DK Delek US Holdings Inc New

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

March 21, 2023

Date of Report (Date of earliest event reported)

 

 

(615) 771-6701

(Registrant’s telephone number, including area code)

 

Not Applicable

 

(Former name, former address and former fiscal year, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

 

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐ 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

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CFO Employment Agreement Amendment

On March 23, 2023, the Company entered into a First Amendment to Executive Employment Agreement (the “Amendment”) with Reuven Spiegel, the Company’s Executive Vice President and Chief Financial Officer. The Amendment, which is effective as of March 1, 2023, extends the term of Mr. Spiegel’s existing employment agreement to run through December 31, 2024, increases Mr. Spiegel’s base compensation to $600,000 annually, establishes Mr. Spiegel’s annual target bonus at 90% of base compensation and provides for a grant of $1,100,000 of RSUs, 50% of which are time-vesting RSUs and 50% of which are performance-based vesting RSUs.  The Amendment also provides that upon the end of the term, or earlier if Mr. Spiegel provides at least three months’ notice of resignation, the Company will enter into a consulting arrangement with Mr. Spiegel with base compensation of $400,000 over a 12-month period. All other provisions of Mr. Spiegel’s existing employment agreement remain unchanged.