United Therapeutics (UTHR) CEO exercises options, sells shares under 10b5-1 plan
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
United Therapeutics chairperson and CEO Martine Rothblatt exercised 9,500 stock options and sold 9,500 shares of common stock of United Therapeutics on June 26, 2026. The options carried a $135.42 exercise price and were exercised and sold under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025.
The Form 4 shows multiple open-market sale transactions at prices reported around the low to mid $540s to $550s per share. Following these transactions, Rothblatt held 49,373 common shares directly, along with additional indirect holdings through family trusts and her spouse.
The filing also reports a large remaining stock option position held indirectly via a family trust, covering 349,192 underlying shares at a $135.42 exercise price and expiring on March 15, 2027. The footnotes emphasize that these transactions are part of a continuing 10b5-1 plan that may run until the earlier of exercising 1,734,410 options or December 31, 2026.
Positive
- None.
Negative
- None.
Insider Trade Summary 10b5-1
Net Seller: 9,500 shares ($5,167,734)
Net Sell
22 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 | 640 | $538.3425 | $345K |
| Sale | Common Stock | 1,018 | $539.8906 | $550K |
| Sale | Common Stock | 2,128 | $541.2376 | $1.15M |
| Sale | Common Stock | 983 | $542.1444 | $533K |
| Sale | Common Stock | 1,012 | $543.3196 | $550K |
| Sale | Common Stock | 439 | $544.1783 | $239K |
| Sale | Common Stock | 560 | $545.5158 | $305K |
| Sale | Common Stock | 156 | $547.0047 | $85K |
| Sale | Common Stock | 452 | $548.1282 | $248K |
| Sale | Common Stock | 872 | $548.8997 | $479K |
| Sale | Common Stock | 520 | $549.6867 | $286K |
| Sale | Common Stock | 400 | $550.7926 | $220K |
| Sale | Common Stock | 280 | $552.3624 | $155K |
| Sale | Common Stock | 40 | $553.49 | $22K |
| holding | Stock Option | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Stock Option — 106,218 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 $547.39 to $548.38. 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 $548.41 to $549.28. 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 $549.43 to $550.00. 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 $550.56 to $551.17. 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. This transaction was executed in multiple trades at prices ranging from $552.05 to $552.63. 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 $538.18 to $538.38. 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 $539.66 to $540.65. 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. This transaction was executed in multiple trades at prices ranging from $540.67 to $541.66. 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 $542.58. 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 $542.74 to $543.69. 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 $543.825 to $544.61. 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 $545.23 to $546.08. 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 $546.39 to $547.35. 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
Options exercised: 9,500 options
Exercise price: $135.42 per share
+4 more
7 metrics
Shares sold
9,500 shares
Common stock sold in open-market transactions on June 26, 2026
Options exercised
9,500 options
Stock options exercised into common shares on June 26, 2026
Exercise price
$135.42 per share
Exercise price of stock options converted into common stock
Direct holdings after
49,373 shares
United Therapeutics common shares held directly after reported transactions
Remaining options (indirect)
349,192 underlying shares
Stock options held via family trust, expiring March 15, 2027
Net share change
9,500 shares net sold
Net of 9,500 shares sold versus 9,500 options exercised
10b5-1 plan cap
1,734,410 options
Maximum options to be exercised under the trading plan
Key Terms
Rule 10b5-1 trading plan, stock options, open-market sale, family trusts, +2 more
6 terms
Rule 10b5-1 trading plan financial
"exercise of stock options and sale ... was pursuant to a pre-arranged 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.
open-market sale financial
"transaction_code_description: Sale in open market or private transaction"
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.
family trusts financial
"Shares held in family trusts as to which the Reporting Person shares investment power"
indirect ownership financial
"Stock options held in a family trust 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 insider transactions did UTHR CEO Martine Rothblatt report on this Form 4?
Martine Rothblatt reported exercising 9,500 stock options and selling 9,500 United Therapeutics common shares on June 26, 2026. The filing classifies the sales as open-market transactions executed under a pre-arranged Rule 10b5-1 trading plan adopted in November 2025.
Was the UTHR insider trading activity executed under a Rule 10b5-1 plan?
Yes. A footnote 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 exercising 1,734,410 options or December 31, 2026, whichever occurs first.
How are Martine Rothblatt’s family trusts and spouse involved in UTHR holdings?
The Form 4 notes indirect ownership of United Therapeutics shares and options through family trusts and her spouse. Footnotes explain these trusts hold shares and stock options where Rothblatt and immediate family members are beneficiaries, and in some cases share investment power or trustee roles.