Todd Franklin Watanabe - Feb 9, 2022 Form 4 Insider Report for Arcutis Biotherapeutics, Inc. (ARQT)

Role: President and CEO, Director
Signature: /s/ Scott Burrows, as Attorney-in-Fact for Todd Franklin Watanabe
Stock symbol: ARQT
Transactions as of: Feb 9, 2022
Transactions value $: -$15,319
Form type: 4
Date filed: 2/11/2022, 04:55 PM
Previous filing: Jan 7, 2022
Next filing: Mar 3, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ARQT	Common Stock	Options Exercise	$1.68K	+1K	+0.17%	$1.68^*	596K	Feb 9, 2022	Direct	F1, F2
transaction	ARQT	Common Stock	Sale	-$17K	-1K	-0.17%	$17.00	595K	Feb 9, 2022	Direct	F1, F2
holding	ARQT	Common Stock						57.4K	Feb 9, 2022	By LLC	F3
holding	ARQT	Common Stock						17.9K	Feb 9, 2022	By Trust	F4
holding	ARQT	Common Stock						17.9K	Feb 9, 2022	By Trust	F5
holding	ARQT	Common Stock						125K	Feb 9, 2022	By Trust	F6

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
transaction	ARQT	Stock Option (Right to Buy)	Options Exercise	$0	-1K	-0.83%	$0.00	120K	Feb 9, 2022	Common Stock	1K	$1.68	Direct	F1, F7

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

Explanation of Responses:

Id	Content
F1	Transaction made pursuant to a 10b5-1 trading plan adopted by the Reporting Person.
F2	Includes 54,450 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 Watanabe Ventures, LLC, of which the Reporting Person is the Chief Operating Officer. 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 securities are held of record by The Anderson Prest Watanabe Irrevocable Trust, of which the Reporting Person is the 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.
F5	The securities are held of record by The John Franklin Watanabe Trust, of which the Reporting Person is the 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.
F6	The securities are held of record by The Watanabe 2016 Irrevocable Trust, of which the Reporting Person's children are beneficiaries. 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.
F7	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.