Exhibit 99.1
UPDATE TO NOTICE OF BLACKOUT PERIOD
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| TO: | | Directors and Executive Officers of Exelixis, Inc. |
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| FROM: | | James B. Bucher, Vice President, Corporate Legal Affairs and Secretary |
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| DATE: | | May 2, 2008 |
As previously communicated to you in a notice on March 28, 2008, as updated by a notice on April 29, 2008, a blackout period (the “Plan Blackout Period”) under the Exelixis, Inc. 401(k) Plan (the “401(k) Plan”), which resulted from the transition of investment, trustee and recordkeeping services to Fidelity Investments® (“Fidelity”), began on Monday, March 24, 2008 at 1:00 p.m. P.S.T. and was expected to end on or before May 2, 2008. However, due to a change in the vesting formula and an associated reaudit, the end of the Plan Blackout Period has changed and is now expected to end during the week of May 4, 2008 to May 10, 2008 (the “Blackout End Period”). During the Blackout End Period, you may obtain, without charge, information as to whether the Plan Blackout Period has ended by contacting James B. Bucher, Vice President, Corporate Legal Affairs and Secretary for Exelixis, Inc. at the address or telephone number below.
Federal securities laws require us to provide this updated notice to you as a director or executive officer of Exelixis, Inc. As a reminder, please note that even if you are not a participant in the 401(k) Plan, you are prohibited from trading in the Company’s securities, including the Company’s common stock or other equity securities, other than exempt transactions, until the expiration of the Plan Blackout Period. In addition, please note that the quarterly blackout period for the current quarter is now in effect and will last at least until the opening of the market on the third business day following the public release of the Company’s first quarter 2008 earnings in early May 2008.
If you have any questions regarding this notice, please contact:
James B. Bucher
Vice President, Corporate Legal Affairs and Secretary
170 Harbor Way, P.O. Box 511
South San Francisco, CA 94083
650-837-7251
jbucher@exelixis.com
