United Therapeutics (UTHR) CEO exercises 9,500 options and sells 9,500 shares
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
UNITED THERAPEUTICS Corp Chairperson & CEO Martine Rothblatt exercised stock options and sold shares under a pre-arranged plan. On June 1, 2026, she exercised 9,500 stock options at an exercise price of $146.03 per share and received 9,500 shares of common stock.
That same day, she sold 9,500 common shares in multiple open-market transactions at prices generally in the $544–$555 range, as shown by individual trades such as 2,213 shares at $546.2054 per share. These trades were executed pursuant to a Rule 10b5-1 trading plan adopted on November 7, 2025, which is scheduled to continue until either the exercise of up to 1,734,410 stock options that expire on March 17, 2027, or December 31, 2026, whichever occurs first.
After these transactions, Rothblatt directly held 50,013 shares of common stock and 126,410 stock options, and also had indirect ownership of additional common shares through various family trusts and a small position held by her spouse.
Positive
- None.
Negative
- None.
Insider Trade Summary 10b5-1
Net Seller: 9,500 shares ($5,205,105)
Net Sell
16 txns
Insider
ROTHBLATT MARTINE A
Role
Chairperson & CEO
Sold
9,500 shs ($5.21M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Option | 9,500 | $0.00 | -- |
| Exercise | Common Stock | 9,500 | $146.03 | $1.39M |
| Sale | Common Stock | 1,365 | $545.0393 | $744K |
| Sale | Common Stock | 2,213 | $546.2054 | $1.21M |
| Sale | Common Stock | 1,376 | $547.1097 | $753K |
| Sale | Common Stock | 1,546 | $548.2067 | $848K |
| Sale | Common Stock | 1,166 | $549.3128 | $640K |
| Sale | Common Stock | 1,070 | $550.257 | $589K |
| Sale | Common Stock | 124 | $550.8161 | $68K |
| Sale | Common Stock | 240 | $552.82 | $133K |
| Sale | Common Stock | 400 | $554.428 | $222K |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Stock Option — 126,410 shares (Direct, null);
Common Stock — 50,013 shares (Direct, null);
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 17, 2027; or (b) December 31, 2026. This transaction was executed in multiple trades at prices ranging from $553.97 to $554.94. 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 is sole trustee and sole beneficiary or co-trustee and settlor with power to revoke. This transaction was executed in multiple trades at prices ranging from $544.70 to $545.69. 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 $545.70 to $546.69. 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 $546.70 to $547.69. 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 $547.77 to $548.70. 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. This transaction was executed in multiple trades at prices ranging from $548.79 to $549.77. 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 $549.80 to $550.76. 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 $550.81 to $551.00. 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 $552.31 to $553.03. 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.
Key Figures
Options exercised: 9,500 shares
Option exercise price: $146.03 per share
Shares sold: 9,500 shares
+5 more
8 metrics
Options exercised
9,500 shares
Stock options exercised into common stock on June 1, 2026
Option exercise price
$146.03 per share
Exercise price for 9,500 stock options
Shares sold
9,500 shares
Total United Therapeutics common shares sold in open-market trades
Example sale price
$546.2054 per share
Price for a 2,213-share sale tranche
Direct common shares after
50,013 shares
Direct United Therapeutics common stock held after transactions
Stock options after
126,410 options
Remaining United Therapeutics stock options held after exercise
10b5-1 plan option cap
1,734,410 options
Maximum options subject to the Rule 10b5-1 plan
Plan outside date
December 31, 2026
Latest date the 10b5-1 trading plan may run
Key Terms
Rule 10b5-1 trading plan, stock options, weighted average price, family trusts, +1 more
5 terms
Rule 10b5-1 trading plan 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 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 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 shares investment power..."
exercise or conversion of derivative security financial
"Exercise or conversion of derivative security"
FAQ
What did UTHR CEO Martine Rothblatt report in this Form 4?
Rothblatt reported exercising 9,500 stock options at $146.03 per share and selling 9,500 United Therapeutics common shares in multiple open-market trades around $544–$555 per share, all under a pre-arranged Rule 10b5-1 trading plan.
Was the UTHR insider transaction under a Rule 10b5-1 plan?
Yes. The exercise of options and sale of resulting United Therapeutics shares occurred under a pre-arranged Rule 10b5-1 trading plan adopted by Martine Rothblatt on November 7, 2025, with the plan continuing until stated option or date limits are met.
What UTHR holdings does Martine Rothblatt have after the reported transactions?
Following the reported transactions, Rothblatt directly held 50,013 United Therapeutics common shares and 126,410 stock options, and also had indirect ownership of additional common shares through family trusts and a small position held by her spouse.
What are the key terms of Martine Rothblatt’s UTHR 10b5-1 plan?
The plan, adopted on November 7, 2025, will continue until the earlier of exercising up to 1,734,410 stock options, all expiring on March 17, 2027, or December 31, 2026, guiding future option exercises and related share sales.
How many UTHR stock options does Martine Rothblatt hold after this Form 4?
After the reported activity, Rothblatt held 126,410 United Therapeutics stock options. These options are separate from her direct common share holdings and the additional common shares held indirectly through family trusts and by her spouse.