[Form 4] Protalix BioTherapeutics, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Aharon Schwartz, a director of Protalix BioTherapeutics, Inc. (PLX), reported equity awards and option grants on 09/03/2025. He was awarded 7,500 restricted shares of common stock that vest in 12 equal quarterly installments and are held indirectly by a trust to qualify for Israeli tax benefits. He disposed of 303,000 shares on the same date. He was also granted stock options to buy 15,000 shares at a $1.64 exercise price, exercisable beginning 09/03/2025 and expiring 09/03/2035, with the underlying shares vesting in 12 equal quarterly installments. The reporting notes additional outstanding options totaling 151,676 shares across prior grants at various exercise prices and expirations.

Positive

• Equity awards vest over 12 quarterly installments, which promotes retention
• Long-dated option (expires 09/03/2035) at $1.64 offers long-term alignment with share price appreciation

Negative

• Large disposition of 303,000 shares the same day could reduce insider ownership
• Form does not disclose total outstanding shares so dilution impact from options cannot be quantified

Insights

Corporate Governance Expert

TL;DR: Director received equity incentives while selling a large block of shares, aligning compensation with long-term retention.

The restricted shares and the 15,000-share option grant tie compensation to future service through quarterly vesting, which supports alignment with shareholder interests. The use of a trustee is a procedural step for Israeli tax treatment and does not change economic ownership. The reported disposal of 303,000 shares the same day is noteworthy for liquidity or diversification by the director; the filing does not state the reason for the sale.

Securities Analyst

TL;DR: Option grant at $1.64 and restricted shares add potential upside if stock appreciates above the exercise price.

The 15,000-share option with a $1.64 strike and 2035 expiration gives long-dated upside, and vesting over 12 quarters delays immediate exercisability, limiting near-term dilution. The form discloses other outstanding options (40,000 at $3.55; 50,000 at $1.03; 61,676 at $1.66) which, combined with new awards, represent a material pool of potential dilution but no aggregate outstanding share count is provided to quantify impact.

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
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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^*

Schwartz Aharon

(Last) (First) (Middle)

C/O PROTALIX BIOTHERAPEUTICS, INC.

2 SNUNIT STREET SCIENCE PARK, POB 455

(Street)

CARMIEL L3 2161401

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Protalix BioTherapeutics, Inc. [ PLX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/03/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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
Common Stock	09/03/2025		A		7,500	A	(1)	7,500	I	By Trust(2)
Common Stock								303,000	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
Stock Options (Right to Buy)	$1.64	09/03/2025		A		15,000		(3)	09/03/2035	Common Stock	15,000	$0	15,000(4)	D

Explanation of Responses:

1. Represents restricted shares of common stock awarded to the Reporting Person under the Amended and Restated Protalix BioTherapeutics, Inc. 2006 Stock Incentive Plan, as amended (the "Plan"). The restricted shares vest in 12 equal quarterly installments commencing upon the date of grant.

2. To qualify for certain tax benefits under Section 102 of the Israeli Tax Ordinance, securities issued under the Plan must be registered in the name of a trustee.

3. The shares of common stock underlying the stock options shall vest in 12 equal quarterly installments commencing upon the date of grant.

4. Does not include (i) options to purchase 40,000 shares of common stock at an exercise price equal to $3.55 per share that expire on January 20, 2030, (ii) options to purchase 50,000 shares of common stock at an exercise price equal to $1.03 per share that expire on September 7, 2032 and (iii) options to purchase 61,676 shares of common stock at an exercise price equal to $1.66 per share that expire on September 29, 2033.

	/s/ Joseph R. Magnas, Attorney-in-Fact	09/04/2025
	** 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).
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FAQ

What transactions did PLX director Aharon Schwartz report on 09/03/2025?

He was awarded 7,500 restricted shares, disposed of 303,000 common shares, and received an option grant for 15,000 shares at a $1.64 exercise price.

How do the restricted shares granted to Aharon Schwartz vest?

The restricted shares vest in 12 equal quarterly installments commencing on the grant date.

Why are the restricted shares held by a trustee?

They are registered in the name of a trustee to qualify for tax benefits under Section 102 of the Israeli Tax Ordinance as stated in the filing.

What are the terms of the option grant reported?

The option covers 15,000 shares, is exercisable beginning 09/03/2025, expires 09/03/2035, and has an exercise price of $1.64.

Does the filing disclose other outstanding options for the reporting person?

Yes; it lists options to purchase 40,000 shares at $3.55 (expiring 01/20/2030), 50,000 at $1.03 (expiring 09/07/2032), and 61,676 at $1.66 (expiring 09/29/2033).