Calumet (CLMT) director receives new restricted stock unit awards

Rhea-AI Filing Summary

Calumet, Inc. director Raymond Paul C reported awards of restricted stock units that are economically equivalent to common shares. On February 24, 2026, he acquired 854 Restricted Stock Units that are 100% vested and will be settled upon the earlier of a specified date or his termination date. He also acquired 284 Restricted Stock Units that will be settled under a Deferred Compensation Plan, with 25% vesting each July 1 beginning on July 1, 2027.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Raymond Paul C

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Unit	854	$0.00	--
Grant/Award	Restricted Stock Units	284	$0.00	--

Holdings After Transaction: Restricted Stock Unit — 854 shares (Direct); Restricted Stock Units — 284 shares (Direct)

Footnotes (1)

1. Each Restricted Stock Unit is the economic equivalent of one share of Calumet, Inc. common stock, par value $0.01 per share. Each Restricted Stock Unit will become settled upon the earlier of the date specified by the reporting person or the reporting person's termination date. Restricted Stock Units are 100% vested. Each Restricted Stock Unit will be settled upon the earlier of the date specified by the reporting person or the reporting person's termination date pursuant to the Deferred Compensation Plan. 25% of the Restricted Stock Units vest on July 1 of each year beginning on July 1, 2027.

Form 4 Insider Transactions: What Each Field Means →

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Raymond Paul C

(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)
02/24/2026

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

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

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	(1)	02/24/2026		A		854		(2)	(2)	Common Stock, par value $0.01 per share	854	$0	854	D
Restricted Stock Units	(1)	02/24/2026		A		284		(3)	(3)	Common Stock, par value $0.01 per share	284	$0	284	D

Explanation of Responses:

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

2. Each Restricted Stock Unit will become settled upon the earlier of the date specified by the reporting person or the reporting person's termination date. Restricted Stock Units are 100% vested.

3. Each Restricted Stock Unit will be settled upon the earlier of the date specified by the reporting person or the reporting person's termination date pursuant to the Deferred Compensation Plan. 25% of the Restricted Stock Units vest on July 1 of each year beginning on July 1, 2027.

	/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.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Calumet (CLMT) disclose for Raymond Paul C?

Calumet (CLMT) disclosed that director Raymond Paul C received grants of restricted stock units on February 24, 2026. These awards are derivatives tied to Calumet common stock rather than open-market share purchases or sales, reflecting equity-based compensation instead of cash transactions.

How many restricted stock units did the Calumet (CLMT) director receive?

The director received 854 Restricted Stock Units in one award and 284 Restricted Stock Units in a second award. Each unit is economically equivalent to one share of Calumet, Inc. common stock, giving him additional equity-linked compensation exposure.

Are the Calumet (CLMT) restricted stock units immediately vested?

One grant of 854 Restricted Stock Units is 100% vested immediately. The second grant of 284 units vests in stages, with 25% vesting on July 1 each year beginning July 1, 2027, under the company’s Deferred Compensation Plan.

When will the Calumet (CLMT) director’s restricted stock units be settled?

Both awards will be settled upon the earlier of a date specified by the director or his termination date. One award settles on that schedule while already fully vested; the other follows the Deferred Compensation Plan with vesting beginning July 1, 2027.

Do the Calumet (CLMT) restricted stock units equal actual shares today?

The restricted stock units are described as the economic equivalent of one share of Calumet common stock each. They represent a right to receive value equivalent to shares in the future, subject to the specified vesting and settlement terms for each award.

Is this Calumet (CLMT) Form 4 a buy or sell by the director?

This Form 4 reflects acquisitions of restricted stock units as equity compensation, not open-market buys or sells. The transaction code is “A” for grant or award, and no corresponding sale or disposal of Calumet, Inc. common stock is reported here.