[Form 4] HALLADOR ENERGY CO Insider Trading Activity

Rhea-AI Filing Summary

David C. Hardie, a director of Hallador Energy Company (HNRG), reported multiple sales of Common Stock on September 22–23, 2025. The filings show four dispositions totaling 85,429 shares sold across the two days at weighted-average prices of approximately $19.2546 and $19.0845. After these transactions, beneficial ownership is reported as 1,874,903 shares held indirectly by Hallador Alternative Assets Fund LLC and 117,731 shares held indirectly by the David Hardie Separate Property Trust. The filer certified willingness to provide detailed per-price sale information on request.

Insights

Securities Analyst

TL;DR: Director David Hardie executed routine stock sales totaling 85,429 shares over two days, reducing direct beneficial holdings reported indirectly.

The Form 4 discloses non-derivative sales on 09/22/2025 and 09/23/2025: two weighted-average sale prices reported at $19.2546 and $19.0845. These sales are recorded as indirect dispositions, with post-transaction holdings of 1,874,903 shares (Hallador Alternative Assets Fund LLC) and 117,731 shares (David Hardie Separate Property Trust). The filing is informational and complies with Section 16 reporting; it does not state any insider trading restriction waivers, hedging activity, or derivative transactions.

Corporate Governance Expert

TL;DR: Timely Section 16 disclosure of multiple share disposals by a director; no derivatives or other compensatory grants disclosed.

The Form 4 reflects that the reporting person filed as a single reporting person and checked the "Director" relationship box. All reported movements are sales (transaction code S) of Common Stock; no options, warrants, or other derivative instruments are listed. The footnotes state the prices are weighted averages across multiple trades and that the filer will provide per-price details upon request, which supports transparency of the disclosure.

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

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

1. Name and Address of Reporting Person^*

HARDIE DAVID C

(Last) (First) (Middle)

555 DALE DRIVE

(Street)

INCLINE VILLAGE NV 89451

(City) (State) (Zip)

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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/22/2025

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

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

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

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	09/22/2025		S		57,494	D	$19.2546(1)(3)	1,881,480	I	By Hallador Alternative Assets Fund LLC
Common Stock	09/22/2025		S		19,165	D	$19.2546(1)(3)	119,924	I	By David Hardie Separate Property Trust
Common Stock	09/23/2025		S		6,577	D	$19.0845(2)(3)	1,874,903	I	By Hallador Alternative Assets Fund LLC
Common Stock	09/23/2025		S		2,193	D	$19.0845(2)(3)	117,731	I	By David Hardie Separate Property 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

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $19.10 to $19.44, inclusive.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $19.05 to $19.30, inclusive.

3. The reporting person undertakes to provide to Hallador Energy Company, or any security holder of Hallador Energy Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes to this Form 4.

	/s/ David C. Hardie	09/24/2025
	** 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.

FAQ

What did HNRG director David C. Hardie report on Form 4?

The Form 4 reports that David C. Hardie sold 85,429 shares of Hallador Energy common stock on 09/22/2025 and 09/23/2025.

How many shares does David Hardie or his related entities own after the reported transactions?

After the transactions, the filing shows 1,874,903 shares indirectly held by Hallador Alternative Assets Fund LLC and 117,731 shares indirectly held by the David Hardie Separate Property Trust.

At what prices were the HNRG shares sold?

The sales were executed at weighted-average prices reported as $19.2546 (sales on 09/22/2025) and $19.0845 (sales on 09/23/2025); footnotes state individual trades ranged from $19.05 to $19.44.

Were any derivative securities (options, warrants) reported in this Form 4 for HNRG?

No. Table II for derivative securities contains no entries; only non-derivative common stock sales are reported.

Who signed the Form 4 and when was it signed?

The Form 4 is signed by /s/ David C. Hardie with a signature date of 09/24/2025.