Form 4: Ormat Executive Sells Shares After SAR Exercise

Ormat Technologies' General Counsel, Jessica Woelfel, exercised Stock Appreciation Rights and subsequently sold common stock in two separate transactions in November 2025.

Summary

• Jessica Woelfel, General Counsel, Chief Compliance Officer, and Corporate Secretary of Ormat Technologies, Inc. (ORA), reported transactions involving the exercise of Stock Appreciation Rights (SARs) and the sale of common stock.
• On November 7, 2025, Woelfel exercised 1,000 SARs with an exercise price of $71.15 when the market value was $112.36, leading to the sale of 368 shares of common stock at a weighted average price of $112.36.
• On November 10, 2025, Woelfel exercised 1,889 SARs with an exercise price of $71.15 when the market value was $115.00, resulting in the sale of 721 shares of common stock at a price of $115.00.
• Following these transactions, Woelfel's direct beneficial ownership of Ormat Technologies common stock is 3,433 shares.
• The SARs exercised had an expiration date of March 1, 2028, and became exercisable on March 1, 2024.

Sentiment

Score: 5

Explanation: The filing details routine insider transactions related to executive compensation, specifically the exercise of Stock Appreciation Rights and subsequent sale of common stock for liquidity. This is a common occurrence and does not inherently signal positive or negative company performance or outlook.

Positives

• The exercise of Stock Appreciation Rights indicates that Ormat Technologies' stock price has appreciated above the SARs' exercise price, allowing the executive to realize value from their compensation.

Negatives

• The sale of common stock by an executive, even if compensation-related, can sometimes be perceived as a slight negative signal by investors, though it is often for personal liquidity or tax planning.

Future Outlook

NA

Industry Context

This Form 4 filing details routine insider transactions related to executive compensation and does not provide broader industry context or trends.

Stakeholder Impact

• Shareholders: Minor impact. The sale represents a relatively small fraction of the company's outstanding shares and is a common event for executives realizing compensation, unlikely to significantly influence share price.
• Employees, Customers, Suppliers, Creditors: No direct impact from this filing.

Key Dates

Keywords

Ormat Technologies, ORA, Form 4, insider transaction, stock appreciation rights, SARs, common stock, share sale, executive compensation, Jessica Woelfel