Director at Kamada (NASDAQ: KMDA) reports trustee-held option awards and price adjustments

Rhea-AI Filing Summary

Kamada Ltd. director Assaf Itshayek reported administrative option changes rather than open‑market trading. On April 7, 2026, he indirectly, through a trustee under the company’s 2011 Share Award Plan, recorded several grants of 4,000 Employee Stock Options each and matching dispositions of prior options, all over ordinary shares. The options carry exercise prices shown in U.S. dollars, converted from NIS based on the Bank of Israel rate as of April 6, 2026, and those prices were adjusted under the plan following a cash dividend declared on March 11, 2026. Each award covers options expiring on March 7, 2030 and vesting in four equal annual installments, with 25% vesting on each anniversary of the grant date.

Insights

Equity compensation analyst

Filing reflects routine option re-pricing and awards, not market trades.

The reporting person, a director of Kamada Ltd., recorded multiple option grants and corresponding dispositions to the issuer, all held indirectly via a trustee under the 2011 Share Award Plan. The pattern and codes indicate compensation and administrative adjustments, not open‑market buying or selling.

Exercise prices are presented in U.S. dollars converted from NIS and were adjusted under plan provisions after a cash dividend declared on March 11, 2026. The options vest 25% annually over four years and expire on March 7, 2030, suggesting standard long‑term incentive structure rather than a directional view on the stock.

The transaction summary shows four acquisitions and four dispositions of derivatives with net buy/sell shares at zero, reinforcing that this is a neutral reconfiguration of existing equity awards. From an investment perspective, this appears routine and does not materially change the company’s outlook.

Insider Trade Summary

8 transactions reported

Mixed 8 txns

Insider ITSHAYEK ASSAF

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Employee Stock Option (right to buy)	4,000	$0.00	--
Disposition	Employee Stock Option (right to buy)	4,000	$0.00	--
Grant/Award	Employee Stock Option (right to buy)	4,000	$0.00	--
Disposition	Employee Stock Option (right to buy)	4,000	$0.00	--
Grant/Award	Employee Stock Option (right to buy)	4,000	$0.00	--
Disposition	Employee Stock Option (right to buy)	4,000	$0.00	--
Grant/Award	Employee Stock Option (right to buy)	4,000	$0.00	--
Disposition	Employee Stock Option (right to buy)	4,000	$0.00	--

Holdings After Transaction: Employee Stock Option (right to buy) — 4,000 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.

Key Figures

Option grant size: 4,000 options Exercise price (adjusted): $5.9800 per share Prior exercise price: $6.2300 per share +5 more

8 metrics

Option grant size 4,000 options Each Employee Stock Option transaction on April 7, 2026

Exercise price (adjusted) $5.9800 per share Employee Stock Option, presented in USD after NIS conversion

Prior exercise price $6.2300 per share Employee Stock Option before adjustment under 2011 Share Award Plan

Underlying shares per grant 4,000 ordinary shares Underlying security for each option transaction

Option expiration March 7, 2030 Expiration date for the reported option awards

Vesting schedule 25% per year over 4 years Options vest in four equal annual installments

Net buy/sell shares 0 shares Transaction summary net buy/sell direction neutral

Derivative transactions 8 entries Total derivative transactions reported in Form 4

Key Terms

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

6 terms

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

"pursuant to the provisions of 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"

Held by trustee financial

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

Form 4 Insider Transactions: What Each Field Means →

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^*

ITSHAYEK ASSAF

(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)

X	Director		10% 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)

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)	$5.98(1)(2)	04/07/2026		A		4,000		09/07/2024(3)	03/07/2030	Ordinary Shares	4,000	(2)	4,000	I	Held by trustee(4)
Employee Stock Option (right to buy)	$6.23(1)	04/07/2026		D			4,000	09/07/2024(3)	03/07/2030	Ordinary Shares	4,000	(2)	4,000	I	Held by trustee(4)
Employee Stock Option (right to buy)	$5.98(1)(2)	04/07/2026		A		4,000		09/07/2025(3)	03/07/2030	Ordinary Shares	4,000	(2)	4,000	I	Held by trustee(4)
Employee Stock Option (right to buy)	$6.23(1)	04/07/2026		D			4,000	09/07/2025(3)	03/07/2030	Ordinary Shares	4,000	(2)	4,000	I	Held by trustee(4)
Employee Stock Option (right to buy)	$5.98(1)(2)	04/07/2026		A		4,000		09/07/2026(3)	03/07/2030	Ordinary Shares	4,000	(2)	4,000	I	Held by trustee(4)
Employee Stock Option (right to buy)	$6.23(1)	04/07/2026		D			4,000	09/07/2026(3)	03/07/2030	Ordinary Shares	4,000	(2)	4,000	I	Held by trustee(4)
Employee Stock Option (right to buy)	$5.98(1)(2)	04/07/2026		A		4,000		09/07/2027(3)	03/07/2030	Ordinary Shares	4,000	(2)	4,000	I	Held by trustee(4)
Employee Stock Option (right to buy)	$6.23(1)	04/07/2026		D			4,000	09/07/2027(3)	03/07/2030	Ordinary Shares	4,000	(2)	4,000	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/ Assaf Itshayek	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)

FAQ

What insider transactions did Kamada (KMDA) report for Assaf Itshayek?

Kamada director Assaf Itshayek reported several Employee Stock Option grants and matching dispositions on April 7, 2026. These derivative transactions involve options over ordinary shares held by a trustee under the 2011 Share Award Plan, rather than open‑market stock purchases or sales.

Were the Kamada (KMDA) Form 4 transactions open-market buys or sells?

No. The Form 4 shows grant/award acquisitions and dispositions to the issuer of employee stock options, coded A and D. The transaction summary shows zero buy and sell shares, indicating administrative equity compensation changes rather than open‑market trading activity.

How many Kamada (KMDA) options are covered and what are their key terms?

Each reported transaction involves 4,000 Employee Stock Options over ordinary shares, expiring on March 7, 2030. The options vest in four equal installments, with 25% vesting on each of the four anniversaries of the grant date, creating a multi‑year incentive schedule.

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

Footnotes state the exercise price of the options was adjusted under the 2011 Share Award Plan after a cash dividend distribution declared on March 11, 2026. This maintains economic equivalence of awards for the director following the dividend, without changing other option terms.

How are the Kamada (KMDA) option exercise prices presented in the filing?

Exercise prices, such as $5.9800 and $6.2300, are presented in U.S. dollars. A footnote explains they result from a convenience conversion from NIS, using the Bank of Israel exchange rate published on April 6, 2026, for disclosure purposes.

Are the Kamada (KMDA) options held directly by the director or through an entity?

The options are reported as indirectly owned, with ownership noted as “Held by trustee.” A footnote clarifies they are held by a trustee under Kamada’s 2011 Share Award Plan, indicating plan‑administrated holdings rather than personally held certificated options.