Protalix (PLX) Director Awarded Restricted Stock and $1.64 Options

Rhea-AI Filing Summary

Reporting person: Pol F. Boudes, a director of Protalix BioTherapeutics, Inc. (PLX). Transaction date: 09/03/2025.

The Form 4 discloses that the reporting person was awarded 7,500 restricted shares of common stock under the companys 2006 Stock Incentive Plan, held indirectly by a trustee to qualify for Israeli tax treatment, with the restricted shares vesting in 12 equal quarterly installments. The filing also shows the acquisition of 15,000 stock options with an exercise price of $1.64, granted 09/03/2025, exercisable through 09/03/2035, with the underlying shares vesting in 12 equal quarterly installments. The Form notes additional outstanding option grants held by the reporting person that are not part of this grant.

Positive

• 7,500 restricted shares were granted and are explicitly documented under the companys incentive plan
• 15,000 stock options were granted with a specified $1.64 exercise price and clear exercisability and expiration dates
• Vesting schedule for both restricted shares and underlying option shares is stated as 12 equal quarterly installments
• Trustee registration is documented to qualify the awards for Israeli tax treatment

Negative

• Grants increase potential share dilution because new restricted shares and options were awarded
• Form discloses additional outstanding options (40,000 at $3.55 expiring 01/20/2030; 50,000 at $1.03 expiring 09/07/2032; 61,676 at $1.66 expiring 09/29/2033) which add to potential dilution

Insights

Securities Analyst

TL;DR Routine director equity awards: restricted stock and long‑dated options vesting quarterly.

The Form 4 reports non-derivative and derivative awards granted on 09/03/2025: 7,500 restricted shares held indirectly by a trustee and 15,000 stock options at a $1.64 strike expiring 09/03/2035. Both awards vest in 12 equal quarterly installments, indicating a structured retention schedule. The use of a trustee is explicitly for Israeli tax treatment. This filing is a standard insider compensation disclosure rather than an operational or liquidity event.

Corporate Governance Expert

TL;DR Director grant consistent with incentive plan; reporting and vesting terms are specified.

The document shows equity compensation awarded under the Amended and Restated 2006 Stock Incentive Plan and confirms vesting cadence and trustee registration required by Israeli tax law. It also lists other outstanding options by strike and expiration that remain separate from this grant. The disclosure is complete for the reported transactions and follows Section 16 reporting requirements.

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

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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^*

Boudes Pol F

(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)
Commn Stock								40	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.
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FAQ

What did PLX director Pol F. Boudes acquire on 09/03/2025?

The filing shows 7,500 restricted shares and 15,000 stock options (exercise price $1.64, expiring 09/03/2035) granted on 09/03/2025.

How do the restricted shares vest for the PLX grant?

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

Why are the shares held by a trustee in this Form 4?

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

What are the terms of the stock options reported in the Form 4?

The reported options have an exercise price of $1.64, were granted 09/03/2025, vest in 12 quarterly installments, and expire on 09/03/2035.

Are there other outstanding options held by the reporting person?

Yes. The filing lists other options not part of this grant: 40,000 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.