UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C.
20549
________________
FORM
8-K
CURRENT
REPORT
Pursuant to Section
13 or 15(d) of the
Securities Exchange
Act of 1934
Date of report
(Date of earliest event reported): December 21, 2009 (December 16,
2009)
HALLADOR
PETROLEUM COMPANY
(Exact name of
registrant as specified in its charter)
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Colorado
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0-14731
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84-1014610
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(State or
Other Jurisdiction of Incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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1660 Lincoln
Street, Suite 2700, Denver Colorado
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80264-2701
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(Address of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including
area code: 303-839-5504
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________________
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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1
Item
5.02 Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers
Granting of Restricted Stock Units
(RSUs)
As previously reported in our Form 8-K dated September 18,
2009, on September 17, 2009 our board authorized the issuance of up to 1,000,000
RSUs to current management.
At a meeting of our compensation committee held on December
16, 2009 330,000 RSUs were granted to Victor Stabio, our CEO; 250,000 RSUs were
granted to Brent Bilsland our president and 200,000 RSUs were granted to W. A.
Bishop, our CFO. The RSUs will vest equally over four
years. Based on facts and circumstances existing at the time, in the
past our board has approved the acceleration of previously issued
grants. During 2007 our board approved the acceleration of 390,000
previously issued RSUs to Mr. Stabio and 165,000 to Mr.
Bilsland. During 2008 our board approved the acceleration of
450,000 previously issued RSUs to Mr. Stabio and 300,000 to Mr. Bilsland and
50,000 to Mr. Bishop; who was a consultant at the time. The closing
price of our stock on December 16, 2009 was $7.90.
Future grants will be considered from time to time, but it
is the intention of the committee not to make the grants an annual
event.
The committee also approved annual salary increases as
follows: Mr. Stabio’s salary will increase from $180,000 to $195,000;
Mr. Bilsland’s from $160,000 to $175,000 and Mr. Bishop’s from $100,000 to
$130,000. The increases are effective January 1, 2010 except
for Mr. Bilsland’s which is effective April 1, 2010.
Our compensation committee consists of Messrs. David
Hardie, Bryan Lawrence and Sheldon Lubar. These three gentlemen control
about 75% of our common stock.
A form of our RSU Agreement was previously filed in our
Form 8-K dated September 18, 2009.
SIGNATURE
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
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Date: December
21, 2009
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HALLADOR
PETROLEUM COMPANY
By:/s/W.
Anderson Bishop
W.
Anderson Bishop, CFO
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