United Therapeutics (UTHR) CEO trades shares under 10b5-1 plan
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
United Therapeutics Chairperson and CEO Martine Rothblatt reported exercising stock options and selling shares of common stock in a planned transaction. On June 23, 2026, she exercised 9,500 stock options at an exercise price of $135.42 per share and sold 9,500 shares of common stock in multiple open-market trades at weighted average prices around $540–$546 per share. These transactions were carried out under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025, which will continue until the earlier of exercising 1,734,410 stock options that expire on March 15, 2027, or December 31, 2026. Following the transactions, Rothblatt holds 50,013 shares of common stock directly, additional indirect common stock positions through various family trusts and a spouse account, and stock options on 349,192 underlying shares held indirectly through a family trust.
Positive
- None.
Negative
- None.
Insider Trade Summary 10b5-1
Net Seller: 9,500 shares ($5,167,571)
Net Sell
15 txns
Insider
ROTHBLATT MARTINE A
Role
Chairperson & CEO
Sold
9,500 shs ($5.17M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Option | 9,500 | $0.00 | -- |
| Exercise | Common Stock | 9,500 | $135.42 | $1.29M |
| Sale | Common Stock | 299 | $540.2442 | $162K |
| Sale | Common Stock | 894 | $540.9859 | $484K |
| Sale | Common Stock | 1,444 | $542.1265 | $783K |
| Sale | Common Stock | 900 | $543.0979 | $489K |
| Sale | Common Stock | 1,329 | $544.2855 | $723K |
| Sale | Common Stock | 3,407 | $545.1948 | $1.86M |
| Sale | Common Stock | 1,227 | $546.0012 | $670K |
| holding | Stock Option | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Stock Option — 134,718 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. 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 $539.62 to $540.61. 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 $540.62 to $541.58. 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 $541.62 to $542.60. 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 $542.63 to $543.62. 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 $543.63 to $544.62. 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 $544.68 to $545.67. 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 $545.68 to $546.55. 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. 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
Shares sold: 9,500 shares
Sale prices: $540–$546/share
Options exercised: 9,500 shares
+5 more
8 metrics
Shares sold
9,500 shares
Common stock sold in open-market trades on June 23, 2026
Sale prices
$540–$546/share
Weighted average prices across multiple sale transactions
Options exercised
9,500 shares
Stock options exercised into common stock on June 23, 2026
Option exercise price
$135.42/share
Exercise price of stock options converted into common stock
Direct shares after
50,013 shares
Direct United Therapeutics common stock holdings after transactions
Indirect option position
349,192 underlying shares
Stock options held indirectly via family trust, expiring March 15, 2027
10b5-1 plan option pool
1,734,410 stock options
Maximum options to be exercised under the trading plan
Plan end date
December 31, 2026
Latest date the Rule 10b5-1 trading plan remains in effect
Key Terms
Rule 10b5-1 trading plan, stock options, family trusts, weighted average price, +1 more
5 terms
Rule 10b5-1 trading plan financial
"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
"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.
underlying security financial
"underlying security title Common Stock and underlying security shares 9500.0000"
FAQ
What insider transactions did UTHR CEO Martine Rothblatt report in this Form 4?
Martine Rothblatt reported exercising 9,500 stock options and selling 9,500 United Therapeutics common shares. The trades occurred on June 23, 2026, as part of a pre-arranged Rule 10b5-1 trading plan adopted in November 2025.
Were Martine Rothblatt’s United Therapeutics transactions made under a Rule 10b5-1 trading plan?
Yes. The filing states the option exercise and related share sales were executed under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025. The plan runs until exercise of 1,734,410 options or December 31, 2026, whichever comes first.