Assi Ginzburg - May 12, 2023 Form 4 Insider Report for ORMAT TECHNOLOGIES, INC. (ORA)

Role: Chief Financial Officer
Signature: /s/ Ehud Ben Yemini, as attorney-in-fact
Stock symbol: ORA
Transactions as of: May 12, 2023
Transactions value $: $0
Form type: 4
Date filed: 5/16/2023, 04:15 PM
Previous filing: Mar 23, 2023
Next filing: Mar 5, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ORA	Common Stock, par value $0.001 per share	Options Exercise	$0	+1.48K	+6.67%	$0.00	23.6K	May 12, 2023	Direct	F1, F2
transaction	ORA	Common Stock, par value $0.001 per share	Options Exercise	$0	+838	+3.55%	$0.00	24.4K	May 12, 2023	Direct	F3

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

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	ORA	Performance Stock Units	Options Exercise	$0	-3.08K	-100%	$0.00^*	0	May 12, 2023	Common Stock, par value $0.001 per share	3.08K		Direct	F1, F2
transaction	ORA	Restricted Stock Units	Options Exercise	$0	+492		$0.00	492	May 12, 2023	Common Stock par value $0.001 per share	492		Direct	F1, F2
transaction	ORA	Restricted Stock Units	Options Exercise	$0	-838	-50%	$0.00	838	May 12, 2023	Common Stock, par value $0.001 per share	838		Direct	F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	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.
F2	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: 1,968. 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 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.
F3	In addition to the PSUs, the reporting person was granted 3,350 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.