Form 4: United Therapeutics' President and COO, Michael Benkowitz, Executes Stock Options and Sells Shares Under 10b5-1 Plan
SEC Form 4 Filing
Michael Benkowitz, President and COO of United Therapeutics, exercised stock options and sold shares of common stock under a pre-arranged Rule 10b5-1 trading plan.
Summary
- On March 10, 2025, Michael Benkowitz, President and COO of United Therapeutics, exercised stock options to acquire 2,000 shares of common stock at a price of $111 per share.
- Following the exercise, Mr. Benkowitz sold a total of 1,697 shares of common stock at prices ranging from $313.93 to $323.99 per share.
- These transactions were executed under a Rule 10b5-1 trading plan established on August 7, 2024.
- The shares are held in a trust where Mr. Benkowitz's family members are beneficiaries, and he has sole investment and voting power.
- After these transactions, Mr. Benkowitz indirectly owns 0 shares through the trust and directly owns 2,648 shares, which includes 71 shares acquired through the Employee Stock Purchase Plan on March 4, 2025.
Sentiment
Score: 5
Explanation: Neutral sentiment as it reflects routine insider trading activity under a pre-arranged plan.
Industry Context
This Form 4 filing is a routine disclosure of insider transactions. It indicates that a company executive is exercising stock options and selling shares, which is a common practice. The use of a 10b5-1 plan suggests the transactions were pre-planned to avoid accusations of insider trading.
Key Dates
| Date | Description |
|---|---|
| 03/15/2021 | Date stock options were exercisable |
| 08/07/2024 | Date of Rule 10b5-1 trading plan adoption |
| 03/04/2025 | Date of acquisition of 71 shares under the Employee Stock Purchase Plan |
| 03/10/2025 | Date of stock option exercise and share sales |
| 03/11/2025 | Date of signature |
| 03/15/2028 | Expiration date of stock options |
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