Ormat (NYSE: ORA) EVP gains shares as PSUs vest and RSUs granted

Rhea-AI Filing Summary

Ormat Technologies EVP Energy Storage & BD Benyosef Ofer reported equity compensation activity centered on performance stock units and restricted stock units. On March 21, 2026, 626 restricted stock units vested, converting into 626 shares of common stock. Following this, he directly held 5,044 common shares from that transaction and 626 restricted stock units tied to that vesting cycle.

On the same date, performance stock units granted on March 21, 2023 performance vested based on achieving 75% of relative total stockholder return goals and 200% of megawatt capacity goals. As a result, 3,888 performance stock units were immediately paid out in common stock, bringing direct common stock holdings reported after this transaction to 8,932 shares. The remaining 1,296 performance stock units became time-vesting restricted stock units, representing the right to receive one share of common stock per unit upon future vesting.

Insights

Equity compensation analyst

All activity reflects equity compensation vesting and grants, not open‑market trading.

The transactions show Benyosef Ofer receiving equity through vesting and conversion of awards granted in 2023. A block of 626 restricted stock units vested into common shares, and performance stock units converted into shares and new restricted stock units based on disclosed performance outcomes.

The filing indicates strong achievement of performance metrics, with 75% of relative TSR goals and 200% of megawatt capacity goals met, triggering 3,888 shares to be paid out and 1,296 units shifting into time-based vesting. These are routine compensation-related events with no share sales or tax-withholding dispositions reported, so the investment thesis impact is limited.

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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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^*

Benyosef Ofer

(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)
	EVP, Energy Storage & BD

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)		626	A	$0	5,044	D
Common Stock	03/21/2026		M(2)(3)		3,888	A	$0	8,932	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			626	(1)	(1)	Common Stock	626	$0	626	D
Restricted Stock Units	(2)(3)	03/21/2026		A		1,296		(2)(3)	(2)(3)	Common Stock	1,296	$0	1,296	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 3,772), 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% (3,888 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% (1,296 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 equity awards did Ormat (ORA) EVP Benyosef Ofer have vest on March 21, 2026?

On March 21, 2026, 626 restricted stock units vested for EVP Benyosef Ofer, converting into 626 shares of Ormat common stock. These units were part of a grant from March 21, 2023 and vest 25% annually over four years.

How did Ormat (ORA) performance stock units convert into shares for Benyosef Ofer?

Performance stock units granted March 21, 2023 performance vested on March 21, 2026, based on 75% relative TSR and 200% megawatt capacity goal achievement. This triggered immediate payout of 3,888 shares, reflecting both performance results and time-vesting conditions tied to Ofer’s continued service.

What portion of Ormat (ORA) EVP Benyosef Ofer’s performance stock units remain unvested?

After performance vesting on March 21, 2026, 25% of the original performance stock units, equal to 1,296 units, remain subject to time-based vesting. These are now restricted stock units that vest on the fourth anniversary of the March 21, 2023 grant date.

Did Ormat (ORA) EVP Benyosef Ofer sell any shares in this Form 4 filing?

No share sales are reported. All transactions reflect exercises or conversions of restricted and performance stock units into common shares, plus the creation of new restricted stock units. The filing does not disclose any open-market sales or tax-withholding dispositions by Ofer on this date.

How many Ormat (ORA) common shares did Benyosef Ofer hold after these March 21, 2026 transactions?

One line of the filing shows 5,044 common shares directly held after the 626-share RSU vesting. Another line, reflecting the 3,888-share PSU payout, shows 8,932 common shares directly held following that transaction, indicating a larger post-vesting equity position.

What performance metrics determined Ormat (ORA) EVP Benyosef Ofer’s PSU vesting outcome?

The performance stock units were tied 50% to relative total stockholder return and 50% to megawatt capacity growth. On March 21, 2026, vesting was based on achieving 75% of relative TSR goals and 200% of MW capacity goals over the three-year performance period.