LORIMER R SCOTT 4

4 · US ENERGY CORP · Filed Jan 5, 2011

Form 4

Period: 2011-01-03

DirectorTREASURER & CFO

Transactions

Exercise/Conversion
Stock Option (Right to Buy)
2011-01-03−2→ 25,000 total
Exercise: $2.52From: 2009-09-22Exp: 2018-09-21→ Common Stock (2 underlying)
Exercise/Conversion
Common Stock
2011-01-03$3.90/sh+100,000$390,000→ 584,492 total
Exercise/Conversion
Common Stock
2011-01-03$4.97/sh+59,640$296,411→ 744,132 total
Exercise/Conversion
Stock Options (Right to Buy)
2011-01-03−100,000→ 0 total
Exercise: $3.90From: 2001-12-07Exp: 2011-12-06→ Common Stock (100,000 underlying)
Exercise/Conversion
Common Stock
2011-01-03$2.52/sh+2$5→ 744,134 total
Tax Payment
Common Stock
2011-01-03$6.21/sh−199,140$1,236,659→ 544,994 total
Exercise/Conversion
Stock Options (Right to Buy)
2011-01-03−59,640→ 30,000 total
Exercise: $4.97From: 2008-01-01Exp: 2017-07-26→ Common Stock (59,640 underlying)

Holdings

Footnotes (6)

[F1]Received 60,502 net shares from the exercise of 259,642 options at strike prices ranging from $2.52 to $4.97 per share. Sufficient shares were withheld from the option exercise to cover the cost of the exercise, federal income taxes, and all statutory payroll taxes. Shares withheld were valued at the market close price on the date of exercise, January 3, 2011, of $6.21 per share.
[F2]Includes shares held directly by the Reporting Person.
[F3]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.
[F4]Includes stock options granted under the Issuer's 2001 Incentive Stock Option Plan and exempt under Rule 16b-3.
[F5]Stock options granted under the Issuer's 2001 Incentive Stock Option Plan with a 5 year vesting schedule and exempt under Rule 16b-3.
[F6]Stock options granted under the Issuer's 2001 Incentive Stock Option Plan which vest in three (3) equal annual installments beginning September 22, 2009.

Documents

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