BENKOWITZ MICHAEL 4

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.