ORMAT TECHNOLOGIES, INC. — Director's Dealing 2025

Nov 7, 2025

FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

	OMB APPROVAL
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OMB Number: 3235-0287

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hours per response: 0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See X

Instruction 10.

1. Name and Address of Reporting Person* BENYOSEF OFER			2. Issuer Name and Ticker or Trading Symbol ORMAT TECHNOLOGIES, INC. [ ORA ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(Last)	(First) (Middle) C/O ORMAT TECHNOLOGIES, INC. 6884 SIERRA CENTER PARKWAY		3. Date of Earliest Transaction (Month/Day/Year) 11/05/2025	Director 10% Owner Officer (give title Other (specify X below) below) EVP, ENERGY STORAGE & BD
(Street) RENO NV 89511			4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person
(City)	(State)	(Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction 2A. Deemed Date Execution Date, if (Month/Day/Year) any (Month/Day/Year)		3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following	6. Ownership Form: Direct (D)	7. Nature of Indirect Beneficial Ownership
					Amount	(A) or (D)	Price	Reported Transaction(s) (Instr. 3 and 4)	or Indirect (I) (Instr. 4)	(Instr. 4)
Common Stock	11/05/2025		M(1)		21,271	A	\$68.34	22,892	D
Common Stock	11/05/2025		D		12,640(2)	D	\$115.00	10,252	D
Common Stock	11/05/2025		M(3)		3,300	A	\$71.15	13,552	D
Common Stock	11/05/2025		D		(4) 2,041	D	\$115.00	11,511	D

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following	6. Ownership Form: Direct (D)	7. Nature of Indirect Beneficial Ownership
			Code	V	Amount	(A) or (D)	Price	Reported Transaction(s) (Instr. 3 and 4)	or Indirect (I) (Instr. 4)	(Instr. 4)
Common Stock	11/05/2025		(5) S		9,890	D	\$115.00	1,621	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)	2. Conversio n or Exercise Price of Derivative	3. Transaction Date (Month/Day/Yea r)	3A. Deemed Execution Date, if any (Month/Day/Yea r)	4. Transacti on Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date r)	Exercisable and Expiration Date (Month/Day/Yea	7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivat ive Securit	9. Number of derivative Securities Beneficial	10. Ownershi p Form: Direct (D) or Indirect (I) (Instr.	11. Nature of Indirect Beneficial Ownershi p (Instr. 4)
	Security			Code	V	(A)	(D)	Date Exercis able	Expiratio n Date	Title	Amount or Number of Shares	y (Instr. 5)	ly Owned Following Reported Transacti on(s) (Instr. 4)	4)
Stock Appreciation Rights (SARs)	\$68.34	11/05/2025		M			21,271	05/12/2 022	05/12/20 26	Common Stock	21,271	\$0	0	D
Stock Appreciation Rights (SARs)	\$71.15	11/05/2025		M			3,300	03/01/2 024	03/01/20 28	Common Stock	3,300	\$0	1,101	D

Explanation of Responses:

• 1. Represents the exercise of Stock Appreciation Rights ("SARs") expiring on 05/12/2026, for which the reporting person exercised all 21,271 shares.
• 1. This represents the difference between the number of SARs exercised (21,271) and the number of shares issued as a result of the exercise (8,631). 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 (\$68.34).
• 1. Represents the exercise of SARs expiring on 03/1/2028, for which the reporting person exercised 3,300 of the 4,401 shares.
• 1. This represents the difference between the number of SARs exercised (3,300) and the number of shares issued as a result of the exercise (1,259). 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).
• 1. Represents shares of common stock sold in the open market on November 5, 2025 pursuant to a 10b5-1 Plan adopted by the reporting person on 06/26/2025.

Remarks:

/s/ Jessica Woelfel – as attorney-in-fact 11/06/2025

** Signature of Reporting Person Date