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

Rhea-AI Filing Summary

Robert S. Silberman, a director of Par Pacific Holdings, Inc. (PARR), reported receipt of 1,166 restricted stock units (RSUs) on 10/05/2025. Each RSU represents a contingent right to one share of common stock and carries an exercise price of $0. The filing shows 1,166 shares beneficially owned by the reporting person after the grant, held in a direct ownership form. The RSUs are scheduled to vest in full on 10/05/2026, with vested shares to be delivered following termination of service. The Form 4 was signed on 10/07/2025.

Positive

• Grant of 1,166 RSUs aligns director compensation with shareholder value through equity ownership
• Clear vesting schedule: RSUs vest in full on 10/05/2026, providing a concrete timeline for potential share issuance

Negative

• None.

Insights

Corporate Governance Analyst

Director awarded time‑based equity aligning pay with shareholder outcomes.

The grant of 1,166 restricted stock units is a time‑based equity award that vests in full on 10/05/2026, tying potential compensation to continued service and eventual equity ownership. As each RSU converts to one share, the award increases the director's direct share count by 1,166 upon vesting and delivery.

This structure carries typical governance dependencies: the award's ultimate value depends on future share delivery and company service/termination rules. Monitor the 10/05/2026 vesting event and any subsequent filings disclosing delivery or sale of the underlying 1,166 shares within standard reporting windows.

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^*

SILBERMAN ROBERT 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

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		1,166		(2)	(2)	Common stock	1,166	$0	1,166	D

Explanation of Responses:

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

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

	/s/ Robert Silberman	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 Robert Silberman report on Form 4?

He reported the grant of 1,166 restricted stock units on 10/05/2025, representing rights to 1,166 common shares upon vesting.

When do the RSUs granted to Robert Silberman vest?

The RSUs vest in full on 10/05/2026, with vested shares delivered following termination of service.

How many shares will Robert Silberman own after the reported transaction?

The Form 4 reports 1,166 shares beneficially owned by the reporting person following the grant.

What price was paid for the RSUs?

The filing lists an effective price of $0 for the restricted stock units, indicating no cash exercise price.

What is the reporting date and signature date on the Form 4?

The earliest transaction date is 10/05/2025 and the Form 4 is signed on 10/07/2025.