United Therapeutics director exercises 650 RSUs

UNITED THERAPEUTICS Corp director Louis W. Sullivan reported the vesting of 650 restricted stock units on July 9, 2026, which converted on a one-for-one basis into 650 shares of common stock.

Rhea-AI Filing Summary

UNITED THERAPEUTICS Corp director Louis W. Sullivan reported the vesting of 650 restricted stock units on July 9, 2026, which converted on a one-for-one basis into 650 shares of common stock. Following the transaction, he holds 2,983 common shares directly and 867 common shares indirectly through a trust over which he has sole investment and voting power.

Filing Explained

The July 9 vesting changed the insider’s reported ownership through a completed RSU conversion, not an open-market sale.

This Form 4 reports that on July 9, 2026, 650 restricted stock units vested and converted one-for-one into common stock; the transaction is complete, and the reporting person's direct common-stock holdings afterward were 2,983 shares.

The filing also reports 867 shares held indirectly by a trust over which the reporting person has sole voting and investment power.

Under the supplied Form 4 definition, transaction code M denotes an option or derivative exercise; here, the filing describes the instrument as restricted stock units, records a $0.00 price, and shows no derivative securities remaining afterward.

Insider Trade Summary

650 shares exercised/converted

Exercise 3 txns

Insider SULLIVAN LOUIS W

Role Director

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Unit F1, F3	650	$0.00	$0.00
Exercise	Common Stock F1	650	$0.00	$0.00
holding	Common Stock F2	--	--	--

Holdings After Transaction: Restricted Stock Unit — 0 contracts (Direct); Common Stock — 2,983 shares (Direct); Common Stock — 867 shares (Indirect, by Trust)

Footnotes (3)

1. F1. Shares received upon vesting of restricted stock units on July 9, 2026. Restricted stock units converted on a one-for-one basis into shares of common stock.
2. F2. These securities are held indirectly by a trust over which the reporting person has sole investment power and sole voting power.
3. F3. Not applicable as restricted stock units do not have an expiration date.

Key Figures

RSUs converted: 650 shares Direct common shares after transaction: 2,983 shares Indirect common shares via trust: 867 shares +1 more

4 metrics

RSUs converted 650 shares Restricted stock units converted one-for-one into common stock on July 9, 2026

Direct common shares after transaction 2,983 shares Direct holdings of United Therapeutics common stock following RSU vesting

Indirect common shares via trust 867 shares Common shares held indirectly by a trust with Sullivan having sole voting and investment power

Exercise price of RSUs $0.0000 per share Price per share for the RSU conversion into common stock

Key Terms

restricted stock units, derivative security, sole investment power

3 terms

restricted stock units financial

"Shares received upon vesting of restricted stock units on July 9, 2026."

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

derivative security financial

"Transaction code "M" indicates exercise or conversion of derivative security."

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

sole investment power financial

"a trust over which the reporting person has sole investment power and sole voting power."

FAQ

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

What did UNITED THERAPEUTICS (UTHR) director Louis W. Sullivan report in this Form 4?

Louis W. Sullivan reported the vesting of 650 restricted stock units on July 9, 2026, which converted into an equal number of UNITED THERAPEUTICS common shares as part of his equity compensation.

How many UNITED THERAPEUTICS (UTHR) shares did Sullivan acquire through this transaction?

Sullivan acquired 650 shares of common stock through the vesting and conversion of restricted stock units, with the RSUs converting on a one-for-one basis into common shares.

What are Louis W. Sullivan’s total direct holdings of UNITED THERAPEUTICS (UTHR) after the Form 4 transactions?

After the reported transactions, Sullivan directly holds 2,983 shares of UNITED THERAPEUTICS common stock, reflecting the addition of 650 shares received from vested restricted stock units.

Does Louis W. Sullivan hold UNITED THERAPEUTICS (UTHR) shares indirectly?

Yes. Sullivan indirectly holds 867 shares of common stock through a trust. He has sole investment power and sole voting power over the securities held by this trust.

What does the Form 4 say about the expiration of Sullivan’s restricted stock units in UTHR?

The filing states that an expiration date is not applicable because restricted stock units do not have an expiration date, and in this case they vested and were converted into common stock.

Was Louis W. Sullivan’s UNITED THERAPEUTICS (UTHR) transaction an open-market buy or sell?

No. The reported activity is an exercise/conversion (code M) of restricted stock units into common shares, reflecting equity compensation vesting rather than an open-market purchase or sale.

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

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Accepted by SEC EDGAR 07/13/2026 - 04:34 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).

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^*

SULLIVAN LOUIS W

(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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/09/2026

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
Common Stock	07/09/2026		M(1)		650	A	$0.00(1)	2,983	D
Common Stock								867	I	by Trust(2)

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
Restricted Stock Unit	$0.00(1)	07/09/2026		M(1)			650	07/09/2026	(3)	Common Stock	650	$0.00(1)	0.00	D

Explanation of Responses:

1. Shares received upon vesting of restricted stock units on July 9, 2026. Restricted stock units converted on a one-for-one basis into shares of common stock.

2. These securities are held indirectly by a trust over which the reporting person has sole investment power and sole voting power.

3. Not applicable as restricted stock units do not have an expiration date.

Remarks:

	/s/ John S. Hess, Jr. under Power of Attorney	07/13/2026
	** 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)