[Form 4] Calumet, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Calumet, Inc. (CLMT) Form 4 – director equity award

Director Paul C. Raymond disclosed two Restricted Stock Unit (RSU) grants dated 08-05-2025:

• 1,611 fully-vested RSUs that will settle on the earlier of a date selected by the director or his termination from service.
• 537 RSUs issued under the Deferred Compensation Plan; 25 % vest each July 1 beginning 07-01-2026 and settle on the same earlier-of dates.

Both grants were acquired at $0; no shares were sold. Raymond’s directly held derivative equity rises to 2,148 RSUs. The transaction reflects standard board compensation and modestly increases insider alignment, but it does not involve open-market buying or selling that would materially affect share supply or trading sentiment.

Positive

• 2,148 additional RSUs granted to a board member, slightly increasing insider equity alignment.

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine RSU grants; raises director’s stake by 2,148 units, negligible market impact.

The filing shows compensation-related awards, not discretionary purchases. Because the units carry no cash cost and are subject to settlement rules, they do not signal fresh capital commitment. Total ownership remains small relative to CLMT’s float, so dilution and signalling effects are minimal. Investors may view the additional equity as marginally positive for alignment, but the event is operationally immaterial and unlikely to influence valuation or liquidity.

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)
08/05/2025

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

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)	08/05/2025		A		1,611		(2)	(2)	Common Stock, par value $0.01 per share	1,611	$0	1,611	D
Restricted Stock Units	(1)	08/05/2025		A		537		(3)	(3)	Common Stock, par value $0.01 per share	537	$0	537	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, 2026.

	Connor J. Egan, as attorney-in-fact	08/07/2025
	** 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

How many Calumet (CLMT) shares did Paul C. Raymond acquire?

He received 2,148 Restricted Stock Units (1,611 fully-vested and 537 deferred-vesting).

Was any cash paid for the RSUs granted on 08-05-2025?

No. The RSUs were awarded at $0 per unit as part of director compensation.

When do the newly granted CLMT RSUs vest?

1,611 RSUs are already 100 % vested; 537 RSUs vest 25 % each July 1 starting in 2026.

Did the director sell any Calumet shares in this Form 4?

No. The filing reports only acquisitions; there were no dispositions.

What is the director’s total direct derivative holding after the transaction?

Paul C. Raymond now directly holds 2,148 RSUs in Calumet, Inc.