MALCOLM JAN 4

What Happened
Malcolm Jan, a director of United Therapeutics (UTHR), had 650 restricted stock units (RSUs) vest and convert into 650 shares on July 9, 2026, and then sold 325 of those shares in an open-market transaction on July 10, 2026. The sale price was $550.59 per share, generating proceeds of $178,942. The RSU conversion was recorded as a derivative exercise/conversion (code M) with no cash cost.

Key Details

• Transaction dates and amounts:
  • July 9, 2026: 650 RSUs converted to 650 common shares (acquired) at $0.00 (F1).
  • July 10, 2026: 325 shares sold in the open market at $550.59 each for $178,942 (F2).
• Shares owned after transaction: At least 325 shares remained from these newly converted RSUs; the filing does not state total company holdings.
• Footnotes of note:
  • F1: RSUs vested and converted one-for-one into common shares on July 9, 2026.
  • F2: The sale was made pursuant to a pre-arranged 10b5-1 trading plan entered Sept 11, 2025.
  • F3: RSUs do not have an expiration date (not applicable).
• Timeliness: Report covers period of 2026-07-09 and was filed 2026-07-10 — appears timely.

Context
RSUs convert to shares without requiring cash payment (unlike option exercises); this filing shows a conversion of vested RSUs followed by a planned partial sale under a 10b5-1 plan. Sales under 10b5-1 plans are typically pre-arranged and often considered routine; they do not, by themselves, indicate the insider’s view on the company’s prospects.