ROTHBLATT MARTINE A 4
4 · UNITED THERAPEUTICS Corp · Filed Mar 26, 2026
Research Summary
AI-generated summary of this filing
United Therapeutics (UTHR) CEO Martine Rothblatt Exercises Options, Sells 9,500 Shares
What Happened
Martine A. Rothblatt — Chairperson, CEO and Director of United Therapeutics (UTHR) — exercised 9,500 stock options at $146.03 per share (cost ~$1,387,285) and then sold the 9,500 resulting shares in multiple open‑market trades on March 25, 2026 for aggregate proceeds of approximately $5,165,475 (weighted average sale price ≈ $543.73 per share). The transactions were carried out under a pre‑arranged 10b5‑1 trading plan adopted November 7, 2025.
Key Details
- Transaction date: March 25, 2026 (Form filed March 26, 2026).
- Options exercised: 9,500 shares at $146.03 (total exercise cost ~$1,387,285).
- Shares sold: 9,500 shares in multiple trades, total proceeds ≈ $5,165,475; weighted avg sale ≈ $543.73. Reported sale prices in individual trades ranged roughly from $536.97 to $548.99 (see footnotes for exact trade‑by‑trade ranges).
- Net proceeds before fees/taxes: roughly $3.78M (proceeds minus exercise cost).
- Notable footnotes: F1 — these actions were pursuant to a 10b5‑1 plan (adopted 11/7/2025) that remains in effect until certain option exhaustion or 12/31/2026; F2–F11 — sales executed in multiple trades with specified price ranges; F12–F15 — certain shares are held in family trusts.
- Shares owned after transaction: not specified in the provided excerpt.
- Timeliness: Filed the next day (no late‑filing indicated in provided info).
Context
This was an exercise of options followed by immediate open‑market sales of the resulting shares (effectively a cashless exercise under a pre‑arranged 10b5‑1 plan). 10b5‑1 plans are commonly used to automate insider trading and reduce appearance of opportunistic timing; they do not by themselves indicate management’s view of the company. The filing is factual disclosure of the exercise and sales and should be viewed as routine insider liquidity rather than an explicit statement about company prospects.
Insider Transaction Report
Form 4
ROTHBLATT MARTINE A
DirectorChairperson & CEO
Transactions
- Exercise/Conversion
Common Stock
[F1]2026-03-25$146.03/sh+9,500$1,387,285→ 50,013 total - Sale
Common Stock
[F1]2026-03-25$536.97/sh−120$64,436→ 49,893 total - Sale
Common Stock
[F1][F2]2026-03-25$538.73/sh−40$21,549→ 49,853 total - Sale
Common Stock
[F1][F3]2026-03-25$540.51/sh−440$237,826→ 49,413 total - Sale
Common Stock
[F1][F4]2026-03-25$541.75/sh−1,699$920,433→ 47,714 total - Sale
Common Stock
[F1][F5]2026-03-25$542.66/sh−1,833$994,692→ 45,881 total - Sale
Common Stock
[F1][F6]2026-03-25$543.68/sh−1,721$935,672→ 44,160 total - Sale
Common Stock
[F1][F7]2026-03-25$544.65/sh−1,544$840,942→ 42,616 total - Sale
Common Stock
[F1][F8]2026-03-25$545.72/sh−911$497,148→ 41,705 total - Sale
Common Stock
[F1][F9]2026-03-25$546.59/sh−373$203,877→ 41,332 total - Sale
Common Stock
[F1][F10]2026-03-25$547.78/sh−459$251,431→ 40,873 total - Sale
Common Stock
[F1][F11]2026-03-25$548.52/sh−360$197,469→ 40,513 total - Exercise/Conversion
Stock Option
[F1]2026-03-25−9,500→ 69,000 totalExercise: $146.03From: 2020-03-15Exp: 2027-03-15→ Common Stock (9,500 underlying)
Holdings
- 166(indirect: By Spouse)
Common Stock
- 324,518(indirect: By Trust)
Common Stock
[F12] - 258,117(indirect: By Trust)
Common Stock
[F13] - 45,596(indirect: By Trust)
Common Stock
[F14] - 10,962(indirect: By Trust)
Common Stock
[F15]
Footnotes (15)
- [F1]This exercise of stock options and sale of the resulting shares of common stock was pursuant to a pre-arranged 10b5-1 trading plan adopted by the reporting person on November 7, 2025. This plan will continue until the earlier of: (a) the exercise of 1,734,410 stock options, all of which expire on March 17, 2027; or (b) December 31, 2026.
- [F10]This transaction was executed in multiple trades at prices ranging from $547.29 to $548.15. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
- [F11]This transaction was executed in multiple trades at prices ranging from $548.30 to $548.99. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
- [F12]Shares held in family trusts as to which the Reporting Person shares investment power and the Reporting Person and/or immediate family members are beneficiaries.
- [F13]Shares held in family trusts as to which the Reporting Person's spouse is sole trustee and sole beneficiary or co-trustee and settlor with power to revoke.
- [F14]Shares held in family trusts as to which the Reporting Person's spouse shares investment power and the Reporting Person and/or immediate family members are beneficiaries.
- [F15]Shares held in family trusts as to which the Reporting Person is sole trustee and sole beneficiary or co-trustee and settlor with power to revoke.
- [F2]This transaction was executed in multiple trades at prices ranging from $538.63 to $539.22. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
- [F3]This transaction was executed in multiple trades at prices ranging from $540.05 to $540.81. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
- [F4]This transaction was executed in multiple trades at prices ranging from $541.175 to $542.13. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
- [F5]This transaction was executed in multiple trades at prices ranging from $542.18 to $543.17. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
- [F6]This transaction was executed in multiple trades at prices ranging from $543.18 to $544.17. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
- [F7]This transaction was executed in multiple trades at prices ranging from $544.19 to $545.16. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
- [F8]This transaction was executed in multiple trades at prices ranging from $545.20 to $546.17. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
- [F9]This transaction was executed in multiple trades at prices ranging from $546.275 to $547.07. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
Signature
/s/ John S. Hess, Jr. under Power of Attorney|2026-03-26