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  4. [Form 4] Calumet, Inc. /DE Insider Trading Activity

Calumet (CLMT) CEO awarded new performance and time-based RSUs

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Borgmann Louis Todd reported acquisition or exercise transactions in this Form 4 filing.

Calumet, Inc. reported that Chief Executive Officer Louis Todd Borgmann received awards of restricted stock units. He was granted 67,882 performance-based restricted stock units tied to 2025 performance, which the board certified on the grant date, and these remain subject to continued service-based vesting through February 25, 2028. He also received a separate grant of 64,102 restricted stock units that vest on February 24, 2029. Each restricted stock unit represents the economic equivalent of one share of Calumet common stock, and the awards were recorded at no cash purchase price.

Positive

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Negative

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Insider Borgmann Louis Todd
Role CHIEF EXECUTIVE OFFICER
Type Security Shares Price Value
Grant/Award Restricted Stock Units 67,882 $0.00 --
Grant/Award Restricted Stock Unit 64,102 $0.00 --
Holdings After Transaction: Restricted Stock Units — 67,882 shares (Direct); Restricted Stock Unit — 64,102 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*
Borgmann Louis Todd
(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)
CHIEF EXECUTIVE OFFICER
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 67,882 (2) (2) Common Stock, par value $0.01 per share 67,882 $0 67,882 D
Restricted Stock Unit (1) 02/24/2026 A 64,102 (3) (3) Common Stock, par value $0.01 per share 64,102 $0 64,102 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.

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Calumet (CLMT) report for its CEO?

Calumet reported that CEO Louis Todd Borgmann received grants of restricted stock units. The awards are equity-based compensation, not open-market share purchases or sales, and they vest over several years based on performance and continued service conditions set by the board.

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

Louis Todd Borgmann received two RSU grants totaling 131,984 units. One grant covers 67,882 performance-based restricted stock units, and the other covers 64,102 time-based restricted stock units, each representing the economic equivalent of one share of Calumet common stock when vested.

What are the vesting terms for the Calumet (CLMT) CEO’s RSU awards?

The 67,882 performance-based restricted stock units remain subject to service-based vesting through February 25, 2028 after 2025 performance was certified. The separate 64,102 restricted stock units vest on February 24, 2029, reflecting a longer-term retention component in the CEO’s equity compensation.

Are the Calumet (CLMT) CEO’s new restricted stock units equivalent to common shares?

Each restricted stock unit granted to the Calumet CEO is the economic equivalent of one share of Calumet common stock. Once the vesting conditions are satisfied, these units can deliver value comparable to owning an equal number of common shares, subject to the company’s equity plan terms.

Did the Calumet (CLMT) CEO buy or sell shares in this Form 4 filing?

The filing shows equity awards, not market trades. Louis Todd Borgmann acquired restricted stock units as compensation at a stated price of $0.00 per unit, meaning there were no open-market purchases or sales of Calumet common stock reported in this specific Form 4.