MAHON PAUL A 4

What Happened

• Paul A. Mahon, EVP & General Counsel of United Therapeutics (UTHR), exercised 8,300 stock options on 2026-07-16 at a strike price of $146.03 (cost $1,212,049) and sold the 8,300 resulting shares the same day in multiple open-market trades under a pre-arranged 10b5-1 plan. The reported total sales proceeds were $4,429,637 (multiple weighted-average prices across trades).
• This sequence (exercise followed by immediate sale) is a cashless-style exercise and sale under a trading plan rather than an open-market purchase.

Key Details

• Date: 2026-07-16
• Exercise: 8,300 shares @ $146.03 = $1,212,049 (code M)
• Sales: 8,300 shares sold in multiple trades (codes S); grouped weighted-average prices reported for different blocks; total gross proceeds = $4,429,637
• Net gross spread before fees/taxes: ~$3,217,588 (proceeds minus exercise cost)
• Footnotes: F1 — transactions executed pursuant to a pre-arranged 10b5-1 plan entered Aug 11, 2025. F2–F7 — sales executed in multiple trades with reported price ranges; weighted averages shown in filing.
• Shares owned after transaction: not disclosed in the provided excerpt of the filing
• Timeliness: filing shows transactions dated and reported for 2026-07-16; no late filing flag indicated

Context

• Transaction codes: M = option exercise/conversion, S = open-market sale. Here the exercised options were converted into shares and those shares were immediately sold under the 10b5-1 plan (routine liquidity event).
• For retail investors: purchases tend to be more informative about insider sentiment; this filing documents a pre-planned exercise-and-sale, which is common for executives exercising compensation-related options.