CALUMET SPECIALTY PRODUCTS PARTNERS, L.P. (NASDAQ:CLMT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
As previously disclosed, Calumet GP, LLC (the “Company”), the general partner of Calumet Specialty Products Partners, L.P. (the “Partnership”), notified William A. Anderson, the Executive Vice President – Sales, that his employment with the Company would end on March 22, 2019. In connection with the termination of Mr. Anderson’s employment, the Company and Mr. Anderson have agreed to the terms of a Severance Agreement and General Release (the “Severance Agreement”), dated March 22, 2019, to which Mr. Anderson will be entitled to severance payments totaling $450,000 and six months of COBRA insurance coverage in exchange for his compliance with the terms thereof (provided he does not revoke the Severance Agreement during the seven-day revocation period). The Severance Agreement does not modify Mr. Anderson’s equity awards that were previously granted under the Company’s Amended and Restated Long-Term Incentive Plan (the “LTIP”), which will remain subject to the terms of the LTIP and the applicable award agreements. In addition, Mr. Anderson will receive a payment for any vested and unused vacation. Mr. Anderson will cooperate and make himself reasonably available for a period of six months to assist the company as needed to the terms of the Severance Agreement.
The foregoing description of the Severance Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Severance Agreement, which will be filed as an exhibit to the Partnership’s Quarterly Report on Form 10-Q for the fiscal quarter ending March 31, 2019.
About CALUMET SPECIALTY PRODUCTS PARTNERS, L.P. (NASDAQ:CLMT)
Calumet Specialty Products Partners, L.P. is a producer of specialty hydrocarbon products. The Company operates through three segments. In its specialty products segment, the Company processes crude oil and other feedstocks into a range of customized lubricating oils, white mineral oils, solvents, petrolatums and waxes. Its specialty products are sold to domestic and international customers using its products as raw material components. It also blends and market specialty products through its Royal Purple, Bel-Ray, TruFuel and Quantum brands. In its fuel products segment, the Company processes crude oil into a range of fuel and fuel-related products, including gasoline, diesel, jet fuel, asphalt and heavy fuel oils, and resells purchased crude oil to third-party customers. Its oilfield services segment manufactures and markets products and provides oilfield services, including drilling fluids, completion fluids and solids control services to the oil and gas exploration industry.
