Aldrich Sevilla Sacasa - 26 Apr 2023 Form 4 Insider Report for Callon Petroleum Co

Role: Director
Signature: /s/ Frances A. Sevilla-Sacasa, by Lucas A. Fried, as Attorney-in-Fact
Issuer symbol: N/A
Transactions as of: 26 Apr 2023
Net transactions value: $0
Form type: 4
Filing time: 28 Apr 2023, 16:18:50 UTC
Previous filing: 26 May 2022
Next filing: 15 May 2023
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	26 Apr 2023	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	2022 RSU - Stock	Options Exercise		-3,055	-100%		0	26 Apr 2023	Common Stock	3,055		Direct	F1, F2, F3
transaction	CPE	Phantom Stock Units.	Options Exercise		+3,055	+58%		8,332	26 Apr 2023	Common Stock	3,055		Direct	F2, F3
transaction	CPE	2023 RSU - Stock	Award		+4,666			4,666	26 Apr 2023	Common Stock	4,666		Direct	F2, F4

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

Explanation of Responses:

Id	Content
F1	On May 25, 2022, the reporting person was granted 3,055 Restricted Stock Units ("RSUs") that vested in full on the earlier of (i) the first anniversary of the grant date or (ii) the date of the Company's 2023 Annual Meeting of Shareholders. The Company's 2023 Annual Meeting of Shareholders was held on April 26, 2023. 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.
F4	On April 26, 2023, the reporting person was granted 4,666 RSUs. The RSUs will vest in full on the earlier of (i) the first anniversary of the grant date or (ii) the date of the Company's 2024 Annual Meeting of Shareholders. The reporting person elected that upon vesting these RSUs convert into Phantom Stock Units pursuant to the Plan.

Remarks:

Exhibit List: Exhibit 24 - Power of Attorney