Document:

Exhibit 4.1

 

Unless
this certificate is presented by an authorized representative of The Depository Trust Company, a New York Corporation (“DTC”),
to the Company or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of
Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede &
Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

 

	Certificate No.: 1	CUSIP No.: 637432NY7
	ISIN No.: US637432NY77	 
	PRINCIPAL AMOUNT: $500,000,000	 
	MATURITY DATE: April 15, 2032	 
	ISSUE DATE: February 7, 2022	CERTIFICATE INTEREST RATE: 2.75%

 

2.75% COLLATERAL TRUST BOND DUE 2032

 

National Rural Utilities Cooperative Finance Corporation,
a District of Columbia cooperative association (hereinafter called the “Company”, which term includes any successor corporation
under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to Cede & Co., or registered
assigns, the principal sum of $500,000,000 on the Maturity Date set forth above; and to pay interest thereon from the Issue Date set forth
above at the Certificate Interest Rate set forth above, until the principal hereof is paid or made available for payment.

 

Interest on the Bonds will be payable on April 15
and October 15 of each year commencing on October 15, 2022 to the persons in whose names such Bonds are registered at the close
of business on the fifteenth calendar day preceding the payment date, or if not a Business Day, the next succeeding Business Day. Interest
on the Bonds will accrue from and including the date of issue or from and including the last date in respect of which interest has been
paid, as the case may be, to, but excluding, the relevant interest payment date, date of redemption or the date of maturity, as the case
may be. Interest on the Bonds will be computed on the basis of a 360-day year of twelve 30-day months.

 

     

     

    

 

If any of the interest payment dates or the maturity
date falls on a day that is not a Business Day, the payment of interest or principal will be postponed to the next succeeding Business
Day, but the payment made on such dates will be treated as being made on the date payment was first due and the holders of the Bonds will
not be entitled to any further interest or other payments with respect to such postponements.

 

Reference is hereby made to the further provisions
of this Bond set forth on the reverse hereof which further provisions shall for all purposes have the same effect as if set forth at this
place.

 

Unless the certificate of authentication hereon has
been executed by or on behalf of U.S. Bank Trust Company, National Association, as Trustee under the Indenture, or its successor thereunder,
by manual signature, this Bond shall not be entitled to any benefit under such Indenture, or be valid or obligatory for any purpose.

 

     

     

    

 

IN WITNESS WHEREOF, the Company has caused this instrument
to be duly executed under its corporate seal.

 

	 	NATIONAL RURAL UTILITIES

COOPERATIVE FINANCE CORPORATION
	 	 
	 	By:	 
	 	 	Ling Wang
	 	 	Senior Vice President and
	 	 	Chief Financial Officer
	 	 	 
	(Seal)	 	 
	 	 	 
	Attest:	 	 
	 	 	 
	By:	 	 	 
	 	Assistant Secretary-Treasurer	 	 

  

Trustee’s Certificate of

Authentication

This is one of the Bonds

of the series designated therein,

described in the within-

mentioned Indenture

 

Dated:

 

	By:	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,	 
	 	Trustee	 
	 	 	 
	By:	 	 
	 	Authorized Officer	 

 

     

     

    

 

REVERSE OF BOND

 

This Bond is one of an authorized issue of Bonds
of the Company known as its “2.75% Collateral Trust Bonds due 2032”, issued and to be issued in one or more series under,
and all equally and ratably secured (except as any sinking or other fund may afford additional special security for the Bonds of any particular
series) by, an Indenture dated as of October 25, 2007 (as amended, supplemented and modified and in effect from time to time, the
 “Indenture”), executed by the Company to U.S. Bank Trust Company, National Association, as Trustee (herein called the “Trustee”,
which term includes any successor Trustee under the Indenture), to which Indenture reference is hereby made for a description of the nature
and extent of the securities and other property assigned, pledged, transferred and mortgaged thereunder the rights of the Holders of said
Bonds and of the Trustee and of the Company in respect of such security, and the terms upon which said Bonds are to be authenticated and
delivered.

 

The principal amount of the Bonds, designated on
the face hereof as $500,000,000 may be increased from time to time pursuant to Section 2.03 of the Indenture. All Bonds need not
be issued at the same time and such series may be reopened at any time, without the consent of any Holder, for issuance of additional
Bonds. Any such additional Bonds will have the same terms and conditions and the same CUSIP number as set forth herein, except for the
issue price, issue date and under some circumstances, the first interest payment date. No Bonds shall be authenticated and delivered in
excess of the principal amount so increased except in accordance with the Indenture. No additional Bonds shall be authenticated and delivered
unless such additional Bonds would be fungible with all Bonds for United States federal income tax purposes.

 

     

     

    

 

The Indenture permits, with certain exceptions as
therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders
of the Bonds under the Indenture at any time by the Company with the consent of the Holders of not less than a majority in aggregate principal
amount of the Bonds at the time Outstanding as defined in the Indenture. The Indenture also permits, without the consent of the holders
of any Bonds, the parties to any Mortgage Notes pledged under the Indenture, and any Mortgages or Loan Agreements pursuant to which they
were issued, to modify, alter, supplement or amend such Mortgage Notes, Mortgages and Loan Agreements, so long as thereafter such Mortgage
will comply with the requirements of the Company’s standard lending practices, as such policies may be amended from time to time.
The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Bonds at the time Outstanding,
on behalf of the Holders of all Bonds, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the Holder of this Bond shall be binding upon such Holder and
upon all future Holders of this Bond and of any Bond issued upon the transfer hereof or in exchange herefor or in lieu hereof whether
or not notation of such action is made upon this Bond.

 

As provided in the Indenture, said Bonds are issuable
in series which may vary as in said Indenture provided or permitted. This Bond is one of a series entitled 2.75% Collateral Trust Bonds
due 2032.

 

The Company may redeem the Bonds at any time prior
to January 15, 2032 (the “Par Call Date”), at its option, in whole or in part, at a “make-whole” redemption
price equal to the greater of: (1)(a) the sum of the present values of the remaining scheduled payments of principal and interest
thereon discounted to the redemption date (assuming the Bonds matured on the Par Call Date) on a semi-annual basis (assuming a 360-day
year consisting of twelve 30-day months) at the Treasury Rate plus 15 basis points less (b) interest accrued to the date of redemption,
and (2) 100% of the principal amount of the Bonds to be redeemed, plus, in either case, accrued and unpaid interest thereon to, but
excluding, the redemption date.

 

     

     

    

 

At any time on or after the Par Call Date, the Company
may redeem the Bonds, at its option, in whole or in part, at a redemption price equal to 100% of the principal amount of the Bonds then
outstanding to be redeemed, plus accrued and unpaid interest thereon to, but excluding, the date of redemption.

 

If the Company elects to redeem less than all of
the Bonds, and such Bonds are at the time represented by a global security, then the depositary will select by lot the particular interest
to be redeemed. If the Company elects to redeem less than all of the Bonds, and such Bonds are not represented by a global security, the
particular Bonds to be redeemed shall be selected by the Trustee from the outstanding Bonds not previously called for redemption, in a
manner the Trustee deems appropriate and fair.

 

Notice of any redemption will be mailed at least
10 days but not more than 60 days before the date of redemption to each holder of the Bonds to be redeemed. Unless the Company defaults
in payment of the redemption price, on and after the date of redemption, interest will cease to accrue on such Bonds or the portions called
for redemption.

 

If an Event of Default, as defined in the Indenture,
shall occur, the principal of this Bond may become or be declared due and payable immediately, in the manner and with the effect provided
in the Indenture.

 

This Bond is transferable by the registered owner
hereof in person or by attorney authorized in writing at the office or agency of the Company in the Borough of Manhattan, City and State
of New York or any other place or places where such Bond may be paid, upon surrender of this Bond, and upon any such transfer a new Bond
for the same series, for the same aggregate principal amount, will be issued to the transferee in exchange hereof.

 

     

     

    

 

The Bonds of this series are issuable only as registered
Bonds without coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in, and subject
to the provisions of, the Indenture, Bonds of this series are exchangeable for other Bonds of this series of any authorized denominations,
of a like aggregate principal amount, as requested by the Holder surrendering the same.

 

No service charge will be made for any such transfer
or exchange, but the Company or the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable
in connection therewith.

 

Prior to due presentment for transfer at any office
or agency of the Company designated for such purpose, the Company, the Trustee and any agent of the Company or the Trustee may treat the
person in whose name this Bond is registered as the owner hereof for the purpose of receiving payment as herein provided and for all other
purposes whether or not this Bond be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary.

 

No reference herein to the Indenture and no provision
of this Bond or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the
principal of, and interest on this Bond at the times, place and rate, and in the coin or currency, herein prescribed.

 

The following terms shall have the following meanings:

 

“Treasury Rate” means, with respect to
any redemption date, the yield determined by the Company in accordance with the following two paragraphs.

 

     

     

    

 

The Treasury Rate shall be determined by the Company
after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors
of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent
day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal
Reserve System designated as “Selected Interest Rates (Daily) - H.15” (or any successor designation or publication) (“H.15”)
under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption
or heading) (“H.15 TCM”). In determining the Treasury Rate, the Company shall select, as applicable: (1) the yield for
the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the “Remaining
Life”); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields –
one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury
constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the Par Call Date on a straight-line
basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no
such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity
on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15
shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity
from the redemption date.

 

     

     

    

 

If on the third business day preceding the redemption
date H.15 TCM or any successor designation or publication is no longer published, the Company shall calculate the Treasury Rate based
on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business
day preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the Par
Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United
States Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call
Date and one with a maturity date following the Par Call Date, the Company shall select the United States Treasury security with a maturity
date preceding the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more
United States Treasury securities meeting the criteria of the preceding sentence, the Company shall select from among these two or more
United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid
and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance
with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon
the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United
States Treasury security, and rounded to three decimal places.

 

All terms used in this Bond which are defined in
the Indenture shall have the meanings assigned to them in the Indenture.

 

     

     

    

 

ASSIGNMENT

 

	For value received the undersigned sells, assigns and transfers unto (name, address including zip code and taxpayer I.D. or Social Security number of assignee) 

	 

 

	 	the within Certificate 

 

	and does hereby irrevocably constitute and appoint 	 

 

	 	attorney to transfer the said Certificate on the books kept

 

for

 

registration thereof with full power of substitution on the premises.

 

	Dated:	 		
	 	 	 	 
	 	 	 	 
	 	Signature by or on behalf of AssignorEX-10.1

   

  Exhibit 10.1

   

   

  Friday, February 4th, 2022

   

   

  Marc Grasso, MD

  1607 Willow Avenue

  Burlingame CA 94010

  mgrasso353@gmail.com 

  Mobile: (917) 690-1994

   

  Dear Marc,

  On behalf of Alector, LLC (the “Company”), we are very pleased to provide this offer of employment as Chief Financial Officer and to set forth the terms of your employment with the Company. As part of the Alector team, you will play a vital role in our mission to develop therapies that empower the immune system to cure neuro-degeneration and cancer. 

   	 

  
   1.
   
    Role overview:  You will be an exempt, salaried employee serving full-time as Chief Financial Officer. You will be responsible for duties customarily performed by an executive in such position, and such other duties consistent with your position that may be assigned to you by the Company. You will report to Arnon Rosenthal, Chief Executive Officer. The Company may modify job titles, reporting relationships, salaries and benefits, and other terms and conditions of employment from time to time as it deems necessary and in its sole discretion depending on business needs.
 
   

  

  
   2.
   
    Start Date: Your start date will be the first business day after the last business day with your current employer (the “Start Date”). Your start date shall be up to four weeks after you tender your resignation so that you can give your current employer four weeks’ notice.  You will promptly notify Alector on the day that you have given notice, so that your onboarding can be planned. 
 
   

  

  
   3.
   
    Location: Alector headquarters in South San Francisco, CA.
 
   

  

  
   4.
   
    Salary: If you decide to join us, you will receive an annualized base salary of $480,000.00 (equivalent to a monthly salary of $40,000.00), less all applicable taxes and withholdings, to be paid in installments in accordance with the Company’s regular payroll practices.  The base salary shall be reviewed annually by the Company.
 
   

  

  
   5.
   
    Bonus: You will be eligible for a performance bonus of up to 40% of your annualized base salary in each calendar year during your employment with the Company and subject to the approval of the Company’s Board of Directors or Compensation Committee thereof (the “Board”). This bonus is based on your individual performance and the Company’s performance during the applicable calendar year, as determined by the Board in its sole 
   

  

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    discretion in accordance with certain milestones to be mutually agreed upon between you and the Board by the end of the first quarter of each year. You must be actively employed with the Company at the time the bonus is paid in order to have earned any bonus for a calendar year. 
 
   

  

  
   6.
   
    Signing bonus: Contingent upon accepting this offer, you will receive a sign-on bonus in the gross amount of $103,000 (less applicable taxes and withholdings), payable with your first payroll.  
   

  

   

  
   7.
   
    Equity: In addition, if you decide to join the Company on the Start Date you shall receive the following equity incentive grants:
   

  

   

  
   a.
   
    Stock Option Grant.  You shall receive an option grant to purchase 450,000 shares of Company’s Common Stock at a price per share equal to the fair market value per share of the Common Stock on the date that the Board approves the grant (such date is the “Equity Grant Date”), in accordance with the Company’s policy regarding new hire equity grants.  Shares shall vest monthly over 48 months in equal monthly amounts subject to your continued employment with the Company. 
   

  

  
   b.
   
    Annual Grant. You shall be eligible for, subject to the Board’s approval, a full-year equity award during Alector’s annual granting cycle in Q3, 2022.
   

  

   

  These option grants shall be subject to the terms and conditions of the Company’s Equity Incentive Plan and applicable Stock Option Agreement, Restricted Stock Agreement or Performance Share Agreement, including vesting requirements (the “Equity Agreements”). No right to any equity is earned or accrued until such time that vesting occurs, nor does the grant confer any right to continue vesting or employment. In the event of any conflict between the terms of this offer letter and the Equity Incentive Plan and the Equity Agreements, the terms of the Equity Agreements shall prevail, with one specific exception to this being the removal of the one-year cliff for your new hire grant (as detailed in 7.a.).

   

  
   8.
   
    Benefits:  You also will be eligible for the following standard Company benefits: medical insurance for you and your family; 401(k); sick leave; paid holidays; and paid time off, in accordance with the Company’s benefit plans and policies, as amended from time to time.  Information about these benefits are provided in the Employee Handbook and plan documents, including Summary Plan Descriptions, which are available for your review.  In the event of any conflict between this letter or any oral statement regarding your benefits and the applicable plan documents, the applicable plan documents will control.  The benefit programs made available by the Company, and the rules, terms and conditions for participation in such benefit programs, may be changed by the Company at any time with reasonable advance notice, as may be required by law.
   

  

   

  
   9.
   
    Severance: Effective as of the Start Date, you and the Company shall enter into the form of Change in Control and Severance Agreement, which shall be applicable to you based on your position within the Company.  The severance agreement will specify the severance payments and benefits you may become entitled to receive in connection with certain qualifying 
   

  

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    terminations of your employment with the Company, which will be at a Tier 2 level under the form severance agreement.  These protections will supersede all other severance payments and benefits to which you otherwise may be entitled, or may become entitled in the future, under any plan, program, or policy that the Company may have in effect from time to time.
   

  

   

  
   10.
   
    Terms of employment: The Company is excited about your joining and looks forward to a beneficial and productive relationship. Nevertheless, you should be aware that your employment with the Company is for no specified period and constitutes at will employment. As a result, you are free to resign at any time, for any reason or for no reason. Similarly, the Company is free to conclude its employment relationship with you at any time, with or without cause, and with or without notice. We request that, in the event of resignation, you give the Company at least two (2) weeks’ notice.  Neither this offer letter nor any other verbal representations made during the interview process or during your employment will confer any right to continuing employment.  Your at-will employment status can be changed only in a written agreement signed by the Company’s President.  
 
   

  

  
   11.
   
    The Company may undertake a background investigation and reference check in accordance with applicable law. This investigation and reference check may include a consumer report, as defined by the Fair Credit Reporting Act (“FCRA”), 15 U.S.C. 1681a, and/or an investigative consumer report, as defined by FCRA, 15 U.S.C. 1681a, and California Civil Code 1786.2(c). This investigation will not include information bearing on your credit worthiness. This job offer or your continued employment is contingent upon a clearance of such a background investigation and/or reference check and upon your written authorization to obtain a consumer report and/or investigative consumer report. The Company will share a written Background Check Disclosure and Authorization form with you, along with a Statement of Consumer Rights and a Summary of Your Rights under the FCRA advising you that you have the right to dispute any derogatory information that is contained within your background report. If the results of your background check removes you from consideration for hiring, we will send you a pre-adverse action letter. You should not take any action in reliance upon this offer, such as providing notice of resignation to your current employer, until after you receive confirmation from us that you have successfully completed the background and reference checks.  
 
   

  

  
   12.
   
    For purposes of federal immigration law, you will be required to provide to the Company documentary evidence of your identity and eligibility for employment in the United States. Such documentation must be provided to us within three (3) business days of your date of hire, or our employment relationship with you may be terminated.
   

  

   

  
   13.
   
    As a condition of your employment, you are also required to sign and comply with an At-Will Employment, Confidential Information, and Invention Assignment Agreement, which requires, among other provisions, the assignment of patent rights to any qualifying invention made during or subsequent to your employment at the Company, and non-disclosure of Company proprietary information.  A copy of this agreement is enclosed.  If you accept our 
   

  

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    offer of employment, we must receive your signed agreement before your first day of employment.  
   

  

   

  
   14.
   
    As a further condition of your employment, you and the Company also agree to enter into a Mutual Dispute Resolution Agreement by which you and the Company agree to submit certain claims to binding arbitration.  A copy of the Mutual Agreement to Arbitrate Claims is enclosed.  If you accept our offer of temporary employment, we must receive your signed Mutual Agreement to Arbitrate Claims before your first day of employment.
   

  

   

  
   15.
   
    As a Company employee, you will be expected to abide by the Company’s rules and standards. Specifically, you will be required to sign an acknowledgment that you have read and that you understand the Company’s rules of conduct, which are included in the Company Employee Handbook.
 
   

  

  
   16.
   
    We also ask that, if you have not already done so, you disclose to the Company any and all agreements relating to your prior employment that may affect your eligibility to be employed by the Company or limit the manner in which you may be employed. It is the Company’s understanding that any such agreements will not prevent you from performing the duties of your position and you represent that such is the case. Moreover, you agree that, during the term of your employment with the Company, you will not engage in any other employment, occupation, consulting or other business activity directly related to the business in which the Company is now involved or becomes involved during the term of your employment, nor will you engage in any other activities that conflict with your obligations to the Company. Similarly, you agree not to bring any third party confidential information to the Company, including that of your former employer, and that in performing your duties for the Company you will not in any way utilize any such information.
 
   

  

  We are excited by the prospect of you joining us as Alector.  If you have any questions, please do not hesitate to reach out. 

   

  To accept the Company’s offer, please sign and date this letter in the space provided below.

   

  This letter and its attachments, along with any agreements relating to proprietary rights between you and the Company, set forth the terms of your employment with the Company and supersede any prior representations or agreements including, but not limited to, any representations made during your recruitment, interviews or pre-employment negotiations, whether written or oral, and including our prior offer of employment that was signed and dated January 9th, 2022. This letter, including, but not limited to, its at-will employment provision, may not be modified or amended except by a written agreement signed by the CEO of the Company and you. This offer of employment will terminate if it is not accepted, signed and returned by 6:00pm Pacific Time on Sunday, February 6th, 2022.

   

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  We look forward to your favorable reply and to working with you at Alector.

   

  Sincerely,

  /s/ Arnon Rosenthal

  Arnon Rosenthal, PhD
Co-Founder and CEO
 

  Agreed to and accepted: 

  Signature: /s/ Marc Grasso		Date: February 4, 2022

         		Marc Grasso, MD

  Enclosures:

  At-Will Employment, Confidential Information, and Invention Assignment Agreement

  Mutual Dispute Resolution Agreement 

  Page 5 of  NUMPAGES 6

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