[Form 4] HALLADOR ENERGY CO Insider Trading Activity

Rhea-AI Filing Summary

David C. Hardie, a director of Hallador Energy Co. (HNRG), reported multiple open-market sales of the companys common stock on Sept. 25-26, 2025. The filings show four sale transactions: 26,236 and 8,746 shares sold on 09/25/2025 at a weighted average price of $19.8168 (individual trade prices ranged $19.40$19.995), and 58,401 and 19,467 shares sold on 09/26/2025 at a weighted average price of $19.1815 (individual trade prices ranged $19.10$19.53). After these transactions the Form 4 reports beneficial indirect ownership of 1,790,266 shares held by Hallador Alternative Assets Fund LLC and 89,518 shares held by the David Hardie Separate Property Trust. The filer notes willingness to provide detailed per-trade quantities on request.

Positive

• Timely, detailed disclosure of insider sales including weighted-average prices and price ranges
• Continued substantial beneficial ownership reported: 1,790,266 shares via Hallador Alternative Assets Fund LLC and 89,518 shares via David Hardie Separate Property Trust
• Willingness to provide per-trade details on request, enhancing transparency

Negative

• Insider sales totaled 112,850 shares across 09/25/2025 and 09/26/2025, which represents realized insider liquidity

Insights

Financial Analyst

TL;DR: Director executed routine open-market sales totaling 112,850 shares across two days; reported holdings remain substantial and indirect.

The Form 4 documents four sales on 09/25/2025 and 09/26/2025 totaling 112,850 shares sold at weighted average prices of $19.8168 and $19.1815. The reporting person retains material indirect holdings: 1,790,266 shares via Hallador Alternative Assets Fund LLC and 89,518 shares via a separate trust. This is a compliance-driven disclosure of disposals rather than a change in control or issuance; it provides transparency on insider liquidity while leaving the broader ownership structure unchanged.

Corporate Governance Expert

TL;DR: Timely Form 4 filing shows director-level sales with clear attribution to indirect holdings, maintaining regulatory transparency.

The filing is complete with price ranges disclosed and an explicit offer to provide per-trade breakdowns, which aligns with best practices for Section 16 reporting. The transactions are labeled as sale (Code S) and the Form confirms continued indirect beneficial ownership through an investment vehicle and a separate trust, indicating no immediate governance change. The disclosure preserves recordkeeping and shareholder visibility into insider activity.

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
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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)
09/25/2025

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	09/25/2025		S		26,236	D	$19.8168(1)(3)	1,848,667	I	By Hallador Alternative Assets Fund LLC
Common Stock	09/25/2025		S		8,746	D	$19.8168(1)(3)	108,985	I	By David Hardie Separate Property Trust
Common Stock	09/26/2025		S		58,401	D	$19.1815(2)(3)	1,790,266	I	By Hallador Alternative Assets Fund LLC
Common Stock	09/26/2025		S		19,467	D	$19.1815(2)(3)	89,518	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 $19.40 to $19.995, inclusive.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $19.10 to $19.53, 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	09/29/2025
	** 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 insider transactions did HNRG director David C. Hardie report on Form 4?

The director reported four sales on 09/25/2025 and 09/26/2025 totaling 112,850 shares (26,236; 8,746; 58,401; 19,467).

At what prices were the HNRG shares sold according to the Form 4?

Sales on 09/25/2025 had a weighted average price of $19.8168 (individual trades ranged $19.40$19.995); sales on 09/26/2025 had a weighted average of $19.1815 (trades ranged $19.10$19.53).

How many HNRG shares does David C. Hardie continue to beneficially own after these transactions?

The Form 4 reports indirect beneficial ownership of 1,790,266 shares through Hallador Alternative Assets Fund LLC and 89,518 shares through the David Hardie Separate Property Trust following the reported sales.

Were the transactions reported as direct or indirect ownership changes?

All reported holdings are shown as indirect (I) in the Form 4, attributed to Hallador Alternative Assets Fund LLC and David Hardie Separate Property Trust.

Does the Form 4 provide exact per-trade quantities at each price?

No; the form provides weighted-average prices and price ranges, but the reporting person states they will provide per-trade details on request to the company, shareholders, or SEC staff.