CLMT Form 4: 3,796 vested RSUs granted, 1,518 shares sold

Rhea-AI Filing Summary

Calumet, Inc. (CLMT) director John G. Boss reported two transactions on 06/24/2025. He received 3,796 Restricted Stock Units that are fully vested and economically equivalent to one share each; the filing shows these RSUs were reported as acquired and may be settled in stock or cash. Separately, he disposed of 1,518 shares in a sale reported the same day. After these transactions the filing shows 27,278 shares beneficially owned following the sale and 28,796 held following the RSU acquisition (table ordering reflects both entries).

The form is filed individually and signed by an attorney-in-fact. The filing clarifies that each RSU equals one common share and that the reporting person elected to receive 40% of vested RSUs in cash equivalent form.

Positive

• 3,796 RSUs vested and were reported as acquired on 06/24/2025
• RSUs are 100% vested and each equals one common share, providing clear economic value

Negative

• 1,518 shares sold on 06/24/2025, reducing reported beneficial ownership
• 40% of vested RSUs elected for cash, which reduces immediate share issuance impact

Insights

Corporate Insider Transactions Analyst

Director received 3,796 vested RSUs and sold 1,518 shares on 06/24/2025.

The report shows a non-derivative acquisition of 3,796 Restricted Stock Units that are 100% vested and economically equivalent to one share each; the reporting person elected to receive 40% of vested RSUs as cash equivalents.

The same filing records a sale of 1,518 common shares, leaving reported beneficial ownership levels of 28,796 and 27,278 in the respective table lines. All facts are taken directly from the Form 4 filing.

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

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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).

1. Name and Address of Reporting Person^*

Boss John G.

(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)
06/24/2025

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
Common Stock, par value $0.01 per share	06/24/2025		M		3,796	A	$0	28,796	D
Common Stock, par value $0.01 per share	06/24/2025		S		1,518(1)	D	$0	27,278	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)	06/24/2025		M			3,796	(3)	(3)	Common Stock, par value $0.01 per share	3,796	$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	10/03/2025
	** 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 did John G. Boss report on Form 4 for CLMT?

He reported acquisition of 3,796 Restricted Stock Units and a sale of 1,518 common shares, both dated 06/24/2025.

Are the reported Restricted Stock Units vested?

Yes; the filing states the Restricted Stock Units are 100% vested and each is the economic equivalent of one share.

Did the reporting person take cash instead of stock for any RSUs?

Yes; the reporting person elected to receive 40% of vested RSUs in cash equivalent form, as disclosed in the explanation.

How many shares did John G. Boss beneficially own after the transactions?

The filing shows 28,796 and 27,278 as the amounts listed in the two table lines following the reported transactions.

Who signed the Form 4 filing?

The form is signed by /s/ Connor J. Egan, as attorney-in-fact with a signature date of 10/03/2025.