[Form 4] Calumet, Inc. /DE Insider Trading Activity

Rhea-AI Filing Summary

Calumet, Inc. (CLMT) disclosed a Form 4 showing a director received two Restricted Stock Unit awards on 11/06/2025. The filings list 1,761 RSUs (100% vested, to be settled upon the earlier of a specified date or termination) and 587 RSUs (under the Deferred Compensation Plan, vesting 25% each July 1 beginning July 1, 2026). Both derivative positions are shown as Direct (D) ownership at a price of $0 per unit.

Insights

Corporate governance analyst

Routine director RSU grants; limited near-term impact.

The disclosure reports two RSU awards to a director: 1,761 units that are already 100% vested with settlement upon an elected date or termination, and 587 units under a deferred plan vesting 25% annually starting July 1, 2026. These equity grants align director incentives with shareholders through stock-linked compensation.

Because awards were at a stated price of $0 and are standard for board compensation, immediate financial impact on the company is minimal. The vesting and settlement mechanics are specified, and any effect on share count depends on future settlement.

Key dated item is the vesting cadence beginning on July 1, 2026 for the 587 RSUs. Actual dilution, if any, depends on future settlement of these units as disclosed in subsequent reports.

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^*

Mawer Stephen P

(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)
11/06/2025

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

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)	11/06/2025		A		1,761		(2)	(2)	Common Stock, par value $0.01 per share	1,761	$0	1,761	D
Restricted Stock Units	(1)	11/06/2025		A		587		(3)	(3)	Common Stock, par value $0.01 per share	587	$0	587	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. Each Restricted Stock Unit will become settled upon the earlier of the date specified by the reporting person or the reporting person's termination date. Restricted Stock Units are 100% vested.

3. Each Restricted Stock Unit will be settled upon the earlier of the date specified by the reporting person or the reporting person's termination date pursuant to the Deferred Compensation Plan. 25% of the Restricted Stock Units vest on July 1 of each year beginning on July 1, 2026.

	/s/ Connor J. Egan, as attorney-in-fact	11/10/2025
	** 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.
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.

FAQ

What did Calumet (CLMT) report in this Form 4?

A director reported two RSU awards on 11/06/2025: 1,761 RSUs and 587 RSUs.

How do the 1,761 Calumet (CLMT) RSUs work?

They are 100% vested and settle upon the earlier of a specified date or the reporting person's termination.

What is the vesting schedule for the 587 Calumet (CLMT) RSUs?

Under the Deferred Compensation Plan, 25% vest on July 1 each year beginning July 1, 2026.

What ownership form is shown for the RSUs in CLMT's filing?

Both RSU positions are listed as Direct (D) ownership.

What price is listed for the Calumet (CLMT) RSU awards?

The awards show a price of $0 per unit.

Do these Calumet (CLMT) RSUs represent common stock?

Each RSU is the economic equivalent of one share of Calumet, Inc. common stock, par value $0.01 per share.