PAR PACIFIC HOLDINGS, INC. — Director's Dealing 2021

Nov 1, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PAR PACIFIC HOLDINGS, INC. (PARR)
CIK: 0000821483
Period of Report: 2021-10-28

Reporting Person: CHAI TRUST CO LLC (N/A)
Reporting Person: EGI Investors, L.L.C. (N/A)
Reporting Person: Zell Credit Opportunities Master Fund, L.P. (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-10-28	Common Stock	S	46339	$15.6524	Disposed	12122405	Indirect
2021-10-29	Common Stock	S	23624	$15.607	Disposed	12098781	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	877632	Indirect

Footnotes

F1: These shares of Common Stock were sold on behalf of the Zell Credit Opportunities Master Fund, L.P. (the "Master Fund"), through a subsidiary fund, Zell Credit Opportunities Sub Fund, LLC. The shares sold represent the pro rata interest of an outside investor in the Master Fund (the "Outside Investor") and the proceeds of the sale will be distributed to the Outside Investor. Chai Trust Company, LLC, an Illinois limited liability company, ("Chai Trust") is the general partner of the Master Fund and may be deemed to indirectly beneficially own these shares of Common Stock.

F2: These shares of Common Stock are held directly by EGI Investors, L.L.C. ("EGI Investors"). Chai Trust is the managing member of EGI Investors and may be deemed to indirectly beneficially own the shares of Common Stock held directly by EGI Investors.

F3: The price reported in Column 4 is a weighted average price. These shares of Common Stock were sold in multiple transactions at prices ranging from $15.45 to $15.74, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, 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 herein.

F4: The price reported in Column 4 is a weighted average price. These shares of Common Stock were sold in multiple transactions at prices ranging from $15.465 to $15.85, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, 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 herein.