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
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.
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.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Appreciation Rights (SARs) | 25,524 | $0.00 | -- |
| Exercise | Common Stock | 25,524 | $68.34 | $1.74M |
| Disposition | Common Stock | 18,458 | $94.71 | $1.75M |
| Sale | Common Stock | 7,066 | $94.71 | $669K |
Footnotes (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. 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.
