United Therapeutics CEO exercises, sells 9,500 shares
UNITED THERAPEUTICS Corp Chairperson & CEO Martine Rothblatt exercised stock options for 9,500 shares of common stock at $146.03 per share and sold 9,500 shares in open-market trades on May 1, 2026.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
4
Rhea-AI Filing Summary
UNITED THERAPEUTICS Corp Chairperson & CEO Martine Rothblatt exercised stock options for 9,500 shares of common stock at $146.03 per share and sold 9,500 shares in open-market trades on May 1, 2026. The sales occurred at prices around $565.78–$571.95 per share in multiple transactions.
These transactions were executed under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025, which continues until up to 1,734,410 options are exercised or until December 31, 2026. Following the transactions, Rothblatt holds 40,513 shares directly, plus additional indirect holdings through family trusts and a spouse account.
Insider Trade Summary 10b5-1
Exercise and Sale: 9,500 shares ($4.03M approx. pre-tax spread)
Exercise and Sale
14 txns
Insider
ROTHBLATT MARTINE A
Role
Chairperson & CEO
Sold
9,500 shs ($5.42M)
Approx. gross sale proceeds
$5.42M
Approx. exercise cost
$1.39M
Approx. pre-tax spread
$4.03M
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Option | 9,500 | $0.00 | $0.00 |
| Exercise | Common Stock | 9,500 | $146.03 | $1.39M |
| Sale | Common Stock | 200 | $565.784 | $113K |
| Sale | Common Stock | 80 | $567.1718 | $45K |
| Sale | Common Stock | 197 | $568.3735 | $112K |
| Sale | Common Stock | 843 | $569.1798 | $480K |
| Sale | Common Stock | 3,621 | $570.2779 | $2.06M |
| Sale | Common Stock | 3,197 | $571.217 | $1.83M |
| Sale | Common Stock | 1,362 | $571.9501 | $779K |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Stock Option — 72,288 contracts (Direct);
Common Stock — 40,513 shares (Direct);
Common Stock — 166 shares (Indirect, by Spouse);
Common Stock — 639,118 shares (Indirect, by Trust)
Footnotes (12)
- 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 17, 2027; or (b) December 31, 2026.
- F10. 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.
- F11. 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.
- F12. 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.
- F2. This transaction was executed in multiple trades at prices ranging from $565.62 to $566.37. 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.
- F3. This transaction was executed in multiple trades at prices ranging from $566.63 to $567.24. 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 $567.69 to $568.67. 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.
- F5. This transaction was executed in multiple trades at prices ranging from $568.69 to $569.65. 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.
- F6. This transaction was executed in multiple trades at prices ranging from $569.73 to $570.72. 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 $570.745 to $571.71. 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. This transaction was executed in multiple trades at prices ranging from $571.75 to $572.67. 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.
- F9. 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
Options exercised: 9,500 shares
Exercise price: $146.03 per share
Shares sold (largest block): 3,621 shares at $570.2779
+5 more
8 metrics
Options exercised
9,500 shares
Stock options exercised on May 1, 2026
Exercise price
$146.03 per share
Conversion or exercise price of stock options
Shares sold (largest block)
3,621 shares at $570.2779
Open-market sale of common stock on May 1, 2026
Total shares sold
9,500 shares
Net sell shares per transaction summary
Direct shares after transactions
50,013 shares
Total common stock directly owned following trades
Remaining options from grant
72,288 options
Stock options outstanding after 9,500-share exercise
Plan option capacity
1,734,410 stock options
Maximum options to be exercised under 10b5-1 plan
Plan end date
December 31, 2026
Latest date for trades under the 10b5-1 trading plan
Key Terms
Rule 10b5-1 trading plan, stock options, open-market sale, weighted average price, +2 more
6 terms
Rule 10b5-1 trading plan financial
"This exercise of stock options and sale ... was pursuant to a pre-arranged 10b5-1 trading plan adopted"
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.
open-market sale financial
"transaction_action": "open-market sale""
An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.
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's spouse is sole trustee"
exercise or conversion of derivative security financial
"transaction_code_description": "Exercise or conversion of derivative security""
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did UTHR CEO Martine Rothblatt report in this Form 4 filing?
CEO Martine Rothblatt reported exercising 9,500 stock options and selling 9,500 UNITED THERAPEUTICS Corp common shares. The activity reflects an exercise-and-sell pattern, converting options with a fixed strike price into cash through multiple open-market sales on the same date.
What are the key terms of the CEO’s United Therapeutics 10b5-1 trading plan?
The trading plan allows exercise of up to 1,734,410 stock options that expire on March 17, 2027. It will continue until either that full option amount is exercised or until December 31, 2026, according to the disclosure in the footnotes.
What was the strike price of the United Therapeutics stock options exercised by the CEO?
The 9,500 stock options exercised by Martine Rothblatt carried a conversion or exercise price of $146.03 per share. Exercising these options and selling the resulting shares at market prices realized a substantial spread between the fixed strike price and current trading levels.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Accepted by SEC EDGAR
Learn about SEC filing dates