Calumet (CLMT) director reports RSU vesting and share disposition

Rhea-AI Filing Summary

Calumet, Inc. reported an insider equity transaction by one of its directors.

On December 4, 2025, the director converted 2,526 restricted stock units into common stock and disposed of 1,011 common shares. After these transactions, the director beneficially owns 28,793 shares of Calumet common stock directly. Each restricted stock unit is the economic equivalent of one Calumet common share, is 100% vested, and can be settled in shares or their cash value. The director elected to have 40% of the vested restricted stock units settled in the cash equivalent of a common share.

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^*

Boss John G.

(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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
12/04/2025

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	12/04/2025		M		2,526	A	$0	29,804	D
Common Stock, par value $0.01 per share	12/04/2025		S		1,011(1)	D	$0	28,793	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)	12/04/2025		M			2,526	(3)	(3)	Common Stock, par value $0.01 per share	2,526	$0	0	D

Explanation of Responses:

1. The reporting person elected to receive 40% of Restricted Stock Units vested and reported here within to be settled in the cash equivalent of a Calumet, Inc. common share.

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

3. Each Restricted Stock Unit becomes payable either in the form of one share of Calumet, Inc. common stock, par value $0.01 per share, or the cash value thereof. Restricted Stock Units are 100% vested.

	/s/ Connor J. Egan, as attorney-in-fact	12/05/2025
	** 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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FAQ

What insider transaction did a Calumet, Inc. (CLMT) director report on December 4, 2025?

A Calumet, Inc. director reported converting 2,526 restricted stock units into common stock and disposing of 1,011 common shares on December 4, 2025.

How many Calumet, Inc. (CLMT) shares does the director own after this Form 4 transaction?

Following the reported transactions, the director beneficially owns 28,793 shares of Calumet, Inc. common stock directly.

How do Calumet, Inc. (CLMT) restricted stock units work in this filing?

Each restricted stock unit is the economic equivalent of one share of Calumet, Inc. common stock and is 100% vested. Each unit becomes payable as either one share of common stock or its cash value.

Did the Calumet, Inc. (CLMT) director receive cash for any of the vested restricted stock units?

Yes. The reporting person elected to have 40% of the vested restricted stock units reported here settled in the cash equivalent of a Calumet, Inc. common share.

How many restricted stock units does the Calumet, Inc. (CLMT) director hold after the transaction?

After converting 2,526 restricted stock units into common shares, the number of restricted stock units beneficially owned is reported as 0.

What type of security was involved in the Calumet, Inc. (CLMT) Form 4 filing?

The filing involves Calumet, Inc. common stock, par value $0.01 per share, and restricted stock units that are economically equivalent to common shares.