Calumet EVP granted 18,550 restricted stock units

Fleming Bruce A reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Fleming Bruce A reported acquisition or exercise transactions in this Form 4 filing.

Calumet, Inc. executive Bruce A. Fleming, EVP – Montana Renewables, reported receiving two equity awards of restricted stock units. He was granted 10,850 performance-based restricted stock units tied to 2025 performance that now remain subject to service-based vesting through February 25, 2028, and a separate grant of 7,700 restricted stock units that vest on February 24, 2029. Each unit represents the economic equivalent of one share of Calumet, Inc. common stock and was awarded at no cash purchase price.

Insider Trade Summary

Grant/Award: 18,550 shares

Grant/Award 2 txns

Insider Fleming Bruce A

Role EVP - MONTANA RENEWABLES

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Units	10,850	$0.00	$0.00
Grant/Award	Restricted Stock Unit	7,700	$0.00	$0.00

Holdings After Transaction: Restricted Stock Units — 10,850 contracts (Direct); Restricted Stock Unit — 7,700 contracts (Direct)

Footnotes (3)

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. 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. F3. These Restricted Stock Units vest on February 24, 2029.

FAQ

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

What insider activity did Calumet (CLMT) report for Bruce A. Fleming?

Calumet reported that EVP – Montana Renewables Bruce A. Fleming received two grants of restricted stock units. One grant is performance-based tied to 2025 results, and the other is a time-based award, both representing stock-based compensation rather than open-market share purchases.

How many restricted stock units did Bruce A. Fleming receive from Calumet (CLMT)?

Bruce A. Fleming received 10,850 performance-based restricted stock units and a separate grant of 7,700 restricted stock units. Together, these awards represent the economic equivalent of 18,550 shares of Calumet, Inc. common stock, subject to the vesting conditions described in the filing’s footnotes.

What are the vesting terms of Bruce A. Fleming’s 2025 performance-based RSUs at Calumet (CLMT)?

The 10,850 performance-based restricted stock units relate to 2025 performance, which the board certified on the transaction date. These units remain subject to continued service-based vesting requirements through February 25, 2028, meaning Fleming must remain employed through that date to receive the underlying shares.

When do Bruce A. Fleming’s time-based restricted stock units at Calumet (CLMT) vest?

The separate grant of 7,700 restricted stock units to Bruce A. Fleming vests on February 24, 2029. These units are not described as performance-based and instead depend on service through the vesting date, aligning his long-term compensation with Calumet’s future performance and retention goals.

Do Bruce A. Fleming’s Calumet (CLMT) restricted stock units involve any cash purchase price?

No, the reported restricted stock unit awards show a transaction price per unit of $0.0000. This indicates they are stock-based compensation grants rather than open-market purchases, giving Fleming equity-linked incentives without requiring him to pay cash for the underlying units.

What does each restricted stock unit granted to Bruce A. Fleming at Calumet (CLMT) represent?

Each restricted stock unit is economically equivalent to one share of Calumet, Inc. common stock with a par value of $0.01 per share. Once the vesting conditions are satisfied, the units are typically settled in shares, aligning executive compensation with shareholder value over time.

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

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Accepted by SEC EDGAR 02/26/2026 - 08:40 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^*

Fleming Bruce A

(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)
	EVP - MONTANA RENEWABLES

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		10,850		(2)	(2)	Common Stock, par value $0.01 per share	10,850	$0	10,850	D
Restricted Stock Unit	(1)	02/24/2026		A		7,700		(3)	(3)	Common Stock, par value $0.01 per share	7,700	$0	7,700	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.
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