ORMAT TECHNOLOGIES, INC. — Director's Dealing 2026

May 16, 2026

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington,

D.C.

20549

OMB APPROVAL

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).

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 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) 05/13/2026	Director X Officer (give title below)		10% Owner Other (specify 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 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 Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)
Common Stock		05/13/2026		M(1)		1,101	A	$71.15	10,031(2)	D
Common Stock		05/13/2026		D		602(3)	D	$131.02	9,429	D
Common Stock		05/13/2026		S		9,429(4)	D	$131.02	0	D

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| 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. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) | 4. Transaction 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/Year) | | 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) | | 8. Price of Derivative Security (Instr. 5) | 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) | 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) |
| | | | | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | | | |
| Stock Appreciation Rights | $71.15 | 05/13/2026 | | M | | | 1,101 | 03/01/2024 | 03/01/2028 | Common Stock | 1,101 | $0 | 0 | D |

Explanation of Responses:

1. This represents the exercise of Stock Appreciation Rights ("SAR") expiring on 03/01/2028, for which the reporting person exercised 1,101 shares; the reporting previously exercised 3,300 shares on November 5, 2025.
2. This Form 4 reports pre-transaction beneficial ownership of 8,930 shares of Common Stock, which differs by 2 shares from the post-transaction beneficial ownership total reported on the filer's most recent prior Form 4 filed on March 24, 2026. This discrepancy is attributable to a rounding / calculation error, and does not reflect any unreported acquisition or disposition of securities. The correct pre-transaction total is 8,930 shares as reported herein.
3. This represents the difference between the number of SARs exercised (1,101) and the number of shares issued as a result of the exercise (499). 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 ($131.02) and the exercise price ($71.15).
4. Represents shares of common stock sold in the open market on May 13, 2026 pursuant to a 10b5-1 Plan adopted by the reporting person on 06/26/2025, Modified 12/12/2025.

Remarks:

/s/ Jessica Woelfel, as attorney-in-fact May 15, 2026
** Signature of Reporting Person Date