Director Randall D. Keys receives 230,000 options at US Energy Corp (USEG)

Rhea-AI Filing Summary

Keys Randall D reported acquisition or exercise transactions in this Form 4 filing.

US Energy Corp director Randall D. Keys reported receiving a grant of 230,000 non-qualified stock options on March 4, 2026. These options were issued as consideration for his services as a director under the company’s 2022 Equity Incentive Plan.

The options vest in two equal installments of 115,000 options on July 1, 2026 and 115,000 options on January 2, 2027, conditioned on his continued service with the company on each vesting date. Following this grant, Keys held 193,913 shares of common stock directly.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Keys Randall D

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Non-Qualified Stock Option (right to buy)	230,000	$0.00	--
holding	Common Stock	--	--	--

Holdings After Transaction: Non-Qualified Stock Option (right to buy) — 230,000 shares (Direct); Common Stock — 193,913 shares (Direct)

Footnotes (1)

1. Nonqualified Stock Options granted on March 4, 2026 pursuant to the U.S. Energy Corp. 2022 Equity Incentive Plan. The options vest in two equal annual installments of 50% each: 115,000 options on July 1, 2026 and 115,000 options on January 2, 2027, subject to the Reporting Person's continued service with the Issuer on such vesting dates. Issued to the Reporting Person in consideration for services rendered and agreed to be rendered to the Issuer as a Director of the Issuer.

Form 4 Insider Transactions: What Each Field Means →

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
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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^*

Keys Randall D

(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
	Officer (give title below)		Other (specify below)

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								193,913	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		230,000		(1)	03/04/2036	Common Stock	230,000	$0(2)	230,000	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 two equal annual installments of 50% each: 115,000 options on July 1, 2026 and 115,000 options on January 2, 2027, 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 a Director of the Issuer.

	/s/ Randall D. Keys	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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did US Energy Corp (USEG) director Randall D. Keys report on this Form 4?

Randall D. Keys reported the grant of 230,000 non-qualified stock options on March 4, 2026. These options were awarded under US Energy Corp’s 2022 Equity Incentive Plan as compensation for his service as a director, with vesting tied to future continued service.

How many stock options did Randall D. Keys receive from US Energy Corp (USEG)?

Randall D. Keys received 230,000 non-qualified stock options. The award was made pursuant to US Energy Corp’s 2022 Equity Incentive Plan as consideration for services rendered and agreed to be rendered as a director, reflecting equity-based compensation rather than an open-market share purchase.

What is the vesting schedule for Randall D. Keys’ US Energy Corp (USEG) option grant?

The 230,000 options vest in two equal installments of 115,000 each. The first tranche vests on July 1, 2026 and the second on January 2, 2027, provided Randall D. Keys continues serving as a director on each respective vesting date.

Under which plan were Randall D. Keys’ US Energy Corp (USEG) options granted?

The non-qualified stock options were granted under the U.S. Energy Corp. 2022 Equity Incentive Plan. This plan provides for equity awards, and in this case the grant compensates Randall D. Keys for services rendered and to be rendered as a director of the company.

How many US Energy Corp (USEG) common shares did Randall D. Keys own after the reported transactions?

After the reported transactions, Randall D. Keys directly owned 193,913 shares of US Energy Corp common stock. This figure reflects his direct ownership position as of the March 4, 2026 reporting date, separate from the newly granted stock options.