Item 5.02. Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Effective January 1, 2009, Stephen J. McDonnell retired from his position as Assistant to the Chairman of Holly Corporation ("Holly"). Mr. McDonnell served as Vice President and Chief Financial Officer of Holly from December 14, 2001 to January 6, 2008 and, therefore, was a named executive officer of Holly in 2008. Mr. McDonnell served as Assistant to the Chairman from January 7, 2008 through January 1, 2009. As reflected in the Form 8-K filed by Holly on January 7, 2008, Bruce R. Shaw was named Senior Vice President and Chief Financial Officer effective January 7, 2008 and continues to serve Holly in that capacity.

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