Duane H. King - Feb 14, 2025 Form 4 Insider Report for US ENERGY CORP (USEG)

Role
Director, Member of 10% owner group, 10%+ Owner
Signature
/s/ Duane H. King
Stock symbol
USEG
Transactions as of
Feb 14, 2025
Transactions value $
$0
Form type
4
Date filed
2/14/2025, 04:21 PM
Previous filing
Jan 13, 2025
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction USEG Common Stock Award $0 +40K +26.86% $0.00 189K Feb 14, 2025 Direct F1, F2, F3
holding USEG Common Stock 2.03M Feb 14, 2025 Direct F4
holding USEG Common Stock 1.4M Feb 14, 2025 By Synergy Offshore LLC F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Grant of restricted stock subject to time-based vesting 50% on July 1, 2025 and 50% on January 1, 2026, subject to the recipient's continued service to the Issuer. Exempt pursuant to Rule 16b-3.
F2 Issued to the Reporting Person in consideration for services rendered and agreed to be rendered to the Issuer as a member of the Board of Directors of the Issuer.
F3 Represents shares of common stock, $0.01 par value per share of the Issuer, held by Mr. Duane H. King. Excludes shares of common stock relating to the voting group included under "Remarks".
F4 Represents shares of common stock, $0.01 par value per share of the Issuer, held by King Oil & Gas Company, Inc. ("King Oil"), which is 100% owned by Duane K. King. The shares held by King Oil may be deemed to be beneficially owned by Mr. King due to his status as Chief Executive Officer of King Oil. Mr. King disclaims beneficial ownership other than to the extent of his pecuniary interest therein. Excludes shares of common stock relating to the voting group included under "Remarks".
F5 Represents shares of common stock, $0.01 par value per share of the Issuer, held directly by Synergy Offshore, LLC ("Synergy"). The shares held by Synergy may be deemed to be beneficially owned by Mr. King due to his status as Chief Executive Officer and current sole manager of Synergy. Mr. King and King Oil are also owners of member interests in Synergy Producing Properties, LLC ("SPP"), which is the 100% owner of Synergy. Mr. King and King Oil each may be deemed to beneficially own the shares of common stock owned by Synergy based on certain member rights in SPP. Mr. King and King Oil disclaim beneficial ownership other than to the extent of his pecuniary interest therein. Excludes shares of common stock relating to the voting group included under "Remarks".

Remarks:

By virtue of being party to a Nominating and Voting Agreement, dated as of January 5, 2022, as amended and restated September 16, 2023 (the "Voting Agreement"), Mr. King, Synergy and King Oil may be deemed to be a member of a "group" for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended. The reporting persons disclaim beneficial ownership of any securities owned by any of the other signatories to the Voting Agreement (and/or their control persons) and the filing of this Form 4 shall not be deemed an admission, for purposes of Section 16 of the Exchange Act or otherwise, that any of the reporting persons and any other person or persons constitute a "group" for purposes of Section 13(d)(3) of the Exchange Act or Rule 13d-5 thereunder. In addition, none of the reporting persons have any pecuniary interest in any of the securities beneficially owned by any of the other signatories to the Voting Agreement (and/or their control persons).