Document:

EX-10.3

 Exhibit 10.3 
  

			
	Callaway Golf Company	  	Recipient:
	Employee/Consultant	  	Effective Grant Date:
	 Restricted Stock Unit

Grant
	  	Number of Restricted Stock Units/Equivalent Shares:
		  	

 Plan: 2022 Incentive Plan 

CALLAWAY GOLF COMPANY, a Delaware corporation (the “Company”), has elected to grant to you, Recipient named above, a
Restricted Stock Unit award subject to the restrictions and on the terms and conditions set forth below, in consideration for your services to the Company. Terms not otherwise defined in this Restricted Stock Unit Grant Agreement
(“Agreement”) will have the meanings ascribed to them in the Plan identified above (the “Plan”). 
  

	1.	 Governing Plan. Recipient hereby acknowledges receipt of a copy of the Plan and the
prospectus for the Plan (the “Plan Prospectus”). This Restricted Stock Unit award is subject in all respects to the applicable provisions of the Plan, which are incorporated herein by this reference. In the case of any conflict
between the provisions of the Plan and this Agreement, the provisions of the Plan will control. 

  

	2.	 Grant of Restricted Stock Unit. Effective as of the Effective Grant Date identified above,
the Company has granted and issued to Recipient the Number of Restricted Stock Units with respect to the Company’s Common Stock identified above (the “RSUs”), representing an unfunded, unsecured promise of the Company to
deliver shares of Common Stock in the future, subject to the claims of the Company’s creditors and the terms, conditions and restrictions set forth in this Agreement. Nothing contained in this Agreement, and no action taken pursuant to its
provisions, will create or be construed to create a trust of any kind or a fiduciary relationship between Recipient and the Company or any other person. 

  

	3.	 Restrictions on the RSUs. The RSUs are subject to the following restrictions:

  

	 	(a)	 No Transfer. The RSUs and the shares of Common Stock they represent may not be sold,
assigned, transferred, pledged, hypothecated or otherwise disposed of or encumbered until shares are actually issued, and any additional requirements or restrictions contained in this Agreement have been satisfied, terminated or waived by the
Company in writing. 

  

	 	(b)	 Cancellation of Unvested Shares. In the event Recipient ceases to provide “Continuous
Service” (as defined below) for any reason before the RSUs vest pursuant to paragraph 4 and the restrictions set forth in paragraph 3 expire, this award shall be cancelled with respect to any then unvested RSUs (and any related
unvested Dividend RSUs (as defined below)) and no additional shares of Common Stock shall vest; provided, however, that the Committee may, in its discretion, determine not to cancel and void all or part of such unvested award, in which case the
Committee may impose whatever conditions it considers appropriate with respect to such portion of the unvested award. 

For purposes of this Agreement, “Continuous Service” means that Recipient’s service with the Company or its
“parent” or “subsidiary” as such terms are defined in Rule 405 of the Securities Act (each an “Affiliate” and together “Affiliates”), whether as an employee, Director or Consultant, is not
interrupted or terminated. The Committee shall have the authority to determine the time or times at which “parent” or “subsidiary” status is determined within the foregoing definition of Affiliate. A change in the capacity in
which Recipient renders service to the 

 
Company or an Affiliate as an employee, Consultant or Director or a change in the entity for which Recipient renders such service, provided that there is no interruption or termination of
Recipient’s service with the Company or an Affiliate, shall not terminate a Recipient’s Continuous Service. For example, a change in status from an employee of the Company to a Consultant of a subsidiary or to a Director shall not
constitute an interruption of Continuous Service. To the extent permitted by law, the Committee, in its sole discretion, may determine whether Continuous Service shall be considered interrupted in the case of any leave of absence approved by that
party, including sick leave, military leave or any other personal leave. Notwithstanding the foregoing, a leave of absence shall be treated as Continuous Service for purposes of vesting in the RSUs only to such extent as may be provided in the
Company’s leave of absence policy, in the written terms of any leave of absence agreement or policy applicable to Recipient, or as otherwise required by law. 
  

	4.	 Lapse of Restrictions. The restrictions imposed under paragraph 3 will lapse and expire,
and the RSUs will vest, in accordance with the following: 

  

	 	(a)	 Vesting Schedule. Subject to earlier cancellation, and subject to the accelerated vesting
provisions, if any, set forth in any agreement between Recipient and the Company or its Affiliate, as the same may be amended, modified, extended or renewed from time to time, the restrictions imposed under paragraph 3 will lapse and be
removed with respect to the number of RSUs set forth below in accordance with the vesting schedule set forth below (the “Vesting Schedule”): 

 

			
	Number of Shares	 	Date Restrictions Lapse

 The Committee, however, may, in its discretion, accelerate the Vesting Schedule (in which case, the Committee
may impose whatever conditions it considers appropriate on the accelerated portion). 
 In addition, in the event of a Change in Control,
the Committee shall provide that either: (i) the RSUs subject to this Agreement will continue, or be assumed or replaced with an equivalent award by the successor or acquiring corporation (if any), which continuation, assumption or replacement
will be binding on Recipient; or (ii) if the RSUs are not continued, assumed or replaced, then the restrictions imposed under paragraph 3 shall lapse and be removed and the RSUs shall be deemed to have vested immediately prior to the
Change in Control. In the event that the RSUs covered by this Agreement are continued, assumed or replaced pursuant to clause (i) of the preceding sentence in connection with a Change in Control, then (A) the RSUs shall continue under the
same terms and conditions or shall continue under the same terms and conditions with respect to shares of a successor company that may be issued in exchange or settlement of such RSUs in connection with a Change in Control and (B) vesting of
such continued, assumed or replacement award shall be immediately accelerated upon the termination of Recipient’s Continuous Service with the Company and/or the successor or acquiring corporation (if any) without Substantial Cause, or by
Recipient’s resignation with Good Reason, in each case, within the one-year period immediately following such Change in Control. For purposes hereof, “Substantial Cause” and “Good
Reason” shall each have the meanings set forth in Exhibit A attached hereto. 

  
 2. 

	 	(b)	 Effect of Vesting. The Company will deliver to Recipient a number of shares of Common
Stock equal to the number of vested shares of Common Stock subject to the RSUs within thirty (30) days following the vesting date or dates provided herein. Notwithstanding the foregoing, in the event that the Company (i) does not withhold
shares otherwise issuable to Recipient to satisfy the Company’s tax withholding obligation and (ii) determines that Recipient’s sale of shares of Common Stock on the date the shares subject to the award are scheduled to be delivered
(the “Original Distribution Date”), would violate its policy regarding insider trading of the Common Stock, as determined by the Company in accordance with such policy, then such shares shall not be delivered on such Original
Distribution Date and shall instead be delivered as soon as practicable following the next date that Recipient could sell such shares pursuant to such policy; provided, however, that (A) if the Original Distribution Date occurs before a Change
in Control, then in no event shall the delivery of the shares be delayed pursuant to this provision beyond the later of: (1) December 31st of the same calendar year of the Original
Distribution Date, or (2) the 15th day of the third calendar month following the Original Distribution Date, and (B) if the Original Distribution Date occurs on or after a Change in
Control then in no event shall the delivery of the shares be delayed pursuant to this provision beyond the 15th day of the third calendar month following the Original Distribution Date.

  

	 	(c)	 Payment of Taxes. If applicable, upon vesting and/or issuance of Common Stock in
accordance with the foregoing, Recipient must pay in the form of a check or cash or other cash equivalents to the Company such amount as the Company determines it is required to withhold under applicable laws as a result of such vesting and/or
issuance. In this regard, the Company may withhold from the shares of Common Stock otherwise issuable to Recipient upon vesting of the RSUs that number of shares having an aggregate Fair Market Value, determined as of the date the withholding tax
obligation arises, equal to the amount of the total withholding tax obligation; provided, however, that in no event shall the aggregate Fair Market Value of the shares of Common Stock so withheld exceed the maximum individual statutory tax rate in
the applicable jurisdiction at the time of such withholding (or such other rate as may be required to avoid the liability classification of the applicable award under generally accepted accounting principles in the United States of America);
provided, further, that the number of shares withheld by the Company to satisfy the tax withholding with respect to the RSUs shall be rounded up to the nearest whole share to the extent rounding up to the nearest whole share does not result in the
liability classification of the RSUs under generally accepted accounting principles in the United States of America. Alternatively, a Recipient who is subject to Section 16 of the Exchange Act at the time the tax withholding obligation arises
may request to satisfy his or her tax withholding obligation directly through an immediate payment to the Company equal to the amount of the tax withholding obligation. If such a Recipient does not satisfy the tax withholding obligation pursuant to
the preceding sentence, Recipient authorizes and directs the Company to withhold from the shares of Common Stock otherwise issuable to Recipient upon vesting of the RSUs that number of shares having an aggregate Fair Market Value, determined as of
the date the withholding 

  
 3. 

	 	
tax obligation arises, equal to the amount of the total withholding tax obligation. If Recipient’s tax withholding obligation will be satisfied by the Company’s retention of shares of
Common Stock otherwise issuable to recipient upon vesting of the RSUs as described above, and there is a public market for shares of Common Stock at the time the tax obligation is satisfied, by accepting this award of RSUs, the Recipient hereby
authorizes the Company to instruct any brokerage firm determined acceptable to the Company to sell on Recipient’s behalf some or all of the shares of Common Stock retained and to remit the proceeds of the sale to the Company or its designee.
Recipient acknowledges that the ultimate liability for all tax-related items legally due by Recipient is and remains Recipient’s responsibility and that Company and/or its Affiliates (1) make no
representations or undertakings regarding the treatment of any tax-related items in connection with any aspect of the RSU grant, including the grant or vesting of the RSUs, the subsequent sale of shares of
Common Stock and the receipt of any dividends; and (2) do not commit to structure the terms of the grant or any aspect of the RSUs to reduce or eliminate Recipient’s liability for tax-related items.

  

	5.	 Voting and Other Rights. Notwithstanding anything to the contrary in the foregoing, until
the issuance of shares of Common Stock pursuant to paragraph 4(b), Recipient shall not have any right in, to or with respect to any of the shares of Common Stock (including any voting rights or rights with respect to Dividend RSUs (as defined
below) (except as provided in paragraph 6 below)) issuable under this Agreement until the shares are actually issued to Recipient. 

  

	6.	 Dividend Equivalents. If a cash dividend is paid with respect to shares of Common Stock,
Recipient shall be credited with additional RSUs as dividend equivalent payments (“Dividend RSUs”) on unissued RSUs which will be earned upon the vesting of the RSUs on which the Dividend RSUs were credited, and paid out upon
issuance of the Common Stock represented by the RSUs on which the Dividend RSUs were credited. Any credited Dividend RSUs will be included in future calculations of unissued RSUs that are eligible to receive additional RSUs as dividend equivalent
payments in connection with subsequent cash dividend payments. Dividend RSUs shall be paid in additional shares of Common Stock at the time of settlement of the related RSUs pursuant to paragraph 4, except that any fractional Dividend RSUs
shall be paid in cash. 

  

	7.	 Nature of Grant. In accepting the grant, Recipient acknowledges that:

  

	 	(a)	 the Plan is established voluntarily by the Company, it is discretionary in nature and it may be
modified, amended, suspended or terminated by the Company at any time, unless otherwise provided in the Plan and this Agreement; 

  

	 	(b)	 the grant of the RSUs is voluntary and occasional and does not create any contractual or other right to
receive future grants of RSUs, or benefits in lieu of RSUs, even if RSUs have been granted repeatedly in the past, and all decisions with respect to future RSU grants, if any, will be at the sole discretion of the Company; 

 

	 	(c)	 Recipient’s participation in the Plan shall not create a right to Continued Service with the
Company or an Affiliate and shall not interfere with the ability the Company or an Affiliate to terminate Recipient’s service relationship at any time with or without cause; 

  
 4. 

	 	(d)	 Recipient is voluntarily participating in the Plan; 

 

	 	(e)	 the RSUs are an extraordinary benefit and is not part of normal or expected compensation or salary for
any purposes, including, but not limited to, calculating any severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments and in no event should be
considered as compensation for, or relating in any way to, past services for the Company or an Affiliate; 

  

	 	(f)	 the future value of the underlying shares of Common Stock is unknown and cannot be predicted with
certainty, and if Recipient vests in the RSUs and obtains shares of Common Stock, the value of those shares may increase or decrease in value; and 

  

	 	(g)	 in consideration of the grant of the RSUs, no claim or entitlement to compensation or damages shall
arise from termination of the RSUs or diminution in value of the RSUs or shares of Common Stock acquired through vesting of the RSUs resulting from termination of Recipient’s Continuous Service by the Company or an Affiliate (for any reason
whatsoever) and Recipient irrevocably releases the Company and its Affiliates from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, then, by signing this
Agreement, Recipient shall be deemed irrevocably to have waived his or her entitlement to pursue such claim. 

  

	8.	 Electronic Delivery. The Company may, in its sole discretion, decide to deliver any
documents related to the RSUs and participation in the Plan or future RSUs that may be granted under the Plan by electronic means or to request Recipient consent to participate in the Plan by electronic means. Recipient hereby consents to receive
such documents by electronic delivery and, if requested, to agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated
by the Company. 

  

	9.	 Taxable Event. Recipient acknowledges that the issuance/vesting/settlement of the RSUs
will have significant tax consequences to Recipient and Recipient is hereby advised to consult with Recipient’s own tax advisors concerning such tax consequences. A general description of the U.S. federal income tax consequences related to
RSUs is set forth in the Plan prospectus. 

  

	10.	 Amendment. Except as otherwise provided in the Plan, this Agreement may be amended only by
a writing executed by the Company and Recipient which specifically states that it is amending this Agreement. Notwithstanding the foregoing, and except as otherwise provided in the Plan, this Agreement may be amended solely by the Committee by a
writing which specifically states that it is amending this Agreement, so long as a copy of such amendment is delivered to Recipient, and provided that no such amendment materially adversely affecting Recipient’s rights hereunder may be made
without Recipient’s written consent. Without limiting the foregoing, the Committee reserves the right to change, by written notice to Recipient, the provisions of this Agreement in any way it may deem necessary or advisable to carry out the
purpose of the grant as a result of any change in applicable laws or regulations or any future law, regulation, ruling, or judicial decision, provided that any such change will be applicable only to rights relating to that portion of the award which
is then subject to restrictions as provided herein. 

  
 5. 

	11.	 Miscellaneous. 

 

	 	(a)	 The rights and obligations of the Company under this Agreement will be transferable by the Company to
any one or more persons or entities, and all covenants and agreements hereunder will inure to the benefit of, and be enforceable by the Company’s successors and assigns. 

 

	 	(b)	 Recipient agrees upon request to execute any further documents or instruments necessary or desirable in
the sole determination of the Company to carry out the purposes or intent of this Agreement. 

  

	 	(c)	 Recipient acknowledges that the RSU award granted to Recipient under the Plan, and its underlying shares
of Common Stock, are subject to all general Company policies as amended from time to time, including the Company’s insider trading policies. 

  

	 	(d)	 To the extent applicable, this Agreement and the RSUs shall be interpreted in accordance with
Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder. The RSUs are not intended to constitute “nonqualified deferred compensation” within the meaning of Section 409A of
the Code and the Department of Treasury regulations and other interpretive guidance issued thereunder. For purposes of Section 409A of the Code (including, without limitation, for purposes of Treasury Regulation
Section 1.409A-2(b)(2)(iii)), each payment that Recipient may be eligible to receive under this Agreement shall be treated as a separate and distinct payment. Notwithstanding anything to the contrary in
the Plan, if the RSUs constitute “deferred compensation” under Section 409A of the Code and Recipient is a “specified employee” for purposes of Section 409A of the Code, no distribution or payment of any amount that is
due because of Recipient’s “separation from service” (as defined in Section 409A of the Code without regard to alternative definitions thereunder) will be issued or paid (a) unless Recipient’s termination of Continuous
Service is a “separation from service” and (b) before the date this six (6) months following the date of Recipient’s “separation from service” or, if earlier, the date of the Participant’s death, unless such
distribution or payment can be made in a manner that complies with Section 409A of the Code, and any amounts so deferred will be paid in a lump sum on the day after such six (6) month period elapses. 

 

	12.	 Severability. The provisions of this Agreement shall be deemed to be severable and the
invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to any person or any circumstance, is held to be invalid
or unenforceable under present or future laws effective during the term of this Agreement, such provision shall be fully severed, and in lieu thereof there shall automatically be added as part of this Agreement a suitable and equitable provision in
order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision. 

  

	13.	 Governing Law. This Agreement will be governed by and construed in accordance with the
laws of the State of Delaware and applicable federal law. 

  
 6. 

	14.	 Irrevocable Arbitration of Disputes. 

 

	 	(a)	 To the extent permissible by applicable law, you and the Company agree that any dispute, controversy or
claim arising hereunder or in any way related to this Agreement, its interpretation, enforceability, or applicability, that cannot be resolved by mutual agreement of the parties shall be submitted to binding arbitration. The parties agree that
arbitration is the parties’ only recourse for such claims and hereby waive the right to pursue such claims in any other forum, unless otherwise provided by law. Any court action involving a dispute which is not subject to arbitration shall be
stayed pending arbitration of arbitrable disputes. 

  

	 	(b)	 You and the Company agree that the arbitrator shall have the authority to issue provisional relief. You and
the Company further agree that each has the right, pursuant to California Code of Civil Procedure Section 1281.8, to apply to a court for a provisional remedy in connection with an arbitrable dispute so as to prevent the arbitration from being
rendered ineffective. 

  

	 	(c)	 Any demand for arbitration shall be in writing and must be communicated to the other party prior to the
expiration of the applicable statute of limitations. 

  

	 	(d)	 The arbitration shall be administered by JAMS pursuant to its Employment Arbitration Rules and Procedures.
The rules may be found online at www.jamsadr.org. The arbitration shall be conducted in San Diego by a former or retired judge or attorney with at least ten (10) years’ experience in employment-related disputes, or a non-attorney with like experience in the area of dispute, who shall have the power to hear motions, control discovery, conduct hearings and otherwise do all that is necessary to resolve the matter. The parties must
mutually agree on the arbitrator. If the parties cannot agree on the arbitrator after their best efforts, an arbitrator will be selected from JAMS pursuant to its Employment Arbitration Rules and Procedures. The Company shall pay the costs of the
arbitrator’s fees and all administrative costs of the arbitration in excess of any court filing fee Recipient would have incurred to initiate suit in court. 

 

	 	(e)	 The arbitration will be decided upon a written decision of the arbitrator stating the essential findings and
conclusions upon which the award is based. The arbitrator shall have the authority to award damages, if any, and attorneys’ fees and costs to the extent that they are available under applicable law(s). The arbitration award shall be final and
binding, and may be entered as a judgment in any court having competent jurisdiction. Either party may seek review pursuant to California Code of Civil Procedure Section 1286, et seq. 

 

	 	(f)	 It is expressly understood that the parties irrevocably agree to arbitrate any dispute identified above and
have chosen arbitration to avoid the burdens, costs and publicity of a court proceeding, and the arbitrator is expected to handle all aspects of the matter, including discovery and any hearings, in such a way as to minimize the expense, time, burden
and publicity of the process, while assuring a fair and just result. In particular, the parties expect that the arbitrator will limit discovery by controlling the amount of discovery that may be taken (e.g., the number of depositions or
interrogatories) and by restricting the scope of discovery only to those matters clearly relevant to the dispute. However, at a minimum, each party will be entitled to at least one (1) deposition and shall have access to essential documents and
witnesses as determined by the arbitrator. 

  
 7. 

	 	(g)	 The provisions of this paragraph shall survive the expiration or termination of the Agreement, and shall be
binding upon the parties. 

  

	15.	 Data Privacy. Recipient hereby explicitly and unambiguously consents to the collection,
use and transfer, in electronic or other form, of his or her personal data as described in this document by and among, as applicable, the Company and its Affiliates for the exclusive purpose of implementing, administering and managing
Recipient’s participation in the Plan. 

 Recipient understands that the Company and its Affiliates may hold
certain personal information about Recipient, including, but not limited to, Recipient’s name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares
of stock or directorships held in the Company, details of all RSUs or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in Recipient’s favor, for the purpose of implementing, administering
and managing the Plan (“Data”). Recipient understands that Data may be transferred to any third parties assisting in the implementation, administration and management of the Plan, that these Data recipients may be located in
Recipient’s country or elsewhere, and that the Data recipients’ country may have different data privacy laws and protections than Recipient’s country. Recipient understands that he or she may request a list with the names and
addresses of any potential recipients of the Data by contacting the local human resources representative. Recipient authorizes the recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose
of implementing, administering and managing Recipient’s participation in the Plan, including any requisite transfer of such Data as may be required to a broker or other third party with whom Recipient may elect to deposit any RSUs or shares of
Common Stock. Recipient understands that Data will be held only as long as is necessary to implement, administer and manage Recipient’s participation in the Plan. Recipient understands that he or she may, at any time, view Data, request
additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, without cost, by contacting in writing the local human resources representative. Recipient
understands, however, that refusing or withdrawing consent may affect Recipient’s ability to participate in the Plan. For more information on the consequences of refusal to consent or withdrawal of consent, Recipient understands that he or she
may contact the local human resources representative. 
  

	16.	 Language. If you have received this Agreement or any other document related to the Plan
translated into a language other than English and if the translated version is different than the English version, the English version will control. 

  
 8. 

 IN WITNESS WHEREOF, the Company and Recipient have executed this Agreement effective as of
the Effective Grant Date. 
  

					
	CALLAWAY GOLF COMPANY	 	        	  	RECIPIENT

  

							
	By:	 	  
	 		 	  

  
 9. 

 EXHIBIT A 

The term “Substantial Cause” shall have the meaning ascribed such term in Recipient’s employment agreement with the
Company and, if Recipient does not have an employment agreement with the Company defining such term, then “Cause” shall mean Recipient’s (1) failure to substantially perform his or her duties; (2) misconduct, including but
not limited to, use or possession of illegal drugs during work and/or any other action that is damaging or detrimental in a significant manner to the Company; (3) conviction of, or plea of guilty or nolo contendere to, a felony; or
(4) failure to cooperate with, or any attempt to obstruct or improperly influence, any investigation authorized by the Board or any governmental or regulatory agency. 

The term “Good Reason” shall have the meaning ascribed such term in Recipient’s employment agreement with the Company
and, if Recipient does not have an employment agreement with the Company defining such term, then “Good Reason” shall mean (1) the Company’s material breach of any employment agreement between the Company and Recipient;
(2) any material diminishment in the title, position, duties, responsibilities or status that Recipient had with the Company, as a publicly traded entity, immediately prior to the Change in Control; (3) any material reduction of
Recipient’s base salary provided to Recipient immediately prior to the Change in Control; or (4) any requirement that Recipient relocate or any assignment to Recipient of duties that would make it unreasonably difficult for Recipient to
maintain the principal residence Recipient had immediately prior to the Change in Control. Within ninety (90) days of the date Recipient knows, or should have known, that Recipient has Good Reason to resign his or her employment, Recipient
shall notify the Company in writing of the Good Reason and Recipient’s intent to terminate his or her employment for Good Reason no earlier than thirty (30) days later. The Company shall then have thirty (30) days to cure the
condition underlying Recipient’s notice or inform Recipient, in writing, of its intent not to do so. If the Company fails to cure the condition, or states that it does not intend to attempt to cure the condition underlying Recipient’s
notice, then Recipient shall have the right to terminate for Good Reason no later than ninety (90) days following the expiration of the cure period or the written statement of intent not to cure. 

  
 10.Document

 
AMENDMENT #2 TO PAR PACIFIC HOLDINGS, INC. SEVERANCE PLAN FOR SENIOR OFFICERS

        THIS AMENDMENT #2 TO PAR PACIFIC HOLDINGS, INC. SEVERANCE PLAN FOR SENIOR OFFICERS (this “Amendment”) is made and entered into effective as of May 23, 2022.

RECITALS:

    A.    WHEREAS, the Company desires to amend that certain Par Pacific Holdings, Inc. Severance Plan for Senior Officers dated effective as of March 7, 2017, as amended May 1, 2017 (the “Agreement”) on the terms set forth herein to clarify certain matters.  
AGREEMENT:
1.    Defined Terms.  All capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Agreement. 

2.    Amendments to Agreement (Executive Definition).  The definition of Executive in Section 2.16 of the Agreement is hereby deleted in its entirety and replaced with the following:

“Executive” means an individual directly employed by the Company Group on a regular, full-time basis who, with respect to the Company, is the Chief Executive Officer, the Chief Financial Officer, the General Counsel, the Executive Vice President – Refining and Logistics, the Executive Vice President – Retail, the Chief Human Resources Officer, or the Chief Information Officer.  The definition of Executive shall also include any other person employed by the Company or its Affiliates who is specifically approved for participation in the Par Pacific Holdings, Inc. Severance Plan for Senior Officers by the Board.

3.    Amendments to Agreement (Director Resignation).  A new Section 11.10 is hereby added to the Agreement:

“11.10     Director Resignation.  Notwithstanding any provision of this Plan to the contrary, any Executive otherwise eligible for severance benefits hereunder who is also a member of the Board shall not be entitled to receive any severance benefits hereunder unless and until such Executive resigns as a member of the Board.”
4.    Ratification of Agreement.  Except as expressly set forth in this Amendment, the Agreement shall remain in full force and effect and is ratified and confirmed in all respects. 

5.    Governing Law.  This Amendment 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.

IN WITNESS WHEREOF, this Amendment is hereby adopted effective as of the date first set forth above.  
PAR PACIFIC HOLDINGS, INC.

By:     /s/ Jeffrey R. Hollis            
Name: Jeffrey R. Hollis    ___________
Title:   Vice President, General Counsel and  Secretary

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