Form 4: ORMAT Executive Sells Shares After SAR Exercise

Jessica Woelfel, GC, CCO, and CS of ORMAT Technologies, Inc., exercised Stock Appreciation Rights and subsequently sold common stock under a 10b5-1 plan.

Summary

• Jessica Woelfel, General Counsel, Chief Compliance Officer, and Corporate Secretary of ORMAT Technologies, Inc., engaged in multiple transactions on September 29, 2025.
• Exercised 6,401 Stock Appreciation Rights (SARs) with an exercise price of $78.53, resulting in the issuance of 1,110 shares of common stock based on a market value of $95.00 at the time of exercise.
• Exercised 10,000 Stock Appreciation Rights (SARs) with an exercise price of $69.14, resulting in the issuance of 2,700 shares of common stock based on a market value of $94.64 at the time of exercise.
• Disposed of 5,291 shares and 7,300 shares, representing the difference between SARs exercised and shares issued, likely due to cashless exercise or tax withholding.
• Sold 5,611 shares of common stock in the open market at a weighted average price of $94.80, with individual transaction prices ranging from $94.36 to $95.00.
• The sale of common stock was conducted pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on June 30, 2025.
• Following these reported transactions, beneficial ownership of common stock stands at 3,433 shares, and no derivative securities (SARs) are beneficially owned.

Sentiment

Score: 5

Explanation: The filing reports routine insider transactions involving the exercise of Stock Appreciation Rights and subsequent sale of common stock under a pre-arranged 10b5-1 plan. These are generally considered neutral events for market sentiment as they are often for personal liquidity or diversification and are planned in advance.

Positives

• The exercise of Stock Appreciation Rights indicates that the reporting person saw value in exercising these rights, suggesting the stock price was above the exercise price.
• The transactions were executed under a pre-arranged 10b5-1 plan, which demonstrates a structured approach to managing equity compensation and reduces concerns about opportunistic insider selling.

Negatives

• The sale of 5,611 shares of common stock by an executive, even under a 10b5-1 plan, represents a reduction in insider ownership, which some investors might view as a slight negative signal.

Future Outlook

This filing, a Form 4, details past insider transactions and does not contain any forward-looking statements or guidance regarding the company's future performance or outlook.

Industry Context

This Form 4 filing reports routine insider transactions and does not provide information directly related to broader industry trends or competitive landscape. It reflects an individual executive's equity compensation management.

Stakeholder Impact

• Shareholders: May observe a reduction in direct insider ownership, though the pre-planned nature of the sale under a 10b5-1 plan mitigates concerns about opportunistic selling.

Key Dates

Keywords

ORMAT Technologies, ORA, Insider Transaction, Form 4, Stock Appreciation Rights, SARs, 10b5-1 Plan, Executive Stock Sale, Jessica Woelfel