Blachar Doron 4
4 · ORMAT TECHNOLOGIES, INC. · Filed Mar 25, 2026
Research Summary
AI-generated summary of this filing
Ormat (ORA) CEO Doron Blachar Receives Vesting PSUs/RSUs
What Happened
- Doron Blachar, CEO of Ormat Technologies (ORA), had performance and time‑based equity awards vest on March 21, 2026. Specifically, 13,999 performance stock units (PSUs) were performance‑ and time‑vested and were converted into common shares (no cash exercise price). Separately, 2,252 restricted stock units (RSUs) vested and converted into shares.
- Of the shares delivered, 2,252 shares were disposed/withheld (reported as disposed) to cover tax withholding. Per the filing footnotes, 4,667 PSUs did not become immediately deliverable and remain as RSUs subject to time‑vesting until the fourth anniversary of the grant.
- All reported conversions/vests were at $0.00 per share (typical for vested RSUs/PSUs). Gross delivered = 16,251 shares (13,999 PSUs + 2,252 RSUs); after withholding, net newly received shares = 13,999.
Key Details
- Transaction date(s): March 21, 2026; Form 4 filed March 25, 2026 (Accession 0001437749-26-009679). Reported price: $0.00 per share (vesting/conversion).
- Shares owned after transaction: not provided in the supplied extract of the filing.
- Footnotes: F1 — 3rd‑anniversary vesting of RSUs granted 3/21/2023 (25% each year). F2 — PSUs granted 3/21/2023 vest on performance + time conditions. F3 — PSUs performance‑vested on 3/21/2026 (75% relative TSR achievement and 200% MW capacity achievement); 13,999 PSUs paid out, 4,667 remain time‑vested as RSUs.
- Withholding/tax treatment: 2,252 vested RSU shares were withheld/disposed to cover taxes (routine).
- Filing timeliness: filing dated 3/25/2026 reporting 3/21/2026 transactions (no late‑filing flag shown in provided data).
Context
- PSUs/RSUs are equity awards that convert to shares upon achievement of performance and/or continued service; the M (exercise/conversion) and A (award/grant) codes reflect those conversions/award events, not open‑market trades. Vesting and withholding are routine and do not necessarily signal the insider buying or selling stock in the market.
- Net immediate increase in beneficially owned shares due to these events appears to be 13,999 shares (gross 16,251 delivered less 2,252 withheld). The remaining 4,667 PSUs remain subject to time vesting and will only convert to shares if service continues to the fourth anniversary.
Insider Transaction Report
Form 4
Blachar Doron
Chief Executive Officer
Transactions
- Exercise/Conversion
Common Stock
[F1]2026-03-21+2,252→ 48,735 total - Exercise/Conversion
Common Stock
[F2][F3]2026-03-21+13,999→ 62,734 total - Exercise/Conversion
Restricted Stock Units
[F1]2026-03-21−2,252→ 2,253 total→ Common Stock (2,252 underlying) - Award
Restricted Stock Units
[F2][F3]2026-03-21−4,667→ 4,667 total→ Common Stock (4,667 underlying)
Footnotes (3)
- [F1]This portion of restricted stock units (the "RSUs") vested on March 21, 2026, being the third anniversary of the grant date. Each RSU represents the right to receive one share of ORA common stock upon vesting; these RSUs were granted on March 21, 2023, and vest 25% on each of the first, second, third and fourth anniversaries of the grant date.
- [F2]On March 21, 2023, the reporting person was granted performance stock units (with a target amount of 13,579), 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, based on the issuer's achievement of the performance goals (50% relative total stockholder return ("relative TSR") and 50% megawatt capacity ("MW capacity")) between the grant date and such third anniversary, in certain amounts (between 0% and 150% of target on the relative TSR goals, and between 0% and 200% of target on the MW capacity goals), and time vest 75% on the third anniversary of the grant date, and 25% on the fourth anniversary, based on the reporting person's continued service.
- [F3]On March 21, 2026, the third anniversary of the grant date of the PSUs, the PSUs performance vested, based on achievement of 75% on the relative TSR goals and 200% on the MW capacity goals. 75% (13,999 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% (4,667 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 RSUs. Each RSU represents the right to receive one share of ORA common stock upon vesting.
Signature
/s/ Jessica Woelfel, as attorney-in-fact|2026-03-24