<SEC-DOCUMENT>0000101594-15-000006.txt : 20150326
<SEC-HEADER>0000101594-15-000006.hdr.sgml : 20150326
<ACCEPTANCE-DATETIME>20150326152728
ACCESSION NUMBER:		0000101594-15-000006
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150321
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150326
DATE AS OF CHANGE:		20150326

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			US ENERGY CORP
		CENTRAL INDEX KEY:			0000101594
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				830205516
		STATE OF INCORPORATION:			WY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-06814
		FILM NUMBER:		15727480

	BUSINESS ADDRESS:	
		STREET 1:		877 NORTH 8TH WEST
		STREET 2:		GLEN L LARSEN BLDG
		CITY:			RIVERTON
		STATE:			WY
		ZIP:			82501
		BUSINESS PHONE:		3078569271

	MAIL ADDRESS:	
		STREET 1:		877 NORTH 8TH WEST
		CITY:			RIVERTON
		STATE:			WY
		ZIP:			82501

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WESTERN STATES MINING INC
		DATE OF NAME CHANGE:	19851229
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
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<FILENAME>form8_k.htm
<DESCRIPTION>FORM 8-K 3-26-15 BONUS MATRIX 2015
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">UNITED STATES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">SECURITIES AND EXCHANGE COMMISSION</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Washington, D.C. 20549</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">FORM 8-K</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">CURRENT REPORT</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">Pursuant to Section 13 or 15(d) of the</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">Securities Exchange Act of 1934</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">Date of Report (date of earliest event reported): March 26, 2015 (March 21, 2015)</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">U.S. ENERGY CORP.</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">0-6814</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">(Commission File No.)</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">incorporation or organization)</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">877 North 8<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> West</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Riverton, WY</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">Registrant's telephone number, including area code: <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(307) 856-9271</font></div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2):</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">&#160;Written communications pursuant to Rule 425 under the Securities Act</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Item 5.02&#160; -&#160; Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">On March 21, 2015, the Compensation Committee of the Board of Directors ("Board") of U.S. Energy Corp. (the "Company") recommended, and the Board approved, the 2015 Bonus Award Matrix Criteria (the "Bonus Criteria") pursuant the Performance Compensation Plan adopted December 6, 2013 (the "Plan").&#160; Under the Plan and the Bonus Criteria, each of the Company's executive officers will have the opportunity to earn an annual cash performance award of 100% of base compensation.&#160; Any such performance award will be based upon the Company attaining positive earnings before interest, taxes, depreciation and amortization ("EBITDA").&#160; Eligibility for all awards will be determined each year as soon as practicable after the Company files its Annual Report on Form 10-K for the period ending December 31, 2015.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">The foregoing summary is qualified by reference to the text of the Plan and the Bonus Criteria. The Bonus Criteria is attached as an exhibit to this report.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Item 9.01</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Financial Statements and Exhibits</div>

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<td style="WIDTH: 72pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">Exhibit 10.1</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">U.S. Energy Corp. 2015 Bonus Award Matrix Criteria.</td>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">U.S. ENERGY CORP.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">Dated: March 26, 2015</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">/s/ Keith. Larsen</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">Keith G. Larsen, CEO</div>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exhibit10_1.htm
<DESCRIPTION>EXHIBIT 10.1 2015 BONUS AWARD MATRIX CRITERIA
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<div style="text-align: right; font-weight: bold;">EXHIBIT 10.1</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Cambria, serif; COLOR: #000000; FONT-SIZE: 12pt; FONT-WEIGHT: bold">U.S. Energy Corp.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Cambria, serif; COLOR: #000000; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Performance Compensation Plan</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Cambria, serif; MARGIN-BOTTOM: 10pt; COLOR: #000000; FONT-SIZE: 12pt; FONT-WEIGHT: bold">2015 Performance Period Matrix</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Cambria, serif; COLOR: #000000; FONT-SIZE: 12pt; FONT-WEIGHT: bold"><u>Plan Objectives</u></div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Cambria, serif; COLOR: #000000; FONT-SIZE: 12pt">The objectives of the Performance Compensation Plan (the "Plan") are to:</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Cambria, serif; COLOR: #000000; FONT-SIZE: 12pt">incentivize top level managers and senior management of U.S. Energy Corp ("US Energy" or the "Company");</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Cambria, serif; COLOR: #000000; FONT-SIZE: 12pt">to improve shareholder value by accomplishing aggressive, yet realistic, financial and production objectives;</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Cambria, serif; COLOR: #000000; FONT-SIZE: 12pt">encourage employees to contribute to the ultimate goal of improving shareholder value by making participating employees eligible for an annual performance bonus under the Plan; and</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Cambria, serif; COLOR: #000000; FONT-SIZE: 12pt">heavily weighting the compensation of senior management towards performance based incentives.</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Cambria, serif; COLOR: #000000; FONT-SIZE: 12pt; FONT-WEIGHT: bold"><u>Performance Period</u></div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Cambria, serif; COLOR: #000000; FONT-SIZE: 12pt">The Performance Period shall be from January 1, 2015 to December 31, 2015.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Cambria, serif; COLOR: #000000; FONT-SIZE: 12pt">The Compensation Committee and the Board shall have the authority, in their discretion, to determine whether any bonuses have been earned under the Plan for a particular Performance Period.&#160; In addition to the Financial and Operation Factors defined below, the Compensation Committee and the Board shall have the authority, in their discretion; to impose an activation trigger (the "Bonus Trigger") conditioning any awards under the Plan on the satisfaction of designated performance criteria.&#160; In the event the Bonus Trigger has not been satisfied, the Compensation Committee and the Board shall have the authority, in their discretion, to reduce or forgo any bonuses under the Plan.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Cambria, serif; COLOR: #000000; FONT-SIZE: 12pt">The Threshold, Target, and Maximum bonus awards (as a percentage of base salary) for the 2015 Performance Period are provided below under "2015 Bonus Award Matrix Criteria".</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Cambria, serif; COLOR: #000000; FONT-SIZE: 12pt">The performance metric utilized for 2015 will be Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA").&#160; The Compensation Committee will establish a target level for the performance metric, the achievement of which will result in earned incentives equal to 100% of the participant's target award amount.&#160; Additionally, the Compensation Committee, in its discretion, may determine to reduce an award under the </div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Cambria, serif; COLOR: #000000; FONT-SIZE: 12pt">Plan even though certain objectives have been met.&#160; See below 2015 Bonus Award Matrix Criteria.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Cambria, serif; COLOR: #000000; FONT-SIZE: 12pt; FONT-WEIGHT: bold"><u>Payment of Awards</u></div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Cambria, serif; COLOR: #000000; FONT-SIZE: 12pt">Payment of all bonuses under the Plan is to be made after the Form 10-K for the year ended December 31, 2015 is filed, but before March 15, 2016.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Cambria, serif; COLOR: #000000; FONT-SIZE: 12pt; FONT-WEIGHT: bold"><u>2015 Bonus Award Matrix Criteria</u></div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">% Allocated</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">EBITDA</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">100% for positive EBITDA for the year, per the audited consolidated financial statements</div>
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