MAHON PAUL A 4

What Happened
Paul A. Mahon, EVP & General Counsel of United Therapeutics (UTHR), had performance-based restricted stock units vest on March 15, 2026, converting into 16,691 shares of common stock (8,895 + 7,796). To satisfy tax withholding, the company withheld 8,363 shares (4,457 + 3,906) and paid $536.12 per share for those withheld shares, totaling $4,483,572. Net shares delivered to Mahon were 8,328 (16,691 vested − 8,363 withheld). This is a routine vesting/tax-withholding event rather than an open-market sale or purchase.

Key Details

• Transaction date: March 15, 2026; Form 4 filed March 17, 2026 (appears timely).
• Vesting/conversion entries coded "M" (exercise/conversion of derivative — here RSU conversion to shares) for 8,895 and 7,796 shares at $0.00.
• Withholding entries coded "F" (payment of tax liability) for 4,457 and 3,906 shares at $536.12, totaling $2,389,487 and $2,094,085 (combined $4,483,572).
• Total vested shares: 16,691; shares withheld for taxes: 8,363; net shares received: 8,328.
• Footnotes: these were performance-based RSUs granted March 15, 2023 and converted one-for-one into common shares on vesting. Withholding reflects shares surrendered to cover tax liability.
• Shares owned after the transaction are not specified in this filing.

Context

• This was a vesting/settlement of restricted stock units (an award), not an opportunistic open-market sale or purchase. Withholding of shares to cover taxes (cashless/stock-for-tax) is common and does not necessarily indicate the insider’s view on the company’s stock.
• Transaction codes: M = conversion/settlement of derivative/RSU; F = tax withholding.
• No indication of a 10b5-1 plan, gift, or other atypical arrangement in the disclosed footnotes.