ROTHBLATT MARTINE A 4

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.