Document:

Form of Articles of Amendment to the Articles of Incorporation

    
      

    

     

     

    

      Articles
        of Amendment to the 

      Articles
        of Incorporation of

      U.S.
        Energy Corp.

      

      U.S.
        Energy Corp. (the “Company”) amends its Articles of Incorporation by filing
        these Articles of Amendment pursuant to section 17-16-1006 of the Wyoming
        Business Corporation Act (the “WBCA”) as follows:

      

      	(i)  	
              The
                name of the corporation is U.S. Energy
                Corp.

            

      

      	(ii)  	
              The
                text of the amendment to the Articles of Incorporation
                is:

            

      

      “Pursuant
        to section 17-16-808(a) of the Wyoming Business Corporation Act, a director
        of
        the Company shall be removed by the shareholders only for cause.” 

      

      	(iii)  	
              Not
                applicable.

            

      

      	(iv)  	
              The
                amendment was adopted by the shareholders of the Company at the annual
                meeting of shareholders convened on June 23,
                2006.

            

      

      	(v)  	
              Not
                applicable.

            

      

      	(vi)  	
              (A)    
                There
                were 19,603,961 shares of common stock outstanding and entitled to
                vote on
                the record date for the June 23, 2006 annual meeting. The common
                stock was
                the only voting group entitled to vote on the proposed amendment.
                The
                number of shares (one vote for per share) indisputably represented
                at the
                annual meeting (in person or by proxy) was
                17,891,455.

            

      

      (B)  The
        total
        number of votes cast for and against the amendment were 5,822,094 and 1,768,550,
        respectively. An additional 26,428 shares abstained from voting on the
        amendment, which abstentions are not included in the number stated as voting
        against the amendment. The number of votes cast in favor of the amendment
        (76%
        of the votes were in favor of the amendment) was sufficient for approval
        by the
        voting group, pursuant to WBCA section 17-16-1003(e)(ii). 

      

      

      U.S.
        Energy Corp.

      

      

      By: /s/Daniel
        P. Svilar

      Daniel
        P.
        Svilar, Secretary

      June
        23,
        2006Form of Air T, Inc. Employee Stock Option Agreement (2005 Equity Incentive
      Plan)

     

    Exhibit
      10.21

    THIS
      DOCUMENT CONSTITUTES PART OF A PROSPECTUS COVERING
      SECURITIES

    REGISTERED
      UNDER THE SECURITIES ACT OF 1933.

    

    

    AIR
      T,
      INC.

                    
      EMPLOYEE STOCK OPTION AGREEMENT 

    (2005
      EQUITY INCENTIVE PLAN)

    

    

    THIS
      AGREEMENT,
      made
      effective as of the _____ day of ________, 20__ (the “Grant Date”), by and
      between Air T, Inc. (the “Corporation”), and ___________________ (the
“Holder”).

    

    WHEREAS,
      the Corporation has adopted the Air T, Inc. 2005 Equity Incentive Plan (the
      “Plan”) in order to provide additional incentives to certain employees and
      directors and consultants of the Corporation and its Subsidiaries;
      and

    

    WHEREAS,
      Section 2.1 of the Plan provides for the award of options to Employees of the
      Corporation and its Subsidiaries; and 

    

    WHEREAS,
      the Holder has been awarded options under the Plan to be evidenced by this
      Agreement; 

    

    NOW,
      THEREFORE, the parties hereto agree as follows: 

    

    1.  Grant of Option.
      Pursuant to Section 2.1 of the Plan, the Corporation hereby grants to the Holder
      an option (the “Option”) to purchase all or any part of an aggregate of ____
      shares of Common Stock (the “Shares”), subject to, and in accordance with, the
      terms and conditions set forth in this Agreement and the Plan. The Option and
      this Agreement are subject to all of the terms and conditions of the Plan,
      which
      terms and conditions are hereby incorporated by reference, and, except as
      otherwise expressly set forth herein, the capitalized terms used in this
      Agreement shall have the same definitions as set forth in the Plan.

     

    2.  Status
      of Option.
      The
      Option [select one]:

     

    is
      intended to
      qualify as Incentive Stock Options under Section 422 of the
      Code;

     

    is
      not
      intended to
      qualify as Incentive Stock Options under Section 422 of the
      Code.

     

    3.  Exercise
      Price.
      The
      price at which the Holder shall be entitled to purchase Shares upon the exercise
      of the Option shall be $ __.__ per share.

     

    4.  Duration of Option.
      Subject
      to the terms of the Plan, the Option shall remain exercisable for [select
      one]:

    

    ten
      years
      after the Grant Date;

     

    other
      (specify; may be no later than ten years after the Grant Date):

    ________________________________________________________________________

    ________________________________________________________________________

    

    5.  Vesting
      and Exercisability of Option.
      Subject
      to the terms of the Plan, the Option shall vest and be exercisable [select
      one]

     

    with
      respect to 

     

    
      	 	
              (i)

            	
              one-third
                (1/3) of the shares of Common Stock covered by the Option beginning
                on the
                first anniversary of the Grant
                Date,

            

    

     

    
      	 	
              (ii)

            	
              an
                additional one-third (1/3) of the shares of Common Stock covered
                by the
                Option beginning on the second anniversary of the date of the Grant
                Date,
                and 

            

    

     

    
      	 	
              (iii)

            	
              the
                remaining one-third (1/3) of the shares of Common Stock covered by
                the
                Option beginning on the third anniversary of the Grant
                Date.

            

    

     

    other
      (specify):

    ________________________________________________________________________

    ________________________________________________________________________

    ________________________________________________________________________

    

    6.  Acceleration
      of Vesting upon Change of Control.
      (select
      one)

     

    In
      the
      event of a Change of Control, the Option shall become fully exercisable and
      vested to the full extent of the original grant.

    

    A
      Change
      of Control shall not affect the exercisability or vesting of the
      Option.

    

    7.  Termination
      of Service.
      In the
      event of the termination of the Holder’s Service, the Option shall terminate in
      full (whether or not previously exercisable) prior to the expiration of its
      term
      [select one]:

     

    
      	 	 	
              on
                the date thirty (30) days after the date of the termination of the
                Holder’s Service, unless the Holder’s Service is terminated due to the
                Holder’s:

            

    

     

    
      	 	
              (i)

            	
              death,
                in which case the Holder’s legatee(s) under the Holder’s last will or the
                Holder's personal representative or representatives may exercise
                all or
                part of the previously unexercised portion of the Option at any time
                within one year, but not beyond the expiration of its term, after
                the
                Holder's death to the extent the Holder could have exercised the
                Option
                immediately prior to the Holder’s death;

            

    

     

    
      	 	
              (ii)

            	
              Disability,
                in which case the Holder or the Holder’s personal representative may
                exercise the previously unexercised portion of the Option at any
                time
                within one year, but not beyond the expiration of its term, after
                the
                termination of the Holder’s Service to the extent the Holder could have
                exercised the Option prior to such termination; or
                

            

    

     

    
      	 	
              (iii)

            	
              Retirement,
                in which case the Holder may exercise the previously unexercised
                portion
                of the Option at any time within one year, but not beyond the expiration
                of its term, after the Holder's Retirement to the extent the Holder
                could
                have exercised the Option immediately prior to
                Retirement.

            

    

    

    other
      (specify):

    ________________________________________________________________________

    ________________________________________________________________________

    ________________________________________________________________________

    

    8.  Exercise
      of Option.
      The
      Holder may exercise all or a portion of the Option by giving written notice
      to
      the Company of exercise, specifying the number of shares of Common Stock with
      respect to which the Option is being exercised. Such notice is to be delivered
      to the Secretary of the Company and is effective as of the later of the date
      of
      its receipt by the Secretary of the Company and the date of payment of the
      exercise price with respect thereto.

     

    9.  Non-Transferability
      of Option.
      The
      Option shall not be transferable by the Holder except to the extent permitted
      under the Plan.

     

    10.  No
      Rights as a Stockholder.
      The
      Holder shall not have any rights or privileges of a stockholder with respect
      to
      any shares of Common Stock by virtue of the Option until the date of issuance
      by
      the Corporation of a certificate for such shares pursuant to the exercise of
      the
      Option.

     

    11.  Holder
      Bound by the Plan.
      The
      Holder hereby acknowledges receipt of a copy of the Plan and agrees to be bound
      by all the terms and provisions thereof. A determination of the Committee as
      to
      any questions which may arise with respect to the interpretation of the
      provisions of this Agreement and of the Plan shall be final. The Committee
      may
      authorize and establish such rules, regulations and revisions thereof not
      inconsistent with the provisions of the Plan, as it may deem
      advisable.

     

    12.  Modification
      of Agreement.
      This
      Agreement may be modified, amended, suspended or terminated, and any terms
      or
      conditions may be waived, but only by a written instrument executed by the
      parties hereto.

     

    13.  Severability.
      Each
      provision of this Agreement is intended to be severable. Should any provision
      of
      this Agreement be held by a court of competent jurisdiction to be unenforceable
      or invalid for any reason, the remaining provisions of this Agreement shall
      not
      be affected by such holding and shall continue in full force in accordance
      with
      their terms.

     

    14.  Governing Law;
      Jurisdiction.
      This
      Agreement shall be governed and construed in accordance with the laws of the
      State of North Carolina, without regard to the principles of conflicts of law,
      except to the extent governed by federal law. Each party hereby irrevocably
      submits to the jurisdiction of the state and federal courts sitting in Catawba
      County, State of North Carolina, for the adjudication of any dispute
      hereunder.

     

    15.  Successors in Interest.
      This
      Agreement shall inure to the benefit of and be binding upon any successor to
      the
      Corporation. This Agreement shall inure to the benefit of the Holder’s legal
      representatives. All obligations imposed upon the Holder and all rights granted
      to the Corporation under this Agreement shall be final, binding and conclusive
      upon the Holder’s heirs, executors, administrators and successors.

     

    IN
      WITNESS WHEREOF,
      this
      Agreement has been executed by the Corporation and the Holder effective as
      of
      the date and year first written above.

    

    
      	
              AIR
                T, INC.

               

            
	 
	
              By:
                __________________________________

            
	
              Title:_________________________________

            
	 
	 
	
              __________________________________

            
	
              [Holder]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}]]