Delek Logistics Partners, LP
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
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Item 11. Executive Compensation
All of our general partner's executive officers are employees of Delek Holdings. Neither we nor our general partner directly employ any of the executive officers responsible for managing our business.
Compensation Discussion and Analysis
This Compensation Discussion and Analysis (“CD&A”) discusses the principles underlying our general partner's compensation programs and the key executive compensation decisions that were made for 2025. It also explains the most important factors relevant to such decisions. This CD&A provides context and background for the compensation earned and awarded to the individuals named in the Summary Compensation Table below. Messrs. Soreq, Hobbs, Israel, Spiegel, and Wright are referred to collectively herein as our "named executive officers" or "NEOs".
Overview - Compensation Decisions and Allocation of Compensation Expenses
Under the terms of the Omnibus Agreement, we pay an annual administrative fee of $8.7 million per year to Delek Holdings for the provision of general and administrative services. The general and administrative services covered by the annual administrative fee include, without limitation, executive management services of Delek Holdings employees who devote less than 50% of their time to our business, financial and administrative services, information technology services, legal services, health, safety and environmental services, human resources services and insurance administration. No service covered by the administrative fee is assigned any particular value individually. Additionally, the Omnibus Agreement requires us to reimburse Delek Holdings directly for a proportionate amount of the salary and employee benefits costs of Delek Holdings employees who devote more than 50% of their time to our business and affairs.
Although our NEOs provide services to both Delek Holdings and us, no portion of the administrative fee is specifically allocated to services provided by our NEOs to us . Instead, the administrative fee covers all centralized services provided to us by our NEOs, and we have not reimbursed Delek Holdings for the cost of such services. Except for awards under the LTIP, Delek Holdings has the ultimate decision-making authority with respect to the compensation of our NEOs.
In July 2021, the Board established the Governance and Compensation Committee of the Board, which, among other responsibilities, oversees director and executive officer compensation for the Partnership. While the Governance and Compensation Committee does not establish the compensation paid to our NEOs, it does monitor the compensation program applicable to our NEOs.
Additionally, our Board believes it is important to promote the interests of the Partnership and the general partner by providing incentive compensation to employees of the Partnership's affiliates and others who perform services for us or on our behalf. Accordingly, pursuant to our Partnership Agreement, the general partner is allowed to and has adopted the LTIP. Due to the fact that several of the members of the Board perform services on our behalf in their roles as executive officers of Delek Holdings, the awards to these individuals under the LTIP are administered by the Conflicts Committee. The disinterested members of the Board may also grant awards and the Conflicts Committee may delegate, and has delegated in the past, to an executive officer of the general partner the authority to issue awards to non-Section 16 officers of the general partner.
Compensation Objectives and Philosophy
Because neither we nor our general partner directly employ any of our NEOs, and because our NEOs are compensated by Delek Holdings to manage our business and affairs, we did not provide traditional fixed or discretionary compensation (e.g. salary or bonus) to our NEOs in 2025. However, we believe that our NEOs should have an ongoing stake in our success, that their interests should be aligned with those of our unitholders and that the best interests of our unitholders will be most effectively advanced by enabling our NEOs, who are responsible for our management, growth and success, to receive compensation in the form of long-term incentive awards. Accordingly, our executive compensation program consists of a single element: long-term incentives in the form of awards under the LTIP, which was adopted in connection with our initial public offering and is administered by the Conflicts Committee. The Conflicts Committee’s decisions with respect to the amount of awards made under the LTIP to our NEOs are governed by the following objectives:
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to motivate and retain our general partner's key executives;
to align the long-term economic interests of our general partner's executives with those of our unitholders; and
to reward excellence and performance by our general partner's executives that increases the value of our units.
Awards may be made under the LTIP to officers, directors and employees of Delek Holdings, our general partner or its affiliates, as well as any consultants or other individuals who perform services for us. Phantom units have been the sole form of award under the LTIP to date, and these awards are accompanied by distribution equivalent rights that provide for a lump sum amount paid in cash on the vesting date that is equal to the accrued distributions from the grant date of the phantom units through the vesting date. In 2025 our executive officers received time-vesting phantom units under the LTIP.
Pursuant to the terms of the LTIP, upon the occurrence of an Exchange Transaction (as defined in the LTIP, and generally including a merger, consolidation, acquisition, reorganization or similar extraordinary transaction), the Board may, in its discretion, accelerate the vesting of the phantom units, adjust the terms of any outstanding phantom units, or, in the event of an Exchange Transaction in which our unitholders receive equity of another entity, provide for the conversion of the phantom units into comparable awards for such entity's equity. By providing the potential for immediate value to our NEOs in connection with an Exchange Transaction, this provision aligns our NEOs' interests with those of our unitholders and incentivizes our NEOs to work to maximize the value of our units in the event such a transaction was to occur. For additional detail regarding the amount of compensation our NEOs may be entitled to in the event of their termination or a change-in-control, see “—Potential Payments Upon Termination or Change-In-Control.”
Compensation Consultants
The Governance and Compensation Committee of the Board retained a compensation consultant with respect to compensation paid to our NEOs or to its non-employee directors in 2025.
Perquisites
Our general partner does not provide any fringe benefits or perquisites to our NEOs.
Unit Ownership Requirements
Our general partner does not have express unit ownership requirements.
Prohibition Against Speculative Transactions
Our general partner's Code of Business Conduct & Ethics, which applies to all executive officers and directors of our general partner, prohibits speculative transactions in our units such as short sales, puts, calls or other similar options to buy or sell our units in an effort to hedge certain economic risks or otherwise.
Guidelines for Trades by Insiders
We maintain policies that govern trading in our units by officers and directors required to report under Section 16 of the Exchange Act, as well as certain other employees who may have regular access to material non-public information about us. These policies include pre-approval requirements for all trades and periodic trading “black-out” periods designed with reference to our quarterly financial reporting schedule. We also require pre-approval of all trading plans adopted pursuant to Rule 10b5-1 promulgated under the Exchange Act. To mitigate the potential for abuse, no trades are allowed under a trading plan within 30 days after adoption. In addition, we discourage termination or amendment of trading plans by prohibiting trades under new or amended plans within 90 days following a plan termination or amendment.
Compensation Committee Report
The members of the Governance and Compensation Committee have reviewed and discussed the Compensation Discussion and Analysis required by Item 402(b) of Regulation S-K with management and, based on such review and discussions, the Governance and Compensation Committee recommended to the Board of our general partner that the Compensation Discussion and Analysis be included in this Annual Report on Form 10-K.
The members of the Governance and Compensation Committee have submitted this Governance and Compensation Committee Report to the Board of Directors as of February 27, 2026:
Ron W. Haddock (Chair)
Sherri A. Brillon
Charles J. Brown, III
Eric D. Gadd
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2025 Summary Compensation Table
The Summary Compensation Table below summarizes the compensation for the fiscal year ended December 31, 2025 (and the two prior fiscal years) for our general partner's president (Mr. Soreq), Executive Vice Presidents (Mr. Spiegel and Mr. Israel), principal financial officers (Mr. Hobbs (Delek Holdings) and Mr. Wright (Delek Logistics)).
| Name and Principal Position | Fiscal Year | Salary ($) | Bonus ($) | Unit Awards ($) (1) | Option Awards ($) | Non-Equity Incentive ($) | Other Compensation ($) | Total ($) |
|---|---|---|---|---|---|---|---|---|
| Avigal Soreq,President | 2025 | — | — | 2,249,948 | — | — | — | 2,249,948 |
| 2024 | — | — | 874,962 | — | — | — | 874,962 | |
| 2023 | — | — | 874,992 | — | — | — | 874,992 | |
| Reuven Spiegel,Executive Vice President | 2025 | — | — | 399,960 | — | — | — | 399,960 |
| 2024 | — | — | 274,967 | — | — | — | 274,967 | |
| 2023 | — | — | 274,953 | — | — | — | 274,953 | |
| Joseph IsraelExecutive Vice President | 2025 | — | — | 599,981 | — | — | — | 599,981 |
| 2024 | — | — | 249,995 | — | — | — | 249,995 | |
| 2023 | — | — | 249,977 | — | — | — | 249,977 | |
| Mark HobbsExecutive Vice PresidentChief Financial Officer (DK) | 2025 | — | — | 499,971 | — | — | — | 499,971 |
| 2024 | — | — | 174,961 | — | — | — | 174,961 | |
| 2023 | — | — | 174,998 | — | — | — | 174,998 | |
| Robert WrightExecutive Vice PresidentChief Financial Officer (DKL) | 2025 | — | — | 174,998 | — | — | — | 174,998 |
| 2024 | — | — | 87,461 | — | — | — | 87,461 | |
| 2023 | — | — | — | — | — | — | — |
(1)Amounts in this column represent the grant date fair value of DKL phantom units, with respect to all NEOs, granted under the 2016 Plan or the LTIP, as applicable. The fair value of DK PSUs is calculated using a Monte-Carlo simulation model, which assumes a risk-free rate of interest range of 3.66% - 4.10% , an expected term range of 0.15 years - 2.81 years and expected volatility range of 37.85% - 48.15%. Assumptions used in the calculation of these amounts for the 2025 fiscal year are included in Note 21 to the audited financial statements of Delek Holdings for the 2025 fiscal year included in Delek Holdings’ Annual Report on Form 10-K filed with the SEC on or about February 27, 2026. The fair value of DK RSUs and DKL phantom units is calculated using the closing price of Delek Holdings’ Common Stock and our common limited partner units, respectively, on the date of the grant.
Grants of Plan Based Awards in 2025
The following table provides information regarding plan-based awards granted to our NEOs during fiscal year 2025:
| Estimated Future Payouts Under Equity Incentive Plan Awards (Units) · All Other Stock Awards (Units) (2) · Grant Date Fair Value of Units and Option Awards (1) | |||||
|---|---|---|---|---|---|
| Name · Grant Date · Threshold · Target · Maximum | |||||
| Avigal Soreq | 3/10/2025 | 27,784 | $1,124,974 | ||
| 3/10/2025 | 2,778 | 5,556 | 11,112 | $224,962 | |
| 3/10/2025 | 2,779 | 5,557 | 11,114 | $225,003 | |
| 3/10/2025 | 2,779 | 5,557 | 11,114 | $225,003 | |
| 3/10/2025 | 5,557 | 11,114 | 22,228 | $450,006 | |
| Reuven Spiegel | 3/10/2025 | 9,878 | $399,960 | ||
| Joseph Israel | 3/10/2025 | 7,409 | $299,990 | ||
| 3/10/2025 | 741 | 1,481 | 2,962 | $59,966 | |
| 3/10/2025 | 741 | 1,482 | 2,964 | $60,006 | |
| 3/10/2025 | 741 | 1,482 | 2,964 | $60,006 | |
| 3/10/2025 | 1,482 | 2,964 | 5,928 | $120,012 | |
| Mark Hobbs | 3/10/2025 | 6,174 | $249,985 | ||
| 3/10/2025 | 617 | 1,234 | 2,468 | $49,965 | |
| 3/10/2025 | 618 | 1,235 | 2,470 | $50,005 | |
| 3/10/2025 | 618 | 1,235 | 2,470 | $50,005 | |
| 3/10/2025 | 1,235 | 2,470 | 4,940 | $100,010 | |
| Robert Wright | 3/10/2025 | 2,161 | $87,499 | ||
| 3/10/2025 | 1,081 | 2,161 | 4,322 | $87,499 | |
(1) The amounts in this column reflect the aggregate grant date fair value computed in accordance with FASB ASC Topic 718 for financial statement reporting purposes over the expected term of the grant. Assumptions used in the calculation of these amounts for the 2025 fiscal year are included in Note 21 to the audited financial statements of Delek Holdings for the 2025 fiscal year included in Delek Holdings’ Annual Report on Form 10-K filed with the SEC on or about February 27, 2026. Because the fair value of PSUs is calculated differently than the fair value of RSUs, the grant date fair values for PSUs and RSUs covering identical quantities of shares may differ.
(2) The amounts in this column reflect the Partnership's common units to be issued upon the vesting of RSUs granted under the Partnership's 2012 Long-Term Incentive Plan. The RSUs vest quarterly for three years, pro rata.
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Outstanding Equity Awards at December 31, 2025
The following table provides information regarding the number of outstanding equity awards held by our NEOs at December 31, 2025.
| Option Awards · Unit Awards | ||||||
|---|---|---|---|---|---|---|
| Name | Number of Securities Underlying Unexercised Options Exercisable | Number of Securities Underlying Unexercised Options Unexercisable | Option Exercise Price | Option Expiration Date | Number of Units That Have Not Vested | Market Value of Units That Have Not Vested |
| Avigal Soreq | — | — | n/a | n/a | 59,361 | $2,648,688 |
| Joseph Israel | — | — | n/a | n/a | 15,559 | $694,243 |
| Mark Hobbs | — | — | n/a | n/a | 12,953 | $577,963 |
| Robert Wright | — | — | n/a | n/a | 3,096 | $138,144 |
Option Exercises and Stock Vested in 2025
The following table provides information about the vesting of phantom units for our NEOs during fiscal year 2025.
| Option Awards · Stock Awards | ||||
|---|---|---|---|---|
| Name | Number of Shares Acquired on Exercise | Value Realized on Exercise | Number of Shares Acquired on Vesting | Value Realized on Vesting |
| Avigal Soreq | — | $— | 21,596 | $935,832 |
| Reuven Spiegel | — | $— | 9,878 | $430,064 |
| Joseph Israel | — | $— | 6,614 | $288,459 |
| Mark Hobbs | — | $— | 4,163 | $181,112 |
| Robert Wright | — | $— | 2,905 | $128,180 |
Potential Payments Upon Termination or Change-In-Control
The following table discloses the estimated payments and benefits that would be provided by us to each of our NEOs, assuming that each of the triggering events relating to termination of employment or change in control described in their respective employment agreements with Delek Holdings and the LTIP took place on December 31, 2025 and their last day of employment with our general partner or its affiliates was December 31, 2025. Due to a number of factors that affect the nature and amount of any benefits provided upon the events discussed below, actual amounts paid or distributed may differ. Factors that could affect these amounts include the timing during the year of such event and our stock price.
| Name | Termination of Employment | Change-In-Control |
|---|---|---|
| Avigal Soreq | $— | $— |
| Reuven Spiegel | $— | $— |
| Joseph Israel | $— | $— |
| Mark Hobbs | $— | $— |
| Robert Wright | $— | $— |
2012 Long-Term Incentive Plan
Under the terms of the LTIP and the applicable awards, phantom units that have not vested at the time the participant’s employment with our general partner or its affiliates terminates will generally be immediately forfeited, unless the Board determines otherwise. In the event of an Exchange Transaction, defined generally under the LTIP to include a merger, consolidation, acquisition or disposition of stock, separation, reorganization, liquidation or other similar event or transaction designated by the Board in which our unitholders receive cash, stock or other property in exchange for or in connection with their units, our NEOs may be entitled, at the discretion of the Board, to the accelerated vesting of phantom units awarded under the LTIP. The LTIP and applicable awards provide that the Board may, in its discretion,(i) accelerate the vesting of the phantom units,(ii) make other adjustments to the terms of the phantom units, or(iii) in the event the Exchange Transaction involves the receipt of equity of another entity in exchange for units, convert the phantom units into comparable awards relating to such entity's equity.
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Compensation of Directors in 2025
Officers and employees of Delek Holdings or its subsidiaries do not receive additional compensation for services on the Board or its committees. The compensation framework for the Board's other directors during 2025 (Messrs. Brown, Gadd, Green and Haddock and Mses. Brillon and Kelly) (the "Compensated Directors") was determined by the Board. In setting compensation for the Compensated Directors, the Board considers various factors and objectives, including aligning the interests of Compensated Directors with the interests of unitholders and attracting and retaining qualified directors to serve on the Board. From time to time, the Board also engages an independent compensation consultant to provide an analysis of compensation paid to directors of entities considered by the Board to be peers of the Partnership at the time.
In November 2022, the Board voted to approve a new compensation structure for non-employee directors, which was effective for fiscal year 2025. This compensation includes a cash retainer for services on the Board and its Committees (and a lead director fee), payable quarterly, and an annual equity award of phantom units under the LTIP that vests semi-annually over a one-year period. The following table shows our non-employee director compensation for 2025, the cash portions of which is paid ratably each quarter:
| Board of Directors Retainer (Per Year) | $85,000 |
|---|---|
| Lead Director Fee (Per Year) | $15,000 |
| Target Value for Equity Awards (Per Year) | $120,000 |
| Committee Retainers (Per Year): | Chair |
|---|---|
| Audit Committee | $10,000 |
| Conflicts Committee | $7,500 |
| EHS Committee | $5,000 |
| Technology Committee | $5,000 |
| Governance and Compensation Committee | $7,500 |
In addition, each director is reimbursed for out-of-pocket expenses in connection with attending meetings of the Board and committee meetings. Each director is fully indemnified by us for actions associated with being a director to the fullest extent permitted under Delaware law pursuant to our Partnership Agreement.
The following table sets forth a summary of the compensation we paid to the Compensated Directors for service during 2025.
| Director Compensation | |||||
|---|---|---|---|---|---|
| Name (1) | Fees Earned or Paid in Cash ($) (2) | Stock Awards ($) (3) | Option Awards ($) | All Other Compensation ($) | Total ($) |
| Sherri A. Brillon | 112,500 | 129,966 | — | — | 242,466 |
| Charles J. Brown, III | 107,500 | 129,966 | — | — | 237,466 |
| Eric D. Gadd | 103,750 | 129,966 | — | — | 233,716 |
| Frederec C. Green | 95,000 | 129,966 | — | — | 224,966 |
| Ron W. Haddock | 130,000 | 129,966 | — | — | 259,966 |
| Gennifer Kelly | 103,750 | 129,966 | — | — | 233,716 |
| Ezra Yemin | 95,000 | 129,966 | — | — | 224,966 |
(1) Because they are officers and employees of Delek Holdings or its subsidiaries, Messrs. Soreq and Spiegel do not receive any compensation for their service as directors.
(2)This column reports the amount of cash compensation earned in 2025 for Board and committee service and the Lead Director Fee.
(3) Amounts in this column represent the aggregate grant date fair value computed in accordance with FASB ASC Topic 718 for financial statement reporting purposes. Assumptions used in the calculation of these amounts for the 2025 fiscal year are included in Note 21 to the audited financial statements of Delek Holdings for the 2025 fiscal year included in Delek Holdings’ Annual Report on Form 10-K filed with the SEC on or about February 27, 2026. The grant date fair value of $42.57 per unit is equal to the NYSE closing price of our common units as of June 10, 2025. Each of Messrs. Brown, Gadd, Haddock, Yemin and Green and Mses. Kelly and Brillon held 3,053 outstanding phantom units at December 31, 2025.
Compensation Committee Interlocks and Insider Participation
Messrs. Brown, Gadd and Haddock and Ms. Brillon served on the Governance and Compensation Committee during 2025, and Messrs. Soreq and Spiegel, as well as the Board, assisted the committee with respect to compensation matters. There are no interlocking relationships requiring disclosure pursuant to Item 407(e)(4)(iii) of Regulation S-K.
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Principal Executive Officer Pay Ratio
As discussed above, as a master limited partnership, we have no employees. Rather, all of the employees that conduct our business are employed by our general partner and its non-Partnership affiliates. Moreover, as disclosed above, we did not pay any compensation amounts to our principal executive officer in 2025. As a result, we are unable to provide an estimate of the relationship of the median of the annual total compensation of employees that conduct our business and the annual total compensation of our principal executive officer.
We expect the principal executive officer pay ratio disclosure with respect to employees of Delek Holdings, including our NEOs, to be set forth in Delek Holdings’ annual proxy statement.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.