Martine Rothblatt (UTHR) uses 10b5-1 plan to exercise 8,000 options

Rhea-AI Filing Summary

United Therapeutics director and Chairperson & CEO Martine A. Rothblatt reported option exercises and subsequent sales under a pre-arranged 10b5-1 trading plan entered on 05/02/2025. On 10/03/2025 and 10/06/2025 she exercised a total of 8,000 stock options with a $120.26 exercise price and sold multiple blocks of shares at weighted-average prices ranging roughly from $445 to $451. Following the reported transactions she directly beneficially owned 4,130 shares and indirectly held large positions through family trusts and spouse (e.g., 324,518, 258,117, 45,596, 15,962). The 10b5-1 plan covers a tranche of 294,000 options expiring 03/15/2026 or ending by 12/31/2025, whichever is earlier. The filing states multiple trades were executed at specified price ranges and offers to provide transaction details on request.

Positive

• Use of a pre-arranged 10b5-1 plan provides an affirmative defense and reduces timing concerns
• Large retained indirect holdings (e.g., 324,518 and 258,117) indicate continued substantial insider alignment

Negative

• Significant share sales executed at ~ $445–$451 reduce direct insider-held common stock to 4,130 shares
• Options tranche of 294,000 remains and expires 03/15/2026, creating potential for further sales before expiration

Insights

Corporate Insider Transactions Analyst

Insider exercised 8,000 options and sold shares under a 10b5-1 plan.

The reported activity shows an exercise of 8,000 stock options at a $120.26 strike and multiple sales executed at weighted-average prices between roughly $445 and $451. The trades were carried out under a pre-arranged 10b5-1 plan dated 05/02/2025, which is intended to provide an affirmative defense to Rule 10b5-1 concerns.

Principal dependencies are the remaining 294,000 option tranche expiring 03/15/2026 and the plan termination date of 12/31/2025. Watch for additional Form 4 filings if the plan continues or if significant tranches are exhausted before those dates.

Equity Ownership & Governance Specialist

Substantial indirect holdings remain through family trusts and spouse.

The reporting person retains concentrated indirect ownership via multiple family trusts and spouse-controlled shares, totaling several hundred thousand shares (e.g., 324,518 and 258,117). Direct ownership after these transactions is small (4,130 shares), while indirect positions represent the bulk of beneficial holdings.

For governance and voting implications, monitor any changes in trust or spouse holdings reported in future filings and note the exercise/sale window tied to options expiring 03/15/2026.

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^*

ROTHBLATT MARTINE 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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chairperson & CEO

3. Date of Earliest Transaction (Month/Day/Year)
10/03/2025

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	10/03/2025		M(1)		4,000	A	$120.26	4,130	D
Common Stock	10/03/2025		S(1)		1,000	D	$443.63	3,130	D
Common Stock	10/03/2025		S(1)		1,629	D	$445.6121(2)	1,501	D
Common Stock	10/03/2025		S(1)		1,371	D	$448.8074(3)	130	D
Common Stock	10/06/2025		M(1)		4,000	A	$120.26	4,130	D
Common Stock	10/06/2025		S(1)		1,000	D	$445.24	3,130	D
Common Stock	10/06/2025		S(1)		3,000	D	$451.175(4)	130	D
Common Stock								166	I	by Spouse
Common Stock								324,518	I	by Trust(5)
Common Stock								258,117	I	by Trust(6)
Common Stock								45,596	I	by Trust(7)
Common Stock								15,962	I	by Trust(8)

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	$120.26	10/03/2025		M(1)			4,000	03/15/2016	03/15/2026	Common Stock	4,000	$0.00	214,000	D
Stock Option	$120.26	10/06/2025		M(1)			4,000	03/15/2016	03/15/2026	Common Stock	4,000	$0.00	210,000	D

Explanation of Responses:

1. This exercise and sale of stock options was pursuant to a pre-arranged 10b5-1 trading plan entered into by the reporting person on May 2, 2025. This plan will continue until the earlier of: (a) exhaustion of a tranche of 294,000 stock options that expire March 15, 2026; or (b) December 31, 2025.

2. This transaction was executed in multiple trades at prices ranging from $445.385 to $445.755. 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 $448.48 to $449.10. 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.

4. This transaction was executed in multiple trades at prices ranging from $450.555 to $451.485. 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. 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.

6. 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.

7. 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.

8. 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.

Remarks:

	/s/ John S. Hess, Jr. under Power of Attorney	10/06/2025
	** 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 Martine Rothblatt (UTHR) report on Form 4?

The report discloses exercise of 8,000 options at a $120.26 strike and multiple share sales executed at weighted-average prices between about $445 and $451, under a 10b5-1 plan.

Were the trades carried out under a 10b5-1 plan for UTHR?

Yes. The trades were pursuant to a 10b5-1 plan entered on 05/02/2025, valid until exhaustion of a 294,000 option tranche or 12/31/2025.

How many shares does the reporting person still own after the transactions?

Direct beneficial ownership following the reported transactions is 4,130 shares; substantial indirect holdings remain via trusts and spouse (e.g., 324,518 and 258,117 shares).

Do the filings disclose exact trade prices?

The filing reports weighted-average prices and price ranges for multiple trades and offers to provide full trade-by-trade details to the SEC, issuer, or a security holder upon request.

When do the remaining options expire?

The tranche referenced expires on 03/15/2026, or the 10b5-1 plan ends on 12/31/2025, whichever occurs earlier.