[Form 4] KAMADA LTD Insider Trading Activity

Kamada Ltd VP, Marketing & Sales Hanni Neheman reported compensation-related option changes involving 15,000 options held via a trustee under the 2011 Share Award Plan.

Rhea-AI Filing Summary

Kamada Ltd VP, Marketing & Sales Hanni Neheman reported compensation-related option changes involving 15,000 options held via a trustee under the 2011 Share Award Plan. On April 7, 2026, she received several grants of employee stock options to buy 15,000 Ordinary Shares at exercise prices including $5.87 and $7.25 per share and returned matching older options with higher exercise prices of $6.12 and $7.50 to the company.

The filing notes that exercise prices, presented in U.S. dollars, were adjusted from NIS following a cash dividend declared on March 11, 2026, with no other changes to the award terms. These options vest in four equal annual installments, 25% on each anniversary of the grant date, and expire between 2028 and 2035.

Insider Trade Summary

10 transactions reported

Mixed 10 txns

Insider Neheman Hanni

Role VP, Marketing & Sales

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

Holdings After Transaction: Employee Stock Option (right to buy) — 150,000 contracts (Indirect, Held by trustee)

Footnotes (4)

1. 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.
2. 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.
3. F3. Options vest in four equal installments, with 25% vesting on each of the four anniversaries of the date of grant.
4. F4. Held by trustee under the Company's 2011 Share Award Plan.

Key Figures

Options affected: 15,000 options Exercise price (new grant): $5.87 per share Exercise price (new grant): $7.25 per share +5 more

8 metrics

Options affected 15,000 options Employee stock options linked to Ordinary Shares

Exercise price (new grant) $5.87 per share Adjusted option exercise price presented in U.S. dollars

Exercise price (new grant) $7.25 per share Adjusted option exercise price presented in U.S. dollars

Exercise price (prior award) $6.12 per share Disposed options returned to issuer

Exercise price (prior award) $7.50 per share Disposed options returned to issuer

Vesting schedule 25% per year over 4 years Options vest on each anniversary of grant date

Earliest exercise date February 28, 2026 Exercise date for one option tranche

Latest expiration date October 22, 2035 Final option expiration for long-dated grants

Key Terms

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

5 terms

Employee Stock Option financial

"Employee Stock Option (right to buy)"

An employee stock option is a promise that lets a worker buy company shares later at a predetermined price, often after they stay for a certain period or meet performance goals — think of it like a coupon that locks in today's price for a future purchase. It matters to investors because options align employees’ incentives with company performance, can increase the number of shares outstanding (dilution) when exercised, and represent a compensation cost that affects reported profits and shareholder value.

Disposition to issuer financial

"transaction_code_description": "Disposition to issuer""

2011 Share Award Plan financial

"under the Company's 2011 Share Award Plan."

cash dividend distribution financial

"in connection with a cash dividend distribution declared"

vest in four equal installments financial

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

FAQ

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

What insider transaction did Kamada (KMDA) report for Hanni Neheman?

Kamada reported that VP, Marketing & Sales Hanni Neheman adjusted 15,000 employee stock options through grants and matching dispositions. The changes are compensation-related, involve options held by a trustee, and do not reflect any open-market share purchases or sales.

How many Kamada (KMDA) options are involved in Hanni Neheman’s Form 4?

The Form 4 shows transactions in 15,000 employee stock options linked to 15,000 Ordinary Shares. These options are held indirectly by a trustee under Kamada’s 2011 Share Award Plan, with the same amount shown as the derivative position after the transactions.

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

The options have exercise prices presented in U.S. dollars of $5.87, $6.12, $7.25 and $7.50 per share. The company states these figures result from converting NIS amounts using the Bank of Israel exchange rate published on April 6, 2026.

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

Kamada explains that option exercise prices were adjusted under its 2011 Share Award Plan after a cash dividend distribution declared on March 11, 2026. Aside from the exercise price adjustments, the company states there are no other changes to the original option award terms.

How do the Kamada (KMDA) options granted to Hanni Neheman vest?

The options vest in four equal installments, with 25% vesting on each of the four anniversaries of the grant date. This means the award becomes fully vested over four years, aligning long-term compensation with ongoing service at Kamada.

Are the Kamada (KMDA) options held directly by Hanni Neheman?

No. The filing states the options are held by a trustee under Kamada’s 2011 Share Award Plan. Ownership is reported as indirect, reflecting the trustee structure, but the options are still attributed to her compensation as VP, Marketing & Sales.

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

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Accepted by SEC EDGAR 04/09/2026 - 03:14 PM Learn about SEC filing dates

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^*

Neheman Hanni

(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, Marketing & Sales

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)
			Code	V	Amount	(A) or (D)	Price

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
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/ Hanni Neheman	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)