EDGEMOND JAMES 4

What Happened
Edgemond James, CFO and Treasurer of United Therapeutics (UTHR), exercised 10,000 stock options at a strike price of $146.03 (cost $1,460,300) on June 18, 2026 and sold 10,000 shares that same day in multiple open‑market trades for total proceeds of $5,401,489 (average sale price ≈ $540.15). The net cash proceeds after paying the exercise cost were roughly $3.94M. The Form 4 also shows an additional derivative conversion entry for 10,000 shares at $0.00 (see Key Details).

Key Details

• Transaction date: June 18, 2026. Exercise: 10,000 shares @ $146.03 (acquired) = $1,460,300. Sales: 10,000 shares sold in multiple trades for $5,401,489 (weighted average ≈ $540.15).
• Sale price range (per footnotes): roughly $533.25 to $549.17 across the various trades; several weighted‑average prices reported with accompanying footnotes.
• Reporting mechanics: Exercise and subsequent sales were reported as pursuant to a Rule 10b5-1 trading plan entered Oct 31, 2025 (Footnote F1). Multiple footnotes (F2–F14) note the sales were executed in multiple trades and provide price ranges.
• Shares owned after the transactions: not specified in the provided summary—see the full Form 4 for current holdings.
• Timeliness: no late filing indicator was provided in the information supplied.

Context

• This was an option exercise followed by immediate market sales (typical liquidity event following option exercise). Because the sale was executed under a previously established 10b5‑1 plan, it is a prearranged sale program rather than an ad hoc open‑market sale.
• For retail investors: purchases (insider buys) are often considered more informative about insider sentiment; this filing documents a routine exercise and sale tied to a trading plan and does not on its own indicate a change in insider outlook.
• For full details (exact post‑transaction holdings, any tax withholding, and the nature of the zero‑price derivative entry), consult the complete Form 4 filing (Accession No. 0001636178-26-000028).