United Therapeutics executive gifts stock options

UNITED THERAPEUTICS Corp President and COO Michael Benkowitz reported gifting stock options rather than trading shares in the market.

Rhea-AI Filing Summary

UNITED THERAPEUTICS Corp President and COO Michael Benkowitz reported gifting stock options rather than trading shares in the market. He made two bona fide gift transfers of stock options covering a total of 23,456 underlying shares of common stock, split into 11,728 options from direct holdings and 11,728 options from indirect holdings.

Each option has an exercise price of $217.50 per share and an expiration date of March 15, 2033. After the indirect gift, 99,720 stock options are shown as held indirectly in trusts beneficially owned by him, for which he has sole investment and voting power. Code G indicates these are non‑sale, bona fide gifts rather than open‑market sales.

Insider Trade Summary

23,456 shares gifted

Gift 2 txns

Insider BENKOWITZ MICHAEL

Role PRESIDENT AND COO

Type	Security	Shares	Price	Value
Gift	Stock Option	11,728	$0.00	$0.00
Gift	Stock Option	11,728	$0.00	$0.00

Holdings After Transaction: Stock Option — 0 contracts (Direct); Stock Option — 99,720 contracts (Indirect, by Trust)

Footnotes (2)

1. F1. On March 13, 2026, the Reporting Person transferred stock options to 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.
2. F2. Held in trusts beneficially owned by the Reporting Person, of which the Reporting Person or his family members are beneficiaries, and as to which the Reporting Person has sole investment and voting power.

Key Figures

Total options gifted: 23,456 options Direct options gifted: 11,728 options Indirect options gifted: 11,728 options +3 more

6 metrics

Total options gifted 23,456 options Bona fide gifts on May 13, 2026

Direct options gifted 11,728 options Direct ownership transaction on May 13, 2026

Indirect options gifted 11,728 options Trust-held options transaction on May 13, 2026

Exercise price $217.50 per share Conversion price for underlying common stock

Option expiration March 15, 2033 Expiration date of the stock options

Indirect options after gift 99,720 options Indirect holdings following trust-related transaction

Key Terms

bona fide gift, Stock Option, indirect ownership, conversion or exercise price, +1 more

5 terms

bona fide gift financial

"transaction_code_description: "Bona fide gift""

A bona fide gift is a genuine, voluntary transfer of money, property, or benefits from one party to another made without expectation of repayment, services, or hidden conditions. Investors care because such gifts can affect company disclosures, related‑party transaction rules, tax treatment, and perceived conflicts of interest; think of it like someone giving you a present with no strings attached — but on a corporate scale, auditors and regulators need to verify it really is unconditional.

Stock Option financial

"security_title: "Stock Option""

A stock option is a contract that gives you the right to buy or sell a company's stock at a specific price within a certain time frame. People use them to potentially make money if the stock's price moves favorably or to protect against losses. It's like holding a coupon that can be used to buy or sell stock at a set price later on.

indirect ownership financial

"ownership_type: "indirect" and nature_of_ownership: "by Trust""

conversion or exercise price financial

"conversion_or_exercise_price: "217.5000""

beneficially owned financial

"trusts beneficially owned by the Reporting Person"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did UNITED THERAPEUTICS (UTHR) executive Michael Benkowitz report in this Form 4?

He reported two bona fide gift transfers of stock options. These options relate to 23,456 underlying UTHR common shares and represent a non-cash disposition, not an open-market purchase or sale of stock.

How many UNITED THERAPEUTICS (UTHR) stock options were gifted in total?

The filing shows gifts of stock options covering 23,456 underlying shares. This comes from two transactions of 11,728 options each, one from direct holdings and one from indirect trust holdings associated with the executive.

What is the exercise price and expiration date of the gifted UTHR stock options?

Each stock option has a $217.50 per share exercise price and expires March 15, 2033. These terms define what price the holder must pay to acquire UTHR common stock before the options expire.

Does this UTHR Form 4 indicate an open-market sale by Michael Benkowitz?

No, the transactions are coded G for bona fide gift. That means the options were transferred as gifts, not sold in the open market, so there is no reported sale price or market trade activity.

How many UNITED THERAPEUTICS stock options does Michael Benkowitz hold indirectly after the gift?

After the indirect gift transaction, the filing shows 99,720 stock options held indirectly. These options are held in trusts beneficially owned by him, with sole investment and voting power over those trust-held positions.

How are trusts involved in Michael Benkowitz’s UTHR stock option holdings?

The options are held in trusts beneficially owned by him, with family members as beneficiaries. The filing notes he has sole investment and voting power over those trust-held options, even though ownership is reported as indirect.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/14/2026 - 05:54 PM EDT Learn about SEC filing dates

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).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

BENKOWITZ MICHAEL

(Last) (First) (Middle)

C/O UNITED THERAPEUTICS CORPORATION

1000 SPRING STREET

(Street)

SILVER SPRING MARYLAND 20910

(City) (State) (Zip)

UNITED STATES

(Country)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/13/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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

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 Option	$217.5	05/13/2026		G(1)			11,728	03/15/2026	03/15/2033	Common Stock	11,728	$0.00	0.00	D
Stock Option	$217.5	05/13/2026		G(1)		11,728		03/15/2026	03/15/2033	Common Stock	11,728	$0.00	99,720	I	by Trust(2)

Explanation of Responses:

1. On March 13, 2026, the Reporting Person transferred stock options to 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.

2. Held in trusts beneficially owned by the Reporting Person, of which the Reporting Person or his 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	05/14/2026
	** 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.
* Form 4: SEC 1474 (03-26)