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 Shares
What Happened
- Martine A. Rothblatt, Chairperson & CEO of United Therapeutics (UTHR), exercised 9,500 stock options on March 11, 2026 at $146.03 per share (total exercise cost $1,387,285) and then sold those 9,500 shares in multiple open-market trades the same day for aggregate proceeds of approximately $5,125,646. The filing shows the exercise (transaction code M) and multiple sales (S) that together represent a cashless exercise and immediate disposition under a pre-arranged plan.
Key Details
- Transaction date: March 11, 2026.
- Options exercised: 9,500 shares at $146.03 ($1,387,285).
- Shares sold: 9,500 shares in multiple trades at prices ranging roughly $531.90–$544.94; weighted-average prices reported per tranche; total sales ≈ $5,125,646.
- Net cash realized (sales minus exercise cost): ≈ $3,738,361 (before commissions/fees/taxes).
- Notable footnote: Sales were made pursuant to a pre-arranged 10b5-1 trading plan adopted Nov 7, 2025 (F1). Several footnotes (F2–F13) note that specific sale tranches were executed in multiple trades and reported as weighted-average prices; detailed per-trade pricing is available on request.
- Shares owned after transaction: not specified in the provided filing details.
- Filing timeliness: filing and report date are both March 11, 2026 (appears timely).
Context
- Code M indicates option exercise; because the exact same number of shares exercised were sold the same day under the 10b5-1 plan, this effectively operated as a cashless exercise (exercise + immediate sale).
- The 10b5-1 plan is a pre-arranged program that allows insiders to sell shares at predetermined times; such sales are generally considered routine and not necessarily a direct signal of the insider’s current view on the company.
- The reporting person offered to provide detailed per-trade share/price information to the SEC, issuer, or security holders as noted in the footnotes.
Insider Transaction Report
Form 4
ROTHBLATT MARTINE A
DirectorChairperson & CEO
Transactions
- Exercise/Conversion
Common Stock
[F1]2026-03-11$146.03/sh+9,500$1,387,285→ 9,630 total - Sale
Common Stock
[F1][F2]2026-03-11$532.13/sh−360$191,566→ 9,270 total - Sale
Common Stock
[F1][F3]2026-03-11$533.47/sh−240$128,032→ 9,030 total - Sale
Common Stock
[F1][F4]2026-03-11$535.82/sh−824$441,512→ 8,206 total - Sale
Common Stock
[F1][F5]2026-03-11$536.95/sh−1,215$652,390→ 6,991 total - Sale
Common Stock
[F1][F6]2026-03-11$538.01/sh−1,106$595,040→ 5,885 total - Sale
Common Stock
[F1][F7]2026-03-11$538.92/sh−1,095$590,121→ 4,790 total - Sale
Common Stock
[F1][F8]2026-03-11$540.07/sh−840$453,658→ 3,950 total - Sale
Common Stock
[F1][F9]2026-03-11$541.04/sh−942$509,664→ 3,008 total - Sale
Common Stock
[F1][F10]2026-03-11$542.13/sh−1,178$638,631→ 1,830 total - Sale
Common Stock
[F1][F11]2026-03-11$543.04/sh−240$130,328→ 1,590 total - Sale
Common Stock
[F1][F12]2026-03-11$544.20/sh−1,160$631,276→ 430 total - Sale
Common Stock
[F1][F13]2026-03-11$544.76/sh−300$163,428→ 130 total - Exercise/Conversion
Stock Option
[F1]2026-03-11−9,500→ 164,000 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
[F14] - 258,117(indirect: By Trust)
Common Stock
[F15] - 45,596(indirect: By Trust)
Common Stock
[F16] - 10,962(indirect: By Trust)
Common Stock
[F17]
Footnotes (17)
- [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 $541.56 to $542.55. 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 $542.64 to $543.47. 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 $543.66 to $544.50. 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.
- [F13]This transaction was executed in multiple trades at prices ranging from $544.68 to $544.94. 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.
- [F14]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.
- [F15]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.
- [F16]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.
- [F17]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 $531.90 to $532.31. 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 $533.04 to $533.69. 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.
- [F4]This transaction was executed in multiple trades at prices ranging from $535.42 to $536.41. 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 $536.44 to $537.39. 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 $537.46 to $538.44. 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.
- [F7]This transaction was executed in multiple trades at prices ranging from $538.46 to $539.40. 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 $539.52 to $540.45. 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.
- [F9]This transaction was executed in multiple trades at prices ranging from $540.56 to $541.54. 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