Kamada (KMDA) VP Quality Yael Brenner Exercises Options

What Happened

• Yael Brenner, VP Quality at Kamada Ltd. (KMDA), exercised stock options on August 26, 2026. She exercised three option lots of 10,000 shares each (30,000 total) at an exercise price of $6.25 per share (convenience conversion from NIS), for a total exercise cost of $187,500.
• The company applied a net (cashless) exercise: for each 10,000-option exercise the company withheld 7,224 shares to cover the exercise price and tax withholding, leaving Brenner with 2,776 shares per exercise. Across the three exercises she received 8,328 ordinary shares in total, valued at about $71,454 using the closing price of $8.58 on August 26, 2026.

Key Details

• Transaction date: 2026-08-26. Filing date: 2026-08-31 (filed late relative to the transaction date).
• Exercises: 3 × 10,000 options exercised (M); exercise price shown as $6.25/share. Withholding (F): 3 × 7,224 shares withheld; net delivered: 3 × 2,776 = 8,328 shares.
• Dollar conversions: U.S. dollar amounts are convenience conversions from NIS per Bank of Israel rate on Aug 26, 2026 (Footnote F1).
• Vesting: Options vest in four equal annual installments (25% per year) (Footnote F3).
• Shares held by trustee under 2011 Share Award Plan (Footnote F4).
• Shares owned after the transaction: not specified in the provided filing.
• Transaction codes: M = option exercise, F = net exercise/tax withholding (company withheld shares to satisfy exercise price and taxes).

Context

• This was a net (cashless) exercise of vested options — Brenner acquired shares by exercising options, but most underlying shares were withheld to cover exercise price and taxes. Net exercises are common for employees exercising vested options and do not necessarily indicate a buy/sell opinion by the insider.
• The Form 4 was filed five days after the transactions (Aug 31 vs Aug 26), which is later than the usual two-business-day filing deadline; the filing labels this timing as late (transactionTimeliness = 'L') in the provided data.