Form 4: Delek US Holdings EVP Sells Shares Under 10b5-1 Plan

Delek US Holdings' EVP of Special Projects, Reuven Spiegel, sold 27,000 shares of common stock in two transactions under a pre-arranged 10b5-1 trading plan.

Summary

• Reuven Spiegel, Executive Vice President of Special Projects at Delek US Holdings, Inc. (DK), reported the sale of 27,000 shares of the company's common stock.
• The transactions occurred on November 11, 2025.
• The first sale involved 17,000 shares at a weighted average price of $41.42 per share, with individual sale prices ranging from $41.39 to $41.59.
• The second sale involved 10,000 shares at a weighted average price of $41.25 per share, with individual sale prices ranging from $41.16 to $41.37.
• Following these sales, Reuven Spiegel's direct beneficial ownership of Delek US Holdings common stock stands at 23,020 shares.
• Both sales were executed pursuant to a Rule 10b5-1 trading plan, which was initially adopted on March 6, 2025, and subsequently amended on August 13, 2025.

Sentiment

Score: 4

Explanation: An executive's sale of a significant number of shares, even under a pre-arranged 10b5-1 plan, can be perceived as a mild negative signal regarding management's long-term conviction in the stock, though the pre-planned nature reduces the immediate bearish implication.

Negatives

• An executive selling a significant number of shares (27,000 shares) could be perceived negatively by the market, even if pre-planned.
• The total value of shares sold across both transactions is approximately $1,117,000.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders: May interpret the insider sale as a slight negative signal, potentially impacting investor sentiment.

Key Dates

Recommendation

While an insider sale, even under a 10b5-1 plan, can be a mild negative signal, it is not strong enough on its own to warrant a 'sell' recommendation. The pre-planned nature suggests it is for personal financial planning rather than a reaction to new negative company-specific information. Without additional context on company performance or industry trends, a 'hold' recommendation is appropriate, advising investors to monitor future developments.

Keywords

Delek US Holdings, DK, Reuven Spiegel, Insider Sale, Form 4, 10b5-1 Plan, Executive Stock Sale, Common Stock