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

Rhea-AI Filing Summary

Protalix BioTherapeutics (PLX) director Ben Zvi Shmuel received equity awards on 09/03/2025. The filing reports 7,500 restricted shares granted under the companys amended 2006 Stock Incentive Plan, held indirectly by trust to qualify for Israeli Section 102 tax benefits, and 15,000 stock options with a $1.64 exercise price that expire on 09/03/2035. The restricted shares and options each vest in 12 equal quarterly installments commencing on the grant date. The filing also discloses additional outstanding options with various exercise prices and expiration dates.

Positive

• 7,500 restricted shares granted to align director incentives with long‑term shareholder value
• 15,000 stock options with a $1.64 exercise price and 09/03/2035 expiration provide long runway for upside
• Vesting in 12 quarterly installments promotes retention and gradual alignment
• Use of trustee enables eligibility for Israeli Section 102 tax benefits

Negative

• None.

Insights

Financial Analyst

TL;DR: Director received time‑based equity awards that align incentives without immediate cash impact.

The reported grant of 7,500 restricted shares and 15,000 options vests quarterly over three years, which spreads expense recognition and ties compensation to continued service. The option exercise price of $1.64 and long 2035 expiration create a long runway for potential upside if the stock appreciates. The disclosure of other outstanding options provides context for total potential dilution, but the form does not quantify percentage dilution relative to outstanding shares.

Corporate Governance Expert

TL;DR: Standard director compensation mechanics and Israeli tax treatment are disclosed; governance appears routine.

Issuing restricted shares through a trustee to satisfy Section 102 tax rules is a common practice for Israeli issuers. Time‑based vesting in 12 quarterly installments is typical for retention-focused grants. The filing is procedural and transparent about grant mechanics and related outstanding option pools, with no indication of special accelerations or departures from customary governance practices.

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

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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^*

Ben Zvi Shmuel

(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)

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 $1.09 per share that expire on June 30, 2032, (ii) options to purchase 10,000 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 23, 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 equity awards did Ben Zvi Shmuel receive in the PLX Form 4?

The Form 4 reports 7,500 restricted shares and 15,000 stock options granted on 09/03/2025.

What are the vesting terms for the new PLX awards?

Both the restricted shares and the option shares vest in 12 equal quarterly installments commencing on the grant date.

What is the exercise price and expiration for the granted options?

The options have an exercise price of $1.64 and an expiration date of 09/03/2035.

Why are the restricted shares registered in the name of a trustee?

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

Does the Form 4 disclose other outstanding options for this reporting person?

Yes. The filing notes additional outstanding options: 40,000 at $1.09 (exp. 06/30/2032), 10,000 at $1.03 (exp. 09/07/2032), and 61,676 at $1.66 (exp. 09/23/2033).