Form 4: United Therapeutics COO Sells Shares via 10b5-1 Plan
Insider Transaction Report
United Therapeutics President and COO Michael Benkowitz executed a pre-arranged sale of 14,625 common shares following the exercise of stock options, as disclosed in a recent SEC Form 4 filing.
Summary
- Michael Benkowitz, President and COO of United Therapeutics Corp (UTHR), reported transactions on January 5, 2026.
- Exercised 14,625 stock options at an exercise price of $117.76 per share.
- Immediately sold 14,625 shares of common stock acquired from the option exercise at weighted average prices ranging from $480.6821 to $494.2723 per share.
- These transactions were conducted under a Rule 10b5-1 trading plan established on June 3, 2025.
- An additional 2,648 shares of common stock were directly disposed of.
- Following these transactions, the reporting person's indirect beneficial ownership of common stock from these specific transactions is 0.00 shares.
- The reporting person indirectly holds 97,125 stock options through a trust after these transactions.
Sentiment
Score: 5
Explanation: Routine insider transaction under a pre-arranged 10b5-1 plan, which does not inherently convey positive or negative sentiment about the company's future prospects.
Future Outlook
This filing does not contain any forward-looking statements or guidance regarding the company's future outlook.
Industry Context
This is a routine insider transaction and does not provide specific insights into broader industry trends or competitive landscape.
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Trading Plan Disclosure | The transactions were conducted under a Rule 10b5-1 trading plan, a common corporate governance mechanism allowing insiders to sell shares without being accused of trading on material non-public information. | 06/03/2025 | Enhances transparency and mitigates potential insider trading concerns by pre-scheduling transactions. |
Related Party Transactions
- The shares and options are held indirectly by a trust where the reporting person is a beneficiary and co-trustee with shared investment and voting power, which is a common related party arrangement for executive compensation.
Stakeholder Impact
- Minimal impact on shareholders as these are routine, pre-scheduled insider transactions and do not reflect a change in company fundamentals or strategy.
Key Dates
| Date | Description |
|---|---|
| 03/15/2020 | Date stock options became exercisable. |
| 06/03/2025 | Date Rule 10b5-1 trading plan was entered into. |
| 01/05/2026 | Date of option exercise and subsequent share sales. |
| 01/07/2026 | Date the Form 4 filing was signed. |
| 03/15/2027 | Expiration date of the stock options. |
Keywords
United Therapeutics, UTHR, Michael Benkowitz, Insider Trading, Form 4, Stock Options, 10b5-1 Plan, Share Sale, Executive Compensation
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