and such other reports and documents so filed by Exelixis, and (iii) such other information as may be reasonably requested to permit the Investor(s) to sell such securities pursuant to Rule 144 without registration.

 Section 9. Assignment of Registration Rights. The rights under this Agreement shall be automatically
assignable by the Investor(s) to any transferee of all or at least 50,000 shares of such Investor’s Registrable Securities (or if an Investor shall hold less than 50,000 such shares, then a transfer of all such shares) if: (i) the Investor
agrees in writing with the transferee or assignee to assign such rights, and a copy of such agreement is furnished to Exelixis within a reasonable time after such assignment; (ii) Exelixis is, within a reasonable time after such transfer or
assignment, furnished with written notice of (A) the name and address of such transferee or assignee, and (B) the securities with respect to which such registration rights are being transferred or assigned; (iii) immediately following
such transfer or assignment the further disposition of such securities by the transferee or assignee is restricted under the Securities Act and applicable state securities laws; (iv) at or before the time Exelixis receives the written notice
contemplated by clause (ii) of this sentence the transferee or assignee agrees in writing with Exelixis to be bound by all of the provisions contained herein; and (v) such transfer shall have been made in accordance with the
applicable requirements, if any, of the Purchase Option Agreement. 
 Section 10. Amendment of Registration
Rights. 
 (a) The terms of this Agreement shall not be altered, modified, amended, waived or supplemented in
any manner whatsoever except by a written instrument signed by each of (i) Exelixis and (ii) Investor(s) holding a majority of the Registrable Securities (other than in the case of any alteration, modification, amendment, waiver or
supplement which affects any individual Investor in a manner that is less favorable or more detrimental to such Investor than to the other Investor(s) solely based on the face of such alteration, modification, amendment, waiver or supplement and
without regard to the number of Registrable Securities held by such Investor, in which case, such alteration, modification, amendment, waiver or supplement must also be approved by such less favorably or more detrimentally treated Investor).

 (b) Notwithstanding Section 10(a), any party hereto may waive, solely with respect to itself, any
one or more of its rights hereunder without the consent of any other party hereto; provided that no such waiver shall be effective unless set forth in a written instrument executed by the party against whom such waiver is to be effective.

 Section 11. Miscellaneous. 

(a) A Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed to own of record
such Registrable Securities. If Exelixis receives conflicting instructions, notices or elections from two or more Persons with respect to the same Registrable Securities, Exelixis shall act upon the basis of instructions, notice or election received
from the such record owner of such Registrable Securities. 
  

 11 

 (b) Any notice, request, demand, waiver, consent, approval or other
communication which is required or permitted to be given to any party hereto shall be in writing and shall be deemed given only if delivered to the party personally or sent to the party by facsimile transmission (promptly followed by a hard-copy
delivered in accordance with this Section 11(b)), by next Business Day delivery by a nationally recognized courier service, or by registered or certified mail (return receipt requested), with postage and registration or certification
fees thereon prepaid, addressed to the party at its address set forth below: 
 If to Exelixis: 

Exelixis, Inc. 

170 Harbor Way 

South San Francisco, CA 94083 

Attention: Corporate Secretary 

Facsimile: (650) 837-7951 

with a copy to: 

Cooley Godward LLP 

Five Palo Alto Square 

3000 El Camino Real 

Palo Alto, CA 94306 

Attention: Suzanne Sawochka Hooper 

Facsimile: (650) 849-7400 

If to Holdings: 

Symphony Evolution Holdings LLC 

7361 Calhoun Place, Suite 325 

Rockville, MD 20850 

Attn: Joseph P. Clancy 

Facsimile: (301) 762-6154 

with a copy to: 

Symphony Capital Partners, L.P. 

875 Third Avenue,
18th Floor 

New York, NY 10022 

Facsimile: (212) 632-5401 

and 
 Symphony
Strategic Partners, LLC 
 875 Third Avenue,
18th Floor 

New York, NY 10022 

Facsimile: (212) 632-5401 
  

 12 

 or to such other address as such party may from time to time specify by notice given in the manner provided
herein to each other party entitled to receive notice hereunder. 
 (c) This Agreement shall be governed by, and
construed in accordance with, the laws of the State of New York; except to the extent that this Agreement pertains to the internal governance of Holdings, and to such extent this Agreement shall be governed and construed in accordance with
the laws of the State of Delaware. 
 (d) Each of the parties hereto hereby irrevocably and unconditionally
submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court, any Delaware State court or federal court of the United States of America sitting in The City of New York, Borough of Manhattan or Wilmington,
Delaware, and any appellate court from any jurisdiction thereof, in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and
unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in any such New York State court, any such Delaware State court or, to the fullest extent permitted by law, in such federal court. Each of
the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect
any right that any party hereto may otherwise have to bring any action or proceeding relating to this Agreement. 

(e) Each of the parties hereto irrevocably and unconditionally waives, to the fullest extent it may legally and
effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any New York State or federal court, or any Delaware State or Federal court.
Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. Each of the parties hereby consent to service of
process by mail. 
 (f) WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ALL RIGHT TO
TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

(g) Entire Agreement. This Agreement (including any Annexes, Schedules, Exhibits or other attachments
hereto) constitutes the entire agreement between the parties hereto with respect to the matters covered hereby and supersedes all prior agreements and understandings with respect to such matters between the parties hereto. 

(h) Amendment; Successors; Assignment; Counterparts. 

(i) The terms of this Agreement shall not be waived, altered, modified, amended or supplemented in any manner whatsoever
except by a written instrument signed by each of the parties hereto. 
  

 13 

 (ii) Nothing expressed or implied herein is intended or shall be construed
to confer upon or to give to any Person, other than the parties hereto, any right, remedy or claim under or by reason of this Agreement or of any term, covenant or condition hereof, and all the terms, covenants, conditions, promises and agreements
contained herein shall be for the sole and exclusive benefit of the parties hereto and their successors and permitted assigns provided, however, that, subject to the requirements of Section 9, this Agreement shall inure to
the benefit of and be binding upon the permitted successors and assigns of each of the parties hereto. 
 (iii)
Any party hereto may waive, solely with respect to itself, any one or more of its rights hereunder without the consent of any other party hereto; provided, that no such waiver shall be effective unless set forth in a written instrument
executed by the party hereto against whom such waiver is to be effective. 
 (iv) This Agreement may be executed
in one or more counterparts, each of which, when executed, shall be deemed an original but all of which taken together shall constitute one and the same Agreement. 

(i) Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and documents, as any other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions
contemplated hereby. 
 (j) All consents and other determinations required to be made by the Investor(s) pursuant
to this Agreement shall be made, unless otherwise specified in this Agreement, by Investor(s) holding at least a majority of the Registrable Securities. 

[SIGNATURES FOLLOW ON NEXT PAGE] 
  

 14 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
respective officers or other representatives thereunto duly authorized, as of the date first above written. 
  

			
	EXELIXIS, INC.
		
	By:	 	/s/ Christoph Pereira
		 	 Name: Christoph Pereira

Title: Vice President, Legal Affairs and Secretary

	
	SYMPHONY EVOLUTION HOLDINGS LLC
		
	By:	 	 Symphony Capital Partners, L.P.,

its managing member

		 	
		
	By:	 	 Symphony Capital GP, L.P.,
 its
general partner

		 	
		
	By:	 	 Symphony GP, LLC,
 its general
partner

		 	
		
	By:	 	/s/ Mark Kessel
		 	 Name: Mark Kessel
 Title:
Managing Member

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