Patricia Martinez
About Patricia Martinez
Patricia Martinez (age 50) is an independent director of Par Pacific Holdings, Inc. (PARR) since 2023. She brings executive leadership and energy transition expertise, currently serving as President & CEO of Cormetech; previously she was Enerflex Ltd’s Chief Energy Transition Officer (2021–2024) and President of Enerflex’s Latin American business (2014–2022). She holds a bachelor’s degree from Universidad Argentina de la Empresa, an MBA from Houston Baptist University, and completed executive education at Harvard Business School .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Enerflex Ltd | Chief Energy Transition Officer | 2021–2024 | Created and executed energy transition strategy including carbon capture & sequestration, hydrogen, bioenergy, electrification |
| Enerflex Ltd | President, Latin America | 2014–2022 | Led Latin American business operations and growth |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Cormetech | President & Chief Executive Officer | Current | Executive leadership in emissions and environmental solutions |
| NOV Inc. (NYSE: NOV) | Director | Current | Public company board service |
| Orocobre (Allkem Limited, ASX: AKE) | Director | Prior | Prior public company board service |
| Argentinian Petroleum & Gas Institute of Houston | Director | Prior | Prior industry board role |
Board Governance
- Committee assignments: Member, Compensation Committee; Member, Operations & Technology Committee .
- Independence: Board affirmatively determined Martinez is independent under NYSE standards; she has no material relationship with the company aside from director/stockholder status .
- Attendance and engagement: In 2024, the Board held six meetings; all directors attended at least 75% of Board and committee meetings; Compensation and Operations & Technology Committees each met four times .
- Compensation Committee composition: Katherine Hatcher (Chair), Patricia Martinez, Eric Yeaman; all independent .
- Risk oversight: Audit oversees financial/compliance/cyber; Compensation oversees plans; Nominating & Corporate Governance oversees ESG; Operations & Technology oversees operations/technology and EHS compliance .
- Executive sessions and leadership: Independent Chairman leads succession planning; Board involved in CEO transition deliberations and oversight .
Fixed Compensation
| Item | Amount/Terms | Source |
|---|---|---|
| Standard annual cash retainer (non-employee director) | $90,000 | |
| Standard annual stock retainer (non-employee director) | $100,000 (quarterly grants of restricted stock/RSUs, one-year vest) | |
| Committee chair fees | Audit Chair $20,000; Compensation Chair $15,000; Ops & Tech Chair $15,000; Nominating & Corporate Governance Chair $15,000 | |
| Audit Committee member fee | $7,500 (non-chair members) | |
| Meeting fees | None (no per-meeting fees) | |
| Deferred compensation eligibility | Eligible for Non-Qualified Deferred Compensation Plan | |
| Patricia Martinez – 2024 cash fees | $93,750 | |
| Patricia Martinez – 2024 stock awards (grant-date fair value) | $100,000 (restricted stock/RSUs, one-year vest) | |
| Patricia Martinez – 2024 total | $193,750 |
Performance Compensation
| Component | Status | Notes |
|---|---|---|
| Performance-based director awards (PSUs/options) | Not applicable | Non-employee directors receive time-vested restricted stock/RSUs; no disclosed performance metrics for director equity |
Other Directorships & Interlocks
| Company | Type | Interlocks/Conflicts Noted |
|---|---|---|
| NOV Inc. | Public | No Compensation Committee interlocks; committee members (including Martinez) were not PARR officers; no reciprocal interlocks disclosed |
| Orocobre (Allkem Limited) | Public (prior) | No interlock implications disclosed |
| Argentinian Petroleum & Gas Institute of Houston | Industry/non-profit | No related-party transactions disclosed involving Ms. Martinez |
Expertise & Qualifications
- Energy transition strategist: Led initiatives in carbon capture, hydrogen, bioenergy, and electrification at Enerflex .
- International operations: Managed Enerflex’s Latin American business .
- Executive leadership: CEO experience at Cormetech; board-level perspectives at NOV and prior boards .
- Education: Bachelor’s (Universidad Argentina de la Empresa), MBA (Houston Baptist University), executive education (Harvard Business School) .
Equity Ownership
| Metric | Value |
|---|---|
| Beneficial ownership (common shares) | 6,877 shares |
| Ownership as % of outstanding | 0.013% (computed using 54,350,924 shares outstanding as of March 5, 2025) |
| RSUs outstanding (as of 12/31/2024) | 0 (other non-employee directors had zero RSUs outstanding) |
| Pledging/hedging | Hedging prohibited by Insider Trading Policy; no pledging disclosure specific to Martinez |
Governance Assessment
- Strengths: Independent status; relevant energy transition and operational expertise; service on Compensation and Operations & Technology committees; strong board processes (clawback policy adopted Oct 24, 2023; hedging prohibited; ESG oversight integrated) that support investor alignment .
- Compensation governance: Compensation Committee comprised of independent directors with no interlocks; uses independent consultant Meridian for director compensation review and executive program benchmarking; no changes to director compensation for 2025 after review .
- Engagement: Board and committees active (six Board meetings; four meetings each for Compensation and Operations & Technology); all directors met at least 75% attendance thresholds .
- Ownership alignment: Mix of cash ($93,750) and equity ($100,000) in 2024 with one-year vesting supports alignment; directors can elect greater stock mix .
- Shareholder support context: Say-on-Pay approval ~99% in 2023, indicating broad approval of compensation practices, though not director-specific .
- Conflicts/Red flags: No related-party transactions disclosed involving Martinez; no Section 16 delinquency noted for her; no committee interlocks; however, as CEO of Cormetech and director at NOV, ongoing monitoring is prudent for potential supply-chain overlaps, though none are disclosed in the proxy .