Form 4: DKL EVP Sells Shares Under 10b5-1 Plan

Delek Logistics Partners Executive Vice President Reuven Spiegel sold 250 common units for $45.00 per unit under a pre-arranged 10b5-1 trading plan.

Summary

• Reuven Spiegel, Executive Vice President and Director of Delek Logistics Partners, LP (DKL), reported a sale of common units.
• The transaction involved the disposition of 250 common units.
• The sale occurred on October 6, 2025, at a price of $45.00 per unit.
• Following this transaction, Reuven Spiegel beneficially owns 24,712 common units directly.
• The sale was executed pursuant to a Rule 10b5-1 trading plan, which was adopted on March 6, 2025.

Sentiment

Score: 5

Explanation: A neutral event. An insider sale occurred, but it was pre-planned under a 10b5-1 plan, which mitigates negative interpretations. The amount is relatively small compared to total holdings.

Positives

• The transaction was conducted under a Rule 10b5-1 plan, indicating a pre-scheduled sale and reducing concerns about insider trading based on non-public information.

Negatives

• An insider sale, even if pre-planned, can sometimes be perceived negatively by the market, although the volume in this instance is relatively small.

Future Outlook

No forward-looking statements or guidance are provided in this Form 4 filing.

Management Comments

• The transaction for the sale of 250 shares at a price of $45.00/share was made pursuant to a 10b5-1 plan adopted on March 6, 2025, and is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Industry Context

This filing reports an individual insider transaction and does not directly relate to broader industry trends or competitive landscape analysis. It reflects an executive's personal portfolio management strategy.

Stakeholder Impact

• Shareholders may note the insider sale, but the context of a Rule 10b5-1 plan generally reduces concerns about the motivation behind the sale. The relatively small volume is unlikely to significantly impact market sentiment.

Key Dates

Recommendation

The filing reports a routine insider sale executed under a pre-established 10b5-1 plan. This type of transaction is generally not indicative of a change in the company's fundamental outlook or a lack of confidence from management, especially given the relatively small number of units sold compared to total holdings. Therefore, it does not provide a basis for a change in investment recommendation.

Keywords

Delek Logistics Partners, DKL, Reuven Spiegel, Insider Sale, Form 4, 10b5-1 Plan, Common Units, Executive Vice President, Director