ORLEV CHAIME 4

What Happened

• Orlev Chaime, Chief Financial Officer of Kamada Ltd. (KMDA), recorded a series of derivative transactions on April 7, 2026: nine acquisitions (A) of 22,500 derivative shares each and nine matching dispositions (D) of 22,500 each. Total acquired = 202,500 underlying shares; total disposed to the issuer = 202,500 shares.
• No per-share or total dollar values are reported in the filing (prices shown as N/A). The paired acquisitions and dispositions indicate an option-related transaction where shares were acquired and an equal number were withheld or surrendered to the issuer (commonly used to cover exercise cost or tax withholding).

Key Details

• Transaction date: April 7, 2026; Form 4 filed April 9, 2026 (reporting period = 2026-04-07).
• Quantity: 9 × 22,500 = 202,500 shares acquired (derivative) and 202,500 shares disposed to issuer.
• Price/value: Not disclosed in the filing (listed as N/A). Footnote F1 notes USD conversions are convenience only.
• Footnotes of note:
  • F2: Exercise price was adjusted due to a cash dividend declared March 11, 2026.
  • F3: Options vest in four equal annual installments (25% per year).
  • F4: Securities are held by a trustee under the company's 2011 Share Award Plan.
• Shares owned after the transaction are not provided in the supplied data.
• Filing timeliness: Filed two days after the transaction date; no late-filing flag indicated in provided data.

Context

• These are derivative (option-related) transactions. The pattern — acquiring underlying shares and an equal number being disposed to the issuer — typically reflects an option exercise where the company/trustee withholds shares to satisfy tax withholding or exercise payment rather than issuing net new shares to the insider.
• Net effect for the insider is likely no increase in freely held shares (shares acquired were offset by shares withheld). This type of technical transaction does not necessarily indicate a change in the insider’s market view.