Frances A. Sevilla-Sacasa - Apr 1, 2024 Form 4 Insider Report for Callon Petroleum Co (CPE)

Role
Director
Signature
/s/ Frances A. Sevilla-Sacasa, by Lucas A. Fried, as Attorney-in-Fact
Stock symbol
CPE
Transactions as of
Apr 1, 2024
Transactions value $
$0
Form type
4
Date filed
4/1/2024, 04:27 PM
Previous filing
Mar 6, 2024
Next filing
May 17, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction CPE Common Stock Disposed to Issuer -2.35K -100% 0 Apr 1, 2024 Direct F1

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 RSU - Stock Disposed to Issuer -5.23K -100% 0 Apr 1, 2024 Common Stock 5.23K Direct F2
transaction CPE Phantom Stock Units Disposed to Issuer -13K -100% 0 Apr 1, 2024 Common Stock 13K Direct F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Frances A. Sevilla-Sacasa is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id Content
F1 On April 1, 2024, pursuant to the Agreement and Plan of Merger, dated as of January 3, 2024 (the "Merger Agreement"), by and between APA Corporation ("APA"), Astro Comet Merger Sub Corp., a wholly owned subsidiary of APA ("Merger Sub"), and Callon Petroleum Company (the "Company"), Merger Sub merged with and into the Company (the "Merger"), with the Company surviving and continuing as the surviving corporation in the Merger. Pursuant to the Merger Agreement, at the effective time of the Merger (the "Effective Time"), each outstanding share of common stock of Callon (other than Excluded Shares (as defined in the Merger Agreement)) converted into the right to receive, without interest, 1.0425 shares (the "Exchange Ratio") of common stock of APA, with cash in lieu of fractional shares. The closing price per share of APA common stock on the Nasdaq Global Select Market on March 28, 2024, the day prior to the Effective Time, was $34.38.
F2 Pursuant to the Merger Agreement, at the Effective Time, each Company restricted stock unit relating to Company common stock ("Company RSU") outstanding as of immediately prior to the Effective Time was assumed by APA and converted into a number of restricted stock units with respect to shares of APA common stock (such restricted stock unit, a "Converted RSU") equal to the product of the number of shares of Company common stock subject to such Company RSU immediately prior to the Effective Time multiplied by the Exchange Ratio, rounded to the nearest number of whole shares. Each such Converted RSU will continue to be governed by the same terms and conditions as were applicable to the corresponding Company RSU immediately prior to the Effective Time.
F3 Pursuant to the Merger Agreement, at the Effective Time, each phantom stock unit immediately vested in full and converted into the right to receive an amount in cash determined in accordance with the terms of the Company stock plans and the applicable award agreement, payable by the surviving corporation no later than five business days following the Effective Time, less any required withholding.

Remarks:

Exhibit List: Exhibit 24 - Power of Attorney