Howard G. Welgus - Feb 4, 2021 Form 4/A - Amendment Insider Report for Arcutis Biotherapeutics, Inc. (ARQT)

Role: Director
Signature: /s/ Howard G. Welgus
Stock symbol: ARQT
Transactions as of: Feb 4, 2021
Transactions value $: $0
Form type: 4/A - Amendment
Date filed: 7/23/2021, 05:45 PM
Date Of Original Report: Feb 8, 2021
Previous filing: Jul 23, 2021
Next filing: Jul 23, 2021

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	ARQT	Common Stock						182K	Feb 4, 2021	Direct	F1, F2
holding	ARQT	Common Stock						25K	Feb 4, 2021	By Trust	F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	ARQT	Stock Option (Right to Buy)						45K	Feb 4, 2021	Common Stock	45K	$1.68	Direct	F1, F4
holding	ARQT	Stock Option (Right to Buy)						13.7K	Feb 4, 2021	Common Stock	13.7K	$1.68	Direct	F1, F5

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Option exercises unwound as the transaction was not authorized by the Reporting Person. This Form 4/A corrects the aforementioned error by removing the transactions and adjusting the Reporting Person's ownership accordingly.
F2	Includes 9,000 Restricted Stock Units ("RSUs"). The Reporting Person is entitled to receive one (1) share of common stock for each one (1) RSU upon the vesting thereof.
F3	The securities are held of record by The Welgus Living Trust, of which the Reporting Person is trustee. The Reporting Person disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of such securities for purposes of Section 16 or for any other purposes.
F4	The option began vesting on March 13, 2019 and will vest monthly over a four year period, subject to the Reporting Person's continuous provision of services to the Issuer on each vesting date. The option contains an early-exercise provision and is exercisable as to unvested shares, subject to the Issuer's right of repurchase.
F5	The option began vesting monthly over a four year period beginning upon the achievement of certain company milestones, subject to the Reporting Person's continuous provision of services to the Issuer on each vesting date. The option contains an early-exercise provision and is exercisable as to unvested shares, subject to the Issuer's right of repurchase.