SANDERS BRADFORD TIMOTHY 4

What Happened
Bradford T. Sanders, a director of Calumet, Inc. (CLMT), was granted 3,461 restricted stock units (RSUs) on June 2, 2026. The Form 4 reports the award as a derivative acquisition (code A) at $0.00 per unit — no cash was exchanged at grant. The award equals 3,461 economic shares that will convert to common stock when settled upon vesting.

Key Details

• Transaction date and terms: 2026-06-02 — 3,461 RSUs granted, reported price $0.00 (award/derivative).
• Ownership after transaction: Not specified in this filing.
• Vesting/settlement: RSUs vest on the earlier of June 2, 2027 or the date of Calumet’s 2027 annual meeting; units will be settled upon vesting (Footnotes F1–F2).
• Filing timeliness: Form 4 filed June 4, 2026 for a June 2 transaction — appears to be timely (within the usual two-business-day window).
• Transaction code: A = Award/Grant of derivative securities (RSUs).

Context
RSUs are a standard form of equity compensation that represent the right to receive shares in the future; they do not involve an immediate market purchase or sale. The economic value to the insider will depend on Calumet’s share price when the RSUs vest and are settled. Such grants are generally compensation-related and not direct signals of an insider buying or selling stock.