To improve the performance of embedded processors, an effective technique is collapsing critical computation subgraphs as application-specific instruction set extensions and executing them on custom functional units. The problems of this approach are immense cost and long time of designing. To address these issues, we propose an adaptive extensible processor in which custom instructions (CIs) are generated and added after chip-fabrication. To support this feature, custom functional units are replaced by a reconfigurable matrix of functional units with the capability of conditional execution. Unlike previous proposed CIs, ours can include multiple exits. Experimental results show that multi-exit CIs enhance the performance by 46% in average compared to CIs limited to one basic block. A maximum speedup of 2.89 compared to a 4-issue in-order RISC processor, and a speedup of 1.66 in average, was achieved on MiBench benchmark suite.