Patrick Burnett - Mar 2, 2023 Form 4 Insider Report for Arcutis Biotherapeutics, Inc. (ARQT)

Role
Reporting Person's title: Senior Vice President and Chief Medical Officer
Signature
/s/ Scott Burrows, as Attorney-in-Fact for Patrick Burnett
Stock symbol
ARQT
Transactions as of
Mar 2, 2023
Transactions value $
-$27,713
Form type
4
Date filed
3/6/2023, 05:51 PM
Previous filing
Jan 4, 2023
Next filing
Mar 8, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction ARQT Common Stock Sale -$27.3K -1.73K -4.16% $15.82 39.8K Mar 2, 2023 Direct F1, F2
transaction ARQT Common Stock Sale -$380 -23 -0.06% $16.52 39.8K Mar 2, 2023 Direct F1
transaction ARQT Common Stock Award $0 +21K +52.75% $0.00 60.8K Mar 2, 2023 Direct 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
transaction ARQT Stock Option (Right to Buy) Award $0 +55.8K $0.00 55.8K Mar 2, 2023 Common Stock 55.8K $15.82 Direct F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 The sale was effected pursuant to the Reporting Person's Rule 10b5-1 trading plan to satisfy tax withholding obligations in connection with the vesting of restricted stock units.
F2 The transaction was executed in multiple trades in prices ranging from $15.470 to $16.460, inclusive. The price reported in Column 4 above reflects the weighted average sale price. The Reporting Person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.
F3 Constitute restricted stock units ("RSUs") for which the Reporting Person is entitled to receive one (1) share of common stock for each one (1) RSU upon vesting. 25% of the RSUs vest annually on March 2 of each year, beginning March 2, 2024, subject to the Reporting Person's continued service to the Issuer.
F4 1/48th of the shares subject to the option vest on each monthly anniversary measured from March 2, 2023 (the "Vesting Commencement Date"), such that 100% of the shares subject to the option will be fully vested and exercisable on the fourth anniversary of the Vesting Commencement Date, subject to the Reporting Person's continued service to the Issuer.

Remarks:

Reporting Person's title: Senior Vice President and Chief Medical Officer