As filed with the Securities and Exchange Commission on July 10, 2024
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
CALUMET, INC.
(Exact name of registrant as specified in its charter)
Delaware | 36-5098520 | |
(State or Other Jurisdiction of Incorporation or Organization) |
(I.R.S. Employer Identification No.) |
2780 Waterfront Parkway East Drive, Suite 200
Indianapolis, Indiana 46214
(Address of Principal Executive Offices, Zip Code)
Calumet, Inc. Amended and Restated Long-Term Incentive Plan
(Full title of the plan)
Gregory J. Morical
Senior Vice President, General Counsel & Secretary
2780 Waterfront Pkwy East Drive, Suite 200
Indianapolis, Indiana 46214
(317) 328-5660
(Name, address, including zip code, and telephone number, including area code, of agent for service)
Copy to:
Krista Hanvey
Gibson, Dunn & Crutcher LLP
2001 Ross Avenue, Suite 2100
Dallas, Texas 75201
Telephone: (214) 698-3100
Facsimile: (214) 571-2900
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company and emerging growth company in Rule 12b-2 of the Exchange Act.
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||
Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐
EXPLANATORY NOTE
On July 10, 2024, Calumet Specialty Products Partners, L.P. (the Partnership) converted (the Conversion) from a Delaware limited partnership to a Delaware corporation, Calumet, Inc. (the Registrant or Calumet, Inc.). In connection with the Conversion, the Registrant has assumed and amended and restated the Calumet GP, LLC Amended and Restated Long-Term Incentive Plan, which in connection therewith was renamed the Calumet, Inc. Amended and Restated Long-Term Incentive Plan (the Calumet, Inc. LTIP). This Registration Statement on Form S-8 (this Registration Statement) is filed by Calumet, Inc. to register 8,324,784 shares of common stock of Calumet, Inc., par value $0.01 per share (the Common Stock), to be issued pursuant to the Calumet, Inc. LTIP.
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
Item 1. | Plan Information |
The documents containing the information specified in Part I of this Registration Statement will be delivered to employees as specified by Rule 428(b)(1) under the Securities Act of 1933, as amended (the Securities Act). In accordance with the instructions to Part I of Form S-8, such documents are not being filed with the Securities and Exchange Commission (the SEC) either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act. Such documents and the documents incorporated by reference in this Registration Statement pursuant to Item 3 of Part II of Form S-8, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. | Incorporation of Certain Documents by Reference |
The following documents, which have previously been filed by the Partnership or the Registrant (as successor registrant to the Partnership) with the SEC pursuant to the Securities Act and pursuant to the Securities Exchange Act of 1934, as amended (the Exchange Act), are incorporated by reference herein and shall be deemed to be a part hereof:
(a) | the prospectus dated June 7, 2024, filed by the Registrant with the SEC on June 7, 2024 pursuant to Rule 424(b)(3) under the Securities Act, relating to the Registration Statement on Form S-4, as amended (Registration No. 333-277682), which contains the Partnerships audited financial statements for the latest fiscal year for which such statements have been filed and the Registrants audited balance sheet as of January 8, 2024; |
(b) |
(c) |
(d) | the Partnerships Current Reports on Form 8-K filed with the SEC on January 24, 2024, February 12, 2024, February 23, 2024, February 23, 2024, March 5, 2024, March 12, 2024, April 5, 2024, April 19, 2024, July 5, 2024 and July 10, 2024 (other than information furnished under Items 2.02 and 7.01); |
(e) | the Registrants Current Report on Form 8-K filed with the SEC on July 10, 2024 (other than information furnished under Items 2.02 and 7.01); and |
(f) | the description of the Common Stock contained in Exhibit 99.1 to the Registrants Current Report on Form 8-K filed with the SEC on July 10, 2024, including all amendments or reports filed for the purpose of updating such description. |
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In addition, all documents subsequently filed by the Registrant with the SEC pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment to this Registration Statement which indicates that all securities offered hereby have been sold or which deregisters all securities remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of filing of such documents. Notwithstanding the foregoing, unless specifically stated to the contrary, none of the information that the Registrant discloses under Items 2.02 or 7.01 of any Current Report on Form 8-K that it may from time to time furnish to the SEC will be incorporated by reference into, or otherwise included in, this Registration Statement.
Any statement, including financial statements, contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or therein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
Item 4. | Description of Securities. |
Not applicable.
Item 5. | Interests of Named Experts and Counsel. |
Not applicable.
Item 6. | Indemnification of Directors and Officers. |
The Registrants amended and restated certificate of incorporation limits the liability of its directors and officers for monetary damages for breach of their fiduciary duty as directors or officers to the fullest extent permitted by the Delaware General Corporate Law (the DGCL) (as the same may be amended hereafter), except for liability that cannot be eliminated under the DGCL. Delaware law currently provides that directors and officers of a company will not be personally liable for monetary damages for breach of their fiduciary duty as directors or officers, except for liabilities (i) for any breach of their duty of loyalty to the corporation or its stockholders; (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law; (iii) in the case of directors, for unlawful payment of dividend or unlawful stock repurchase or redemption, as provided under Section 174 of the DGCL; (iv) for any transaction from which the director or officer derived an improper personal benefit; or (v) in the case of officers, for any action by or in the right of the corporation. Any amendment, repeal or modification of these provisions will be prospective only and would not affect any limitation on liability of a director or officer for acts or omissions that occurred prior to any such amendment, repeal or modification. The DGCL provides that it is not exclusive of other indemnification that may be granted by a corporations certificate of incorporation, bylaws, disinterested director vote, stockholder vote, agreement or otherwise.
The Registrants amended and restated bylaws provide that it will indemnify its directors and officers to the fullest extent permitted by Delaware law. In addition to the right to indemnification, the Registrants directors and officers shall, to the fullest extent permitted by law, also have the right to be paid by the Registrant the expenses (including attorneys fees) incurred in defending any proceeding in advance of its final disposition. Any person serving as a director or officer of a subsidiary of the Registrant shall be entitled to the rights of indemnification and to the advancement of expenses with respect to his or her service at such subsidiary; provided, however, that the advancement of expenses to any person who is not a director or officer of the Registrant shall be at the discretion of the Registrant. The Registrants amended and restated bylaws also permit it to purchase insurance on behalf of any officer, director, employee or other agent for any liability arising out of that persons actions as the Registrants officer,
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director, employee or agent, regardless of whether Delaware law would permit indemnification. The Registrant intends to enter into indemnification agreements with each of its directors and officers. These agreements will require the Registrant to indemnify these individuals to the fullest extent permitted under Delaware law against liability that may arise by reason of their service to the Registrant, and to advance expenses incurred as a result of any proceeding against them as to which they could be indemnified.
Item 7. | Exemption from Registration Claimed. |
Not applicable.
Item 8. | Exhibits. |
* | Filed herewith. |
Item 9. | Undertakings. |
(a) The undersigned registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:
(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii) To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the Calculation of Registration Fee table in the effective registration statement; and
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(iii) To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement;
provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the Registration Statement.
(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrants annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plans annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
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SIGNATURES
Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Indianapolis, State of Indiana, on July 10, 2024.
CALUMET, INC. | ||
By: | /s/ Todd Borgmann | |
Name: | Todd Borgmann | |
Title: | President and Chief Executive Officer |
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints each of Todd Borgmann, David A. Lunin and Gregory J. Morical, and each of them acting individually, as his or her true and lawful attorneys-in-fact and agents, each with full power of substitution and resubstitution in each of them singly, for him or her and in his or her name, place and stead, and in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement, and to file the same, with all exhibits thereto and other documents in connection therewith, with the SEC, granting to the attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite or necessary to be done in or about the premises, as full to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that the attorneys-in-fact and agents or any of each of them or their substitutes may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities indicated on the dates indicated.
Signature |
|
Title |
Date | |||
/s/ Todd Borgmann Todd Borgmann |
President and Chief Executive Officer and Director (Principal Executive Officer) |
July 10, 2024 | ||||
/s/ David A. Lunin David A. Lunin |
Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
July 10, 2024 | ||||
/s/ Vincent Donargo Vincent Donargo |
Chief Accounting Officer (Principal Accounting Officer) |
July 10, 2024 | ||||
/s/ Stephen P. Mawer Stephen P. Mawer |
Chairman of the Board | July 10, 2024 | ||||
/s/ James Carter James Carter |
Director | July 10, 2024 | ||||
/s/ Daniel Sajkowski Daniel Sajkowski |
Director | July 10, 2024 | ||||
/s/ Amy Schumacher Amy Schumacher |
Director | July 10, 2024 |
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/s/ Daniel Sheets Daniel Sheets |
|
Director | July 10, 2024 | |||
/s/ Paul Raymond III Paul Raymond III |
Director | July 10, 2024 | ||||
/s/ Jennifer Straumins Jennifer Straumins |
Director | July 10, 2024 | ||||
/s/ John Boss John Boss |
Director | July 10, 2024 | ||||
/s/ Karen Twitchell Karen Twitchell |
Director | July 10, 2024 |
Exhibit 5.1
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July 10, 2024
Calumet, Inc.
2780 Waterfront Pkwy East Drive, Suite 200
Indianapolis, IN 46214
Re: | Calumet, Inc. Registration Statement on Form S-8 |
Ladies and Gentlemen:
We have examined the Registration Statement on Form S-8 (the Registration Statement) of Calumet, Inc., a Delaware corporation (the Company) and the successor to Calumet Specialty Products Partners, L.P., a Delaware limited partnership (the Partnership), following the Partnerships conversion from a Delaware limited partnership to a Delaware corporation on July 10, 2024, to be filed with the Securities and Exchange Commission (the Commission) pursuant to the Securities Act of 1933, as amended (the Securities Act), in connection with the offering by the Company of up to 8,324,784 shares of the Companys common stock, par value $0.01 (the Shares), under the Calumet, Inc. Amended and Restated Long-Term Incentive Plan (as amended, the Plan).
We have examined the originals, or photostatic or certified copies, of such records of the Company and certificates of officers of the Company and of public officials and such other documents as we have deemed relevant and necessary as the basis for the opinions set forth below. In our examination, we have assumed the genuineness of all signatures, the legal capacity and competency of all natural persons, the authenticity of all documents submitted to us as originals and the conformity to original documents of all documents submitted to us as copies. We have also assumed that there are no agreements or understandings between or among the Company and any participants in the Plan that would expand, modify or otherwise affect the terms of the Plan or the respective rights or obligations of the participants thereunder. Finally, we have assumed the accuracy of all other information provided to us by the Company during the course of our investigations, on which we have relied in issuing the opinion expressed below.
Based upon the foregoing examination and in reliance thereon, and subject to the qualifications, assumptions and limitations stated herein and in reliance on the statements of fact contained in the documents that we have examined, we are of the opinion that the Shares, when issued and sold in accordance with the terms set forth in the Plan and against payment therefor in accordance with the terms of the form of agreement documenting the awards under which the Shares may be issued, and when the Registration Statement has become effective under the Securities Act, will be validly issued, fully paid and non-assessable.
Abu Dhabi Beijing Brussels Century City Dallas Denver Dubai Frankfurt Hong Kong Houston London Los Angeles Munich New York Orange County Palo Alto Paris Riyadh San Francisco Singapore Washington, D.C. |
Calumet, Inc.
July 10, 2024
Page 2
We render no opinion herein as to matters involving the laws of any jurisdiction other than the Delaware General Corporation Law (the DGCL). We are not admitted to practice in the State of Delaware; however, we are generally familiar with the DGCL as currently in effect and have made such inquiries as we consider necessary to render the opinions above. This opinion is limited to the effect of the current state of the DGCL and the facts as they currently exist. We assume no obligation to revise or supplement this opinion in the event of future changes in such law or the interpretations thereof or such facts.
We consent to the filing of this opinion as an exhibit to the Registration Statement, and we further consent to the use of our name under the caption Legal Matters in the Registration Statement and the prospectus that forms a part thereof. In giving these consents, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the Rules and Regulations of the Commission.
Very truly yours, |
/s/ Gibson Dunn & Crutcher LLP |
Gibson Dunn & Crutcher LLP |
Exhibit 23.2
Consent of Independent Registered Public Accounting Firm
We consent to the incorporation by reference in the Registration Statement (Form S-8) pertaining to the Amended and Restated Long-Term Incentive Plan of Calumet, Inc. of our report dated February 29, 2024, with respect to the consolidated financial statements of Calumet Specialty Products Partners, L.P. and the effectiveness of internal control over financial reporting of Calumet Specialty Products Partners, L.P. included in its Annual Report (Form 10-K) for the year ended December 31, 2023, filed with the Securities and Exchange Commission.
/s/ Ernst & Young LLP
Indianapolis, Indiana
July 10, 2024
Exhibit 23.3
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We have issued our report dated April 19, 2024 with respect to the financial statement of Calumet, Inc. included in the Registration Statement on Form S-4 and the proxy statement/prospectus contained therein, which is incorporated by reference in this Registration Statement on Form S-8. We consent to the incorporation by reference of the aforementioned report in this Registration Statement on Form S-8.
/s/ Grant Thornton LLP
Pittsburgh, Pennsylvania
July 10, 2024
Exhibit 107.1
Calculation of Filing Fee Tables
FORM S-8
(Form Type)
CALUMET, INC.
(Exact Name of Registrant as Specified in its Charter)
Table 1: Newly Registered Securities
Security Type | Security Class Title (1) |
Fee Calculation |
Amount Registered (3) |
Proposed Maximum Offering Price Per Unit |
Maximum Price |
Fee Rate |
Amount of Registration Fee | |||||||
Equity | Common Stock, par value $0.01 per share |
Rule 457(a) | 8,324,784 | $16.01 | $133,279,791.84 | 0.00014760 | $19,672.10 | |||||||
Total Offering Amounts | $133,279,791.84 | $19,672.10 | ||||||||||||
Total Fee Offsets | | |||||||||||||
Net Fee Due | $19,672.10 |
(1) | Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the Securities Act), this Registration Statement on Form S-8 shall also cover any additional shares of common stock, par value $0.01 per share (Common Stock), of Calumet, Inc. (the Company) that may become issuable under the Calumet, Inc. Amended and Restated Long-Term Incentive Plan (the Plan) as a result of any unit distribution, unit split, recapitalization or any other similar transactions. |
(2) | Estimated solely for the purpose of calculating the registration fee pursuant to Rules 457(c) and (h) under the Securities Act, and based on the average of the high and low sale prices of the common units (Common Units) representing limited partnership interests of Calumet Specialty Products Partners, L.P. (the predecessor registrant to the Company) reported on The Nasdaq Global Select Market on July 3, 2024, which was $16.01 per Common Unit. |
(3) | Represents shares of Common Stock reserved for issuance under the Plan. |