DELEK LOGISTICS PARTNERS, LP (NYSE:DKL) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 (c) (e). Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 1, 2017, Alan P. Moret was appointed as Executive Vice President of Delek Logistics GP, LLC (the “Company”), the general partner of Delek Logistics Partners, LP, effective on that date. Previously, Mr. Moret, 63, served as Interim Chief Executive Officer of Alon USA Energy, Inc. (“Alon”) from January 2017 to June 30, 2017 and as Senior Vice President of Supply at Alon since 2008. Mr. Moret joined Alon in August 2006 in connection with Alon’s acquisition of Paramount Petroleum Corporation, where he served as President from November 2001 to August 2006. Prior to joining Paramount Petroleum, Mr. Moret held various positions with Atlantic Richfield Company, most recently as President of ARCO Crude Trading, Inc. and served as President of ARCO Seaway Pipeline Company from 1997 to 1998.
In connection with the foregoing, the Company, Mr. Moret and Delek US Holdings, Inc. (“Delek”) entered into a Second Amendment, dated as of July 1, 2017 (the “Second Amendment”), to Mr. Moret’s Amended and Restated Employment Agreement with Alon, which was effective May 7, 2015 (the “Prior Agreement”). The Second Amendment provides for Mr. Moret’s employment, as Executive Vice President, for a term commencing on July 1, 2017 and ending on January 2, 2018, or such later end date as mutually agreed by the parties; that Mr. Moret shall be paid a base salary of no less than $376,100 per year, and that Mr. Moret is eligible to earn an annual bonus under the Delek Annual Incentive Plan of no less, on a percentage of annual salary basis, than any other similarly situated Delek officer. In addition, the Second Amendment preserves Mr. Moret’s right to the benefits to which Mr. Moret was entitled in the event of a termination without cause under the Prior Agreement as a result of the merger, effective July 1, 2017, between Delek and Alon.
The foregoing description of the Second Amendment is only a summary, does not purport to be complete and is qualified in its entirety by reference to the Second Amendment, which is filed as Exhibit 10.1 to this Current Report on Form 8-K, and is incorporated herein by reference.
Item 9.01.Financial Statements and Exhibits.
(a)Financial statements of businesses acquired.
Not applicable.
(b)Pro forma financial information.
Not applicable.
(c)Shell company transactions.
Not applicable.
(d)Exhibits.
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10.1 |
Second Amendment, dated as of July 1, 2017, entered into by and among Alon USA GP, LLC, Alan P. Moret and Delek US Holdings, Inc., to the Amended and Restated Employment Agreement with Alon USA Energy, Inc., effective May 7, 2015. |
Delek Logistics Partners, LP ExhibitEX-10.1 2 ex101-alanmoretagreement.htm MORET EMPLOYMENT AGREEMENT Exhibit SECOND AMENDMENT TO THE AMENDED AND RESTATED EMPLOYMENT AGREEMENTThis Second Amendment to the Amended and Restated Employment Agreement referred to below (this “Amendment”),…To view the full exhibit click here
About DELEK LOGISTICS PARTNERS, LP (NYSE:DKL)
Delek Logistics Partners, LP owns and operates logistics and marketing assets for crude oil, and intermediate and refined products. The Company’s business primarily consists of certain crude oil, intermediate and refined products pipelines and transportation, storage, wholesale marketing, terminaling and offloading assets, which were previously owned, operated or held by Delek US Holdings, Inc. (Delek), and assets acquired from unrelated third parties. The Company operates through two segments: Pipelines and Transportation segment, and Wholesale Marketing and Terminalling segment. The Company engaged in the gathering, transporting and storing crude oil; storing intermediate products and feed stocks, and marketing, distributing, transporting and storing refined products. The Company also provides crude oil, intermediate and refined products transportation services for terminaling, and marketing services to third parties primarily in Texas, Tennessee and Arkansas.