Borgmann Louis Todd 4

What Happened
Louis Todd Borgmann, Chief Executive Officer of Calumet, Inc. (CLMT), was granted two awards of restricted stock units (RSUs) on February 24, 2026: 67,882 RSUs and 64,102 RSUs, for a total of 131,984 RSUs. Both grants are reported as derivative awards with a per-share price of $0.00 on the Form 4 (i.e., no cash purchase). These RSUs represent the right to receive common stock in the future upon satisfaction of vesting conditions.

Key Details

• Transaction date: 2026-02-24; Form 4 filed 2026-02-26 (appears timely — two days after the award date).
• Grants: 67,882 RSUs (reported $0.00) and 64,102 RSUs (reported $0.00); total 131,984 RSUs.
• Reported value on Form 4: $0.00 (common for equity awards/grants).
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnotes:
  • F1 — Each Restricted Stock Unit equals one share of Calumet common stock.
  • F2 — The 64,102 RSUs reflect 2025 performance-based RSUs certified by the board and remain subject to service-based vesting through February 25, 2028.
  • F3 — The 67,882 RSUs vest on February 24, 2029.

Context
RSUs are grants that convert into actual shares only after vesting conditions are met (time-based or performance-based), so these awards do not represent an immediate open-market purchase or sale. Such grants are routine executive compensation and should be viewed as future potential share issuance rather than an immediate bullish or bearish trading signal.