Ormat director exercises SARS and sells common stock

Ormat Technologies director Dafna Sharir exercised Stock Appreciation Rights into 2,525 shares of common stock on June 20, 2025, then disposed 1,089 and 1,035 shares to the issuer to cover exercise prices and sold 1,601 shares in the open market.

Rhea-AI Filing Summary

Ormat Technologies director Dafna Sharir exercised Stock Appreciation Rights into 2,525 shares of common stock on June 20, 2025, then disposed 1,089 and 1,035 shares to the issuer to cover exercise prices and sold 1,601 shares in the open market. After these transactions, she holds 3,238 common shares directly.

Insider Trade Summary

Exercise and sale activity reported; no spread calculated

Exercise and Sale 9 txns

Insider SHARIR DAFNA

Role Director

Sold 1,601 shs ($137K)

Approx. gross sale proceeds $137K

Approx. exercise cost $182K

Type	Security	Shares	Price	Value
Exercise	Stock Appreciation Rights (SARS)	1,210	$0.00	$0.00
Exercise	Stock Appreciation Rights (SARS)	1,315	$0.00	$0.00
Exercise	Common Stock	1,210	$76.87	$93K
Disposition	Common Stock	1,089	$85.36	$93K
Sale	Common Stock	121	$85.67	$10K
Exercise	Common Stock	1,315	$67.54	$89K
Disposition	Common Stock	1,035	$85.78	$89K
Sale	Common Stock	280	$85.81	$24K
Sale	Common Stock	1,200	$85.5802	$103K

Holdings After Transaction: Stock Appreciation Rights (SARS) — 0 contracts (Direct); Common Stock — 3,238 shares (Direct)

Footnotes (3)

1. F1. Represents the exercise of Stock Appreciation Rights (SARS) expiring on November 06, 2025, for which the reporting person exercised all 1,210 shares, disposed of 1,089 shares to the issuer to cover the exercise price of the SARs, and sold the remaining 121 shares acquired upon exercise in the open market on June 20, 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.
2. F2. Represents the exercise of SARS expiring on November 04, 2026, for which the reporting person exercised all 1,315 shares, disposed of 1,035 shares to the issuer to cover the exercise price of the SARs, and sold the remaining 280 shares in the open market on June 20, 2025.
3. F3. Represents shares of common stock sold in the open market on June 20, 2025.

Key Figures

SARs exercised: 2,525 shares Shares disposed to issuer (2025 SARS): 1,089 shares Shares disposed to issuer (2026 SARS): 1,035 shares +4 more

7 metrics

SARs exercised 2,525 shares Total shares underlying Stock Appreciation Rights exercised on June 20, 2025

Shares disposed to issuer (2025 SARS) 1,089 shares Common shares returned to issuer to cover exercise price for SARS expiring November 06, 2025

Shares disposed to issuer (2026 SARS) 1,035 shares Common shares returned to issuer to cover exercise price for SARS expiring November 04, 2026

Common shares sold 1,601 shares Total common shares sold in open-market or private transactions on June 20, 2025

Post-transaction holdings 3,238 shares Direct holdings of Ormat common stock following the reported transactions

SARS exercise price (2025 expiry) 76.8700 per share Exercise price for SARS covering 1,210 shares expiring November 06, 2025

SARS exercise price (2026 expiry) 67.5400 per share Exercise price for SARS covering 1,315 shares expiring November 04, 2026

Key Terms

Stock Appreciation Rights (SARS), grant price, market value, disposition to issuer

4 terms

Stock Appreciation Rights (SARS) financial

"Represents the exercise of Stock Appreciation Rights (SARS) expiring on November 06, 2025"

grant price financial

"exceeds the grant price set forth in the SAR, multiplied by the number of shares"

market value financial

"with a value equal to the amount by which the market value of the shares"

Market value is the total worth investors place on a publicly traded company at a given moment, calculated by multiplying the current share price by the number of shares outstanding — like the price tag you’d see if you tried to buy the whole business today. It matters to investors because it shows how the market views a company’s size, growth prospects and risk, influences index membership and investment strategies, and helps compare companies the way you’d compare houses by their market prices.

disposition to issuer financial

"disposed of 1,089 shares to the issuer to cover the exercise price of the SARs"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did ORA director Dafna Sharir report in this Form 4 filing?

Dafna Sharir reported exercising Stock Appreciation Rights into 2,525 shares of Ormat common stock, disposing 1,089 and 1,035 shares to the issuer to cover exercise prices, and selling 1,601 shares in the open market on June 20, 2025, ending with 3,238 shares held directly.

How many ORA shares did Dafna Sharir sell on June 20, 2025?

She sold a total of 1,601 common shares on June 20, 2025. These sales included shares received from SARS exercises and additional common stock sales in open-market transactions, as described in the filing’s transaction details and supporting footnotes.

What Stock Appreciation Rights did ORA’s director exercise in this Form 4?

Sharir exercised SARS covering 1,210 shares with an exercise price of 76.8700 per share, expiring November 06, 2025, and SARS covering 1,315 shares with an exercise price of 67.5400 per share, expiring November 04, 2026, for a total of 2,525 shares.

How many ORA shares did Dafna Sharir return to the issuer to cover SARS exercise prices?

She disposed 1,089 shares to the issuer related to SARS expiring November 06, 2025 and 1,035 shares related to SARS expiring November 04, 2026. These issuer dispositions covered the exercise prices associated with the Stock Appreciation Rights.

What is Dafna Sharir’s direct ORA common stock holding after these transactions?

Following the reported exercises, dispositions, and sales, Dafna Sharir directly holds 3,238 shares of Ormat Technologies common stock. This post-transaction balance is provided as the authoritative holding figure in the filing’s canonical holdings data.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 06/24/2025 - 04:24 PM EDT Learn about SEC filing dates

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^*

SHARIR DAFNA

(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)
06/20/2025

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	06/20/2025		M(1)		1,210	A	$76.87	5,648	D
Common Stock	06/20/2025		D(1)		1,089	D	$85.36	4,559	D
Common Stock	06/20/2025		S(1)		121	D	$85.67	4,438	D
Common Stock	06/20/2025		M(2)		1,315	A	$67.54	5,753	D
Common Stock	06/20/2025		D(2)		1,035	D	$85.78	4,718	D
Common Stock	06/20/2025		S(2)		280	D	$85.81	4,438	D
Common Stock	06/20/2025		S(3)		1,200	D	$85.5802	3,238	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	06/20/2025		M			1,210	11/07/2020	11/06/2025	Common Stock	1,210	$0	0	D
Stock Appreciation Rights (SARS)	$67.54	06/20/2025		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 06, 2025, for which the reporting person exercised all 1,210 shares, disposed of 1,089 shares to the issuer to cover the exercise price of the SARs, and sold the remaining 121 shares acquired upon exercise in the open market on June 20, 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.

2. Represents the exercise of SARS expiring on November 04, 2026, for which the reporting person exercised all 1,315 shares, disposed of 1,035 shares to the issuer to cover the exercise price of the SARs, and sold the remaining 280 shares in the open market on June 20, 2025.

3. Represents shares of common stock sold in the open market on June 20, 2025.

	/s/ Jessica Woelfel - as attorney-in-fact	06/24/2025
	** 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).
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