Calumet (CLMT) Director Stephen Mawer Converts RSUs, Sells 24,555 Shares

What Happened
Stephen P. Mawer, a director of Calumet, Inc. (CLMT), reported conversion/exercise of derivative awards and an immediate partial sale on Sept 25, 2026. The filing shows 61,387 shares acquired via conversion/exercise of a derivative instrument (code M) and a same-day open-market disposal of 24,555 shares (code S). All reported transactions list a $0.00 per-share price on the Form 4 (see footnotes for details on settlement).

Key Details

• Transaction date: 2026-09-25; Form filed: 2026-09-28 (filed within the required reporting window).
• Reported activity: M (exercise/conversion) — 61,387 shares acquired; S (sale) — 24,555 shares disposed; an additional M entry shows 61,387 shares disposed as derivative.
• Prices shown on the filing: $0.00 for all entries (the filing does not show cash proceeds or market sale price).
• Shares owned after the transaction: not specified in the provided filing excerpt.
• Relevant footnotes:
  • F1: Mawer elected to receive 40% of vested Restricted Stock Units (RSUs) settled in the cash equivalent of a Calumet common share.
  • F2: Each RSU equals the economic equivalent of one common share.
  • F3: 100% of the RSUs vested on Aug 1, 2026.

Context

• Code M indicates an exercise or conversion of a derivative (here, RSUs that vested). The $0.00 price typically reflects that vested RSUs convert without an exercise cash outlay; it does not reflect sale proceeds.
• Because Mawer both converted/received shares and sold a portion the same day, this looks like a partial immediate disposition (common when executives/insiders convert awards and sell shares to cover taxes or take gains).
• These entries are routine insider reporting of equity awards/settlements and do not by themselves indicate a change in company outlook.