SULLIVAN LOUIS W

Louis W. Sullivan's Form 4 record covers nine separate issuers and 430 transactions dating back to 2003 — a director-level footprint spanning biotech, pharma, health insurance, dental/medical distribution, and industrials. Of those nine relationships, five show pure disposal activity with zero recorded purchases: United Therapeutics (205 transactions, 330,244 shares sold), Emergent BioSolutions (82 transactions, 150,213 shares sold), Henry Schein (63 transactions, 83,793 shares sold), Bristol-Myers Squibb (21 transactions, 4,749 shares sold), and Equifax (9 transactions, 2,951 shares sold). Only one issuer, BioSante Pharmaceuticals, shows him as a net buyer — 20,000 shares acquired, none sold — while three others (Cigna, 3M, Inhibitex) generated dozens of filings with no net shares bought or sold in aggregate.

The most recent activity, all at United Therapeutics, illustrates the mechanics behind that lopsided total: a 15,000-share option exercise on 2024-12-18 was followed same day by nine open-market sales totaling roughly 10,500 shares between $382.25 and $370.02 — leaving a meaningful share of the exercised block unsold that day. A day later, 2024-12-19, a separate code-G transaction transferred 1,851 UTHR shares as a gift rather than a sale. The most recent filings, on 2026-07-09, are a pair of 650-share option exercises with no accompanying sale yet reported.