FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may

continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE

OMB APPROVAL

COMMISSION

OMB Number:

3235-0287

Washington, D.C. 20549

Estimated average burden

hours per response:

0.5

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

1. Name and Address of Reporting Person*

Ben Yosef

Ofer

(Last)

(First)

(Middle)

C/O ORMAT TECHNOLOGIES, INC.

6140 PLUMAS ST.

(Street)

RENO

NV

89519

(City)

(State)

(Zip)

  1. Issuer Name and Ticker or Trading Symbol
    ORMAT TECHNOLOGIES, INC.[ ORA ]
  2. Date of Earliest Transaction (Month/Day/Year) 05/12/2023
  3. If Amendment, Date of Original Filed (Month/Day/Year)

Rule 10b5-1(c) Transaction Indication

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

Director

10% Owner

X

Officer (give title

Other (specify

below)

below)

Executive Vice President Energy Storage and Business Development

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

2A. Deemed

3.

4. Securities Acquired

5. Amount of

6.

7. Nature

Date

Execution Date,

Transaction

(A) or Disposed Of (D)

Securities

Ownership

of Indirect

(Month/Day/Year)

if any

Code (Instr.

(Instr. 3, 4 and 5)

Beneficially

Form:

Beneficial

(Month/Day/Year)

8)

Owned

Direct (D)

Ownership

(A)

Following

or Indirect

(Instr. 4)

Reported

(I) (Instr. 4)

Code V

Amount

or

Price

Transaction(s)

(D)

(Instr. 3 and 4)

Common Stock, par value $0.001 per share

05/12/2023

M(1)(2)

1,230

A

$0

3,495

D

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1. Title of Security (Instr. 3)

2. Transaction

2A. Deemed

3.

4. Securities Acquired

5. Amount of

6.

7. Nature

Date

Execution Date,

Transaction

(A) or Disposed Of (D)

Securities

Ownership

of Indirect

(Month/Day/Year)

if any

Code (Instr.

(Instr. 3, 4 and 5)

Beneficially

Form:

Beneficial

(Month/Day/Year)

8)

Owned

Direct (D)

Ownership

(A)

Following

or Indirect

(Instr. 4)

Reported

(I) (Instr. 4)

Code V

Amount

or

Price

Transaction(s)

(D)

(Instr. 3 and 4)

Common Stock, par value $0.001 per share

05/12/2023

M(3)

698

A

$0

4,193

D

2

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned

(e.g., puts, calls, warrants, options, convertible securities)

1. Title of

2.

3. Transaction

3A. Deemed

4.

5. Number of

6. Date

7. Title and

8.

9.

10.

11.

Derivative

Conversi

Date

Execution

Transact

Derivative

Exercisable

Amount of

Price

Number

Ownersh

Nature

Security

on or

(Month/Day/Y

Date, if any

ion Code

Securities

and Expiration

Securities

of

of

ip Form:

of

(Instr. 3)

Exercise

ear)

(Month/Day/Y

(Instr. 8)

Acquired (A) or

Date

Underlying

Deriv

derivativ

Direct

Indirect

Price of

ear)

Disposed of (D)

(Month/Day/Ye

Derivative Security

ative

e

(D) or

Benefici

Derivativ

(Instr. 3, 4 and 5)

ar)

(Instr. 3 and 4)

Secur

Securitie

Indirect

al

e

ity

s

(I) (Instr.

Ownersh

Security

(Instr.

Benefici

4)

ip (Instr.

5)

ally

4)

Owned

Followin

g

Amoun

Reporte

Date

t or

d

Exer

Expira

Numbe

Transact

cisab

tion

r of

ion(s)

Code V

(A)

(D)

le

Date

Title

Shares

(Instr. 4)

Performance

(1)

05/12/2023

M(1)(2)

2,562

(1)

(1)

Common

2,562

$0

0

D

Stock Units

Stock, par

value

$0.001 per

share

Restricted Stock

(2)

05/12/2023

M(1)(2)

410

(2)

(2)

Common

410

$0

410

D

Units

Stock, par

value

$0.001 per

share

05/12/2023

Common

Restricted Stock

Stock, par

(3)

M

698

(3)

(3)

value

698

$0

698

D

Units

$0.001 per

share

Explanation of Responses:

  1. On May 12, 2020, the reporting person was granted performance stock units (with a target amount of 3,075), 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 50% on the second anniversary of the grant date and 25% on each of the third and fourth anniversaries of the grant date, based on the reporting person's continued service.
  2. On May 12, 2023, 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: 1,640. 75% of such PSUs were immediately paid out, as they were time-vested based on the reporting person's continued service

3

since the grant date. The remaining 25% of such PSUs remain subject to time-vesting until the fourth anniversary of the grant date, based on the reporting person's continued service, and are thus represented as restricted stock units ("RSUs"). Each RSU represents the right to receive one share of ORA common stock upon vesting.

3. In addition to the PSUs, the reporting person was granted 2,792 time-vesting RSUs on May 12, 2020. Each RSU represents the right to receive one share of ORA common stock upon vesting. 25% of these time-vesting RSUs vested on May 12, 2023, the third-year anniversary of the date of grant. The remaining 25% of which will vest on the fourth anniversary of the grant date, based on the reporting person's continued service.

Remarks:

/s/ Ehud Ben Yemini, as attorney-in- fact

** Signature of Reporting Person

05/16/2023

Date

4

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Ormat Technologies Inc. published this content on 17 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 May 2023 22:09:06 UTC.