UNITED THERAPEUTICS (UTHR) CEO exercises options, sells 9,500 shares 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 and sold the resulting common shares under a pre-arranged Rule 10b5-1 trading plan. She exercised 9,500 stock options at an exercise price of $146.03 per share and received an equal number of common shares.
On the same date, she sold 9,500 common shares in multiple open-market transactions at prices generally between about $570.51 and $578.68 per share, leaving 50,013 common shares held directly. Additional common shares are held indirectly through various family trusts and by her spouse, as disclosed in the footnotes.
Positive
- None.
Negative
- None.
Insights
Rothblatt exercised options and sold the resulting shares under a pre-set 10b5-1 plan.
The filing shows Martine Rothblatt exercising 9,500 stock options at an exercise price of $146.03 to acquire common shares, then selling 9,500 shares in multiple open-market trades around the mid-$570 range. This is a classic exercise-and-sell pattern.
A key detail is the footnote stating these transactions were executed under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025, which will continue until a specified option pool is exercised or until December 31, 2026. Such plans are put in place in advance, so the timing of sales is more mechanical than discretionary.
After the transactions, Rothblatt directly holds 50,013 common shares, and additional shares are held indirectly via family trusts and her spouse, reflecting a substantial ongoing equity stake. The filing also notes many of the sales were executed in multiple trades within narrow price ranges, underscoring orderly, programmatic execution rather than a single block sale.
Insider Trade Summary 10b5-1
Net Seller: 9,500 shares ($5,457,566)
Net Sell
16 txns
Insider
ROTHBLATT MARTINE A
Role
Chairperson & CEO
Sold
9,500 shs ($5.46M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Option | 9,500 | $0.00 | -- |
| Exercise | Common Stock | 9,500 | $146.03 | $1.39M |
| Sale | Common Stock | 40 | $568.69 | $23K |
| Sale | Common Stock | 376 | $571.0376 | $215K |
| Sale | Common Stock | 560 | $572.0355 | $320K |
| Sale | Common Stock | 744 | $572.9019 | $426K |
| Sale | Common Stock | 3,283 | $574.2066 | $1.89M |
| Sale | Common Stock | 2,922 | $575.0168 | $1.68M |
| Sale | Common Stock | 983 | $575.9807 | $566K |
| Sale | Common Stock | 232 | $576.876 | $134K |
| Sale | Common Stock | 360 | $578.2933 | $208K |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Stock Option — 230,910 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. 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 $570.51 to $571.41. 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 $571.51 to $572.43. 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 $572.56 to $573.41. 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 $573.63 to $574.59. 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 $574.63 to $575.61. 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 $575.63 to $576.62. 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. This transaction was executed in multiple trades at prices ranging from $576.66 to $577.18. 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 $577.73 to $578.68. 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
+5 more
8 metrics
Options exercised
9,500 shares
Stock options exercised into common stock on May 14, 2026
Option exercise price
$146.03 per share
Exercise price of stock options converted on May 14, 2026
Shares sold
9,500 shares
Total common shares sold in open-market trades
Sale price range
$570.51–$578.68 per share
Price ranges for multiple trades as disclosed in footnotes
Direct holdings after transactions
50,013 shares
Common shares held directly by Rothblatt after May 14, 2026
Indirect trust holding example
324,443 shares
Common shares held in a family trust with Rothblatt-related control
Indirect spouse holding
166 shares
Common shares held by spouse, reported as indirect ownership
10b5-1 plan horizon
Until Dec 31, 2026
Plan ends earlier of full option exercise or Dec 31, 2026
Key Terms
Rule 10b5-1 trading plan, stock options, family trusts, weighted average price, +1 more
5 terms
Rule 10b5-1 trading plan regulatory
"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.
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.
exercise or conversion of derivative security financial
"Exercise or conversion of derivative security"
FAQ
What did UTHR CEO Martine Rothblatt report in this Form 4?
She reported exercising 9,500 stock options at $146.03 per share and selling 9,500 common shares in multiple open-market trades around the mid-$570 range. These transactions were made under a pre-arranged Rule 10b5-1 trading plan.
Were Martine Rothblatt’s UTHR stock sales part of a Rule 10b5-1 plan?
Yes. The filing states the option exercise and resulting share sales were executed under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025. The plan continues until certain options are exercised or until December 31, 2026.
What stock options did Martine Rothblatt exercise in this UTHR Form 4?
She exercised 9,500 stock options with an exercise price of $146.03 per share, converting them into common stock. The options relate to a larger pool that may be exercised under her ongoing Rule 10b5-1 trading plan before their expiration in March 2027.
How are Martine Rothblatt’s indirect UTHR holdings structured?
The filing shows common shares held in several family trusts, where she or her spouse act as trustee or share investment power, and 166 shares held by her spouse. These structures provide indirect ownership interests benefiting her and immediate family members.