Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.
This is the complete answer, not a partial one — the list is never padded.
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Todd Borgmann | $950,000 | $0 | $4,455,029 | $0 | $1,287,593 | $0 | $106,654 | $6,799,276 |
| President & Chief Executive Officer | ||||||||
| Scott Obermeier | 492,847 | 0 | 785,787 | 0 | 639,445 | 0 | 20,480 | 1,938,559 |
| President - Specialties | ||||||||
| Bruce Fleming | 532,478 | 0 | 748,779 | 0 | 468,423 | 0 | 177,549 | 1,927,229 |
| Executive Vice President - Montana Renewables & Corporate Strategy | ||||||||
| David Lunin | 491,856 | 0 | 799,826 | 0 | 595,877 | 0 | 21,072 | 1,908,631 |
| Executive Vice President - Chief Financial Officer | ||||||||
| Gregory Morical | 415,534 | 0 | 491,618 | 0 | 359,964 | 0 | 34,276 | 1,301,391 |
| Senior Vice President, General Counsel & Secretary | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Todd Borgmann | $6,799,276 | — | — | — |
| Scott Obermeier | 1,938,559 | — | — | — |
| Bruce Fleming | 1,927,229 | — | — | — |
| David Lunin | 1,908,631 | — | — | — |
| Gregory Morical | 1,301,391 | — | — | — |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
No insider equity transactions reported since the proxy statement.
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Todd Borgmann | RSU | 2025-02-25 | — | — | 100,933 | — | $1,567,489 |
| Todd Borgmann | RSU | 2025-02-25 | — | — | 88,538 | — | 1,374,995 |
| David Lunin | RSU | 2025-02-25 | — | — | 12,761 | — | 198,178 |
| Bruce Fleming | RSU | 2025-02-25 | — | — | 18,498 | — | 287,274 |
| Bruce Fleming | RSU | 2025-02-25 | — | — | 14,150 | — | 219,750 |
| David Lunin | RSU | 2025-02-25 | — | — | 24,701 | — | 383,607 |
| Gregory Morical | RSU | 2025-02-25 | — | — | 14,679 | — | 227,965 |
| Gregory Morical | RSU | 2025-02-25 | — | — | 8,085 | — | 125,560 |
| Scott Obermeier | RSU | 2025-02-25 | — | — | 12,590 | — | 195,523 |
| Scott Obermeier | RSU | 2025-02-25 | — | — | 24,157 | — | 375,158 |
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Todd Borgmann | $2,942,484 | $0 | $0 | 0.0% |
| David Lunin | 581,785 | 0 | 0 | 0.0% |
| Bruce Fleming | 507,024 | 0 | 0 | 0.0% |
| Gregory Morical | 353,525 | 0 | 0 | 0.0% |
| Scott Obermeier | 570,681 | 0 | 0 | 0.0% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Bruce Fleming | PSU | 4,716 | — | $93,707 |
| Todd Borgmann | RSU | 417,844 | — | 8,302,560 |
| Todd Borgmann | PSU | 29,512 | — | 586,403 |
| Bruce Fleming | RSU | 180,987 | — | 3,596,212 |
| David Lunin | RSU | 90,355 | — | 1,795,354 |
| Gregory Morical | RSU | 76,602 | — | 1,522,082 |
| Scott Obermeier | RSU | 70,491 | — | 1,400,656 |
| David Lunin | PSU | 4,253 | — | 84,507 |
| Scott Obermeier | PSU | 4,196 | — | 83,375 |
| Gregory Morical | PSU | 2,695 | — | 53,550 |
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | — |
| Clawback policy | — |
| Anti-hedging | — |
| Anti-pledging | — |
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-06-02 | 50,222,235 | 956,685 | 276,087 | 98.13% | Passed |
| 2025 | 2025-06-10 | 40,897,636 | 851,240 | 259,044 | 97.96% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.
| Meeting year | Meeting date | Approval — company's computation |
|---|---|---|
| 2026 | 2026-06-02 | 98.13%a |
| 2025 | 2025-06-10 | 97.96%b |
a. Voting standard not stated in the filing.
b. Voting standard not stated in the filing.
Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Stephen P. MawerNot independent · Board Chair · Risk · Strategy and Growth | $137,500 | $338,333 | — | — | — | $475,833 |
| Paul C. Raymond IIIIndependent · Audit · Strategy and Growth (Chair) | 99,250 | 183,083 | — | — | — | 282,333 |
| Amy M. SchumacherIndependent · Nominating/Governance · Compensation · Governance | 92,750 | 180,917 | — | — | — | 273,667 |
| John (“Jack”) G. BossIndependent · Audit · Compensation (Chair) | 103,000 | 160,300 | — | — | — | 263,300 |
| Karen A. TwitchellIndependent · Audit · Nominating/Governance | 108,375 | 150,000 | — | — | — | 258,375 |
| Daniel J. SajkowskiIndependent · Nominating/Governance · Governance · Risk | 98,750 | 150,000 | — | — | — | 248,750 |
| Jennifer G. StrauminsIndependent · Risk | 87,500 | 150,000 | — | — | — | 237,500 |
| Karen G. NarwoldIndependent · Nominating/Governance (Chair) · Compensation · Governance · Newly elected | 48,000 | 100,000 | — | — | — | 148,000 |
| Julio QuintanaIndependent · Audit · Risk · Newly elected | 46,250 | 100,000 | — | — | — | 146,250 |
| James S. CarterIndependent · Departed during FY | 54,625 | 59,250 | — | — | — | 113,875 |
| Daniel L. SheetsIndependent · Departed during FY | 48,375 | 50,000 | — | — | — | 98,375 |
| Annual cash retainer | $80,000 |
|---|---|
| Annual equity retainer | $150,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | — |
| Stock ownership guideline | Directors and executives are subject to robust stock ownership guidelines to promote meaningful, long-term equity ownership. |
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $924,375 |
| Equity awards (grant-date value) | $1,621,883 |
| All other compensation | $0 |
| Total cost of the board | $2,546,258 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
Of the companies Calumet names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.
Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Calumet.
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Huntsman Corporation | 2025 | Peter R. Huntsman | $1,334,125 | $10,513,393 | $0 | $1,329,561 | $14,666,623 |
| 2 | Darling Ingredients Inc. | 2025 | Randall Stuewe | 1,284,231 | 6,681,030 | 0 | 1,328,112 | 9,402,554 |
| 3 | Cabot Corporation | 2025 | Sean Keohane | 1,100,000 | 4,224,847 | 2,274,925 | 1,402,501 | 9,307,883 |
| 4 | CVR Energy, Inc. | 2025 | David Lamp | 1,200,000 | 1,678,683 | 0 | 2,034,000 | 8,602,449 |
| 5 | The Chemours Company | 2025 | Denise Dignam | 1,058,836 | 3,368,225 | 2,909,677 | 1,175,781 | 8,595,076 |
| 6 | Ashland Inc. | 2025 | Guillermo Novo | 1,152,332 | 5,233,863 | 0 | 1,313,830 | 7,907,423 |
| 7 | Calumet | 2025 | Todd Borgmann | 950,000 | 4,455,029 | 0 | 1,287,593 | 6,799,276 |
| 8 | Avient Corporation | 2025 | Ashish Khandpur | 1,128,269 | 3,763,159 | 0 | 753,777 | 5,818,257 |
| 9 | NewMarket Corporation | 2025 | Thomas Gottwald | 1,275,333 | 368,188 | 0 | 750,000 | 3,694,678 |
| — | Green Plains Inc. | — | — | — | — | — | — | not in coverage universe |
| — | Innospec Inc. | — | — | — | — | — | — | not in coverage universe |
| — | Kronos Worldwide Inc. | — | — | — | — | — | — | not in coverage universe |
| — | Par Pacific Holdings, Inc. | — | — | — | — | — | — | not in coverage universe |
| — | Olin Corporation | — | — | — | — | — | — | not in coverage universe |
| — | Quaker Chemical Corporation | — | — | — | — | — | — | not in coverage universe |
| — | Delek US Holdings, Inc. | — | — | — | — | — | — | not in coverage universe |
| — | H.B. Fuller Company | — | — | — | — | — | — | not in coverage universe |
Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| Calumet | not disclosed | not disclosed | not disclosed | not disclosed |
| Ashland Inc. | 90.4% | not disclosed | Yes — Relative Total Shareholder Return (rTSR) | Meridian Compensation Partners |
| Avient Corporation | 51.6% | Cash LTI 60 · RSU 40 | Yes — Total Shareholder Return Relative to Peer Group (rTSR) | Pearl Meyer |
| Cabot Corporation | 90% | PSU 35 · Options 35 · RSU 30 | No | Meridian Compensation Partners |
| CVR Energy, Inc. | 113% | RSU 100 | not disclosed | None (not engaged in 2025) |
| Darling Ingredients Inc. | 70% | PSU 60 · RSU 40 | Yes — Total Shareholder Return (TSR) | Meridian Compensation Partners, LLC |
| Delek US Holdings, Inc. | not disclosed | not disclosed | not disclosed | not disclosed |
| Green Plains Inc. | 98% | PSU 50 · RSU 50 | No | Pay Governance |
| H.B. Fuller Company | not disclosed | not disclosed | not disclosed | not disclosed |
| Huntsman Corporation | 70.6% | PSU 60 · RSU 40 | Yes — Relative TSR | Meridian Compensation Partners |
| Innospec Inc. | not disclosed | not disclosed | not disclosed | not disclosed |
| Kronos Worldwide Inc. | not disclosed | not disclosed | not disclosed | not disclosed |
| NewMarket Corporation | not disclosed | PSU 100 | No | Frederic W. Cook & Co., Inc. |
| Olin Corporation | not disclosed | not disclosed | not disclosed | not disclosed |
| Par Pacific Holdings, Inc. | not disclosed | not disclosed | not disclosed | not disclosed |
| Quaker Chemical Corporation | not disclosed | not disclosed | not disclosed | not disclosed |
| The Chemours Company | not disclosed | Options 50 · PSU 25 · RSU 25 | Yes — Relative Total Shareholder Return (rTSR) | Farient Advisors |
Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.
Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.
| # | Supports | Document | Filed | Accession | Location in document |
|---|---|---|---|---|---|
| 1 | Section 01, Todd Borgmann | DEF 14A | 2026-04-20 | 0001140361-26-015639 | Section “Summary Compensation Table” · page 44. As printed: 6,799,276. Filing ↗machine: r2 · c22 · span 793310–793319 |
| 2 | Section 01, Scott Obermeier | DEF 14A | 2026-04-20 | 0001140361-26-015639 | Section “Summary Compensation Table” · page 44. As printed: 1,938,559. Filing ↗machine: r10 · c22 · span 829702–829711 |
| 3 | Section 01, Bruce Fleming | DEF 14A | 2026-04-20 | 0001140361-26-015639 | Section “Summary Compensation Table” · page 44. As printed: 1,927,229. Filing ↗machine: r7 · c22 · span 816269–816278 |
| 4 | Section 01, David Lunin | DEF 14A | 2026-04-20 | 0001140361-26-015639 | Section “Summary Compensation Table” · page 44. As printed: 1,908,631. Filing ↗machine: r5 · c22 · span 807045–807054 |
| 5 | Section 01, Gregory Morical | DEF 14A | 2026-04-20 | 0001140361-26-015639 | Section “Summary Compensation Table” · page 44. As printed: 1,301,391. Filing ↗machine: r13 · c22 · span 843399–843408 |
| 6 | Section 03, Todd Borgmann RSU | DEF 14A | 2026-04-20 | 0001140361-26-015639 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 933950–933959 |
| 7 | Section 03, Todd Borgmann RSU | DEF 14A | 2026-04-20 | 0001140361-26-015639 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 928810–928819 |
| 8 | Section 03, David Lunin RSU | DEF 14A | 2026-04-20 | 0001140361-26-015639 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 950667–950674 |
| 9 | Section 03, Bruce Fleming RSU | DEF 14A | 2026-04-20 | 0001140361-26-015639 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 977839–977846 |
| 10 | Section 03, Bruce Fleming RSU | DEF 14A | 2026-04-20 | 0001140361-26-015639 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 972615–972622 |
| 11 | Section 03, David Lunin RSU | DEF 14A | 2026-04-20 | 0001140361-26-015639 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 955891–955898 |
| 12 | Section 03, Gregory Morical RSU | DEF 14A | 2026-04-20 | 0001140361-26-015639 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1020555–1020562 |
| 13 | Section 03, Gregory Morical RSU | DEF 14A | 2026-04-20 | 0001140361-26-015639 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1016431–1016438 |
| 14 | Section 03, Scott Obermeier RSU | DEF 14A | 2026-04-20 | 0001140361-26-015639 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 994565–994572 |
| 15 | Section 03, Scott Obermeier RSU | DEF 14A | 2026-04-20 | 0001140361-26-015639 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 999789–999796 |
| 16 | Section 08, Stephen P. Mawer | DEF 14A | 2026-04-20 | 0001140361-26-015639 | Section “Director Compensation”. As printed: 475,833. Filing ↗machine: span 1437661–1437669 |
| 17 | Section 08, Paul C. Raymond III | DEF 14A | 2026-04-20 | 0001140361-26-015639 | Section “Director Compensation”. As printed: 282,333. Filing ↗machine: span 1447024–1447032 |
| 18 | Section 08, Amy M. Schumacher | DEF 14A | 2026-04-20 | 0001140361-26-015639 | Section “Director Compensation”. As printed: 273,667. Filing ↗machine: span 1435394–1435402 |
| 19 | Section 08, John (“Jack”) G. Boss | DEF 14A | 2026-04-20 | 0001140361-26-015639 | Section “Director Compensation”. As printed: 263,300. Filing ↗machine: span 1451622–1451630 |
| 20 | Section 08, Karen A. Twitchell | DEF 14A | 2026-04-20 | 0001140361-26-015639 | Section “Director Compensation”. As printed: 258,375. Filing ↗machine: span 1453421–1453429 |
| 21 | Section 08, Daniel J. Sajkowski | DEF 14A | 2026-04-20 | 0001140361-26-015639 | Section “Director Compensation”. As printed: 248,750. Filing ↗machine: span 1433084–1433092 |
| 22 | Section 08, Jennifer G. Straumins | DEF 14A | 2026-04-20 | 0001140361-26-015639 | Section “Director Compensation”. As printed: 237,500. Filing ↗machine: span 1449338–1449346 |
| 23 | Section 08, Karen G. Narwold | DEF 14A | 2026-04-20 | 0001140361-26-015639 | Section “Director Compensation”. As printed: 148,000. Filing ↗machine: span 1439984–1439992 |
| 24 | Section 08, Julio Quintana | DEF 14A | 2026-04-20 | 0001140361-26-015639 | Section “Director Compensation”. As printed: 146,250. Filing ↗machine: span 1442305–1442313 |
| 25 | Section 08, James S. Carter | DEF 14A | 2026-04-20 | 0001140361-26-015639 | Section “Director Compensation”. As printed: 113,875. Filing ↗machine: span 1430772–1430780 |
| 26 | Section 08, Daniel L. Sheets | DEF 14A | 2026-04-20 | 0001140361-26-015639 | Section “Director Compensation”. As printed: 98,375. Filing ↗machine: span 1444707–1444713 |
| 27 | Section 06, 2026 vote | Form 8-K | 2026-06-03 | 0001193125-26-255570 | Item 5.07 · say-on-pay result. As reported: 98.13% (votes for as printed: 50,222,235). Filing ↗ |
| 28 | Section 06, 2025 vote | Form 8-K | 2025-06-16 | 0001193125-25-141161 | Item 5.07 · say-on-pay result. As reported: 97.96% (votes for as printed: 40,897,636). Filing ↗ |
| 29 | Section 03b vehicle mix (computed) | Computed | — | computed | RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio |
| 30 | Section 09b board cost (computed) | Computed | — | computed | Cash 924,375 + equity 1,621,883 + all other 0 = 2,546,258, summed across the director compensation table rows.machine: formula: Σ = 2,546,258 |
| 31 | Huntsman Corporation, Section 10b CEO total | DEF 14A | 2026-03-16 | 0001104659-26-028448 | CEO total compensation as printed in Huntsman Corporation's own proxy. As printed: 14,666,623. Filing ↗machine: span 1280707–1280717 |
| 32 | Darling Ingredients Inc., Section 10b CEO total | DEF 14A | 2026-03-19 | 0001193125-26-116042 | CEO total compensation as printed in Darling Ingredients Inc.'s own proxy. As printed: 9,402,554. Filing ↗machine: t222 · r3 · c27 · span 972629–972638 |
| 33 | Cabot Corporation, Section 10b CEO total | DEF 14A | 2026-01-27 | 0001193125-26-023681 | CEO total compensation as printed in Cabot Corporation's own proxy. As printed: 9,307,883. Filing ↗machine: r3 · c39 · span 853934–853943 |
| 34 | CVR Energy, Inc., Section 10b CEO total | DEF 14A | 2026-04-21 | 0001376139-26-000022 | CEO total compensation as printed in CVR Energy, Inc.'s own proxy. As printed: 8,602,449. Filing ↗machine: span 526205–526214 |
| 35 | The Chemours Company, Section 10b CEO total | DEF 14A | 2026-03-10 | 0001104659-26-025935 | CEO total compensation as printed in The Chemours Company's own proxy. As printed: 8,595,076. Filing ↗machine: r1 · c55 · span 1531474–1531483 |
| 36 | Ashland Inc., Section 10b CEO total | DEF 14A | 2025-12-09 | 0001193125-25-312753 | CEO total compensation as printed in Ashland Inc.'s own proxy. As printed: 7,907,423. Filing ↗machine: t125 · r3 · c21 · span 2021429–2021438 |
| 37 | Calumet (subject), Section 10b CEO total | DEF 14A | 2026-04-20 | 0001140361-26-015639 | CEO total compensation as printed in Calumet's own proxy. As printed: 6,799,276. Filing ↗machine: r2 · c22 · span 793310–793319 |
| 38 | Avient Corporation, Section 10b CEO total | DEF 14A | 2026-03-27 | 0001628280-26-021576 | CEO total compensation as printed in Avient Corporation's own proxy. As printed: 5,818,257. Filing ↗machine: t45 · r2 · c8 · span 748439–748448 |
| 39 | NewMarket Corporation, Section 10b CEO total | DEF 14A | — | — | CEO total compensation as printed in NewMarket Corporation's own proxy. As printed: 3,694,678. |
| 40 | Section 10a, Green Plains Inc. reciprocity | DEF 14A | — | 0001309402-26-000050 | Green Plains Inc.'s most recent proxy was read; its disclosed peer group does not include Calumet. Filing ↗ |
| 41 | Section 10a, CVR Energy, Inc. reciprocity | DEF 14A | — | 0001376139-26-000022 | CVR Energy, Inc.'s most recent proxy was read; its disclosed peer group does not include Calumet. Filing ↗ |
| 42 | Section 10a, Huntsman Corporation reciprocity | DEF 14A | — | 0001104659-26-028448 | Huntsman Corporation's most recent proxy was read; its disclosed peer group does not include Calumet. Filing ↗ |
| 43 | Section 10a, Cabot Corporation reciprocity | DEF 14A | — | 0001193125-26-023681 | Cabot Corporation's most recent proxy was read; its disclosed peer group does not include Calumet. Filing ↗ |
| 44 | Section 10a, NewMarket Corporation reciprocity | DEF 14A | — | 0001193125-26-102973 | NewMarket Corporation's most recent proxy was read; its disclosed peer group does not include Calumet. Filing ↗ |
| 45 | Section 10a, Avient Corporation reciprocity | DEF 14A | — | 0001628280-26-021576 | Avient Corporation's most recent proxy was read; its disclosed peer group does not include Calumet. Filing ↗ |
| 46 | Section 10a, The Chemours Company reciprocity | DEF 14A | — | 0001104659-26-025935 | The Chemours Company's most recent proxy was read; its disclosed peer group does not include Calumet. Filing ↗ |