Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-29

Hallador Energy (HNRG)

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

Track this company's pay every filing: join the Pro seat waitlist

Velarion Pro: every company page, peer tools and exports, one seat — $1,200/year

A confirmation now and one email when Pro opens, and nothing else. Privacy

Ask our research desk — $99, 24h, every figure cited to its filing.

Sample answer — “What is the CEO’s total compensation?”
- Brent Bilsland (President and Chief Executive Officer), FY2025 total compensation $1,442,407 (base salary $675,000) [exec_comp, SEC accession 0001104659-26-043867, filed 2026-04-15]

Answered within 24 hours, every figure cited to its SEC filing. If our database cannot answer your question, you are refunded automatically.

HNRG's next annual pay disclosure, estimated April 13, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Brent Bilsland$675,000$94,177$0$0$659,230$0$14,000$1,442,407
President and Chief Executive Officer
Marjorie Hargrave201,539153,3330000777,8931,132,765
Former Chief Financial Officer
Heath Lovell450,00061,15300428,072014,000953,225
Chief Operating Officer
Todd Telesz250,00018,907400,0000132,34504,615805,867
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.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Brent Bilsland$1,442,407$2,823,771$997,800↓ −1,381,364
Marjorie Hargrave1,132,765941,641—↑ +191,124
Heath Lovell953,2251,380,339653,200↓ −427,114
Todd Telesz805,867———

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

You have just read Hallador Energy's Summary Compensation Table. The whole free brief as a PDF, emailed now, with every figure cited — then a few short notes on the deeper HNRG reports.

We send the PDF right away, then up to three short notes. Reply “unsubscribe” to any of them, any time.

How we handle your data → Privacy

Companies that benchmark against HNRG
4 companies name HNRG as a compensation peer

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.

01b

Executives — the named officers

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.

ExecutiveRoleFY2025 total
Brent BilslandCEO$1,442,407
Heath LovellCOO$953,225
Marjorie HargraveCFO$1,132,765
Todd TeleszCFO$805,867
01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Bryan H. LawrenceIndependent Director—
Charles R. Wesley IVIndependent Director$100,000
David C. HardieIndependent Director$75,000
David J. LubarIndependent Director$110,000
Zarrell GrayIndependent Director$100,000
02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Todd TeleszRSU24,907—$474,229
Brent BilslandRSU210,157—4,001,389
Heath LovellRSU81,728—1,556,101
05

Incentive-plan design — the Compensation Discussion & Analysis

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 consultantF.W. Cook & Co.
Clawback policytrue
Anti-hedging—
Anti-pledging—
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-2727,365,688171,0981,774,08399.38%Passed
20252025-05-2922,045,2615,289,818399,75780.65%Passed
20242024-05-3018,307,2137,309,95214,32071.46%Passed
20232023-06-0115,620,2394,502,551100,21477.24%Passed
20222022-06-0915,570,203592,778299,09194.58%Passed
20212021-06-0313,775,887406,096277,54595.27%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.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-2799.38%a
20252025-05-2980.65%b
20242024-05-3071.46%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.

08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
David J. LubarIndependent · Audit (Chair) · Compensation$55,000$55,000$0$0$0$110,000
Charles R. Wesley IVIndependent · Compensation (Chair) · Nominating50,00050,000000100,000
Zarrell GrayIndependent · Nominating (Chair) · Audit50,00050,000000100,000
David C. HardieIndependent37,50037,50000075,000
Bryan H. LawrenceIndependent · Audit000000
Brent K. BilslandEmployee director000000
Daniel HudsonIndependent · Newly elected——————
Barbara A. SuggIndependent · Audit · Compensation——————
09

Board fee structure and ownership guideline

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—
09b

Total cost of the board

ComponentFY2025
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.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Hallador Energy2025Brent 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.

10d

Frequently asked questions

Who was the highest-paid executive at Hallador Energy in fiscal 2025?
As disclosed, Brent Bilsland (President and Chief Executive Officer) was the highest-paid executive at Hallador Energy in fiscal 2025, with total compensation of $1,442,407.
How did shareholders vote on Hallador Energy's executive compensation?
As disclosed, 99.38% of shareholders supported Hallador Energy's executive compensation in the latest say-on-pay vote.
How much does Hallador Energy spend in total on board compensation for fiscal 2025?
As disclosed, Hallador Energy reported total board compensation of $385,000 for fiscal 2025.

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.

11

Source register

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.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Brent BilslandDEF 14A2026-04-150001104659-26-043867Section “Summary Compensation Table”. As printed: 1,442,407. Filing ↗machine: r2 · c7 · span 487273–487282
2Section 01, Marjorie HargraveDEF 14A2026-04-150001104659-26-043867Section “Summary Compensation Table”. As printed: 1,132,765. Filing ↗machine: r11 · c7 · span 516930–516939
3Section 01, Heath LovellDEF 14A2026-04-150001104659-26-043867Section “Summary Compensation Table”. As printed: 953,225. Filing ↗machine: r5 · c7 · span 498018–498025
4Section 01, Todd TeleszDEF 14A2026-04-150001104659-26-043867Section “Summary Compensation Table”. As printed: 805,867. Filing ↗machine: r8 · c7 · span 507216–507223
5Section 08, David J. LubarDEF 14A2026-04-150001104659-26-043867Section “Director Compensation”. As printed: 110,000. Filing ↗machine: span 419038–419233
6Section 08, Charles R. Wesley IVDEF 14A2026-04-150001104659-26-043867Section “Director Compensation”. As printed: 100,000. Filing ↗machine: span 420621–420816
7Section 08, Zarrell GrayDEF 14A2026-04-150001104659-26-043867Section “Director Compensation”. As printed: 100,000. Filing ↗machine: span 414302–414497
8Section 08, David C. HardieDEF 14A2026-04-150001104659-26-043867Section “Director Compensation”. As printed: 75,000. Filing ↗machine: span 415806–416000
9Section 08, Bryan H. LawrenceDEF 14A2026-04-150001104659-26-043867Section “Director Compensation”. As printed: 0. Filing ↗
10Section 08, Brent K. BilslandDEF 14A2026-04-150001104659-26-043867Section “Director Compensation”. As printed: 0. Filing ↗
11Section 08, Daniel HudsonDEF 14A2026-04-150001104659-26-043867Section “Director Compensation”. As printed: —. Filing ↗
12Section 08, Barbara A. SuggDEF 14A2026-04-150001104659-26-043867Section “Director Compensation”. As printed: —. Filing ↗
13Section 06, 2026 voteForm 8-K2026-05-290001104659-26-068374Item 5.07 · say-on-pay result. As reported: 99.38% (votes for as printed: 27,365,688). Filing ↗
14Section 06, 2025 voteForm 8-K2025-06-020001558370-25-008332Item 5.07 · say-on-pay result. As reported: 80.65% (votes for as printed: 22,045,261). Filing ↗
15Section 06, 2024 voteForm 8-K2024-06-030001437749-24-018969Item 5.07 · say-on-pay result. As reported: 71.46% (votes for as printed: 18,307,213). Filing ↗
16Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
17Section 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
18Hallador Energy (subject), Section 10b CEO totalDEF 14A2026-04-150001104659-26-043867CEO total compensation as printed in Hallador Energy's own proxy. As printed: 1,442,407. Filing ↗machine: r2 · c7 · span 487273–487282

The Pay Desk — the free weekly executive pay briefing, one company at a time, every number traceable to a public filing.

You'll confirm on The Pay Desk's sign-up page.