RECANATI LEON 4

What Happened
Leon Recanati, a director of Kamada Ltd. (KMDA), had multiple derivative transactions on April 7, 2026: the filing shows grants/awards of option-based derivative interests followed the same day by dispositions back to the issuer. The grants totaled 56,500 derivative shares (four grants of 6,625 and four grants of 7,500), and the dispositions to the issuer on the same date also total 56,500 — resulting in no net increase in reported holdings. No per-share or total dollar values are reported in the filing (listed as N/A).

Key Details

• Transaction date: April 7, 2026; Form 4 filed April 9, 2026 (two days after the transactions).
• Activity: Repeated paired entries of Grant (A) and Disposition to issuer (D) for derivative shares/options — total granted = 56,500; total disposed = 56,500.
• Prices/values: Exercise prices and total values are shown as N/A in the filing; footnote indicates exercise-price conversions were provided as convenience in USD.
• Shares owned after transaction: Not specified in the provided filing data.
• Notable footnotes from the filing:
  • F2: Exercise price was adjusted under the 2011 Share Award Plan due to a cash dividend declared Mar 11, 2026.
  • F3: Options vest 25% each year over four years.
  • F4: Awards are held by a trustee under the company’s 2011 Share Award Plan.
  • F1: USD figures (where shown) are convenience conversions from NIS by Bank of Israel rate as of Apr 6, 2026.

Context

• The paired grant-and-disposition entries are derivative transactions and are commonly used for option awards that are net-settled, used to cover taxes, or placed with a trustee; the filing itself does not state the precise economic mechanism (cashless exercise, net settlement, or share cancellation).
• These transactions do not indicate an open-market purchase (which would be a stronger bullish signal). They appear to be internal award/settlement activity and, as reported, result in no increase in publicly disclosed shareholdings.
• The Form 4 was filed two days after the transactions (Apr 9 for Apr 7 activity), which is within the typical SEC Form 4 filing window.