Howard G. Welgus - 01 Jun 2022 Form 4 Insider Report for Arcutis Biotherapeutics, Inc. (ARQT)

Role: Director
Signature: /s/ Scott Burrows, as Attorney-in-Fact for Howard G. Welgus
Issuer symbol: ARQT
Transactions as of: 01 Jun 2022
Transactions value $: -$47,337
Form type: 4
Filing time: 02 Jun 2022, 16:48:07
Previous filing: 03 May 2022
Next filing: 18 Jul 2022
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ARQT	Common Stock	Options Exercise	$4.2K	+2.5K	+1.37%	$1.68	184K	01 Jun 2022	Direct	F1, F2
transaction	ARQT	Common Stock	Sale	-$51.5K	-2.5K	-1.36%	$20.62	182K	01 Jun 2022	Direct	F1, F2, F3
holding	ARQT	Common Stock						25K	01 Jun 2022	By Trust	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)	Options Exercise	$0	-2.5K	-5.68%	$0.00	41.5K	01 Jun 2022	Common Stock	2.5K	$1.68	Direct	F5

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

Explanation of Responses:

Id	Content
F1	Transaction made pursuant to a 10b5-1 trading plan adopted by the Reporting Person.
F2	Includes 4,500 Restricted Stock Units ("RSUs"). The Reporting Person is entitled to receive one (1) share of common stock for each one (1) RSU upon the vesting thereof.
F3	The transaction was executed in multiple trades in prices ranging from $20.285 to $20.92, 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 securities are held of record by The Welgus Living Trust, of which the Reporting Person is 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 option began vesting on March 13, 2019 and will vest monthly over a four year period, 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.