Jeffrey S. Balmer - Apr 1, 2023 Form 4 Insider Report for Callon Petroleum Co (CPE)

Role: Senior VP and COO
Signature: /s/ Jeffrey S. Balmer, by Lucas A. Fried, Attorney-in-Fact
Stock symbol: CPE
Transactions as of: Apr 1, 2023
Transactions value $: -$281,565
Form type: 4
Date filed: 4/4/2023, 05:33 PM
Previous filing: Mar 6, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CPE	Common Stock	Options Exercise	$0	+7.68K	+32.33%	$0.00	31.4K	Apr 1, 2023	Direct	F1, F2
transaction	CPE	Common Stock	Tax liability	-$101K	-3.02K	-9.62%	$33.44	28.4K	Apr 1, 2023	Direct	F3, F4
transaction	CPE	Common Stock	Options Exercise	$0	+8.75K	+30.77%	$0.00	37.2K	Apr 1, 2023	Direct	F2
transaction	CPE	Common Stock	Tax liability	-$115K	-3.44K	-9.26%	$33.44	33.7K	Apr 1, 2023	Direct	F3, F4
transaction	CPE	Common Stock	Options Exercise	$0	+4.96K	+14.72%	$0.00	38.7K	Apr 1, 2023	Direct	F2
transaction	CPE	Common Stock	Tax liability	-$65.3K	-1.95K	-5.05%	$33.44	36.7K	Apr 1, 2023	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		-7.68K	-100%		0	Apr 1, 2023	Common Stock	7.68K		Direct	F2, F5
transaction	CPE	2021 RSU - Stock	Options Exercise		-8.75K	-50%		8.75K	Apr 1, 2023	Common Stock	8.75K		Direct	F2, F6
transaction	CPE	2022 RSU - Stock	Options Exercise		-4.96K	-33.33%		9.93K	Apr 1, 2023	Common Stock	4.96K		Direct	F2, F7

* 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 the 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 23,049 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 vested on April 1, 2023.
F6	On March 12, 2021, the reporting person was granted 26,238 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 vested on April 1, 2023. The third and final tranche will vest on April 1, 2024.
F7	On March 9, 2022, the reporting person was granted 14,892 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, 2023. The second tranche will vest April 1, 2024. The third and final tranche will vest on April 1, 2025.

Remarks:

Exhibit List: Exhibit 24 - Power of Attorney