Kamada (KMDA) VP Yael Brenner Exercises Stock Options

What Happened
Yael Brenner, VP Quality at Kamada Ltd. (KMDA), exercised multiple stock option grants on September 14, 2026. In total Brenner exercised options covering 26,964 underlying shares (several grants) with an exercise price of $5.93 per share (total exercise price value reported $159,897). Under the company’s net‑exercise procedure, 19,569 shares were withheld by the company to cover the exercise price and tax withholdings (valued at about $61,809 using the Sept 14 closing prices), and the reporting person received a net 7,395 ordinary shares. The filing shows related derivative cancellation entries at $0 reflecting conversion of the options into shares.

Key Details

• Transaction date: September 14, 2026; Form 4 filed September 17, 2026 (3 days after the transaction).
• Options exercised (underlying): 26,964 shares total (three grants of 5,000, one of 6,500, one of 5,464).
• Exercise price (per share): $5.93; total exercise price value reported: $159,897 (USD amounts are convenience conversions from NIS per filing).
• Net shares received: 7,395 ordinary shares. Shares withheld to cover exercise/taxes: 19,569 (withheld shares valued at ~$61,809 using $8.36/$8.35 closing prices).
• Footnotes: Net‑exercise (cashless) treatment is described — the company withheld shares to pay exercise price and taxes (see F2–F6). Options vesting schedule noted (vest in four equal annual installments, F7). Some holdings are held by a trustee under the 2011 Share Award Plan (F8).
• Shares owned after transaction: not specified in the provided summary of the filing.

Context

• This was a net (cashless) option exercise: the filer converted options into shares and the company withheld a portion of the underlying shares to pay the exercise price and tax withholdings. That is a routine administrative outcome of exercising options and does not by itself indicate a buy/sell sentiment.
• For retail investors: net exercises increase insider shareholdings (Brenner received 7,395 shares), but because withheld shares funded the exercise, no significant cash outlay by the insider is reported.
• Filing timing: the Form 4 was filed three days after the transaction date; the filing itself does not flag any special plan (e.g., 10b5‑1) in the provided notes.