Document:

Exhibit 4.25

 

KAMADA LTD.

 

COMPENSATION POLICY FOR EXECUTIVE OFFICERS
AND DIRECTORS

 

		1.	OBJECTIVES OF THE POLICY

 

This document is designed to determine,
describe and detail the policy of Kamada Ltd. (the “Company”) with respect to the compensation of the Company’s
office holders, the amount of the compensation, its components and the method for determining compensation.

 

The Company’s compensation policy
and its publication are designed to enhance the level of transparency of the Company’s activities relating to the compensation
of office holders and to improve the ability of the shareholders to express their opinion and influence the Company’s compensation
policy for officer and directors.

 

This document shall apply to the Company’s
office holders: the chief executive officer, members of the Company’s executive management, each person fulfilling such positions
even if his title is different, and directors.

 

This document does not grant any rights
whatsoever to an office holder. Each of the Company’s office holders shall be entitled to compensation only in accordance with
his respective employment contract approved by the compensation committee, the board of directors (and the shareholders, to the
extent required).

 

This document determines (among other things)
the maximum values for the various components of compensation. Awarding compensation to an office holder in an amount that is less
than the amounts specified in this document shall not be deemed to be a deviation from the provisions of this compensation policy
and shall not require the approval of the shareholders that is required by law in the event of deviation from the terms of the
compensation policy.

 

Except with respect to the terms of service
and employment of office holders that were approved prior to the date of approval of this compensation policy, any deviation or
exception from this compensation policy (excluding, as described above, awarding compensation which is less than the compensation
stated in this policy) shall be subject to the approval of the Company’s compensation committee, board of directors and the
shareholders, to the extent required by law.

 

    1
 
Amended and Restated Compensation Policy – Approved on December 24, 2019

     

    

 

This compensation policy shall apply to
the terms of service and employment of office holders that are approved following the date of approval of this compensation policy.
This compensation policy does not derogate from existing contractual obligations, as of the date of approval of this compensation
policy, between the Company and its office holders.

 

The policy is drafted in the masculine
solely for convenience and applies to both men and women, without distinction.

 

In this policy, the Company’s “competent
organizations” are the compensation committee and the board of directors, and with respect to the compensation of the Company’s
chief executive officer, directors and controlling shareholders, also the shareholders, to the extent required by law.

 

		2.	GENERAL BACKGROUND

 

		2.1.	PURPOSE OF THE COMPENSATION
POLICY FOR OFFICE HOLDERS

 

This compensation policy for
office holders is designed to assist in achieving the Company’s objectives and work plans with a long-term view, taking into account,
among other things, the Company’s risks management policy and to ensure that:

 

		2.1.1.	The
interests of the Company’s office holders shall be as close as possible to and aligned with those of the Company and the
shareholders;

 

		2.1.2.	The
Company may recruit and retain senior officers capable of leading the Company to further business success and able to handle future
challenges;

 

		2.1.3.	Office
holders shall have motivation to attain a high level of business achievements without taking unreasonable risks;

 

		2.1.4.	Office
holders shall be compensated for achieving the Company’s strategic targets; and

 

    2
 
Amended and Restated Compensation Policy – Approved on December 24, 2019

     

    

 

		2.1.5.	An
appropriate balance shall be established between the various compensation components – fixed vs. variable compensation,
quantitative and measurable components vs. discretionary components, short-term vs. long-term components, compensation in cash
vs. equity-based compensation and benefits and perquisites.

 

		2.2.	PRIMARY BODIES INVOLVED
IN DETERMINING THE COMPENSATION POLICY FOR OFFICE HOLDERS

 

The parties
involved in determining the Company’s compensation policy are:

 

		●	Compensation committee of the board of directors –
makes recommendations to the board of directors regarding the approval of the compensation policy for office holders and any extensions
and updates to the policy to the extent required; approves the terms of service and employment of office holders; and may determine
to exempt a transaction from shareholder approval (in the event that the compensation committee believes that bringing the transaction
to the approval of the shareholders could jeopardize an arrangement with a candidate for chief executive officer).

 

		●	Board of directors – approves the compensation
policy for office holders; periodically reviews the compensation policy and is responsible for updating it as and when necessary.

 

		●	Shareholders – approves the compensation policy, to the extent approval is required by law.

 

		2.3.	BUSINESS ENVIRONMENT
AND ITS IMPACT ON COMPENSATION OF OFFICE HOLDERS

 

As a Company engaged in the
development of biological based drugs (biopharmaceuticals), the Company competes with other companies in the same and related fields
to recruit and retain managers and leading professionals. As at the date of writing this document (July 2013), no shortage of highly
talented management personnel with expertise in the Company’s specific field of business has been experienced; however, since it
is a growing area with several companies joining each year, the Company’s management personnel could be a target for recruitment
by rival companies alongside a shortage which could develop over the following years.

 

    3
 
Amended and Restated Compensation Policy – Approved on December 24, 2019

     

    

 

The Company’s compensation policy
was designed, among other things, to ensure the Company’s ability to recruit and retain the highly talented management personnel
it requires to continue to develop its business and business success, all in accordance with and subject to the objectives of the
compensation policy set forth in Section 2.1, including the promotion of the Company’s goals in the long-term.

 

		3.	OFFICER’S COMPENSATION IN VIEW OF COMPANY VALUES
AND BUSINESS STRATEGY

 

		3.1.	COMPENSATION ACCORDING
TO THE OFFICER’S CHARACTERISTICS AND EXPERIENCE

 

Officer compensation shall take
into account the officer’s education, skills, expertise, professional experience and achievements, as well as the characteristics
of the position which he is intended to fulfill and the responsibilities of the position. It is clarified, however, that the foregoing
shall not constitute threshold conditions for purposes of fulfilling a specific position in the Company (because at times prior
experience in a position and the relevant field are equivalent to or prevail over formal education in the field), and all of the
foregoing characteristics shall be taken into account in the examination of the suitability of a candidate for a particular position.
Without derogating from the foregoing, an office’s compensation shall be determined, for each of the various compensation
components, according to the foregoing parameters, the nature of the position and the areas of responsibility, while preserving
an appropriate balance between the various compensation components set out in this document.

 

		3.2.	RATIO BETWEEN OFFICER
COMPENSATION AND COMPENSATION OF OTHER COMPANY EMPLOYEES

 

The Company aims to compensate
its office holders for their contribution to its business success over time, taking into account the extensive responsibility and
authority imposed upon them.

 

    4
 
Amended and Restated Compensation Policy – Approved on December 24, 2019

     

    

 

Nevertheless, since the Company
employs a relatively small number of employees most of whom have unique professional expertise, the Company attaches importance
to the creation of appropriate compensation for all of its employees and in preserving reasonable gaps between the overall compensation
of officers and the compensation of the other Company employees.

 

The compensation committee and
the board of directors have examined the ratio between the terms of service and employment of officers and the average and median
salary of the other Company employees and contractors, and the ratio between the terms of service and employment of officers and
the average and median cost of employment of the other Company employees and contractors.

 

The compensation committee and
the board of directors believe that the ratio is appropriate and reasonable taking into account the nature of the Company, its
size, value, scale of activity in the various fields, the mixture of manpower and its field of activity and that it does not adversely
impact labor relations within the Company.

 

		3.3.	RELATIONSHIP BETWEEN
THE COMPANY’S BUSINESS RESULTS AND OFFICER COMPENSATION

 

The Company’s policy is that
the overall compensation for officers should be considerably influenced by its business results as well as the individual contribution,
responsibility and professional expertise of each officer to the achievement of these results. The higher the management position,
the influence of the business results and the individual contribution to the achievement of these results on the executive’s
compensation shall increase. For this purpose, the higher the management position, the weight of the variable compensation that
is performance based in relation to the overall compensation shall increase, all as specified in Section 4.2 below.

 

		4.	PRIMARY CONCEPTS OF THE COMPENSATION POLICY

 

		4.1.	OVERALL COMPENSATION
CONCEPT

 

The Company’s compensation committee
and board of directors believe that the overall compensation of each employee and in particular of officers should be comprised
of a number of different components, such that each element rewards the employee for a different element of his contribution to
the Company, thus achieving the objectives of the Company’s compensation policy:

 

		●	Base salary – designed to partially reward the
employee for the time he devotes to the performance of his role and the daily performance of his tasks. The base salary takes
into account, on the one part, the employee’s skills (such as experience, know-how, expertise accumulated in the field of
business, education, professional qualifications etc.) and, on the other part, the requirements of the role and the responsibility
and authority it carries.

 

    5
 
Amended and Restated Compensation Policy – Approved on December 24, 2019

     

    

 

		●	Benefits and perquisites – some of which are
mandatory according to law (such as pension, severance pay, vacation days, sick leave, recuperation pay, etc.), some of which
are common market practice (such as health insurance, insurance for loss of earning capacity, further education funds, which have
certain tax benefits for the employee and the Company) and others are designed to compensate the employee for expenses incurred
in fulfilling the position (such as a company car, travel expenses, phone, etc.).

 

		●	Variable performance based awards (e.g. annual bonus)
– designed to reward the officer for his achievements and contribution to attaining the Company’s goals during the
course of the period for which the variable compensation is paid and to supplement the base salary. The weight of variable performance
based compensation in relation to the overall compensation shall increase the higher the officer’s management position.

 

		●	Equity-based compensation – designed to link
long-term shareholder returns and the compensation of officers and employees of the Company. Equity-based compensation creates
a correlation between the interests of employees and officers and the interests of the Company’s shareholders and assists
in creating motivation and in retaining the key personnel in the Company.

 

    6
 
Amended and Restated Compensation Policy – Approved on December 24, 2019

     

    

 

		4.2.	RATIO BETWEEN COMPENSATION
COMPONENTS

 

The ratio required between the
components of an officer’s compensation package is set forth in the following table:

 

	
        RANK
	BASE SALARY TO VARIABLE COMPENSATION (BOTH PERFORMANCE AND EQUITY BASED)
	Chief Executive Officer and Deputy Chief Executive Officer	up to 1:2
	Vice President	up to 1:1

 

		5.	COMPENSATION COMPONENTS

 

		5.1.	BASE SALARY

 

		5.1.1.	Determination of the
base salary for officers

 

The
base salary for an officer shall be determined during the course of the negotiations for his employment in the Company, which shall
be conducted by the person who shall directly supervise the officer (for the chief executive officer – the chairman of the
board of directors or whoever is appointed on his behalf for such purpose, for a vice president – the Company’s chief executive
officer or whoever is appointed on his behalf for such purpose). The officer’s intended supervisor may determine the base
salary based on a range to be determined and approved in advance for such purpose in accordance with the provisions prescribed
in this policy. 

 

The
salary to be determined, within the foregoing range, shall express the skills of the candidate (including, among other things,
his education, professional experience and expertise) and his suitability to the intended position as well as also the acceptable
salary conditions in the relevant market and the Company’s financial capability at the time of recruitment.

 

    7
 
Amended and Restated Compensation Policy – Approved on December 24, 2019

     

    

 

The
Company believes that the emphasis of its compensation policy should be on performance based compensation and therefore, the Company’s
policy is to determine a base salary which is close to the median salary in the relevant market for similar positions, alongside
variable performance based compensation and long-term compensation components that will bring the officer’s overall compensation
to a level which will allow the Company to recruit and retain the highly talented management personnel it requires for continuation
of its success.

 

Because
officers hold a management position within the meaning of the Hours of Work and Rest Law, such law shall not apply to officers
and they shall not be entitled to compensation for overtime work or work on the day of rest.

 

		5.1.1.1.	Market
comparison (benchmark)

 

To
determine the salary for the recruitment of a new officer, a comparison shall be made of the acceptable salary in the market for
similar positions in companies similar to the Company. For purposes of the foregoing comparative studies, companies meeting the
maximum number as possible of the following characteristics shall be selected:

 

		●	Companies in the
field of bio-tech, pharmaceuticals, medical devices and other related fields;

 

		●	Public companies whose shares are traded either on the Tel
Aviv Stock Exchange or the NASDAQ Stock Market;

 

		●	Companies of a similar size in the following financial dimensions:
shareholder equity, balance sheet, sales turnover, operating profit and net profit;

 

		●	Companies having substantial international activity.

 

    8
 
Amended and Restated Compensation Policy – Approved on December 24, 2019

     

    

 

The
comparative study shall address all the components of the compensation package and shall include (to the extent the information
is available):

 

		●	the acceptable range of base salaries for similar positions
(including the split within the range);

 

		●	the acceptable range for annual bonuses;

 

		●	the acceptable range for equity-based compensation; and

 

		●	the benefits and perquisites that are acceptable in the market.

 

		5.1.1.2.	Internal comparison
– in determining the salary for the recruitment of a new officer, the following considerations shall be taken into account,
as well as their potential impact on the Company’s labor relations as a whole and within the management team:

 

		●	The gap between the proposed salary of the officer and the
salary of the other officers in the Company.

 

		●	The ratio between the proposed salary of the officer and
the salary of the other employees of the Company.

 

		●	If there are officers with similar positions in the Company
– the gap between the proposed salary of the officer and the salary of the officers with similar positions.

 

		5.1.1.3.	To the extent necessary,
the Company may employ an officer outside of Israel. In such instance, the salary shall be determined in a process adjusted to
the country where such officer is employed. In the event that the salary of officers who are candidates for employment abroad deviate
from this policy, the salary shall be brought before the Company’s competent organs for approval, prior to the execution of a binding
employment contract.

 

		5.1.1.4.	Director compensation

 

The compensation
of directors of the Company (including external directors and others) who are not employed
in another position in the Company shall be determined pursuant to the Companies Regulations (Rule Regarding the Compensation and
Expenses of an External Director), 5760 – 2000 (the “Compensation Regulations”) and shall not exceed the
maximum compensation permitted under the Compensation Regulations, among other things taking into account their definition as financial
experts.

 

    9
 
Amended and Restated Compensation Policy – Approved on December 24, 2019

     

    

 

Compensation to directors who
are employed in another position in the Company shall be determined in accordance with the Company’s customary compensation
for similar positions, subject to the provisions of this compensation policy.

 

The Company may award directors
equity-based compensation pursuant to the provisions of Section 5.2.2 below, subject to the provisions of the Compensation Regulations.

 

Directors shall be entitled only
to such compensation that has been expressly provided for in this document.

 

		5.1.2.	Periodical review and update of salary

 

In order to retain officers, the
officers’ base salary shall be reviewed annually during the course of the first quarter
of each year, taking into consideration the challenges of the given year and the following year, the complexity of the officers’
roles, their scope and importance to the Company’s performance, all based upon the Company’s resources and in comparison to the
acceptable salary for similar roles in the relevant market. To the extent necessary, a proposal regarding an increase to all or
any of the officers’ salaries shall be prepared and brought before the Company’s relevant organs for approval.

 

		5.1.2.1.	Linkage

 

The officers’
salary shall not be linked to any index apart from the statutory cost of living increase.

 

    10
 
Amended and Restated Compensation Policy – Approved on December 24, 2019

     

    

 

		5.2.	VARIABLE COMPENSATION

 

Variable
compensation components are intended to achieve several objectives:

 

		●	To link part of the officers’ compensation to
the achievement of business goals and targets which, in the long-term, bring maximum value to the Company and create a joint interest
between the officers, the Company and its shareholders.

 

		●	Increase the officers’ motivation to attain the
Company’s long-term goals.

 

		●	Correlating some of the Company’s payroll costs
with its performance and enhancing its financial and operational flexibility.

 

		5.2.1.	Annual bonus

The Company’s officers shall be
entitled to an annual bonus, based upon the annual bonuses plan which shall be brought
before the compensation committee and the board of directors for approval.

 

		5.2.1.1.	Principles

 

Annual
bonuses for officers shall be calculated according to the annual bonus plan, to the extent it is approved by the Company’s competent
organs. The annual bonus plan shall be comprised of the following provisions:

 

		●	Payment thresholds based on one or more quantitative financial
measure(s) of Company performance during the year for which the bonus is paid (such as revenue, gross profit, EBITDA, operating
profit or net profit). The compensation committee shall determine the measure from the list and according to the Company’s objectives
for the bonus year. In addition, the compensation committee shall determine a substitute measure which may be used as a payment
threshold according to the board of directors resolution during the course of the bonus year where, due to circumstances which
could not have been anticipated and which are not in the control of the Company’s board of directors, the Company would not succeed
in meeting the primary threshold(s).

 

    11
 
Amended and Restated Compensation Policy – Approved on December 24, 2019

     

    

 

		●	Determining the target bonus for each officer – a target
bonus is the bonus paid when 100% of the targets have been met – in terms of a salary multiplier. A target bonus shall be
identical for each officer of a particular rank and shall not exceed, in percentages, the rate set forth in Section 4.2;

 

		●	Determining the maximum bonus (in terms of a salary multiplier)
which shall be paid to an officer upon attaining considerably higher results than the targets that were determined; 

 

		●	The measures according to which the bonus shall be calculated
for each officer and their relative weights, in accordance with Section 5.2.1.2 below;

 

		●	The targets for each measure, for the bonus year.

 

		5.2.1.2.	Determining the bonus plan measures and targets

 

Personal
targets and measures shall be determined for each officer, according to which the officer’s performance shall be measured. A weight
shall be assigned to each measure for determining the annual bonus for each officer, and the bonus paid to the officer shall be
determined in accordance with the weighted percentage of meeting the targets, as described below. There shall be three main categories
of performance measures for each officer:

 

		●	Company measures – economic or strategic measures,
which may be measured quantitatively, in relation to the Company’s performance (sales turnover, operating profit, percentage of
operating profit, EBITDA, net profit, obtaining approval from the authorities in the target markets, etc.). These measures shall
be the same for all Company officers and the extent of meeting their targets shall determine 80% of the total bonus for the Company’s
chief executive officer and 40% of the total bonus for vice presidents.

 

    12
 
Amended and Restated Compensation Policy – Approved on December 24, 2019

     

    

 

Personal
measures – quantifiable and measurable key performance indicators (KPIs) shall be determined for each officer separately,
in accordance with his position. The extent of meeting these measures shall determine a further 40% of the total bonus of a vice
president. No personal measures shall be determined for the chief executive officer. 

 

		●	Managerial appraisal (the Company’s chief executive officer
or the chairman of the board of directors, as the case may be) – an evaluation of each officer’s performance in terms
that are not measurable but which have a contribution to the Company’s long-term performance. The managerial appraisal shall determine
up to 20% of the officer’s total bonus. At the beginning of each year, qualitative measures shall be determined on the basis of
which the appraisal of each officer shall be made.

 

The
targets in the personal and managerial measures of each officer shall be determined in
accordance with the work plan targets for the bonus year.

 

		5.2.1.3.	Determination of the bonus budget

 

The
total annual budget for the bonuses of Company’s officers shall be determined according to the sum of the maximum bonuses of all
officers. After the Company has achieved a net profit for two consecutive years, a maximum total annual bonus budget shall be determined,
in terms of a percentage of the Company’s operating profit (or the net profit/ gross profit / EBITDA / other measure or any combination
thereof, according to the resolution of the Company’s compensation committee and board of directors), unless otherwise determined
in the Company’s annual budget approved by the board of directors (e.g., if the Company has operating losses as a result
of an increase in research and development costs, partnerships or M&A). In years where the Company does not meet the minimum
percentage of the target determined by the Company, as determined by the compensation committee from time to time, no bonuses shall
be paid to officers.

 

    13
 
Amended and Restated Compensation Policy – Approved on December 24, 2019

     

    

 

		5.2.1.4.	Bonus calculation mechanism

 

The bonus for
each officer shall be determined according to the extent that the officer has met the targets determined for him for the bonus
year. The weighted percentage of meeting the targets of each officer shall be translated into a bonus percentage according to the
“payment line” formula determined in the bonus plan for officers, which shall be multiplied by the target bonus (the
personal bonus) of the officer for the purpose of calculating the actual bonus. The maximum target bonus for vice presidents shall
be eight times the base monthly salary, for the deputy chief executive officer, nine times the base monthly salary and for the
chief executive officer, ten times the base monthly salary.

 

The “payment
line” shall determine:

 

		●	The minimum percentage of meeting targets (the lower performance threshold) up to which the officer
shall not be paid any bonus whatsoever; the minimum percentage is 70%.

 

		●	The percentage of the target bonus which shall be paid in achieving the lower performance threshold;

 

		●	A maximum percentage of the target bonus (the bonus ceiling) which shall be paid upon achieving
a considerably higher level of performance than the targets; the maximum percentage is 150% of the target bonus.

 

		●	The level of performance where the personal bonus ceiling shall be paid.

 

    14
 
Amended and Restated Compensation Policy – Approved on December 24, 2019

     

    

 

Calculation
of the target bonus percentage for each level of performance between the above-mentioned points shall be made by a linear method.

 

		5.2.1.5.	The approval process for the actual bonus

 

At the end
of each year, the extent of meeting targets by each of the officers shall be calculated. The percentage of meeting targets of the
officer shall be translated into a percentage of the target bonus according to the payment line formula. The actual bonus to be
paid shall be calculated by multiplying the target bonus percentage by the target bonus.

 

The compensation
committee and the board of directors shall be entitled to reduce an officer’s annual bonus at their discretion taking into account
the following factors:

 

		●	The amount of the officer’s contribution to the Company’s business development beyond the specific
responsibility;

 

		●	The quality and speed of the officer’s response to crises and unanticipated events;

 

		●	The officer’s contribution to the promotion of the Company within his field of expertise or outside
such field.

 

		●	The officer’s overall management, motivating employees and leadership.

 

The annual
bonuses approved by the compensation committee and the board of directors shall be paid to the officers together with the first
monthly salary that is paid after the approval of the annual bonuses by the board of directors.

 

If annual bonuses
have been paid to officers on the basis of financial measures which at a later stage transpire to be erroneous and are restated
in the financial statements, the officer shall refund the surplus bonuses sums, within one year from the date of the Company’s
notice with respect thereto, linked to the consumer price index, and if the officer has received less, the Company shall pay the
missing bonus amounts together with the next monthly salary. The Company, by written notice to the officer 60 days in advance,
may set-off all or part of the surplus bonuses sums from the bonuses owing to the officer in respect of the following years.

 

    15
 
Amended and Restated Compensation Policy – Approved on December 24, 2019

     

    

 

		5.2.2.	Special bonus 

 

The
Company’s compensation committee and the board of directors shall be authorized to award any of the Company’s officers a one-time
special bonus of up to a gross amount of NIS 500,000 (in addition to the annual bonus) in recognition of a significant achievement
or for completion of an assignment, such as completion of a major transaction or achieving
a major milestone with material effect over the Company’s business. Such bonus is individual for any of the Chief Executive Officer,
Deputy Chief Executive Officer or Vice Presidents and should be approved by the Company’s compensation committee and board
of directors.

 

		5.2.3.	Equity-Based Compensation

 

The
Company’s compensation committee and board of directors believe, in accordance with common practices of public companies in the
market, that as part of the officers’ total compensation package it is appropriate to offer a component of equity-based compensation,
the purpose of which is to establish a joint interest between the officers and the Company’s shareholders. By virtue of the long-term
nature of equity-based compensation plans, they support the Company’s ability to retain senior managers in their position for the
long term and are in the interest of the Company and its shareholders.

 

    16
 
Amended and Restated Compensation Policy – Approved on December 24, 2019

     

    

 

In
view of the advantages of equity-based compensation plans, the Company shall offer its officers participation in an equity-based
compensation plan according to the provision set forth below:

 

		5.2.3.1.	Equity-based compensation plan

 

Subject to
the approval of the Company’s competent organs in accordance with law, the Company shall offer officers and directors, participation
in an equity-based company plan, which may include options to purchase shares or restricted share awards or a combination of both
(herein described collectively as “Awards”). The equity-based compensation plan shall be defined and implemented
so that it conforms to the requirements of Section 102 of the Income Tax Ordinance in the capital gains track, to the extent possible.

 

The equity-based
compensation plan to be approved shall include the following:

 

		●	The maximum number of securities to be granted and the dilution percentage arising from the grants;

 

		●	The method of allocating the grant among the various offerees and also a reserve for grants to
office holders who may join the Company during the course of the term of the plan;

 

		●	The Awards shall vest over a minimum period of four years and not more than 25% of the Awards shall
vest in each of such years. The minimum vesting period for the first portion of the grant shall not be less than one year from
the date of grant;

 

		●	With respect to options, the exercise price of each option shall be equal to the higher of (i)
the average closing price of the Company’s ordinary shares on the Tel Aviv Stock Exchange during the 30 trading days prior
to the date of the option grant plus 5%; and (ii) the closing price of the Company’s ordinary shares on the Tel Aviv Stock
Exchange on the date of the option grant;

 

		●	The expiration date of the options - up to 10 years from the date of grant; and

 

    17
 
Amended and Restated Compensation Policy – Approved on December 24, 2019

     

    

 

		●	Terms upon termination of employment or service (due to dismissal, resignation, death or disability)
and change of control. The terms in the event of a change of control shall include, among others: a definition of a change in control
resulting in full acceleration of Awards that have not yet vested as of the date of the change of control. Upon leaving the Company,
the compensation committee shall be entitled, at its discretion, to approve the acceleration of Awards.

 

		5.2.3.2.	Grants

 

In accordance
with the approval of the compensation committee and the board of directors, Awards shall be granted to officers of the Company
in accordance with the terms of the approved equity-based compensation plan. To the extent that an approved plan includes several
grants, the future grants shall be made in accordance with the provisions of the plan and on such dates as prescribed in the plan.

 

When a new
officer joins the Company during the course of a plan, the joining officer shall be granted an Award out of the reserve determined
in the plan.

 

The Awards
granted shall be deposited with a trustee in accordance with the provisions of Section 102 of the Income Tax Ordinance. The trustee
shall report to the offerees about the number of Awards it holds on their behalf, their exercise dates in the case of options and
any other details they require in connection with the grant.

 

The considerations
for the allocation of the Awards among the various offerees shall include:

 

		●	The officer’s contribution to the Company’s success;

 

		●	The officer’s ability to influence the Company’s future and performance;

 

    18
 
Amended and Restated Compensation Policy – Approved on December 24, 2019

     

    

 

		●	The amount of the other compensation components to which the officer is entitled;

 

		●	The scope of the officer’s responsibility and tasks.

 

		5.2.3.3.	Exercise of Options

 

Upon vesting
of each portion of an officer’s options, the vested options held by the trustee may be exercised into Company shares. The trustee
shall act pursuant to the officers’ instructions and shall perform for them all the acts required for the exercise of the options
into shares and/or cash.

 

		5.2.3.4.	Maximum Value of Equity-Based Compensation.

 

The
maximum value of equity-based compensation for all officers shall be fifteen monthly base salaries.

 

		5.3.	ADDITIONAL BENEFITS AND PERQUISITES 

 

		5.3.1.	Pension 

 

The Company shall
allocate payments to a pension fund (or several pension funds) or a pension agent, all in accordance with the officer’s selection
in writing and pursuant to the applicable statutory provisions. The allocations shall be made out of the officer’s base salary
only and shall not be comprised of any other compensation components whatsoever. The Company’s allocations to pension funds shall
be conditional upon the appropriate contribution from the officer’s salary to the pension.

 

The Company shall
insure officers for loss of earning capacity as part of their participation in a pension fund or as an additional policy for office
holders that have manager insurance. The Company’s allocations to insurance for loss of earning capacity shall not exceed 2.5%
of the officer’s base salary.

 

    19
 
Amended and Restated Compensation Policy – Approved on December 24, 2019

     

    

 

Officers who
are recruited by the Company after the publication of this policy shall sign the general consent form of the Israeli Minister of
Labor pursuant to Section 14 of the Severance Pay Law and the Company shall allocate the officers’ severance pay into the pension
fund / manager’s insurance in accordance with officer’s election.

 

		5.3.2.	Further Education Fund

 

Each month the
Company shall allocate 7.5% of the officer’s base salary and shall deduct a further 2.5% of his base salary to a further education
fund at the officer’s selection. The allocation and deduction from the officer’s salary to a further education fund shall be made
up to maximum amount permitted under the Income Tax Regulations.

 

		5.3.3.	Vehicle

 

The Company shall
provide officers with a vehicle for their personal use, in accordance with the Company’s practice, and the Company shall pay the
cost of maintaining the vehicle. The officer shall pay any tax applicable under any law on the value of the use of the vehicle
placed at his disposal by the Company. The Company shall calculate such tax and shall deduct it from the officer’s salary.

 

		5.3.4.	Mobile Phone

 

The Company shall
provide an officer with a mobile phone for his use, the type of which shall be at the Company’s discretion, and the payment for
the cost of use of the phone and the device shall be paid by the Company. The officer shall pay any tax which is likely to be levied
on him due to the use of the mobile telephone at the Company’s expense.

 

		5.3.5.	Meals

 

The officer shall
be entitled to participate in a payment arrangement for meals during working hours as determined in the Company’s policy with respect
to all of the Company’s employees.

 

    20
 
Amended and Restated Compensation Policy – Approved on December 24, 2019

     

    

 

		5.3.6.	Annual Vacation

 

An officer shall
be entitled to annual vacation in the number of days determined in the annual vacation tables and in accordance with the Company’s
policy (or pursuant to the Annual Vacation Law if no such tables have been defined in the Company’s policy).

 

		5.3.7.	Sick Leave

 

An officer shall
be entitled to be absent from work on account of illness pursuant to the provisions of the Sick Pay Law and in accordance with
the Company’s policy.

 

		5.3.8.	Recuperation Pay

 

An officer shall
be entitled to recuperation pay pursuant to the Recuperation Pay Law.

 

		6.	TERMINATION OF OFFICE CONDITIONS

 

		6.1.	ADVANCE NOTICE

 

An officer
shall be entitled to an advance notice period, as determined by the compensation committee or in accordance with the existing agreements
and no more than four months. During the course of the advance notice period, the officer shall be required to continue to fulfill
his position, unless the chief executive officer decides to release him from this obligation, and he shall be entitled to the continuation
of all the terms of office and employment without change with respect to such period.

 

		6.2.	RETIREMENT AND TERMINATION
AWARDS

 

As a general rule, no retirement
and termination awards shall be determined in the officers’ personal employment agreements. The board of directors, at the chief
executive officer’s recommendation, may approve the offer to an officer who has been employed by the Company for at least
three years, a retirement award in an amount not exceeding twice the officer’s base monthly salary. When an officer has been employed
by the Company for five years or more, the board of directors may approve a retirement or termination award which may not exceed
four times the officer’s base monthly salary.

 

    21
 
Amended and Restated Compensation Policy – Approved on December 24, 2019

     

    

 

		6.3.	NON-COMPETITION

 

Officers shall undertake in writing,
at the time they enter into an employment agreement with the Company, to refrain from competing with the Company for a period which
is not less than the advance notice period plus the retirement or termination award period to which they shall be entitled after
their retirement from the Company.

 

Officers who are employed in
the Company at the date of publication of the policy and who have not signed a non-competition agreement shall sign an agreement
as above-mentioned as a condition for payment of any retirement or termination award.

 

		7.	EXCULPATION, INDEMNITY AND OFFICERS’ INSURANCE

 

Office holders shall be covered
by directors’ and officers’ liability insurance which the Company shall acquire, from time to time (the “Policy”),
subject to the Israeli Companies Law, 1999 (the “Companies Law”), the Israeli Companies Law Regulations (Reliefs
Regarding Transaction with Interested Parties), 2000 (the “Companies Regulations”) and any other applicable
law or regulation. Subject to the provisions of the Companies Law, the Companies Regulations and any other applicable law or regulation,
the acquisition, extension, renewal or replacement of the Policy may be approved solely by the Company’s compensation committee
provided that (i) the maximum aggregate limit of liability pursuant to the D&O Insurance (including Side “A” coverage)
shall be not more than US$50,0000,000 (fifty million U.S. Dollars) for each D&O Insurance period; (ii) the annual premium for
each D&O Insurance (including Side “A” coverage) shall not exceed US$750,000 (seven hundred and fifty thousand
U.S. Dollars); (iii) the maximum aggregate deductible payable by the Company shall not exceed US$2,000,000 (two million U.S. Dollars);
and (iv) the D&O Insurance is on market terms and shall not have a material impact on the Company’s profitability, assets
or liabilities.

 

The Company awards, and shall
continue to award, indemnification undertakings to directors and officers, subject to the approvals required in accordance with
the provisions of the Companies Law.

 

Subject to the provisions of
the Companies Law, the Company shall be entitled to exculpate in advance an office holder of the Company from liability, in whole
or in part, for damages resulting from a breach of a duty of care towards the Company, subject to the approvals required in accordance
with the Companies Law; provided, however, that the Company may not exempt an office holder for an action or transaction in which
a controlling shareholder (as such term is defined in the Companies Law) or any other office holder (including an office holder
who is not the office holder the Company has undertaken to exempt) has a personal interest (as such term is defined in the Companies
Law).

 

    22
 
Amended and Restated Compensation Policy – Approved on December 24, 2019

     

    

 

		8.	MAINTENANCE OF THE COMPENSATION POLICY

 

		8.1.	The
Company’s Vice President, Human Resources shall be responsible for maintaining the compensation policy updated.

 

		8.2.	Updates
to the compensation policy shall be approved by the compensation committee, the board of directors and the shareholders pursuant
to the requirements of the Companies Law.

 

*        *        *

 

 

23

 

Amended and Restated Compensation Policy – Approved on December 24, 2019Exhibit 4.30

 

CERTAIN IDENTIFIED INFORMATION HAS BEEN
EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH (i) NOT MATERIAL AND (ii) WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY
DISCLOSED.

[*****] indicates the redacted confidential
portions of this exhibit.

 

SIXTH
AMENDMENT 

TO THE

EXCLUSIVE
MANUFACTURING, SUPPLY AND DISTRIBUTION AGREEMENT

 

This SIXTH Amendment
to the Exclusive Manufacturing, Supply and Distribution Agreement dated August 23rd, 2010 as amended on September 6th,
2012, May 14th, 2013, February 15th, 2014, August 25th, 2015, and September 30th, 2016,
by and between Baxalta US Inc., a member of the Takeda group of companies, having a place of business at 1200 Lakeside Dr., Bannockburn,
IL 60015, USA (hereinafter “Baxalta”) and Kamada Ltd., having a place of business at 2 Holzman Street,
Weizmann Science Park, Rehovot 7670402, Israel (hereinafter “Kamada”) (the “Agreement”) is entered
into as of this 30th day of August, 2019 (the “Effective Date”). Baxalta and Kamada shall collectively
be referred to as the “Parties”.

 

RECITALS

 

WHEREAS, the Parties
desire to enter into a sixth amendment to the Agreement in order to amend the Minimum Purchase Levels and the Production Capacity
for the years 2019 through 2021 as may be set under the Agreement and its prior amendments, as well as other provisions, as elaborated
hereunder (hereinafter the “Sixth Amendment”).

 

WHEREAS, Baxalta is
interested to secure a Minimum Purchase Levels for the years 2019 through 2021, which exceed the quantities indicated in the Agreement
(including its Amendments).

 

WHEREAS, the Parties
desire to amend the Minimum Purchase Levels and Production Capacity for years 2019 through 2021.

 

Now
therefore, it is hereby agreed as follows:

 

		1.	Section 4.5 of the Agreement shall be replaced with the following paragraph:

 

		4.5	2021 Supply and Post-2021 Forecasting. Baxalta shall notify
Kamada in writing, no later than [*****] with respect to its expectations for the continued supply of Product by Kamada, for calendar
years 2022 and beyond. For the avoidance of doubt, and except as otherwise stated in the Agreement, Kamada does not guarantee the
availability of any Products beyond 2021, and Production Capacity beyond 2021 will be negotiated separately. In addition, Baxalta
shall notify Kamada no later than [*****], of Baxalta’s requirements of additional Product in the 2021 Minimum Period in
excess of the [*****] 50 ml vial Minimum Purchase Level for 2021. 

 

    	Sixth Amendment to the Exclusive Manufacturing, Supply and Distribution Agreement-Confidential
	Page 1

     

    

 

		2.	Section 6.4(a) of the Agreement shall be replaced with the following paragraph:

 

		6.4	Minimum Purchase
                                         Levels. (a)During
                                         each calendar year following the Effective Date (each a “Minimum
                                         Period”), for a period terminating on
                                         December 31, 2021 (the “Minimums Term”),
                                         Baxalta shall be obligated to purchase minimum volumes (the “Minimum
                                         Purchase Levels”) of the Product as follows:

 

	
        Minimum Period

        (Calendar Year)
	Minimum Purchase 

Levels 

(50 mL vials)
	2010	[*****]
	2011	[*****]
	2012	[*****]
	2013	[*****]
	2014	[*****]
	2015	[*****]
	2016	[*****]
	2017	[*****]
	2018	[*****]
	2019	[*****]
	2020	[*****]
	2021	[*****]

 

		3.	Section 4.2(g) Failure to Supply is hereby amended to add paragraph (iv) as follows:

 

(iv)
Without derogating from Baxalta’s obligation to place purchase orders for the Minimum Purchase Levels during a Minimum
Period, Kamada shall have the right to deviate from supplying the Production Capacity for the year [*****] by up to
plus/minus [*****] vials (in each case, a positive or negative Deviation). In the case that Kamada supplies a positive
Deviation for [*****], Baxalta shall purchase the Deviation, and both Baxalta’s Minimum Purchase Level for [*****] and
Kamada’s Production Capacity for [*****] shall be reduced by the number of vials of such positive Deviation. In the
case that Kamada supplies a negative Deviation for [*****], Baxalta shall have the option to a) cancel the purchase order for
the number of vials of the negative Deviation, wherein such cancelled purchase order will still count towards Baxalta’s
Minimum Purchase Level for [*****]; or b) increase both Baxalta’s Minumum Purchase Level for [*****] and Kamada’s
Production Capacity for [*****] to add the number of vials of the negative Deviation. Such option for a negative Deviation
shall be exercised by Baxalta by written notice to Kamada by [*****].

 

    	Sixth Amendment to the Exclusive Manufacturing, Supply and Distribution Agreement-Confidential
	Page 2

     

    

 

		4.	Section 1.77 of the Agreement is hereby amended to read as follows:

 

		1.77	“Production Capacity” of 50 mL vials of Product
for delivery to Baxalta shall mean:

 

	Calendar Year	50 mL vials/year
	2010	[*****]
	2011	[*****]
	2012	[*****]
	2013	[*****]
	2014	[*****]
	2015	[*****]
	2016	[*****]
	2017	[*****]
	2018	[*****]
	2019	[*****]
	2020	[*****]
	2021	[*****]

 

		5.	Section 5.1(d) of the Agreement shall be replaced with the following:

 

		(d)	Annual and Market Price Adjustments.

 

		(i)	The Transfer Price for 2019 shall be $[*****].
Thereafter, on each January 1 during the Minimums Term, or as soon thereafter as practicable, the then-current Transfer Prices
(taking into account any prior year adjustments and Market Price adjustments) shall be increased by the lesser of: (A) [*****]
([*****]%) and (B) the percentage increase, if any, in the Producer Price Index total final demand, without any deductions, over
the previous 12 months ending December as published in the December PPI Detailed Report by the U.S. Bureau of Labor Statistics
for the prior year.

 

		(ii)	With
                                         respect to the year [*****], the Transfer Price shall be the [*****] Transfer Price plus
                                         the PPI increase allowed in Section 5.1(d) (i), above, plus [*****] dollars ($[*****])
                                         per vial. Kamada shall provide a discount of [*****] dollars ($[*****]) per vial off
                                         the then current Transfer Price (at which point the Transfer Price shall be the [*****]
                                         Transfer Price plus the PPI increase allowed in Section 5.1(d) (i), above), for the incremental
                                         Product purchased by Baxalta from Kamada during [*****] in excess of [*****] 50 mL vials.
                                         Such discounts shall be reflected on both the purchase order and invoice for such Product
                                         purchased during [*****] in excess of [*****] 50 mL vials.

 

    	Sixth Amendment to the Exclusive Manufacturing, Supply and Distribution Agreement-Confidential
	Page 3

     

    

 

		(iii)	The
                                         Transfer Price specified in this Section 5.1(d) applies only to Products which are indicated
                                         for the treatment of Alpha-1 antitrypsin deficiency (AATD).

 

		6.	Section 8.1(b)(iii) shall be replaced with the following:

 

		(iii)	Until the First Commercial Sale (as defined in the License Agreement), and in connection with the
conduct of the Clinical Studies, Kamada shall supply Baxalta with up to an aggregate amount, together with the Product supplied
under Section 7.3(b), of [*****] [*****] mL vials of Product during the Term of this Agreement to be utilized solely in the conduct
of such Clinical Studies at a discounted price (such vials being “Clinical Product”). These [*****] vials of Clinical
Product provided under this Section 8.l(b)(iii) shall be at a price of US$ [*****] per vial. As of August 15, 2019, Kamada has
supplied [*****] vials of Clinical Product, with [*****] vials of Clinical Product remaining. Such Clinical Product prices shall
be reflected on both the purchase order and invoice for such Clinical Product. Prior to [*****], the Clinical Product shall count
towards Kamada’s Production Capacity for the year in which the Clinical Product is supplied, but not towards the Minimum
Purchase Level for the Minimum Period in which the Clinical Product is supplied. Starting [*****], the Clinical Product shall count
towards Kamada’s Production Capacity for the year in which the Clinical Product is supplied, and towards the Minimum Purchase
Level for the Minimum Period in which the Clinical Product is supplied

 

		7.	All provisions of the Agreement and its prior amendments which are not expressly amended by the
terms of this Sixth Amendment shall remain in effect and without change. In the event of any conflict or inconsistency between
the terms and conditions of this Sixth Amendment and the terms and conditions of the Agreement and its prior amendments, the terms
and conditions of this Sixth Amendment shall govern and control the rights and obligations of the Parties.

 

[Signature page to follow]

 

    	Sixth Amendment to the Exclusive Manufacturing, Supply and Distribution Agreement-Confidential
	Page 4

     

    

 

IN WITNESS WHEREOF, the Parties have caused
this Sixth Amendment to be executed by their duly authorized representatives.

 

	BAXALTA US INC.	 	KAMADA LTD.
	 	 	 
	By:	                           	 	By:	/s/
    Amir London                                
	Name:	 	Name: 	Amir London
	Title:	 	Title:  	Chief Executive Officer
	Date:	 	 	Date:	 
	 	 	 
	 	 	By:	/s/ Chaime Orlev
	 	 	Name: 	Chaime Orlev
	 	 	Title:  	Chief Financial Officer
	 	 	Date:	 

 

 

 

	Sixth Amendment to the Exclusive Manufacturing, Supply and Distribution Agreement-Confidential	Page 5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00305-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00305-of-00352.parquet"}]]