Document:

EX-10.4

 Exhibit 10.4 

ARCUTIS BIOTHERAPEUTICS, INC. 

2020 EMPLOYEE STOCK PURCHASE PLAN 

1. Establishment of Plan. Arcutis Biotherapeutics, Inc. a Delaware corporation (the “Company”), proposes
to grant options to purchase shares of Common Stock to eligible employees of the Company and its Participating Corporations pursuant to this Plan. The Company intends this Plan to qualify as an “employee stock purchase plan” under Code
Section 423 and this Plan will be so construed; provided that the Company may adopt sub-plans applicable to particular Participating Corporations which sub-plans
may be designed to be outside the scope of Section 423 of the Code. Subject to Section 14, a total of ___________ shares of Common Stock is reserved for issuance under this Plan. In addition, on each January 1 for the first ten
(10) calendar years after the first Offering Date, the aggregate number of shares of Common Stock reserved for issuance under the Plan will be increased automatically by the number of shares equal to one percent (1%) of the total number of
outstanding shares of all classes of the Company’s common stock on the immediately preceding December 31 (rounded down to the nearest whole share); provided that the Board or the Committee may in its sole discretion reduce the amount of
the increase in any particular year; and provided, further, that the aggregate number of shares of Common Stock issued over the term of this Plan will not exceed ________. The number of shares reserved for issuance under this Plan and the maximum
number of shares that may be issued under this Plan will be subject to adjustments effected in accordance with Section 14 of this Plan. Capitalized terms not defined elsewhere in the text are defined in Section 27. 

2. Purpose. The purpose of this Plan is to provide eligible employees of the Company and Participating Corporations with a means
of acquiring an equity interest in the Company through payroll deductions, to enhance such employees’ sense of participation in the affairs of the Company and Participating Corporations, and to provide an incentive for continued employment.

 3. Administration. 

(a) The Plan will be administered by the Compensation Committee of the Board or by the Board (as applicable, the
“Committee”). Subject to the provisions of this Plan and the limitations of Section 423 of the Code or any successor provision in the Code, all questions of interpretation or application of this Plan will be determined
by the Committee and its decisions will be final and binding upon all Participants. The Committee will have full and exclusive discretionary authority to construe, interpret, and apply the terms of the Plan, to determine eligibility and determine
which entities will be Participating Corporations and whether an offer to Participating Corporations is intended to meet Code Section 423 requirements and to decide upon any and all claims filed under the Plan. Every finding, decision, and
determination made by the Committee will, to the full extent permitted by law, be final and binding upon all parties. The Committee will have the authority to determine the Fair Market Value (which determination will be final, binding, and
conclusive for all purposes) in accordance with Section 8 below and to interpret Section 8 of the Plan in connection with circumstances that impact the Fair Market Value. Members of the Committee will receive no compensation for their
services in connection with the administration of this Plan, other than standard fees as established from time to time by the Board for services rendered by Board members serving on the Board or its committees. All expenses incurred in connection
with the administration of this Plan will be paid by the Company. For purposes of this Plan, the Committee may designate separate offerings under the Plan (the terms of which need not be identical) in which eligible employees of one or more
Participating Corporations will participate, even if the dates of the applicable Offering Periods of each such offering are identical. The Committee may also establish rules to govern transfers of employment among the Company and any Participating
Corporation, consistent with the applicable requirements of Code Section 423 and the terms of the Plan. 

  
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 (b) The Committee may adopt such rules, procedures, and
sub-plans as are necessary or appropriate to permit the participation in the Plan by eligible employees who are citizens or residents of a jurisdiction and/or employed outside the United States, the terms of
which sub-plans may take precedence over other provisions of this Plan, with the exception of the provisions in Section 1 above setting forth the number of shares of Common Stock reserved for issuance
under the Plan; provided that unless otherwise superseded by the terms of such sub-plan, the provisions of this Plan will govern the operation of such sub-plan. Further,
the Committee is specifically authorized to adopt rules and procedures regarding the application of the definition of Compensation (as defined below) to Participants on payrolls outside of the United States, handling of payroll deductions and other
contributions, taking of payroll deductions and making of other contributions to the Plan, establishment of bank or trust accounts to hold contributions, payment of interest, establishment of the exchange rate applicable to payroll deductions taken
and other contributions made in a currency other than U.S. dollars, obligations to pay payroll tax, determination of beneficiary designation requirements, tax withholding procedures, and handling of stock certificates that vary with applicable local
requirements. 
 4. Eligibility. Any employee of the Company or the Participating Corporations is eligible to participate in
an Offering Period under this Plan, except that the Committee may exclude any or all of the following (other than where exclusion of such employees is prohibited by applicable law): 

(a) employees who are not employed by the Company or a Participating Corporation prior to the beginning of such Offering Period or prior to
such other time period as specified by the Committee; 
 (b) employees who are customarily employed for twenty (20) or less hours per
week; 
 (c) employees who are customarily employed for five (5) months or less in a calendar year; 

(d) (i) employees who are “highly compensated employees” of the Company or any Participating Corporation (within the meaning of
Section 414(q) of the Code), or (ii) any employee who are “highly compensated employees” with compensation above a specified level, who is an officer and/or is subject to the disclosure requirements of
Section 16(a) of the Exchange Act; 
 (e) employees who are citizens or residents of a foreign jurisdiction (without regard to
whether they are also a citizen of the United States or a resident alien (within the meaning of Section 7701(b)(1)(A) of the Code)) if either (i) such employee’s participation is prohibited under the laws of the jurisdiction
governing such employee, or (ii) compliance with the laws of the foreign jurisdiction would violate the requirements of Section 423 of the Code;

(f) individuals who provide services to the Company or any of its Participating Corporations as independent contractors who are reclassified
as common law employees for any reason except for federal income and employment tax purposes. 
 The foregoing notwithstanding, employees who,
together with any other person whose stock would be attributed to such employee pursuant to Section 424(d) of the Code, own stock or hold options to purchase stock possessing five percent (5%) or more of the total combined voting power or value
of all classes of stock of the Company or any of its Participating Corporations or who, as a result of being granted an option under this Plan with respect to such Offering Period, would own stock or hold options to purchase stock possessing five
percent (5%) or more of the total combined voting power or value of all classes of stock of the Company or any of its Participating Corporations may not participate. 

  
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 5. Offering Dates. 

(a) While the Plan is in effect, the Committee will determine the duration and commencement date of each Offering Period and Purchase Period,
provided that an Offering Period will in no event be longer than twenty-seven (27) months, except as otherwise provided by an applicable subplan and no Purchase Period will end later that the last day of the Offering Period in which it
begins. Offering Periods may be consecutive or overlapping. Each Offering Period may consist of one or more Purchase Periods during which payroll deductions of Participants are accumulated under this Plan. Purchase Periods will be consecutive. The
Committee shall have the power to change these terms as provided in Section 25 below. 
 (b) Unless otherwise determined by the
Committee, (i) the initial Offering Period (the “Initial Offering Period”), which shall be comprised of a single Purchase Period of the same length (the “Initial Purchase Period”), shall commence
on the Effective Date and end May 31, 2020 (or another date selected by the Committee (but in any event not more than twenty-seven (27) months after the Effective Date) (ii) each Offering Period shall consist of a single six
(6) month Purchase Period (provided that the Initial Purchase Period shall be less than six (6) months), and (iii) each Offering Period following the Initial Offering Period shall commence on each June 1st and December 1st with each
such Offering Period consisting of a single six (6) month Purchase Period ending on November 30th and May 31st, respectively. The Committee shall have the power to change these terms as provided in Section 25 below. 

6. Participation in this Plan. 

(a) Enrollment in Initial Offering Period. Any employee who is an eligible employee determined in accordance with Section 4
immediately prior to the Initial Offering Period will be automatically enrolled in the Initial Offering Period at a contribution level equal to fifteen percent (15%) of Compensation (the “Initial Contribution Level”). A
Participant that is automatically enrolled in the Initial Offering Period pursuant to this section will be entitled to continue to participate in the Initial Offering Period only if such Participant submits a subscription agreement in a form
determined by the Administrator, or electronic representation thereof, to the Company and/or an authorized third party administrator (the “Third Party Administrator”) authorizing his or her contributions and confirming or
changing his or her contribution rate (i) no earlier than the date on which an effective registration statement pursuant to Form S-8 is filed with respect to the issuance of Common Stock under this Plan, and (ii) within thirty-one (31) days after the filing of such Form S-8, or such longer time as may be determined by the Company (the “Initial Offering Period
Window”). If a Participant that is automatically enrolled in the Initial Offering Period fails to submit a subscription agreement, or electronic representation thereof, during the Initial Offering Period Window, such Participant’s
participation in the Initial Offering Period will be automatically terminated and he or she will be withdrawn from the Initial Offering Period. 

(b) Enrollment in Subsequent Offering Periods. With respect to Offering Periods after the Initial Offering Period, an eligible employee
determined in accordance with Section 4 may elect to become a Participant by submitting a subscription agreement, or electronic representation thereof, to the Company and/or via the Third Party Administrator’s standard process, prior
to the commencement of the Offering Period to which such agreement relates in accordance with such rules as the Committee may determine. 

(c) Continued Enrollment in Offering Periods. Once an employee becomes a Participant in an Offering Period (including, with respect to
the Initial Offering Period, provided a Participant who is automatically enrolled submits a subscription agreement, or electronic representation thereof, within the Initial Offering Period Window), then such Participant will automatically
participate in each subsequent Offering Period commencing immediately following the last day of such prior Offering 

  
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Period at the same contribution level unless the Participant withdraws or is deemed to withdraw from this Plan or terminates further participation in the Offering Period as set forth in
Section 11 below or otherwise notifies the Company of a change in the Participant’s contribution level by filing an additional subscription agreement or electronic representation thereof with the Company and/or the Third Party
Administrator, prior to the next Offering Period. A Participant that is automatically enrolled in a subsequent Offering Period pursuant to this section (i) is not required to file any additional subscription agreement in order to continue
participation in this Plan, and (ii) will be deemed to have accepted the terms and conditions of the Plan, any sub-plan, and subscription agreement in effect at the time each subsequent Offering Period
begins, subject to Participant’s right to withdraw from the Plan in accordance with the withdrawal procedures in effect at the time. 

7. Grant of Option on Enrollment. Becoming a Participant with respect to an Offering Period will constitute the grant (as of the
Offering Date) by the Company to such Participant of an option to purchase on the Purchase Date up to that number of shares of Common Stock determined by a fraction the numerator of which is the amount of the contribution level for such Participant
multiplied by such Participant’s Compensation (as defined in Section 9 below) during such Purchase Period and the denominator of which is eighty-five percent (85%) of the lower of (a) the Fair Market Value on the Offering Date or
(b) the Fair Market Value on the Purchase Date, but in no event less than the par value of a share; provided, however, that for the Purchase Period within the Initial Offering Period, the numerator will be the Initial Contribution Level of the
Participant’s Compensation for such Purchase Period, or such lower percentage as determined by the Committee prior to the Effective Date or pursuant to a Participant’s election to change the amount as set forth in Section 6(a) above;
and provided, further, that the number of shares of Common Stock subject to any option granted pursuant to this Plan will not exceed the lesser of (x) the maximum number of shares set by the Committee pursuant to Section 10(b) below with
respect to the applicable Purchase Date or (y) the maximum number of shares which may be purchased pursuant to Section 10(a) below with respect to the applicable Purchase Date. 

8. Purchase Price. The Purchase Price in any Offering Period will be eighty-five percent (85%) of the lesser of: 

(a) the Fair Market Value on the Offering Date or 

(b) the Fair Market Value on the Purchase Date. 

9. Payment of Purchase Price; Payroll Deduction Changes; Share Issuances. 

(a) The Purchase Price of the shares is accumulated by regular payroll deductions made during each Offering Period, unless the Committee
determines that contributions may be, or are required to be, made in another form (due to local law requirements, in another form with respect to categories of Participants outside the United States). The deductions are made as a percentage of the
Participant’s Compensation in one percent (1%) increments not less than one percent (1%), nor greater than fifteen percent (15%) or such lower limit set by the Committee. “Compensation” means base salary and regular
hourly wages (including overtime and holiday pay) , or in foreign jurisdictions, equivalent cash compensation; however, the Committee may at any time prior to the beginning of an Offering Period
determine that for that and future Offering Periods, Compensation means base salary or regular hourly wages, bonuses, cash incentive compensation, sales or other commissions, overtime, shift premiums and/or draws against commissions (or in foreign
jurisdictions, equivalent cash compensation). For purposes of determining a Participant’s Compensation, any election by such Participant to reduce his or her regular cash remuneration under Sections 125 or 401(k) of the Code (or in foreign
jurisdictions, equivalent salary deductions) will be treated as if the Participant did not make such election. Payroll deductions shall commence (i) for the Initial Offering Period, on the first payday on or following the end of the Initial

  
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Offering Period Window (and, the payroll deductions for each of the remaining payroll periods in the Initial Offering Period will be increased by the amount of the payroll deductions that would
have been made prior to end of the Initial Offering Period Window), and (ii) for subsequent Offering Periods, on the first payday following the beginning of any subsequent Offering Period, and in either case shall continue to the end of the
applicable Offering Period unless sooner altered or terminated as provided in this Plan. Notwithstanding the foregoing, the terms of any subplan may permit matching shares without the payment of any purchase price. 

(b) Subject to Section 25 below and to the rules of the Committee, a Participant may decrease the rate of payroll deductions during an on-going Offering Period by filing with the Company and/or the Third Party Administrator a new authorization for payroll deductions, with the new rate to become effective as soon as reasonably practicable and
continuing for the remainder of the Offering Period unless changed as described below. A decrease in the rate of payroll deductions may be made once during an on-going Offering Period or more or less
frequently under rules determined by the Committee. An increase in the rate of payroll deductions may not be made with respect to an on-going Offering Period unless otherwise determined by the Committee. A
Participant may increase or decrease the rate of payroll deductions for any subsequent Offering Period by filing with the Company and/or the Third Party Administrator a new authorization for payroll deductions prior to the beginning of such Offering
Period or such other time period as may be specified by the Committee. 
 (c) Subject to Section 25 below and to the rules of the
Committee, a Participant may reduce his or her payroll deduction percentage to zero during an Offering Period by filing with the Company a request for cessation of payroll deductions, with such reduction to become effective as soon as reasonably
practicable and after such reduction becomes effective, no further payroll deductions will be made for the duration of the Offering Period. Payroll deductions credited to the Participant’s account prior to the effective date of the request will
be used to purchase shares of Common Stock in accordance with Section (e) below. A reduction of the payroll deduction percentage to zero will be treated as such Participant’s withdrawal from such Offering Period and the Plan, effective as
of the day after the next Purchase Date following the filing date of such request with the Company. 
 (d) All payroll deductions made for a
Participant are credited to his or her account under this Plan and are deposited with the general funds of the Company, and the Company will not be obligated to segregate such payroll deductions, except to the extent required to be segregated due to
local legal restrictions outside the United States. No interest accrues on the payroll deductions, except to the extent required due to local legal requirements outside the United States. All payroll deductions received or held by the Company may be
used by the Company for any corporate purpose, except to the extent necessary to comply with local legal requirements outside the United States. 

(e) On each Purchase Date, so long as this Plan remains in effect and provided that the Participant has not submitted a signed and completed
withdrawal form before that date which notifies the Company and/or the Third Party Administrator that the Participant wishes to withdraw from that Offering Period under this Plan and have all payroll deductions accumulated in the account maintained
on behalf of the Participant as of that date returned to the Participant, the Company will apply the funds then in the Participant’s account to the purchase of whole shares of Common Stock reserved under the option granted to such Participant
with respect to the Offering Period to the extent that such option is exercisable on the Purchase Date. The Purchase Price will be as specified in Section 8 of this Plan. Any amount remaining in a Participant’s account on a Purchase Date
which is less than the amount necessary to purchase a full share of Common Stock will be carried forward into the next Purchase Period or Offering Period, as the case may be (except to the extent required due to local legal requirements outside the
United States), or otherwise treated as determined by the Committee. In the event that this Plan has been oversubscribed, all funds not used to purchase shares on the Purchase Date will be refunded to the Participant without interest

  
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(except to the extent required due to local legal requirements outside the United States). No Common Stock will be purchased on a Purchase Date on behalf of any employee whose participation in
this Plan has terminated prior to such Purchase Date (except to the extent required due to local legal requirements outside the United States). 

(f) As promptly as practicable after the Purchase Date, the Company will issue shares for the Participant’s benefit representing the
shares purchased upon exercise of his or her option. 
 (g) During a Participant’s lifetime, his or her option to purchase shares
hereunder is exercisable only by him or her. The Participant will have no interest or voting right in shares covered by his or her option until such option has been exercised. 

(h) To the extent required by applicable federal, state, local, or foreign law, a Participant will make arrangements satisfactory to the
Company and the Participating Corporation employing the Participant for the satisfaction of any withholding tax obligations that arise in connection with the Plan. The Company or any Participating Corporation, as applicable, may withhold, by any
method permissible under applicable law, the amount necessary for the Company or any Participating Corporation, as applicable, to meet applicable withholding obligations, including up to the maximum permissible statutory rates and including any
withholding required to make available to the Company or any Participating Corporation, as applicable, any tax deductions or benefits attributable to the sale or early disposition of shares of Common Stock by a Participant. The Company will not be
required to issue any shares of Common Stock under the Plan until such obligations are satisfied. 
 10. Limitations on Shares to
be Purchased. 
 (a) No Participant will be entitled to purchase stock under any Offering Period at a rate which, when aggregated with
such Participant’s rights to purchase stock under all other employee stock purchase plans of a Participating Company intended to meet the requirements of Section 423 of the Code, that are also outstanding in the same calendar year(s)
(whether under other Offering Periods or other employee stock purchase plans of the Company, its Parent, and its Subsidiaries), exceeds $25,000 in Fair Market Value, determined as of the Offering Date (or such other limit as may be imposed by the
Code) for each calendar year in which such Offering Period is in effect (the “Maximum Share Amount”). The Company may automatically suspend the payroll deductions of any Participant as necessary to enforce such limit provided
that when the Company automatically resumes such payroll deductions, the Company must apply the rate in effect immediately prior to such suspension. 

(b) The Committee may, in its sole discretion, set a lower maximum number of shares which may be purchased by any Participant during any
Offering Period than that determined under Section 10(a) above, which will then be the Maximum Share Amount for subsequent Offering Periods; provided, however, that in no event will a Participant be permitted to purchase more than Four Thousand
(4,000) shares during any one Purchase Period or such greater or lesser number as the Committee may determine, irrespective of the Maximum Share Amount set forth in (a) and (b) hereof. If a
new Maximum Share Amount is set, then all Participants will be notified of such Maximum Share Amount prior to the commencement of the next Offering Period for which it is to be effective. The Maximum Share Amount will continue to apply with respect
to all succeeding Offering Periods unless revised by the Committee as set forth above. 
 (c) If the number of shares to be purchased on a
Purchase Date by all Participants exceeds the number of shares then available for issuance under this Plan, then the Company will make a pro rata allocation of the remaining shares in as uniform a manner as will be reasonably practicable and as the
Committee will determine to be equitable. In such event, the Company will give written notice of such reduction of the number of shares to be purchased under a Participant’s option to each Participant affected. 

  
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 (d) Any payroll deductions accumulated in a Participant’s account which are not used to
purchase stock due to the limitations in this Section 10, and not covered by Section 9(e), will be returned to the Participant as soon as administratively practicable after the end of the applicable Purchase Period, without interest
(except to the extent required due to local legal requirements outside the United States). 
 11. Withdrawal. 

(a) Each Participant may withdraw from an Offering Period under this Plan pursuant to a method specified by the Company. Such withdrawal may
be elected at any time prior to the end of an Offering Period, or such other time period as specified by the Committee. The Committee may set forth a deadline of when a withdrawal must occur to be effective prior to a given Purchase Date in
accordance with policies it may approve from time to time. 
 (b) Upon withdrawal from this Plan, the accumulated payroll deductions will be
returned to the withdrawn Participant, without interest (except to the extent required due to local legal requirements outside the United States), and his or her interest in this Plan will terminate. In the event a Participant voluntarily elects to
withdraw from this Plan, he or she may not resume his or her participation in this Plan during the same Offering Period, but he or she may participate in any Offering Period under this Plan which commences on a date subsequent to such withdrawal by
filing a new authorization for payroll deductions in the same manner as set forth in Section 6 above for initial participation in this Plan. 

(c) To the extent applicable, if the Fair Market Value on the first day of the current Offering Period in which a Participant is enrolled is
higher than the Fair Market Value on the first day of any subsequent Offering Period, the Company will automatically enroll such Participant in the subsequent Offering Period. Any funds accumulated in a Participant’s account prior to the first
day of such subsequent Offering Period will be applied to the purchase of shares on the Purchase Date immediately prior to the first day of such subsequent Offering Period, if any. 

12. Termination of Employment. Termination of a Participant’s employment for any reason, including (but not limited to)
retirement, death, disability, or the failure of a Participant to remain an eligible employee of the Company or of a Participating Corporation, or Participant’s employer no longer being a Participating Corporation, immediately terminates his or
her participation in this Plan (except to the extent required due to local legal requirements outside the United States). In such event, accumulated payroll deductions credited to the Participant’s account will be returned to him or her or, in
the case of his or her death, to his or her legal representative, without interest (except to the extent required due to local legal requirements outside the United States). For purposes of this Section 12, an employee will not be deemed to
have terminated employment or failed to remain in the continuous employ of the Company or of a Participating Corporation in the case of sick leave, military leave, or any other leave of absence approved by the Company; provided that such leave is
for a period of not more than ninety (90) days or reemployment upon the expiration of such leave is guaranteed by contract or statute. The Company will have sole discretion to determine whether a Participant has terminated employment and the
effective date on which the Participant terminated employment, regardless of any notice period or garden leave required under local law. 

13. Return of Payroll Deductions. In the event a Participant’s interest in this Plan is terminated by withdrawal,
termination of employment, or otherwise, or in the event this Plan is terminated by the Board, the Company will deliver to the Participant all accumulated payroll deductions credited to such Participant’s account. No interest will accrue on the
payroll deductions of a Participant in this Plan (except to the extent required due to local legal requirements outside the United States). 

  
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 14. Capital Changes. If the number of outstanding shares is changed by a stock
dividend, recapitalization, stock split, reverse stock split, subdivision, combination, reclassification, or similar change in the capital structure of the Company, without consideration, then the Committee will adjust the number and class of Common
Stock that may be delivered under the Plan, the Purchase Price, and the number of shares of Common Stock covered by each option under the Plan which has not yet been exercised, and the numerical limits of Sections 1 and 10 will be proportionately
adjusted, subject to any required action by the Board or the stockholders of the Company and in compliance with applicable securities laws; provided that fractions of a share will not be issued. 

15. Nonassignability. Neither payroll deductions credited to a Participant’s account nor any rights with regard to the
exercise of an option or to receive shares under this Plan may be assigned, transferred, pledged, or otherwise disposed of in any way (other than by will, pursuant to the laws of descent and distribution, or as provided in Section 22 below) by
the Participant. Any such attempt at assignment, transfer, pledge, or other disposition will be void and without effect. 
 16.
Use of Participant Funds and Reports. The Company may use all payroll deductions received or held by it under the Plan for any corporate purpose, and the Company will not be required to segregate Participant payroll deductions (except to the
extent required due to local legal requirements outside the United States). Until shares are issued, Participants will only have the rights of an unsecured creditor (except to the extent required due to local legal requirements outside the United
States). Each Participant will receive, or have access to, promptly after the end of each Purchase Period a report of his or her account setting forth the total payroll deductions accumulated, the number of shares purchased, the Purchase Price
thereof, and the remaining cash balance, if any, carried forward or refunded, as determined by the Committee, to the next Purchase Period or Offering Period, as the case may be. 

17. Notice of Disposition. If Participant is subject to tax in the United States, Participant will notify the Company in writing
if the Participant disposes of any of the shares purchased in any Offering Period pursuant to this Plan. If such disposition occurs within two (2) years from the Offering Date or within one (1) year from the Purchase Date on which such
shares were purchased, the Company may place a legend or legends on any certificate representing shares acquired pursuant to this Plan requesting the Company’s transfer agent to notify the Company of any transfer of the shares. The obligation
of the Participant to provide such notice will continue notwithstanding the placement of any such legend on the certificates. 
 18.
No Rights to Continued Employment. Neither this Plan nor the grant of any option hereunder will confer any right on any employee to remain in the employ of the Company or any Participating Corporation, or restrict the right of the Company or
any Participating Corporation to terminate such employee’s employment. 
 19. Equal Rights And Privileges. All eligible
employees granted an option under this Plan that is intended to meet the Code Section 423 requirements will have equal rights and privileges with respect to this Plan or within any separate offering under the Plan so that this Plan qualifies as
an “employee stock purchase plan” within the meaning of Section 423 or any successor provision of the Code and the related regulations. Any provision of this Plan which is inconsistent with Section 423 or any successor provision
of the Code will, without further act or amendment by the Company or the Committee, be reformed to comply with the requirements of Section 423 (unless such provision applies exclusively to options granted under the Plan that are not intended to
comply with the Code Section 423 requirements). This Section 19 will take precedence over all other provisions in this Plan. 

  
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 20. Notices. All notices or other communications by a Participant to the
Company under or in connection with this Plan will be deemed to have been duly given when received in the form specified by the Company at the location, or by the person, designated by the Company for the receipt thereof. 

21. Term; Stockholder Approval. This Plan will become effective on the Effective Date. This Plan will be approved by the
stockholders of the Company within twelve (12) months before or after the date this Plan is adopted by the Board. No purchase of shares that are subject to such stockholder approval before becoming available under this Plan will occur prior to
stockholder approval of such shares, and the Committee may delay any Purchase Date and postpone the commencement of any Offering Period subsequent to such Purchase Date as deemed necessary or desirable to obtain such approval (provided that if a
Purchase Date would occur more than twenty-four (24) months after commencement of the Offering Period to which it relates, then such Purchase Date will not occur, and instead such Offering Period will terminate without the purchase of such
shares and Participants in such Offering Period will be refunded their contributions without interest, unless the payment of interest is required under local laws). This Plan will continue until the earlier to occur of (a) termination of this
Plan by the Board (which termination may be effected by the Board at any time pursuant to Section 25 below), (b) issuance of all of the shares of Common Stock reserved for issuance under this Plan, or (c) the tenth anniversary of the first
Purchase Date under the Plan. 
 22. Designation of Beneficiary. 

(a) Unless otherwise determined by the Committee, a Participant may file a written designation of a beneficiary who is to receive any cash
from the Participant’s account under this Plan in the event of such Participant’s death prior to a Purchase Date. Such form shall be valid only if it was filed with the Company at the prescribed location before the Participant’s
death. 
 (b) If authorized by the Company, such designation of beneficiary may be changed by the Participant at any time by written notice
filed with the Company at the prescribed location before the Participant’s death. In the event of the death of a Participant and in the absence of a beneficiary validly designated under this Plan who is living at the time of such
Participant’s death, the Company shall deliver such cash to the executor or administrator of the estate of the Participant or to the legal heirs of the Participant. 

23. Conditions Upon Issuance of Shares; Limitation on Sale of Shares. Shares will not be issued with respect to an option unless
the exercise of such option and the issuance and delivery of such shares pursuant thereto will comply with all applicable provisions of law, domestic or foreign, including, without limitation, the Securities Act, the Exchange Act, the rules and
regulations promulgated thereunder, and the requirements of any stock exchange or automated quotation system upon which the shares may then be listed, exchange control restrictions, securities law restrictions, or other applicable laws outside the
United States, and will be further subject to the approval of counsel for the Company with respect to such compliance. Shares may be held in trust or subject to further restrictions as permitted by any subplan. 

24. Applicable Law. The Plan will be governed by the substantive laws (excluding the conflict of laws rules) of the State of
Delaware. 
 25. Amendment or Termination. The Committee, in its sole discretion, may amend, suspend, or terminate the Plan,
or any part thereof, at any time and for any reason. If the Plan is terminated, the Committee, in its discretion, may elect to terminate all outstanding Offering Periods either immediately or upon completion of the purchase of shares of Common Stock
on the next Purchase Date (which may be sooner than originally scheduled, if determined by the Committee in its discretion), or may elect to permit Offering Periods to expire in accordance with their terms (and subject to any adjustment pursuant to

  
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Section 14). If an Offering Period is terminated prior to its previously-scheduled expiration, all amounts then credited to Participants’ accounts for such Offering Period, which have
not been used to purchase shares of Common Stock, will be returned to those Participants (without interest thereon, except as otherwise required under local laws) as soon as administratively practicable. Further, the Committee will be entitled to
establish rules to change the Purchase Periods and Offering Periods, limit the frequency and/or number of changes in the amount contributed during a Purchase Period or an Offering Period, permit payroll withholding in excess of the amount designated
by a Participant in order to adjust for delays or mistakes in the administration of the Plan, establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Common
Stock for each Participant properly correspond with amounts contributed from the Participant’s Compensation, and establish such other limitations or procedures as the Committee determines in its sole discretion advisable which are consistent
with the Plan. Such actions will not require stockholder approval or the consent of any Participants. However, no amendment will be made without approval of the stockholders of the Company (obtained in accordance with Section 21 above) within
twelve (12) months of the adoption of such amendment (or earlier if required by Section 21) if such amendment would (a) increase the number of shares that may be issued under this Plan or (b) change the designation of the
employees (or class of employees) eligible for participation in this Plan. In addition, in the event the Committee determines that the ongoing operation of the Plan may result in unfavorable financial accounting consequences, the Committee may, in
its discretion and, to the extent necessary or desirable, modify, amend, or terminate the Plan to reduce or eliminate such accounting consequences including, but not limited to: (a) amending the definition of compensation, including with
respect to an Offering Period underway at the time; (b) altering the Purchase Price for any Offering Period including an Offering Period underway at the time of the change in Purchase Price; (c) shortening any Offering Period by setting a
Purchase Date, including an Offering Period underway at the time of the Committee action; (d) reducing the maximum percentage of compensation a Participant may elect to set aside as payroll deductions; and (e) reducing the maximum number
of shares of Common Stock a Participant may purchase during any Offering Period. Such modifications or amendments will not require approval of the stockholders of the Company or the consent of any Participants. 

26. Corporate Transactions. In the event of a Corporate Transaction (as defined below), each outstanding right to purchase
Common Stock will be assumed or an equivalent option substituted by the successor corporation or a parent or a subsidiary of the successor corporation. In the event that the successor corporation refuses to assume or substitute for the purchase
right, the Offering Period with respect to which such purchase right relates will be shortened by setting a new Purchase Date (the “New Purchase Date”) and will end on the New Purchase Date. The New Purchase Date will occur
on or prior to the consummation of the Corporate Transaction, and the Plan will terminate on the consummation of the Corporate Transaction. 

27. Definitions. 
 (a)
“Affiliate” means any entity, other than a Subsidiary or Parent, (i) that, directly or indirectly, is controlled by, controls or is under common control with, the Company and (ii) in which the Company has a
significant equity interest, in either case as determined by the Committee, whether now or hereafter existing. 
 (b)
“Board” means the Board of Directors of the Company. 
 (c) “Code” means the U.S. Internal
Revenue Code of 1986, as amended. 
 (d) “Common Stock” means the common stock of the Company. 

  
 10 

 (e) “Corporate Transaction” means the occurrence of any of the
following events: (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act),
directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the total voting power represented by the Company’s then outstanding voting securities; (ii) the consummation of the sale or disposition
by the Company of all or substantially all of the Company’s assets; or (iii) the consummation of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting
securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent) at least fifty percent (50%) of the
total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation. 

(f) “Effective Date” means the date on which the Registration Statement covering the initial public offering of shares
of Common Stock is declared effective by the U.S. Securities and Exchange Commission. 
 (g) “Exchange Act”
means the U.S. Securities Exchange Act of 1934, as amended. 
 (h) “Fair Market Value” means, as of any date,
the value of a share of Common Stock, determined as follows: 
 (i) if such Common Stock is publicly traded and is then listed on a national
securities exchange, its closing price on the date of determination on the principal national securities exchange on which the Common Stock is listed or admitted to trading as reported in The Wall Street Journal or such other source as the
Committee deems reliable; 
 (ii) if such Common Stock is publicly traded but is neither listed nor admitted to trading on a national
securities exchange, the average of the closing bid and asked prices on the date of determination as reported in The Wall Street Journal or such other source as the Committee deems reliable; 

(iii) if such Common Stock is publicly traded but is neither quoted on the Nasdaq Market nor listed or admitted to trading on a national
securities exchange, the average of the closing bid and asked prices on the date of determination as reported in The Wall Street Journal or such other source as the Committee deems reliable; 

(iv) with respect to the Initial Offering Period, Fair Market Value on the Offering Date shall be the price at which shares of Common Stock
are offered to the public pursuant to the Registration Statement covering the initial public offering of the shares of Common Stock; and 

(v) if none of the foregoing is applicable, by the Committee in good faith. 

(i) “Offering Date” means the first Trading Day of each Offering Period; however, for the Initial Offering Period the
Offering Date will be the Effective Date. 
 (j) “Offering Period” means a period with respect to which the right to
purchase Common Stock may be granted under the Plan, as determined by the Committee pursuant to Section 5(a). 
 (k)
“Parent” will have the same meaning as “parent corporation” in Sections 424(e) and 424(f) of the Code. 

  
 11 

 (l) “Participant” means an eligible employee who meets the
eligibility requirements set forth in Section 4 and who is either automatically enrolled in the Initial Offering Period or who elects to participate in this Plan, subject and pursuant to Section 6. 

(m) “Participating Corporation” means any Parent, Subsidiary or Affiliate that the Board designates from time to time
as a corporation that will participate in this Plan. 
 (n) “Plan” means this Arcutis Biotherapeutics, Inc., 2020
Employee Stock Purchase Plan. 
 (o) “Purchase Date” means the last Trading Day of each Purchase Period. 

(p) “Purchase Period” means a period during which contributions may be made toward the purchase of Common Stock under
the Plan, as determined by the Committee pursuant to Section 5(b). 
 (q) “Purchase Price” means the price at
which Participants may purchase a share of Common Stock under the Plan, as determined pursuant to Section 8. 
 (r)
“Securities Act” means the U.S. Securities Act of 1933, as amended. 
 (s) “Subsidiary” will
have the same meaning as “subsidiary corporation” in Sections 424(e) and 424(f) of the Code. 
 (t) “Trading
Day” means a day on which the national stock exchange upon which the Common Stock is listed is open for trading. 

  
 12 

			
	 ARCUTIS BIOTHERAPEUTICS, INC. (THE
“COMPANY”)
 2020 EMPLOYEE STOCK
PURCHASE PLAN (“ESPP”)
  
 Capitalized
terms used but not otherwise defined herein shall have the meanings given to them in the ESPP.
	  	 INITIAL OFFERING PERIOD

CONFIRMATION & CHANGE FORM AND AGREEMENT

(THE “AGREEMENT”)

  

			
	 SECTION 1:
  

ACTIONS
	  	 CHECK DESIRED ACTION:
                                         
                   AND COMPLETE SECTIONS:

 
 ☐   Confirm / Change
Contribution Percentage                             2 + 4 + 19

☐   Withdraw from ESPP
                                         
                     2 + 5 + 19

		
	 SECTION 2:

PERSONAL DATA
	  	
Name:                         
                                         
                                         
    
  
 Home
Address:                                       
                                         
                 
                                         
                                         
                                        

 
 Social Security No. or Employee ID
No.:____________________________________

		
	 SECTION 3:
  

ENROLLMENT CONFIRMED
	  	 I understand that I have been automatically enrolled in the ESPP, and I hereby elect to continue to participate in the ESPP. I understand
that my enrollment was effective at the beginning of the Initial Offering Period and as a result of that enrollment I am electing to purchase shares of the common stock of the Company pursuant to the ESPP. I understand that the stock certificate(s)
for the Shares purchased on my behalf will be issued in street name and deposited directly into my brokerage account at the Company’s captive broker. I hereby agree to take all steps, and sign all forms, required to establish an account with
the Company’s captive broker for this purpose.
  
 My participation will continue
as long as the Company offers the ESPP and I remain eligible, unless I withdraw from the ESPP by filing a new Enrollment/Change Form with the Company. I understand that I must notify the Company of any disposition of Shares purchased under the
ESPP.

		
	 SECTION 4:
  

CHANGE CONTRIBUTION PERCENTAGE
	  	 I understand that I am currently enrolled in the ESPP at a contribution of 15% of my Compensation (as defined in the ESPP).

 
 I hereby authorize the Company to either (a) continue the automatic enrollment at
the 15% contribution level, or (b) continue the automatic enrollment but decrease the contribution level, in either case, by withholding from each of my paychecks such amount as is necessary to equal at the end of the applicable Offering Period
the percentage of my Compensation (as defined in the ESPP) paid to me during such Offering Period as indicated below, so long as I continue to participate in the ESPP. The percentage must be a whole number (from 1% up to a maximum of 14%).

 
 ☐-continue my contribution at 15%

 
 ☐-decrease my contribution percentage to _____% (must be a whole number from 1%
up to a maximum of 14%).
  
 For the Initial Offering Period (provided you have
timely submitted this Confirmation/Change Form to continue your participation in the ESPP), the withholding from your paychecks may be increased by the Company to achieve the designated contribution percentage for the full Offering
Period.

		
	 SECTION 5:
  

WITHDRAW
	  	 DO NOT CHECK ANY OF THE BOXES BELOW IF YOU WISH TO CONTINUE TO PARTICIPATE IN THE ESPP 

 
 ☐-I understand that my enrollment in the ESPP was effective at the beginning of
the Initial Offering Period. I hereby elect to withdraw from, and discontinue my participation in, the ESPP, effective as soon as reasonably practicable after this form is received by the Company. Accumulated contributions will be returned to
me without interest (except to the extent required due to local legal requirements outside the United States), pursuant to Section 11 of the ESPP.
  

Note: No contributions will be made if you elect to withdraw of the ESPP. I understand that I cannot resume participation until the start of the next
Offering Period and must timely file a new enrollment form to do so.

			
	 SECTION 6:

 
 ELECTRONIC DELIVERY AND
ACCEPTANCE
	  	The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the ESPP by electronic means. I hereby consent to receive such documents by electronic delivery and agree to
participate in the ESPP through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.
		
	 SECTION 7: 

 
 NO ADVICE REGARDING
PARTICIPATION
	  	The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding my participation in the ESPP or my acquisition or sale of Shares. I acknowledge, understand and agree that I
should consult with my own personal tax, legal and financial advisors regarding my participation in the ESPP before taking any action related to the ESPP.
		
	 SECTION 8: 

 
 APPENDIX
	  	Notwithstanding any provisions of the Agreement, my participation in the ESPP will be subject to any special terms and conditions set forth in the appendix to this Agreement for employees outside the United States (if any) (the
“Appendix”). Moreover, if I relocate to one of the countries included in the Appendix, the special terms and conditions for such country will apply to me, to the extent the Company determines that the application of such
terms and conditions is necessary or advisable for legal or administrative reasons. The Appendix constitutes part of the Agreement.
		
	 SECTION 9: 

 
 TERMINATION, MODIFICATION AND
IMPOSITION OF OTHER REQUIREMENTS
	  	The Company, at its option, may elect to terminate, suspend or modify the terms of the ESPP at any time, to the extent permitted by the ESPP. I agree to be bound by such termination, suspension or modification regardless of
whether notice is given to me of such event, subject in any case to my right to timely withdraw from the ESPP in accordance with the ESPP withdrawal procedures then in effect. The Company reserves the right to impose other requirements on my
participation in the ESPP, to the extent the Company determines it is necessary or advisable for legal or administrative reasons and to require me to sign any additional agreements or undertakings that may be necessary to accomplish the
foregoing.
		
	 SECTION 10: 

 
 SEVERABILITY
	  	If one or more provisions of this Agreement are held to be unenforceable under applicable law, then such provision will be enforced to the maximum extent possible given the intent of the parties hereto. If such clause or
provision cannot be so enforced, then (i) such provision will be excluded from the Agreement, (ii) the balance of the Agreement will be interpreted as if such provision were so excluded and (iii) the balance of the Agreement will be
enforceable in accordance with its terms.
		
	 SECTION 11: 

 
 WAIVER
	  	I acknowledge that a waiver by the Company of breach of any provision of the Agreement shall not operate or be construed as a waiver of any other provision of the Agreement, or any subsequent breach by any Participant.
		
	 SECTION 12: 

 
 GOVERNING LAW AND
VENUE
	  	The Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto will be governed, construed and interpreted in accordance with the substantive laws of the State of Delaware,
without giving effect to such state’s conflict of laws rules. Any and all disputes relating to, concerning or arising from the Agreement, or relating to, concerning or arising from the relationship between the parties evidenced by the ESPP or
this Agreement, will be brought and heard exclusively in the United States District Court for the District of Southern California or the Superior Court of California, County of Los Angeles. Each of the parties hereby (i) represents and agrees
that such party is subject to the personal jurisdiction of said courts; (ii) irrevocably consents to the jurisdiction of such courts in any legal or equitable proceedings related to, concerning or arising from such dispute; and
(iii) waives, to the fullest extent permitted by law, any objection which such party may now or hereafter have that the laying of the venue of any legal or equitable proceedings related to, concerning or arising from such dispute which is
brought in such courts is improper or that such proceedings have been brought in an inconvenient forum.

			
	 SECTION 13: 

 
 RESPONSIBILITY
FOR TAXES
	  	 I acknowledge that, regardless of any action taken by the Company or the Parent or Subsidiary employing me (the
“Employer”), the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax related items related to my participation in the ESPP and legally applicable to me
(“Tax-Related Items”) is and remains my responsibility and may exceed the amount withheld by the Company or the Employer, if any. I further acknowledge that the Company and/or the
Employer (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the purchase rights granted pursuant to the ESPP, including, but not
limited to, the purchase of Shares, the subsequent sale of Shares acquired pursuant to such purchase and the receipt of any dividends (if any); and (ii) do not commit to and are under no obligation to structure the terms of the grant or any
aspect of my participation to reduce or eliminate my liability for Tax-Related Items or achieve any particular tax result. Further, if I am subject to Tax-Related Items
in more than one jurisdiction, I acknowledge that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one
jurisdiction.
  
 Prior to any relevant taxable or tax withholding event, as applicable,
I agree to make arrangements satisfactory to the Company and/or the Employer to fulfill all Tax-Related Items. In this regard, I authorize the Company and/or the Employer, or their respective agents, at their
discretion, to satisfy any withholding obligations for Tax-Related Items by one or a combination of the following:
  

a.   withholding from my wages or other cash compensation paid to me by the Company and/or the
Employer or any Parent or Subsidiary;
  

b.  withholding from proceeds of the sale of Shares acquired upon purchase either through a voluntary sale
or through a mandatory sale arranged by the Company (on my behalf pursuant to this authorization and without further consent);
  

c.   my payment of a cash amount (including by check representing readily available funds or a wire
transfer) to the Company or Employer; or
  

d.  any other arrangement approved by the Committee and permitted under applicable law,

 
 all under such rules as may be established by the Committee and in compliance with the
Company’s Insider Trading Policy and 10b5-1 Trading Plan Policy, if applicable.
  

Depending on the withholding method, the Company may withhold or account for Tax-Related Items by considering
applicable statutory withholding rates or other applicable withholding rates, including up to the maximum permissible statutory rate for my tax jurisdiction(s) in which case I will have no entitlement to the equivalent amount in Shares and may
receive a refund of any over-withheld amount in cash in accordance with applicable law.
  

Finally, I agree to pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer
may be required to withhold or account for as a result of my participation in the ESPP that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the Shares or the proceeds of the sale of Shares, if I fail
to comply with my obligations in connection with the Tax-Related Items.

		
	 SECTION 14: 

 
 NATURE OF
GRANT
	  	 By enrolling and participating in the ESPP, I acknowledge, understand and agree that:

 
 a.   the ESPP is established
voluntarily by the Company and it is discretionary in nature;
  

b.  all decisions with respect to future offers to participate in the ESPP, if any, will be at the sole
discretion of the Committee;
  

c.   I am voluntarily participating in the ESPP;

 
 d.  the purchase rights and Shares
subject to the purchase rights, and the income from and value of same, are not intended to replace any pension rights or compensation;

			
		  	 e.   the purchase rights and the Shares subject to the purchase rights, and the
income from and value of same, are not part of normal or expected compensation for any purpose, including, but not limited to calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments;
  

f.   unless otherwise agreed with the Company, the purchase rights and the Shares subject to the
purchase rights, and the income from and value of same, are not granted as consideration for or in connection with the service I may provide as a director of any parent or Subsidiary; and

 
 g.  neither the Company, the Employer
nor any Parent or Subsidiary will be liable for any foreign exchange rate fluctuation between my local currency and the United States Dollar that may affect the value of the purchase rights or of any amounts due to me pursuant to purchase or sale of
Shares under the ESPP.

		
	 SECTION 15: 
  

DATA PRIVACY
	  	 I hereby explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of my personal data as
described in the Agreement and any other grant materials by and among, as applicable, the Employer, the Company and any Parent or Subsidiary for the exclusive purpose of implementing, administering and managing my participation in the
ESPP.
  
 I understand that the Company and the Employer may hold certain
personal information about me, including, but not limited to, my name, home address, email address and telephone number, date of birth, social insurance number, passport number or other identification number (e.g., resident registration number),
salary, nationality, job title, any shares of stock or directorships held in the Company, details of all purchase rights or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in my favor
(“Data”), for the exclusive purpose of implementing, administering and managing the ESPP.
  

I understand that Data will be transferred to the Company’s designated third-party broker, or other third party (“Online Administrator”)
and its affiliated companies or such other stock plan service provider as may be designated by the Company from time to time, which is assisting the Company with the implementation, administration and management of the ESPP. I understand that the
recipients of Data may be located in the United States or elsewhere, and that the recipients’ country may have different data privacy laws and protections than my country. I understand that if I reside outside the United States, I may request a
list with the names and addresses of any potential recipients of Data by contacting my local human resources representative. I authorize the Company, Online Administrator, or such other stock plan service provider as may be designated by the Company
from time to time, and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the ESPP to receive, possess, use, retain and transfer Data, in electronic or other form,
for the sole purpose of implementing, administering and managing my participation in the ESPP. I understand that Data will be held only as long as is necessary to implement, administer and manage my participation in the ESPP. I understand if I
reside outside the United States, I may, at any time, view Data, request information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by
contacting my local human resources representative. Further, I understand that I am providing the consents herein on a purely voluntary basis. If I do not consent, or if I later seek to revoke my consent, my employment status or service with the
Employer will not be affected; the only consequence of refusing or withdrawing my consent is that the Company would not be able to grant purchase rights or other equity awards to me or administer or maintain such awards. Therefore, I understand that
refusing or withdrawing my consent may affect my ability to participate in the ESPP. For more information on the consequences of my refusal to consent or withdrawal of consent, I understand that I may contact my local human resources
representative.

			
		  	Finally, upon request of the Company or the Employer, I agree to provide an executed data privacy consent form (or any other agreements or consents) that the Company or the Employer may deem necessary to obtain from me for the
purpose of administering my participation in the ESPP in compliance with the data privacy laws in my country, either now or in the future. I understand and agree that I will not be able to participate in the ESPP if I fail to provide any such
consent or agreement requested by the Company and/or the Employer.
		
	 SECTION 16: 
  

INSIDER TRADING RESTRICTIONS/MARKET ABUSE LAWS
	  	I acknowledge that, depending on my country of residence, the broker’s country, or the country in which the Shares are listed, I may be subject to insider trading restrictions and/or market abuse laws in applicable
jurisdictions, which may affect my ability to directly or indirectly, accept, acquire, sell or attempt to sell or otherwise dispose of Shares, or rights to Shares (e.g., purchase rights), or rights linked to the value of Shares, during such
times as I am considered to have “inside information” regarding the Company (as defined by the laws or regulations in the applicable jurisdiction). Local insider trading laws and regulations may prohibit the cancellation or amendment of
orders I placed before possessing the inside information. Furthermore, I may be prohibited from (i) disclosing the inside information to any third party, including fellow employees (other than on a “need to know” basis) and (ii)
“tipping” third parties or causing them to otherwise buy or sell securities. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Company insider
trading policy. I acknowledge that it is my responsibility to comply with any applicable restrictions and understand that I should consult my personal legal advisor on such matters. In addition, I acknowledge having read the Company’s Insider
Trading Policy, and agree to comply with such policy, as it may be amended from time to time, whenever I acquire or dispose of the Company’s securities.
		
	 SECTION 17: 
  

FOREIGN ASSET/ACCOUNT, EXCHANGE CONTROL AND TAX
REPORTING 
	  	I may be subject to foreign asset/account, exchange control and/or tax reporting requirements as a result of the acquisition, holding and/or transfer of Shares or cash resulting from my participation in the ESPP. I may be required
to report such accounts, assets, the balances therein, the value thereof and/or the transactions related thereto to the applicable authorities in my country and/or to repatriate funds received in connection with the ESPP within certain time limits
or according to specified procedures. I acknowledge that I am responsible for ensuring compliance with any applicable foreign asset/account, exchange control and tax reporting requirements and should consult my personal legal and tax advisors on
such matters.
		
	 SECTION 18: 
  

LANGUAGE
	  	I acknowledge that I am sufficiently proficient in English to understand the terms and conditions of the Agreement and the ESPP. Furthermore, if I have received this Agreement, or any other document related to the purchase rights
and/or the ESPP translated into a language other than English and if the meaning of the translated version is different from the English version, the English version will control.
		
	 SECTION 19:
  

ACKNOWLEDGMENT AND SIGNATURE
	  	 I acknowledge that I have received and read a copy of the ESPP Prospectus (which summarizes the features of the ESPP). My signature below (or
my clicking on the Accept box if this is an electronic form) indicates that I hereby agree to be bound by the terms of the ESPP.
  

Signature:
                                         
                                         
        Date:                        

 APPENDIX 

ARCUTIS BIOTHERAPEUTICS, INC. 

2020 EMPLOYEE STOCK PURCHASE PLAN 

INITIAL OFFERING PERIOD GLOBAL ENROLLMENT CONFIRMATION FORM AND AGREEMENT 

COUNTRY SPECIFIC PROVISIONS FOR EMPLOYEES OUTSIDE THE U.S. 

Not applicable 

			
	 ARCUTIS BIOTHERAPEUTICS, INC. (THE “COMPANY”)

2020 EMPLOYEE STOCK PURCHASE PLAN (“ESPP”)

 
 Capitalized terms used but not otherwise defined herein shall have the meanings given
to them in the ESPP.
	  	 GLOBAL ENROLLMENT/CHANGE

FORM AND AGREEMENT (THE “AGREEMENT”)

  

					
	 SECTION 1:

 
 ACTIONS
	  	 CHECK DESIRED ACTION:

 
 ☐   Enroll in the
ESPP
 ☐   Change Contribution Percentage

(for next Offering Period)

☐   Withdraw from ESPP
	  	 AND COMPLETE SECTIONS:

 
 2 + 3 + 4 + 19

2 + 4 + 19

    

2 + 5 + 19

		
	 SECTION 2:

 
 PERSONAL
DATA
	  	 Name
:                                         
                                         
                              

 
 Home
Address:                                       
                                 

 

                   
                                         
                                         
                     
  

Social Security No. or Employee ID No.: _____________________________________

		
	 SECTION 3:

 
 ENROLL
	  	 ☐ I hereby elect to participate in the ESPP, effective at the beginning of the next Offering Period. I elect to purchase
shares of the common stock of the Company pursuant to the ESPP. I understand that the stock certificate(s) for the Shares purchased on my behalf will be issued in street name and deposited directly into my brokerage account at the Company’s
captive broker. I hereby agree to take all steps, and sign all forms, required to establish an account with the Company’s captive broker for this purpose.
  

My participation will continue as long as the Company offers the ESPP and I remain eligible, unless I withdraw from the ESPP by filing a new Enrollment/Change
Form with the Company. I understand that I must notify the Company of any disposition of Shares purchased under the ESPP.

		
	 SECTION 4:

 
 ELECT/CHANGE CONTRIBUTION
PERCENTAGE
	  	 I hereby authorize the Company to withhold from each of my paychecks such amount as is necessary to equal at the end of the
applicable Offering Period the percentage of my Compensation (as defined in the ESPP) paid to me during such Offering Period as indicated below, so long as I continue to participate in the ESPP. The percentage must be a whole number (from 1% up
to a maximum of 15%). This change will be effective for the Next Offering Period.
  

Designated contribution percentage: _____%
  

If this is a change to my current enrollment, this represents an ☐ increase ☐ decrease to my contribution percentage.

 
 Note: You may not increase your contributions at any time within an ongoing
Offering Period. An increase in your contribution percentage can only take effect with the next Offering Period. You may decrease your Contribution percentage to a percentage other than 0% only once within an ongoing Offering Period to be effective
during that Offering Period. If you decrease your percentage to 0%, any previously accumulated contributions will be used to purchase shares on the next Purchase Date pursuant to Section 9 of the ESPP. A change will become effective as soon as
reasonably practicable after the form is received by the Company.

		
	 SECTION 5:
  

WITHDRAW FROM PLAN
	  	 DO NOT CHECK ANY OF THE BOXES BELOW IF YOU WISH TO CONTINUE TO PARTICIPATE IN THE ESPP 

 
 ☐   I hereby elect to
withdraw from, and discontinue my participation in, the ESPP, effective as soon as reasonably practicable after this form is received by the Company. Accumulated contributions will be returned to me without interest (except to the extent
required due to local legal requirements outside the United States), pursuant to Section 11 of the ESPP.
  

Note: I understand that I cannot resume participation until the start of the next Offering Period and must timely file a new enrollment form to do
so.

			
	 SECTION 6: 
  

ELECTRONIC DELIVERY AND ACCEPTANCE
	  	The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the ESPP by electronic means. I hereby consent to receive such documents by electronic delivery and agree to
participate in the ESPP through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.
		
	 SECTION 7: 
  

NO ADVICE REGARDING PARTICIPATION
	  	The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding my participation in the ESPP or my acquisition or sale of Shares. I acknowledge, understand and agree that I
should consult with my own personal tax, legal and financial advisors regarding my participation in the ESPP before taking any action related to the ESPP.
		
	 SECTION 8: 
  

APPENDIX
	  	Notwithstanding any provisions of the Agreement, my participation in the ESPP will be subject to any special terms and conditions set forth in the appendix to this Agreement for employees outside the United States (if any) (the
“Appendix”). Moreover, if I relocate to one of the countries included in the Appendix, the special terms and conditions for such country will apply to me, to the extent the Company determines that the application of such
terms and conditions is necessary or advisable for legal or administrative reasons. The Appendix constitutes part of the Agreement.
		
	 SECTION 9: 
  

TERMINATION, MODIFICATION AND IMPOSITION OF OTHER
REQUIREMENTS
	  	The Company, at its option, may elect to terminate, suspend or modify the terms of the ESPP at any time, to the extent permitted by the ESPP. I agree to be bound by such termination, suspension or modification regardless of whether
notice is given to me of such event, subject in any case to my right to timely withdraw from the ESPP in accordance with the ESPP withdrawal procedures then in effect. The Company reserves the right to impose other requirements on my participation
in the ESPP, to the extent the Company determines it is necessary or advisable for legal or administrative reasons and to require me to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.
		
	 SECTION 10: 
  

SEVERABILITY
	  	If one or more provisions of this Agreement are held to be unenforceable under applicable law, then such provision will be enforced to the maximum extent possible given the intent of the parties hereto. If such clause or provision
cannot be so enforced, then (i) such provision will be excluded from the Agreement, (ii) the balance of the Agreement will be interpreted as if such provision were so excluded and (iii) the balance of the Agreement will be enforceable
in accordance with its terms.
		
	 SECTION 11: 
  

WAIVER
	  	I acknowledge that a waiver by the Company of breach of any provision of the Agreement shall not operate or be construed as a waiver of any other provision of the Agreement, or any subsequent breach by any Participant.
		
	 SECTION 12: 
  

GOVERNING LAW AND VENUE
	  	The Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto will be governed, construed and interpreted in accordance with the substantive laws of the State of Delaware, without
giving effect to such state’s conflict of laws rules. Any and all disputes relating to, concerning or arising from the Agreement, or relating to, concerning or arising from the relationship between the parties evidenced by the ESPP or this
Agreement, will be brought and heard exclusively in the United States District Court for the District of Southern California or the Superior Court of California, County of Los Angeles. Each of the parties hereby (i) represents and agrees that
such party is subject to the personal jurisdiction of said courts; (ii) irrevocably consents to the jurisdiction of such courts in any legal or equitable proceedings related to, concerning or arising from such dispute, and (iii) waives, to
the fullest extent permitted by law, any objection which such party may now or hereafter have that the laying of the venue of any legal or equitable proceedings related to, concerning or arising from such dispute which is brought in such courts is
improper or that such proceedings have been brought in an inconvenient forum.
		
	 SECTION 13: 
  

RESPONSIBILITY FOR TAXES
	  	I acknowledge that, regardless of any action taken by the Company or the Parent or Subsidiary employing me (the “Employer”), the ultimate liability for all income tax, social insurance, payroll tax, fringe
benefits tax, payment on account or other tax related items related to my participation in the ESPP and legally applicable to me (“Tax-Related Items”) is and remains my responsibility
and may exceed the amount withheld by the Company or the Employer, if any. I further acknowledge that the Company and/or the Employer (i) make no representations or undertakings regarding the treatment of any
Tax-Related Items in connection with any aspect of the purchase rights granted pursuant to the ESPP, including, but not limited to, the purchase of Shares, the subsequent sale of Shares acquired pursuant to
such purchase and the receipt of any

			
		  	 dividends (if any); and (ii) do not commit to and are under no obligation to structure the terms of the grant or any aspect of my
participation to reduce or eliminate my liability for Tax-Related Items or achieve any particular tax result. Further, if I am subject to Tax-Related Items in more than
one jurisdiction, I acknowledge that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

 
 Prior to any relevant taxable or tax withholding event, as applicable, I agree to make
arrangements satisfactory to the Company and/or the Employer to fulfill all Tax-Related Items. In this regard, I authorize the Company and/or the Employer, or their respective agents, at their discretion, to
satisfy any withholding obligations for Tax-Related Items by one or a combination of the following:
  

a.   withholding from my wages or other cash compensation paid to me by the Company and/or the
Employer or any Parent or Subsidiary;
  

b.  withholding from proceeds of the sale of Shares acquired upon purchase either through a voluntary sale
or through a mandatory sale arranged by the Company (on my behalf pursuant to this authorization and without further consent);
  

c.   my payment of a cash amount (including by check representing readily available funds or a wire
transfer) to the Company or Employer; or
  

d.  any other arrangement approved by the Committee and permitted under applicable law,

 
 all under such rules as may be established by the Committee and in compliance with the
Company’s Insider Trading Policy and 10b5-1 Trading Plan Policy, if applicable.
  

Depending on the withholding method, the Company may withhold or account for Tax-Related Items by considering
applicable statutory withholding rates or other applicable withholding rates, including up to the maximum permissible statutory rate for my tax jurisdiction(s) in which case I will have no entitlement to the equivalent amount in Shares and may
receive a refund of any over-withheld amount in cash in accordance with applicable law.
  

Finally, I agree to pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer
may be required to withhold or account for as a result of my participation in the ESPP that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the Shares or the proceeds of the sale of Shares, if I fail
to comply with my obligations in connection with the Tax-Related Items.

		
	 SECTION 14: 
  

NATURE OF GRANT
	  	 By enrolling and participating in the ESPP, I acknowledge, understand and agree that:

 
 a.   the ESPP is established
voluntarily by the Company and it is discretionary in nature;
  

b.  all decisions with respect to future offers to participate in the ESPP, if any, will be at the sole
discretion of the Committee;
  

c.   I am voluntarily participating in the ESPP;

 
 d.  the purchase rights and Shares
subject to the purchase rights, and the income from and value of same, are not intended to replace any pension rights or compensation;
  

e.   the purchase rights and the Shares subject to the purchase rights, and the income from and
value of same, are not part of normal or expected compensation for any purpose, including, but not limited to calculating any severance, resignation, termination, redundancy, dismissal,
end-of-service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments;

 
 f.   unless otherwise agreed
with the Company, the purchase rights and the Shares subject to the purchase rights, and the income from and value of same, are not granted as consideration for or in connection with the service I may provide as a director of any parent or
Subsidiary; and

			
		  	 g.  neither the Company, the Employer nor any Parent or Subsidiary will be liable for
any foreign exchange rate fluctuation between my local currency and the United States Dollar that may affect the value of the purchase rights or of any amounts due to me pursuant to purchase or sale of Shares under the ESPP.

		
	 SECTION 15: 
  

DATA PRIVACY
	  	 I hereby explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of my personal data as
described in the Agreement and any other grant materials by and among, as applicable, the Employer, the Company and any Parent or Subsidiary for the exclusive purpose of implementing, administering and managing my participation in the
ESPP.
  
 I understand that the Company and the Employer may hold certain
personal information about me, including, but not limited to, my name, home address, email address and telephone number, date of birth, social insurance number, passport number or other identification number (e.g., resident registration number),
salary, nationality, job title, any shares of stock or directorships held in the Company, details of all purchase rights or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in my favor
(“Data”), for the exclusive purpose of implementing, administering and managing the ESPP.
  

I understand that Data will be transferred to the Company’s designated third-party broker, or other third party (“Online Administrator”)
and its affiliated companies or such other stock plan service provider as may be designated by the Company from time to time, which is assisting the Company with the implementation, administration and management of the ESPP. I understand that the
recipients of Data may be located in the United States or elsewhere, and that the recipients’ country may have different data privacy laws and protections than my country. I understand that if I reside outside the United States, I may request a
list with the names and addresses of any potential recipients of Data by contacting my local human resources representative. I authorize the Company, Online Administrator, or such other stock plan service provider as may be designated by the Company
from time to time, and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the ESPP to receive, possess, use, retain and transfer Data, in electronic or other form,
for the sole purpose of implementing, administering and managing my participation in the ESPP. I understand that Data will be held only as long as is necessary to implement, administer and manage my participation in the ESPP. I understand if I
reside outside the United States, I may, at any time, view Data, request information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by
contacting my local human resources representative. Further, I understand that I am providing the consents herein on a purely voluntary basis. If I do not consent, or if I later seek to revoke my consent, my employment status or service with the
Employer will not be affected; the only consequence of refusing or withdrawing my consent is that the Company would not be able to grant purchase rights or other equity awards to me or administer or maintain such awards. Therefore, I understand that
refusing or withdrawing my consent may affect my ability to participate in the ESPP. For more information on the consequences of my refusal to consent or withdrawal of consent, I understand that I may contact my local human resources
representative.
  
 Finally, upon request of the Company or the Employer,
I agree to provide an executed data privacy consent form (or any other agreements or consents) that the Company or the Employer may deem necessary to obtain from me for the purpose of administering my participation in the ESPP in compliance with the
data privacy laws in my country, either now or in the future. I understand and agree that I will not be able to participate in the ESPP if I fail to provide any such consent or agreement requested by the Company and/or the
Employer.

		
	 SECTION 16: 
  

INSIDER TRADING RESTRICTIONS/MARKET ABUSE LAWS
	  	I acknowledge that, depending on my country of residence, the broker’s country, or the country in which the Shares are listed, I may be subject to insider trading restrictions and/or market abuse laws in applicable
jurisdictions, which may affect my ability to directly or indirectly, accept, acquire, sell or attempt to sell or otherwise dispose of Shares, or rights to Shares (e.g., purchase rights), or rights linked to the value of Shares, during such
times as I am considered to have “inside information” regarding the Company (as defined by the laws or regulations in the applicable jurisdiction). Local insider trading laws and regulations may prohibit the cancellation

			
		  	or amendment of orders I placed before possessing the inside information. Furthermore, I may be prohibited from (i) disclosing the inside information to any third party, including fellow employees (other than on a “need to
know” basis) and (ii) “tipping” third parties or causing them to otherwise buy or sell securities. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any
applicable Company insider trading policy. I acknowledge that it is my responsibility to comply with any applicable restrictions and understand that I should consult my personal legal advisor on such matters. In addition, I acknowledge having read
the Company’s Insider Trading Policy, and agree to comply with such policy, as it may be amended from time to time, whenever I acquire or dispose of the Company’s securities.
		
	 SECTION 17: 
  

FOREIGN ASSET/ACCOUNT, EXCHANGE CONTROL AND TAX
REPORTING 
	  	I may be subject to foreign asset/account, exchange control and/or tax reporting requirements as a result of the acquisition, holding and/or transfer of Shares or cash resulting from my participation in the ESPP. I may be required
to report such accounts, assets, the balances therein, the value thereof and/or the transactions related thereto to the applicable authorities in my country and/or to repatriate funds received in connection with the ESPP within certain time limits
or according to specified procedures. I acknowledge that I am responsible for ensuring compliance with any applicable foreign asset/account, exchange control and tax reporting requirements and should consult my personal legal and tax advisors on
such matters.
		
	 SECTION 18: 
  

LANGUAGE
	  	I acknowledge that I am sufficiently proficient in English to understand the terms and conditions of the Agreement and the ESPP. Furthermore, if I have received this Agreement, or any other document related to the purchase rights
and/or the ESPP translated into a language other than English and if the meaning of the translated version is different from the English version, the English version will control.
		
	 SECTION 19:
  

ACKNOWLEDGMENT AND SIGNATURE
	  	 I acknowledge that I have received and read a copy of the ESPP Prospectus (which summarizes the features of the ESPP). My signature below (or
my clicking on the Accept box if this is an electronic form) indicates that I hereby agree to be bound by the terms of the ESPP.
  

Signature:
                                         
                           
                Date:                     

 APPENDIX 

ARCUTIS BIOTHERAPEUTICS, INC. 2020 EMPLOYEE STOCK PURCHASE PLAN 

GLOBAL ENROLLMENT/CHANGE FORM AND AGREEMENT 

COUNTRY SPECIFIC PROVISIONS FOR EMPLOYEES OUTSIDE THE U.S. 

Not applicableEX-10.11

 Exhibit 10.11 

CONSULTING AGREEMENT 
 This
Consulting Agreement (“Agreement”) is entered into as of August 16, 2016 (the “Effective Date”) by and between Arcutis, Inc. (“Company”), a Delaware corporation with a principal place of
business at 70 Willow Road, Suite 200, Menlo Park CA 94025, and Bhaskar Chaudhuri, PhD, (“Consultant”), a California resident with a principal address at
                                         
   . The Company desires to retain Consultant as an independent contractor to perform consulting services for the Company and Consultant is willing to perform such services, on the terms described below. In consideration of the mutual
promises contained herein, the parties agree as follows: 
 1.    Services and Compensation; Consultant
agrees to perform for the Company the services described in Exhibit A (the “Services”), herein incorporated by reference, and the Company agrees to pay Consultant the compensation described in
Exhibit A for Consultant’s performance of the Services. 
 A.    Travel Expenses.
Company shall reimburse Consultant for any and all reasonable travel-related expenses incurred by Consultant in connection with Consultant’s performance of the Services set forth herein, provided, however, that all such expenses must be
preapproved by Company. Reimbursable travel expenses shall include automobile rental and other transportation expenses, hotel expenses and meals. All requests for reimbursement for travel-related expenses must be accompanied by documentation in form
and detail sufficient to meet the requirements of the Internal Revenue Service with respect to recognition of business-related travel expenses for federal corporate tax purposes. 

2.    Confidentiality. 

A.    Definition. “Confidential Information” means any
non-public information that relates to the actual or anticipated business or research and development of the Company, technical data, trade secrets or know-how,
including, but not limited to, research, clinical data, product plans or other information regarding the Company’s research and development, products or services and markets therefore, customer lists and customers, developments, inventions,
processes, formulas, compounds, technology, designs, marketing, finances or other business information. Confidential Information does not include information that (i) is known to Consultant at the time of disclosure to Consultant by the Company
as evidenced by written records of Consultant, (ii) has become publicly known and made generally available through no wrongful act of Consultant, or (iii) has been rightfully received by Consultant from a third party who is authorized to
make such disclosure. Notwithstanding the foregoing, all Confidential Information developed by or for Consultant and assigned to Company in connection with this Agreement shall be deemed Confidential Information of the Company and exception (i)
above will not be applicable thereto. 
 B.    Nonuse and Nondisclosure. Consultant will not, during or subsequent
to the term of this Agreement, (i) use the Confidential Information for any purpose whatsoever other than the performance of the Services on behalf of the Company or (ii) disclose the Confidential Information to any third party. Consultant
agrees that all Confidential Information will remain the sole property 

  

  
 1 

Consulting Services Agreement 

Bhaskar Chaudhuri 

 
of the Company. Consultant also agrees to take all reasonable precautions to prevent any unauthorized use or disclosure of such Confidential Information, including, but not limited to, having
each of Consultant’s employees, agents and contractors, if any, with access to any Confidential Information, execute (prior to gaining access) an agreement requiring such employee, agent or contractor, as the case may be, to comply with and be
bound by Consultant’s obligations set forth in Sections 2, 3, 4 and 10 of this Agreement (Consultant will provide the Company with a copy of each such agreement). 

C.    Former Client Confidential Information. Consultant agrees that Consultant will not, during the term of this
Agreement, improperly use or disclose any proprietary information or trade secrets of any former or current employer of Consultant or other person or entity with which Consultant has an agreement or duty to keep in confidence information acquired by
Consultant, if any. Consultant also agrees that Consultant will not bring onto the Company’s premises any unpublished document or proprietary information belonging to any such employer, person or entity unless consented to in writing by such
employer, person or entity. 
 D.    Third Party Confidential Information. Consultant recognizes that the Company
has received and in the future will receive from third parties their confidential or proprietary information subject to a duty on the Company’s part to maintain the confidentiality of such information and to use it only for certain limited
purposes. Consultant agrees that, during the term of this Agreement and thereafter, Consultant owes the Company and such third parties a duty to hold all such confidential or proprietary information in the strictest confidence and not to disclose it
to any person, firm or corporation or to use it except as necessary in carrying out the Services for the Company consistent with the Company’s agreement with such third party. 

Consultant acknowledges that Company is actively seeking technology from third parties, and contemplates that Consultant’s services will
be requested with respect to third party information. From time to time, Company may request that Consultant execute additional confidentiality provisions or agreements required by these third parties. Consultant shall not unreasonably refuse to
execute such additional confidentiality provisions. 
 E.    Return of Materials. Upon the termination of this
Agreement, or upon Company’s earlier request, Consultant will deliver to the Company all of the Company’s property and any Confidential Information that Consultant may have in Consultant’s possession or control (including without
limitation any such property or Confidential Information in the possession or control of any of Consultant’s employees, agents or consultants). In the event any of Consultant’s employees, agents or contractors are terminated, Consultant
will recover any Company property or Confidential Information in the possession or control of such individual or entity. 

3.    Ownership. 

A.    Assignment. Consultant agrees that all intellectual and physical concepts, reports, plans, ideas, writings,
sketches, layouts, copy, promotions, videos, commercials, films, photographs, illustrations, presentations, recordings, software, literary and artistic works, artwork, campaigns, material, notes, records, drawings, designs, inventions, improvements,
developments, discoveries, compositions, and trade secrets, processes, methods and/or techniques conceived, discovered, developed or reduced to practice by Consultant, solely or in collaboration with others,

  

  
 2 

Consulting Services Agreement 

Bhaskar Chaudhuri 

 
during the term of this Agreement that relate in any manner to the business of the Company that Consultant may be directed to undertake, prepare, investigate or experiment with or that Consultant
may become associated with in work, investigation or experimentation in the Company’s line of business in the course of performing the Services hereunder (collectively, “Inventions”), are the sole property of the Company.
Consultant also agrees to assign (or cause to be assigned) and hereby assigns fully to the Company all Inventions and any copyrights, patents, or other intellectual property rights relating to all Inventions. 

B.    Works Made-For-Hire.
Consultant agrees that all Inventions created under this Agreement shall be deemed “works made-for-hire” for all purposes, including for the purposes of
interpretation under Section 101 of the Copyright Act, 17 U.S.C. Section 101 (or any successor thereto), that Company is deemed the author or creator of the Inventions, and that, as between Consultant and Company, Company is the exclusive
owner of all right, title and interest, including all copyrights, trademark rights, and any and all other intellectual property rights, in and to the Inventions. If, for any reason, any of the Inventions are not found to have been created as works made-for-hire, Consultant hereby assigns and/or agrees to assign all its right, title and interest in and to the Inventions, including the copyrights of said Inventions to
Company. Notwithstanding the foregoing, Company acknowledges that from time to time, with its prior knowledge and consent, Consultant may acquire a license or other limited right to use certain intellectual property (i.e., photography, art, music)
and not the full ownership thereof; and, in such event, same shall not be a work for hire. 
 C.    Representations
and Warranties. Consultant represents and warrants that all Inventions are original or that it has obtained all rights necessary for its unrestricted use of Inventions by Client, in any manner and over any period of time, including without
limitation, rights related to copyright, trademark, right of publicity and privacy and trade secret, subject to Section 3B and excepting such limitations or restrictions as Consultant shall fully disclose in writing to Company before the work
is created. Consultant agrees to secure for Company all third party consents, releases and contracts necessary to evidence Company’s rights in any Inventions provided by Consultant under this Agreement. 

D.    Further Assurances. Consultant agrees to assist Company, or its designee, at the Company’s expense, in
every proper way to secure the Company’s rights in Inventions and any copyrights, patents, or other intellectual property rights relating to all Inventions in any and all countries, including the disclosure to the Company of all pertinent
information and data with respect to all Inventions, the execution of all applications, specifications, oaths, assignments and all other instruments that the Company may deem necessary in order to apply for and obtain such rights and in order to
assign and convey to the Company, its successors, assigns and nominees the sole and exclusive right, title and interest in and to all Inventions, and any copyrights, patents, or other intellectual property rights relating to all Inventions. In the
event Consultant fails to execute any necessary documents when requested by Company, Company is hereby irrevocably granted such power of attorney to execute assignment and other necessary documents on Consultant’s behalf to perfect
Company’s ownership in the Inventions. Consultant also agrees that Consultant’s obligation to execute or cause to be executed any such instrument or papers will continue after the termination of this Agreement. It is understood and agreed
that the Company, or its designee, shall have the sole right, but not the obligation, to file, prosecute and maintain patent applications and patents worldwide with respect to Inventions. 

  

  
 3 

Consulting Services Agreement 

Bhaskar Chaudhuri 

 (i)    No Company obligation to protect or commercialize
Consultant information. Consultant agrees that Company is not obligated to commercialize any subject matter, including any information generated by Consultant and set forth in any intellectual property pursuant to this agreement. Consultant
acknowledges that the Company, may or may not, in its sole discretion, take steps to protect intellectual property encompassing any information generated by Consultant, and is in no way obligated to commercialize such inventions or intellectual
property. 
 (ii)    Consultant Cooperation with Judicial or Regulatory Authorities. To the extent that
Consultant, or anyone under Consultant’s control, generates any information which Company, in its sole discretion, deems appropriate to submit to any judicial or regulatory authority, including the US Food and Drug Administration, the US
Securities and Exchange Administration, or any other authority in any other jurisdiction, Consultant acknowledges that Company owns such information ab initio, and Consultant agrees to use best efforts to assist Company in all dealings with
such judicial or regulatory authority. If Consultant receives a subpoena or other judicial or administrative demand for information, Consultant agrees to immediately, within 24 hours of receipt, notify Company, and cooperate fully with Company in
responding to such demand for information prior to disclosing such information, which may include Confidential Information, to the demanding authority. 

(iii)    Consultant Compliance with Disclosure Requirements. Consultant also agrees to obey all disclosure
requirements of any regulatory authority, including requirements that scientific or clinical investigators disclose all direct or indirect financial or other compensation received on behalf of Company or any third party in connection with the
regulatory information. 
 (iv)    Care of Property. Consultant shall take all reasonable precautions to
safeguard any and all Company property in Consultant’s custody or control and shall be responsible for any and all loss, damage, destruction or unauthorized use by others of Company’s property. 

E.    Pre-Existing Materials. Consultant agrees that if, in the course of
performing the Services, Consultant incorporates into any Invention developed under this Agreement any invention, improvement, development, concept, discovery or other proprietary information owned by Consultant or in which Consultant has an
interest, (i) Consultant will inform Company, in writing before incorporating any such invention, improvement, development, concept, discovery or other proprietary information into any Invention, and (ii) the Company is hereby granted a
nonexclusive, royalty-free, perpetual, irrevocable, worldwide license to make, have made, modify, reproduce, display, use and sell such item as part of or in connection with such Invention but solely in the manner as is utilized in the Services.
Notwithstanding the foregoing, Company may assign the above referenced worldwide license to a successor to all or substantially all of its business or assets whether by sale, merger, operation of law or otherwise if the assignee or transferee has
agreed to be bound by the terms and conditions of this Agreement. Consultant will not incorporate any invention, improvement, development, concept, discovery or other proprietary information owned by any third party into any Invention without
Company’s prior written permission. 

  

  
 4 

Consulting Services Agreement 

Bhaskar Chaudhuri 

F.    Attorney-in-Fact. Consultant
agrees that, if the Company is unable because of Consultant’s unavailability, dissolution, mental or physical incapacity, or for any other reason, to secure Consultant’s signature for the purpose of applying for or pursuing any application
for any United States or foreign patents or copyright registrations covering the Inventions assigned to the Company in Section 3.A, then Consultant hereby irrevocably designates and appoints the Company and its duly
authorized officers and agents as Consultant’s agent and attorney-in-fact, to act for and on Consultant’s behalf to execute and file any such applications and
to do all other lawfully permitted acts to further the prosecution and issuance of patents, copyright or other legal documents required by any judicial or regulatory authority, with the same legal force and effect as if executed by Consultant. 

4.    Conflicting Obligations. 

Consultant certifies that Consultant has no outstanding agreement or obligation that is in conflict with any of the provisions of this
Agreement or that would preclude Consultant from rendering the Services, and otherwise complying with the provisions of this Agreement. Consultant will not enter into any such conflicting agreement during the term of this Agreement. 

5.    Term and Termination. 

A.    Term. The term of this Agreement will begin on the Effective Date of this Agreement and will continue until
termination as provided in Section 5.B. The term of this Agreement may be extended through the written, mutual agreement of the parties. 

B.    Termination. Either the Company or Consultant may terminate this Agreement for any reason or no reason upon
giving Consultant thirty (30) days’ prior written notice of such termination pursuant to Section 9.E of this Agreement. In addition, either Company or Consultant may terminate this Agreement upon ten
(10) days prior written notice if the other party is in breach of any material provision of this Agreement, and such breach is not cured during such ten (10) day period. 

C.    Survival. Upon such termination, all rights and duties of the Company and Consultant toward each other will
cease except: 
 (i)    The Company will pay, within 30 days after the effective date of termination, all amounts
owing to Consultant for Services completed by the Company prior to the termination date and related expenses, if any, submitted in accordance with the Company’s standard policies; 

(ii)     Consultant may be eligible for acceleration in vesting of equity, as provided on Exhibit A; and 

(iii)     Section 2 (Confidentiality), Section 3 (Ownership), Section 4 (Conflicting Obligations),
Section 6 (Independent Contractor; Benefits), Section 8 (Arbitration and Equitable Relief) and Section 9 (Miscellaneous) will survive termination of this Agreement. Consultant acknowledges continuing obligations toward third party
regulatory and judicial authorities, in conjunction with Company, and disclosure obligations, as set forth under section 3(B)(ii) and (iii) above. 

  

  
 5 

Consulting Services Agreement 

Bhaskar Chaudhuri 

 6.    Independent Contractor; Benefits. 

A.    Independent Contractor. It is the express intention of the Company and Consultant that Consultant perform the
Services as an independent contractor to the Company. Nothing in this Agreement will in any way be construed to constitute Consultant as an agent, employee or representative of the Company. Without limiting the generality of the foregoing,
Consultant is not authorized to bind the Company to any liability or obligation or to represent that Consultant has any such authority. Consultant acknowledges and agrees that Consultant is obligated to report as income all compensation received by
Consultant pursuant to this Agreement. Consultant agrees to and acknowledges the obligation to pay all self-employment and other taxes on such income. 

B.    Benefits. The Company and Consultant agree that Consultant will receive no Company-sponsored benefits from the
Company. If Consultant is reclassified by a state or federal agency or court as Company’s employee, Consultant will become a reclassified employee and will receive no benefits from the Company, except those mandated by state or federal law,
even if by the terms of the Company’s benefit plans or programs of the Company in effect at the time of such reclassification, Consultant would otherwise be eligible for such benefits. 

7.    Omitted 

8.    Arbitration and Equitable Relief. 

A.    Arbitration. Consultant agrees that any and all controversies, claims or disputes with anyone (including the
Company and any employee, officer, director, shareholder or benefit plan of the Company, in its capacity as such or otherwise) arising out of, relating to or resulting from Consultant’s performance of the Services under this Agreement or the
termination of this Agreement, including any breach of this Agreement, shall be subject to binding arbitration under the Arbitration Rules set forth in California Code of Civil Procedure Section 1280 through 1294.2, including
Section 1283.05 (the “Rules”) and pursuant to California law. CONSULTANT AGREES TO ARBITRATE, AND THEREBY AGREES TO WAIVE ANY RIGHT TO A TRIAL BY JURY WITH RESPECT TO, ALL DISPUTES ARISING FROM OR RELATED TO THIS
AGREEMENT, INCLUDING BUT NOT LIMITED TO: ANY STATUTORY CLAIMS UNDER STATE OR FEDERAL LAW, CLAIMS UNDER TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, THE AMERICANS WITH DISABILITIES ACT OF 1990, THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, THE
OLDER WORKERS BENEFIT PROTECTION ACT, THE CALIFORNIA FAIR EMPLOYMENT AND HOUSING ACT, THE CALIFORNIA LABOR CODE, CLAIMS OF HARASSMENT, DISCRIMINATION OR WRONGFUL TERMINATION AND ANY STATUTORY CLAIMS. Consultant understands that this Agreement to
arbitrate also applies to any disputes that the Company may have with Consultant. 
 B.    Procedure. Consultant
agrees that any arbitration will be administered by the American Arbitration Association (“AAA”), and that a neutral arbitrator will be selected in a manner consistent with its National Rules for the Resolution of Employment
Disputes. Consultant agrees that the arbitrator will have the power to decide any motions brought by any party to the arbitration, including discovery motions, motions for summary judgment and/or adjudication and motions to dismiss and demurrers,
prior to any arbitration hearing. Consultant agrees that the arbitrator will issue a written decision on the merits. Consultant also agrees that the arbitrator will 

  

  
 6 

Consulting Services Agreement 

Bhaskar Chaudhuri 

 
have the power to award any remedies, including attorneys’ fees and costs, available under applicable law. Consultant understands that the Company will pay for any administrative or hearing
fees charged by the arbitrator or AAA, except that Consultant shall pay the first $200.00 of any filing fees associated with any arbitration Consultant initiates. Consultant agrees that the arbitrator will administer and conduct any arbitration in a
manner consistent with the Rules and that, to the extent that the AAA’s National Rules for the Resolution of Employment Disputes conflict with the Rules, the Rules will take precedence. 

C.    Remedy. Except as provided by the Rules, arbitration will be the sole, exclusive and final remedy for any
dispute between the Company and Consultant. Accordingly, except as provided for by the Rules, neither the Company nor Consultant will be permitted to pursue court action regarding claims that are subject to arbitration. Notwithstanding the
foregoing, the arbitrator will not have the authority to disregard or refuse to enforce any lawful Company policy, and the arbitrator shall not order or require the Company to adopt a policy not otherwise required by law which the Company has not
adopted. 
 D.    Availability of Injunctive Relief. In addition to the right under the Rules to petition the
court for provisional relief, Consultant agrees that any party may also petition the court for injunctive relief where either party alleges or claims a violation of Sections 2 (Confidentiality), 3 (Ownership) or 4 (Conflicting Obligations) of this
Agreement or any other agreement regarding trade secrets, confidential information, nonsolicitation or Labor Code §2870. In the event either the Company or Consultant seeks injunctive relief, the prevailing party will be entitled to recover
reasonable costs and attorneys’ fees. 
 E.    Administrative Relief. Consultant understands that this
Agreement does not prohibit Consultant from pursuing an administrative claim with a local, state or federal administrative body such as the Department of Fair Employment and Housing, the Equal Employment Opportunity Commission or the workers’
compensation board. This Agreement does, however, preclude Consultant from pursuing court action regarding any such claim. 

F.    Voluntary Nature of Agreement. Consultant acknowledges and agrees that Consultant is executing this Agreement
voluntarily and without any duress or undue influence by the Company or anyone else. Consultant further acknowledges and agrees that Consultant has carefully read this Agreement and has asked any questions needed to understand the terms,
consequences and binding effect of this Agreement and fully understand it, including that Consultant is waiving its right to a jury trial. Finally, Consultant agrees that Consultant has been provided an opportunity to seek the advice of an attorney
of its choice before signing this Agreement. 
 9.    Miscellaneous. 

A.    Governing Law. This Agreement will be governed by, and construed and interpreted under, the laws of the State
of Delaware without regard to Delaware’s conflicts of law principles. 
 B.    Assignability. Consultant may
not sell, assign, sub-contract or otherwise delegate any rights or obligations under this Agreement. Company may, without limitation, assign any or 

  

  
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Bhaskar Chaudhuri 

 
all of its rights and interests hereunder to a successor to all or substantially all of its business or assets whether by sale, merger, operation of law or otherwise if the assignee or transferee
has agreed to be bound by the terms and conditions of this Agreement. 
 C.    Entire Agreement; Amendment and
Waiver. This Agreement and the Exhibits hereto constitute the entire agreement between the parties with respect to the subject matter of this Agreement and supersede all prior written and oral agreements between the parties regarding the subject
matter of this Agreement. This Agreement may not be altered, amended or modified in any manner except by a writing signed by both parties. Waiver of any term or provision of this Agreement shall not be effective unless signed by the party to the
bound, and shall not constitute a waiver as to any subsequent breach or failure of the same term of provision of this Agreement. 

D.    Headings. Headings are used in this Agreement for reference only and will not be considered when interpreting
this Agreement. 
 E.    Notices. Any notice or other communication required or permitted by this Agreement to be
given to a party will be in writing and will be deemed given if delivered personally or by commercial messenger or courier service, or mailed by U.S. registered or certified mail (return receipt requested), or sent via facsimile (with receipt of
confirmation of complete transmission) to the party at the party’s address or facsimile number written below or at such other address or facsimile number as the party may have previously specified by like notice. If by mail, delivery will be
deemed effective 3 business days after mailing in accordance with this Section 9.E. 
  

	 	(1)	 If to the Company, to: 

 

	 	    	 70 Willow Road 

	 	    	 Suite 200 

	 	    	 Menlo Park, CA 94025 

	 	    	 ATTN: Frank Watanabe 

	 	    	
Telephone:    
1-650-325-5156 

	 	    	 Facsimile:     1-650-325-5157 

  

	 	(2)	 If to Consultant, to: 

 

	 	    	 Bhaskar Chaudhuri, PhD 

F.    Severability. If any provision of this Agreement is found to be illegal or unenforceable, the other provisions
will remain effective and enforceable to the greatest extent permitted by law, provided the effect thereof does not materially change the economic benefit of this Agreement to either the Company or Consultant. 

  

  
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Consulting Services Agreement 

Bhaskar Chaudhuri 

 G.    Counterparts. This Agreement may be executed in
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Execution of this Agreement or any Exhibit incorporated herein by email in “portable document format”
(“.pdf”) shall be binding to the same extent as physical delivery of the paper document bearing original signature. 
 IN WITNESS
WHEREOF, the parties hereto have executed this Consulting Agreement as of the date first written above. 
  

									
	Bhaskar Chaudhuri, PhD	 		 	Arcutis, Inc.
			
	By: /s/ Bhaskar Chaudhuri	 		 	By: /s/ Frank Watanabe
			
	Name:   Bhaskar Chaudhuri	 		 	Name:   Frank Watanabe
				
		 		 		 	Title:   President

  

  
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Consulting Services Agreement 

Bhaskar Chaudhuri 

 EXHIBIT A 

Services: 
 Consultant will provide services as Chair of
the Company’s Board of Directors, and in such role (i) will lead interactions with external investors on behalf of the Company and (ii) provide direction to the CEO or President of the Company, provide strategic guidance to the
Company, guide business development activities of the Company, and any other supervisory or leadership responsibilities roles established by the Board of Directors. The Services are expected, on average, to require an average of ten
(10) working days per month, although Consultant and the Company understand that the time required from Consultant in any given month may vary from this average. 

Compensation: 
 In partial consideration of
Consultant’s services, following the initial closing of the Company’s Series A preferred stock financing, the Company will pay Consultant a base consulting fee of $16,666 per month (equivalent to $200,000 per year), which will be paid on a
bi-weekly or monthly basis as agreed by Consultant and the Company. Consultant may also from time to time be entitled to additional compensation for the Services and/or additional services performed by
Consultant, as mutually agreed in writing between Consultant and the Company and approved by the Company’s Board of Directors.     

Furthermore, for the term of the Agreement, Consultant will be considered “employed by the Company” for the purposes of any vesting of stock, stock
options or other equity incentive compensation that requires that Consultant be “employed by the Company,” including without limitation that certain Stock Purchase Agreement between the Company and Consultant dated August 16, 2016
(the “Initial Stock Purchase Agreement”). 
 Vesting Acceleration: 

In addition, with regard to any additional stock option grant, restricted stock unit, restricted stock award and other equity award, beyond the Initial Stock
Purchase Agreement, that may be granted to Consultant, if, during a Change of Control Period, Consultant’s services to the Company under this Agreement are terminated by the Company other than for Cause, or are terminated by Consultant for Good
Reason, then the vesting and, if applicable, exercisability of each such stock option, restricted stock unit, restricted stock award and other equity award held by Consultant will accelerate fully, effective as of the date of termination. 

For purposes of the foregoing, the following definitions apply: 

(a)    “Cause” will mean: (i) Consultant engaging in any material act of dishonesty, fraud or
misrepresentation with respect to the Company; (ii) Consultant’s violation of any federal or state law or regulation applicable to the business of the Company or its affiliates, unless such act was reliant on the advice of counsel; or
(iii) Consultant’s material breach of any confidentiality agreement or invention assignment agreement between Consultant and the Company (or any affiliate of the Company). 

  

  
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Consulting Services Agreement 

Bhaskar Chaudhuri 

 (b)    “Change of Control” will mean the occurrence of
any of the following events: 
 (i)    Any “person” (as such term is used in Sections 13(d) and 14(d) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”)) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities
of the Company representing more than 50% of the total voting power represented by the Company’s then outstanding voting securities; or 

(ii)    The consummation of the sale or disposition by the Company of all or substantially all of the Company’s
assets; or 
 (iii)    The consummation of a merger or consolidation of the Company with any other corporation, other
than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving
entity or its parent) at least 50% of the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation. 

Notwithstanding the foregoing provisions of this definition, a transaction will not be deemed a Change of Control unless the transaction
qualifies as a “change in control event” within the meaning of Section 409A. 
 (c)    “Change of
Control Period” will mean the period of time commencing one month prior to a Change of Control and ending eighteen (18) months after the Change of Control. 

(d)    “Good Reason” will mean Consultant’s termination of this Agreement within ninety
(90) days following the expiration of any cure period (as discussed below) following the occurrence of one or more of the following, without Consultant’s express consent: (i) a material diminution of Consultant’s then-current
base consulting fee; (ii) a material diminution in Consultant’s authority, duties or responsibilities; or (iii) a material negative change in geographic location at which Consultant must perform services when present at the
Company’s offices (that is, Consultant’s relocation to a location more than fifty (50) miles from Consultant’s then present location, which relocation materially increases Consultant’s commuting distance to the
Company’s offices). Consultant may not resign for Good Reason without first providing the Company with written notice within ninety (90) days of the first occurrence of the event that Consultant believes constitutes “Good Reason”
specifically identifying the acts or omissions constituting the grounds for Good Reason and a cure period of thirty (30) days during which the event is not cured. 

  

  
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