William Ryan Hightower - 04 Nov 2025 Form 3 Insider Report for HighPeak Energy, Inc. (HPK)

Role: Executive Vice President
Signature: /s/ Steven W Tholen as Attorney-in-Fact for William Ryan Hightower
Issuer symbol: HPK
Transactions as of: 04 Nov 2025
Net transactions value: $0
Form type: 3
Filing time: 13 Nov 2025, 18:25:53 UTC
Next filing: 05 Jan 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Hightower William Ryan	Executive Vice President	421 W. 3RD STREET, SUITE 1000, FORT WORTH	/s/ Steven W Tholen as Attorney-in-Fact for William Ryan Hightower	13 Nov 2025	0002091415

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	HPK	Common Stock, par value $0.0001 per share						128,555	04 Nov 2025	Direct
holding	HPK	Common Stock, par value $0.0001 per share						4,720	04 Nov 2025	By daughter

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	HPK	Stock Option (right to buy)							04 Nov 2025	Common Stock, par value $0.0001 per share	372,650		Direct	F1, F2
holding	HPK	Restricted Stock Units							04 Nov 2025	Common Stock, par value $0.0001 per share	300,000		Direct	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The option awards reported in this row were granted to Mr. Hightower in installments on July 21, 2023, August 15, 2022, May 4, 2022, November 4, 2021 and August 24, 2020. The options granted on July 21, 2023, August 15, 2022 and May 4, 2022 are fully vested. The options granted on August 24, 2020 and November 4, 2021 vested as follows, subject to Mr. Hightower's continuous employment through each such vesting date: one-third on the date of grant, one-third on the first anniversary of the date of grant, and one-third on the second anniversary of the date of grant. The option granted July 21, 2023 is exercisable only during the 90-day period following the earlier to occur of the Mr. Hightower's separation from service due to death or disability, the occurrence of a change of control or August 1, 2026. The remaining options expire ten years after the date of grant, on August 14, 2032, May 3, 2032, November 3, 2031 and August 22, 2030, respectively.
F2	Not applicable.

Content

The option awards reported in this row were granted to Mr. Hightower in installments on July 21, 2023, August 15, 2022, May 4, 2022, November 4, 2021 and August 24, 2020. The options granted on July 21, 2023, August 15, 2022 and May 4, 2022 are fully vested. The options granted on August 24, 2020 and November 4, 2021 vested as follows, subject to Mr. Hightower's continuous employment through each such vesting date: one-third on the date of grant, one-third on the first anniversary of the date of grant, and one-third on the second anniversary of the date of grant. The option granted July 21, 2023 is exercisable only during the 90-day period following the earlier to occur of the Mr. Hightower's separation from service due to death or disability, the occurrence of a change of control or August 1, 2026. The remaining options expire ten years after the date of grant, on August 14, 2032, May 3, 2032, November 3, 2031 and August 22, 2030, respectively.

Not applicable.