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ORA > SEC Filings for ORA > Form 8-K on 10-Dec-2013All Recent SEC Filings

Show all filings for ORMAT TECHNOLOGIES, INC.



Entry into a Material Definitive Agreement, Financial Statements and Exh

Item 1.01. Entry into a Material Definitive Agreement.

On December 10, 2013, Ormat Technologies, Inc. (the "Company") entered into an amendment to Yoram Bronicki's employment agreement, whereby (i) his employment with the Company was extended for additional two years until June 30, 2016, (ii) reflect his new position as Chairman of the Board of Directors of the Company, effective June 30, 2014, (iii) clarify that he will need to devote only a majority of his time in such new position and that, subject to his confidentiality and non-compete obligations, he will be entitled to devote the remainder of his time to other pursuits, and (iv) reduce his annual bonus from 0.75% to 0.50% of the Company's annual consolidated profits (after tax) above $2,000,000 up to a maximum of six times his annual base salary.

The other material terms of Mr. Bronicki's employment agreement will remain unchanged. A description of those terms is contained under the heading "Executive Compensation-Our Group I Executives-Yoram Bronicki" in the Company's Definitive Proxy Statement on Schedule 14A, filed with the Securities and Exchange Commission on March 25, 2013, which is incorporated by reference herein

The foregoing description of the amendment to Mr. Bronicky's employment agreement is qualified in its entirety by reference to the amendment attached hereto as Exhibit 10.1 and incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit 10.1 Amendment to Employment Agreement of Yoram Bronicki dated December 10, 2013 by and between Ormat Technologies, Inc. and Yoram Bronicki.

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