BENKOWITZ MICHAEL 4

What Happened
Michael Benkowitz, President and COO of United Therapeutics (UTHR), exercised stock options and immediately sold the resulting shares on February 9, 2026. He exercised 14,625 options at $117.76 (cost $1,722,240) and 7,875 options at $146.03 (cost $1,149,986), producing 22,500 shares that were sold on the open market at $474.65 per share for total proceeds of $10,679,686. Net of the exercise costs (~$2,872,226), the gross cash difference was about $7.81M. The transactions were reported on a Form 4 filed Feb 10, 2026.

Key Details

• Transaction date: February 9, 2026. Sale price: $474.65 per share. Exercise prices: $117.76 and $146.03.
• Shares sold: 22,500 (14,625 + 7,875). Sale proceeds: $10,679,686. Exercise cost: $2,872,226.
• Some derivative lines show "Disposed" at $0, reflecting removal/settlement of option positions after exercise. (Reporting code M = option exercise; S = sale.)
• Footnotes: F1 — the exercise and sale were pursuant to a Rule 10b5-1 trading plan established June 3, 2025. F2/F3 — the exercised options and resulting share sales involve trusts beneficially owned by Benkowitz (one trust where he and his spouse are co-trustees; another where family members are beneficiaries and he has sole investment/voting power).
• Filing appears timely (Form 4 filed Feb 10 for Feb 9 transactions).
• The filing excerpt does not state Benkowitz’s total UTHR shares owned after these transactions.

Context

• This was effectively a cashless outcome: options were exercised and the resulting shares were sold the same day, so these are routine option exercises followed by sales under a pre-established 10b5-1 plan rather than an open-ended buy or sell decision.
• Sales by executives can be for diversification, tax, or liquidity reasons; such transactions are common when options vest and do not by themselves indicate management’s forward-looking view.