Document:

Exhibit 10.5 Amendment to Agreements with UPC

    
      

    

     

     

    

      AMENDMENT
        TO AGREEMENTS

      

      THIS
        AMENDMENT TO AGREEMENTS effective January 31, 2007, is between Uranium Power
        Corp., a British Columbia corporation ("UPC") and U.S. Energy Corp., a Wyoming
        corporation ("USE"), Crested Corp., a Colorado corporation (“Crested”) and a
        joint venture between USE and Crested; the joint venture between USE and
        Crested
        is referred to herein as "USECC" and USE, Crested and USECC are collectively
        referred to herein as the "USE Parties".

      

      RECITALS

      

      WHEREAS,
        on October 29, 2004, UPC (formerly known as Bell Coast Capital Corp.) and
        the
        USE Parties entered into a letter agreement with respect to the exploration
        and
        potential development and production of certain properties located in the
        Sheep
        Mountain Mining District and the Crooks Gap Mining District in Fremont County,
        Wyoming (“Sheep Mountain Properties”), which letter agreement was revised on
        November 24, 2004, and December 3, 2004, (hereinafter referred to as “Initial
        Letter Agreement”); and

      

      WHEREAS,
        on December 8, 2004, UPC and USE Parties entered into a Purchase and Sales
        Agreement (“PSA”) for the Sheep Mountain Properties, which superseded and
        replaced the Initial Letter Agreement; and 

      

      WHEREAS,
        on April 11, 2005, UPC and the USE Parties entered into a Mining Venture
        Agreement (“MVA”) for the Sheep Mountain Properties; and

      

      WHEREAS,
        on August 22, 2005, UPC and the USE Parties entered into Amended Letter
        Agreement (Amendment #1”) adding to the PSA the Breccia Pipes Project located in
        Arizona and the Burro Canyon Project located in Colorado; and

      

      WHEREAS,
        on January 12, 2006, UPC and the USE Parties entered into Amended Letter
        Agreement #2 (“Amendment #2”) to Paragraph 4 of the PSA concerning timing of
        payment of the purchase price; and 

      

      WHEREAS,
        on May 9, 2006, UPC and the USE Parties entered into an Agreement (“Green River
        Agreement”) to develop two properties, (i) the Green River North properties
        (“Green River North”) consisting of 10 unpatented lode mining claims and (ii)
        the Green River South properties (“Green River South”) previously know as the
        Sahara Mine Property; whereby the Green River North was to be developed by
        a new
        joint venture agreement and the Green River South properties were to be
        developed by the Amended and Restated Option and Joint Venture Agreement-
        Sahara
        Mine Property, Emery County, Utah (“Sahara MVA”); and 

      

      WHEREAS,
        the PSA, MVA, Amendment #1, Amendment #2 and the Green River Agreement are
        hereinafter referred to as the “UPC Agreements”), and

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      WHEREAS,
        the USE Parties have entered into an Exclusivity Agreement with sxr Uranium
        One
        Inc. (“Uranium One”) to sell certain of its uranium assets to Uranium One or one
        or more wholly-owned subsidiaries of Uranium One (collectively, the “Buyers”)
        and if this sale is to be consummated, the USE Parties and the applicable
        Buyers
        will enter into a definitive agreement and close this transaction (the “Uranium
        One Transaction”). 

      

      NOW,
        THEREFORE, in consideration of the covenants and agreements contained herein,
        UPC and the USE Parties agree to the following terms and
        conditions:

      

      	1.  	
              The
                Areas of Mutual Interest contained in the PSA, MVA, Amendment #1
                and Green
                River North are amended and replaced in their entirety as
                follows:

            

      

      	(i)  	
              the
                area of mutual interest for the Sheep Mountain Properties shall be
                one (1)
                mile from the exterior boundary of the Sheep Mountain unpatented
                mining
                claims and the Wyoming State Lease as shown on Exhibit 1, excluding
                however, the Sweetwater Mill and the Green Mountain uranium properties
                owned by Rio Tinto;

            

      

      	(ii)  	
              the
                area of mutual interest for the Burro Canyon properties contained
                in
                Amendment #1 shall be one (1) mile from the exterior boundary of
                the
                unpatented mining claims contained in the Burro Canyon Project as
                shown on
                Exhibit 2;

            

      

      	(iii)  	
              the
                area of mutual interest for the Breccia Pipes properties contained
                in
                Amendment #1 shall be the area covered by the aerial survey as shown
                on
                Exhibit 3, and

            

      

      	(iv)  	
              the
                area of mutual interest for the Green River North properties shall
                be one
                (1) mile from the exterior boundary of the Green River North unpatented
                mining claims lying north of the north right-of-way of Interstate
                70 as
                shown on Exhibit 4.

            

      

      	2.  	
              Conditioned
                upon and effective as of the closing of the Uranium One Transaction,
                the
                Green River South properties are deleted and removed from Green River
                Agreement and the USE Parties hereby agree to quitclaim and /or relinquish
                all rights, responsibilities and obligations to the Green River South
                properties, including the Sahara MVA, to
                UPC.

            

      

      	3.  	
              The
                UPC Agreements are hereby amended to grant the USE Parties the right
                to
                transfer all rights, responsibilities and obligations of the UPC
                Agreements (excluding Green River South) to the Buyers, including
                but not
                limited to the right to receive all payments provided in the UPC
                Agreements. UPC agrees to execute the attached Consent, Waiver and
                Agreement attached as Exhibit 5, thereby, among other things, (i)
                waiving
                any and all rights it may have to any preemptive rights, rights of
                first
                refusal or similar rights with respect to the sale and
                

            

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      assignment
        of the UPC Agreements to the Buyers, and (ii) agreeing that the Buyers will
        not
        assume, and the USE Parties will remain liable for, any liability for breaches
        of the UPC Agreements by the USE Parties and any indemnity granted by the
        USE
        Parties to UPC with respect to periods prior to the closing of the Uranium
        One
        Transaction.

      

      	4.  	
              Conditioned
                upon the closing of the Uranium One Transaction, the USE Parties
                agree to
                provide to UPC access to copy or otherwise use of the USE uranium
                libraries for a period of three (3) years from the closing of the
                Uranium
                One Transaction. 

            

      

      	5.  	
              The
                address and contact information for UPC contained in the notice provisions
                of the UPC Agreements is amended as
                follows:

            

      

      

      Mr.
        Chris
        Healey

      President

      Uranium
        Power Corp.

      3rd
        Floor,
        Bellevue Centre

      235
        Fifteenth Street

      West
        Vancouver, BC

      CANADA
        V7T-2X1

      Phone:
        (604) 921-1810

      Fax:
        (604) 921-1898

      e-Mail:
        chealey@uniserve.com

      

      	6.  	
              Upon
                the closing of the Uranium One Transaction, the USE Parties shall
                have no
                further rights, responsibilities or obligations to UPC except for
                providing access to the USE Parties’ uranium libraries as provided above
                and any liability for a pre-closing breach by the USE Parties or
                a
                pre-closing indemnity obligation of the USE Parties under the UPC
                Agreements.

            

      

      	7.  	
              All
                other terms and conditions of the UPC Agreements shall remain unchanged
                by
                this Amendment to Agreements.

            

      

      

      (Remainder
        of the page intentionally blank.)

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      

      This
        Agreement is executed to be effective on the date first shown
        above.

      

      

      URANIUM
        POWER CORP.

      

      

      By
         /s/
        Chris M. Healey              

      

      Its
         President                      

      

      

      U.S.
        ENERGY CORP.

      

      

      By
         /s/
        Mark J. Larsen                

      

      Its
         President                    

      

      

      U.S.
        ENERGY CORP. and CRESTED CORP. dba as USECC, a JOINT
        VENTURE

      

      U.S.
        ENERGY CORP.

      

      

      By
         /s/
        Mark J. Larsen                

      

      Its
         President                    

      

      

      CRESTED
        CORP.

      

      

      By
         /s/
        Keith G. Larsen                

      

      Its
         Co-ChairmanAMENDMENT NO. 1
                              TO THE
               SOUTHWEST GEORGIA FINANCIAL CORPORATION
                       PENSION RETIREMENT PLAN

THIS AMENDMENT NO. 1 is made and entered into as of this 15th day of
November, 2006, and effective as set forth herein, by Southwest
Georgia Financial Corporation -(the "Employer");

                             WITNESSETH:

WHEREAS, the. Employer maintains the Southwest Georgia Financial
Corporation Pension Retirement Plan (the "Plan") for the exclusive
benefit of its eligible employees and their beneficiaries, as last
amended and restated effective as of March 1, 2005;

WHEREAS, pursuant to Article VIII of the Plan, the Employer has
authority to amend or modify the Plan at any time;

WHEREAS, pursuant to action taken by its Board of Directors on
November 15, 2006, the Employer desires to amend the Plan, effective
as of December 31, 2006, to freeze future participation and benefit
accruals under the Plan and to make such other changes as the officers
of the Employer determine to be necessary or desirable to effect the
freezing of the Plan.

NOW, THEREFORE, the Employer hereby amends the Plan as follows,
effective as of the date of this Amendment No. 1, except where
otherwise noted:

                                  1.

The introductory language included at the beginning of the Plan
document is hereby amended by adding the following new paragraph to
the end of the introduction:

"Effective December 31, 2006, the Plan is frozen as provided
herein. No new Members are allowed to enter the Plan after December 31,
2006 and, except as otherwise provided herein, no additional benefits
shall accrue under the Plan after December 31, 2006."

                                  2.

Section 1.1 of the Plan is hereby amended by adding the following new
sentence at the end thereof:

                                 -1-

"Notwithstanding the preceding, the Plan is frozen as of December 31,
2006, as provided herein."

                                  3.

Section 1.6 of the Plan is hereby amended by adding the following new
sentence at the end thereof:

"Notwithstanding the foregoing, this Plan shall only take into
<PAGE>
account the Monthly Average Earnings that are earned for periods of
service prior to the Freeze Date."

                                  4.

Section 1.12 of the Plan is hereby amended by adding the following
new sentence at the end thereof:

"Notwithstanding anything herein to the contrary, for purposes of
determining whether a Member has satisfied the eligibility
requirements for Early Retirement, he shall receive credit for all
Years of Service completed after the Freeze Date."

                                  5.

Section 1.13 of the Plan is hereby amended by adding the following new
sentence at the end thereof:

"Notwithstanding the foregoing, this Plan shall only take.into
account the Earnings that are earned for periods of service prior to
the Freeze Date and Earnings that are earned for periods of service
after the Freeze Date shall not be taken into account for purposes of
the Plan."

                                  6.

Article I is hereby amended by adding the following new definition as
Section 1.19A:

"1.19A The term `Freeze Date' shall mean December 31, 2006, the
date on which the Plan is frozen for purposes of new Members and
accrual of benefits, as set forth herein."

                                 -2-

                                  7.

Section 1.20 of the Plan is hereby amended by adding the following new
subsection (f) to the end thereof:

"(f) 	Notwithstanding the foregoing, neither an Employee nor a Member
shall earn or be credited with an Hour of Service after the
Freeze Date for purposes of determining eligibility to participate
or to calculate such Member's Accrued Benefit. Following the Freeze
Date, Hours of Service shall continue to be counted for purposes of
determining Years of Service to determine a Member's Early Retirement
Date pursuant to Section 1.12, his Vested Interest determined pursuant
to Section 5.1 and his eligibility for an Early Retirement benefit
pursuant to Section-3.4."

                                  8.

Section 1.39 of the Plan is hereby amended by adding the following new
paragraph to the end of the section:

"Notwithstanding anything herein to the contrary, no Member shall be
credited with any Years of Service after the Freeze Date for purposes
of calculating his Monthly Retirement Income and Accrued Benefit. A
<PAGE>
Member shall continue to receive credit for Years of Service completed
after the Freeze Date solely for purposes of determining the vested
interest in his Accrued Benefit as set forth in Section 1.12 and
eligibility for Early Retirement as set forth in Section 5.1."

                                  9.

Section 2.1 of the Plan is hereby amended by adding the following new
sentence as the last sentence thereof:

"Notwithstanding any provision to the contrary, no Employee shall
become a Member in the Plan after the Freeze Date."

                                 10.

Section 2.2 of the Plan is hereby amended by deleting the section
in its entirety and substituting the following in lieu thereof:

"2.2 	Resumption of Membership. A Retired or Terminated Member who,
prior to the Freeze Date, returns to the employ of the Employer or
completes a Year of Service after incurring a Break in Service while
still employed by the Employer, shall again. become a Member as of
the Anniversary Date occurring within the Plan Year in which

                                 -3-

he is re-employed or in which he completes a Year of Service
following the Break in Service, whichever is applicable. Any such
Member's benefit payments shall thereupon be suspended as provided in
Section 3.7 of the Plan. If a Retired or Terminated Member is
reemployed as an Employee prior to the Freeze Date and .continues in
the employ of the Employer through the last day of the Plan Year,
such individual shall resume his Membership for the Plan Year of
employment, even though he completes not more than 500 Hours of Service
during such Plan Year.

Notwithstanding anything herein to the contrary, a Retired or
Terminated Member who, after the Freeze Date, returns to the employ of
the Employer or completes a Year of Service after incurring a Break in
Service while still employed by the Employer, shall not resume
Membership in the Plan; provided, however, such Member may receive
credit for additional Years of Service upon reemployment to the extent
provided herein."

                                 11.

Section 2.6 of the Plan is hereby amended by adding the following new
sentence to the end of the section:

"No individual can become a Member in this Plan after the Freeze Date."

                                 12.

Section 2.8 of the Plan is hereby amended by adding the following new
sentence to the end of the section:

"No individual can become a Member in this Plan after the Freeze Date."

<PAGE>

                                 13.

Section 3.3 of the Plan is hereby amended by adding the following new
sentence to the end of the section:

"Notwithstanding the foregoing, except as otherwise provided in
Section 6.4, effective on and after the Freeze Date, the Member shall
not be entitled to any additional Actuarial Equivalent increase in the
Monthly Retirement Income to which he otherwise would have been
entitled at his Normal Retirement Date or any increase in Monthly
Retirement Income based on his compensation 'and service after the
Freeze Date.

                                 -4-

                                 14.

Section 3.4 of the Plan is hereby amended by adding the following new
sentence to the end of the section:

"Notwithstanding anything herein to the contrary, solely for purposes
of determining a Member's eligibility for Early Retirement and his
Early Retirement Date, Years of Service shall include Years of
Service credited after the Freeze Date in accordance with the
provisions of the Plan."

                                 15.

Section 3.5 of the Plan is hereby amended by adding the phrase "and
prior to the Freeze Date," after the words "at least 10 Years of
Service," found in the first sentence thereof and also by adding the
phrase "prior to the Freeze Date" after the words "and returns to
employment with the Employer" found in the last sentence of the section.

                                 16.

Section 5.1 of the Plan is hereby amended by adding the following new
paragraph to the end of the section:

"Notwithstanding anything herein to the contrary, for purposes of
determining a Member's vested interest in his Accrued Benefit under
the Plan, Years of Service shall include Years of Service credited
after the Freeze Date in accordance with the provisions of the Plan. A
Member with no vested interest in his Accrued Benefit shall not
become vested as a result of the freezing of the Plan."

                                 17.

Section 6.4 of the Plan is hereby amended by adding the following
to the end of the section:

"With respect to distributions under the Plan required to be made
under Code SS401(a)(9) for calendar years 2003 and later, the Plan
will apply the minimum distribution requirements of Code SS401(a)(9)
in accordance with the final regulations under Code SS401(a)(9) that
were issued on April 17, 2002, in accordance with Rev. Proc. 2002-29.

A Member's Accrued Benefit will be actuarially increased to take
<PAGE>
into account certain periods after age 70-1/2 for which the Member
does not receive any benefits under the Plan. The actuarial increase
applies for the period (1) that begins on

                                 -5-

the April 1 following the calendar year in which the Member attains age
70-1/2 (January 1, 1997 in the case of a Member who attains age 70-1/2
prior to 1996) (the "Start Date"), and (2) that ends on the date on
which benefits commence in an amount sufficient to satisfy Code
section 401(a)(9) (the "End Date). After applying the actuarial
increase, an affected Member's Accrued Benefit as of the End Date must
be no less than the Actuarial Equivalent as of the End Date of the
Member's Accrued Benefit as of the Start Date plus the Actuarial
Equivalent as of the End Date of additional benefits accrued after the
Start Date, reduced by the Actuarial Equivalent of any distributions
made after the Start Date. Any actuarial increase provided by this
subsection is the same as, and not in addition to, the actuarial
increase required for that same period under Code section 411, except
that the actuarial increase required under this paragraph must be
provided even during a period during which an Employee is in
section 203(a)(3)(B) Service. The actuarial adjustment in this
subsection does not apply in the case of a 5-percent owner.

Distributions under the Plan shall be made in accordance with
the provisions of Code SS401(a)(9) and applicable Treasury Regulations
issued under Code SS401 (a)(9) (subsection (a) above specifies which
regulations are applied at certain times), including the incidental
benefit requirement of Code SS401(a)(9)(G), provided that such
provisions shall override the other distribution provisions of the
Plan only to the extent that such other Plan provisions provide for
distribution that is less rapid than required under such provisions
of the Code and Regulations. Nothing contained in this subsection shall
be construed as providing any optional form of payment that is not
available under the other distribution provisions of the Plan."

                                 18.

Except as amended herein, the provisions of the Plan shall remain in
full force and effect.

IN WITNESS WHEREOF, the Employer has caused this Amendment No. I
to be executed by its duly authorized officer as of November 15, 2006.

                            SOUTHWEST GEORGIA FINANCIAL CORPORATION

                            By: /s/DeWitt Drew
                                DeWitt Drew
                                President and Chief Executive Officer

                                 -6-

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