Document:

EX-10.11

 Exhibit 10.11 

ALECTOR, INC. 
 OUTSIDE
DIRECTOR COMPENSATION POLICY 
 Adopted and approved November 15, 2018. 

Alector, Inc. (the “Company”) believes that providing cash and equity compensation to members of its Board of Directors
(the “Board,” and members of the Board, the “Directors”) represents an effective tool to attract, retain and reward Directors who are not employees of the Company (the “Outside Directors”).
This Outside Director Compensation Policy (the “Policy”) formalizes the Company’s policy regarding cash compensation and grants of equity awards to its Outside Directors. Unless otherwise defined herein, capitalized terms
used in this Policy will have the meaning given such term in the Company’s 2019 Equity Incentive Plan, as amended from time to time (the “Plan”), or if the Plan is no longer in use at the time of an equity award, the meaning
given such term or any similar term in the equity plan then in place under which such equity award is granted. Each Outside Director will be solely responsible for any tax obligations incurred by such Outside Director as a result of the equity and
cash payments such Outside Director receives under this Policy. 
 Subject to Section 9, this Policy will be effective as of the
effective date of the registration statement in connection with the initial public offering of the Company’s securities (the “Registration Statement”) (such date, the “Effective Date”). 

 

	 	1.	 CASH COMPENSATION 

Annual Cash Retainer 
 Each Outside
Director will be paid an annual cash retainer of $35,000. There are no per-meeting attendance fees for attending Board meetings. 

Committee Annual Cash Retainer 
 As of the
Effective Date, each Outside Director who serves as the chairman of the Board, the lead Outside Director, or the chair or a member of a committee of the Board will be eligible to earn additional annual fees (paid quarterly in arrears on a prorated
basis) as follows: 
  

					
	 Non-Executive Chairman of the Board:
	  	$	20,000	 
	 Lead Outside Director:
	  	$	20,000	 
	 Chairman of Audit Committee:
	  	$	15,000	 
	 Member of Audit Committee:
	  	$	7,500	 
	 Chairman of Compensation Committee:
	  	$	10,000	 
	 Member of Compensation Committee:
	  	$	5,000	 
	 Chairman of Nominating and Governance Committee:
	  	$	8,000	 
	 Member of Nominating and Governance Committee:
	  	$	4,000	 

 For clarity, each Outside Director who serves as the chair of a committee will receive only
the annual fee as the chair of the committee and will not also receive the additional annual fee as a member of the committee. 
 Payment 

Each annual cash retainer under this Policy will be paid quarterly in arrears on a prorated basis to each Outside Director who has served in
the relevant capacity at any point during the immediately preceding fiscal quarter, and such payment shall be made no later than 30 days following the end of such immediately preceding fiscal quarter. For purposes of clarification, an Outside
Director who has served as an Outside Director, as a member of an applicable committee (or chair thereof) during only a portion of the relevant Company fiscal quarter will receive a pro-rated payment of the
quarterly payment of the applicable annual cash retainer(s), calculated based on the number of days during such fiscal quarter such Outside Director has served in the relevant capacities. For purposes of clarification, an Outside Director who has
served as an Outside Director, as a member of an applicable committee (or chair thereof), as applicable, from the Effective Date through the end of the fiscal quarter containing the Effective Date (the “Initial Period”) will receive
a prorated payment of the quarterly payment of the applicable annual cash retainer(s), calculated based on the number of days during the Initial Period that such Outside Director has served in the relevant capacities. 

 

	 	2.	 EQUITY COMPENSATION 

Outside Directors will be eligible to receive all types of Awards (except Incentive Stock Options) under the Plan (or the applicable
equity plan in place at the time of grant), including discretionary Awards not covered under this Policy. All grants of Awards to Outside Directors pursuant to Section 2 of this Policy will be automatic and nondiscretionary, except as
otherwise provided herein, and will be made in accordance with the following provisions: 
 (a) No Discretion. No person will have any
discretion to select which Outside Directors will be granted any Awards under this Policy or to determine the number of Shares to be covered by such Awards. 

(b) Initial Options. Subject to Section 11 of the Plan, each individual who first becomes an Outside Director following the
Effective Date will be granted a nonstatutory stock option (an “Initial Option”) to purchase 40,000 Shares. The Initial Option will be made on the first trading date on or after the date on which such individual first becomes an
Outside Director, whether through election by the stockholders of the Company or appointment by the Board to fill a vacancy. If an individual was a member of the Board and also an employee, becoming an Outside Director due to termination of
employment will not entitle the Outside Director to an Initial Option. Each Initial Option will vest as to 1/4th of the Shares subject to the Initial Option on the
one-year anniversary of the date the applicable Outside Director’s service as an Outside Director commenced and as to 1/48th of the Shares subject to
the Initial Option each month thereafter, in each case subject to the Outside Director continuing to be a Service Provider through the applicable vesting date. Each Initial Option will become fully vested and exercisable immediately prior to a
Change in Control, subject to the Outside Director continuing to be a Service Provider at the time of the Change in Control. 

  
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 (c) Annual Option. Subject to Section 11 of the Plan, on the date of each annual
meeting of the Company’s stockholders following the Effective Date (each, an “Annual Meeting”), each Outside Director will be automatically granted a nonstatutory stock option (an “Annual Option”) to purchase
20,000 Shares. Each Annual Option will vest on as to 1/12th of the Shares subject to the Annual Option each month after the date the Annual Option is granted, provided that the Annual Option will
vest in full on the earlier of (i) the 12-month anniversary of the date of grant, or (ii) the date of the next regularly scheduled Annual Meeting, in each case subject to the Outside Director
continuing to be a Service Provider through the applicable vesting date. Each Annual Option will become fully vested and exercisable immediately prior to a Change in Control, subject to the Outside Director continuing to be a Service Provider. 

(d) Additional Terms of Initial Options and Annual Options. The terms and conditions of each Initial Option and Annual Option will be as
follows: 
 (i) The term of each Initial Option and Annual Option will be ten years, subject to earlier termination as
provided in the Plan. 
 (ii) Each Initial Option and Annual Option will have an exercise price per Share equal to 100% of
the Fair Market Value per Share on the grant date. 
 (e) Value. For purposes of this Policy, “Value” means the grant
date fair value (determined in accordance with U.S. generally accepted accounting principles), or such other methodology the Board may determine prior to the grant of the Initial Option or Annual Option becoming effective, as applicable. 

 

	 	3.	 CHANGE IN CONTROL

 In the event of a Change in Control, each Outside Director will fully vest in his or her outstanding Company equity
awards, including any Initial Option or Annual Option, provided that the Outside Director continues to be an Outside Director through such date. 
  

	 	4.	 ANNUAL COMPENSATION LIMIT

 No Outside Director may be paid, issued or granted, in any fiscal year, cash compensation and Awards with an
aggregate value greater than $750,000, increased to $1,000,000 in the fiscal year of his or her initial service as an Outside Director (with the value of each Award based on its Grant Value for purposes of the limitation under this Section 4).
Any cash compensation paid or Awards granted to an individual for his or her services as an Employee, or for his or her services as a Consultant (other than as an Outside Director), will not count for purposes of the limitation under this
Section 4. 
  

	 	5.	 TRAVEL EXPENSES 

Each Outside Director’s reasonable, customary and documented travel expenses to Board meetings will be reimbursed by the Company. 

  
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	 	6.	 ADDITIONAL PROVISIONS 

All provisions of the Plan not inconsistent with this Policy will apply to Awards granted to Outside Directors. 

 

	 	7.	 ADJUSTMENTS 

In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities or other property),
recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares or other securities of the Company, or other change
in the corporate structure of the Company affecting the Shares occurs, the Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under this Policy, will adjust the number of
Shares issuable pursuant to Awards granted under this Policy. 
  

	 	8.	 SECTION 409A 

In no event will cash compensation or expense reimbursement payments under this Policy be paid after the later of (i) the 15th day of the
3rd month following the end of the Company’s fiscal year in which the compensation is earned or expenses are incurred, as applicable, or (ii) the 15th day of the 3rd month following the end of the calendar year in which the compensation is
earned or expenses are incurred, as applicable, in compliance with the “short-term deferral” exception under Section 409A of the Internal Revenue Code of 1986, as amended, and the final regulations and guidance thereunder, as may be
amended from time to time (together, “Section 409A”). It is the intent of this Policy that this Policy and all payments hereunder be exempt from or otherwise comply with the requirements of Section 409A so
that none of the compensation to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities or ambiguous terms herein will be interpreted to be so exempt or comply. In no event will the Company
reimburse an Outside Director for any taxes imposed or other costs incurred as a result of Section 409A. 
  

	 	9.	 STOCKHOLDER APPROVAL 

This Policy will be subject to approval by the Company’s stockholders. 

 

	 	10.	 REVISIONS 

The Board may amend, alter, suspend or terminate this Policy at any time and for any reason. No amendment, alteration, suspension or
termination of this Policy will materially impair the rights of an Outside Director with respect to compensation that already has been paid or awarded, unless otherwise mutually agreed between the Outside Director and the Company. Termination of
this Policy will not affect the Board’s or the Compensation Committee’s ability to exercise the powers granted to it under the Plan with respect to Awards granted under the Plan pursuant to this Policy prior to the date of such
termination. 

  
 4EX-10.12

 Exhibit 10.12 

ALECTOR, INC. 
 CHANGE
IN CONTROL AND SEVERANCE AGREEMENT 
 This Change in Control and Severance Agreement (the “Agreement”) is made between
Alector, Inc. (the “Company”) and [NAME] (the “Executive”), effective as of [DATE] (the “Effective Date”). 

This Agreement provides certain protections to the Executive in connection with a change in control of the Company or in connection with the
involuntary termination of the Executive’s employment under the circumstances described in this Agreement. 
 The Company and the
Executive agree as follows: 
 1. Term of Agreement. This Agreement will terminate when all of the obligations under this Agreement
have been satisfied. 
 2. At-Will Employment. The Company and the Executive acknowledge that
the Executive’s employment is and will continue to be at-will, as defined under applicable law. 

3. Severance Benefits. 

(a) Qualifying Non-CIC Termination. On a Qualifying Non-CIC Termination (as defined below), the Executive will be
eligible to receive the following payments and benefits from the Company: 
 (i) Salary Severance. A single, lump sum payment equal
to [[CEO: 12][Tier 2: 9][Tier 3: 6]] months of the Executive’s Salary (as defined below), less applicable withholdings. 

(ii) COBRA Coverage. Subject to Section 3(d), the Company will pay the premiums for coverage under COBRA (as defined below) for
the Executive and the Executive’s eligible dependents, if any, at the rates then in effect, subject to any subsequent changes in rates that are generally applicable to the Company’s active employees (the “COBRA Coverage”),
until the earliest of (A) a period of [[CEO: 12][Tier 2: 9][Tier 3: 6]] months from the date of the Executive’s termination of employment, (B) the date upon which the Executive (and
the Executive’s eligible dependents, as applicable) becomes covered under similar plans, or (C) the date upon which the Executive ceases to be eligible for coverage under COBRA. 

(b) Qualifying CIC Termination. On a Qualifying CIC Termination, the Executive will be eligible to receive the following
payments and benefits from the Company: 
 (i) Salary Severance. A single, lump sum payment equal to [[CEO: 18][Tier
2: 12][Tier 3: 9]] months of the Executive’s Salary, less applicable withholdings. 
 (ii) Bonus
Severance. A single, lump sum payment equal to [[CEO: 150%][Tier 2: 100%][Tier 3: 75%]] of the Executive’s target annual bonus as in effect for the fiscal year in which the Qualifying CIC
Termination occurs, less applicable withholdings. 
  

 (iii) COBRA Coverage. Subject to Section 3(d), the Company will provide COBRA
Coverage until the earliest of (A) a period of [[CEO: 18] [Tier 2: 12][Tier 3: 9]] months from the date of the Executive’s termination of employment, (B) the
date upon which the Executive (and the Executive’s eligible dependents, as applicable) becomes covered under similar plans, or (C) the date upon which the Executive ceases to be eligible for coverage under COBRA. 

(iv) Equity Vesting. Vesting acceleration (and exercisability, as applicable) as to 100% of the then-unvested shares subject to each of
the Executive’s then-outstanding Company equity awards. In the case of an equity award with performance-based vesting, unless otherwise specified in the applicable equity award agreement governing such award, all performance goals and other
vesting criteria will be deemed achieved at 100% of target levels. 
 (c) Termination Other Than a Qualifying Termination. If the
termination of the Executive’s employment with the Company Group is not a Qualifying Termination, then the Executive will not be entitled to receive severance or other benefits. 

(d) Conditions to Receipt of COBRA Coverage. The Executive’s receipt of COBRA Coverage is subject to the Executive electing COBRA
continuation coverage within the time period prescribed pursuant to COBRA for the Executive and the Executive’s eligible dependents, if any. If the Company determines in its sole discretion that it cannot provide the COBRA Coverage without
potentially violating, or being subject to an excise tax under, applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then in lieu of any COBRA Coverage, the Company will provide to the Executive a
taxable monthly payment payable on the last day of a given month (except as provided by the immediately following sentence), in an amount equal to the monthly COBRA premium that the Executive would be required to pay to continue his or her group
health coverage in effect on the date of his or her Qualifying Termination (which amount will be based on the premium rates applicable for the first month of COBRA Coverage for the Executive and any of eligible dependents of the Executive) (each, a
“COBRA Replacement Payment”), which COBRA Replacement Payments will be made regardless of whether the Executive elects COBRA continuation coverage and will end on the earlier of (x) the date upon which the Executive obtains
other employment or (y) the date the Company has paid an amount totaling the number of COBRA Replacement Payments equal to the number of months in the applicable COBRA Coverage period. For the avoidance of doubt, the COBRA Replacement Payments
may be used for any purpose, including, but not limited to continuation coverage under COBRA, and will be subject to any applicable withholdings. Notwithstanding anything to the contrary under this Agreement, if the Company determines in its sole
discretion at any time that it cannot provide the COBRA Replacement Payments without violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Executive will not receive the COBRA Replacement
Payments or any further COBRA Coverage. 
 (e) Non-Duplication of Payment or Benefits. For purposes of clarity, in the
event of a Qualifying Pre-CIC Termination, any severance payments and benefits to be provided to the Executive under Section 3(b) will be reduced by any amounts that already were provided to

  
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the Executive under Section 3(a). Notwithstanding any provision of this Agreement to the contrary, if the Executive is entitled to any cash severance, continued health coverage benefits, or
vesting acceleration of any equity awards (other than under this Agreement) by operation of applicable law or under a plan, policy, contract, or arrangement sponsored by or to which any member of the Company Group is a party (“Other
Benefits”), then the corresponding severance payments and benefits under this Agreement will be reduced by the amount of Other Benefits paid or provided to the Executive. 

(f) Death of the Executive. In the event of the Executive’s death before all payments or benefits the Executive is entitled to
receive under this Agreement have been provided, the unpaid amounts will be provided to the Executive’s designated beneficiary, if living, or otherwise to the Executive’s personal representative in a single lump sum as soon as possible
following the Executive’s death. 
 (g) Transfer Between Members of the Company Group. For purposes of this Agreement, if the
Executive is involuntarily transferred from one member of the Company Group to another, the transfer will not be a termination without Cause but may give the Executive the ability to resign for Good Reason. 

(h) Exclusive Remedy. In the event of a termination of the Executive’s employment with the Company Group, the provisions of this
Agreement are intended to be and are exclusive and in lieu of any other rights or remedies to which the Executive may otherwise be entitled, whether at law, tort or contract, or in equity. The Executive will be entitled to no benefits, compensation
or other payments or rights upon termination of employment other than those benefits expressly set forth in this Agreement. 
 4. Accrued
Compensation. On any termination of the Executive’s employment with the Company Group, the Executive will be entitled to receive all accrued but unpaid vacation, expense reimbursements, wages, and other benefits due to the Executive under
any Company-provided plans, policies, and arrangements. 
 5. Conditions to Receipt of Severance. 

(a) Separation Agreement and Release of Claims. The Executive’s receipt of any severance payments or benefits upon the
Executive’s Qualifying Termination under Section 3 is subject to the Executive signing and not revoking the Company’s then-standard separation agreement and release of claims (which may include an agreement not to disparage any member
of the Company Group, non-solicit provisions, an agreement to assist in any litigation matters, and other standard terms and conditions) (the “Release” and that requirement, the
“Release Requirement”), which must become effective and irrevocable no later than the 60th day following the Executive’s Qualifying Termination (the “Release Deadline”). If the Release does not become effective
and irrevocable by the Release Deadline, the Executive will forfeit any right to severance payments or benefits under Section 3. 
 (b)
Payment Timing. Any lump sum Salary or bonus payments under Sections 3(a)(i), 3(b)(i), and 3(b)(ii) will be provided on the first regularly scheduled payroll date of the Company following the date the Release becomes effective and
irrevocable (the “Severance  

  
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Start Date”), subject to any delay required by Section 5(d) below. Any taxable installments of any COBRA-related severance benefits that otherwise would have been made to the
Executive on or before the Severance Start Date will be paid on the Severance Start Date, and any remaining installments thereafter will be provided as specified in the Agreement. Any restricted stock units, performance shares, performance units,
and/or similar full value awards that accelerate vesting under Section 3(b)(iv) will be settled (x) on a date no later than 10 days following the date the Release becomes effective and irrevocable, or (y) if later, in the event of a
Qualifying Pre-CIC Termination, on a date no later than the Change in Control. 
 (c) Return of
Company Property. The Executive’s receipt of any severance payments or benefits upon the Executive’s Qualifying Termination under Section 3 is subject to the Executive returning all documents and other property provided to the
Executive by any member of the Company Group (with the exception of a copy of the Company employee handbook and personnel documents specifically relating to the Executive), developed or obtained by the Executive in connection with his employment
with the Company Group, or otherwise belonging to the Company Group. 
 (d) Section 409A. The Company intends that
all payments and benefits provided under this Agreement or otherwise are exempt from, or comply with, the requirements of Section 409A of the Code and any guidance promulgated under Section 409A of the Code (collectively,
“Section 409A”) so that none of the payments or benefits will be subject to the additional tax imposed under Section 409A, and any ambiguities in this Agreement will be interpreted in accordance with this
intent. No payment or benefits to be paid to the Executive, if any, under this Agreement or otherwise, when considered together with any other severance payments or separation benefits that are considered deferred compensation under
Section 409A (together, the “Deferred Payments”) will be paid or otherwise provided until the Executive has a “separation from service” within the meaning of Section 409A. If, at the time of the Executive’s
termination of employment, the Executive is a “specified employee” within the meaning of Section 409A, then the payment of the Deferred Payments will be delayed to the extent necessary to avoid the imposition of the additional tax
imposed under Section 409A, which generally means that the Executive will receive payment on the first payroll date that occurs on or after the date that is 6 months and 1 day following the Executive’s termination of employment. The
Company reserves the right to amend this Agreement as it considers necessary or advisable, in its sole discretion and without the consent of the Executive or any other individual, to comply with any provision required to avoid the imposition of the
additional tax imposed under Section 409A or to otherwise avoid income recognition under Section 409A prior to the actual payment of any benefits or imposition of any additional tax. Each payment, installment, and benefit payable under
this Agreement is intended to constitute a separate payment for purposes of U.S. Treasury Regulation Section 1.409A-2(b)(2). In no event will any member of the Company Group reimburse, indemnify, or hold
harmless the Executive for any taxes, penalties and interest that may be imposed, or other costs that may be incurred, as a result of Section 409A. 

(e) Resignation of Officer and Director Positions. The Executive’s receipt of any severance payments or benefits upon the
Executive’s Qualifying Termination under Section 3 is subject to the Executive resigning from all officer and director positions with all members of the Company Group and the Executive executing any documents the Company may require in
connection with the same. 

  
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 6. Limitation on Payments. 

(a) Reduction of Severance Benefits. If any payment or benefit that the Executive would receive from any Company Group member or
any other party whether in connection with the provisions in this Agreement or otherwise (the “Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code and (ii) but
for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the Payment will be equal to the Best Results Amount. The “Best Results Amount” will be either
(x) the full amount of the Payment or (y) a lesser amount that would result in no portion of the Payment being subject to the Excise Tax, whichever of those amounts, taking into account the applicable federal, state and local employment
taxes, income taxes and the Excise Tax, results in the Executive’s receipt, on an after-tax basis, of the greater amount. If a reduction in payments or benefits constituting parachute payments is
necessary so that the Payment equals the Best Results Amount, reduction will occur in the following order: (A) reduction of cash payments in reverse chronological order (that is, the cash payment owed on the latest date following the occurrence
of the event triggering the excise tax will be the first cash payment to be reduced); (B) cancellation of equity awards that were granted “contingent on a change in ownership or control” within the meaning of Section 280G of the
Code in the reverse order of date of grant of the awards (that is, the most recently granted equity awards will be cancelled first); (C) reduction of the accelerated vesting of equity awards in the reverse order of date of grant of the awards
(that is, the vesting of the most recently granted equity awards will be cancelled first); and (D) reduction of employee benefits in reverse chronological order (that is, the benefit owed on the latest date following the occurrence of the event
triggering the excise tax will be the first benefit to be reduced). In no event will the Executive have any discretion with respect to the ordering of Payment reductions. The Executive will be solely responsible for the payment of all personal tax
liability that is incurred as a result of the payments and benefits received under this Agreement, and the Executive will not be reimbursed, indemnified, or held harmless by any member of the Company Group for any of those payments of personal tax
liability. 
 (b) Determination of Excise Tax Liability. Unless the Company and the Executive otherwise agree in writing, the
Company will select a professional services firm (the “Firm”) to make all determinations required under this Section 6, which determinations will be conclusive and binding upon the Executive and the Company for all purposes.
For purposes of making the calculations required by this Section 6, the Firm may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of
Sections 280G and 4999 of the Code. The Company and the Executive will furnish to the Firm such information and documents as the Firm reasonably may request in order to make determinations under this Section 6. The Company will bear the costs
and make all payments for the Firm’s services in connection with any calculations contemplated by this Section 6. The Company will have no liability to the Executive for the determinations of the Firm. 

7. Definitions. The following terms referred to in this Agreement will have the following meanings: 

(a) “Board” means the Company’s Board of Directors. 

  
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 (b) “Cause” means (i) the Executive’s dishonest statements or
acts with respect to any Company Group member, or any current or prospective customers, suppliers vendors or other third parties with which such entity does business; (ii) the Executive’s commission of (A) a felony, or (B) any
misdemeanor involving moral turpitude, deceit, dishonesty or fraud; (iii) the Executive’s failure to perform his assigned duties and responsibilities to the reasonable satisfaction of the applicable Company Group member, which failure
continues, in the reasonable judgment of the Company Group member, after written notice given to the Executive by the Company Group member; (iv) the Executive’s gross negligence, willful misconduct or insubordination with respect to any
Company Group member; or (v) the Executive’s material violation of any provision of any agreement(s) between the Executive and any Company Group member relating to noncompetition, nonsolicitation, nondisclosure and/or assignment of
inventions (including, but not limited to, the Confidentiality Agreement or any written Company Group policy or procedure to which the Executive is subject). Any termination for “Cause” will require Board approval, and the Executive will
be given the opportunity to appear in person before the entire Board in order to explain the Executive’s position on the allegations or claims that constitute “Cause.” The Board (excluding the Executive if the Executive is at such
time a member of the Board) shall make all determinations relating to termination, including without limitation any determination regarding Cause. 

(c) “Change in Control” means the occurrence of any of the following events: 

(i) A change in the ownership of the Company which occurs on the date that any one person, or more than one person acting as a group
(“Person”), acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than 50% of the total voting power of the stock of the Company; provided, however, that for purposes
of this subsection, (A) the acquisition of additional stock by any one Person, who is considered to own more than 50% of the total voting power of the stock of the Company will not be considered a Change in Control, and (B) if the
stockholders of the Company immediately before such change in ownership continue to retain immediately after the change in ownership, in substantially the same proportions as their ownership of shares of the Company’s voting stock immediately
prior to the change in ownership, the direct or indirect beneficial ownership of 50% or more of the total voting power of the stock of the Company or of the ultimate parent entity of the Company, such event will not be considered a Change in Control
under this subsection (i). For this purpose, indirect beneficial ownership will include, without limitation, an interest resulting from ownership of the voting securities of one or more corporations or other business entities which own the Company,
as the case may be, either directly or through one or more subsidiary corporations or other business entities; or 
 (ii) A change in the
effective control of the Company which occurs on the date that a majority of members of the Board is replaced during any 12-month period by members of the Board whose appointment or election is not endorsed by
a majority of the members of the Board prior to the date of the appointment or election. For purposes of this subsection (ii), if any Person is considered to be in effective control of the Company, the acquisition of additional control of the
Company by the same Person will not be considered a Change in Control; or 
 (iii) A change in the ownership of a substantial portion of the
Company’s assets which occurs on the date that any Person acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from
the 

  
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Company that have a total gross fair market value equal to or more than 50% of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or
acquisitions; provided, however, that for purposes of this subsection (iii), the following will not constitute a change in the ownership of a substantial portion of the Company’s assets: (A) a transfer to an entity that is controlled by
the Company’s stockholders immediately after the transfer, or (B) a transfer of assets by the Company to: (1) a stockholder of the Company (immediately before the asset transfer) in exchange for or with respect to the
Company’s stock, (2) an entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the Company, (3) a Person, that owns, directly or indirectly, 50% or more of the total value or
voting power of all the outstanding stock of the Company, or (4) an entity, at least 50% of the total value or voting power of which is owned, directly or indirectly, by a Person described in this subsection (iii)(B)(3). For purposes of
this subsection (iii), gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. 

For purposes of this definition, persons will be considered to be acting as a group if they are owners of a corporation that enters into a
merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company. 
 Notwithstanding the
foregoing, a transaction will not be deemed a Change in Control unless the transaction qualifies as a change in control event within the meaning of Code Section 409A, as it has been and may be amended from time to time, and any proposed or
final Treasury Regulations and Internal Revenue Service guidance that has been promulgated or may be promulgated thereunder from time to time. 

Further and for the avoidance of doubt, a transaction will not constitute a Change in Control if: (i) its sole purpose is to change the
state of the Company’s incorporation, or (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such
transaction. 
 (d) “Change in Control Period” means the period beginning on the date of a Change in Control and ending 12
months following a Change in Control. 
 (e) “COBRA” means the Consolidated Omnibus Budget Reconciliation Act of 1985,
as amended. 
 (f) “Code” means the Internal Revenue Code of 1986, as amended. 

(g) “Company Group” means the Company and its subsidiaries. 

(h) “Confidentiality Agreement” means the At-Will Employment, Confidential
Information, Invention Assignment, and Arbitration Agreement. 
 (i) “Disability” means a total and permanent disability as
defined in Section 22(e)(3) of the Code. 

  
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 (j) “Good Reason” means that the Executive resigns from a Company Group
member if one of the following events occur without the Executive’s consent: (i) a material reduction of the Executive’s duties, authorities, or responsibilities relative to the Executive’s duties, authorities, or
responsibilities in effect immediately prior to the reduction; [CEO: provided, however, that any change that results in Executive not serving as the Chief Executive Officer of, or reporting directly to the board of directors of, the parent
corporation in a group of controlled corporations including the Company or its assets (the “Parent”) following a Change in Control (other than as the result of your voluntary resignation not at the request of the successor or the
Parent) will be deemed to constitute a material reduction in your duties, authorities, and responsibilities constituting “Good Reason”] [Tiers 2 and 3: provided, however, that continued employment following a
Change in Control with substantially the same duties, authorities, or responsibilities with respect to the Company Group’s business and operations will not constitute “Good Reason” (for example, “Good Reason” does not exist
if the Executive is employed by the Company or a successor with substantially the same duties, authorities, or responsibilities with respect to the Company’s business that the Executive had immediately prior to the Change in Control regardless
of whether the Executive’s title is revised to reflect the Executive’s placement within the overall corporate hierarchy or whether the Executive provides services to a subsidiary, affiliate, business unit or otherwise)], (ii) a material
diminution in the Executive’s base salary except for across-the-board salary reductions similarly affecting all or substantially all similarly situated employees of
the applicable Company Group member, or (iii) a change of more than 50 miles in the geographic location at which the Executive provides services to the applicable Company Group member. For “Good Reason” to be established, the
Executive must provide written notice to the [CEO: Board] [Tiers 2 and 3: Company’s Chief Executive Officer] and the applicable Company Group member within 90 days immediately following such alleged events,
the applicable Company Group member must fail to materially remedy such event within 30 days after receipt of such notice, and the Executive’s resignation must be effective not later than 90 days from the occurrence of the alleged triggering
event, and must not be effective until after the expiration of the notice and cure periods described above. 
 (k) “Qualifying
Termination” means a termination of the Executive’s employment either (i) by a Company Group member without Cause (excluding by reason of the Executive’s death or Disability) or (ii) by the Executive for Good Reason, in
either case, during the Change in Control Period (a “Qualifying CIC Termination”) or outside of the Change in Control Period (a “Qualifying Non-CIC Termination”). 

(l) “Qualifying Pre-CIC Termination” means a Qualifying CIC Termination that
occurs prior to the date of the Change in Control. 
 (m) “Salary” means the Executive’s annual base salary as in
effect immediately prior to the Executive’s Qualifying Termination (or if the termination is due to a resignation for Good Reason based on a material reduction in base salary, then the Executive’s annual base salary in effect immediately
prior to the reduction) or, if the Executive’s Qualifying Termination is a Qualifying CIC Termination and the amount is greater, at the level in effect immediately prior to the Change in Control. 

  
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 8. Successors. This Agreement will be binding upon and inure to the benefit of
(a) the heirs, executors, and legal representatives of the Executive upon the Executive’s death, and (b) any successor of the Company. Any such successor of the Company will be deemed substituted for the Company under the terms of
this Agreement for all purposes. For this purpose, “successor” means any person, firm, corporation, or other business entity which at any time, whether by purchase, merger, or otherwise, directly or indirectly acquires all or substantially
all of the assets or business of the Company. None of the rights of the Executive to receive any form of compensation payable pursuant to this Agreement may be assigned or transferred except by will or the laws of descent and distribution. Any other
attempted assignment, transfer, conveyance, or other disposition of the Executive’s right to compensation or other benefits will be null and void. 

9. Notice. 
 (a)
General. All notices and other communications required or permitted under this Agreement shall be in writing and will be effectively given (i) upon actual delivery to the party to be notified, (ii) upon transmission by email, (iii)
24 hours after confirmed facsimile transmission, (iv) 1 business day after deposit with a recognized overnight courier, or (v) 3 business days after deposit with the U.S. Postal Service by first class certified or registered mail, return
receipt requested, postage prepaid, addressed (A) if to the Executive, at the address the Executive shall have most recently furnished to the Company in writing, (B) if to the Company, at the following address: 

Alector, Inc. 
 151 Oyster
Point Blvd. #300 
 South San Francisco, CA 94080 

Attention: chief legal officer 

(b) Notice of Termination. Any termination by a Company Group member for Cause will be communicated by a notice of termination to the
Executive, and any termination by the Executive for Good Reason will be communicated by a notice of termination to the Company, in each case given in accordance with Section 9(a) of this Agreement. The notice will indicate the specific
termination provision in this Agreement relied upon, will set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination under the provision so indicated, and will specify the termination date (which will be
not more than 30 days after the later of (i) the giving of the notice or (ii) the end of any applicable cure period). 
 10.
Resignation. The termination of the Executive’s employment for any reason will also constitute, without any further required action by the Executive, the Executive’s voluntary resignation from all officer and/or director positions
held at any member of the Company Group, and at the Board’s request, the Executive will execute any documents reasonably necessary to reflect the resignations. 

11. Miscellaneous Provisions. 

(a) No Duty to Mitigate. The Executive will not be required to mitigate the amount of any payment contemplated by this Agreement, nor
will any payment be reduced by any earnings that the Executive may receive from any other source except as specified in Section 3(e). 

  
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 (b) Waiver; Amendment. No provision of this Agreement will be modified, waived or
discharged unless the modification, waiver or discharge is agreed to in writing and signed by an authorized officer of the Company (other than the Executive) and by the Executive. No waiver by either party of any breach of, or of compliance with,
any condition or provision of this Agreement by the other party will be considered a waiver of any other condition or provision or of the same condition or provision at another time. 

(c) Headings. All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this
Agreement. 
 (d) Entire Agreement. This Agreement constitutes the entire agreement of the parties and supersedes in their entirety
all prior representations, understandings, undertakings or agreements (whether oral or written and whether expressed or implied) of the parties with respect to the subject matter of this Agreement, including, for the avoidance of doubt, any other
employment letter or agreement, severance policy or program, or equity award agreement. 
 (e) Choice of Law. This Agreement will be
governed by the laws of the State of California without regard to California’s conflicts of law rules that may result in the application of the laws of any jurisdiction other than California. To the extent that any lawsuit is permitted under
this Agreement, Employee hereby expressly consents to the personal and exclusive jurisdiction and venue of the state and federal courts located in California for any lawsuit filed against the Executive by the Company. 

(f) Arbitration. Any and all controversies, claims, or disputes with anyone under this Agreement (including the Company and any
employee, officer, director, stockholder or benefit plan of the Company in their capacity as such or otherwise) arising out of, relating to, or resulting from the Executive’s employment with the Company Group, shall be subject to arbitration in
accordance with the provisions of the Confidentiality Agreement. 
 (g) Severability. The invalidity or unenforceability of any
provision or provisions of this Agreement will not affect the validity or enforceability of any other provision of this Agreement, which will remain in full force and effect. 

(h) Withholding. All payments and benefits under this Agreement will be paid less applicable withholding taxes. The Company is
authorized to withhold from any payments or benefits all federal, state, local, and/or foreign taxes required to be withheld from the payments or benefits and make any other required payroll deductions. No member of the Company Group will pay the
Executive’s taxes arising from or relating to any payments or benefits under this Agreement. 
 (i) Counterparts. This Agreement
may be executed in counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument. 

[Signature page follows.] 

  
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 By its signature below, each of the parties signifies its acceptance of the terms of this
Agreement, in the case of the Company by its duly authorized officer. 
  

							
	COMPANY	 		 	ALECTOR, INC.
				
		 		 	By:	 	
                     
            

			
		 		 	Title:
		 		 	  

			
		 		 	Date:
		 		 	  

	EXECUTIVE	 		 		 	
			
		 		 	[NAME]
			
		 		 	Date:
		 		 	  

 [Signature page to Change in Control and Severance Agreement] 

  
 - 11 -

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