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