Delek Logistics boosts incentive plan by 1M units
Delek Logistics Partners amended its long-term incentive plan to add 1,000,000 Common Units, increasing the maximum available under the LTIP to 1,912,207 Common Units.
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Rhea-AI Filing Summary
Delek Logistics Partners amended its long-term incentive plan to add 1,000,000 Common Units, increasing the maximum available under the LTIP to 1,912,207 Common Units. The General Partner’s board approved the First Amendment on February 17, 2025, and the Majority Unitholders approved the Amendment by written consent on June 5, 2026, so no unitholder vote was solicited.
The LTIP continues to permit awards including Common Units, restricted units, phantom units, options, unit appreciation rights, and distribution equivalent rights and remains administered by the Conflicts Committee. The information statement notes 53,512,343 Common Units outstanding as of February 20, 2026 and that the Majority Unitholders held 33,868,203 Common Units as of that date.
Insights
Amendment increases LTIP reserve by 1,000,000 units to 1,912,207 units.
The Amendment, effective February 17, 2025, raises the LTIP unit reserve by 1,000,000 Common Units, as reflected in the First Amendment. The Conflicts Committee retains broad discretion over grant terms, vesting, and adjustments including cashless exercises and transfer limitations.
The change was approved by majority written consent on June 5, 2026. Future grant pacing and the Committee’s grant decisions will determine actual dilution; those grant decisions are not disclosed in this excerpt.
Majority unitholders approved the LTIP increase via written consent; no special meeting required.
The information statement states that the Majority Unitholders, holding 33,868,203 Common Units of 53,512,343 Common Units outstanding as of February 20, 2026, provided written consent, satisfying the Partnership Agreement voting threshold. The statement clarifies no other unitholder votes were solicited.
Board and Conflicts Committee retain amendment power; the document discloses plan mechanics including Section 409A compliance and adjustment provisions relevant in M&A scenarios.
Key Figures
Key Terms
Phantom Units financial
Unit Appreciation Rights financial
Distribution Equivalent Rights financial
Section 409A regulatory
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