Benyosef Ofer 4

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.