Brainsway (BWAY) director Jonathan Shulkin reports large indirect share stakes

Rhea-AI Filing Summary

Brainsway Ltd. director Jonathan K. Shulkin filed an initial ownership report showing only existing indirect holdings, with no new share purchases or sales. The filing lists Ordinary Shares, which are represented by American Depositary Shares on the market, each equal to one Ordinary Share.

Shulkin reports indirect ownership of 536,494 Ordinary Shares through Tikvah Partners LLC, and 5,314,950 Ordinary Shares through Valor Brainsway Holdings LLC

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Shulkin Jonathan K

Role Director

Type	Security	Shares	Price	Value
holding	Ordinary Shares	--	--	--
holding	Ordinary Shares	--	--	--

Holdings After Transaction: Ordinary Shares — 536,494 shares (Indirect, By Tikvah Partners LLC)

Footnotes (1)

1. The Ordinary Shares are currently represented by American Depositary Shares, each of which represents one Ordinary Share. The reporting person disclaims beneficial ownership of the securities held of record by Valor Brainsway Holdings, LLC except to the extent of any pecuniary interest of the reporting person therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purpose.

Understanding Insider Trading Forms →

03/18/2026 - 12:59 PM

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Shulkin Jonathan K

(Last) (First) (Middle)

320 N. SANGAMON ST.

SUITE 1200

(Street)

CHICAGO ILLINOIS 60607

(City) (State) (Zip)

UNITED STATES

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
Brainsway Ltd. [ BWAY ]

3a. Foreign Trading Symbol
[BWAY]

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Ordinary Shares(1)	536,494	I	By Tikvah Partners LLC
Ordinary Shares(1)	5,314,950	I(2)	By Valor Brainsway Holdings LLC

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The Ordinary Shares are currently represented by American Depositary Shares, each of which represents one Ordinary Share.

2. The reporting person disclaims beneficial ownership of the securities held of record by Valor Brainsway Holdings, LLC except to the extent of any pecuniary interest of the reporting person therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purpose.

	/s/ Jonathan Shulkin	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

FAQ

What does Brainsway (BWAY) disclose in Jonathan Shulkin’s Form 3?

Brainsway’s Form 3 for Jonathan K. Shulkin reports his existing indirect holdings of Ordinary Shares, with no new transactions. It establishes his baseline ownership position through investment entities as he becomes a director subject to Section 16 reporting.

How many Brainsway (BWAY) shares are held through Tikvah Partners LLC and Valor Brainsway Holdings LLC?

The filing shows 536,494 Ordinary Shares indirectly held through Tikvah Partners LLC and 5,314,950 Ordinary Shares indirectly held through Valor Brainsway Holdings LLC. These amounts reflect share positions after the reported date, without indicating any recent purchases or sales.

Are Brainsway (BWAY) Ordinary Shares represented by American Depositary Shares?

Yes. The filing notes that Brainsway’s Ordinary Shares are currently represented by American Depositary Shares, with each ADS corresponding to one Ordinary Share. This link helps investors relate the reported holdings to the securities actually trading in U.S. markets.

Does Jonathan Shulkin fully own the Brainsway (BWAY) shares held by Valor Brainsway Holdings LLC?

No. Jonathan K. Shulkin expressly disclaims beneficial ownership of securities held by Valor Brainsway Holdings LLC, except for any pecuniary interest he may have. This clarification limits how much of those 5,314,950 Ordinary Shares should be attributed to him personally.

Does this Brainsway (BWAY) Form 3 show insider buying or selling activity?

No. The Form 3 lists only existing indirect holdings of Ordinary Shares, categorized as holdings rather than transactions. There are no reported buy or sell codes, so it functions as a baseline ownership snapshot instead of recording new trading activity.

Why is Jonathan Shulkin’s ownership in Brainsway (BWAY) reported as indirect?

Jonathan K. Shulkin’s interests are reported as indirect because the Ordinary Shares are held through Tikvah Partners LLC and Valor Brainsway Holdings LLC. Indirect reporting reflects ownership via these entities rather than shares held directly in his personal name.