13D Filing: Brosh Capital Partners L.P. and Kamada Ltd (KMDA)

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Brosh Capital Partners 2,284,123 2,284,123 5.7%
Exodus Management Israel Ltd 2,430,473 2,430,473 6.0%
Amir Efrati 2,942,158 2,942,158 7.3%
Aharon Biram 226,165 226,165 Less than 1%
Esther Deutsch 285,520 285,520 Less than 1%

Page 1 of 11 – SEC Filing

UNITED STATES

SECURITIES AND EXCHANGE
COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

(Rule 13d-101)

INFORMATION TO BE INCLUDED
IN STATEMENTS FILED PURSUANT

TO § 240.13d-1(a)
AND AMENDMENTS THERETO FILED PURSUANT TO

§ 240.13d-2(a)

(Amendment No. 1)1

Kamada Ltd.

(Name
of Issuer)

Ordinary Shares, par value of NIS 1.00

(Title of Class of Securities)

M6240T10 9

(CUSIP Number)

Amir
Efrati

Brosh
Capital PARTNERS, L.P.

11 Menachem Begin Rd.

Ramat-Gan, Israel 5268104

+972-77-3206050

 

STEVE
WOLOSKY, ESQ.

OLSHAN
FROME WOLOSKY LLP

1325 Avenue of the Americas

New York, New York 10019

(212)
451-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices
and Communications)

November 2, 2017

(Date of Event Which Requires
Filing of This Statement)

If
the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule
13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following
box
¨.

Note:  Schedules
filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See
§ 240.13d-7 for other parties to whom copies are to be sent.

1
The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to
the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided
in a prior cover page.

The information required
on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities
Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject
to all other provisions of the Act (however, see the Notes).

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Page 2 of 11 – SEC Filing

1 NAME OF REPORTING PERSON
Brosh Capital Partners, L.P.
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
(b) ☐
3 SEC USE ONLY
4 SOURCE OF FUNDS
WC
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY – 0 –
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 2,284,123*
PERSON WITH 9 SOLE DISPOSITIVE POWER
– 0 –
10 SHARED DISPOSITIVE POWER
2,284,123*
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,284,123*
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.7%
14 TYPE OF REPORTING PERSON
PN

*Includes 250,000 Shares obtained pursuant to a private agreement
entitling certain of the Reporting Persons to borrow, on a revolving basis, shares of the Issuer. In accordance with the agreement,
certain of the Reporting Persons borrowed 400,000 shares on October 18, 2017, and thereafter returned 150,000 shares on November
2, 2017.

2

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Page 3 of 11 – SEC Filing

1 NAME OF REPORTING PERSON
Exodus Management Israel Ltd.
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
(b) ☐
3 SEC USE ONLY
4 SOURCE OF FUNDS
OO
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Israel
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY – 0 –
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 2,430,473*
PERSON WITH 9 SOLE DISPOSITIVE POWER
– 0 –
10 SHARED DISPOSITIVE POWER
2,430,473*
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,430,473*
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.0%
14 TYPE OF REPORTING PERSON
CO

*Includes 250,000 Shares obtained pursuant to a private agreement
entitling certain of the Reporting Persons to borrow, on a revolving basis, shares of the Issuer. In accordance with the agreement,
certain of the Reporting Persons borrowed 400,000 shares on October 18, 2017, and thereafter returned 150,000 shares on November
2, 2017.

3

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Page 4 of 11 – SEC Filing

1 NAME OF REPORTING PERSON
Amir Efrati
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
(b) ☐
3 SEC USE ONLY
4 SOURCE OF FUNDS
OO
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Israel
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY – 0 –
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 2,942,158*
PERSON WITH 9 SOLE DISPOSITIVE POWER
– 0 –
10 SHARED DISPOSITIVE POWER
2,942,158*
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,942,158*
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.3%
14 TYPE OF REPORTING PERSON
IN

*Includes 250,000 Shares obtained pursuant to a private agreement
entitling certain of the Reporting Persons to borrow, on a revolving basis, shares of the Issuer. In accordance with the agreement,
certain of the Reporting Persons borrowed 400,000 shares on October 18, 2017, and thereafter returned 150,000 shares on November
2, 2017.

4

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Page 5 of 11 – SEC Filing

1 NAME OF REPORTING PERSON
Aharon Biram
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
(b) ☐
3 SEC USE ONLY
4 SOURCE OF FUNDS
PF
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Israel
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY – 0 –
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 226,165
PERSON WITH 9 SOLE DISPOSITIVE POWER
– 0 –
10 SHARED DISPOSITIVE POWER
226,165
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
226,165
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than 1%
14 TYPE OF REPORTING PERSON
IN
5

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Page 6 of 11 – SEC Filing

1 NAME OF REPORTING PERSON
Esther Deutsch
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
(b) ☐
3 SEC USE ONLY
4 SOURCE OF FUNDS
PF
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Israel
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY – 0 –
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 285,520
PERSON WITH 9 SOLE DISPOSITIVE POWER
– 0 –
10 SHARED DISPOSITIVE POWER
285,520
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
285,520
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than 1%
14 TYPE OF REPORTING PERSON
IN
6

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Page 7 of 11 – SEC Filing

The following constitutes
Amendment No. 1 to the Schedule 13D filed by the undersigned (“Amendment No. 1”). This Amendment No. 1 amends the Schedule
13D as specifically set forth herein.

Item 3. Source and Amount of Funds or Other Consideration.

Item 3 is hereby amended
and restated to read as follows:

The Shares purchased
by Brosh and held in the Exodus Managed Account were purchased with working capital (which may, at any given time, include margin
loans made by brokerage firms in the ordinary course of business) in open market purchases, except as otherwise noted in Schedule
A, which is incorporated herein by reference. The aggregate purchase price of the 2,284,123 Shares owned directly by Brosh is approximately
$10,430,144, excluding brokerage commissions. The aggregate purchase price of the 146,350 Shares held in the Exodus Managed Account
is approximately $749,034, excluding brokerage commissions. The Shares purchased by Mr. Biram were purchased with personal funds,
in open market purchases, except as otherwise noted in Schedule A, which is incorporated herein by reference. The aggregate purchase
price of the 226,165 Shares owned directly by Mr. Biram is approximately $1,113,699, excluding brokerage commissions. The Shares
purchased by Ms. Deutsch were purchased with personal funds, in open market purchases, except as otherwise noted in Schedule A,
which is incorporated herein by reference. The aggregate purchase price of the 285,520 Shares owned directly by Ms. Deutsch is
approximately $1,385,900, excluding brokerage commissions.

Item 4. Purpose of Transaction.

Item 4 is amended to add
the following:

On November 2, 2017 in accordance
with the shareholder proposal requirements under the Israeli Companies Law and the disclosure contained under Shareholder Proposals
in the Company’s Notice and Proxy Statement for the 2017 Annual General Meeting of Shareholders to be held on November 30,
2017  (the “Meeting”), the Reporting Persons proposed a list of potential nominees to the Company’s Board
of Directors. The Company and the Reporting Persons are currently in discussions relating to the inclusion of these potential nominees
in the Proxy Statement. It is the Reporting Persons understanding that the Company has until November 9, 2017 to update its agenda
for the Meeting.

Item 5. Interest in Securities of the Issuer.

Items 5(a) – 5(c) are hereby
amended and restated to read as follows

The aggregate percentage
of Shares reported owned by each person named herein is based upon 40,328,742 Shares outstanding as of October 20, 2017, which
is the total number of Shares outstanding as reported in the Issuer’s Notice of 2017 Annual General Meeting of Shareholders
filed with the Securities and Exchange Commission on October 26, 2017.

A. Brosh
(a) As of the close of business on November 6, 2017, Brosh beneficially owned 2,284,123 Shares.

Percentage: Approximately 5.7%

7

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Page 8 of 11 – SEC Filing

(b) 1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 2,284,123
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 2,284,123
(c) The transactions in the Shares by Brosh since the filing of the Schedule 13D are set forth in
Schedule A and are incorporated herein by reference.
B. Exodus GP
(a) As the general partner of Brosh, Exodus GP may be deemed the beneficial owner of the (i) 2,284,123
Shares directly owned by Brosh and (ii) 146,350 Shares held in the Exodus Managed Account.

Percentage: Approximately 6.0%

(b) 1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 2,430,473
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 2,430,473
(c) Exodus GP has not entered into any transactions in the Shares since the filing of the
Schedule 13D. The transactions in the Shares by Exodus and through the Exodus Managed Account since the filing the Schedule
13D are set forth in Schedule A and are incorporated herein by reference.
C. Mr. Efrat
(a) Mr. Efrati as the portfolio manager of each of Brosh and Exodus GP and because of certain Power
of Attorney Agreements between him and each of Mr. Biram and Ms. Deutsch, may be deemed the beneficial owner of the (i) 2,284,123
Shares owned by Brosh, (ii) 146,350 Shares held in the Exodus Managed Account, (iii) 226,165 Shares owned by Mr. Biram and (iv)
285,520 Shares owned by Ms. Deutsch.

Percentage: Approximately 7.3%

(b) 1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 2,942,158
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 2,942,158
(c) Mr. Efrati has not entered into any transactions since the filing of the Schedule 13D. The
transactions in the Shares by Brosh, Mr. Biram and Ms. Deutsch and through the Exodus Managed Account since the filing the
Schedule 13D are set forth in Schedule A and are incorporated herein by reference.
D. Mr. Biram
(a) As of the close of business on November 6, 2017, Mr. Biram beneficially owned 226,165 Shares.

Percentage: Less than 1%

8

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Page 9 of 11 – SEC Filing

(b) 1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 226,165
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 226,165
(c) The transactions in the Shares by Mr. Biram since the filing of the Schedule 13D are set
forth in Schedule A and are incorporated herein by reference.
E. Ms. Deutsch
(a) As of the close of business on November 6, 2017, Ms. Deutsch beneficially owned 285,520 Shares.

Percentage: Less than 1%

(b) 1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 285,520
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 285,520
(c) The transactions in the Shares by Ms. Deutsch since the filing of the Schedule 13D are set
forth in Schedule A and are incorporated herein by reference.

The filing of this
Schedule 13D shall not be construed as an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities
Exchange Act of 1934, as amended, the beneficial owners of any of the securities reported herein. Each of the Reporting Persons
specifically disclaims beneficial ownership of the securities reported herein that are not directly owned by such Reporting Person,
except to the extent of their pecuniary interest therein.

9

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Page 10 of 11 – SEC Filing

SIGNATURES

After reasonable inquiry and to the best
of his knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated: November 6, 2017

BROSH CAPITAL PARTNERS, L.P.
By: Exodus Management Israel Ltd.
Its General Partner
By: /s/ Amir Efrati
Name: Amir Efrati
Title: Authorized Signatory
EXODUS MANAGEMENT ISRAEL LTD.
By: /s/ Amir Efrati
Name: Amir Efrati
Title: Authorized Signatory
/s/ Amir Efrati

Amir Efrati

Individually, and as attorney-in-fact for Aharon Biram and Esther
Deutsch

10

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Page 11 of 11 – SEC Filing

 

SCHEDULE A

Transactions
in the Shares Since the Filing of the Schedule 13D

Nature of Transaction Date of Purchase/Sale [mm/dd/yyyy] Securities Purchased/(Sold) Price [U.S. $]

 

BROSH CAPITAL
PARTNERS L.P.

Sale of Ordinary Shares 08/31/2017 (43,232) 4.4407
Purchase of Ordinary Shares 09/28/2017 1,065 4.7941
Purchase of Ordinary Shares 09/28/2017 5,000 4.7998
Purchase of Ordinary Shares 09/28/2017 2,753 4.7941
Purchase of Ordinary Shares 09/28/2017 6,000 4.7946
Purchase of Ordinary Shares 10/01/2017 194 4.8031
Purchase of Ordinary Shares 10/01/2017 3,517 4.8031
Purchase of Ordinary Shares 10/01/2017 4,000 4.8059
Purchase of Ordinary Shares 10/01/2017 1,000 4.7974
Purchase of Ordinary Shares 10/02/2017 1,973 4.7889
Purchase of Ordinary Shares 10/08/2017 150 4.7614
Purchase of Ordinary Shares 10/08/2017 8,424 4.7727
Purchase of Ordinary Shares 10/08/2017 300 4.7699
Purchase of Ordinary Shares 10/08/2017 518 4.7670
Purchase of Ordinary Shares 10/08/2017 608 4.7642
Purchase of Ordinary Shares 10/10/2017 12,107 4.7877
* 10/18/2017 400,000 *
* 11/02/2017 (150,000) *
Purchase of Ordinary Shares 11/01/2017 112,470 4.6415
Purchase of Ordinary Shares 11/02/2017 37,530 4.7010
Purchase of Ordinary Shares 11/02/2017 6,600 4.5992

EXODUS MANAGEMENT
ISRAEL LTD. (THROUGH THE EXODUS MANAGED ACCOUNT)

Purchase of Ordinary Shares 11/02/2017 10,559 4.592

AHARON BIRAM

Purchase of Ordinary Shares 11/02/2017 12,500 4.592

ESTHER DEUTSCH

Purchase of Ordinary Shares 11/02/2017 12,500 4.592

*Represent transactions made pursuant
to a private agreement entitling the Reporting Person to borrow, on a revolving basis, shares of the Issuer. Pursuant to the agreement,
the Reporting Person has both voting and dispositive power
.

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