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

Rhea-AI Filing Summary

Par Pacific Holdings (PARR) President and CEO, who is also a director, reported several equity transactions on 11/21/2025. He exercised stock options to acquire 48,659 common shares at $17.34 per share and an additional 50,625 shares at $17.00 per share. On the same date, he sold 65,659 shares at a weighted average price of $42.78 and 33,625 shares at a weighted average price of $43.87, with actual sale prices ranging from $42.59 to $44.00. Following these transactions, he directly beneficially owned 423,022 Par Pacific common shares. The options exercised covered the same 48,659 and 50,625 underlying shares and now show zero options remaining from those grants.

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

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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^*

Monteleone 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
X	Officer (give title below)		Other (specify below)
	President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
11/21/2025

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	11/21/2025		M		48,659	A	$17.34	471,681	D
Common stock	11/21/2025		M		50,625	A	$17	522,306	D
Common stock	11/21/2025		S		65,659	D	$42.78(1)	456,647	D
Common stock	11/21/2025		S		33,625	D	$43.87(2)	423,022	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
Stock option (right to buy)	$17.34	11/21/2025		M			48,659	(3)	02/26/2026(4)	Common stock	48,659	$0	0	D
Stock option (right to buy)	$17	11/21/2025		M			50,625	(5)	02/25/2027	Common stock	50,625	$0	0	D

Explanation of Responses:

1. The price reported is a weighted average sales price. The shares were sold in multiple transactions at prices ranging from $42.59 to $43.00, inclusive. The reporting person undertakes to provide to Par Pacific Holdings, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

2. The price reported is a weighted average sales price. The shares were sold in multiple transactions at prices ranging from $43.75 to $44.00, inclusive. The reporting person undertakes to provide to Par Pacific Holdings, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

3. The option vests in four equal annual installments beginning on February 28, 2019.

4. The reporting person exercised the option due to the upcoming expiration date of the option and anticipated closure of the trading window prior to such date.

5. The option vests in four equal annual installments beginning on February 26, 2020.

	/s/ William Monteleone	11/25/2025
	** Signature of Reporting Person	Date
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