Form 4: Calumet EVP Gifts 50,000 Shares Under 10b5-1 Plan

Calumet, Inc. Executive Vice President Bruce A. Fleming donated 50,000 shares of common stock to a donor-advised fund for charitable purposes under a pre-arranged plan.

Summary

• Bruce A. Fleming, EVP Montana Renewables at Calumet, Inc., reported a disposition of company common stock.
• The transaction, dated December 17, 2025, involved a gift of 50,000 shares of Calumet, Inc. common stock, par value $0.01 per share.
• This transaction was made pursuant to a contract, instruction, or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).
• The shares were donated to a Fidelity donor-advised fund, which will use the gifted shares for charitable purposes.
• Following this transaction, Bruce A. Fleming beneficially owns 537,498 shares of Calumet, Inc. common stock directly.

Sentiment

Score: 6

Explanation: Neutral to slightly positive. While it's a disposition, it's a charitable gift rather than a sale, and the executive retains substantial ownership. It doesn't reflect negatively on the company's operational performance or future prospects.

Positives

• Demonstrates philanthropic activity by a key executive.
• The executive retains a significant beneficial ownership of 537,498 shares, indicating continued alignment with shareholder interests.

Negatives

• A reduction in direct beneficial ownership by an executive, although for charitable purposes.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders: Minor dilution from the gift (as it's a disposition of existing shares), but no direct negative impact on company value. The executive's continued significant ownership may be viewed positively.

Key Dates

Recommendation

The filing reports a charitable gift of shares by an executive, which is a routine insider transaction and does not provide new information to warrant a change in investment thesis. The executive retains a substantial stake, suggesting continued alignment with company performance. No fundamental changes or significant market signals are present to alter a 'hold' position.

Keywords

Calumet Inc., CLMT, Bruce A. Fleming, Insider Transaction, Stock Gift, Charitable Donation, Executive Stock Ownership, Form 4, Rule 10b5-1 Plan, Montana Renewables