United Therapeutics (UTHR) CEO sells shares under Rule 10b5-1 trading plan
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
United Therapeutics Chairperson & CEO Martine Rothblatt exercised stock options for 9,500 shares of common stock at an exercise price of $135.42 per share, then sold 9,500 shares in multiple open‑market transactions at prices reported between $539.9783 and $548.9605 per share. These transactions were carried out under a pre‑arranged Rule 10b5‑1 trading plan adopted on November 7, 2025. Following the trades, Rothblatt directly holds 50,013 shares of common stock and continues to have substantial indirect holdings through family trusts, as well as stock options held indirectly covering 349,192 underlying shares that expire on March 15, 2027.
Positive
- None.
Negative
- None.
Insights
Rothblatt exercised 9,500 options and sold the resulting shares under a pre-set plan.
Chairperson & CEO Martine Rothblatt exercised stock options for 9,500 shares at an exercise price of $135.42 and sold 9,500 shares in open‑market trades with reported prices around the mid-$540s. The filing identifies these as routine option exercises and sales.
A key detail is that both the exercise and sale occurred pursuant to a pre‑arranged Rule 10b5‑1 trading plan adopted on November 7, 2025. Such plans are set up in advance, reducing the informational value of short‑term market timing for these sales.
After the transactions, Rothblatt still directly owns 50,013 common shares and maintains significant indirect exposure through family trusts and stock options on 349,192 underlying shares expiring on March 15, 2027. Given the remaining position and pre‑planned nature of the trades, the overall signal is neutral for long‑term investors.
Insider Trade Summary 10b5-1
Net Seller: 9,500 shares ($5,185,133)
Net Sell
18 txns
Insider
ROTHBLATT MARTINE A
Role
Chairperson & CEO
Sold
9,500 shs ($5.19M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Option | 9,500 | $0.00 | -- |
| Exercise | Common Stock | 9,500 | $135.42 | $1.29M |
| Sale | Common Stock | 120 | $539.9783 | $65K |
| Sale | Common Stock | 360 | $541.2389 | $195K |
| Sale | Common Stock | 80 | $541.864 | $43K |
| Sale | Common Stock | 585 | $543.3691 | $318K |
| Sale | Common Stock | 1,594 | $544.4042 | $868K |
| Sale | Common Stock | 2,165 | $545.3039 | $1.18M |
| Sale | Common Stock | 1,705 | $546.2774 | $931K |
| Sale | Common Stock | 759 | $547.1166 | $415K |
| Sale | Common Stock | 1,702 | $548.2895 | $933K |
| Sale | Common Stock | 430 | $548.9605 | $236K |
| holding | Stock Option | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Stock Option — 96,718 shares (Direct, null);
Common Stock — 50,013 shares (Direct, null);
Stock Option — 349,192 shares (Indirect, By Trust);
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 15, 2027; or (b) December 31, 2026. This transaction was executed in multiple trades at prices ranging from $547.77 to $548.75. 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 $548.82 to $549.17. 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. 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. Stock options held in a family trust as to which the Reporting Person shares investment power and the Reporting Person and immediate family members are beneficiaries. This transaction was executed in multiple trades at prices ranging from $539.47 to $540.39. 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 $540.55 to $541.42. 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 $541.67 to $542.19. 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 $542.75 to $543.73. 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 $543.75 to $544.745. 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 $544.76 to $545.75. 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 $545.76 to $546.75. 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 $546.76 to $547.75. 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.
Key Figures
Shares sold: 9,500 shares
Sale prices range: $539.9783–$548.9605 per share
Options exercised: 9,500 shares at $135.42
+3 more
6 metrics
Shares sold
9,500 shares
Open-market sales of common stock on June 29, 2026
Sale prices range
$539.9783–$548.9605 per share
Weighted average prices across multiple trades
Options exercised
9,500 shares at $135.42
Stock option exercise price for common stock
Direct shares after transaction
50,013 shares
Common stock directly owned following transactions
Indirect option position
349,192 underlying shares
Stock options held indirectly, expiring March 15, 2027
10b5-1 plan maximum options
1,734,410 stock options
Plan continues until options exercised or December 31, 2026
Key Terms
Rule 10b5-1 trading plan, Stock Option, derivative security, family trusts, +1 more
5 terms
Rule 10b5-1 trading plan financial
"This exercise of stock options and sale ... 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 Option financial
"Stock Option held in a family trust as to which the Reporting Person shares investment power"
A stock option is a contract that gives you the right to buy or sell a company's stock at a specific price within a certain time frame. People use them to potentially make money if the stock's price moves favorably or to protect against losses. It's like holding a coupon that can be used to buy or sell stock at a set price later on.
derivative security financial
"transaction_code_description: Exercise or conversion of derivative security"
A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.
family trusts financial
"Shares held in family trusts as to which the Reporting Person shares investment power"
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.
FAQ
What did United Therapeutics (UTHR) CEO Martine Rothblatt report in this Form 4?
Martine Rothblatt reported exercising stock options for 9,500 United Therapeutics shares and selling 9,500 shares in open‑market transactions. The activity reflects routine equity compensation management rather than a new grant, and it occurred under a pre‑arranged Rule 10b5‑1 trading plan.
What was the stock option exercise price in the United Therapeutics (UTHR) Form 4?
The reported stock options were exercised at an exercise price of $135.42 per share for 9,500 underlying United Therapeutics common shares. These options relate to a larger grant that expires on March 15, 2027, and remains partly unexercised after this transaction.
Was the United Therapeutics (UTHR) CEO’s sale part of a Rule 10b5-1 trading plan?
Yes, both the stock option exercise and related share sales were executed under a pre‑arranged Rule 10b5‑1 trading plan. The plan was adopted on November 7, 2025 and contemplates exercising up to 1,734,410 options expiring March 15, 2027, or running until December 31, 2026.
What ongoing option position does the United Therapeutics (UTHR) CEO still have?
The CEO, through an indirect family trust, continues to hold stock options tied to 349,192 underlying United Therapeutics shares. These options carry a $135.42 exercise price and an expiration date of March 15, 2027, representing a substantial remaining derivative stake.