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KAMADA LTD·4

Apr 9, 3:21 PM ET

Reshef Liron 4

Research Summary

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Kamada (KMDA) VP Reshef Liron Receives Awards; 100,000 Shares Surrendered

What Happened
Reshef Liron, Vice President of Human Resources at Kamada Ltd. (KMDA), received multiple derivative awards under the company’s 2011 Share Award Plan on April 7, 2026 totaling 100,000 underlying shares (several grants of 10,000 and 15,000 each). On the same date, an equal total of 100,000 derivative securities were disposed to the issuer. The filing lists no per-share cash value (N/A) for these transactions, so no dollar value is reported in the Form 4. Because the grants and the dispositions match in quantity, there is no net increase in shares beneficially owned reported in the filing.

Key Details

  • Transaction date: April 7, 2026; Form 4 filed April 9, 2026 (filed timely).
  • Grants: multiple awards totaling 100,000 derivative shares (options/awards) — specific grant sizes: 10k, 10k, 10k, 15k, 10k, 15k, 15k, 15k.
  • Dispositions: matching dispositions to the issuer totaling 100,000 derivative shares on the same date.
  • Price/value: Reported as N/A in the filing; footnote F1 notes USD conversions from NIS for exercise prices as a convenience.
  • Shares owned after transaction: not specified in the reported data.
  • Notable footnotes:
    • F2: Exercise price of the options was adjusted per the 2011 Share Award Plan due to a cash dividend declared Mar 11, 2026.
    • F3: Options vest in four equal annual installments (25% each anniversary).
    • F4: Awards are held by a trustee under the 2011 Share Award Plan.
  • Filing timeliness: Reported within the required window (no late-filing indicator).

Context
These are derivative transactions under Kamada’s share award plan (i.e., option/award activity). A same-day “disposition to the issuer” commonly reflects shares being surrendered to the company (for example, to satisfy withholding obligations or payment of exercise costs), which is why the grants and dispositions net to zero in this filing. The grants vest over four years per footnote F3; note that the exercise price was adjusted due to a dividend (F2). This filing does not report a cash purchase or open-market sale that would more directly signal insider buying or selling.