Martine A. Rothblatt, Chairperson and CEO of United Therapeutics Corp, filed a Form 4 on August 18, 2026, disclosing the exercise of stock options and sale of common stock on August 17, 2026, pursuant to a pre-arranged Rule 10b5-1 trading plan.

Key Highlights

  • Option exercise: 9,500 stock options were exercised at a conversion price of $135.42 per share on August 17, 2026, held indirectly by trust.
  • Shares sold: A total of 9,500 shares of common stock were disposed of across seven sale transactions at weighted average prices ranging from approximately $501.06 to $508.17.
  • 10b5-1 plan: The transactions were executed under a pre-arranged trading plan adopted November 7, 2025, covering up to 1,734,410 stock options expiring March 15, 2027, and running until the earlier of full exercise or December 31, 2026.
  • Remaining options: Following the reported transactions, 122,910 stock options remained beneficially owned indirectly by trust.
  • Beneficial ownership after transactions: Rothblatt's indirect beneficial ownership in the trust tied to the sales stood at 326,126 shares after the final reported sale, with additional holdings across multiple other trusts and direct accounts.
  • Indirect ownership structure: Shares are held across several family trusts, with varying trustee and beneficiary arrangements, as described in the filing's footnotes.

Rothblatt's Option Exercise and Share Sales at United Therapeutics

According to the filing, Martine A. Rothblatt, who serves as Chairperson and CEO of United Therapeutics Corp (NASDAQ:UTHR), exercised 9,500 stock options on August 17, 2026, at an exercise price of $135.42 per share. The options, held indirectly through a family trust, were set to expire on March 15, 2027. The filing notes a $0.00 price for the derivative security at exercise, consistent with a cashless or pre-planned structure disclosed in the footnotes.

On the same date, the filing discloses that 9,500 shares of common stock were sold across seven separate transactions at weighted average prices of $501.0617, $502.1812, $504.2066, $505.3615, $506.3508, $507.4299, and $508.1725. The filing notes that each transaction was executed in multiple trades, and the prices reported reflect weighted averages. The filing states that full details on individual trade prices and share counts will be provided upon request to the SEC staff, the issuer, or a security holder.

All transactions were conducted pursuant to a Rule 10b5-1 trading plan adopted by Rothblatt on November 7, 2025. The filing states the plan "will continue until the earlier of: (a) the exercise of 1,734,410 stock options, all of which expire on March 15, 2027; or (b) December 31, 2026." Following all reported transactions, Rothblatt's combined beneficial ownership across direct holdings, spousal interests, and multiple family trusts included 40,513 shares held directly and several hundred thousand shares held indirectly through various trust arrangements, as detailed in the filing.

What Was Disclosed

The filing reports the exercise of 9,500 stock options and the same-day sale of 9,500 common shares by United Therapeutics' CEO on August 17, 2026, all conducted under a pre-established 10b5-1 trading plan, with shares held indirectly through family trusts.