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

Rhea-AI Filing Summary

Jennifer Straumins, a director of Calumet, Inc. (CLMT), received 3,796 Restricted Stock Units on 06/24/2025. The RSUs are fully vested and each unit is the economic equivalent of one share of common stock; they may be settled in one share each or in cash for the cash value. The transaction was coded M and reported as having a $0 price. After the grant, Ms. Straumins is reported to beneficially own 938,385 shares of Calumet common stock. The Form 4 was signed by an attorney-in-fact on 10/03/2025. This filing documents an insider compensation-related grant and confirms the director's current beneficial ownership level.

Positive

• 3,796 Restricted Stock Units are 100% vested, giving immediate alignment with shareholders
• Reporting shows a substantial post-transaction holding of 938,385 shares, clarifying insider stake

Negative

• None.

Insights

Corporate Governance Analyst

Director received fully vested RSUs equal to 3,796 shares on 06/24/2025.

The filing shows a grant of 3,796 Restricted Stock Units that are 100% vested, meaning the director has immediate economic exposure to the company's equity. Such vested awards can align director incentives with shareholders because they convert to common stock or cash value.

The transaction was reported at $0 and coded M, consistent with a compensatory award or plan-based grant; the Form 4 records the grant and the director's post-transaction ownership of 938,385 shares.

Insider Ownership Specialist

Post-grant beneficial ownership is 938,385 shares, per the Form 4.

The reported ownership figure provides a clear measure of this director's stake in Calumet, useful for assessing insider alignment with shareholders. The RSUs being immediately vested means the director's reported ownership effectively reflects near-term dilution or potential share issuance if settled in stock.

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).

1. Name and Address of Reporting Person^*

Straumins Jennifer

(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)
06/24/2025

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
Common Stock, par value $0.01 per share	06/24/2025		M		3,796	A	$0	938,385	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)	06/24/2025		M			3,796	(2)	(2)	Common Stock, par value $0.01 per share	3,796	$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. Each Restricted Stock Unit becomes payable either in the form of one share of Calumet, Inc. common stock, par value $0.01 per share, or the cash value thereof. Restricted Stock Units are 100% vested.

	/s/ Connor J. Egan, as attorney-in-fact	10/03/2025
	** 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 the Form 4 for Calumet (CLMT) disclose?

The Form 4 discloses that director Jennifer Straumins received 3,796 Restricted Stock Units on 06/24/2025, and now beneficially owns 938,385 shares.

Are the Restricted Stock Units vested?

Yes. The filing states the Restricted Stock Units are 100% vested and each unit equals one share or the cash value thereof.

At what price were the RSUs reported?

The transaction is reported with a price of $0, consistent with a grant rather than an open-market purchase.

When was the transaction dated and when was the Form 4 signed?

The transaction date is 06/24/2025, and the Form 4 signature by attorney-in-fact is dated 10/03/2025.

Can the RSUs be settled in cash?

Yes. The filing states each Restricted Stock Unit becomes payable in one share or the cash value thereof.