Form 4: Ofer Benyosef Executes Stock Appreciation Rights at Ormat

EVP Ofer Benyosef exercised 1,101 stock appreciation rights and sold 9,429 shares of Ormat Technologies common stock.

Summary

• Ofer Benyosef, EVP of Energy Storage & BD at Ormat Technologies, exercised 1,101 Stock Appreciation Rights (SARs) with an exercise price of $71.15.
• The exercise resulted in the issuance of 499 shares of common stock, with 602 shares withheld to cover the exercise cost.
• Following the exercise, the reporting person sold 9,429 shares of common stock in the open market at a price of $131.02 per share.
• The transactions were executed pursuant to a Rule 10b5-1 trading plan adopted on June 26, 2025, and modified on December 12, 2025.
• The reporting person now holds zero shares of common stock directly following these transactions.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event; while the executive sold their entire position, the transaction was pre-planned under a 10b5-1 rule, which is a standard mechanism for orderly divestment.

Positives

• The executive demonstrated confidence in the company's long-term value by holding equity until the exercise of vested SARs.

Negatives

• The executive has liquidated their entire direct holding of 9,429 shares of common stock.

Risks

• Market perception may be negatively impacted by the complete divestment of shares by a key executive.

Future Outlook

No specific forward-looking guidance regarding company performance was provided in this filing.

Industry Context

StockSavvy.ai notes that executive divestment via 10b5-1 plans is a standard practice for liquidity and diversification, though complete liquidation of holdings by an EVP can sometimes signal a shift in personal financial strategy rather than a lack of confidence in the company's operational outlook.

Comparison to Industry Standards

• The use of 10b5-1 plans is a standard corporate governance practice to avoid insider trading concerns.
• The exercise of SARs is consistent with standard executive compensation packages in the renewable energy sector.

Stakeholder Impact

• Shareholders may note the complete exit of an EVP from direct equity ownership.

Next Steps

• No future actions or milestones were disclosed in this filing.

Key Dates

Keywords

Ormat Technologies, ORA, Insider Trading, Form 4, Stock Appreciation Rights, 10b5-1 Plan, Energy Storage