Michael Benkowitz - 15 Mar 2023 Form 4 Insider Report for UNITED THERAPEUTICS Corp (UTHR)

Role: PRESIDENT AND COO
Signature: /s/ John S. Hess, Jr. under Power of Attorney
Issuer symbol: UTHR
Transactions as of: 15 Mar 2023
Net transactions value: $0
Form type: 4
Filing time: 26 Feb 2026, 16:30:49 UTC
Previous filing: 03 Jan 2023
Next filing: 07 May 2024
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
BENKOWITZ MICHAEL	PRESIDENT AND COO	C/O UNITED THERAPEUTICS CORPORATION, 1000 SPRING STREET, SILVER SPRING	/s/ John S. Hess, Jr. under Power of Attorney	26 Feb 2026	0001673232

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	UTHR	Stock Options	Award	$0	+99,720		$0.000000	99,720	15 Mar 2023	Common Stock	99,720	$217.50	Direct	F1
transaction	UTHR	Restricted Stock Units	Award	$0	+15,592		$0.000000	15,592	15 Mar 2023	Common Stock	15,592	$0.000000	Direct	F2, F3, F4
transaction	UTHR	Restricted Stock Units	Award	$0	+17,790		$0.000000	17,790	15 Mar 2023	Common Stock	17,790	$0.000000	Direct	F3, F4, F5

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	These performance-based stock options were initially awarded on March 15, 2023, subject to a three-year performance condition tied to average cash profit margin during 2023-2025, which was determined on February 25, 2026. The number of stock options reported represents the number of options earned based on performance, all of which will vest on March 15, 2026.
F2	These performance-based restricted stock units were initially awarded on March 15, 2023, subject to a three-year performance condition tied to average revenue growth during 2023-2025, which was determined on February 25, 2026. The number of restricted stock units reported represents the number of restricted stock units earned based on performance, all of which will vest on March 15, 2026.
F3	Each restricted stock unit represents the right to receive, following vesting, one share of United Therapeutics Corporation common stock.
F4	Not applicable as restricted stock units do not have an expiration date.
F5	These performance-based restricted stock units were initially awarded on March 15, 2023, subject to a three-year performance condition tied to clinical development performance during 2023-2025, which was determined on January 20, 2026. The number of restricted stock units reported represents the number of restricted stock units earned based on performance, all of which will vest on March 15, 2026.