Calumet director receives new RSU awards

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

Rhea-AI Filing Summary

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

Calumet, Inc. director Stephen P. Mawer reported receiving two grants of restricted stock units on May 28, 2026. He was awarded 322 restricted stock units and a separate grant of 968 units, each economically equivalent to one share of common stock.

The 322 restricted stock units are 100% vested and will be settled in shares upon the earlier of a date he specifies or his termination date. The 968 restricted stock units will be settled under the Deferred Compensation Plan on the earlier of a specified date or termination, with 25% vesting each July 1 beginning in 2027.

Insider Trade Summary

Grant/Award: 1,290 shares

Grant/Award 2 txns

Insider Mawer Stephen P

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Unit	968	$0.00	$0.00
Grant/Award	Restricted Stock Units	322	$0.00	$0.00

Holdings After Transaction: Restricted Stock Unit — 968 contracts (Direct); Restricted Stock Units — 322 contracts (Direct)

Footnotes (3)

1. F1. Each Restricted Stock Unit is the economic equivalent of one share of Calumet, Inc. common stock, par value $0.01 per share.
2. F2. 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. F3. 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.

Key Figures

RSU grant 1: 322 restricted stock units RSU grant 2: 968 restricted stock units Total RSUs awarded: 1,290 restricted stock units +2 more

5 metrics

RSU grant 1 322 restricted stock units Awarded May 28, 2026; 100% vested

RSU grant 2 968 restricted stock units Awarded May 28, 2026; vests 25% annually from July 1, 2027

Total RSUs awarded 1,290 restricted stock units Combined May 28, 2026 grants to director Mawer

Vesting start date (second grant) July 1, 2027 25% of 968 RSUs vest each July 1 beginning 2027

Economic equivalence 1 unit = 1 share Each RSU equals one share of Calumet common stock

Key Terms

Restricted Stock Unit, Deferred Compensation Plan, vest, economic equivalent

4 terms

Restricted Stock Unit financial

"Each Restricted Stock Unit is the economic equivalent of one share of Calumet, Inc. common stock"

A restricted stock unit is a promise from a company to give an employee shares of stock after certain conditions are met, like staying with the company for a set amount of time. It’s like earning a bonus that turns into company stock once you’ve proven your commitment, making it a way to motivate and reward employees.

Deferred Compensation Plan financial

"Each Restricted Stock Unit will be settled ... pursuant to the Deferred Compensation Plan"

A deferred compensation plan is an arrangement where an employer agrees to pay part of an employee’s pay or bonus at a later date instead of immediately, often to reduce current tax bills or to tie rewards to long-term performance. For investors it matters because these promises create future cash obligations and influence executive incentives and retention; they can affect a company’s reported liabilities, cash flow planning and the risk profile if the business faces financial trouble.

vest financial

"25% of the Restricted Stock Units vest on July 1 of each year beginning on July 1, 2027"

A vest is the process by which an employee earns the right to receive certain benefits or ownership interests, such as stock or retirement funds, over time. It’s similar to earning a reward gradually, ensuring that the benefit becomes fully yours only after a set period or meeting specific conditions. This makes it important for investors because it determines when they can actually claim or use those benefits.

economic equivalent financial

"Each Restricted Stock Unit is the economic equivalent of one share of Calumet, Inc. common stock"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Calumet (CLMT) report for Stephen P. Mawer?

Calumet reported that director Stephen P. Mawer received two grants of restricted stock units. He was awarded 322 units and 968 units on May 28, 2026, as equity-based compensation rather than open-market share purchases or sales.

How many restricted stock units did Stephen P. Mawer receive from Calumet (CLMT)?

Stephen P. Mawer received two awards totaling 1,290 restricted stock units. One grant consisted of 322 units, and the other of 968 units, each unit being economically equivalent to one share of Calumet, Inc. common stock with a par value of $0.01 per share.

Are Stephen P. Mawer’s Calumet (CLMT) restricted stock units already vested?

One grant of 322 restricted stock units is 100% vested immediately. The second grant of 968 restricted stock units vests in stages, with 25% vesting on July 1 of each year beginning July 1, 2027, according to the disclosed vesting schedule.

When will Stephen P. Mawer’s Calumet (CLMT) restricted stock units be settled into shares?

The 322 restricted stock units will be settled upon the earlier of a date Mawer specifies or his termination date. The 968 units, under the Deferred Compensation Plan, will also settle on the earlier of a specified date or his termination date, following their vesting schedule.

What does it mean that each Calumet (CLMT) restricted stock unit is economically equivalent to one share?

Each restricted stock unit represents the economic value of one share of Calumet, Inc. common stock. When the units settle, Mawer is entitled to receive shares on a one-for-one basis, aligning his compensation with shareholder value rather than cash payments.

Is Stephen P. Mawer’s Form 4 transaction in Calumet (CLMT) a stock purchase or sale?

The Form 4 shows grants of restricted stock units, not open-market trades. The transactions are coded as awards (code A), indicating equity compensation granted by the company, with no purchase price and no reported sales associated with these specific awards.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 06/01/2026 - 04:10 PM Learn about SEC filing dates

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^*

Mawer Stephen P

(Last) (First) (Middle)

1060 N CAPITOL AVE

SUITE 6-401

(Street)

INDIANAPOLIS INDIANA 46204

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/28/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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

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)	05/28/2026		A		968		(2)	(2)	Common Stock, par value $0.01 per share	968	$0	968	D
Restricted Stock Units	(1)	05/28/2026		A		322		(3)	(3)	Common Stock, par value $0.01 per share	322	$0	322	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	06/01/2026
	** 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.
* Form 4: SEC 1474 (03-26)