Document:

Exhibit 10.2

 

EXECUTIVE EMPLOYMENT
AGREEMENT

 

This Executive Employment,
Severance and Non-compete Agreement (the “Agreement”) is made effective this 23rd day of October, 2015 (the
“Effective Date”), between U.S. Energy Corp, a Wyoming corporation (the “Company”) and David Veltri the
(“Executive”).

 

WHEREAS, the Executive
is presently employed by the Company as President and CEO;

 

WHEREAS, the Company
and the Executive desire to enter into this Agreement, the terms of which shall supersede any prior agreements in place between
the Executive and the Company, effective as of the Effective Date;

 

WHEREAS, the Board
of Directors of the Company (“the Board”) recognizes that the Executive’s efforts have been among the most important
factors to the growth and success of the Company, and the Board wishes to ensure continuing access to the Executive’s services
to the benefit of the Company’s employees and shareholders;

 

WHEREAS, this Agreement
will benefit the Company’s shareholders by placing the Executive in a neutral position with respect to any proposed merger,
consolidation, sale of substantially all assets, change in control or similar substantial corporate change of the Company, and
accordingly enable the Executive to better represent the Company and its shareholders in evaluating and responding to any such
transaction;

 

WHEREAS, this Agreement
will serve to secure certain benefits for the Executive to which the Board believes the Executive is entitled, as a result of services
rendered and services anticipated to be provided to the Company; and

 

NOW THEREFORE, in order
to effect the foregoing, the Company and the Executive wish to enter into this Agreement on the terms and conditions set forth
below, and in consideration of the promises and the respective covenants and agreements of the parties herein contained, it is
agreed as follows:

 

1.          Definitions.
As used in this Agreement:

 

(a)          Beneficial
Owner shall mean any Person who directly or through any contract, arrangement, understanding, relationship, or otherwise has
or shares voting power (which includes the power to vote or to direct the voting) and/or investment power (which includes the power
to dispose or to direct the disposition) of a security issued by the Company.

 

b)          Cause
shall mean:

 

(i)          the
negligent and continued failure by the Executive to substantially perform his duties with the Company (other than any such failure
resulting from Disability) after a written demand for substantial performance improvement is delivered to the Executive, identifying
the manner in which the Executive has not substantially performed his duties, or describing his participation in misconduct which
is materially injurious to the Company, monetarily or otherwise, unless done or omitted to be done, in good faith and with a reasonable
belief that the action or omission was in the best interest of the Company; which failure is not remedied upon notice within 10
calendar days.

 

     

     

    

  

(ii)           that the
Executive shall have committed an intentional act of fraud, embezzlement or theft in connection with his duties with, or in the
course of his employment with, the Company, or been convicted of a felony or other crime involving moral turpitude;

 

(iii)        intentional
wrongful damage to or misappropriation of property of the Company;

 

(iv)        an
intentional or grossly negligent refusal or failure to perform Executive’s duties, or to carry out the reasonable directions
of the Company’s Board of Directors (other than on account of illness or other physical or mental disability), which refusal
or failure is not remedied within the 10 calendar days after receipt by the Executive of written notice from the Company thereof,
or insubordination; or

 

(v)         a
material breach of any of the provisions of this Agreement applicable to Executive, which breach is not remedied within the 10
calendar days after receipt by the Executive of written notice from the Company of such breach; and in any case any such act or
failure to act shall be determined by the Board of Directors of the Company to have been materially harmful to the Company. For
purposes of this Agreement, no act, or failure to act, on the part of the Executive shall be deemed “intentional” unless
done, or omitted to be done, by the Executive not in good faith and without a reasonable belief that his action or omission was
in the best interests of the Company, as determined by the Board of Directors of the Company in its sole but reasonable discretion.

 

(c)          Change
in Control shall mean a change in the control of the Company of a nature which would be required to be reported in response
to Item 6(e) of Schedule 14a to Regulation 14A, as promulgated under the Exchange Act (or any successors thereto); provided that,
without limitation, a Change in Control shall be deemed to have occurred if:

 

(i)
any Person is or becomes the Beneficial Owner directly or indirectly, of 50% or more of a class of equity securities of
the Company, or of securities which in the aggregate provide such Beneficial Owner with 50% or more of the votes entitled to be
cast with respect to the election of members of the Board of Directors;

 

(ii) during
any period of two consecutive years, the individuals who at the beginning of such period constituted the Board of Directors
cease for any reason to constitute a majority thereof;

 

(iii) any Person
acquires, directly or indirectly, more than 25% of the outstanding shares of voting securities of the Company, coupled with or
followed by the election of directors of the Company of persons who were not directors at the time of such acquisition, if such
directors comprise a majority of the Board;

 

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(iv) as a result
of a tender offer, merger, consolidation, sale of assets, contested election or any combination of those or similar transactions,
the directors of the Company immediately before such transaction(s) shall cease to constitute a majority of the Board or of any
successor to the Company;

 

(v) the acquisition,
directly or indirectly, by another person or entity, in a single transaction or series of related transactions of all or substantially
all (greater than 50%) of the Company’s assets; or

 

(vi) the Company’s
shareholders approve a plan of liquidation of the Company.

 

(d)          Date
of Termination shall be the effective date of the Notice of Termination.

 

(e)          Disability
shall mean absence from the Executive’s duties with the Company on a full-time basis for 60 days, as a result of incapacity
due to physical or mental illness, unless within 30 days after Notice of Termination is given following such absence the Executive
shall have returned to the full-time performance of duties as President and CEO of the Company.

 

(f)          Exchange
Act means the Securities Exchange Act of 1934, as amended.

 

(g)          Good
Reason shall mean termination subsequent to a Change in Control of the Company within one hundred and twenty (120) days after
the occurrence of any of the following events:

 

(i) a significant
and material adverse change in the nature or scope of Executive’s duties and responsibilities or other working conditions
with Company including job classification change from that of an Executive;

 

(ii)         the
assignment to the Executive of any duties inconsistent with the positions, responsibilities and status of the Executive with the
Company immediately prior to the Change in Control, or a change in the Executive’s reporting responsibilities, titles or
offices, as in effect immediately prior to the Change in Control;

 

(iii)           any
removal of the Executive from, or any failure to re-elect the Executive to, any of such positions, except in connection with termination
of employment for Cause, Disability, Retirement or as a result of the Executive’s death or termination by the Executive,
other than for Good Reason;

 

(iv)          a
reduction by the Company in the Executive’s base salary as in effect immediately prior to the Change in Control;

 

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(v)          reassignment
of the Executive to offices more than 25 miles from the location of the Company’s principal executive offices immediately
prior to the Change in Control, except for required travel on the Company’s business to an extent substantially consistent
with the Executive’s business travel obligations prior to the Change in Control;

 

(vi)          failure
by the Company to continue in effect any benefit or compensation plan, stock ownership plan, stock purchase plan, stock option
plan, life insurance plan, health and accident plan, or disability plan in which the Executive is participating immediately prior
to the Change in Control (or a plan providing the Executive substantially similar benefits), the taking of any action by the Company
which would adversely affect the Executive’s participation in or materially reduce his benefits under any such plan, deprive
the Executive of any material fringe benefit enjoyed immediately prior to the Change in Control, including, but not limited to
any failure by the Company to provide the Executive with the number of vacation days to which the Executive is entitled in accordance
with the Company’s normal vacation policy in effect immediately prior to the Change in Control; provided, that if the Company
or a successor seeks to provide the Executive with substantially similar benefits under a different plan, the Company must solicit
and obtain the Executive’s written consent to the substitution of such plan, which consent shall not be unreasonably withheld;

 

(vii)          a
failure by the Company to make timely payment to the Executive of any amounts to which he is entitled hereunder or to otherwise
provide Executive with any of the benefits to which he is entitled hereunder on the terms provided herein or any other breach of
the covenants contained herein, any of which is not remedied within 10 calendar days after receipt by the Company of written notice
from the Executive of Executive’s objection to such change, failure, reduction or breach, as the case may be; or

 

(viii)          any
purported termination of the Executive’s employment by the Company which is not affected pursuant to a Notice of Termination.

 

In the event
the Executive believes that any of the events set forth in subparagraphs (i), (ii), (iv), (v), (vii) or (viii) have occurred, the
Executive shall promptly give written notice to the Company of his belief that such event has occurred.

 

(h)          Market
Value shall mean the closing price for a security reported by the principal stock exchange on which such security is traded,
or if the security is not listed for trading on a stock exchange, the closing price reported by the National Market System (“NMS”),
or if the security is not listed for trading on a stock exchange or included in the NMS, the mean of the closing bid and asked
prices reported by NASDAQ, or if the security is not listed for trading on a stock exchange, included in the NMS or included in
the NASDAQ system, the average of the bid and asked prices reported by market makers for the security to the National Quotation
Bureau, all at the close of business on the applicable date.

 

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(i)          Notice
of Termination shall mean a written notice whereby the Company or a successor advises the Executive that his employment with
the Company is or shall be terminated, which document shall indicate the specific termination provision in this Agreement relied
upon by the Company or the successor and shall set forth in reasonable detail the facts and circumstances claimed to provide a
basis for termination of the Executive’s employment under those provisions.

 

(j)          Person
shall mean any natural person, corporation, partnership, limited partnership, limited liability company, joint venture, trust,
association, syndicate, business entity, governmental body or any combination thereof.

 

(k)          Target
Bonus shall mean an amount up to 150% of Base Salary of Executive’s base salary for the relevant year, except as otherwise
provided under the terms of an applicable bonus plan in place at such time.

 

2.          Acceptance
and Term of Employment. The Company agrees to employ Executive, and Executive agrees to serve the Company, on the terms and
conditions set forth herein. The “Term of Employment” shall mean the period commencing on the Effective Date and, unless
terminated sooner as provided in Section 8 hereof, continuing for a period of two years from the Effective Date. This Agreement
shall automatically renew for two (2) successive terms of one (1) year each, unless either party provides written notice within
sixty (60) days prior to the expiration of the then current term that the Agreement will not be renewed; provided, however, that
nonrenewal of this Agreement shall in no event be treated as a termination of employment with the Company unless Executive’s
employment with the Company is actually terminated in connection with such nonrenewal. Notwithstanding any nonrenewal or other
expiration of this Agreement, the provisions of Sections 9, 10, 11, 12, 13, 15, 16, 24 and 25 shall continue to apply to the same
extent as if the Agreement were in full force and effect.

 

3.          Position,
Duties, and Responsibilities; Place of Performance.

 

(a)          During
the Term of Employment, Executive shall be employed
and serve as President and CEO of the Company and shall
have such duties and responsibilities as are commensurate
with such title. The Executive shall report to the Chief
Executive Officer of the Company and shall carry
out and perform all orders, directions
and policies given to Executive by the Chief Executive Officer of
the Company consistent with his position and title.

 

(b)          Executive
shall devote his best efforts to the performance of his duties under this Agreement and shall not engage in any other business
or occupation during the Term of Employment that interferes with Executive’s exercise of judgment in the Company’s
best interests. Notwithstanding the foregoing, nothing herein shall preclude Executive from (i) serving as a member of the boards
of directors or advisory boards (or their equivalents in the case of a non-corporate entity) of non-competing businesses, (ii)
engaging in charitable activities and community affairs, and (iii) managing his personal investments and affairs; provided,
however, that the activities set out in clauses (i), (ii), and (iii) shall be limited by Executive so as not to materially
interfere, individually or in the aggregate, with the performance of his duties and responsibilities hereunder.

 

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4.          Compensation.
During the Term of Employment,
Executive shall be entitled to the following compensation:

 

(a)          Base
Salary. Executive shall be paid an annualized Base
Salary, payable in United States dollars and less applicable
taxes and deductions and in accordance with the regular payroll practices of
the Company, of USD$359,000
with increases, if any, as may be approved in writing
by the Compensation Committee.

 

(b)          Annual
Short Term Incentive Bonus. Executive shall be eligible to participate in the short-term incentive cash-based program offered
by the Company, in an amount as determined by the Company. The annual short-term cash-based incentive shall be based on the Company’s
evaluation of the condition of the Company’s business, the results of operations, Executive’s individual performance
for the relevant period, the satisfaction by the Executive or the Company of goals that may be established by the Company, as the
Company may decide in its sole discretion. Each annual short-term cash-based incentive award shall be up to 150% of Base Salary
governed by the applicable plan document in effect at that time.

 

(c)          Annual
Long Term Incentive Equity Bonus Grants. Executive shall be
entitled to participate in equity-based compensation program offered by the Company in accordance with the terms of any equity-based
plans that may be adopted by the Company. The annual long-term equity-based incentive award shall be based on the Company’s
evaluation of the condition of the Company’s business, the results of operations, Executive’s individual performance
for the relevant period, the satisfaction by the Executive or the Company of goals that may be established by the Company, as the
Company may decide in its sole discretion. Each annual long-term equity-based incentive award shall be governed by the applicable
plan document in effect at that time.

 

5.          Employee
Benefits.

 

(a)          General.
During the Term of Employment, Executive shall be
entitled to participate in health insurance, retirement
plans, directors’ and officers’ insurance coverage
and other benefits provided to other senior executives
of the Company, as in effect
from time to time.

 

(b)          Vacation
and Time Off. During each calendar year of the
Term of Employment, Executive shall be eligible
for 20 days of paid vacation,
as well as sick pay and other paid
and unpaid time off in accordance with the policies and
practices of the Company,
as in effect from time to time.

 

6.          Reimbursement
of Business Expenses. Executive is authorized to incur reasonable business
expenses in carrying out his duties and responsibilities under
this Agreement, and the Company shall promptly reimburse Executive for all such reasonable
business expenses, subject to documentation in accordance
with written Company policy, as in effect from time to time.

 

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7.          Termination.

 

(a)          Termination
for any reason (including but not limited to Retirement). Except for termination for cause and except as otherwise provided
for in the remaining sections of this Paragraph 7, in the event of the termination of the Executive’s employment the Executive
shall be entitled to receive, and the Company shall pay the Executive (i) the base salary owing to the Executive hereunder through
the date of termination, (ii) accrued vacation, and (iii) any business expenses which were properly reimbursable to the Executive
through the date of termination. Such amounts shall be paid to the Executive in a lump-sum not later than seventy-five (75) days
after the date of termination. The Company shall also provide a cash payment, equal to 18 months of COBRA health insurance coverage
to the Executive for the Executive and his spouse from the date of termination, payable to the Executive in a lump-sum not later
than seventy-five (75) days after the date of termination. In the event that the Executive becomes eligible for health insurance
from another source, the obligation of the Company hereunder shall cease.

 

(b)          Termination
without Cause. In the event of the termination of the Executive’s employment by the Company without Cause (except following
a Change in Control), then the Executive shall be entitled to receive, and the Company shall pay the Executive, in addition to
the amounts described in 7(a) above:

 

(i)          severance
equal to 1.5x the Executive’s current annual Base Salary, plus an amount equal to the current year Target Bonus as of the
date of termination; and

 

(ii)          accelerated
vesting of any unvested equity-based awards as proscribed for and in accordance with the relevant terms of the applicable equity-based
compensation programs and award agreements.

 

Executive’s
right to receive payment of such amounts shall be conditioned upon the Executive’s execution of a separation agreement and
general release in a form acceptable to the Company. Such payments shall be paid to the Executive in a lump-sum not later than
seventy-five (75) days after the date of termination, and if the Executive has not executed a binding release by such date, the
Executive shall forfeit all rights to such payments; provided however, that if such seventy-five day period begins in a first taxable
year and ends in a second taxable year, such payments shall be made in the second taxable year.

 

(c)          Termination
without Cause, or by the Executive for Good Reason, in connection with a Change in Control. If any Change in Control shall
occur, the Executive shall be entitled to the following benefits, upon the subsequent termination of the Executive’s employment
within one year following the Change in Control, unless such termination is because of the Executive’s death or Retirement,
by the Company for Cause or Disability, or by the Executive other than for Good Reason, then the Executive shall be entitled to
receive, and the Company shall pay the Executive, in addition to the amounts described in 7(a) above:

 

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(i)          any
bonus for a past or the current fiscal year which has been awarded or otherwise earned but not yet paid under any Bonus Plan(s).
The Executive shall be considered to have earned the right to participate in bonus Plans of the Company for any fiscal year for
which service of more than six months has been provided, and the bonus ultimately owed for any such period shall be adjusted proportionately
to reflect the service of the Executive for the applicable portion of the year;

 

(ii)         severance
pay in an amount equal to 2x the Executive’s current year annual Base Salary, plus an amount equal to the current year target
bonus;

 

(iii) accelerated
vesting of any unvested equity-based awards as proscribed for and in accordance with the relevant terms of the applicable equity-based
compensation programs and award agreements.

 

(iv)        all
reasonable legal fees and expenses incurred by the Executive as a result of such termination (including all such fees and expenses,
if any, incurred in contesting or disputing any such termination or in seeking to obtain or enforce any right or benefit provided
by this Agreement), such fees and expenses being payable on or before the expiration of ten days from the presentation of applicable
invoices by the Executive to the Company or any successor;

 

(v)         cash
payment equal to the cost of coverage under all life insurance, medical, health, accident, and disability programs or arrangements
in which the Executive was entitled to participate immediately prior to the Change in Control for a period of two years from the
termination, payable to the Executive in a lump-sum not later than seventy-five (75) days after the date of termination.

 

(vi)        (A)
If it is determined that the payment or benefit provided to or for the benefit of the Executive under this Paragraph 7(c) (a “Payment”),
whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, would be subject
to the excise tax imposed by Section 4999 of the Internal Revenue Code (“Code”) or any interest or penalties with respect
to such excise tax (such excise tax, together with any such interest and penalties, shall be referred to as the “Excise Tax”),
the Payment shall be reduced if and to the extent that a reduction in the Payment would result in the Executive retaining a larger
amount, on an after-tax basis (taking into account federal, state, and local income taxes and the Excise Tax), than he would have
retained had he been entitled to receive all of the Payment (such reduced amount is hereinafter referred to as the “Limited
Payment Amount”). The Company shall reduce the Payment by first reducing or eliminating payments or benefits which are not
payable in cash and then by reducing or eliminating cash payments, in each case in reverse order beginning with payments or benefits
which are to be paid the furthest in time from the date the “Determination” (as hereinafter defined) is delivered to
the Company and the Executive.

 

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(B)           The
determination as to whether the Payment shall be reduced to the Limited Payment Amount and the amount of such Limited Payment Amount
(the “Determination”) shall be made at the Company’s expense by a firm selected by the Company and reasonably
acceptable to the Executive (the “Tax Firm”). The agreed upon Tax Firm shall provide the Determination in writing,
together with detailed supporting calculations and documentation, to the Company and the Executive on or prior to the effective
date of termination of the Executive’s employment if applicable, or at such other time as requested by the Company or by
the Executive. Within ten (10) days of the delivery of the Determination to the Executive, the Executive shall have the right to
dispute the Determination (the “Dispute”) in writing setting forth the precise basis of the dispute. If there is no
Dispute, the Determination shall be binding, final and conclusive upon the Company and the Executive.

 

(C)           Any
Excise Tax with respect to the Executive’s Payment shall be the sole obligation of the Executive, subject to any tax withholding
obligation imposed on the Company with respect thereto.

 

(d)          Notwithstanding
the foregoing, if the Executive is a “specified employee” (within the meaning of Section 409A(a)(2)(B) of the Internal
Revenue Code of 1986, as amended) and if Section 409A is applicable to any amounts payable hereunder, all such amounts that would
have been paid to the Executive under this Paragraph 7 during the 6-month period following the termination of his employment shall
instead be paid in a lump sum on the first day of the 7th month after the month of such termination of employment.

 

(e)          The
amounts payable to the Executive under this Paragraph 2 shall be in addition to and not in lieu of any benefit payable to the Executive
pursuant to the Company’s Executive Officer Retirement Plan.

 

(f)          In
the event that the Executive dies while employed as President and CEO and this Agreement has not been terminated, the benefits
under Paragraph 7(c) will inure to the benefit of the Executive’s designated beneficiary or his estate.

 

Executive’s
right to receive payment of such amounts shall be conditioned upon the Executive’s execution of a separation agreement and
general release in a form acceptable to the Company. Such payments shall be paid to the Executive in a lump-sum not later than
seventy-five (75) days after the date of termination, and if the Executive has not executed a binding release by such date, the
Executive shall forfeit all rights to such payments; provided however, that if such seventy-five day period begins in a first taxable
year and ends in a second taxable year, such payments shall be made in the second taxable year.

 

8.          Procedures
for Certain Terminations by Company. The employment of the Executive may be terminated by the Company only after a Notice of
Termination has been given in accordance with this agreement. The date on which the Notice of Termination is effective shall be
as follows:

 

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(a)          Disability:
Termination because of Disability shall be effective 30 days after Notice of Termination is given, provided the Executive shall
not have returned to the performance of his duties on a full-time basis during such 30 day period;

 

(b)          
Cause: Termination for Cause shall occur only after an opportunity has been provided for the Executive, and counsel of his
choice, to be heard before the Board. Termination for Cause shall be effective on the date specified in the Notice of Termination,
which shall be no earlier than the conclusion of such hearing; and

 

(c)          Other
Termination: If the Executive is terminated for any other reason, the termination shall be effective on the date the Notice
of Termination is given, but if the Executive notifies the Company, within five business days after such Notice of Termination
is given, that a dispute exists concerning the reasons or basis of the termination, the notice shall be effective on the date on
which the dispute is finally resolved, either by mutual agreement of the parties, by a binding and final arbitration award, or
by final judgment, order or decree of a court of competent jurisdiction entered upon such arbitration award (the time and appeal
therefrom having expired with no appeal having been perfected).

 

9.          Non-compete
Covenant. In consideration of the Company’s obligations to Executive delineated herein, during the two (2) years following
the Date of Termination of the Executive by the Company or a successor, the Executive will not directly compete with U.S. Energy
in acquiring any oil and gas properties that the Company is actively engaged in an evaluation, signed a NDA, actively negotiating\
or began a due diligence process at the time of the Executive’s termination, or any properties located within a 5-mile radius
of any such properties. Notwithstanding anything set forth in this paragraph, the Executive shall not be in any way restricted
in seeking employment with another oil and gas company.

 

10.         Covenant
Not to Solicit. In consideration of the company’s obligations delineated herein, the Executive shall not, during his
employment by the Company and the two (2) year period following the termination of the Executive’s employment with the Company
(the “Restriction Period”), directly or indirectly solicit, entice, persuade, induce or cause any employee, officer,
manager, director, consultant, agent or independent contractor of the Company to terminate his, her or its employment, consultancy
or other engagement by the Company to become employed by or engaged by any individual, entity, corporation, partnership, association,
or other organization (collectively, “Person”) other than the Company, or approach any such employee, officer, manager,
director, consultant, agent or independent contractor for any of the foregoing purposes, or authorize or assist in the taking of
any of such actions by any Person.

 

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The Executive
shall not, during the Restriction Period, directly or indirectly, solicit, entice, persuade, induce or cause (i) any Person who
is a customer of the Company at any time during the Restriction Period; or (ii) any lessee, vendor or supplier to, or any other
Person who had or has a business relationship with, the Company at any time during the Restriction Period (the Persons referred
to in items (i) and (ii) above, collectively, the “Prohibited Persons”) to enter into a business relationship with
any other Person for the same or similar services, activities or goods that any such Prohibited Person purchased from, was engaged
in or provided to, the Company or to reduce or terminate such Prohibited Person’s business relationship with the Company;
and the Executive shall not, directly or indirectly, approach any such Prohibited Person for any such purpose, or authorize or
assist in the taking of any of such actions by any Person.

 

For purposes
of this Paragraph 10, the terms “employee,” “consultant,” “agent,” and “independent contractor”
shall include any Persons with such status at any time during the one (1) month preceding any solicitation in question.

 

11.         Restrictions
on Certain Actions Following Employment Termination. The Executive agrees that during any period while he is subject to the
non-compete covenants under Paragraph 9, he will not perform or do any other act which is prejudicial or injurious to the business
or goodwill of the Company. In furtherance of the foregoing, but not in limitation thereof, the Each Party agrees that during such
period he will refrain from making public comments concerning the Company or the Executive which are adverse to or critical of
Either Party. 

 

12.         Reasonableness
of Scope; Non-Compete Agreement. The Company and Executive agree that the duration and geographic scope for the non-compete
covenants contained in Paragraph 9 have been selected by mutual agreement of the Company and the Executive. It is further agreed
by both parties that the duration and geographic scope of such covenant is reasonable, and does not significantly impede competition
in the industry in which the Company intends to engage, nor does the scope of the non-compete agreement significantly restrict
the Executive’s ability to support himself and employ his skills as an entrepreneur and manager.

 

The Executive
agrees that in the event it is necessary for the Company to seek judicial enforcement of the non-compete agreement of Paragraph
9, he will not resist enforcement of the non-compete provisions on the basis that they are over-broad or violate public policy
by virtue of their duration or geographic scope. Furthermore, the Company and the Executive agree that in the event the non-compete
agreement contained in Paragraph 9 is found by a court to be unenforceable for any reason, the provisions thereon shall be modified
by the court, to the minimum extent possible, so as to ensure the protection to the Company or its successor sought to be obtained
through the non-compete agreement, while avoiding any unacceptable impairment of competition, freedom of employment of the Executive,
or other overly broad, believed by such court to make the non-compete provisions unenforceable as originally written.

 

13.         Certain
Additional Considerations. The Executive agrees that it is a legitimate interest of the Company and reasonable and necessary
for the protection of the goodwill and business of the Company, which are valuable to the Company, that the Executive make the
covenants contained in Paragraphs 9 and 10 of this Agreement.

 

The Company
shall indemnify and hold Executive harmless to the maximum extent permitted by law and by the bylaws of the Company, and shall
purchase indemnity insurance, including directors’ and officers’ liability insurance, if available, to protect the
Executive from and against any and all claims, damages, judgments, settlements, reasonable attorney’s fees, and other expenses
reasonably incurred by the Executive in connection with any proceeding arising out of or in connection with the Executive’s
employment by the Company.

 

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The parties
acknowledge that (i) the type and periods of restriction imposed in the provisions of Paragraphs 9, 10, and 11 of this Agreement
are fair and reasonable and are reasonably required to protect and maintain the proprietary and other legitimate business interests
of the Company, as well as the goodwill associated with the Business conducted by the Company, (ii) the Business conducted by the
Company extends throughout the Restricted Territory, and (iii) the time, scope, geographic area and other provisions of Paragraphs
9, 10, and 11 of this Agreement have been specifically negotiated by sophisticated commercial parties represented by experienced
legal counsel.

 

In the event
that any covenant contained in this Agreement, including, without limitation, any covenant contained in Paragraphs 9, 10, and 11
of this Agreement shall be determined by any court of competent jurisdiction to be illegal, invalid or unenforceable by reason
of its extending for too great a period of time or over too great a geographical area or by reason of its being too extensive in
any other respect, (i) such covenant shall be interpreted to extend over the maximum period of time for which it may be legal,
valid and enforceable, as applicable, and/or over the maximum geographical area as to which it may be legal, valid and enforceable,
as applicable, and/or to the maximum extent in all other respects as to which it may be legal, valid and enforceable, as applicable,
all as determined by such court making such determination, and (ii) in its reduced form, such covenant shall then be legal, valid
and enforceable, as applicable, but such reduced form of covenant shall only apply with respect to the operation of such covenant
in the particular jurisdiction in or for which such adjudication is made. It is the intention of the parties that such covenants
shall be enforceable to the maximum extent permitted by applicable law.

 

14.         Representations
and Warranties of Executive. Executive represents and warrants to the Company that:

 

(a) Executive
is entering into this Agreement voluntarily and that Executive’s employment hereunder
and compliance with the terms and conditions hereof will not conflict with or result in
the breach by Executive of any agreement to which Executive
is a party or by which Executive may be bound;

 

(b) Executive
has not violated, and in connection with Executive’s
employment with the Company will not violate, any
non-solicitation, non-competition, or other similar covenant or agreement of
a prior employer by which Executive is or may be bound; and

 

(c) in connection
with Executive’s employment with the Company, Executive will
not use any confidential or proprietary information Executive may have obtained
in connection with employment with any prior employer.

 

    12 

     

    

  

15.         Nondisclosure
and Nonuse of Confidential Information.

 

(a)
Executive will not disclose or use at any time, either
during the Term of Employment or thereafter, any Confidential
Information (as defined below) of which Executive is
or becomes aware, whether or not such
information is developed by him, except to the extent that such
disclosure or use is directly related to and required by Executive’s performance
in good faith of duties assigned
to Executive by the Company. Executive
will take all appropriate steps to safeguard Confidential
Information and to protect it against disclosure,
misuse, espionage, loss and theft. Executive
shall deliver to the Company at the termination of the Term
of Employment, or at any time the Company may request, all memoranda, notes, plans,
records, reports, disks, computer tapes and software and
other documents and data (and copies thereof, regardless
of the form thereof, including electronic copies) relating to the
Confidential Information or the Work Product (as defined below) of
the business of the Company or any of the Company’s
Affiliates, which Executive may then possess or
have under his control.

 

(b) As
used in this Agreement, the term “Confidential Information”
means confidential, proprietary, trade secret,
proprietary, scientific, technical,
business or financial information that is not generally
known to the public and that is used, developed
or obtained by the Company or any Affiliate,
in connection with their respective businesses, including, but not limited to, information,
observations and data obtained or learned by Executive while employed by the Company
or any of its Affiliates (including those obtained or learned prior to the date of this
Agreement) concerning (i) the business or affairs of the
Company or any Affiliate, (ii) products or services, (iii) geologic
data, (iv) seismic data, (v) analyses, (vi) drawings,
photographs and reports, (vii) computer software, including
operating systems, applications and program listings, (viii) flow charts, manuals and documentation,
(ix) databases, (x) accounting and business methods,
(xi) inventions, devices, new developments, methods and
processes, whether patentable or unpatentable and
whether or not reduced to practice, (xii) customers,
clients, suppliers and subcontractors and customer, client, supplier
and subcontractor lists, (xiii) other copyrightable works,
(xiv) all drilling methods, processes, technology
and trade secrets, (xv) business strategies, acquisition
plans and target properties, financial or other performance
data and personnel lists and data,
and (xvi) all similar and related information in
whatever form.

 

All such Confidential
Information is extremely valuable and is intended to be kept secret
to the Company and its clients and customers, is the sole and exclusive property of the Company or its clients and customers,
and is subject to the restrictive covenants set forth herein.

 

Notwithstanding
anything to the contrary contained herein, Executive shall not be required to maintain as confidential
any information or material which:

 

(i) is now,
or hereafter becomes, through no act or failure to act on the part of Executive
which would constitute a breach of this Section 14, generally known or available to the public;

 

    13 

     

    

  

(ii) is furnished
to Executive by a third party who,
to the knowledge of Executive, is not under obligations of confidentiality to the Company
or any of its Affiliates, without restriction on disclosure;

 

(iii) is disclosed
with the written approval of the Company;

 

(iv) is
required to be disclosed by law, court order, or similar compulsion; provided,
however, that such disclosure shall be limited to
the extent so required or compelled; and provided further, that Executive
shall give the Company notice of such disclosure
and cooperate (without cost to Executive) with the Company in seeking
suitable protection; or

 

(v) is disclosed
pursuant to or in connection with any legal proceeding
involving Executive and/or the Company
or any Affiliate thereof.

 

16.         Inventions,
Discoveries and Patents. Executive agrees that all
inventions, discoveries, innovations, improvements, technical
information, systems, software developments,
methods, designs, analyses, drawings, reports, service
marks, trademarks, trade names, logos and all similar or related information (whether
patentable or unpatentable) which relate to the Company’s
or any of its Affiliates’ business or research and development and
any existing or future products or services and which are
or were discovered, conceived,
developed or made by Executive (whether or not during usual business hours or on the premises of the Company
and whether or not alone or in conjunction with
any other person) while employed by the Company or any
Affiliate (including those conceived, developed or made
prior to the date of this Agreement) together with all
patent applications, letters patent, trademark, trade name
and service mark applications or registrations, copyrights
and reissues thereof that may be granted for or upon any of the foregoing (collectively referred to herein as,
the “Work Product”), belong in all instances
to the Company or such Affiliate. Executive will promptly
disclose such Work Product to the Board and assign to and otherwise perform (without cost
to Executive) all actions reasonably requested by the Board (whether during or
after the employment period) to establish and confirm the Company’s
or Affiliate’s exclusive ownership of such
Work Product (including, without
limitation, the execution and delivery of
assignments, consents, oaths, powers of attorney and other instruments) and to provide
reasonable assistance to the Company or any of its Affiliates in connection with
the prosecution of any applications for patents, trademarks,
trade names, service marks or reissues thereof or
in the prosecution or defense of interferences relating to any Work Product.

 

17.         Taxes.

 

(a)          Withholding.
The Company may withhold and deduct from any payments made under this Agreement all applicable taxes, including but not limited
to income, employment, and social security taxes, as shall be required by applicable law. Executive acknowledges and represents
that the Company has not provided any tax advice to Executive in connection with this Agreement and that Executive has been advised
by the Company to seek tax advice from Executive’s own tax advisors regarding this Agreement and payments that may be made,
and the benefits to be provided, to Executive pursuant to this Agreement, including specifically, the application of the provisions
of Section 409A of the Code to such payments.

 

    14 

     

    

  

(b)          Section
409A - General. This Agreement shall be interpreted and administered in a manner so that any amount or benefit payable hereunder
shall be paid or provided in a manner that is either exempt from or compliant with the requirements Section 409A of the Code and
applicable Internal Revenue Service guidance and Treasury Regulations issued thereunder.

 

(c)          Definitional
Restrictions. Notwithstanding anything in this Agreement to the contrary, no payment that is due upon Executive’s termination
of employment shall be made unless and until Executive has incurred a “separation from service,” as defined under Treas.
Reg. Section 1.409A-l(h).

 

(d)          Six-Month
Delay in Certain Circumstances. Notwithstanding any other provision of this Agreement, if Executive is a Specified Employee
(as defined below) at the time of termination of employment, then, to the extent that payments and benefits under this Agreement
constitute “deferred compensation” under Section 409A of the Code and are not eligible for any exemption thereunder
(“Non-Exempt Deferred Compensation”), and payment of cash or provision of his benefits is pursuant to a termination
of employment, then:

 

(i) the amount
of such Non-Exempt Deferred Compensation that would otherwise be payable during the six-month period immediately following Executive’s
separation from service will be accumulated through and paid or provided on the first day of the seventh month following Executive’s
separation from service (or, if Executive dies during such period, within 30 days after Executive’s death) (in either case,
the “Required Delay Period”); and

 

(ii) the normal
payment or distribution schedule for any remaining payments or distributions will resume at the end of the Required Delay Period.

 

For purposes
of this Agreement, the term “Specified Employee” has the meaning given such term in Treas. Reg. Section 1.409A-l(i).

 

(e)          Treatment
of Installment Payments. Each payment of termination benefits under Section 7 of this Agreement shall be considered a separate
payment, as described in Treas. Reg. Section 1.409A-2(b)(2), for purposes of Section 409A of the Code.

 

(f)          Timing
of Reimbursements and In-kind Benefits. If Executive is entitled to be paid or reimbursed for any taxable expenses under Section
6, and such payments or reimbursements are includible in Executive’s federal gross taxable income, the amount of such expenses
reimbursable in any one calendar year shall not affect the amount reimbursable in any other calendar year, the reimbursement of
an eligible expense must be made no later than December 31 of the year after the year in which the expense was incurred, and the
right of Executive to reimbursement of such expenses shall not be subject to exchange or liquidation for any other benefit or payment.

 

    15 

     

    

  

(g)          Permitted
Acceleration. The Company shall have the sole authority to make any accelerated distribution permissible under Treas. Reg.
Section 1.409A-3(j)(4) to Executive of deferred amounts, provided that such distribution meets the requirements of Treas. Reg.
Section 1.409A-3(j)(4).

 

18.         Set
Off; Mitigation. The Company’s obligation to pay Executive the amounts provided and to make the arrangements provided
hereunder shall be subject to set-off, counterclaim, or recoupment of amounts owed by Executive to the Company or its Affiliates,
provided that such amounts owed have been acknowledged by Executive in writing. To the extent any amount so subject to set-off,
counterclaim, or recoupment is payable in installments hereunder, such set-off, counterclaim, or recoupment shall not modify the
applicable payment date of any installment, and to the extent an obligation cannot be satisfied by reduction of a single installment
payment, any portion not satisfied shall remain an outstanding obligation of Executive and shall be applied to the next installment
only at such time the installment is otherwise payable pursuant to the specified payment schedule.

 

19.         Successors
and Assigns; No Third-Party Beneficiaries.

 

(a)          The
Company. The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise),
to all or substantially all of the business and/or assets of the Company, by agreement in form and substance reasonably satisfactory
to the Executive and his counsel, to expressly assume and agree to perform this Agreement in the same manner and to the same extent
that the Company would be required to perform it if no such succession had taken place. Failure of the Company to obtain such
agreement prior to any such succession shall be a breach of this Agreement and shall entitle the Executive to compensation from
the Company in the same amount and on the same terms as the Executive would be entitled hereunder if he terminates his employment
for Good Reason. For purposes of implementing the foregoing, the date on which any such succession becomes effective shall be
deemed the Date of Termination. As used in this Agreement “Company” shall mean the Company as hereinabove defined
and any successor to its business and/or assets as aforesaid which executes and delivers the agreement provided for in the Paragraph
or which otherwise becomes bound by all the terms and provisions of the Agreement by operation of law.

 

(b)          Executive.
Executive’s rights and obligations under this Agreement shall not be transferable by Executive by assignment or otherwise,
without the prior written consent of the Company; provided, however, that if Executive shall die, all amounts then payable to
Executive hereunder shall be paid in accordance with the terms of this Agreement to Executive’s devisee, legatee, or other
designee, or if there be no such designee, to Executive’s estate.

 

(c)          No
Third-Party Beneficiaries. Except as otherwise set forth in Section 19(a) or Section 19(b) hereof, nothing expressed or referred
to in this Agreement will be construed to give any Person other than the Company (and its Affiliates) and Executive any legal or
equitable right, remedy, or claim under or with respect to this Agreement or any provision of this Agreement.

 

    16 

     

    

 

20.         Waiver
and Amendments. Any waiver, alteration, amendment, or modification of any of the terms of this Agreement shall be valid only
if made in writing and signed by each of the parties hereto. No waiver by either of the parties hereto of their rights hereunder
shall be deemed to constitute a waiver with respect to any subsequent occurrences or transactions hereunder unless such waiver
specifically states that it is to be construed as a continuing waiver.

 

21.         Notices.
All notices, demands, consents, requests, instructions and other communications to be given or delivered or permitted under or
by reason of the provisions of this Agreement or in connection with the transactions contemplated hereby shall be in writing and
shall be deemed to be delivered and received by the intended recipient as follows: (i) if personally delivered, on the business
day of such delivery (as evidenced by the receipt of the personal delivery service), (ii) if mailed certified or registered mail
return receipt requested, four (4) business days after being mailed, (iii) if delivered by overnight courier (with all charges
having been prepaid), on the business day of such delivery (as evidenced by the receipt of the overnight courier service of recognized
standing), or (iv) if delivered by facsimile transmission or email, on the business day of such delivery if sent by 5:00 p.m. in
the time zone of the recipient, or if sent after that time, on the next succeeding business day (as evidenced by the printed confirmation
of delivery generated by the sending party’s facsimile machine). If any notice, demand, consent, request, instruction or
other communication cannot be delivered because of a changed address of which no notice was given (in accordance with this Paragraph
11), or the refusal to accept same, the notice, demand, consent, request, instruction or other communication shall be deemed received
on the second business day the notice is sent (as evidenced by a sworn affidavit of the sender). All such notices, demands, consents,
requests, instructions and other communications will be sent to the following addresses or facsimile numbers as applicable:

 

If to the Company,
to:

 

U.S. Energy Corp.

Attn: Legal Department

877 North 8th
West

Riverton, WY
82501

(307) 856-9271

 

If to the Executive,
to:

 

David Veltri

Address:

 

22.         Agreement.
This Agreement constitutes the entire understanding of the parties with respect to the subject matter hereof. No agreements or
representations, oral or otherwise, express or implied, with respect hereto have been made by either party which are not expressly
set forth in the Agreement.

 

    17 

     

    

  

23.         Severability.
The unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision
of the Agreement, which shall remain in full force and effect.

 

24.         Arbitration.
Any dispute or controversy arising with respect to or in connection with this Agreement (including, without limitation, any controversies
concerning the formation thereof) shall be settled by final and binding arbitration in a location mutually agreed upon by the parties
in accordance with the Rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrator’s
award in any court having jurisdiction. The arbitrator(s) shall have the power to award equitable as well as legal relief against
a defaulting party.

 

25.         Governing
Law; Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the State of Wyoming applicable
to agreements made and to be performed in that state, without regard to any of its principles of conflicts of laws or other laws
that would result in the application of the laws of another jurisdiction.

 

27.         Specific
Performance. It is agreed that in the event of a breach of the provisions of this Agreement, the non-defaulting party may not
be satisfactorily compensated through payment of damages, and in the event of any breach or anticipated breach thereof, the non-defaulting
party will be entitled, without proof of damages, to an award specifically prohibiting the breach thereof or providing such other
equitable relief as may be deemed appropriate. Such equitable relief shall be in addition to any legal remedies to which the non-defaulting
may be entitled.

 

28.         Headings.
The section headings contained in this Agreement are inserted for reference purposes only and shall not affect in any way the meaning,
construction or interpretation of this Agreement. Any reference to the masculine, feminine, or neuter gender shall be a reference
to such other gender as is appropriate. References to the singular shall include the plural and vice versa.

 

29.         Counterparts.
This Agreement may be executed in two (2) or more counterparts (including by facsimile or electronic signature, which shall constitute
a legal and valid signature), and by the different parties hereto in separate counterparts, each of which when executed shall be
deemed to be an original, and all of which, when taken together, shall constitute one and the same document. This Agreement shall
become effective when one or more counterparts, taken together, shall have been executed and delivered by all of the parties.

 

IN WITNESS
WHEREOF the parties hereto have executed this Agreement, to be effective as of the day and year first above written.

 

    18 

     

    

 

	U.S.ENERGY CORP.	 	EXECUTIVE
	 	 	 	 
	By:	/s/ Jerry W. Danni	 	/s/ David Veltri, May 2, 2016
	Jerry W. Danni	 	David Veltri
	 	 	 	 
	Title:	Chairman, Compensation Committee	 	 
	 	May 9, 2016	 	 

 

    19Ex_101

		
			EXHIBIT 10.1
		

		
			 
		

		
			SECURED PROMISSORY NOTE
		

		
			Up to $5,000,000
		

		
			April 28, 2016
		

		
			FOR VALUE RECEIVED, effective as of the date set forth above (the “Effective Date”), the undersigned, Fantex, Inc., a corporation organized and existing under the laws of the State of Delaware (the “Company”), hereby promises to pay to Fantex Holdings, Inc., a corporation organized and existing under the laws of the State of Delaware, or registered assigns (the “Holder”), the principal amount of up to Five Million Dollars ($5,000,000) on the Maturity Date (as hereafter defined) of this secured promissory note (this “Note”), such principal amount as from time to time may be advanced hereunder and to pay interest (calculated on the basis of a 360-day year of twelve 30-day months) on such sum or the portion thereof from time to time outstanding hereunder, at a rate of ten percent (10%) per annum; but in no event shall the interest exceed the maximum rate of nonusurious interest permitted by law to be paid by the Holder (and to the extent permitted by law, interest on any overdue principal or interest thereon).
		

		
			For purposes of this Note, “Maturity Date” shall mean July 27, 2016. Notwithstanding the foregoing, the undersigned shall have the right to prepay at any time, and from time to time, without premium or penalty all or any portion of the principal due hereunder. All payments shall be made in lawful money of the United States of America.
		

		
			Annexed hereto and made a part hereof is a schedule (the “Loan and Repayment Schedule”) on which shall be shown all loans of principal made by the Holder to the Company and all repayments of principal made by made by the Company to the Holder hereunder. The Company hereby appoints the Holder as its agent to make an appropriate notation on the Loan and Repayment Schedule (or on a continuation of such schedules) evidencing the date and the amount of each loan, the date and amount of accrued interest added to the outstanding principal balance hereof, the date and amount of any principal repayment made hereunder or other information provided for on the Loan and Repayment Schedule. Such endorsement shall constitute prima facie evidence of the accuracy of the information set forth thereon; provided,  however, that the failure of the Holder to make such a notation or any error in such notation shall not affect the obligations of the Company to repay this Note in accordance with its terms.
		

		
			Upon the occurrence of a material adverse effect on the condition, financial or otherwise, business or operations of the Company, the Holder may cease any funding commitment set forth in this Note.
		

		
			All payments hereon shall be applied first, to costs and expenses and other amounts owing to the Holder under this Note; second, to accrued interest then payable; and third, to principal.
		

		
			This Note is secured pursuant to the terms of the Security Agreement.
		

		
			Upon the payment in full of this Note in cash (other than any inchoate indemnity obligations), the security interest granted under that certain Security Agreement dated as of April 28, 2016 among the Company and the Holder party thereto as “Secured Party” from time 
		

		
			
		

		
			

		 

 

to time, as amended, restated or modified from time to time (the “Security Agreement”) shall be released pursuant to the terms of the Security Agreement.
		

		
			The Company hereby waives, presentment, protest, demand for payment, notice of dishonor and all other notices or demands in connection with the delivery, acceptance, performance, default or endorsement of this Note. No waiver by the Holder of any default shall be effective unless in writing nor shall it operate as a waiver of any other default or of the same default on a future occasion. This Note shall be binding upon the Company and its successors and assigns. The Company agrees to pay all costs of collection of this Note, including, without limitation, reasonable attorneys’ fees and costs, in the event it is not paid when due.
		

		
			Notwithstanding anything to the contrary in the foregoing, no Holder shall have any recourse to the Company, except to the Collateral (as defined in the Security Agreement) provided in the Security Agreement.
		

		
			Holder may assign this Note and any part or all of the loans evidenced hereby to any other person or entity, subject to applicable law. Upon such assignment, such party shall become a “Holder” hereunder.
		

		
			Time is of the essence of this Note. This Note may be modified only by a writing executed by the Company and the holder hereof. In the event that any one or more provisions of this Note shall be held to be illegal, invalid or otherwise unenforceable, the same shall not affect any other provision of this Note and the remaining provisions of this Note shall remain in full force and effect. This Note has been made and delivered in the State of California and shall be construed in accordance with, and all actions hereunder shall be governed by, the laws of the State of California, without giving effect to principles thereof relating to conflicts of law.
		

		
			
		

		
			

		 

		

			 

		

 

IN WITNESS WHEREOF, Company and Holder have caused this Secured Promissory Note to be duly executed on the date first stated above.
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						Company:

					
					
						Fantex, Inc.

				
	
					
						 

					
					
						a Delaware corporation

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Cornell French

				
	
					
						 

					
					
						Name:

					
					
						Cornell French

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						Chief Executive Officer

				

		
			 
		

		
			
		

		

		 

		

			 

		

 

	
					
						 

					
					
						 

					
					
						 

				
	
					
						Holder:

					
					
						Fantex, Inc.

				
	
					
						 

					
					
						a Delaware corporation

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Cornell French

				
	
					
						 

					
					
						Name:

					
					
						Cornell French

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						Chief Executive Officer

				

		
			 
		

		
			
		

		
			

		 

		

			 

		

 

LOAN AND REPAYMENT SCHEDULE TO
		

		
			SECURED PROMISSORY NOTE
		

			
					
						Amount of
 Loan

					
					
						    

					
					
						Date

					
					
						    

					
					
						Amount of
 Principal
 Paid

					
					
						    

					
					
						Accrued Interest to Be
 Added to
 Outstanding
 Principal
 Balance

					
					
						    

					
					
						Aggregate
 Principal
 Balance

					
					
						    

					
					
						Notation
 Made By

					
					
						 

				
	
					
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						NOTE: 

					
					
						Additional pages of this Loan and Repayment Schedule to Secured Promissory Note may be attached to the Secured Promissory Note by the Holder as may be necessary to record certain information regarding each loan.

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