Amended Statement of Beneficial Ownership (sc 13d/a)
30 September 2022 - 10:32PM
Edgar (US Regulatory)
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 5)*
HF Sinclair
Corporation
(Name of Issuer)
Common Stock
(Title of
Class of Securities)
403949100
(CUSIP Number)
REH
Company
550 East South Temple
Salt Lake City, Utah 84102
Attn: General Counsel
with a copy to:
Scott Wulfe
Alan Beck
Vinson & Elkins LLP
845 Texas Avenue, Suite 4700
Houston, TX 77002
(Name,
Address and Telephone Number of Person Authorized to Receive Notices and Communications)
September 28, 2022
(Date of Event which Requires Filing of this Statement)
If the filing person has
previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e),
240.13d-1(f) or 240.13d-1(g), check the following box. ☐
Note. Schedules filed in paper format shall
include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.
* |
The remainder of this cover page shall be filled out for a reporting persons initial filing on this form
with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. |
The information required on the remainder of this cover page shall not be deemed to be filed for the purpose of section 18 of the Securities
Exchange Act of 1934, as amended (the Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
CUSIP No. 403949100
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1 |
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Name of Reporting Person REH Company
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2 |
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Check the appropriate box
if a member of a group* (a): ☐ (b): ☐
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3 |
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SEC use only
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4 |
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Source of Funds
OO |
5 |
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Check if Disclosure of
Legal Proceedings is Required Pursuant to Items 2(d) or 2(e)
☐ |
6 |
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Citizenship or Place of
Organization
Wyoming |
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Number of
Shares Beneficially
Owned by the
Reporting Person
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7 |
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Sole Voting Power
0 |
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8 |
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Shared Voting Power
48,387,338(1) |
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9 |
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Sole Dispositive Power
0 |
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10 |
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Shared Dispositive Power
45,817,338(1) |
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11 |
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Aggregate Amount Beneficially Owned by the Reporting Person:
48,387,338(1) |
12 |
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Check if the Aggregate
Amount in Row (11) Excludes Certain Shares ☐ |
13 |
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Percent of
Class Represented by Amount in Row (11) 23.6%* |
14 |
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Type of Reporting
Person CO |
* |
Calculation of percentage based on a total of 216,843,583 shares of Common Stock outstanding as of
August 5, 2022 as reported in the Issuers Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission (SEC) on August 8, 2022 less (i) the Common
Stock acquired by the Issuer pursuant to the Fifth Repurchase Transaction (as defined below), (ii) the 2,453,385 shares of Common Stock that were repurchased by the Issuer from REH Company (f/k/a The Sinclair Companies) (REH) on
September 23, 2022, pursuant to that certain Stock Purchase Agreement dated September 20, 2022 (the Fourth Repurchase Transaction), (iii) the 2,406,160 shares of Common Stock that were repurchased by the Issuer from REH
on August 29, 2022, pursuant to that certain Stock Purchase Agreement dated August 24, 2022 (the Third Repurchase Transaction), (iv) the 2,551,020 shares of Common Stock that were repurchased by the Issuer from REH on
August 18, 2022, pursuant to that certain Stock Purchase Agreement dated August 15, 2022 (the Second Repurchase Transaction) and (v) the 2,551,020 shares of Common Stock that were repurchased by the Issuer from REH
on August 15, 2022, pursuant to that certain Stock Purchase Agreement dated August 10, 2022 (the Repurchase Transaction). |
(1) |
REH is the primary and direct beneficial owner of the 48,387,338 shares indicated above, and the board of
directors of REH has all voting and investment power with respect to such shares (subject to the terms of the escrow described below). Among these shares, 2,570,000 shares are currently held in escrow for the purpose of securing REHs
obligations under Section 6.22 of the Business Combination Agreement dated August 2, 2021 (as amended), by and among HF Sinclair Corporation, REH and the other parties thereto. During the term of the escrow, REH has voting power but lacks
investment power over the escrowed shares until any such shares are released from the escrow. |
2
CUSIP No. 403949100
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1 |
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Name of Reporting Person Carol Orme
Holding |
2 |
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Check the appropriate box
if a member of a group* (a): ☐ (b): ☐
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3 |
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SEC use only
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4 |
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Source of Funds
OO |
5 |
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Check if Disclosure of
Legal Proceedings is Required Pursuant to Items 2(d) or 2(e)
☐ |
6 |
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Citizenship or Place of
Organization United States of
America |
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Number of
Shares Beneficially
Owned by the
Reporting Person
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7 |
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Sole Voting Power
0 |
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8 |
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Shared Voting Power
48,387,338(1) |
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9 |
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Sole Dispositive Power
0 |
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10 |
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Shared Dispositive Power
45,817,338(1) |
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11 |
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Aggregate Amount Beneficially Owned by the Reporting Person:
48,387,338(1) |
12 |
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Check if the Aggregate
Amount in Row (11) Excludes Certain Shares ☐ |
13 |
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Percent of
Class Represented by Amount in Row (11) 23.6%* |
14 |
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Type of Reporting
Person IN |
* |
Calculation of percentage based on a total of 216,843,583 shares of Common Stock outstanding as of
August 5, 2022 as reported in the Issuers Quarterly Report on Form 10-Q, filed with the SEC on August 8, 2022 less the Common Stock acquired by the Issuer pursuant to the Fifth Repurchase
Transaction, the Fourth Repurchase Transaction, the Third Repurchase Transaction, the Second Repurchase Transaction and the Repurchase Transaction. |
(1) |
As a result of her relationship with REH, Mrs. Holding may be deemed to beneficially own such shares under
applicable securities law and SEC guidance. Mrs. Holding, however, does not intend ever to own such shares directly for investment purposes in the future and expressly disclaims such beneficial ownership to the maximum extent permitted by law.
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3
SCHEDULE 13D
This Amendment No. 5 (this Amendment) supplements the information set forth in the Schedule 13D filed by the Reporting Persons with
the SEC, as amended from time to time (the Schedule 13D), relating to the common stock, par value $0.01 per share (Common Stock) of HF Sinclair Corporation, a Delaware corporation (the
Issuer). All capitalized terms contained herein but not otherwise defined shall have the meanings ascribed to such terms in the Schedule 13D.
The information set forth in response to each separate Item below shall be deemed to be a response to all Items where such information is relevant. The
Schedule 13D is hereby supplementally amended as follows:
Item 4. |
Purpose of Transaction |
The information contained in Items 3 and 6 of the Schedule 13D is incorporated herein by reference.
On September 28, 2022, the Issuer entered into a Stock Purchase Agreement (the Fifth Purchase Agreement) with REH to repurchase
1,881,113 shares of the Issuers Common Stock, for $53.16 per share for the aggregate purchase price of $99,999,967 in a privately negotiated transaction (the Fifth Repurchase Transaction). The Fifth Repurchase Transaction is
expected to close on or about October 3, 2022, subject to customary closing conditions. The foregoing description of the Fifth Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of
the Fifth Purchase Agreement, which is filed as Exhibit 10.7 hereto and is incorporated herein by reference.
Item 5. |
Interest in Securities of the Issuer. |
(a.) (b.) The aggregate number and percentage of Common Stock beneficially owned by the Reporting Persons (on the basis of a total of 216,843,583 shares
of Common Stock outstanding as of August 5, 2022 as reported in the Issuers Quarterly Report on Form 10-Q, filed with the SEC on August 8, 2022 less the Common Stock acquired by the Issuer
pursuant to the Fifth Repurchase Transaction, the Fourth Repurchase Transaction, the Third Repurchase Transaction, the Second Repurchase Transaction and the Repurchase Transaction) are as follows:
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i. |
Amount beneficially owned: 48,387,338 |
Percentage: 23.6%
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a. |
Sole power to vote or to direct the vote: 0 |
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b. |
Shared power to vote or to direct the vote: 48,387,338 |
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c. |
Sole power to dispose or to direct the disposition of: 0 |
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d. |
Shared power to dispose or to direct the disposition of: 45,817,338 |
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i. |
Amount beneficially owned: 48,387,338 |
Percentage: 23.6%
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a. |
Sole power to vote or to direct the vote: 0 |
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b. |
Shared power to vote or to direct the vote: 48,387,338 |
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c. |
Sole power to dispose or to direct the disposition of: 0 |
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d. |
Shared power to dispose or to direct the disposition of: 45,817,338 |
4
The shares set forth above are directly owned by REH and not Mrs. Holding. REH is the primary and
direct beneficial owner of the shares indicated above, and the board of directors of REH has all voting and investment power with respect to such shares. However, as a result of her relationship with REH, Mrs. Holding may be deemed to also
beneficially own such shares under applicable securities law and SEC guidance. Mrs. Holding, however, does not intend ever to own such shares directly for investment purposes in the future and expressly disclaims such beneficial ownership to
the maximum extent permitted by law. REH and Mrs. Holding are collectively referred to herein as the Reporting Persons.
The
Reporting Persons have entered into a Joint Filing Agreement, a copy of which was filed with the Schedule 13D as Exhibit 99.1, pursuant to which the Reporting Persons have agreed to file this Schedule 13D jointly in accordance with the provisions of
Rule 13d-1(k)(1) under the Act.
(c.) To the best knowledge of the Reporting Persons, no transactions were
effected by the Reporting Persons during the past 60 days other than the transactions described herein, the Fourth Repurchase Transaction, Third Repurchase Transaction, the Second Repurchase Transaction and the Repurchase Transaction. The disclosure
regarding the Fifth Repurchase Transaction in Item 4 is incorporated herein by reference.
(d.) No other person is known to have the right to receive or
the power to direct the receipt of dividends from, or the proceeds from the sale of, any of the Common Stock beneficially owned by the Reporting Persons, other than as described herein.
(e.) Not applicable.
Item 6. |
Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.
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The information contained in Item 3 of the Schedule 13D and Item 4 of this Amendment is incorporated herein by reference.
On September 28, 2022, the Issuer entered into the Fifth Purchase Agreement with REH to repurchase 1,881,113 shares of Common Stock, for $53.16 per share for
the aggregate purchase of $99,999,967 in a privately negotiated transaction. The foregoing description of the Fifth Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Fifth
Purchase Agreement, which is filed as Exhibit 10.7 hereto and is incorporated herein by reference.
Item 7. |
Material to be Filed as Exhibits. |
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Exhibit 10.7 |
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Stock Purchase Agreement, dated as of September 28, 2022, by and among HF Sinclair Corporation and REH Company (incorporated by reference to Exhibit 10.1 to the Issuers Current Report on Form
8-K (File No. 001-41325) filed on September 29, 2022). |
5
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, each of the undersigned certifies that the information set forth in this statement is
true, complete and correct.
September 30, 2022
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REH COMPANY |
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By: |
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/s/ Ross B. Matthews |
Name: |
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Ross B. Matthews |
Title: |
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Chief Operating Officer |
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/s/ Carol Orme Holding |
Name: |
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Carol Orme Holding |
6
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