ROTHBLATT MARTINE A 4

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.