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

Rhea-AI Summary

Alector, Inc. (Nasdaq: ALEC) announced on December 6, 2022, that it granted stock options and restricted stock units (RSUs) to eight new employees. The awards included options to purchase 91,851 shares of common stock at an exercise price of $9.27 per share and RSUs for 40,961 shares. These grants are part of Alector’s 2022 Inducement Equity Incentive Plan. The stock options will vest over four years, while the RSUs will vest over three years.

Positive

• New employee stock options and RSUs may attract talent.
• Stock options and RSUs granted under an established incentive plan.

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• None.

SOUTH SAN FRANCISCO, Calif., Dec. 08, 2022 (GLOBE NEWSWIRE) -- Alector, Inc. (Nasdaq: ALEC), a clinical-stage biotechnology company pioneering immuno-neurology and innate immuno-oncology, today announced that on December 6, 2022, the compensation committee of Alector’s board of directors granted 8 (eight)  new employees options to purchase an aggregate of 91,851 shares of the company’s common stock and restricted stock units (RSUs) for an aggregate of 40,961 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 $9.27 per share, equal to the closing price of Alector’s common stock on December 6, 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 did Alector announce on December 6, 2022?

Alector announced the granting of stock options and restricted stock units to eight new employees.

How many shares of Alector stock were involved in the compensation announcement?

Alector granted options to purchase 91,851 shares and RSUs for 40,961 shares.

What is the exercise price of the stock options granted by Alector?

The exercise price of the stock options is $9.27 per share.

What is the vesting period for Alector's stock options?

The stock options will vest over a period of four years.

What is the vesting period for the restricted stock units (RSUs) granted by Alector?

The RSUs will vest over three years with quarterly vesting.