Calumet (CLMT) Proxy filing summary

Executive summary

• Achieved $4.2 billion in revenue for 2024, with a 23% increase in stock price and a 67% total 3-year shareholder return.

• Completed conversion from a Master Limited Partnership to a C-Corporation in July 2024.

• Montana Renewables received $782 million from the DOE, supporting expansion to become a leading global SAF producer.

• Sold Royal Purple® industrial assets for $105 million and achieved record operational and safety milestones.

• Specialties and Performance Brands segments posted record sales and volume growth in 2024.

Voting matters and shareholder proposals

• Four Class I directors nominated for election to serve until 2028; two are new nominees.

• Advisory vote to approve executive compensation and on the frequency of future say-on-pay votes (Board recommends annual vote).

• Ratification of Grant Thornton LLP as independent auditor for 2025.

• Only stockholders of record as of April 14, 2025, are entitled to vote.

Board of directors and corporate governance

• Board consists of 10 directors, with 8 out of 10 being independent and 4 women.

• Board divided into three classes with staggered terms; Heritage Group retains nomination rights based on ownership.

• Five standing committees: Audit, Compensation, Governance, Risk, and Strategy & Growth, all with defined charters.

• Annual board and committee self-evaluations; no stockholder rights plan in place.