Calumet director exercises 7,067 stock units

Calumet, Inc. director Karen G. Narwold reported the vesting and settlement of equity awards.

Rhea-AI Filing Summary

Calumet, Inc. director Karen G. Narwold reported the vesting and settlement of equity awards. On July 9, 2026, she exercised 7,067 Restricted Stock Units, each economically equivalent to one share of Calumet, Inc. common stock, into 7,067 shares of common stock. The footnotes state that 100% of these Restricted Stock Units vested on June 2, 2026, and following the transactions she holds 7,067 common shares directly, with no remaining units from this grant.

Filing Explained

The filing reports 7,067 vested RSUs becoming direct common shares, with no reported sale.

The Form 4 reports that Connor J. Egan, a director of Calumet, exercised 7,067 restricted stock units on July 9, 2026 into 7,067 directly held common shares at $0 per share; the reported post-transaction holdings are 7,067 common shares and zero RSUs.

The filing states that each RSU was the economic equivalent of one Calumet common share and that 100% of the units vested on June 2, 2026.

Under the supplied Form 4 definitions, Form 4 reports an insider transaction within two business days, and code M denotes an option or derivative exercise.

Structurally, the disclosed position moved from a derivative holding to direct common-stock ownership; this filing reports a holder transaction rather than a sale of shares.

Insider Trade Summary

7,067 shares exercised/converted

Exercise 2 txns

Insider NARWOLD KAREN G

Role Director

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Unit F1, F2	7,067	$0.00	$0.00
Exercise	Common Stock, par value $0.01 per share	7,067	$0.00	$0.00

Holdings After Transaction: Restricted Stock Unit — 0 contracts (Direct); Common Stock, par value $0.01 per share — 7,067 shares (Direct)

Footnotes (2)

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. 100% of the Restricted Stock Units vested on June 2, 2026.

Key Figures

RSUs exercised: 7,067 units Common shares received: 7,067 shares Shares held after: 7,067 shares +1 more

4 metrics

RSUs exercised 7,067 units Restricted Stock Units exercised on July 9, 2026

Common shares received 7,067 shares Common stock issued upon RSU exercise on July 9, 2026

Shares held after 7,067 shares Direct common stock holdings following the reported transactions

Vesting date June 2, 2026 100% of the Restricted Stock Units vested on this date

Key Terms

Restricted Stock Unit, economic equivalent, Exercise or conversion of derivative security

3 terms

Restricted Stock Unit financial

"The security title is listed as "Restricted Stock Unit""

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.

economic equivalent financial

"Each Restricted Stock Unit is the economic equivalent of one share"

Exercise or conversion of derivative security financial

"Transaction code M is described as Exercise or conversion of derivative security"

FAQ

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

What did Calumet, Inc. (CLMT) director Karen G. Narwold report in this Form 4?

Karen G. Narwold reported the exercise of 7,067 Restricted Stock Units into 7,067 shares of Calumet, Inc. common stock. These units had fully vested earlier, converting into directly held common shares.

How many Calumet, Inc. (CLMT) shares does Karen G. Narwold hold after the reported transactions?

After the reported transactions, Karen G. Narwold holds 7,067 shares of common stock directly. This reflects the full settlement of 7,067 Restricted Stock Units into common shares, with no units from this grant remaining.

What type of securities did Karen G. Narwold convert in the Calumet, Inc. (CLMT) Form 4?

She converted Restricted Stock Units that are each the economic equivalent of one Calumet, Inc. common share. A total of 7,067 units were exercised, resulting in issuance of 7,067 common shares.

When did the Restricted Stock Units for Calumet, Inc. (CLMT) fully vest for Karen G. Narwold?

The filing states that 100% of the Restricted Stock Units vested on June 2, 2026. The subsequent Form 4 dated July 9, 2026, reflects their exercise into common stock following this vesting.

Was there any open-market buying or selling by Karen G. Narwold in Calumet, Inc. (CLMT)?

The Form 4 shows no open-market purchases or sales. The only activity is an M-code exercise of 7,067 Restricted Stock Units into an equal number of common shares, a compensation-related conversion.

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

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Accepted by SEC EDGAR 07/13/2026 - 03:59 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^*

NARWOLD KAREN G

(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)
07/09/2026

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
Common Stock, par value $0.01 per share	07/09/2026		M		7,067	A	$0	7,067	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	(1)	07/09/2026		M			7,067	(2)	(2)	Common Stock, par value $0.01 per share	7,067	$0	0	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. 100% of the Restricted Stock Units vested on June 2, 2026.

Remarks:

	/s/ Connor J. Egan, as attorney-in-fact	07/10/2026
	** 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.
* Form 4: SEC 1474 (03-26)