Fleming Bruce A 4

What Happened
Bruce A. Fleming, Executive Vice President — Montana Renewables at Calumet, Inc. (CLMT), was granted a total of 18,550 restricted stock units (RSUs) on February 24, 2026. The grants consist of 10,850 RSUs (performance-based 2025 awards) and 7,700 RSUs (time‑based) at a grant price of $0.00 (awards, not purchases), so no cash changed hands on the grant date. Each RSU represents the economic equivalent of one share of Calumet common stock and will convert to shares only upon vesting.

Key Details

• Transaction date: 2026-02-24; Form 4 filed 2026-02-26 (no late filing indicated).
• Grants: 10,850 RSUs (F2 — 2025 performance-based awards certified by the board) and 7,700 RSUs (F3 — time‑based). Total = 18,550 RSUs. Grant price reported $0.00.
• Vesting: F2 awards remain subject to service-based vesting through Feb 25, 2028; F3 awards vest on Feb 24, 2029.
• Shares owned after transaction: Not reported on the Form 4 (or not specified in this filing).
• Notes: RSUs are derivative awards (see footnotes). No tax‑withholding, sale, or exercise was reported in this filing.

Context
RSUs are awards that convert into shares (or the cash value) only after vesting; they are not an open‑market purchase or sale and do not indicate an immediate change in stock ownership or market sentiment. The 2025 performance-based component was certified by the board on the grant date but still requires continued service until the stated vesting dates.