Director David Tsur filed a Form 4 with the SEC on September 23, 2026, reporting adjustments to the exercise prices of two previously granted employee stock options in connection with a special cash dividend declared by Kamada Ltd (NASDAQ:KMDA).

Key Highlights

  • Reporting person: David Tsur, identified as a Director of Kamada Ltd.
  • Transaction date: Both option adjustments carry a transaction date of 08/27/2026, which was the record date for the special cash dividend.
  • First option adjusted: Exercise price revised from $6.15 to $5.99 on 7,500 ordinary shares; the option is held by a trustee under the Company's 2011 Share Award Plan.
  • Second option adjusted: Exercise price revised from $7.55 to $7.38 on 30,000 ordinary shares; also held by a trustee under the 2011 Share Award Plan.
  • Dividend trigger: Adjustments were 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.
  • Price conversion note: According to the filing, exercise prices in U.S. dollars represent a convenience conversion from NIS based on the Bank of Israel exchange rate as of September 22, 2026.

Option Exercise Price Adjustments Following Kamada Special Cash Dividend

According to the Form 4 filed by David Tsur, the two reported transactions represent adjustments to previously granted employee stock options rather than new grants or open-market activity. The filing classifies both transactions under transaction code "A" (acquired) and lists a price of $0.00 for each derivative security, reflecting the nature of the adjustment rather than a purchase at market price.

The first option, covering 7,500 ordinary shares, had its exercise price lowered from $6.15 to $5.99. The second option, covering 30,000 ordinary shares, had its exercise price lowered from $7.55 to $7.38. Both options were previously reported, and the filing states the changes were made "in connection with a special cash dividend distribution declared by the Company's board of directors on August 17, 2026 with a record date for the special cash dividend of August 27, 2026." Following the reported transactions, Tsur beneficially owns 7,500 and 30,000 derivative securities, respectively, both held indirectly by a trustee.

The filing notes that both sets of options "vested over a period of four years in four equal installments, such that 25% of the options vested on each anniversary of the grant date," and are held by a trustee under the Company's 2011 Share Award Plan. The exercise prices stated in U.S. dollars are described as a convenience conversion from NIS using the Bank of Israel exchange rate published as of September 22, 2026.

What Was Disclosed

David Tsur, a director of Kamada Ltd (NASDAQ:KMDA), reported adjustments to two existing employee stock options - covering 7,500 and 30,000 ordinary shares - lowering their exercise prices following the company's special cash dividend declared August 17, 2026.