SEC Form 4 · accession 0000928022-15-000010
CALLON PETROLEUM CO · CPE
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Joseph C. Gatto Jr.
Officer — Senior VP / CFO / Treasurer
Period of report
Dec 31, 2014
Accepted (ET)
Jan 5, 2015 · 5:15 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000928022
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1 | Dec 31, 2014 | M | 15,750 | — | A | 64,182 | D | |
| Common Stock | Dec 31, 2014 | D | 15,750 | $5.45 | D | 48,432 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2012 Phantom SharesF2,F1 | — | Dec 31, 2014 | M | 10,500 | D | Dec 31, 2014 | Dec 31, 2014 | Common Stock | 10,500 | 0 | D |
Explanation of responses
- F1The terms of this Phantom Unit award specify payment in cash rather than in stock, and includes a provision providing for a variable percentage payout (ranging from 0% to 200%) based on a performance criteria related to the Total Shareholder Return of the Company compared to a group of peer companies. On the vesting date, the reporting person's Phantom Shares held vested at the 150% level. The amount payable was based on the economic value of one share of Callon Petroleum Company common stock, calculated using the closing price on the vesting date.
- F2This Phantom Share award is subject to vesting on December 31, 2014 and is payable in cash rather than stock. In addition, the award is subject to a variable percentage payout based on a performance criteria related to the Total Shareholder Return of the Company compared to a group of peer companies. Therefore this award can range from 0% to 200% of its original value at the vesting date.