Calumet director converts RSUs into 5,053 common stock shares

Calumet, Inc. reported that one of its directors acquired 5,053 shares of common stock, par value $0.01 per share, on 12/04/2025 through the settlement of restricted stock units at a price of $0 per share.

Rhea-AI Filing Summary

Calumet, Inc. reported that one of its directors acquired 5,053 shares of common stock, par value $0.01 per share, on 12/04/2025 through the settlement of restricted stock units at a price of $0 per share.

After this transaction, the director directly beneficially owned 24,733 shares of Calumet common stock. The related derivative position of 5,053 restricted stock units was reduced to zero as they were fully converted into common stock, with each unit economically equivalent to one share and 100% vested.

Insider Trade Summary

5,053 shares exercised/converted

Exercise 2 txns

Insider Raymond Paul C

Role Director

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Unit	5,053	$0.00	$0.00
Exercise	Common Stock, par value $0.01 per share	5,053	$0.00	$0.00

Holdings After Transaction: Restricted Stock Unit — 0 contracts (Direct); Common Stock, par value $0.01 per share — 24,733 shares (Direct)

Footnotes (2)

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 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.

FAQ

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What insider transaction did Calumet, Inc. (CLMT) report in this filing?

A director of Calumet, Inc. acquired 5,053 shares of common stock, par value $0.01 per share, on 12/04/2025 through the settlement of restricted stock units.

At what price were the Calumet, Inc. (CLMT) shares acquired by the director?

The 5,053 shares of Calumet, Inc. common stock were acquired at a stated price of $0 per share in connection with the restricted stock unit settlement.

How many Calumet, Inc. (CLMT) shares does the director own after this transaction?

Following the reported transaction, the director directly beneficially owned 24,733 shares of Calumet, Inc. common stock.

What happened to the director’s restricted stock units in this Calumet, Inc. filing?

The director’s 5,053 restricted stock units were converted into common stock, reducing the number of restricted stock units beneficially owned to 0.

What is a restricted stock unit in the context of Calumet, Inc. (CLMT)?

Each restricted stock unit is described as the economic equivalent of one share of Calumet, Inc. common stock and becomes payable either in shares or their cash value when vested.

What is the reporting person’s relationship to Calumet, Inc. in this Form 4?

The reporting person is identified as a Director of Calumet, Inc. and the filing is made by one reporting person on an individual basis.

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Accepted by SEC EDGAR 12/05/2025 - 03:55 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^*

Raymond Paul C

(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)
12/04/2025

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	12/04/2025		M		5,053	A	$0	24,733	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)	12/04/2025		M			5,053	(2)	(2)	Common Stock, par value $0.01 per share	5,053	$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	12/05/2025
	** 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.
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