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HERRON HAROLD F 4

Accession 0000101594-04-000011

CIK 0000101594other
View on SEC.govCompany Profile

Filed

Jan 8, 7:00 PM ET

Accepted

Jan 9, 3:29 PM ET

Size

38.1 KB

Accession

0000101594-04-000011

Insider Transaction Report

Form 4
Period: 2002-01-25
US ENERGY CORPUSEG
HERRON HAROLD F
DirectorSR VICE PRESIDENT
Transactions
  • Other

    U.S. Energy Common Stock

    2002-12-18−5,000→ 132,886 total
  • Other

    U.S. Energy Common Stock

    2004-01-06−5,000→ 98,375 total
  • Other

    U.S. Energy Common Stock

    2003-11-20−30,000→ 93,436 total
  • Other

    U.S. Energy Common Stock

    2003-11-20−12,561→ 80,875 total
  • Other

    U.S. Energy Common Stock

    2003-11-20−9,450→ 123,436 total
  • Other

    U.S. Energy Common Stock

    2003-09-30−20,946→ 107,680 total(indirect: By Immediate Family)
  • Other

    Employee Option 3 (Right to Buy)

    2003-11-20$3.90/sh−50,000$195,000→ 50,000 total
    Exercise: $3.90From: 2001-12-07Exp: 2011-12-06→ U.S. Energy Common Stock (50,000 underlying)
  • Other

    Employee Option 4 (Right to Buy)

    2003-11-20$2.25/sh−48,500$109,125→ 48,500 total
    Exercise: $2.25From: 2002-08-08Exp: 2011-12-07→ U.S. Energy Common Stock (48,500 underlying)
  • Other

    Employee Option 1a (Right to Buy)

    2003-11-20$2.00/sh−20,109$40,218→ 20,109 total
    Exercise: $2.00From: 1998-12-04Exp: 2008-09-25→ U.S. Energy Common Stock (20,109 underlying)
  • Award

    U.S. Energy Common Stock

    2004-01-05+2,500→ 103,375 total
  • Other

    U.S. Energy Common Stock

    2003-06-16−1,581→ 812,915 total(indirect: By Corporation)
  • Other

    U.S. Energy Common Stock

    2002-01-25−3,100→ 4,500 total(indirect: By Children)
  • Other

    U.S. Energy Common Stock

    2003-12-19+6,452→ 17,153 total(indirect: By ESOP)
  • Other

    Employee Option 1 (Right to Buy)

    2003-11-20$2.88/sh−17,391$49,999→ 17,391 total
    Exercise: $2.88From: 1998-12-04Exp: 2008-09-05→ U.S. Energy Common Stock (17,391 underlying)
  • Award

    U.S. Energy Common Stock

    2003-12-19+20,000→ 100,875 total
  • Other

    U.S. Energy Common Stock

    2003-11-20−17,154→ 10,701 total(indirect: By ESOP)
  • Other

    U.S. Energy Common Stock

    2003-11-20−107,680→ 0 total(indirect: By Immediate Family)
  • Other

    U.S. Energy Common Stock

    2003-11-20−2,895→ 0 total(indirect: By Spouse)
  • Other

    Employee Option 2 (Right to Buy)

    2003-11-20$2.40/sh−33,700$80,880→ 33,700 total
    Exercise: $2.40From: 2001-01-10Exp: 2011-01-09→ U.S. Energy Common Stock (33,700 underlying)
Holdings

  • U.S. Energy Common Stock

    (indirect: By Trust)
    155,811
Footnotes (25)
  • [F1]Shares transfered to U.S. Energy Corp. as payment of note dated October 5, 1998.
  • [F10]Shares that were held by Northwest Gold, Inc., (NWG), a former subsidiary of USEG. These shares were transferred to USEG upon the acquisition of NWG by Pogo, Inc.
  • [F11]Includes 512,359 shares held by Crested Corp. (Crested), a majority-owned subsidiary of USEG. The Reporting Person is an Officer and/or Director of both USEG and Crested and is not a controlling shareholder and does not have or share investment controll over these shares, and therefore does not have a pecuniary interest in the USEG shares held by Crested, under rule 16a-1(a)(2)(iii).
  • [F12]Includes 175,000 shares held by Sutter Gold Mining Company (SGMC), a subsidiary of USEG. The Reporting Person is an Officer and/or Director of both USEG and SGMC and is not a controlling shareholder and does not have or share investment controll over these shares, and therefore does not have a pecuniary interest in the USEG shares held by SGMC, under rule 16a-1(a)(2)(iii).
  • [F13]Includes 125,556 shares held by Plateau Resources Limited (Plateau), a wholly owned subsidiary of USEG. The Reporting Person is an Officer and/or Director of both USEG and Plateau and is not a controlling shareholder and does not have or share investment controll over these shares, and therefore does not have a pecuniary interest in the USEG shares held by Plateau, under rule 16a-1(a)(2)(iii).
  • [F14]Shares reported by former brother-in-law as Custodian for minor children of Reporting Person under the Wyoming Uniform Transfers to Minors Act not deducted earlier.
  • [F15]Includes 4,500 shares indirectly held by the Reporting Person as Custodian for minor children under the Wyoming Uniform Transfers to Minors Act. The Reporting Person disclaims beneficial and pecuniary interest in these shares.
  • [F16]Pursuant to a divorce agreement on 11/20/2003, 17,154 shares were allocated to Reporting Persons former wife but still held in the U.S. Energy Corp. Employee Stock Ownership Plan (the 'ESOP') in an account established for the benefit of the Reporting Person. Shares allocated to the Reporting Person's former wife will not be distributed until all shares in the Reporting Person's account are distributed subsequent to the terms and conditions of the ESOP Plan. Subsequent to the final year end close the number of shares issued to the Reporting Person's ESOP account may be adjusted.
  • [F17]Shares issued to be held in the U.S. Energy Corp. Employee Stock Ownership Plan (the 'ESOP') in an account established for the benefit of the Reporting Person for the 2003 Plan year. Subsequent to the final year end close the number of shares issued to the Reporting Person's ESOP account may be adjusted.
  • [F18]Shares held in the U.S. Energy Corp. Employee Stock Ownership Plan (the 'ESOP') in an account established for the benefit of the Reporting Person. Subsequent to the final year end close the number of shares issued to the Reporting Person's ESOP account may be adjusted.
  • [F19]Distribution of ESOP shares as a result of the resignation of an Immediate Family member, as that term is defined in Rule 16a-1(e), in accordance with Rule 16a-8(b)(2).
  • [F2]9,450 shares issued under the Restricted Stock Bonus Plan were allocated to the Reporting Person's former wife pursuant to a divorce agreement dated 11/20/2003. All shares allocated to the Reporting Person's former wife remain in the Reporting Person's name and are subject to the same forfeiture provisions. The forfeitable shares issued under the Restricted Stock Bonus Plan are deemed 'earned out' by the Reporting Person: (i) if he is continuously employed by USEG until he retires; (ii) if he becomes disabled; (iii) upon his death, or (iv) if the shares are claimed within three years following the occurrence of (i) (ii) (iii). The treasurer of USEG holds the shares in trust for the benefit of the Reporting Person, while non-employee directors of USEG exercise shared voting and dispositive rights over all forfeitable shares. Distributions to the Reporting Person will not be separately reported. The acquisitions of the shares by the Reporting Person from the Bonus Plan are exempt under Rule 16b-3.
  • [F20]Pursuant to a divorce dated 11/20/2003 the Reporting person is no longer a member of the 'Immediate Family' and is no longer required to report shares held in ESOP accounts established to benefit members of the Reporting Persons 'Immediate Family', as that term is defined in Rule 16a-1(e), in accordance with Rule 16a-8(b)(2).
  • [F21]2,895 shares held directly by the Reporting Person's former wife. Subject to the divorce agreement on 11/20/2003, the Reporting Person has no beneficial interest in these shares.
  • [F22]Includes shares held in the ESOP which are not allocated to accounts established for the benefit of specific plan participants. The Reporting Person, as an ESOP Trustee, exercises the voting powers with respect to such unallocated shares.
  • [F23]Pursuant to divorce settlement on 11/20/2003, the Reporting Person allocated one half of all outstanding options to his former wife. Under the terms of the option plans, all options allocated to the Reporting Person's former wife are subject to the same terms and conditions of the original options issued to the Reporting Person.
  • [F24]Includes stock options granted under the Issuer's 1998 Incentive Stock Option Plan and exempt under Rule 16b-3.
  • [F25]Includes stock options granted under the Issuer's 2001 Incentive Stock Option Plan and exempt under Rule 16b-3.
  • [F3]30,000 shares issued under the 1996 Stock Award program were allocated to the Reporting Person's former wife pursuant to a divorce agreement dated 11/20/2003. All shares allocated to the Reporting Person's former wife remain in the Reporting Person's name and are subject to the same forfeiture provisions. Shares issued under the 1996 Stock Award program vest over a 5-year period at the rate of 20% per year. The forfeitable shares issued under the 1996 Stock Award program are deemed 'earned out' by the Reporting Person: (i) if he is continuously employed by USEG until he retires; (ii) if he becomes disabled; (iii) upon his death, or (iv) if the shares are claimed within three years following the occurrence of (i) (ii) (iii). The treasurer of USEG holds the shares in trust for the benefit of the Reporting Person, while non-employee directors of USEG exercise shared voting and dispositive rights over all forfeitable shares. Distributions to the Reporting Person will not be separately reported. The acquisitions of the shares by the Reporting Person from the Award Program are exempt under Rule 16b-3.
  • [F4]Pursuant to divorce agreement on 11/20/2003, 12,561 directly held shares were transferred to the Reporting Person's former wife by the Reporting Person.
  • [F5]Shares issued to the Reporting Person under the USEG 2001 Stock Compensation Plan. The issuance of these shares is for the funding obligation under the plan for the calendar years ended December 31, 2002 and 2003. The Issuer has agreed under the terms of the Plan to pay all taxes due. The Reporting Person has agreed not to sell these shares to the market or pledge them on obligations until after his (i) retirement; (ii) total disability or (iii) in the case of the death of the Reporting Person his estate may sell the shares of stock.
  • [F6]Shares issued to the Reporting Person under the USEG 2001 Stock Compensation Plan. The issuance of these shares is for the funding obligation under the plan for the first quarter of the calendar year ending December 31, 2004. The Issuer has agreed under the terms of the Plan to pay all taxes due. The Reporting Person has agreed not to sell these shares to the market or pledge them on obligations until after his (i) retirement; (ii) total disability or (iii) in the case of the death of the Reporting Person his estate may sell the shares of stock.
  • [F7]Includes 47,925 shares held directly by the Reporting Person.
  • [F8]Includes 11,000 shares held in an Individual Retirement Account (IRA) for the benefit of the Reporting Person.
  • [F9]Includes 9,450 shares issued under the Restricted Stock Bonus Plan and 30,000 shares issued under the 1996 Stock Award program all of which are subject to forfeiture by the Reporting Person. Shares issued under the 1996 Stock Award program vest over a 5-year period at the rate of 20% per year, The forfeitable shares issued under both plans are deemed 'earned out' by the Reporting Person: (i) if he is continuously employed by USEG until he retires; (ii) if he becomes disabled; (iii) upon his death, or (iv) if the shares are claimed within three years following the occurrence of (i) (ii) (iii). The treasurer of USEG holds the shares in trust for the benefit of the Reporting Person, while non-employee directors of USEG exercise shared voting and dispositive rights over all forfeitable shares. Distributions to the Reporting Person will not be separately reported. The acquisitions of the shares by the Reporting Person from both the Bonus Plan and the Award Program are exempt under Rule 16b-3.

Documents

1 file

Issuer

US ENERGY CORP

CIK 0000101594

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Entity typeother

Related Parties

1
  • filerCIK 0001065873

Filing Metadata

Form type
4
Filed
Jan 8, 7:00 PM ET
Accepted
Jan 9, 3:29 PM ET
Size
38.1 KB
View on SEC.gov