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  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED
  STATES</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">SECURITIES
  AND EXCHANGE COMMISSION</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington, D.C. 20549</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div align="center" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade color="black" align="center"></div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM&nbsp;8-K</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div align="center" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade color="black" align="center"></div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(Amendment No.&nbsp;)</font></b></p>
  
  <p style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT
  REPORT</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Pursuant
  to Section&nbsp;13 or 15(d)&nbsp;of the</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Securities
  Exchange Act of 1934</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of Report (Date of
  earliest event reported): <b><font style="font-weight:bold;">June&nbsp;2</font>, 2008</b></font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">United
  Therapeutics Corporation</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact Name of Registrant as Specified in the
  Charter)</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div align="center">
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Delaware</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">000-26301</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">52-1984749</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or other jurisdiction of incorporation or organization)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission File Number)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I.R.S. Employer Identification No.)</font></p>
    </td>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
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    <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1110 Spring Street<br>
    Silver Spring, MD</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="49%" valign="bottom" style="padding:0in 0in 0in 0in;width:49.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">20910</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of principal executive offices)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Zip Code)</font></p>
    </td>
   </tr>
  </table>
  
  </div>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(301) 608-9292</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Registrant&#146;s telephone number, including area code)</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Not Applicable<br>
  </font></b><font size="2" style="font-size:10.0pt;">(Former Name or Former Address, if Changed
  Since Last Report)</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check
  the appropriate box below if the Form&nbsp;8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any of the
  following provisions:</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Written communications
  pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Soliciting material pursuant
  to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Pre-commencement
  communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17
  CFR 240.14d-2(b))</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Pre-commencement
  communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17
  CFR 240.13e-4(c))</font></p>
  
  <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0in 0in 0in 0in;">
  
  <p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  </div>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105592\08-16029-1\task2975639\16029-1-ba.htm',USER='105592',CD='Jun  6 01:08 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div style="font-family:Times New Roman;">
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 5.02.&#160;
  Departure of Directors or Principal Officers; Election of Directors;
  Appointment of Principal Officers; Compensatory Arrangements of Certain
  Officers</font></b></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On June&nbsp;2, 2008, the Board of Directors (the &#147;Board&#148;)
  of United Therapeutics Corporation (the &#147;Company&#148;), upon recommendation of the
  Compensation Committee of the Board (the &#147;Committee&#148;), approved and adopted the
  Company&#146;s Share Tracking Awards Plan (the &#147;Plan&#148;).&#160; The Committee subsequently approved grants of
  Share Tracking Awards (the &#147;Awards&#148;), as defined below, which were granted on June&nbsp;3,
  2008, to certain of the Company&#146;s employees, including executive officers.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Grants of Awards are made pursuant to standard terms
  and conditions (the &#147;Terms and Conditions&#148;) and a standard grant letter (the &#147;Grant
  Letter&#148;), the forms of which were approved by the Committee to be used in
  connection with standard grants of Awards to the Company&#146;s employees, directors
  and other eligible persons, including the Company&#146;s executive officers.&#160; The Terms and Conditions and Grant Letter
  together constitute the Form&nbsp;of Award agreement for purposes of the Plan
  (as described below).</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following description
  is qualified in its entirety by reference to the terms of the Plan, the Form&nbsp;of
  Terms and Conditions for Employees, the Form&nbsp;of Terms and Conditions for
  Non-Employees and the Form&nbsp;of Grant Letter, copies of which will be filed
  as exhibits to the Company&#146;s next periodic report or registration statement
  filed with the Securities and Exchange Commission.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Summary of the Plan</font></u></b></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">General</font></u><font size="2" style="font-size:10.0pt;">.&#160; The purpose
  of the Plan is to promote the success and enhance the value of the Company by
  linking the interests of its eligible directors, officers and employees to
  those of the Company&#146;s shareholders.&#160; The
  Plan is further intended to provide the Company with the flexibility to
  motivate, attract, and retain the services of directors, officers and employees
  upon whom the Company&#146;s success depends, and to provide them with an additional
  incentive to achieve superior performance.&#160;
  To promote this purpose, the Plan currently provides for the grant of
  Awards to the Company&#146;s employees.&#160; The
  Awards, which are granted from time to time to select participants in the Plan,
  including directors, officers, employees and consultants of the Company and its
  subsidiaries, convey the right to receive an amount in cash equal to the
  Appreciation, which is defined as the positive difference between the fair
  market value of the Award on the exercise date and the fair market value of the
  Award on the grant date.&#160; The fair market
  value of an Award on the grant date or the exercise date is equal to the
  closing price of one share of the Company&#146;s common stock on that date.&#160; Any Appreciation will be paid solely in cash
  as outlined in the Plan, the Terms and Conditions and the Grant Letter.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Awards Subject to the Plan</font></u><font size="2" style="font-size:10.0pt;">.&#160;
  The maximum number of Awards reserved and available under the Plan is
  3,000,000.&#160; No shares of the Company&#146;s
  common stock will be issued pursuant to the Plan, and payments made under the
  Plan, if at all, will be made only in cash.&#160;
  Any Awards that expire, forfeit, are cancelled or are otherwise
  terminated unexercised will be returned to the Award pool and may be re-awarded
  under the Plan.&#160; In the event of any
  change in capitalization of the Company, such as a stock dividend or split,
  recapitalization, merger, consolidation, spin off, reorganization, combination
  or exchange of shares, or other similar corporate change, the Committee will
  make the appropriate adjustments in the number of Awards reserved under the
  Plan and the number of Awards with respect to any participant to prevent
  dilution or enlargement of an Award.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Administration</font></u><font size="2" style="font-size:10.0pt;">.&#160; The Plan is
  administered by the Committee, which has the power to determine the terms and
  conditions of the Awards, to construe and interpret the Plan, and to make all
  other determinations relating to administering the Plan.&#160; The Committee also may delegate to one or
  more officers of the Company the authority to grant Awards under the Plan.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Awards</font></u><font size="2" style="font-size:10.0pt;">.&#160; The Committee
  may grant an Award to any eligible employee, director or consultant of the
  Company at any time.&#160; The Committee will
  determine the number of Awards to be granted, which may vary for each
  participant in the Plan.&#160; Each Award will
  be evidenced by a written Award agreement and will become effective upon the
  execution of such Award agreement by the Plan participant.&#160; Awards granted under the Plan generally
  expire within 10 years of grant, subject to earlier expiration upon termination
  of the participant&#146;s employment with the Company.&#160; No Plan participant or other person will have
  any claim or right to be granted an Award, and neither the Company nor the
  Committee is obligated to treat Plan participants uniformly.&#160; Awards do not provide participents with any
  dividend, voting or other shareholder rights.&#160;
  The terms of the Plan in no way constitute a contract of continuing
  employment, and all of a participant&#146;s rights with respect to an Award (except
  as provided in the Plan or in the Award agreement) will generally terminate
  upon termination of employment or service to the Company and its subsidiaries.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vesting of Awards</font></u><font size="2" style="font-size:10.0pt;">.&#160; Each Award,
  unless otherwise determined by the Committee, will partially vest in one-third
  increments on each of the first three anniversaries of the date on which the
  Award was granted.&#160; Awards will vest
  fully on the earliest of the following to occur:&#160; (1)&nbsp;the date of a Change of Control of
  the Company; (2)&nbsp;the third anniversary of the Award&#146;s grant date, provided
  that the participant continues to be employed by the Company; (3)&nbsp;the date
  of the participant&#146;s death while employed by the Company; or (4)&nbsp;the date
  of the participant&#146;s Total Disability (as defined in the Plan).&#160; Unless otherwise determined by the Committee,
  any Award not vested on the date of the participant&#146;s termination of employment
  will be forfeited, and no payments will be made pursuant to the Award.&#160; For purposes of the Plan, a &#147;Change of
  Control&#148; will occur: (a)&nbsp;upon (i)&nbsp;commencement of a public tender offer
  for all or any portion of the Company&#146;s common stock, (ii)&nbsp;the submission
  of a proposal to merge, consolidate or otherwise combine with another company
  to the Company&#146;s shareholders for approval or (iii)&nbsp;the approval by the
  Board of any transaction or event that would constitute a change of control of
  the Company of a nature that would be required to be reported in response to
  Item 6(e)&nbsp;of Schedule&nbsp;14A under the Securities Exchange Act of </font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  
  <div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\105592\08-16029-1\task2975639\16029-1-ba.htm',USER='105592',CD='Jun  6 01:08 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div style="font-family:Times New Roman;">
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1934, as amended (the &#147;Exchange Act&#148;); (b)&nbsp;if any
  person or group (as used in Section&nbsp;13(d)&nbsp;of the Exchange Act)
  becomes the <u>beneficial owner</u> of securities of the Company representing
  more than 30% of (i)&nbsp;the shares of the Company&#146;s common stock then
  outstanding or (ii)&nbsp;the combined voting power (other than in the election
  of directors) of all voting securities of the Company then outstanding; (c)&nbsp;if,
  during any 24 consecutive-month-period, individuals who at the beginning of
  such period constituted the Board (and any director whose election or
  nomination for election by the Company&#146;s shareholders was approved by a vote of
  at least two-thirds (2/3) of the directors then in office who were either
  directors at the beginning of the period or whose election or nomination for
  election was previously so approved) cease for any reason (other than death or
  disability) to constitute at least a majority of the Board; or (d)&nbsp;upon
  the complete liquidation of the Company or the sale or disposition by the
  Company of all or substantially all of the Company&#146;s assets, other than a
  liquidation of the Company into a wholly-owned subsidiary.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Assignment and Transfer of Awards</font></u><font size="2" style="font-size:10.0pt;">.&#160;
  Awards granted under the Plan are not assignable or transferable other
  than by will or the laws of descent and distribution.&#160; No Award or interest or right associated with
  any Award will be liable for the debts, contracts or engagements of the Plan
  participant nor will such Award be subject to disposition by transfer, alienation,
  anticipation, pledge, encumbrance, assignment or such other means as specified
  in the Plan.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cancellation of Awards</font></u><font size="2" style="font-size:10.0pt;">.&#160; The Committee
  may cancel all or any part of an Award with the written consent of the Plan
  participant holding the Award.&#160; All
  rights of the Plan participant with respect to such cancelled Award will
  terminate upon cancellation.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Termination or Amendment</font></u><font size="2" style="font-size:10.0pt;">.&#160;
  The Plan may be amended, altered or terminated at any time by the
  Board.&#160; Any Award may be amended, altered
  or terminated by the Committee at any time, provided, however, that no
  termination or amendment may adversely affect any outstanding Award without the
  written consent of the Plan participant, unless necessary to comply with any
  applicable law or changes to applicable law.&#160;
  Notwithstanding the foregoing, the Committee will have unilateral
  authority to make adjustments to the terms and conditions of Awards in
  recognition of unusual or nonrecurring events affecting the Company, the
  Company&#146;s financial statements or changes in accounting principles in order to
  prevent dilution or enlargement of the benefits under the Plan or to comply
  with applicable accounting principles.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Right of Offset</font></u><font size="2" style="font-size:10.0pt;">.&#160;
  Notwithstanding any provision in the Plan to the contrary, to the extent
  provided by Section&nbsp;409A of the Internal Revenue Code of 1986, as amended,
  the Company may reduce the amount of any payment to a Plan participant by the
  amount of any obligation of such individual to or on behalf of the Company that
  is or becomes due and payable.&#160; Plan
  participants are deemed to have consented to such reduction.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Effective Date</font></u><font size="2" style="font-size:10.0pt;">.&#160;
  The Plan became effective on June&nbsp;2, 2008. Awards may be granted
  under the Plan at any time on and after the effective date until termination of
  the Plan by the Company.&#160; Any Awards
  outstanding as of the termination date of the Plan will continue in accordance
  with the terms of the Award, unless otherwise provided in the Plan or the Award
  agreement.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Terms and Conditions of Awards</font></u></b></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As set forth above,
  Awards are granted pursuant to the Plan as well as the applicable Terms and Conditions
  and the Grant Letter.&#160; In addition to the
  summary description of the Plan above, pursuant to the Terms and Conditions and
  the Grant Letter, Awards granted under the Plan generally have the terms
  described below.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Non-Transferability</font></u><font size="2" style="font-size:10.0pt;">.&#160;
  Once vested, an Award may be exercised prior to expiration only by the
  Plan participant.&#160; If the participant
  dies prior to exercising a vested Award, the Award may be exercised only by
  persons entitled to do so under the Plan.&#160;
  Specifically, if the participant dies, any amount payable under the
  Award will be made to the participant&#146;s designated beneficiary (which may
  include individuals, trusts or other legal entities).&#160; If, however, the participant fails to
  designate a beneficiary with the Committee prior to his or her death, any
  amounts payable under the Award will be made to the participant&#146;s estate.&#160; The terms of any Award are binding upon the
  participant&#146;s executors, administrators, heirs, successors and assigns.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vesting</font></u><font size="2" style="font-size:10.0pt;">.&#160;
  For employees, Awards will vest according to the Plan&#146;s vesting schedule
  so long as they remain employed by the Company or its subsidiaries.&#160; For members of the Board, Awards will
  continue to vest according to the Plan&#146;s vesting schedule so long as they serve
  as a member of the Board and meet the requirements specified.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of Payment</font></u><font size="2" style="font-size:10.0pt;">.&#160;
  Appreciation will generally be paid to the participant by Company check
  either in the next payroll (for employees) or the next accounts payable cycle
  (for Board members) following the exercise date.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Withholding</font></u><font size="2" style="font-size:10.0pt;">.&#160;
  As a condition of the Award, the Company will withhold from any cash
  compensation payable to the participant any taxes required to be withheld by
  the Company under federal, state or local law once the participant exercises
  the Award.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Special Exercise Rights</font></u><font size="2" style="font-size:10.0pt;">.&#160;
  Notwithstanding any other provision in the Plan or the participant&#146;s
  Award agreement, Awards will become fully exercisable upon a Change of Control
  of the Company (as defined in the Plan), or upon the participant&#146;s death or
  Total Disability (as defined in the Plan).&#160;
  If so determined by the Committee, all or a portion of the Award will
  automatically be exercised upon the occurrence of a Change of Control.</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='3',FILE='C:\JMS\105592\08-16029-1\task2975639\16029-1-ba.htm',USER='105592',CD='Jun  6 01:08 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div style="font-family:Times New Roman;">
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Method of Exercise</font></u><font size="2" style="font-size:10.0pt;">.&#160;
  Once vested, Awards may be exercisable only by a participant who is an
  employee of the Company or its subsidiaries either:&#160; (i)&nbsp;at any time that participant remains
  fully employed with the Company or its subsidiaries; or (ii)&nbsp;for a period
  of ninety (90) days following the date of termination of that participant&#146;s
  employment with the Company or its subsidiaries.&#160; For members of the Board, Awards, once
  vested, are exercisable at any time prior to expiration.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Awards will be
  exercisable upon delivery to the Company of an executed Award Exercise Form&nbsp;(as
  defined in the Terms and Conditions).&#160;
  The Award will lapse and be without further force and effect if it
  remains unexercised by a participant who is a former employee of the Company or
  its subsidiaries ninety (90) days following the date of termination of his or
  her employment with the Company or its subsidiaries.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Awards under the Plan /
  Cancellation of Option Grants under the Company&#146;s 2008 Equity Incentive Plan</font></u></b></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As noted above, the
  Committee separately approved grants of Awards to certain of the Company&#146;s
  employees, including executive officers, on June&nbsp;3, 2008.&#160; Such Awards were granted upon the
  cancellation of all contingent option grants made under the Company&#146;s 2008
  Equity Incentive Plan (the &#147;2008 EIP&#148;), which option grants had been made as of
  April&nbsp;1, 2008, contingent upon shareholder approval of the 2008 EIP.&#160; Shareholder approval of the 2008 EIP was not
  obtained, and the 2008 EIP has been terminated and all grants made thereunder
  have been cancelled.&#160; The Award grants to
  the Company&#146;s executive officers have been reported by such executive officers
  on Forms&nbsp;4 filed on June&nbsp;5, 2008.</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='4',FILE='C:\JMS\105592\08-16029-1\task2975639\16029-1-ba.htm',USER='105592',CD='Jun  6 01:08 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities
  Exchange Act of 1934, as amended, the registrant has duly caused this report to
  be signed on its behalf by the undersigned hereunto duly authorized.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">UNITED THERAPEUTICS CORPORATION</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Registrant)</font></p>
    </td>
   </tr>
   <tr>
    <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated: June&nbsp;6, 2008</font></p>
    </td>
    <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By: </font></p>
    </td>
    <td width="41%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:41.84%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ ANDREW FISHER</font></p>
    </td>
   </tr>
   <tr>
    <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: </font></p>
    </td>
    <td width="41%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:41.84%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Andrew Fisher</font></p>
    </td>
   </tr>
   <tr>
    <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: </font></p>
    </td>
    <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.84%;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Vice President, Investor Relations and Deputy
    General Counsel</font></p>
    </td>
   </tr>
  </table>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='5',FILE='C:\JMS\105592\08-16029-1\task2975639\16029-1-ba.htm',USER='105592',CD='Jun  6 01:08 2008' -->
  
  
  </body>
  
  </html>
metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "a08-16029_18k.htm", "description": "8-K", "secsgml_size_bytes": 43118}]
metadata_filer: {"company-data": {"conformed-name": "UNITED THERAPEUTICS CORP", "cik": "0001082554", "assigned-sic": "2834", "irs-number": "521984749", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-26301", "film-number": "08886047"}, "business-address": {"street1": "1110 SPRING ST", "city": "SILVER SPRING", "state": "MD", "zip": "20910", "phone": "3016089292"}, "mail-address": {"street1": "1110 SPRING ST", "city": "SILVER SPRING", "state": "MD", "zip": "20910"}}
text: UNITED
  STATES
  SECURITIES
  AND EXCHANGE COMMISSION
  Washington, D.C. 20549
  FORM 8-K
  (Amendment No. )
  CURRENT
  REPORT
  Pursuant
  to Section 13 or 15(d) of the
  Securities
  Exchange Act of 1934
  Date of Report (Date of
  earliest event reported):
  June 2
  , 2008
  United
  Therapeutics Corporation
  (Exact Name of Registrant as Specified in the
  Charter)
  Delaware
  000-26301
  52-1984749
  (State or other jurisdiction of incorporation or organization)
  (Commission File Number)
  (I.R.S. Employer Identification No.)
  1110 Spring Street
  Silver Spring, MD
  20910
  (Address of principal executive offices)
  (Zip Code)
  (301) 608-9292
  (Registrant's telephone number, including area code)
  Not Applicable
  (Former Name or Former Address, if Changed
  Since Last Report)
  Check
  the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any of the
  following provisions:
  o
  Written communications
  pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  o
  Soliciting material pursuant
  to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  o
  Pre-commencement
  communications pursuant to Rule 14d-2(b) under the Exchange Act (17
  CFR 240.14d-2(b))
  o
  Pre-commencement
  communications pursuant to Rule 13e-4(c) under the Exchange Act (17
  CFR 240.13e-4(c))
  Item 5.02. 
  Departure of Directors or Principal Officers; Election of Directors;
  Appointment of Principal Officers; Compensatory Arrangements of Certain
  Officers
  On June 2, 2008, the Board of Directors (the "Board")
  of United Therapeutics Corporation (the "Company"), upon recommendation of the
  Compensation Committee of the Board (the "Committee"), approved and adopted the
  Company's Share Tracking Awards Plan (the "Plan").  The Committee subsequently approved grants of
  Share Tracking Awards (the "Awards"), as defined below, which were granted on June 3,
  2008, to certain of the Company's employees, including executive officers.
  Grants of Awards are made pursuant to standard terms
  and conditions (the "Terms and Conditions") and a standard grant letter (the "Grant
  Letter"), the forms of which were approved by the Committee to be used in
  connection with standard grants of Awards to the Company's employees, directors
  and other eligible persons, including the Company's executive officers.  The Terms and Conditions and Grant Letter
  together constitute the Form of Award agreement for purposes of the Plan
  (as described below).
  The following description
  is qualified in its entirety by reference to the terms of the Plan, the Form of
  Terms and Conditions for Employees, the Form of Terms and Conditions for
  Non-Employees and the Form of Grant Letter, copies of which will be filed
  as exhibits to the Company's next periodic report or registration statement
  filed with the Securities and Exchange Commission.
  Summary of the Plan
  General
  .  The purpose
  of the Plan is to promote the success and enhance the value of the Company by
  linking the interests of its eligible directors, officers and employees to
  those of the Company's shareholders.  The
  Plan is further intended to provide the Company with the flexibility to
  motivate, attract, and retain the services of directors, officers and employees
  upon whom the Company's success depends, and to provide them with an additional
  incentive to achieve superior performance. 
  To promote this purpose, the Plan currently provides for the grant of
  Awards to the Company's employees.  The
  Awards, which are granted from time to time to select participants in the Plan,
  including directors, officers, employees and consultants of the Company and its
  subsidiaries, convey the right to receive an amount in cash equal to the
  Appreciation, which is defined as the positive difference between the fair
  market value of the Award on the exercise date and the fair market value of the
  Award on the grant date.  The fair market
  value of an Award on the grant date or the exercise date is equal to the
  closing price of one share of the Company's common stock on that date.  Any Appreciation will be paid solely in cash
  as outlined in the Plan, the Terms and Conditions and the Grant Letter.
  Awards Subject to the Plan
  . 
  The maximum number of Awards reserved and available under the Plan is
  3,000,000.  No shares of the Company's
  common stock will be issued pursuant to the Plan, and payments made under the
  Plan, if at all, will be made only in cash. 
  Any Awards that expire, forfeit, are cancelled or are otherwise
  terminated unexercised will be returned to the Award pool and may be re-awarded
  under the Plan.  In the event of any
  change in capitalization of the Company, such as a stock dividend or split,
  recapitalization, merger, consolidation, spin off, reorganization, combination
  or exchange of shares, or other similar corporate change, the Committee will
  make the appropriate adjustments in the number of Awards reserved under the
  Plan and the number of Awards with respect to any participant to prevent
  dilution or enlargement of an Award.
  Administration
  .  The Plan is
  administered by the Committee, which has the power to determine the terms and
  conditions of the Awards, to construe and interpret the Plan, and to make all
  other determinations relating to administering the Plan.  The Committee also may delegate to one or
  more officers of the Company the authority to grant Awards under the Plan.
  Awards
  .  The Committee
  may grant an Award to any eligible employee, director or consultant of the
  Company at any time.  The Committee will
  determine the number of Awards to be granted, which may vary for each
  participant in the Plan.  Each Award will
  be evidenced by a written Award agreement and will become effective upon the
  execution of such Award agreement by the Plan participant.  Awards granted under the Plan generally
  expire within 10 years of grant, subject to earlier expiration upon termination
  of the participant's employment with the Company.  No Plan participant or other person will have
  any claim or right to be granted an Award, and neither the Company nor the
  Committee is obligated to treat Plan participants uniformly.  Awards do not provide participents with any
  dividend, voting or other shareholder rights. 
  The terms of the Plan in no way constitute a contract of continuing
  employment, and all of a participant's rights with respect to an Award (except
  as provided in the Plan or in the Award agreement) will generally terminate
  upon termination of employment or service to the Company and its subsidiaries.
  Vesting of Awards
  .  Each Award,
  unless otherwise determined by the Committee, will partially vest in one-third
  increments on each of the first three anniversaries of the date on which the
  Award was granted.  Awards will vest
  fully on the earliest of the following to occur:  (1) the date of a Change of Control of
  the Company; (2) the third anniversary of the Award's grant date, provided
  that the participant continues to be employed by the Company; (3) the date
  of the participant's death while employed by the Company; or (4) the date
  of the participant's Total Disability (as defined in the Plan).  Unless otherwise determined by the Committee,
  any Award not vested on the date of the participant's termination of employment
  will be forfeited, and no payments will be made pursuant to the Award.  For purposes of the Plan, a "Change of
  Control" will occur: (a) upon (i) commencement of a public tender offer
  for all or any portion of the Company's common stock, (ii) the submission
  of a proposal to merge, consolidate or otherwise combine with another company
  to the Company's shareholders for approval or (iii) the approval by the
  Board of any transaction or event that would constitute a change of control of
  the Company of a nature that would be required to be reported in response to
  Item 6(e) of Schedule 14A under the Securities Exchange Act of
  2
  1934, as amended (the "Exchange Act"); (b) if any
  person or group (as used in Section 13(d) of the Exchange Act)
  becomes the
  beneficial owner
  of securities of the Company representing
  more than 30% of (i) the shares of the Company's common stock then
  outstanding or (ii) the combined voting power (other than in the election
  of directors) of all voting securities of the Company then outstanding; (c) if,
  during any 24 consecutive-month-period, individuals who at the beginning of
  such period constituted the Board (and any director whose election or
  nomination for election by the Company's shareholders was approved by a vote of
  at least two-thirds (2/3) of the directors then in office who were either
  directors at the beginning of the period or whose election or nomination for
  election was previously so approved) cease for any reason (other than death or
  disability) to constitute at least a majority of the Board; or (d) upon
  the complete liquidation of the Company or the sale or disposition by the
  Company of all or substantially all of the Company's assets, other than a
  liquidation of the Company into a wholly-owned subsidiary.
  Assignment and Transfer of Awards
  . 
  Awards granted under the Plan are not assignable or transferable other
  than by will or the laws of descent and distribution.  No Award or interest or right associated with
  any Award will be liable for the debts, contracts or engagements of the Plan
  participant nor will such Award be subject to disposition by transfer, alienation,
  anticipation, pledge, encumbrance, assignment or such other means as specified
  in the Plan.
  Cancellation of Awards
  .  The Committee
  may cancel all or any part of an Award with the written consent of the Plan
  participant holding the Award.  All
  rights of the Plan participant with respect to such cancelled Award will
  terminate upon cancellation.
  Termination or Amendment
  . 
  The Plan may be amended, altered or terminated at any time by the
  Board.  Any Award may be amended, altered
  or terminated by the Committee at any time, provided, however, that no
  termination or amendment may adversely affect any outstanding Award without the
  written consent of the Plan participant, unless necessary to comply with any
  applicable law or changes to applicable law. 
  Notwithstanding the foregoing, the Committee will have unilateral
  authority to make adjustments to the terms and conditions of Awards in
  recognition of unusual or nonrecurring events affecting the Company, the
  Company's financial statements or changes in accounting principles in order to
  prevent dilution or enlargement of the benefits under the Plan or to comply
  with applicable accounting principles.
  Right of Offset
  . 
  Notwithstanding any provision in the Plan to the contrary, to the extent
  provided by Section 409A of the Internal Revenue Code of 1986, as amended,
  the Company may reduce the amount of any payment to a Plan participant by the
  amount of any obligation of such individual to or on behalf of the Company that
  is or becomes due and payable.  Plan
  participants are deemed to have consented to such reduction.
  Effective Date
  . 
  The Plan became effective on June 2, 2008. Awards may be granted
  under the Plan at any time on and after the effective date until termination of
  the Plan by the Company.  Any Awards
  outstanding as of the termination date of the Plan will continue in accordance
  with the terms of the Award, unless otherwise provided in the Plan or the Award
  agreement.
  Terms and Conditions of Awards
  As set forth above,
  Awards are granted pursuant to the Plan as well as the applicable Terms and Conditions
  and the Grant Letter.  In addition to the
  summary description of the Plan above, pursuant to the Terms and Conditions and
  the Grant Letter, Awards granted under the Plan generally have the terms
  described below.
  Non-Transferability
  . 
  Once vested, an Award may be exercised prior to expiration only by the
  Plan participant.  If the participant
  dies prior to exercising a vested Award, the Award may be exercised only by
  persons entitled to do so under the Plan. 
  Specifically, if the participant dies, any amount payable under the
  Award will be made to the participant's designated beneficiary (which may
  include individuals, trusts or other legal entities).  If, however, the participant fails to
  designate a beneficiary with the Committee prior to his or her death, any
  amounts payable under the Award will be made to the participant's estate.  The terms of any Award are binding upon the
  participant's executors, administrators, heirs, successors and assigns.
  Vesting
  . 
  For employees, Awards will vest according to the Plan's vesting schedule
  so long as they remain employed by the Company or its subsidiaries.  For members of the Board, Awards will
  continue to vest according to the Plan's vesting schedule so long as they serve
  as a member of the Board and meet the requirements specified.
  Form of Payment
  . 
  Appreciation will generally be paid to the participant by Company check
  either in the next payroll (for employees) or the next accounts payable cycle
  (for Board members) following the exercise date.
  Withholding
  . 
  As a condition of the Award, the Company will withhold from any cash
  compensation payable to the participant any taxes required to be withheld by
  the Company under federal, state or local law once the participant exercises
  the Award.
  Special Exercise Rights
  . 
  Notwithstanding any other provision in the Plan or the participant's
  Award agreement, Awards will become fully exercisable upon a Change of Control
  of the Company (as defined in the Plan), or upon the participant's death or
  Total Disability (as defined in the Plan). 
  If so determined by the Committee, all or a portion of the Award will
  automatically be exercised upon the occurrence of a Change of Control.
  3
  Method of Exercise
  . 
  Once vested, Awards may be exercisable only by a participant who is an
  employee of the Company or its subsidiaries either:  (i) at any time that participant remains
  fully employed with the Company or its subsidiaries; or (ii) for a period
  of ninety (90) days following the date of termination of that participant's
  employment with the Company or its subsidiaries.  For members of the Board, Awards, once
  vested, are exercisable at any time prior to expiration.
  Awards will be
  exercisable upon delivery to the Company of an executed Award Exercise Form (as
  defined in the Terms and Conditions). 
  The Award will lapse and be without further force and effect if it
  remains unexercised by a participant who is a former employee of the Company or
  its subsidiaries ninety (90) days following the date of termination of his or
  her employment with the Company or its subsidiaries.
  Awards under the Plan /
  Cancellation of Option Grants under the Company's 2008 Equity Incentive Plan
  As noted above, the
  Committee separately approved grants of Awards to certain of the Company's
  employees, including executive officers, on June 3, 2008.  Such Awards were granted upon the
  cancellation of all contingent option grants made under the Company's 2008
  Equity Incentive Plan (the "2008 EIP"), which option grants had been made as of
  April 1, 2008, contingent upon shareholder approval of the 2008 EIP.  Shareholder approval of the 2008 EIP was not
  obtained, and the 2008 EIP has been terminated and all grants made thereunder
  have been cancelled.  The Award grants to
  the Company's executive officers have been reported by such executive officers
  on Forms 4 filed on June 5, 2008.
  4
  SIGNATURES
  Pursuant to the requirements of the Securities
  Exchange Act of 1934, as amended, the registrant has duly caused this report to
  be signed on its behalf by the undersigned hereunto duly authorized.
  UNITED THERAPEUTICS CORPORATION
  (Registrant)
  Dated: June 6, 2008
  By:
  /s/ ANDREW FISHER
  Name:
  Andrew Fisher
  Title:
  Senior Vice President, Investor Relations and Deputy
    General Counsel
  5