ORMAT TECHNOLOGIES, INC. — Director's Dealing 2025

Mar 4, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ORMAT TECHNOLOGIES, INC. (ORA)
CIK: 0001296445
Period of Report: 2024-03-01

Reporting Person: Ginzburg Assi (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2024-03-01	Common Stock	M	330	—	Acquired	27607	Direct
2025-03-01	Common Stock	M	670	—	Acquired	28277	Direct
2025-03-01	Common Stock	M	447	—	Acquired	28724	Direct
2025-03-01	Common Stock	M	1953	—	Acquired	30677	Direct
2025-03-01	Common Stock	M	2084	—	Acquired	32761	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2024-03-01	Restricted Stock Units	$	M	330	Disposed		Common Stock (330)	Direct
2025-03-01	Restricted Stock Units	$	M	670	Disposed		Common Stock (670)	Direct
2025-03-01	Restricted Stock Units	$	M	447	Disposed		Common Stock (447)	Direct
2025-03-01	Restricted Stock Units	$	M	1953	Disposed		Common Stock (1953)	Direct
2025-03-01	Performance Based Units	$	M	3319	Disposed		Common Stock (3319)	Direct
2025-03-01	Restricted Stock Units	$	M	694	Acquired		Common Stock (694)	Direct
2025-03-01	Restricted Stock Units	$	A	5807	Acquired		Common Stock (5807)	Direct

Footnotes

F1: Each Restricted Stock Unit ("RSU") represents the right to receive one share of ORA common stock upon vesting.

F2: This portion of Restricted Stock Units ("RSUs") vested on March 1, 2024, being the second anniversary of the grant date. These RSUs were granted on March 1, 2022 and vest 33% on the second anniversary of the grant date and 67% on the third anniversary of the grant date. This transaction is being reported late due to an inadvertent administrative oversight. Due to this administrative error, subsequent Form 4s filed on and after March 1, 2024 underreported the number of shares beneficially owned by the reporting person by 330 shares.

F3: This portion of Restricted Stock Units vested on March 1, 2025, being the third anniversary of the grant date. These RSUs were granted on March 1, 2022 and vest 33% on the second anniversary of the grant date and 67% on the third anniversary of the grant date.

F4: This portion of RSUs vested on March 1, 2025, being the third anniversary of the date of grant. These RSUs were granted on March 1, 2022 and vest 25% on each of the first, second, third and fourth anniversaries of the grant date.

F5: This portion of RSUs vested on March 1, 2025, being the first anniversary of the date of grant. These RSUs were granted on March 1, 2024 and vest 33.33% on each of the first and second anniversaries of the grant date and 33.34% on the third anniversary of the grant date.

F6: On March 1, 2022, the reporting person was granted performance stock units (with a target amount of 3,319), 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 25% on each of the first, second, third and fourth anniversaries of the grant date, based on the reporting person's continued service.

F7: On March 1, 2025, 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: 2,778. 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 through the fourth anniversary of the grant date, and were thus represented as RSUs.

F8: In addition, the reporting person was granted 5,807 time-vesting RSUs on March 1, 2025. 33.3% of these time-vesting RSUs vest on the first and second anniversary of the grant date and 33.34% on the third anniversary of the grant date.