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

Rhea-AI Filing Summary

Par Pacific Holdings director Patricia Martinez received a grant of 728 restricted shares of common stock on 10/05/2025 at a reported grant price of $34.32. The filing shows Martinez directly owns 10,335 shares after the grant. The restricted shares vest in full and will be delivered on 10/05/2026, indicating a one-year vesting period before the shares transfer to the reporting person. This Form 4 discloses a routine equity compensation event for a director and does not report any sales or option exercises.

Positive

• Alignment with shareholders via a time‑vesting restricted stock grant increases executive share ownership
• Modest grant size (728 shares) limits dilution while still providing incentive

Negative

• Compensation expense will be recorded by the company for the restricted stock grant
• Potential dilution as 728 shares increase outstanding common shares when delivered

Insights

Corporate Governance Analyst

Director received time‑based restricted stock that vests in one year.

Equity grants to directors are a standard tool to align board members with shareholder interests; this grant of 728 restricted shares increases the reporting person's direct stake to 10,335 shares. The one‑year full vesting schedule means the grant is tied to continued service through 10/05/2026.

Key dependencies include share price movement between grant and delivery and any holding policies after vesting. Investors can watch share count changes around the delivery date and any subsequent Form 4 disclosures if shares are sold or further grants occur within the next 12 months.

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^*

Martinez Patricia

(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		A		728(1)	A	$34.32	10,335	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

Explanation of Responses:

1. Represents a grant of restricted stock received by the reporting person. The shares will vest in full and be delivered on October 5, 2026.

	/s/ Patricia Martinez	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 Par Pacific (PARR) disclose in the Form 4 filed for Patricia Martinez?

The Form 4 reports a grant of 728 restricted shares on 10/05/2025 at a reported price of $34.32, with total direct holdings of 10,335 shares after the grant.

When will the restricted shares for PARR director Patricia Martinez vest and be delivered?

The restricted shares will vest in full and be delivered on 10/05/2026, indicating a one‑year vesting period.

Does the Form 4 show any sales of Par Pacific stock by Patricia Martinez?

No. The filing reports an A (acquisition) code for restricted stock; it does not report any dispositions or sales.

How many shares does Patricia Martinez own after the reported transaction?

After the reported grant, Patricia Martinez beneficially owns 10,335 shares of Par Pacific common stock.

What is the reported grant price per share on the Form 4 for PARR?

The filing lists a price of $34.32 associated with the restricted stock grant.