Kamada (KMDA) Director Lilach Asher-Topilsky Receives 86,500-Share Award

What Happened Lilach Asher-Topilsky, a director of Kamada Ltd. (KMDA), was granted three option awards on August 27, 2026 covering a total of 86,500 ordinary shares (26,500 + 30,000 + 30,000). The Form 4 reports these as derivative awards (transaction code A) with an acquisition price of $0 at grant — i.e., stock option grants rather than cash purchases of shares. The awards will vest over four years (25% each anniversary) and are exercisable for 10 years from the grant date.

Key Details

• Transaction date: August 27, 2026; Form 4 filed September 29, 2026 (public disclosure delayed beyond the typical 2-business-day window).
• Awards: 26,500; 30,000; 30,000 option shares (total 86,500).
• Reported acquisition price at grant: $0 (reflects option grant, not a cash purchase).
• Vesting/exercise: Vest 25% per year over 4 years; exercisable for 10 years (see footnote F2).
• Held by trustee under the Company’s 2011 Share Award Plan (footnote F3).
• Exercise prices were adjusted in connection with a special cash dividend declared Aug 17, 2026 (record date Aug 27, 2026); the options were previously reported with exercise prices of $7.45, $6.05 and $7.42 (footnotes F4–F6). Exercise prices are denominated in NIS and presented in USD using the Bank of Israel rate as of Sep 29, 2026 (footnote F1).
• Shares owned after the transaction are not disclosed in the provided Form 4 excerpt.
• Filing timeliness: Filed Sep 29 for an Aug 27 transaction — Form 4 appears late, which delays public visibility of the award.

Context These are option awards (derivative grants), not exercised shares or sales. That means Asher-Topilsky did not receive immediately tradeable stock or cash; value to the insider requires future vesting and exercise (paying the exercise price). Such grants are common for director compensation and do not, by themselves, indicate an immediate buying or selling signal. The late filing delays market transparency until the Form 4 was posted.