ARCUTIS BIOTHERAPEUTICS, INC.
January 9, 2020
Kenneth A. Lock
c/o Arcutis Biotherapeutics, Inc.
RE: Continued Employment with Arcutis Biotherapeutics, Inc.
This employment letter sets forth the terms confirms your continued employment as Senior Vice President and Chief Commercial Officer with Arcutis Biotherapeutics, Inc., a Delaware Corporation (the Company or Arcutis). You will continue to report to the Chief Executive Officer. This employment letter amends and restates the employment agreement entered into between you and Arcutis, dated August 27, 2019 (the Prior Agreement).
a. Salary. In this position, the Company will pay you an annual base salary of $310,000 per year, payable in accordance with the Companys standard payroll schedule. Your pay will be periodically reviewed as a part of the Companys regular reviews of compensation.
b. Bonus. You will be eligible to receive a cash incentive annual bonus that will be initially targeted at 30% of your base salary, based upon the achievement of both annual and personal goals. Any annual bonus eared will be paid no later than March 15th of the year following the year in which such bonus was earned. Please note that bonus programs, payouts and criterion are subject to change or adjustment as the business needs at the Company may require.
c. Equity Awards. You currently hold Company equity grants. You will be eligible for future discretionary equity grants at the sole discretion of the Company.
2. Employee Benefits. You will be entitled to participate in employee benefit plans currently and hereafter maintained by the Company of general applicability to other employees of the Company subject to the eligibility requirements of each such benefit plan. The Company, in its sole discretion, may amend, suspend or terminate its employee benefits at any time, with or without notice. In addition, you will be entitled to paid vacation in accordance with the Companys vacation policy, as in effect from time to time. We also acknowledge that you have entered, or will enter, into the Severance and Change in Control Agreement with the Company (the Severance & Change in Control Agreement).
3. Expenses. The Company will reimburse you for actual expenses, as evidenced by receipts, incurred for travel to and from, and housing, at the Companys corporate headquarters, up to a maximum of $4,000.00 per month. No other reimbursements will be made for these costs.
4. Confidentiality Agreement. By signing this letter agreement, you reaffirm the terms and conditions of the confidential information and invention assignment agreement by and between you and the Company.