Matthew Richard Moore - 13 Feb 2024 Form 4 Insider Report for Arcutis Biotherapeutics, Inc. (ARQT)

Role
SVP and Chief Business Officer
Signature
/s/ John W. Smither, Attorney-in-Fact for Matthew Richard Moore
Issuer symbol
ARQT
Transactions as of
13 Feb 2024
Net transactions value
$0
Form type
4
Filing time
15 Feb 2024, 18:47:43 UTC
Previous filing
17 Jan 2024
Next filing
06 Mar 2024
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction ARQT Common Stock Award +26,666 +49% 81,256 13 Feb 2024 Direct F1
transaction ARQT Common Stock Award +26,666 +33% 107,922 13 Feb 2024 Direct F1
transaction ARQT Common Stock Award +17,650 +16% 125,572 13 Feb 2024 Direct F2
transaction ARQT Common Stock Award +19,750 +16% 145,322 13 Feb 2024 Direct F3
transaction ARQT Common Stock Award +4,166 +2.9% 149,488 13 Feb 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 -80,000 -100% 0 13 Feb 2024 Common Stock 80,000 $28.72 Direct F1, F5
transaction ARQT Stock Option (Right to Buy) Disposed to Issuer -80,000 -100% 0 13 Feb 2024 Common Stock 80,000 $28.72 Direct F1, F6
transaction ARQT Stock Option (Right to Buy) Disposed to Issuer -35,300 -100% 0 13 Feb 2024 Common Stock 35,300 $17.67 Direct F2, F7
transaction ARQT Stock Option (Right to Buy) Disposed to Issuer -39,500 -100% 0 13 Feb 2024 Common Stock 39,500 $15.82 Direct F3, F8
transaction ARQT Stock Option (Right to Buy) Disposed to Issuer -12,500 -100% 0 13 Feb 2024 Common Stock 12,500 $28.72 Direct F4, F9
* 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 January 19, 2021, and received in exchange for the option, these Restricted Stock Units ("RSUs") that vest in eight 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, 2022, 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 2, 2023, and received in exchange for the option, these RSUs that vest in twelve equal quarterly installments commencing May 1, 2024.
F4 On February 13, 2024, the Issuer canceled, pursuant to the Issuer's option exchange program, performance-based option granted to the Reporting Person on January 19, 2021, and deemed earned on August 29, 2023, and received in exchange for the option, these RSUs that vest in eight equal quarterly installments commencing May 1, 2024.
F5 The canceled option vested as to 1/4 of the total shares on July 20, 2021, and then 1/48 of the total shares vest monthly thereafter, with 100% of the total shares vesting on July 20, 2024, subject to the Reporting Person's provision of service to the Issuer on each vesting date.
F6 The canceled option vested as to 1/4 of the total shares on January 11, 2022, and then 1/48 of the total shares vest monthly thereafter, with 100% of the total shares vesting on January 11, 2025, subject to the Reporting Person's provision of service to the Issuer on each vesting date.
F7 The canceled option vested as to 1/48 of the shares 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 on each vesting date.
F8 The canceled option vested as to 1/48 of the shares 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 on each vesting date.
F9 The canceled option vested as to 1/48 of the shares vest on each monthly anniversary of the milestone vesting commencement date, beginning on September 29, 2023, subject to the Reporting Person's provision of service to the Issuer on each vesting date.