Brophy Michael Burkes 4

What Happened
Michael Brophy, Chief Financial Officer of Natera, sold a total of 6,939 shares in open-market transactions on February 3, 2026. The sales were: 1,268 shares at $230.77 ($292,614); 700 shares at a weighted average $225.25 ($157,674); and 4,971 shares at a weighted average $227.45 ($1,130,639). Total proceeds were approximately $1,580,927. These were sales (routine disposition), not purchases.

Key Details

• Transaction date: February 3, 2026; Form 4 filed February 4, 2026 (timely filing).
• Individual transactions and values:
  • 1,268 shares @ $230.77 = $292,614
  • 700 shares @ weighted avg $225.25 = $157,674 (prices ranged $224.98–$225.42; see footnote)
  • 4,971 shares @ weighted avg $227.45 = $1,130,639 (prices ranged $226.69–$227.68; see footnote)
• Shares owned after the transaction: not specified in the provided excerpt.
• Notable footnotes:
  • F1: Some sales were to satisfy tax withholding related to RSU vesting.
  • F2: Sales were effected under a Rule 10b5-1 trading plan adopted June 9, 2025 and modified Sept 10, 2025.
  • F3 & F4: Reported prices for two lots are weighted averages covering the price ranges noted above; detailed per-price breakdowns are available on request.

Context
These dispositions were made under a pre-established 10b5-1 trading plan and to satisfy tax-withholding obligations tied to RSU vesting—common, non-informational reasons for insider sales. While insider purchases can be a stronger signal of confidence, routine sales for taxes or under automated plans are typical and do not by themselves indicate a change in management sentiment.