Joseph C. Gatto Jr. - Dec 31, 2021 Form 4 Insider Report for Callon Petroleum Co (CPE)

Role: President and CEO, Director
Signature: /s/ Joseph C. Gatto, Jr. by Leisa Munoz, as Attorney-in-Fact
Stock symbol: CPE
Transactions as of: Dec 31, 2021
Transactions value $: -$543,242
Form type: 4
Date filed: 1/4/2022, 03:35 PM
Previous filing: Jun 3, 2021
Next filing: Mar 11, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CPE	Common Stock	Options Exercise	$0	+7.92K	+11.51%	$0.00	76.8K	Dec 31, 2021	Direct	F1
transaction	CPE	Common Stock	Disposed to Issuer	-$389K	-7.92K	-10.32%	$49.04	68.8K	Dec 31, 2021	Direct
transaction	CPE	Common Stock	Options Exercise	$0	+7.92K	+11.51%	$0.00	76.8K	Dec 31, 2021	Direct	F2
transaction	CPE	Common Stock	Tax liability	-$155K	-3.27K	-4.26%	$47.25	73.5K	Dec 31, 2021	Direct	F3
holding	CPE	Common Stock						6.61K	Dec 31, 2021	401(k) Account

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	2019 Performance Units - 50% Stock/50% Cash	Options Exercise		-7.92K	-100%		0	Dec 31, 2021	Common Stock	7.92K		Direct	F1, F4, F5
transaction	CPE	2019 Performance Units - 50% Stock/50% Cash	Options Exercise		-7.92K	-100%		0	Dec 31, 2021	Common Stock	7.92K		Direct	F2, F4, F6

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

Explanation of Responses:

Id	Content
F1	Per the terms of the applicable award agreement, each Performance Unit paid in cash is valued at the average of the 20-day closing price of one share of Callon Petroleum Company's common stock as of the vesting date.
F2	Each Performance Unit paid in stock is the equivalent of one share of Callon Petroleum Company's common stock.
F3	Payment of tax liability by withholding common stock incident to vesting of Performance Unit award issued in accordance with Rule 16b-3.
F4	This Performance Unit award was subject to a variable number of units vesting based on a performance criteria related to the total shareholder return of the Company compared to a group of peer companies. The number of units subject to vest under this award ranged from 0% to 200%. On the vesting date, this Performance Unit award vested at the 50% level.
F5	The terms of this Performance Unit Award specify payment in cash.
F6	The terms of this Performance Unit Award specify payment in stock.

Remarks:

Exhibit List: Exhibit 24 - Power of Attorney