ORMAT TECHNOLOGIES, INC. — Director's Dealing 2025

Nov 11, 2025

FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

OMB Number: 3235-0287

Estimated average burden 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).

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

Instruction 10.

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

1. Name and Address of Reporting Person* Woelfel Jessica			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) 11/07/2025	Director 10% Owner Officer (give title Other (specify X below) below) GC, CCO, and CS
(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 Date (Month/Day/Year)		3. Execution Date, if 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	11/07/2025		(1) M		1,000	A	\$71.15	4,433	D
Common Stock	11/07/2025		D		632(2)	D	\$112.36	3,801	D
Common Stock	11/07/2025		(4) S		368	D	\$112.36(3)	3,433	D
Common Stock	11/10/2025		(5) M		1,889	A	\$71.15	5,322	D
Common Stock	11/10/2025		D		1,168(6)	D	\$115.00	4,154	D
Common Stock	11/10/2025		(7) S		721	D	\$115.00	3,433	D

						(e.g., puts, calls, warrants, options, convertible securities)				Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Derivative Security (Instr. 3)	2. Conversio n or Exercise Price of Derivative Security	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 Exercisable and Expiration Date (Month/Day/Yea r)		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)
				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)	\$71.15	11/07/2025		M			1,000	03/01/2 024	03/01/20 28	Common Stock	1,000	\$0	2,851	D
Stock Appreciation Rights (SARs)	\$71.15	11/10/2025		M			1,889	03/01/2 024	03/01/20 28	Common Stock	1,889	\$0	962	D

Explanation of Responses:

• 1. 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.
• 1. 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).
• 1. 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.
• 1. Represents shares of common stock sold in the open market on November 7, 2025.
• 1. Represents the exercise of SARs expiring on March 1, 2028, for which the reporting person exercised 1,889 of the 2,851 shares.
• 1. 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).
• 1. Represents shares of common stock sold in the open market on November 10, 2025.

Remarks:

/s/ Jessica Woelfel 11/10/2025

** Signature of Reporting Person Date