Spiegel Reuven 4

What Happened
Reuven Spiegel, EVP, Special Projects at Delek US Holdings (DK), exercised stock options on 2026-02-27 to acquire 79,998 shares at an exercise price of $38.11 per share (total exercise value $3,048,724). Concurrently, 31,579 shares were withheld to cover tax withholding obligations (disposition value $1,203,476), leaving a net increase of 48,419 shares. The transactions are reported as a derivative exercise (code M) with tax withholding (code F).

Key Details

• Transaction date: 2026-02-27. Exercise price: $38.11 per share.
• Shares acquired on exercise: 79,998 (value at exercise price $3,048,724).
• Shares withheld for taxes: 31,579 (value at exercise price $1,203,476) — footnote F1 confirms withholding to satisfy tax liability.
• Net shares added to insider’s holdings: 48,419 (48,419 × $38.11 = $1,845,248 at the exercise price).
• Shares owned after transaction: not specified in the filing.
• Filing date: 2026-03-02 — appears to be filed within the normal 2-business-day Form 4 window (no lateness flag indicated).

Context
This was an exercise of options (derivative conversion). The withholding of 31,579 shares to cover taxes is a routine administrative step and not an open-market sale; it reduces the net new shares the insider retains. The filing does not indicate 10% owner status or a 10b5-1 plan. As always, exercises and withholding are administrative and do not, by themselves, indicate the insider’s view of the company’s prospects.