Borgmann Louis Todd 4

What Happened
Borgmann Louis Todd (CEO) was granted two restricted stock unit (RSU) awards on 2026-03-31: 7,173 RSUs and 2,391 RSUs, totaling 9,564 RSUs. Each award shows an acquisition price of $0.00 (i.e., these are awards/derivative grants, not open-market purchases), and the filing classifies them as derivative awards.

Key Details

• Transaction date(s) and price: 2026-03-31, 7,173 RSUs @ $0.00 and 2,391 RSUs @ $0.00.
• Total RSUs granted: 9,564.
• Shares owned after transaction: not specified in the provided filing.
• Filing: Form 4 filed 2026-04-02 (reporting period 2026-03-31). No late filing indicator noted.
• Notable footnotes from the filing:
  • F1: Each RSU equals the economic equivalent of one share of Calumet common stock.
  • F2: One grant is 100% vested and will be settled upon the earlier of a date specified by the reporting person or the reporting person’s termination.
  • F3: The other grant is under the Deferred Compensation Plan and vests 25% on July 1 of each year beginning July 1, 2027; settlement occurs upon the earlier of a specified date or termination.

Context
RSUs are derivative awards that convert into underlying shares (one RSU = one share) when settled/vested; they are not an open-market purchase or sale. One of these awards is already fully vested (per the filing), while the other follows a multi-year vesting schedule under the Deferred Compensation Plan. Award grants are common executive compensation events and are not direct indicators of a buy/sell market signal.