Doron Blachar
ORMAT TECHNOLOGIESAbout Doron Blachar
Doron Blachar (age 57) is Chief Executive Officer of Ormat Technologies since July 1, 2020; previously CFO (Apr 2013–May 2020) and President (Nov 2019–Jul 2020). He holds a BA in Accounting and Economics and an MBA from Tel Aviv University and is a Certified Public Accountant in Israel . Under his tenure, 2024 Adjusted EBITDA was $550.5M and GAAP net income was $131.2M; revenue came in at $879.7M versus a $900M target, and the company’s cumulative TSR (2019–2024) measured $90.87 on a $100 base .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ormat Technologies | CFO; President; CEO | 2013–2020; 2019–2020; 2020–present | Led transition to performance-based equity (PSUs/RSUs) and execution on geothermal/storage growth |
| Shikun & Binui Ltd. | CFO | 2009–2013 | Senior financial leadership at a major infrastructure firm |
| Teva Pharmaceutical Industries | VP Finance | 2005–2009 | Finance leadership at global pharma |
| Amdocs Limited | Finance roles incl. VP Finance | 1998–2005 | Built operating finance capabilities at enterprise software leader |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| A.D.O. Group Ltd. (TASE) | Board Member | 2011–2013 | Public company board experience |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 506,910 | 528,300 | 542,688 |
| Target Annual Bonus (% of salary) | 100% | 100% | 100% |
| Bonus Paid ($) | 510,000 | 594,000 | 608,000 |
| Stock Awards (grant-date fair value, $) | 675,000 | 1,800,000 | 2,500,000 |
| Option/SAR Awards (grant-date fair value, $) | 225,000 | — | — |
| All Other Compensation ($) | 140,249 | 136,276 | 169,494 |
Performance Compensation
| Element | Weighting | Target | Actual | Payout Mechanics |
|---|---|---|---|---|
| Company Performance Metrics: Revenue | Part of CEO’s 75% (Company + Individual) | $900.0M | $879.7M | Linear payout between threshold/max; offsets allowed across metrics |
| Company Performance Metrics: Adjusted EBITDA | Part of CEO’s 75% (Company + Individual) | $531.0M | $550.5M | Linear payout; absolute negative TSR cap applies to TSR PSUs |
| Individual Performance Metrics (incl. Net Income, PBT) | Part of CEO’s 75% | Net Income $112M; PBT $115M | Adj. Net Income $121M; Adj. PBT $137M | Offsets possible across CEO metrics |
| CEO Goals (Qualitative) | 25% | Operational, strategic, ESG goals | 70% achieved | Committee discretion based on qualitative score |
- 2024 CEO bonus payout was 93% of maximum, resulting in $608,000 cash bonus .
- PSU/RSU program: Long-term grants are 60% PSUs and 40% RSUs; PSUs split 50% relative TSR and 50% MW capacity targets; 3-year performance period with pro rata service vesting over three years; TSR PSUs capped at 100% if absolute TSR is negative .
- 2022–2025 PSU result: 83.7% of target earned for relative TSR PSUs; Blachar earned 5,000 PSUs vs. 5,974 target .
2024 Equity Grants and Vesting Details (CEO)
| Grant Type | Grant Date | Threshold (#) | Target (#) | Maximum (#) | Vesting |
|---|---|---|---|---|---|
| TSR PSUs | 3/21/2024 | 3,397 | 6,793 | 10,190 | 1/3 each year over 3 years; perf over 3 years |
| MW PSUs | 3/21/2024 | 3,393 | 6,786 | 13,572 | 1/3 each year over 3 years; perf over 3 years |
| RSUs | 3/21/2024 | — | 9,009 | — | 33.33% Yr1, 33.33% Yr2, 33.34% Yr3 |
Equity Ownership & Alignment
| Date | Shares Beneficially Owned | Notes |
|---|---|---|
| Mar 14, 2024 | 63,282 | Includes derivative awards count per SEC beneficial ownership rules |
| Mar 12, 2025 | 81,397 | Includes 1,063 RSUs per footnote; <1% of shares outstanding |
- Outstanding/exercisable awards (as of Dec 31, 2024): SARs 45,365 exercisable (strike $63.40, exp. 7/1/2026); SARs 4,952 exercisable / 4,951 unexercisable (strike $71.15, exp. 3/1/2028); multiple unvested RSUs/PSUs with market values disclosed at $67.72 stock price .
- Anti-hedging and anti-pledging: Executives are prohibited, without exception, from hedging or pledging company stock and from holding shares in margin accounts .
- 10b5-1 trading arrangements: New plan on June 30, 2025 for sale of 45,365 SARs until the earlier of July 1, 2026 or completion; prior 2023 plan covered 68,252 SARs to Nov 7, 2023 .
Employment Terms
| Topic | Key Terms |
|---|---|
| Employment Agreement | Amended & restated agreement dated July 2, 2020; salary NIS 135,000/month (CPI-linked); annual bonus target equal to 12 monthly salaries; eligible for equity awards; Israeli social benefits (pension/education fund/car) |
| Notice/Severance | 6 months notice; if terminated without cause, salary/benefits through notice; additional statutory severance formula; pro-rata annual cash bonus; non-compete/non-solicit for 12 months post-termination |
| Change-of-Control (Individual Agreement) | If terminated without cause or resigns for good reason within 2 months prior to or 12 months after CoC: all outstanding RSUs/PSUs vest at target; notice period extended to 12 months; cash elements per agreement |
| Company CoC Severance Plan | Tiered plan grants 200%/150% of base+target bonus (Tier 1/2), prorated target bonus, COBRA, and equity vesting at actual or target if not determinable; all NEOs elected participation except Blachar |
| Modeled Payouts (12/31/2024) | Death/Disability: equity acceleration $3,690,968; Cash $608,000. Termination w/o cause: Cash $879,344. CoC termination: equity $3,690,968; Cash $2,909,376 |
Governance, Policies, and Say-on-Pay
- Clawback: NYSE-compliant policy covers current/former executives; recovery of cash/equity incentive comp (including vested equity) based on restatement; 3-year lookback from determination date .
- Insider trading policy: Preclearance, blackout windows, prohibitions on derivatives/shorts/margins/pledges; supports rigorous trading controls .
- Say-on-Pay: Approximately 86% approval at 2024 annual meeting; Compensation Committee retained F.W. Cook as independent consultant; program emphasizes pay-for-performance .
Investment Implications
- Pay-for-performance alignment: Heavy use of PSUs tied to relative TSR and MW capacity, with clear annual revenue/Adjusted EBITDA goals; TSR cap reduces windfall risk in down markets .
- Retention risk moderate: Multi-year vesting on PSUs/RSUs and 12-month non-compete elevate switching costs; individual CoC protections ensure continuity but are less generous than Tier 1 plan; Blachar’s exclusion from company CoC plan suggests bespoke terms .
- Insider selling pressure windows: The June 30, 2025 10b5-1 plan tied to SARs expiring by July 1, 2026 indicates potential, structured share sales; monitor executions around trading windows and expirations .
- Alignment safeguards: Strict anti-hedging/anti-pledging policies, clawback coverage including vested equity, and no tax gross-ups support shareholder-friendly posture; 2024 say-on-pay support at 86% underscores investor acceptance .
- Track record: 2024 Adjusted EBITDA exceeded target ($550.5M vs $531.0M) while revenue missed ($879.7M vs $900.0M); bonus paid at 93% of max reflects balanced assessment; 2022–2025 PSU outcome at 83.7% indicates disciplined performance calibration .