Amended Compensation Program for Non-Employee Directors

Exhibit 10.2

Natera, Inc.
Compensation Program for Non-Employee Directors

Amended Effective as of June 9, 2023

A.Cash Compensation:  Annual cash retainers each paid quarterly, in arrears.

B.Equity Compensation

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$275,000.  The grant will be made on or as soon as reasonably practicable after the date of the annual meeting (the “Grant Year Annual Meeting”).  The exercise price per share of stock options will be equal to the fair market value per share of the Company’s Common Stock on the date of grant.  Subject to the director’s continuous service on the Board, the annual equity award will vest and become exercisable in full on the date that is 12 months following the date of the Grant Year Annual Meeting. The annual equity award will become fully vested and exercisable in the event that the Company is subject to a change in control. The foregoing notwithstanding, a new director who has received the initial equity award under Paragraph 1 above will not in the same calendar year receive an annual equity award under this Paragraph 2.

Once an election is made, such election will continue in effect for equity compensation (other than pursuant to Section C hereof) related to services performed during all future calendar years unless and until a new election form modifying the election is submitted to the Company. Such new election must be made no later than December 31 of the calendar year preceding the year in which such annual equity award is to be granted, and will become effective on January 1 of such following calendar year.

Notwithstanding the foregoing, a non-employee director upon first joining the Board of Directors may, within thirty (30) days after such director joins the Board of Directors, make the election described in this section, with such election to be effective for his or her initial equity award and subsequent annual equity awards

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granted unless and until a modification is submitted in accordance with this section.

Effective beginning January 1, 2024, all such initial and annual equity awards shall be made in the form of restricted stock units. The number of shares underlying such restricted stock units will be computed as described above.

For each calendar year through 2023, each non-employee director may elect, in writing, to receive all or a portion of his or her annual cash retainer(s) paid through December 31, 2023 in the form of (i) fully vested options to purchase shares of the Company’s Common Stock (a “Retainer Option”) or (ii) fully vested RSUs covering shares of the Company’s Common Stock (a “Retainer RSU”; the Retainer Option or the Retainer RSU, “Retainer Equity”). Effective for retainer(s) paid on or after January 1, 2024, each non-employee director may elect, in writing, to receive all or a portion of his or her annual cash retainer(s) in the form of a Retainer RSU. If elected, all such Retainer Equity will be granted under and subject to the general terms and conditions of a stockholder-approved equity incentive plan of the Company and a form of stock option agreement or restricted stock unit agreement, as applicable, thereunder. Such fully vested Retainer Equity will be granted by the Compensation Committee on a quarterly basis, in arrears, with such grants subject to the director’s continuous service to the Company on the date of grant.

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Each Retainer Equity award will have an aggregate grant date fair value equal to the cash amount that would otherwise be paid for the applicable quarter, with the number of shares subject to a (i) Retainer Option computed based on the Black-Scholes Percentage on the date of grant, applied to the average closing price per share of the Company’s Common Stock for the 30 days prior to the date of grant, and (ii) Retainer RSU computed based on the average price per share of the Company’s Common Stock for the 30 days prior to the date of grant, in each case rounded down for any partial share. Each such Retainer Option shall have a term of 10 years (subject to earlier expiration upon the termination of the director’s service) and shall have an exercise price equal to the closing price per share of the Company’s Common Stock on the grant date.  

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Any election to receive Retainer Equity in lieu of annual cash retainer(s) must be made by the non-employee director no later than December 31 of the calendar year preceding the year for which such cash retainer(s) would otherwise be earned, and such election will be irrevocable for such following calendar year. Notwithstanding the foregoing, (i) a non-employee director upon first joining the Board of Directors may, within thirty (30) days after such director joins the Board of Directors, make the election described in this section, with such election to be effective for services performed after the date the election is made.

The reasonable expenses incurred by directors in connection with attendance at Board or committee meetings will be reimbursed upon submission of appropriate substantiation.