Gregory F. Conaway - Apr 1, 2022 Form 4 Insider Report for Callon Petroleum Co (CPE)

Role: Vice President & CAO
Signature: /s/ Gregory F. Conaway, by Leisa Munoz, Attorney-in-Fact
Stock symbol: CPE
Transactions as of: Apr 1, 2022
Transactions value $: -$96,376
Form type: 4
Date filed: 4/5/2022, 04:16 PM
Previous filing: Mar 11, 2022
Next filing: Jan 4, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CPE	Common Stock	Options Exercise	$0	+1.79K	+5.08%	$0.00	37K	Apr 1, 2022	Direct	F1, F2
transaction	CPE	Common Stock	Tax liability	-$43.8K	-701	-1.9%	$62.42	36.3K	Apr 1, 2022	Direct	F3, F4
transaction	CPE	Common Stock	Options Exercise	$0	+2.15K	+5.93%	$0.00	38.4K	Apr 1, 2022	Direct	F2
transaction	CPE	Common Stock	Tax liability	-$52.6K	-843	-2.19%	$62.42	37.6K	Apr 1, 2022	Direct	F3, F4

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	2020 RSU - Stock	Options Exercise		-1.79K	-50.01%		1.79K	Apr 1, 2022	Common Stock	1.79K		Direct	F2, F5
transaction	CPE	2021 RSU - Stock	Options Exercise		-2.15K	-33.33%		4.3K	Apr 1, 2022	Common Stock	2.15K		Direct	F2, 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	Restricted Stock Units ("RSUs") convert into common stock on a one-for-one basis.
F3	Payment of tax liability by withholding common stock incident to vesting of RSU award issued in accordance with Rule 16b-3.
F4	Each RSU is the economic equivalent of one share of the Company's common stock at its closing price on the vesting date. If the vesting date should fall on a weekend or holiday, the preceding business day's closing price is used.
F5	On January 31, 2020, the reporting person was granted 5,363 RSUs, as adjusted by the Reverse Stock Split, subject to the three-year ratable vesting with one-third vesting each year subsequent to the award year. The first tranche vested on April 1, 2021. The second tranche vested on April 1, 2022. The third and final tranche will vest on April 1, 2023.
F6	On March 12, 2021, the reporting person was granted 6,450 RSUs subject to the three-year ratable vesting with one-third vesting each year subsequent to the award year. The first tranche vested on April 1,2022. The second tranche will vest on April 1, 2023. The third and final tranche will vest on April 1, 2024.

Remarks:

Exhibit List: Exhibit 24 - Power of Attorney