United Therapeutics CEO exercises and sells 9,500 shares
Accepted by SEC EDGAR
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Form Type
4
Rhea-AI Filing Summary
UNITED THERAPEUTICS Corp Chairperson & CEO Martine A. Rothblatt, through family trusts and personal accounts, exercised stock options for 9,500 shares at $135.4200 per share and sold 9,500 shares of common stock in multiple open-market trades at prices between $520.9158 and $534.2733 per share. These transactions were carried out under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025, which allows for the potential exercise of up to 1,734,410 stock options expiring March 15, 2027, or terminates by December 31, 2026.
Insider Trade Summary 10b5-1
Exercise and Sale: 9,500 shares ($3.75M approx. pre-tax spread)
Exercise and Sale
25 txns
Insider
ROTHBLATT MARTINE A
Role
Chairperson & CEO
Sold
9,500 shs ($5.04M)
Approx. gross sale proceeds
$5.04M
Approx. exercise cost
$1.29M
Approx. pre-tax spread
$3.75M
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Option F1 | 1,718 | $0.00 | $0.00 |
| Exercise | Stock Option F1, F24 | 7,782 | $0.00 | $0.00 |
| Exercise | Common Stock F1 | 1,718 | $135.42 | $233K |
| Sale | Common Stock F1 | 80 | $521.82 | $42K |
| Sale | Common Stock F1, F2 | 120 | $523.9733 | $63K |
| Sale | Common Stock F1, F3 | 80 | $525.425 | $42K |
| Sale | Common Stock F1 | 40 | $527.55 | $21K |
| Sale | Common Stock F1, F4 | 120 | $529.6633 | $64K |
| Sale | Common Stock F1, F5 | 278 | $530.9678 | $148K |
| Sale | Common Stock F1, F6 | 800 | $532.0593 | $426K |
| Sale | Common Stock F1, F7 | 160 | $533.2175 | $85K |
| Sale | Common Stock F1 | 40 | $534.09 | $21K |
| Exercise | Common Stock F1, F8 | 7,782 | $135.42 | $1.05M |
| Sale | Common Stock F1, F9, F8 | 48 | $520.9158 | $25K |
| Sale | Common Stock F1, F10, F8 | 189 | $521.8408 | $99K |
| Sale | Common Stock F1, F11, F8 | 203 | $523.2024 | $106K |
| Sale | Common Stock F1, F12, F8 | 440 | $524.3955 | $231K |
| Sale | Common Stock F1, F13, F8 | 280 | $525.2371 | $147K |
| Sale | Common Stock F1, F14, F8 | 120 | $527.77 | $63K |
| Sale | Common Stock F1, F15, F8 | 641 | $529.026 | $339K |
| Sale | Common Stock F1, F16, F8 | 577 | $530.1185 | $306K |
| Sale | Common Stock F1, F17, F8 | 1,044 | $531.0255 | $554K |
| Sale | Common Stock F1, F18, F8 | 3,295 | $531.9678 | $1.75M |
| Sale | Common Stock F1, F19, F8 | 825 | $533.0797 | $440K |
| Sale | Common Stock F1, F20, F8 | 120 | $534.2733 | $64K |
| Holding | Common Stock | -- | -- | -- |
| Holding | Common Stock F21 | -- | -- | -- |
| Holding | Common Stock F22 | -- | -- | -- |
| Holding | Common Stock F23 | -- | -- | -- |
Holdings After Transaction:
Stock Option — 0 contracts (Direct);
Stock Option — 341,410 contracts (Indirect, by Trust);
Common Stock — 40,513 shares (Direct);
Common Stock — 628,049 shares (Indirect, by Trust);
Common Stock — 166 shares (Indirect, by Spouse)
Footnotes (24)
- F1. 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.
- F10. This transaction was executed in multiple trades at prices ranging from $521.77 to $522.42. 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.
- F11. This transaction was executed in multiple trades at prices ranging from $522.97 to $523.41. 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.
- F12. This transaction was executed in multiple trades at prices ranging from $523.98 to $524.81. 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.
- F13. This transaction was executed in multiple trades at prices ranging from $525.03 to $525.62. 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.
- F14. This transaction was executed in multiple trades at prices ranging from $527.52 to $528.22. 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.
- F15. This transaction was executed in multiple trades at prices ranging from $528.57 to $529.56. 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.
- F16. This transaction was executed in multiple trades at prices ranging from $529.58 to $530.57. 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.
- F17. This transaction was executed in multiple trades at prices ranging from $530.60 to $531.59. 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.
- F18. This transaction was executed in multiple trades at prices ranging from $531.65 to $532.64. 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.
- F19. This transaction was executed in multiple trades at prices ranging from $532.66 to $533.64. 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.
- F2. This transaction was executed in multiple trades at prices ranging from $523.41 to $524.34. 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.
- F20. This transaction was executed in multiple trades at prices ranging from $534.08 to $534.65. 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.
- F21. 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.
- F22. 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.
- F23. 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.
- F24. 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.
- F3. This transaction was executed in multiple trades at prices ranging from $525.20 to $525.65. 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.
- F4. This transaction was executed in multiple trades at prices ranging from $529.17 to $530.10. 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.
- F5. This transaction was executed in multiple trades at prices ranging from $530.45 to $531.42. 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.
- F6. This transaction was executed in multiple trades at prices ranging from $531.79 to $532.73. 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.
- F7. This transaction was executed in multiple trades at prices ranging from $532.88 to $533.55. 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.
- F8. 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.
- F9. This transaction was executed in multiple trades at prices ranging from $520.66 to $521.37. 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
Shares acquired via option exercise: 9,500 shares
Option exercise price: 135.4200 per share
+5 more
8 metrics
Shares sold
9,500 shares
Common stock sold in open-market transactions on 2026-07-15
Shares acquired via option exercise
9,500 shares
Common shares received from exercising stock options on 2026-07-15
Option exercise price
135.4200 per share
Exercise price of stock options converted into common stock
Sale price range
520.9158–534.2733 per share
Reported transaction prices for common stock sales on 2026-07-15
Direct common shares after trades
42,231 shares
Direct UNITED THERAPEUTICS holdings reported following transactions
Example indirect trust holding
332,225 shares
Common stock held indirectly by a family trust after reported transactions
Options under 10b5-1 plan
1,734,410 options
Maximum stock options referenced in the Rule 10b5-1 trading plan
Option expiration date
March 15, 2027
Expiration date for stock options covered by the trading plan
Key Terms
Rule 10b5-1 trading plan, stock options, derivative security, weighted average price, +1 more
5 terms
Rule 10b5-1 trading plan regulatory
"pursuant to a pre-arranged Rule 10b5-1 trading plan adopted by the reporting person"
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"
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.
derivative security financial
"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.
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.
investment power financial
"the Reporting Person's spouse shares investment power and the Reporting Person"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did UTHR's CEO report in this Form 4 filing?
Martine A. Rothblatt reported exercising stock options for 9,500 shares at $135.4200 per share and selling 9,500 shares of UNITED THERAPEUTICS common stock in multiple open-market trades between $520.9158 and $534.2733 per share on 2026-07-15, largely through family trusts.
Was the UTHR insider trading activity under a Rule 10b5-1 plan?
Yes. The transactions were executed under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025. The plan permits exercising up to 1,734,410 stock options, all expiring on March 15, 2027, or ends earlier if that amount is exercised or by December 31, 2026.
What option exercises involving UTHR stock were reported for family trusts?
Family trusts exercised stock options for 7,782 shares of UNITED THERAPEUTICS common stock at $135.4200 per share, while Rothblatt directly exercised options for an additional 1,718 shares. After the trust exercise, one family trust continued to hold 341,410 stock options with the same strike price and 2027 expiration.
AI-generated analysis. How Rhea-AI works. Not financial advice.
