ORMAT TECHNOLOGIES, INC. — Director's Dealing 2025

Sep 30, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ORMAT TECHNOLOGIES, INC. (ORA)
CIK: 0001296445
Period of Report: 2025-09-29

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-09-29	Common Stock	M	6401	$78.53	Acquired	11635	Direct
2025-09-29	Common Stock	D	5291	$95	Disposed	6344	Direct
2025-09-29	Common Stock	M	10000	$69.14	Acquired	15234	Direct
2025-09-29	Common Stock	D	7300	$94.64	Disposed	7934	Direct
2025-09-29	Common Stock	S	5611	$94.80	Disposed	3433	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-09-29	Stock Appreciation Rights (SARs)	$78.53	M	6401	Disposed	2027-03-31	Common Stock (6401)	Direct
2025-09-29	Stock Appreciation Rights (SARs)	$69.14	M	10000	Disposed	2026-06-15	Common Stock (10000)	Direct

Footnotes

F1: Represents the exercise of Stock Appreciation Rights ("SARs") expiring on March 31, 2027, for which the reporting person exercised all 6,401 shares.

F2: This represents the difference between the number of SARs exercised (6,401) and the number of shares issued as a result of the exercise (1,110) 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 ($95.00) and the exercise price ($78.53).

F3: Represents the exercise of SARs expiring on June 15, 2026, for which the reporting person exercised all 10,000 shares.

F4: This represents the difference between the number of SARs exercised (10,000) and the number of shares issued as a result of the exercise (2,700). 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 ($94.64) and the exercise price ($69.14).

F5: Represents shares of common stock sold in the open market on September 29, 2025 pursuant to a 10b5-1 Plan adopted by the reporting person on 06/30/2025.

F6: The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $94.36 to $95.00, inclusive. The reporting person undertakes to provide to 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.