UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 5, 2020
Alector, Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 001-38792 | 82-2933343 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
131 Oyster Point Blvd. Suite 600
South San Francisco, California 94080
(Address of principal executive offices, including zip code)
(415) 231-5660
(Registrant’s telephone number, including area code)
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
| Common Stock | ALEC | The NASDAQ Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒
| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Compensatory Arrangements of Certain Officers
On March 5, 2020, the Compensation Committee of the Board of Directors (the “Board”) of the Company approved annual base salaries, effective March 1, 2020, and target cash incentive compensation plan percentages for 2020 (reflected as a percentage of base salary) for the following principal executive officer, principal financial officer and other named executive officers of the Company:
| Name and Current Position |
Prior Salary |
Increase ($) | 2020 Base Salary |
2020 Target Cash Incentive Compensation Plan | ||||||||||
| Arnon Rosenthal, Ph.D. Chief Executive Officer |
$ | 525,000 | $ | 35,000 | $ | 560,000 | 55% | |||||||
| Calvin Yu Vice President, Finance |
$ | 260,600 | $ | 39,400 | $ | 300,000 | 30% | |||||||
| Robert Paul, M.D. Chief Medical Officer |
$ | 392,100 | $ | 47,900 | $ | 440,000 | 40% | |||||||
| Robert King, Ph.D. Chief Development Officer |
$ | 362,500 | $ | 62,500 | $ | 425,000 | 40% | |||||||
A description of our cash executive incentive compensation plan can be found under the section titled “Executive Compensation” in our prospectus relating to our recent public offering of common stock filed with the SEC on January 30, 2020 pursuant to Rule 424(b) of the Securities Act of 1933, as amended.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ALECTOR, INC. | ||||
| Date: March 9, 2020 | By: | /s/ Shehnaaz Suliman | ||
| Shehnaaz Suliman | ||||
| President and Chief Operating Officer | ||||