David Granot executes SARs for ORA, nets 199 shares sold at ~$92.44

Rhea-AI Filing Summary

Ormat Technologies director David Granot exercised 1,210 Stock Appreciation Rights (SARs) on 08/21/2025 that expire on November 6, 2025. Upon exercise he transferred 1,011 shares back to the issuer to cover the exercise price and sold the remaining 199 shares in the open market. The SARs had a grant price of $76.87; the reported sale prices for disposed shares were $92.435 and $92.44. After these transactions Granot beneficially owned 2,579 shares of ORA common stock. The Form 4 was signed by an attorney-in-fact on 08/25/2025.

Insights

Financial Analyst

TL;DR Routine exercise and partial sale of SARs by a director; small net change in beneficial ownership.

The reporting shows a director exercised 1,210 SARs at a grant price of $76.87 and immediately disposed of 1,210 shares in two ways: 1,011 shares surrendered to cover the exercise cost and 199 shares sold in the open market at roughly $92.44 per share. The transaction generated gross value above grant price but resulted in a modest net holding of 2,579 shares. This is a customary liquidity action tied to equity compensation, not an operational disclosure.

Corporate Governance Expert

TL;DR Compensation-driven exercise and market sale consistent with insider rules; no policy concerns disclosed.

The Form 4 discloses exercise of SARs and contemporaneous disposition to satisfy exercise obligations and obtain liquidity. The filing identifies the reporting person as a director and indicates ordinary settlement mechanics (surrender to issuer plus open-market sale). No indications of unusual timing, non-routine related-party transactions, or new grants are present. Documentation appears complete for Section 16 reporting purposes.

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).

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^*

Granot David

(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)
08/21/2025

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	08/21/2025		M(1)(2)		1,210	A	$76.87	3,689	D
Common Stock	08/21/2025		D(1)(2)		1,011	D	$92.435	2,678	D
Common Stock	08/21/2025		S(1)(2)		99	D	$92.44	2,579	D
Common Stock	08/21/2025		S(1)(2)		100	D	$92.43	2,479	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	08/21/2025		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, disposed of 1,011 shares to the issuer to cover the exercise price of the SARs, and sold the remaining 199 shares acquired upon exercise in the open market on August 21, 2025.

2. Each SAR represents the right to receive shares of ORA common stock with a value equal to the amount by which the market value of the shares in respect of which the SAR is exercised exceeds the grant price set forth in the SAR, multiplied by the number of shares in respect of which the SAR is exercised.

	/s/ Jessica Woelfel - as attorney-in-fact	08/25/2025
	** 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 David Granot do on 08/21/2025?

He exercised 1,210 Stock Appreciation Rights (SARs) and disposed of the resulting shares by surrendering 1,011 to cover the exercise price and selling 199 in the open market.

At what price were the SARs exercised and shares sold?

The SARs had a grant price of $76.87. Disposed shares were reported at approximately $92.435 and $92.44 per share.

How many ORA shares does David Granot beneficially own after the transaction?

Following the reported transactions he beneficially owned 2,579 shares of ORA common stock.

When do the exercised SARs expire?

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

Who signed the Form 4 filing for David Granot?

The Form 4 was signed by Jessica Woelfel as attorney-in-fact on 08/25/2025.