BENKOWITZ MICHAEL 4

What Happened

• Michael Benkowitz, President and COO of United Therapeutics (UTHR), reported a gift transaction on May 13, 2026 transferring 11,728 derivative shares (related to stock options/rights) to a trust. The Form 4 shows a matching disposition and acquisition entry for 11,728 shares at $0.00 (gift; no cash exchanged).

Key Details

• Transaction date: May 13, 2026; Form 4 filed May 14, 2026 (Accession 0001673232-26-000014).
• Transaction type/code: G (Gift); reported as derivative securities (options/rights), price $0.00.
• Shares reported: 11,728 shares disposed and 11,728 acquired (derivative).
• Shares owned after transaction: not specified in the Form 4; holdings are described as held in trusts per footnotes.
• Footnotes: F1 notes that on March 13, 2026 the Reporting Person transferred stock options to a trust beneficially owned by him with family members as beneficiaries and where he retains sole investment and voting power. F2 reiterates that holdings are in trusts beneficially owned by the Reporting Person with him or family members as beneficiaries and sole investment/voting power.
• Filing timeliness: no late filing flag indicated.

Context

• This was a gift transaction of derivative securities (not an open-market buy or sale) and involved moving option-related interests into a trust structure. Gifts typically do not signal a direct buy/sell decision about the stock for investment purposes. The footnotes indicate the trust is beneficially owned by Benkowitz and he retains control over investment and voting, suggesting this is an internal family/trust transfer rather than a disposition to an unrelated third party.