MAHON PAUL A 4

What Happened
Paul A. Mahon, Executive Vice President & General Counsel of United Therapeutics (UTHR), exercised 8,300 stock options (exercise price $146.03) on Feb 19, 2026 (cost $1,212,049) and immediately sold the resulting 8,300 shares in multiple open-market trades for aggregate proceeds of approximately $3,953,588. The sales were executed under a pre-arranged 10b5-1 trading plan.

Key Details

• Transaction date: 2026-02-19. Exercise: 8,300 options @ $146.03 (total $1,212,049). Sales: 8,300 shares in multiple trades, weighted-average prices per reported tranche ranged ~ $471.36–$478.92; overall proceeds ≈ $3.95M.
• Sale breakdown (multiple trades): 616, 775, 288, 1,059, 881, 1,114, 2,100 and 1,467 shares (sum = 8,300).
• Footnotes: F1 — transactions executed pursuant to a 10b5-1 plan adopted Aug 11, 2025. F2–F9 — individual sale tranches were executed in multiple trades; reported prices are weighted averages with disclosed price ranges.
• Filing timeliness: Reported period and filing date are both Feb 19, 2026 (no late filing indicated in the provided record).
• Shares owned after transaction: Not specified in the excerpt provided.

Context

• This was an option exercise followed by an immediate sale (routine cash-raising/cashless outcome), reported as code M (exercise/conversion) and S (sale). The presence of a 10b5-1 plan indicates the sales were pre-arranged and executed according to that plan, which is common for insiders to avoid timing issues — not necessarily a directional vote on the company by the insider.
• For retail investors: purchases by insiders tend to attract more attention as potential bullish signals; routine exercises followed by plan-based sales are common and often reflect diversification or tax/liquidity planning rather than a change in view on fundamentals.