Mawer Stephen P 4

What Happened
Stephen P. Mawer, a director of Calumet, had 27,806 restricted stock units (RSUs) convert into common shares on March 9, 2026. The filing shows the RSUs converted at $0.00 per share. To cover tax withholding, Mawer elected to surrender 12,589 of the shares; the net shares received were 15,217. No open-market purchase or sale was reported — this was a vesting/conversion event and a tax-withholding disposition.

Key Details

• Transaction date: March 9, 2026; Form 4 filed March 11, 2026 (filed within required reporting window).
• Gross shares from conversion/vesting: 27,806 shares at $0.00 (RSU conversion).
• Shares surrendered for tax withholding: 12,589 shares (disposition code F).
• Net shares delivered to insider: 15,217 shares.
• Footnotes: F1 — 12,589 shares were surrendered to satisfy tax withholding; F2 — each RSU equals one share; F3 — 100% of the RSUs vested on February 21, 2026.
• Shares owned after the transaction: not specified in the filing.

Context
This was not an open-market buy or sale by the director but a standard vesting/conversion of RSUs and a cashless tax-withholding action (surrendering shares). For retail investors, vested RSUs are routine compensation events and do not, by themselves, indicate a change in insider sentiment.