Calumet CEO surrenders 46,901 shares for taxes

All 107,428 restricted stock units vested on August 1, 2026, and 46,901 shares were surrendered for tax withholding upon delivery.

Rhea-AI Filing Summary

Calumet, Inc. (CLMT) Chief Executive Officer Louis Todd Borgmann exercised 107,428 restricted stock units on September 25, 2026, acquiring 107,428 common shares. The units vested 100% on August 1, 2026. Upon delivery of common stock, he surrendered 46,901 shares to satisfy tax withholding liabilities.

Insider Trade Summary

107,428 shares exercised/converted

Exercise 3 txns

Insider Borgmann Louis Todd

Role CHIEF EXECUTIVE OFFICER

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Unit F2, F3	107,428	$0.00	$0.00
Exercise	Common Stock, par value $0.01 per share	107,428	$0.00	$0.00
Tax Withholding	Common Stock, par value $0.01 per share F1	46,901	$0.00	$0.00

Holdings After Transaction: Restricted Stock Unit — 0 contracts (Direct); Common Stock, par value $0.01 per share — 324,269 shares (Direct)

Footnotes (3)

1. F1. The reporting person elected to surrender 46,901 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. F2. Each Restricted Stock Unit is the economic equivalent of one share of Calumet, Inc. common stock, par value $0.01 per share.
3. F3. 100% of the Restricted Stock Units vested on August 1, 2026.

Key Figures

Restricted stock units exercised: 107,428 units Common shares acquired: 107,428 shares Shares surrendered for tax withholding: 46,901 shares +2 more

5 metrics

Restricted stock units exercised 107,428 units September 25, 2026

Common shares acquired 107,428 shares Upon exercise on September 25, 2026

Shares surrendered for tax withholding 46,901 shares Upon delivery of common stock on September 25, 2026

Restricted stock units vested 100% August 1, 2026

Reported RSUs following transaction 0 RSUs Direct derivative position following the September 25, 2026 transaction

Key Terms

Restricted Stock Unit, Rule 16b-3, tax withholding liabilities

3 terms

Restricted Stock Unit technical

"Each Restricted Stock Unit is the economic equivalent of one share"

A restricted stock unit is a promise from a company to give an employee shares of stock after certain conditions are met, like staying with the company for a set amount of time. It’s like earning a bonus that turns into company stock once you’ve proven your commitment, making it a way to motivate and reward employees.

Rule 16b-3 regulatory

"in accordance with Rule 16b-3"

Rule 16b-3 is a Securities and Exchange Commission regulation that exempts certain routine, pre-approved transactions by company insiders from automatic liability for short-term trading profits. It acts like a safe harbor: if an insider follows a formal plan or the board approves specific transactions in advance, profits from buying and selling company stock within six months are not automatically reclaimed. Investors care because the rule clarifies when insider trades are permissible and reduces uncertainty about potential clawbacks.

tax withholding liabilities financial

"to satisfy tax withholding liabilities upon delivery"

FAQ

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

How many RSUs did CLMT Chief Executive Officer Louis Todd Borgmann exercise?

Louis Todd Borgmann exercised 107,428 restricted stock units on September 25, 2026, acquiring 107,428 Calumet common shares. Each restricted stock unit was the economic equivalent of one common share, and 100% of the units vested on August 1, 2026.

How many CLMT shares did Louis Todd Borgmann surrender for tax withholding?

Louis Todd Borgmann surrendered 46,901 common shares to satisfy tax withholding liabilities upon delivery of common stock on September 25, 2026.

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

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Available on EDGAR 09/28/2026 - 04:40 PM Accepted by SEC EDGAR 09/28/2026 - 04:39 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^*

Borgmann Louis Todd

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/25/2026

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	09/25/2026		M		107,428	A	$0	371,170	D
Common Stock, par value $0.01 per share	09/25/2026		F		46,901(1)	D	$0	324,269	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)	09/25/2026		M			107,428	(3)	(3)	Common Stock, par value $0.01 per share	107,428	$0	0	D

Explanation of Responses:

1. The reporting person elected to surrender 46,901 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 August 1, 2026.

Remarks:

	/s/ Connor J. Egan, as attorney-in-fact	09/25/2026
	** 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)