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US Energy Corp
PRE 14A
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><a href="#" id="CompensationRecovery" title="CompensationRecovery"></a>Compensation Recovery and Clawback Policies</b></p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Under the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), in the event of misconduct that results in a financial restatement that would have reduced a previously paid incentive amount, we can recoup those improper payments from our Chief Executive Officer and Chief Financial Officer. Additionally, on November 8, 2023, the Board of Directors of the Company approved the adoption of a Policy for the Recovery of Erroneously Awarded Incentive Based Compensation (the “Clawback Policy”), with an effective date of October 2, 2023, in order to comply with the final clawback rules adopted by the Securities and Exchange Commission under Section 10D and Rule 10D-1 of the Securities Exchange Act of 1934, as amended (“Rule 10D-1”), and the listing standards, as set forth in the Nasdaq Listing Rule 5608 (the “Final Clawback Rules”).</p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The Clawback Policy provides for the mandatory recovery of erroneously awarded incentive-based compensation from current and former executive officers as defined in Rule 10D-1 (“Covered Officers”) of the Company in the event that the Company is required to prepare an accounting restatement, in accordance with the Final Clawback Rules. The recovery of such compensation applies regardless of whether a Covered Officer engaged in misconduct or otherwise caused or contributed to the requirement of an accounting restatement. Under the Clawback Policy, the Board of Directors may recoup from the Covered Officers erroneously awarded incentive compensation received within a lookback period of the three completed fiscal years preceding the date on which the Company is required to prepare an accounting restatement.</p>
true
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><a href="#" id="policyon" title="policyon"></a>Policy on Timing of Award Grants</b></p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">The Compensation Committee and the Board have <span style="-sec-ix-hidden:c16"><span style="-sec-ix-hidden:c17">not established policies and practices (whether written or otherwise) regarding the timing of option grants</span></span>, stock appreciation rights and similar awards, or other awards, in relation to the release of material nonpublic information (“MNPI”) and do not take MNPI into account when determining the timing and terms of stock option or other equity awards to executive officers. The Company does <span style="-sec-ix-hidden:c18">not</span> time the disclosure of MNPI, whether positive or negative, for the purpose of affecting the value of executive compensation.</p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">Equity awards are discretionary and are generally granted to our named executive officers once per year, typically in the first quarter. In certain circumstances, including the hiring or promotion of an officer, the Board or Compensation Committee may approve grants to be effective at other times.</p>
The Compensation Committee and the Board have not established policies and practices (whether written or otherwise) regarding the timing of option grants, stock appreciation rights and similar awards, or other awards, in relation to the release of material nonpublic information (“MNPI”) and do not take MNPI into account when determining the timing and terms of stock option or other equity awards to executive officers. The Company does not time the disclosure of MNPI, whether positive or negative, for the purpose of affecting the value of executive compensation.
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><a href="#" id="PayVersus" title="PayVersus"></a>Pay Versus Performance</b></p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The following table provides information required by Item 402(v) of Regulation S-K, and sets forth information about the relationship between executive compensation actually paid and certain financial performance of the Company. Compensation Actually Paid (CAP) in the table below does not necessarily represent cash and/or equity value transferred to the applicable named executive officer without restriction, but rather is a valuation calculated under applicable SEC rules. In general, CAP is calculated as summary compensation table total compensation adjusted to include the fair market value of equity awards as of December 31, 2025 or, if earlier, the vesting date (rather than the grant date) and factor in dividends and interest accrued with respect to such awards (if any). For purposes of the disclosure below, no pension valuation adjustments were required and no dividends or interest were accrued.</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The Board of Directors and the Compensation Committee did not consider the pay versus performance disclosure below in making its pay decisions for any of the years shown.</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<div>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;">
<tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom">
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 28%; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>Year</b></p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Summary Compensation Table Total for PEO<sup style="vertical-align:top;line-height:120%;">(1)</sup></b></p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Compensation Actually Paid to PEO<sup style="vertical-align:top;line-height:120%;">(3)</sup></b></p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Average Summary Compensation Table Total for non-PEO Named Executive Officers<sup style="vertical-align:top;line-height:120%;">(2)</sup></b></p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Average Compensation Actually Paid to non-PEO Named Executive Officers<sup style="vertical-align:top;line-height:120%;">(3)</sup></b></p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Value of Initial Fixed $100 Investment Based On:<sup style="vertical-align:top;line-height:120%;">(4)</sup> Total Shareholder Return</b></p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Net Loss ($ Thousands)<sup style="vertical-align:top;line-height:120%;">(5)</sup></b></p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom">
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;">2025</p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">1,420,426</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">861,643</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">661,196</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">433,096</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">41.04</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(14,374</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
</tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom">
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">
<p style="margin: 0pt; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-align: center;">2024</p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">$</td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">889,385</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">$</td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">1,316,224</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">$</td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">634,919</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">$</td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">781,519</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">$</td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">72.72</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">$</td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">(25,721</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">)</td>
</tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom">
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;">2023</p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">966,419</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">479,049</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">459,701</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">357,911</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">44.61</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(32,356</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
</tr>
</tbody></table>
</div>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; margin-right: 0pt;">
<tbody><tr style="vertical-align: top; font-family: "Times New Roman", Times, serif; font-size: 10pt;">
<td style="width: 9pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 18pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;">
<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(1)</p>
</td>
<td style="width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">Ryan L. Smith was our CEO (our Principal Executive Officer (PEO)) for each of the years presented. The amount reported for each year are the amounts of total compensation reported for Mr. Smith in the “Total” column of the “Summary Compensation Table”, above.</p>
</td>
</tr>
<tr style="vertical-align: top; font-family: "Times New Roman", Times, serif; font-size: 10pt;">
<td style="width: 9pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 18pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;">
<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(2)</p>
</td>
<td style="width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: justify;">During 2025 and 2024 our only non-CEO Named Executive Officer (NEO) consisted of Mark L. Zajac, our Chief Financial Officer. During 2023, our two non-CEO Named Executive Officers (NEO) consisted of Mark Zajac, our Chief Financial Officer and Donald A. Kessel, our former Chief Operating Officer.</td>
</tr>
<tr style="vertical-align: top; font-family: "Times New Roman", Times, serif; font-size: 10pt;">
<td style="width: 9pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 18pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;">
<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(3)</p>
</td>
<td style="width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: justify;">Compensation “actually paid” is calculated in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to the applicable persons during 2025, 2024 and 2023. In accordance with the requirements of Item 402(v) of Regulation S-K, the adjustments set forth below were made to Mr. Smith’s total compensation and to the total compensation of the other non-PEO NEO, for 2025, 2024 and 2023, to determine the compensation actually paid. No pension plan payments were made to the PEO or the non-PEO NEO during 2025, 2024 or 2023.</td>
</tr>
<tr style="vertical-align: top; font-family: "Times New Roman", Times, serif; font-size: 10pt;">
<td style="width: 9pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 18pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;">
<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(4)</p>
</td>
<td style="width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">Assumes $100 invested in our common shares on December 31, 2022, and calculated based on the difference between the share price of our Common Stock at the end and the beginning of the measurement period, and reinvestment of all dividends.</p>
</td>
</tr>
<tr style="vertical-align: top; font-family: "Times New Roman", Times, serif; font-size: 10pt;">
<td style="width: 9pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 18pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;">
<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(5)</p>
</td>
<td style="width: auto; font-family: "Times New Roman", Times, serif; font-size: 10pt;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">The dollar amounts reported represent the amount of net income (loss) reflected in our consolidated audited financial statements for the applicable year.</p>
</td>
</tr>
</tbody></table>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
1420426
861643
661196
433096
41.04
-14374000
889385
1316224
634919
781519
72.72
-25721000
966419
479049
459701
357911
44.61
-32356000
Ryan L. Smith
<div>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;">
<tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom">
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 64%; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Adjustments to Determine Compensation Actually Paid ($) for PEO</b></p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td>
<td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>2025</b></p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td>
<td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>2024</b></p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td>
<td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>2023</b></p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td>
</tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom">
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 64%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Reported Summary Compensation Table (SCT) total for PEO</p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">1,420,426</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">889,385</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">966,419</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
</tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom">
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 64%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Deduction for amounts reported under the “Stock Awards” column in the SCT</p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(812,000</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(285,600</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(375,000</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
</tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom">
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 64%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Increase for fair value of awards granted during the year that remain unvested as of year end</p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">368,000</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">554,200</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">163,043</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
</tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom">
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 64%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Increase for fair value of awards granted and vested during the year</p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
</tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom">
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 64%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Deduction for decrease in fair value from prior year end to current year end of awards granted prior to the year that were outstanding and unvested as of year end</p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(119,053</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">147,228</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(325,000</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
</tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom">
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 64%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Deduction for decrease in fair value from prior year end to vesting date of awards granted prior to the year that vested during the year</p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">4,270</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">11,011</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">31,000</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
</tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom">
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 64%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Increase for value of dividends paid (accrued) on equity awards not otherwise reflected in fair value of awards</p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">18,587</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom">
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 64%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Total adjustments</p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(558,783</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"><b>)</b></td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">426,839</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"><b> </b></td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(487,370</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"><b>)</b></td>
</tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom">
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 64%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Compensation actually paid to PEO</p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">861,643</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">1,316,224</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">479,049</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td>
</tr>
</tbody></table>
</div>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
1420426
889385
966419
-812000
-285600
-375000
368000
554200
163043
0
0
0
-119053
147228
-325000
4270
11011
31000
0
0
18587
-558783
426839
-487370
861643
1316224
479049
<div>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;">
<tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom">
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 64%; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Adjustments to Determine Average Compensation Actually Paid ($) for Non-PEO NEOs</b></p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td>
<td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>2025</b></p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td>
<td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>2024</b></p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td>
<td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>2023</b></p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td>
</tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom">
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 64%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Reported Average SCT Total for Non-PEO NEOs</p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">661,196</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">634,919</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">459,701</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
</tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom">
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 64%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Deduction for amounts reported under the “Stock Awards” column in the SCT</p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(203,000</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(181,800</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(261,000</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
</tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom">
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 64%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Increase for fair value of awards granted during the year that remain unvested as of year end</p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">92,000</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">293,400</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">100,000</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
</tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom">
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 64%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Increase for fair value of awards granted and vested during the year</p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">76,000</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
</tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom">
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 64%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Increase/(deduction) for change in fair value from prior year end to current year end of awards granted prior to the year that they were outstanding and unvested as of year end</p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(85,200</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">31,500</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
</tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom">
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 64%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Increase/(deduction) for change in fair value from prior year end to vesting date of awards granted prior to the year that vested during the year</p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(31,900</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">3,500</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(20,480</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
</tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom">
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 64%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Increase for value of dividends paid (accrued) on equity awards not otherwise reflected in fair value of awards</p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">3,690</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="background-color: rgb(255, 255, 255); vertical-align: bottom">
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 64%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Total adjustments</p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(228,100</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"><b>)</b></td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">146,600</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"><b> </b></td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(101,790</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"><b>)</b></td>
</tr>
<tr style="background-color: rgb(204, 238, 255); vertical-align: bottom">
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 64%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Compensation actually paid to Non-PEO NEOs</p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">433,096</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">781,519</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td>
<td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">357,911</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td>
</tr>
</tbody></table>
</div>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">For each covered fiscal year, there were no equity awards that failed to meet vesting conditions in the year; there were no Option Awards; and there were no pension benefits. Additionally, the methodology for the valuation assumptions used to calculate the fair value of the equity awards is the same as that used to determine the aggregate grant date fair values disclosed in the “Summary Compensation Table”, though with adjustments for the applicable time period. We do not view these adjustments as material differences in the assumptions. As disclosed in the “Summary Compensation Table”, the assumptions used to calculate the aggregate grant date fair values reflected in that table are included in footnotes to our consolidated financial statements in our annual reports on Form 10-K for the years ended December 31, 2025 and 2024.</p>
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661196
634919
459701
-203000
-181800
-261000
92000
293400
100000
0
0
76000
-85200
31500
0
-31900
3500
-20480
0
0
3690
-228100
146600
-101790
433096
781519
357911
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><a href="#" id="RelationshipBetween" title="RelationshipBetween"></a>Relationship Between </b>“<b>Compensation Actually Paid</b>”<b> and Performance</b></p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Our executive compensation program seeks to align executive officers’ long-term interests with those of our stockholders to incentivize a long-term increase in stockholder value, and therefore does not specifically align the Company’s performance measures with CAP (as defined by SEC rules) for a particular year. In accordance with Item 402(v) of Regulation S-K, we are providing the following graphic descriptions of the relationships between information presented in the Pay versus Performance table above, for each of the three years ended December 31, 2025. The following graphs address the relationship between compensation “actually paid” as disclosed in the Pay vs. Performance Table and (1) the Company’s cumulative Total Stockholder Return (TSR) and (2) net loss. U.S. Energy believes that compensation actually paid to its PEO and non-PEO NEOs is aligned with the Company's TSR over the three-year measurement period, as compensation actually paid increased alongside TSR appreciation in 2024 and subsequently declined in 2025 as TSR contracted, as shown in the charts below. With respect to net loss, the chart reflects that net loss improved each year over the three-year period, declining from $(32,356) thousand in 2023 to $(14,374) thousand in 2025; however, compensation actually paid does not follow the same trend. However, we do not believe that the reported net loss is reflective of our financial performance over the period and the Company does not use net income to determine compensation or incentive plan payouts.</p>
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<div><img alt="tsrgraph.jpg" src="tsrgraph.jpg"/></div>
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<div><img alt="netlossgraph.jpg" src="netlossgraph.jpg"/></div>
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