Arcutis Biotherapeutics, Inc. — Director's Dealing 2021

Jan 6, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Arcutis Biotherapeutics, Inc. (ARQT)
CIK: 0001787306
Period of Report: 2021-01-04

Reporting Person: Welgus Howard G. (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-01-04	Common Stock	M	391	$1.6806	Acquired	182287	Direct
2021-01-04	Common Stock	M	1809	$1.6806	Acquired	184096	Direct
2021-01-04	Common Stock	S	2200	$27.8248	Disposed	181896	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-01-04	Stock Option (Right to Buy)	$1.6806	M	391	Disposed	2029-03-13	Common Stock (391)	Direct
2021-01-04	Stock Option (Right to Buy)	$1.6806	M	1809	Disposed	2029-03-13	Common Stock (1809)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	24991	Indirect

Footnotes

F1: Transaction made pursuant to a 10b5-1 trading plan adopted by the Reporting Person.

F2: The transaction was executed in multiple trades in prices ranging from $27.50 to $28.49, 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.

F3: 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.

F4: 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.