Ormat CEO Doron Blachar exercises SARs and executes 10b5-1 sale

Rhea-AI Filing Summary

Insider transaction summary: Ormat Technologies CEO Doron Blachar exercised 45,365 Stock Appreciation Rights (SARs) on 09/29/2025 with an exercise price of $63.40 and a market value of $94.71, resulting in issuance of 14,994 shares. Following these transactions and a concurrent open-market sale, the reporting person beneficially owned 35,419 shares. The SARs exercised were part of awards exercisable from 07/01/2022 and expiring 07/01/2026. The sale of 14,994 shares was executed under a 10b5-1 trading plan adopted 06/30/2025 at a weighted-average price of $94.71.

Positive

• Transparent disclosure of SAR exercise, share issuance, and open-market sale with prices and dates provided
• Sale executed under a 10b5-1 plan, indicating pre-established trading instructions to reduce insider timing concerns
• Remaining beneficial ownership disclosed (35,419 shares) after transactions

Negative

• Reduction in executive ownership from 80,784 to 35,419 shares following exercise and sale, which may modestly reduce insider-held stake
• Cash outflow to company equity not detailed — the filing does not state proceeds retained or tax/withholding treatment beyond shares issued and sold

Insights

Corporate Governance Expert

TL;DR: Routine executive exercise and plan-based sale; standard disclosure for compliance and transparency.

The filing shows the CEO exercised vested SARs and sold a portion of resulting shares under a pre-established 10b5-1 plan. This is a common approach to realize gains while following an approved trading plan to avoid concerns about insider timing. Ownership decreased to 35,419 shares after the transactions, which is disclosed clearly with transaction prices and dates. No indications of atypical insider behavior or undisclosed related-party issues appear in the filing.

Securities Analyst

TL;DR: Exercise monetized appreciation; limited immediate market impact given modest share count.

The CEO exercised 45,365 SARs with intrinsic value determined by the $94.71 market price versus $63.40 strike, and received 14,994 shares while selling those shares at a weighted-average price of $94.71. The filing quantifies the mechanics of SAR settlement and sale prices range $94.33–$94.89. For investors, this documents executive liquidity but does not by itself alter company fundamentals.

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
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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^*

Blachar Doron

(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)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/29/2025

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	09/29/2025		M(1)		45,365	A	$63.4	80,784	D
Common Stock	09/29/2025		D		30,371(2)	D	$94.71	50,413	D
Common Stock	09/29/2025		S(3)		14,994	D	$94.71(4)	35,419	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)	$63.4	09/29/2025		M			45,365	07/01/2022	07/01/2026	Common Stock	45,365	$0	0	D

Explanation of Responses:

1. Represents the exercise of Stock Appreciation Rights ("SARs") expiring on July 1, 2026, for which the reporting person exercised all 45,365 shares.

2. This represents the difference between the number of SARs exercised (45,365) and the number of shares issued as a result of the exercise (14,994). 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 ($94.71) and the exercise price ($63.40).

3. Represents shares of common stock sold in the open market on September 29, 2025 pursuant to a 10b5-1 Plan adopted by the reporting person on 06/30/2025.

4. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $94.33 to $94.89, 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	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 CEO Doron Blachar do on 09/29/2025?

He exercised 45,365 SARs with a $63.40 exercise price and a $94.71 market value and sold 14,994 shares in the open market.

How many shares did Doron Blachar own after the transactions?

The filing reports 35,419 shares beneficially owned following the reported transactions.

Were the share sales pre-planned?

Yes. The filing states the sales were executed pursuant to a 10b5-1 Plan adopted on 06/30/2025.

What price range were the shares sold at?

The shares sold on 09/29/2025 had prices ranging from $94.33 to $94.89, with a weighted-average of $94.71.

When do the exercised SARs expire?

The SARs exercised were part of awards that expire on 07/01/2026 and were exercisable beginning 07/01/2022.