US Energy (USEG) director receives grant of 230,000 stock options

Rhea-AI Filing Summary

DENNY JAMES W III reported acquisition or exercise transactions in this Form 4 filing.

US Energy Corp director James W. Denny III received a grant of 230,000 non-qualified stock options on March 4, 2026 under the U.S. Energy Corp. 2022 Equity Incentive Plan. The options vest in two equal installments of 115,000 on July 1, 2026 and 115,000 on January 2, 2027, conditioned on his continued service as a director. Following this award, he directly holds 208,913 shares of common stock and 230,000 stock options.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider DENNY JAMES W III

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 — 208,913 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^*

DENNY JAMES W III

(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								208,913	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/ Ryan L. Smith, attorney-in-fact	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).
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FAQ

What insider transaction did US Energy Corp (USEG) report for James W. Denny III?

US Energy Corp reported that director James W. Denny III was granted 230,000 non-qualified stock options on March 4, 2026. These options were issued as consideration for services rendered and to be rendered to the company as a director under its 2022 Equity Incentive Plan.

How do the 230,000 stock options granted to USEG director Denny vest?

The 230,000 non-qualified stock options granted to director James W. Denny III vest in two equal installments. 115,000 options vest on July 1, 2026, and another 115,000 options vest on January 2, 2027, provided he continues serving as a director on each vesting date.

What is the purpose of the stock options granted to US Energy (USEG) director Denny?

The non-qualified stock options were issued to director James W. Denny III in consideration for services rendered and agreed to be rendered to US Energy Corp. They represent part of his compensation as a director under the company’s 2022 Equity Incentive Plan.

How many US Energy Corp (USEG) common shares does Denny hold after this filing?

After the reported transactions, director James W. Denny III directly owns 208,913 shares of US Energy Corp common stock. In addition, he holds 230,000 non-qualified stock options that may become exercisable as they vest according to the disclosed schedule and service conditions.

Under which equity plan were the USEG stock options granted to director Denny?

The 230,000 non-qualified stock options granted to director James W. Denny III were issued under the U.S. Energy Corp. 2022 Equity Incentive Plan. This plan governs the terms of the grant, including vesting in two 115,000-option installments tied to continued service as a director.

What conditions affect vesting of James W. Denny III’s USEG stock options?

Vesting of the 230,000 non-qualified stock options depends on director James W. Denny III’s continued service with US Energy Corp. Half of the options vest July 1, 2026, and the remainder January 2, 2027, only if he remains a director on those specific vesting dates.