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Option awards adjusted for Kamada (KMDA) director after cash dividend

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Kamada Ltd director Leon Recanati reported a series of administrative transactions in employee stock options held indirectly through a trustee under the company’s 2011 Share Award Plan. On April 7, 2026, he received multiple option grants (code A) and simultaneously returned matching options to the issuer (code D) with slightly different exercise prices.

Footnotes explain that exercise prices in U.S. dollars are convenience translations from NIS and were adjusted under the plan following a cash dividend declared on March 11, 2026, with no other changes to the awards’ terms. The options vest in four equal annual installments, and there were no open‑market purchases or sales of ordinary shares disclosed.

Positive

  • None.

Negative

  • None.

Insights

Routine option price adjustments tied to a dividend, with no net new exposure.

This filing shows Leon Recanati, a director of Kamada Ltd, engaging in paired acquisitions (code A) and dispositions to the issuer (code D) of employee stock options, all held indirectly by a trustee under the 2011 Share Award Plan. Each grant is mirrored by a cancellation of the same number of options.

Footnotes state that exercise prices, such as $7.23 and $5.87 per share, were adjusted under the plan after a cash dividend declared on March 11, 2026, and converted from NIS into U.S. dollars for convenience. The underlying options continue to vest 25% annually on each of four anniversaries of the grant date.

No common shares were bought or sold in the market, and the transaction summary shows neutral net buy/sell direction. From an investor perspective, this appears to be a technical repricing adjustment following a dividend rather than a change in the director’s economic exposure, so the overall impact is neutral.

Insider RECANATI LEON
Role Director
Type Security Shares Price Value
Grant/Award Employee Stock Option (right to buy) 6,625 $0.00 --
Disposition Employee Stock Option (right to buy) 6,625 $0.00 --
Grant/Award Employee Stock Option (right to buy) 6,625 $0.00 --
Disposition Employee Stock Option (right to buy) 6,625 $0.00 --
Grant/Award Employee Stock Option (right to buy) 6,625 $0.00 --
Disposition Employee Stock Option (right to buy) 6,625 $0.00 --
Grant/Award Employee Stock Option (right to buy) 7,500 $0.00 --
Disposition Employee Stock Option (right to buy) 7,500 $0.00 --
Grant/Award Employee Stock Option (right to buy) 6,625 $0.00 --
Disposition Employee Stock Option (right to buy) 6,625 $0.00 --
Grant/Award Employee Stock Option (right to buy) 7,500 $0.00 --
Disposition Employee Stock Option (right to buy) 7,500 $0.00 --
Grant/Award Employee Stock Option (right to buy) 7,500 $0.00 --
Disposition Employee Stock Option (right to buy) 7,500 $0.00 --
Grant/Award Employee Stock Option (right to buy) 7,500 $0.00 --
Disposition Employee Stock Option (right to buy) 7,500 $0.00 --
Holdings After Transaction: Employee Stock Option (right to buy) — 6,625 shares (Indirect, Held by trustee)
Footnotes (1)
  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.
Option grant size 6,625 options Employee stock option grants with $7.23 exercise price
Alternative grant size 7,500 options Employee stock option grants with $5.87 exercise price
Adjusted exercise price $7.23 per share Options expiring on September 25, 2026
Adjusted exercise price $5.87 per share Options expiring on June 22, 2029
Derivative transactions 16 records All derivative-type entries in this Form 4
Net buy/sell direction Neutral Equal acquire and dispose counts in transaction summary
Employee Stock Option financial
"security_title: 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
"Held by trustee under the Company's 2011 Share Award Plan."
cash dividend distribution financial
"in connection with a cash dividend distribution declared by the Company's board"
vest in four equal installments financial
"Options vest in four equal installments, with 25% vesting on each anniversary"
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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*
RECANATI LEON
(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)
XDirector10% 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)
XForm 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)
CodeVAmount(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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Employee Stock Option (right to buy)$7.23(1)(2)04/07/2026A6,62503/25/2021(3)09/25/2026Ordinary Shares6,625(2)6,625IHeld by trustee(4)
Employee Stock Option (right to buy)$7.48(1)04/07/2026D6,62503/25/2021(3)09/25/2026Ordinary Shares6,625(2)6,625IHeld by trustee(4)
Employee Stock Option (right to buy)$7.23(1)(2)04/07/2026A6,62503/25/2022(3)09/25/2026Ordinary Shares6,625(2)6,625IHeld by trustee(4)
Employee Stock Option (right to buy)$7.48(1)04/07/2026D6,62503/25/2022(3)09/25/2026Ordinary Shares6,625(2)6,625IHeld by trustee(4)
Employee Stock Option (right to buy)$7.23(1)(2)04/07/2026A6,62503/25/2023(3)09/25/2026Ordinary Shares6,625(2)6,625IHeld by trustee(4)
Employee Stock Option (right to buy)$7.48(1)04/07/2026D6,62503/25/2023(3)09/25/2026Ordinary Shares6,625(2)6,625IHeld by trustee(4)
Employee Stock Option (right to buy)$5.87(1)(2)04/07/2026A7,50012/22/2023(3)06/22/2029Ordinary Shares7,500(2)7,500IHeld by trustee(4)
Employee Stock Option (right to buy)$6.12(1)04/07/2026D7,50012/22/2023(3)06/22/2029Ordinary Shares7,500(2)7,500IHeld by trustee(4)
Employee Stock Option (right to buy)$7.23(1)(2)04/07/2026A6,62503/25/2024(3)09/25/2026Ordinary Shares6,625(2)6,625IHeld by trustee(4)
Employee Stock Option (right to buy)$7.48(1)04/07/2026D6,62503/25/2024(3)09/25/2026Ordinary Shares6,625(2)6,625IHeld by trustee(4)
Employee Stock Option (right to buy)$5.87(1)(2)04/07/2026A7,50012/22/2024(3)06/22/2029Ordinary Shares7,500(2)7,500IHeld by trustee(4)
Employee Stock Option (right to buy)$6.12(1)04/07/2026D7,50012/22/2024(3)06/22/2029Ordinary Shares7,500(2)7,500IHeld by trustee(4)
Employee Stock Option (right to buy)$5.87(1)(2)04/07/2026A7,50012/22/2025(3)06/22/2029Ordinary Shares7,500(2)7,500IHeld by trustee(4)
Employee Stock Option (right to buy)$6.12(1)04/07/2026D7,50012/22/2025(3)06/22/2029Ordinary Shares7,500(2)7,500IHeld by trustee(4)
Employee Stock Option (right to buy)$5.87(1)(2)04/07/2026A7,50012/22/2026(3)06/22/2029Ordinary Shares7,500(2)7,500IHeld by trustee(4)
Employee Stock Option (right to buy)$6.12(1)04/07/2026D7,50012/22/2026(3)06/22/2029Ordinary Shares7,500(2)7,500IHeld 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/ Leon Recanati04/09/2026
** Signature of Reporting PersonDate
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 activity did Kamada (KMDA) report for Leon Recanati?

Kamada reported that director Leon Recanati both acquired and disposed of employee stock options on April 7, 2026. Equal-sized grants and cancellations were recorded, indicating administrative adjustments rather than open-market share purchases or sales, all under the company’s 2011 Share Award Plan.

Were any Kamada (KMDA) ordinary shares bought or sold in this Form 4?

No, the Form 4 only reports derivative transactions in employee stock options linked to Kamada ordinary shares. The filing shows grants and issuer dispositions of options, with no open-market purchases or sales of the underlying common equity disclosed in this report.

How were Leon Recanati’s Kamada (KMDA) option exercise prices adjusted?

Footnotes explain that the exercise prices were adjusted under Kamada’s 2011 Share Award Plan following a cash dividend declared on March 11, 2026. The prices, originally set in NIS, are shown in U.S. dollars using the Bank of Israel’s April 6, 2026 exchange rate.

How do the Kamada (KMDA) options granted to Leon Recanati vest?

The filing states that these employee stock options vest in four equal installments. Specifically, 25% of the options vest on each of the four anniversaries of the original grant date, creating a standard four-year vesting schedule tied to continued service.

Who holds the Kamada (KMDA) options reported for Leon Recanati?

The options are reported as held indirectly by a trustee under Kamada’s 2011 Share Award Plan. This means the awards are administered through a trustee structure, rather than being recorded as directly held shares or options in Recanati’s own name.

Does this Kamada (KMDA) Form 4 change Leon Recanati’s net option position?

The transaction summary shows equal counts of option acquisitions and dispositions, resulting in a neutral net buy/sell position. Paired grants and cancellations, combined with unchanged vesting terms, indicate the filing mainly reflects technical adjustments rather than a sizeable change in exposure.