United Therapeutics (UTHR) CEO exercises options, sells 9,500 shares
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
UNITED THERAPEUTICS Corp Chairperson & CEO Martine Rothblatt reported a mix of option exercises and share sales in company stock. She exercised 9,500 stock options for common shares at an exercise price of $135.42 per share and sold 9,500 common shares in multiple open-market transactions at weighted average prices generally between about $547.45 and $558.18. Following these transactions, she directly held 50,013 shares of common stock. The filing states that the option exercise and resulting share sales were carried out under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025, which contemplates the potential exercise of up to 1,734,410 stock options expiring on March 15, 2027, and is scheduled to continue until the earlier of that full exercise or December 31, 2026. In addition to direct holdings, Rothblatt has indirect ownership interests through family trusts and a spouse account, and retains stock options held in a family trust covering 349,192 underlying common shares at an exercise price of $135.42 per share expiring on March 15, 2027.
Positive
- None.
Negative
- None.
Insider Trade Summary 10b5-1
Net Seller: 9,500 shares ($5,268,781)
Net Sell
19 txns
Insider
ROTHBLATT MARTINE A
Role
Chairperson & CEO
Sold
9,500 shs ($5.27M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Option | 9,500 | $0.00 | -- |
| Exercise | Common Stock | 9,500 | $135.42 | $1.29M |
| Sale | Common Stock | 192 | $548.0065 | $105K |
| Sale | Common Stock | 130 | $548.7509 | $71K |
| Sale | Common Stock | 118 | $549.7654 | $65K |
| Sale | Common Stock | 640 | $551.5925 | $353K |
| Sale | Common Stock | 993 | $552.7246 | $549K |
| Sale | Common Stock | 776 | $553.6381 | $430K |
| Sale | Common Stock | 2,006 | $554.7506 | $1.11M |
| Sale | Common Stock | 2,942 | $555.6731 | $1.63M |
| Sale | Common Stock | 1,343 | $556.5604 | $747K |
| Sale | Common Stock | 320 | $557.6263 | $178K |
| Sale | Common Stock | 40 | $558.37 | $22K |
| holding | Stock Option | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Stock Option — 68,218 shares (Direct, null);
Common Stock — 50,013 shares (Direct, null);
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. This transaction was executed in multiple trades at prices ranging from $547.45 to $548.44. 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 $548.45 to $549.34. 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 $549.62 to $550.01. 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 $551.19 to $552.13. 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 $552.22 to $553.20. 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. This transaction was executed in multiple trades at prices ranging from $553.22 to $554.21. 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 $554.22 to $555.21. 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 $555.22 to $556.21. 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 $556.23 to $557.20. 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. This transaction was executed in multiple trades at prices ranging from $557.23 to $558.18. 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'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.
Key Figures
Shares sold: 9,500 shares
Sale price range: $547.45–$558.18 per share
Options exercised: 9,500 shares
+5 more
8 metrics
Shares sold
9,500 shares
Open-market common stock sales on July 2, 2026
Sale price range
$547.45–$558.18 per share
Weighted average price ranges for multiple trade buckets
Options exercised
9,500 shares
Stock options exercised into common stock
Option exercise price
$135.42 per share
Strike price of exercised stock options
Direct holdings after
50,013 shares
Common stock directly held by CEO after transactions
Trust option position
349,192 underlying shares
Stock options in family trust at $135.42, expiring March 15, 2027
Trading plan capacity
1,734,410 stock options
Maximum options contemplated under Rule 10b5-1 plan
Plan end date
December 31, 2026
Latest date for pre-arranged Rule 10b5-1 trading plan
Key Terms
Rule 10b5-1 trading plan, stock options, weighted average price, family trusts, +2 more
6 terms
Rule 10b5-1 trading plan regulatory
"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 to..."
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..."
open-market sale financial
"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.
beneficiaries financial
"Shares held in family trusts as to which 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 did UTHR CEO Martine Rothblatt report in this Form 4?
Martine Rothblatt reported exercising 9,500 stock options and selling 9,500 United Therapeutics common shares. These transactions were part of a pre-arranged Rule 10b5-1 trading plan and left her with 50,013 shares held directly, plus substantial indirect and option holdings.
What stock options did the UTHR CEO exercise in this filing?
The CEO exercised 9,500 stock options for United Therapeutics common stock at an exercise price of $135.42 per share. These exercised options are part of a larger option position expiring March 15, 2027 and covered by a pre-arranged trading plan described in the footnotes.
Was the UTHR CEO’s trading done under a Rule 10b5-1 plan?
Yes. The Form 4 states the option exercise and resulting share sales occurred under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025. The plan continues until up to 1,734,410 options are exercised or until December 31, 2026, whichever happens first.
What ongoing option position does the UTHR CEO retain after this Form 4?
Rothblatt retains stock options held in a family trust tied to 349,192 underlying United Therapeutics common shares. These options have an exercise price of $135.42 per share and an expiration date of March 15, 2027, signaling a remaining long-term equity-linked position.