CEO Brent Bilsland was paid $1,442,407 in fiscal year 2025, ↓ down 48.9% from fiscal year 2024 (SEC filing 0001104659-26-043867 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.
$1,442,407 ↓ Brent Bilsland total, FY2025 | — CEO pay percentile vs peers | — CEO-to-median pay ratio | 99.38% Say-on-pay support, latest vote |
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HNRG's next annual pay disclosure, estimated April 13, 2027.est. Filing ↗
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Brent Bilsland | $675,000 | $94,177 | $0 | $0 | $659,230 | $0 | $14,000 | $1,442,407 |
| President and Chief Executive Officer | ||||||||
| Marjorie Hargrave | 201,539 | 153,333 | 0 | 0 | 0 | 0 | 777,893 | 1,132,765 |
| Former Chief Financial Officer | ||||||||
| Heath Lovell | 450,000 | 61,153 | 0 | 0 | 428,072 | 0 | 14,000 | 953,225 |
| Chief Operating Officer | ||||||||
| Todd Telesz | 250,000 | 18,907 | 400,000 | 0 | 132,345 | 0 | 4,615 | 805,867 |
| Chief Financial Officer | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Brent Bilsland | $1,442,407 | $2,823,771 | $997,800 | ↓ −1,381,364 |
| Marjorie Hargrave | 1,132,765 | 941,641 | — | ↑ +191,124 |
| Heath Lovell | 953,225 | 1,380,339 | 653,200 | ↓ −427,114 |
| Todd Telesz | 805,867 | — | — | — |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
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Each company listed discloses HNRG in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named HNRG in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
One page per officer: the same table above, read for one person at a time — his own figure and every fiscal year the register holds.
| Executive | Role | FY2025 total |
|---|---|---|
| Brent Bilsland | CEO | $1,442,407 |
| Heath Lovell | COO | $953,225 |
| Marjorie Hargrave | CFO | $1,132,765 |
| Todd Telesz | CFO | $805,867 |
One page per director: the seat, the committees and the fee table, read for one person at a time.
| Director | Role | FY2025 total |
|---|---|---|
| Bryan H. Lawrence | Independent Director | — |
| Charles R. Wesley IV | Independent Director | $100,000 |
| David C. Hardie | Independent Director | $75,000 |
| David J. Lubar | Independent Director | $110,000 |
| Zarrell Gray | Independent Director | $100,000 |
No insider equity transactions reported since the proxy statement.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Todd Telesz | RSU | 24,907 | — | $474,229 |
| Brent Bilsland | RSU | 210,157 | — | 4,001,389 |
| Heath Lovell | RSU | 81,728 | — | 1,556,101 |
The Compensation Committee has determined compensation amounts using various informal factors, such as our financial status, available resources, the need to attract and retain executive talent, and comparisons with the pay levels of other executives at the time of each decision. In reaching these decisions, the committee has considered the competitive market for similar positions in our peer group, drawing on general knowledge of executive compensation among industry peers from informal conversations with recruiting firms, research, and personal experience with the market. Therefore, the Compensation Committee does not formally benchmark executive compensation against our peer group or use a strict formula to set executive pay according to survey data. Instead, the committee bases its decisions on the aforementioned factors and information.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | F.W. Cook & Co. |
| Clawback policy | true |
| Anti-hedging | — |
| Anti-pledging | — |
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-05-27 | 27,365,688 | 171,098 | 1,774,083 | 99.38% | Passed |
| 2025 | 2025-05-29 | 22,045,261 | 5,289,818 | 399,757 | 80.65% | Passed |
| 2024 | 2024-05-30 | 18,307,213 | 7,309,952 | 14,320 | 71.46% | Passed |
| 2023 | 2023-06-01 | 15,620,239 | 4,502,551 | 100,214 | 77.24% | Passed |
| 2022 | 2022-06-09 | 15,570,203 | 592,778 | 299,091 | 94.58% | Passed |
| 2021 | 2021-06-03 | 13,775,887 | 406,096 | 277,545 | 95.27% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.
| Meeting year | Meeting date | Approval — company's computation |
|---|---|---|
| 2026 | 2026-05-27 | 99.38%a |
| 2025 | 2025-05-29 | 80.65%b |
| 2024 | 2024-05-30 | 71.46%c |
a. Voting standard not stated in the filing.
b. Voting standard not stated in the filing.
c. Approved under the standard stated in the filing — “Abstentions will have the same effect as a vote "against" the election of the nominee to the Board.”.
Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| David J. LubarIndependent · Audit (Chair) · Compensation | $55,000 | $55,000 | $0 | $0 | $0 | $110,000 |
| Charles R. Wesley IVIndependent · Compensation (Chair) · Nominating | 50,000 | 50,000 | 0 | 0 | 0 | 100,000 |
| Zarrell GrayIndependent · Nominating (Chair) · Audit | 50,000 | 50,000 | 0 | 0 | 0 | 100,000 |
| David C. HardieIndependent | 37,500 | 37,500 | 0 | 0 | 0 | 75,000 |
| Bryan H. LawrenceIndependent · Audit | 0 | 0 | 0 | 0 | 0 | 0 |
| Brent K. BilslandEmployee director | 0 | 0 | 0 | 0 | 0 | 0 |
| Daniel HudsonIndependent · Newly elected | — | — | — | — | — | — |
| Barbara A. SuggIndependent · Audit · Compensation | — | — | — | — | — | — |
| Annual cash retainer | $37,500 |
|---|---|
| Annual equity retainer | $37,500 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 35,000 / 25,000 / 25,000 |
| Stock ownership guideline | — |
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $192,500 |
| Equity awards (grant-date value) | $192,500 |
| All other compensation | $0 |
| Total cost of the board | $385,000 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Hallador Energy | 2025 | Brent Bilsland | $675,000 | $0 | $0 | $659,230 | $1,442,407 |
Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.
| # | Supports | Document | Filed | Accession | Location in document |
|---|---|---|---|---|---|
| 1 | Section 01, Brent Bilsland | DEF 14A | 2026-04-15 | 0001104659-26-043867 | Section “Summary Compensation Table”. As printed: 1,442,407. Filing ↗machine: r2 · c7 · span 487273–487282 |
| 2 | Section 01, Marjorie Hargrave | DEF 14A | 2026-04-15 | 0001104659-26-043867 | Section “Summary Compensation Table”. As printed: 1,132,765. Filing ↗machine: r11 · c7 · span 516930–516939 |
| 3 | Section 01, Heath Lovell | DEF 14A | 2026-04-15 | 0001104659-26-043867 | Section “Summary Compensation Table”. As printed: 953,225. Filing ↗machine: r5 · c7 · span 498018–498025 |
| 4 | Section 01, Todd Telesz | DEF 14A | 2026-04-15 | 0001104659-26-043867 | Section “Summary Compensation Table”. As printed: 805,867. Filing ↗machine: r8 · c7 · span 507216–507223 |
| 5 | Section 08, David J. Lubar | DEF 14A | 2026-04-15 | 0001104659-26-043867 | Section “Director Compensation”. As printed: 110,000. Filing ↗machine: span 419038–419233 |
| 6 | Section 08, Charles R. Wesley IV | DEF 14A | 2026-04-15 | 0001104659-26-043867 | Section “Director Compensation”. As printed: 100,000. Filing ↗machine: span 420621–420816 |
| 7 | Section 08, Zarrell Gray | DEF 14A | 2026-04-15 | 0001104659-26-043867 | Section “Director Compensation”. As printed: 100,000. Filing ↗machine: span 414302–414497 |
| 8 | Section 08, David C. Hardie | DEF 14A | 2026-04-15 | 0001104659-26-043867 | Section “Director Compensation”. As printed: 75,000. Filing ↗machine: span 415806–416000 |
| 9 | Section 08, Bryan H. Lawrence | DEF 14A | 2026-04-15 | 0001104659-26-043867 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 10 | Section 08, Brent K. Bilsland | DEF 14A | 2026-04-15 | 0001104659-26-043867 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 11 | Section 08, Daniel Hudson | DEF 14A | 2026-04-15 | 0001104659-26-043867 | Section “Director Compensation”. As printed: —. Filing ↗ |
| 12 | Section 08, Barbara A. Sugg | DEF 14A | 2026-04-15 | 0001104659-26-043867 | Section “Director Compensation”. As printed: —. Filing ↗ |
| 13 | Section 06, 2026 vote | Form 8-K | 2026-05-29 | 0001104659-26-068374 | Item 5.07 · say-on-pay result. As reported: 99.38% (votes for as printed: 27,365,688). Filing ↗ |
| 14 | Section 06, 2025 vote | Form 8-K | 2025-06-02 | 0001558370-25-008332 | Item 5.07 · say-on-pay result. As reported: 80.65% (votes for as printed: 22,045,261). Filing ↗ |
| 15 | Section 06, 2024 vote | Form 8-K | 2024-06-03 | 0001437749-24-018969 | Item 5.07 · say-on-pay result. As reported: 71.46% (votes for as printed: 18,307,213). Filing ↗ |
| 16 | Section 01 trend, Δ column (computed) | Computed | — | — | Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1) |
| 17 | Section 09b board cost (computed) | Computed | — | — | Cash 192,500 + equity 192,500 + all other 0 = 385,000, summed across the director compensation table rows.machine: formula: Σ = 385,000 |
| 18 | Hallador Energy (subject), Section 10b CEO total | DEF 14A | 2026-04-15 | 0001104659-26-043867 | CEO total compensation as printed in Hallador Energy's own proxy. As printed: 1,442,407. Filing ↗machine: r2 · c7 · span 487273–487282 |
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