Calumet (CLMT) director reports sale and RSU conversion of company stock

Rhea-AI Filing Summary

Calumet, Inc. director Daniel J. Sajkowski reported mixed equity transactions involving Calumet, Inc. (CLMT) on common stock and restricted stock units. He completed an open-market sale of 2,022 shares of common stock and reported exercises/conversions of 5,053 restricted stock units into common stock. After these transactions, his directly held common stock position was 87,290 shares. The filing notes that each restricted stock unit is economically equivalent to one share of common stock, is 100% vested, and may be settled in either stock or its cash value, with 40% of the vested units elected to be settled in cash.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Sajkowski Daniel J

(Last) (First) (Middle)

1060 N CAPITOL AVE

SUITE 6-401

(Street)

INDIANAPOLIS IN 46204

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Calumet, Inc. /DE [ CLMT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
12/04/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)
12/05/2025

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 Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.01 per share	12/04/2025		M		5,053	A	$0	87,290	D
Common Stock, par value $0.01 per share	12/04/2025		S		2,022(1)	D	$0	85,268	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Unit	(2)	12/04/2025		M			5,053	(3)	(3)	Common Stock, par value $0.01 per share	5,053	$0	0	D

Explanation of Responses:

1. The reporting person elected to receive 40% of Restricted Stock Units vested and reported here within to be settled in the cash equivalent of a Calumet, Inc. common share.

2. Each Restricted Stock Unit is the economic equivalent of one share of Calumet, Inc. common stock, par value $0.01 per share.

3. Each Restricted Stock Unit becomes payable either in the form of one share of Calumet, Inc. common stock, par value $0.01 per share, or the cash value thereof. Restricted Stock Units are 100% vested.

	/s/ Connor J. Egan, as attorney-in-fact	02/26/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transactions did Calumet, Inc. (CLMT) report for Daniel J. Sajkowski?

Daniel J. Sajkowski reported an open-market sale of 2,022 shares of Calumet, Inc. common stock and the exercise or conversion of 5,053 restricted stock units, which are economically equivalent to common shares and were 100% vested at the time of the transactions.

How many Calumet, Inc. (CLMT) shares does Daniel J. Sajkowski hold after these transactions?

Following the reported transactions, Daniel J. Sajkowski directly holds 87,290 shares of Calumet, Inc. common stock. This figure reflects both the 2,022-share open-market sale and the 5,053-share increase from exercising or converting vested restricted stock units into common stock on the reported date.

What was the nature of the restricted stock unit activity for CLMT’s Daniel J. Sajkowski?

Daniel J. Sajkowski exercised or converted 5,053 restricted stock units, each economically equivalent to one Calumet, Inc. common share. The units were 100% vested, and the filing states they can be settled either in common stock or in the cash value of one common share.

How were the Calumet, Inc. (CLMT) restricted stock units settled for Daniel J. Sajkowski?

The filing notes that Daniel J. Sajkowski elected to have 40% of the vested restricted stock units settled in the cash equivalent of a Calumet, Inc. common share. Each restricted stock unit represents the economic value of one share of CLMT common stock upon settlement.

What transaction codes were used in Daniel J. Sajkowski’s Form 4/A for CLMT?

The Form 4/A lists code "S" for a sale of 2,022 common shares in an open-market or private transaction, and code "M" for the exercise or conversion of 5,053 restricted stock units into common stock. Both types of transactions reflect direct ownership changes for the reporting person.

Does the CLMT Form 4/A indicate that Daniel J. Sajkowski’s restricted stock units are fully vested?

Yes. The filing states that the restricted stock units reported for Daniel J. Sajkowski are 100% vested. It also explains that each unit becomes payable either as one Calumet, Inc. common share or the cash value of one common share at settlement, per the plan’s terms.