Duane H. King - Mar 19, 2024 Form 4 Insider Report for US ENERGY CORP (USEG)

Role
Director
Signature
/s/ Duane H. King
Stock symbol
USEG
Transactions as of
Mar 19, 2024
Transactions value $
$0
Form type
4
Date filed
3/20/2024, 06:44 PM
Previous filing
Jan 6, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction USEG Common Stock Award $0 +60K +67.48% $0.00 149K Mar 19, 2024 Direct F1, F2, F3, F4
holding USEG Common Stock 2.03M Mar 19, 2024 Direct F1, F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Represents restricted stock shares subject to time-based vesting, which vest at the rate of 50% on June 2, 2024 and 50% on January 2, 2025, subject to the recipient's continued service to the Issuer.
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 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 Mr. Duane H. King.
F5 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.

Remarks:

By virtue of being party to a Nominating and Voting Agreement, dated as of January 5, 2022, as amended September 16, 2023 (the "Voting Agreement"), Mr. King 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).