Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

President and Head of Operations and Products Transition

On February 22, 2023, Shlomi Argas notified Ormat Technologies, Inc. (the "Company") of his intent to transition out of his role as President and Head of Operations and Products of the Company, effective July 1, 2023. Mr. Argas' decision is part of his longer-term personal plan to eventually retire and is not due to any disagreement with the Company on any matter regarding its operations, practices or policies. Beginning July 1, 2023, Mr. Argas will remain employed as a senior consultant to the Company's management, where he will continue supporting various strategic, sales, business development and operational efforts.

The Company intends to finalize new compensation arrangements with Mr. Argas prior to him assuming his new role at the Company and will disclose such arrangements once completed to the extent required. The Company thanks Mr. Argas for his contributions as President and Head of Operations and Products and looks forward to continuing to work with him in his new role.

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