Kamada (KMDA) VP awarded options as prior grants are price-adjusted

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Kamada Ltd VP Human Resources Reshef Liron reported a series of option compensation adjustments involving employee stock options held by a trustee under the company’s 2011 Share Award Plan. The transactions combine option grants and corresponding dispositions back to the issuer with no net change in share count.

The filing shows multiple option awards over ordinary shares in blocks of 10,000 and 15,000, with exercise prices stated in U.S. dollars between $5.04 and $7.25, and corresponding adjustments from prior prices between $5.29 and $7.50. All options vest in four equal annual installments from each grant date and carry expirations between 2029 and 2035, reflecting routine compensation and price adjustments following a cash dividend.

Insider Trade Summary

16 transactions reported

Mixed 16 txns

Insider Reshef Liron

Role VP Human Resources

Type	Security	Shares	Price	Value
Grant/Award	Employee Stock Option (right to buy)	10,000	$0.00	--
Disposition	Employee Stock Option (right to buy)	10,000	$0.00	--
Grant/Award	Employee Stock Option (right to buy)	10,000	$0.00	--
Disposition	Employee Stock Option (right to buy)	10,000	$0.00	--
Grant/Award	Employee Stock Option (right to buy)	10,000	$0.00	--
Disposition	Employee Stock Option (right to buy)	10,000	$0.00	--
Grant/Award	Employee Stock Option (right to buy)	15,000	$0.00	--
Disposition	Employee Stock Option (right to buy)	15,000	$0.00	--
Grant/Award	Employee Stock Option (right to buy)	10,000	$0.00	--
Disposition	Employee Stock Option (right to buy)	10,000	$0.00	--
Grant/Award	Employee Stock Option (right to buy)	15,000	$0.00	--
Disposition	Employee Stock Option (right to buy)	15,000	$0.00	--
Grant/Award	Employee Stock Option (right to buy)	15,000	$0.00	--
Disposition	Employee Stock Option (right to buy)	15,000	$0.00	--
Grant/Award	Employee Stock Option (right to buy)	15,000	$0.00	--
Disposition	Employee Stock Option (right to buy)	15,000	$0.00	--

Holdings After Transaction: Employee Stock Option (right to buy) — 10,000 shares (Indirect, Held by trustee)

Footnotes (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. 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. Options vest in four equal installments, with 25% vesting on each of the four anniversaries of the date of grant. Held by trustee under the Company's 2011 Share Award Plan.

Key Figures

Derivative transactions recorded: 16 option entries Option block size (series 1): 10,000 options Option block size (series 2): 15,000 options +5 more

8 metrics

Derivative transactions recorded 16 option entries Form 4 transactionSummary derivativeTransactionCount

Option block size (series 1) 10,000 options Employee Stock Option grants tied to ordinary shares

Option block size (series 2) 15,000 options Additional Employee Stock Option grants tied to ordinary shares

Lower adjusted exercise price $5.04 per share Converted from NIS as of April 6, 2026

Higher adjusted exercise price $7.25 per share Converted from NIS as of April 6, 2026

Earliest option expiration September 2, 2029 Options with March 2 grant exercise dates

Latest option expiration October 22, 2035 Options with October 22 grant exercise dates

Net buy/sell shares 0 shares transactionSummary netBuySellShares neutral

Key Terms

Employee Stock Option (right to buy), Disposition to issuer, 2011 Share Award Plan, cash dividend distribution, +2 more

6 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"

Held by trustee financial

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

vest in four equal installments financial

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

Form 4 Insider Transactions: What Each Field Means →

04/09/2026 - 03:21 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^*

Reshef Liron

(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 Human Resources

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)	$5.04⁽¹⁾⁽²⁾	04/07/2026		A		10,000		03/02/2024⁽³⁾	09/02/2029	Ordinary Shares	10,000	⁽²⁾	10,000	I	Held by trustee⁽⁴⁾
Employee Stock Option (right to buy)	$5.29⁽¹⁾	04/07/2026		D			10,000	03/02/2024⁽³⁾	09/02/2029	Ordinary Shares	10,000	⁽²⁾	10,000	I	Held by trustee⁽⁴⁾
Employee Stock Option (right to buy)	$5.04⁽¹⁾⁽²⁾	04/07/2026		A		10,000		03/02/2025⁽³⁾	09/02/2029	Ordinary Shares	10,000	⁽²⁾	10,000	I	Held by trustee⁽⁴⁾
Employee Stock Option (right to buy)	$5.29⁽¹⁾	04/07/2026		D			10,000	03/02/2025⁽³⁾	09/02/2029	Ordinary Shares	10,000	⁽²⁾	10,000	I	Held by trustee⁽⁴⁾
Employee Stock Option (right to buy)	$5.04⁽¹⁾⁽²⁾	04/07/2026		A		10,000		03/02/2026⁽³⁾	09/02/2029	Ordinary Shares	10,000	⁽²⁾	10,000	I	Held by trustee⁽⁴⁾
Employee Stock Option (right to buy)	$5.29⁽¹⁾	04/07/2026		D			10,000	03/02/2026⁽³⁾	09/02/2029	Ordinary Shares	10,000	⁽²⁾	10,000	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)	$5.04⁽¹⁾⁽²⁾	04/07/2026		A		10,000		03/02/2027⁽³⁾	09/02/2029	Ordinary Shares	10,000	⁽²⁾	10,000	I	Held by trustee⁽⁴⁾
Employee Stock Option (right to buy)	$5.29⁽¹⁾	04/07/2026		D			10,000	03/02/2027⁽³⁾	09/02/2029	Ordinary Shares	10,000	⁽²⁾	10,000	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/ Liron Reshef	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

FAQ

What insider transactions did Kamada (KMDA) report for Reshef Liron?

Kamada reported option-related activity for VP Human Resources Reshef Liron, combining grants and matching dispositions to the issuer. These entries adjust employee stock option awards held by a trustee, without changing the overall number of underlying ordinary shares tied to the compensation.

How many Kamada stock options were involved in Reshef Liron’s Form 4 filing?

The filing records multiple employee stock option entries in blocks of 10,000 and 15,000 underlying ordinary shares. Each grant is paired with a disposition to the issuer, reflecting exercise price adjustments across several vesting tranches rather than a straightforward open-market purchase or sale of shares.

What are the exercise prices on the Kamada options reported for Reshef Liron?

The options show exercise prices converted into U.S. dollars between $5.04 and $7.25, with prior prices between $5.29 and $7.50. A footnote explains these amounts are convenience translations from NIS and that exercise prices were adjusted following a cash dividend distribution.

When do the Kamada options for Reshef Liron vest and expire?

All reported options vest in four equal installments, with 25% vesting on each of the four anniversaries of the grant date. Expiration dates range from September 2, 2029, to October 22, 2035, giving long-dated incentive exposure to Kamada’s ordinary shares through the award plan.

How are Reshef Liron’s Kamada stock options held according to the filing?

The options are held indirectly by a trustee under Kamada’s 2011 Share Award Plan, rather than directly by Reshef Liron. This trustee structure is common in option plans and does not change the basic economic exposure to the company’s ordinary shares provided by these compensation awards.

Why were Kamada option exercise prices adjusted in this Form 4?

A footnote states the exercise prices were adjusted under Kamada’s 2011 Share Award Plan after the board declared a cash dividend on March 11, 2026. Such adjustments are designed to keep the option’s economic value consistent after distributions, while leaving other award terms unchanged.