Document:

exhibit10_1.htm

    
      

      

    

     

    
      

      

    

    
       

      

      

      For
Immediate Release

      

      

      U.S.
ENERGY CORP. ANNOUNCES KOBEX TERMINATES EXPLORATION, OPERATING AND MINE
DEVELOPMENT AGREEMENT AT “LUCKY JACK” MOLYBDENUM PROJECT

      

      RIVERTON, Wyoming – March 31, 2008
– U.S. Energy Corp. (NASDAQ Capital Market:  “USEG”) announced
today that its partner, Kobex Resources Ltd. (Kobex) (TSX-V: KBX) has terminated
its agreement with U.S. Energy Corp. in relation to the Lucky Jack molybdenum
Project in Gunnison County, Colorado.

      

      Kobex
reported that its decision was made reluctantly since the Lucky Jack (Mt.
Emmons) molybdenite property is still considered to be one of the best
undeveloped primary molybdenum deposits in the world. However, their concerns
with the regulatory and legal uncertainties at the Federal, State, County and
Municipal levels, in their opinion were too great for them to justify the
necessary time and major pre-development expenditures that are required to
advance this property.

      

      Mark
Larsen, President of U.S. Energy Corp. stated, “While we are disappointed to see
Kobex leave the project, we are still very confident that the Lucky Jack Project
will be mined in the future.  We understand the political and
regulatory environment involves uncertainty; however, we remain undeterred in
our resolve to move this project forward.  U.S. Energy Corp. is in a
very strong cash position and we plan to continue the studies and permitting
efforts currently in progress to develop the Lucky Jack molybdenum
project.”

      

      Keith G.
Larsen, CEO of U.S. Energy Corp. stated, “Kobex’s decision to move on to other
opportunities means that U.S. Energy Corp. again owns and controls 100% of the
‘world-class’ Lucky Jack molybdenum deposit.  Kobex spent over $8
million on the project, all for the benefit of our shareholders.  This
is in addition to over $150 million reportedly spent by the previous
owners.  We are evaluating all of our options in regards to the
property, which may include bringing a much larger mining company in as a joint
venture partner.”

      

      

      * * * *
*

      
        
           

        

        
           

          
            

          

        

        
           

          
            Press
Release

            March 31,
2008

            Page 2 of
2

            

            

          

        

      

      

      About
U.S. Energy Corp.

      U.S.
Energy Corp. is a diversified natural resource company with interests in
molybdenum, oil and gas, gold, and real estate.  While the Company’s
primary emphasis is investments in the natural resources sector, it is also
broadening its business interests to include cash-flow-generating investments
driven by surging growth created by energy and mining activity in the
intermountain west region of the United States.

      

      The
Company is headquartered in Riverton, Wyoming, and its common stock is listed on
The NASDAQ Capital Market under the symbol “USEG”.

      

      

      

      

      Disclosure
Regarding Mineral Resources

      Under
SEC and Canadian Regulations;

      and
Forward-Looking Statements

      

      The
Company owns or may come to own stock in companies which are traded on foreign
exchanges, and may have agreements with some of these companies to acquire
and/or develop the Company’s mineral properties.  Examples of these
other companies are Sutter Gold Mining Inc. and Kobex Resources
Ltd.  These other companies are subject to the reporting requirements
of other jurisdictions.

      

      United
States residents are cautioned that some of the information available about our
mineral properties, which is reported by the other companies in foreign
jurisdictions, may be materially different from what the Company is permitted to
disclose in the United States.

      

      This
news release includes statements which may constitute “forward-looking”
statements, usually containing the words “believe,” “estimate,” “project,”
“expect," or similar expressions.  These statements are made pursuant
to the safe harbor provision of the Private Securities Litigation Reform Act of
1995.  Forward-looking statements inherently involve risks and
uncertainties that could cause actual results to differ materially from the
forward-looking statements.  Factors that would cause or contribute to
such differences include, but are not limited to, future trends in mineral
prices, the availability of capital, competitive factors, and other
risks.  By making these forward-looking statements, the Company
undertakes no obligation to update these statements for revision or changes
after the date of this release.

      

      For
further information on the differences between the reporting limitations of the
United States, compared to reports filed in foreign jurisdictions, and also
concerning forward-looking statements, please see the Company’s Form 10-K
(“Disclosure Regarding Forward-Looking Statements”; “Disclosure Regarding
Mineral Resources under SEC and Canadian Regulation”; and “Risk Factors”); and
similar disclosures in the Company’s Forms 10-Q.

      

      *
* * *

      

      For
further information, please contact:

      Keith
G. Larsen, CEO or Mark J. Larsen, President

      U.S.
Energy Corp. (307) 856-9271exhibit10-1.htm

    EXHIBIT 10.1

    

    URS
CORPORATION

    

    2008
Incentive Compensation Plan Summary

    

    
      	
              I.  

            	
              Plan
      Objectives

            

    

     

    The URS
Corporation Incentive Compensation Plan (the “Plan”) is intended to provide
rewards to individuals who make a significant contribution to the financial
performance of URS Corporation and its URS, EG&G and   
Washington Divisions (collectively, the “Company”) during each fiscal year (a
“Plan Year”).  Among other things, the Plan is intended
to:

    

    
      	
              ·  

            	
              Help
      key employees to focus on achieving specific financial
      targets;

            

    

    

    
      	
              ·  

            	
              Reinforce
      teamwork;

            

    

    

    
      	
              ·  

            	
              Provide
      significant award potential for achieving outstanding performance;
      and

            

    

    

    
      	
              ·  

            	
              Enhance
      the Company’s ability to attract and retain highly talented and competent
      people.

            

    

    

    
      	
              II.  

            	
              General
      Plan Description

            

    

     

     
A.  Eligibility

     

    The Plan
provides an opportunity for employees to earn cash awards based on achievement
of Company and individual performance objectives during a Plan
Year.  Eligible participants are classified in one of two
categories:

     

    
          1.
“Designated Participants” are key employees who have the potential to
significantly impact the Company’s success; or

      

          2.
“Non-designated Participants” are employees who demonstrate outstanding
individual effort and results during the year.  Awards to this group
of employees are paid from a discretionary bonus
pool.

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     Except
as noted herein, to be eligible to receive an award under the Plan, participants
must be employed by the Company at the end of the Plan Year.  However,
if the employment of a Designated Participant is terminated prior to the end of
a Plan Year due to death, permanent disability or retirement, other than the
retirement of a Covered Employee (as defined in the Plan), the Designated
Participant (or their heirs in the case of death) will be eligible to receive a
pro-rata award based on the time the Designated Participant was employed by the
Company and the performance objectives achieved.  If a Designated
Participant’s employment is terminated for any other reason prior to the end of
a Plan Year (whether voluntary or involuntary), the Designated Participant will
not receive an award.  New hires (employees who join the Company
during the Plan Year) who are identified as Designated Participants must have at
least three months of service and be employed by the Company at the end of a
Plan Year to be eligible to receive a pro-rata award based on the time the
Designated Participant was employed by the Company and the performance
objectives achieved.  Notwithstanding the foregoing, the terms of a
Designated Participant’s employment agreement will supersede the terms and
conditions of the Plan.

    

    
       
B.  Performance
Objectives

    

     

    Each Plan
Year, the Compensation Committee of the Board of Directors (the “Committee”)
establishes, or authorizes the establishment within specified parameters of,
specific performance objectives for the Company and for Designated Participants,
including weightings of the performance objectives, by the business unit or
units in which the Designated Participant is expected to have the most direct
impact.  The performance objectives may be based on any one, all or a
combination of the following (each as defined in the Plan) and additional
objectives as set forth in the 1999 Equity Incentive Plan:

    

    1.           Net
Income;

     

    2.           Contribution;

     

    3.           Average
Day Sales Outstanding (“DSO”);

     

    4.           Revenues;
and/or

     

    5.           New
Sales.

     

    In
addition, the Committee has the discretion to adjust the performance objectives
by including or excluding the following events and other similar events that may
occur during a Plan Year and that are objectively determinable and unrelated to
the achievement of the performance objectives:

    

      

      
        	
                 
      

              	
                1.

              	
                Effects
      of changes in U.S. tax laws, generally accepted accounting principles or
      other laws or provisions affecting the Company’s reported financial
      results;

              

      

      

      
        	
                 
      

              	
                2.

              	
                Extraordinary
      non-recurring items as described in Accounting Principles Board Opinion
      No. 30 and/or in Management’s Discussion and Analysis of Financial
      Condition and Results of Operations appearing in the Company’s annual
      report to stockholders for a Plan Year;
and

              

      

      

      
        	
                 
      

              	
                3.

              	
                Effects
      of changes in capital structure, such as equity issues, debt offerings and
      capital restructures.

              

      

    

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	
               

              C.  

            	
               

              Target
      Bonus Pool

            

    

     

    Each Plan
Year, the Committee identifies a target bonus pool as part of the Company’s
financial planning process.  The target bonus pool is the sum of all
anticipated awards for Designated Participants and Non-designated
Participants.  The actual bonus pool may vary from the target bonus
pool depending on the Company’s actual performance against the performance
objectives established for a Plan Year.

     

    
      	
              D.  

            	
              Target
      Bonus Percentage

            

    

     

    Each Plan
Year, the Committee assigns to, or authorizes the assignment to, each Designated
Participant, of a target bonus percentage, expressed as a percentage of salary,
based on his or her anticipated contributions to the Company.

    

    
      	
              III.  

            	
              2008
      Plan Year

            

    

     

    
      	
              A.  

            	
              Performance
      Objectives

            

    

     

    For the
2008 Plan Year, the Committee established as a prerequisite to all bonus
payments under the Plan that URS Corporation meets a minimum Net Income
threshold.  In addition, the Committee established, or authorized the
establishment of, primary business unit performance objectives and individual
performance objectives for Designated Participants by the business unit where
the Designated Participant is expected to have the most direct impact as
follows:

     

     

    
      	
              Business Unit

            	
              Performance Objectives

            
	
              URS
      Corporation

            	
              Net
      Income

            
	
              URS
      Division

            	
              URS
      Division Profit Contribution

            
	
              EG&G
      Division

            	
              EG&G
      Division Profit Contribution

            
	
              Washington
      Division

            	
              Washington
      Division Profit Contribution

            

    

    

    In
addition, for Designated Participants in the URS, EG&G and Washington
Divisions, the Committee established, or authorized the establishment of,
various secondary individual performance objectives consisting of DSO, Working
Capital DSO, Safety Record, Revenues, New Sales, New Sales Profitability as well
as other objectives, and established, or authorized the establishment of,
relative weighting to be allocated among all such performance
objectives.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    
      	
              B.  

            	
              Target
      Bonus Pool

            

    

     

    For the
2008 Plan Year, the Committee established a target bonus pool which will be
funded based on achievement of the Company and Division performance objectives
as follows:

    

    
      	
              Performance Results

            	
              2008 Award Pool Funding

            
	
              For
      URS Corporation, URS Division and EG&G Division:

            	 
      
	
              110%
      of Performance Objective, or 115% or 120% of Performance Objective
      depending on the specific Performance Objective and Designated
      Participant

            	
               

              200%

               

            
	
              100%
      of Performance Objective

            	
              100%

            
	
              90%
      of Performance Objective

            	
              0%

            
	
              For
      Washington Division:

            	 
      
	
              110%
      of Performance Objective

            	
              150%

            
	
              100%
      of Performance Objective

            	
              100%

            
	
              90%
      of Performance Objective

            	
              75%

            
	
              70%
      of Performance Objective

            	
              25%

            
	
              Below
      70%

            	
              0%

            

    

     

    
      	
            	
                    
      C.  

            	
              Target
      Bonus Percentage

            

    

     

    For the
2008 Plan Year, the Committee has established the following target bonus
percentages for the Company’s executive officers:

     

    
      	
              Name

            	
              2008 Target Bonus Percentage

              (as
      a percentage of base salary)

            
	
              Martin
      M. Koffel

            	
              125%

            
	
              H.
      Thomas Hicks

            	
              100%

            
	
              Thomas
      W. Bishop

            	
              70%

            
	
              Reed
      N. Brimhall

            	
              60%

            
	
              Gary
      V. Jandegian

            	
              100%

            
	
              Joseph
      Masters

            	
              70%

            
	
              Randall
      A. Wotring

            	
              100%

            
	
              Susan
      B. Kilgannon

            	
              45%

            
	
              Thomas
      Zarges

            	
              100%

            

    

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    
      	
              IV.  

            	
              Determination
      of Awards

            

    

     
Awards to Designated Participants will be dependent upon satisfying one or more
of the following criteria: (1) the Company achieving its Net Income threshold;
(2) the Division achieving its minimum contribution threshold; and (3) the
Designated Participant achieving his/her individual performance goal(s). A
Designated Participant’s award will be calculated based on the percent of
his/her performance goal(s) achieved, multiplied by his/her target bonus
percentage and by his/her base salary earned during the Plan
Year.  Determinations of awards to Non-designated Participants (from
the discretionary pool) will be made by the CEO at the end of a Plan
Year.

    

    
      	
              V.  

            	
              Other
      Plan Provisions

            

    

     

    
      	
              A.  

            	
              Payment
      of Awards

            

    

     

    Assessment of actual performance and
payout of awards will be subject to completion of the Company’s fiscal year-end
independent audit and certification by the Committee that the applicable
performance objectives and other material terms of the Plan have been
met.

    

    The actual award earned will be paid to
Designated Participants (or the Designated Participant’s heirs in the case of
death) in cash within 30 days following completion of both the independent audit
and the above-referenced certification by the Committee.  Payroll and
other taxes will be withheld as required by law.

    

    
      	
              B.  

            	
              Plan
      Accrual

            

    

     

    Estimated payouts for the Plan will
accrue monthly during each Plan Year.  At the end of each fiscal
quarter, the estimated actual awards for the Plan Year will be evaluated based
on actual performance to date and the monthly accrual rate will be adjusted so
that the cost of the Plan is fully accrued at Plan
Year-end.   Accrual of estimated payouts does not imply vesting
of any individual awards to Designated Participants.

    

    
      	
              C.  

            	
              Administration

            

    

     

    The Plan
will be administered by the Committee and the CEO.  The Committee may,
without notice, amend, suspend or revoke the Plan at any time.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    
      	
              D.  

            	
              Assignment
      of Employee Rights

            

    

     

    No employee has a claim or right to be
a participant, to continue as a participant or to be granted an award under the
Plan.  Participation in the Plan does not give an employee the right
to be retained in the employment of the Company or its affiliates, nor does it
imply or confer any other employment rights.

    

    Nothing contained in the Plan shall be
construed to create a contract of employment with any
participant.  The Company and its affiliates reserve the right to
elect any person to its offices and to remove any employees in any manner and
upon any basis permitted by law.

    

    Nothing
contained in the Plan shall be deemed to require the Company or its affiliates
to deposit, invest or set aside amounts for the payment of any
awards.  Participation in the Plan does not give a participant any
ownership, security or other rights in any assets of the Company or any of its
affiliates.

    

    
      	
              E.  

            	
              Validity

            

    

     

    In the event that any provision of the
Plan is held invalid, void or unenforceable, such provision shall not affect, in
any respect, the validity of any other provision of the Plan.

    

    
      	
              F.  

            	
              Governing
      Law

            

    

     

    The Plan will be governed by, and
construed in accordance with, the laws of the State of California.

    

    
      
        
           

        

         

      

      
        6

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