Hallador Energy (HNRG) CEO exercises RSUs and reports large holdings

Rhea-AI Filing Summary

Hallador Energy President and CEO Brent K. Bilsland reported routine equity compensation activity. On March 31, 2026, he converted 105,079 Restricted Stock Units into an equal number of common shares at $0.00 per share under the Amended and Restated 2008 RSU Plan.

The filing also shows earlier activity on March 31, 2025, when he acquired 105,079 common shares at $16.28 per share through a derivative exercise, with 45,972 shares withheld to cover tax obligations. Following that 2025 transaction, he held 1,146,495 common shares directly, and a separate entry reports 366,397 shares held indirectly through the Alexa Bilsland Revocable Trust.

Insider Trade Summary

105,079 shares exercised/converted

Mixed 4 txns

Insider Bilsland Brent K

Role President and CEO

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Unit	105,079	$0.00	--
holding	COMMON STOCK	--	--	--
Exercise	Common Stock	105,079	$16.28	$1.71M
Tax Withholding	Common Stock	45,972	$16.28	$748K

Holdings After Transaction: Restricted Stock Unit — 105,078 shares (Direct); COMMON STOCK — 366,397 shares (Indirect, By Alexa Bilsland Revocable Trust); Common Stock — 1,192,467 shares (Direct)

Footnotes (1)

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Key Figures

RSUs converted: 105,079 units RSU conversion price: $0.00 per share Shares from 2025 derivative exercise: 105,079 shares +3 more

6 metrics

RSUs converted 105,079 units Restricted Stock Units converted to common stock on March 31, 2026

RSU conversion price $0.00 per share Price per share for RSU delivery on March 31, 2026

Shares from 2025 derivative exercise 105,079 shares Common stock acquired on March 31, 2025 at $16.28 per share

Tax-withheld shares 45,972 shares Shares withheld to satisfy tax liability on March 31, 2025

Direct holdings after 2025 transaction 1,146,495 shares Common stock held directly following March 31, 2025 activity

Indirect trust holdings 366,397 shares Common stock held indirectly via Alexa Bilsland Revocable Trust

Key Terms

Restricted Stock Unit, tax-withholding disposition, Amended and Restated 2008 RSU Plan

3 terms

Restricted Stock Unit financial

"Each Restricted Stock Unit awarded on September 6, 2024, represents a contingent right to receive one share"

A restricted stock unit is a promise from a company to give an employee shares of stock after certain conditions are met, like staying with the company for a set amount of time. It’s like earning a bonus that turns into company stock once you’ve proven your commitment, making it a way to motivate and reward employees.

tax-withholding disposition financial

"Payment of exercise price or tax liability by delivering securities"

A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.

Amended and Restated 2008 RSU Plan financial

"Vested shares will be delivered to the reporting person pursuant to the terms of the Amended and Restated 2008 RSU Plan"

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Bilsland Brent K

(Last) (First) (Middle)

1183 EAST CANVASBACK DRIVE

(Street)

TERRE HAUTE INDIANA 47802

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
HALLADOR ENERGY CO [ HNRG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President and CEO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/31/2025		M		105,079	A	$16.28	1,192,467	D
Common Stock	03/31/2025		F		45,972	D	$16.28	1,146,495	D
COMMON STOCK								366,397	I	By Alexa Bilsland Revocable Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Unit	(1)	03/31/2026		M			105,079	(1)	(1)	Common Stock	105,079	(1)	105,078	D

Explanation of Responses:

1. Each Restricted Stock Unit awarded on September 6, 2024, represents a contingent right to receive one share of Hallador Energy Common Stock. Vested shares will be delivered to the reporting person pursuant to the terms of the Amended and Restated 2008 RSU Plan.

	/s/ Brent K. Bilsland	04/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did HNRG CEO Brent Bilsland report?

Brent K. Bilsland reported exercising 105,079 Restricted Stock Units into common shares on March 31, 2026. This equity award conversion provided shares at $0.00 per share under Hallador Energy’s Amended and Restated 2008 RSU Plan, reflecting standard executive compensation delivery.

How many Hallador Energy shares did the CEO acquire through RSUs?

The CEO acquired 105,079 Hallador Energy common shares by converting an equal number of Restricted Stock Units. Each unit delivered one share at $0.00 per share, consistent with typical RSU vesting mechanics under the company’s equity incentive plan.

What earlier Hallador Energy stock transaction from 2025 is disclosed?

The filing notes that on March 31, 2025, Brent K. Bilsland acquired 105,079 common shares at $16.28 per share via a derivative exercise. In the same event, 45,972 shares were withheld to satisfy tax obligations related to that equity compensation.

How many Hallador Energy shares does the CEO hold directly after the 2025 transaction?

After the March 31, 2025 transaction, Brent K. Bilsland held 1,146,495 Hallador Energy common shares directly. This figure reflects his position following the derivative exercise and related tax-withholding disposition reported for that date.

What indirect Hallador Energy shareholdings are reported for the CEO?

The filing shows an indirect holding of 366,397 Hallador Energy common shares attributed to the Alexa Bilsland Revocable Trust. This entry is marked as indirect ownership and is separate from Brent K. Bilsland’s directly held share position.

Was any Hallador Energy stock sold on the open market in this Form 4?

The transactions described involve RSU conversion, derivative exercise, and tax withholding, with no open-market sales reported. Shares withheld for taxes are treated as a tax-withholding disposition, not as discretionary selling into the market.