Here are the Form 4 insider transactions from Kamada Ltd (KMDA) in our archive over the last 12 months, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A Form 4 covers the transactions officers, directors and large holders report, so if you follow KMDA and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full KMDA filings page.
KAMADA LTD director Lilach Asher-Topilsky reported three indirect employee stock-option entries held by a trustee under the company's 2011 Share Award Plan. The options cover 26,500 ordinary shares at a $7.29 exercise price, 30,000 at $5.88 and 30,000 at $7.26; the exercise prices were adjusted in connection with a special cash dividend declared August 17, 2026, with a record date of August 27, 2026. The options vest in four equal installments of 25% on each grant-date anniversary and are exercisable for 10 years after grant.
Kamada Ltd. (KMDA) reports three indirect employee stock option acquisition entries for Ishay Davidi, a director and 10% owner, dated August 27, 2026. The options are held by a trustee under the company's 2011 Share Award Plan and cover 26,500 ordinary shares at a $7.29 exercise price, 30,000 at $5.88, and 30,000 at $7.26. Footnotes state these options had been reported previously and their exercise prices were adjusted in connection with the special cash dividend declared August 17, 2026, with an August 27, 2026 record date. The exercise prices are presented in U.S. dollars using the NIS/USD exchange rate published by the Bank of Israel as of September 29, 2026.
Kamada Ltd (KMDA) reported two option awards associated with director Uri Botzer on August 27, 2026, each covering 30,000 ordinary shares and held by a trustee under the company’s 2011 Share Award Plan. The respective exercise prices are $5.23 and $7.26 per share. The exercise prices were adjusted in connection with a special cash dividend declared August 17, 2026, with an August 27, 2026 record date; the stated dollar prices use the Bank of Israel NIS/USD exchange rate published as of September 29, 2026.
KAMADA LTD (KMDA) reports two employee stock-option awards for London Amir, Chief Executive Officer, each covering 400,000 ordinary shares and dated August 27, 2026. The options are held by a trustee under the company's 2011 Share Award Plan, with exercise prices of $5.99 and $7.44 per share. They vest in four equal installments, with 25% vesting on each anniversary of the grant date. The exercise prices were adjusted in connection with the special cash dividend declared by the board on August 17, 2026. Prices are presented in U.S. dollars based on the Bank of Israel NIS/USD exchange rate as of September 22, 2026.
KAMADA LTD's VP, BD and Strategic Programs, Boris Gorelik, reported a grant of 15,000 employee stock options on August 27, 2026. The options cover ordinary shares and are held by a trustee under the Company's 2011 Share Award Plan. The reported exercise price is $9.41 per share, presented in U.S. dollars using the Bank of Israel exchange rate as of September 22, 2026.
The options vest in four equal installments, with 25% vesting on each of the four anniversaries of the grant date. Their exercise price was adjusted from $9.57 in connection with a special cash dividend declared August 17, 2026, with an August 27, 2026 record date.
KAMADA LTD director Lilach Payorski reported two indirect employee stock-option acquisitions on August 27, 2026, each covering 30,000 ordinary shares and held by a trustee under the company’s 2011 Share Award Plan. The listed exercise prices are $5.99 and $7.38 per share, adjusted in connection with a special cash dividend declared August 17, 2026. The prices are presented in USD using the exchange rate as of September 22, 2026. The options vest over four years in four equal installments and are exercisable for 10 years following the grant date.
KAMADA LTD VP Human Resources Reshef Liron reported grants on August 27, 2026, of employee stock options covering 40,000 and 60,000 ordinary shares. The options are held by a trustee under the company’s 2011 Share Award Plan. Their reported USD exercise prices are $5.12 and $7.44 per share, adjusted in connection with a special cash dividend distribution declared August 17, 2026, with a record date of August 27, 2026. Each award vests in four equal installments, with 25% vesting on each anniversary of its grant date.
KAMADA LTD director Karnit Goldwasser reported three employee stock option awards dated August 27, 2026, held by a trustee under the company’s 2011 Share Award Plan. The awards cover 26,500 ordinary shares at a $7.41 exercise price, 30,000 at $5.99, and 30,000 at $7.38. The exercise prices were adjusted in connection with a special cash dividend declared August 17, 2026, and are presented in USD using the September 22, 2026 NIS/USD exchange rate.
KAMADA LTD reported indirect acquisitions of employee stock options covering 15,000 and 60,000 ordinary shares in transactions reported for VP Plasma Operations Beladev Shavit on August 27, 2026. The options are held by a trustee under the company’s 2011 Share Award Plan. Their exercise prices were adjusted in connection with a special cash dividend declared August 17, 2026, with a record date of August 27, 2026. The options are denominated in NIS, with exercise prices presented in USD as $5.98 and $7.44. No Rule 10b5-1 plan is reported.
Nir Livneh, Kamada's VP, General Counsel, reported two indirect employee stock option awards held by a trustee under the company's 2011 Share Award Plan on August 27, 2026: 29,485 options at a $5.43 exercise price and 60,000 options at $7.44. The reported USD exercise prices were adjusted in connection with a special cash dividend. The options vest in four equal installments, with 25% vesting on each anniversary of the grant date. No Rule 10b5-1 plan is reported.
KAMADA LTD (KMDA) reported two employee stock-option awards associated with Orit Pinchuk, VP Regulatory Affairs, dated August 27, 2026, covering 15,000 and 60,000 ordinary shares. The options are held by a trustee under the Company's 2011 Share Award Plan, with exercise prices of $5.98 and $7.44 per share, respectively. The prices were adjusted in connection with a special cash dividend declared August 17, 2026, with a record date of August 27, 2026. Options vest in four equal installments, 25% on each grant-date anniversary. No Rule 10b5-1 plan is reported.
KAMADA LTD director Leon Recanati reported three employee stock option awards dated August 27, 2026, held by a trustee under the company’s 2011 Share Award Plan. The options cover 26,500, 30,000 and 30,000 ordinary shares, with exercise prices of $7.41, $5.99 and $7.38, respectively. They vest over four years in four equal installments, with 25% vesting on each anniversary, and are exercisable for 10 years after grant. The listed exercise prices are presented in U.S. dollars using the Bank of Israel NIS/USD exchange rate as of September 22, 2026.
Orlev Chaime, KAMADA LTD (KMDA)'s Chief Financial Officer, reported three employee stock option awards on August 27, 2026, held by a trustee under the Company's 2011 Share Award Plan. The awards cover 22,500, 90,000 and 90,000 ordinary shares, with respective exercise prices adjusted to $5.98, $6.02 and $7.44 in connection with a special cash dividend. No Rule 10b5-1 plan is reported.
KAMADA LTD VP, Operations Nir Eran reported two employee stock option awards on August 27, 2026: 22,500 options at a $5.98 exercise price and 90,000 options at a $7.44 exercise price. Both are held by a trustee under the company's 2011 Share Award Plan and vest in four equal installments, with 25% vesting on each grant anniversary. The exercise prices were adjusted in connection with a special cash dividend declared August 17, 2026, with a record date of August 27, 2026. The prices are presented in U.S. dollars based on the Bank of Israel exchange rate as of September 22, 2026; no Rule 10b5-1 plan is reported.
KAMADA LTD (KMDA) director Assaf Itshayek reported two indirect employee stock option acquisitions dated August 27, 2026, held by a trustee under the company’s 2011 Share Award Plan. The options cover 16,000 ordinary shares at a $6.10 exercise price and 30,000 at $7.38. The exercise prices were adjusted from $6.27 and $7.55, respectively, in connection with a special cash dividend declared August 17, 2026, with an August 27, 2026 record date.
The options vest over four years in four equal installments, with 25% vesting on each grant anniversary, and are exercisable for 10 years following grant; unexercised options expire immediately thereafter. Exercise prices are presented in U.S. dollars based on the Bank of Israel NIS/USD exchange rate as of September 22, 2026.
KAMADA LTD director Dekel Benjamin reported two employee stock-option awards on August 27, 2026, held by a trustee under the company's 2011 Share Award Plan: one covering 16,000 ordinary shares at a $6.10 exercise price and another covering 30,000 ordinary shares at $7.38. The exercise prices were adjusted in connection with a special cash dividend declared August 17, 2026, with an August 27, 2026 record date. The options vest over four years in four equal installments and are exercisable for 10 years following the grant date. No Rule 10b5-1 plan is reported.
KAMADA LTD’s VP, Marketing & Sales, Neheman Hanni, reported two indirect employee stock option awards on August 27, 2026, held by a trustee under the company’s 2011 Share Award Plan: options covering 15,000 and 60,000 ordinary shares. Their adjusted exercise prices are $5.98 and $7.44 per share, respectively, in connection with a special cash dividend declared August 17, 2026. Each award vests in four equal installments, with 25% vesting on each of the four anniversaries of its grant date.
KAMADA LTD (KMDA) reported a 60,000-option award for VP Quality Yael Brenner, with the options held by a trustee under its 2011 Share Award Plan. The options cover 60,000 ordinary shares and have an exercise price of $7.44 per share, a convenience conversion from NIS. The exercise price was adjusted from $7.61 in connection with a special cash dividend declared by the board on August 17, 2026, with a record date of August 27, 2026. The options vest in four equal installments, 25% on each of the four grant anniversaries.
KAMADA LTD's Form 4 for director David Tsur reports two employee stock-option awards held by a trustee under the company's 2011 Share Award Plan: options covering 7,500 ordinary shares at $5.99 and 30,000 ordinary shares at $7.38. Both exercise prices were adjusted in connection with a special cash dividend declared August 17, 2026, with an August 27, 2026 record date. The options vest over four years in four equal installments, with 25% vesting on each grant-date anniversary. The U.S.-dollar prices are convenience conversions from NIS using the Bank of Israel rate as of September 22, 2026.
KAMADA LTD (KMDA) reported that Yael Brenner, Vice President of Quality, exercised employee stock options on September 14, 2026. The options covered 26,964 shares of ordinary shares at an exercise price of $5.93 per share, with the options held through a trustee under the company’s 2011 Share Award Plan.
The exercises resulted in acquisitions of ordinary shares and related dispositions where 7,395 shares were delivered or withheld to pay the option exercise price and tax withholdings, using closing share prices of about $8.36 and $8.35 per share, as described in the company’s plan footnotes.
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.
KAMADA LTD (KMDA) director David Tsur reported a sale of 22,827 Ordinary Shares on September 14, 2026, at a price of $8.18 per share, which reflects a convenience conversion from NIS using the Bank of Israel rate that day. Following this open-market sale, he holds 407,929 Ordinary Shares directly, and no Rule 10b5-1 trading plan is reported for this transaction.
KAMADA LTD (KMDA) director David Tsur reported open‑market sales of a total of 177,173 Ordinary Shares over three days in September 2026. He sold 14,238 shares on September 7 at $8.28, 162,760 shares on September 8 at $8.26, and 175 shares on September 9 at $8.26. The U.S. dollar prices are convenience conversions from New Israeli Shekels based on Bank of Israel exchange rates for each respective date, and no Rule 10b5‑1 trading plan is reported.
KAMADA LTD (KMDA) director David Tsur reported option exercises and related share withholdings on September 2, 2026. He exercised options for 26,500 and 22,500 ordinary shares at exercise prices of $7.36 and $5.94, respectively, and the company withheld shares to pay the exercise price and tax using closing prices of $8.30 and $8.26. The transactions were structured as “net exercises” under the company’s 2011 Share Award Plan, with options that had vested in four equal annual installments and that were previously adjusted following a special cash dividend declared on August 17, 2026. No Rule 10b5-1 trading plan is reported.
KAMADA LTD (KMDA) reported that VP Quality Yael Brenner3,036 Ordinary Shares on September 2, 2026 at an exercise price of $5.94 per share (figures converted from NIS). This was a net exercise, with 2,171 shares withheld to cover the exercise price and tax withholdings, based on the $8.37 closing share price, resulting in 865 Ordinary Shares issued to Brenner. The options were held by a trustee under the company’s 2011 Share Award Plan and had previously carried a $6.11 exercise price, which was adjusted following a special cash dividend distribution declared on August 17, 2026. No Rule 10b5-1 trading plan is reported for these transactions.
KAMADA LTD (KMDA) reported that VP Quality Yael Brenner exercised employee stock options into ordinary shares on August 26, 2026. Three derivative transactions each covered options to purchase 10,000 ordinary shares at an exercise price of $6.25 per share, held by a trustee under the company’s 2011 Share Award Plan. According to the footnotes, a net exercise of a 10,000-share option resulted in Brenner receiving 2,776 ordinary shares while 7,224 shares underlying that option were withheld to cover the exercise price and tax withholdings, using the $8.58 closing stock price on August 26, 2026. Related non-derivative entries reflect the receipt of ordinary shares and the withholding of shares for payment of the exercise price or tax liabilities.
Kamada Ltd granted director Karnit Goldwasser 30,000 employee stock options on August 5, 2026. The options have a convenience-converted exercise price of $7.5200 per share, vest in four equal annual installments over four years, and will be exercisable for ten years from the grant date, after which unexercised options expire. They are held indirectly by a trustee under Kamada’s 2011 Share Award Plan.
Kamada Ltd reported that director Uri Botzer received a grant of 30000.0000 Employee Stock Options to purchase Ordinary Shares at an exercise price of $7.5200 per share, translated from NIS using the Bank of Israel rate as of August 4, 2026. The options vest in four equal 25% annual installments, are exercisable for 10 years from the grant date, and any unexercised options then expire. The award is held indirectly by a trustee under the company’s 2011 Share Award Plan.
Kamada Ltd director Lilach Asher-Topilsky received a grant of 30,000 employee stock options to buy ordinary shares at an exercise price of $7.52 per share, presented in U.S. dollars based on an NIS exchange rate. The options vest in four equal annual installments over four years, are exercisable for ten years from grant, and are held indirectly by a trustee under Kamada's 2011 Share Award Plan.
Kamada Ltd director David Tsur received a grant of 30,000 Employee Stock Options, each exercisable into one Ordinary Share at an exercise price of $7.5200 per share. The options, held indirectly by a trustee under Kamada's 2011 Share Award Plan, vest in four equal annual installments over four years and are exercisable for 10 years from the grant date.
Dekel Benjamin, a director of Kamada Ltd, received a grant of 30,000 employee stock options to buy ordinary shares at an exercise price of $7.5200 per share. The options vest in four equal annual installments over four years, are exercisable for 10 years, and are held indirectly by a trustee under the company's 2011 Share Award Plan.
Kamada Ltd director Assaf Itshayek received a grant of 30,000 Employee Stock Options to acquire Ordinary Shares at an exercise price of $7.5200 per share. The options vest in four equal annual installments over four years, are exercisable for 10 years, and are held indirectly by a trustee under Kamada's 2011 Share Award Plan.
Kamada Ltd director and 10% owner Davidi Ishay received a grant of 30,000 employee stock options on August 5, 2026. The options have an exercise price equivalent to $7.52 per share based on a NIS-to-USD exchange rate, vest in four equal annual installments over four years, and are exercisable for 10 years. They are held indirectly by a trustee under the company’s 2011 Share Award Plan and are exercisable into 30,000 ordinary shares.
Kamada director Leon Recanati received a grant of 30,000 employee stock options on August 5, 2026. Each option permits purchase of one ordinary share at an exercise price of $7.5200 per share, presented in U.S. dollars as a convenience conversion from NIS using the Bank of Israel exchange rate as of August 4, 2026. The options, held indirectly by a trustee under Kamada's 2011 Share Award Plan, vest in four equal annual installments over four years and are exercisable for ten years from the grant date; 30,000 options were reported as held by Recanati after this award.
Kamada Ltd director Lilach Payorski received an employee stock option grant on August 5, 2026 for 30,000 options, each exercisable into one ordinary share at an exercise price of $7.52 per share, converted from NIS. The options vest in four equal annual installments over four years, are exercisable for 10 years, and are held indirectly by a trustee under the company’s 2011 Share Award Plan, leaving Payorski with 30,000 options after this award.
Kamada Ltd Vice President of Business Development and Strategic Programs, Boris Gorelik, reported routine compensation-related option adjustments held indirectly by a trustee under the company’s 2011 Share Award Plan. On April 7, 2026, he received several employee stock option awards, each for 3,750 Ordinary Shares at an exercise price of $9.13 per share, and returned options with the same share amount but a $9.38 exercise price to the issuer. Footnotes state the exercise prices are presented in U.S. dollars based on an exchange rate as of April 6, 2026, and were adjusted under the plan in connection with a cash dividend distribution, with no other changes to the option terms. These options vest in four equal 25% annual installments from the grant date and expire on February 11, 2027.
Kamada Ltd VP Human Resources Reshef Liron reported a series of option compensation adjustments involving employee stock options held by a trustee under the company’s 2011 Share Award Plan. The transactions combine option grants and corresponding dispositions back to the issuer with no net change in share count.
The filing shows multiple option awards over ordinary shares in blocks of 10,000 and 15,000, with exercise prices stated in U.S. dollars between $5.04 and $7.25, and corresponding adjustments from prior prices between $5.29 and $7.50. All options vest in four equal annual installments from each grant date and carry expirations between 2029 and 2035, reflecting routine compensation and price adjustments following a cash dividend.
Kamada Ltd Chief Executive Officer Amir London reported a series of compensation-related option changes, not open-market trading. A trustee under Kamada’s 2011 Share Award Plan received several grants of employee stock options for 100,000 ordinary shares each at exercise prices such as $5.87 and $7.25, while matching 100,000-option awards at $6.12 and $7.50 were returned to the company.
According to the notes, the exercise prices were adjusted under the 2011 Share Award Plan after a cash dividend declared on March 11, 2026, with no other changes to the award terms. The options vest in four equal annual installments and are held by a trustee under the plan.
Kamada Ltd director Karnit Goldwasser reported a series of employee stock option updates held indirectly through a trustee under the company’s 2011 Share Award Plan. The filing shows paired grant awards (code A) and dispositions back to the issuer (code D) in matching share amounts, leaving her net option position unchanged from these transactions.
The options cover Ordinary Shares with exercise prices converted from NIS, ranging from $5.87 to $7.48 per share and expirations between September 25, 2026 and June 22, 2029. A footnote explains the exercise prices were adjusted under the plan after a cash dividend declared on March 11, 2026, with no other changes to the award terms.
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.
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.
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.
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.
KAMADA LTD VP and General Counsel Nir Livneh reported a series of employee stock option grants and related option adjustments held via a trustee under the company’s 2011 Share Award Plan. The transactions show awards of options to buy Ordinary Shares at exercise prices stated in U.S. dollars for convenience, paired with corresponding dispositions of options back to the issuer reflecting adjusted exercise prices following a cash dividend distribution. The options vest in four equal annual installments from their grant dates and have expiration dates ranging from late 2029 to late 2035, indicating long-term, compensation-related equity exposure rather than open-market share trading.
Kamada Ltd Chief Financial Officer Chaime Orlev reported a series of administrative option adjustments under the company’s 2011 Share Award Plan. All entries relate to employee stock options held indirectly by a trustee, not to open-market share purchases or sales.
The filing shows nine grants and nine matching dispositions of options on ordinary shares, with exercise prices such as $5.87, $5.90, $6.12, $6.15, $7.25 and $7.50 per share presented in U.S. dollars. Footnotes explain that exercise prices were adjusted under the plan following a cash dividend declared on March 11, 2026, and that options vest in four equal annual installments.
Kamada Ltd director and 10% owner Davidi Ishay reported multiple compensation-related option adjustments held by a trustee under the company’s 2011 Share Award Plan. The Form 4 shows paired acquisitions and dispositions of employee stock options, with 16 derivative transactions and no open‑market share purchases or sales.
The options cover blocks of 6,625 and 7,500 ordinary shares at exercise prices between $5.87 and $7.48, with expirations in 2026 and 2029. Footnotes state that exercise prices were adjusted for a cash dividend declared on March 11, 2026, and that vesting occurs in four equal annual installments from each grant date.
Kamada Ltd VP Regulatory Affairs Orit Pinchuk reported a series of employee stock option adjustments and grants held indirectly by a trustee under the company’s 2011 Share Award Plan. On April 7, 2026, she was granted several blocks of 15,000 employee stock options each, with exercise prices of $5.87 and $7.25 per ordinary share and expirations extending to October 22, 2035. Matching dispositions of 15,000 options each back to the issuer at exercise prices of $6.12 and $7.50 were also reported. A footnote explains the exercise prices were adjusted under the 2011 Share Award Plan in connection with a cash dividend declared on March 11, 2026, with no other changes to the option terms, and that the options vest in four equal annual installments.
Kamada Ltd director David Tsur, through a trustee under the company’s 2011 Share Award Plan, reported a series of routine option award adjustments on Employee Stock Options (right to buy) linked to Ordinary Shares. The filing shows multiple grant acquisitions and matching dispositions back to the issuer at different exercise prices, leaving each award with 6,625 or 7,500 options outstanding per line. Exercise prices are stated in U.S. dollars as a convenience translation from NIS and were adjusted under the plan following a cash dividend declared by the board. The options vest in four equal annual installments from each grant date and carry expiration dates in 2026 and 2029.
Kamada Ltd VP of Plasma Operations Beladev Shavit reported routine employee stock option adjustments held through a trustee under the company’s 2011 Share Award Plan. The Form 4 shows five grants or awards and five matching dispositions to the issuer, each involving 15,000 options for Ordinary Shares.
Exercise prices, presented in U.S. dollars, range from $5.87 to $7.50 per share and were adjusted under the plan after a cash dividend declared on March 11, 2026. The options vest in four equal annual installments from the grant date and some series carry expiration dates as late as 2035.
KAMADA LTD VP of Operations Nir Eran reported compensation-related option adjustments held through a trustee under the company’s 2011 Share Award Plan. On April 7, 2026, he received grants of a total of 112,500 Employee Stock Options to buy Ordinary Shares and surrendered 112,500 options back to the company.
The grants include tranches of 22,500 options at exercise prices of $5.87 and $7.25 per share, with corresponding dispositions of 22,500 options at $6.12 and $7.50. Footnotes state exercise prices are translated from NIS and were adjusted under the 2011 Share Award Plan in connection with a cash dividend distribution, with all other award terms unchanged. The options vest in four equal annual installments starting on the grant date anniversaries and some tranches expire on August 28, 2028 while others expire on October 22, 2035.