Alector, Inc. current report, 09 August 2019

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Business Context and Reporting Period

This Form 8-K Current Report was filed by Alector, Inc. on August 9, 2019. The filing discloses the appointment of Dr. Kristine Yaffe to the Company's Board of Directors and the Nominating Committee.

Financial Metrics

The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance changes and does not contain financial statements.

Material Changes

The primary material change is the addition of Dr. Kristine Yaffe to the Board of Directors as a Class II director, with a term expiring at the 2020 annual meeting. She was also appointed to the Corporate Governance and Nominating Committee.

Compensation and Governance Details

  • Cash Compensation: Dr. Yaffe will receive $35,000 annually for Board service and an additional $4,000 annually for Nominating Committee service, payable quarterly in arrears.
  • Equity Grant: On August 9, 2019, Dr. Yaffe was granted an option to purchase 40,000 shares of common stock.
  • Vesting Schedule: The option vests 25% on the one-year anniversary of the grant date, with the remainder vesting monthly (1/48th per month) thereafter, contingent on continued service.
  • Change in Control: The option becomes fully vested and exercisable immediately prior to a change in control transaction.
  • Committee Composition: Following this appointment, the Nominating and Corporate Governance Committee consists of Terry McGuire (Chairperson), Richard H. Scheller, Ph.D., and Kristine Yaffe, M.D.

Key Facts for Investor Verification

  • Verify Dr. Yaffe's specific expertise in Alzheimer's and related diseases to assess strategic value to Alector's pipeline.
  • Confirm the total number of outstanding options and the dilution impact of the 40,000-share grant.
  • Review the Company's cash position to ensure it can sustain the new annual cash compensation obligations alongside operational burn.
  • Check for any subsequent filings regarding the vesting status or exercise of the granted options.