Chapman Steven Leonard 4

What Happened Steven L. Chapman, President and CEO of Natera, sold a total of 90,024 shares of Natera common stock in transactions on February 2–3, 2026, generating aggregate proceeds of approximately $20.77 million. The sales were reported as open-market dispositions at weighted-average prices per lot between about $228.50 and $234.00. Most of the sales were effected pursuant to a Rule 10b5‑1 trading plan; a portion of shares were sold to satisfy tax withholding on vested RSUs.

Key Details

• Transaction dates: February 2, 2026 (majority) and February 3, 2026 (4,725 shares).
• Lots and proceeds (reported):
  • 6,631 sh @ $229.08 = $1,519,060
  • 41,847 sh @ $230.03 = $9,625,957
  • 20,079 sh @ $230.95 = $4,637,173
  • 9,197 sh @ $232.41 = $2,137,444
  • 7,445 sh @ $233.31 = $1,737,006
  • 100 sh @ $234.00 = $23,400
  • 4,725 sh @ $230.77 = $1,090,379
• Aggregate: 90,024 shares sold for ~$20.77M.
• Price details: reported as weighted averages; reported per-lot price ranges span about $228.50 to $233.83 (one reported at $234.00). The filing notes that per-price breakdowns are available on request.
• Footnotes:
  • Sales were effected under a Rule 10b5‑1 trading plan adopted Dec 11, 2023, amended Dec 2, 2024.
  • A tranche of shares was sold to satisfy tax withholding for RSU vesting under the Reporting Person’s Stock Unit Agreement (Jan 31, 2025).
• Shares owned after the transactions: not specified in the provided filing excerpt.
• Filing: Form 4 filed Feb 4, 2026 (covers trades on Feb 2–3) — appears timely.

Context These transactions are sales (code S) rather than purchases; sales can be routine (e.g., pre-set 10b5‑1 plans or tax-withholding) and do not by themselves indicate the insider’s view of the company’s prospects. The use of a 10b5‑1 plan provides an affirmative defense to insider trading claims because trades are pre‑arranged. Retail investors typically treat purchases by insiders as stronger signals than routine sales.