Benjamin Dekel, a director at Kamada Ltd, filed a Form 4 on September 23, 2026, disclosing adjustments to the exercise prices of two previously reported employee stock option grants, effective August 27, 2026, following a special cash dividend declared by the company's board.

Key Highlights

  • Reporting person: Benjamin Dekel, listed as a Director of Kamada Ltd (NASDAQ:KMDA).
  • Exercise price adjustment on first option: A previously reported option covering 16,000 ordinary shares had its exercise price reduced from $6.27 to $6.10, denominated in New Israeli Shekels (NIS) and converted to USD at the Bank of Israel rate as of September 22, 2026.
  • Exercise price adjustment on second option: A previously reported option covering 30,000 ordinary shares had its exercise price reduced from $7.55 to $7.38, on the same conversion basis.
  • Reason for adjustments: Both exercise prices were adjusted 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: Both option grants vest over four years in four equal annual installments of 25% each, beginning on the anniversary of the grant date, and are exercisable for 10 years from the date of grant.
  • Beneficial ownership form: Both option positions are held indirectly by a trustee under the company's 2011 Share Award Plan.
  • Acquisition price: Both option grants were acquired at $0.00, according to the filing.

Kamada Director's Option Terms Revised After Special Cash Dividend

According to the filing, director Benjamin Dekel reported two employee stock option positions in Kamada Ltd under Table II of the Form 4. Both transactions carry a transaction code of "A" (acquired) with a transaction date of August 27, 2026, and both reflect adjustments rather than new grants. The first option, covering 16,000 ordinary shares, previously carried an exercise price of $6.27 and was adjusted to $6.10. The second option, covering 30,000 ordinary shares, was adjusted from $7.55 to $7.38. The filing notes that all exercise prices are originally denominated in New Israeli Shekels and were converted to U.S. dollars using the NIS/USD exchange rate published by the Bank of Israel as of September 22, 2026.

The filing attributes both price adjustments to a special cash dividend distribution declared by the company's board of directors on August 17, 2026, with a record date of August 27, 2026. Following the reported transactions, Dekel beneficially owns 16,000 derivative securities under the first option and 30,000 under the second, each held indirectly through a trustee under the company's 2011 Share Award Plan.

Both option grants vest over a period of four years, with 25% vesting on each anniversary of the grant date, the filing discloses. The options are exercisable for a period of 10 years following the date of grant, after which all unexercised options expire immediately. No ordinary shares in Table I were reported as acquired or disposed of in connection with these transactions.

What Was Disclosed

Benjamin Dekel, a director of Kamada Ltd (NASDAQ:KMDA), filed a Form 4 reporting adjusted exercise prices on two existing employee stock option grants, both revised downward following a special cash dividend with a record date of August 27, 2026.