Morical Gregory J 4

What Happened
Gregory J. Morical, Senior Vice President and General Counsel of Calumet, converted 15,348 restricted stock units (RSUs) into common shares on March 9, 2026. The conversion had an exercise/conversion price of $0.00. To satisfy tax withholding obligations, he elected to surrender 6,952 of the shares back to the company, leaving a net issuance of 8,396 shares to Mr. Morical. The Form 4 reports both the acquisition of shares from RSU conversion and the surrender of shares for tax withholding.

Key Details

• Transaction date: 2026-03-09; Form 4 filed 2026-03-11 (timely filing).
• Conversion: 15,348 RSUs converted to 15,348 shares (code M, $0.00).
• Tax withholding: 6,952 shares surrendered to the company (code F, $0.00) per company withholding rules.
• Net shares issued to insider: 8,396 shares (15,348 − 6,952).
• Footnotes: F2 confirms each RSU equals one share; F3 notes 100% of the RSUs vested on Feb 21, 2026; F1 explains the surrender was to satisfy tax withholding under Rule 16b-3.
• Shares owned after the transaction: not specified in the provided excerpt of the filing.

Context
This was a routine RSU vesting and settlement event (award conversion plus tax withholding), not an open-market purchase or sale. The conversion/award had no cash exercise price; the surrender of shares for tax withholding is a common practice and does not by itself indicate a buy/sell trading signal.