ROTHBLATT MARTINE A

Martine Rothblatt's Form 4 history at United Therapeutics runs 6,847 transactions from August 2003 through July 2026, and the three most recent trading days in the record show the same mechanism repeating almost exactly: a 9,500-share option exercise at $135.42 under transaction code M, followed same-day by a laddered series of open-market sales that together account for exactly the shares just exercised. On July 10, ten separate code-S prints total precisely 9,500 shares between $553.47 and $540.37; on July 9, eight prints again total exactly 9,500 shares between $555.76 and $548.16. Every exercised share is disposed of the same day it is exercised, at roughly four times the strike price, and the pattern holds across at least three consecutive sessions in this record.

That daily rhythm sits inside a much longer pattern: across the full 2003-2026 UTHR record, Rothblatt has bought 250,771 shares against 9,225,345 sold — a lifetime net-seller by a wide margin, consistent with two decades of option-based compensation being monetized in a fixed, mechanical routine rather than held as a discretionary position. A second issuer now appears in the record for the first time: a single Form 4 for BETA Technologies, Inc. filed June 11, 2026, reporting no shares bought or sold — a newly disclosed insider relationship at an aviation company outside UTHR's biotech line, with no trading activity yet attached to it.