Ormat EVP sells 9,890 shares; files Form 4 on SARs

Ormat Technologies (ORA) executive (EVP, Energy Storage & BD) reported insider transactions on 11/05/2025.

Rhea-AI Filing Summary

Ormat Technologies (ORA) executive (EVP, Energy Storage & BD) reported insider transactions on 11/05/2025. The reporting person exercised Stock Appreciation Rights (SARs) covering 21,271 shares at an exercise price of $68.34 (expiring 05/12/2026) and 3,300 shares at $71.15 (expiring 03/01/2028).

Following the exercises, the filing shows dispositions tied to the SAR mechanics of 12,640 shares and 2,041 shares at a market value of $115. In addition, 9,890 shares were sold in the open market at $115 pursuant to a Rule 10b5-1 plan adopted on 06/26/2025. After these transactions, the reporting person directly beneficially owned 1,621 shares. The derivative table indicates 1,101 SARs remain beneficially owned.

Insider Trade Summary

Exercise and sale activity reported; no spread calculated

Exercise and Sale 7 txns

Insider Benyosef Ofer

Role EVP, Energy Storage & BD

Sold 9,890 shs ($1.14M)

Approx. gross sale proceeds $1.14M

Approx. exercise cost $1.69M

Type	Security	Shares	Price	Value
Exercise	Stock Appreciation Rights (SARs)	21,271	$0.00	$0.00
Exercise	Stock Appreciation Rights (SARs)	3,300	$0.00	$0.00
Exercise	Common Stock	21,271	$68.34	$1.45M
Disposition	Common Stock	12,640	$115.00	$1.45M
Exercise	Common Stock	3,300	$71.15	$235K
Disposition	Common Stock	2,041	$115.00	$235K
Sale	Common Stock	9,890	$115.00	$1.14M

Holdings After Transaction: Stock Appreciation Rights (SARs) — 1,101 contracts (Direct); Common Stock — 1,621 shares (Direct)

Footnotes (5)

1. F1. Represents the exercise of Stock Appreciation Rights ("SARs") expiring on 05/12/2026, for which the reporting person exercised all 21,271 shares.
2. F2. This represents the difference between the number of SARs exercised (21,271) and the number of shares issued as a result of the exercise (8,631). 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 ($115.00) and the exercise price ($68.34).
3. F3. Represents the exercise of SARs expiring on 03/1/2028, for which the reporting person exercised 3,300 of the 4,401 shares.
4. F4. This represents the difference between the number of SARs exercised (3,300) and the number of shares issued as a result of the exercise (1,259). 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 ($115.00) and the exercise price ($71.15).
5. F5. Represents shares of common stock sold in the open market on November 5, 2025 pursuant to a 10b5-1 Plan adopted by the reporting person on 06/26/2025.

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Accepted by SEC EDGAR 11/06/2025 - 09:31 PM 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).

X

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^*

Benyosef Ofer

(Last) (First) (Middle)

C/O ORMAT TECHNOLOGIES, INC.

6884 SIERRA CENTER PARKWAY

(Street)

RENO NV 89511

(City) (State) (Zip)

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

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, Energy Storage & BD

3. Date of Earliest Transaction (Month/Day/Year)
11/05/2025

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

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

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

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	11/05/2025		M(1)		21,271	A	$68.34	22,892	D
Common Stock	11/05/2025		D		12,640(2)	D	$115	10,252	D
Common Stock	11/05/2025		M(3)		3,300	A	$71.15	13,552	D
Common Stock	11/05/2025		D		2,041(4)	D	$115	11,511	D
Common Stock	11/05/2025		S(5)		9,890	D	$115	1,621	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 (SARs)	$68.34	11/05/2025		M			21,271	05/12/2022	05/12/2026	Common Stock	21,271	$0	0	D
Stock Appreciation Rights (SARs)	$71.15	11/05/2025		M			3,300	03/01/2024	03/01/2028	Common Stock	3,300	$0	1,101	D

Explanation of Responses:

1. Represents the exercise of Stock Appreciation Rights ("SARs") expiring on 05/12/2026, for which the reporting person exercised all 21,271 shares.

2. This represents the difference between the number of SARs exercised (21,271) and the number of shares issued as a result of the exercise (8,631). 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 ($115.00) and the exercise price ($68.34).

3. Represents the exercise of SARs expiring on 03/1/2028, for which the reporting person exercised 3,300 of the 4,401 shares.

4. This represents the difference between the number of SARs exercised (3,300) and the number of shares issued as a result of the exercise (1,259). 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 ($115.00) and the exercise price ($71.15).

5. Represents shares of common stock sold in the open market on November 5, 2025 pursuant to a 10b5-1 Plan adopted by the reporting person on 06/26/2025.

	/s/ Jessica Woelfel - as attorney-in-fact	11/06/2025
	** 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.
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