By Jorge Mercado Wednesday, January 11th, 2023

Westlake Village-based Arcutis Biotherapeutics announced the grant of an aggregate of 17,050 restricted stock units of Arcutis’ common stock as well as options to purchase an aggregate of 33,550 shares of Arcutis’ common stock to five newly hired employees.

The stock options have a ten-year term and an exercise price of $14.77 per share, equal to the per share closing price of Arcutis’ common stock as reported by Nasdaq on Jan. 3.

A pre-revenue biotechnology company, Arcutis approved the awards with a grant date of Jan. 3.

The restricted stock units vest over four years, with 25% 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% 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.