United Therapeutics (UTHR) CEO sells 9,500 shares after option exercises under 10b5-1 plan
Rhea-AI Filing Summary
United Therapeutics Corp Chairperson and CEO Martine A. Rothblatt reported option exercises and related share sales in a Form 4. On June 22, 2026, she exercised stock options to acquire 9,500 shares of common stock at exercise prices of $146.03 and $135.42 per share, then sold 9,500 shares in multiple open-market transactions at prices generally around the mid‑$530s per share, all under a pre-arranged Rule 10b5‑1 trading plan adopted on November 7, 2025. Following these transactions, she directly holds 49,781 shares of common stock and has an indirect stock option position covering 349,192 underlying shares expiring on March 15, 2027. Additional common shares and options are held indirectly through various family trusts and by her spouse as described in the filing.
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Insights
Pre-planned option exercises and matched share sales under a Rule 10b5‑1 plan.
Martine A. Rothblatt, Chairperson and CEO of United Therapeutics, exercised stock options for 9,500 shares at strike prices of $146.03 and $135.42, then sold 9,500 shares in open-market transactions around the mid‑$530 range on June 22, 2026. The Form 4 characterizes these as option exercises (code M) and sales (code S).
A footnote states these transactions were executed under a pre-arranged Rule 10b5‑1 trading plan adopted on November 7, 2025, which is scheduled to continue until the earlier of exercising 1,734,410 options expiring on March 15, 2027 or December 31, 2026. Such plans are set in advance and typically indicate systematic diversification rather than opportunistic timing.
After these trades, Rothblatt directly owns 49,781 common shares and retains an indirect option position for 349,192 underlying shares at an exercise price of $135.42 expiring on March 15, 2027, along with additional indirect holdings via family trusts and her spouse. This filing shows a net sale of 9,500 shares against a remaining equity exposure that is substantially larger, suggesting routine portfolio management consistent with the disclosed trading plan.
Insider Trade Summary 10b5-1
Net Seller: 9,500 shares ($5,108,527)
Net Sell
17 txns
Insider
ROTHBLATT MARTINE A
Role
Chairperson & CEO
Sold
9,500 shs ($5.11M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Option | 6,590 | $0.00 | -- |
| Exercise | Stock Option | 2,910 | $0.00 | -- |
| Exercise | Common Stock | 6,590 | $135.42 | $892K |
| Exercise | Common Stock | 2,910 | $146.03 | $425K |
| Sale | Common Stock | 232 | $534.0871 | $124K |
| Sale | Common Stock | 995 | $534.9414 | $532K |
| Sale | Common Stock | 1,133 | $536.0198 | $607K |
| Sale | Common Stock | 1,000 | $537.1302 | $537K |
| Sale | Common Stock | 3,198 | $538.2867 | $1.72M |
| Sale | Common Stock | 2,671 | $539.1829 | $1.44M |
| Sale | Common Stock | 271 | $539.9008 | $146K |
| holding | Stock Option | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Stock Option — 144,218 shares (Direct);
Common Stock — 47,103 shares (Direct);
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. 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 $533.46 to $534.45. 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 $534.47 to $535.43. 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 $535.48 to $536.44. 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. This transaction was executed in multiple trades at prices ranging from $536.68 to $537.58. 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 $537.73 to $538.72. 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 $538.73 to $539.72. 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 $539.80 to $540.07. 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.
Key Figures
Shares sold: 9,500 shares
Shares exercised: 9,500 shares
Exercise prices: $146.03 and $135.42 per share
+3 more
6 metrics
Shares sold
9,500 shares
Net common shares sold on June 22, 2026
Shares exercised
9,500 shares
Common shares acquired via option exercises on June 22, 2026
Exercise prices
$146.03 and $135.42 per share
Strike prices for exercised stock options
Direct holdings after
49,781 shares
Direct common shares owned after the reported transactions
Remaining option position
349,192 underlying shares
Indirect stock option position at $135.42, expiring March 15, 2027
10b5-1 plan cap
1,734,410 stock options
Maximum options to be exercised under plan before March 15, 2027 or December 31, 2026
Key Terms
Rule 10b5-1 trading plan, stock options, derivative security, family trusts, +1 more
5 terms
Rule 10b5-1 trading plan financial
"This exercise of stock options and sale ... 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..."
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.
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.
family trusts financial
"Shares held in family trusts as to which the Reporting Person's spouse is sole trustee..."
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.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What did United Therapeutics (UTHR) CEO Martine Rothblatt report in this Form 4?
Martine Rothblatt reported exercising stock options for 9,500 United Therapeutics shares and selling 9,500 shares in open-market trades on June 22, 2026. The activity reflects matched option exercises and sales rather than a standalone purchase or sale program.
What stock options did the United Therapeutics (UTHR) CEO exercise in this filing?
She exercised options to acquire 2,910 shares at an exercise price of $146.03 and 6,590 shares at an exercise price of $135.42. These exercises converted derivative positions into common stock as part of a broader, pre-arranged trading strategy disclosed in the Form 4.
What is the Rule 10b5-1 trading plan mentioned for United Therapeutics (UTHR) CEO?
The Form 4 states the option exercises and resulting share sales occurred under a Rule 10b5-1 trading plan adopted on November 7, 2025. The plan continues until either 1,734,410 options expiring March 15, 2027 are exercised or December 31, 2026, whichever occurs first.
What derivative positions remain for the United Therapeutics (UTHR) CEO after this Form 4?
The derivative summary shows an indirect stock option position tied to 349,192 underlying United Therapeutics shares at a $135.42 exercise price, expiring March 15, 2027. This remaining option exposure is in addition to the CEO’s direct common-share holdings reported after the transactions.