Mawer Stephen P 4

What Happened
Stephen P. Mawer, a director of Calumet, Inc. (CLMT), was granted two awards of restricted stock units (RSUs) on February 24, 2026: 1,175 RSUs and 391 RSUs (total 1,566 RSUs). Both awards are reported as derivative awards with a $0 per-share acquisition price on the Form 4, indicating they were granted as compensation rather than bought on the open market. No cash was paid and no sale occurred.

Key Details

• Transaction date: February 24, 2026; Form 4 filed February 26, 2026 (timely filing).
• Award type: Two RSU grants (derivative awards) — 1,175 RSUs and 391 RSUs — reported at $0.
• Shares owned after transaction: Not specified in the filing provided.
• Footnotes of note:
  • F1: Each RSU equals the economic equivalent of one share of common stock.
  • F2: Some RSUs will be settled on the earlier of a specified date or the reporting person’s termination; those RSUs are 100% vested.
  • F3: Other RSUs are under a Deferred Compensation Plan and will settle on the earlier of a specified date or termination; these vest 25% on July 1 of each year beginning July 1, 2027.
• Transaction code: "A" (award/grant). No 10b5-1 plan, tax withholding, or late filing flag indicated in the provided details.

Context
RSUs are compensation awards that represent the right to receive shares (or the cash equivalent) in the future; they are derivative until settled. Vested RSUs can represent immediate economic value even if settlement is deferred. These grants are routine director compensation and do not involve open-market buying or selling, so they do not directly signal a market trade by the insider.