Larry D. McVay - May 14, 2021 Form 4 Insider Report for Callon Petroleum Co (CPE)

Role: Director
Signature: /s/ Larry D. McVay, 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, 05:43 PM
Previous filing: May 17, 2021
Next filing: Feb 25, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CPE	Common Stock	Options Exercise	$0	+2.04K	+10.67%	$0.00	21.1K	May 14, 2021	Direct	F1, F2

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	F2, F4

* 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	Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.
F3	On May 14, 2021, the reporting person was granted 3,240 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.
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.