SEC Contract Filing

Filing Date: 2022-05-05

Document Content:
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>5
<FILENAME>dk-ex105xsoreqexecutiveemp.htm
<DESCRIPTION>EX-10.5
<TEXT>
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<title>Document</title></head><body><div id="ic313e0318e114bdc95e4fecafc96d63f_1"></div><div style="min-height:72pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Exhibit 10.5</font></div></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%;text-decoration:underline">EXECUTIVE EMPLOYMENT AGREEMENT</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">This Executive Employment Agreement (the &#8220;Agreement&#8221;) is entered into by and between Avigal Soreq (the &#8220;Executive&#8221;) and DELEK US HOLDINGS, INC. (the &#8220;Company&#8221;), effective as of the date the Executive begins employment with the Company (the &#8220;Effective Date&#8221;), which date will occur in June 2022. The Executive and the Company, in return for the mutual promises set forth herein, agree as follows&#58;</font></div><div style="margin-bottom:12pt;padding-left:32.4pt;text-align:justify;text-indent:-32.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:23.4pt;text-decoration:underline">Term</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;padding-left:72pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt">Term. The term of this Agreement (the &#8220;Term&#8221;) shall commence upon the Effective Date and expire on </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">June 12, 2026 </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">unless terminated earlier as provided for herein.</font></div><div style="margin-bottom:12pt;padding-left:32.4pt;text-align:justify;text-indent:-32.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">2.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:23.4pt;text-decoration:underline">Scope of Employment.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> During the Term, the Company shall employ Executive and Executive shall render services to the Company as its President and Chief Executive Officer, Delek US Holdings and in such other capacities and positions as may be established by the Company from time to time. Executive will report to the Company&#8217;s Board of Directors (the &#8220;Board&#8221;). In addition, to the extent appointed by the board of directors of Delek Logistics GP, LLC, Executive will render services to Delek Logistics Partners, LP (&#8220;DKL&#8221;) as its President. During the Term, Executive may also serve as Chief Executive Officer of any subsidiary of the Company. Executive shall devote Executive&#8217;s full business time and best efforts to the successful functioning of the Company&#8217;s business and shall faithfully and industriously perform all duties pertaining to Executive&#8217;s position, including such additional duties as may be assigned from time to time, to the best of Executive&#8217;s ability, experience and talent&#59; provided, however, that Executive may engage in passive personal investments subject to the Company&#8217;s investment policies, Executive may pursue charitable or civic activities, participate in industry association and trade groups, and serve as an executor, trustee or in other similar fiduciary capacities&#59; provided that any such activities do not interfere with the performance of his responsibilities and obligations pursuant to this Agreement as determined in the discretion of the Board and subject to Executive&#8217;s reporting of such activities to the Board in the manner determined by the Company. In the event Executive desires to serve on the board of directors of any entity or otherwise serve in a fiduciary capacity with respect to any person, prior written approval of such service must be obtained from the Nominating and Corporate Governance Committee of the Company&#8217;s Board and such service may continue in the discretion of the Company&#8217;s Nominating and Corporate Governance Committee. Executive shall be subject at all times during the Term hereof to the direction and control of the Board in respect of the work to be done in his capacity as President and Chief Executive Officer.</font></div><div style="margin-bottom:12pt;padding-left:32.4pt;text-align:justify;text-indent:-32.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">3.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:23.4pt;text-decoration:underline">Compensation.</font></div><div style="margin-bottom:12pt;padd