NARWOLD KAREN G 4

What Happened

• Karen G. Narwold, a director of Calumet, Inc. (CLMT), reported the conversion/exercise (code M) of 7,067 derivative units into 7,067 common shares on July 9, 2026. Both the acquisition and the disposition are reported at $0.00, so no cash price or proceeds are shown in the filing.
• The filing indicates an equal number of shares were acquired and disposed (7,067 acquired; 7,067 disposed), which is an administrative/settlement-style transaction rather than an open‑market purchase or sale that indicates a directional bet.

Key Details

• Transaction date: July 9, 2026. Filing date: July 13, 2026 (appears filed after the typical 2-business-day Form 4 deadline).
• Price: $0.00 per share for both acquisition and disposition; total reported cash value = $0.
• Shares owned after transaction: not specified in the filing.
• Footnotes: F1 — each Restricted Stock Unit (RSU) equals one share of Calumet common stock; F2 — 100% of the RSUs vested on June 2, 2026.
• Transaction code: M = exercise/conversion of a derivative (here, RSUs converting to shares).
• Timeliness: The Form 4 was filed four days after the reported transaction date; Form 4s are typically due within two business days, so this appears late.

Context

• For retail investors: conversions of RSUs into shares (especially when acquisition and disposition are reported for the same amount at $0.00) are often administrative — for example, settling vested awards and potentially covering tax withholding or similar obligations — rather than a buy/sell signaling market sentiment. The filing does not state the reason for the disposition.