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United Therapeutics insider sale via Rule 10b5-1 plan

Filing Impact
(Very High)
Filing Sentiment
(Very Negative)
Form Type
4

Rhea-AI Filing Summary

United Therapeutics (UTHR) executive action: The company’s President and COO reported option exercises and same‑day share sales on 10/13/2025 under a Rule 10b5‑1 plan entered into on June 3, 2025.

Two option tranches were exercised: 14,625 options at an exercise price of $135.42 and 7,875 options at $146.03. The resulting shares were sold at $440.3539 per share through trusts referenced in the filing. Following these transactions, direct ownership stood at 2,648 shares, while derivative holdings remained, including options indirectly held through the noted trusts.

Positive

  • None.

Negative

  • None.
Insider BENKOWITZ MICHAEL
Role PRESIDENT AND COO
Sold 22,500 shs ($9.91M)
Type Security Shares Price Value
Exercise Stock Options 14,625 $0.00 --
Exercise Stock Options 7,875 $0.00 --
Exercise Common Stock 14,625 $135.42 $1.98M
Sale Common Stock 14,625 $440.3539 $6.44M
Exercise Common Stock 7,875 $146.03 $1.15M
Sale Common Stock 7,875 $440.3539 $3.47M
holding Common Stock -- -- --
Holdings After Transaction: Stock Options — 85,125 shares (Indirect, by Trust); Common Stock — 14,625 shares (Indirect, by Trust); Common Stock — 2,648 shares (Direct)
Footnotes (1)
  1. This exercise of stock options and subsequent sale of shares was pursuant to a Rule 10b5-1 trading plan entered into by the reporting person on June 3, 2025. Reflects the exercise of options, and sale of the resulting shares of common stock, held in a trust beneficially owned by the Reporting Person, of which the Reporting Person is a beneficiary, and as to which the Reporting Person and his spouse are co-trustees and have shared investment and voting power. Reflects the exercise of options, and sale of the resulting shares of common stock, held in a trust beneficially owned by the Reporting Person, of which the Reporting Person's family members are beneficiaries, and as to which the Reporting Person has sole investment and voting power.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
BENKOWITZ MICHAEL
(Last) (First) (Middle)
C/O UNITED THERAPEUTICS CORPORATION
1000 SPRING STREET
(Street)
SILVER SPRING MD 20910
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
UNITED THERAPEUTICS Corp [ UTHR ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
PRESIDENT AND COO
3. Date of Earliest Transaction (Month/Day/Year)
10/13/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 10/13/2025 M(1) 14,625 A $135.42 14,625 I by Trust(2)
Common Stock 10/13/2025 S(1) 14,625 D $440.3539 0.00 I by Trust(2)
Common Stock 10/13/2025 M(1) 7,875 A $146.03 7,875 I by Trust(3)
Common Stock 10/13/2025 S(1) 7,875 D $440.3539 0.00 I by Trust(3)
Common Stock 2,648 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Options $135.42 10/13/2025 M(1) 14,625 03/15/2023 03/15/2027 Common Stock 14,625 $0.00 85,125 I by Trust(2)
Stock Options $146.03 10/13/2025 M(1) 7,875 03/15/2018 03/15/2027 Common Stock 7,875 $0.00 9,625 I by Trust(3)
Explanation of Responses:
1. This exercise of stock options and subsequent sale of shares was pursuant to a Rule 10b5-1 trading plan entered into by the reporting person on June 3, 2025.
2. Reflects the exercise of options, and sale of the resulting shares of common stock, held in a trust beneficially owned by the Reporting Person, of which the Reporting Person is a beneficiary, and as to which the Reporting Person and his spouse are co-trustees and have shared investment and voting power.
3. Reflects the exercise of options, and sale of the resulting shares of common stock, held in a trust beneficially owned by the Reporting Person, of which the Reporting Person's family members are beneficiaries, and as to which the Reporting Person has sole investment and voting power.
Remarks:
/s/ John S. Hess, Jr. under Power of Attorney 10/15/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What did UTHR’s President and COO report on Form 4?

He exercised stock options and sold the resulting shares on 10/13/2025 pursuant to a Rule 10b5-1 trading plan.

How many options were exercised and at what prices?

14,625 options at $135.42 and 7,875 options at $146.03.

At what price were the shares sold?

Shares were sold at $440.3539 per share.

Were the transactions pre-arranged under a trading plan?

Yes. They were executed under a Rule 10b5-1 plan entered into on June 3, 2025.

How were the holdings titled?

Sales were through trusts noted in the filing; direct ownership after the transactions was 2,648 shares.

What roles does the reporting person hold at UTHR?

Officer: President and COO.