Par Pacific (PARR) Insider Exercise and Cash-Settlement Reduces Holding to 524,610 Shares
Rhea-AI Filing Summary
Par Pacific Holdings insider William Pate exercised and sold option shares on August 12, 2025. Mr. Pate exercised a 150,000-share option (exercise price $21.44) and a 100,346-share option (exercise price $17.34) and, concurrently, the company effectuated a cash-settlement that resulted in the disposition of 250,346 shares at an effective price of $28.14 per share. After these transactions, Mr. Pate beneficially owns 524,610 shares of common stock. The filings note the 150,000-option grant dated October 12, 2015 (expiring October 11, 2025) and the 100,346-option grant dated February 27, 2018 (expiring February 26, 2026), and state the exercises were completed ahead of option expirations and an anticipated trading window closure.
Positive
- Reporting person retains substantial ownership: 524,610 shares remain beneficially owned after the transactions, indicating ongoing insider stake.
- Transactions comply with insider controls: Exercises were completed ahead of option expirations and anticipated trading window closure, as disclosed.
Negative
- Net disposition of shares: 250,346 shares were disposed of on August 12, 2025, reducing reported beneficial ownership from 674,610 to 524,610 shares.
- Option expirations triggered sales: Exercises were performed due to upcoming option expirations, resulting in immediate disposition rather than long-term retention of those shares.
Insights
TL;DR: Insider exercised near-expiring options and cashed out shares; ownership remains material, indicating continued insider stake.
Mr. Pate exercised two non-qualified options approaching expiration and used a cash-settlement mechanism that resulted in 250,346 shares disposed of at an effective $28.14 per share. Post-transaction ownership of 524,610 shares remains substantial and suggests ongoing alignment with shareholders. The filing discloses routine option expiration-related behavior and compliance with insider trading windows, with no governance red flags disclosed.
TL;DR: The transactions are operationally routine; net insider selling occurred but significant share ownership persists.
The reporting shows a cash-settlement tied to option exercises rather than open-market purchases. The 250,346-share disposition at $28.14 per share reduces the reporting person's share count from 674,610 to 524,610. This is a measurable but not unusual reduction given option expirations and trading window constraints. No additional material corporate events or changes to outstanding option pools are disclosed.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Option | 150,000 | $0.00 | -- |
| Exercise | Stock Option | 100,346 | $0.00 | -- |
| Exercise | Common Stock | 150,000 | $21.44 | $3.22M |
| Disposition | Common Stock | 150,000 | $28.14 | $4.22M |
| Exercise | Common Stock | 100,346 | $17.34 | $1.74M |
| Disposition | Common Stock | 100,346 | $28.14 | $2.82M |
Footnotes (1)
- Represents a non-qualified stock option to purchase 150,000 shares of Par Pacific Holdings, Inc. ("Company") common stock at an exercise price of $21.44 per share granted to Mr. Pate on October 12, 2015, and expiring on October 11, 2025. On August 12, 2025, the Company made a cash payment to the reporting person in an amount equal to (i) the number of shares issued to the reporting person multiplied by (ii) the the closing price of the Company's closing stock price on the New York Stock Exchange on the exercise date less (iii) the amount withheld to pay the exercise price. Represents a non-qualified stock option to purchase 100,346 shares of Company common stock at an exercise price of $17.34 per share granted to Mr. Pate on February 27, 2018, and expiring on February 26, 2026. The reporting person exercised the option due to the upcoming expiration date of the option and anticipated closure of the trading window under the Issuer's Insider Trading Policy prior to such date.
