Form 4: ORA insider SAR exercise and share sales reduce stake to 4,861

Rhea-AI Filing Summary

Insider activity summary: Director Stanley Stern exercised 1,210 stock appreciation rights (SARs) with an exercise price of $76.87, based on SARs that expire November 6, 2025. The exercise used the market value on the exercise date of $94.83 to determine payout, resulting in issuance of 229 common shares and a cash settlement for the remaining economic value equivalent to 981 shares. On the same day, 229 shares were sold at $94.83, and an additional 400 shares were sold on September 30, 2025 at $95.98. After these transactions, Mr. Stern beneficially owned 4,861 shares.

Positive

• Full disclosure provided on SAR exercise, share issuance, sales, prices, and resulting beneficial ownership
• Transactions reported within required Section 16 format, including exercise price, market price, and counts

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine SAR exercise followed by partial sales; reduces insider stake slightly but appears to be standard liquidity activity.

The reporting shows a full exercise of 1,210 SARs at an exercise price of $76.87, with the economic spread calculated against a market price of $94.83. The filing reports both cash settlement 981 shares) and issuance of 229 shares, which were subsequently sold the same day, plus an additional sale of 400 shares on 09/30/2025. The transactions reduced beneficial ownership to 4,861 shares. These are material to share count disclosure but do not, by themselves, indicate a change in company control or strategy.

Corporate Governance Expert

TL;DR: Disclosure is complete for the SAR exercise and subsequent sales; filings comply with Section 16 reporting requirements.

The Form 4 documents exercise mechanics for SARs expiring 11/06/2025 and provides prices, share counts, and resulting ownership. It notes the typical net-share/cash settlement structure where 229 shares were issued and 981 were settled as the cash equivalent. The signature by an attorney-in-fact is provided. From a governance perspective, the filing transparently reports director transactions and updated beneficial ownership to 4,861 shares.

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).

1. Name and Address of Reporting Person^*

STERN STANLEY

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
09/26/2025

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	09/26/2025		M(1)		1,210	A	$76.87	6,471	D
Common Stock	09/26/2025		D		981(2)	D	$94.83	5,490	D
Common Stock	09/26/2025		S		229	D	$94.83	5,261	D
Common Stock	09/30/2025		S		400	D	$95.98	4,861	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)	$76.87	09/26/2025		M			1,210	11/07/2020	11/06/2025	Common Stock	1,210	$0	0	D

Explanation of Responses:

1. Represents the exercise of Stock Appreciation Rights ("SARs") expiring on November 6, 2025, for which the reporting person exercised all 1,210 shares.

2. This represents the difference between the number of SARs exercised (1,210) and the number of shares issued as a result of the exercise (229). 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 ($94.83) and the exercise price ($76.87).

	/s/ Jessica Woelfel - as attorney-in-fact	09/30/2025
	** 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.
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.

FAQ

What did ORA director Stanley Stern do on 09/26/2025?

He exercised 1,210 SARs at an exercise price of $76.87, received 229 shares, and sold 229 shares at $94.83 the same day.

How many shares were sold by the reporting person after the SAR exercise?

A total of 629 shares were sold: 229 on 09/26/2025 at $94.83 and 400 on 09/30/2025 at $95.98.

What was the economic effect of the SAR exercise?

The exercise used a market price of $94.83 versus an exercise price of $76.87; 229 shares were issued and the remaining economic value equivalent to 981 shares was settled instead of issuing shares.

How many ORA shares does Stanley Stern beneficially own after these transactions?

He beneficially owned 4,861 shares following the reported transactions.

When do the exercised SARs expire?

The SARs exercised were noted to expire on November 6, 2025.