Ginzburg Assi 4

4 · ORMAT TECHNOLOGIES, INC. · Filed May 15, 2026

AI-generated summary of this filing

Updated May 15, 2026

Ormat (ORA) CFO Assi Ginzburg Exercises SARs, Sells 17.8K Shares

What Happened

Assi Ginzburg, CFO of Ormat Technologies (ORA), exercised 5,502 Stock Appreciation Rights (SARs) on May 14, 2026 and immediately disposed of shares. The filing shows an acquisition value for the SAR exercise of $391,467 (5,502 @ $71.15). As a result of the exercise, 2,559 shares were issued to Ginzburg and 2,943 shares were surrendered to the issuer (disposition to issuer).
Ginzburg sold 2,559 shares in the open market at a weighted average price of $133.12 (proceeds $340,649) and sold an additional 15,217 shares at a weighted average price of $135.02 (proceeds $2,054,584). The disposition-to-issuer line (2,943 shares @ $133.12) is reported at $391,766. Total reported open-market sale proceeds ≈ $2.395M; total dispositions reported (including shares surrendered to issuer) ≈ $2.787M.

Key Details

Transaction date: May 14, 2026; Form 4 filed May 15, 2026 (timely).
SAR exercise: 5,502 SARs exercised (F1); exercise price shown as $71.15, acquisition value $391,467.
Shares issued vs SARs: 2,559 shares were issued upon exercise; 2,943 shares were disposed to the issuer (F2) — the filing indicates the difference relates to how SAR exercises convert to issued shares.
Open-market sales: 2,559 shares at weighted avg $133.12 (prices ranged $133.02–$133.21, F4) and 15,217 shares at weighted avg $135.02 (prices ranged $135.00–$135.265, F5).
Shares owned after transaction: not specified in the provided excerpt of the filing.
Filing codes: M = exercise/conversion of derivative (SAR), D = disposition to issuer, S = open-market sale.
No 10b5-1 plan or late filing noted in this Form 4.

Context

This was effectively a cashless SAR exercise with immediate share dispositions: SARs were exercised and some shares were issued while others were surrendered to the issuer (common mechanics for covering exercise consideration/tax withholding), and multiple blocks were sold in the open market the same day.
Sales by officers are often routine liquidity events; they do not by themselves indicate company performance changes. Purchases are generally more informative as bullish signals; this filing primarily reflects exercise + sales.

Form 4

Period: 2026-05-14

Chief Financial Officer

Transactions

Exercise/Conversion
Common Stock
[F1]
2026-05-14$71.15/sh+5,502$391,467→ 22,689 total
Disposition to Issuer
Common Stock
[F2]
2026-05-14$133.12/sh−2,943$391,766→ 19,746 total
Sale
Common Stock
[F3][F4]
2026-05-14$133.12/sh−2,559$340,649→ 17,187 total
Sale
Common Stock
[F3][F5]
2026-05-14$135.02/sh−15,217$2,054,584→ 1,970 total
Exercise/Conversion
Stock Appreciation Rights
2026-05-14−5,502→ 0 total
Exercise: $71.15From: 2024-03-01Exp: 2028-03-01→ Common Stock (5,502 underlying)

Footnotes (5)

[F1]This represents the exercise of Stock Appreciation Rights ("SAR") expiring on March 1, 2028, for which the reporting person exercised all 5,502 shares.
[F2]This represents the difference between the number of SARs exercised (5,502) and the number of shares issued as a result of the exercise (2,559). 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 ($133.118, see footnote 4) and the exercise price ($71.15).
[F3]Represents shares of common stock sold in the open market on May 14, 2026.
[F4]The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $133.02 to $133.21, inclusive. The reporting person undertakes to provide to 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.
[F5]The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $135.00 to $135.265, inclusive. The reporting person undertakes to provide to 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.

Signature

/s/ Jessica Woelfel - as attorney-in-fact|2026-05-15

1 file