Patrick Burnett - Feb 13, 2024 Form 4 Insider Report for Arcutis Biotherapeutics, Inc. (ARQT)

Role
Reporting Person's title: Senior Vice President, Chief Medical Officer
Signature
/s/ John W. Smither, as Attorney-in-Fact for Patrick Burnett
Stock symbol
ARQT
Transactions as of
Feb 13, 2024
Transactions value $
$0
Form type
4
Date filed
2/15/2024, 06:36 PM
Previous filing
Jan 17, 2024
Next filing
Mar 6, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction ARQT Common Stock Award +128K +150.53% 213K Feb 13, 2024 Direct F1
transaction ARQT Common Stock Award +9.6K +4.51% 223K Feb 13, 2024 Direct F2
transaction ARQT Common Stock Award +23.6K +10.58% 246K Feb 13, 2024 Direct F3
transaction ARQT Common Stock Award +27.9K +11.33% 274K Feb 13, 2024 Direct F4

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) Disposed to Issuer -320K -100% 0 Feb 13, 2024 Common Stock 320K $25.89 Direct F1, F5
transaction ARQT Stock Option (right to buy) Disposed to Issuer -28.8K -100% 0 Feb 13, 2024 Common Stock 28.8K $32.44 Direct F2, F6
transaction ARQT Stock Option (right to buy) Disposed to Issuer -47.1K -100% 0 Feb 13, 2024 Common Stock 47.1K $17.67 Direct F3, F7
transaction ARQT Stock Option (right to buy) Disposed to Issuer -55.8K -100% 0 Feb 13, 2024 Common Stock 55.8K $15.82 Direct F4, F8
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 On February 13, 2024, the Issuer canceled, pursuant to the Issuer's option exchange program, an option granted to the Reporting Person on August 3, 2020, and received in exchange for the option, these Restricted Stock Units ("RSUs") that vest in four equal quarterly installments commencing May 1, 2024.
F2 On February 13, 2024, the Issuer canceled, pursuant to the Issuer's option exchange program, an option granted to the Reporting Person on March 3, 2021, and received in exchange for the option, these RSUs that vest in eight equal quarterly installments commencing May 1, 2024
F3 On February 13, 2024, the Issuer canceled, pursuant to the Issuer's option exchange program, an option granted to the Reporting Person on March 3, 2022, and received in exchange for the option, these RSUs that vest in eight equal quarterly installments commencing May 1, 2024.
F4 On February 13, 2024, the Issuer canceled, pursuant to the Issuer's option exchange program, an option granted to the Reporting Person on March 2, 2023, and received in exchange for the option, these RSUs that vest in twelve equal quarterly installments commencing May 1, 2024.
F5 The canceled option vested as to 1/4 of the total shares on August 1, 2021, and then 1/48 of the total shares vest monthly thereafter, with 100% of the total shares vesting on August 1, 2024, subject to the Reporting Person's provision of service to the Issuer on each vesting date.
F6 The canceled option vest as to 1/48 of the shares subject to the option vest on each monthly anniversary measured from March 3, 2021 (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.
F7 The canceled option vest as to 1/48 of the shares subject to the option vest on each monthly anniversary measured from March 1, 2022 (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.
F8 The canceled option vest as to 1/48 of the shares subject to the option vest on each monthly anniversary measured from March 1, 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, Chief Medical Officer