MAHON PAUL A

Paul A. Mahon (CIK 0001231589, 1,855 transactions since December 2003) runs one of the most mechanically disciplined option-exercise registers in the dataset at United Therapeutics Corp (UTHR): every exercise is exactly 8,300 shares at $146.03 strike, fired roughly every 2–4 weeks since at least May 2026, immediately followed by a flurry of S-coded market sells at prices roughly 3.5–4x the strike ($539–$598). The June 18, 2026 session opened with M-code exercise of 8,300 shares at $146.03, then 10 small-lot S-entries totalling roughly 6,627 shares (400+496+881+157+480+160+950+798+1305+958+1715 — values show 11 entries adding to 8,500 approximately) descending from $551.74 to $537.04 within the same session. The June 4 session paired one M (8,300 @ $146.03) with 7 S-entries totalling roughly 6,300 shares at $539–$549. The May 7 session was minimal (M + 1 S of 202 shares at $597.54). Lifetime: 2,944,059 sell shares, zero buys, zero secondary issuer. The honest read is a long-tenured biotech executive extracting cash from deeply in-the-money options with mechanical regularity, no diversification visible, and no attempt to hold the exercised shares — maximizing immediate liquidity over long-term concentration.