EX-10.2





 Exhibit 10.2 

September 3, 2021 
 Re: Confirmation of
Agreement to Separate Employment 
 VIA EMAIL & REGULAR MAIL 

Robert Paul 
  

	Re:	 Confirmation of Mutual Agreement to Separate Employment 



Dear Robert: 
 This letter confirms your
decision to voluntarily resign from Alector, LLC (the “Company”) on December 31, 2021, unless extended in writing by mutual agreement of the parties hereto (the “Separation Date”). The purpose of this letter is
to confirm our mutual understanding regarding your separation of employment. 
  

	 	1.	 Part-Time Employment. Effective October 11, 2021 (the “Transition Date”), you
intend to transition from full-time employment to part-time employment until your Separation Date (the “Transition Period”). As a part-time employee, you will work eight (8) hours per week. During the Transition Period, you
will remain an at-will employee of the Company. 


  

	 	2.	 Compensation. During the Transition Period, the Company will pay you a weekly salary equal to One
Thousand, Seven Hundred, Thirty Dollars and Seventy-Seven Cents ($1,730.77) less applicable deductions and withholdings, paid in accordance with the Company’s regular payroll process. Your weekly compensation represents eight (8) hours of
your regular annual gross salary in effect as of the Transition Date (i.e., $450,000 annually) pro-rated to $216.35 per hour. Your compensation during the Transition Period will total Twenty Thousand, Seven
Hundred, Sixty-Nine Dollars and Twenty-Three Cents ($20,769.23). 


  

	 	3.	 Health Insurance. Your health benefits will end on October 31, 2021. During the Transition Period
and thereafter, you (and your qualified beneficiaries) shall be eligible to continue to receive health, dental, and vision insurance benefits pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), subject
to the time limits provided for by COBRA. If you properly and timely elect to continue medical, dental, and vision coverage under the Company’s group health plan in accordance with the continuation requirements of COBRA, the Company will
reimburse you for the cost of the premiums for such coverage in an amount equal to 















	 	
Two Thousand, Seven Hundred, Twelve Dollars and Ten Cents ($2,712.10), for the period from November 1, 2021 through December 31, 2021. Following the Transition Period, you shall be
entitled to continue such COBRA coverage for the remainder of the COBRA period at your own expense, pursuant to the terms of COBRA. 

  

	 	4.	 Equity. You acknowledge that you have the following outstanding equity awards: (i) 12,316 incentive
stock options pursuant to the July 2, 2018 stock option agreement (original grant of 61,270 shares), (ii) 68,684 non-qualified stock options pursuant to the July 2, 2018 stock option agreement
(original grant of 288,730 shares), (iii) 31,250 non-qualified stock options pursuant to the November 6, 2018 stock option agreement (original grant of 100,000 shares), (iv) 5,830 incentive stock options
pursuant to the November 6, 2019 stock option agreement, (v) 78,620 non-qualified stock options pursuant to the November 6, 2019 stock option agreement (original grant of 144,170 shares), (vi) 9,766
incentive stock options pursuant to the October 1, 2020 stock option agreement, (vii) 99,923 non-qualified stock options pursuant to the October 1, 2020 stock option agreement, (viii) 30,000
performance stock units pursuant to the May 7, 2021 restricted stock agreement, and (ix) 30,000 performance stock units pursuant to the May 7, 2021 restricted stock agreement (the “Grants”). The Grants were issued to you
under the Company’s 2017 Equity Incentive Plan and 2019 Equity Incentive Plan (the “Plans”) and shall remain subject to the Plans and the award agreements issued thereunder. 



You shall continue to vest in the Grants during the Transition Period in accordance with the Grants’ regular vesting schedules. You
acknowledge and affirm that the vesting of the Grants will cease on the Separation Date. Pursuant to the terms of the Plans and the award agreements, you acknowledge and agree that you shall have three (3) months following your Separation Date
to exercise all vested options under the Grants; following the expiration of three (3) months following your Separation Date, all vested, but unexercised, options under the Grants shall be forfeited and you shall have no further right, title,
or interest in the vested options. You further acknowledge that any unvested options and any unreleased performance stock units under the Grants shall terminate and be forfeited immediately upon the Separation Date, pursuant to the terms and
conditions of the Plans and the award agreements for the Grants.     
  

	 	5.	 Paid Time Off. You will continue to accrue paid time off (“PTO”) benefits through your
Separation Date in accordance with the Company’s PTO policies. 


  

	 	6.	 Employment Termination. Nothing in this Agreement shall be deemed to affect or modify your at-will employment status as set forth in your April, 29, 2016 Offer Letter permitting the Company to terminate your employment with or without cause and with or without notice prior to the Separation Date.



  

	 	7.	 Confidentiality. You acknowledge and agree that nothing in this Agreement in any way alters your
post-employment obligations under the attached “At-Will Employment, Confidential Information, Invention Assignment, and Arbitration Agreement” signed by you on September 13, 2017 (attached as
Exhibit A). 



  
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 Please let me know if you have any questions or if this does not accurately reflect our
mutual agreement. 
  

			
	By:	 	 /s/ Clare Hunt

		 	Name: Clare Hunt
		 	Title:   Head of People


			
	
	UNDERSTOOD AND AGREED:
		
	Signature:	 	 /s/ Robert Paul

		 	Name: Robert Paul
		
		 	Date: September 7, 2021

 Enclosures: 
 Exhibit A: At-Will Employment, Confidential Information, Invention Assignment, and Arbitration Agreement 

  
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