Kenneth A. Lock - Mar 3, 2022 Form 4 Insider Report for Arcutis Biotherapeutics, Inc. (ARQT)

Role: Chief Commercial Officer
Signature: /s/ Scott Burrows, as Attorney-in-Fact for Kenneth A. Lock
Stock symbol: ARQT
Transactions as of: Mar 3, 2022
Transactions value $: -$17,234
Form type: 4
Date filed: 3/7/2022, 07:49 PM
Previous filing: Mar 3, 2022
Next filing: Mar 2, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ARQT	Common Stock	Award	$0	+13.3K	+41.91%	$0.00	45K	Mar 3, 2022	Direct	F1
transaction	ARQT	Common Stock	Sale	-$16.7K	-993	-2.21%	$16.86	44K	Mar 4, 2022	Direct	F2, F3
transaction	ARQT	Common Stock	Sale	-$493	-30	-0.07%	$16.44	44K	Mar 7, 2022	Direct	F2, F4, F5

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	+35.3K		$0.00	35.3K	Mar 3, 2022	Common Stock	35.3K	$17.67	Direct	F6

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

Explanation of Responses:

Id	Content
F1	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 3 of each year, beginning March 3, 2023, subject to the Reporting Person's continued service to the Issuer.
F2	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 ("RSUs").
F3	The transaction was executed in multiple trades in prices ranging from $16.63 to $17.19, 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.
F4	The transaction was executed in multiple trades in prices ranging from $16.44 to $16.45, 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.
F5	Includes 24,925 RSUs.
F6	1/48th of the shares subject to the option vest on each monthly anniversary measured from March 3, 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.