United Therapeutics (UTHR) CEO exercises 9,500 options and sells shares under 10b5-1 plan
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
United Therapeutics Corp Chairperson & CEO Martine Rothblatt reported an exercise-and-sale transaction in company stock. On May 12, 2026, she exercised 9,500 stock options at $146.03 per share to acquire common stock, then sold 9,500 shares in multiple open-market trades around $570–$583 per share.
The filing states these moves were made under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025. Following the transactions, Rothblatt directly holds 40,513 shares of common stock and also has additional indirect holdings through family trusts and her spouse. The trading plan will continue until the earlier of the exercise of 1,734,410 stock options, which expire on March 17, 2027, or December 31, 2026.
Positive
- None.
Negative
- None.
Insider Trade Summary 10b5-1
Net Seller: 9,500 shares ($5,494,563)
Net Sell
21 txns
Insider
ROTHBLATT MARTINE A
Role
Chairperson & CEO
Sold
9,500 shs ($5.49M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Option | 9,500 | $0.00 | -- |
| Exercise | Common Stock | 9,500 | $146.03 | $1.39M |
| Sale | Common Stock | 240 | $568.8313 | $137K |
| Sale | Common Stock | 400 | $570.3134 | $228K |
| Sale | Common Stock | 106 | $571.7119 | $61K |
| Sale | Common Stock | 293 | $573.1152 | $168K |
| Sale | Common Stock | 401 | $573.7005 | $230K |
| Sale | Common Stock | 753 | $575.4665 | $433K |
| Sale | Common Stock | 767 | $576.2349 | $442K |
| Sale | Common Stock | 1,062 | $577.4358 | $613K |
| Sale | Common Stock | 778 | $578.4558 | $450K |
| Sale | Common Stock | 492 | $579.6692 | $285K |
| Sale | Common Stock | 1,706 | $580.6152 | $991K |
| Sale | Common Stock | 982 | $581.6179 | $571K |
| Sale | Common Stock | 1,464 | $582.799 | $853K |
| Sale | Common Stock | 56 | $583.4429 | $33K |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Stock Option — 249,910 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. This transaction was executed in multiple trades at prices ranging from $577.95 to $578.90. 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 $579.03 to $580.02. 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. This transaction was executed in multiple trades at prices ranging from $580.04 to $580.99. 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 $581.06 to $582.00. 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 $582.36 to $583.30. 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 $583.44 to $583.45. 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 $568.57 to $569.01. 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. This transaction was executed in multiple trades at prices ranging from $569.98 to $570.59. 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. This transaction was executed in multiple trades at prices ranging from $571.27 to $572.26. 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 $572.47 to $573.46. 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 $573.47 to $574.25. 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 $574.85 to $575.83. 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 $575.87 to $576.77. 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 $576.95 to $577.92. 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.
Key Figures
Options exercised: 9,500 shares
Option exercise price: $146.03 per share
Shares sold: 9,500 shares
+4 more
7 metrics
Options exercised
9,500 shares
Stock options converted to common stock on May 12, 2026
Option exercise price
$146.03 per share
Exercise price for 9,500 stock options
Shares sold
9,500 shares
Open-market sales on May 12, 2026
Sale price range
$568.83–$583.44
Weighted average prices across multiple sale trades
Direct holdings after transactions
40,513 shares
Common stock directly owned following reported trades
Example trust holding
324,443 shares
Common stock held in a family trust
Plan option pool
1,734,410 stock options
Options referenced in 10b5-1 plan, expiring March 17, 2027
Key Terms
Rule 10b5-1 trading plan, stock options, weighted average price, family trusts, +1 more
5 terms
Rule 10b5-1 trading plan financial
"This exercise of stock options and sale of the resulting shares of common stock was pursuant to a pre-arranged 10b5-1 trading plan"
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 to a pre-arranged 10b5-1 trading plan"
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"
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"
Exercise or conversion of derivative security financial
"transaction_code_description": "Exercise or conversion of derivative security""
FAQ
What insider transactions did UTHR CEO Martine Rothblatt report on this Form 4?
Martine Rothblatt reported exercising 9,500 stock options and selling 9,500 United Therapeutics common shares. The trades occurred on May 12, 2026 at multiple prices around $570–$583 per share, converting option-based compensation into cash while maintaining a sizable remaining share position.
What stock options did Martine Rothblatt exercise in the latest UTHR Form 4 filing?
She exercised 9,500 stock options with an exercise price of $146.03 per share into United Therapeutics common stock. These options are part of a larger option pool referenced in a Rule 10b5-1 plan that covers up to 1,734,410 options expiring March 17, 2027.
Was Martine Rothblatt’s UTHR stock sale made under a Rule 10b5-1 trading plan?
Yes. The Form 4 footnotes state the option exercise and resulting share sales occurred under a pre-arranged Rule 10b5-1 trading plan. The plan was adopted November 7, 2025 and is scheduled to run until late 2026 or earlier if specified options are fully exercised.