Kamada (KMDA) Director Lilach Payorski Receives 60,000-Share Option Award

What Happened

• Director Lilach Payorski received two option awards on Aug 27, 2026, each covering 30,000 ordinary shares (total 60,000 options). The awards are reported as grants (derivative securities) with no cash paid at grant (acquisition price $0.00). The underlying option exercise prices were adjusted in connection with a special cash dividend declared Aug 17, 2026 (record date Aug 27, 2026).

Key Details

• Transaction date: 2026-08-27; Form 4 filed: 2026-09-24 (filing appears late relative to the Aug 27 transaction).
• Grant details: two awards of 30,000 options each (total 60,000). Reported as awards (code A) — no immediate purchase or sale.
• Vesting/exercise: options vest 25% per year over four years and are exercisable for 10 years after grant (see footnote F2).
• Exercise-price notes: filing notes exercise prices are denominated in NIS and presented in USD using the Bank of Israel rate as of Sept 22, 2026 (F1). The two options were previously reported with exercise prices of $6.15 and $7.55 and were adjusted due to the special dividend (F4, F5).
• Holdings: options are held by a trustee under the company’s 2011 Share Award Plan (F3). Shares owned after the transaction are not shown in the provided excerpt.
• Timing: the Form 4 was filed nearly a month after the reported grant date; late filings can reduce transparency and may attract SEC or company follow-up.

Context

• These are option grants (derivative awards), not open-market purchases or sales — they do not represent an immediate cash investment or liquidation by the director. The awards will only convert to shares if and when the options vest and are exercised (and then require payment of the exercise price).
• For retail investors, option grants to directors are common for compensation/retention and do not by themselves signal buying or selling of stock; monitor future exercises or sales for clearer insider sentiment.