Aldrich Sevilla Sacasa - 14 May 2022 Form 4 Insider Report for Callon Petroleum Co

Role: Director
Signature: /s/ Frances A. Sevilla-Sacasa, by Leisa Munoz, as Attorney-in-Fact
Issuer symbol: N/A
Transactions as of: 14 May 2022
Net transactions value: $0
Form type: 4
Filing time: 16 May 2022, 16:15:58 UTC
Previous filing: 16 May 2022
Next filing: 26 May 2022
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	CPE	Common Stock						2,347	14 May 2022	Direct

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	Options Exercise	$0	-3,240	-100%	$0.000000^*	0	14 May 2022	Common Stock	3,240		Direct	F1, F2, F3
transaction	CPE	Phantom Stock Units.	Options Exercise	$0	+3,240	+159%	$0.000000	5,277	14 May 2022	Common Stock	3,240		Direct	F2, F3

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

Explanation of Responses:

Id	Content
F1	On May 14, 2021, the reporting person was granted 3,240 restricted stock units ("RSUs") that vested in full on the earlier of (i) first anniversary date of the grant date or (ii) the date of the Company's 2022 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").
F2	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.
F3	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.

Remarks:

Exhibit List: Exhibit 24 - Power of Attorney