SEC FORM 3

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
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

(Last)

(First)

(Middle)

2780 WATERFRONT PKWY, E. DR.

SUITE 200

(Street)

INDIANAPOLIS

46214

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
09/01/2020

3. Issuer Name and Ticker or Trading Symbol
Calumet Specialty Products Partners, L.P. [ CLMT ]

4. 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

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Units	47,994	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Phantom Unit	⁽¹⁾	⁽¹⁾	Common Unit	200,000	⁽²⁾	D
Phantom Units	⁽³⁾	⁽³⁾	Common Unit	164,641	⁽²⁾	D

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.

Remarks:

	/s/ L. Todd Borgmann	09/11/2020
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.