Kamada (KMDA) Director Leon Recanati Receives Option Awards

What Happened
Leon Recanati, a director of Kamada Ltd. (KMDA), was granted three derivative awards (stock options) on August 27, 2026 covering a total of 86,500 ordinary shares (26,500 + 30,000 + 30,000). The grants are reported as awards (derivative securities) with a $0 acquisition price on the Form 4; these options will vest over four years in equal annual installments and will be exercisable for 10 years from the grant date.

Key Details

• Transaction date: August 27, 2026; Form 4 filed September 23, 2026 (filing appears late vs. the usual 2-business-day requirement).
• Awards: 26,500; 30,000; 30,000 options — total 86,500 options. Reported acquisition price shown as $0 (derivative awards).
• Vesting/exercise: Vest 25% each year for four years; exercisable for 10 years (Footnote F2).
• Holdings/legal mechanics: Options are held by a trustee under the Company’s 2011 Share Award Plan (F3).
• Exercise-price adjustment: Footnotes state exercise prices were adjusted in connection with a special cash dividend declared Aug 17, 2026 (record date Aug 27, 2026). These grants were previously reported at exercise prices of $7.58, $6.15 and $7.55 respectively (F4–F6). The Form 4 shows exercise prices in USD per the Bank of Israel exchange rate conversion (F1).
• Shares owned after transaction: Not disclosed in this filing.
• No 10b5-1 plan, cashless exercise, tax-withholding sale, or immediate sale of underlying shares is reported.

Context

• These are option grants (derivative awards), not open-market purchases or sales. That means Recanati did not acquire vested shares immediately — value depends on future vesting and any exercise of the options.
• Adjustments to exercise prices were made due to a special cash dividend; consult company announcements or prior Form 4s for prior strike details.
• The late filing reduces the timeliness of public disclosure; insiders are generally required to file Form 4 within two business days of the transaction.