US Energy CEO granted 1.5M stock options

Smith Ryan Lewis reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Smith Ryan Lewis reported acquisition or exercise transactions in this Form 4 filing.

US Energy Corp CEO Ryan Lewis Smith received a grant of 1,500,000 non-qualified stock options on March 4, 2026. The award was issued as consideration for services rendered and to be rendered as an officer under the company’s 2022 Equity Incentive Plan.

The options vest in four equal annual installments of 375,000 options each on January 2, 2027, 2028, 2029, and 2030, conditioned on his continued service with the company on each vesting date. Following the reported transactions, he directly holds 1,122,946 shares of common stock.

Insider Trade Summary

Grant/Award: 1,500,000 shares

Grant/Award 2 txns

Insider Smith Ryan Lewis

Role CEO

Type	Security	Shares	Price	Value
Grant/Award	Non-Qualified Stock Option (right to buy)	1,500,000	$0.00	$0.00
holding	Common Stock	--	--	--

Holdings After Transaction: Non-Qualified Stock Option (right to buy) — 1,500,000 contracts (Direct); Common Stock — 1,122,946 shares (Direct)

Footnotes (2)

1. F1. Nonqualified Stock Options granted on March 4, 2026 pursuant to the U.S. Energy Corp. 2022 Equity Incentive Plan. The options vest in four equal annual installments of 25% each: 375,000 options on January 2, 2027; 375,000 options on January 2, 2028; 375,000 options on January 2, 2029; and 375,000 options on January 2, 2030, subject to the Reporting Person's continued service with the Issuer on such vesting dates.
2. F2. Issued to the Reporting Person in consideration for services rendered and agreed to be rendered to the Issuer as an officer of the Issuer.

FAQ

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What did USEG CEO Ryan Lewis Smith report in this Form 4 filing?

Ryan Lewis Smith reported receiving a grant of 1,500,000 non-qualified stock options on March 4, 2026. The grant was made under US Energy Corp’s 2022 Equity Incentive Plan as consideration for services rendered and to be rendered as an officer.

How do Ryan Lewis Smith’s 1,500,000 USEG stock options vest?

The 1,500,000 stock options vest in four equal tranches of 375,000 options. Vesting dates are January 2, 2027, 2028, 2029, and 2030, and each installment requires Ryan Lewis Smith’s continued service with US Energy Corp on the applicable vesting date.

What is the purpose of the USEG stock option grant to Ryan Lewis Smith?

The stock options were issued to Ryan Lewis Smith in consideration for services rendered and agreed to be rendered as an officer of US Energy Corp. This aligns his compensation with the company’s equity incentive framework under the 2022 Equity Incentive Plan.

How many USEG common shares does Ryan Lewis Smith hold after this Form 4?

After the reported transactions, Ryan Lewis Smith directly holds 1,122,946 shares of US Energy Corp common stock. This figure reflects his direct ownership position as of the Form 4’s reported date, separate from the newly granted stock options.

What type of security was granted to the USEG CEO in this Form 4?

The security granted was a non-qualified stock option, described as a right to buy US Energy Corp common stock. A total of 1,500,000 such options were awarded on March 4, 2026, subject to the specified four-year vesting schedule tied to continued service.

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Accepted by SEC EDGAR 03/06/2026 - 05:32 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Smith Ryan Lewis

(Last) (First) (Middle)

C/O U.S. ENERGY CORP.

1616 S. VOSS, SUITE 725

(Street)

HOUSTON TX 77057

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
US ENERGY CORP [ USEG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CEO

3. Date of Earliest Transaction (Month/Day/Year)
03/04/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock								1,122,946	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Non-Qualified Stock Option (right to buy)	$1.11	03/04/2026		A		1,500,000		(1)	03/04/2036	Common Stock	1,500,000	$0(2)	1,500,000	D

Explanation of Responses:

1. Nonqualified Stock Options granted on March 4, 2026 pursuant to the U.S. Energy Corp. 2022 Equity Incentive Plan. The options vest in four equal annual installments of 25% each: 375,000 options on January 2, 2027; 375,000 options on January 2, 2028; 375,000 options on January 2, 2029; and 375,000 options on January 2, 2030, subject to the Reporting Person's continued service with the Issuer on such vesting dates.

2. Issued to the Reporting Person in consideration for services rendered and agreed to be rendered to the Issuer as an officer of the Issuer.

	/s/ Ryan L. Smith	03/06/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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