ROTHBLATT MARTINE A 4

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).