<SEC-DOCUMENT>0000821483-17-000015.txt : 20170331
<SEC-HEADER>0000821483-17-000015.hdr.sgml : 20170331
<ACCEPTANCE-DATETIME>20170331161207
ACCESSION NUMBER:		0000821483-17-000015
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20170331
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170331
DATE AS OF CHANGE:		20170331

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PAR PACIFIC HOLDINGS, INC.
		CENTRAL INDEX KEY:			0000821483
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				841060803
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36550
		FILM NUMBER:		17730477

	BUSINESS ADDRESS:	
		STREET 1:		800 GESSNER ROAD, SUITE 875
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77024
		BUSINESS PHONE:		(281) 899-4800

	MAIL ADDRESS:	
		STREET 1:		800 GESSNER ROAD, SUITE 875
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77024

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PAR PETROLEUM CORP/CO
		DATE OF NAME CHANGE:	20120907

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DELTA PETROLEUM CORP/CO
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a20170330cmicklasseparatio.htm
<DESCRIPTION>8-K
<TEXT>
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<div><a name="sBBCD7B0C7DD208CF606124FE6E91534B"></a></div><div></div><div><br></div><div style="line-height:120%;"><hr></div><div style="line-height:120%;padding-top:4px;text-align:center;font-size:15pt;"><font style="font-family:inherit;font-size:15pt;font-weight:bold;">UNITED STATES</font></div><div style="line-height:120%;text-align:center;font-size:15pt;"><font style="font-family:inherit;font-size:15pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Washington, D.C. 20549</font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">&#160;&#160;</font></div><div style="line-height:120%;"><hr></div><div style="line-height:120%;padding-top:12px;text-align:center;font-size:15pt;"><font style="font-family:inherit;font-size:15pt;font-weight:bold;">Form 8-K</font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">&#160;</font></div><div style="line-height:120%;"><hr></div><div style="line-height:120%;padding-top:12px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">CURRENT REPORT</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934</font></div><div style="line-height:120%;padding-top:12px;text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Date of Report (Date of earliest event reported): March 21, 2017</font></div><div style="line-height:100%;padding-bottom:2px;text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">&#160;</font></div><div style="line-height:120%;"><hr></div><div style="line-height:120%;padding-top:12px;text-align:center;font-size:20pt;"><font style="font-family:inherit;font-size:20pt;font-weight:bold;">Par Pacific Holdings, Inc. </font></div><div style="line-height:120%;text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">(Exact name of registrant as specified in its charter) </font></div><div style="line-height:100%;padding-bottom:2px;text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">&#160;</font></div><div style="line-height:120%;"><hr></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="5"></td></tr><tr><td style="width:34%;"></td><td style="width:1%;"></td><td style="width:32%;"></td><td style="width:1%;"></td><td style="width:32%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Delaware</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">1-36550</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">84-1060803</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;font-weight:bold;">(State or other jurisdiction</font></div><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;font-weight:bold;">of incorporation)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;font-weight:bold;">(Commission</font></div><div style="padding-bottom:1px;text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;font-weight:bold;">File Number)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;font-weight:bold;">(I.R.S. Employer</font></div><div style="padding-bottom:1px;text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;font-weight:bold;">Identification No.)</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:50%;"></td><td style="width:2%;"></td><td style="width:48%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">800 Gessner Road, Suite 875 </font></div><div style="padding-bottom:1px;text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Houston, Texas</font></div></td><td 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name or former address, if changed since last report) </font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">&#160;</font></div><div style="line-height:100%;padding-bottom:2px;text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">&#160;</font><hr></div><div style="line-height:120%;padding-top:12px;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): </font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">&#160;</font></div><div style="line-height:120%;font-size:9pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:4%;"></td><td style="width:96%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Wingdings;font-size:9pt;">&#168;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">&#160;</font></div><div style="line-height:120%;font-size:9pt;"><div 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style="line-height:120%;font-size:9pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:4%;"></td><td style="width:96%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Wingdings;font-size:9pt;">&#168;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">&#160;</font></div><div style="line-height:120%;font-size:9pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:4%;"></td><td style="width:96%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Wingdings;font-size:9pt;">&#168;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:6pt;"><font style="font-family:Arial;font-size:6pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:6pt;"><font style="font-family:Arial;font-size:6pt;">&#160;</font></div><div style="line-height:120%;"><hr></div><div><br></div><div><div style="line-height:138%;padding-bottom:13px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1</font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Item 5.02&#160;&#160;&#160;&#160; Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers </font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(e) Compensatory Arrangements for Named Executive Officers</font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Separation and General Release Agreement</font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On March 21, 2017, Par Pacific Holdings, Inc. (&#8220;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Par</font><font style="font-family:inherit;font-size:10pt;">&#8221; or the &#8220;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Company</font><font style="font-family:inherit;font-size:10pt;">&#8221;) entered into a Separation and General Release Agreement (the &#8220;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Separation Agreement</font><font style="font-family:inherit;font-size:10pt;">&#8221;) with Christopher Micklas, the Company&#8217;s former Chief Financial Officer. Mr. Micklas resigned as Chief Financial Officer of the Company on March 21, 2017 and separated from the Company on March 24, 2017 (the &#8220;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Separation Date</font><font style="font-family:inherit;font-size:10pt;">&#8221;).  </font></div><div style="line-height:120%;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In connection with Mr. Micklas&#8217; separation from the Company, pursuant to the terms of his Separation Agreement and consistent with the terms of the Par Pacific Holdings, Inc. Severance Plan for Senior Officers, Mr. Micklas will receive (i) $355,000, comprising one year&#8217;s base annual compensation in effect at the time of his separation from the Company, and (ii) $149,000, comprising the average annual bonus paid to Mr. Micklas over the three years prior to his separation from the Company, each of which shall be paid in installments payable over twelve months following Mr. Micklas&#8217; separation from Par, beginning on the Company&#8217;s first payroll date that is at least sixty days after the Separation Date (the term of such payments, the &#8220;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Term</font><font style="font-family:inherit;font-size:10pt;">&#8221;). Additionally, notwithstanding any terms of the Amended and Restated Par Pacific Holdings, Inc. 2012 Long-Term Incentive Plan to the contrary, all shares of Par restricted stock and stock options previously awarded to Mr. Micklas shall vest according to the terms of the applicable award agreements. Mr. Micklas will also receive </font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">any unreimbursed business expenses and accrued but unused vacation time through the Separation Date, and vested amounts and accrued but unpaid contributions, if any, payable to him under the Company&#8217;s 401(k) plan.</font><font style="font-family:inherit;font-size:10pt;">&#32;</font><font style="font-family:inherit;font-size:10pt;">These payments and the other benefits provided are subject to the terms and conditions of the Separation Agreement, which may be revoked by Mr.&#160;Micklas for a period of seven days after Mr.&#160;Micklas executed it.</font></div><div style="line-height:120%;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On March 21, 2017, Mr. Micklas and Par also entered into an Agreement and General Release that includes a release of any potential claims by Mr. Micklas, certain confidentiality restrictions, a non-solicitation and non-compete restriction during the Term, and other restrictive covenants. </font></div><div style="line-height:120%;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">The foregoing descriptions of the terms and conditions of the Separation Agreement and the Agreement and General Release are not complete and are qualified in their entirety by, and should be read in conjunction with, the complete text of the Separation Agreement and the Agreement and General Release, which are attached hereto as Exhibits 10.1 and 10.2 and incorporated herein by reference.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Performance Restricted Stock Unit Award Agreement</font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On February 28, 2017, the Board approved a new form of Performance Restricted Stock Unit Award Agreement and the awards set forth below pursuant thereto calculated based on the closing price of Par&#8217;s common stock on such date, subject to the development of performance metrics applicable to such Performance Restricted Stock Unit Awards by the Company&#8217;s management and the Compensation Committee of the Board. The performance metrics are designed to align certain forms of equity compensation payable to Par&#8217;s executive officers to the Company&#8217;s performance. On March 30, 2017, the applicable performance metrics were finalized. The form of Performance Restricted Stock Unit Award Agreement is included herewith as Exhibit 10.3.  </font></div><div style="line-height:120%;padding-bottom:13px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:97.61904761904762%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:35%;"></td><td style="width:45%;"></td><td style="width:20%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Officer</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Number of Restricted Stock Units (#)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Dollar Value ($)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">William Pate</font></div></td><td style="vertical-align:bottom;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,986</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">175,000</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Joseph Israel</font></div></td><td style="vertical-align:bottom;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,986</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">175,000</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">William Monteleone</font></div></td><td style="vertical-align:bottom;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,562</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">125,000</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">James Matthew Vaughn</font></div></td><td style="vertical-align:bottom;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,849</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">100,000</font></div></td></tr></table></div></div><div><br></div><div><div style="line-height:138%;padding-bottom:13px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2</font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Item 9.01 Financial Statements and Exhibits.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#160;&#160;</font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:4%;"></td><td style="width:96%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(d)</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Exhibits</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:144%;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10.1&#160;&#160;&#160;&#160;Separation Agreement dated March 21, 2017</font></div><div style="line-height:144%;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10.2&#160;&#160;&#160;&#160;Agreement and General Release dated March 21, 2017</font></div><div style="line-height:144%;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10.3&#160;&#160;&#160;&#160;Form of Performance Restricted Stock Unit Award Agreement. </font></div><div><br></div><div><div style="line-height:138%;padding-bottom:13px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3</font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">SIGNATURE </font></div><div style="line-height:120%;padding-top:12px;text-align:left;text-indent:22px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:94.64285714285714%;border-collapse:collapse;text-align:left;"><tr><td colspan="6"></td></tr><tr><td style="width:35%;"></td><td style="width:1%;"></td><td style="width:26%;"></td><td style="width:1%;"></td><td style="width:34%;"></td><td style="width:3%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font 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style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Par Pacific Holdings, Inc.</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td 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style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:1px;padding-right:2px;"><div style="padding-bottom:1px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">/s/ James Matthew Vaughn</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">James Matthew Vaughn</font></div><div style="padding-bottom:1px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Senior Vice President and General Counsel</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:138%;padding-bottom:13px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4</font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div></div>	</body>
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex101cmicklasseparationagr.htm
<DESCRIPTION>EXHIBIT 10.1
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<div><a name="sF506977D1D420C99F9EC2506D41437BB"></a></div><div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">SEPARATION AGREEMENT</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">THIS SEPARATION AGREEMENT (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Agreement</font><font style="font-family:inherit;font-size:12pt;">&#8221;) is entered into as of March 21, 2017, by and between Par Pacific Holdings, Inc. (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Company</font><font style="font-family:inherit;font-size:12pt;">&#8221;) and Christopher Micklas (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Officer</font><font style="font-family:inherit;font-size:12pt;">&#8221;).  The Company and Officer may hereinafter be referred to each individually as a &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Party</font><font style="font-family:inherit;font-size:12pt;">&#8221; and collectively as the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Parties</font><font style="font-family:inherit;font-size:12pt;">.&#8221;   </font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:48px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:12px;">1.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">OFFICER&#8217;S SEPARATION</font><font style="font-family:inherit;font-size:12pt;">.  Officer&#8217;s last day of work with the Company and his employment termination date will be March 24, 2017 (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Separation Date</font><font style="font-family:inherit;font-size:12pt;">&#8221;).  Effective as of March 21, 2017, Officer hereby resigns as an officer and/or member of the Board of Directors or Managers (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Board</font><font style="font-family:inherit;font-size:12pt;">&#8221;) of the Company or any subsidiary or affiliated entity of the Company, and effective as of the Separation Date, Officer hereby resigns as an employee of the Company or any subsidiary or affiliated entity of the Company.  Officer agrees he shall execute all documents necessary to effect such resignations.  After the Separation Date or March 21, 2017, as applicable, Officer shall not represent himself as being an officer, director or employee of the Company or any of its subsidiaries or affiliates or as a fiduciary of any such benefit plan for any purpose.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:48px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:12px;">2.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">CONSIDERATION</font><font style="font-family:inherit;font-size:12pt;">.&#160; In consideration of the terms, representations, promises, waivers and releases contained in this Agreement, and Officer&#8217;s compliance with the terms of this Agreement, the Company will provide the Officer with the following payments and benefits:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">a.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">The Company shall pay to Officer all Accrued Amounts (as defined below), subject to payroll deductions and required withholdings, in accordance with the Company&#8217;s normal payroll schedule and pursuant to the Company&#8217;s policies.  &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Accrued Amounts</font><font style="font-family:inherit;font-size:12pt;">&#8221; means any accrued but unpaid base salary through the Separation Date paid in accordance with normal payroll practices, unreimbursed business expenses incurred prior to the Separation Date paid in accordance with Company policies, and accrued but unused vacation time through the Separation Date due in accordance with Company plans and policies.  With respect to reimbursement for business expenses incurred consistent with applicable Company policies prior to the Separation Date, Officer agrees that, within thirty (30) days following the Separation Date, Officer will submit his final expense reimbursement statement and required documentation reflecting all business expenses Officer incurred through the Separation Date, if any, for which Officer seeks reimbursement.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">b.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Pursuant to the Par Pacific Holdings, Inc. 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Except as specifically set forth herein, Officer&#8217;s participation in all Company plans, including any and all equity and/or deferred compensation plans, shall remain subject to the terms and conditions of such plans as in effect from time to time.  </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Officer acknowledges and agrees that under the terms of this Agreement, he is receiving consideration beyond that which he would otherwise be entitled to and which, but for the mutual covenants set forth in this Agreement, the Company would not otherwise be obligated to provide.&#160; Officer further agrees that the benefits provided hereunder are in addition to any wages and accrued but unused vacation earned through the Separation Date, and he is not entitled to any wages in lieu of notice.  Except for any benefit, the right to which has vested, under the express terms of a written benefit plan of the Company, and the payments and benefits set forth herein, Officer is not entitled to any other payments or benefits of any kind based on any agreement, plan or practice of the Company.  Officer understands and agrees that the Company shall neither make nor cause to be made any other payments to Officer, Officer&#8217;s beneficiaries or dependents, or otherwise on Officer&#8217;s behalf, except as specifically referenced herein.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:48px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:12px;">3.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">REPRESENTATIONS</font><font style="font-family:inherit;font-size:12pt;">.&#160; Officer and the Company make the following representations, each of which is an important consideration to the other party&#8217;s willingness to enter into this Agreement:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">a.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Officer understands and agrees that he has been advised to consult with an attorney of his choice concerning the legal consequences of this Agreement.&#160; Officer hereby acknowledges that prior to signing this Agreement, he had the opportunity to consult, and did consult, with an attorney of his choosing regarding the effect of each and every provision of this Agreement.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">b.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Officer acknowledges and agrees that he knowingly and voluntarily entered into this Agreement with complete understanding of all relevant facts, and that he was neither fraudulently induced nor coerced to enter into this Agreement.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">c.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Each of the Parties represent and warrant to the other that they have the capacity and authority to enter into this Agreement and be bound by its terms and that, when executed, this Agreement will constitute a valid and binding agreement of such Party enforceable against such Party in accordance with its terms.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:48px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:12px;">4.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">OFFICER RELEASE OF CLAIMS</font><font style="font-family:inherit;font-size:12pt;">.  Officer shall execute the Agreement and General Release in the form attached as Schedule A to the Severance Plan.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:48px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:12px;">5.</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">SPECIAL AGE DISCRIMINATION AND ADEA WAIVER AND RELEASE NOTICE</font><font style="font-family:inherit;font-size:12pt;">.&#160; Officer acknowledges that the terms of this Agreement fully comply with the Older Workers&#8217; Benefit Protection Act of 1990 and the Age Discrimination in Employment Act of 1967 </font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">2</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;"><br></font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="font-family:inherit;font-size:12pt;">(as amended, the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">ADEA</font><font style="font-family:inherit;font-size:12pt;">&#8221;).  Officer understands and agrees that he is irrevocably waiving his rights under the ADEA and thus:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">a.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Officer has been informed and understands and agrees that he has been given adequate time, up to period of at least twenty-one (21) calendar days, to consider this Agreement and whether to sign it.</font><font style="font-family:inherit;font-size:10pt;color:#727272;">&#32;</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;Officer further understands that he may use as much or all of this 21-day period as he wishes before signing, and represents that he has done so.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">b.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Officer has been informed and understands and agrees that he may revoke this Agreement at any time during the seven (7)&#160;calendar days after it is signed and returned to the Company, in which case none of the provisions of this Agreement will have any effect.&#160; Officer acknowledges and agrees that if he wishes to revoke this Agreement, he must do so in writing, and that such revocation must be signed by Officer and received by the General Counsel of the Company no later than the seventh (7th) day after Officer has signed this Agreement.&#160; Officer acknowledges and agrees that any payments hereunder shall not be made before the expiration of this seven-day revocation period.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">c.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Officer agrees that </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">prior</font><font style="font-family:inherit;font-size:12pt;">&#32;to signing this Agreement, he read and understood each and every provision of the document.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">d.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Officer understands and agrees that he has been advised in this writing to consult with an attorney of his choice concerning the legal consequences of this Agreement, and Officer hereby acknowledges that </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">prior</font><font style="font-family:inherit;font-size:12pt;">&#32;to signing this Agreement he had the opportunity to consult, and did consult, with an attorney of his choosing regarding the effect of each and every provision hereof.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">e.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Officer acknowledges and agrees that he knowingly and voluntarily entered into this Agreement with complete understanding of all relevant facts, and that he was neither fraudulently induced nor coerced to enter into this Agreement.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">f.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Officer understands that he is not waiving, releasing or otherwise discharging any claims under the ADEA that may arise after the date he signs this Agreement.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:48px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:12px;">6.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">COVENANTS BY OFFICER</font><font style="font-family:inherit;font-size:12pt;">.&#160; In consideration, and as a condition, of the performance by the Company of its obligations described in this Agreement, Officer agrees as follows: </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">a.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">All information relating to or used in the business and operations of the Company and its subsidiaries and corporate affiliates (including, without limitation, marketing methods and procedures, customer lists, lists of professionals referring customers to the Company and its subsidiaries and corporate affiliates, sources of supplies and materials and business systems and procedures), whether prepared, compiled, developed or obtained by Officer or by the Company or any of its subsidiaries or corporate affiliates before or during Officer&#8217;s employment with the Company or any of its subsidiaries or corporate affiliates, are and shall be confidential information and trade secrets (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Confidential Information</font><font style="font-family:inherit;font-size:12pt;">&#8221;) and the exclusive property of the Company, its subsidiaries and corporate affiliates. </font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">3</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;"><br></font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">b.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">All records of and materials relating to Confidential Information, whether in written form or in a form produced or stored by any electrical or mechanical means or process and whether prepared, compiled or obtained by Officer or by the Company or any of its subsidiaries or corporate affiliates before or during Officer&#8217;s employment with the Company or any of its subsidiaries or corporate affiliates, are and shall be the exclusive property of the Company or its subsidiaries or corporate affiliates, as the case may be.   </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">c.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Except as the Company may expressly authorize or direct in writing, Officer shall not copy, reproduce, disclose or divulge to others, use or permit others to see any Confidential Information or any records of or materials relating to any Confidential Information.  Officer further agrees that he shall not remove from the custody or control of the Company or its subsidiaries or corporate affiliates any records of or any materials relating to Confidential Information and that, to the extent he has any such records or materials in his possession, he shall deliver the same to the Company promptly following the Separation Date.  </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">d.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Officer shall return to the Company all hard copy and electronic documents (and all copies thereof) and other property belonging to the Company, its subsidiaries and/or affiliates that Officer has in his possession at any time, including, but not limited to, files, notes, notebooks, correspondence, memoranda, agreements, drawings, records, business plans, forecasts, financial information, specifications, computer-recorded information, tangible property, credit cards, entry cards, identification badges, keys, and any materials of any kind that contain or embody any Confidential Information of the Company, its subsidiaries or affiliates (and all reproductions thereof in whole or in part).  If Officer discovers after the Separation Date that he has retained any Confidential Information (including, but not limited to, Confidential Information contained in any electronic documents, unless retention has been permitted, in Officer&#8217;s possession or control), Officer agrees to immediately inform the Company of the nature and location of the Confidential Information that he has retained so that the Company may arrange to remove, recover, and/or collect such information.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:48px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:12px;">7.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">COOPERATION</font><font style="font-family:inherit;font-size:12pt;">.&#160; Following the Separation Date, Officer shall reasonably and in good faith cooperate with the Company in connection with any investigation or review by the Company, its subsidiaries or corporate affiliates, or any federal, state or local regulatory, quasi-regulatory or self-governing authority as any such investigation or review relates to events or occurrences that transpired while Officer was employed by the Company and in respect of which Officer has knowledge.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:48px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:12px;">8.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">CONSULTING AGREEMENT</font><font style="font-family:inherit;font-size:12pt;">.  Officer agrees to execute and deliver to the Company a Consulting Agreement in form and substance reasonably acceptable to both parties and provide consulting services to the Company on the terms and conditions described in the Consulting Agreement.  Officer shall be paid a consulting fee of $170 per hour during the term of the Consulting Agreement and be reimbursed by Company for reasonable travel expenses.  The term of the Consulting Agreement shall commence on the Separation Date and run through and including June 30, 2017.  </font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:48px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:19px;">9.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">INDEMNIFICATION</font><font style="font-family:inherit;font-size:12pt;">.&#160; Subject to applicable law, the Company will provide indemnification to the Officer to the maximum extent permitted by the General Corporation Law </font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">4</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;"><br></font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="font-family:inherit;font-size:12pt;">of Delaware, the Company&#8217;s Bylaws and Certificate of Incorporation, including coverage, if applicable, under Officer&#8217;s Indemnification Agreement, and any directors and officers insurance policies, with such indemnification determined by the Board or any of its committees in good faith based on principles consistently applied (subject to such limited exceptions as the Board may approve in cases of hardship).</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:48px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:20px;">10.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">TAX MATTERS; SECTION&#160;409A</font><font style="font-family:inherit;font-size:12pt;">.  The Company will withhold required federal, state and local taxes from any and all payments contemplated by this Agreement and make all tax reporting it determines it should make based on this Agreement.  Other than the Company&#8217;s obligation and right to withhold federal, state and local taxes and to pay the employer portion of FICA and FUTA, Officer will be responsible for any and all taxes, interest, and penalties that may be imposed with respect to the payments previously made or contemplated by this Agreement (including, but not limited to, those imposed under Section&#160;409A of the Internal Revenue Code of 1986 (as amended, the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Code</font><font style="font-family:inherit;font-size:12pt;">&#8221;)).  The amounts and benefits payable hereunder are intended to qualify for an exemption from, or alternatively to comply with, the provisions of Section 409A of the Code, and this Agreement shall be interpreted and construed consistently with such intent.  In the event that the terms of this Agreement would subject Officer to taxes or penalties under Section 409A of the Code (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">409A Penalties</font><font style="font-family:inherit;font-size:12pt;">&#8221;), the Company and Officer shall cooperate to amend the terms hereof to avoid such 409A Penalties, to the extent possible; </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">provided</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">however</font><font style="font-family:inherit;font-size:12pt;">, that in no event shall the Company be responsible for any 409A Penalties.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:48px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:19px;">11.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">GOVERNING LAW AND INTERPRETATION</font><font style="font-family:inherit;font-size:12pt;">.&#160; This Agreement, and all rights, duties, and remedies hereunder, shall be governed by, and construed and enforced in accordance with, the laws of the State of Texas, without reference to its choice of law rules, except as preempted by federal law.  The language of this Agreement shall be construed as a whole, according to its fair meaning, and shall not be construed strictly for or against either of the Parties. If this Agreement is submitted to arbitration, the arbitrator shall be bound by the governing law.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:48px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:20px;">12.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">SUCCESSORS AND ASSIGNS</font><font style="font-family:inherit;font-size:12pt;">.&#160; This Agreement will be binding upon and inure to the benefit of (a)&#160;the heirs, executors, and legal representatives of Officer upon Officer&#8217;s death, and (b)&#160;any successor of the Company.&#160; Any such successor of the Company will be deemed substituted for the Company under the terms of this Agreement for all purposes.&#160; For this purpose, &#8220;successor&#8221; means any person, firm, corporation, or other business entity which at any time, whether by purchase, merger, or otherwise, directly or indirectly acquires all or substantially all of the assets or business of the Company.&#160; None of the rights of Officer to receive any benefit or any form of compensation payable pursuant to this Agreement may be assigned or transferred except by will or the laws of descent and distribution.&#160; Any other attempted assignment, transfer, conveyance, or other disposition of Officer&#8217;s right to compensation or other benefits will be null and void.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:48px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:20px;">13.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">AMENDMENTS</font><font style="font-family:inherit;font-size:12pt;">.&#160; This Agreement may not be amended or modified other than by a written instrument signed by an authorized representative of the Company and Officer.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:48px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:20px;">14.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">DESCRIPTIVE HEADINGS</font><font style="font-family:inherit;font-size:12pt;">.&#160; The section headings contained herein are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement.</font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">5</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;"><br></font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:48px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:20px;">15.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">COUNTERPARTS</font><font style="font-family:inherit;font-size:12pt;">.&#160; This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument.&#160; Facsimile and .pdf signatures will suffice as original signatures.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:48px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:20px;">16.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">NOTICES</font><font style="font-family:inherit;font-size:12pt;">.&#160; All notices hereunder shall be in writing and delivered personally or sent by United States registered or certified mail, postage prepaid and return receipt requested:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If to the Company:</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Par Pacific Holdings, Inc.</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">800 Gessner Road, Suite 875</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Houston, TX 77024</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Attn: General Counsel</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If to the Officer: at the last residential address known by the Company.</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:48px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:20px;">17.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">ENTIRE AGREEMENT</font><font style="font-family:inherit;font-size:12pt;">.&#160; This Agreement and the Consulting Agreement sets forth the entire agreement and understanding of the Parties relating to the subject matter hereof and merges and supersedes all prior discussions, agreements, and understandings of every kind and nature between the Parties hereto, and neither Party shall be bound by any term or condition other than as expressly set forth or provided for in this Agreement.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:48px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:20px;">18.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">WAIVER OF BREACH</font><font style="font-family:inherit;font-size:12pt;">.&#160; The waiver of a breach of any term or provision of this Agreement, which must be in writing, will not operate as or be construed to be a waiver of any other previous or subsequent breach of this Agreement.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:48px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:20px;">19.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">SEVERABILITY</font><font style="font-family:inherit;font-size:12pt;">.&#160; If any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable, or void, this Agreement will continue in full force and effect without said provision; provided, however, that if the Company&#8217;s Release becomes or is so declared to be illegal, unenforceable, or void, the Company shall be relieved of its obligation to provide any of the consideration set forth in Section&#160;2 of this Agreement.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">[</font><font style="font-family:inherit;font-size:12pt;font-style:italic;">Remainder of this page intentionally left blank</font><font style="font-family:inherit;font-size:12pt;">] </font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">6</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;"><br></font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:336px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">PAR PACIFIC HOLDINGS, INC.</font></div><div style="line-height:120%;text-align:justify;padding-left:336px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:336px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:336px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By:</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">/s/ William Pate</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;</font></div><div style="line-height:120%;text-align:left;padding-left:336px;text-indent:312px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">William Pate</font></div><div style="line-height:120%;text-align:justify;padding-left:336px;text-indent:312px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Chief Executive Officer</font></div><div style="line-height:120%;text-align:justify;padding-left:336px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:336px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">CHRISTOPHER MICKLAS</font></div><div style="line-height:120%;text-align:justify;padding-left:336px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:336px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:336px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By:</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">/s/ Christopher Micklas</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;</font></div><div style="line-height:120%;text-align:left;padding-left:336px;text-indent:312px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Christopher Micklas</font></div><div style="line-height:120%;text-align:left;padding-left:336px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">7</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;"><br></font></div></div>	</body>
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<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>ex102micklasagreementandge.htm
<DESCRIPTION>EXHIBIT 10.2
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		<title>Exhibit</title>
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<div><a name="sC914D8C5AC602CE4155A2516E2129ADF"></a></div><div></div><div><br></div><div style="line-height:130%;padding-bottom:10px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">AGREEMENT AND GENERAL RELEASE</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">This Agreement and General Release (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Agreement</font><font style="font-family:inherit;font-size:12pt;">&#8221;) is made and entered into as of March 21, 2017, by and between Christopher Micklas (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Executive</font><font style="font-family:inherit;font-size:12pt;">&#8221;) and Par Pacific Holdings, Inc. (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Company</font><font style="font-family:inherit;font-size:12pt;">&#8221;).</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:48px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:48px;">1.</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Released</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#32;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Parties</font><font style="font-family:inherit;font-size:12pt;">. The term &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Released Parties</font><font style="font-family:inherit;font-size:12pt;">&#8221;, as used in this Agreement, shall mean the Company and its subsidiaries and its affiliates (and any successors thereto) (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Company Group</font><font style="font-family:inherit;font-size:12pt;">&#8221;) and any of its respective past or present employees, representatives, administrators, agents, officials, officers, directors, shareholders, divisions, parents, subsidiaries, predecessors, successors, affiliates, general partners, limited partners, consultants, employee benefit plans (and their sponsors, fiduciaries, or administrators), insurers, or attorneys.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">General Release</font><font style="font-family:inherit;font-size:12pt;">. Executive, on behalf of himself and his agents, representatives, attorneys, assigns, heirs, executors, and administrators, fully releases and forever discharges each of the Released Parties from any and all liability, claims, demands, actions, causes of action, suits, grievances, debts, sums of money, agreements, promises, damages, back and front pay, costs, expenses, attorneys&#8217; fees, and remedies of any type, regarding any act or failure to act that occurred up to and including the date on which Executive signs this Agreement, including, without limitation, any claims arising or that arose or may have arisen out of or in connection with Executive&#8217;s employment, or his separation of employment from the Company Group, and including but not limited to:</font></div><div style="line-height:130%;padding-bottom:16px;text-align:justify;padding-left:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">all claims, actions or liability under: (1) Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Civil Rights Act of 1866 (42 U.S.C. &#167;1981), the Age Discrimination in Employment Act (ADEA), the Americans with Disabilities Act, the Fair Labor Standards Act, the National Labor Relations Act, the Employee Retirement Income Security Act of 1974, the Family and Medical Leave Act; (2) any other federal, state, or local statute, ordinance, or regulation regarding employment, compensation, unpaid wages, employee benefits, termination of employment, or discrimination in employment; and (3) the common law of any state relating to employment contracts, wrongful discharge, defamation, tort or any other matter.</font></div><div style="line-height:130%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Executive acknowledges that in exchange for this release, he has received separate consideration beyond that to which Executive is otherwise entitled under Company policy or applicable law.  This Agreement includes a release of claims of discrimination or retaliation on the basis of workers&#8217; compensation status, but does not include workers&#8217; compensation claims.&#160;Excluded from this Agreement are any claims which by law cannot be waived in a private agreement between employer and employee. Executive has the right to file a charge with or participate in an investigation conducted by the Equal Employment Opportunity Commission (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">EEOC</font><font style="font-family:inherit;font-size:12pt;">&#8221;) or any state or local fair employment practices agency, however, Executive waives any </font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;"><br></font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:130%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">right to any monetary recovery or other relief should the EEOC or any other agency pursue a claim on Executive&#8217;s behalf.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Covenant</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#32;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Not</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#32;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">To</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#32;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Sue</font><font style="font-family:inherit;font-size:12pt;">. Except for an action arising out of a breach of the terms of this Agreement, the Separation Agreement dated March 21, 2017 or failure to provide benefits under the Par Pacific Holdings, Inc. Severance Plan for Senior Officers (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Plan</font><font style="font-family:inherit;font-size:12pt;">&#8221;), each of the Company and the Executive agrees never to bring (or cause to be brought) any claim, action or proceeding against the Company Group or any of the other Released Parties or the Executive, as applicable, regarding any act or failure to act that occurred up to and including the date on which the parties sign this Agreement, including but not limited to any claim, action or proceeding relating to Executive&#8217;s employment or his separation of employment from the Company Group.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Noncompetition; Nonsolicitation; Confidential Information, etc.</font><font style="font-family:inherit;font-size:12pt;">&#32;Executive hereby acknowledges that, during and solely as a result of Executive&#8217;s employment by the Company Group, Executive has received and will continue to receive special training and education with respect to the operations of such entity(ies) and access to confidential information and business and professional contacts, all of which is exceptionally valuable to the Company Group and vital to the success of the Company Group&#8217;s business and other related matters. In consideration of the severance benefits payable to Executive pursuant to the Plan, the Executive hereby agrees to be bound by and acknowledges the reasonableness of the following covenants, which are specifically relied upon by the Company in entering into this Agreement. Executive acknowledges and agrees that each of the individual provisions of this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section&#160;4</font><font style="font-family:inherit;font-size:12pt;">&#32;constitutes a separate and distinct obligation of the Executive to the Company Group, individually enforceable against Executive.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(a)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Covenant Not to Compete</font><font style="font-family:inherit;font-size:12pt;">. For the period during which Executive receives salary continuation payments under the Plan (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Restricted Period</font><font style="font-family:inherit;font-size:12pt;">&#8221;), Executive shall not, without the consent of the Board of Directors of the Company, in any form or any manner, directly or indirectly, on Executive&#8217;s own behalf or in combination with others, become engaged in (as an individual, partner, stockholder, director, officer, principal, agent, independent contractor, employee, trustee, lender of money or in any other relation or capacity whatsoever, except as a holder of securities of a corporation whose securities are publicly traded and which is subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, and then only to the extent of owning not more than two percent (2%) of the issued and outstanding securities of such corporation or other entity) or provide services to any business which renders services or sells products, or proposes to render services or sell products, that compete with the Business of the Company Group within the United States and any foreign country in which the Company Group conducts any aspect of the Business during the term of this Agreement. For purposes of this Agreement, the term &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Business</font><font style="font-family:inherit;font-size:12pt;">&#8221; shall mean the management and maintenance of assets in energy related interests, and the refinement, transportation, marketing and distribution of crude oil.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(b)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Covenant Not to Solicit Employees</font><font style="font-family:inherit;font-size:12pt;">. During the Restricted Period, Executive agrees and covenants that he shall not, for any reason, directly or indirectly, employ, solicit or endeavor to entice away from the Company Group (whether for Executive&#8217;s own benefit or on behalf of another person or entity), or facilitate the solicitation, employment or enticement of, any </font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;"><br></font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">employee of the Company Group to work for the Executive, any affiliate of Executive or any competitor of the Company Group, nor shall Executive otherwise attempt to interfere (to the Company Group&#8217;s detriment) in the relationship between the Company Group and any such employees.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(c)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Covenant Not to Solicit Customers</font><font style="font-family:inherit;font-size:12pt;">. During the Restricted Period, Executive agrees and covenants that he shall not, directly or indirectly, in any form or manner, contact, solicit, or facilitate the contacting or solicitation of, any Customer of the Company Group for the purpose of competing with the Business. For purposes of this Agreement, the term &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Customer</font><font style="font-family:inherit;font-size:12pt;">&#8221; shall mean and refer to each person, entity, municipality or other governmental entity that has a contract with or is actively being solicited by the Company Group to engage in services within the scope of its Business.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(d)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Covenant of Confidentiality</font><font style="font-family:inherit;font-size:12pt;">. For a period of three (3) years after the termination of Executive&#8217;s employment with the Company Group, for any reason, Executive shall not, except in furtherance of the Business of the Company Group or otherwise with the prior authorization of the Company, in any form or manner, directly or indirectly, divulge, disclose or communicate to any person, entity, firm, corporation or any other third party (other than in the course of Executive&#8217;s employment or engagement), or utilize for Executive&#8217;s personal benefit or for the benefit of any competitor or customer of the Company Group any Confidential Information, as such term is defined in the Separation Agreement. The parties hereto each acknowledge and agree that such Confidential Information is extremely valuable to the Company Group and shall be deemed to be a &#8220;trade secret.&#8221; In the event that any part of the Confidential Information becomes generally known to the public through legitimate origins (other than by the breach of this Agreement by Executive or by misappropriation), or is required to be disclosed by legal, administrative or judicial process (provided that Executive has provided to the Company reasonable prior notice of such request and the Company has had a reasonable opportunity, at its expense, to dispute, defend or limit such request for the Confidential Information), that part of the Confidential Information shall no longer be deemed Confidential Information for purposes of this Agreement, but Executive shall continue to be bound by the terms of this Agreement as to all other Confidential Information.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(e)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Equitable Remedies</font><font style="font-family:inherit;font-size:12pt;">. In the event that Executive breaches any of the terms or conditions set forth in this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section&#160;4</font><font style="font-family:inherit;font-size:12pt;">&#32;(collectively, the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Restrictive Covenants</font><font style="font-family:inherit;font-size:12pt;">&#8221;), Executive stipulates that such breach will result in immediate and irreparable harm to the business and goodwill of the Company Group and that damages, if any, and remedies at law for such breach would be inadequate. The Company Group shall therefore be entitled to seek for and receive from any court of competent jurisdiction a temporary restraining order, preliminary and permanent injunctive relief and/or an order for specific performance to protect its rights and interests and to restrain any violation of this Agreement and such further relief as the court may deem just and proper, each without the necessity of posting bond. Following judgment or other final determination by such court, the non-prevailing party in such proceeding shall pay the costs and expenses (including court costs and reasonable attorneys&#8217; fees) of the prevailing party. The Company Group may elect to seek such remedies at its sole discretion on a case by case basis. Failure to seek any or all remedies in one </font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;"><br></font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">case shall not restrict the Company Group seeking any remedies in another situation. Such action by the Company Group shall not constitute a waiver of any of its rights.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(f)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Continuing Obligation</font><font style="font-family:inherit;font-size:12pt;">. The obligations, duties and liabilities of the Executive pursuant to </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Sections 4(a), 4(b), 4(c), and 4(d)</font><font style="font-family:inherit;font-size:12pt;">&#32;of this Agreement are continuing, and for the periods set forth in such provisions hereof are absolute and unconditional, and shall survive and remain in full force and effect as provided in each such Section. Notwithstanding anything else contained in this Agreement to the contrary, the parties hereto agree that in the event, and at the moment, the Executive breaches any of the terms, duties or obligations contained in </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Sections 4(a), 4(b), 4(c), and 4(d)</font><font style="font-family:inherit;font-size:12pt;">&#32;of this Agreement, then any payments or benefits paid to Executive pursuant to the Plan shall be returned to the Company Group and all amounts or benefits payable to Executive pursuant to the Plan shall be forfeited.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">5.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Non-Disparagement</font><font style="font-family:inherit;font-size:12pt;">. Except to the extent such restriction would be prohibited by or inconsistent with applicable law, Executive agrees not to make any oral or written statement to any third party that disparages, defames, or reflects adversely upon the Company Group, its products, employees or services, and the Company agrees not to make any oral or written statement to any third party that disparages, defames, or reflects adversely upon the Executive;</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">provided</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">however</font><font style="font-family:inherit;font-size:12pt;">, that the Company&#8217;s obligations shall be limited to communications by its senior corporate executives having the rank of Senior Vice President or above and members of the Board. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Return, Forfeiture and/or Recovery of Performance-Based Payments or Awards</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;Executive acknowledges and agrees that in the event that (a) pursuant to the terms or requirements of the Sarbanes-Oxley Act of 2002, the Dodd-Frank Wall Street Reform and Consumer Protection Act, or of any applicable laws, rules or regulations promulgated by the Securities and Exchange Commission from time to time, and (b) any stock award or other payment is based upon the satisfaction of financial performance metrics which are subsequently reversed due to a restatement or reclassification of financial results of the Company (excluding certain changes in financial statement presentation that may be excluded from such rules or regulations), then any payments made or awards granted (whether in cash, equity or other form of payment) to Executive shall be returned and forfeited or recovered to the extent required and as provided by applicable laws, rules, regulations or listing requirements.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">7.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Governing Law</font><font style="font-family:inherit;font-size:12pt;">. This Agreement shall be interpreted, construed and constructed in accordance with the laws of the State of Texas without regard to its conflicts of law provisions, except as may be superseded by applicable laws of the United States.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">8.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Severability</font><font style="font-family:inherit;font-size:12pt;">. In the event that any provision of this Plan shall be held illegal, invalid or unenforceable for any reason, such provision shall be fully severable, but shall not affect the remaining provisions of the Plan, and the Plan shall be construed and enforced as if the illegal, invalid, or unenforceable provision was not included herein.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">9.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">ADEA Waiver</font><font style="font-family:inherit;font-size:12pt;">. Executive acknowledges that he has been advised in writing to consult with an attorney prior to executing this Agreement, which contains releases and waivers. Executive understands that he may take a period of twenty-one (21) days within which to consider this Agreement. Executive understands that he may revoke this Agreement during the seven (7) </font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;"><br></font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">days following the execution of this Agreement and that the Agreement will not become effective until that seven-day revocation period has expired. In order to revoke the Agreement, Executive must sign and send a written notice to the Company addressed to 800 Gessner Road, Suite 875, Houston, Texas 77024 (attention: Chief Financial Officer), with a copy to the Secretary of the Company or to such other designee of the Company, which shall only be effective if the Company receives it no later than seven (7) days after Executive signs the Agreement. If Executive revokes the Agreement, he will not be entitled to any of the money, benefits or other consideration provided to him under the Plan.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">10.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Knowing and Voluntary Waiver</font><font style="font-family:inherit;font-size:12pt;">. Executive acknowledges that: (a) he has carefully read this Agreement and fully understands its meaning and effect; (b) he had a full and adequate opportunity and reasonable time period to review this Agreement with an attorney of his choosing before he signed it; (c) he was not coerced into signing the Agreement; (d) he agrees to all the terms of the Agreement and is entering into the Agreement knowingly, voluntarily, and with full knowledge of its significance; and (e) the only consideration for his signing the Agreement are the terms stated herein, and no other promises or representations of any kind have been made by any person or entity to cause him to sign the Agreement.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">11.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Counterpart Execution</font><font style="font-family:inherit;font-size:12pt;">. This Agreement may be executed in counterparts, each of which shall constitute an original and all of which, when taken together, shall constitute the entire document.</font></div><div style="line-height:130%;padding-bottom:16px;text-align:left;text-indent:336px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">PAR PACIFIC HOLDINGS, INC.</font></div><div style="line-height:130%;padding-bottom:10px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">/s/ Christopher Micklas</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;</font><font style="font-family:inherit;font-size:12pt;">&#160;&#160;&#160;&#160;                             By: </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">/s/ William Pate</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Christopher Micklas&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;William Pate</font></div><div style="line-height:120%;text-align:left;text-indent:365px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Chief Executive Officer</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Dated: </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">March 21, 2017&#160;&#160;&#160;&#160;                  </font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;Dated: </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">March 21, 2017&#160;&#160;&#160;&#160;</font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;"><br></font></div></div>	</body>
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<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>ex103parrformofperformance.htm
<DESCRIPTION>EXHIBIT 10.3
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<div><a name="sCFDEE522AEAFBDF6AB94251F24F7BC4C"></a></div><div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">PAR PACIFIC HOLDINGS, INC. </font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">PERFORMANCE RESTRICTED STOCK UNIT AWARD AGREEMENT</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">THIS AGREEMENT is made and entered into as of this ___ day of __________, 20__ (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Grant Date</font><font style="font-family:inherit;font-size:12pt;">&#8221;) by and between Par Pacific Holdings, Inc., a Delaware corporation (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Company</font><font style="font-family:inherit;font-size:12pt;">&#8221;), and ______________________________ (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Participant</font><font style="font-family:inherit;font-size:12pt;">&#8221;), pursuant to the Par Pacific Holdings, Inc. 2012 Long Term Incentive Plan (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Plan</font><font style="font-family:inherit;font-size:12pt;">&#8221;). This Agreement and the award contained herein are subject to the terms and conditions set forth in the Plan, which are incorporated by reference herein, and the following terms and conditions:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WITNESSETH:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, the Participant is an employee of, or is engaged to provide services to, the Company or its subsidiaries (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Subsidiaries</font><font style="font-family:inherit;font-size:12pt;">&#8221;) or affiliates (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Affiliates</font><font style="font-family:inherit;font-size:12pt;">&#8221;);</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, the Company has adopted the Plan in order to advance the interests of the Company and its stockholders by providing an incentive to attract, retain and reward persons performing services for the Company and by motivating such persons to contribute to the growth and profitability for the Company;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, the Board and the of Directors of the Company (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Board</font><font style="font-family:inherit;font-size:12pt;">&#8221;) and the Compensation Committee of the Board (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Committee</font><font style="font-family:inherit;font-size:12pt;">&#8221;) has determined that it is in the best interests of the Company to grant Restricted Stock Units (as defined herein) under the Plan to the Participant on the terms and conditions set forth below to encourage the Participant to remain in the employ of, or continue to provide Services to, the Company or its Subsidiaries or Affiliates and to incentivize the Participant to help the Company attain certain performance targets set forth below; and</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, the Participant is entrusted with knowledge of the confidential and proprietary information and particular business methods of the Company and its Subsidiaries and Affiliates (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Company Group</font><font style="font-family:inherit;font-size:12pt;">&#8221;) and the clients of the Company Group, and the Participant is trained and instructed in the Company Group&#8217;s particular operations, all of which is exceptionally valuable to the Company Group and vital to the success of the Company Group&#8217;s business.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">NOW, THEREFORE, in consideration of the various covenants and agreements herein contained, and intending to be legally bound hereby, the parties hereto agree as follows:</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:left;text-indent:48px;"><font style="padding-bottom:16px;text-align:left;font-family:inherit;font-size:12pt;padding-right:48px;">1.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Award of Restricted Stock Units</font><font style="font-family:inherit;font-size:12pt;">. In consideration for the continued Service of the Participant to any member of the Company Group, and as part of the Plan, the Company hereby awards to the Participant, subject to the further terms and conditions set forth in this Agreement, _____________ restricted stock units (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Restricted Stock Units</font><font style="font-family:inherit;font-size:12pt;">&#8221;), as of the Grant Date.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">No Rights of Stockholder</font><font style="font-family:inherit;font-size:12pt;">. Restricted Stock Units represent the Company&#8217;s unfunded and unsecured promise to issue shares of common stock of the Company, par value $0.01 per share (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Stock</font><font style="font-family:inherit;font-size:12pt;">&#8221;), at a future date, subject to the terms of this Agreement.  The </font></div><div><br></div><div><div style="line-height:100%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">1</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Participant has no rights with respect to the Restricted Stock Units other than rights of a general creditor of the Company. Except as set forth in </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 3</font><font style="font-family:inherit;font-size:12pt;">&#32;hereof, the Participant shall not have any of the rights of a stockholder with respect to unvested Restricted Stock Units. The Participant shall not have any subscription rights in connection with a pro rata rights offering by the Company with respect to the Restricted Stock Units.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Dividend Equivalents</font><font style="font-family:inherit;font-size:12pt;">. Subject to the provisions of </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 5</font><font style="font-family:inherit;font-size:12pt;">, in the event the Company declares a dividend on its Stock, the Company will hold in escrow an amount in cash equal to the dividend that would have been paid on the Restricted Stock Units had they been converted into the same number of shares of Stock and held by the Participant on the record date of such dividend.  Upon vesting of the Restricted Stock Units pursuant to </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 5</font><font style="font-family:inherit;font-size:12pt;">&#32;hereof, any cash payment with respect to vested Restricted Stock Units to the Participant pursuant to this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 3</font><font style="font-family:inherit;font-size:12pt;">&#32;shall be made within thirty (30) days following the Conversion Date (as defined herein).</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Restrictions on Transfer</font><font style="font-family:inherit;font-size:12pt;">. Except as otherwise provided in this Agreement, the Participant may not sell, transfer, assign, pledge, encumber or otherwise dispose of any of the Restricted Stock Units or the rights granted hereunder (any such disposition or encumbrance being referred to herein as a &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Transfer</font><font style="font-family:inherit;font-size:12pt;">&#8221;). Any Transfer or purported Transfer by the Participant of any of the Restricted Stock Units shall be null and void and the Company shall not recognize or give effect to such Transfer on its books and records or recognize the person to whom such purported Transfer has been made as the legal or beneficial holder of such Restricted Stock Units. The Restricted Stock Units shall not be subject to sale, execution, pledge, attachment, encumbrance or other process and no person shall be entitled to exercise any rights of the Participant as the holder of such Restricted Stock Units by virtue of any attempted execution, attachment or other process until the Restricted Stock Units vest as provided in </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 5</font><font style="font-family:inherit;font-size:12pt;">&#32;hereof. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">5.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Lapse of Restrictions and Forfeiture</font><font style="font-family:inherit;font-size:12pt;">. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(a)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">The restrictions on transfer imposed on the Restricted Stock Units by </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 4</font><font style="font-family:inherit;font-size:12pt;">&#32;and this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 5</font><font style="font-family:inherit;font-size:12pt;">&#32;shall lapse to the extent the Company achieves the performance target(s) set forth in </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Exhibit A</font><font style="font-family:inherit;font-size:12pt;">; provided that the Participant has not had a termination of Service for any reason prior to the applicable vesting date set forth in </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Exhibit A</font><font style="font-family:inherit;font-size:12pt;">&#32;(the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Vesting Date</font><font style="font-family:inherit;font-size:12pt;">&#8221;).  </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(b)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">If the application of the vesting schedule would yield a fractional Restricted Stock Unit, such fractional Restricted Stock Unit shall be rounded down to the next whole unit if it is less than 0.5 and rounded up to the next whole unit if it is 0.5 or more.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(c)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">To the extent any Restricted Stock Units have not vested upon the earlier of the Participant&#8217;s termination of Service for any reason or the Vesting Date, those Restricted Stock Units that have not vested shall be immediately forfeited upon such termination of Service. Upon such forfeiture, the Participant shall no longer have any rights with respect to such Restricted Stock Units or any interest therein.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(d)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Notwithstanding anything to the contrary in this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 5</font><font style="font-family:inherit;font-size:12pt;">, (x) in the event of a Change in Control in which the resulting entity does not assume, continue, convert or </font></div><div><br></div><div><div style="line-height:100%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">replace this Agreement, the restrictions on transfer imposed by </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 4</font><font style="font-family:inherit;font-size:12pt;">&#32;on the Restricted Stock Units shall lapse as of immediately prior to the Change in Control</font><font style="font-family:inherit;font-size:9.5pt;">, </font><font style="font-family:inherit;font-size:12pt;">or (y) in the event of a Change in Control there is an involuntary termination of the Participant&#8217;s employment for any reason other than Cause (as defined in the Plan) within twenty-four (24) months following the Change in Control, the restrictions on transfer imposed by </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 4</font><font style="font-family:inherit;font-size:12pt;">&#32;on the Restricted Stock Units shall lapse. For purposes of this Agreement, the Restricted Stock Units awarded hereunder will not be considered to be assumed, continued, converted or replaced by the resulting entity in connection with the Change in Control unless (i) the Restricted Stock Units are adjusted to prevent dilution of the Participant&#8217;s rights hereunder as a result of the Change in Control, and (ii) immediately after the Change in Control, the Restricted Stock Units relate to shares of common stock in the resulting entity which are publicly traded and listed on a national securities exchange.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">For purposes of this Agreement, a </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Change in Control</font><font style="font-family:inherit;font-size:12pt;font-style:italic;">&#8221; </font><font style="font-family:inherit;font-size:12pt;">means any of the following events occurring with respect to the Company:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:48px;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(i)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">any Person (other than the Company, any trustee or other fiduciary holding securities under any employee benefit plan of the Company, or any company owned, directly or indirectly, by the stockholders of the Company immediately prior to the occurrence with respect to which the evaluation is being made in substantially the same proportions as their ownership of the common stock of the Company) acquires securities of the Company and immediately thereafter is the beneficial owner (except that a Person shall be deemed to be the beneficial owner of all shares that any such Person has the right to acquire pursuant to any agreement or arrangement or upon exercise of conversion rights, warrants or options or otherwise, without regard to the sixty (60)-day period referred to in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company&#8217;s then outstanding securities;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:48px;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(ii)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">during any period of two consecutive years, individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in clause (i), (iii), or (iv) of this paragraph) whose election by the Board or nomination for election by the Company&#8217;s stockholders was approved by a vote of at least a majority of the directors then still in office who either were directors at the beginning of the two-year period or whose election or nomination for election was previously so approved but excluding for this purpose any such new director whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of an individual, corporation, partnership, group, associate or other entity or Person other than the Board, cease for any reason to constitute at least a majority of the Board;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:48px;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(iii)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">the consummation of a merger or consolidation of the Company with any other entity, other than a merger or consolidation which would result in the </font></div><div><br></div><div><div style="line-height:100%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving or resulting entity) more than 50% of the combined voting power of the surviving or resulting entity outstanding immediately after such merger or consolidation; or</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:48px;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(iv)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">the stockholders of the Company approve a plan or agreement for the sale or disposition of all or substantially all of the consolidated assets of the Company (other than such a sale or disposition immediately after which such assets will be owned directly or indirectly by the stockholders of the Company, in substantially the same proportions as their ownership of the common stock of the Company immediately prior to such sale or disposition) in which case the Board shall determine the effective date of the Change in Control resulting therefrom; </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">provided</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">however</font><font style="font-family:inherit;font-size:12pt;">, that a transaction described in this clause (iv) shall not be deemed a Change in Control unless and until such transaction is consummated.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Conversion of Restricted Stock Units into Stock upon Vesting</font><font style="font-family:inherit;font-size:12pt;">. On the Conversion Date (as defined below), the Restricted Stock Units that vested pursuant to the terms of </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 4</font><font style="font-family:inherit;font-size:12pt;">&#32;hereof, if any, shall be converted into an equivalent number of shares of Stock that will be issued to the Participant, or in the event of the Participant&#8217;s death, the Participant&#8217;s beneficiary. Promptly after the Conversion Date, such shares of Stock shall be delivered to the Participant. The &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Conversion Date</font><font style="font-family:inherit;font-size:12pt;">&#8221; shall be 30 days following the Vesting Date; provided, however, that if on such date the Participant is prohibited from trading in the Company&#8217;s securities pursuant to applicable securities laws and/or the Company&#8217;s policy on securities trading and disclosure of confidential information, the Conversion Date, shall be, in the determination of the Committee, the first date the Participant is no longer prohibited from such trading.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">7.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Adjustment Provisions</font><font style="font-family:inherit;font-size:12pt;">. In the event of any stock dividend or extraordinary cash dividend, stock split, reverse stock split, recapitalization, combination, reclassification or similar change in the capital structure of the Company, the Committee shall make or cause to be made an appropriate and equitable substitution, adjustment or treatment with respect to the Restricted Stock Units in accordance with Section 4.2 of the Plan. Any securities, awards or rights issued pursuant to this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 7</font><font style="font-family:inherit;font-size:12pt;">&#32;shall be subject to the same restrictions as the underlying Restricted Stock Units to which they relate.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">8.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Tax Withholding</font><font style="font-family:inherit;font-size:12pt;">. As a condition precedent to the receipt of any Restricted Stock Units hereunder, the Participant agrees to pay to the Company, at such times as the Company shall determine, such amounts as the Company shall deem necessary to satisfy any withholding taxes due on income that the Participant recognizes pursuant to this Award. The obligations of the Company under this Agreement and the Plan shall be conditional on such payment or arrangements, and the Company and its Subsidiaries and Affiliates shall, to the extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to the Participant. In addition, the Participant or the Company may elect, unless otherwise determined by the Committee, to satisfy the withholding requirement by having the Company withhold </font></div><div><br></div><div><div style="line-height:100%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">shares of Stock with a fair market value, as of the date of such withholding, sufficient to satisfy the withholding obligation.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">9.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Registration</font><font style="font-family:inherit;font-size:12pt;">. This grant is subject to the condition that if at any time the Board or Committee shall determine, in its discretion, that the listing of the shares of Stock subject hereto on any securities exchange, or the registration or qualification of such shares under any federal or state law, or the consent or approval of any regulatory body, shall be necessary or desirable as a condition of, or in connection with, the grant, receipt or delivery of shares hereunder, such grant, receipt or delivery will not be effected unless and until such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Board or Committee. The Company agrees to make every reasonable effort to effect or obtain any such listing, registration, qualification, consent or approval.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">10.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">No Right to Continued Employment or Engagement</font><font style="font-family:inherit;font-size:12pt;">. In no event shall the granting of the Restricted Stock Units or the other provisions hereof or the acceptance of the Restricted Units by the Participant interfere with or limit in any way the right of the Company, a Subsidiary or Affiliate to terminate the Participant&#8217;s employment or engagement as a Service provider at any time, nor confer upon the Participant any right to continue in the employ or Service of the Company, a Subsidiary or an Affiliate for any period of time or to continue his or her present or any other rate of compensation.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">11.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Confidential Information, etc.</font><font style="font-family:inherit;font-size:12pt;">&#32;The Participant hereby acknowledges that, during and solely as a result of the Participant&#8217;s employment by, or engagement as a Service provider with, the Company or its Subsidiaries or Affiliates, the Participant has received and will continue to receive special training and education with respect to the operations of such entity(ies) and access to confidential information and business and professional contacts, all of which is exceptionally valuable to the Company Group and vital to the success of the Company Group&#8217;s business and other related matters. In consideration of such special and unique opportunities afforded to the Participant as a result of the Participant&#8217;s employment or engagement and the grant of the Restricted Stock Units, the Participant hereby agrees to be bound by and acknowledges the reasonableness of the following covenants, which are specifically relied upon by the Company in entering into this Agreement and as a condition to the grant of the Restricted Stock Units. The Participant acknowledges and agrees that each of the individual provisions of this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 11</font><font style="font-family:inherit;font-size:12pt;">&#32;constitutes a separate and distinct obligation of the Participant to the Company Group, individually enforceable against the Participant.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(a)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Covenant of Confidentiality</font><font style="font-family:inherit;font-size:12pt;">. At any time during the term of the Participant&#8217;s employment with, or engagement to provide Services to, the Company or its Subsidiaries or Affiliates (pursuant to this Agreement or otherwise), and for a period of five (5) years after the termination of the Participant&#8217;s employment with the Company or its Subsidiaries or Affiliates, as applicable, for any reason, the Participant shall not, except in furtherance of the Business of the Company Group or otherwise with the prior authorization of the Company, in any form or manner, directly or indirectly, divulge, disclose or communicate to any person, entity, firm, corporation or any other third party (other than in the course of the Participant&#8217;s employment or engagement), or utilize for the Participant&#8217;s personal benefit or for the benefit of </font></div><div><br></div><div><div style="line-height:100%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">5</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">any competitor or customer of the Company Group any Confidential Information. For purposes of this Agreement, &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Confidential Information</font><font style="font-family:inherit;font-size:12pt;">&#8221; shall mean, but shall not be limited to, any technical or non-technical data, formulae, patterns, compilations, programs, devices, methods, techniques, drawings, designs, processes, procedures, improvements, models or manuals of any member of the Company Group or which are licensed by any member of the Company Group, any financial data or lists of actual or potential customers or suppliers (including contacts thereat) of the Company Group, and any information regarding the contracts, marketing and sales plans, which is not generally known to the public through legitimate origins of the Company Group. The parties hereto each acknowledge and agree that such Confidential Information is extremely valuable to the Company Group and shall be deemed to be a &#8220;trade secret.&#8221; In the event that any part of the Confidential Information becomes generally known to the public through legitimate origins (other than by the breach of this Agreement by the Participant or by misappropriation), or is required to be disclosed by legal, administrative or judicial process (provided that the Participant has provided to the Company reasonable prior notice of such request and the Company has had a reasonable opportunity, at its expense, to dispute, defend or limit such request for the Confidential Information), that part of the Confidential Information shall no longer be deemed Confidential Information for purposes of this Agreement, but the Participant shall continue to be bound by the terms of this Agreement as to all other Confidential Information.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(b)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Return of Property</font><font style="font-family:inherit;font-size:12pt;">. Upon termination of the Participant&#8217;s employment or engagement to provide Services for any reason, the Participant shall promptly deliver to the Company or its Subsidiaries or Affiliates all correspondence, drawings, blueprints, manuals, letters, notes, notebooks, reports, programs, plans, proposals, financial documents or any other documents, including all copies in any form or media, concerning the Company Group&#8217;s Customers, marketing strategies, products or processes which contain any Confidential Information.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(c)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Assignment of Inventions</font><font style="font-family:inherit;font-size:12pt;">. Any and all writings, inventions, improvements, processes, procedures and/or techniques now or hereafter acquired, made, conceived, discovered or developed by the Participant, either solely or jointly with any other person or persons, whether or not during working hours and whether or not at the request or upon the suggestion of the Company or its Subsidiaries or Affiliates, which relate to or are useful in connection with any business now or hereafter carried on or contemplated by the Company Group, including developments or expansions of its present fields of operations, shall be the sole and exclusive property of the Company or its Subsidiaries or Affiliates, as applicable. The Participant shall make full disclosure to the Company or its Subsidiaries or Affiliates of all such writings, inventions, improvements, processes, procedures, techniques, or any other material of a proprietary nature, including, without limitation, any ideas, inventions, discoveries, improvements, developments, designs, methods, systems, computer programs, trade secrets or other intellectual property whether or not patentable or copyrightable and specifically including, but not limited to, copyright and mask works, formulae, compositions, products, processes, apparatus, and new uses of existing materials or machines (collectively, &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Inventions</font><font style="font-family:inherit;font-size:12pt;">&#8221;), made, conceived or first reduced to practice by the Participant solely or jointly with others while employed by the Company or its Subsidiaries or Affiliates and which relate to or result from the </font></div><div><br></div><div><div style="line-height:100%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">actual or anticipated business, work, research or investigation of the Company Group or which are suggested by or result from any task assigned to or performed by the Participant for the Company Group; and the Participant shall do everything necessary or desirable to vest the absolute title thereto in the Company or its Subsidiaries or Affiliates, as applicable. The Participant shall write and prepare all descriptions, specifications and procedures regarding the Inventions as may be required by the Company or its Subsidiaries or Affiliates to protect the Company&#8217;s or its Subsidiaries or Affiliates rights in and to the Inventions, and otherwise aid and assist the Company or its Subsidiaries or Affiliates so that the Company or its Subsidiaries or Affiliates can prepare and present applications for copyright or letters patent therefor and can secure such copyright or letters patent wherever possible, as well as reissues, renewals, and extensions thereof, and can obtain the record title to such copyright or patents so that the Company or its Subsidiaries or Affiliates shall be the sole and absolute owner thereof in all countries in which it may desire to have copyright or patent protection. The Participant will, at the Company&#8217;s or its Subsidiaries or Affiliates request, execute any and all assignment, patent or copyright forms and the like, deemed reasonably necessary by the Company or its Subsidiaries or Affiliate. The Company&#8217;s or its Subsidiaries or Affiliates rights hereunder shall not be limited to this country but shall extend to any country in the world and shall attach to each Invention notwithstanding that it is perfected, improved, reduced to specific form or used after termination the Participant&#8217;s employment. The Participant agrees to lend such assistance as he or she may be able, at the Company&#8217;s or its Subsidiaries or Affiliates request in connection with any proceedings relating to such letters of patent, trade secrets, copyright or application thereof, as may be determined by the Company or its Subsidiaries or Affiliates to be reasonably necessary. The Company, in its sole discretion, may agree to pay the Participant a reasonable fee to defray any costs or time incurred by the Participant in providing such assistance. The Participant shall not be entitled to any additional or special compensation or reimbursement regarding any and all such writings, inventions, improvements, processes, procedures and techniques.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(d)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Equitable Remedies</font><font style="font-family:inherit;font-size:12pt;">. In the event that the Participant breaches any of the terms or conditions set forth in this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 11</font><font style="font-family:inherit;font-size:12pt;">, the Participant stipulates that such breach will result in immediate and irreparable harm to the business and goodwill of the Company and/or its Subsidiaries or Affiliates and that damages, if any, and remedies at law for such breach would be inadequate. The Company and/or its Subsidiaries or Affiliates shall therefore be entitled to seek for and receive from any court of competent jurisdiction a temporary restraining order, preliminary and permanent injunctive relief and/or an order for specific performance to protect its rights and interests and to restrain any violation of this Agreement and such further relief as the court may deem just and proper, each without the necessity of posting bond. Following judgment or other final determination by such court, the non-prevailing party in such proceeding shall pay the costs and expenses (including court costs and reasonable attorneys&#8217; fees) of the prevailing party. The Company and/or its Subsidiaries or Affiliates may elect to seek such remedies at its sole discretion on a case by case basis. Failure to seek any or all remedies in one case shall not restrict the Company and/or its Subsidiaries or Affiliates from seeking any remedies in another situation. Such action by the Company and/or its Subsidiaries or Affiliates shall not constitute a waiver of any of its rights.</font></div><div><br></div><div><div style="line-height:100%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">7</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(e)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Continuing Obligation</font><font style="font-family:inherit;font-size:12pt;">. During the Participant&#8217;s employment or engagement to provide Services and upon termination of the Participant&#8217;s employment for any reason the obligations, duties and liabilities of the Participant pursuant to </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Sections 11(a) and 11(b)</font><font style="font-family:inherit;font-size:12pt;">&#32;of this Agreement are continuing, and for the periods set forth in such provisions hereof are absolute and unconditional, and shall survive and remain in full force and effect as provided in each such Section. Notwithstanding anything else contained in this Agreement to the contrary, the parties hereto agree that in the event, and at the moment, the Participant breaches any of the terms, duties or obligations contained in </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Sections 11(a) and 11(b)</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:12pt;">of this Agreement, all of the Restricted Stock Units as to which the restrictions on transfer imposed thereon by </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 4</font><font style="font-family:inherit;font-size:12pt;">&#32;hereof shall not have lapsed prior to such date will immediately be cancelled and forfeited.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">12.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Construction</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(a)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Successors</font><font style="font-family:inherit;font-size:12pt;">. This Agreement and all the terms and provisions hereof shall be binding upon and shall inure to the benefit of the parties hereto and their respective legal representatives, heirs and successors, except as expressly herein otherwise provided.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(b)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Entire Agreement; Modification</font><font style="font-family:inherit;font-size:12pt;">. This Agreement contains the entire understanding between the parties with respect to the matters referred to herein. Subject to Section 3.3 of the Plan, this Agreement may be amended by the Committee at any time.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(c)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Capitalized Terms; Headings; Pronouns; Governing Law</font><font style="font-family:inherit;font-size:12pt;">. Capitalized terms used and not otherwise defined herein are deemed to have the same meanings as in the Plan. The descriptive headings of the respective sections and subsections of this Agreement are inserted for convenience of reference only and shall not be deemed to modify or construe the provisions which follow them. Any use of any masculine pronoun shall include the feminine and vice-versa and any use of a singular, the plural and vice-versa, as the context and facts may require. This Agreement shall be interpreted, construed and constructed in accordance with the laws of the State of Delaware without regard to its conflicts of law provisions, except as may be superseded by applicable laws of the United States.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(d)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Notices</font><font style="font-family:inherit;font-size:12pt;">. Each notice relating to this Agreement shall be in writing and shall be sufficiently given if delivered by registered or certified mail, or by a nationally recognized overnight delivery service, with postage or charges prepaid, to the address hereinafter provided in this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 12</font><font style="font-family:inherit;font-size:12pt;">. Any such notice or communication given by first-class mail shall be deemed to have been given two business days after the date so mailed, and such notice or communication given by overnight delivery service shall be deemed to have been given one business day after the date so sent, provided such notice or communication arrives at its destination. Each notice to the Company shall be addressed to it at its offices at 800 Gessner Road, Suite 875, Houston, Texas 77024 (attention: Chief Financial Officer), with a copy to the Secretary of the Company or to such other designee of the Company. Each notice to the Participant shall be addressed to the Participant at the Participant&#8217;s address shown on the signature page hereof.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(e)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Severability</font><font style="font-family:inherit;font-size:12pt;">.&#160;&#160;&#160;&#160;Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any </font></div><div><br></div><div><div style="line-height:100%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">8</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">provision of this Agreement or the application thereof to any party or circumstance shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the minimal extent of such provision or the remaining provisions of this Agreement or the application of such provision to other parties or circumstances.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(f)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Counterpart Execution</font><font style="font-family:inherit;font-size:12pt;">. This Agreement may be executed in counterparts, each of which shall constitute an original and all of which, when taken together, shall constitute the entire document.</font></div><div style="line-height:120%;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:49%;"></td><td style="width:51%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:16px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">PAR PACIFIC HOLDINGS, INC.</font></div><div style="padding-bottom:32px;padding-left:22px;text-indent:-23px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By:</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">&#160;<br>Title</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:32px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Accepted this </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">&#160;day of</font><font style="font-family:inherit;font-size:10pt;">&#160;<br></font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">, 20___.</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:32px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;">&#160;<br> <br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div><br></div><div><div style="line-height:100%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">9</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:100%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Exhibit A</font></div><div style="line-height:100%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:100%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">[Performance Targets and Vesting Schedule]</font></div><div style="line-height:100%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:100%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:100%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div><br></div><div><div style="line-height:100%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">10</font></div></div>	</body>
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