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: 2025-09-26

Reporting Person: STERN STANLEY (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-09-26	Common Stock	M	1210	$76.87	Acquired	6471	Direct
2025-09-26	Common Stock	D	981	$94.83	Disposed	5490	Direct
2025-09-26	Common Stock	S	229	$94.83	Disposed	5261	Direct
2025-09-30	Common Stock	S	400	$95.98	Disposed	4861	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-09-26	Stock Appreciation Rights (SARs)	$76.87	M	1210	Disposed	2025-11-06	Common Stock (1210)	Direct

Footnotes

F1: Represents the exercise of Stock Appreciation Rights ("SARs") expiring on November 6, 2025, for which the reporting person exercised all 1,210 shares.

F2: This represents the difference between the number of SARs exercised (1,210) and the number of shares issued as a result of the exercise (229). 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 ($94.83) and the exercise price ($76.87).