Alector Reports Inducement Grants under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Alector, Inc. (Nasdaq: ALEC), a biotechnology company focused on immuno-neurology, has granted stock options and restricted stock units (RSUs) to six new employees. The awards include options for 103,462 shares at an exercise price of $9.46, matching the closing price on September 30, 2022. These options have a ten-year term and will vest over four years, while RSUs will vest over three years. This compensation is part of the 2022 Inducement Equity Incentive Plan and aims to attract talent critical to Alector’s innovative work in treating neurodegenerative diseases.

Positive

• Awarding stock options and RSUs demonstrates Alector's commitment to attracting and retaining talent.
• The exercise price of $9.46 aligns with the company's stock performance, ensuring competitive compensation.

Negative

• None.

SOUTH SAN FRANCISCO, Calif., Oct. 06, 2022 (GLOBE NEWSWIRE) -- Alector, Inc. (Nasdaq: ALEC), a clinical-stage biotechnology company pioneering immuno-neurology and innate immuno-oncology, today announced that on October 1, 2022, the compensation committee of Alector’s board of directors granted six new employees options to purchase an aggregate of 103,462 shares of the company’s common stock and restricted stock units (RSUs) for an aggregate of 51,730 shares of the company’s common stock. These awards are made under Alector’s 2022 Inducement Equity Incentive Plan (the “Plan”).

The stock options each have an exercise price of $9.46 per share, equal to the closing price of Alector’s common stock on September 30, 2022. The stock options each have a ten-year term and vest over a period of four years with one forty-eighth of the shares vesting each month. The RSUs vest over a period of three years with one-twelfth of the shares vesting quarterly.

The above-described awards were each granted as an inducement material to the employees entering into employment with the company in accordance with Nasdaq Listing Rule 5635(c)(4) and were granted pursuant to the terms of the Plan.

About Alector

Alector is a clinical-stage biotechnology company pioneering immuno-neurology, a novel therapeutic approach for the treatment of neurodegenerative diseases, and innate immuno-oncology. Immuno-neurology targets immune dysfunction as a root cause of multiple pathologies that are drivers of degenerative brain disorders. Alector has discovered and is developing a broad portfolio of innate immune system programs, designed to functionally repair genetic mutations that cause dysfunction of the brain’s immune system and enable rejuvenated immune cells to counteract emerging brain pathologies. Alector’s immuno-neurology product candidates are supported by biomarkers and target genetically defined patient populations in frontotemporal dementia and Alzheimer’s disease. This scientific approach is also the basis for the company’s immuno-oncology programs. Alector is headquartered in South San Francisco, California. For additional information, please visit www.alector.com.

Alector Contacts:

1AB (media)
Dan Budwick
973-271-6085
dan@1abmedia.com

Argot Partners (investors)
Carrie McKim
Argot Partners
212.600.1902
alector@argotpartners.com

Source: Alector, Inc.

FAQ

What stock options were granted by Alector on October 1, 2022?

Alector granted options to purchase 103,462 shares at an exercise price of $9.46 each.

How long is the vesting period for Alector's new employee stock options?

The stock options vest over a four-year period, with one forty-eighth of the shares vesting each month.

What is the purpose of Alector's 2022 Inducement Equity Incentive Plan?

The Plan aims to incentivize new employees as part of Alector's strategy to attract talent.

What are the vesting terms for the RSUs granted to Alector's employees?

The RSUs vest over three years, with one-twelfth of the shares vesting quarterly.

Which company announced new employee stock options on October 1, 2022?

Alector, Inc. announced the new employee stock options and RSUs.