X0306 4 2019-03-15 0001082554 UNITED THERAPEUTICS Corp UTHR 0001636178 EDGEMOND JAMES 1040 SPRING STREET SILVER SPRING MD 20910 1 CFO and Treasurer Common Stock 753 D Stock Options 135.42 2019-03-15 4 A 0 162500 0 A 2023-03-15 2027-03-15 Common Stock 162500 162500 D Stock Options 117.76 2019-03-15 4 A 0 162500 0 A 2021-03-15 2027-03-15 Common Stock 162500 162500 D Includes 187 shares acquired on March 4, 2019, under the United Therapeutics Corporation Employee Stock Purchase Plan ("ESPP"). These stock options represent up-front equity grants covering four years of equity compensation for this named executive officer (2019 through 2022) and have been designed such that: (a) overall equity compensation expense on an annualized basis, and overall dilution, are both expected to be lower than if the Company had continued with the previous equity compensation program for four additional years; (b) the named executive officer will be incented to achieve the Company's business objectives over the four-year period; and (c) vesting is heavily weighted toward the end of the four-year period, in order to aid in retention over that timeframe. Exercise price is equal to 115% of the closing price for the Company's common stock on the date of grant. This award will cliff vest (100%) on March 15, 2023. These stock options will vest in equal one-third installments on March 15, 2021, 2022 and 2023. /s/ John S. Hess, Jr. under Power of Attorney 2019-03-18