Ormat Technologies, Inc. (NYSE:ORA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

As part of Ormat Technologies, Inc.’s (the “Company”) compensation process, on June 25, 2018, the Company granted equity awards (the “Awards”) to the Ormat Technologies, Inc. 2018 Incentive Compensation Plan to employees and officers of the Company, including the following named executive officers (the “NEOs”): (a) Zvi Krieger, Executive Vice President of Electricity Segment, (b) Shlomi Argas, Executive Vice President, Product Segment and Operations, and (c) Bob Sullivan, Executive Vice President, Business Development, Sales and Marketing. Each of these NEOs received two-thirds (2/3) of their Award in the form of stock appreciation rights (“SARs”) and one-third (1/3) of their Award in the form of restricted stock units (“RSUs”).

The SARs and RSUs vest over four years with one-half (1/2) vesting on the second anniversary of the date of grant and one-quarter (1/4) vesting on each of the third and fourth anniversaries of the date of grant.

About Ormat Technologies, Inc. (NYSE:ORA)

Ormat Technologies, Inc. is engaged in the geothermal and recovered energy power business. The Company designs, develops, builds, owns and operates geothermal and recovered energy-based power plants. The Company’s equipment manufacturing operations are located in Israel. The Company conducts its business activities in two business segments: Electricity segment and Product segment. The Company’s Electricity segment develops, builds, owns and operates geothermal and recovered energy-based power plants in the United States and geothermal power plants in other countries around the world, and sells the electricity it generates. The Company’s Product Segment designs, manufactures and sells equipment for geothermal and recovered energy-based electricity generation, remote power units and other power generating units, and provide services relating to the engineering, procurement, construction, operation and maintenance of geothermal, and recovered energy-based power plants.