Calumet director granted 704 and 234 RSUs

Raymond Paul C reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Raymond Paul C reported acquisition or exercise transactions in this Form 4 filing.

Calumet, Inc. director Raymond Paul C reported compensation-related equity grants. On May 28, 2026, he received two awards of Calumet Restricted Stock Units (RSUs) that are each economically equivalent to common shares of Calumet, Inc. common stock.

The first grant covers 234 RSUs, is 100% vested, and results in total holdings of 234 RSUs from that award. The second grant covers 704 RSUs, with 25% vesting each July 1 beginning on July 1, 2027, and total holdings of 704 RSUs from that award.

Both RSU awards have a grant price of $0.00 per unit and will settle in stock upon the earlier of a date specified by the reporting person or his termination date under the company’s deferred compensation plan.

Insider Trade Summary

Grant/Award: 938 shares

Grant/Award 2 txns

Insider Raymond Paul C

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Unit	704	$0.00	$0.00
Grant/Award	Restricted Stock Units	234	$0.00	$0.00

Holdings After Transaction: Restricted Stock Unit — 704 contracts (Direct); Restricted Stock Units — 234 contracts (Direct)

Footnotes (3)

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. 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. F3. 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, 2027.

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Accepted by SEC EDGAR 06/01/2026 - 04:07 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
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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^*

Raymond Paul C

(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)
05/28/2026

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

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)	05/28/2026		A		704		(2)	(2)	Common Stock, par value $0.01 per share	704	$0	704	D
Restricted Stock Units	(1)	05/28/2026		A		234		(3)	(3)	Common Stock, par value $0.01 per share	234	$0	234	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, 2027.

	/s/ Connor J. Egan, as attorney-in-fact	06/01/2026
	** 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)