Calumet (CLMT) CEO exercises 49,974 RSUs, surrenders shares for tax

Rhea-AI Filing Summary

Calumet, Inc. chief executive officer Louis Todd Borgmann exercised 49,974 Restricted Stock Units into common stock on March 9, 2026. Each Restricted Stock Unit was the economic equivalent of one share of Calumet common stock, and 100% of these units had vested on February 21, 2026.

To cover tax withholding obligations related to this delivery, he surrendered 21,798 shares of Calumet common stock back to the company, rather than selling them on the open market. After these transactions, Borgmann directly held 263,742 shares of Calumet common 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).

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)
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		49,974	A	$0	285,540	D
Common Stock, par value $0.01 per share	03/09/2026		F		21,798(1)	D	$0	263,742	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			49,974	(3)	(3)	Common Stock, par value $0.01 per share	49,974	$0	0	D

Explanation of Responses:

1. The reporting person elected to surrender 21,798 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.
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FAQ

What insider transaction did Calumet (CLMT) CEO Louis Todd Borgmann report?

Louis Todd Borgmann reported exercising 49,974 Restricted Stock Units into Calumet common stock. These units were fully vested and economically equivalent to common shares, increasing his direct equity position before share surrender for tax withholding.

How many Restricted Stock Units did the Calumet (CLMT) CEO exercise?

He exercised 49,974 Restricted Stock Units into Calumet common stock. Each unit represented the economic equivalent of one share, and all of these units had vested on February 21, 2026 before the March 9, 2026 conversion.

Did the Calumet (CLMT) CEO sell shares in the market in this Form 4?

No open-market sale occurred. The filing shows an option-style RSU exercise and a tax-withholding disposition, where 21,798 shares were surrendered to satisfy tax liabilities rather than being sold to third-party investors.

How were taxes handled on the Calumet (CLMT) CEO’s RSU exercise?

Borgmann elected to surrender 21,798 Calumet common shares to cover tax withholding obligations. This approach, described under Rule 16b-3, settles the tax liability using shares instead of a separate cash payment to tax authorities.

How many Calumet (CLMT) shares does the CEO own after these transactions?

After the RSU exercise and tax-withholding share surrender, Borgmann directly holds 263,742 shares of Calumet common stock. This figure reflects his updated position immediately following the March 9, 2026 transactions reported in the Form 4.

When did the Calumet (CLMT) CEO’s Restricted Stock Units fully vest?

The Restricted Stock Units fully vested on February 21, 2026. Following that vesting date, Borgmann exercised 49,974 units into common stock on March 9, 2026, triggering the related share-based tax-withholding transaction.