Slade has made 259 appearances and scored 50 tries for Exeter, as well as winning 74 caps for England and playing in two World Cups.
Baxter says Slade, who is the Prem’s top points scorer with 115 from 10 starts this season, is still one of the best players in the country.
“He gives us a broad element of experience in our backline, and all of those qualities alongside very good goal-kicking, leadership, all of those things make it a great re-signing for us,” Baxter told BBC Radio Devon.
“He’s had the experience of some of the ups and downs, which I think is very, very important.
“He’s had the experience of what creates very good teams, what that requires from individuals.
“He’s a very driven individual himself and the standards he wants to set, which is obviously a great example to young players, and obviously the truth is you know people around the club love him.
“He’s very popular with the crowd, he’s very popular with other players, very popular commercially with our supporters and our sponsors, so the whole package is very positive for us.”
