HALLADOR ENERGY CO, DEF 14A filed on 4/15/2026
Proxy Statement (definitive)
v3.26.1
Document and Entity Information
12 Months Ended
Dec. 31, 2025
Document and Entity Information [Abstract]  
Document Type DEF 14A
Entity Registrant Name HALLADOR ENERGY CO
Entity Central Index Key 0000788965
Amendment Flag false
v3.26.1
Pay vs Performance Disclosure - USD ($)
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pay vs Performance Disclosure      
Pay vs Performance Disclosure, Table

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

 

 

 

 

 

Value of initial fixed $100 investment based on:

 

 

Year

Summary
compensation
table total for
PEO
(1)

Compensation
actually paid to
PEO
(2)

Average
summary
compensation
table total for
Non-PEO NEOs
(1)

Average
compensation
actually paid to
Non-PEO NEOs
(2)

Total share- holder return
(3)

Peer group total share-holder return (3)

Net income/

(loss)
(4)

Company
selected
measure
(5)

2025

$1,442,407

$3,198,733

$963,952

$1,331,065

$190.59

N/A

$41,871,000

N/A

2024

$2,823,771

$4,552,962

$1,187,546

$1,444,697

$114.61

N/A

$(226,138,000)

N/A

2023

$997,800

$721,345

$653,200

$473,490

$88.49

N/A

$44,793,000

N/A

Table Footnotes

(1)

The dollar amounts reported are the average amounts of total compensation reported for our PEO and Non-PEOs in the Summary Compensation Table above. The PEO and Non-PEOs for each year reported are as follows:

Fiscal Year

PEO

Non-PEOs

2025

Brent K. Bilsland

Marjorie Hargrave*, Heath A. Lovell and Todd E. Telesz** 

2024

Brent K. Bilsland

Lawrence D. Martin***, Heath A. Lovell and Marjorie A. Hargrave

2023

Brent K. Bilsland

Lawrence D. Martin and Heath A. Lovell

______________

* Ms. Hargrave ceased to be our Chief Financial Officer effective June 23, 2025.

** Mr. Telesz started as our Chief Financial Officer on June 23, 2025.

*** Mr. Martin ceased to be our Chief Financial Officer as of April 9, 2024.

(2)

SEC rules require certain adjustments to be made to the “Summary Compensation Table” totals to determine “compensation actually paid” as reported in the “Pay versus Performance Table” above. The following tables detail the applicable adjustments from the compensation reported in the “Total” column of the Summary Compensation Table.

PEO

Adjustments to Determine Compensation Actually Paid

2025

2024

2023

Reported Summary Compensation Table Total for PEO

$1,442,407

$2,823,771

$997,800

Deduction for Amounts Reported under the Stock Awards Column in our Summary Compensation Table (or SCT)

-

(1,800,000)

-

Increase for Fair Value as of Year-end of Awards Granted during the Year that Remain Unvested as of Year- end

-

3,609,452

-

Increase for Fair Value as of the Vesting Date of Awards Granted during the Year that Vest during the Year

-

-

-

Increase/deduction for Change in Fair Value from prior Year-end to current Year-end of Awards Granted Prior to the Year that were Outstanding and Unvested as of Year-end

1,595,092

232,757

(205,112)

Increase/deduction for Change in Fair Value from prior Year-end to Vesting Date of Awards Granted Prior to the Year that Vested during the Year

161,234

(313,018)

(71,343)

Deduction of Fair Value of Awards Granted Prior to the Year that were Forfeited during the Year

-

-

-

Compensation Actually Paid to PEO

$3,198,733

$4,552,962

$721,345

Non-PEO NEOs

Adjustments to Determine Compensation Actually Paid

2025

2024

2023

Reported Average Summary Compensation Table Total for Non-PEO NEOs

$963,952

$1,187,546

$653,200

Deduction for Amounts Reported under the Stock Awards Column in our Summary Compensation Table (or SCT)

(133,333)

(400,000)

-

Increase for Fair Value as of Year-end of Awards Granted during the Year that Remain Unvested as of Year- end

158,076

814,446

-

Increase for Fair Value as of the Vesting Date of Awards Granted during the Year that Vest during the Year

-

-

-

Increase/deduction for Change in Fair Value from prior Year-end to current Year-end of Awards Granted Prior to the Year that were Outstanding and Unvested as of Year-end

206,772

50,435

(133,333)

Increase/deduction for Change in Fair Value from prior Year-end to Vesting Date of Awards Granted Prior to the Year that Vested during the Year

135,598

(207,729)

(46,377)

Deduction of Fair Value of Awards Granted Prior to the Year that were Forfeited during the Year

-

-

-

Average Compensation Actually Paid to Non-PEO NEOs

$1,331,065

$1,444,697

$473,490

(3)

Total shareholder return reflects the cumulative total return of our Common Stock for the measurement period December 31, 2022, through December 31 of the year indicated. Each year reflects what the cumulative value of $100 would be, including reinvestment of dividends, if such amount were invested on December 31, 2022. Hallador follows smaller reporting company guidelines and is not required to disclose peer group TSR.

(4)

Net income as reported for each year in our Annual Report on Form 10-K.

(5)

Hallador follows smaller reporting company guidelines and is not required to disclose the company-selected measure nor the tabular list of their most important financial performance measures.

   
Named Executive Officers, Footnote

(1)

The dollar amounts reported are the average amounts of total compensation reported for our PEO and Non-PEOs in the Summary Compensation Table above. The PEO and Non-PEOs for each year reported are as follows:

Fiscal Year

PEO

Non-PEOs

2025

Brent K. Bilsland

Marjorie Hargrave*, Heath A. Lovell and Todd E. Telesz** 

2024

Brent K. Bilsland

Lawrence D. Martin***, Heath A. Lovell and Marjorie A. Hargrave

2023

Brent K. Bilsland

Lawrence D. Martin and Heath A. Lovell

______________

* Ms. Hargrave ceased to be our Chief Financial Officer effective June 23, 2025.

** Mr. Telesz started as our Chief Financial Officer on June 23, 2025.

*** Mr. Martin ceased to be our Chief Financial Officer as of April 9, 2024.

   
PEO Total Compensation Amount $ 1,442,407 $ 2,823,771 $ 997,800
PEO Actually Paid Compensation Amount $ 3,198,733 4,552,962 721,345
Adjustment To PEO Compensation, Footnote

(2)

SEC rules require certain adjustments to be made to the “Summary Compensation Table” totals to determine “compensation actually paid” as reported in the “Pay versus Performance Table” above. The following tables detail the applicable adjustments from the compensation reported in the “Total” column of the Summary Compensation Table.

PEO

Adjustments to Determine Compensation Actually Paid

2025

2024

2023

Reported Summary Compensation Table Total for PEO

$1,442,407

$2,823,771

$997,800

Deduction for Amounts Reported under the Stock Awards Column in our Summary Compensation Table (or SCT)

-

(1,800,000)

-

Increase for Fair Value as of Year-end of Awards Granted during the Year that Remain Unvested as of Year- end

-

3,609,452

-

Increase for Fair Value as of the Vesting Date of Awards Granted during the Year that Vest during the Year

-

-

-

Increase/deduction for Change in Fair Value from prior Year-end to current Year-end of Awards Granted Prior to the Year that were Outstanding and Unvested as of Year-end

1,595,092

232,757

(205,112)

Increase/deduction for Change in Fair Value from prior Year-end to Vesting Date of Awards Granted Prior to the Year that Vested during the Year

161,234

(313,018)

(71,343)

Deduction of Fair Value of Awards Granted Prior to the Year that were Forfeited during the Year

-

-

-

Compensation Actually Paid to PEO

$3,198,733

$4,552,962

$721,345

   
Non-PEO NEO Average Total Compensation Amount $ 963,952 1,187,546 653,200
Non-PEO NEO Average Compensation Actually Paid Amount $ 1,331,065 1,444,697 473,490
Adjustment to Non-PEO NEO Compensation Footnote

(2)

SEC rules require certain adjustments to be made to the “Summary Compensation Table” totals to determine “compensation actually paid” as reported in the “Pay versus Performance Table” above. The following tables detail the applicable adjustments from the compensation reported in the “Total” column of the Summary Compensation Table.

Non-PEO NEOs

Adjustments to Determine Compensation Actually Paid

2025

2024

2023

Reported Average Summary Compensation Table Total for Non-PEO NEOs

$963,952

$1,187,546

$653,200

Deduction for Amounts Reported under the Stock Awards Column in our Summary Compensation Table (or SCT)

(133,333)

(400,000)

-

Increase for Fair Value as of Year-end of Awards Granted during the Year that Remain Unvested as of Year- end

158,076

814,446

-

Increase for Fair Value as of the Vesting Date of Awards Granted during the Year that Vest during the Year

-

-

-

Increase/deduction for Change in Fair Value from prior Year-end to current Year-end of Awards Granted Prior to the Year that were Outstanding and Unvested as of Year-end

206,772

50,435

(133,333)

Increase/deduction for Change in Fair Value from prior Year-end to Vesting Date of Awards Granted Prior to the Year that Vested during the Year

135,598

(207,729)

(46,377)

Deduction of Fair Value of Awards Granted Prior to the Year that were Forfeited during the Year

-

-

-

Average Compensation Actually Paid to Non-PEO NEOs

$1,331,065

$1,444,697

$473,490

   
Total Shareholder Return Amount $ 190.59 114.61 88.49
Net Income (Loss) $ 41,871,000 (226,138,000) 44,793,000
PEO Name Brent K. Bilsland    
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount   (1,800,000)  
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount   3,609,452  
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount $ 1,595,092 232,757 (205,112)
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 161,234 (313,018) (71,343)
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (133,333) (400,000)  
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 158,076 814,446  
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 206,772 50,435 (133,333)
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount $ 135,598 $ (207,729) $ (46,377)
v3.26.1
Award Timing Disclosure
12 Months Ended
Dec. 31, 2025
Award Timing Disclosures [Line Items]  
Award Timing MNPI Disclosure

The Compensation Committee typically approves and grants equity awards to our named executive officers biennially, with each such award having a target grant date value as set forth in a two-year executive officer plan that is adopted by the Compensation Committee in advance of such grants. Awards granted to any newly hired or promoted executive officers are typically made on or close in time to the effective date of hire or promotion. We generally aim to avoid granting equity awards, including stock options (or similar awards), in anticipation of the release of material non-public information that is likely to result in changes to the price of our Common Stock, and the release of material non-public information is not timed based on stock option or other equity award grant dates. We do not currently grant stock options or similar stock appreciation awards as part of our equity compensation program. Accordingly, during the last completed fiscal year, we did not grant any stock options (or similar awards) to our named executive officers during any period beginning four business days before the filing of any Company periodic report on Form 10-Q or Form 10-K, or the filing or furnishing of any Company current report on Form 8-K that disclosed material nonpublic information (other than a Company current report on Form 8-K disclosing a material new option award grant under Item 5.02(e) of that form), and ending one business day after the filing or furnishing of such reports. If stock options were to be granted in the future, the Company would generally aim to avoid granting such options in anticipation of the release of material nonpublic information that is likely to result in changes to the price of our Common Stock.

Award Timing Method Awards granted to any newly hired or promoted executive officers are typically made on or close in time to the effective date of hire or promotion. We generally aim to avoid granting equity awards, including stock options (or similar awards), in anticipation of the release of material non-public information that is likely to result in changes to the price of our Common Stock, and the release of material non-public information is not timed based on stock option or other equity award grant dates. We do not currently grant stock options or similar stock appreciation awards as part of our equity compensation program. Accordingly, during the last completed fiscal year, we did not grant any stock options (or similar awards) to our named executive officers during any period beginning four business days before the filing of any Company periodic report on Form 10-Q or Form 10-K, or the filing or furnishing of any Company current report on Form 8-K that disclosed material nonpublic information (other than a Company current report on Form 8-K disclosing a material new option award grant under Item 5.02(e) of that form), and ending one business day after the filing or furnishing of such reports. If stock options were to be granted in the future, the Company would generally aim to avoid granting such options in anticipation of the release of material nonpublic information that is likely to result in changes to the price of our Common Stock.
Award Timing MNPI Considered false
Award Timing, How MNPI Considered We generally aim to avoid granting equity awards, including stock options (or similar awards), in anticipation of the release of material non-public information that is likely to result in changes to the price of our Common Stock, and the release of material non-public information is not timed based on stock option or other equity award grant dates. We do not currently grant stock options or similar stock appreciation awards as part of our equity compensation program. Accordingly, during the last completed fiscal year, we did not grant any stock options (or similar awards) to our named executive officers during any period beginning four business days before the filing of any Company periodic report on Form 10-Q or Form 10-K, or the filing or furnishing of any Company current report on Form 8-K that disclosed material nonpublic information (other than a Company current report on Form 8-K disclosing a material new option award grant under Item 5.02(e) of that form), and ending one business day after the filing or furnishing of such reports.
MNPI Disclosure Timed for Compensation Value false
v3.26.1
Insider Trading Policies and Procedures
12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true