Kamada VP exercises options for 10,000 shares

KMDA’s VP and General Counsel net‑exercised options into 3,459 shares, with additional shares withheld to cover exercise costs and taxes.

Rhea-AI Filing Summary

KAMADA LTD (KMDA) reported that VP and General Counsel Nir Livneh exercised employee stock options for 10,000 ordinary shares on September 14, 2026 at an exercise price of $5.37 per share. This was a net exercise: Livneh received 3,459 shares after the company withheld 6,541 shares to cover the exercise price and tax withholdings, using the $8.35 closing stock price on that date. No Rule 10b5-1 trading plan is reported.

Insider Trade Summary

10,000 shares exercised/converted

Exercise 3 txns

Insider Livneh Nir

Role VP, General Counsel

Type	Security	Shares	Price	Value
Exercise	Employee Stock Option (right to buy) F1, F3, F4	10,000	$0.00	$0.00
Exercise	Ordinary Shares F1	10,000	$5.37	$54K
Exercise Price or Tax Liability	Ordinary Shares F2, F1	3,459	$8.35	$29K

Holdings After Transaction: Employee Stock Option (right to buy) — 0 contracts (Indirect, Held by trustee); Ordinary Shares — 0 shares (Direct)

Footnotes (4)

1. F1. All exercise and sale 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 September 14, 2026.
2. F2. Represents a "net exercise" of outstanding stock options. The reporting person received 3,459 ordinary shares on net exercise of option to purchase 10,000 ordinary shares. The Company withheld 6,541 ordinary shares underlying the option for payment of the exercise price and tax withholdings, using the closing stock price on September 14, 2026 of $8.35, pursuant to the terms of the Company's 2011 Share Award Plan.
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 exercised: 10,000 shares Exercise price: $5.37 per share Shares received on net exercise: 3,459 shares +2 more

5 metrics

Options exercised 10,000 shares Employee stock options exercised on September 14, 2026

Exercise price $5.37 per share Exercise price of employee stock options

Shares received on net exercise 3,459 shares Ordinary shares received by reporting person after net exercise

Shares withheld for exercise price and taxes 6,541 shares Ordinary shares withheld by company to cover exercise price and tax withholdings

Closing stock price used for withholding $8.35 per share KMDA closing stock price on September 14, 2026 used to calculate withheld shares

Key Terms

net exercise, exercise price, tax withholdings, closing stock price, +1 more

5 terms

net exercise financial

"Represents a "net exercise" of outstanding stock options."

A net exercise is a way to convert stock options into shares without paying cash up front: instead of handing over money to buy the optioned shares, the holder receives only the number of shares equal to the option’s value after the company withholds a portion of shares to cover the exercise price and taxes. It matters to investors because it changes how many new shares are issued, affects dilution of existing shareholders, and alters company cash flow compared with a cash exercise.

exercise price financial

"withheld 6,541 ordinary shares underlying the option for payment of the exercise price"

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.

tax withholdings financial

"underlying the option for payment of the exercise price and tax withholdings"

closing stock price financial

"using the closing stock price on September 14, 2026 of $8.35"

2011 Share Award Plan financial

"pursuant to the terms of the Company's 2011 Share Award Plan"

FAQ

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

What insider transaction did KMDA’s VP General Counsel report on this Form 4?

Nir Livneh, KMDA’s VP and General Counsel, exercised employee stock options for 10,000 ordinary shares on September 14, 2026 through a net exercise, receiving shares and having additional shares withheld for exercise price and tax withholdings.

How many KMDA shares were involved in the option exercise reported?

The transaction involved options to purchase 10,000 ordinary shares. According to the disclosure, the reporting person ultimately received 3,459 ordinary shares after the company withheld 6,541 shares to cover the exercise price and related tax withholdings.

What exercise price applied to the KMDA stock options?

The employee stock options were exercised at an exercise price of $5.37 per share. Amounts in U.S. dollars represent a convenience conversion from NIS based on the exchange rate published by the Bank of Israel as of September 14, 2026.

At what market price did KMDA calculate the withheld shares for this transaction?

The company calculated the withheld shares using the closing stock price of $8.35 on September 14, 2026. This price was used to determine the number of shares withheld to pay the exercise price and tax withholdings in the net exercise.

Were KMDA shares withheld for taxes or exercise costs in this Form 4 event?

Yes. The company withheld 6,541 ordinary shares underlying the option for payment of the exercise price and tax withholdings, based on the $8.35 closing price on September 14, 2026, under Kamada’s 2011 Share Award Plan.

Was the KMDA insider transaction made under a Rule 10b5-1 trading plan?

No. The disclosure indicates that no Rule 10b5-1 trading plan is reported for these transactions, meaning they are not described as being executed pursuant to a pre-arranged trading plan.

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

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Available on EDGAR 09/17/2026 - 11:37 AM Accepted by SEC EDGAR 09/17/2026 - 11:37 AM 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^*

Livneh Nir

(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, General Counsel

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/14/2026

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
Ordinary Shares	09/14/2026		M		10,000	A	$5.37(1)	10,000	D
Ordinary Shares	09/14/2026		F(2)		3,459	D	$8.35(1)	0	D

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)	$5.37(1)	09/14/2026		M			10,000	(3)	(3)	Ordinary Shares	10,000	$0.00	0	I	Held by trustee(4)

Explanation of Responses:

1. All exercise and sale 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 September 14, 2026.

2. Represents a "net exercise" of outstanding stock options. The reporting person received 3,459 ordinary shares on net exercise of option to purchase 10,000 ordinary shares. The Company withheld 6,541 ordinary shares underlying the option for payment of the exercise price and tax withholdings, using the closing stock price on September 14, 2026 of $8.35, pursuant to the terms of the Company's 2011 Share Award Plan.

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/ Nir Livneh	09/17/2026
	** 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)