Eran Nir, VP of Operations at Kamada Ltd, filed a Form 4 on September 23, 2026, disclosing adjustments to two previously reported employee stock option grants following a special cash dividend declared by the company's board of directors.

Key Highlights

  • Reporting person: Eran Nir, VP of Operations at Kamada Ltd (NASDAQ:KMDA), filed on September 23, 2026.
  • Option 1 adjusted: Exercise price on 22,500 ordinary shares moved from $6.15 to $5.98, with the options held by a trustee under the company's 2011 Share Award Plan.
  • Option 2 adjusted: Exercise price on 90,000 ordinary shares moved 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 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.
  • Exercise prices: Originally 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 Exercise Prices Reduced After Special Cash Dividend

According to the filing, Eran Nir, who serves as VP of Operations at Kamada Ltd, reported changes to two previously disclosed employee stock option grants. The earliest transaction date listed is August 27, 2026, which corresponds to the record date of a special cash dividend that the company's board of directors declared on August 17, 2026. Both option positions are held indirectly by a trustee under the company's 2011 Share Award Plan.

The first option covers 22,500 ordinary shares and had its exercise price adjusted from $6.15 to $5.98. The second option covers 90,000 ordinary shares and had its exercise price adjusted from $7.61 to $7.44. The filing notes that "the exercise prices of all options reported in this Form 4 are denominated in New Israeli Shekels (NIS)" and that the USD figures were calculated using the Bank of Israel exchange rate published as of September 22, 2026. Both grants carry a transaction code of "A" and a derivative security price of $0.00, and each resulting position following the reported transactions is 22,500 and 90,000 derivative securities, respectively.

The filing describes the vesting terms as four equal installments, with 25% vesting on each of the four anniversaries of the date of grant. No shares of non-derivative securities were reported acquired or disposed of in Table I of the form.

What Was Disclosed

Eran Nir, VP of Operations at Kamada Ltd, reported adjustments to two employee stock option grants totaling 112,500 ordinary shares underlying the options, with exercise prices lowered in connection with a special cash dividend declared August 17, 2026.