Arcutis Biotherapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT) announced the grant of 22,200 restricted stock units and options to purchase 44,500 shares to five new employees. These awards are part of the 2022 Inducement Plan and were approved by the Compensation Committee. Restricted stock units vest over four years, while stock options have a ten-year term with an exercise price of $22.25 per share, reflecting the stock's closing price on the grant date, July 27, 2022. This initiative aligns with Nasdaq Listing Rule 5635(c)(4).

Positive

• Attracting talent through stock options and restricted stock units enhances employee retention.
• Stock options with a ten-year term provide long-term incentives aligned with shareholder interests.

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• None.

WESTLAKE VILLAGE, Calif., Aug. 03, 2022 (GLOBE NEWSWIRE) -- Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT), an early commercial-stage biopharmaceutical company focused on developing meaningful innovations in immuno-dermatology, today reported the grant of an aggregate of 22,200 restricted stock units of Arcutis’ common stock as well as options to purchase an aggregate of 44,500 shares of Arcutis’ common stock to five newly hired employees. These awards were approved by the Compensation Committee of Arcutis’ Board of Directors and granted under the Arcutis Biotherapeutics, Inc. 2022 Inducement Plan, with a grant date of July 27, 2022, as an inducement material to the new employees entering into employment with Arcutis, in accordance with Nasdaq Listing Rule 5635(c)(4).

The restricted stock units vest over four years, with 25 percent vesting on each annual anniversary of the vesting commencement date, subject to the employee being continuously employed by Arcutis as of such vesting dates. The stock options vest over four years, with 25 percent vesting on the one-year anniversary of the vesting commencement date for such employee and the remainder vesting in 36 equal monthly installments over the following three years, subject to the employee being continuously employed by Arcutis as of such vesting dates. The stock options have a ten-year term and an exercise price of $22.25 per share, equal to the per share closing price of Arcutis’ common stock as reported by Nasdaq on July 27, 2022.

Arcutis is providing this information in accordance with Nasdaq Listing Rule 5635(c)(4).

About Arcutis
Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT) is a medical dermatology company that champions meaningful innovation to address the urgent needs of individuals living with immune-mediated dermatological diseases and conditions. With a commitment to solving the most persistent patient challenges in dermatology, Arcutis harnesses our unique dermatology development platform coupled with our dermatology expertise to build differentiated therapies against biologically validated targets. Arcutis’ dermatology development platform includes a robust pipeline with multiple clinical programs for a range of inflammatory dermatological conditions including plaque psoriasis, atopic dermatitis, and seborrheic dermatitis. For more information, visit www.arcutis.com or follow Arcutis on LinkedIn, Facebook, and Twitter.

Forward-Looking Statements
This press release contains “forward-looking” statements, including, among others, statements regarding its potential to address urgent needs and expectations with regard to the timing of data and regulatory events. These statements involve substantial known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements and you should not place undue reliance on our forward-looking statements. Risks and uncertainties that may cause our actual results to differ include risks inherent in the clinical development process and regulatory approval process, the timing of regulatory filings, the timing and expenses of commercialization efforts, and our ability to defend our intellectual property. For a further description of the risks and uncertainties applicable to our business, see the “Risk Factors” section of our Form 10-K filed with U.S. Securities and Exchange Commission (SEC) on February 22, 2022, as amended on March 3, 2022, as well as any subsequent filings with the SEC. We undertake no obligation to revise or update information herein to reflect events or circumstances in the future, even if new information becomes available.

Contacts:
Media
Amanda Sheldon, Head of Corporate Communications
asheldon@arcutis.com

Investors
Eric McIntyre, Head of Investor Relations
emcintyre@arcutis.com

FAQ

What did Arcutis Biotherapeutics announce on August 3, 2022?

Arcutis announced the grant of restricted stock units and options to new employees as part of its 2022 Inducement Plan.

How many restricted stock units were granted by Arcutis?

Arcutis granted an aggregate of 22,200 restricted stock units to five newly hired employees.

What is the exercise price for the stock options granted by Arcutis?

The exercise price for the stock options is $22.25 per share.

What is the vesting schedule for the restricted stock units granted by Arcutis?

The restricted stock units vest over four years, with 25% vesting on each annual anniversary of the vesting commencement date.