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Anand Naveen – ‘4’ for 9/26/19 re: Hallmark Financial Services Inc.

On:  Thursday, 9/26/19, at 3:40pm ET   ·   For:  9/26/19   ·   Accession #:  1181580-19-10   ·   File #:  1-11252

Previous ‘4’:  ‘4’ on 8/15/19 for 8/14/19   ·   Latest ‘4’:  This Filing

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 9/26/19  Anand Naveen                      4                      1:11K  Hallmark Financial Services Inc.  McGuire Craddock… P C/FA

Statement of Changes in Beneficial Ownership of Securities by an Insider   —   Form 4   —   SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 4           Statement of Changes in Beneficial Ownership of     HTML      3K 
                Securities by an Insider -- edgar.xml/3.6


        

This ‘4’ Document is an XML Data File that may be rendered in various formats:

  Form 4    –   Plain Text   –  SEC Website  –  EDGAR System  –    XML Data    –  <?xml?> File
 
 
Plain Text rendering:  Statement of Changes in Beneficial Ownership of Securities by an Insider
 
                                                                                                                                                                                
Ownership Document
 
Schema Version:  X0306
Document Type:  4
Period of Report:  9/26/19
Issuer:
Issuer CIK:  819913
Issuer Name:  HALLMARK FINANCIAL SERVICES INC
Issuer Trading Symbol:  HALL
Reporting Owner:
Reporting Owner ID:
Owner CIK:  1617121
Owner Name:  Anand Naveen
Reporting Owner Address:
Owner Street 1:  5420 LYNDON B. JOHNSON FREEWAY
Owner Street 2:  SUITE 1100
Owner City:  DALLAS
Owner State:  TX
Owner ZIP Code:  75240
Owner State Description:
Reporting Owner Relationship:
Is Director?  No
Is Officer?  Yes
Is Ten Percent Owner?  No
Is Other?  No
Officer Title:  President & CEO
Non-Derivative Table:
Non-Derivative Holding:
Security Title:
Value:  COMMON STOCK
Post-Transaction Amounts:
Shares Owned Following Transaction:
Value:  77,400
Ownership Nature:
Direct or Indirect Ownership:
Value:  D
Nature of Ownership:
Value:
Derivative Table:
Derivative Transaction:
Security Title:
Value:  RESTRICTED STOCK UNITS
Conversion or Exercise Price:
Footnote ID:  F1
Footnote ID:  F2
Transaction Date:
Value:  9/26/19
Transaction Coding:
Transaction Form Type:  4
Transaction Code:  A
Equity Swap Involved?  No
Transaction Amounts:
Transaction Shares:
Value:  17,403
Transaction Price Per Share:
Value:  0
Transaction Acquired-Disposed Code:
Value:  A
Exercise Date:
Value:  3/31/22
Expiration Date:
Value:  3/31/22
Underlying Security:
Underlying Security Title:
Value:  COMMON STOCK
Underlying Security Shares:
Footnote ID:  F1
Footnote ID:  F2
Post-Transaction Amounts:
Shares Owned Following Transaction:
Value:  17,403
Ownership Nature:
Direct or Indirect Ownership:
Value:  D
Nature of Ownership:
Value:
Derivative Holding:
Security Title:
Value:  RESTRICTED STOCK UNITS
Conversion or Exercise Price:
Footnote ID:  F3
Footnote ID:  F4
Exercise Date:
Value:  3/31/21
Expiration Date:
Value:  3/31/21
Underlying Security:
Underlying Security Title:
Value:  COMMON STOCK
Underlying Security Shares:
Footnote ID:  F3
Footnote ID:  F4
Post-Transaction Amounts:
Shares Owned Following Transaction:
Value:  27,599
Ownership Nature:
Direct or Indirect Ownership:
Value:  D
Nature of Ownership:
Value:
Derivative Holding:
Security Title:
Value:  RESTRICTED STOCK UNITS
Conversion or Exercise Price:
Footnote ID:  F5
Footnote ID:  F6
Exercise Date:
Value:  3/31/20
Expiration Date:
Value:  3/31/20
Underlying Security:
Underlying Security Title:
Value:  COMMON STOCK
Underlying Security Shares:
Footnote ID:  F5
Footnote ID:  F6
Post-Transaction Amounts:
Shares Owned Following Transaction:
Value:  29,412
Ownership Nature:
Direct or Indirect Ownership:
Value:  D
Nature of Ownership:
Value:
Footnotes:
Footnote - F1:  Each restricted stock unit represents the right to receive shares of common stock upon satisfaction of vesting requirements and performance criteria. The performance criteria for one-half of the restricted stock units is based on the compound average annual growth rate ("CAAGR") in book value per share from January 1, 2019 to December 31, 2021, and earns a percentage of a share of common stock per restricted stock unit, as follows: (i) CAAGR less than 7% earns 0%; (ii) 7% CAAGR earns 50%; (iii) 8% CAAGR earns 75%; (iv) 9% CAAGR earns 100%; (v) 10% CAAGR earns 117%; (vi) 11% CAAGR earns 133% shares; and (vii) 12% or greater CAAGR earns 150%.
Footnote - F2:  Each restricted stock unit represents the right to receive shares of common stock upon satisfaction of vesting requirements and performance criteria. The performance criteria for one-half of the restricted stock units is based on the consolidated net combined ratio ("CR%") for the period from from January 1, 2019 to December 31, 2021, and earns a percentage of a share of common stock per restricted stock unit, as follows: (a) CR% greater than 98% earns 0%; (b) 97% CR% earns 50%; (c) 96% CR% earns 75%; (d) 95% CR% earns 100%; (e) 94% CR% earns 110%; (f) 93% CR% earns 120%; (g) 92% CR% earns 130%; (h) 91% CR% earns 140%; and (i) less than 90% CR% earns 150%.
Footnote - F3:  Each restricted stock unit represents the right to receive shares of common stock upon satisfaction of vesting requirements and performance criteria. The performance criteria for one-half of the restricted stock units are based on the compound average annual growth rate ("CAAGR") in book value per share from January 1, 2018 to December 31, 2020, and earn a percentage of a share of common stock per restricted stock unit, as follows: (i) CAAGR less than 7% earns 0%; (ii) 7% CAAGR earns 50%; (iii) 8% CAAGR earns 75%; (iv) 9% CAAGR earns 100%; (v) 10% CAAGR earns 117%; (vi) 11% CAAGR earns 133% shares; and (vii) 12% or greater CAAGR earns 150%.
Footnote - F4:  Each restricted stock unit represents the right to receive shares of common stock upon satisfaction of vesting requirements and performance criteria. The performance criteria for one-half of the restricted stock units are based on the net combined ratio ("NCR") for the three year period from January 1, 2018 to December 31, 2020, and earn a percentage of a share of common stock per restricted stock unit, as follows: (a) NCR greater than 98% earns 0%; (b) NCR of 97% earns 50%; (c) NCR of 96% earns 75%; (d) NCR of 95% earns 100%; (e) NCR of 94% earns 110%; (f) NCR of 93% earns 120%; (g) NCR of 92% earns 130%; (h) NCR of 91% earns 140%; and (i) NCR less than 90% earns 150%.
Footnote - F5:  Each restricted stock unit represents the right to receive shares of common stock upon satisfaction of vesting requirements and performance criteria. The performance criteria for one-half of the restricted stock units are based on the compound average annual growth rate ("CAAGR") in book value per share from January 1, 2017 to December 31, 2019, and earn a percentage of a share of common stock per restricted stock unit, as follows: (i) CAAGR less than 7% earns 0%; (ii) 7% CAAGR earns 50%; (iii) 8% CAAGR earns 67%; (iv) 9% CAAGR earns 83%; (v) 10% CAAGR earns 100%; (vi) 11% CAAGR earns 117% shares; (vii) 12% CAAGR earns 133%; and (viii) 13% or greater CAAGR earns 150%.
Footnote - F6:  Each restricted stock unit represents the right to receive shares of common stock upon satisfaction of vesting requirements and performance criteria. The performance criteria for one-half of the restricted stock units are based on the net combined ratio ("NCR") for the three year period from January 1, 2017 to December 31, 2019, and earn a percentage of a share of common stock per restricted stock unit, as follows: (a) NCR greater than 96% earns 0%; (b) NCR of 95% earns 50%; (c) NCR of 94% earns 60%; (d) NCR of 93% earns 80%; (e) NCR of 92% earns 100%; (f) NCR of 90% earns 110%; (g) NCR of 89% earns 120%; (h) NCR of 88% earns 135%; and (i) NCR less than 87% earns 150%.
Remarks:
Owner Signature:
Signature Name:  Steven D. Davidson as Attorney-In-Fact for Naveen Anand
Signature Date:  9/26/19


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