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

Rhea-AI Filing Summary

William Pate, a director of Par Pacific Holdings, Inc. (PARR), reported a grant of 728 restricted stock units (RSUs) on 10/05/2025. Each RSU converts to one share of common stock and was granted at a $0 purchase price. The RSUs vest in full on 10/05/2026 and the vested shares will be delivered on 12/01/2029. After the grant, the reporting person beneficially owns 728 shares directly. The Form 4 was signed on 10/07/2025.

Positive

• 728 RSUs granted to a director creates direct ownership alignment with shareholders
• RSUs vest in full on 10/05/2026, providing a clear retention schedule

Negative

• Delivery of vested shares is delayed until 12/01/2029, postponing actual share ownership
• Grant at $0 has a dilutive effect once shares are delivered, though amount is small

Insights

Corporate Governance Analyst

Director received time‑based RSUs that vest in one year with delayed delivery.

The grant of 728 RSUs aligns the director's interests with shareholders by creating share ownership upon vesting and later delivery. The $0 price reflects a standard compensation award rather than a market purchase.

Key dependencies are the vesting date 10/05/2026 and the delivery date 12/01/2029; performance conditions are not disclosed. Monitor director ownership changes around those dates for governance and dilution effects within the next 1–4 years.

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
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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^*

PATE WILLIAM

(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)
	Director

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		728		(2)	(2)	Common stock	728	$0	728	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. The vested shares will be delivered to the reporting person on December 1, 2029.

	/s/ William Pate	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 William Pate report on Form 4?

He reported a grant of 728 restricted stock units (RSUs) on 10/05/2025, with vesting in full on 10/05/2026 and delivery of vested shares on 12/01/2029.

How many shares will William Pate own after the reported transaction for PARR?

The Form 4 shows 728 shares beneficially owned following the reported grant.

What is the cost to William Pate for the awarded RSUs in PARR?

The RSUs were granted at a reported price of $0 per unit.

When do the PARR RSUs vest and when will shares be delivered?

The RSUs vest in full on 10/05/2026, and vested shares will be delivered on 12/01/2029.

Is the Form 4 filing for PARR signed and dated?

Yes; the Form 4 is signed by William Pate and dated 10/07/2025.