Nir Livneh, VP and General Counsel of 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 of directors.

Key Highlights

  • Reporting person: Nir Livneh, VP and General Counsel of Kamada Ltd (NASDAQ:KMDA)
  • First option adjustment: Exercise price on 29,485 ordinary shares reduced from $5.59 to $5.43, with options held by a trustee under the company's 2011 Share Award Plan
  • Second option adjustment: Exercise price on 60,000 ordinary shares reduced from $7.61 to $7.44, also held by trustee under the same plan
  • Trigger for adjustments: 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 in four equal installments of 25% on each of the four anniversaries of the grant date
  • Currency note: Exercise prices are denominated in New Israeli Shekels (NIS) and converted to U.S. dollars using the Bank of Israel NIS/USD exchange rate as of September 22, 2026

Kamada Option Price Adjustments for VP Livneh Following Special Dividend

According to the Form 4 filing, Nir Livneh, who serves as VP and General Counsel of Kamada Ltd, reported changes to two employee stock option grants on August 27, 2026. Both sets of options are held indirectly by a trustee under the company's 2011 Share Award Plan. No new options were granted and no options were exercised or disposed of; the filing reflects only adjustments to previously reported exercise prices.

The filing states that the exercise price for 29,485 ordinary shares was adjusted from $5.59 to $5.43, and the exercise price for 60,000 ordinary shares was adjusted from $7.61 to $7.44. According to the filing, these adjustments 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." The filing notes that the exercise prices are denominated in NIS and that the USD figures presented are based on the Bank of Israel exchange rate as of September 22, 2026.

Both option grants carry a reported acquisition price of $0.00 and vest in four equal installments, with 25% vesting on each of the four anniversaries of the grant date. Following the reported transactions, Livneh beneficially owns 29,485 derivative securities under the first option and 60,000 under the second, both held indirectly through a trustee.

What Was Disclosed

Kamada Ltd's VP and General Counsel Nir Livneh reported exercise price reductions on two existing employee stock option grants covering a combined 89,485 ordinary shares, attributing the adjustments to a special cash dividend declared by the board on August 17, 2026.