secwatch.observer — SEC 8-K summary
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Issuer:     Arcutis Biotherapeutics, Inc. (ARQT)
CIK:        0001787306
Form:       8-K/A
Filed at:   2023-09-07T23:59:59+00:00
Accession:  0001787306-23-000090
Event type: leadership
Sentiment:  neutral
Materiality: 0.60
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Arcutis appoints John Smither as interim CFO with $550K salary, option grant of 125K shares at $8.54
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- Base salary of $550,000 and target annual bonus of 45% of base salary.
- Option to purchase 125,000 shares at $8.54 per share, vesting 2.0833% monthly.
- Severance provides up to 12 months base salary and bonus, plus COBRA reimbursement, upon qualifying termination during change in control.
- Equity awards accelerate 100% upon qualifying termination during change in control period; performance awards vest at greater of target or actual.
- Employment effective August 31, 2023; Smither reports to CEO and serves as principal financial and accounting officer.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1787306/000178730623000090/0001787306-23-000090-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1787306/000178730623000090/arqt-20230815.htm
  HTML page:      https://secwatch.observer/filing/0001787306-23-000090

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