UTHR CEO exercises options, sells 9,500 shares
UNITED THERAPEUTICS Corp Chairperson & CEO Martine A. Rothblatt reported option exercises and related share sales in United Therapeutics common stock.
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Form Type
4
Rhea-AI Filing Summary
UNITED THERAPEUTICS Corp Chairperson & CEO Martine A. Rothblatt reported option exercises and related share sales in United Therapeutics common stock. On 2026-05-21, she exercised 9,500 stock options at an exercise price of $146.03 per share, receiving an equal number of common shares.
That same day, she sold 9,500 common shares in multiple open-market transactions at weighted average prices generally between about $560 and $566, under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025. Following these transactions, she directly held 40,513 common shares and also had additional indirect holdings through various family trusts and a spouse account.
Insider Trade Summary 10b5-1
Exercise and Sale: 9,500 shares ($3.97M approx. pre-tax spread)
Exercise and Sale
15 txns
Insider
ROTHBLATT MARTINE A
Role
Chairperson & CEO
Sold
9,500 shs ($5.36M)
Approx. gross sale proceeds
$5.36M
Approx. exercise cost
$1.39M
Approx. pre-tax spread
$3.97M
| 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 | 40 | $557.85 | $22K |
| Sale | Common Stock | 280 | $560.0257 | $157K |
| Sale | Common Stock | 919 | $561.9746 | $516K |
| Sale | Common Stock | 1,760 | $562.9793 | $991K |
| Sale | Common Stock | 2,242 | $563.7683 | $1.26M |
| Sale | Common Stock | 1,840 | $564.8726 | $1.04M |
| Sale | Common Stock | 2,259 | $566.0164 | $1.28M |
| Sale | Common Stock | 160 | $566.4175 | $91K |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | CommonStock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Stock Option — 183,410 contracts (Direct);
Common Stock — 40,513 shares (Direct);
Common Stock — 166 shares (Indirect, by Spouse);
Common Stock — 381,001 shares (Indirect, by Trust);
CommonStock — 258,117 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 $559.99 to $560.04. 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 $561.29 to $562.28. 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.
- F4. This transaction was executed in multiple trades at prices ranging from $562.32 to $563.30. 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.
- F5. This transaction was executed in multiple trades at prices ranging from $563.33 to $564.25. 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 $564.34 to $565.24. 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.
- F7. This transaction was executed in multiple trades at prices ranging from $565.365 to $566.36. 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 $566.39 to $566.48. 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
Shares sold: 9,500 shares
Options exercised: 9,500 options
Exercise price: $146.03 per share
+5 more
8 metrics
Shares sold
9,500 shares
Common stock sold on May 21, 2026 in open-market trades
Options exercised
9,500 options
Stock options exercised into common stock on May 21, 2026
Exercise price
$146.03 per share
Exercise price of stock options converted into common stock
Sale price range
$559.99–$566.48 per share
Price ranges across multiple sale trades described in footnotes
Direct shares after
50,013 shares
Direct United Therapeutics common stock held following transactions
Plan option capacity
1,734,410 stock options
Maximum options to be exercised under 10b5-1 plan before Mar 17, 2027
Plan end date
December 31, 2026
Latest date the Rule 10b5-1 trading plan will remain in effect
Option expiration
March 17, 2027
Expiration date of stock options covered by the 10b5-1 plan
Key Terms
Rule 10b5-1 trading plan, stock options, weighted average price, family trusts, +2 more
6 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
"This 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.
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 and sole beneficiary"
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.
derivative security financial
"transaction_code_description": "Exercise or conversion of derivative security"
A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did UTHR CEO Martine Rothblatt report in this Form 4?
She exercised 9,500 stock options at an exercise price of $146.03 and sold 9,500 United Therapeutics common shares in open-market trades, all under a pre-arranged Rule 10b5-1 trading plan adopted in November 2025.
Was the UTHR CEO’s stock sale under a Rule 10b5-1 trading plan?
Yes. The filing states the option exercise and resulting share sales were executed under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025, which is scheduled to continue until specific option exercises or December 31, 2026.
What are the key terms of Martine Rothblatt’s United Therapeutics 10b5-1 plan?
The plan covers up to 1,734,410 stock options expiring on March 17, 2027, and will continue until those options are exercised or until December 31, 2026, whichever occurs first, according to the Form 4 footnote.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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