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

Rhea-AI Filing Summary

Calumet, Inc. (CLMT) senior vice president and general counsel Gregory J. Morical exercised vested restricted stock units and settled related taxes in shares. On March 9, 2026, he converted 15,348 Restricted Stock Units into 15,348 shares of common stock at an exercise price of $0.00 per share.

Footnotes state that each Restricted Stock Unit equaled one share of common stock and that 100% of the units vested on February 21, 2026. To cover tax withholding obligations under Rule 16b-3, he surrendered 6,952 shares of common stock back to the issuer. After these transactions, he directly owned 47,811 shares of Calumet, Inc. common stock. This pattern reflects routine equity compensation vesting, with part of the award used to satisfy taxes rather than an open-market sale.

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
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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).

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^*

Morical Gregory 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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP, GENERAL COUNSEL

3. Date of Earliest Transaction (Month/Day/Year)
03/09/2026

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
Common Stock, par value $0.01 per share	03/09/2026		M		15,348	A	$0	54,763	D
Common Stock, par value $0.01 per share	03/09/2026		F		6,952(1)	D	$0	47,811	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)	03/09/2026		M			15,348	(3)	(3)	Common Stock, par value $0.01 per share	15,348	$0	0	D

Explanation of Responses:

1. The reporting person elected to surrender 6,952 shares of Calumet, Inc. common stock, par value $0.01 per share, to satisfy tax withholding liabilities upon delivery of common stock in accordance with Rule 16b-3.

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

3. 100% of the Restricted Stock Units vested on February 21, 2026.

	/s/ Connor J. Egan, as attorney-in-fact	03/10/2026
	** 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 CLMT executive Gregory J. Morical report?

Gregory J. Morical reported exercising 15,348 Restricted Stock Units into 15,348 Calumet, Inc. common shares. The filing shows this was an equity award vesting event with no cash exercise price, followed by share surrender to cover tax withholding obligations.

How many CLMT shares did Gregory J. Morical receive and surrender for taxes?

He received 15,348 Calumet, Inc. common shares from vested Restricted Stock Units and surrendered 6,952 shares. The surrendered shares were used to satisfy tax withholding liabilities, as permitted under Rule 16b-3, instead of making a cash tax payment.

What is Gregory J. Morical’s CLMT share ownership after this Form 4?

After the transactions, Gregory J. Morical directly owns 47,811 shares of Calumet, Inc. common stock. This reflects his remaining equity position following the RSU conversion and the share surrender used to cover tax withholding obligations on the vested award.

Were Gregory J. Morical’s CLMT transactions open-market buys or sales?

The transactions were not open-market buys or sales. They involved exercising 15,348 Restricted Stock Units at a zero exercise price and surrendering 6,952 shares for tax withholding, a standard mechanism for settling taxes on vested equity awards.

When did Gregory J. Morical’s Calumet Restricted Stock Units vest?

The filing states that 100% of Gregory J. Morical’s Restricted Stock Units vested on February 21, 2026. Following that vesting, he received 15,348 common shares and later surrendered 6,952 of those shares to satisfy tax withholding liabilities in accordance with Rule 16b-3.

What role does Gregory J. Morical hold at Calumet, Inc. (CLMT)?

Gregory J. Morical serves as senior vice president and general counsel of Calumet, Inc. The reported Form 4 transactions relate to his equity compensation, specifically the vesting and conversion of Restricted Stock Units and associated tax-withholding share surrender.