Calumet (CLMT) EVP Fleming exercises 20,621 RSUs and surrenders shares for tax

Rhea-AI Filing Summary

Calumet, Inc. EVP Bruce A. Fleming exercised 20,621 Restricted Stock Units on March 9, 2026, receiving the same number of shares of common stock at a stated price of $0.00 per share. Each unit was economically equivalent to one share of common stock, and the units had vested 100% on February 21, 2026.

To cover tax withholding obligations upon delivery of the stock, Fleming surrendered 8,156 shares, a disposition treated as payment of tax liabilities rather than an open-market sale. After these transactions, he held 549,963 shares of Calumet common stock directly, reflecting a net increase in his equity position.

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

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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^*

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)
03/09/2026

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
Common Stock, par value $0.01 per share	03/09/2026		M		20,621	A	$0	558,119	D
Common Stock, par value $0.01 per share	03/09/2026		F		8,156(1)	D	$0	549,963	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)	03/09/2026		M			20,621	(3)	(3)	Common Stock, par value $0.01 per share	20,621	$0	0	D

Explanation of Responses:

1. The reporting person elected to surrender 8,156 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 February 21, 2026.

	/s/ Connor J. Egan, as attorney-in-fact	03/10/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

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

Bruce A. Fleming exercised 20,621 Restricted Stock Units, receiving the same number of Calumet common shares. These units were compensation-based awards that had fully vested, converting into common stock and increasing his direct ownership stake in the company.

How many Calumet (CLMT) shares did Bruce A. Fleming surrender for taxes?

Bruce A. Fleming surrendered 8,156 Calumet common shares to satisfy tax withholding obligations. This tax-related disposition was made upon delivery of the stock and is not an open-market sale, functioning instead as payment of tax liabilities on the vested awards.

What is Bruce A. Fleming’s Calumet (CLMT) shareholding after this Form 4?

After the reported transactions, Bruce A. Fleming directly holds 549,963 Calumet common shares. This reflects his position following the RSU exercise and the surrender of shares to cover associated tax withholding obligations on the delivered stock.

What do the Calumet (CLMT) Restricted Stock Units represent in this filing?

Each Restricted Stock Unit in the filing is economically equivalent to one Calumet common share. Upon vesting and exercise, these units convert into an equal number of common shares, serving as stock-based compensation for the executive.

When did Bruce A. Fleming’s Calumet (CLMT) Restricted Stock Units fully vest?

The Restricted Stock Units reported in this transaction vested 100% on February 21, 2026. Following this full vesting, the units were eligible to be settled in Calumet common shares, which occurred with the exercise recorded on March 9, 2026.