United Therapeutics (UTHR) CEO sells 9,500 shares under Rule 10b5-1 plan
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
UNITED THERAPEUTICS Corp Chairperson & CEO Martine A. Rothblatt exercised stock options and sold the resulting shares in a planned transaction. On 2026-04-06, she exercised options for 9,500 shares of common stock at an exercise price of $146.03 per share and then sold 9,500 shares in multiple open-market trades at prices ranging from $552.37 to $566.04.
The transactions were made under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025, which continues until the earlier of the exercise of 1,734,410 stock options expiring on March 17, 2027 or December 31, 2026. Following these trades, she holds 40,513 shares directly, plus additional indirect holdings through her spouse and several family trusts.
Positive
- None.
Negative
- None.
Insights
CEO executes 10b5-1 option exercise-and-sell, retains large stake.
Martine A. Rothblatt exercised 9,500 stock options at $146.03 and sold 9,500 common shares in multiple open-market trades between $552.37 and $566.04. This is a classic exercise-and-sell pattern, converting option value into cash.
A key detail is the Rule 10b5-1 trading plan adopted on November 7, 2025, which schedules transactions in advance and reduces the informational content of the timing. The plan covers up to 1,734,410 options expiring on March 17, 2027, or runs until December 31, 2026, whichever occurs first.
After these trades, the CEO still holds 40,513 shares directly and significant additional shares indirectly via spouse and family trusts, including 324,518 and 258,117 shares in two trusts. Given the scale of remaining holdings and the pre-planned nature, this filing looks like routine liquidity rather than a thesis-changing event.
Insider Trade Summary 10b5-1
Net Seller: 9,500 shares ($5,304,905)
Net Sell
20 txns
Insider
ROTHBLATT MARTINE A
Role
Chairperson & CEO
Sold
9,500 shs ($5.30M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Option | 9,500 | $0.00 | -- |
| Exercise | Common Stock | 9,500 | $146.03 | $1.39M |
| Sale | Common Stock | 80 | $552.6475 | $44K |
| Sale | Common Stock | 400 | $553.9611 | $222K |
| Sale | Common Stock | 1,209 | $555.2485 | $671K |
| Sale | Common Stock | 1,219 | $556.1909 | $678K |
| Sale | Common Stock | 1,386 | $557.2061 | $772K |
| Sale | Common Stock | 1,806 | $558.3118 | $1.01M |
| Sale | Common Stock | 922 | $559.41 | $516K |
| Sale | Common Stock | 558 | $560.1008 | $313K |
| Sale | Common Stock | 520 | $561.5111 | $292K |
| Sale | Common Stock | 402 | $562.543 | $226K |
| Sale | Common Stock | 716 | $563.3824 | $403K |
| Sale | Common Stock | 122 | $564.2216 | $69K |
| Sale | Common Stock | 160 | $566.0025 | $91K |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Stock Option — 2,500 shares (Direct);
Common Stock — 50,013 shares (Direct);
Common Stock — 166 shares (Indirect, by Spouse)
Footnotes (1)
- This exercise of stock options and sale of the resulting shares of common stock was pursuant to a pre-arranged 10b5-1 trading plan adopted by the reporting person on November 7, 2025. This plan will continue until the earlier of: (a) the exercise of 1,734,410 stock options, all of which expire on March 17, 2027; or (b) December 31, 2026. This transaction was executed in multiple trades at prices ranging from $560.93 to $561.86. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected. This transaction was executed in multiple trades at prices ranging from $561.94 to $562.92. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected. This transaction was executed in multiple trades at prices ranging from $562.94 to $563.90. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected. This transaction was executed in multiple trades at prices ranging from $564.08 to $564.30. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected. This transaction was executed in multiple trades at prices ranging from $565.99 to $566.04. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected. Shares held in family trusts as to which the Reporting Person shares investment power and the Reporting Person and/or immediate family members are beneficiaries. Shares held in family trusts as to which the Reporting Person's spouse is sole trustee and sole beneficiary or co-trustee and settlor with power to revoke. Shares held in family trusts as to which the Reporting Person's spouse shares investment power and the Reporting Person and/or immediate family members are beneficiaries. Shares held in family trusts as to which the Reporting Person is sole trustee and sole beneficiary or co-trustee and settlor with power to revoke. This transaction was executed in multiple trades at prices ranging from $552.37 to $552.93. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected. This transaction was executed in multiple trades at prices ranging from $553.61 to $554.32. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected. This transaction was executed in multiple trades at prices ranging from $554.72 to $555.71. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected. This transaction was executed in multiple trades at prices ranging from $555.74 to $556.73. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected. This transaction was executed in multiple trades at prices ranging from $556.75 to $557.68. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected. This transaction was executed in multiple trades at prices ranging from $557.75 to $558.72. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected. This transaction was executed in multiple trades at prices ranging from $558.78 to $559.75. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected. This transaction was executed in multiple trades at prices ranging from $559.80 to $560.59. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
Key Figures
Options exercised: 9,500 shares
Exercise price: $146.03 per share
Shares sold: 9,500 shares
+5 more
8 metrics
Options exercised
9,500 shares
Stock options exercised on April 6, 2026
Exercise price
$146.03 per share
Stock option exercise price
Shares sold
9,500 shares
Common stock sold in open-market trades
Sale price range
$552.37–$566.04
Price ranges from multiple trade footnotes
Direct holdings after
40,513 shares
Common stock directly owned after transactions
Largest trust holding
324,518 shares
Common stock held indirectly by a family trust
10b5-1 plan size
1,734,410 options
Options covered by trading plan, expiring March 17, 2027
Plan end date
December 31, 2026
Latest date for the Rule 10b5-1 trading plan
Key Terms
Rule 10b5-1 trading plan, stock options, weighted average price, family trusts, +1 more
5 terms
Rule 10b5-1 trading plan regulatory
"This exercise of stock options and sale ... was pursuant to a pre-arranged 10b5-1 trading plan adopted"
A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.
stock options financial
"This exercise of stock options and sale of the resulting shares of common stock was pursuant"
Stock options are agreements that give a person the right to buy or sell a company's stock at a specific price within a certain time frame. They are often used as a reward or incentive, similar to a coupon that can be used later if the stock price rises, allowing the holder to make a profit.
weighted average price financial
"The price reported above reflects the weighted average price. The reporting person hereby undertakes"
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
family trusts financial
"Shares held in family trusts as to which the Reporting Person shares investment power"
investment power financial
"Shares held in family trusts as to which the Reporting Person shares investment power"
FAQ
What did the United Therapeutics (UTHR) CEO do in the latest Form 4?
The CEO of United Therapeutics exercised 9,500 stock options at an exercise price of $146.03 and sold 9,500 common shares in multiple open-market trades, all on April 6, 2026, under a pre-arranged Rule 10b5-1 trading plan.
What are the key terms of the CEO’s Rule 10b5-1 plan for United Therapeutics (UTHR)?
The CEO’s Rule 10b5-1 plan, adopted on November 7, 2025, will continue until the earlier of exercising 1,734,410 stock options that expire on March 17, 2027, or December 31, 2026. The plan governs option exercises and related share sales automatically.
Were the United Therapeutics (UTHR) CEO’s transactions discretionary or pre-planned?
The transactions were pre-planned under a Rule 10b5-1 trading plan adopted on November 7, 2025. Such plans schedule trades in advance, meaning the timing of option exercises and share sales is automated rather than decided spontaneously by the insider.