Calumet (CLMT) CFO receives performance-based and time-vested RSU awards

Rhea-AI Filing Summary

Lunin David reported acquisition or exercise transactions in this Form 4 filing.

Calumet, Inc. executive vice president and CFO David Lunin reported receiving two grants of restricted stock units, totaling 9,786 and 7,080 units. Each unit equals one share of common stock. The 2025 performance-based units remain subject to service vesting through February 25, 2028, and the additional units vest on February 24, 2029.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Lunin David

Role EVP - CFO

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Units	9,786	$0.00	--
Grant/Award	Restricted Stock Unit	7,080	$0.00	--

Holdings After Transaction: Restricted Stock Units — 9,786 shares (Direct); Restricted Stock Unit — 7,080 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. Reflects 2025 performance-based restricted stock units, for which performance was certified by the Company's Board of Directors on the transaction date. These Restricted Stock Units remain subject to service based vesting requirements through February 25, 2028. These Restricted Stock Units vest on February 24, 2029.

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^*

Lunin David

(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)

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

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 Units	(1)	02/24/2026		A		9,786		(2)	(2)	Common Stock, par value $0.01 per share	9,786	$0	9,786	D
Restricted Stock Unit	(1)	02/24/2026		A		7,080		(3)	(3)	Common Stock, par value $0.01 per share	7,080	$0	7,080	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. Reflects 2025 performance-based restricted stock units, for which performance was certified by the Company's Board of Directors on the transaction date. These Restricted Stock Units remain subject to service based vesting requirements through February 25, 2028.

3. These Restricted Stock Units vest on February 24, 2029.

	/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) report for David Lunin?

Calumet reported that EVP and CFO David Lunin received two grants of restricted stock units, covering 9,786 and 7,080 units. These are equity awards, not open-market share purchases or sales.

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

The Calumet CFO received two awards totaling 16,866 restricted stock units, split into grants of 9,786 and 7,080. Each unit represents the economic equivalent of one share of Calumet common stock.

Are the Calumet (CLMT) CFO’s restricted stock units performance-based?

One award for 9,786 units reflects 2025 performance-based restricted stock units, with performance certified by the Board on the transaction date. These units still require continued service-based vesting through February 25, 2028, before fully earned.

When do David Lunin’s Calumet (CLMT) restricted stock units vest?

The 2025 performance-based restricted stock units remain subject to service-based vesting through February 25, 2028. The separate grant of 7,080 restricted stock units vests in full on February 24, 2029, assuming continued service.

What does each Calumet (CLMT) restricted stock unit granted to the CFO represent?

Each restricted stock unit granted to the Calumet CFO is the economic equivalent of one share of Calumet, Inc. common stock. The value ultimately realized will depend on the share price when the units vest and settle.

Were the Calumet (CLMT) CFO’s equity grants open-market purchases or sales?

No. The Form 4 shows grant or award acquisitions of restricted stock units at a price of 0.0000 per unit. These are compensation-related equity awards, not open-market buy or sell transactions in Calumet shares.