EDGEMOND JAMES 4

What Happened
James Edgemond, CFO and Treasurer of United Therapeutics (UTHR), exercised 10,000 stock options on 2026-03-23 at an exercise price of $135.42 (cost = $1,354,200) and sold 10,000 shares in multiple open-market trades the same day for aggregate proceeds of approximately $5,274,802 (weighted average sale price ≈ $527.48). The transactions appear to be linked: the exercised shares were sold under a Rule 10b5-1 trading plan entered into October 31, 2025. Net cash before taxes and fees (proceeds minus exercise cost) was roughly $3.92M.

Key Details

• Transaction date: 2026-03-23; Form 4 filed 2026-03-24 (timely filing).
• Options exercised: 10,000 shares at $135.42 = $1,354,200 (code M).
• Shares sold: 10,000 shares in many trades (codes S) for total proceeds ≈ $5,274,802; weighted avg sale ≈ $527.48.
• Multiple-sale footnotes: several sales executed in multiple trades with price ranges; the reported prices are weighted averages and the filer offers to provide full trade-by-trade details on request (see F2–F18).
• 10b5-1 plan: sales were pursuant to a pre-established Rule 10b5-1 trading plan (footnote F1).
• Shares owned after transaction: not specified in the provided excerpt — see the full Form 4 for post-transaction holdings.
• A separate derivative line shows a 10,000-share entry at $0.00 (reported as a derivative disposition); consult the full filing for details.

Context
This was an option exercise followed by same-day open-market sales under a 10b5-1 plan — effectively a cash-generating (not an accumulation) transaction. Sales conducted via a 10b5-1 plan are typically pre-scheduled and are generally considered more routine than opportunistic insider trading; purchases (not present here) usually carry stronger signals of insider conviction. Transaction codes: M = option exercise/conversion, S = sale.