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Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
819913	Hallmark Financial Services Inc	HALL	Insurance Carriers, Nec (6399)	870447375

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1617121	Naveen Anand	777 Main Street Suite 1000 Fort Worth TX 76102	President & Ceo	No	Yes	No	No

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Acquisiton	2014-09-12	4,218	$9.68	38,827	No	4	P	Direct
Common Stock	Acquisiton	2014-09-15	11,173	$9.85	50,000	No	4	P	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	P	Direct
No	4	P	Direct

Reported Derivative Holdings

Sec. Name	Sec. Type	Price	Date	Expiration Date	Amount	Remaning Holdings	Nature of Ownership
Common Stock	RESTRICTED STOCK UNITS	$0.00	2018-03-31	2018-03-31	0	51,760	Direct

Expiration Date	Amount	Remaning Holdings	Nature of Ownership
2018-03-31	0	51,760	Direct

Footnotes

Represents the weighted average purchase price of transactions effected at prices ranging from $9.65 per share to $9.70 per share. Upon written request by the SEC, the Issuer or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price.
Represents the weighted average purchase price of transactions effected at prices ranging from $9.80 per share to $9.95 per share. Upon written request by the SEC, the Issuer or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price.
Each restricted stock unit represents the right to receive shares of common stock upon satisfaction of vesting requirements and performance criteria. The performance criteria are based on the compound average annual growth rate ("CAGR") in book value per share from January 1, 2015 to December 31, 2017, and earn a percentage of a share of common stock per restricted stock unit, as follows: (i) CAGR less than 9% earns 0%; (ii) 9% CAGR earns 50%; (iii) 10% CAGR earns 67%; (iv) 11% CAGR earns 83%; (v) 12% CAGR earns 100% shares; (vi) 13% CAGR earns 117%; (vii) 14% CAGR earns 133%; and (viii) 15% or greater CAGR earns 150%.