EDGEMOND JAMES 4

What Happened

• James Edgemond, CFO and Treasurer of United Therapeutics (UTHR), exercised 8,750 stock options on 2026-06-22 at $146.03 per share (exercise cost $1,277,763) and then sold the 8,750 shares the same day in multiple open-market trades.
• Sales were executed in several blocks with weighted-average prices and proceeds as reported:
  • 164 shares @ weighted avg ~$534.06 = $87,586 (range $533.57–$534.53)
  • 865 shares @ $534.98 = $462,762 (range $534.57–$535.56)
  • 1,091 shares @ $536.05 = $584,827 (range $535.64–$536.47)
  • 840 shares @ $537.18 = $451,234 (range $536.65–$537.59)
  • 2,266 shares @ $538.23 = $1,219,638 (range $537.67–$538.66)
  • 1,994 shares @ $539.13 = $1,075,025 (range $538.67–$539.66)
  • 280 shares @ $539.83 = $151,151 (range $539.68–$539.92)
  • 1,250 shares @ $541.25 = $676,563
• Total reported proceeds from the sales ≈ $4,708,786. Subtracting the exercise cost of ~$1,277,763 yields roughly $3,431,023 (pre-tax, not accounting for fees or withholdings).

Key Details

• Transaction date: June 22, 2026; Form 4 filed June 23, 2026 (timely filing).
• Option exercise: coded M (derivative exercise). Subsequent sales coded S (open-market sales).
• All sold shares equal the number exercised (8,750), indicating an immediate sale following exercise (commonly a cashless exercise plus sale).
• Notable footnotes: F1 — transactions were made pursuant to a Rule 10b5‑1 trading plan established Oct 31, 2025. F2–F8 — sales executed in multiple trades; reported prices are weighted averages and ranges are provided in the filing.
• Shares owned after the transaction: not provided in the material you supplied (not stated in this summary).

Context

• This is a routine insider activity pattern: exercising stock options and immediately selling the resulting shares under a pre‑existing 10b5‑1 plan. That structure is commonly used to avoid accusations of trading on nonpublic information and to provide automated execution.
• Transaction codes: M = option exercise/derivative conversion, S = sale. The filing also shows a technical "disposed @ $0.00" line tied to the derivative conversion; the economic effect is captured by the exercise cost and the sale proceeds above.