Arcutis completes stock option exchange; 98% of eligible options surrendered for 2.13M new RSUs

Arcutis Biotherapeutics, Inc.

Options to purchase 5.06M shares surrendered (~98% of eligible); 2.13M new RSUs issued.
CEO Todd Franklin Watanabe surrendered 584,500 options, received 264,882 new RSUs.
Executive officers participated; non-employee directors excluded. Exchange ratios 2:1, 2.5:1, 3:1 based on exercise price.
New RSUs vest quarterly over 1-3 years starting Feb 1, 2024, subject to continued service.
Surrendered options had exercise prices significantly above recent trading price.

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