ORMAT TECHNOLOGIES, INC. — Director's Dealing 2025

Nov 10, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ORMAT TECHNOLOGIES, INC. (ORA)
CIK: 0001296445
Period of Report: 2025-11-07

Reporting Person: Woelfel Jessica (GC, CCO, and CS)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-11-07	Common Stock	M	1000	$71.15	Acquired	4433	Direct
2025-11-07	Common Stock	D	632	$112.36	Disposed	3801	Direct
2025-11-07	Common Stock	S	368	$112.36	Disposed	3433	Direct
2025-11-10	Common Stock	M	1889	$71.15	Acquired	5322	Direct
2025-11-10	Common Stock	D	1168	$115	Disposed	4154	Direct
2025-11-10	Common Stock	S	721	$115	Disposed	3433	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-11-07	Stock Appreciation Rights (SARs)	$71.15	M	1000	Disposed	2028-03-01	Common Stock (1000)	Direct
2025-11-10	Stock Appreciation Rights (SARs)	$71.15	M	1889	Disposed	2028-03-01	Common Stock (1889)	Direct

Footnotes

F1: Represents the exercise of Stock Appreciation Rights ("SARs") expiring on March 1, 2028, for which the reporting person exercised 1,000 of the 3,851 shares.

F2: This represents the difference between the number of SARs exercised (1,000) and the number of shares issued as a result of the exercise (368). The number of shares to be issued under a SAR exercise is determined by multiplying the number of SARs being exercised by the difference between the market value on the date of exercise ($112.36) and the exercise price ($71.15).

F3: The price reported in column 4 is a weighted average price. These shares were executed and sold in multiple transactions at prices ranging from $112.35 to $112.39, inclusive. The reporting person undertakes to provide to Ormat Technologies, Inc. (the "Company"), any securityholder of the Company or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the range specified herein.

F4: Represents shares of common stock sold in the open market on November 7, 2025.

F5: Represents the exercise of SARs expiring on March 1, 2028, for which the reporting person exercised 1,889 of the 2,851 shares.

F6: This represents the difference between the number of SARs exercised (1,889) and the number of shares issued as a result of the exercise (721). The number of shares to be issued under a SAR exercise is determined by multiplying the number of SARs being exercised by the difference between the market value on the date of exercise ($115.00) and the exercise price ($71.15).

F7: Represents shares of common stock sold in the open market on November 10, 2025.