Paul Mahon converts 11,000 options and sells resulting shares via 10b5-1 — UTHR

Rhea-AI Filing Summary

Paul A. Mahon, EVP & General Counsel of United Therapeutics (UTHR), exercised 11,000 stock options at an exercise price of $135.42 on 08/07/2025 and sold the resulting 11,000 shares pursuant to a pre-arranged 10b5-1 plan entered December 24, 2024. The sales were executed in multiple tranches with reported weighted-average prices ranging from $297.4924 to $303.45, and explanatory notes list the trade-price ranges for each tranche. After these transactions Mahon beneficially owned 36,781 common shares and continued to hold 88,000 exercisable stock options. The Form 4 reports the option exercise, the subsequent share disposals, and post-transaction holdings.

Positive

• Transactions executed under a pre-arranged 10b5-1 plan (entered 12/24/2024), which supports procedural compliance and reduces timing concerns.
• Reporting person retains meaningful positions: 36,781 common shares and 88,000 exercisable stock options after the transactions.

Negative

• Disposition of 11,000 shares reduced reported beneficial common stock from 47,781 (after the option exercise) to 36,781 following the tranche sales.
• All shares resulting from the exercised options were sold, so the exercise did not increase the insider's net common-stock holding.

Insights

Securities Analyst

TL;DR Insider exercised 11,000 options and sold the resulting shares under a 10b5-1 plan; this appears routine and neutral for investors.

The filing shows an exercise of 11,000 options at $135.42 and immediate disposals of the 11,000 resulting shares in multiple trades with weighted-average sale prices listed between $297.4924 and $303.45. Post-transaction holdings are reported as 36,781 shares and 88,000 options. Because the sales were executed under a pre-established 10b5-1 plan, timing is pre-arranged and the transactions are unlikely to signal new company-specific information to the market.

Corporate Governance Expert

TL;DR Use of a documented 10b5-1 plan demonstrates procedural compliance; the insider retains a meaningful ongoing equity and options position.

The filing explicitly cites a 10b5-1 plan entered on December 24, 2024 as the basis for the exercise-and-sale sequence on 08/07/2025. The reporting person converted 11,000 options and sold all resulting shares in tranches with tranche-weighted averages shown. Although the transactions reduced beneficial common stock ownership from the earlier reported level to 36,781 shares, the reporting person still holds 88,000 exercisable options, so there remains continued economic exposure to the issuer.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

MAHON PAUL A

(Last) (First) (Middle)

C/O UNITED THERAPEUTICS CORPORATION

1000 SPRING STREET

(Street)

SILVER SPRING MD 20910

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
UNITED THERAPEUTICS Corp [ UTHR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP & GENERAL COUNSEL

3. Date of Earliest Transaction (Month/Day/Year)
08/07/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/07/2025		M(1)		11,000	A	$135.42	47,781	D
Common Stock	08/07/2025		S(1)		1,391	D	$297.4924(2)	46,390	D
Common Stock	08/07/2025		S(1)		1,353	D	$298.7283(3)	45,037	D
Common Stock	08/07/2025		S(1)		2,918	D	$299.4823(4)	42,119	D
Common Stock	08/07/2025		S(1)		2,837	D	$300.4667(5)	39,282	D
Common Stock	08/07/2025		S(1)		1,401	D	$301.6663(6)	37,881	D
Common Stock	08/07/2025		S(1)		1,000	D	$302.6965(7)	36,881	D
Common Stock	08/07/2025		S(1)		100	D	$303.45	36,781	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option	$135.42	08/07/2025		M(1)			11,000	03/15/2023	03/15/2027	Common Stock	11,000	$0.00	88,000	D

Explanation of Responses:

1. This is an exercise of stock options and sale of the resulting shares pursuant to a pre-arranged 10b5-1 plan entered into by the reporting person on December 24, 2024.

2. This transaction was executed in multiple trades at prices ranging from $297.04 to $298.02. 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.

3. This transaction was executed in multiple trades at prices ranging from $298.04 to $299.03. 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.

4. This transaction was executed in multiple trades at prices ranging from $299.06 to $300.01. 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.

5. This transaction was executed in multiple trades at prices ranging from $300.10 to $300.84. 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.

6. This transaction was executed in multiple trades at prices ranging from $301.18 to $302.10. 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.

7. This transaction was executed in multiple trades at prices ranging from $302.19 to $303.17. 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.

Remarks:

	/s/ John S. Hess, Jr. under Power of Attorney	08/08/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Paul A. Mahon (UTHR) do on 08/07/2025?

He exercised 11,000 stock options at an exercise price of $135.42 and sold the resulting 11,000 shares pursuant to a pre-arranged 10b5-1 plan.

How many shares does Mahon own after these transactions?

The Form 4 reports that he beneficially owned 36,781 common shares following the reported transactions.

How many stock options does he still hold after the reported transactions?

He continued to beneficially own 88,000 derivative securities (stock options) following the reported transactions.

Were the sales part of a 10b5-1 plan and when was it established?

Yes. The sales were made pursuant to a pre-arranged 10b5-1 plan entered on December 24, 2024.

What prices were the shares sold at?

Sales were executed in multiple tranches with reported weighted-average prices of $297.4924, $298.7283, $299.4823, $300.4667, $301.6663, $302.6965, and $303.45; explanatory notes give the trade-price ranges for each tranche.