Kamada (KMDA) Director Itshayek Assaf Receives 46,000 Option Awards

What Happened

• Director Itshayek Assaf received two option awards on August 27, 2026 totaling 46,000 derivative securities (16,000 and 30,000). The Form 4 reports these as acquisitions at $0.00 because they are option grants, not open-market purchases or sales.
• The grants are governed by the company's 2011 Share Award Plan and include an exercise/strike price that was adjusted in connection with a special cash dividend declared August 17, 2026 (record date Aug 27, 2026). The options were previously reported with exercise prices of $6.27 (16,000) and $7.55 (30,000) before adjustment.

Key Details

• Transaction date: August 27, 2026; Form 4 filed September 23, 2026 (late filing).
• Grant amounts: 16,000 and 30,000 options (46,000 total); acquisition reported at $0.00 (derivative award).
• Vesting/exercise: Options vest 25% annually over four years and are exercisable for 10 years from grant (per footnote). Held by a trustee under the 2011 Share Award Plan.
• Exercise-price notes: Exercise prices are denominated in NIS and presented in USD using the Bank of Israel rate as of Sept 22, 2026; the two options had prior reported exercise prices of $6.27 and $7.55 before adjustment for the special dividend.
• Shares owned after transaction: Not specified in the provided report.
• Timeliness: Filing was made nearly a month after the Aug 27 transaction (late filing noted).

Context

• These were option grants (award A), not immediate purchases or exercises; no cash changed hands at grant. Because vesting occurs over four years, most of the award is not immediately exercisable.
• The adjustment to exercise prices tied to the special cash dividend is a technical change to preserve option economics after the dividend—does not by itself indicate insider buying or selling.