Document:

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                                                                    EXHIBIT 10.3

                            INDEMNIFICATION AGREEMENT

      This Indemnification Agreement ("Agreement") is made as of ___________,
2006 by and between DELEK US HOLDINGS, INC., a Delaware corporation (the
"Company"), and ______________ ("Indemnitee").

                              W I T N E S S E T H:

      WHEREAS, highly competent persons have become more reluctant to serve
publicly-held corporations as directors, officers or in other capacities unless
they are provided with adequate protection through insurance and/or adequate
indemnification against inordinate risks of claims and actions against them
arising out of their service to and activities on behalf of a corporation;

      WHEREAS, the uncertainties relating to such insurance and indemnification
have increased the difficulty of attracting and retaining such persons;

      WHEREAS, the Board of Directors of the Company (the "Board") has
determined that the increased difficulty in attracting and retaining such
persons is detrimental to the best interests of the Company's stockholders and
that the Company should act to assure such persons that there will be increased
certainty of such protection in the future;

      WHEREAS, although Indemnitee may be entitled to indemnification pursuant
to the Company's certificate of incorporation, as amended (the "Certificate of
Incorporation"), the Company's bylaws and the Delaware General Corporation Law
("DGCL"), the DGCL expressly provides that the indemnification provisions set
forth therein are not exclusive, and thereby contemplates that contracts may be
entered into between the Company and members of the Board, officers and other
persons with respect to indemnification;

      WHEREAS, it is reasonable, prudent and necessary for the Company to
contractually obligate itself to indemnify, and to advance expenses on behalf
of, such persons to the fullest extent permitted by applicable law so that they
will serve or continue to serve the Company free from undue concern that they
will not be so indemnified;

      WHEREAS, this Agreement is a supplement to and in furtherance of the
Certificate of Incorporation and the bylaws of the Company and any resolutions
adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to
diminish or abrogate any rights of Indemnitee thereunder; and

      WHEREAS, Indemnitee believes that this Agreement is desirable to augment
the protection available under the Certificate of Incorporation and the
Company's bylaws and insurance, and may not be willing to serve as a director or
officer or in other capacities without the additional protection provided for
under this Agreement, and the Company desires Indemnitee to serve in such
capacity and Indemnitee is willing to serve and continue to serve on the
condition that he or she be so indemnified.

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           NOW, THEREFORE, in consideration of the premises and the covenants
contained herein, the Company and Indemnitee do hereby covenant and agree as
follows:

      1. Services to the Company. Indemnitee will serve or continue to serve, at
the will of the Company in accordance with the Company's bylaws, as a director
or officer of one or more Enterprises for so long as Indemnitee is duly elected,
appointed or requested or until Indemnitee tenders his or her resignation from
all Enterprises.

      2. Definitions. As used in this Agreement:

            (a) A "Change in Control" shall be deemed to occur upon the earliest
      to occur after the date of this Agreement of any of the following events:

                  (i) Change in Board of Directors. During any period of two (2)
            consecutive years (not including any period prior to the execution
            of this Agreement), individuals who at the beginning of such period
            constitute the Board, and any new director (other than a director
            designated by a person who has entered into an agreement with the
            Company to effect a transaction described in Sections 2(a)(ii) or
            2(a)(iii)) whose election by the Board or nomination for election by
            the Company's stockholders was approved by a vote of at least
            two-thirds of the directors then still in office who either were
            directors at the beginning of the period or whose election or
            nomination for election was previously so approved, cease for any
            reason to constitute at least a majority of the members of the
            Board;

                  (ii) Corporate Transactions. The effective date of a merger or
            consolidation of the Company with any other entity, other than a
            merger or consolidation which would result in the voting securities
            of the Company outstanding immediately prior to such merger or
            consolidation continuing to represent (either by remaining
            outstanding or by being converted into voting securities of the
            surviving entity) more than 51% of the combined voting power of the
            voting securities of the surviving entity outstanding immediately
            after such merger or consolidation and with the power to elect at
            least a majority of the board of directors or other governing body
            of such surviving entity;

                  (iii) Liquidation. The approval by the stockholders of the
            Company of a complete liquidation of the Company or an agreement for
            the sale or disposition by the Company of all or substantially all
            of the Company's assets; and

                  (iv) Other Events. There occurs any other event of a nature
            that would be required to be reported in response to Item 6(e) of
            Schedule 14A of Regulation 14A (or a response to any similar item on
            any similar schedule or form) promulgated under the Exchange Act (as
            defined below), whether or not the Company is then subject to such
            reporting requirement.

            (b) "Corporate Status" describes the status of a person who is or
      was a director, officer, trustee, partner, managing member, fiduciary,
      employee or agent of the Company or

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      of any other corporation, limited liability company, limited or general
      partnership or joint venture, trust, employee benefit plan or other
      enterprise which such person is or was serving at the request of the
      Company.

            (c) "Disinterested Director" means a director of the Company who is
      not and was not a party to the Proceeding (as defined below) in respect of
      which indemnification is sought by Indemnitee.

            (d) "Enterprise" shall mean the Company and any other corporation,
      limited liability company, limited or general partnership, joint venture,
      trust, employee benefit plan or other enterprise of which Indemnitee is or
      was serving at the request of the Company as a director, officer, trustee,
      partner, managing member, employee, agent or fiduciary.

            (e) "Exchange Act" shall mean the Securities Exchange Act of 1934,
      as amended.

            (f) "Expenses" shall include all reasonable attorneys' fees and
      expenses, retainers, court costs, transcript costs, fees of experts
      (including, without limitation, auditors and accountants), witness fees,
      travel expenses, duplicating costs, printing and binding costs, telephone
      charges, postage, delivery service fees and all other disbursements or
      expenses of the types customarily incurred in connection with prosecuting,
      defending, preparing to prosecute or defend, investigating, being or
      preparing to be a witness in, or otherwise participating in, a Proceeding.
      Expenses also shall include Expenses incurred in connection with any
      appeal(s) resulting from any Proceeding, including, without limitation,
      the premium, security for and other costs relating to any cost bond,
      supersedeas bond or other appeal bond or its equivalent. Expenses,
      however, shall not include amounts paid in settlement by Indemnitee or the
      amount of judgments or fines against Indemnitee. Should any payments by
      the Company to or for the account of an Indemnitee under this Agreement be
      determined to be subject to any federal, state or local income or excise
      tax, Expenses shall also include such amounts as are necessary to place
      Indemnitee in the same after-tax position after giving effect to all
      applicable taxes, Indemnitee would have been in had no such tax been
      determined to apply to those payments.

            (g) "Independent Counsel" means a law firm, or a member of a law
      firm, that is experienced in matters of corporation law and neither
      presently is, nor in the past five (5) years has been, retained to
      represent: (i) any Enterprise, Delek Group Ltd. or any affiliate thereof
      or Indemnitee in any matter material to any such party (other than with
      respect to matters concerning Indemnitee under this Agreement, or of other
      indemnitees under similar indemnification agreements), or (ii) any other
      party to the Proceeding giving rise to a claim for indemnification
      hereunder. Notwithstanding the foregoing, the term "Independent Counsel"
      shall not include any person who, under the applicable standards of
      professional conduct then prevailing, would have a conflict of interest in
      representing either the Company or Indemnitee in an action to determine
      Indemnitee's rights under this Agreement.

            (h) The term "Proceeding" shall include any threatened, pending or
      completed action, suit, arbitration, alternate dispute resolution
      mechanism, investigation, inquiry, administrative hearing or any other
      actual, threatened or completed proceeding, whether

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      brought in the right of the Company or otherwise and whether of a civil,
      criminal, administrative or investigative nature, in which Indemnitee was,
      is or will be involved as a party or otherwise by reason of the fact that
      Indemnitee is or was a director or officer of the Company, by reason of
      any action taken (or failure to act) by him or her or any action (or
      failure to act) on his or her part while acting as a director or officer
      of the Company, or by reason of the fact that he or she is or was serving
      at the request of the Company as a director, officer, trustee, partner,
      managing member, fiduciary, employee or agent of any Enterprise, in each
      case whether or not serving in such capacity at the time any liability or
      expense is incurred for which indemnification, reimbursement or
      advancement of expenses can be provided under this Agreement, except one
      initiated by Indemnitee to enforce his or her rights under this Agreement;
      provided that, the term "Proceeding" shall not include any threatened,
      pending or completed action, suit, arbitration, alternate dispute
      resolution mechanism, investigation, inquiry, administrative hearing or
      any other actual, threatened or completed proceeding by Indemnitee against
      the Company, including, without limitation, proceedings initiated by
      Indemnitee or involving a counterclaim by Indemnitee.

            (i) Reference to "other enterprise" shall include employee benefit
      plans; references to "fines" shall include any excise tax assessed with
      respect to any employee benefit plan; references to "serving at the
      request of the Company" shall include any service as a director, officer,
      employee or agent of the Company which imposes duties on, or involves
      services by, such director, officer, employee or agent with respect to an
      employee benefit plan, its participants or beneficiaries; and a person who
      acted in good faith and in a manner he or she reasonably believed to be in
      the best interests of the participants and beneficiaries of an employee
      benefit plan shall be deemed to have acted in manner "not opposed to the
      best interests of the Company" as referred to in this Agreement.

      3. Indemnity in Third-Party Proceedings. The Company shall indemnify
Indemnitee in accordance with the provisions of this Section 3 if Indemnitee is,
or is threatened to be made, a party to or a participant in any Proceeding,
other than a Proceeding by or in the right of the Company to procure a judgment
in its favor. Pursuant to this Section 3, Indemnitee shall be indemnified to the
fullest extent permitted by applicable law against all Expenses, judgments,
fines, penalties and amounts paid in settlement (including all interest,
assessments and other charges paid or payable in connection with or in respect
of such Expenses, judgments, fines, penalties and amounts paid in settlement)
actually and reasonably incurred by Indemnitee or on his or her behalf in
connection with such Proceeding or any claim, issue or matter therein, if
Indemnitee acted in good faith and in a manner he or she reasonably believed to
be in or not opposed to the best interests of the Company and, in the case of a
criminal proceeding, he or she had no reasonable cause to believe that his or
her conduct was unlawful.

      4. Indemnity in Proceedings by or in the Right of the Company. The Company
shall indemnify Indemnitee in accordance with the provisions of this Section 4
if Indemnitee is, or is threatened to be made, a party to or a participant in
any Proceeding by or in the right of the Company to procure a judgment in its
favor. Pursuant to this Section 4, Indemnitee shall be indemnified to the
fullest extent permitted by applicable law against all Expenses actually and
reasonably incurred by him or her or on his or her behalf in connection with
such Proceeding or any claim, issue or matter therein, if Indemnitee acted in
good faith and in a manner he or she reasonably believed to be in or

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not opposed to the best interests of the Company. No indemnification for
Expenses shall be made under this Section 4 in respect of any claim, issue or
matter as to which Indemnitee shall have been finally adjudged by a court to be
liable to the Company unless, and then only to the extent that, the Delaware
Court of Chancery or any court in which the Proceeding was brought shall
determine upon application that, despite the adjudication of liability but in
view of all the circumstances of the case, Indemnitee is fairly and reasonably
entitled to indemnification.

      5. Indemnification for Expenses of a Party Who is Wholly or Partly
Successful. Notwithstanding any other provision of this Agreement, to the
fullest extent permitted by applicable law and to the extent that Indemnitee is
a party to (or a participant in) and is successful, on the merits or otherwise,
in any Proceeding or in defense of any claim, issue or matter therein, in whole
or in part, the Company shall indemnify Indemnitee against all Expenses actually
and reasonably incurred by him or her in connection therewith. If Indemnitee is
not wholly successful in such Proceeding but is successful, on the merits or
otherwise, as to one or more but less than all claims, issues or matters in such
Proceeding, the Company shall indemnify Indemnitee against all Expenses actually
and reasonably incurred by him or her or on his or her behalf in connection with
each successfully resolved claim, issue or matter. If Indemnitee is not wholly
successful in such Proceeding, the Company also shall indemnify Indemnitee
against all Expenses reasonably incurred in connection with a claim, issue or
matter related to any claim, issue, or matter on which Indemnitee was
successful. For purposes of this Section 5 and without limitation, the
termination of any claim, issue or matter in such a Proceeding by dismissal,
with or without prejudice, shall be deemed to be a successful result as to such
claim, issue or matter.

      6. Indemnification for Expenses of a Witness. Notwithstanding any other
provision of this Agreement, to the fullest extent permitted by applicable law
and to the extent that Indemnitee is, by reason of his or her Corporate Status,
a witness in any Proceeding to which Indemnitee is not a party, he or she shall
be indemnified against all Expenses actually and reasonably incurred by him or
her or on his or her behalf in connection therewith.

      7. Additional Indemnification.

            (a) Notwithstanding any limitation in Sections 3, 4 or 5, the
Company shall indemnify Indemnitee to the fullest extent permitted by applicable
law if Indemnitee is a party to or threatened to be made a party to any
Proceeding (including a Proceeding by or in the right of the Company to procure
a judgment in its favor) against all Expenses, judgments, fines, penalties and
amounts paid in settlement (including all interest, assessments and other
charges paid or payable in connection with or in respect to such Expenses,
judgments, fines, penalties and amounts paid in settlement) actually and
reasonably incurred by Indemnitee in connection with the Proceeding; provided,
however, that the Company shall have the right to consent to any settlement,
which consent shall not be unreasonably withheld. No indemnity shall be made
under this Section 7(a) on account of Indemnitee's conduct which constitutes a
breach of Indemnitee's duty of loyalty to the Company or its stockholders or is
an act or omission not in good faith or which involves intentional misconduct or
a knowing violation of the law.

            (b) For purposes of Section 7(a), the meaning of the phrase "to the
fullest extent permitted by applicable law" shall include, but not be limited
to: (i) to the fullest extent permitted by

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the provision of the DGCL that authorizes or contemplates additional
indemnification by agreement, or the corresponding provision of any amendment to
or replacement of the DGCL; and (ii) to the fullest extent authorized or
permitted by any amendments to or replacements of the DGCL adopted after the
date of this Agreement that increase the extent to which a corporation may
indemnify its officers and directors and persons serving in certain other
capacities at the request of a corporation.

      8. Exclusions. Notwithstanding any other provision in this Agreement, the
Company shall not be obligated under this Agreement to make any indemnity in
connection with any claim made against Indemnitee:

            (a) for which payment has actually been made to or on behalf of
      Indemnitee under any insurance policy or under another valid and
      enforceable indemnity provision, except with respect to any excess beyond
      the amount paid under any insurance policy or other indemnity provision
      and except for any payments which are required to be disgorged by
      Indemnitee; or

            (b) for an accounting of profits made from the purchase and sale (or
      sale and purchase) by Indemnitee of securities of the Company within the
      meaning of Section 16(b) of the Exchange Act or similar provisions of
      other federal or state statutory law or common law; or

            (c) except as otherwise provided in Section 13(e), in connection
      with any Proceeding (or any part of any Proceeding) initiated by
      Indemnitee, including any Proceeding (or any part of any Proceeding)
      initiated by Indemnitee against the Company's directors, officers,
      employees or other indemnitees, unless (i) such indemnification is
      expressly required to be made by applicable law, (ii) the Board authorized
      the Proceeding (or any part of the Proceeding) prior to its initiation or
      (iii) the Company provides the indemnification, in its sole discretion,
      pursuant to the powers vested in the Company to the fullest extent
      permitted by applicable law.

      9. Advances of Expenses. Notwithstanding any provision of this Agreement
to the contrary, to the fullest extent permitted by applicable law the Company
shall advance the expenses incurred by Indemnitee in connection with any
Proceeding within thirty (30) days after the receipt by the Company of a
statement or statements requesting such advances from time to time, whether
prior to or after final disposition of any Proceeding. Advances shall be
unsecured and interest free. Advances shall be made without regard to
Indemnitee's ability to repay the expenses and without regard to Indemnitee's
ultimate entitlement to indemnification under the other provisions of this
Agreement. Advances shall include any and all reasonable Expenses incurred
pursuing an action to enforce this right of advancement, including Expenses
incurred preparing and forwarding statements to the Company to support the
advances claimed. Indemnitee shall qualify for advances solely upon the
execution and delivery to the Company of an undertaking providing that
Indemnitee undertakes to repay the advance to the extent that it is ultimately
determined that Indemnitee is not entitled to be indemnified by the Company.
This Section 9 shall not apply to any claim made by Indemnitee for which
indemnity is excluded pursuant to Section 8.

      10. Procedure for Notification and Defense of Claim.

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            (a) Within thirty (30) days after service of process on Indemnitee
relating to notice of the commencement of any Proceeding, Indemnitee shall
submit to the Company a written request, including therein or therewith such
documentation and information as is reasonably available to Indemnitee and is
reasonably necessary to determine whether and to what extent Indemnitee is
entitled to indemnification. The omission to notify the Company within such
thirty (30) day period will not relieve the Company from any liability which it
may have to Indemnitee under this Agreement except to the extent the failure of
Indemnitee to provide such notice within thirty (30) days after receipt by
Indemnitee of notice of the commencement of any Proceeding adversely affects the
Company's rights, legal position, ability to defend or ability to obtain
insurance coverage with respect to such Proceeding. The omission to notify the
Company will not relieve the Company from any liability which it may have to
Indemnitee otherwise than under this Agreement. The Secretary of the Company
shall, promptly upon receipt of such a request for indemnification, advise the
Board in writing that Indemnitee has requested indemnification.

            (b) If the Company shall be obligated to pay the Expenses of any
Proceeding against Indemnitee, the Company shall be entitled to assume and
control the defense of such Proceeding (with counsel consented to by Indemnitee,
which consent shall not be unreasonably withheld), upon the delivery to
Indemnitee of written notice of its election so to do. After delivery of such
notice, consent to such counsel by Indemnitee and the retention of such counsel
by the Company, the Company will not be liable to Indemnitee under this
Agreement for any fees of counsel subsequently incurred by Indemnitee with
respect to the same Proceeding, provided that if (i) the employment of separate
counsel by Indemnitee has been previously authorized by the Company, (ii)
Indemnitee or counsel selected by the Company shall have concluded that there
may be a conflict of interest between the Company and Indemnitee or among
Indemnitees jointly represented in the conduct of any such defense or (iii) the
Company shall not, in fact, have employed counsel, to which Indemnitee has
consented as aforesaid, to assume the defense of such Proceeding, then the
reasonable fees and expenses of Indemnitee's counsel shall be at the expense of
the Company. Notwithstanding the foregoing, Indemnitee shall have the right to
employ counsel in any such Proceeding at Indemnitee's expense.

            (c) The Company will be entitled to participate in the Proceeding at
its own expense. The Company will not, without prior written consent of
Indemnitee, effect any settlement of a claim against Indemnitee in any
threatened or pending Proceeding unless such settlement solely involves the
payment of money and includes an unconditional release of Indemnitee from all
liability on any claims that are or were threatened to be made against
Indemnitee in the Proceeding.

      11. Procedure Upon Application for Indemnification.

            (a) Upon written request by Indemnitee for indemnification pursuant
to the first sentence of Section 10(a), a determination, if required by
applicable law, with respect to Indemnitee's entitlement thereto shall be made
in the specific case: (i) if a Change in Control shall have occurred, by
Independent Counsel in a written opinion to the Board, a copy of which shall be
delivered to Indemnitee; or (ii) if a Change in Control shall not have occurred,
(A) by a majority vote of the Disinterested Directors, even though less than a
quorum of the Board, (B) by a committee of Disinterested Directors designated by
a majority vote of the Disinterested Directors, even though less than a quorum
of the Board, (C) if there are no such Disinterested Directors or, if such
Disinterested

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Directors so direct, by Independent Counsel in a written opinion to the Board, a
copy of which shall be delivered to Indemnitee or (D) if so directed by the
Board, by the stockholders of the Company; and, if it is so determined that
Indemnitee is entitled to indemnification, payment to Indemnitee shall be made
within ten (10) days after such determination. Indemnitee shall cooperate with
the person, persons or entity making such determination with respect to
Indemnitee's entitlement to indemnification, including providing to such person,
persons or entity upon reasonable advance request any documentation or
information which is not privileged or otherwise protected from disclosure and
which is reasonably available to Indemnitee and reasonably necessary to such
determination. Any costs or expenses (including attorneys' fees and expenses and
disbursements) incurred by Indemnitee in so cooperating with the person, persons
or entity making such determination shall be borne by the Company (irrespective
of the determination as to Indemnitee's entitlement to indemnification) and the
Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

            (b) In the event the determination of entitlement to indemnification
is to be made by Independent Counsel pursuant to Section 11(a) hereof, the
Independent Counsel shall be selected as provided in this Section 11(b). If a
Change in Control shall not have occurred, the Independent Counsel shall be
selected by the Board, and the Company shall give written notice to Indemnitee
advising him or her of the identity of the Independent Counsel so selected. If a
Change in Control shall have occurred, the Independent Counsel shall be selected
by Indemnitee (unless Indemnitee shall request that such selection be made by
the Board, in which event the preceding sentence shall apply), and Indemnitee
shall give written notice to the Company advising it of the identity of the
Independent Counsel so selected. In either event, Indemnitee or the Company, as
the case may be, may, within ten (10) days after such written notice of
selection shall have been given, deliver to the Company or to Indemnitee, as the
case may be, a written objection to such selection; provided, however, that such
objection may be asserted only on the ground that the Independent Counsel so
selected does not meet the requirements of "Independent Counsel" as defined in
Section 2(g) of this Agreement, and the objection shall set forth with
particularity the factual basis of such assertion. Absent a proper and timely
objection, the person so selected shall act as Independent Counsel. If such
written objection is so made and substantiated, the Independent Counsel so
selected may not serve as Independent Counsel unless and until such objection is
withdrawn or a court of competent jurisdiction has determined that such
objection is without merit. If, within twenty (20) days after submission by
Indemnitee of a written request for indemnification pursuant to Section 10(a)
hereof, no Independent Counsel shall have been selected and not objected to,
either the Company or Indemnitee may petition a court of competent jurisdiction
(the "Court") for resolution of any objection which shall have been made by the
Company or Indemnitee to the other's selection of Independent Counsel and/or for
the appointment as Independent Counsel of a person selected by the Court or by
such other person as the Court shall designate, and the person with respect to
whom all objections are so resolved or the person so appointed shall act as
Independent Counsel under Section 11(a) hereof. Upon the due commencement of any
judicial proceeding or arbitration pursuant to Section 13(a) of this Agreement,
Independent Counsel shall be discharged and relieved of any further
responsibility in such capacity (subject to the applicable standards of
professional conduct then prevailing).

            (c) The Company agrees to pay the reasonable fees and expenses of
the Independent Counsel selected as provided in this Section 11 and to fully
indemnify such counsel

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against any and all Expenses, claims, liabilities and damages arising out of or
relating to this Agreement or its engagement pursuant hereto.

      12. Presumptions and Effect of Certain Proceedings.

            (a) In making a determination with respect to entitlement to
indemnification hereunder, the person or persons or entity making such
determination shall presume that Indemnitee is entitled to indemnification under
this Agreement if Indemnitee has submitted a request for indemnification in
accordance with Section 10(a) of this Agreement, and the Company shall have the
burden of proof to overcome that presumption in connection with the making by
any person, persons or entity of any determination contrary to that presumption.
Neither the failure of the Company (including by its directors or independent
legal counsel) to have made a determination prior to the commencement of any
action pursuant to this Agreement that indemnification is proper in the
circumstances because Indemnitee has met the applicable standard of conduct, nor
an actual determination by the Company (including by its directors or
independent legal counsel) that Indemnitee has not met such applicable standard
of conduct, shall be a defense to the action or create a presumption that
Indemnitee has not met the applicable standard of conduct.

            (b) If the person, persons or entity empowered or selected under
Section 11 of this Agreement to determine whether Indemnitee is entitled to
indemnification shall not have made a determination within sixty (60) days after
receipt by the Company of the request therefor, the requisite determination of
entitlement to indemnification shall be deemed to have been made and Indemnitee
shall be entitled to such indemnification, absent a prohibition of such
indemnification under applicable law; provided, however, that such 60-day period
shall be extended for a reasonable time, not to exceed an additional thirty (30)
days, if the person, persons or entity making the determination with respect to
entitlement to indemnification in good faith requires such additional time for
the obtaining or evaluating of documentation and/or information relating
thereto; and provided, further, that the foregoing provisions of this Section
12(b) shall not apply (i) if the determination of entitlement to indemnification
is to be made by the stockholders pursuant to Section 11(a) of this Agreement
and if (A) within fifteen (15) days after receipt by the Company of the request
for such determination the Board has resolved to submit such determination to
the stockholders for their consideration at an annual meeting thereof to be held
within one hundred twenty (120) days after such receipt and such determination
is made thereat, or (B) a special meeting of stockholders is called within
fifteen (15) days after such receipt for the purpose of making such
determination, such meeting is held for such purpose within one hundred five
(105) days after having been so called and such determination is made thereat,
or (ii) if the determination of entitlement to indemnification is made by
Independent Counsel pursuant to Section 11(a) of this Agreement.

            (c) The termination of any Proceeding or of any claim, issue or
matter therein, by judgment, order, settlement or conviction, or upon a plea of
nolo contendere or its equivalent, shall not (except as otherwise expressly
provided in this Agreement) of itself adversely affect the right of Indemnitee
to indemnification or create a presumption that Indemnitee did not act in good
faith and in a manner which he or she reasonably believed to be in or not
opposed to the best interests of the Company or, with respect to any criminal
Proceeding, that Indemnitee had reasonable cause to believe that his or her
conduct was unlawful.

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            (d) For purposes of any determination of good faith, Indemnitee
shall be deemed to have acted in good faith if Indemnitee's action is based on
the records or books of account of the Enterprise, including financial
statements, or on information supplied to Indemnitee by the officers of the
Enterprise in the course of their duties, or on the advice of legal counsel for
the Enterprise or on information or records given or reports made to the
Enterprise by an independent certified public accountant or by an appraiser or
other expert selected by the Enterprise. The provisions of this Section 12(d)
shall not be deemed to be exclusive or to limit in any way the other
circumstances in which Indemnitee may be deemed to have met the applicable
standard of conduct set forth in this Agreement.

            (e) The knowledge and/or actions, or failure to act, of any
director, trustee, partner, managing member, fiduciary, officer, agent or
employee of the Enterprise shall not be imputed to Indemnitee for purposes of
determining the right to indemnification under this Agreement.

      13. Remedies of Indemnitee.

            (a) In the event that (i) a determination is made pursuant to
Section 11 of this Agreement that Indemnitee is not entitled to indemnification
under this Agreement, (ii) advancement of Expenses is not timely made pursuant
to Section 9 of this Agreement, (iii) no determination of entitlement to
indemnification shall have been made pursuant to Section 11(a) of this Agreement
within the time period specified in Section 12(b) of this Agreement, (iv)
payment of indemnification is not made pursuant to Section 5, 6 or 7 or the last
sentence of Section 11(a) of this Agreement within ten (10) days after receipt
by the Company of a written request therefor, or (v) payment of indemnification
pursuant to Section 3, 4 or 7 of this Agreement is not made within ten (10) days
after a determination has been made that Indemnitee is entitled to
indemnification, Indemnitee shall be entitled to an adjudication by a court of
his or her entitlement to such indemnification or advancement of Expenses.
Alternatively, Indemnitee, at his or her sole option, may seek an award in
arbitration to be conducted by a single arbitrator pursuant to the Commercial
Arbitration Rules of the American Arbitration Association. The Company shall not
oppose Indemnitee's right to seek any such adjudication or award in arbitration.

            (b) In the event that a determination shall have been made pursuant
to Section 11(a) of this Agreement that Indemnitee is not entitled to
indemnification, any judicial proceeding or arbitration commenced pursuant to
this Section 13 shall be conducted in all respects as a de novo trial, or
arbitration, on the merits and Indemnitee shall not be prejudiced by reason of
that adverse determination. In any judicial proceeding or arbitration commenced
pursuant to this Section 13, the Company shall have the burden of proving
Indemnitee is not entitled to indemnification or advancement of Expenses, as the
case may be.

            (c) If a determination shall have been made pursuant to Section
11(a) of this Agreement that Indemnitee is entitled to indemnification, the
Company shall be bound by such determination in any judicial proceeding or
arbitration commenced pursuant to this Section 13, absent a prohibition of such
indemnification under applicable law.

                                      -10-
<PAGE>

            (d) The Company shall be precluded from asserting in any judicial
proceeding or arbitration commenced pursuant to this Section 13 that the
procedures and presumptions of this Agreement are not valid, binding and
enforceable and shall stipulate in any such court or before any such arbitrator
that the Company is bound by all the provisions of this Agreement.

            (e) The Company shall indemnify Indemnitee to the fullest extent
permitted by law against any and all Expenses and, if requested by Indemnitee,
shall (within ten (10) days after receipt by the Company of a written request
therefor) advance, to the extent not prohibited by Section 402 of the
Sarbanes-Oxley Act of 2002 or other applicable law, such Expenses to Indemnitee
which are incurred by Indemnitee in connection with any action brought by
Indemnitee for indemnification or advance of Expenses from the Company under
this Agreement, any other agreement or provision of the Certificate of
Incorporation or the Company's bylaws or under any directors' and officers'
liability insurance policies maintained by the Company, regardless of whether
Indemnitee ultimately is determined to be entitled to such indemnification,
advancement of Expenses or insurance recovery, as the case may be.

      14. Liability Insurance. The Company represents to Indemnitee that it
presently has in place certain directors' and officers' liability insurance
policies covering the directors and officers of the Company and any other
Enterprise for losses from wrongful acts. Subject only to the provisions of this
Section 14, the Company agrees that for the duration of Indemnitee's service as
a director and/or officer of the Company and/or any other Enterprise, and
thereafter for so long as Indemnitee shall be subject to any pending or possible
Proceeding, the Company shall use commercially reasonable efforts (taking into
account the scope and amount of coverage available relative to the cost thereof)
to cause to be maintained in effect one or more policies of directors' and
officers' liability insurance with reputable insurers providing coverage for
directors and/or officers of the Company and any other Enterprise that is at
least substantially comparable in scope and amount to that provided by the
Company's current policies of directors' and officers' liability insurance.
Notwithstanding the foregoing, the Company shall have no obligation to obtain or
maintain such insurance if the Company determines in good faith that such
insurance is not reasonably available, that the premium costs for such insurance
are disproportionate to the amount of coverage provided, that the coverage
provided by such insurance is limited by exclusions so as to provide an
insufficient benefit, or that Indemnitee is covered by similar insurance
maintained by a subsidiary or parent of the Company. The Company shall promptly
notify Indemnitee of any good faith determination not to provide such coverage.

      15. Non-Exclusivity; Survival of Rights; Subrogation.

            (a) The rights of indemnification and to receive advancement of
Expenses as provided by this Agreement shall not be deemed exclusive of any
other rights to which Indemnitee may at any time be entitled under applicable
law, the Certificate of Incorporation, the Company's bylaws, any agreement, a
vote of stockholders or a resolution of directors, or otherwise. No amendment,
alteration or repeal of this Agreement or of any provision hereof shall limit or
restrict any right of Indemnitee under this Agreement in respect of any action
taken or omitted by such Indemnitee in his or her Corporate Status prior to such
amendment, alteration or repeal. To the extent that a change in Delaware law,
whether by statute or judicial decision, permits greater indemnification or
advancement of Expenses than would be afforded currently under the Certificate

                                      -11-
<PAGE>

of Incorporation, the Company's bylaws and this Agreement, it is the intent of
the parties hereto that Indemnitee shall enjoy by this Agreement the greater
benefits so afforded by such change. No right or remedy herein conferred is
intended to be exclusive of any other right or remedy, and every other right and
remedy shall be cumulative and in addition to every other right and remedy given
hereunder or now or hereafter existing at law or in equity or otherwise. The
assertion or employment of any right or remedy hereunder, or otherwise, shall
not prevent the concurrent assertion or employment of any other right or remedy.

            (b) To the extent that the Company maintains an insurance policy or
policies providing liability insurance for directors, officers, trustees,
partners, managing members, fiduciaries, employees or agents of the Company or
of any other Enterprise which such person serves at the request of the Company,
Indemnitee shall be an insured under such policy or policies in accordance with
its or their terms to the maximum extent of the coverage available for any such
director, officer, trustee, partner, managing member, fiduciary, employee or
agent under such policy or policies. The Company may, but will not be required
to, create a trust fund, grant a security interest or use other means,
including, without limitation, a letter of credit, to ensure the payment of such
amounts as may be necessary to satisfy the obligations to indemnify and advance
Expenses pursuant to this Agreement. If, at the time of the receipt of a notice
of a claim pursuant to the terms hereof, the Company has directors' and
officers' liability insurance in effect, the Company shall give prompt notice of
the commencement of such proceeding to the insurers in accordance with the
procedures set forth in the respective policies. The Company and Indemnitee
shall mutually cooperate and take all reasonable actions to cause such insurers
to pay on behalf of the insureds, all amounts payable as a result of such
proceeding in accordance with the terms of all applicable policies.

            (c) In the event of any payment under this Agreement, the Company
shall be subrogated to the extent of such payment to all of the rights of
recovery of Indemnitee, who shall execute all papers required and take all
action necessary to secure such rights, including execution of such documents as
are necessary to enable the Company to bring suit to enforce such rights.

            (d) The Company shall not be liable under this Agreement to make any
payment of amounts otherwise indemnifiable hereunder (or for which advancement
is provided hereunder) if and to the extent that Indemnitee has otherwise
actually received such payment under any insurance policy, the Certificate of
Incorporation, the Company's bylaws, contract, agreement or otherwise.

            (e) The Company's obligation to indemnify or advance Expenses
hereunder to Indemnitee who is or was serving at the request of the Company as a
director, officer, trustee, partner, managing member, fiduciary, employee or
agent of any other Enterprise shall be reduced by any amount Indemnitee has
actually received as indemnification or advancement of expenses from such other
Enterprise.

      16. Duration of Agreement, Successors and Assigns. This Agreement shall
continue until and terminate upon the later of: (a) ten (10) years after
Indemnitee has ceased to occupy any positions or have any relationships
described in Section 1 of this Agreement; and (b) the final termination of all
actions, suits, proceedings or investigations pending or threatened during such
ten (10) year period to which Indemnitee may be subject by reason of the fact
that Indemnitee is or was a

                                      -12-
<PAGE>

director or officer of the Company or is or was serving at the request of the
Company as a director, officer, trustee, partner, managing member, fiduciary,
employee or agent of any other Enterprise which Indemnitee served at the request
of the Company or by reason of anything done or not done by Indemnitee in any
such capacity. This Agreement shall be binding upon the Company and its
successors and assigns and shall inure to the benefit of and be enforceable by
Indemnitee and his or her personal and legal representatives, heirs, executors,
administrators, distributees, legatees and other successors.

      17. Severability. If any provision or provisions of this Agreement or any
application of any provision hereof shall be held to be invalid, illegal or
unenforceable for any reason whatsoever: (a) the validity, legality and
enforceability of the remaining provisions of this Agreement (including, without
limitation, each portion of any Section of this Agreement containing any such
provision held to be invalid, illegal or unenforceable, that is not itself
invalid, illegal or unenforceable) shall not in any way be affected or impaired
thereby and shall remain enforceable to the fullest extent permitted by law; (b)
such provision or provisions shall be deemed reformed to the extent necessary to
conform to applicable law and to give the maximum effect to the intent of the
parties hereto; and (c) to the fullest extent possible, the provisions of this
Agreement (including, without limitation, each portion of any Section of this
Agreement containing any such provision held to be invalid, illegal or
unenforceable, that is not itself invalid, illegal or unenforceable) shall be
construed so as to give effect to the intent manifested thereby. In the event
that any court shall decline to reform a provision of the Agreement held to be
invalid, unenforceable or otherwise illegal as contemplated by the preceding
sentence, the parties hereto shall take all actions as may be necessary or
appropriate to replace the provision so held to be invalid, unenforceable or
otherwise illegal with one or more alternative provisions that effectuate the
purpose and intent of the original provisions of this Agreement as fully as
possible without being invalid, unenforceable or otherwise illegal.

      18. Enforcement.

            (a) The Company expressly confirms and agrees that it has entered
into this Agreement and assumed the obligations imposed on it hereby in order to
induce Indemnitee to serve as a director or officer of one or more Enterprises,
and the Company acknowledges that Indemnitee is relying upon this Agreement in
agreeing to serve and continuing to serve as a director or officer of one or
more Enterprises.

            (b) This Agreement constitutes the entire agreement between the
parties hereto with respect to the subject matter hereof and supersedes all
prior agreements and understandings, oral, written and implied, between the
parties hereto with respect to the subject matter hereof; provided, however,
that this Agreement is a supplement to and in furtherance of the Certificate of
Incorporation, the bylaws of the Company and applicable law, and shall not be
deemed a substitute therefor, nor to diminish or abrogate any rights of
Indemnitee thereunder.

            (c) The indemnification and advancement of Expenses provided by or
granted pursuant to this Agreement shall apply to Indemnitee's service as a (i)
director or officer of the Company prior to the date of this Agreement and (ii)
director, officer, trustee, partner, managing member, fiduciary, employee or
agent of any other Enterprise which Indemnitee served at the request of the
Company prior to the date of this Agreement.

                                      -13-
<PAGE>

      19. Modification and Waiver. No supplement, modification or amendment of
this Agreement shall be binding unless executed in writing by the parties
thereto. No waiver of any of the provisions of this Agreement shall be deemed or
shall constitute a waiver of any other provisions of this Agreement nor shall
any waiver constitute a continuing waiver.

      20. Notice by Indemnitee. Indemnitee agrees promptly to notify the Company
in writing upon being served with any summons, citation, subpoena, complaint,
indictment, information or other document relating to any Proceeding or matter
which may be subject to indemnification or advancement of Expenses covered
hereunder. The failure of Indemnitee to so notify the Company shall not relieve
the Company of any obligation which it may have to Indemnitee under this
Agreement or otherwise.

      21. Notices. Any notices, requests, demands or other communications
required or permitted under, or otherwise in connection with this Agreement,
shall be in writing and shall be deemed to have been duly given when delivered
in person or upon confirmation of receipt when transmitted by facsimile
transmission (but only if followed by transmittal by national overnight courier
or hand for delivery on the next business day) or on receipt after dispatch by
registered or certified mail, postage prepaid, addressed, or on the next
business day if transmitted by national overnight courier, in each case as
follows: (i) if to the Company, to Delek US Holdings, Inc., 830 Crescent Centre
Drive, Suite 300, Franklin, Tennessee 37067, Attention: General Counsel (or
Attention: Chief Executive Officer if the General Counsel is the Indemnitee), or
to such other address as shall be furnished in writing to Indemnitee by the
Company; and (ii) if to Indemnitee, to such address as set forth below
Indemnitee's name on the signature page to this Agreement, or to such other
addresses as shall be furnished in writing by Indemnitee to the Company.

      22. Contribution. To the fullest extent permissible by applicable law, if
the indemnification provided for in this Agreement is unavailable to Indemnitee
for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee,
shall contribute to the amount incurred by Indemnitee, whether for judgments,
fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or
for Expenses, in connection with any claim relating to an indemnifiable event
under this Agreement, in such proportion as is deemed fair and reasonable in
light of all of the circumstances of such Proceeding in order to reflect (i) the
relative benefits received by the Company and Indemnitee as a result of the
event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the
relative fault of the Company (and its directors, officers, employees and
agents) and Indemnitee in connection with such event(s) and/or transaction(s).

      23. Applicable Law and Consent to Jurisdiction. This Agreement and the
legal relations among the parties shall be governed by, and construed and
enforced in accordance with, the laws of the State of Delaware, without regard
to its conflict of laws rules. Except with respect to any arbitration commenced
by Indemnitee pursuant to Section 13 of this Agreement, the Company and
Indemnitee hereby irrevocably and unconditionally (i) agree that any action or
proceeding arising out of or in connection with this Agreement shall be brought
only in the Chancery Court of the State of Delaware (the "Delaware Court"), and
not in any other state or federal court in the United States of America or any
court in any other country, (ii) consent to submit to the exclusive jurisdiction
of the Delaware Court for purposes of any action or proceeding arising out of or
in connection with this Agreement, (iii) waive any objection to the laying of
venue of any such action or proceeding in the

                                      -14-
<PAGE>

Delaware Court, and (iv) waive, and agree not to plead or to make, any claim
that any such action or proceeding brought in the Delaware Court has been
brought in an improper or inconvenient forum.

      24. Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall for all purposes be deemed to be an original
but all of which together shall constitute one and the same Agreement. Only one
such counterpart signed by the party against whom enforceability is sought needs
to be produced to evidence the existence of this Agreement.

      25. Miscellaneous. Use of the masculine pronoun shall be deemed to include
usage of the feminine pronoun where appropriate. The headings of the paragraphs
of this Agreement are inserted for convenience only and shall not be deemed to
constitute part of this Agreement or to affect the construction thereof.

      IN WITNESS WHEREOF, the parties have caused this Agreement to be signed as
of the day and year first above written.

                                DELEK US HOLDINGS, INC.

                                By:
                                   ------------------------------
                                Name:
                                Title:

                                By:
                                   ------------------------------
                                Name:
                                Title:

                                INDEMNITEE

                                By:
                                   ------------------------------
                                Name:
                                Address:<PAGE>
                                                                    EXHIBIT 10.4

                          REGISTRATION RIGHTS AGREEMENT

      This REGISTRATION RIGHTS AGREEMENT (this "AGREEMENT") is made as of the
17th day of April, 2006, by and among Delek US Holdings, Inc., a Delaware
corporation (the "COMPANY"), and Delek Group Ltd., an Israeli corporation
("DELEK GROUP").

                                    RECITALS

      WHEREAS, upon completion of an initial public offering of shares of common
stock, par value $0.01 per share ("COMMON STOCK"), of the Company (the "INITIAL
PUBLIC OFFERING"), the Company will cease to be an indirect wholly-owned
subsidiary of Delek Group; and

      WHEREAS, in connection with the Initial Public Offering, the Company
desires to grant to Delek Group registration rights with respect to Delek
Group's ownership (directly or through its Affiliates (as defined below)), of
Common Stock, upon the terms and conditions set forth in this Agreement.

      NOW, THEREFORE, in consideration of the mutual promises and covenants set
forth in this Agreement, and intending to be legally bound, the parties agree as
follows:

SECTION 1. REGISTRATION RIGHTS.

      1.1 CERTAIN DEFINITIONS. As used in this Agreement, the following terms
shall have the meanings set forth below:

            (a) "AFFILIATE" means, with respect to any specified Person, (i) any
other Person that owns (directly or indirectly), individually or as part of a
group (as determined pursuant to Rule 13d-5 under the Exchange Act) greater than
fifty percent (50%) of the voting stock or other capital interest of such
specified Person, (ii) any other Person of whom greater than fifty percent (50%)
of the voting stock or other capital interest is owned by (directly or
indirectly), individually or as part of a group (as determined pursuant to Rule
13d-5 under the Exchange Act) by such specified Person, and (iii) any other
Person directly or indirectly controlling, controlled by or under common control
with such specified Person.

            (b) "COMMISSION" means the Securities and Exchange Commission or any
other federal agency at the time administering the Securities Act.

            (c) "EXCHANGE ACT" means the Securities Exchange Act of 1934, as
amended, or any similar successor federal statute, and the rules and regulations
thereunder, all as the same shall be in effect from time to time.

            (d) "HOLDERS" means Delek Group (including any Affiliate of Delek
Group that is the record holder of shares of Common Stock) and any permitted
assignee of Delek Group's rights under this Agreement.

<PAGE>

            (e) "REGISTER," "REGISTERED" and "REGISTRATION" mean a registration
effected by preparing and filing a registration statement in compliance with the
Securities Act, and the declaration or ordering of the effectiveness of such
registration statement.

            (f) "PERSON" means an individual, corporation, limited liability
company, general or limited partnership, association, trust, unincorporated
organization, other entity or group.

            (g) "REGISTRABLE SECURITIES" means all shares of Common Stock owned
by the Holders from time to time; provided, however, that Registrable Securities
shall not include any shares of Common Stock (i) that have been disposed of in
accordance with an effective registration statement under the Securities Act,
(ii) that have been disposed of pursuant to Rule 144, (iii) that may be freely
distributed by the Holders in a public offering or otherwise without the need
for registration of qualification of such shares of Common Stock under the
Securities Act or any similar state law then in force in light of legal
requirements or market conditions and without any restriction on the volume or
manner of sale or any other limitations under Rule 144, (iv) that have ceased to
be outstanding, or (v) which the Holders agree in writing shall not be
Registrable Securities for purposes of this Agreement.

            (h) "REGISTRATION EXPENSES" means all expenses incurred in effecting
any registration pursuant to this Agreement, including, without limitation, all
registration and qualification fees, printing expenses, filing fees, escrow
fees, fees and disbursements of counsel for the Company, blue sky fees and
expenses, expenses of any regular or special audits incident to or required by
any such registration and reasonable fees and disbursements of a single special
counsel for the Holders selected by the Holders of a majority of the Registrable
Securities to be so offered for sale and reasonably acceptable to the Company,
and the compensation of regular employees of the Company, but shall not include
Selling Expenses.

            (i) "RULE 144" means Rule 144 as promulgated by the Commission under
the Securities Act, as such Rule may be amended from time to time, or any
similar successor rule that may be promulgated by the Commission.

            (j) "RULE 145" means Rule 145 as promulgated by the Commission under
the Securities Act, as such Rule may be amended from time to time, or any
similar successor rule that may be promulgated by the Commission.

            (k) "SECURITIES ACT" means the Securities Act of 1933, as amended,
or any similar successor federal statute and the rules and regulations
thereunder, all as the same shall be in effect from time to time.

            (l) "SELLING EXPENSES" means all underwriting discounts, selling
commissions and stock transfer taxes applicable to the sale of Registrable
Securities.

            (m) "SELLING HOLDER" means a Holder proposing to sell or distribute,
or selling or distributing, Registrable Securities pursuant to this Agreement.

      1.2   DEMAND REGISTRATION ON FORM S-3.

                                       -2-

<PAGE>

            (a) If the Company is eligible for the use of Form S-3, the Holders
shall collectively have, in addition to the rights set forth in Section 1.3, the
right to request up to three registrations on Form S-3. Such requests shall be
in writing and shall state the number of Registrable Securities to be disposed
of and the intended methods of disposition of such Registrable Securities by the
requesting Holder or Holders. In connection with any such request, the Company
shall, subject to Section 1.2(b):

                  (i)   promptly give written notice of the proposed
registration to all other Holders; and

                  (ii) use its reasonable best efforts to effect such
registration (including, without limitation, filing post-effective amendments,
appropriate qualifications under applicable blue sky or other state securities
laws, and appropriate compliance with the Securities Act and the Exchange Act)
as would permit or facilitate the sale and distribution of all or such portion
of such Registrable Securities as are specified in such request, together with
all or such portion of the Registrable Securities of any Holder or Holders
joining in such request as are specified in a written request received by the
Company within twenty (20) days after such written notice from the Company is
mailed or delivered.

            (b) The Company shall not be obligated to effect, or to take any
action to effect, any such registration pursuant to this Section 1.2:

                  (i) if the Selling Holders, together with the holders of any
other securities of the Company entitled to inclusion in such registration,
propose to sell Registrable Securities and such other securities (if any) on
Form S-3 at an aggregate price to the public, net of expected Selling Expenses,
of less than Ten Million Dollars ($10,000,000); or

                  (ii) in any particular jurisdiction in which the Company would
be required to execute a general consent to service of process in effecting such
registration, qualification, or compliance, unless the Company is already
subject to service in such jurisdiction and except as may be required by the
Securities Act.

            (c) Subject to Section 1.2(b), the Company shall use its reasonable
best efforts to effect such a registration of the Registrable Securities so
requested as soon as practicable but in any event within one hundred twenty
(120) days after receipt of the request or requests of the Selling Holders
pursuant to Section 1.2(a); provided, however, that if (i) in the good faith
judgment of the Board of Directors of the Company, such registration would be
materially disadvantageous to the Company and the Board of Directors of the
Company concludes, as a result, that it is essential to defer the filing or
effectiveness of such registration statement at such time, and (ii) the Company
furnishes to such Holders a certificate signed by the Chief Executive Officer of
the Company stating that in the good faith judgment of the Board of Directors of
the Company, it would be materially disadvantageous to the Company for such
registration statement to be filed or become effective in the near future and
that it is, therefore, essential to defer the filing or effectiveness of such
registration statement, then the Company shall have the right to defer such
filing or effectiveness, upon furnishing such certificate, for a period of not
more than one hundred twenty (120) days; provided further, that the Company
shall not defer its obligation in this manner more than once in any rolling
twelve (12) month period.

                                       -3-

<PAGE>

            (d) Any registration statement filed pursuant to this Section 1.2
may, subject to the provisions of Sections 1.2(e), 1.8 and 1.11 hereof, include
other securities of the Company with respect to which registration rights have
been granted and may include securities of the Company being sold for the
account of the Company.

            (e) If the Selling Holders intend to distribute the Registrable
Securities covered by their request by means of an underwriting, they shall so
advise the Company as a part of their request made pursuant to this Section 1.2
and the Company shall include such information in the written notice referred to
in Section 1.2(a)(i). In such event the right of any Holder to include its
Registrable Securities in such registration shall be conditioned upon such
Holder's participation in such underwriting and the inclusion of such Holder's
Registrable Securities in the underwriting (unless otherwise mutually agreed by
a majority in interest of the Selling Holders and such Holder) to the extent
provided herein. All Holders proposing to distribute their securities through
such underwriting shall enter into an underwriting agreement in customary form
with the underwriter or underwriters of recognized national standing selected
for such underwriting by the Company (which underwriter or underwriters shall be
reasonably acceptable to a majority in interest of the Selling Holders).
Notwithstanding any other provision of this Section 1.2, if the underwriter
advises the Company that marketing factors require a limitation of the number of
securities underwritten (including Registrable Securities), then the Company
shall so advise all Selling Holders of Registrable Securities that would
otherwise be underwritten pursuant hereto, and the Company shall include in such
registration (i) first, any shares to be sold by the Company, (ii) second, the
shares of Registrable Securities of the Selling Holders participating in the
requested registration, allocated pro rata among such Selling Holders in
proportion to the number of shares of Registrable Securities owned by them or
allocated among such Selling Holders as they may agree and advise the Company in
writing, and (iii) third, any shares to be sold by any other stockholder
exercising piggyback registration rights with respect to such shares. Any
Registrable Securities excluded or withdrawn from such underwriting shall be
withdrawn from the registration. To the extent that Registrable Securities
requested to be registered pursuant to this Section 1.2 are excluded from such
registration, then the Holders shall have the right to one additional request
for registration pursuant to Section 1.2(a), provided that the failure of such
Registrable Securities to be registered is through no fault of such Holders;
provided, however, that if, prior to a request for registration pursuant to
Section 1.2(a), an assignment pursuant to Section 1.10(b) of one or more of the
three demand registration rights granted pursuant to Section 1.2(a) has occurred
(a "DEMAND ASSIGNMENT"), the Holder that initiated the request to register
Registrable Securities that was excluded or withdrawn from the underwriting, and
not the other Holders, shall have the right to one additional request for
registration.

            (f) The Company shall not be obligated to effect, or to take any
action to effect, any such registration pursuant to this Section 1.2 during the
period starting with the date thirty (30) days prior to the Company's good faith
estimate of the filing of, and ending on a date one hundred eighty (180) days
after the effective date of, a registration statement initiated by the Company
(other than a registration statement relating solely to employee benefit plans
on Form S-3 or Form S-8 or similar forms that may be promulgated in the future,
or a registration statement relating solely to a transaction pursuant to Rule
145 on Form S-4 or similar forms that may be promulgated in the future);
provided, however, that the Company is actively employing in good faith its
reasonable best efforts to cause such registration statement to become
effective.

                                       -4-

<PAGE>

      1.3   COMPANY REGISTRATION.

            (a) If the Company shall determine to register any of its securities
either for its own account or the account of a security holder or holders
exercising their respective demand registration rights (other than pursuant to
Section 1.2 hereof), other than a registration relating solely to employee
benefit plans, a registration relating to a corporate reorganization or other
transaction under Rule 145, or a registration on any registration form that does
not permit secondary sales, the Company will:

                  (i)   promptly give to each Holder written notice thereof;
and

                  (ii) use its reasonable best efforts to include in such
registration (and any related qualification under blue sky laws or other
compliance), except as set forth in Section 1.3(b) below, and in any
underwriting involved therein, all the Registrable Securities specified in a
written request or requests, made by any Holder and received by the Company
within fourteen (14) days after the written notice from the Company described in
clause (i) above is deemed to be given to the Holders in accordance with Section
2.5. Such written request may specify all or a part of a Holder's Registrable
Securities.

            (b) In connection with any offering, other than the Initial Public
Offering, involving an underwriting of shares of the Company's capital stock,
the Company shall not be required under this Section 1.3 to include any of the
Holders' securities in such underwriting unless they accept the terms of the
underwriting as agreed upon between the Company and the underwriters and, if
requested, enter into an underwriting agreement in customary form with an
underwriter or underwriters selected by the Company, and then only in such
quantity as the underwriters determine in their sole discretion will not
jeopardize the success of the offering by the Company. If the total amount of
securities, including Registrable Securities requested by Holders to be included
in such offering exceeds the amount of securities sold other than by the Company
that the underwriters determine in their sole discretion is compatible with the
success of the offering, then the Company shall be required to include in the
offering only that number of such securities, including Registrable Securities,
that the underwriters determine in their sole discretion will not jeopardize the
success of the offering, the securities so included to be apportioned (i) first
pro rata among the Selling Holders according to the total amount of securities
requested to be included therein owned by each Selling Holder or allocated among
such Selling Holders as they may agree and advise the Company in writing, and
(ii) second, any remaining securities to any other selling stockholders
exercising registration rights with respect to such securities.

      If any Person does not agree to the terms of any such underwriting or
otherwise fails to comply with the provisions of this Agreement, such Person
shall be excluded therefrom by written notice from the Company or the
underwriter. Any Registrable Securities or other securities excluded or
withdrawn from such underwriting shall be withdrawn from such registration.

            (c) No Holder shall be entitled to exercise the registration rights
set forth in this Section 1.3 except with respect to registrations by the
Company that would occur after the

                                       -5-

<PAGE>

expiration of the lock-up period applicable to Delek Group in connection with
the Initial Public Offering.

            (d) The Company shall have the right to terminate or withdraw any
registration initiated under this Section 1.3 prior to the effectiveness of such
registration whether or not any Holder has elected to include securities in such
registration. The expenses of such withdrawn registration shall be borne by the
Company if required under Section 1.4 below.

      1.4 EXPENSES OF REGISTRATION. All Registration Expenses incurred in
connection with any registration, qualification or compliance pursuant to
Section 1.2 and 1.3 hereof shall be borne by the Company. All Selling Expenses
relating to securities so registered shall be borne by the holders of such
securities pro rata on the basis of the number of shares of securities so
registered on their behalf. Notwithstanding the foregoing, the Company shall not
be required to pay for any Registration Expenses of any registration begun
pursuant to Section 1.2 hereof if a registration demand initiated by the Holders
under Section 1.2(a) is subsequently withdrawn at the request of Selling Holders
of a majority of the Registrable Securities to be so registered (in which case
all participating Selling Holders shall bear such expenses pro rata based upon
the number of Registrable Securities that were to be registered in the withdrawn
registration statement and such withdrawn registration shall not constitute the
use by the Holders of a requested registration under Section 1.2); provided,
however, (a) that if at the time of such withdrawal the Seller Holders have
learned of a material adverse change in the condition, business or prospects of
the Company from that known to the Holders at the time of their request and they
have withdrawn the request with reasonable promptness following the Selling
Holders having learned of such material adverse change, then the Selling Holders
shall not be required to pay any of such Registration Expenses and such
withdrawn registration shall not constitute the use by the Holders of a demand
registration under Section 1.2; provided, however, that if, prior to a request
for registration pursuant to Section 1.2(a), a Demand Assignment has occurred,
the Holder that initiated the request to register Registrable Securities in the
withdrawn registration, and not the other Holders, shall have the right to one
additional request for registration; or (b) the Selling Holders agree (or, if a
Demand Assignment has occurred prior to a request for registration pursuant to
Section 1.2(a), the Holder that initiated the request to register Registrable
Securities in the withdrawn registration agrees) in writing to forego one demand
right pursuant to Section 1.2, then the Selling Holders shall not be required to
pay any of the Registration Expenses.

      1.5 REGISTRATION PROCEDURES. In the case of each registration effected by
the Company pursuant to Section 1.2 or 1.3, the Company will keep each Selling
Holder advised in writing as to the initiation of each registration and as to
the completion thereof. At its expense, the Company will use its reasonable best
efforts to:

            (a) prepare and file with the Commission a registration statement
with respect to such shares and use its reasonable best efforts to cause such
registration statement to become effective as soon as reasonably practicable
thereafter (provided that before filing a registration statement or any
amendments or supplements thereto, the Company shall furnish counsel for the
Selling Holders with copies of all such documents proposed to be filed) and to
cause such registration statement to comply as to form and content in all
material respects with the Commission's forms, rules and regulations;

                                       -6-

<PAGE>

            (b) keep such registration effective for a period of one hundred
eighty (180) days in the case of a registration pursuant to Section 1.2 hereof,
for a period of one hundred twenty (120) days in the case of a registration
pursuant to Section 1.3 hereof, or until the Selling Holders have completed the
distribution described in the registration statement relating thereto, whichever
first occurs;

            (c) prepare and file with the Commission such amendments and
supplements to such registration statement and the prospectus used in connection
with such registration statement as may be necessary to comply with the
provisions of the Securities Act with respect to the disposition of all
securities covered by such registration statement;

            (d) furnish such number of prospectuses and other documents incident
thereto, including any amendment of or supplement to the prospectus, as a
Selling Holder from time to time may reasonably request;

            (e) use all reasonable efforts to register or qualify such shares
under such other securities or blue sky laws of such jurisdictions as such
Selling Holder requests (and to maintain such registrations and qualifications
effective for the applicable period of time set forth in Section 1.5(b) hereof),
and to do any and all other acts and things which may be reasonably necessary or
advisable to enable such Selling Holder to consummate the disposition in such
jurisdictions of such shares; provided that, notwithstanding anything to the
contrary in this Agreement with respect to the bearing of expenses, if any such
jurisdiction shall require that expenses incurred in connection with the
qualification of such shares in that jurisdiction be borne in part or full by
such Selling Holder, then such Selling Holder shall pay such expenses to the
extent required by such jurisdiction;

            (f) notify each seller of Registrable Securities covered by such
registration statement at any time when a prospectus relating thereto is
required to be delivered under the Securities Act of the occurrence of any event
as a result of which the prospectus included in such registration statement, as
then in effect, includes an untrue statement of a material fact or omits to
state a material fact required to be stated therein or necessary to make the
statements therein not misleading or incomplete in the light of the
circumstances then existing, and at the request of any such seller, prepare and
furnish to such seller a reasonable number of copies of a supplement to or an
amendment of such prospectus as may be necessary so that, as thereafter
delivered to the purchasers of such shares, such prospectus shall not include an
untrue statement of a material fact or omit to state a material fact required to
be stated therein or necessary to make the statements therein not misleading or
incomplete in the light of the circumstances then existing;

            (g) use its reasonable best efforts to cause all such Registrable
Securities registered pursuant hereunder to be listed on each securities
exchange, interdealer quotation system or other market on which similar
securities issued by the Company are then listed;

            (h)   provide a CUSIP number for all such Registrable Securities not
later than the effective date of such registration;

            (i) provide the transfer agent for the Common Stock with
certificates for the Registrable Securities that are in a form eligible for
deposit with The Depository Trust Company

                                       -7-

<PAGE>

(or, if the Registrable Securities are not in book-entry form, reasonably
cooperate with each Selling Holder to facilitate timely preparation and delivery
of certificates representing Registrable Securities sold pursuant to the
effective registration statement and not bearing any restrictive legends (unless
required by applicable law));

            (j) otherwise use its reasonable best efforts to comply with all
applicable rules and regulations of the Commission and to assist in any filings
required to be made with the National Association of Securities Dealers by any
underwriter in connection with any underwritten offering pursuant to a
registration statement filed pursuant to Section 1.2 or 1.3 hereof;

            (k) make available for reasonable inspection upon prior written
notice by such Holder, by any underwriter participating in any distribution
pursuant to such registration statement, and by any attorney, accountant or
other agent bound by a confidentiality arrangement retained by such Holder or by
any such underwriter, all financial and other records, pertinent corporate
documents, and properties of the Company (other than confidential intellectual
property or other property or information that is subject to legal
confidentiality obligations);

            (l) in connection with any underwritten offering pursuant to a
registration statement filed pursuant to Sections 1.2 or 1.3 hereof, will enter
into an underwriting agreement in usual and customary form reasonably necessary
to effect the offer and sale of Registrable Securities; provided such
underwriting agreement contains customary underwriting provisions and provided
further that if the underwriter so requests the underwriting agreement will
contain customary contribution provisions; and

            (m) furnish, at the request of a majority of the Selling Holders
participating in the registration, on the date that such Registrable Securities
are delivered to the underwriters for sale, if such securities are being sold
through underwriters (i) an opinion, dated as of such date, of the counsel
representing the Company for the purposes of such registration, in form and
substance as is customarily given to the underwriters in an underwritten public
offering addressed to the underwriters and (ii) a letter dated as of such date
from the Company's independent registered public accounting firm, in form and
substance as is customarily given by independent registered public accounting
firms to underwriters in an underwritten public offering addressed to the
underwriters.

      1.6            INDEMNIFICATION.

            (a) The Company will indemnify each Selling Holder, each of such
Selling Holder's Affiliates, officers, directors, managers, members, partners,
legal counsel, accountants and representatives and each person controlling such
Selling Holder within the meaning of Section 15 of the Securities Act with
respect to which registration, qualification or compliance has been effected
pursuant to this Section 1, and each underwriter, if any, and each person who
controls within the meaning of Section 15 of the Securities Act any underwriter,
against all claims, actions, losses, damages, and liabilities (joint or several)
(or actions, proceedings or settlements in respect thereof) arising out of or
based on any of the following statements, omissions or violations (each, a
"VIOLATION"): (i) any untrue statement or alleged untrue statement of a material
fact contained in any registration statement, including any preliminary

                                       -8-

<PAGE>

prospectus or final prospectus contained therein or any amendments or
supplements thereto, any offering circular or other related registration
statement or notification incident to any such registration, and any "free
writing prospectus" (as defined in Rule 405 under the Securities Act) prepared
by the Company, on behalf of the Company with its knowledge and consent, or used
or referred to by the Company in connection with any underwritten offering
pursuant to a registration statement filed under Section 1.2 or 1.3, or any
"road show" (as defined in Rule 433 under the Securities Act) not constituting a
"free writing prospectus" in connection with any underwritten public offering
pursuant to a registration statement filed under Section 1.2 or 1.3, (ii) the
omission or alleged omission to state therein a material fact required to be
stated therein, or necessary to make the statements therein not misleading, or
(iii) any violation or alleged violation by the Company of the Securities Act,
the Exchange Act, any state securities laws or any rule or regulation thereunder
applicable to the Company in connection with any such registration,
qualification, or compliance with respect to any Registrable Securities, and
will reimburse each such Selling Holder, each of its Affiliates, officers,
directors, managers, members, partners, legal counsel, and accountants and each
person controlling such Holder, each such underwriter, and each person who
controls any such underwriter, for any legal and any other expenses reasonably
incurred (and as incurred) in connection with investigating and defending or
settling any such claim, action, loss, damage, liability, or action; provided
that the Company will not be liable in any such case to the extent that any such
claim, action, loss, damage, liability, or expense arises out of or is based on:
(i) a Violation by the Company in reliance upon and in conformity with any
untrue statement or omission set forth in written information furnished to the
Company by such Holder or underwriter and stated to be specifically for use
therein, unless such Holder (or underwriter as the case may be) timely provided
to the Company additional information to correct the previously inaccurate or
incomplete information, or (ii) such Holders' failure, if required, to deliver a
copy of the registration statement or prospectus or any amendment or supplements
thereto after the Company has furnished such Holder with a sufficient number of
copies of the same. It is agreed that the indemnity agreement contained in this
Section 1.6(a) shall not apply to amounts paid in settlement of any such loss,
claim, damage, liability, or action if such settlement is effected without the
consent of the Company (which consent shall not be unreasonably withheld or
delayed).

            (b) Each Selling Holder will, if Registrable Securities held by such
Selling Holder are included in the securities as to which such registration,
qualification, or compliance is being effected, indemnify, severally and not
jointly, the Company, its Affiliates, each of its directors, officers, legal
counsel, accountants and representatives and each underwriter, if any, of the
Company's securities covered by such a registration statement, each person who
controls the Company or such underwriter within the meaning of Section 15 of the
Securities Act, each other such Selling Holder, and each of their Affiliates,
officers, directors, managers, members, partners, legal counsel, accountants and
representatives and each person controlling such Selling Holder or other
stockholder, against all claims, actions, losses, damages and liabilities (joint
or several) (or actions, proceedings or settlements in respect thereof) arising
out of or based on any Violation, and will reimburse the Company and such
Selling Holders, other stockholders, Affiliates, directors, officers, managers,
members, partners, legal counsel, accountants, representatives, underwriters, or
control persons for any legal or any other expenses reasonably incurred (as
incurred) in connection with investigating and defending or settling any such
claim, action, loss, damage, liability, or action, in each case to the extent
but only to the extent that such

                                       -9-

<PAGE>

untrue statement or alleged untrue statement or omission or alleged omission is
made in such registration statement, prospectus, offering circular, "free
writing prospectus," "road show" not constituting a "free writing prospectus" or
other document in reliance upon and in conformity with written information
furnished to the Company by such Selling Holder and stated to be specifically
for use therein; provided, however, that the obligations of such Selling Holder
hereunder shall not apply to amounts paid in settlement of any such claims,
losses, damages, or liabilities (or actions in respect thereof) if such
settlement is effected without the consent of such Selling Holder (which consent
shall not be unreasonably withheld or delayed); provided further that in no
event shall any indemnity under this Section 1.6(b) exceed the net proceeds from
the offering received by such Selling Holder.

            (c) Each party entitled to indemnification under this Section 1.6
(the "INDEMNIFIED PARTY") shall give written notice to the party required to
provide indemnification (the "INDEMNIFYING PARTY") promptly after such
Indemnified Party has actual knowledge of any claim as to which indemnity may be
sought, and shall permit the Indemnifying Party to assume the defense of such
claim or any litigation resulting therefrom; provided that counsel for the
Indemnifying Party, who shall conduct the defense of such claim or any
litigation resulting therefrom, shall be approved by the Indemnified Party
(whose approval shall not unreasonably be withheld or delayed), and the
Indemnified Party may participate in such defense at such party's expense,
except that such participation by an Indemnified Party shall be at the expense
of the Indemnifying Party if representation of such Indemnified Party by the
counsel retained by the Indemnifying Party would be inappropriate due to actual
or potential differing interests, as reasonably determined by either party,
between such Indemnified Party and any other party represented by such counsel
in such proceeding; provided further that the failure of any Indemnified Party
to give notice as provided herein shall not relieve the Indemnifying Party of
its obligations under this Section 1, to the extent such failure is not
prejudicial. No Indemnifying Party, in the defense of any such claim or
litigation, shall, except with the consent of each Indemnified Party, consent to
entry of any judgment or enter into any settlement that does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such
Indemnified Party of an unconditional release from all liability in respect to
such claim or litigation. Each Indemnified Party shall furnish such information
regarding itself or the claim in question as an Indemnifying Party may
reasonably request in writing and as shall be reasonably required in connection
with the defense of such claim and litigation resulting therefrom.

            (d) If the indemnification provided for in this Section 1.6 is held
by a court of competent jurisdiction to be unavailable to an Indemnified Party
with respect to any loss, liability, claim, action, damage, or expense referred
to therein, then the Indemnifying Party, in lieu of indemnifying such
Indemnified Party hereunder, shall contribute to the amount paid or payable by
such Indemnified Party as a result of such loss, liability, claim, action,
damage, or expense in such proportion as is appropriate to reflect the relative
fault of the Indemnifying Party on the one hand and of the Indemnified Party on
the other in connection with the statements or omissions that resulted in such
loss, liability, claim, action, damage, or expense as well as any other relevant
equitable considerations; provided that in no event shall any contribution
obligation of a Selling Holder hereunder exceed the net proceeds from the
offering received by such Selling Holder. The relative fault of the Indemnifying
Party and of the Indemnified Party shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact
or the omission to state a material fact relates to information supplied

                                       -10-

<PAGE>

by the Indemnifying Party or by the Indemnified Party and the parties' relative
intent, knowledge, access to information, and opportunity to correct or prevent
such statement or omission.

            (e) Notwithstanding the foregoing, to the extent that the provisions
on indemnification and contribution contained in the underwriting agreement
entered into in connection with the underwritten public offering are in conflict
with the foregoing provisions, the provisions in the underwriting agreement
shall control.

      1.7 INFORMATION BY HOLDER. Each Selling Holder of Registrable Securities
shall furnish to the Company such information regarding such Selling Holder and
the distribution proposed by such Selling Holder as the Company may reasonably
request in writing and as shall be reasonably required in connection with any
registration, qualification, or compliance referred to in this Section 1.

      1.8 LIMITATIONS ON SUBSEQUENT REGISTRATION RIGHTS. From and after the date
of this Agreement, the Company shall not, without the prior written consent of
Holders holding a majority of the Registrable Securities, enter into any
agreement with any holder or prospective holder of any securities of the Company
that would allow such holder or prospective holder to (a) include such
securities in any registration filed under this Section 1, unless under the
terms of such agreement, (i) such holder or prospective holder may include such
securities in any such registration only to the extent that the inclusion of
such securities will not reduce the amount of the Registrable Securities of the
Holders which are included, or (ii) such registration rights are otherwise
expressly subordinate to the registration rights granted under this Agreement or
(b) make a demand registration which could result in such registration statement
being declared effective the earlier of either the date upon which the Company's
first becomes eligible to use Form S-3 or within one hundred twenty (120) days
following the effective date of a registration statement effected pursuant to
Section 1.2.

      1.9 RULE 144 REPORTING. With a view to making available the benefits of
certain rules and regulations of the Commission that may permit the sale of the
Registrable Securities to the public without registration, the Company agrees
to:

            (a) make and keep public information regarding the Company available
as those terms are understood and defined in Rule 144, at all times from and
after the effective date of the registration statement relating to the Initial
Public Offering;

            (b) file with the Commission in a timely manner all reports and
other documents required of the Company under the Securities Act and the
Exchange Act at any time after it has become subject to such reporting
requirements; and

            (c) so long as a Holder owns any Registrable Securities, furnish to
the Holder forthwith upon written request a written statement as to the
Company's compliance with the reporting requirements of Rule 144 (at any time
from and after the effective date of the first registration statement filed by
the Company for an offering of its securities to the general public), and of the
Securities Act and the Exchange Act (at any time after it has become subject to
such reporting requirements), a copy of the most recent annual or quarterly
report of the Company,

                                       -11-

<PAGE>

and such other reports and documents so filed and information as a Holder may
reasonably request in availing itself of any rule or regulation of the
Commission allowing a Holder to sell any such securities without registration.

      1.10 TRANSFER OR ASSIGNMENT OF REGISTRATION RIGHTS. The rights to cause
the Company to register securities granted to a Holder by the Company under this
Section 1 may be transferred or assigned by such Holder:

            (a)   to a transferee or assignee who is an Affiliate of the
Holder; or

            (b) to a transferee or assignee who is not an Affiliate of the
Holder, provided that such transfer represents no less than 15% of the Common
Stock owned by Delek Group (directly or through its Affiliates) as of the date
of closing of the Initial Public Offering;

provided, in either case, that (i) the Company is given written notice as soon
as practicable, and in any case within fifteen (15) days, after such assignment
or transfer, stating the name and address of the transferee or assignee and
identifying the securities with respect to which such registration rights are
being transferred or assigned, and, in the case of a Demand Assignment,
specifying the number of demand registration rights, if any, that were so
transferred or assigned and the number of unused demand registration rights
retained by such Holder, and (ii) the transferee or assignee of such rights
assumes in writing the obligations of such Holder under this Agreement.

      1.11 TERMINATION OF REGISTRATION RIGHTS. The rights to request
registration of any Company securities pursuant to Sections 1.2 and 1.3 shall
terminate as to any Holder upon the earliest of: (a) when all of the Registrable
Securities may be sold in a single transaction during a single three (3) month
period under Rule 144; and (b) when a Holder's Registrable Securities may be
transferred under Rule 144(k) unless such Holder later becomes an affiliate of
the Company (as defined in Rule 144) in which case such Holder's rights to
request registration shall be revived until such Holder's rights otherwise
terminate under this Section 1.11.

      1.12 CHANGES IN COMMON STOCK.  If there is any change in the Common Stock
by way of a stock split, stock dividend, combination or reclassification, or
through a merger, consolidation, reorganization or recapitalization, or by any
other means, appropriate adjustment shall be made in the provisions hereof so
that the rights and privileges granted hereby shall continue with respect to the
Common Stock as so changed.

      1.13 LOCK-UP ARRANGEMENTS. In consideration of the covenants and
agreements of the Company contained herein, each Holder agrees that, in
connection with any offering by the Company of its securities, whether for the
account of the Company, any Holder, or any other holder of securities of the
Company, such Holder shall, with respect to any Registrable Securities then held
by such Holder which is not included in such offering, execute a customary
"lock-up" agreement reasonably requested by the Company or, if such offering is
an underwritten offering, by the underwriters in such offering; provided,
however, that any such "lock-up" period shall not exceed 180 days (plus any
conditional extension period customary in such "lock-up" agreements) after the
initial sale of securities in such offering.

                                       -12-

<PAGE>

      1.14 COMPLIANCE WITH APPLICABLE LAW. Each Holder covenants that, in
disposing of such Holder's shares of Common Stock, such Holder will comply with
Regulation M and Rule 10b-5 (or any successor provisions) under the Exchange Act
and all other requirements of applicable law.

SECTION 2.   MISCELLANEOUS.

      2.1 EFFECTIVENESS. This Agreement shall become effective on the date on
which the purchase and sale of shares of Common Stock pursuant to the Initial
Public Offering first occurs.

      2.2    GOVERNING LAW.  This Agreement shall be governed in all respects by
the laws of the State of Delaware without regard to conflicts of laws
principles.

      2.3 SUCCESSORS AND ASSIGNS. Except as otherwise expressly provided herein,
the provisions hereof shall inure to the benefit of, and be binding upon, the
successors, permitted assigns, heirs, executors and administrators of the
parties hereto.

      2.4 ENTIRE AGREEMENT; AMENDMENT; WAIVER. This Agreement constitutes the
full and entire understanding and agreement between the parties with regard to
the subject matter hereof, and any previous agreement between the parties
relative to the specific subject matter hereof is superseded by this Agreement.
Neither this Agreement nor any term hereof may be amended, waived, discharged or
terminated, except by a written instrument signed by the parties hereto.

      2.5 NOTICES. All notices and other communications required or permitted
hereunder shall be in writing and shall be sent by facsimile, delivered by an
internationally recognized overnight courier or delivered by hand, addressed as
follows:

            (a)   if to the Company:

                  Delek US Holdings, Inc.
                  830 Crescent Centre Drive, Suite 300
                  Franklin, Tennessee  37067
                  Facsimile:  (615) 224-1185
                  Attention:  General Counsel

            with a copy to (which shall not constitute notice):

                  Fulbright & Jaworski L.L.P.
                  666 Fifth Avenue
                  New York, New York  10103
                  Facsimile: (212) 318-3400
                  Attention: Mara H. Rogers, Esq.

            (b)   if to Delek Group:

                  Delek Group Ltd.
                  7 Giborei Israel Street

                                       -13-

<PAGE>

                  P.O. Box 8464
                  Industrial Zone South, Natanya 42504
                  Israel
                  Facsimile:  011 (972) 9-885-4955
                  Attention:  President

            with a copy to (which shall not constitute notice):

                  Delek Group Ltd.
                  7 Giborei Israel Street
                  P.O. Box 8464
                  Industrial Zone South, Natanya 42504
                  Israel
                  Facsimile:  011 (972) 9-885-4955
                  Attention:  General Counsel

            (c) if to any Holder other than Delek Group, to the address of such
Holder furnished to the Company in writing from time to time.

      All such notices and other written communications shall be effective at
the time of confirmed facsimile transmission, the next business day after the
date of delivery to a representative of an internationally recognized overnight
courier or the date of delivery in the case of by hand delivery, as the case may
be.

      2.6 DELAYS OR OMISSIONS. No delay or omission to exercise any right, power
or remedy accruing to any Holder, upon any breach or default of the Company
under this Agreement shall impair any such right, power or remedy of any Holder
nor shall it be construed to be a waiver of any such breach or default, or an
acquiescence therein, or of or in any similar breach or default thereafter
occurring; nor shall any waiver of any single breach or default be deemed a
waiver of any other breach or default therefore or thereafter occurring. Any
waiver, permit, consent or approval of any kind or character on the part of any
Holder of any breach or default under this Agreement or any waiver on the part
of any Holder of any provisions or conditions of this Agreement must be made in
writing and shall be effective only to the extent specifically set forth in such
writing. All remedies, either under this Agreement or by law or otherwise
afforded to the Holders, shall be cumulative and not alternative.

      2.7 SEVERABILITY. In case any provision of the Agreement shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby.

      2.8 TITLES AND SUBTITLES. The titles of the paragraphs and subparagraphs
of this Agreement are for convenience of reference only and are not to be
considered in construing or interpreting this Agreement.

      2.9 COUNTERPARTS; FACSIMILE SIGNATURES. This Agreement may be executed in
any number of counterparts, each of which shall be an original, but all of which
together shall constitute one instrument. This Agreement may be executed by
facsimile signatures.

                                       -14-

<PAGE>

      2.10 FURTHER ASSURANCES. The parties agree, from time to time and without
further consideration, to execute and deliver such further documents and take
such further actions as reasonably may be required to implement and effectuate
the transactions contemplated in this Agreement.

      2.11 NO THIRD-PARTY BENEFICIARIES. Other than as provided for herein, this
Agreement is intended to inure to the benefit of the Company and the Holders,
and no other Person shall have any rights, express or implied, by reason of this
Agreement.

                            [signature page follows]

                                       -15-

<PAGE>

      IN WITNESS WHEREOF, the Company and Delek Group have executed this
Agreement on the date first above written.

                                   DELEK US HOLDINGS, INC.

                                   By:    /s/  Ezra Uzi Yemin
                                      ------------------------------------
                                   Name:  Ezra Uzi Yemin
                                   Title: President and Chief Executive Officer

                                   By:    /s/  Tony McLarty
                                      ------------------------------------
                                   Name:  Tony McLarty
                                   Title: VP of Human Resources

                                   DELEK GROUP LTD.

                                   By:    /s/  Ronel Ben-Dov
                                      --------------------------------
                                   Name:  Ronel Ben-Dov
                                   Title: VP and CFO

                                   By:    /s/  Asaf Bartfeld
                                      ---------------------------------
                                   Name:  Asaf Bartfeld
                                   Title: CEO

                                      -16-

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