Borgmann Louis Todd 4

What Happened

• Louis Todd Borgmann, CEO of Calumet, Inc. (CLMT), had 49,974 restricted stock units (RSUs) converted into common shares on March 9, 2026. The filing shows 49,974 shares acquired at $0.00. To satisfy tax withholding, he surrendered 21,798 of those shares (reported as a disposition at $0.00). A corresponding derivative entry (49,974 disposed at $0.00) reflects the RSU conversion/termination. Net result: Borgmann received 49,974 shares and surrendered 21,798 for taxes, leaving a net increase of 28,176 shares beneficially owned (no cash paid).

Key Details

• Transaction date: March 9, 2026. Filing date: March 11, 2026 (filed timely).
• Price reported: $0.00 for the exercise/conversion and for surrendered shares (typical for RSU settlement and tax withholding).
• Shares: 49,974 RSUs converted; 21,798 shares surrendered to cover tax withholding; net +28,176 shares.
• Footnotes: F1 — 21,798 shares surrendered to satisfy tax withholding per Rule 16b-3; F2 — each RSU equals one share; F3 — 100% of the RSUs vested on Feb 21, 2026.
• Shares owned after the transaction: not specified in the provided filing.

Context

• This was an RSU vesting and conversion event, not an open-market purchase or sale. The surrender of shares to cover taxes is a routine administrative action and not necessarily a market sentiment signal. The derivative "M" entries reflect conversion/exercise of RSUs (no cash exercise price). Filing appears timely (reported within two business days of the March 9 transaction).