Bilsland Brent K 4

What Happened

• Brent K. Bilsland, President & CEO of Hallador Energy (HNRG), reported conversion/exercise of derivative securities (RSUs) and a related tax-withholding share disposition. On 2025-03-31 he converted 105,079 RSUs into 105,079 shares valued at $16.28 each (total ≈ $1,710,686). To satisfy withholding/tax obligations he had 45,972 shares withheld/disposed at the same $16.28 price (≈ $748,424), leaving a net of 59,107 shares delivered to him from that conversion. The filing also reports a 2026-03-31 conversion/derivative transaction for 105,079 shares (reported as a disposition with no price disclosed).

Key Details

• 2025-03-31: Conversion/exercise (code M) — 105,079 shares acquired @ $16.28; reported value ≈ $1,710,686.
• 2025-03-31: Tax withholding (code F) — 45,972 shares disposed @ $16.28; reported value ≈ $748,424. Net delivered from that event: 59,107 shares.
• 2026-03-31: Conversion/exercise (code M) — 105,079 shares reported (filing shows “Disposed”; price N/A).
• Footnote: Each Restricted Stock Unit (awarded 9/6/2024) represents a contingent right to one share; vested RSUs will be delivered under the Amended & Restated 2008 RSU Plan (F1).
• Shares owned after the transactions are not specified in the provided filing.
• Form 4 was filed 2026-04-02 for a report period ending 2026-03-31; this filing date appears timely (within standard Form 4 filing windows).

Context

• These entries reflect conversion/settlement of equity awards (RSUs) and a common tax-withholding mechanism where shares are retained or surrendered to cover tax obligations (code F), not open-market purchases or discretionary sales. Such award vesting and withholding are routine and do not necessarily indicate the insider’s view of the company’s stock.