Stock options for Kamada (KMDA) director adjusted after dividend

(Neutral)

Form Type

Rhea-AI Filing Summary

Kamada Ltd. director Payorski Lilach reported administrative option changes involving employee stock options held by a trustee under the company’s 2011 Share Award Plan. The filing shows four grant/award acquisitions and four dispositions to the issuer, each for 7,500 options over Ordinary Shares.

The options carry exercise prices of $5.87 or $6.12 per share and expire on June 22, 2029. Footnotes state the exercise prices were adjusted under the plan following a cash dividend declared on March 11, 2026, and that all U.S. dollar exercise prices reflect a conversion from NIS. The options vest in four equal annual installments, with 25% vesting on each anniversary of the grant date.

Insider Trade Summary

8 transactions reported

Mixed 8 txns

Insider Payorski Lilach

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Employee Stock Option (right to buy)	7,500	$0.00	$0.00
Disposition	Employee Stock Option (right to buy)	7,500	$0.00	$0.00
Grant/Award	Employee Stock Option (right to buy)	7,500	$0.00	$0.00
Disposition	Employee Stock Option (right to buy)	7,500	$0.00	$0.00
Grant/Award	Employee Stock Option (right to buy)	7,500	$0.00	$0.00
Disposition	Employee Stock Option (right to buy)	7,500	$0.00	$0.00
Grant/Award	Employee Stock Option (right to buy)	7,500	$0.00	$0.00
Disposition	Employee Stock Option (right to buy)	7,500	$0.00	$0.00

Holdings After Transaction: Employee Stock Option (right to buy) — 60,000 shares (Indirect, Held by trustee)

Footnotes (4)

F1. All exercise prices presented in U.S. dollars represent a convenience conversion from NIS based on the exchange rate published by the Bank of Israel as of April 6, 2026.
F2. The exercise price of the options was adjusted pursuant to the provisions of the Company's 2011 Share Award Plan in connection with a cash dividend distribution declared by the Company's board of directors on March 11, 2026. There are no other changes to the terms and conditions of the option award.
F3. Options vest in four equal installments, with 25% vesting on each of the four anniversaries of the date of grant.
F4. Held by trustee under the Company's 2011 Share Award Plan.

Key Figures

Grant acquisitions: 4 grants of 7,500 options Dispositions to issuer: 4 dispositions of 7,500 options Exercise prices: $5.87 and $6.12 per share +2 more

5 metrics

Grant acquisitions 4 grants of 7,500 options Employee Stock Options over Ordinary Shares reported on April 7, 2026

Dispositions to issuer 4 dispositions of 7,500 options Issuer-related option adjustments on April 7, 2026

Exercise prices $5.87 and $6.12 per share Option exercise prices converted from NIS as of April 6, 2026

Expiration date June 22, 2029 Common expiration for reported employee stock options

Vesting schedule 25% annually over 4 years Options vest on each anniversary of the grant date

Key Terms

Employee Stock Option (right to buy), Disposition to issuer, 2011 Share Award Plan, cash dividend distribution, +1 more

5 terms

Employee Stock Option (right to buy) financial

"security_title: "Employee Stock Option (right to buy)""

Disposition to issuer financial

"transaction_code_description: "Disposition to issuer""

cash dividend distribution financial

"in connection with a cash dividend distribution declared by the Company's board of directors"

vest in four equal installments financial

"Options vest in four equal installments, with 25% vesting on each"

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 04/09/2026 - 01:23 PM

FAQ

What insider transactions did Kamada (KMDA) report for Payorski Lilach?

Kamada reported four option grant acquisitions and four dispositions to the issuer for director Payorski Lilach. Each transaction involved 7,500 employee stock options over Ordinary Shares, held by a trustee under the company’s 2011 Share Award Plan, with no open-market share buying or selling disclosed.

What are the exercise prices of the Kamada (KMDA) options in this Form 4?

The reported employee stock options have exercise prices of $5.87 and $6.12 per share. Footnotes explain these U.S. dollar amounts are convenience conversions from NIS using the April 6, 2026 Bank of Israel exchange rate, following adjustments under Kamada’s 2011 Share Award Plan.

Why were Kamada (KMDA) director stock option prices adjusted?

The option exercise prices were adjusted under Kamada’s 2011 Share Award Plan because the board declared a cash dividend on March 11, 2026. Footnotes clarify that only the exercise price changed and there were no other modifications to the options’ terms and conditions disclosed in this filing.

How do the Kamada (KMDA) options reported for Payorski Lilach vest?

The options vest in four equal installments, with 25% vesting on each of the four anniversaries of the grant date. This creates an annual vesting schedule, aligning the director’s compensation with longer-term company performance rather than a single immediate vesting event.

Who holds the Kamada (KMDA) options reported in this Form 4?

The options are held by a trustee under Kamada’s 2011 Share Award Plan. The filing describes the ownership as indirect, with the nature of ownership labeled "Held by trustee," indicating plan-related trustee custody rather than direct personal share certificates held by the reporting director.

When do the Kamada (KMDA) options in this filing expire?

All the employee stock options reported in this Form 4 expire on June 22, 2029. The filing lists that common expiration date for each 7,500-option tranche, giving the director a multi-year window in which vested options can potentially be exercised under the plan’s terms.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Payorski Lilach

(Last)

(First)

(Middle)

2 HOLTZMAN ST.

(Street)

REHOVOT

(City)

(State)

(Zip)

ISRAEL

(Country)

2. Issuer Name and Ticker or Trading Symbol
KAMADA LTD [ KMDA ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/07/2026

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

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

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

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Employee Stock Option (right to buy)	$5.87⁽¹⁾⁽²⁾	04/07/2026		A		7,500		12/22/2023⁽³⁾	06/22/2029	Ordinary Shares	7,500	⁽²⁾	7,500	I	Held by trustee⁽⁴⁾
Employee Stock Option (right to buy)	$6.12⁽¹⁾	04/07/2026		D			7,500	12/22/2023⁽³⁾	06/22/2029	Ordinary Shares	7,500	⁽²⁾	7,500	I	Held by trustee⁽⁴⁾
Employee Stock Option (right to buy)	$5.87⁽¹⁾⁽²⁾	04/07/2026		A		7,500		12/22/2024⁽³⁾	06/22/2029	Ordinary Shares	7,500	⁽²⁾	7,500	I	Held by trustee⁽⁴⁾
Employee Stock Option (right to buy)	$6.12⁽¹⁾	04/07/2026		D			7,500	12/22/2024⁽³⁾	06/22/2029	Ordinary Shares	7,500	⁽²⁾	7,500	I	Held by trustee⁽⁴⁾
Employee Stock Option (right to buy)	$5.87⁽¹⁾⁽²⁾	04/07/2026		A		7,500		12/22/2025⁽³⁾	06/22/2029	Ordinary Shares	7,500	⁽²⁾	7,500	I	Held by trustee⁽⁴⁾
Employee Stock Option (right to buy)	$6.12⁽¹⁾	04/07/2026		D			7,500	12/22/2025⁽³⁾	06/22/2029	Ordinary Shares	7,500	⁽²⁾	7,500	I	Held by trustee⁽⁴⁾
Employee Stock Option (right to buy)	$5.87⁽¹⁾⁽²⁾	04/07/2026		A		7,500		12/22/2026⁽³⁾	06/22/2029	Ordinary Shares	7,500	⁽²⁾	7,500	I	Held by trustee⁽⁴⁾
Employee Stock Option (right to buy)	$6.12⁽¹⁾	04/07/2026		D			7,500	12/22/2026⁽³⁾	06/22/2029	Ordinary Shares	7,500	⁽²⁾	7,500	I	Held by trustee⁽⁴⁾

Explanation of Responses:

1. All exercise prices presented in U.S. dollars represent a convenience conversion from NIS based on the exchange rate published by the Bank of Israel as of April 6, 2026.

2. The exercise price of the options was adjusted pursuant to the provisions of the Company's 2011 Share Award Plan in connection with a cash dividend distribution declared by the Company's board of directors on March 11, 2026. There are no other changes to the terms and conditions of the option award.

3. Options vest in four equal installments, with 25% vesting on each of the four anniversaries of the date of grant.

4. Held by trustee under the Company's 2011 Share Award Plan.

	/S/ Lilach Payorski	04/09/2026
	** 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 4 (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 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR