Todd Franklin Watanabe - May 31, 2023 Form 4 Insider Report for Arcutis Biotherapeutics, Inc. (ARQT)

Role
Reporting Person's title: President and CEO., Director
Signature
/s/ John W. Smither, as Attorney-in-Fact for Todd Franklin Watanabe
Stock symbol
ARQT
Transactions as of
May 31, 2023
Transactions value $
$109,372
Form type
4
Date filed
12/1/2023, 08:51 PM
Previous filing
Mar 8, 2023
Next filing
Dec 22, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction ARQT Common Stock Options Exercise $100K +59.5K +13.11% $1.68 514K Dec 1, 2023 Direct F1
transaction ARQT Common Stock Purchase $9.33K +1.46K +0.28% $6.38 515K May 31, 2023 Direct F2
holding ARQT Common Stock 17.9K May 31, 2023 By Trust F3
holding ARQT Common Stock 17.9K May 31, 2023 By Trust F4
holding ARQT Common Stock 125K May 31, 2023 By Trust F5
holding ARQT Common Stock 57.4K May 31, 2023 By LLC 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 -59.5K -54.44% $0.00 49.8K Dec 1, 2023 Common Stock 59.5K $1.68 Direct F1
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 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.
F2 Pursuant to the purchase transaction of the Company's Employee Stock Purchase plan.
F3 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.
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 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.
F6 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.

Remarks:

Reporting Person's title: President and CEO.