Zamir Renews Contract as MAPCO Express President
BRENTWOOD, Tenn. -- The board of directors at Delek US Holdings Inc. approved one-time special bonuses for five executives, ranging from $700,000 to $150,000.
The bonuses are part of a one-time special cash bonus program generally applicable to all employees of the company and its wholly owned subsidiaries, according to a Securities and Exchange Commission (SEC) filing.
Those officers receiving bonuses at Delek US Holdings are CEO and President Uzi Yemin ($700,000), Executive Vice President Assaf Ginzburg ($300,000), and Executive Vice President and CFO Mark Cox ($250,000). In addition, the board approved bonuses for Igal Zamir, president of MAPCO Express ($200,000) and Harry (Pete) Daily, COO of Delek Marketing and Supply ($150,000).
Delek US Holdings also renewed Zamir's contract with MAPCO Express. Under the terms of the new contract, he will earn a base salary of $240,000 retroactive to June 10, 2010 and a base salary of $260,000 beginning Jan. 1, 2012. In addition, Zamir will receive a cash bonus of $75,000 within 30 days of his execution of the agreement and up to four cash bonuses of $75,000 each on Jan. 1, 2012, Jan. 1, 2013, Jan. 1, 2014 and Jan. 1, 2015. If annual cash bonuses are generally paid to employees during the contract term for service during the preceding calendar year, Zamir is guaranteed an annual cash bonus between 25 percent and 75 percent of his base salary at the end of the bonus year, according to the SEC filing.
In other contract details, Zamir will receive the reasonable costs of professional preparation of his personal income tax return(s); the reasonable cost of one personal trip to Israel during each calendar year for himself, his spouse and his minor children; the personal use of a company-owned automobile; an education allowance of $1,000 per month for each of his minor children; and a residence allowance of $2,500 per month retroactive to June 10, 2010.
Income taxes incurred by Zamir as a result of his airfare prequisites will be grossed up at his marginal tax rate. In addition, according to the filing, he will be granted stock-settled stock appreciation rights (SARs) with respect to 330,000 shares of common stock and 30,000 restricted stock units (RSUs) on June 10, 2011.
The contract also states that, upon termination of employment by MAPCO for any reason other than for cause, Zamir will be entitled to a severance payment equal to 50 percent of his base salary and the continuation of insurance, automobile, education and residence benefits for six months following the termination. If he chooses to end his employment during the term of the contract, the company may "clawback" a pro-rata portion of any contract bonus received within one year prior to his decision.
Furthermore, if Zamir terminates his employment without providing at least six months of advance written notice, the company may "clawback" an amount equivalent to the amount of base salary he would have received during the required, but not provided, notice period.