ROTHBLATT MARTINE A 4
4 · UNITED THERAPEUTICS Corp · Filed Mar 11, 2026
Research Summary
AI-generated summary of this filing
United Therapeutics CEO Martine Rothblatt Exercises Options, Sells 9,500
What Happened
- Martine A. Rothblatt, Chairperson & CEO of United Therapeutics (UTHR), exercised 9,500 stock options on 2026-03-10 at a strike price of $146.03 (cost $1,387,285) and sold the resulting 9,500 shares the same day in multiple open‑market trades for total gross proceeds of $5,127,273. The sale was executed pursuant to a pre‑arranged 10b5‑1 trading plan.
Key Details
- Transaction date: 2026-03-10 (Form 4 filed 2026-03-11; timely filing).
- Options exercised: 9,500 @ $146.03 = $1,387,285 (reported as an acquisition).
- Shares sold: 9,500 across many trades; total proceeds $5,127,273 (weighted average sale price ≈ $539.71).
- Reported sale price range across trades: roughly $529.38 to $547.50 (see footnotes for per-trade ranges and weighted averages).
- The filing shows the derivative position converted/removed consistent with the exercise (a derivative disposal line at $0).
- Ownership after transaction: not specified in the provided excerpt; the filing includes disclosures of family trust holdings (footnotes F16–F19) — see the full Form 4 for total beneficial ownership.
- Notable footnote: F1 — transactions were made under a 10b5‑1 plan adopted Nov 7, 2025, which continues until the earlier of exercise of 1,734,410 options (expire Mar 17, 2027) or Dec 31, 2026.
Context
- This was an option exercise immediately followed by sales (a common "exercise-and-sell" or cashless-type pattern). The presence of a 10b5‑1 plan indicates the trades were pre‑arranged, which is routine for many insiders and generally intended to avoid concerns about trading on nonpublic information.
Insider Transaction Report
Form 4
ROTHBLATT MARTINE A
DirectorChairperson & CEO
Transactions
- Exercise/Conversion
Common Stock
[F1]2026-03-10$146.03/sh+9,500$1,387,285→ 9,630 total - Sale
Common Stock
[F1][F2]2026-03-10$530.03/sh−800$424,024→ 8,830 total - Sale
Common Stock
[F1][F3]2026-03-10$530.49/sh−120$63,658→ 8,710 total - Sale
Common Stock
[F1]2026-03-10$531.54/sh−40$21,262→ 8,670 total - Sale
Common Stock
[F1]2026-03-10$533.23/sh−40$21,329→ 8,630 total - Sale
Common Stock
[F1][F4]2026-03-10$535.09/sh−1,320$706,321→ 7,310 total - Sale
Common Stock
[F1][F5]2026-03-10$535.99/sh−459$246,019→ 6,851 total - Sale
Common Stock
[F1][F6]2026-03-10$537.92/sh−647$348,036→ 6,204 total - Sale
Common Stock
[F1][F7]2026-03-10$539.02/sh−563$303,470→ 5,641 total - Sale
Common Stock
[F1][F8]2026-03-10$539.84/sh−1,351$729,322→ 4,290 total - Sale
Common Stock
[F1][F9]2026-03-10$540.63/sh−440$237,877→ 3,850 total - Sale
Common Stock
[F1][F10]2026-03-10$541.69/sh−400$216,676→ 3,450 total - Sale
Common Stock
[F1][F11]2026-03-10$542.88/sh−560$304,013→ 2,890 total - Sale
Common Stock
[F1][F12]2026-03-10$544.04/sh−824$448,290→ 2,066 total - Sale
Common Stock
[F1][F13]2026-03-10$545.05/sh−936$510,169→ 1,130 total - Sale
Common Stock
[F1][F14]2026-03-10$546.21/sh−480$262,180→ 650 total - Sale
Common Stock
[F1][F15]2026-03-10$547.14/sh−400$218,855→ 250 total - Sale
Common Stock
[F1]2026-03-10$548.10/sh−120$65,772→ 130 total - Exercise/Conversion
Stock Option
[F1]2026-03-10−9,500→ 173,500 totalExercise: $146.03From: 2020-03-15Exp: 2027-03-15→ Common Stock (9,500 underlying)
Holdings
- 166(indirect: By Spouse)
Common Stock
- 324,518(indirect: By Trust)
Common Stock
[F16] - 258,117(indirect: By Trust)
Common Stock
[F17] - 45,596(indirect: By Trust)
Common Stock
[F18] - 10,962(indirect: By Trust)
Common Stock
[F19]
Footnotes (19)
- [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]This transaction was executed in multiple trades at prices ranging from $541.43 to $542.09. 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.
- [F11]This transaction was executed in multiple trades at prices ranging from $542.54 to $543.48. 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.
- [F12]This transaction was executed in multiple trades at prices ranging from $543.59 to $544.57. 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.
- [F13]This transaction was executed in multiple trades at prices ranging from $544.705 to $545.68. 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.
- [F14]This transaction was executed in multiple trades at prices ranging from $545.72 to $546.68. 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.
- [F15]This transaction was executed in multiple trades at prices ranging from $546.835 to $547.50. 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.
- [F16]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.
- [F17]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.
- [F18]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.
- [F19]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 $529.38 to $530.35. 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 $530.44 to $530.51. 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 $534.69 to $535.66. 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 $535.72 to $536.21. 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.
- [F6]This transaction was executed in multiple trades at prices ranging from $537.24 to $538.22. 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 $538.30 to $539.29. 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 $539.30 to $540.21. 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.
- [F9]This transaction was executed in multiple trades at prices ranging from $540.34 to $541.22. 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.
Signature
/s/ John S. Hess, Jr. under Power of Attorney|2026-03-11