EDGEMOND JAMES 4

What Happened
James Edgemond, Chief Financial Officer and Treasurer of United Therapeutics (UTHR), exercised stock options to acquire 10,000 shares at a strike price of $135.42 (cost $1,354,200) on March 26, 2026, and subsequently sold those 10,000 shares in multiple open-market trades the same day. The sales generated approximately $5.36 million in gross proceeds. The pattern—exercise followed by immediate sales—is consistent with a cashless exercise where acquired shares are sold rather than retained.

Key Details

• Transaction date: March 26, 2026 (Form filed March 27, 2026). Filing appears timely (next business day).
• Exercise: 10,000 shares acquired at $135.42/share (total cost $1,354,200). (Code M = exercise/conversion of derivative)
• Open-market sales: 10,000 shares sold across multiple trades; gross proceeds ≈ $5,359,004. Weighted average sale prices for the tranches ranged roughly from $531.42 to $540.36 (see footnotes for tranche ranges).
• Reported derivative disposition: a related M-code line shows 10,000 shares with $0 reported — a Form 4 reporting convention tied to the exercise/sale sequence.
• Footnote: Transactions were executed under a Rule 10b5-1 trading plan entered October 31, 2025 (per Footnote F1). Several footnotes (F2–F10) note each sale tranche was done in multiple trades with reported weighted-average prices; full trade-level details are available on request.
• Shares owned after transaction: Not specified in the summary info provided in your request.

Context

• This was an option exercise followed by immediate open-market sales (a common way for insiders to realize option value and cover the exercise cost and taxes). Such sales are routine and, because they were executed under a 10b5-1 plan, were prearranged trades that limit timing concerns.
• Transaction code notes: M = exercise/conversion of derivative; S = sale. Purchases/sales by executives are factual signals of realized gains but should not be taken alone as endorsement or negative view of the company.