Calumet, Inc. (CLMT) director Stephen Mawer receives new RSU grants

Rhea-AI Filing Summary

Mawer Stephen P reported acquisition or exercise transactions in this Form 4 filing.

Calumet, Inc. director Stephen P. Mawer received grants of restricted stock units that are the economic equivalent of common shares. One award covers 1,175 restricted stock units that are 100% vested and will be settled upon the earlier of a date he specifies or his termination date. A separate award covers 391 restricted stock units under a deferred compensation plan, which will be settled on the earlier of a specified date or his termination, with 25% of these units vesting each July 1 beginning in 2027.

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^*

Mawer Stephen P

(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		1,175		(2)	(2)	Common Stock, par value $0.01 per share	1,175	$0	1,175	D
Restricted Stock Units	(1)	02/24/2026		A		391		(3)	(3)	Common Stock, par value $0.01 per share	391	$0	391	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.
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FAQ

What did the Calumet, Inc. (CLMT) Form 4 report for Stephen P. Mawer?

The filing shows director Stephen P. Mawer received two grants of restricted stock units. One grant is 1,175 fully vested units, and another is 391 units under a deferred compensation plan with future vesting and settlement conditions.

How many restricted stock units did Stephen P. Mawer acquire in total from Calumet, Inc.?

Stephen P. Mawer acquired 1,175 restricted stock units in one grant and 391 restricted stock units in a second grant. Both represent the economic equivalent of Calumet, Inc. common shares, subject to specified vesting and settlement terms.

How are Calumet, Inc. restricted stock units held by Stephen P. Mawer settled?

Each restricted stock unit will be settled in shares upon the earlier of a date specified by Stephen P. Mawer or his termination date. This applies to both grants, with one governed specifically by Calumet’s Deferred Compensation Plan.

Are Stephen P. Mawer’s Calumet, Inc. restricted stock units already vested?

The 1,175 restricted stock units are 100% vested. The 391-unit grant vests gradually, with 25% of those restricted stock units vesting on July 1 of each year, starting July 1, 2027, under the company’s deferred compensation structure.

What is the economic value relationship of Calumet, Inc. restricted stock units to common stock?

Each restricted stock unit awarded to Stephen P. Mawer is the economic equivalent of one share of Calumet, Inc. common stock with par value $0.01 per share. This means units track the value of the underlying common shares for compensation purposes.

What plan governs part of Stephen P. Mawer’s Calumet, Inc. restricted stock unit awards?

The 391 restricted stock units are issued under Calumet’s Deferred Compensation Plan. These units vest 25% annually beginning July 1, 2027, and will be settled upon the earlier of a date Mawer specifies or his termination from service.