STOCK TITAN
  1. Home
  2. Sec-filings
  3. UTHR
  4. [Form 4] UNITED THERAPEUTICS Corp Insider Trading Activity

United Therapeutics CEO sells 9,500 shares

Family trusts associated with United Therapeutics’ CEO exercised 9,500 options and sold the resulting shares under a pre-arranged Rule 10b5-1 plan.

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

UNITED THERAPEUTICS Corp (UTHR) disclosed that family trusts associated with Chairperson & CEO Martine A. Rothblatt exercised 9,500 stock options at an exercise price of $135.42 per share on September 2, 2026, acquiring 9,500 common shares indirectly and selling 9,500 common shares in multiple transactions around $478–$510 per share.

The option exercise and related sales were made pursuant to a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025. After this exercise, the relevant family trust held 8,910 stock options, while Rothblatt also held 40,513 common shares directly and 166 shares indirectly through a spouse.

Positive

  • None.

Negative

  • None.
Insider ROTHBLATT MARTINE A
Role Chairperson & CEO
Sold 9,500 shs ($4.69M)
Approx. gross sale proceeds $4.69M
Approx. exercise cost $1.29M
Approx. pre-tax spread $3.40M
Type Security Shares Price Value
Exercise Stock Option F1, F26 9,500 $0.00 $0.00
Exercise Common Stock F1, F2 9,500 $135.42 $1.29M
Sale Common Stock F1, F3, F2 120 $477.697 $57K
Sale Common Stock F1, F4, F2 160 $478.8475 $77K
Sale Common Stock F1, F5, F2 160 $479.8875 $77K
Sale Common Stock F1, F6, F2 80 $482.61 $39K
Sale Common Stock F1, F7, F2 120 $485.1213 $58K
Sale Common Stock F1, F8, F2 160 $486.3178 $78K
Sale Common Stock F1, F9, F2 240 $489.0556 $117K
Sale Common Stock F1, F10, F2 560 $490.1905 $275K
Sale Common Stock F1, F11, F2 1,833 $491.3824 $901K
Sale Common Stock F1, F12, F2 2,067 $492.2533 $1.02M
Sale Common Stock F1, F13, F2 520 $493.5925 $257K
Sale Common Stock F1, F14, F2 520 $494.3292 $257K
Sale Common Stock F1, F15, F2 423 $495.954 $210K
Sale Common Stock F1, F16, F2 777 $496.9477 $386K
Sale Common Stock F1, F17, F2 364 $498.2062 $181K
Sale Common Stock F1, F18, F2 542 $498.9721 $270K
Sale Common Stock F1, F19, F2 54 $500.2185 $27K
Sale Common Stock F1, F20, F2 160 $501.0625 $80K
Sale Common Stock F1, F2 120 $502.01 $60K
Sale Common Stock F1, F21, F2 200 $504.148 $101K
Sale Common Stock F1, F2 40 $505.20 $20K
Sale Common Stock F1, F2 40 $506.27 $20K
Sale Common Stock F1, F22, F2 80 $508.36 $41K
Sale Common Stock F1, F2 160 $510.05 $82K
holding Common Stock -- -- --
holding Common Stock -- -- --
holding Common Stock F23 -- -- --
holding Common Stock F24 -- -- --
holding Common Stock F25 -- -- --
Holdings After Transaction: Stock Option — 8,910 contracts (Indirect, by Trust); Common Stock — 628,049 shares (Indirect, by Trust); Common Stock — 40,513 shares (Direct); Common Stock — 166 shares (Indirect, by Spouse)
Footnotes (26)
  1. 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.
  2. F10. This transaction was executed in multiple trades at prices ranging from $489.78 to $490.71. 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.
  3. F11. This transaction was executed in multiple trades at prices ranging from $490.82 to $491.81. 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.
  4. F12. This transaction was executed in multiple trades at prices ranging from $491.86 to $492.83. 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.
  5. F13. This transaction was executed in multiple trades at prices ranging from $493.01 to $494.00. 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.
  6. F14. This transaction was executed in multiple trades at prices ranging from $494.04 to $494.70. 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.
  7. F15. This transaction was executed in multiple trades at prices ranging from $495.45 to $496.37. 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.
  8. F16. This transaction was executed in multiple trades at prices ranging from $496.54 to $497.44. 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.
  9. F17. This transaction was executed in multiple trades at prices ranging from $497.61 to $498.60. 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.
  10. F18. This transaction was executed in multiple trades at prices ranging from $498.62 to $499.50. 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.
  11. F19. This transaction was executed in multiple trades at prices ranging from $499.70 to $500.40. 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.
  12. F2. 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.
  13. F20. This transaction was executed in multiple trades at prices ranging from $500.77 to $501.30. 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.
  14. F21. This transaction was executed in multiple trades at prices ranging from $503.53 to $504.44. 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.
  15. F22. This transaction was executed in multiple trades at prices ranging from $508.35 to $508.37. 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.
  16. F23. 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.
  17. F24. 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.
  18. F25. 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.
  19. F26. 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.
  20. F3. This transaction was executed in multiple trades at prices ranging from $477.13 to $477.98. 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.
  21. F4. This transaction was executed in multiple trades at prices ranging from $478.46 to $479.19. 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.
  22. F5. This transaction was executed in multiple trades at prices ranging from $479.60 to $480.20. 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.
  23. F6. This transaction was executed in multiple trades at prices ranging from $482.16 to $483.06. 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.
  24. F7. This transaction was executed in multiple trades at prices ranging from $484.78 to $485.46. 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.
  25. F8. This transaction was executed in multiple trades at prices ranging from $485.98 to $486.72. 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.
  26. F9. This transaction was executed in multiple trades at prices ranging from $488.77 to $489.40. 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.
Stock options exercised 9,500 options Exercised on September 2, 2026 by a family trust associated with the CEO
Option exercise price $135.42 per share Exercise price for 9,500 stock options exercised on September 2, 2026
Common shares sold 9,500 shares Total United Therapeutics common shares sold on September 2, 2026
Sale price range (weighted-average trades) About $477.70–$510.05 per share Range of reported weighted-average prices across multiple sale trades on September 2, 2026
Options remaining in grant 8,910 options Stock options held by a family trust after the 9,500-share exercise; expire March 15, 2027
Direct common stock holdings 40,513 shares United Therapeutics common shares held directly by Martine A. Rothblatt after transactions
Indirect holdings by spouse 166 shares Common shares held indirectly through the reporting person’s spouse after transactions
10b5-1 plan end conditions Up to 1,734,410 options or December 31, 2026 Plan continues until exercise of 1,734,410 options expiring March 15, 2027, or December 31, 2026, whichever is earlier
Rule 10b5-1 trading plan regulatory
"exercise of stock options and sale ... 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.
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.
stock options financial
"This exercise of stock options and sale of the resulting shares"
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.
investment power financial
"as to which the Reporting Person shares investment power"
beneficiaries financial
"the Reporting Person and/or immediate family members are beneficiaries."
Beneficiaries are the people or organizations designated to receive benefits, such as money or assets, from a financial arrangement like a trust, insurance policy, or retirement plan. They matter to investors because choosing the right beneficiaries ensures that assets are passed on according to their wishes, providing financial security or support to loved ones when needed. Think of beneficiaries as the intended recipients of a gift or inheritance.

FAQ

What insider transactions did UTHR’s CEO report on September 2, 2026?
Family trusts associated with UTHR Chairperson & CEO Martine A. Rothblatt exercised 9,500 stock options at $135.42 per share and sold 9,500 common shares in multiple trades at prices generally between about $478 and $510 per share.

Were the September 2, 2026 UTHR insider trades under a Rule 10b5-1 plan?
Yes. The option exercise and related sales were carried out under a pre-arranged Rule 10b5-1 trading plan adopted by Martine A. Rothblatt on November 7, 2025, as disclosed in the footnotes and affirmed by the plan checkbox.

What stock option terms applied to the UTHR CEO’s September 2, 2026 exercise?
The family trust exercised 9,500 stock options with an exercise price of $135.42 per share. These options have an expiration date of March 15, 2027 and relate to United Therapeutics common stock.

How many UTHR shares does Martine A. Rothblatt hold after these transactions?
After the reported transactions, Martine A. Rothblatt held 40,513 UTHR common shares directly and 166 shares indirectly through a spouse. Additional shares and options are held indirectly through various family trusts described in the footnotes.

How many stock options remain in the exercised UTHR option grant?
Following the 9,500-share option exercise on September 2, 2026, the relevant family trust reported holding 8,910 stock options in that grant, all expiring on March 15, 2027.

What is the overall direction of the UTHR insider trading activity reported?
The filing shows a net sale of 9,500 shares of United Therapeutics common stock on September 2, 2026, reflecting the exercise of stock options and the sale of the resulting shares by family trusts associated with the CEO.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →
See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google
Add on Google
SEC Form 4
FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
X
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
ROTHBLATT MARTINE A
(Last)(First)(Middle)
C/O UNITED THERAPEUTICS CORPORATION
1000 SPRING STREET
(Street)
SILVER SPRING MARYLAND 20910
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
UNITED THERAPEUTICS Corp [ UTHR ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirector10% Owner
XOfficer (give title below)Other (specify below)
Chairperson & CEO
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
09/02/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
Common Stock09/02/2026M(1)9,500A$135.42333,943Iby Trust(2)
Common Stock09/02/2026S(1)120D$477.697(3)333,823Iby Trust(2)
Common Stock09/02/2026S(1)160D$478.8475(4)333,663Iby Trust(2)
Common Stock09/02/2026S(1)160D$479.8875(5)333,503Iby Trust(2)
Common Stock09/02/2026S(1)80D$482.61(6)333,423Iby Trust(2)
Common Stock09/02/2026S(1)120D$485.1213(7)333,303Iby Trust(2)
Common Stock09/02/2026S(1)160D$486.3178(8)333,143Iby Trust(2)
Common Stock09/02/2026S(1)240D$489.0556(9)332,903Iby Trust(2)
Common Stock09/02/2026S(1)560D$490.1905(10)332,343Iby Trust(2)
Common Stock09/02/2026S(1)1,833D$491.3824(11)330,510Iby Trust(2)
Common Stock09/02/2026S(1)2,067D$492.2533(12)328,443Iby Trust(2)
Common Stock09/02/2026S(1)520D$493.5925(13)327,923Iby Trust(2)
Common Stock09/02/2026S(1)520D$494.3292(14)327,403Iby Trust(2)
Common Stock09/02/2026S(1)423D$495.954(15)326,980Iby Trust(2)
Common Stock09/02/2026S(1)777D$496.9477(16)326,203Iby Trust(2)
Common Stock09/02/2026S(1)364D$498.2062(17)325,839Iby Trust(2)
Common Stock09/02/2026S(1)542D$498.9721(18)325,297Iby Trust(2)
Common Stock09/02/2026S(1)54D$500.2185(19)325,243Iby Trust(2)
Common Stock09/02/2026S(1)160D$501.0625(20)325,083Iby Trust(2)
Common Stock09/02/2026S(1)120D$502.01324,963Iby Trust(2)
Common Stock09/02/2026S(1)200D$504.148(21)324,763Iby Trust(2)
Common Stock09/02/2026S(1)40D$505.2324,723Iby Trust(2)
Common Stock09/02/2026S(1)40D$506.27324,683Iby Trust(2)
Common Stock09/02/2026S(1)80D$508.36(22)324,603Iby Trust(2)
Common Stock09/02/2026S(1)160D$510.05324,443Iby Trust(2)
Common Stock40,513D
Common Stock166Iby Spouse
Common Stock249,108Iby Trust(23)
Common Stock45,596Iby Trust(24)
Common Stock8,902Iby Trust(25)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Stock Option$135.4209/02/2026M(1)9,50003/15/202303/15/2027Common Stock9,500$0.008,910Iby Trust(26)
Explanation of Responses:
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.
2. 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.
3. This transaction was executed in multiple trades at prices ranging from $477.13 to $477.98. 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.
4. This transaction was executed in multiple trades at prices ranging from $478.46 to $479.19. 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.
5. This transaction was executed in multiple trades at prices ranging from $479.60 to $480.20. 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.
6. This transaction was executed in multiple trades at prices ranging from $482.16 to $483.06. 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.
7. This transaction was executed in multiple trades at prices ranging from $484.78 to $485.46. 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.
8. This transaction was executed in multiple trades at prices ranging from $485.98 to $486.72. 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.
9. This transaction was executed in multiple trades at prices ranging from $488.77 to $489.40. 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.
10. This transaction was executed in multiple trades at prices ranging from $489.78 to $490.71. 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.
11. This transaction was executed in multiple trades at prices ranging from $490.82 to $491.81. 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.
12. This transaction was executed in multiple trades at prices ranging from $491.86 to $492.83. 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.
13. This transaction was executed in multiple trades at prices ranging from $493.01 to $494.00. 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.
14. This transaction was executed in multiple trades at prices ranging from $494.04 to $494.70. 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.
15. This transaction was executed in multiple trades at prices ranging from $495.45 to $496.37. 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.
16. This transaction was executed in multiple trades at prices ranging from $496.54 to $497.44. 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.
17. This transaction was executed in multiple trades at prices ranging from $497.61 to $498.60. 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.
18. This transaction was executed in multiple trades at prices ranging from $498.62 to $499.50. 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.
19. This transaction was executed in multiple trades at prices ranging from $499.70 to $500.40. 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.
20. This transaction was executed in multiple trades at prices ranging from $500.77 to $501.30. 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.
21. This transaction was executed in multiple trades at prices ranging from $503.53 to $504.44. 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.
22. This transaction was executed in multiple trades at prices ranging from $508.35 to $508.37. 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.
23. 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.
24. 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.
25. 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.
26. 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.
Remarks:
/s/ John S. Hess, Jr. under Power of Attorney09/03/2026
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR