Oramed (ORMP) CEO Nadav Kidron Receives Stock Awards, Cancels Options

What happened

• Nadav Kidron, President, CEO and director of Oramed Pharmaceuticals (ORMP), participated in an option-exchange program on September 24, 2026. Under the program he surrendered/canceled a total of 789,500 outstanding stock options (recorded as dispositions to the issuer of derivative securities) and received restricted stock awards totaling 718,262 shares.
• Of the awards, 349,497 shares were issued in exchange for canceled options and fully vested upon grant; those shares were valued at $4.75 per share (the Sept 22, 2026 closing price), about $1.66 million in aggregate. The issuer also granted an additional 368,765 restricted shares under the company’s stock incentive plan, with 40% vesting immediately and the remaining 60% vesting in eight substantially equal quarterly installments over the next 24 months.
• The option cancellations and restricted stock grants were approved in advance by a committee of non-employee directors.

Key details

• Transaction date: September 24, 2026. Form 4 filed: September 25, 2026 (not indicated as late).
• Shares received: 349,497 (fully vested at grant; valued at $4.75 each → ~$1.66M) + 368,765 (40% vested at grant; remainder vests quarterly over 24 months) = 718,262 total restricted shares.
• Options surrendered/canceled (dispositions to issuer, derivatives): 196,500; 190,000; 49,000; 97,000; 150,000; 107,000 — total 789,500 options canceled. Footnotes detail original vesting schedules and one performance-contingent tranche (49,000) that partially vested based on past price targets.
• Shares owned after the transactions: not specified in the filing.
• Approval and valuation: the exchange and grants were approved by a committee of non-employee directors. The $4.75 per-share valuation for the fully vested tranche equals the Sept 22 closing price and was used to match the aggregate Black‑Scholes value of the canceled options.
• No cash open‑market sale occurred; these are award/grant and option-cancellation transactions (not a typical sale by the insider).

Context

• These filings record an option-exchange and restricted stock awards, not open-market selling by the CEO. Dispositions labeled “to the issuer (derivative)” mean options were canceled/surrendered back to the company as part of the exchange program; Kidron received restricted shares in return. The immediate vesting of 349,497 shares means Kidron obtained outright shares at grant, while the larger 368,765 award is mostly time‑vesting and subject to forfeiture if he leaves before vesting.