Form 4: Director Aaron Zell Acquires 728 PARR Restricted Stock Units

PAR PACIFIC HOLDINGS, INC. Director Aaron Zell was granted 728 restricted stock units, vesting on October 5, 2026.

Summary

• Aaron Zell, a Director of PAR PACIFIC HOLDINGS, INC. (PARR), acquired 728 restricted stock units (RSUs).
• Each restricted stock unit represents a contingent right to receive one share of common stock.
• The transaction date for this acquisition was October 5, 2025.
• These restricted stock units will vest in full on October 5, 2026.
• Vested shares will be delivered to Mr. Zell following the termination of his service.
• Following this reported transaction, Mr. Zell beneficially owns 728 derivative securities (RSUs) directly.

Sentiment

Score: 7

Explanation: The grant of restricted stock units to a director is a positive sign of alignment between management and shareholder interests, though it is a routine compensation event rather than a major strategic development.

Positives

• The grant of restricted stock units aligns the director's interests with the long-term performance and shareholder value of PAR PACIFIC HOLDINGS, INC.
• The vesting schedule encourages continued service and commitment from the director.

Negatives

• There is no immediate cash inflow for the director, as shares are delivered upon termination of service after vesting.

Risks

• The ultimate value of the restricted stock units is contingent on the future market price of PAR PACIFIC HOLDINGS, INC.'s common stock.
• Potential for forfeiture of the units if service terminates before the October 5, 2026 vesting date.

Future Outlook

The restricted stock units are scheduled to vest on October 5, 2026, indicating a future equity stake for the director, aligning their long-term interests with the company.

Industry Context

This transaction represents a standard practice of equity-based compensation for corporate directors, commonly employed across various industries to align the interests of leadership with long-term shareholder value and company performance.

Comparison to Industry Standards

• Granting restricted stock units to directors is a common and accepted practice in corporate governance, serving to align director incentives with shareholder value creation.
• The specific number of units (728) is relatively modest, suggesting it is likely part of a standard annual director compensation package rather than an extraordinary award.
• The one-year vesting schedule from the grant date is typical for director equity awards, promoting retention and a focus on sustained company performance.

Stakeholder Impact

• Shareholders: Positive impact due to increased alignment of the director's interests with the company's long-term performance and value creation.

Next Steps

• The restricted stock units will vest in full on October 5, 2026.
• Vested shares will be delivered to Aaron Zell following the termination of his service.

Key Dates

Recommendation

This Form 4 filing reports a routine equity grant to a director, which is a standard compensation practice and does not provide new material information to warrant a change in investment recommendation. It reinforces alignment but does not indicate significant operational or financial shifts that would alter the company's fundamental outlook.

Keywords

PAR PACIFIC HOLDINGS, PARR, Aaron Zell, Restricted Stock Units, RSU, Director Compensation, Equity Grant, SEC Form 4