NEKTAR THERAPEUTICS — Director's Dealing 2018

May 4, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NEKTAR THERAPEUTICS (NKTR)
CIK: 0000906709
Period of Report: 2018-05-01

Reporting Person: Labrucherie Gil M (SVP & Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-05-01	Common Stock	M	30000	$10.69	Acquired	129739	Direct
2018-05-01	Common Stock	S	30000	$83.65	Disposed	99739	Direct
2018-05-02	Common Stock	M	30000	$10.69	Acquired	129739	Direct
2018-05-02	Common Stock	S	30000	$85.63	Disposed	99739	Direct
2018-05-03	Common Stock	M	30000	$10.69	Acquired	129739	Direct
2018-05-03	Common Stock	S	30000	$82.86	Disposed	99739	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-05-01	Stock Option	$10.69	M	30000	Disposed	2019-02-07	Common Stock (30000)	Direct
2018-05-02	Stock Option	$10.69	M	30000	Disposed	2019-02-07	Common Stock (30000)	Direct
2018-05-03	Stock Option	$10.69	M	30000	Disposed	2019-02-07	Common Stock (30000)	Direct

Footnotes

F1: This transaction was made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person for options expiring in the next 12 months.

F2: This number includes 997 shares held by the reporting person in the Issuer's 401(K) plan and 3,750 shares held by the reporting person in the Issuer's ESPP plan. The acquisition of these shares under both plans is exempt under Rule 16b-3(c).

F3: This transaction was executed in multiple trades at prices ranging from $82.60 to $84.34. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide full information regarding the number of shares and the prices at which the transactions were effected upon request to the SEC staff, the issuer, or a security holder of the issuer.

F4: This transaction was executed in multiple trades at prices ranging from $83.96 to $86.86. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide full information regarding the number of shares and the prices at which the transactions were effected upon request to the SEC staff, the issuer, or a security holder of the issuer.

F5: This transaction was executed in multiple trades at prices ranging from $81.37 to $84.25. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide full information regarding the number of shares and the prices at which the transactions were effected upon request to the SEC staff, the issuer, or a security holder of the issuer.