ORA insider trades: SAR exercises at $71.15, sales at $112–$115

Rhea-AI Filing Summary

Ormat Technologies (ORA) reported insider transactions by its GC, CCO, and Corporate Secretary. On November 7, 2025, the officer exercised 1,000 Stock Appreciation Rights (SARs) at an exercise price of $71.15 and received 368 shares, then sold 368 shares in open-market trades at a weighted average price of $112.36. On November 10, 2025, the officer exercised 1,889 SARs at $71.15 and received 721 shares, then sold 721 shares at $115.00.

Following these transactions, the officer beneficially owned 3,433 shares of common stock directly. Derivative holdings reflected remaining SARs of 962 expiring on March 1, 2028. The filing notes that the sale prices on November 7 were executed across multiple trades within the $112.35–$112.39 range.

Insider Trade Summary

Net Seller: 1,089 shares ($124,263)

Net Sell 8 txns

Insider Woelfel Jessica

Role GC, CCO, and CS

Sold 1,089 shs ($124K)

Type	Security	Shares	Price	Value
Exercise	Stock Appreciation Rights (SARs)	1,889	$0.00	--
Exercise	Common Stock	1,889	$71.15	$134K
Disposition	Common Stock	1,168	$115.00	$134K
Sale	Common Stock	721	$115.00	$83K
Exercise	Stock Appreciation Rights (SARs)	1,000	$0.00	--
Exercise	Common Stock	1,000	$71.15	$71K
Disposition	Common Stock	632	$112.36	$71K
Sale	Common Stock	368	$112.36	$41K

Holdings After Transaction: Stock Appreciation Rights (SARs) — 962 shares (Direct); Common Stock — 5,322 shares (Direct)

Footnotes (1)

1. Represents the exercise of Stock Appreciation Rights ("SARs") expiring on March 1, 2028, for which the reporting person exercised 1,000 of the 3,851 shares. This represents the difference between the number of SARs exercised (1,000) and the number of shares issued as a result of the exercise (368). 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 ($112.36) and the exercise price ($71.15). The price reported in column 4 is a weighted average price. These shares were executed and sold in multiple transactions at prices ranging from $112.35 to $112.39, inclusive. The reporting person undertakes to provide to Ormat Technologies, Inc. (the "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. Represents shares of common stock sold in the open market on November 7, 2025. Represents the exercise of SARs expiring on March 1, 2028, for which the reporting person exercised 1,889 of the 2,851 shares. This represents the difference between the number of SARs exercised (1,889) and the number of shares issued as a result of the exercise (721). 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 ($115.00) and the exercise price ($71.15). Represents shares of common stock sold in the open market on November 10, 2025.

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^*

Woelfel Jessica

(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)
	GC, CCO, and CS

3. Date of Earliest Transaction (Month/Day/Year)
11/07/2025

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	11/07/2025		M(1)		1,000	A	$71.15	4,433	D
Common Stock	11/07/2025		D		632(2)	D	$112.36	3,801	D
Common Stock	11/07/2025		S(4)		368	D	$112.36(3)	3,433	D
Common Stock	11/10/2025		M(5)		1,889	A	$71.15	5,322	D
Common Stock	11/10/2025		D		1,168(6)	D	$115	4,154	D
Common Stock	11/10/2025		S(7)		721	D	$115	3,433	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)	$71.15	11/07/2025		M			1,000	03/01/2024	03/01/2028	Common Stock	1,000	$0	2,851	D
Stock Appreciation Rights (SARs)	$71.15	11/10/2025		M			1,889	03/01/2024	03/01/2028	Common Stock	1,889	$0	962	D

Explanation of Responses:

1. Represents the exercise of Stock Appreciation Rights ("SARs") expiring on March 1, 2028, for which the reporting person exercised 1,000 of the 3,851 shares.

2. This represents the difference between the number of SARs exercised (1,000) and the number of shares issued as a result of the exercise (368). 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 ($112.36) and the exercise price ($71.15).

3. The price reported in column 4 is a weighted average price. These shares were executed and sold in multiple transactions at prices ranging from $112.35 to $112.39, inclusive. The reporting person undertakes to provide to Ormat Technologies, Inc. (the "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.

4. Represents shares of common stock sold in the open market on November 7, 2025.

5. Represents the exercise of SARs expiring on March 1, 2028, for which the reporting person exercised 1,889 of the 2,851 shares.

6. This represents the difference between the number of SARs exercised (1,889) and the number of shares issued as a result of the exercise (721). 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 ($115.00) and the exercise price ($71.15).

7. Represents shares of common stock sold in the open market on November 10, 2025.

	/s/ Jessica Woelfel	11/10/2025
	** 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’s officer transact according to this Form 4?

The officer exercised 2,889 SARs at $71.15 and sold 1,089 shares in open-market transactions.

On what dates did the ORA transactions occur?

Transactions occurred on November 7, 2025 and November 10, 2025.

What prices were involved in the ORA share sales?

Shares were sold at a weighted average of $112.36 on Nov 7 (range $112.35–$112.39) and at $115.00 on Nov 10.

How many ORA shares were issued upon SAR exercises?

Exercises yielded 368 shares on Nov 7 and 721 shares on Nov 10, totaling 1,089 shares.

How many ORA shares does the officer own after the transactions?

The officer beneficially owned 3,433 shares directly after the reported transactions.

What SARs remain outstanding for the ORA officer?

Remaining SARs total 962, with an expiration date of March 1, 2028.