United Therapeutics president sells 22,500 shares

UNITED THERAPEUTICS Corp president and COO Michael Benkowitz reported option exercises and related sales of common stock held in family trusts.

Rhea-AI Filing Summary

UNITED THERAPEUTICS Corp president and COO Michael Benkowitz reported option exercises and related sales of common stock held in family trusts. On February 17, 2026, trusts associated with him exercised options for 14,625 and 7,875 shares, then sold the resulting 22,500 shares in open-market transactions at $480.7536 per share under a pre-established Rule 10b5-1 trading plan entered into on June 3, 2025. After these indirect transactions, Benkowitz continued to hold 2,648 shares of common stock directly.

Insider Trade Summary

Exercise and Sale: 22,500 shares ($7.94M approx. pre-tax spread)

Exercise and Sale 7 txns

Insider BENKOWITZ MICHAEL

Role PRESIDENT AND COO

Sold 22,500 shs ($10.82M)

Approx. gross sale proceeds $10.82M

Approx. exercise cost $2.87M

Approx. pre-tax spread $7.94M

Type	Security	Shares	Price	Value
Exercise	Common Stock	14,625	$0.00	$0.00
Exercise	Common Stock	7,875	$0.00	$0.00
Exercise	Common Stock	14,625	$117.76	$1.72M
Sale	Common Stock	14,625	$480.7536	$7.03M
Exercise	Common Stock	7,875	$146.03	$1.15M
Sale	Common Stock	7,875	$480.7536	$3.79M
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 14,440 contracts (Indirect, by Trust); Common Stock — 0 shares (Indirect, by Trust); Common Stock — 2,648 shares (Direct)

Footnotes (3)

1. F1. 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. F2. 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. F3. 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.

FAQ

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What did UNITED THERAPEUTICS (UTHR) disclose about Michael Benkowitz's recent stock transactions?

UNITED THERAPEUTICS disclosed that president and COO Michael Benkowitz exercised stock options held in family trusts and sold the resulting shares. The Form 4 details option exercises and related open-market sales executed on February 17, 2026, along with his remaining direct share holdings.

How many UNITED THERAPEUTICS (UTHR) shares were sold in Michael Benkowitz's latest filing?

Trusts associated with Michael Benkowitz sold 22,500 shares of UNITED THERAPEUTICS common stock. These sales were executed in two open-market transactions, following option exercises that produced 14,625 and 7,875 shares, as reported in the Form 4 filed for the transactions.

At what price were UNITED THERAPEUTICS (UTHR) shares sold in the Benkowitz Form 4?

The reported open-market sales of UNITED THERAPEUTICS shares linked to Michael Benkowitz were executed at $480.7536 per share. This price applied to both the 14,625-share sale and the 7,875-share sale completed on February 17, 2026 through family trusts.

Were Michael Benkowitz's UNITED THERAPEUTICS (UTHR) stock sales under a Rule 10b5-1 plan?

Yes. The filing states the option exercises and subsequent share sales were made under a Rule 10b5-1 trading plan. This plan was entered into by Michael Benkowitz on June 3, 2025, providing a pre-arranged framework for executing these transactions.

How are the UNITED THERAPEUTICS (UTHR) shares held for Michael Benkowitz structured?

The Form 4 explains that exercised options and resulting shares were held in family trusts beneficially owned by Michael Benkowitz. In one trust he and his spouse share investment and voting power; in another, he has sole investment and voting power for family beneficiaries.

How many UNITED THERAPEUTICS (UTHR) shares does Michael Benkowitz hold directly after these transactions?

After the reported option exercises and trust-related sales, Michael Benkowitz directly holds 2,648 shares of UNITED THERAPEUTICS common stock. The filing distinguishes this direct ownership from the indirect holdings and transactions conducted through the family trusts.

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Accepted by SEC EDGAR 02/18/2026 - 04:31 PM 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).

X

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 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)
02/17/2026

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	02/17/2026		M(1)		14,625	A	$117.76	14,625	I	by Trust(2)
Common Stock	02/17/2026		S(1)		14,625	D	$480.7536	0.00	I	by Trust(2)
Common Stock	02/17/2026		M(1)		7,875	A	$146.03	7,875	I	by Trust(3)
Common Stock	02/17/2026		S(1)		7,875	D	$480.7536	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
Common Stock	$117.76	02/17/2026		M(1)			14,625	03/15/2020	03/15/2027	Common Stock	14,625	$0.00	9,375	I	by Trust(2)
Common Stock	$146.03	02/17/2026		M(1)			7,875	03/15/2020	03/15/2027	Common Stock	7,875	$0.00	5,065	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	02/18/2026
	** 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.