Chaime Orlev, Chief Financial Officer of Kamada Ltd, filed a Form 4 on September 23, 2026, disclosing adjustments to three previously reported employee stock option grants following the company's special cash dividend distribution declared on August 17, 2026.

Key Highlights

  • Reporting person: Chaime Orlev, Chief Financial Officer of Kamada Ltd (NASDAQ:KMDA)
  • Transaction date: August 27, 2026, coinciding with the record date for the special cash dividend
  • Three options adjusted: exercise prices revised to $5.98 (22,500 shares), $6.02 (90,000 shares), and $7.44 (90,000 shares), from prior prices of $6.15, $6.19, and $7.61, respectively
  • Dividend trigger: adjustments made in connection with a special cash dividend declared by the board of directors on August 17, 2026, with a record date of August 27, 2026
  • Vesting schedule: all three options vest in four equal installments of 25% on each of the four anniversaries of the grant date
  • Held by trustee: all options are held indirectly under the company's 2011 Share Award Plan
  • Price denomination: exercise prices are denominated in New Israeli Shekels (NIS) and converted to USD using the Bank of Israel NIS/USD exchange rate as of September 22, 2026

Kamada CFO Option Adjustments Tied to Special Cash Dividend

According to the filing, Chaime Orlev reported amendments to three previously disclosed employee stock option grants. All three transaction codes are listed as "A" with a price of $0.00 for the derivative security, meaning no new consideration was paid in connection with the adjustments. The options cover ordinary shares of Kamada Ltd and are held indirectly through a trustee under the company's 2011 Share Award Plan.

The filing discloses that the board of directors declared a special cash dividend on August 17, 2026, with a record date of August 27, 2026. In connection with that distribution, the exercise prices of all three options were reduced. The first option, covering 22,500 ordinary shares, had its exercise price lowered from $6.15 to $5.98. The second, covering 90,000 ordinary shares, was adjusted from $6.19 to $6.02. The third, also covering 90,000 ordinary shares, moved from $7.61 to $7.44. Following these reported transactions, Orlev beneficially owns 22,500, 90,000, and 90,000 options in each respective grant, all held indirectly.

The filing notes that all exercise prices are denominated in New Israeli Shekels and were converted to U.S. dollars using the Bank of Israel exchange rate published as of September 22, 2026. Each option grant vests in four equal annual installments of 25% beginning on the first anniversary of the grant date. No shares of non-derivative securities were reported in Table I of the filing.

What Was Disclosed

The Form 4 filed by Kamada Ltd's CFO, Chaime Orlev, reported downward adjustments to the exercise prices of three employee stock option grants, effective August 27, 2026, following the company's special cash dividend declared on August 17, 2026.