[Form 4] Ormat Technologies, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Ormat Technologies insider activity: Director Byron G. Wong exercised Stock Appreciation Rights (SARs) on 08/18/2025. He exercised 1,210 SARs expiring 11/06/2025 and 1,315 SARs expiring 11/04/2026. From the first exercise he received 1,210 shares, surrendered 1,018 shares to cover the exercise price and sold 192 shares in the open market at $91.395 per share. From the second exercise he received 1,315 shares, surrendered 972 shares and sold 343 shares at $91.395. The SAR grant prices were $76.87 and $67.54.

Insights

Financial Analyst

TL;DR: Routine exercise and partial sale of SARs by a director; no new reported holdings beyond post-transaction totals.

This Form 4 reports exercise of two SAR tranches totaling 2,525 SARs on 08/18/2025 with partial dispositions to cover exercise costs and open-market sales. The reporting person retained post-transaction beneficial ownership reported at 9,869 and 9,974 shares at different steps, with final reported beneficial holdings shown as 8,659 shares in multiple lines. The filing is a routine disclosure of compensation-derived share receipt and immediate sales; it does not include additional derivative holdings after exercise.

Corporate Governance Expert

TL;DR: Director exercised vested SARs and completed required reporting; transactions appear to follow standard plan mechanics.

The filing documents exercises of SARs from 2020 and 2021 grants with specified grant prices and expiration dates. Transactions include surrendering shares to cover exercise obligations and open-market sales executed the same day. The Form 4 is signed by an attorney-in-fact and provides the required explanations for the mechanics of the exercises and disposals. No indications of atypical timing or procedural irregularities are presented in the text.

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^*

Wong Byron G.

(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)
08/18/2025

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	08/18/2025		M(1)(3)		1,210	A	$76.87	9,869	D
Common Stock	08/18/2025		D(1)(3)		1,018	D	$91.395	8,851	D
Common Stock	08/18/2025		S(1)(3)		192	D	$91.395	8,659	D
Common Stock	08/18/2025		M(2)(3)		1,315	A	$67.54	9,974	D
Common Stock	08/18/2025		D(2)(3)		972	D	$91.395	9,002	D
Common Stock	08/18/2025		S(2)(3)		343	D	$91.395	8,659	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	08/18/2025		M			1,210	11/07/2020	11/06/2025	Common Stock	1,210	$0	0	D
Stock Appreciation Rights (SARs)	$67.54	08/18/2025		M			1,315	11/04/2021	11/04/2026	Common Stock	1,315	$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 1,018 shares to the issuer to cover the exercise price of the SARs, and sold the remaining 192 shares acquired upon exercise in the open market on August 18, 2025.

2. Represents the exercise of SARs expiring on November 4, 2026, for which the reporting person exercised all 1,315 shares, disposed of 972 shares to the issuer to cover the exercise price of the SARs, and sold the remaining 343 shares in the open market on August 18, 2025.

3. 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	08/20/2025
	** 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 Ormat director Byron G. Wong do on 08/18/2025?

He exercised 1,210 SARs expiring 11/06/2025 and 1,315 SARs expiring 11/04/2026, surrendered shares to cover exercise costs, and sold remaining shares in the open market.

How many shares were sold in the open market and at what price?

535 shares were sold in the open market (192 from the first exercise and 343 from the second) at $91.395 per share on 08/18/2025.

What were the SAR grant prices for the exercised awards?

$76.87 for the SARs expiring 11/06/2025 and $67.54 for the SARs expiring 11/04/2026, as reported in the filing.

How many SARs were exercised in total?

2,525 SARs were exercised in total (1,210 plus 1,315) on 08/18/2025.

Who signed the Form 4 and when was it filed?

Signed by Jessica Woelfel as attorney-in-fact with the signature dated 08/20/2025 as shown on the form.