Document:

Exhibit 10.1 Kobex Notice and Amendment

    
      

    

     

     

    

    Kobex
      Resources Ltd.

    1605-750
      West Pender Street, Vancouver, BC V6C 2T8 Canada

    Tel:
      (604) 484-6228 Fax: (604) 688-9336 email: kobex@telus.net

    

    December
      5, 2006

    

    U.S.
      Energy Corp.

    877
      North
      8th
      West

    Riverton,
      WY 82501

    

    Crested
      Corp.

    877
      North
      8th
      West

    Riverton,
      WY 82501

    

    U.S.
      Moly Corp.

    877
      North
      8th
      West

    Riverton,
      WY 82501

    

    Attention: Mr.
      Mark
      J. Larsen

    

    Re: Mt.
      Emmons Molybdenum Property - Notice and Amendment

    

    In
      connection with the Due Diligence Review of the Property pursuant to the letter
      of intent dated October 6, 2006 among U.S. Moly Corp. (the “Company”),
      U.S.
      Energy Corp., Crested Corp. (the “Shareholders”),
      and
      Kobex Resources Ltd. (“Kobex”)
      (the
“LOI”),
      we
      provide this notice and amending letter (the “Amending
      Letter”).
      Note,
      capitalized terms not defined in this Amending Letter shall have the meaning
      as
      set out in the LOI.

    

    Kobex
      provides this Amending Letter as its notice under Section 1.1 of the LOI that
      it
      wishes to proceed with the Transaction, however the delivery of this Amending
      Letter and the effect of our notice is subject to the Shareholders and the
      Company. agreeing to and accepting the following amendments to the
      LOI:

    

    1. The
      Shareholders and the Company will provide a title opinion on the Property
      acceptable to Kobex by January 31, 2007 indicating that U.S. Energy and Crested
      Corp. own 100 % legal and beneficial title to those claims material to the
      operation of the Property and that the Property is in good standing, free of
      all
      encumbrances. If the title opinion identifies defects in title, the Shareholders
      and the Company shall have the right to cure any such title defects. The cost
      of
      the title opinion shall be paid for out of the 2007 budget for the Property,
      and
      shall be credited as an Expenditure by Kobex pursuant to Section 3 of the
      LOI.

    

    

    
      
        
          DM_VAN/264481-00003/6599998.4

          
          

        

        
          
          

          
            

          

        

        
          
          

          -2-

        

      

    

     

    

    2. The
      initial US$1.45 million payment set out in Section 3.1(a) of the LOI be waived
      and replaced by a US$750,000 payment. Section 3.1(b) shall be amended by
      providing Kobex with the Option to pay to the Company an additional US$700,000
      to keep the Option in good standing on or before the first anniversary of the
      Effective Date by incurring an additional US$700,000 in Expenditures under
      Section 3.1(b)(i), or increasing the Option Payment (or issuance of shares)
      under Section 3.1(b)(ii) from US$500,000 to US$1,200,000, or the additional
      US$700,000 can be apportioned between such first year Expenditure commitments
      and the first year Option Payment, at the sole discretion of Kobex.

    

    3. The
      following will be added to the end of Section 2.4 of the LOI:

    

    “After
      the gross overriding royalty to each of U.S. Energy and Crested Corp. is reduced
      to 1.5% each, for a period of 1 year thereafter, Kobex shall have the option
      to
      terminate 1% of the gross overriding royalty (i.e., 0.5% from each of U.S.
      Energy and Crested Corp.) for US$10 million in cash or Kobex stock, at the
      sole
      discretion of U.S. Energy and Crested Corp. The value of Kobex stock shall
      be
      the ten day VWAP for Kobex stock ten days prior to notice by Kobex of its intent
      to exercise this option. Kobex shall make such payment, whether in cash or
      Kobex
      stock, within ten days of such notice, and U.S. Energy and Crested Corp. shall
      deliver an instrument terminating 1% of the gross overriding royalty within
      one
      business day of receipt of payment.” 

    

    4. The
      parties shall use their best efforts to complete and execute the Formal
      Agreement by January 31, 2007.

    

    If
      you
      are in agreement with the above please sign below and Kobex shall then be bound
      to proceed with the Transaction in accordance with the LOI, amended hereunder,
      until the Formal Agreement is executed and entered into. Upon the execution
      of
      this Amending Letter, the Effective Date will be the date first written
      above.

    

    Yours
      very truly,

    

    
      	
              KOBEX
                RESOURCES LTD.

            
	 
	
              By:
                /s/ Roman Shklanka

            
	
              Authorized
                Signatory

            

    

    

    

    The
      undersigned hereby agree and accept the foregoing terms this 7th of
      December, 2006:

    

    
      	
              U.S.
                ENERGY CORP.

            
	 
	
              By:
                /s/ Mark J. Larsen

            
	
              Authorized
                Signatory

            

    

     

     

    
      

      
        
          
            DM_VAN/264481-00003/6599998.4

            
            

          

          
            
            

            
              

            

          

          
            
            

            -3-

          

        

      

       

    

    
 

    
      	
              CRESTED
                CORP.

            
	 
	
              By:
                /s/ Harold F. Herron

            
	
              Authorized
                Signatory

            

    

    

    
      	
              U.S.
                MOLY CORP.

            
	 
	
              By:
                /s/ Mark J. Larsen

            
	
              Authorized
                SignatoryEX-10.1

    Exhibit
      10.1

     

    First
      Amendment to the

     

    Amended
      and Restated Employment Agreement

    Between
      Martin M. Koffel and URS Corporation

     

    Whereas,
      Martin
      M. Koffel (the “Employee”)
      and URS
      Corporation (the “Company”)
      entered
      into an Employment Agreement effective as of September 5, 2003 (the “Employment
      Agreement”);
      and

    

    Whereas,
      the
      Employee and the Company wish to amend the Employment Agreement to (i) change
      the Employee’s retirement date under the Employment Agreement, (ii) clarify
      certain equity award and benefit provisions, and (iii) modify certain provisions
      in order to comply with Section 409A of the Internal Revenue Code of 1986,
      as
      amended (the “Code”).

    

    Now
      Therefore,
      the
      Employment Agreement is amended effective as of December
      7, 2006, as follows:,
      as
      follows:

     

    
      
        1.  Section
          1(g) of the Employment Agreement hereby is amended in its entirety to read
          as
          follows:

        

        (g) Retirement
          of Employee.The
          Employee’s employment shall terminate automatically on May 31, 2009, or such
          later date as the parties may mutually agree (the “Retirement
          Date”).

         

      

    

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    2.  Section
      4(a) of the Employment Agreement is amended in its entirety to read as
      follows:

    

    (a) General.
      During
      the term of his employment under this Agreement, the Employee shall be eligible
      to participate in the employee benefit plans, stock option and other
      equity-based incentive and compensation plans, and other executive incentive
      and
      compensation programs maintained with respect to employees of the Company,
      subject in each case to (i) the generally applicable terms and conditions of
      the
      applicable plan or program and to the determinations of the Board, a duly
      appointed committee of the Board or other person administering such plan or
      program  (such determinations with respect to any future equity-based
      incentives to be based on such factors as the Board or such committee or other
      person may deem appropriate in the circumstances, including without
      limitation other equity-based incentive awards previously granted to the
      Employee, including the grant specified in Section 4(b) below), and (ii)
      amendment, modification or termination of any such plan or program in the sole
      and absolute discretion of URS.

    

    3.  Section
      4(b) of the Employment Agreement is amended in its entirety to read as
      follows:

    

    (b) Equity
      Grant. Upon
      execution and delivery of the First Amendment to this Agreement, the Employee
      shall be granted 300,000 shares of restricted stock under the 1999 Plan, such
      grant to provide for (i) vesting of 50,000 shares on each of May 25, 2007,
      May
      25, 2008 and May 25, 2009, provided
      in
      each
      case that the Employee’s continuous service with the Company has not terminated
      prior to such vesting date, (ii) vesting of 50,000 shares on each of May 25,
      2007, May 25, 2008 and May 25, 2009, provided
      in each
      case that the Employee’s continuous service with the Company has not terminated
      prior to such vesting date and the Company has met its net income goal
      established by the Board during the first quarter of the fiscal year ending
      immediately preceding such vesting date and as confirmed by the Compensation
      Committee after the audited financial results for such fiscal year have been
      prepared by the Company, (iii) accelerated vesting of all unvested shares in
      the
      event of termination of the Employee pursuant to Section 6(a)(iv), (v) or (vi)
      below, and (iv) other terms consistent with the form of restricted stock grant
      approved by the Compensation Committee on May 24, 2006.

    

    4.  Section
      4(d) of the Employment Agreement is clarified by being amended in its entirety
      to read as follows:

    

    (d) Disability
      Insurance. During
      the terms of his employment under this Agreement, the Company shall pay to
      the
      Employee an amount (the “Disability Insurance Reimbursement Amount”) sufficient
      to reimburse the Employee for the cost of maintaining a supplemental disability
      income insurance policy that provides a monthly benefit of not less than $10,000
      (and on terms substantially equivalent to the policy in effect on the date
      of
      the First Amendment to this Agreement), together with an additional amount
      (the
“Disability insurance Gross-Up Payment”) such that after payment by the Employee
      of all income and employment taxes on the Disability Insurance Reimbursement
      Payment and the Disability insurance Gross-Up Payment, the Employee retains
      an
      amount equal to the Disability insurance Reimbursement Payment.

     

    5.  The
      Employment Agreement hereby is amended to add a new Section 4(f) to read in
      full
      as follows:

    

    (f) Timing
      of Insurance Reimbursement Payments.
      Any Life
      Insurance Reimbursement Payment, Life Insurance Gross-Up Payment, Disability
      Insurance Reimbursement Payment and Disability Insurance Gross-Up Payment shall
      be made within two and one-half (21⁄2) months following the Employee’s taxable
      year in which the Employee incurs the cost of such insurance.

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    6.  Clause
      (ii) of Section 6(a) of the Employment Agreement is amended to read in full
      “(ii) the termination of the Employee’s employment due to death or Disability,”;
      and Section 6(a)(2) of the Employment Agreement hereby is amended in its
      entirety to read as follows:

    

    (2) Severance
      Payment.
      In the
      event the termination of the Employee is described in clause (a) (ii), (iii),
      (iv) or (v) above, the Company shall pay the Employee (or his estate) the amount
      of five million dollars ($5,000,000). In the event the termination of the
      Employee is described in clause (a)(vi) above, the Company shall pay the
      Employee the amount equal to three hundred percent (300%) of the sum of (x)
      the
      Employee’s Base Compensation plus (y) the product of the Annual Target Bonus
      multiplied by the Employee’s Base Compensation, all as such amounts are in
      effect on the date of the employment termination. Any payment under this
      Subsection (a)(2) shall be deemed a “Severance
      Payment”
      for
      purposes of this Agreement.

     

    
      
                        For
          purposes of Section 409A of the Code, the right to five million dollars
          ($5,000,000) of any Severance Payment was “earned and vested” as of December 31,
          2004, and, therefore, such amount shall not be considered subject to the
          provisions of Section 409A of the Code (the “Grandfathered
          Amount”).
          The
          right to any portion of any Severance Payment exceeding five million dollars
          ($5,000,000) was not “earned and vested” as of December 31, 2004, and,
          therefore, such amount shall be considered subject to the provisions of
          Section
          409A of the Code (the “Non-Grandfathered
          Amount”).

      

    

     

    7.  Section
      7
      of the Employment Agreement hereby is amended in its entirety to read as
      follows:

    

    7. Timing
      of Severance Payment.

     

    (a) Grandfathered
      Amount.
      The
      Grandfathered Amount of any Severance Payment shall be paid either in a lump
      sum
      within five (5) business days following the date of termination (the
“Lump
      Sum Payment Date”)
      or, as
      described below, at the Employee’s election in installments.

    

    The
      Employee may, upon executing this Agreement or thereafter, upon written notice
      to the Company, elect to receive the Grandfathered Amount of any Severance
      Payment in installments payable on such date or dates on or subsequent to the
      Lump Sum Payment Date as the Employee may specify in such notice. Such election
      shall be irrevocable; provided,
      however,
      that
      the Employee may change his election of the installment method if such election
      is made by written notice to the Company at least one (1) year prior to the
      date
      that the Severance Payment is due to be made to the Employee. If the Employee
      does not elect the installment method at least one (1) year prior to the date
      that the Severance Payment is due to be made to the Employee, he shall be deemed
      to have elected to receive the Severance Payment in one lump sum on the Lump
      Sum
      Payment Date.

     

     

     

    
      
        

         

        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    (b) Non-Grandfathered
      Amount. If
      and to
      the extent necessary to avoid the imposition of additional tax under Section
      409A of the Code, in
      the
      event of a termination of the Employee pursuant to clause (vi) of Section 6(a),
      the Non-Grandfathered Amount of any Severance Payment shall be paid in a lump
      sum on the date that is six (6) months following the date of termination or,
      as
      described below, at the Employee’s election in installments commencing on the
      date that is six (6) months following the date of termination; provided,
      however, that
      if
      the Employee terminates his employment pursuant to clause (vi) of Section 6(a)
      within two and one-half (21⁄2) months following the taxable year in which the
      Change in Control occurs, the Non-Grandfathered Amount of any Severance Payment
      shall be paid in a lump sum upon termination.

     

    

    The
      Employee may, upon executing this Agreement or thereafter, upon written notice
      to the Company, elect to receive the Non-Grandfathered Amount of any Severance
      Payment in installments, provided that the first installment payment date
      elected must be at least five (5) years following the date such payment
      otherwise would have been paid. Such election shall be irrevocable; provided,
      however,
      that
      the Employee may change his election of the installment method, provided that
      (i) such election is made by written notice to the Company at least one (1)
      year
      prior to the date that the Severance Payment is due to be made to the Employee,
      (ii) the first installment payment date elected under such change is at least
      five (5) years following the date such payment otherwise would have been paid,
      and (iii) the Employee may not change his election from installments to a lump
      sum form of payment. If the Employee does not elect the installment method
      at
      least one (1) year prior to the date that the Severance Payment is due to be
      made to the Employee, he shall be deemed to have elected to receive such
      Severance Payment in one lump sum in accordance with the foregoing
      paragraph.

     

    8.  Section
      8
      of the Employment Agreement hereby is amended to add the following two sentences
      at the end thereof:

    

    
      	 	
              Any
                Gross-Up Payment shall be made at such time as the payment of the
                Non-Grandfathered Amount of any Severance Payment in accordance with
                Section 7(b). The parties acknowledge and agree that this Section
                8
                supersedes Section 14 of the 1999 Plan (or any similar provisions
                of any
                other plan adopted by the Company), with the intended effect that
                the
                limitations on payments specified in such Section 14 (or similar
                provision) shall not apply to any payments or transfers by the Company
                to
                or for the benefit of the Employee under this Agreement, the 1999
                Plan or
                otherwise.

            

    

    

    Except
      as
      amended as provided above, the Employment Agreement shall remain in full force
      and effect.

     

     

    
      
        

         

        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    In
      Witness Whereof,
      each of
      the parties has executed this First Amendment to the Employment Agreement,
      as of
      the day and year first above written.

     

    
      	 	 	 	 
	 	 	 	/s/ Martin
              M.
              Koffel
	
            	 	 	
              

            
	 	 	 	Martin
              M.
              Koffel

    

    
 

    
      	 	 	 
	 	
              URS
                Corporation, 

              a
                Delaware corporation

            
	 
 	 
 	 
 
	Date: December
              7, 2006	By:  	/s/ Joseph
              Masters
	 	
              
Joseph
              Masters
	
               

            	Vice
              President and General
              Counsel                                               

    

        

     

     

     

    
      
        
        

      

      
        5

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