CLMT Form 4: Director Vests 3,796 RSUs and Disposes 1,518 Shares

Rhea-AI Filing Summary

Daniel J. Sajkowski, a director of Calumet, Inc. (CLMT), reported transactions dated 06/24/2025. He received 3,796 Restricted Stock Units (RSUs) that are 100% vested and economically equivalent to one share each; these RSUs were reported as to be settled in the cash equivalent of common stock. On the same date he reported a disposition of 1,518 shares. After these transactions he beneficially owns 164,237 shares of Calumet common stock. The Form 4 was signed by an attorney-in-fact on 10/03/2025. The filing notes the RSUs may be settled in shares or cash and that the reporter elected to receive 40% of vested RSUs in cash equivalent.

Positive

• 3,796 RSUs vested, indicating compensation was fully earned and delivered
• Director retains substantial ownership with 164,237 shares beneficially owned

Negative

• 1,518 shares sold on 06/24/2025, reducing immediate share holdings
• 40% of vested RSUs elected for cash equivalent, which can dilute insight into share issuance if settled in cash

Insights

Corporate Governance Expert

Director received vested RSUs and sold a portion of shares on 06/24/2025.

The filing shows 3,796 RSUs were reported as acquired (vested and 100% payable in stock or cash) and 1,518 shares were sold the same day, leaving the director with 164,237 shares beneficially owned.

This is a routine insider compensation and liquidity activity: vested equity converted to value and a partial sale occurred. The dual nature of RSU settlement (cash or shares) is disclosed, which affects the immediate share count only if settled in stock.

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).

1. Name and Address of Reporting Person^*

Sajkowski Daniel J

(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	165,755	D
Common Stock, par value $0.01 per share	06/24/2025		S		1,518(1)	D	$0	164,237	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 Calumet (CLMT) director Daniel J. Sajkowski report on Form 4?

He reported receiving 3,796 vested Restricted Stock Units and selling 1,518 shares on 06/24/2025.

How many Calumet shares does the reporting person own after the transactions?

The reporting person beneficially owns 164,237 shares following the reported transactions.

Were the RSUs settled in stock or cash for the reported transaction?

The filing states the reporter elected to receive 40% of vested RSUs in the cash equivalent of one common share and RSUs may be settled in stock or cash.

When were the transactions dated and when was the Form 4 signed?

The transactions are dated 06/24/2025 and the Form 4 was signed by an attorney-in-fact on 10/03/2025.

Are the reported Restricted Stock Units fully vested?

Yes, the Form 4 states the Restricted Stock Units are 100% vested.