Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
Employment Letter withStephen P. Mawer OnJune 1, 2020 ,Calumet GP, LLC (the "Company"), the general partner ofCalumet Specialty Products Partners, L.P. (the "Partnership"), entered into an Employment Letter withStephen P. Mawer to serve as the Company's Chief Executive Officer (the "Employment Letter"), which Employment Letter is effective as ofApril 3, 2020 . The Employment Letter provides thatMr. Mawer will receive a base salary of$725,000 per year and that he is eligible to participate in the Company's Annual Bonus Program Cash Incentive Plan, with awards based on the Company's financial metrics and his individual contributions.Mr. Mawer's target bonus under the Company's Annual Bonus Cash Incentive Plan is equal to 150% of his base salary then in effect, with a potential maximum bonus of 200% of his annual base salary. In the event thatMr. Mawer earns a bonus award pursuant to this plan, settlement will occur 50% in cash and 50% in the form of fully-vested phantom units granted pursuant to the Company's Long-Term Incentive Plan, which will be delivered toMr. Mawer on the fourth anniversary of the grant date. Subject to approval by the Company's Board of Directors,Mr. Mawer will also be eligible to participate in the Company's Long-Term Incentive Plan beginningJanuary 1, 2021 .Mr. Mawer is eligible to participate in the Company's Deferred Compensation Plan. In addition,Mr. Mawer is eligible to participate in the benefit plans offered to full-time employees of the Company including, but not limited to, health and welfare benefit plans and the retirement plan.Mr. Mawer is entitled to receive reimbursement for relocation related expenses, three months of temporary living expenses and an additional three months of temporary housing benefits. The foregoing does not purport to be a complete description of the Employment Letter and is qualified in its entirety by reference to the full text of such agreement, which is attached to this Current Report on From 8-K as Exhibit 10.1. Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 10.1 Employment Letter effective as ofApril 3, 2020 , by and betweenCalumet GP, LLC andStephen P. Mawer .
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