MAHON PAUL A 4

What Happened

• Paul A. Mahon, EVP & General Counsel of United Therapeutics (UTHR), exercised 8,300 stock options at $146.03/share (cost = $1,212,049) on 2026-03-19 and sold the resulting 8,300 shares the same day in multiple open-market trades for total proceeds of about $4,398,611.
• The exercise + sale was executed pursuant to a pre-arranged 10b5‑1 trading plan (entered August 11, 2025). Net cash inflow before fees and taxes is roughly $3.19M (proceeds minus exercise cost).

Key Details

• Date: March 19, 2026
• Option exercise: 8,300 shares at $146.03 ($1,212,049)
• Sales: 8,300 shares sold in multiple trades; per-trade weighted average prices ranged roughly from $527.0 to $533.48; total proceeds ≈ $4,398,611
• Shares owned after transaction: Not specified in the filing
• Footnotes: F1 confirms exercise and sale under a 10b5‑1 plan; F2–F8 note the sales were executed in multiple trades with reported weighted-average prices and that the reporting person will provide full trade-level details on request
• Timeliness: Filing date and report period are both 2026-03-19 — appears timely (not late)
• Transaction codes: M = option exercise/conversion; S = open-market sale

Context

• This was an option exercise immediately followed by sale under a 10b5‑1 plan (effectively a planned, routine monetization of equity rather than an open-market purchase). Such transactions are common for executives exercising compensation-related options and do not by themselves indicate a change in company outlook.