ORMAT TECHNOLOGIES, INC. — Director's Dealing 2023

May 16, 2023

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ORMAT TECHNOLOGIES, INC. (ORA)
CIK: 0001296445
Period of Report: 2023-05-12

Reporting Person: Benyosef Ofer (EVP - Energy Storage & BD)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-05-12	Common Stock, par value $0.001 per share	M	1230	—	Acquired	3495	Direct
2023-05-12	Common Stock, par value $0.001 per share	M	698	—	Acquired	4193	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2023-05-12	Performance Stock Units	$	M	2562	Disposed		Common Stock, par value $0.001 per share (2562)	Direct
2023-05-12	Restricted Stock Units	$	M	410	Acquired		Common Stock, par value $0.001 per share (410)	Direct
2023-05-12	Restricted Stock Units	$	M	698	Disposed		Common Stock, par value $0.001 per share (698)	Direct

Footnotes

F1: On May 12, 2020, the reporting person was granted performance stock units (with a target amount of 3,075), each of which represents the right to receive one share of ORA common stock upon vesting (the "PSUs"). Pursuant to their terms, the PSUs are not deemed vested until they are both performance-vested and time-vested. The PSUs performance vest on the third anniversary of the grant date, in an amount (between 0% and 150% of target) based on the issuer's achievement of relative total stockholder return from the grant date until such third anniversary, and time vest 50% on the second anniversary of the grant date and 25% on each of the third and fourth anniversaries of the grant date, based on the reporting person's continued service.

F2: On May 12, 2023, the third anniversary of the grant date of the PSUs, 100% of the PSUs performance vested in the following amount based on the issuer's achievement of relative total stockholder return during the three-year performance period: 1,640. 75% of such PSUs were immediately paid out, as they were time-vested based on the reporting person's continued service since the grant date. The remaining 25% of such PSUs remain subject to time-vesting until the fourth anniversary of the grant date, based on the reporting person's continued service, and are thus represented as restricted stock units ("RSUs"). Each RSU represents the right to receive one share of ORA common stock upon vesting.

F3: In addition to the PSUs, the reporting person was granted 2,792 time-vesting RSUs on May 12, 2020. Each RSU represents the right to receive one share of ORA common stock upon vesting. 25% of these time-vesting RSUs vested on May 12, 2023, the third-year anniversary of the date of grant. The remaining 25% of which will vest on the fourth anniversary of the grant date, based on the reporting person's continued service.