Ormat (NYSE: ORA) CEO Doron Blachar gains shares through PSU and RSU vesting

Rhea-AI Filing Summary

ORMAT TECHNOLOGIES, INC. Chief Executive Officer Doron Blachar reported compensation-related equity activity tied to restricted and performance stock units. On March 21, 2026, 2,252 restricted stock units vested, delivering an equal number of common shares.

On the same date, performance stock units granted on March 21, 2023 performance vested based on 75% achievement of relative total stockholder return goals and 200% achievement of megawatt capacity goals. This resulted in 13,999 performance stock units paying out immediately in common stock, with 4,667 units converting into time-vesting restricted stock units that will vest on the fourth anniversary of the grant, contingent on continued service.

Following these exercises and awards, Blachar directly held 62,734 shares of common stock and 4,667 restricted stock units. The filing shows only acquisitions and vesting events, with no open-market purchases or sales.

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^*

Blachar Doron

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/21/2026

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)

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	03/21/2026		M(1)		2,252	A	$0	48,735	D
Common Stock	03/21/2026		M(2)(3)		13,999	A	$0	62,734	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
Restricted Stock Units	(1)	03/21/2026		M			2,252	(1)	(1)	Common Stock	2,252	$0	2,253	D
Restricted Stock Units	(2)(3)	03/21/2026		A			4,667	(3)	(3)	Common Stock	4,667	$0	4,667	D

Explanation of Responses:

1. This portion of restricted stock units (the "RSUs") vested on March 21, 2026, being the third anniversary of the grant date. Each RSU represents the right to receive one share of ORA common stock upon vesting; these RSUs were granted on March 21, 2023, and vest 25% on each of the first, second, third and fourth anniversaries of the grant date.

2. On March 21, 2023, the reporting person was granted performance stock units (with a target amount of 13,579), each of which represents the right to receive one share of ORA common stock upon vesting (the "PSUs"). Pursuant to their terms, the PSUs are not deemed vested until they are both performance-vested and time-vested. The PSUs performance vest on the third anniversary of the grant date, based on the issuer's achievement of the performance goals (50% relative total stockholder return ("relative TSR") and 50% megawatt capacity ("MW capacity")) between the grant date and such third anniversary, in certain amounts (between 0% and 150% of target on the relative TSR goals, and between 0% and 200% of target on the MW capacity goals), and time vest 75% on the third anniversary of the grant date, and 25% on the fourth anniversary, based on the reporting person's continued service.

3. On March 21, 2026, the third anniversary of the grant date of the PSUs, the PSUs performance vested, based on achievement of 75% on the relative TSR goals and 200% on the MW capacity goals. 75% (13,999 PSUs) were immediately paid out, as they were time-vested based on the reporting person's continued service since the grant date. The remaining 25% (4,667 PSUs) remain subject to time-vesting until the fourth anniversary of the grant date, based on the reporting person's continued service, and are thus represented as RSUs. Each RSU represents the right to receive one share of ORA common stock upon vesting.

	/s/ Jessica Woelfel, as attorney-in-fact	03/24/2026
	** 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)

FAQ

What insider transactions did ORA CEO Doron Blachar report in this Form 4?

Doron Blachar reported equity compensation activity, including vested restricted stock units and performance stock units converting into common shares and new restricted units. All transactions were acquisitions through vesting or grants, with no open-market share purchases or sales disclosed in the filing.

How many Ormat Technologies (ORA) shares did the CEO receive from vested units?

The CEO received 2,252 common shares from vested restricted stock units and 13,999 common shares from performance stock units that performance vested. These share deliveries reflect previously granted equity awards rather than new open-market buying activity or discretionary stock purchases.

What are the terms of Doron Blachar’s performance stock units at Ormat Technologies (ORA)?

The performance stock units granted on March 21, 2023 vest based on relative total stockholder return and megawatt capacity goals over three years, plus continued service. Performance was set between 0–150% of target for TSR and 0–200% for MW capacity, influencing final payout levels.

How did Ormat Technologies (ORA) performance metrics affect the CEO’s PSU payout?

On March 21, 2026, performance stock units vested based on 75% achievement of relative total stockholder return goals and 200% achievement of megawatt capacity goals. This led to 13,999 PSUs being paid out immediately, with additional units converting to time-vesting restricted stock units.

How many Ormat Technologies (ORA) shares and RSUs does the CEO hold after these transactions?

After the reported vesting and exercises, Doron Blachar directly held 62,734 shares of Ormat Technologies common stock and 4,667 restricted stock units. These holdings represent a combination of previously granted awards and newly vested equity linked to company performance and service.

Were any of the CEO’s Ormat Technologies (ORA) equity awards still unvested after March 21, 2026?

Yes. Of the performance stock units granted in 2023, 4,667 units remain outstanding as restricted stock units. These RSUs are scheduled to time-vest on the fourth anniversary of the grant date, contingent on Doron Blachar’s continued service with the company.