Ginzburg Assi 4

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.