Ormat director exercises SARs, sells 950 shares

ORMAT TECHNOLOGIES, INC. director David Granot reported a combination of equity award activity and share sales.

Rhea-AI Filing Summary

ORMAT TECHNOLOGIES, INC. director David Granot reported a combination of equity award activity and share sales. He exercised 1,315 Stock Appreciation Rights at an exercise price of $67.54 per share when the market price was $73.84, which generated 112 net shares after 1,203 shares were disposed of to the issuer for tax withholding related to the exercise. On the same date, he then sold a total of 950 shares of common stock in multiple open-market transactions at prices between $72.99 and $73.84. Following these transactions, he directly owned 2,825 shares of Ormat common stock. This Form 4 amendment corrects an earlier filing that had omitted the SAR exercise and tax-related disposition and had misclassified 112 net shares as an open-market sale.

Insider Trade Summary

Exercise and sale activity reported; no spread calculated

Exercise and Sale 7 txns

Insider Granot David

Role Director

Sold 950 shs ($69K)

Approx. gross sale proceeds $69K

Approx. exercise cost $89K

Type	Security	Shares	Price	Value
Exercise	Stock Appreciation Rights	1,315	$0.00	$0.00
Exercise	Common Stock	1,315	$67.54	$89K
Disposition	Common Stock	1,203	$73.84	$89K
Sale	Common Stock	112	$73.84	$8K
Sale	Common Stock	111	$73.011	$8K
Sale	Common Stock	404	$73.01	$29K
Sale	Common Stock	323	$72.99	$24K

Holdings After Transaction: Stock Appreciation Rights — 0 contracts (Direct); Common Stock — 2,825 shares (Direct)

Footnotes (4)

1. F1. Represents the exercise of Stock Appreciation Rights ("SARs") expiring on November 4, 2026, for which the reporting person exercised all 1,315 shares.
2. F2. This represents the difference between the number of SARs exercised (1,315) and the number of shares issued as a result of the exercise (112). The number of shares to be issued under a SAR exercise is determined by multiplying the number of SARs being exercised by the difference between the market value on the date of exercise ($73.84) and the exercise price ($67.54).
3. F3. Represents shares of common stock sold in the open market on May 13, 2025.
4. F4. This amendment corrects the original Form 4 filed on May 15, 2025. The original filing omitted the exercise of 1,315 SARs and the disposition of 1,203 shares for that exercise. The original filing incorrectly reported 112 shares as an open market sale that were the net shares resulting from the SAR exercise. Table II has been updated to reflect the SAR exercise, and Table I has been updated to reflect the acquisition of shares via exercise (Code M), the disposition of shares for tax withholding (Code D), and the corrected post-transaction beneficial ownership amounts.

Key Figures

SARs exercised: 1,315 shares Exercise price: $67.54/share Market price at exercise: $73.84/share +4 more

7 metrics

SARs exercised 1,315 shares Stock Appreciation Rights exercised on May 13, 2025

Exercise price $67.54/share Exercise price of SARs

Market price at exercise $73.84/share Market value on SAR exercise date

Shares disposed for tax 1,203 shares Disposition to issuer for tax withholding

Open-market shares sold 950 shares Common stock sales on May 13, 2025

Sale prices $72.99–$73.84/share Range of open-market sale prices

Shares held after 2,825 shares Post-transaction direct beneficial ownership

Key Terms

Stock Appreciation Rights, exercise price, beneficial ownership, disposition to issuer

4 terms

Stock Appreciation Rights financial

"Represents the exercise of Stock Appreciation Rights ("SARs") expiring on November 4, 2026"

Stock appreciation rights (SARs) are a form of employee compensation that give the holder the right to receive the increase in a company's stock price over a set baseline, paid in cash or shares, without having to buy the stock. For investors, SARs matter because they can create future cash outflows or share dilution and signal how a company rewards and motivates executives — similar to giving a bonus tied directly to how well the company’s stock performs.

exercise price financial

"difference between the market value on the date of exercise ($73.84) and the exercise price ($67.54)"

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

beneficial ownership financial

"corrected post-transaction beneficial ownership amounts"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

disposition to issuer financial

"Table I has been updated to reflect ... the disposition of shares for tax withholding (Code D)"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transactions did ORA director David Granot report on May 13, 2025?

David Granot exercised Stock Appreciation Rights and sold shares. He exercised 1,315 SARs tied to Ormat common stock, then disposed of 1,203 shares for tax withholding and sold 950 shares in open-market trades at prices around $73 per share.

How many Ormat (ORA) shares did David Granot sell in the open market?

Granot sold 950 Ormat common shares in the open market. The sales took place in several trades on May 13, 2025, at per-share prices ranging from $72.99 to $73.84, as disclosed in the Form 4/A filing.

What Stock Appreciation Rights did David Granot exercise in this Ormat Form 4/A?

He exercised 1,315 Stock Appreciation Rights linked to Ormat shares. The SARs had an exercise price of $67.54 and were exercised when the market value was $73.84, resulting in 112 net shares issued after a related share disposition.

How many Ormat (ORA) shares were disposed of for tax withholding in Granot’s filing?

Granot disposed of 1,203 Ormat shares for tax withholding. The Form 4/A explains this figure is the difference between 1,315 SARs exercised and 112 shares issued, reflecting shares withheld or returned to the issuer for tax obligations.

How many Ormat shares does David Granot hold after these transactions?

Granot holds 2,825 Ormat common shares after the transactions. The Form 4/A states this post-transaction beneficial ownership, reflecting the SAR exercise, tax-related disposition to the issuer, and subsequent open-market sales on May 13, 2025.

Why was this Ormat Form 4/A filed as an amendment?

The amendment corrects an earlier Form 4 filing. The prior report omitted the exercise of 1,315 SARs and the disposition of 1,203 shares, and incorrectly classified 112 net shares as an open-market sale instead of shares from the SAR exercise.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/21/2026 - 07:29 PM EDT Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Granot David

(Last) (First) (Middle)

C/O ORMAT TECHNOLOGIES, INC.

6884 SIERRA CENTER PARKWAY

(Street)

RENO NEVADA 89511

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
ORMAT TECHNOLOGIES, INC. [ ORA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/13/2025

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)
05/15/2025

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	05/13/2025		M(1)(2)(4)		1,315	A	$67.54	4,978	D
Common Stock	05/13/2025		D(2)(4)		1,203	D	$73.84	3,775	D
Common Stock	05/13/2025		S(2)(3)		112	D	$73.84	3,663	D
Common Stock	05/13/2025		S(3)		111	D	$73.011	3,552	D
Common Stock	05/13/2025		S(3)		404	D	$73.01	3,148	D
Common Stock	05/13/2025		S(3)		323	D	$72.99	2,825	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Appreciation Rights	$67.54	05/13/2025		M(4)			1,315	11/04/2021	11/04/2026	Common Stock	1,315	$0	0	D

Explanation of Responses:

1. Represents the exercise of Stock Appreciation Rights ("SARs") expiring on November 4, 2026, for which the reporting person exercised all 1,315 shares.

2. This represents the difference between the number of SARs exercised (1,315) and the number of shares issued as a result of the exercise (112). The number of shares to be issued under a SAR exercise is determined by multiplying the number of SARs being exercised by the difference between the market value on the date of exercise ($73.84) and the exercise price ($67.54).

3. Represents shares of common stock sold in the open market on May 13, 2025.

4. This amendment corrects the original Form 4 filed on May 15, 2025. The original filing omitted the exercise of 1,315 SARs and the disposition of 1,203 shares for that exercise. The original filing incorrectly reported 112 shares as an open market sale that were the net shares resulting from the SAR exercise. Table II has been updated to reflect the SAR exercise, and Table I has been updated to reflect the acquisition of shares via exercise (Code M), the disposition of shares for tax withholding (Code D), and the corrected post-transaction beneficial ownership amounts.

	/s/ Jessica Woelfel, as attorney-in-fact	05/21/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)