Calumet director converts 7,067 RSUs to shares

Calumet, Inc. director Karen A. Twitchell reported the vesting and settlement of equity awards.

Rhea-AI Filing Summary

Calumet, Inc. director Karen A. Twitchell reported the vesting and settlement of equity awards. On July 9, 2026, she exercised 7,067 Restricted Stock Units, each equivalent to one share of common stock, into 7,067 shares of common stock. Following the transaction, she directly holds 13,389 shares of Calumet, Inc. common stock, while the reported Restricted Stock Unit balance is reduced to zero. The footnotes state that 100% of these Restricted Stock Units vested on June 2, 2026.

Filing Explained

The reported effect is confined to the insider’s holdings: vested RSUs resulted in 13,389 direct shares being reported.

The July 10, 2026 Form 4 reports that director Connor J. Egan acquired 7,067 Calumet common shares on July 9, 2026 through an M-coded transaction at a reported price of $0; the reported state is acquired shares and zero remaining restricted stock units, with 13,389 direct shares reported afterward.

The supplied Form 4 code reference defines M as an option or derivative exercise, while this filing identifies the derivative security as restricted stock units and records their vesting.

The filing states that each restricted stock unit is the economic equivalent of one Calumet common share.

It states that 100% of the restricted stock units vested on June 2, 2026.

Insider Trade Summary

7,067 shares exercised/converted

Exercise 2 txns

Insider Twitchell Karen A.

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 — 13,389 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.

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Accepted by SEC EDGAR 07/13/2026 - 03:56 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^*

Twitchell Karen A.

(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	13,389	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)