On January 11, 2024, Arcutis Biotherapeutics, Inc., a Delaware-incorporated biopharmaceutical company, announced the initiation of an Option Exchange program. This voluntary program is designed to allow certain eligible employees and consultants to exchange their outstanding stock options for a smaller number of new restricted stock units (RSUs). The initiative aims to retain top talent by aligning employee and consultant interests with those of the company's stockholders. Eligible options are those with an exercise price of $10.00 or higher and are held by individuals who are employees or consultants at the time of the replacement RSU award grant. The exchange ratios will vary based on the exercise price of the options, with higher ratios for options with higher exercise prices. The vesting...Show More

On January 11, 2024, Arcutis Biotherapeutics, Inc., a Delaware-incorporated biopharmaceutical company, announced the initiation of an Option Exchange program. This voluntary program is designed to allow certain eligible employees and consultants to exchange their outstanding stock options for a smaller number of new restricted stock units (RSUs). The initiative aims to retain top talent by aligning employee and consultant interests with those of the company's stockholders. Eligible options are those with an exercise price of $10.00 or higher and are held by individuals who are employees or consultants at the time of the replacement RSU award grant. The exchange ratios will vary based on the exercise price of the options, with higher ratios for options with higher exercise prices. The vesting of the newly issued RSUs will be based on continued employment or service and will follow a schedule determined by the original grant date of the exchanged options. The Option Exchange is set to begin on January 16, 2024, and will expire on February 12, 2024, at 8:59 pm Pacific Time. The terms of the Option Exchange will be detailed in a Tender Offer Statement on Schedule TO, which will be filed with the SEC and provided to eligible participants at the commencement of the program.