United Therapeutics (UTHR) EVP sells shares after option exercise under 10b5-1 plan

Q: What did UTHR executive Paul A. Mahon report in this Form 4?

Paul A. Mahon, EVP & General Counsel of UNITED THERAPEUTICS (UTHR) , reported exercising stock options for 8,300 shares at $146.03 per share and selling 8,300 common shares in open-market transactions. These trades were made under a pre-arranged Rule 10b5-1 plan.

Q: How many UNITED THERAPEUTICS (UTHR) options did Paul A. Mahon exercise?

He exercised stock options covering 8,300 shares of UNITED THERAPEUTICS common stock at an exercise price of $146.03 per share. The options had an original exercise date of March 15, 2020 and an expiration date of March 15, 2027, as reflected in the filing.

Q: How many UNITED THERAPEUTICS (UTHR) shares did Paul A. Mahon sell and at what prices?

He sold 8,300 shares of UNITED THERAPEUTICS common stock in multiple open-market trades on the same date. Footnotes state these trades occurred at various prices, with weighted average prices generally in the $560–$572 per share range across several transactions.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

UNITED THERAPEUTICS Corp EVP & General Counsel Paul A. Mahon exercised stock options and sold the resulting shares in a pre-planned transaction. He exercised options for 8,300 shares of common stock at an exercise price of $146.03 per share and received 8,300 shares.

On the same date, he sold 8,300 shares of common stock in multiple open-market trades at weighted average prices generally around the mid-$560s per share, pursuant to a pre-arranged Rule 10b5-1 trading plan entered into on August 11, 2025. After these transactions, he directly owns 45,172 shares of UNITED THERAPEUTICS common stock.

Insider Trade Summary 10b5-1

Net Seller: 8,300 shares ($4,696,690)

Net Sell 13 txns

Insider MAHON PAUL A

Role EVP & GENERAL COUNSEL

Sold 8,300 shs ($4.70M)

Type	Security	Shares	Price	Value
Exercise	Stock Option	8,300	$0.00	--
Exercise	Common Stock	8,300	$146.03	$1.21M
Sale	Common Stock	514	$560.2959	$288K
Sale	Common Stock	351	$561.6876	$197K
Sale	Common Stock	774	$562.3436	$435K
Sale	Common Stock	371	$563.5762	$209K
Sale	Common Stock	1,115	$564.5528	$629K
Sale	Common Stock	543	$565.6577	$307K
Sale	Common Stock	1,629	$566.664	$923K
Sale	Common Stock	1,403	$567.5461	$796K
Sale	Common Stock	690	$568.7949	$392K
Sale	Common Stock	710	$569.6113	$404K
Sale	Common Stock	200	$571.606	$114K

Holdings After Transaction: Stock Option — 16,900 shares (Direct); Common Stock — 53,472 shares (Direct)

Footnotes (1)

This is an exercise of stock options and sale of the resulting shares pursuant to a pre-arranged 10b5-1 plan entered into by the reporting person on August 11, 2025. This transaction was executed in multiple trades at prices ranging from $568.17 to $569.16. 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 $569.485 to $569.775. 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 $571.53 to $571.72. 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. This transaction was executed in multiple trades at prices ranging from $559.83 to $560.77. 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 $560.885 to $561.86. 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 $562.00 to $562.90. 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 $563.03 to $564.02. 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 $564.09 to $565.03. 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 $565.09 to $566.03. 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 $566.12 to $567.09. 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 $567.17 to $568.11. 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: 8,300 shares Exercise price: $146.03/share Shares sold: 8,300 shares +2 more

5 metrics

Options exercised 8,300 shares Stock options exercised into common stock on April 2, 2026

Exercise price $146.03/share Exercise price of stock options converted on April 2, 2026

Shares sold 8,300 shares Total common shares sold in open-market transactions on April 2, 2026

Sale price range $559.83–$571.72 Price ranges for multiple trades as disclosed in Form 4 footnotes

Shares owned after 45,172 shares Direct UNITED THERAPEUTICS common stock holdings after the reported transactions

Key Terms

Rule 10b5-1, stock options, weighted average price

3 terms

Rule 10b5-1 financial

"pre-arranged 10b5-1 plan entered into by the reporting person on August 11, 2025"

Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.

stock options financial

"This is an 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.

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.

Form 4 Insider Transactions: What Each Field Means →

04/02/2026 - 04:36 PM

SEC Form 4

FORM 4

UNITED 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).

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^*

MAHON PAUL 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)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	EVP & GENERAL COUNSEL

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/02/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form 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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	04/02/2026		M⁽¹⁾		8,300	A	$146.03	53,472	D
Common Stock	04/02/2026		S⁽¹⁾		514	D	$560.2959⁽²⁾	52,958	D
Common Stock	04/02/2026		S⁽¹⁾		351	D	$561.6876⁽³⁾	52,607	D
Common Stock	04/02/2026		S⁽¹⁾		774	D	$562.3436⁽⁴⁾	51,833	D
Common Stock	04/02/2026		S⁽¹⁾		371	D	$563.5762⁽⁵⁾	51,462	D
Common Stock	04/02/2026		S⁽¹⁾		1,115	D	$564.5528⁽⁶⁾	50,347	D
Common Stock	04/02/2026		S⁽¹⁾		543	D	$565.6577⁽⁷⁾	49,804	D
Common Stock	04/02/2026		S⁽¹⁾		1,629	D	$566.664⁽⁸⁾	48,175	D
Common Stock	04/02/2026		S⁽¹⁾		1,403	D	$567.5461⁽⁹⁾	46,772	D
Common Stock	04/02/2026		S⁽¹⁾		690	D	$568.7949⁽¹⁰⁾	46,082	D
Common Stock	04/02/2026		S⁽¹⁾		710	D	$569.6113⁽¹¹⁾	45,372	D
Common Stock	04/02/2026		S⁽¹⁾		200	D	$571.606⁽¹²⁾	45,172	D

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Option	$146.03	04/02/2026		M⁽¹⁾			8,300	03/15/2020	03/15/2027	Common Stock	8,300	$0.00	16,900	D

Explanation of Responses:

1. This is an exercise of stock options and sale of the resulting shares pursuant to a pre-arranged 10b5-1 plan entered into by the reporting person on August 11, 2025.

2. This transaction was executed in multiple trades at prices ranging from $559.83 to $560.77. 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. This transaction was executed in multiple trades at prices ranging from $560.885 to $561.86. 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 $562.00 to $562.90. 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 $563.03 to $564.02. 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 $564.09 to $565.03. 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 $565.09 to $566.03. 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 $566.12 to $567.09. 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 $567.17 to $568.11. 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 $568.17 to $569.16. 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 $569.485 to $569.775. 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 $571.53 to $571.72. 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.

Remarks:

	/s/ John S. Hess, Jr. under Power of Attorney	04/02/2026
	** Signature of Reporting Person	Date
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

FAQ

What did UTHR executive Paul A. Mahon report in this Form 4?

Paul A. Mahon, EVP & General Counsel of UNITED THERAPEUTICS (UTHR), reported exercising stock options for 8,300 shares at $146.03 per share and selling 8,300 common shares in open-market transactions. These trades were made under a pre-arranged Rule 10b5-1 plan.

How many UNITED THERAPEUTICS (UTHR) options did Paul A. Mahon exercise?

He exercised stock options covering 8,300 shares of UNITED THERAPEUTICS common stock at an exercise price of $146.03 per share. The options had an original exercise date of March 15, 2020 and an expiration date of March 15, 2027, as reflected in the filing.

How many UNITED THERAPEUTICS (UTHR) shares did Paul A. Mahon sell and at what prices?

He sold 8,300 shares of UNITED THERAPEUTICS common stock in multiple open-market trades on the same date. Footnotes state these trades occurred at various prices, with weighted average prices generally in the $560–$572 per share range across several transactions.

Was Paul A. Mahon’s UTHR trading done under a Rule 10b5-1 plan?

Yes. A footnote explains the option exercise and resulting share sales were executed under a pre-arranged Rule 10b5-1 trading plan entered into by Paul A. Mahon on August 11, 2025, indicating the transactions were scheduled in advance rather than timed discretionarily.

How many UNITED THERAPEUTICS (UTHR) shares does Paul A. Mahon hold after these trades?

After completing the reported option exercise and subsequent sales, Paul A. Mahon directly holds 45,172 shares of UNITED THERAPEUTICS common stock. This post-transaction ownership figure is shown in the Form 4 as his direct holdings following the last reported sale entry.

What is the significance of the weighted average price disclosures in the UTHR Form 4?

Several sales were executed in multiple trades, so the Form 4 discloses a weighted average price for each group. Footnotes clarify specific price ranges for these trades and state that full trade details will be provided to the SEC, the issuer or shareholders upon request.