United Therapeutics (UTHR) CEO pre-plans 9,500-share option exercise and sale
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
UNITED THERAPEUTICS Corp Chairperson & CEO Martine A. Rothblatt exercised stock options for 9,500 shares of common stock at an exercise price of $146.03 per share and acquired the corresponding common shares.
On the same date, she sold 9,500 common shares in multiple open-market transactions, with reported prices including $569.7771, $571.3888 and up to $579.5260 per share, under a pre-arranged Rule 10b5-1 trading plan. Following these trades, she holds 40,513 common shares directly, in addition to indirect holdings by her spouse and in family trusts.
Positive
- None.
Negative
- None.
Insights
CEO executes pre-planned option exercise-and-sell, retains sizable holdings.
Martine A. Rothblatt exercised stock options for 9,500 shares at an exercise price of $146.03 per share, then sold 9,500 common shares in multiple open-market trades around the high $560s to high $570s.
A footnote states these transactions were made under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025, which runs until the earlier of exercising 1,734,410 options expiring on March 17, 2027 or December 31, 2026. This framing indicates a structured, ongoing liquidity program rather than opportunistic trading.
After the transactions, she holds 40,513 common shares directly and additional shares indirectly through her spouse and family trusts. Given the pre-planned nature and the remaining direct and indirect positions, this filing appears as a routine exercise-and-sell pattern with limited impact on the broader investment thesis.
Insider Trade Summary 10b5-1
Net Seller: 9,500 shares ($5,461,199)
Net Sell
17 txns
Insider
ROTHBLATT MARTINE A
Role
Chairperson & CEO
Sold
9,500 shs ($5.46M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Option | 9,500 | $0.00 | -- |
| Exercise | Common Stock | 9,500 | $146.03 | $1.39M |
| Sale | Common Stock | 35 | $569.7771 | $20K |
| Sale | Common Stock | 925 | $571.3888 | $529K |
| Sale | Common Stock | 945 | $572.3917 | $541K |
| Sale | Common Stock | 1,235 | $573.3859 | $708K |
| Sale | Common Stock | 1,370 | $574.2462 | $787K |
| Sale | Common Stock | 1,850 | $575.3087 | $1.06M |
| Sale | Common Stock | 1,081 | $576.3574 | $623K |
| Sale | Common Stock | 1,475 | $577.3163 | $852K |
| Sale | Common Stock | 384 | $578.5243 | $222K |
| Sale | Common Stock | 200 | $579.526 | $116K |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Stock Option — 55,000 shares (Direct);
Common Stock — 50,013 shares (Direct);
Common Stock — 166 shares (Indirect, by Spouse)
Footnotes (1)
- 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. This transaction was executed in multiple trades at prices ranging from $578.03 to $578.98. 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. This transaction was executed in multiple trades at prices ranging from $579.19 to $580.07. 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. 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. 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. 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. 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. This transaction was executed in multiple trades at prices ranging from $569.67 to $570.03. 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. This transaction was executed in multiple trades at prices ranging from $570.83 to $571.72. 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. This transaction was executed in multiple trades at prices ranging from $571.86 to $572.81. 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. This transaction was executed in multiple trades at prices ranging from $572.86 to $573.80. 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. This transaction was executed in multiple trades at prices ranging from $573.86 to $574.85. 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. This transaction was executed in multiple trades at prices ranging from $574.86 to $575.79. 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. This transaction was executed in multiple trades at prices ranging from $575.97 to $576.96. 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. This transaction was executed in multiple trades at prices ranging from $576.98 to $577.97. 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.
Key Figures
Options exercised: 9,500 shares
Exercise price: $146.03 per share
Shares sold: 9,500 shares
+5 more
8 metrics
Options exercised
9,500 shares
Stock option exercise on April 13, 2026
Exercise price
$146.03 per share
Stock options converted into common stock
Shares sold
9,500 shares
Open-market sales on April 13, 2026
Sale prices
$569.7771–$579.5260
Range of reported weighted-average sale prices
Direct holdings after trades
40,513 shares
Common stock held directly after April 13, 2026
Plan option capacity
1,734,410 options
Maximum options to be exercised under 10b5-1 plan
Option expiry
March 17, 2027
Expiration date of options referenced in the plan
Plan end date
December 31, 2026
Latest date for Rule 10b5-1 plan to run
Key Terms
Rule 10b5-1 trading plan, stock options, open-market sale, family trusts, +1 more
5 terms
Rule 10b5-1 trading plan regulatory
"This exercise of stock options and sale of the resulting shares of common stock was pursuant to a pre-arranged 10b5-1 trading plan"
A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.
stock options financial
"This exercise of stock options and sale of the resulting shares of common stock was pursuant to a pre-arranged 10b5-1 trading plan"
Stock options are agreements that give a person the right to buy or sell a company's stock at a specific price within a certain time frame. They are often used as a reward or incentive, similar to a coupon that can be used later if the stock price rises, allowing the holder to make a profit.
open-market sale financial
"transaction_action": "open-market sale""
An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.
family trusts financial
"Shares held in family trusts as to which the Reporting Person shares investment power"
weighted average price financial
"The price reported above reflects the weighted average price."
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
FAQ
What did UNITED THERAPEUTICS (UTHR) CEO Martine Rothblatt do in this Form 4?
Martine A. Rothblatt exercised stock options for 9,500 UNITED THERAPEUTICS shares at $146.03 and sold 9,500 common shares in multiple open-market trades around the high-$560s to high-$570s per share under a pre-arranged Rule 10b5-1 trading plan.
At what price did the UNITED THERAPEUTICS CEO exercise her stock options?
She exercised stock options covering 9,500 UNITED THERAPEUTICS shares at an exercise price of $146.03 per share. These options were then converted into common stock, which was subsequently sold in the open market as part of a pre-planned Rule 10b5-1 trading program.
Was the UNITED THERAPEUTICS CEO’s sale part of a Rule 10b5-1 trading plan?
Yes. A footnote explains that the option exercise and resulting share sales were conducted under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025, which continues until specific options are exercised or until December 31, 2026, whichever occurs first.
What does the Rule 10b5-1 plan disclosed by UNITED THERAPEUTICS’ CEO cover?
The disclosed Rule 10b5-1 plan contemplates exercising up to 1,734,410 stock options that expire on March 17, 2027, or ending on December 31, 2026, whichever comes first. The April 13, 2026 option exercise and related share sales are described as transactions under this pre-arranged plan.