A Form 4 filed on September 8, 2026 by David Tsur, a director of Kamada Ltd (NASDAQ:KMDA), discloses the net exercise of two employee stock option grants covering a combined 49,000 ordinary shares on September 2, 2026.

Key Highlights

  • Two option grants exercised: Tsur exercised options on 26,500 ordinary shares at an adjusted exercise price of $7.36 and options on 22,500 ordinary shares at an adjusted exercise price of $5.94, both on September 2, 2026.
  • Net exercise structure: On the 26,500-share option, the company withheld 23,740 shares for exercise price and taxes, leaving Tsur with 2,760 shares; on the 22,500-share option, 16,094 shares were withheld, leaving 6,406 shares.
  • Closing prices used: The company used a closing stock price of $8.30 for the first net exercise and $8.26 for the second, per the terms of the 2011 Share Award Plan.
  • Exercise price adjustments: Both exercise prices were reduced from their previously reported levels in connection with a special cash dividend declared by the board on August 17, 2026.
  • Resulting ownership: Following all reported transactions, Tsur directly beneficially owns 607,929 ordinary shares.
  • Options fully disposed: Both option grants now show zero remaining derivative securities beneficially owned, held previously by trustee under the 2011 Share Award Plan.

Kamada Director Net-Exercises Two Option Grants, Adjusted After Special Dividend

According to the filing, David Tsur, who is identified as a director of Kamada Ltd, executed two separate net exercises of employee stock options on September 2, 2026. The first involved an option to purchase 26,500 ordinary shares at an exercise price of $7.36 per share. Under the net exercise, the company withheld 23,740 shares to cover the exercise price and applicable tax withholdings, using a closing stock price of $8.30, and Tsur received 2,760 net ordinary shares. The second option covered 22,500 ordinary shares at an exercise price of $5.94, and the company withheld 16,094 shares at a closing price of $8.26, resulting in Tsur receiving 6,406 net ordinary shares.

The filing notes that all exercise and sale prices stated in U.S. dollars represent a convenience conversion from NIS based on the exchange rate published by the Bank of Israel as of September 2, 2026. Both options were previously reported at higher exercise prices: $7.53 and $6.11, respectively. The filing states that each exercise price "has been adjusted in connection with a special cash dividend distribution declared by the Company's board of directors on August 17, 2026." Both grants vested over four years in four equal annual installments of 25% each, and were held by a trustee under Kamada's 2011 Share Award Plan prior to exercise.

Following all reported transactions, the filing shows Tsur directly and beneficially owns 607,929 ordinary shares. The two option positions each show zero remaining derivative securities after the exercises.

What Was Disclosed

Kamada Ltd director David Tsur filed a Form 4 reporting the net exercise of two stock option grants totaling 49,000 ordinary shares on September 2, 2026, with exercise prices adjusted following a special cash dividend declared August 17, 2026, leaving him with 607,929 ordinary shares.