ALEC Alector Inc

On December 31, 2021, Alector, LLC, a subsidiary of Alector, Inc. (collectively, the “Company”) entered into an agreement (the “Separation Agreement”) with Shehnaaz Suliman, the Company’s President and Chief Operating Officer, completing the terms of Dr. Suliman’s previously announced voluntary separation from the Company. Pursuant to the Separation Agreement, Dr. Suliman’s last day of employment was December 31, 2021 (the “Separation Date”). In addition, under the terms of the Separation Agreement, Dr. Suliman will receive a lump sum severance payment equal to $375,000 and a lump sum severance bonus of $337,500. The Company will also pay the premiums for continued health insurance coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) for a period of nine months, starting January 1, 2022 and ending on September 30, 2022, provided that Dr. Suliman meets all of COBRA’s continuation requirements. Further, under the terms of the Separation Agreement, the Company will cause all incentive stock options and non-qualified stock options subject to the certain specified grants, as defined in the Separation Agreement, that would have otherwise vested in accordance with the terms of the Company’s 2019 Equity Incentive Plan and the award agreements, absent a termination of employment, during the nine month period immediately following the Separation Date to become fully vested and exercisable as of the Separation Date; however, none of Dr. Suliman’s outstanding performance stock units will be accelerated, and as a result, will be cancelled as unvested on the separation date. In consideration for the compensation noted above, Dr. Suliman will agree to a customary general release of claims for the benefit of the Company.

The foregoing description of the Separation Agreement is only a summary and is qualified by reference to the Separation Agreement, a copy of which is attached as Exhibit 10.1 hereto, which is incorporated by reference into this Item 5.02.