SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
  
 Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Hatzir Shimon
(Last) (First) (Middle)
C/O ORMAT TECHNOLOGIES, INC.
6884 SIERRA CENTER PARKWAY
(Street)
RENO NV 89511
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
ORMAT TECHNOLOGIES, INC. [ ORA ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
EVP, Electricity Segment
3. Date of Earliest Transaction (Month/Day/Year)
03/01/2024
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 03/01/2024 M(1)(2) 495 A $0 4,190 D
Common Stock 03/01/2025 M(1)(3) 1,005 A $0 5,195 D
Common Stock 03/01/2025 M(1)(4) 358 A $0 5,553 D
Common Stock 03/01/2025 M(1)(5) 1,541 A $0 7,094 D
Common Stock 03/01/2025 M(1)(5) 1,667 A $0 8,761 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Restricted Stock Units (1)(2) 03/01/2024 M 495 (2) (2) Common Stock 495 $0 1,005 D
Restricted Stock Units (1)(3) 03/01/2025 M 1,005 (3) (3) Common Stock 1,005 $0 0 D
Restricted Stock Units (1)(4) 03/01/2025 M 358 (4) (4) Common Stock 358 $0 357 D
Restricted Stock Units (1)(5) 03/01/2025 M 1,541 (5) (5) Common Stock 1,541 $0 3,085 D
Performance Based Units (6)(7) 03/01/2025 M 2,655 (6) (6) Common Stock 2,655 $0 0 D
Restricted Stock Units (1)(7) 03/01/2025 M 555 (7) (7) Common Stock 555 $0 555 D
Explanation of Responses:
1. Each Restricted Stock Unit ("RSU") represents the right to receive one share of ORA common stock upon vesting.
2. This portion of Restricted Stock Units ("RSUs") vested on March 1, 2024, being the second anniversary of the grant date. These RSUs were granted on March 1, 2022 and vest 33% on the second anniversary of the grant date and 67% on the third anniversary of the grant date. This transaction is being reported late due to an inadvertent administrative oversight. Due to this administrative error, subsequent Form 4s filed on and after March 1, 2024 underreported the number of shares beneficially owned by the reporting person by 495 shares.
3. This portion of Restricted Stock Units vested on March 1, 2025, being the third anniversary of the grant date. These RSUs were granted on March 1, 2022 and vest 33% on the second anniversary of the grant date and 67% on the third anniversary of the grant date.
4. This portion of Restricted Stock Units vested on March 1, 2025, being the third anniversary of the date of grant. These Restricted Stock Units were granted on March 1, 2022 and vest 25% on each of the first, second, third and fourth anniversaries of the grant date.
5. This portion of Restricted Stock Units vested on March 1, 2025, being the first anniversary of the date of grant. These Restricted Stock Units were granted on March 1, 2024 and vest 25% on each of the first, second, third and fourth anniversaries of the grant date.
6. On March 1, 2022, the reporting person was granted performance stock units (with a target amount of 2,655), each of which represents the right to receive one share of ORA common stock upon vesting (the "PSUs"). Pursuant to their terms, the PSUs are not deemed vested until they are both performance-vested and time-vested. The PSUs performance vest on the third anniversary of the grant date, in an amount (between 0% and 150% of target) based on the issuer's achievement of relative total stockholder return from the grant date until such third anniversary, and time vest 25% on each of the first, second, third and fourth anniversaries of the grant date, based on the reporting person's continued service.
7. On March 1, 2025, the third anniversary of the grant date of the PSUs, 100% of the PSUs performance vested in the following amount based on the issuer's achievement of relative total stockholder return during the three-year performance period: 2,222. 75% of such PSUs were immediately paid out, as they were time-vested based on the reporting person's continued service since the grant date. The remaining 25% of such PSUs remain subject to time-vesting through the fourth anniversary of the grant date, and were thus represented as RSUs.
/s/ Jessica Woelfel, as attorney-in-fact 03/04/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
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