[Form 4] PAR PACIFIC HOLDINGS, INC. Insider Trading Activity

Rhea-AI Filing Summary

Philip S. Davidson, a director of Par Pacific Holdings, Inc. (PARR), reported transactions on 10/05/2025. He purchased 385 shares of common stock at $34.32 per share and, after that purchase, beneficially owned 7,998 shares directly. On the same date 385 restricted stock units vested and were delivered as common stock. Additionally, 728 restricted stock units remain outstanding and will vest in full on 10/05/2026, with vested shares to be delivered following termination of service. The filing is a Section 16 Form 4 reporting these non-derivative and restricted-unit events and is signed by the reporting person.

Positive

• 385 restricted stock units vested and were delivered as common stock on 10/05/2025
• Director completed an open-market purchase of 385 shares at $34.32, increasing direct ownership
• Clear vesting schedule for the remaining 728 RSUs with a known date of 10/05/2026

Negative

• No material negative items disclosed in the filing; transactions reflect routine compensation vesting and a modest purchase

Insights

Corporate Governance Analyst

Director converted vested RSUs and made a small open-market purchase, modestly increasing direct holdings.

The reporting person received 385 vested restricted stock units as common stock on 10/05/2025, and also bought 385 shares at $34.32. Together these actions increased direct ownership to 7,998 shares. The filing documents standard director compensation vesting and a contemporaneous purchase.

The remaining 728 RSUs vest in full on 10/05/2026, creating a known near-term dilution/issuance schedule tied to director compensation. Monitor the 10/05/2026 vesting for additional share delivery and any further open-market activity by the reporting person.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Davidson Phillip S

(Last) (First) (Middle)

825 TOWN AND COUNTRY LANE

SUITE 1500

(Street)

HOUSTON TX 77024

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PAR PACIFIC HOLDINGS, INC. [ PARR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/05/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common stock	10/05/2025		J		385	A	$34.32	7,998	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted stock units	(1)	10/05/2025		A		728		(2)	(2)	Common stock	728	$0	728	D
Restricted stock units	(1)	10/05/2025		M		385		(3)	(3)	Common stock	385	$0	385	D

Explanation of Responses:

1. Each restricted stock unit represents a contingent right to receive one share of common stock.

2. The restricted stock unit will vest in full on October 5, 2026. Vested shares will be delivered to the reporting person following termination of service.

3. On October 5, 2025, 385 restricted stock units vested in full and were delivered to the reporting person as common stock.

	/s/ Philip Davidson	10/07/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did PARR director Philip Davidson report on Form 4?

The director reported the vesting and delivery of 385 restricted stock units as common stock and an open-market purchase of 385 shares at $34.32 on 10/05/2025.

How many shares does Philip Davidson beneficially own after the transaction?

Following the reported transactions the director beneficially owned 7,998 shares directly.

Are there additional restricted stock units scheduled to vest for Philip Davidson?

Yes. 728 restricted stock units will vest in full on 10/05/2026, with vested shares delivered after termination of service.

What was the purchase price for the reported open-market acquisition?

The reported purchase price was $34.32 per share for 385 shares on 10/05/2025.

Does the Form 4 indicate any derivative or option transactions?

No. The Form 4 reports non-derivative common stock and restricted stock unit activity only; there are no options or other derivatives disclosed.