Ormat Technologies (ORA) CFO exercises SARs and sells 17,776 shares

Rhea-AI Filing Summary

Ormat Technologies’ Chief Financial Officer Assi Ginzburg reported a combination of option exercises and share sales in Common Stock. On May 14, 2026, he exercised 5,502 Stock Appreciation Rights at an exercise price of $71.15 per share, converting them into Common Stock. The filing states that only 2,559 shares of Common Stock were issued from this SAR exercise, based on the difference between the market value of $133.118 and the exercise price. The CFO then disposed of shares through an issuer-related transaction and open-market sales totaling 17,776 shares at weighted average prices of $133.118 and $135.019 per share, across price ranges from $133.02 to $135.265. Following these transactions, he directly holds 1,970 shares of Ormat Technologies Common Stock.

Insider Trade Summary

Net Seller: 17,776 shares ($2,395,233)

Net Sell 5 txns

Insider Ginzburg Assi

Role Chief Financial Officer

Sold 17,776 shs ($2.40M)

Type	Security	Shares	Price	Value
Exercise	Stock Appreciation Rights	5,502	$0.00	--
Exercise	Common Stock	5,502	$71.15	$391K
Disposition	Common Stock	2,943	$133.118	$392K
Sale	Common Stock	2,559	$133.118	$341K
Sale	Common Stock	15,217	$135.019	$2.05M

Holdings After Transaction: Stock Appreciation Rights — 0 shares (Direct, null); Common Stock — 22,689 shares (Direct, null)

Footnotes (1)

1. This represents the exercise of Stock Appreciation Rights ("SAR") expiring on March 1, 2028, for which the reporting person exercised all 5,502 shares. This represents the difference between the number of SARs exercised (5,502) and the number of shares issued as a result of the exercise (2,559). 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 ($133.118, see footnote 4) and the exercise price ($71.15). Represents shares of common stock sold in the open market on May 14, 2026. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $133.02 to $133.21, inclusive. The reporting person undertakes to provide to Company, any securityholder of the Company or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the range specified herein. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $135.00 to $135.265, inclusive. The reporting person undertakes to provide to Company, any securityholder of the Company or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the range specified herein.

Key Figures

Shares sold: 17,776 shares SARs exercised: 5,502 units Exercise price: $71.15 per share +5 more

8 metrics

Shares sold 17,776 shares Net open-market sales reported in Form 4

SARs exercised 5,502 units Stock Appreciation Rights exercised by CFO

Exercise price $71.15 per share Stock Appreciation Rights exercise price

Shares issued from SARs 2,559 shares Common Stock issued upon SAR exercise

Sale price (weighted avg) $133.118 per share One tranche of open-market sales

Sale price (weighted avg) $135.019 per share Second tranche of open-market sales

Shares held after transactions 1,970 shares Direct Common Stock ownership post-transaction

SAR expiration March 1, 2028 Expiration date of exercised SAR grant

Key Terms

Stock Appreciation Rights, weighted average price, open-market sale, disposition to issuer, +1 more

5 terms

Stock Appreciation Rights financial

"This represents the exercise of Stock Appreciation Rights ("SAR") expiring on March 1, 2028"

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.

weighted average price financial

"The price reported in column 4 is a weighted average price"

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

open-market sale financial

"transaction_action": "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

disposition to issuer financial

"transaction_action": "issuer disposition""

derivative security financial

"transaction_code_description": "Exercise or conversion of derivative security""

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

Form 4 Insider Transactions: What Each Field Means →

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^*

Ginzburg Assi

(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 Financial Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/14/2026

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	05/14/2026		M(1)		5,502	A	$71.15	22,689	D
Common Stock	05/14/2026		D(2)		2,943	D	$133.118	19,746	D
Common Stock	05/14/2026		S(3)		2,559	D	$133.118(4)	17,187	D
Common Stock	05/14/2026		S(3)		15,217	D	$135.019(5)	1,970	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	$71.15	05/14/2026		M			5,502	03/01/2024	03/01/2028	Common Stock	5,502	$0	0	D

Explanation of Responses:

1. This represents the exercise of Stock Appreciation Rights ("SAR") expiring on March 1, 2028, for which the reporting person exercised all 5,502 shares.

2. This represents the difference between the number of SARs exercised (5,502) and the number of shares issued as a result of the exercise (2,559). 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 ($133.118, see footnote 4) and the exercise price ($71.15).

3. Represents shares of common stock sold in the open market on May 14, 2026.

4. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $133.02 to $133.21, inclusive. The reporting person undertakes to provide to Company, any securityholder of the Company or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the range specified herein.

5. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $135.00 to $135.265, inclusive. The reporting person undertakes to provide to Company, any securityholder of the Company or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the range specified herein.

	/s/ Jessica Woelfel - as attorney-in-fact	05/15/2026
	** 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 Ormat Technologies (ORA) CFO Assi Ginzburg report?

Assi Ginzburg reported a mix of derivative exercise and share sales. He exercised 5,502 Stock Appreciation Rights and then disposed of 17,776 Ormat Common Stock shares through issuer-related and open-market transactions on May 14, 2026, significantly reducing his directly held shares.

How many Ormat Technologies (ORA) shares did the CFO sell in the latest Form 4?

The CFO reported open-market sales totaling 17,776 Common Stock shares. These sales occurred at weighted average prices of $133.118 and $135.019 per share, with individual trades ranging from $133.02 to $135.265, according to the Form 4 footnotes.

What Stock Appreciation Rights did the Ormat (ORA) CFO exercise in this filing?

The CFO exercised 5,502 Stock Appreciation Rights at a $71.15 exercise price. The SARs, expiring March 1, 2028, resulted in 2,559 Ormat Common Stock shares issued, based on the difference between the market price of $133.118 and the exercise price.

How many Ormat Technologies (ORA) shares does the CFO hold after these transactions?

After the reported transactions, the CFO directly holds 1,970 Common Stock shares. This figure comes from the Form 4 line showing total shares following the final open-market sale, reflecting his remaining direct equity position in Ormat Technologies.

At what prices did the Ormat (ORA) CFO’s share sales occur on May 14, 2026?

The reported sales used weighted average prices of $133.118 and $135.019 per share. Footnotes explain that actual sale prices ranged from $133.02 to $133.21 and from $135.00 to $135.265, with detailed trade breakdowns available upon request.