Kamada (NASDAQ: KMDA) director logs trustee-held option adjustments

Rhea-AI Filing Summary

Kamada Ltd director Dekel Benjamin reported routine employee stock option adjustments held indirectly through a trustee under the company’s 2011 Share Award Plan. On the same date, he both received and returned options covering 4,000 ordinary shares in offsetting grant and disposition entries.

The options carry exercise prices shown in U.S. dollars as a convenience from NIS and were adjusted under the plan following a cash dividend declared on March 11, 2026. The award vests in four equal annual installments from the grant date and expires on March 7, 2030, leaving 4,000 options reported as outstanding after these transactions.

Insights

Equity compensation analyst

Routine option adjustment with no net change in director exposure.

The transactions show Dekel Benjamin, a director of Kamada Ltd, reporting grant and disposition entries for options over 4,000 ordinary shares, all held indirectly by a trustee under the 2011 Share Award Plan. The net option position reported remains 4,000.

Footnotes explain that exercise prices, shown in U.S. dollars, were adjusted under the plan because the board declared a cash dividend on March 11, 2026. The economic effect is administrative: aligning option terms with the dividend, rather than a discretionary market trade.

The options vest 25% on each of four anniversaries of the grant date and expire on March 7, 2030. With no open-market buying or selling and no change in net derivative count, this looks like standard compensation housekeeping rather than a directional signal about Kamada’s share price.

Insider Trade Summary

8 transactions reported

Mixed 8 txns

Insider Dekel Benjamin

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

Options reported outstanding: 4,000 options Adjusted exercise price: $5.98 per share Prior exercise price entry: $6.23 per share +2 more

5 metrics

Options reported outstanding 4,000 options Total employee stock options following transactions

Adjusted exercise price $5.98 per share Convenience U.S. dollar figure converted from NIS

Prior exercise price entry $6.23 per share Alternative exercise price shown for dispositions to issuer

Option expiration date March 7, 2030 Expiration of reported employee stock options

Vesting schedule 25% per year over 4 years Equal installments on each grant anniversary

Key Terms

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

5 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""

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 of directors"

exercise price financial

"All exercise prices presented in U.S. dollars represent a convenience conversion from NIS"

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.

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^*

Dekel Benjamin

(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/ Benjamin Dekel	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 did Kamada (KMDA) director Dekel Benjamin report in this Form 4?

He reported routine option-related entries for 4,000 employee stock options over ordinary shares, all held by a trustee. The filing shows both grants and matching dispositions, leaving 4,000 options reported as outstanding after the transactions.

Were there any open-market share purchases or sales by Kamada (KMDA) in this filing?

No open-market share purchases or sales are shown. The Form 4 only reports employee stock option grants and dispositions to the issuer, reflecting compensation administration rather than trading in Kamada’s ordinary shares on the market.

How many Kamada (KMDA) options does the director hold after these transactions?

After the reported transactions, the Form 4 shows 4,000 employee stock options outstanding. These options are held indirectly by a trustee under Kamada’s 2011 Share Award Plan, rather than being directly held in the director’s personal brokerage account.

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

Exercise prices were adjusted under Kamada’s 2011 Share Award Plan due to a cash dividend declared on March 11, 2026. The adjustment aligns the option terms with the dividend so holders are not disadvantaged, without changing the number of options reported.

What are the vesting terms of the options reported for Kamada (KMDA)?

The options vest in four equal installments, with 25% vesting on each of the four anniversaries of the grant date. This standard vesting schedule spreads the director’s potential benefit over several years, encouraging longer-term alignment with Kamada’s performance.

When do the Kamada (KMDA) options reported in the Form 4 expire?

The options reported have an expiration date of March 7, 2030. If they are not exercised by that date, they lapse and can no longer be used to buy Kamada ordinary shares at the stated exercise prices referenced in the Form 4 footnotes.