ORA Insider Exercises SARs and Disposes Shares at $94.71

Rhea-AI Filing Summary

Ormat Technologies insider Assi Ginzburg exercised all 25,524 Stock Appreciation Rights (SARs) granted May 12, 2020 and expiring May 12, 2026 on 08/22/2025. The filing shows 18,458 shares were delivered to the issuer to cover the exercise price and 7,066 shares were sold in the open market at $94.71 per share. The SAR conversion price recorded is $68.34. The Form 4 lists post-transaction beneficial ownership figures of 59,349, 40,891, and 33,825 shares on the respective table lines.

Positive

• None.

Negative

• Insider sold shares: 7,066 shares were sold in the open market at $94.71, reducing the reporting person\'s direct holdings.
• Surrendered shares to issuer: 18,458 shares were delivered to the issuer to cover the SAR exercise price, decreasing net received shares.

Insights

Securities Analyst

TL;DR: Routine insider exercise and partial market sale; no new compensation grants disclosed.

The filing documents a completed exercise of 25,524 SARs with 18,458 shares surrendered to the issuer to cover the exercise cost and 7,066 shares sold in the open market at $94.71. This is a typical liquidity event for an insider realizing value from a 2020 award. There are no additional grants, loans, or new derivative instruments disclosed. Impact on outstanding share count is not specified beyond the reported beneficial ownership figures.

Corporate Governance Expert

TL;DR: Administrative disclosure of SAR exercise and share dispositions; governance implications are routine.

The Form 4 shows the CFO acting through a standard exercise-and-sell transaction: conversion of SARs (grant price $68.34), shares used to satisfy exercise obligations, and an open-market sale at $94.71. The signature is by an attorney-in-fact, and the form includes required transaction codes and ownership updates. This disclosure meets Section 16 reporting obligations and contains no governance exceptions or unusual arrangements.

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^*

Ginzburg Assi

(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 Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/22/2025

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	08/22/2025		M(1)(2)		25,524	A	$68.34	59,349	D
Common Stock	08/22/2025		D(1)(2)		18,458	D	$94.71	40,891	D
Common Stock	08/22/2025		S(1)(2)		7,066	D	$94.71	33,825	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)	$68.34	08/22/2025		M			25,524	05/12/2020	05/12/2026	Common Stock	25,524	$0	0	D

Explanation of Responses:

1. Represents the exercise of Stock Appreciation Rights ("SARs") expiring on May 12, 2026, for which the reporting person exercised all 25,524 shares, disposed of 18,458 shares to the issuer to cover the exercise price of the SARs, and sold the remaining 7,066 shares acquired upon exercise in the open market on August 22, 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 insider Assi Ginzburg do on 08/22/2025?

The filing shows Assi Ginzburg exercised 25,524 SARs, surrendered 18,458 shares to the issuer, and sold 7,066 shares in the open market.

At what prices were the SARs exercised and shares sold?

The SARs show a conversion/grant price of $68.34 and the open-market sale price was $94.71 per share.

When do the SARs expire?

The SARs exercised were granted on 05/12/2020 and expire on 05/12/2026, per the Form 4.

Who signed the Form 4 filing for Assi Ginzburg?

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

How many shares are reported as beneficially owned after the transactions?

The Form 4 table lists post-transaction beneficial ownership figures of 59,349, 40,891, and 33,825 on the respective lines.