Calumet (CLMT) CEO Louis Borgmann Exercises 107,428 RSUs

What Happened
Louis Todd Borgmann, Chief Executive Officer of Calumet, Inc. (CLMT), had 107,428 restricted stock units (RSUs) converted into common shares on September 25, 2026. The reported exercise/conversion price was $0.00. To satisfy tax withholding obligations, 46,901 of the shares were surrendered to the company; there is no record in the filing of an open-market purchase or sale for cash proceeds.

Key Details

• Transaction date: 2026-09-25 (reported on Form 4 filed 2026-09-28). Filing appears timely.
• Primary entries: conversion/exercise of 107,428 RSUs (code M) and surrender of 46,901 shares for tax withholding (code F). Reported price: $0.00 (no cash exercise price).
• Shares owned after transaction: not specified in the excerpt provided.
• Footnotes: F1 — 46,901 shares were surrendered to satisfy tax withholding on delivery; F2 — each RSU equals one share; F3 — 100% of the RSUs vested on August 1, 2026.
• Transaction codes explained: M = option/derivative exercise or conversion; F = shares surrendered to cover taxes.

Context
This was a settlement of previously granted RSUs (which vested Aug 1, 2026), not an open-market purchase or a voluntary sale for cash. Surrendering shares to cover tax withholding is a routine administrative step and does not necessarily indicate a change in the insider’s market view.