Richard Creamer
About Richard Creamer
Richard Creamer is Executive Vice President, Refining and Logistics at Par Pacific, serving in this role since April 2022. He is 58 and holds a bachelor’s degree in chemical engineering from Texas Tech University . His compensation is tied to company and segment performance via an annual incentive formula and long-term PSUs linked to three‑year aggregate Adjusted EBITDA vs budget and TSR vs a designated peer group, with payouts ranging from 0–200% and three‑year cliff vesting . Company performance during his tenure included net income of $728.6 million in 2023 and TSR improvement from $100.04 (2022) to $156.50 (2023), while the 2024 AIP financial components achieved 16.4% (Adjusted EBITDA) and 7.5% (Modified FCF), reflecting cyclical margin normalization .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Par Pacific – Kapolei Refinery (HI) | Vice President & Refinery Manager | Not disclosed | Led operations at Hawaii refinery; foundation for current EVP responsibilities |
| HF Sinclair – El Dorado (KS) | Vice President & Refinery Manager | Not disclosed | Managed complex refining operations; safety and reliability leadership |
| Flint Hills Resources – Port Arthur (TX) Refineries & Olefins | Vice President & Refinery/Olefins Manager | Not disclosed | Operations/execution across Gulf Coast assets |
| Flint Hills Resources, Invista, LyondellBasell, Koch Industries | Leadership, Operations & Engineering Roles | Not disclosed | Deep technical and operational expertise across chemicals/refining |
External Roles
No public-company directorships or external board roles disclosed in the proxies for Creamer .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $274,615 | $436,154 | $488,462 |
| Target Bonus (% of base) | — | 75.0% | 80.0% |
| Non‑Equity Incentive Award ($) | $729,516 | $600,000 | $295,951 |
| Stock Awards ($, grant date fair value) | $249,998 | $588,023 | $660,074 |
| Option Awards ($) | $0 | $0 | $0 |
| All Other Compensation ($) | $13,523 | $19,815 | $20,700 |
Perquisites: The company does not offer executive-only perquisites; benefits are broadly available (e.g., 401(k) match) .
Performance Compensation
Annual Incentive Plan (AIP) – Structure and Outcomes
AIP formula: Annual Base Salary × Target % × Group Metric × Individual Metric. Group Metric comprises Adjusted EBITDA (25% target, achieved 16.4% in 2024), Modified Free Cash Flow (25% target, achieved 7.5% in 2024), and group HSE/operational performance (50%), with Creamer’s Group Metric weighted 30% to the average of other NEOs and 70% to Refining & Logistics .
| Year | Base Salary ($) | Target % | Group Metric (%) | Individual Metric (%) | AIP Payout ($) |
|---|---|---|---|---|---|
| 2023 | $440,000 | 75.0% | 136.0% | 134.0% | $600,000 |
| 2024 | $500,000 | 80.0% | 67.3% | 110% | $295,951 |
Long‑Term Incentives – Restricted Stock and PSUs
- Restricted stock: time-based, three‑year ratable vesting beginning with 2023 grants; earlier (2022) awards vest ratably over four years .
- PSUs: earned on a matrix based on three‑year aggregate Adjusted EBITDA vs budget and relative TSR vs peer group; 0–200% payout; three‑year cliff vesting .
Restricted Stock Awards
| Metric | 2023 | 2024 |
|---|---|---|
| Grant Date | Feb 16, 2023 | Feb 23, 2024 |
| Shares Granted (#) | 10,703 | 8,443 |
| Grant Date Value ($) | $294,011 | $330,037 |
| Vesting | 3‑yr ratable (begin 2023) | 3‑yr ratable (begin 2024) |
Performance RSU (PSU) Awards
| Metric | 2023 | 2024 |
|---|---|---|
| Grant Date | Feb 16, 2023 | Feb 23, 2024 |
| PSUs Awarded (#) | 10,703 | 8,443 |
| Grant Date Value ($) | $294,011 | $330,037 |
| Metric & Payout | 3‑yr Adj. EBITDA & TSR vs peer; 0–200% | 3‑yr Adj. EBITDA & TSR vs peer; 0–200% |
| Vesting | Cliff at end of 3 years | Cliff at end of 3 years |
Stock vested (realized) in 2024: 7,864 shares; value $281,526 .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (3/6/2024) | 47,495 shares; <1% of shares outstanding |
| Shares Outstanding Reference | 59,340,567 common shares |
| Unvested RS as of 12/31/2024 | 8,443 ($138,831), 7,134 ($116,926), 8,591 ($140,806) |
| Unearned PSUs as of 12/31/2024 | 10,703 ($175,422), 8,443 ($138,381) |
| Options (exercisable/unexercisable) | None for Creamer |
| Hedging/Pledging | Hedging/short sales/derivatives prohibited under Insider Trading Policy; no pledging disclosures found |
| Stock Ownership Guidelines | Not disclosed in proxies reviewed |
Note: Market values above reflect $16.39 closing price on 12/31/2024 .
Employment Terms
| Term | Detail |
|---|---|
| Employment Type | At‑will (offer letter dated March 28, 2022) |
| Role Start Date | April 2022 |
| Base Salary | $420,000 initial; $440,000 (2023); $500,000 (2024) |
| Annual Incentive Target | 75% (2023); 80% (2024) |
| Severance Plan | If terminated without cause or for good reason: 1× base salary + average 3‑year bonus; CoC (within 24 months) double‑trigger: CEO 24 months; other execs 18 months base + average 3‑year bonus + accelerated vesting of unvested equity |
| Clawback | “No‑fault” clawback for restatements per SEC/NYSE; Sarbanes‑Oxley/Dodd‑Frank misconduct clawback also referenced |
| Deferred Compensation | Non‑qualified deferred comp plan adopted; no amounts deferred in 2023 |
Potential Payments (scenario illustration, proxy valuation assumptions)
| Component | 2023 Involuntary Not for Cause | 2023 After CoC | 2024 Involuntary Not for Cause | 2024 After CoC |
|---|---|---|---|---|
| Salary Continuation ($) | $440,000 | $660,000 | $500,000 | $750,000 |
| Average 3‑Year Bonus ($) | $516,500 | $516,500 | $541,822 | $541,822 |
| Restricted Stock – Accelerated ($) | $857,932 | $857,932 | $396,114 | $396,114 |
| PSUs – Accelerated ($) | $389,232 | $389,232 | $313,803 | $313,803 |
Assumptions: 12/29/2023 price $36.37 for 2023 table; 12/31/2024 price $16.39 for 2024 table; PSUs valued at 100% of target .
Investment Implications
- Pay-for-performance alignment: Creamer’s pay mix emphasizes variable compensation with AIP tied to segment and company results and PSUs linked to three‑year Adjusted EBITDA and relative TSR; 2024 financial components (16.4% Adj. EBITDA; 7.5% Modified FCF) drove a lower cash bonus vs 2023, indicating cyclicality sensitivity .
- Upcoming vesting cadence and potential supply: Time‑vested RS awards from 2023 and 2024 vest 1/3 annually on the grant anniversaries, with PSU cliffs in 2026–2027, creating predictable vest windows that can contribute to insider‑related supply; Creamer had 7,864 shares vest in 2024 valued at $281,526 .
- Retention risk buffered by severance: At‑will status is offset by an established severance plan (1× base + avg bonus; 18 months base post‑CoC), plus accelerated vesting post‑CoC, which reduces voluntary departure risk and ensures continuity across refinery operations .
- Governance safeguards: Prohibitions on hedging/derivative transactions and a “no‑fault” clawback lower misalignment and misconduct risk; no pledging disclosures identified, and no executive‑only perquisites are offered .
- Execution track record context: Company TSR improved sharply in 2023 ($156.50 vs $100.04 in 2022) with strong net income, while 2024 compensation commentary highlights successful Billings integration and ongoing Hawaii renewables/retail initiatives—relevant to Creamer’s refining/logistics oversight and future PSU outcomes .