---
schema_version: "secwatch.filing_event.v1"
accession: "0000939767-25-000049"
form_type: "8-K"
ticker: "EXEL"
cik: "0000939767"
company_name: "EXELIXIS, INC."
filed_at: "2025-03-31T23:59:59+00:00"
generated_at: "2026-05-24T02:49:30.340450+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Exelixis approves special PSU awards for all employees with $60 stock price performance goal

## Summary
- CEO Michael Morrissey receives 589,719 shares of PSU; other NEOs receive between 132,819 and 170,009 shares.
- Performance condition requires VWAP of $60 or more for 90 consecutive days within 5-year period.
- Full vesting requires employment through fifth anniversary; forfeiture if stock price goal not met.
- Program designed to align all employee interests with shareholder value creation over five years.

## SEC filing metadata
- accession: 0000939767-25-000049
- form_type: 8-K
- ticker: EXEL
- cik: 0000939767
- company_name: EXELIXIS, INC.
- filed_at: 2025-03-31T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 5.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/939767/000093976725000049/0000939767-25-000049-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/939767/000093976725000049/exel-20250331.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000939767-25-000049
- JSON: https://secwatch.observer/filing/0000939767-25-000049.json
- Plain text: https://secwatch.observer/filing/0000939767-25-000049.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.