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HALLADOR ENERGY CO. 2024-2025 Proxy Voting Records

Compiled from SEC Form N-PX filings and HALLADOR ENERGY CO.’s Form 8-K, filed 2025-06-02 (Item 5.07 on EDGAR). Page generated 02 October 2026.

  • 9Reported items
  • 137Asset managers
  • 1,267Fund votes
  • 2025-05-29Meeting date

Proxy season: 2023-2024 2024-2025 2025-2026

Explore HALLADOR ENERGY CO. in the interactive database Compare manager voting policies

Official 2024-2025 meeting results reported by HALLADOR ENERGY CO.

These tallies are HALLADOR ENERGY CO.’s own, as disclosed to the U.S. Securities and Exchange Commission on Form 8-K, filed 2025-06-02 (Item 5.07, “Submission of Matters to a Vote of Security Holders”). They cover every share voted at the meeting, not just the funds that file Form N-PX.

HALLADOR ENERGY CO. — official shareholder meeting results, meeting held 2025-05-29
Ballot itemForAgainst AbstainWithheldBroker non-votesOutcome
Elect Director: Brent K. Bilsland 26,922,970791,89619,970 19,970-- Majority: yes
Elect Director: Zarrell Gray 23,738,8673,949,56646,403 46,403-- Majority: yes
Elect Director: David C. Hardie 22,570,1595,118,37446,303 46,303-- Majority: yes
Elect Director: Bryan H. Lawrence 24,479,2953,235,51820,023 20,023-- Majority: yes
Elect Director: David J. Lubar 24,186,5393,528,27420,023 20,023-- Majority: yes
Elect Director: Charles R. Wesley, IV 23,550,0904,138,34346,403 46,403-- Majority: yes

Source: HALLADOR ENERGY CO., Form 8-K, filed with the SEC on 2025-06-02 — read the filing on EDGAR.

How asset managers voted at the HALLADOR ENERGY CO. 2024-2025 meeting

Each item below shows how the 137 asset managers that disclosed a HALLADOR ENERGY CO. vote in their SEC Form N-PX filings actually voted. Share totals are the shares those managers' funds voted, summed across every fund they report. These are reported items, not a count of the ballot: fund filings describe one ballot item in different words. Two descriptions are shown as one item only on evidence — the same text (or one cut short of the other), the same director nominee, or a match to the same row of HALLADOR ENERGY CO.’s own Form 8-K tally — never because they merely read alike. A description that could not be joined that way is listed on its own, so one ballot item can appear more than once.

1. APPROVE, ON AN ADVISORY BASIS, THE NAMED EXECUTIVE OFFICERS' COMPENSATION.

SECTION 14A SAY-ON-PAY VOTES

Combines 2 wordings of this item as funds reported it.

74% fund support · no official result

FOR 73%AGAINST 25%

The 133 asset managers below cast 74% of the shares they voted on this item FOR (12,502,160 for, 4,286,406 against).

FOR: 12,502,160 (72.8%)AGAINST: 4,286,406 (25.0%)ABSTAIN: 377,213 (2.2%)
Largest asset managers voting on “APPROVE, ON AN ADVISORY BASIS, THE NAMED EXECUTIVE OFFICERS' COMPENSATION.” at HALLADOR ENERGY CO., 2024-2025
Asset managerForAgainst AbstainWithheldVote
AEGIS FUNDS1,916,0830 00For
American Century1,852,5470 00For
Vanguard1,697,3150 00For
Dimensional01,247,683 00Against
BlackRock45,2041,198,277 00Against
Empyrean Capital Partners, LP01,113,970 00Against
APIS CAPITAL ADVISORS, LLC1,044,0000 00For
Point72908,1730 00For
GEODE CAPITAL MANAGEMENT, LLC698,0420 00For
Fidelity619,9480 00For
State Street467,220958 00For
Renaissance418,8980 00For
Columbia Threadneedle398,5770 00For
OnyxPoint Global Management LP00 364,9170Abstain
EA Series Trust0243,954 00Against
Northern Trust230,3641,901 00For
BRIDGEWAY CAPITAL MANAGEMENT, LLC222,9400 00For
BRIDGEWAY FUNDS INC222,9400 00For
Nuveen159,3690 00For
TIAA157,0210 00For
Charles Schwab156,6000 00For
Invesco142,5370 00For
Russell Investments0128,252 00Against
First Trust105,2390 00For
AEGIS FINANCIAL CORP105,0190 00For

Showing the 25 largest of 133 asset managers. See all 133 in the interactive database.

2. APPROVE THE HALLADOR ENERGY COMPANY SECOND AMENDED AND RESTATED 2008 RESTRICTED STOCK UNIT PLAN.

COMPENSATION

89% fund support · no official result

FOR 85%10%

The 51 asset managers below cast 89% of the shares they voted on this item FOR (7,593,416 for, 932,281 against).

FOR: 7,593,416 (85.4%)AGAINST: 932,281 (10.5%)ABSTAIN: 364,917 (4.1%)
Largest asset managers voting on “APPROVE THE HALLADOR ENERGY COMPANY SECOND AMENDED AND RESTATED 2008 RESTRICTED STOCK UNIT PLAN.” at HALLADOR ENERGY CO., 2024-2025
Asset managerForAgainst AbstainWithheldVote
AEGIS FUNDS1,916,0830 00For
Vanguard1,665,2950 00For
Dimensional1,160,7410 00For
American Century0920,601 00Against
Fidelity617,6230 00For
BlackRock582,7740 00For
Columbia Threadneedle398,5770 00For
OnyxPoint Global Management LP00 364,9170Abstain
EA Series Trust243,9540 00For
BRIDGEWAY FUNDS INC222,9400 00For
TIAA157,0210 00For
First Trust105,0870 00For
Charles Schwab78,3000 00For
Equitable72,0860 00For
Russell Investments47,7200 00For
QUANTITATIVE MASTER SERIES LLC42,6030 00For
Lincoln Financial40,5770 00For
TIFF INVESTMENT PROGRAM34,9860 00For
Dunham Funds27,2750 00For
Northern Trust21,7350 00For
Global X15,0250 00For
Janus Detroit Street Trust13,6350 00For
EXCHANGE TRADED CONCEPTS TRUST13,5690 00For
Pacific Life13,1770 00For
AIG/SunAmerica12,3990 00For

Showing the 25 largest of 51 asset managers. See all 51 in the interactive database.

3. Election of six Directors for a one-year term: Brent K. Bilsland

DIRECTOR ELECTIONSMajority of the votes cast: yes

Combines 3 wordings of this item as funds reported it.

97% Majority: yes · of votes cast

FOR 97%
FOR: 26,922,970AGAINST: 791,896

HALLADOR ENERGY CO.’s own tally for this item (“Elect Director: Brent K. Bilsland”): 26,922,970 for, 791,896 against, per its Form 8-K filed 2025-06-02 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 42,978,000 outstanding shares: 63% for, 2% against (64% of the company cast a for/against vote).

The 50 asset managers below cast 97% of the shares they voted on this item FOR (8,264,231 for, 261,466 against).

FOR 97%
FOR: 8,264,231 (96.9%)AGAINST: 261,466 (3.1%)
Largest asset managers voting on “Election of six Directors for a one-year term: Brent K. Bilsland” at HALLADOR ENERGY CO., 2024-2025
Asset managerForAgainst AbstainWithheldVote
AEGIS FUNDS1,916,0830 00For
Vanguard1,665,2950 00For
Dimensional1,160,7410 00For
American Century920,6010 00For
Fidelity617,6230 00For
BlackRock582,7740 00For
Columbia Threadneedle398,5770 00For
EA Series Trust0243,954 00Against
BRIDGEWAY FUNDS INC222,9400 00For
TIAA157,0210 00For
First Trust105,0870 00For
Charles Schwab78,3000 00For
Equitable72,0860 00For
Russell Investments47,7200 00For
QUANTITATIVE MASTER SERIES LLC42,6030 00For
Lincoln Financial40,5770 00For
TIFF INVESTMENT PROGRAM34,9860 00For
Dunham Funds27,2750 00For
Northern Trust21,7350 00For
Global X15,0250 00For
Janus Detroit Street Trust13,6350 00For
EXCHANGE TRADED CONCEPTS TRUST13,5690 00For
Pacific Life13,1770 00For
AIG/SunAmerica12,3990 00For
Bridge Builder Trust11,6250 00For

Showing the 25 largest of 50 asset managers. See all 50 in the interactive database.

4. Election of six Directors for a one-year term: Bryan H. Lawrence

DIRECTOR ELECTIONSMajority of the votes cast: yes

Combines 2 wordings of this item as funds reported it.

88% Majority: yes · of votes cast

FOR 88%12%
FOR: 24,479,295AGAINST: 3,235,518

HALLADOR ENERGY CO.’s own tally for this item (“Elect Director: Bryan H. Lawrence”): 24,479,295 for, 3,235,518 against, per its Form 8-K filed 2025-06-02 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 42,978,000 outstanding shares: 57% for, 8% against (64% of the company cast a for/against vote).

The 50 asset managers below cast 81% of the shares they voted on this item FOR (6,919,432 for, 1,606,265 against).

FOR 81%AGAINST 19%
FOR: 6,919,432 (81.2%)AGAINST: 1,606,265 (18.8%)
Largest asset managers voting on “Election of six Directors for a one-year term: Bryan H. Lawrence” at HALLADOR ENERGY CO., 2024-2025
Asset managerForAgainst AbstainWithheldVote
AEGIS FUNDS1,916,0830 00For
Vanguard1,665,2950 00For
Dimensional01,160,741 00Against
American Century920,6010 00For
Fidelity617,6230 00For
BlackRock582,7740 00For
Columbia Threadneedle0398,577 00Against
EA Series Trust243,9540 00For
BRIDGEWAY FUNDS INC222,9400 00For
TIAA157,0210 00For
First Trust105,0870 00For
Charles Schwab78,3000 00For
Equitable72,0860 00For
Russell Investments47,7200 00For
QUANTITATIVE MASTER SERIES LLC42,6030 00For
Lincoln Financial15,06925,508 00Against
TIFF INVESTMENT PROGRAM34,9860 00For
Dunham Funds27,2750 00For
Northern Trust21,7350 00For
Global X15,0250 00For
Janus Detroit Street Trust13,6350 00For
EXCHANGE TRADED CONCEPTS TRUST13,5690 00For
Pacific Life13,1770 00For
AIG/SunAmerica12,3990 00For
Bridge Builder Trust11,6250 00For

Showing the 25 largest of 50 asset managers. See all 50 in the interactive database.

5. Election of six Directors for a one-year term: Charles R. Wesley, IV

DIRECTOR ELECTIONSMajority of the votes cast: yes

Combines 2 wordings of this item as funds reported it.

85% Majority: yes · of votes cast

FOR 85%AGAINST 15%
FOR: 23,550,090AGAINST: 4,138,343

HALLADOR ENERGY CO.’s own tally for this item (“Elect Director: Charles R. Wesley, IV”): 23,550,090 for, 4,138,343 against, per its Form 8-K filed 2025-06-02 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 42,978,000 outstanding shares: 54.8% for, 10% against (64% of the company cast a for/against vote).

The 50 asset managers below cast 72% of the shares they voted on this item FOR (6,127,457 for, 2,371,860 against).

FOR 72%AGAINST 28%
FOR: 6,127,457 (71.9%)AGAINST: 2,371,860 (27.8%)ABSTAIN: 26,380 (0.3%)
Largest asset managers voting on “Election of six Directors for a one-year term: Charles R. Wesley, IV” at HALLADOR ENERGY CO., 2024-2025
Asset managerForAgainst AbstainWithheldVote
AEGIS FUNDS1,916,0830 00For
Vanguard1,665,2950 00For
Dimensional01,160,741 00Against
American Century920,6010 00For
Fidelity617,6230 00For
BlackRock0582,774 00Against
Columbia Threadneedle398,5770 00For
EA Series Trust0243,954 00Against
BRIDGEWAY FUNDS INC222,9400 00For
TIAA0157,021 00Against
First Trust105,0870 00For
Charles Schwab78,3000 00For
Equitable045,706 26,3800Against
Russell Investments047,720 00Against
QUANTITATIVE MASTER SERIES LLC042,603 00Against
Lincoln Financial33,8696,708 00For
TIFF INVESTMENT PROGRAM34,9860 00For
Dunham Funds027,275 00Against
Northern Trust21,7350 00For
Global X15,0250 00For
Janus Detroit Street Trust13,6350 00For
EXCHANGE TRADED CONCEPTS TRUST13,5690 00For
Pacific Life013,177 00Against
AIG/SunAmerica12,3990 00For
Bridge Builder Trust011,625 00Against

Showing the 25 largest of 50 asset managers. See all 50 in the interactive database.

6. Election of six Directors for a one-year term: David C. Hardie

DIRECTOR ELECTIONSMajority of the votes cast: yes

Combines 2 wordings of this item as funds reported it.

82% Majority: yes · of votes cast

FOR 82%AGAINST 18%
FOR: 22,570,159AGAINST: 5,118,374

HALLADOR ENERGY CO.’s own tally for this item (“Elect Director: David C. Hardie”): 22,570,159 for, 5,118,374 against, per its Form 8-K filed 2025-06-02 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 42,978,000 outstanding shares: 52.5% for, 12% against (64% of the company cast a for/against vote).

The 50 asset managers below cast 67% of the shares they voted on this item FOR (5,652,560 for, 2,846,757 against).

FOR 66%AGAINST 33%
FOR: 5,652,560 (66.3%)AGAINST: 2,846,757 (33.4%)ABSTAIN: 26,380 (0.3%)
Largest asset managers voting on “Election of six Directors for a one-year term: David C. Hardie” at HALLADOR ENERGY CO., 2024-2025
Asset managerForAgainst AbstainWithheldVote
AEGIS FUNDS1,916,0830 00For
Vanguard1,665,2950 00For
Dimensional01,160,741 00Against
American Century920,6010 00For
Fidelity617,6230 00For
BlackRock0582,774 00Against
Columbia Threadneedle0398,577 00Against
EA Series Trust0243,954 00Against
BRIDGEWAY FUNDS INC222,9400 00For
TIAA0157,021 00Against
First Trust105,0870 00For
Charles Schwab78,3000 00For
Equitable045,706 26,3800Against
Russell Investments047,720 00Against
QUANTITATIVE MASTER SERIES LLC042,603 00Against
Lincoln Financial15,06925,508 00Against
TIFF INVESTMENT PROGRAM034,986 00Against
Dunham Funds027,275 00Against
Northern Trust21,7350 00For
Global X015,025 00Against
Janus Detroit Street Trust13,6350 00For
EXCHANGE TRADED CONCEPTS TRUST13,5690 00For
Pacific Life013,177 00Against
AIG/SunAmerica12,3990 00For
Bridge Builder Trust011,625 00Against

Showing the 25 largest of 50 asset managers. See all 50 in the interactive database.

7. Election of six Directors for a one-year term: David J. Lubar

DIRECTOR ELECTIONSMajority of the votes cast: yes

Combines 2 wordings of this item as funds reported it.

87% Majority: yes · of votes cast

FOR 87%13%
FOR: 24,186,539AGAINST: 3,528,274

HALLADOR ENERGY CO.’s own tally for this item (“Elect Director: David J. Lubar”): 24,186,539 for, 3,528,274 against, per its Form 8-K filed 2025-06-02 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 42,978,000 outstanding shares: 56% for, 8% against (64% of the company cast a for/against vote).

The 50 asset managers below cast 78% of the shares they voted on this item FOR (6,642,023 for, 1,883,674 against).

FOR 78%AGAINST 22%
FOR: 6,642,023 (77.9%)AGAINST: 1,883,674 (22.1%)
Largest asset managers voting on “Election of six Directors for a one-year term: David J. Lubar” at HALLADOR ENERGY CO., 2024-2025
Asset managerForAgainst AbstainWithheldVote
AEGIS FUNDS1,916,0830 00For
Vanguard1,665,2950 00For
Dimensional01,160,741 00Against
American Century920,6010 00For
Fidelity617,6230 00For
BlackRock0582,774 00Against
Columbia Threadneedle398,5770 00For
EA Series Trust243,9540 00For
BRIDGEWAY FUNDS INC222,9400 00For
TIAA157,0210 00For
First Trust105,0870 00For
Charles Schwab78,3000 00For
Equitable26,38045,706 00Against
Russell Investments47,7200 00For
QUANTITATIVE MASTER SERIES LLC042,603 00Against
Lincoln Financial33,8696,708 00For
TIFF INVESTMENT PROGRAM34,9860 00For
Dunham Funds27,2750 00For
Northern Trust21,7350 00For
Global X15,0250 00For
Janus Detroit Street Trust13,6350 00For
EXCHANGE TRADED CONCEPTS TRUST13,5690 00For
Pacific Life013,177 00Against
AIG/SunAmerica12,3990 00For
Bridge Builder Trust011,625 00Against

Showing the 25 largest of 50 asset managers. See all 50 in the interactive database.

8. Election of six Directors for a one-year term: Zarrell Gray

DIRECTOR ELECTIONSMajority of the votes cast: yes

Combines 2 wordings of this item as funds reported it.

86% Majority: yes · of votes cast

FOR 86%AGAINST 14%
FOR: 23,738,867AGAINST: 3,949,566

HALLADOR ENERGY CO.’s own tally for this item (“Elect Director: Zarrell Gray”): 23,738,867 for, 3,949,566 against, per its Form 8-K filed 2025-06-02 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 42,978,000 outstanding shares: 55% for, 9% against (64% of the company cast a for/against vote).

The 50 asset managers below cast 75% of the shares they voted on this item FOR (6,397,353 for, 2,101,964 against).

FOR 75%AGAINST 25%
FOR: 6,397,353 (75.0%)AGAINST: 2,101,964 (24.7%)ABSTAIN: 26,380 (0.3%)
Largest asset managers voting on “Election of six Directors for a one-year term: Zarrell Gray” at HALLADOR ENERGY CO., 2024-2025
Asset managerForAgainst AbstainWithheldVote
AEGIS FUNDS1,916,0830 00For
Vanguard1,665,2950 00For
Dimensional01,160,741 00Against
American Century920,6010 00For
Fidelity617,6230 00For
BlackRock582,7740 00For
Columbia Threadneedle0398,577 00Against
EA Series Trust0243,954 00Against
BRIDGEWAY FUNDS INC222,9400 00For
TIAA0157,021 00Against
First Trust105,0870 00For
Charles Schwab78,3000 00For
Equitable45,7060 26,3800For
Russell Investments047,720 00Against
QUANTITATIVE MASTER SERIES LLC42,6030 00For
Lincoln Financial15,06925,508 00Against
TIFF INVESTMENT PROGRAM34,9860 00For
Dunham Funds027,275 00Against
Northern Trust21,7350 00For
Global X15,0250 00For
Janus Detroit Street Trust13,6350 00For
EXCHANGE TRADED CONCEPTS TRUST13,5690 00For
Pacific Life13,1770 00For
AIG/SunAmerica12,3990 00For
Bridge Builder Trust11,6250 00For

Showing the 25 largest of 50 asset managers. See all 50 in the interactive database.

9. RATIFY THE APPOINTMENT OF GRANT THORNTON LLP, AS OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR 2025.

AUDIT-RELATED

97% fund support · no official result

FOR 97%

The 50 asset managers below cast 97% of the shares they voted on this item FOR (8,281,743 for, 243,954 against).

FOR: 8,281,743 (97.1%)AGAINST: 243,954 (2.9%)
Largest asset managers voting on “RATIFY THE APPOINTMENT OF GRANT THORNTON LLP, AS OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR 2025.” at HALLADOR ENERGY CO., 2024-2025
Asset managerForAgainst AbstainWithheldVote
AEGIS FUNDS1,916,0830 00For
Vanguard1,665,2950 00For
Dimensional1,160,7410 00For
American Century920,6010 00For
Fidelity617,6230 00For
BlackRock582,7740 00For
Columbia Threadneedle398,5770 00For
EA Series Trust0243,954 00Against
BRIDGEWAY FUNDS INC222,9400 00For
TIAA157,0210 00For
First Trust105,0870 00For
Charles Schwab78,3000 00For
Equitable72,0860 00For
Russell Investments47,7200 00For
QUANTITATIVE MASTER SERIES LLC42,6030 00For
Lincoln Financial40,5770 00For
TIFF INVESTMENT PROGRAM34,9860 00For
Dunham Funds27,2750 00For
Northern Trust21,7350 00For
Global X15,0250 00For
Janus Detroit Street Trust13,6350 00For
EXCHANGE TRADED CONCEPTS TRUST13,5690 00For
Pacific Life13,1770 00For
AIG/SunAmerica12,3990 00For
Bridge Builder Trust11,6250 00For

Showing the 25 largest of 50 asset managers. See all 50 in the interactive database.

Largest HALLADOR ENERGY CO. shareholders voting in 2024-2025

Ranked by the number of HALLADOR ENERGY CO. shares each manager voted on the most widely held ballot item of the 2024-2025 meeting, shown as a share of the 42,978,000 shares outstanding at the time of that meeting.

Top HALLADOR ENERGY CO. shareholders by shares voted, 2024-2025
#Asset manager % of shares outstanding
1AEGIS FUNDS 4.46%
2American Century 4.31%
3Vanguard 3.95%
4Dimensional 2.90%
5BlackRock 2.89%
6Empyrean Capital Partners, LP 2.59%
7APIS CAPITAL ADVISORS, LLC 2.43%
8Point72 2.11%
9GEODE CAPITAL MANAGEMENT, LLC 1.62%
10Fidelity 1.44%

Reported HALLADOR ENERGY CO. ownership

Positions disclosed to the SEC on Schedules 13D and 13G, Form 13F and the company’s own proxy statement (DEF 14A).

HALLADOR ENERGY CO. beneficial owners on record for the 2024-2025 proxy season
Holder % outstanding Disclosure
David J. Lubar 12.69% DEF14A
Lubar & Co 12.69% DEF14A
Mark D. Becker 5.32% 13G
David C. Hardie 5.06% DEF14A
Aegis Financial Corporation 4.68% 13G
Dimensional Fund Advisors 4.60% 13F
BlackRock 4.42% 13F
Vanguard Group 3.94% 13F
Brent K. Bilsland 3.62% DEF14A
ALJ Investment Company, LLC 3.26% 13G

Percentages above are of 42,978,000 shares outstanding, as reported by HALLADOR ENERGY CO. on its Form 10-Q dated 2025-03-31 (see the filing on EDGAR). This is the count contemporaneous with the 2024-2025 meeting, so the percentages are the ones that were true then, not ones restated against today’s share count.

About this page

Every figure above is derived from filings made with the US Securities and Exchange Commission: Form N-PX, in which registered investment companies and institutional managers disclose how they voted every proxy, and Form 8-K Item 5.07, in which the company reports its own meeting results. Shares outstanding are taken from HALLADOR ENERGY CO.’s 10-Q dated 2025-03-31. This page is a static snapshot rebuilt weekly on 02 October 2026; a live search always shows the current data.

At HALLADOR ENERGY CO.'s shareholder meeting held 2025-05-29, in the 2024-2025 proxy season, 137 asset managers reported how they voted in their SEC Form N-PX filings, covering 1,267 separate fund positions. Their filings are grouped here into 9 reported items; because filers word the same ballot item differently, that can be more than the number of items on the ballot. HALLADOR ENERGY CO.'s own Form 8-K tally for this meeting is published below, but no row in it could be matched to the most widely held item, so this page states no certified outcome for that item. On that item — APPROVE, ON AN ADVISORY BASIS, THE NAMED EXECUTIVE OFFICERS' COMPENSATION. — the reporting funds cast 74% of the shares they voted in favour (FOR divided by FOR plus AGAINST, the conventional basis for proxy support; abstentions, broker non-votes and unvoted shares are excluded because none of them took a side). That is the aggregate of those managers' own N-PX disclosures, not the company's certified result, and the funds are a subset of all shareholders.

HALLADOR ENERGY CO. proxy season coverage: 2023-2024 · 2024-2025 (this page) · 2025-2026.