Document:

Exhibit

Exhibit 10.4

AMENDMENT 
TO
THROUGHPUT AND TANKAGE AGREEMENT

This Amendment to Throughput and Tankage Agreement (this “Amendment”) is entered into as of July 22, 2016, but effective as of February 11, 2014, by and between Lion Oil Company, an Arkansas corporation (“Lion”), and Delek Logistics Operating, LLC, a Delaware limited liability company (“Logistics”). Lion and Logistics are hereinafter sometimes referred to individually as a “Party” and collectively as the “Parties.”

W I T N E S S E T H:

WHEREAS, Lion and Logistics are parties to that certain Throughput and Tankage Agreement (El Dorado Terminal and Tankage) dated as of February 10, 2014 (the “Throughput Agreement”); 

WHEREAS, the Throughput Agreement contained a provision that adjusted the fees paid under the Throughput Agreement based on the difference between the Assumed OPEX and Logistics’ operating expenses associated with its operation of the Terminal and Tankage (the “Assumed OPEX True-Up”);

WHEREAS, the Parties intention and expectation was for the Assumed OPEX True-Up to be cash-flow neutral; 

WHEREAS, given the actual operating circumstances since the signing of the Throughput Agreement, the Parties feel the fee structure currently set forth in the Throughput Agreement, without giving effect to the Assumed OPEX True-Up, remains appropriate; and

WHEREAS, Lion and Logistics now desire to amend the Throughput Agreement in certain respects, as provided in this Amendment;

NOW, THEREFORE, for and in consideration of the mutual covenants, agreements, obligations and benefits made and contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree as follows: 

1.Definitions. Capitalized terms used herein without definition shall have the meanings assigned to such terms in the Throughput Agreement. 

2.Amendment.  The Parties hereto agree that the Throughput Agreement is hereby amended as follows:

(a)    The defined term “Assumed OPEX” is deleted.

(b)    Section 2(f)(ii) of the Throughput Agreement is hereby amended in its entirety to read as follows:

“[Reserved].”    

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3.    Ratification.  Except as amended or modified by Section 2 of this Amendment, the Throughput Agreement is hereby ratified by each of the Parties hereto and shall remain in full force and effect in accordance with its terms.

4.    Counterparts.  This Amendment may be executed in one or more counterparts (including by facsimile or portable document format (pdf)) for the convenience of the Parties hereto, each of which counterparts will be deemed an original, but all of which counterparts together will constitute one and the same agreement.

[Remainder of Page Intentionally Blank; Signature Page Follows]

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Exhibit 10.4

IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first written above.

LION OIL COMPANY

By:     /S/ H. Pete Daily            
Name:     H. Pete Daily                
Title:    Executive Vice President        

By:     /S/ Danny C. Norris            
Name:     Danny C. Norris            
Title:    Vice President                

DELEK LOGISTICS OPERATING, LLC

By:     /S/ Mark D. Smith            
Name:     Mark D. Smith            
Title:    Executive Vice President        

By:     /S/ Paul Stone                
Name:     Paul Stone                
Title:    Vice President                

[Signature Page to Amendment to Throughput and Tankage Agreement]Exhibit

Exhibit 10.5
GENERAL TERMS AND CONDITIONS FOR
RESTRICTED STOCK UNIT AWARDS UNDER THE
DELEK US HOLDINGS, INC. 2016 LONG-TERM INCENTIVE PLAN

Unless otherwise provided in a separate agreement between you and Delek US Holdings, Inc. (the “Company”), the following terms and conditions apply to your award of restricted stock units (“RSUs”) under the Delek US Holdings, Inc. 2016 Long-Term Incentive Plan (the “Plan”).  The RSU award is made with respect to shares of the Company’s Common Stock, $0.01 par value (the “Common Stock”), upon the terms and conditions set forth herein and the Plan.  Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Plan.

1.Award.  The Company hereby grants, and you accept, an award of RSUs pursuant to the Plan.  RSUs constitute an unfunded and unsecured promise of the Company to deliver to you, subject to the satisfaction of vesting conditions and the other terms and conditions of this Agreement and the Plan, that number of shares of Common Stock referenced by the RSUs.  Until such delivery, you shall have the rights of a general unsecured creditor of the Company with respect to the RSUs and shall not have any rights as a stockholder of the Company.

2.     Vesting.  All vesting is subject to your continuous employment or other service with the Company or its affiliates through each applicable vesting date.  You will forfeit the unvested portion of the RSUs upon the termination of your employment or other service with the Company or its affiliates.

3.    Issuance / Delivery of Shares.  Except as otherwise provided herein, a stock certificate registered in your name representing the shares of Common Stock referenced by the vested portion of the RSUs shall be issued and delivered to you promptly following the vesting date.  You shall have no right to receive any dividend or distribution with respect to such shares if the record date for such dividend or distribution is prior to the vesting date of the RSUs.

4.    Dividend Equivalents.  You shall be credited with dividend equivalents for any cash dividends paid on the number of shares of Common Stock covered by the RSUs as a cash deferral which deferral shall be settled in cash upon vesting of the related RSUs, subject to the same terms and conditions as such RSUs.

5.     Withholding / Consents.  The delivery of shares of Common Stock represented by RSUs is conditioned on your satisfaction of any applicable withholding taxes in accordance with the Plan and any other agreement(s) between you and the Company.  Your rights in respect of the RSUs are conditioned on the receipt to the full satisfaction of the Company of any required consents that the Company may determine to be necessary or advisable, including, without limitation, consents to deductions from wages or other arrangements satisfactory to the Company.

6.    Nontransferability.  You may not pledge, hypothecate or otherwise encumber the RSUs or subject them to any lien, obligation or liability of yours to any party (other than the Company or an affiliate thereof), or assign or transfer (collectively, “Transfer”) by you other than by will or the laws of descent and distribution or to a beneficiary upon your death.  Any attempt by you or any other person claiming against, through or under you to cause the RSUs or any part of it to 

 
be Transferred in any manner and for any purpose shall be null and void and without effect upon the Company, you or any other person.

7.    Compliance with Law / Transfer Orders / Legends.  The Company will not be obligated to issue or deliver shares of Common Stock pursuant to this award unless the issuance and delivery of such shares complies with applicable law, including, without limitation, the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the requirements of any stock exchange or market upon which the Common Stock may then be listed, and shall be further subject to the approval of counsel for the Company with respect to such compliance.  All certificates for shares of Common Stock delivered pursuant to this award shall be subject to such stock-transfer orders and other restrictions as the Company may deem advisable under the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange or market upon which the Common Stock may then be listed, and any applicable federal or state securities law.  The Company may cause a legend or legends to be placed on any such certificates to make appropriate reference to such restrictions.

8.    No Employment or Other Rights.  Nothing contained in the Plan or this award shall confer any right upon you with respect to the continuation of your employment or other service with the Company or its affiliates or interfere in any way with the right of the Company and its affiliates at any time to terminate such employment or other service or to increase or decrease, or otherwise adjust, the other terms and conditions of your employment or other service.

9.    Provisions of the Plan / Electronic Delivery.  The provisions of the Plan shall govern if and to the extent that there are inconsistencies between those provisions and the provisions hereof.  As a participant in the Plan, you are entitled to receive certain information regarding the Plan and its operations and such information is available to you electronically at www.benefitsonline.com.  You may receive a paper copy of this information at no cost to you if you contact the Company by telephone at (615) 771-6701 or by regular United States mail at 7102 Commerce Way, Brentwood, Tennessee 37027.  By accepting this award, you hereby consent to the electronic delivery of the Plan to you as set forth herein and acknowledge receipt of a copy of the Plan prior to your acceptance of this award.

10.    Miscellaneous.  These terms shall be binding upon and shall inure to the benefit of you and the Company and our respective successors and permitted assigns.  These terms shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to its principles of conflicts of law.

Restricted Stock Unit Agreement • Delek US Holdings, Inc. • 2016 Long-Term Incentive Plan • Page 1 of 1Exhibit

Exhibit 10.6
GENERAL TERMS AND CONDITIONS FOR
STOCK APPRECIATION RIGHTS AWARDS UNDER THE
DELEK US HOLDINGS, INC. 2016 LONG-TERM INCENTIVE PLAN

Delek US Holdings, Inc. (the “Company”) hereby grants, and you accept, an award of stock-settled stock appreciation rights (“SARs”) under the Company’s 2016 Long-Term Incentive Plan (the “Plan”).  Unless otherwise provided in a separate agreement between you and the Company, the following terms and conditions apply to your award of SARs.  The SAR award is made with respect to shares of the Company’s Common Stock, $0.01 par value (the “Common Stock”), upon the terms and conditions set forth herein and the Plan.  Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Plan.

1.Base Price.  The base price of the SARs is the fair market value of Common Stock (the “FMV”) on the date the SAR was granted (the “Grant Date”).  For purposes of establishing the base price of the SARs, the FMV shall be the New York Stock Exchange (“NYSE”) closing price of our Common Stock on the Grant Date (or the last previous NYSE closing price if the Grant Date occurs on a day when the NYSE is not open for trading).

2.    Vesting / Term.  All vesting is conditioned upon your continuous employment or other service with the Company or its affiliates through the applicable vesting dates.  The term of the SARs shall be for a period of ten years from the Grant Date, subject to earlier termination as provided herein and the Plan.

3.    Termination of Employment or Other Service.

(a)    Death / Disability.  If your employment or other service with the Company or its affiliates is terminated due to your death or Disability (unless the Company determines that such death or Disability occurs as a result of conduct that constitutes Cause), then: (i) that portion of the SARs, if any, that is not vested and exercisable on the date of your termination of employment or other service shall automatically become exercisable and (ii) the SARs shall remain exercisable by you (or, in the event of death, your beneficiary) during the one year period following the date of termination but in no event after expiration of the stated term hereof and, to the extent not exercised during such period, shall thereupon terminate.

(b)    Termination for Cause.  If your employment or other service is terminated by the Company or its affiliates for Cause, then the SAR (whether or not then vested and exercisable) shall immediately terminate and cease to be exercisable.  For purposes hereof, “Cause” shall have the meaning ascribed to such term in any employment agreement between you and the Company or, if there is no employment agreement or such term is not defined in the employment agreement, then, for the purposes hereof, the term “Cause” shall have the meaning ascribed to it in the Plan.

(c)    Other Termination.  If your employment or other service with the Company or its affiliates is terminated for any reason other than those set forth in Section 3(a) or 3(b) above, then: (i) that portion of the SARs, if any, that is vested and exercisable on the date of termination shall remain exercisable by you during the 30 calendar day period following the date of termination but in no event after expiration of the stated term hereof and, to the extent not exercised during such period, shall thereupon terminate, and (ii) that portion of the SARs, if any, that is not vested and exercisable on the date of termination shall thereupon terminate.

4.    Exercise / Payment.

(a)Subject to the provisions hereof and the Plan, upon the exercise of an SAR hereunder, you (or your beneficiary, as the case may be) shall be entitled to receive, in the Company’s sole discretion, cash and/or a number of whole shares having a FMV equal to the product of X and Y, where:

		
	X =
	the number of whole SAR shares being exercised, and

		
	Y =
	the excess of (i) the FMV on the date of exercise over (ii) the base price per share with respect to the SARs being exercised.

(b)    You may exercise SARs that are vested and exercisable hereunder by delivering to the Secretary of the Company (i) a written notice of such exercise specifying the number of shares of Common Stock covered by such exercise, and (ii) payment in full of the withholding taxes due in connection with the exercise, unless other arrangements satisfactory to the Company are made for the satisfaction of such payment.

(c)    Upon the exercise of an SAR hereunder, the applicable tax withholding obligation may be paid (i) in cash or by check (including the withholding of cash sufficient to cover the withholding obligation from the proceeds of a cash settlement of the SARs); (ii) at the discretion of the Compensation Committee of the 

 
Company’s Board of Directors (the “Committee”), by (A) the delivery of previously-owned shares of Common Stock, (B) means of a cashless exercise procedure in connection with a stock settlement (including, without limitation, the withholding of shares from the settlement or through a broker-assisted cashless exercise), (C) any other legal means that may be acceptable to the Committee, or (D) by a combination of the foregoing; or (iii) at the discretion of the Committee, in any combination of the above.

5.    Rights as Stockholder.  If and to the extent SARs are settled in shares of Common Stock, no such shares shall be issued until the applicable tax withholding obligation is fully satisfied.  You have no rights as a stockholder with respect to any shares covered by SARs unless, until and except to the extent that such shares are issued to you.

6.    Nontransferability.  You may not pledge, hypothecate or otherwise encumber the SARs or subject them to any of your liens, obligations or liabilities to any party (other than the Company or an affiliate thereof), or assigned or transferred (collectively, “Transferred”) by you other than by will or the laws of descent and distribution or to a beneficiary upon your death, and the SAR may be exercised during your lifetime only by you or your guardian or legal representative.  Any attempt by you or any other person claiming against, through or under you to cause the SAR or any part of it to be Transferred in any manner and for any purpose shall be null and void and without effect upon the Company, you or any other person.

7.    Compliance With Law / Transfer Orders / Legends.  If and to the extent the SARs are settled in the form of shares of Common Stock, the Company will not be obligated to issue or deliver such shares unless the issuance and delivery of such shares complies with applicable law, including, without limitation, the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the requirements of any stock exchange or market upon which the Common Stock may then be listed, and shall be further subject to the approval of counsel for the Company with respect to such compliance.  All certificates for shares of Common Stock delivered under the SARs shall be subject to such stock-transfer orders and other restrictions as the Company may deem advisable under the rules, regulations, and other requirements of the United States Securities and Exchange Commission, any stock exchange or market upon which the Common Stock may then be listed, and any applicable federal or state securities law.  The Company may cause a legend or legends to be placed on any such certificates to make appropriate reference to such restrictions.

8.    No Employment or Other Rights.  Nothing contained in these terms or in the Plan shall confer upon you any right with respect to the continuation of your employment or other service with the Company or its affiliates or interfere in any way with the right of the Company and its affiliates at any time to terminate your employment or other service or to modify the terms and conditions of your employment or other service.

9.    Provisions of the Plan / Electronic Delivery.  The provisions of the Plan shall govern if and to the extent that there are inconsistencies between those provisions and the provisions hereof.  As a participant in the Plan, you are entitled to receive certain information regarding the Plan and its operations and such information is available to you electronically at www.benefitsonline.com.  You may receive a paper copy of this information at no cost to you if you contact the Company by telephone at (615) 771-6701 or by regular United States mail at 7102 Commerce Way, Brentwood, Tennessee 37027.  By accepting this award, you hereby consent to the electronic delivery of the Plan to you as set forth herein and acknowledge receipt of a copy of the Plan prior to your acceptance of this award.

10.    Miscellaneous.  These terms and conditions shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns.  These terms and conditions shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to its principles of conflicts of law.  These terms and conditions constitute the entire agreement between the parties with respect to the subject matter hereof and, except as otherwise provided in the Plan, may not be modified other than by written instrument executed by the parties.

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