Marcus Gail Boxer 4

What Happened

• Marcus Gail Boxer, a director of Natera, exercised options to acquire 11,000 shares at $22.83 per share (total cost $251,130) on June 5, 2026. On the same day he sold 11,000 shares in multiple open‑market transactions, generating aggregate proceeds of approximately $2,389,328.
• The sales were executed in several blocks at weighted average prices reported for groups of shares (see Key Details). The activity shows an exercise of derivative instruments followed by same‑day sales (i.e., shares were sold after exercise).

Key Details

• Transaction date: June 5, 2026; Form filed June 9, 2026 (filing appears timely).
• Exercise: 11,000 shares acquired at $22.83 each = $251,130.
• Sales (total sold = 11,000 shares; total proceeds ≈ $2,389,328):
  • 3,016 shares sold at weighted avg $216.06 (range $215.61–$216.605) — proceeds ≈ $651,646. (F1)
  • 4,694 shares sold at weighted avg $217.30 (range $216.75–$217.74) — proceeds ≈ $1,020,023. (F2)
  • 3,174 shares sold at weighted avg $218.11 (range $217.795–$218.755) — proceeds ≈ $692,276. (F3)
  • 116 shares sold at $218.81 — proceeds ≈ $25,383.
• Additional line in the filing reports a derivative conversion of 11,000 shares at $0.00 (reported as disposed); footnote F4 indicates the option shares are fully exercisable. The filing does not specify the insider’s post‑transaction holdings in the provided excerpt.

Context

• When an insider exercises options and immediately sells shares, it often functions like a cashless exercise (options converted to shares and proceeds used to cover exercise cost/taxes). This filing shows exercise and same‑day sales, but the Form 4 is a record of transactions only and does not state the insider’s motivation.
• Footnotes detail that several sale prices are weighted averages across multiple transactions; the filer will provide transaction‑by‑transaction prices on request.