UNITED THERAPEUTICS (UTHR) CEO exercises 9,500 options, sells stock under 10b5-1 plan
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
UNITED THERAPEUTICS Corp Chairperson & CEO Martine Rothblatt exercised stock options for 9,500 shares of common stock at an exercise price of $146.03 per share and sold the resulting shares in multiple open-market transactions on May 15, 2026 under a pre-arranged Rule 10b5-1 trading plan.
Following these transactions, Rothblatt directly holds 40,513 shares of common stock and also has additional indirect holdings through various family trusts and a spouse account. The 10b5-1 plan, adopted on November 7, 2025, will continue until the earlier of the exercise of 1,734,410 stock options that expire on March 17, 2027 or December 31, 2026.
Positive
- None.
Negative
- None.
Insights
Rothblatt exercised 9,500 options and sold the shares under a 10b5-1 plan, a routine liquidity move.
Martine Rothblatt used stock options with a $146.03 exercise price to acquire 9,500 UNITED THERAPEUTICS common shares, then sold those shares in several open-market trades around $565–$572 on May 15, 2026. This is a classic exercise-and-sell pattern.
The filing states these transactions occurred pursuant to a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025. Such plans pre-schedule trades, so the timing gives limited insight into management’s current view of the stock.
After the transactions, Rothblatt still directly owns 40,513 common shares and maintains substantial additional exposure through indirect family trust holdings and unexercised options. The plan permits further exercises of up to 1,734,410 options before they expire on March 17, 2027, so subsequent Form 4 filings may reflect ongoing, programmed sales.
Insider Trade Summary 10b5-1
Net Seller: 9,500 shares ($5,397,077)
Net Sell
14 txns
Insider
ROTHBLATT MARTINE A
Role
Chairperson & CEO
Sold
9,500 shs ($5.40M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Option | 9,500 | $0.00 | -- |
| Exercise | Common Stock | 9,500 | $146.03 | $1.39M |
| Sale | Common Stock | 1,477 | $566.1876 | $836K |
| Sale | Common Stock | 1,874 | $567.0407 | $1.06M |
| Sale | Common Stock | 3,211 | $568.0737 | $1.82M |
| Sale | Common Stock | 1,682 | $569.0272 | $957K |
| Sale | Common Stock | 616 | $569.9353 | $351K |
| Sale | Common Stock | 320 | $571.2313 | $183K |
| Sale | Common Stock | 320 | $572.2538 | $183K |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Stock Option — 221,410 shares (Direct, null);
Common Stock — 50,013 shares (Direct, null);
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. 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 $565.55 to $566.54. 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 $566.58 to $567.57. 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 $567.58 to $568.57. 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 $568.62 to $569.60. 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 $569.66 to $570.41. 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 $570.79 to $571.61. 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 $571.92 to $572.53. 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.
Key Figures
Options exercised: 9,500 shares
Option exercise price: $146.03 per share
Direct holdings after trades: 40,513 shares
+5 more
8 metrics
Options exercised
9,500 shares
Common stock acquired via option exercise on May 15, 2026
Option exercise price
$146.03 per share
Exercise price of stock options for 9,500 shares
Direct holdings after trades
40,513 shares
Common stock directly owned following May 15, 2026 transactions
Family trust holding example
324,443 shares
Common stock held indirectly in a family trust
Additional trust holding example
10,962 shares
Common stock held indirectly in another family trust
Plan option pool
1,734,410 stock options
Options referenced in 10b5-1 plan, expiring March 17, 2027
10b5-1 plan end date
December 31, 2026
Latest date the pre-arranged trading plan remains in effect
Option expiration date
March 17, 2027
Expiration for stock options referenced in the trading plan
Key Terms
Rule 10b5-1 trading plan, stock options, weighted average price, family trusts, +2 more
6 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's spouse is sole trustee"
investment power financial
"Shares held in family trusts as to which the Reporting Person's spouse shares investment power"
beneficiaries financial
"Shares held in family trusts as to which the Reporting Person and/or immediate family members are beneficiaries"
Beneficiaries are the people or organizations designated to receive benefits, such as money or assets, from a financial arrangement like a trust, insurance policy, or retirement plan. They matter to investors because choosing the right beneficiaries ensures that assets are passed on according to their wishes, providing financial security or support to loved ones when needed. Think of beneficiaries as the intended recipients of a gift or inheritance.
FAQ
What did UTHR CEO Martine Rothblatt report in this Form 4?
Martine Rothblatt reported exercising stock options for 9,500 UNITED THERAPEUTICS common shares at an exercise price of $146.03, then selling those shares in multiple open-market transactions on May 15, 2026 under a pre-arranged Rule 10b5-1 trading plan.
Were the UTHR insider stock sales by Rothblatt pre-planned?
Yes. The filing states the option exercise and resulting share sales occurred under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025. The plan schedules trades in advance, reducing the significance of trade timing as a discretionary signal.
What stock options did Rothblatt exercise in this UNITED THERAPEUTICS Form 4?
Rothblatt exercised stock options covering 9,500 UNITED THERAPEUTICS common shares at an exercise price of $146.03 per share. The underlying options are part of a larger pool, with up to 1,734,410 options referenced as potentially exercisable before their March 17, 2027 expiration.
How long will Martine Rothblatt’s 10b5-1 trading plan for UTHR remain in effect?
The Rule 10b5-1 trading plan will continue until the earlier of two events: the exercise of 1,734,410 stock options that expire on March 17, 2027, or the plan’s end date of December 31, 2026, as disclosed in the Form 4 footnote.