BENKOWITZ MICHAEL 4
4 · UNITED THERAPEUTICS Corp · Filed Feb 18, 2026
Research Summary
AI-generated summary of this filing
United Therapeutics COO Michael Benkowitz Exercises Options, Sells Shares
What Happened
Michael Benkowitz, President and COO of United Therapeutics (UTHR), exercised stock options and sold the resulting shares in open-market transactions on February 17, 2026. He exercised 14,625 options at $117.76 (cost $1,722,240) and sold those 14,625 shares at $480.75 for $7,031,021. He also exercised 7,875 options at $146.03 (cost $1,149,986) and sold those 7,875 shares at $480.75 for $3,785,935. Gross sale proceeds were about $10,816,956 and the cash paid to exercise the options was about $2,872,226, for an approximate net cash difference of $7,944,730.
Key Details
- Transaction date: February 17, 2026; Form 4 filed February 18, 2026 (timely filing).
- Exercises (code M) and open-market sales (code S):
- 14,625 shares: exercised at $117.76 (acquired), sold at $480.75 — sale $7,031,021.
- 7,875 shares: exercised at $146.03 (acquired), sold at $480.75 — sale $3,785,935.
- Additional derivative-line entries show $0.00 consideration; footnotes indicate some exercises/sales involved shares held in trusts.
- Footnotes: F1 — trades were pursuant to a Rule 10b5-1 trading plan established June 3, 2025. F2/F3 — some exercised options and resulting share sales involved trusts beneficially owned by the reporting person or family members; reporting person has shared or sole investment/voting power in those trusts.
- Shares owned after the transaction are not specified in the provided filing.
Context
- This sequence shows option exercises followed by same-day open-market sales (i.e., the options were exercised and the resulting shares were promptly sold). Such transactions are commonly executed to exercise vested options and monetize gains; the filing notes a prearranged 10b5-1 plan for the trades.
- Sales are routine insider liquidity events and do not, by themselves, indicate the insider's broader view of the company.
Insider Transaction Report
- Exercise/Conversion
Common Stock
[F1][F2]2026-02-17$117.76/sh+14,625$1,722,240→ 14,625 total(indirect: By Trust) - Sale
Common Stock
[F1][F2]2026-02-17$480.75/sh−14,625$7,031,021→ 0 total(indirect: By Trust) - Exercise/Conversion
Common Stock
[F1][F3]2026-02-17$146.03/sh+7,875$1,149,986→ 7,875 total(indirect: By Trust) - Sale
Common Stock
[F1][F3]2026-02-17$480.75/sh−7,875$3,785,935→ 0 total(indirect: By Trust) - Exercise/Conversion
Common Stock
[F1][F2]2026-02-17−14,625→ 9,375 total(indirect: By Trust)Exercise: $117.76From: 2020-03-15Exp: 2027-03-15→ Common Stock (14,625 underlying) - Exercise/Conversion
Common Stock
[F1][F3]2026-02-17−7,875→ 5,065 total(indirect: By Trust)Exercise: $146.03From: 2020-03-15Exp: 2027-03-15→ Common Stock (7,875 underlying)
- 2,648
Common Stock
Footnotes (3)
- [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.
- [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.
- [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.