On December 16, 2020, Ormat Technologies, Inc. announced that Zvi Krieger will retire from his role as Executive Vice President Electricity Segment. In connection with his retirement, Mr. Krieger and Ormat Systems Ltd., a subsidiary of Ormat entered into a retirement agreement, dated December 16, 2020 (the Retirement Agreement"). During the period ending on June 30, 2022 (the Termination Date") Mr. Krieger will have various duties, as follows: (i) from the date of the execution of the Retirement Agreement through March 31, 2021, Mr. Krieger will continue to perform his duties and regular tasks as the Executive Vice President of Ormat; (ii) from April 1, 2021 until June 30, 2021, Mr. Krieger will continue to perform his duties and tasks in connection with certain power plants as well as the resource and drilling operations; and (iii) from July 1, 2021 until the Termination Date, Mr. Krieger will serve as a senior advisor to Ormat's Chief Executive Officer or in any other positions as agreed between Mr. Krieger and the Ormat's Chief Executive Officer. Mr. Krieger will continue to serve as an employee in a full-time capacity until Termination Date, except that from July 1, 2021 through the Termination date, Mr. Krieger will not be required to work in a full-time capacity unless otherwise required by Ormat. On December 16, 2020 Ormat also announced that Shimon Hatzir is appointed to the role of Executive Vice President Electricity Segment, effective April 1, 2021. Mr. Hatzir, 59 served in various roles at Ormat for 32 years, most recently, beginning in October 2018 as General Manager, Storage and Energy Solutions at Viridity Energy Solutions (Viridity"), Ormat's energy storage segment. On December 16, 2020, Shlomi Argas, Executive Vice President Operations and Products of Ormat, was appointed to serve as a President of Ormat, effective January 1, 2021. As President, Mr. Argas will expand his current role at Ormat by adding on the responsibility of oversight over Ormat's capital expenditures for the geothermal and storage facilities, over the Information Technology department as well as over technological development and innovation in Ormat.