Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On November 10, 2021, the Board of Directors (the "Board") of HollyFrontier
Corporation (the "Corporation") promoted Timothy Go to the position of President
and Chief Operating Officer of the Corporation effective immediately. As
President and Chief Operating Officer, Mr. Go's responsibilities will include
oversight over the Corporation's Refining and Lubricants and Specialty Products
segments. As a result of Mr. Go's promotion, Mr. Michael C. Jennings, who
previously served as Chief Executive Officer and President of the Corporation,
will continue to serve as Chief Executive Officer of the Corporation.
Mr. Go, age 54, has served as Executive Vice President and Chief Operating
Officer of the Corporation from June 2020 until his promotion to President and
Chief Operating Officer in November 2021. Prior to joining the Corporation, he
served as Chief Executive Officer of the general partner of Calumet Specialty
Products Partners, L.P. ("Calumet") from January 2016 to April 2020 and retired
from Calumet in June 2020. Prior to joining Calumet, Mr. Go served as Vice
President, Operations of Flint Hills Resources, LP, a wholly owned subsidiary of
Koch Industries, Inc. ("Koch Industries"), from July 2012 through September 2015
and as Vice President, Operations Excellence of Flint Hills Resources, LP from
June 2011 through July 2013. He served as Managing Director, Operations
Excellence of Koch Industries from August 2008 through 2011. Prior to joining
Koch Industries, Mr. Go held various roles of increasing responsibility in
downstream operations during his 18 years at ExxonMobil Corporation.
In connection with its annual evaluation of the compensation of the
Corporation's executive officers, the Corporation's Compensation Committee
approved the following compensation for Mr. Go for 2022: a base salary of
$800,000 to be effective January 1, 2022, a target bonus of 100% of base salary
and an equity award of $2.3 million for the 2022 fiscal year granted on November
9, 2021, 50% of the equity award was granted in restricted stock units and 50%
of the equity award was granted in performance share units.
Item 7.01 Regulation FD Disclosure
On November 10, 2021, the Corporation issued a press release announcing Mr. Go's
promotion. A copy of the Corporation's press release is attached hereto at
Exhibit 99.1 and incorporated in this Item 7.01 in its entirety.
The information contained in, or incorporated into, this Item 7.01 is being
furnished and shall not be deemed "filed" for the purposes of Section 18 of the
Securities Exchange Act of 1934, as amended, or otherwise subject to the
liabilities of that section, nor shall it be deemed incorporated by reference
into any registration statement or other filing under the Securities Act of
1933, as amended, except as shall be expressly set forth by specific reference
to such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
99.1 Press Release of the Corporation issued on November 10, 2021. *
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
* Furnished herewith.
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses
HOLLYFRONTIER CO. 
