Terms of Employment Agreement for Dana T. Aftab with Exelixis, Inc.

Summary

This agreement outlines the employment terms for Dana T. Aftab as Executive Vice President, Discovery and Translational Research, and Chief Scientific Officer at Exelixis, Inc. He will receive an annual base salary of $560,000.22, a bonus target of 50% of his base salary, and an initial grant of 100,000 restricted stock units (RSUs) under the company's 2017 Equity Incentive Plan. The RSUs vest over four years, with vesting contingent on continued employment.

EX-10.20 2 exel20221230exhibit1020.htm EX-10.20 Document

Exhibit 10.20

TERMS OF EMPLOYMENT – DANA T. AFTAB

(as of December 15, 2022)

TITLE: Executive Vice President, Discovery and Translational Research, and Chief Scientific Officer

ANNUAL BASE SALARY: $560,000.22 annually

BONUS TARGET: 50% of Annual Base salary

INITIAL RESTRICTED STOCK UNIT (RSU) AWARD: 100,000 shares of Exelixis, Inc. common stock pursuant to the Exelixis, Inc. 2017 Equity Incentive Plan. The vesting schedule for this RSU award is 1/4th on the first established RSU vesting date following the one year anniversary of the grant date (the “Initial RSU Vesting Date”) and 1/4th of the original number of shares subject to the RSU award on each succeeding annual anniversary of the Initial RSU Vesting Date until fully-vested, provided that vesting ceases upon termination of “continuous service” with Exelixis, Inc., as such term is defined in the Exelixis, Inc. 2017 Equity Incentive Plan.