Leonard Keith R 4

What Happened
Leonard Keith, a non-employee director of Arcutis Biotherapeutics (ARQT), received two awards on June 5, 2026: 5,778 restricted stock units (RSUs) and 16,667 derivative awards, for a total of 22,445 shares. Both grants show $0.00 paid by the reporting person (no cash consideration). The RSUs convert one-for-one into common shares upon vesting; the derivative award’s underlying shares vest under the schedule noted in the filing.

Key Details

• Transaction date(s): June 5, 2026; Form 4 filed June 9, 2026 (timely filing).
• Consideration: $0.00 for both awards.
• Award amounts: 5,778 RSUs (F1) + 16,667 derivative awards (total 22,445).
• Vesting: RSUs vest on the earlier of the first anniversary of the grant date (June 5, 2026) or immediately before the next annual meeting, subject to continued service. The derivative award’s underlying shares vest 100% on the same earlier date (F3).
• Settlement deferral: Upon vesting, settlement of the RSUs has been deferred by the reporting person per an RSU Deferral Election Form adopted Oct 28, 2025 (F1).
• Shares owned after transaction: not specified in this filing.
• Trust note: The filing also lists shares held by the Leonard Family Trust (F2); Mr. Keith disclaims beneficial ownership except to the extent of pecuniary interest.

Context

• These are awards/grants (A) rather than open-market purchases or sales; they reflect compensation/board awards and not an immediate market buy or sell.
• Because settlement of the RSUs is deferred, Mr. Keith will not immediately receive tradable shares upon vesting unless he elects otherwise under the deferral arrangement.
• No cash was exchanged and no sales or option exercises occurred in this filing; the derivative award vests on a simple time-based schedule.