Benyosef Ofer 4

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

AI-generated summary of this filing

Updated May 15, 2026

Ormat (ORA) EVP Benyosef Ofer Exercises SARs, Sells Shares

What Happened

Benyosef Ofer, EVP, Energy Storage & Business Development at Ormat Technologies (ORA), exercised 1,101 Stock Appreciation Rights (SARs) on May 13, 2026 and then disposed of shares the same day.
The SAR exercise used an exercise price of $71.15 and a market price of $131.02; the SARs produced 499 shares issued to Ofer, with 602 shares delivered back to the issuer as part of the settlement. Separately, Ofer sold 9,429 shares in the open market at $131.02 for $1,235,388. An additional 602 shares were recorded as disposed to the issuer at $131.02 ($78,874). Total reported dispositions on May 13 were about $1.314M. The SAR exercise value shown is $78,336 (1,101 * $71.15).
These actions are primarily disposals (sales/settlement after exercise), not a fresh purchase signal.

Key Details

Transaction date: May 13, 2026. Filing date: May 15, 2026 (timely Form 4 filing).
Prices: exercise price $71.15; market price used $131.02.
Movements: exercised 1,101 SARs → 499 shares issued; 602 shares withheld/returned to issuer; 9,429 shares sold in open market under a 10b5-1 plan (total open-market proceeds ~$1,235,388). Total dispositions ≈ $1.314M.
Beneficial ownership note: Form reports pre-transaction beneficial ownership of 8,930 shares and explains a prior 2-share rounding error; the filing explains the post-exercise issuance and withholding but focuses on the SAR settlement and sales.
Footnotes: SARs expire 03/01/2028; the open-market sales were pursuant to a 10b5-1 plan adopted 06/26/2025 and modified 12/12/2025; the difference between SARs exercised and shares issued is due to cashless settlement mechanics (see explanation above).

Context

This was a cashless style SAR exercise (the value converted into shares, with some shares withheld/returned to satisfy the economic settlement) followed immediately by sales. That pattern is common when SARs/options are exercised and taxes/settlement are satisfied by delivering a portion of the shares to the issuer.
The 9,429-share sale was executed under a pre-established 10b5-1 trading plan, which is typically used to automate sales and reduce appearance of opportunistic insider trading.
The filing is factual and timely; it documents the mechanics of the SAR exercise and the related dispositions but does not indicate management’s future view of Ormat’s stock.

Form 4

Period: 2026-05-13

EVP, Energy Storage & BD

Transactions

Exercise/Conversion
Common Stock
[F1][F2]
2026-05-13$71.15/sh+1,101$78,336→ 10,031 total
Disposition to Issuer
Common Stock
[F3]
2026-05-13$131.02/sh−602$78,874→ 9,429 total
Sale
Common Stock
[F4]
2026-05-13$131.02/sh−9,429$1,235,388→ 0 total
Exercise/Conversion
Stock Appreciation Rights
2026-05-13→ 0 total
Exercise: $71.15From: 2024-03-01Exp: 2028-03-01→ Common Stock (1,101 underlying)

Footnotes (4)

[F1]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.
[F2]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.
[F3]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).
[F4]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.

Signature

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

1 file