Sec Form 3 Filing - Borgmann Louis Todd @ Calumet Specialty Products Partners, L.P. - 2020-09-01

Insider filing report for Changes in Beneficial Ownership
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FORM 3
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
Borgmann Louis Todd
2. Issuer Name and Ticker or Trading Symbol
Calumet Specialty Products Partners, L.P. [ CLMT]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
X __ Officer (give title below) _____ Other (specify below)
SVP and Interim CFO
(Last) (First) (Middle)
2780 WATERFRONT PKWY, E. DR., SUITE 200
3. Date of Earliest Transaction (MM/DD/YY)
09/01/2020
(Street)
INDIANAPOLIS, IN46214
4. If Amendment, Date Original Filed (MM/DD/YY)
6. Individual or Joint/Group Filing (Check Applicable Line)
__ X __ Form filed by One Reporting Person
_____ Form filed by More than One Reporting Person
(City) (State) (Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Units 47,994 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(MM/DD/YY)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Phantom Unit ( 2 ) ( 1 ) ( 1 ) Common Unit 200,000 D
Phantom Units ( 2 ) ( 3 ) ( 3 ) Common Unit 164,641 D
Reporting Owners
Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Borgmann Louis Todd
2780 WATERFRONT PKWY, E. DR.
SUITE 200
INDIANAPOLIS, IN46214
SVP and Interim CFO
Signatures
/s/ L. Todd Borgmann 09/11/2020
Signature of Reporting Person Date
Explanation of Responses:
( 1 )20,000, 25,000, and 40,000 Phantom Units vested on November 6, 2017, December 10, 2017, and January 1, 2018, respectively. The following number of Phantom Units will vest at such time, if at all, that the average daily closing price of Calumet Specialty Products Partners, L.P. (the "Partnership") Common Units on the NASDAQ Stock Market LLC ("NASDAQ") during any 120 consecutive calendar day period averages the following respective dollar values per Common Unit: $10 (20,000 Phantom Units), $16 (50,000 Phantom Units), and $18 (20,000 Phantom Units). 25,000 Phantom Units will vest at such time, if at all, on the date a distribution is reinstated by the Partnership. All unvested Phantom Units as of December 31, 2020 will be forfeited on such date. Settlement of vested Phantom Units will occur on the first to occur of the second anniversary of the reporting person's separation from service, or the issuer's change in control.
( 2 )Each Phantom Unit is the economic equivalent of a Calumet Specialty Products Partners, L.P. Common Unit.
( 3 )Phantom Units represent 50% of L. Todd Borgmann's annual cash incentive award in lieu of cash. 25,227, 42,135, and 97,279 Phantom Units were granted on March 15, 2018, March 29, 2019, and March 13, 2020, respectively. All of the Phantom Units granted are 100% vested. The Phantom Units will be settled in Common Units within 30 days of the first to occur of (i) a Change of Control that also constitutes a "change in control" within the meaning of Section 409A and any Internal Revenue Service guidance promulgated with respect to Section 409A and (ii) the fourth anniversary of the grant date.

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