X0303 4 2009-12-16 0 0000788965 HALLADOR ENERGY CO HPCO 0001424577 Bilsland Brent K 6641 S. STREET RD 46 TERRE HAUTE IN 47802 1 1 0 0 President Restricted Stock Unit 2009-12-16 4 A 0 250000 A Common Stock, par value $.01 250000 250000 D Each restricted stock unit represents a contingent right to receive one share of Hallador Energy Company common stock. The restricted stock units vest 25% each year starting in 2010. If employment terminates prior to vesting, the restricted stock units shall be immediately cancelled and the reporting person shall cease to have any right or entitlement to receive any shares under those cancelled units. Victor P. Stabio, Attorney in Fact for Brent K. Bilsland 2010-01-20