Orit Pinchuk, VP of Regulatory Affairs at Kamada Ltd, filed a Form 4 on September 23, 2026, disclosing adjustments to the exercise prices of two previously reported employee stock options following the company's special cash dividend distribution.

Key Highlights

  • Exercise price adjustment, Option 1: A previously reported option covering 15,000 ordinary shares had its exercise price adjusted from $6.15 to $5.98, according to the filing.
  • Exercise price adjustment, Option 2: A previously reported option covering 60,000 ordinary shares had its exercise price adjusted from $7.61 to $7.44, according to the filing.
  • Trigger for adjustment: Both 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.
  • Currency note: All exercise prices are denominated in New Israeli Shekels (NIS); the USD figures presented are based on the NIS/USD exchange rate published by the Bank of Israel as of September 22, 2026.
  • Vesting schedule: Both options vest in four equal installments, with 25% vesting on each of the four anniversaries of the grant date.
  • Beneficial ownership structure: Both options are held indirectly by a trustee under the company's 2011 Share Award Plan.

Kamada Option Price Adjustments Tied to Special Cash Dividend

According to the Form 4 filed with the SEC on September 23, 2026, Orit Pinchuk, who serves as VP of Regulatory Affairs at Kamada Ltd (NASDAQ:KMDA), reported changes to the exercise prices of two employee stock options. The filing states that both 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 of August 27, 2026. The transaction date listed for both options is August 27, 2026, and the transaction code for each is "A."

The first option, covering 15,000 ordinary shares, had its exercise price adjusted to $5.98 per share, down from a previously reported price of $6.15. The second option, covering 60,000 ordinary shares, was adjusted to $7.44 per share from $7.61. The filing notes that all exercise prices are originally denominated in New Israeli Shekels (NIS) and that the USD equivalents presented reflect the Bank of Israel's NIS/USD exchange rate as of September 22, 2026. Following the reported transactions, Pinchuk beneficially owns 15,000 derivative securities under the first option and 60,000 under the second, both held indirectly through a trustee.

Both options are held by a trustee under the company's 2011 Share Award Plan and vest in four equal installments of 25% on each of the four anniversaries of the date of grant. The filing was signed by Orit Pinchuk on September 23, 2026, and was made by one reporting person.

What Was Disclosed

Kamada Ltd VP of Regulatory Affairs Orit Pinchuk disclosed exercise price adjustments to two employee stock options - covering 15,000 and 60,000 ordinary shares respectively - following a special cash dividend declared by the board on August 17, 2026.