Rabinowitz Matthew 4

What Happened
Matthew Rabinowitz, Executive Chairman and Director of Natera, exercised a total of 200,000 option shares (three exercises: 75,000 on 3/12, 75,000 on 3/13, 50,000 on 3/16) at $9.59 per share (exercise cost ≈ $1,918,000). He sold the 200,000 shares in open‑market transactions across March 12–16, 2026 for aggregate gross proceeds of about $38,283,383. These actions are predominately sales (routine monetization following option exercises), not open‑market purchases.

Key Details

• Dates: March 12, 13 and 16, 2026. Exercise code = M (option exercise); sale code = S (open‑market sale).
• Exercise details: 75,000 @ $9.59 (3/12), 75,000 @ $9.59 (3/13), 50,000 @ $9.59 (3/16). Option shares are fully exercisable (F24).
• Sales: 200,000 shares sold in multiple lots at weighted‑average prices across the listed ranges; gross proceeds ≈ $38.28M. Reported per‑lot/weighted prices and value ranges are footnoted in the filing (F2–F23).
• Net change from these transactions: zero shares (200,000 acquired by exercise and 200,000 sold). The filing excerpt does not state total shares owned after these transactions.
• Plan/notes: Sales were effected pursuant to a Rule 10b5‑1 trading plan adopted Dec 11, 2025 (F1). Several sale line items report weighted‑average prices with price ranges—details available on request per the footnotes.
• Filing timeliness: Form 4 filed 2026‑03‑16 for transactions on March 12–16; no late filing flag indicated in the excerpt.

Context

• This was essentially an exercise-and-sell pattern (exercise of options followed by immediate sales), a common way for insiders to monetize vested option grants; the derivative entries showing $0.00 reflect conversion/settlement of the option instruments.
• The presence of a 10b5‑1 plan indicates the sales were pre‑arranged, which generally reduces the implication that trades were timed on nonpublic information.
• These transactions are factual disclosures of insider activity and do not themselves indicate company performance or management sentiment.