ROTHBLATT MARTINE A 4
4 · UNITED THERAPEUTICS Corp · Filed Mar 27, 2026
Research Summary
AI-generated summary of this filing
United Therapeutics CEO Martine Rothblatt Exercises Options and Sells Shares
What Happened
- Martine A. Rothblatt, Chairperson & CEO of United Therapeutics (UTHR), exercised 9,500 stock options at $146.03 per share (cost $1,387,285) on 2026-03-26 and sold the resulting 9,500 shares in multiple open‑market trades the same day for total gross proceeds of approximately $5,090,215. The exercise is reported as an "M" (option exercise) and the sales as "S" (open market sale).
- The activity was executed pursuant to a pre‑arranged 10b5‑1 trading plan adopted November 7, 2025; such sales are typically routine plan-driven transactions rather than ad-hoc market-timing.
Key Details
- Transaction date: 2026-03-26; Form 4 filed 2026-03-27 (timely).
- Exercise: 9,500 options @ $146.03 = $1,387,285 paid.
- Open-market sales: 9,500 shares sold across multiple trades at weighted average prices shown on the filing, total proceeds ≈ $5,090,215.
- Price ranges (per footnotes): individual sale tranches executed in ranges from ~$530.44 up to ~$540.37; weighted averages reported on each line. Reporting person will provide exact per-trade breakdown upon request (per footnotes).
- Footnote: 10b5‑1 plan adopted 11/07/2025; plan remains until the earlier of exercise of 1,734,410 options (expire 3/17/2027) or 12/31/2026.
- Shares owned after transaction: not specified in the provided excerpt of the filing.
- Ownership notes: some shares referenced are held in various family trusts (see footnotes F12–F15).
Context
- This was an option exercise followed by immediate open‑market sales of the exercised shares under a 10b5‑1 plan (a common way executives schedule sales to avoid trading on nonpublic information). The filing shows both the exercise (derivative conversion) and sales; the net cash effect for the insider equals sales proceeds minus the exercise cost (filing lists the gross amounts).
- Codes: M = option exercise/conversion, S = open market sale. No indication in this filing of a gift or award; and the filing was made promptly (within Form 4 timing rules).
Insider Transaction Report
Form 4
ROTHBLATT MARTINE A
DirectorChairperson & CEO
Transactions
- Exercise/Conversion
Common Stock
[F1]2026-03-26$146.03/sh+9,500$1,387,285→ 50,013 total - Sale
Common Stock
[F1][F2]2026-03-26$530.95/sh−159$84,421→ 49,854 total - Sale
Common Stock
[F1][F3]2026-03-26$532.08/sh−841$447,479→ 49,013 total - Sale
Common Stock
[F1][F4]2026-03-26$532.90/sh−498$265,382→ 48,515 total - Sale
Common Stock
[F1][F5]2026-03-26$534.02/sh−837$446,976→ 47,678 total - Sale
Common Stock
[F1][F6]2026-03-26$535.06/sh−1,476$789,743→ 46,202 total - Sale
Common Stock
[F1][F7]2026-03-26$536.00/sh−2,029$1,087,548→ 44,173 total - Sale
Common Stock
[F1][F8]2026-03-26$536.96/sh−1,540$826,914→ 42,633 total - Sale
Common Stock
[F1][F9]2026-03-26$537.97/sh−1,100$591,769→ 41,533 total - Sale
Common Stock
[F1][F10]2026-03-26$538.90/sh−740$398,789→ 40,793 total - Sale
Common Stock
[F1][F11]2026-03-26$539.98/sh−280$151,194→ 40,513 total - Exercise/Conversion
Stock Option
[F1]2026-03-26−9,500→ 59,500 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
[F12] - 258,117(indirect: By Trust)
Common Stock
[F13] - 45,596(indirect: By Trust)
Common Stock
[F14] - 10,962(indirect: By Trust)
Common Stock
[F15]
Footnotes (15)
- [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 $538.57 to $539.46. 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 $539.66 to $540.37. 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]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.
- [F13]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.
- [F14]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.
- [F15]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 $530.44 to $531.41. 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.
- [F3]This transaction was executed in multiple trades at prices ranging from $531.48 to $532.36. 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 $532.53 to $533.44. 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.
- [F5]This transaction was executed in multiple trades at prices ranging from $533.53 to $534.48. 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.
- [F6]This transaction was executed in multiple trades at prices ranging from $534.54 to $535.50. 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.
- [F7]This transaction was executed in multiple trades at prices ranging from $535.55 to $536.50. 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.
- [F8]This transaction was executed in multiple trades at prices ranging from $536.55 to $537.515. 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 $537.56 to $538.53. 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|2026-03-27