Document:

DK-10Q-EX 10.5 First Amendment to Third AR Omnibus Agreement-6.30.15

Exhibit 10.5

FIRST AMENDMENT
TO
THIRD AMENDED AND RESTATED OMNIBUS AGREEMENT
 
This First Amendment (this “Amendment”) to the Third Amended And Restated Omnibus Agreement (the “Omnibus Agreement”) is entered into on August 3, 2015, and effective as of, April 1, 2015 (the “Effective Date”), and is by and among Delek US Holdings, Inc., a Delaware corporation, on behalf of itself and the other Delek Entities (as defined in the Omnibus Agreement), Delek Refining, Ltd., a Texas Limited Partnership, Lion Oil Company, an Arkansas corporation, Delek Logistics Partners, LP, a Delaware limited partnership, Paline Pipeline Company, LLC, a Texas limited liability company, SALA Gathering Systems, LLC, a Texas limited liability company, Magnolia Pipeline Company, LLC, a Delaware limited liability company, El Dorado Pipeline Company, LLC, a Delaware limited liability company, Delek Crude Logistics, LLC, a Texas limited liability company, Delek Marketing-Big Sandy, LLC, a Texas limited liability company, Delek Marketing & Supply, LP, a Delaware limited partnership, DKL Transportation, LLC, a Delaware limited liability company, Delek Logistics Operating, LLC, a Delaware limited liability company, and Delek Logistics GP, LLC, a Delaware limited liability company. The above-named entities are sometimes referred to in this Amendment each as a “Party” and collectively as the “Parties.”  Capitalized terms used but not defined herein shall have the meaning given thereto in the Omnibus Agreement.
RECITALS
 
A.      The Parties entered into the Omnibus Agreement on, and effective as of March 31, 2015.
 
B.    The Parties desire to amend Section 5.1(b) of the Omnibus Agreement to remove the threshold of $1,000,000 for expenses required to be reimbursed by the Delek Entities if incurred by the Partnership Group for the clean up or repair of any condition caused by the failure of any Asset prior to November 7, 2017.

FOR GOOD AND VALUABLE CONSIDERATION, the receipt and sufficiency of which is hereby acknowledge, the Parties hereby agree as follows:
 
1.Omnibus Agreement Amendment. 
(a)    Section 5.1(b) of the Omnibus Agreement is hereby amended and restated in its entirety to read as follows:
“(b) expenses (including any fines and penalties) (net of insurance recoveries, if any) incurred by the Partnership Group for the clean up or repair of any condition caused by the failure of any Asset prior to November 7, 2017; provided, however, that the Delek Entities shall not be required to reimburse the Partnership Group for any expenses in excess of $20,000,000 per event;”

1

2.    Acknowledgement. Except as amended hereby, the Omnibus Agreement shall remain in full force and effect as previously executed, and the Parties hereby ratify the Omnibus Agreement as amended hereby. If a conflict between this Amendment and the Omnibus Agreement exists, the terms of this Amendment shall control.
3.    Choice of Law. This Amendment shall be subject to and governed by the laws of the State of Texas, excluding any conflicts-of-law rule or principle that might refer the construction or interpretation of this Amendment to the laws of another state.
4.    Counterparts. This Amendment may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and shall become effective when one or more counterparts have been signed by each of the Parties hereto and delivered (including by facsimile) to the other Parties.
5.    Severability. If any provision of this Amendment shall be held invalid or unenforceable by a court or regulatory body of competent jurisdiction, the remainder of this Amendment shall remain in full force and effect.
[Signature page follows.]

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IN WITNESS WHEREOF, the Parties have executed this Amendment as of the date first set forth above.
DELEK US HOLDINGS, INC. 
 
By: /s/ Avigal Soreq     
Name:  Avigal Soreq
Title:  Vice President
By: /s/ Kent B. Thomas     
Name:  Kent B. Thomas 
Title:  General Counsel
DELEK REFINING, LTD. 
 
By: DELEK U.S. REFINING G.P., LLC,  
     its general partner 
 
By: /s/ Avigal Soreq     
Name:  Avigal Soreq
Title:  Vice President
By: /s/ Kent B. Thomas     
Name:  Kent B. Thomas 
Title:  General Counsel
LION OIL COMPANY 
 
By: /s/ Avigal Soreq     
Name:  Avigal Soreq
Title:  Vice President
By: /s/ Kent B. Thomas     
Name:  Kent B. Thomas 
Title:  General Counsel

Signature Page 
First Amendment to Third Amended and Restated Omnibus Agreement

DELEK LOGISTICS PARTNERS, LP 
 
By:    Delek Logistics GP, LLC, 
    its general partner 
 
By: /s/ Assaf Ginzburg     
Name:  Assaf Ginzburg
Title: Executive Vice President 
By: /s/ H. Pete Daily     
Name:  H. Pete Daily
Title:  Executive Vice President
PALINE PIPELINE COMPANY, LLC  
 
By: /s/ Assaf Ginzburg     
Name:  Assaf Ginzburg
Title: Executive Vice President 
By: /s/ H. Pete Daily     
Name:  H. Pete Daily
Title:  Executive Vice President
SALA GATHERING SYSTEMS, LLC 
 
By: /s/ Assaf Ginzburg     
Name:  Assaf Ginzburg
Title: Executive Vice President 
By: /s/ H. Pete Daily     
Name:  H. Pete Daily
Title:  Executive Vice President

Signature Page 
First Amendment to Third Amended and Restated Omnibus Agreement

MAGNOLIA PIPELINE COMPANY, LLC 
 
By: /s/ Assaf Ginzburg     
Name:  Assaf Ginzburg
Title: Executive Vice President 
By: /s/ H. Pete Daily     
Name:  H. Pete Daily
Title:  Executive Vice President
EL DORADO PIPELINE COMPANY, LLC 
 
By: /s/ Assaf Ginzburg     
Name:  Assaf Ginzburg
Title: Executive Vice President 
By: /s/ H. Pete Daily     
Name:  H. Pete Daily
Title:  Executive Vice President
DELEK CRUDE LOGISTICS, LLC 
 
By: /s/ Assaf Ginzburg     
Name:  Assaf Ginzburg
Title: Executive Vice President 
By: /s/ H. Pete Daily     
Name:  H. Pete Daily
Title:  Executive Vice President

Signature Page 
First Amendment to Third Amended and Restated Omnibus Agreement

DELEK MARKETING-BIG SANDY, LLC 
 
By: /s/ Assaf Ginzburg     
Name:  Assaf Ginzburg
Title: Executive Vice President 
By: /s/ H. Pete Daily     
Name:  H. Pete Daily
Title:  Executive Vice President
DELEK MARKETING & SUPPLY, LP 
 
By:    Delek Marketing GP, LLC, 
    its general partner 
 
By: /s/ Assaf Ginzburg     
Name:  Assaf Ginzburg
Title: Executive Vice President 
By: /s/ H. Pete Daily     
Name:  H. Pete Daily
Title:  Executive Vice President
DKL TRANSPORTATION, LLC 
 
By: /s/ Assaf Ginzburg     
Name:  Assaf Ginzburg
Title: Executive Vice President 
By: /s/ H. Pete Daily     
Name:  H. Pete Daily
Title:  Executive Vice President

Signature Page 
First Amendment to Third Amended and Restated Omnibus Agreement

DELEK LOGISTICS OPERATING, LLC 
 
By: /s/ Assaf Ginzburg     
Name:  Assaf Ginzburg
Title: Executive Vice President 
By: /s/ H. Pete Daily     
Name:  H. Pete Daily
Title:  Executive Vice President

DELEK LOGISTICS GP, LLC 
 
By: /s/ Assaf Ginzburg     
Name:  Assaf Ginzburg
Title: Executive Vice President 
By: /s/ H. Pete Daily     
Name:  H. Pete Daily
Title:  Executive Vice President

Signature Page 
First Amendment to Third Amended and Restated Omnibus AgreementExhibit 10.3 2015.06.30

Exhibit 10.3 

LPL FINANCIAL HOLDINGS INC.
Non-Employee Director Compensation Policy
Annual Retainer
		
	•
	All non-employee directors receive an annual retainer of $195,000, which is paid in advance on the next business day following the Company’s annual meeting of stockholders (the “Annual Payment Date”).  Of this amount, $65,000 is paid in a lump sum in cash and $130,000 is paid in the form of restricted shares of the Company’s common stock (the “Common Stock”).

		
	•
	The restricted shares are issued under the Company’s Amended and Restated 2010 Omnibus Equity Incentive Plan (the “2010 Plan”) and vest in full on the first anniversary of the Annual Payment Date.  The number of restricted shares is determined by dividing $130,000 by the closing price per share of the Common Stock on The NASDAQ Stock Market on the Annual Payment Date (the “Grant Price”).

		
	•
	In lieu of the above cash payment, a non-employee director may make an election (an “Election”) to be issued, on the Annual Payment Date, a number of shares of the Common Stock under the 2010 Plan determined by dividing $65,000 by the Grant Price.  An Election must be delivered in writing (including electronic mail) prior to the Annual Payment Date during an open trading window under the Company’s insider trading policy.

Additional Service Retainers
		
	•
	Members of the standing committees of the Board of Directors receive annual service retainers in the following amounts, paid in cash in quarterly installments following the end of each quarter of service:

	
				
	 
	Chair
	 
	Each Other Member

	Audit Committee
	$20,000
	 
	$10,000

	Compensation and Human Resources Committee
	$15,000
	 
	$7,500

	Nominating and Governance Committee
	$10,000
	 
	$5,000

		
	•
	The Lead Director receives an annual service retainer of $25,000, paid in cash in quarterly installments following the end of each quarter of service.

Newly Elected Directors
Following a non-employee director’s initial election to the Board of Directors, he or she will receive a portion of the annual retainer (the “Pro-Rated Retainer”), payable on the first business day of the month immediately following such election (the “Election Payment Date”).
		
	•
	The cash portion of the Pro-Rated Retainer will be calculated by multiplying $65,000 by a fraction, the numerator of which is the number of full months between the Election Payment Date and the first anniversary of the most recent Annual Payment Date and the denominator of which is 12 (the “Cash Amount”).

		
	•
	The number of restricted shares to be issued will be determined by (i) multiplying $130,000 by a fraction, the numerator of which is the number of full months between the Election Payment Date and the first anniversary of the most recent Annual Payment Date and the denominator of which is 12, and (ii) dividing such product by the closing price per share of the Common Stock on The NASDAQ Stock Market on the Election Payment Date.  The restricted shares will be issued under the 2010 Plan and vest in full on the first anniversary of the most recent Annual Payment Date.

		
	•
	In lieu of the above cash payment, a non-employee director may make an election to be issued, on the Election Payment Date, a number of shares of Common Stock under the 2010 Plan determined by dividing the Cash Amount by the closing price per share of the Common Stock on The NASDAQ Stock Market on the Election Payment Date.  Such an election must be delivered in writing (including electronic mail) on or prior to the date of the director’s election to the Board of Directors.

Newly elected directors, and directors who are newly appointed to a committee, will also be entitled to pro-rated service retainers for any full month following his or her initial appointment to a committee of the Board of Directors.
In the discretion of the Board of Directors, the grant date of shares of Common Stock, including restricted shares, may be delayed until the next open trading window under the Company’s insider trading policy then in effect.

Effective as of May 12, 2015

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