S. P. Johnson IV - May 14, 2021 Form 4 Insider Report for Callon Petroleum Co (CPE)

Role: Director
Signature: /s/ S.P. Johnson, IV, by Michol L. Ecklund, Attorney-in-Fact
Stock symbol: CPE
Transactions as of: May 14, 2021
Transactions value $: $0
Form type: 4
Date filed: 5/17/2021, 05:40 PM
Next filing: May 20, 2021

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	CPE	Common Stock						70K	May 14, 2021	by Family Limited Partnership	F1
holding	CPE	Common Stock						69.7K	May 14, 2021	Direct	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	CPE	2021 RSU - Stock	Award	$0	+3.24K		$0.00	3.24K	May 14, 2021	Common Stock	3.24K		Direct	F2, F3
transaction	CPE	2020 RSU - Stock	Options Exercise	$0	-2.04K	-100%	$0.00^*	0	May 14, 2021	Common Stock	2.04K		Direct	F4, F5, F6
transaction	CPE	Phantom Stock Units	Options Exercise	$0	+2.04K	+15.44%	$0.00	15.2K	May 14, 2021	Common Stock	2.04K		Direct	F5, F6

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Reflects the 1-for-10 reverse split of the common stock, par value $0.01, of Callon Petroleum Company, effective August 7, 2020 (the "Reverse Stock Split").
F2	On May 14, 2021, the reporting person was granted 3,240 Restricted Stock Units ("RSUs"). The RSUs vest in full on the earlier of (i) the first anniversary of the grant date or (ii) the date of the Company's 2022 Annual Meeting of Shareholders.
F3	RSUs convert into common stock on a one-for-one basis.
F4	On June 8, 2020, the reporting person was granted 2,037 RSUs, as adjusted by the Reverse Stock Split, that vested in full on the earlier of (i) first anniversary date of the grant date or (ii) the date of the Company's 2021 Annual Meeting of Shareholders. The reporting person elected that upon vesting these RSUs convert into Phantom Stock Units pursuant to the Deferred Compensation Plan for Outside Directors (the "Plan").
F5	RSUs convert into Phantom Stock Units on a one-for-one basis, and each Phantom Stock Unit is the economic equivalent of one share of common stock.
F6	The Phantom Stock Units will be distributed to the reporting person pursuant to the Plan. The reporting person has elected to have the Phantom Stock Units distributed in cash.