RABINOWITZ DANIEL 4

What Happened

• Daniel Rabinowitz, Natera's Secretary and Chief Legal Officer, exercised 5,598 option shares on March 6, 2026, paying $19.68 per share for a total exercise cost of $110,169 (reported as an "M" exercise). On the same date he sold a total of 8,398 shares in multiple open-market transactions, generating aggregate proceeds of about $1,646,696. The filing also reports a derivative-related disposal of 5,598 shares at $0.00 (see Key Details for note).

Key Details

• Transaction date: March 6, 2026; Form 4 filed March 10, 2026 (filed within the required two business days).
• Option exercise: 5,598 shares acquired at $19.68 each (total $110,169).
• Open-market sales (total 8,398 shares) by group:
  • 400 shares at a weighted avg $193.73 (proceeds $77,491) — prices ranged $193.27–$194.02 (F2)
  • 2,900 shares at $194.77 (proceeds $564,832) — prices ranged $194.27–$195.25 (F3)
  • 1,600 shares at $195.80 (proceeds $313,273) — prices ranged $195.32–$196.26 (F4)
  • 1,500 shares at $196.94 (proceeds $295,406) — prices ranged $196.42–$197.38 (F5)
  • 1,998 shares at $198.04 (proceeds $395,694) — prices ranged $197.45–$198.32 (F6)
• Reported aggregate proceeds from sales: ~$1,646,696.
• The filing lists a disposal of 5,598 shares at $0.00 under the derivative code (M); filings often report such $0 disposals when shares are surrendered or withheld in connection with an option exercise (e.g., to cover exercise cost or tax withholding), but the filing does not provide further detail here.
• Footnotes: sales were effected pursuant to a Rule 10b5-1 trading plan adopted Dec 5, 2025 (F1). F7 notes the option shares are fully exercisable.
• Shares owned after the transactions are not disclosed in the information you provided in this summary.

Context

• This filing shows an option exercise paired with sizable open-market sales executed under a pre-established 10b5-1 plan. Exercises followed by immediate or near-term sales are common liquidity events for insiders and do not, by themselves, indicate a change in view about the company’s prospects.
• Derivative entries on Form 4 can include both the option exercise (acquisition) and shares surrendered/withheld (reported as disposals at $0.00); the filing here includes both types.