MAHON PAUL A 4

What Happened

• Paul A. Mahon, EVP & General Counsel of United Therapeutics (UTHR), exercised 8,300 stock options (exercise price $146.03) on July 2, 2026 and immediately sold all 8,300 resulting shares in multiple open-market trades under a pre-arranged 10b5-1 plan.
• Exercise cost: 8,300 shares × $146.03 = $1,212,049 (amount paid to acquire the shares). Gross proceeds from the sales across multiple trades totaled approximately $4,586,274. This is effectively a cashless exercise followed by sale — a routine monetization rather than an outright purchase.

Key Details

• Transaction date: 2026-07-02. Option exercise recorded as code M; sales recorded as code S.
• Sales executed in multiple trades at weighted-average prices shown by trade (sales ranged roughly from $547.45 to $556.38 per share across trades; footnotes list precise intra-trade ranges).
• Shares acquired by exercise: 8,300; shares sold: 8,300 (all exercised shares were sold).
• Net cash before fees/taxes (gross sales minus exercise cost): ~ $3.37M (calculated from amounts reported). Filing reports gross proceeds and exercise cost; commissions/taxes not shown.
• Footnote: Transactions were carried out pursuant to a pre-arranged 10b5-1 plan entered August 11, 2025 (F1). Footnotes F2–F10 disclose the price ranges for the multiple trades and that reported prices are weighted averages.
• Shares owned after the transaction: not specified in the provided filing excerpt.
• Timeliness: Period of report and filing date are the same (2026-07-02), indicating a timely Form 4 filing.

Context

• For retail investors: this is a common executive liquidity event (exercise of options followed by sale) executed under a 10b5-1 plan. Such sales are routine and governed by pre-set trading rules; they do not necessarily signal a change in the insider’s view of the company.