Kamada VP reports option price adjustments

Kamada Ltd VP Quality Yael Brenner reported compensation-related option adjustments rather than open‑market trades.

(Neutral)

Form Type

Rhea-AI Filing Summary

Kamada Ltd VP Quality Yael Brenner reported compensation-related option adjustments rather than open‑market trades. On April 7, 2026, she was granted several tranches of employee stock options for 15,000 underlying ordinary shares, held indirectly by a trustee under the company’s 2011 Share Award Plan.

The filing shows paired entries where options with exercise prices of $6.12 and $7.50 were disposed of to the issuer and replaced with options at adjusted exercise prices of $5.87 and $7.25. A footnote explains the exercise prices were adjusted under the plan following a cash dividend declared on March 11, 2026, with no other changes to award terms. The options vest in four equal annual installments.

Insider Trade Summary

16 transactions reported

Mixed 16 txns

Insider Brenner Yael

Role VP Quality

Type	Security	Shares	Price	Value
Grant/Award	Employee Stock Option (right to buy)	15,000	$0.00	$0.00
Disposition	Employee Stock Option (right to buy)	15,000	$0.00	$0.00
Grant/Award	Employee Stock Option (right to buy)	15,000	$0.00	$0.00
Disposition	Employee Stock Option (right to buy)	15,000	$0.00	$0.00
Grant/Award	Employee Stock Option (right to buy)	15,000	$0.00	$0.00
Disposition	Employee Stock Option (right to buy)	15,000	$0.00	$0.00
Grant/Award	Employee Stock Option (right to buy)	15,000	$0.00	$0.00
Disposition	Employee Stock Option (right to buy)	15,000	$0.00	$0.00
Grant/Award	Employee Stock Option (right to buy)	15,000	$0.00	$0.00
Disposition	Employee Stock Option (right to buy)	15,000	$0.00	$0.00
Grant/Award	Employee Stock Option (right to buy)	15,000	$0.00	$0.00
Disposition	Employee Stock Option (right to buy)	15,000	$0.00	$0.00
Grant/Award	Employee Stock Option (right to buy)	15,000	$0.00	$0.00
Disposition	Employee Stock Option (right to buy)	15,000	$0.00	$0.00
Grant/Award	Employee Stock Option (right to buy)	15,000	$0.00	$0.00
Disposition	Employee Stock Option (right to buy)	15,000	$0.00	$0.00

Holdings After Transaction: Employee Stock Option (right to buy) — 240,000 contracts (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

Options underlying shares: 15,000 shares Adjusted exercise price 1: $5.87 per share Prior exercise price 1: $6.12 per share +5 more

8 metrics

Options underlying shares 15,000 shares Employee stock options indirectly held by trustee after transactions

Adjusted exercise price 1 $5.87 per share New option exercise price converted from NIS as of April 6, 2026

Prior exercise price 1 $6.12 per share Original option exercise price before dividend-linked adjustment

Adjusted exercise price 2 $7.25 per share New option exercise price on later-dated grants

Prior exercise price 2 $7.50 per share Original exercise price on corresponding options before adjustment

Derivative transactions 16 entries Total derivative-type records (grants and dispositions) in Form 4

Vesting schedule 25% per year Options vest in four equal annual installments from grant date

Option expiration October 22, 2035 Expiration date for certain option tranches reported

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"

exercise price financial

"The exercise price of the options was adjusted pursuant to the provisions"

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does Kamada (KMDA) VP Quality Yael Brenner’s latest Form 4 report?

The Form 4 reports adjustments to Yael Brenner’s employee stock options, not market trades. Paired transactions cancel prior options and replace them with new options at adjusted exercise prices, all held via a trustee under Kamada’s 2011 Share Award Plan.

How many Kamada (KMDA) options are reported for Yael Brenner in this filing?

The filing shows 15,000 underlying ordinary shares tied to employee stock options after the reported transactions. Multiple paired entries reflect cancellations and grants, but the reported total options position in this line remains 15,000, held indirectly by a trustee.

Were there any open-market buys or sells by Yael Brenner in Kamada (KMDA)?

No open-market buys or sells are reported. All transactions are derivative entries for employee stock options, classified as grants/awards (code A) and dispositions to the issuer (code D), reflecting compensation adjustments rather than trading in Kamada ordinary shares.

Why were Yael Brenner’s Kamada (KMDA) option exercise prices adjusted?

A footnote states the exercise prices were adjusted under Kamada’s 2011 Share Award Plan following a cash dividend declared on March 11, 2026. The company notes there are no other changes to the terms and conditions of the option award beyond this price adjustment.

What are the key exercise prices and terms of the Kamada (KMDA) options reported?

The filing lists options with exercise prices of $5.87 and $7.25 per share replacing prior options at $6.12 and $7.50. Options generally vest in four equal annual installments from the grant date and, for some tranches, carry expirations out to October 22, 2035.

How are Yael Brenner’s Kamada (KMDA) options held according to the Form 4?

The options are reported as indirectly owned and “held by trustee” under Kamada’s 2011 Share Award Plan. This structure means a trustee administers the award, while the filing still attributes the compensation-related option position to executive Yael Brenner.

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

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Accepted by SEC EDGAR 04/09/2026 - 02:27 PM

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^*

Brenner Yael

(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)

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

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		15,000		02/28/2023⁽³⁾	08/28/2028	Ordinary Shares	15,000	⁽²⁾	15,000	I	Held by trustee⁽⁴⁾
Employee Stock Option (right to buy)	$6.12⁽¹⁾	04/07/2026		D			15,000	02/28/2023⁽³⁾	08/28/2028	Ordinary Shares	15,000	⁽²⁾	15,000	I	Held by trustee⁽⁴⁾
Employee Stock Option (right to buy)	$5.87⁽¹⁾⁽²⁾	04/07/2026		A		15,000		02/28/2024⁽³⁾	08/28/2028	Ordinary Shares	15,000	⁽²⁾	15,000	I	Held by trustee⁽⁴⁾
Employee Stock Option (right to buy)	$6.12⁽¹⁾	04/07/2026		D			15,000	02/28/2024⁽³⁾	08/28/2028	Ordinary Shares	15,000	⁽²⁾	15,000	I	Held by trustee⁽⁴⁾
Employee Stock Option (right to buy)	$5.87⁽¹⁾⁽²⁾	04/07/2026		A		15,000		02/28/2025⁽³⁾	08/28/2028	Ordinary Shares	15,000	⁽²⁾	15,000	I	Held by trustee⁽⁴⁾
Employee Stock Option (right to buy)	$6.12⁽¹⁾	04/07/2026		D			15,000	02/28/2025⁽³⁾	08/28/2028	Ordinary Shares	15,000	⁽²⁾	15,000	I	Held by trustee⁽⁴⁾
Employee Stock Option (right to buy)	$5.87⁽¹⁾⁽²⁾	04/07/2026		A		15,000		02/28/2026⁽³⁾	08/28/2028	Ordinary Shares	15,000	⁽²⁾	15,000	I	Held by trustee⁽⁴⁾
Employee Stock Option (right to buy)	$6.12⁽¹⁾	04/07/2026		D			15,000	02/28/2026⁽³⁾	08/28/2028	Ordinary Shares	15,000	⁽²⁾	15,000	I	Held by trustee⁽⁴⁾
Employee Stock Option (right to buy)	$7.25⁽¹⁾⁽²⁾	04/07/2026		A		15,000		10/22/2026⁽³⁾	10/22/2035	Ordinary Shares	15,000	⁽²⁾	15,000	I	Held by trustee⁽⁴⁾
Employee Stock Option (right to buy)	$7.5⁽¹⁾	04/07/2026		D			15,000	10/22/2026⁽³⁾	10/22/2035	Ordinary Shares	15,000	⁽²⁾	15,000	I	Held by trustee⁽⁴⁾
Employee Stock Option (right to buy)	$7.25⁽¹⁾⁽²⁾	04/07/2026		A		15,000		10/22/2027⁽³⁾	10/22/2035	Ordinary Shares	15,000	⁽²⁾	15,000	I	Held by trustee⁽⁴⁾
Employee Stock Option (right to buy)	$7.5⁽¹⁾	04/07/2026		D			15,000	10/22/2027⁽³⁾	10/22/2035	Ordinary Shares	15,000	⁽²⁾	15,000	I	Held by trustee⁽⁴⁾
Employee Stock Option (right to buy)	$7.25⁽¹⁾⁽²⁾	04/07/2026		A		15,000		10/22/2028⁽³⁾	10/22/2035	Ordinary Shares	15,000	⁽²⁾	15,000	I	Held by trustee⁽⁴⁾
Employee Stock Option (right to buy)	$7.5⁽¹⁾	04/07/2026		D			15,000	10/22/2028⁽³⁾	10/22/2035	Ordinary Shares	15,000	⁽²⁾	15,000	I	Held by trustee⁽⁴⁾
Employee Stock Option (right to buy)	$7.25⁽¹⁾⁽²⁾	04/07/2026		A		15,000		10/22/2029⁽³⁾	10/22/2035	Ordinary Shares	15,000	⁽²⁾	15,000	I	Held by trustee⁽⁴⁾
Employee Stock Option (right to buy)	$7.5⁽¹⁾	04/07/2026		D			15,000	10/22/2029⁽³⁾	10/22/2035	Ordinary Shares	15,000	⁽²⁾	15,000	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/ Yael Brenner	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

Kamada VP reports option price adjustments

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