4/A: ORMAT Director Corrects Stock Ownership Filing

An amended SEC Form 4 reveals ORMAT Technologies Director David Granot corrected an administrative error in his beneficial ownership of common stock.

Summary

• David Granot, a Director of ORMAT Technologies, Inc. (ORA), filed an amended Form 4 to correct an administrative error.
• The original filing from August 25, 2025, inadvertently overstated the amount of beneficially owned securities by 838 shares.
• On August 21, 2025, Granot exercised 1,210 Stock Appreciation Rights (SARs) with an exercise price of $76.87.
• He disposed of 1,011 shares to the issuer to cover the exercise price of the SARs.
• He subsequently sold the remaining 199 shares acquired from the SAR exercise in the open market at prices of $92.44 and $92.43.
• Following these transactions, his corrected beneficial ownership is 1,641 shares of common stock.

Sentiment

Score: 6

Explanation: The filing corrects an administrative error, improving transparency and accuracy. The underlying transactions involve a director exercising SARs and selling shares, which is a routine compensation event. The exercise price being significantly lower than the sale price indicates a positive outcome for the director.

Positives

• Director Granot exercised Stock Appreciation Rights, indicating a realization of value from his compensation.
• The company's stock price at the time of sale ($92.435 $92.44) was significantly higher than the SAR exercise price ($76.87), indicating a gain for the director.

Negatives

• An administrative error led to an overstatement of beneficial ownership in the initial filing, requiring an amendment.
• The director sold shares in the open market, which could be perceived as a reduction in his direct stake, although it was primarily to cover SAR exercise costs and taxes.

Future Outlook

No forward-looking statements or guidance are provided in this filing.

Industry Context

This filing details an individual director's equity compensation activity and an administrative correction, rather than providing broader industry-specific analysis.

Corporate Governance

Related Party Transactions

• Disposition of 1,011 shares to the issuer to cover the exercise price of Stock Appreciation Rights (SARs).

Stakeholder Impact

• Shareholders: Improved accuracy of insider ownership data, enhancing transparency. The director's sale of shares is a routine event for compensation.
• Regulatory Authorities: Demonstrates compliance with SEC reporting requirements by correcting errors.

Key Dates

Recommendation

This filing is an administrative correction of an insider transaction and does not provide new information about the company's operational performance, financial health, or strategic direction that would warrant a change in investment recommendation. The director's exercise of SARs and subsequent sale of shares is a routine compensation event.

Keywords

ORMAT Technologies, ORA, David Granot, SEC Form 4/A, Beneficial Ownership, Stock Appreciation Rights, SARs, Insider Trading, Director Transactions, Equity Compensation