Hallador Energy COO exercises 40,864 RSUs

Hallador Energy Chief Operating Officer Heath Aaron Lovell exercised restricted stock units into common shares.

Rhea-AI Filing Summary

Hallador Energy Chief Operating Officer Heath Aaron Lovell exercised restricted stock units into common shares. He acquired 40,864 shares of common stock at $16.28 per share through the conversion of RSUs. To cover tax obligations, 18,103 common shares were withheld in a tax-withholding disposition. After these transactions, he directly held 170,816 shares of Hallador Energy common stock. Each RSU represented a contingent right to one share under the company’s Amended and Restated 2008 RSU Plan.

Insider Trade Summary

40,864 shares exercised/converted

Exercise 3 txns

Insider Lovell Heath Aaron

Role Chief Operating Officer

Type	Security	Shares	Price	Value
Exercise	COMMON STOCK	40,864	$16.28	$665K
Exercise	RSU	40,864	$0.00	$0.00
Exercise Price or Tax Liability	COMMON STOCK	18,103	$16.28	$295K

Holdings After Transaction: RSU — 40,864 contracts (Direct); COMMON STOCK — 170,816 shares (Direct)

Footnotes (1)

1. F1. Each Restricted Stock Unit 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.

Key Figures

RSU shares exercised: 40,864 shares Implied share value: $16.28 per share Shares withheld for taxes: 18,103 shares +1 more

4 metrics

RSU shares exercised 40,864 shares Restricted stock units converted into common stock

Implied share value $16.28 per share Value used for RSU-related common stock transaction

Shares withheld for taxes 18,103 shares Common shares used in tax-withholding disposition

Post-transaction holdings 170,816 shares Common stock directly owned after reported transactions

Key Terms

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

4 terms

Restricted Stock Unit financial

"Each Restricted Stock Unit represents a contingent right to receive one share of Hallador Energy Common Stock."

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.

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."

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.

derivative security financial

"Exercise or conversion of derivative security"

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Hallador Energy (HNRG) report for COO Heath Aaron Lovell?

Hallador Energy reported that COO Heath Aaron Lovell exercised restricted stock units into 40,864 shares of common stock at $16.28 per share. A portion of these shares was used to satisfy tax obligations under the company’s Amended and Restated 2008 RSU Plan.

How many Hallador Energy (HNRG) shares were withheld for taxes in the COO’s Form 4?

The filing shows that 18,103 shares of Hallador Energy common stock were disposed of in a tax-withholding transaction. This means those shares were withheld to cover the tax liability triggered when restricted stock units converted into common shares.

How many Hallador Energy (HNRG) shares does the COO hold after these reported transactions?

After the reported RSU exercise and related tax withholding, COO Heath Aaron Lovell directly holds 170,816 shares of Hallador Energy common stock. This post-transaction figure reflects his remaining direct ownership following delivery of vested RSU shares and the tax-withholding disposition.

What role did restricted stock units (RSUs) play in the Hallador Energy (HNRG) insider filing?

The filing shows 40,864 RSUs converting into the same number of Hallador Energy common shares. Each restricted stock unit represented a contingent right to receive one share, delivered under the Amended and Restated 2008 RSU Plan as the units vested.

Was the Hallador Energy (HNRG) COO’s Form 4 a market purchase or an RSU-related transaction?

The Form 4 reflects an RSU-related derivative exercise, not an open-market stock purchase. Restricted stock units converted into 40,864 common shares at a stated value of $16.28 per share, with some of those shares withheld to satisfy tax obligations.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 04/02/2026 - 09:54 PM Learn about SEC filing dates

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^*

Lovell Heath Aaron

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Operating Officer

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	03/31/2026		M		40,864(1)	A	$16.28	170,816	D
COMMON STOCK	03/31/2025		F		18,103	D	$16.28	152,713	D

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
RSU	(1)	03/31/2025		M			40,864(1)	03/31/2026(1)	(1)	Common Stock	40,864(1)	(1)	40,864(1)	D

Explanation of Responses:

1. Each Restricted Stock Unit 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/ Heath A. Lovell	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)