LUBAR DAVID J 4

What Happened

David J. Lubar, reported as a 10% owner of Hallador Energy Co. (HNRG), received an award of 6,316 restricted stock units (RSUs) on May 28, 2026. The filing lists this as an "A" (award/grant) derivative transaction; no purchase price or cash value is provided in the Form 4. Per the filing footnotes, each RSU represents a contingent right to one share of Hallador common stock and the award was issued as part of his annual equity compensation for board service.

Key Details

• Transaction date: 2026-05-28 (Form 4 filed 2026-06-01 — appears to be filed late relative to the usual 2-business-day rule).
• Instrument: 6,316 Restricted Stock Units (derivative award). Price: N/A (award).
• Vesting/delivery: Each RSU converts to one share; units fully vest May 27, 2027, subject to continued service and plan/award terms (per footnotes).
• Shares owned after transaction: Not specified in the provided filing.
• Notable footnotes:
  • F4–F6: RSUs = one share each; delivery and vesting governed by the Second Amended and Restated 2008 RSU Plan; vesting May 27, 2027; awarded as annual board equity compensation.
  • F1–F3: Reported ownership is through Lubar-managed funds (Lubar Equity Fund LLC, Lubar Opportunity Fund I, SM Opportunity Fund LLC); Lubar & Co. is investment manager and David Lubar may be deemed to beneficially own these shares but disclaims ownership except for pecuniary interest.

Context

This was an equity award (compensation) rather than an open-market purchase or sale, so it reflects board compensation mechanics more than a trading decision. As a reported 10% owner through investment vehicles managed by Lubar & Co., these holdings and the award are tied to fund ownership and board service, not necessarily a personal trading signal.