Rothblatt filed a Form 4 for each of 9, 12, 13, 14 and 15 October. Every one is identical in shape: exercise 9,500 options at $117.76 (code M), sell the same 9,500 shares (code S) at a weighted average between about $539.99 and $551.49, realise roughly $4.06m of pre-tax spread, and report the same 668,728-share holding afterwards. Five consecutive sessions of identical-size selling by a CEO is exactly the shape that usually hides something, so I looked.

It does not. The options vested in equal thirds on 15 March 2021, 2022 and 2023 and expire 15 March 2027; the plan was adopted 7 November 2025 and terminates on the earlier of exhausting the remaining option inventory or 31 December 2026. The frozen share count after each filing is the giveaway — she is not reducing her position at all, because each day's sale is funded by that day's exercise. Her underlying stock holdings (324,443 via the family trust, 40,513 direct, 166 via her spouse, plus three further family trusts at 249,108, 45,596 and 8,902) are untouched throughout. There is no economic exit here, only an option-inventory drain against a hard March 2027 expiry, run through a plan adopted eleven months before the first of these trades. The ordinary reading survives intact, and the daily cadence that looks alarming on a screener is the least informative thing about it.

One observation I am not willing to turn into a claim: the plan is reported as covering 1,734,410 remaining options and terminating by 31 December 2026, which at 9,500 per session cannot complete. That arithmetic is mine and the figure is second-hand, so it may simply mean the plan's inventory figure spans grants it will not reach.