ROTHBLATT MARTINE A 4

What Happened
Martine A. Rothblatt — Chairperson, CEO and Director of United Therapeutics (UTHR) — exercised 9,500 stock options at $146.03 per share (cost ~$1,387,285) and then sold the 9,500 resulting shares in multiple open‑market trades on March 25, 2026 for aggregate proceeds of approximately $5,165,475 (weighted average sale price ≈ $543.73 per share). The transactions were carried out under a pre‑arranged 10b5‑1 trading plan adopted November 7, 2025.

Key Details

• Transaction date: March 25, 2026 (Form filed March 26, 2026).
• Options exercised: 9,500 shares at $146.03 (total exercise cost ~$1,387,285).
• Shares sold: 9,500 shares in multiple trades, total proceeds ≈ $5,165,475; weighted avg sale ≈ $543.73. Reported sale prices in individual trades ranged roughly from $536.97 to $548.99 (see footnotes for exact trade‑by‑trade ranges).
• Net proceeds before fees/taxes: roughly $3.78M (proceeds minus exercise cost).
• Notable footnotes: F1 — these actions were pursuant to a 10b5‑1 plan (adopted 11/7/2025) that remains in effect until certain option exhaustion or 12/31/2026; F2–F11 — sales executed in multiple trades with specified price ranges; F12–F15 — certain shares are held in family trusts.
• Shares owned after transaction: not specified in the provided excerpt.
• Timeliness: Filed the next day (no late‑filing indicated in provided info).

Context
This was an exercise of options followed by immediate open‑market sales of the resulting shares (effectively a cashless exercise under a pre‑arranged 10b5‑1 plan). 10b5‑1 plans are commonly used to automate insider trading and reduce appearance of opportunistic timing; they do not by themselves indicate management’s view of the company. The filing is factual disclosure of the exercise and sales and should be viewed as routine insider liquidity rather than an explicit statement about company prospects.