Document:

Exhibit 10.7

 

CONTINUITY AGREEMENT

 

THIS CONTINUITY AGREEMENT
(this “Agreement”) is made and entered into as of [_______], 2021 (the “Effective Date”) by and
among [_______________] (the “Professional Company”), [____________], an individual licensed to practice medicine (“Owner”),
and EBS Enterprises, LLC, a Delaware limited liability company (the “Management Company”, and, together with the Professional
Company and Owner, the “Parties”).

 

RECITALS

 

A.       Owner
owns and holds one hundred percent (100%) (the “Subject Interests”) of the issued and outstanding membership interests
and any other equity interests of the Professional Company (“Equity Interests”), and the Professional Company and Owner
desire to enter into this Agreement to provide for continuity in the ownership and operation of the Professional Company and patient care
in conformity with applicable legal requirements, for the benefit of Owner, the Professional Company and its providers, patients, employees
and other constituents.

 

B.       To
facilitate such continuity, Owner and the Professional Company each desires that the Management Company assist the Professional Company
and Owner as contemplated herein, as part of the administrative, business, management and back-office services provided by the Management
Company under that certain Management Services Agreement, of even date herewith (as such may be amended, supplemented or restated from
time to time, the “Management Services Agreement”), between the Professional Company and the Management Company, and
the Management Company is willing to so assist the Professional Company on the terms and conditions set forth herein.

 

NOW, THEREFORE, in
consideration of the foregoing, and of the mutual covenants and agreements contained herein, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, agree as follows:

 

1.          Mutual
Covenants Regarding Interests.

 

(a)         Interests.
Owner represents and warrants to the other Parties that: (a) he or she owns all of the Subject Interests beneficially and of record, free
and clear of all liens, security interests, pledges, mortgages, restrictions on transfer, rights of first refusal, voting trusts or agreements
and other encumbrances (“Liens and Encumbrances”), other than under this Agreement and any restrictions on transfer
under applicable state and federal laws; (b) the Subject Interests represent one hundred percent (100%) of the issued and outstanding
Equity Interests of the Professional Company; (c) the Professional Company is a professional limited liability company, duly organized,
validly existing and in good standing under the laws of the State of [___________] (the “State”); and (d) Owner and
the Professional Company each has full and unrestricted right, power, legal capacity and authority to execute, deliver and perform under
this Agreement and to sell, transfer, assign and deliver the Subject Interests as provided herein.

 

(b)         Restrictions
on Transfer. Except as provided in this Agreement or a Transfer to the Professional Company upon the occurrence of a Succession
Event (as defined below), Owner agrees that he or she shall not transfer, alienate, sell, assign, pledge or otherwise dispose of or
encumber (collectively, “Transfer”) all or any part of the Subject Interests or any economic interest therein,
whether voluntarily or involuntary, whether for or without consideration (nor agree to do any of the foregoing). Upon the occurrence
of a Succession Event (as defined below), Owner (or, as applicable, his or her Successor(s)) will hold the Subject Interests in
trust for the benefit of the Successor-Owner (as defined below). Owner acknowledges and agrees that the restrictions on Transfer set
forth in this Agreement are imposed to accomplish legitimate purposes of Owner and the Professional Company, and that such
restrictions are not more restrictive than necessary to accomplish such purposes. The Professional Company and Owner shall not
amend, supplement or restate the Professional Company’s articles of organization or incorporation, bylaws or operating
agreement or other governing or organizational documents, as applicable, in any manner that would conflict with the provisions of
this Agreement and the restrictions on Transfer and other Transfer provisions herein.

 

    

     

    

 

(c)       Prohibited
Transfers. Any purported or attempted Transfer of any Subject Interests other than as provided in this Agreement (a “Prohibited
Transfer”) shall be invalid and void ab initio as a Transfer of such Subject Interests and the Professional Company
shall not permit such Transfer or recognize on its books or records such Transfer; provided, however, that if the Professional
Company is required by law to recognize any Prohibited Transfer, the transferee shall be a mere holder of such Transferred Subject Interests,
and shall be subject to the provisions of this Agreement, and shall not have the right to vote or exercise any other rights of a member
of the Professional Company except as required by applicable law, and any distributions with respect to such transferable Subject Interests
may be applied (without limiting any other legal or equitable rights of the Professional Company or other equityholders of the Professional
Company) towards the satisfaction of any debts, obligations, or liabilities for damages that the transferor or transferee of such rights
may have to the Professional Company or other owners or equityholders of the Professional Company. If Owner engages or attempts to engage
in a Prohibited Transfer, he or she or it shall indemnify and hold harmless the Professional Company, any other owners or equityholders
of the Professional Company and the Management Company and its affiliates from all cost, liability and damage that any of such indemnified
Persons may incur (including, without limitation, reasonable attorneys' fees) as a result of such Prohibited Transfer or attempted Prohibited
Transfer and the enforcement of this indemnity.

 

(d)       Restrictions
on Issuance. Except as provided in this Agreement, the Professional Company agrees that it will not issue, sell or deliver any Interests,
or any options, warrants, rights or other securities exercisable for, convertible into or exchangeable for any Interests or other equity
interests of the Professional Company, nor merge or consolidate with any other Person, or agree to do any of the foregoing. Any issuance
or purported issuance made in violation or breach of any provision of this Agreement is void ab initio, and the Professional Company
shall not recognize on its books or records any issuance that violates any provision of this Agreement.

 

(e)       Maintaining
Existence. Owner will use commercially reasonable efforts to cause the Professional Company to be maintained in existence and in good
standing as a professional limited liability company under the laws of the State and qualified to do business in each other state or other
jurisdiction in which the Professional Company conducts business, and Owner and the Professional Company each will use his, her or its
commercially reasonable efforts to maintain and preserve the business and goodwill of the Professional Company.

 

(f)        Legend. Owner
and the Professional Company each acknowledge that the certificates, if any, representing the Subject Interests, if applicable, shall
contain a legend referencing the restrictions on the Transfer of such Subject Interests imposed by this Agreement, in addition to any
other legend required by applicable law. All the Subject Interests shall be held subject to the provisions of this Agreement regardless
of whether the Subject Interests are certificated or not, and whether any such certificate bears such legend, a similar legend or no legend
at all. Such legend shall be substantially in the form of following:

 

THE MEMBERSHIP
INTEREST REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER IMPOSED BY APPLICABLE STATE AND FEDERAL LAW
AND BY THE TERMS OF A CONTINUITY AGREEMENT (A COPY OF WHICH IS ON FILE WITH THE COMPANY AND AVAILABLE WITHOUT CHARGE), AND NO
TRANSFER OF THE MEMBERSHIP INTEREST REPRESENTED HEREBY OR OF ANY INTERESTS ISSUED IN EXCHANGE THEREFOR SHALL BE VALID OR EFFECTIVE
UNTIL THE TERMS AND CONDITIONS OF SUCH LAWS AND SUCH AGREEMENT SHALL HAVE BEEN FULFILLED IN THE JUDGMENT OF THE COMPANY.

 

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2.        Additional
Equityholder.

 

(a)       The
Professional Company and Owner desire to add an additional equityholder of the Professional Company who could share the duties and responsibilities
associated with being an equityholder of the Professional Company and in order to facilitate the continuity of the Professional Company
and its operations and patient care. The Management Company agrees that, during the term and subject to the terms and conditions of the
Management Services Agreement, the Management Company will reasonably assist the Professional Company in identifying an individual who
is licensed to practice medicine in the State or otherwise eligible to be an equityholder of the Professional Company and who is willing
to become an equityholder of the Professional Company (such individual, the “Additional Equityholder”). Such individual
would become an equityholder of the Professional Company by executing and delivering each of (i) a Subscription Agreement with Practice
Entity in substantially the form and substance of Exhibit A hereto (the “Subscription Agreement”),
whereby he or she shall subscribe to purchase Equity Interests of the Practice Entity on the terms and conditions therein, (ii) a Continuity
Agreement in substantially the form and substance of this Agreement (the “Additional Owner Continuity Agreement”),
(iii) a written joinder to the Operating Agreement (as defined below) (the “Joinder”), whereby such Additional Equityholder
shall become bound by and a party to such Operating Agreement as a “member” thereunder on the same basis and subject to the
same terms and conditions as Owner, and (iii) remitting to the Professional Company a total purchase price of One Hundred Dollars ($100.00).

 

(b)       If
the Management Company notifies the Professional Company of an individual who is licensed to practice medicine in the State or otherwise
eligible to be an equityholder of the Professional Company and who is willing to become an equityholder of the Professional Company, the
Professional Company will (immediately upon the execution and delivery by such individual of the Subscription Agreement, the Joinder,
the Additional Owner Continuity Agreement, and payment by or on behalf of such individual of the One Hundred Dollar ($100.00) purchase
price under the Subscription Agreement) issue to such individual unrestricted units representing a membership interest of the Professional
Company of the same class, series and amount as the units of membership interest held by Owner, and such individual will be immediately
appointed to the board of managers of the Professional Company and, if requested by such individual, as a Vice President of Professional
Company with all rights and authority associated therewith.

 

3.       Successor-Owner.
The Professional Company and Owner desire that, upon the occurrence of a Succession Event, in order to facilitate the continuity of the
Professional Company and its operations and patient care, all of the Subject Interests of Owner would be transferred to a Successor-Owner
who could take on duties and responsibilities attendant to being a member of the Professional Company. The Parties agree that, during
the term of the Management Services Agreement, the Management Company will use commercially reasonable efforts to identify, on behalf
of Owner and the Professional Company, an individual person who is licensed to practice medicine or otherwise eligible to hold the Subject
Interests under applicable law and is willing to become a member of the Professional Company and accept ownership of the Subject Interests
upon the occurrence of a Succession Event (such person, the “Successor-Owner”).

 

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4.          Transfer
of Interests in Certain Events. The Professional Company and Owner each desires to provide for an orderly Transfer of the Subject
Interests in the event that certain events occur that could jeopardize the continuation of the Professional Company and its practice.
Accordingly, the Parties agree to the following:

 

(a)         Automatic
Succession Events. All of the Subject Interests held by Owner shall be deemed to have been transferred to the Successor-Owner, without
further action by Owner or the Professional Company, automatically and immediately upon the occurrence of an Automatic Succession Event;
provided, however, that until the Successor-Owner shall have been identified pursuant to Section 3, Owner shall continue
to hold such Subject Interests in trust for the benefit of the Successor-Owner. For purposes of this Agreement, “Automatic Succession
Event” means, with respect to Owner, any of the following:

 

(i)       Owner’s
death;

 

(ii)       Owner
becoming disqualified under the laws of the State or other applicable law or the governing or organizational documents of the Professional
Company to be a member or shareholder, as applicable, of the Professional Company;

 

(iii)       termination
of Owner’s employment or engagement with the Professional Company or the Management Company, whether voluntary or involuntary;

 

(iv)       Owner’s
license to practice medicine in the State is revoked, terminated, cancelled or relinquished for any reason;

 

(v)       Owner
becoming excluded, debarred, terminated or suspended from participation in Medicare, Medicaid, Medicaid waiver, CHIP, TRICARE or any other
federal health care program or Owner commits an offense or engages in conduct for which such Owner is required to be excluded, debarred,
terminated or suspended from participation in Medicare, Medicaid, Medicaid waiver, CHIP, TRICARE or any other federal health care program;

 

(vi)       the
filing of a petition under the bankruptcy laws of the United States or any state with respect to Owner, an assignment by such Owner for
the benefit of creditors, or a receiver or trustee of such Owner’s rights or interests becoming appointed pursuant to any judicial
proceeding;

 

(vii)       Owner’s
commission of, becoming indicted or arraigned for, convicted of, or pleading guilty or no contest to, any felony or any misdemeanor offense
involving moral turpitude;

 

(viii)       the
assertion or filing by or on behalf of Owner of any petition, pleading, notice, document or statement causing or intended or reasonably
expected to cause a judicial, administrative, voluntary or involuntary dissolution of the Professional Company, or a challenge or judicial,
arbitral, administrative or other review or challenge to the enforceability, validity or legality of this Agreement, the Management Services
Agreement or any credit and security agreement, license agreement or any other ancillary agreement related thereto, or any of the arrangements
or agreements contemplated herein or therein, or any portion thereof;

 

(ix)       Owner
becoming adjudicated incompetent by any court of competent jurisdiction;

 

(x)       any
order being entered, or any settlement being reached, in any proceedings regarding the division of Owner’s property pursuant
to a divorce or separate maintenance action, that awards or purports to award any ownership of or interest in any of Subject
Interests owned or held by Owner to any Person; and/or

 

(xi)       any
Transfer or attempted or purported Transfer of the Subject Interests or any portion thereof by Owner, or any other Person, to any Person,
whether voluntarily or involuntarily, by operation of law or in connection with a bankruptcy, insolvency or foreclosure proceeding, divorce
or marital dissolution or otherwise.

 

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(b)        Additional
Succession Events. All of the Subject Interests held by Owner shall be deemed to have been transferred to the Successor-Owner without
further action by Owner or the Professional Company, automatically and immediately upon the occurrence of both (x) any of the following
events (each an “Additional Succession Event” and, together with the Automatic Succession Events, the “Succession
Events”), and (y) designation of the Successor-Owner on behalf of the Professional Company pursuant to Section 3:

 

(i)       Owner’s
breach of any provision of this Agreement;

 

(ii)       Owner’s
commission of, becoming indicted or arraigned for, convicted of, or pleading guilty or no contest to, any criminal offense (other than
minor traffic offenses or, as addressed in subsection (a) above, any felony or any misdemeanor offense involving moral turpitude);

 

(iii)       Owner’s
gross negligence, willful misconduct, fraud, misappropriation, embezzlement or theft with respect to the Professional Company or the Management
Company or its affiliates, or Owner’s conduct, action, communication, harassment, discrimination or failure to act that is injurious,
disruptive or detrimental to the Professional Company or its practice or operations or the provision of services to the Professional Company
under the Management Services Agreement;

 

(iv)       Owner’s
license to practice medicine in the State or any other jurisdiction being suspended, limited or placed on probationary status for any
reason, or Owner’s license to practice medicine in any jurisdiction other than the State is revoked, terminated, cancelled or relinquished
for any reason;

 

(v)       Owner’s
disability or incapacity; and/or

 

(vi)       breach
by the Professional Company of the Management Services Agreement or termination of the Management Services Agreement.

 

(c)       Notice
of Succession Event. If any Succession Event described in this Section 3 shall occur, Owner (or, as applicable, his or her
Successor), shall promptly give written notice of such Succession Event to the Professional Company and the Management Company, including,
in reasonable detail, the circumstances of such Succession Event.

 

(d)       Effectuation
of Transfer; Delivery of any Certificates.

 

(i)       Notwithstanding
anything to the contrary herein, upon the occurrence of an Automatic Succession Event, or an Additional Succession Event and
designation of the Successor-Owner pursuant to Section 3, (A) all of the Subject Interests held by Owner will be
automatically and immediately transferred, or deemed to be transferred, to the Successor-Owner (and, with respect to an Automatic
Succession Event, held in trust for the benefit of the Successor-Owner until the Successor-Owner shall have been designated pursuant
to Section 3); (B) upon such transfer, the Owner shall immediately resign, and shall hereby be deemed to have immediately
resigned as a director, manager and officer, as applicable, of the Professional Company; and (C) Owner, and any purported transferee
of such Subject Interests (other than the Successor-Owner), will no longer have any rights as a holder of such Subject Interests and
will not have and may not exercise any voting, economic or other rights or interests in the Professional Company or such Subject
Interests (other than the right to receive payment of the Purchase Price, as defined below, in accordance with this Agreement). The
Successor-Owner shall have from and after such transfer all ownership and voting rights as to such Subject Interests in accordance
with this Agreement, irrespective of whether or not the Successor-Owner receives any certificate for such Subject Interests or
assignment documentation and/or the Owner (or his or her Successor, as applicable) receives payment of the Purchase Price (as
defined below) for such Subject Interests, or any other act or matter.

 

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(ii)        Upon
such transfer of the Subject Interests to the Successor-Owner, and the execution and delivery by such individual of a continuity agreement,
and, if applicable, a consent and acknowledgement of spouse, in form and substance substantially similar to this Agreement and the attached
Spousal Consent, such individual will be immediately appointed to the board of managers of the Professional Company and as an officer
of the Professional Company with all rights and authority associated therewith.

 

(iii)       Owner,
on his or her own behalf and on behalf of his or her Successor(s), hereby agrees promptly to take such steps and execute and deliver an
assignment agreement and such other documents, representations and warranties and stock powers as the Successor-Owner or, as attorney-in-fact,
the Management Company may reasonably request to effect any transfer or closing thereof contemplated by this Agreement. Upon the transfer
or at the closing thereof as contemplated in this Agreement, Owner (or, as applicable, his or her Successor(s)) shall promptly deliver
or cause to be delivered to the Successor-Owner all certificates (if any) representing the Subject Interests, with each certificate endorsed
in blank for transfer.

 

(e)       Purchase
Price. The purchase price for all of the Subject Interests of Owner if and when transferred to the Successor-Owner hereunder (the
 “Purchase Price”) shall be a total of One Hundred Dollars ($100). Payment of the Purchase Price shall be made by the
Successor-Owner to Owner (or, as applicable, his or her Successor), within thirty (30) days following the transfer of such Subject Interests
to the Successor-Owner. Owner’s (or, as applicable, his or her Successor’s) only remedy for the failure of the Successor-Owner
to pay the Purchase Price for such Subject Interests shall be money damages, and in no way shall such failure jeopardize the temporary
or permanent transfer of any rights as to the Subject Interests.

 

(f)       Attorney-in-Fact.
To facilitate the transfers contemplated in this Agreement, the Professional Company and Owner, on behalf of such Party and its or his
or her successors, estate and assigns, hereby appoints the Management Company as such Party’s and its or his or her successors’,
estate’s and assigns’ attorney-in-fact with full power and authority to do all things necessary to effectuate any transfers
to the Successor-Owner under this Agreement, which shall survive Owner’s death, disability or incapacity.

 

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(g)        Acknowledgment.
Each of the Professional Company and Owner acknowledge and agree that:

 

(i)       the
Management Company is serving as attorney-in-fact and providing assistance and services under this Agreement at the request of the Professional
Company and

 

Owner and for the limited purpose set
forth herein in furtherance of the administrative and business support services provided by the Management Company under the Management
Services Agreement;

 

(ii)       the
Professional Company, Owner and the Professional Company’s providers are solely in control of the medical practice owned and operated
by the Professional Company and are solely responsible for the practice of medicine therein;

 

(iii)       nothing
in this Agreement is intended, nor shall be construed, to permit the Management Company to practice medicine, control the Professional
Company or its medical practice or interfere with or control the independent professional judgement of Owner or any other physicians or
healthcare professional, or take any action that is prohibited by applicable law;

 

(iv)       the
non-clinical administrative, management, business and back-office support services provided by the Management Company under the Management
Services Agreement allow the Professional Company, Owner and the Professional Company’s physicians to focus more fully on the practice
of medicine and provision of medical services to patients, such non-clinical services are integral to the Professional Company’s
business operations, and the disruption of or interference with such non-clinical services by or on behalf of Owner would be harmful to
the Professional Company and its patients; and

 

(v)       the
transfer of the Subject Interests from Owner to a Successor-Owner following the occurrence of a Succession Event in accordance with this
Agreement would provide continuity in the Professional Company’s operations and patient care and would not unreasonably disrupt
the Professional Company’s relationship with or ability to safely, effectively and efficiently treat its patients and bill for services
rendered and products provided (it being specifically agreed that any such disruption is outweighed by the benefits to the Professional
Company and its medical practice, providers and patients of such transfer of the Subject Interests to a Successor-Owner).

 

5.       Consent
of Spouse. If Owner is married on the date of this Agreement, then Owner’s spouse shall concurrently herewith execute and
deliver a Consent and Acknowledgment of Spouse (“Spousal Consent”) in substantially the form and substance of Exhibit
B to this Agreement, to acknowledge that the spouse’s community property interest, if any, in the Subject Interests of Owner
is subject to this Agreement. If Owner marries or remarries subsequent to the date of this Agreement, then within thirty (30) days thereafter
such new spouse shall make such acknowledgement by executing and delivering a Spousal Consent. This Agreement shall not be deemed to confer
or convey to any such spouse any rights in any of the Subject Interests that do not otherwise exist by operation of law.

 

6.       After
Acquired Interests. Upon any dividend, distribution, split or reverse split, recapitalization, reorganization, business combination
or other change affecting the Professional Company’s outstanding Equity Interests pursuant to which any new, substituted or additional
Interests or other equity interests are issued to Owner by reason of any such event or transaction, or any other issuance or transfer
of Subject Interests or other Equity Interests or equity interests of the Professional Company to Owner, such Interests or other equity
interests shall be automatically and immediately deemed subject to this Agreement and included within the definition of the “Subject
Interests” of Owner for purposes of this Agreement.

 

7.       Term.
The term of this Agreement shall commence as of the date hereof and shall terminate upon the occurrence of any of the following
events: (i) written agreement to terminate this Agreement signed by or on behalf of each Party; (ii) the twenty-one (21) year
anniversary of the death of Owner; or (iii) with respect to the Management Company, upon at least thirty (30) days prior written
notice of such termination to the Professional Company.

 

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8.       No
Payment for Referrals; No Partnership. The Purchase Price to be paid to Owner hereunder represents the Parties’ negotiated
agreement as to the fair market value of the Subject Interests and is not in any way related to or dependent upon referrals by, between
or among any person. The relationship created by this Agreement is not intended to be, shall not be deemed to be, and shall not be treated
as a partnership or joint venture among or between the Parties.

 

9.       Miscellaneous.

 

(a)       Notices.
All notices and other communications required or permitted under this Agreement (i) must be in writing, (ii) will be duly given (A) when
delivered personally to the recipient or sent to the recipient by facsimile (with delivery confirmation retained) or (B) one (1) Business
Day after being sent to the recipient by nationally recognized overnight private carrier (charges prepaid) and (iii) addressed as follows
(as applicable):

 

	If to the Professional Company:	If to the Management Company:
	
    [____________]

    [____________]

    [____________]

    Attn: [_______________]

     
	
    EBS Enterprises, LLC

    436 N. Bedford Drive, Suite 304

    Beverly Hills, CA 90210

    Attn: [_______________]

     

 

or to such other respective address as each Party
may designate by notice given in accordance with this Section 9(a).

 

(b)       Entire
Agreement. This Agreement (together with Management Services Agreement) constitutes the complete agreement and understanding among
the Parties regarding the subject matter of this Agreement and supersedes any prior understandings, agreements or representations regarding
the subject matter of this Agreement.

 

(c)       Amendments.
The Parties may amend this Agreement only pursuant to a written agreement executed by the Parties.

 

(d)       Non-Waiver.
The Parties’ respective rights and remedies under this Agreement are cumulative and not alternative. Neither the failure nor any
delay by any Party in exercising any right, power or privilege under this Agreement will operate as a waiver of such right, power or privilege,
and no single or partial exercise of any such right, power or privilege will preclude any other or further exercise of such right, power
or privilege or the exercise of any other right, power or privilege. No waiver will be effective unless it is in writing and signed by
an authorized representative of the waiving Party. No waiver given will be applicable except in the specific instance for which it was
given. No notice to or demand on a Party will constitute a waiver of any obligation of such Party or the right of the Party giving such
notice or demand to take further action without notice or demand as provided in this Agreement.

 

(e)       Assignment.
The Parties may not assign this Agreement or any rights under this Agreement, or delegate any duties under this Agreement, without
the prior written consent of the Management Company and the Professional Company; provided, however, that the
Management Company may freely assign this Agreement or any rights under this Agreement, or delegate any duties under this Agreement
without the Professional Company’s and Owner’s consent (i) to any affiliate or subsidiary of the Management Company,
(ii) as a collateral assignment to the Management Company’s lenders or (iii) to any Person (A) into which the Management
Company merges or consolidates, (B) acquiring all or substantially all of the Management Company’s assets, or (C) acquiring
control of the Management Company by equity, stock or membership interest purchase.

 

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(f)       Binding
Effect; Benefit. This Agreement will inure to the benefit of and bind the Parties and their respective successors and permitted assigns.
Nothing in this Agreement, express or implied, may be construed to give any Person other than the Parties and their respective successors
and permitted assigns any right, remedy, claim, obligation, or liability arising from or related to this Agreement. This Agreement and
all of its provisions and conditions are for the sole and exclusive benefit of the Parties and their respective successors and permitted
assigns.

 

(g)       Severability.
If any court of competent jurisdiction holds any provision of this Agreement invalid or unenforceable, then the other provisions of this
Agreement will remain in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part or degree will
remain in full force and effect to the extent not held invalid or unenforceable.

 

(h)       Changes
in Law. If there is a change in any applicable law or the interpretation or application thereof, or the adoption, enactment, promulgation,
issuance, rendering or interpretation or application of any new applicable law, any of which adversely affects or are reasonably likely
to adversely affect the manner in which either Party may perform or which makes or will make this Agreement or the arrangements hereunder
unlawful or illegal, or if any Party provides in good faith to the other Parties a written opinion from legal counsel experienced in construing
contracts such as this Agreement that any provision of this Agreement violates or could reasonably be determined to violate such laws,
then the Management Company will propose a written amendment to or restatement of this Agreement or a new service arrangement pursuant
to this Agreement, the purpose and substance of which will be modification of only such provision or provisions so that this Agreement,
as modified, complies with the applicable law, interpretation or application, and continues to reflect, as nearly as possible, the economic
arrangements and position of the Parties under this Agreement. If the Parties are unable to resolve the matter through good faith negotiations
within sixty (60) days thereafter, then any Party may initiate the dispute resolution procedures set forth in Section 9(l) or the
Management Company may elect to terminate this Agreement upon prior written notice to the Professional Company.

 

(i)       References.
The headings of Sections are provided for convenience only and will not affect the construction or interpretation of this Agreement. Unless
otherwise provided, references to “Section(s)” and “Exhibit(s)” refer to the corresponding section(s) and exhibit(s)
of this Agreement. Reference to a statute refers to the statute, any amendments or successor legislation and all rules and regulations
promulgated under or implementing the statute, as in effect at the relevant time. Reference to a contract, instrument or other document
as of a given date means the contract, instrument or other document as amended, supplemented and modified from time to time through such
date.

 

(j)       Construction.
Each Party participated in the negotiation and drafting of this Agreement, assisted by such legal and tax counsel as it desired, and contributed
to its revisions. Any ambiguities with respect to any provision of this Agreement will be construed fairly as to all Parties and not in
favor of or against any Party. All pronouns and any variation thereof will be construed to refer to such gender and number as the identity
of the subject may require. The terms “include” and “including” indicate examples of a predicate word or clause
and not a limitation on that word or clause.

 

(k)       Governing
Law; Venue; Attorneys’ Fees. THIS AGREEMENT IS GOVERNED BY THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO CONFLICT
OF LAWS PRINCIPLES. Subject to the provisions of Section 9(l) hereof, all actions, suits or other proceedings with respect to
this Agreement will be brought only in a court of competent jurisdiction sitting in the State of Delaware. In any civil action,
arbitration or other proceeding brought to enforce the terms hereof, or to redress a breach of a term hereof, the more prevailing
Party will be entitled to payment from the less-prevailing Party of its reasonable attorneys’ fees and expenses in addition to
any damages or other relief to which it may become entitled.

 

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(l)       Dispute
Resolution. Except as expressly provided below in this Section 9(l), any dispute, claim or controversy between the Parties
arising out of or relating to this Agreement or any of the other agreements referenced herein or any of the arrangements contemplated
herein or therein, whether arising in contract, tort or by statute or other Law, including but not limited to controversies or claims
that arise out of or relate to this Agreement and any dispute or claim concerning the existence, validity, enforceability, interpretation,
performance, breach or termination of this Agreement or such other agreements or arrangements and all claims of arbitrability (any of
the foregoing, a “Dispute”) will, unless resolved by mutual written agreement of the Parties, be resolved exclusively
as follows:

 

(i)       Upon
the written demand of either Party, the Dispute will be submitted to mediation administered by the American Health Lawyers Association
or its successor (“AHLA”) in accordance with its rules for mediation. Representatives of the Parties with authority
to settle the Dispute will participate in the mediation. The mediator will be selected and appointed in accordance with such AHLA rules,
and the mediation will be conducted in New York, New York. Each Party may be represented by one or more attorneys or other selected representative(s)
of its choice. Each Party will bear and pay equally the fees and expenses of AHLA and the mediator associated with the mediation, and
each such Party will bear its own attorneys’ fees, costs and other expenses in connection with the mediation (except as may be otherwise
mutually agreed upon in writing).

 

(ii)       If
no amicable resolution or settlement of the Dispute is reached during the mediation process within sixty (60) days after it commences,
then upon the written demand of either Party, the Dispute will be submitted to final and binding arbitration, which will be conducted
expeditiously and completed within one hundred twenty (120) days after being submitted for arbitration. The arbitration will be governed
by the Federal Arbitration Act (9 U.S.C. §§ et seq.). Unless otherwise agreed in writing by the Parties, the arbitration
will be administered by the AHLA and conducted by a single arbitrator in accordance with the AHLA Rules of Procedure for Commercial Arbitration
then in effect. The arbitrator will be selected and appointed in accordance with such AHLA rules, and the arbitration will be conducted
in New York, New York. Each Party may be represented by one or more attorneys or other selected representative(s) of its choice. Each
Party will bear and pay equally the fees and expenses of AHLA and the arbitrator associated with the arbitration, and each such Party
will bear its own attorneys’ fees, costs and other expenses in connection with the arbitration, except as may be otherwise awarded
by the arbitrator as contemplated in Section 9(k). The arbitration award will be final and binding, and judgment on it may be entered
by any court of competent jurisdiction. If the arbitrator determines that this Agreement or any part thereof (whether this Agreement itself
or together with the other relationships between or involving the Parties) is illegal, invalid, unenforceable, void or voidable, then
the arbitrator will determine and effectuate an equitable modification of this Agreement that complies with applicable law and that approximates
as closely as possible the economic arrangements and position of the Parties hereunder.

 

(iii)       All
privileges under applicable law, including attorney-client and work-product privileges, will be preserved and protected to the
maximum extent that such privileges would be protected in a federal or state court proceeding applying Delaware law. The arbitration
proceedings and arbitration award will be maintained by the Parties as strictly confidential, except as is otherwise required by
court order or as is necessary to confirm, vacate or enforce the award and for disclosure to the respective officers, directors,
managers, employees, equityholders, attorneys, accountants, lenders, acquirers and prospective lenders and acquirers (and advisors
of the foregoing) of the Parties. The provisions of this Section 9(l) will survive expiration or other termination of this
Agreement regardless of the cause of such expiration or termination. This Section 9(l) will not preclude the Management
Company from seeking, or a court of competent jurisdiction from granting, a temporary restraining order, preliminary injunction,
injunction, specific performance or other equitable relief to remedy any breach or to enforce applicable terms of this Agreement to
compel mediation or arbitration or upon the occurrence of (i) a breach or threatened breach of this Section 9(l) or any
covenants in this Agreement, or (ii) any attempted assignment of the Professional Company’s Subject Interests or interests in
this Agreement in breach of the provisions of this Agreement.

 

    10

     

    

 

(m)       Waiver
of Trial by Jury. EACH PARTY HEREBY WAIVES ITS RIGHT TO A JURY TRIAL IN CONNECTION WITH ANY DISPUTE, SUIT, ACTION, ARBITRATION OR
PROCEEDING IN CONNECTION WITH ANY MATTER RELATING TO THIS AGREEMENT.

 

(n)       Counterparts.
The Parties may execute this Agreement in multiple counterparts, each of which will constitute an original and all of which, when taken
together, will constitute one and the same agreement. The Parties may deliver executed signature pages to this Agreement by facsimile
or e-mail transmission. No Party may raise as a defense to the formation or enforceability of this Agreement (and each Party forever waives
any such defense) any argument based on either (i) the use of a facsimile or email transmission to deliver a signature or (ii) the fact
that any signature was signed and subsequently transmitted by facsimile or email transmission.

 

(o)       Enforceability.
The Parties have carefully structured this Agreement and the arrangements hereunder to comply with applicable Laws, and have consulted
to their satisfaction with their respective legal counsel in connection herewith. Each Party acknowledges and agrees that this Agreement
and such arrangements are valid, legal and enforceable obligations of such Party, and each Party agrees that it will not make, assert,
maintain or initiate, nor cause to be made, asserted, maintained or initiated, any claim, charge, demand, action, arbitration or proceeding
of any type, the basis of which is, in whole or in part, that this Agreement or any other agreement referenced or contemplated herein
or any portion hereof or thereof, or the relationships or arrangements created hereby or thereby, is illegal, invalid or unenforceable,
or that the Purchase Price is unreasonable or unlawful or does not represent fair market value for the Subject Interests. If a Party or
Parties take any action which is inconsistent with the preceding sentence, then such Party or Parties will pay all losses, damages, costs,
fees and expenses (including reasonable attorneys’ fees) incurred by the other Party or Parties, including in defending or responding
to such claim, charge, demand, action, arbitration or proceeding, which payment will be made promptly to such other Party or Parties upon
their respective request.

 

(p)       Inconsistencies
with Operating Agreement. Notwithstanding anything in this Agreement to the contrary, to the extent there are any inconsistencies
between this Agreement and the Operating Agreement with respect to the transfer of the Subject Interests upon the occurrence of an Automatic
Succession Event or an Additional Succession Event: (i) during any period that there is only one member of the Professional Company, this
Agreement shall control; and (ii) during any period that there is more than one member of the Professional Company and such members are
subject to the Operating Agreement in the form and substance attached hereto as Exhibit C (the “Operating Agreement”),
the Operating Agreement shall control.

 

[The remainder of this page intentionally left
blank. Signature page follows.]

 

    11

     

    

 

IN WITNESS WHEREOF,
the Parties have executed and delivered or caused to be executed and delivered this Agreement as of the day and year first written above.

 

	 	PROFESSIONAL COMPANY:
	 	 
	 	 
	 	[________________]
	 	 
	 	 
	 	By:	 
	 	Name: [_________________]
	 	Title: Sole Member
	 	 
	 	OWNER:
	 	 
	 	 
	 	[____________________]
	 	 
	 	MANAGEMENT COMPANY:
	 	 
	 	EBS Enterprises, LLC, a Delaware limited liability company
	 	 
	 	By:	 
	 	Name: [___________________]
	 	Title: [___________________]

 

[Signature Page to Continuity Agreement]

 

    

     

    

 

EXHIBIT A

 

SUBSCRIPTION AGREEMENT

 

See attached.

 

    

     

    

 

EXHIBIT B

 

CONSENT AND ACKNOWLEDGEMENT OF SPOUSE

 

The undersigned, the spouse
of ___________________, an individual licensed to practice (“Owner”), joins in the execution of that certain Continuity
Agreement, dated as of [___________] (the “Continuity Agreement”), by and among Owner, [_______________] (the “Professional
Company”), and EBS Enterprises, LLC, a Delaware limited liability company or its permitted assignee (the “Management
Company”), to evidence such spouse’s (i) acknowledgement that such spouse has reviewed the terms and conditions of
the Continuity Agreement and consulted with legal, accounting, tax and other advisors to such spouse’s satisfaction, (ii) agreement
that such spouse’s community interest, if any, in and to the Subject Interests (as defined in the Continuity Agreement) held by
Owner is subject to and bound by the terms and conditions of the Continuity Agreement in all respects, and (iii) acknowledgement that
the Continuity Agreement shall not be deemed to confer or convey to such spouse any rights in any of the Subject Interests that do not
otherwise exist by operation of law.

 

	Acknowledged and Agreed as of	 
	 	, 2021	 
	 	 	Name:Exhibit
10.1

 

 

U.S.
Energy Corp. Announces Entry Into Definitive Agreements In Connection With Transformative Acquisitions

 

HOUSTON,
TX – October 5, 2021 — U.S. Energy Corp. (NASDAQCM: USEG) (“U.S. Energy” or the “Company”)
today announced that it has entered into definitive purchase and sale agreements to purchase certain oil and gas assets (the “Acquired
Assets”) from Lubbock Energy Partners LLC, Synergy Offshore LLC, and certain entities controlled by Sage Road Capital, LLC (collectively,
the “Sellers”). Under the terms of the agreements, U.S. Energy will issue 19,905,736 shares of common stock, pay $1.25
million of cash, and assume $3.3 million of indebtedness from the Sellers, equating to a total consideration of $99.5 million using U.S.
Energy’s closing stock price on October 1, 2021 (the “Consideration” and the “Transactions”). Upon
completion of the Transactions, the Sellers will own approximately 80.8% and existing U.S. Energy shareholders will own approximately
19.2% of the Company’s outstanding common stock.

 

The
Acquired Assets represent a diversified, conventional portfolio of operated, producing, low decline oil-weighted assets across the Rockies,
West Texas, Eagle Ford, and Mid-Continent. The Transactions, which were unanimously approved by U.S. Energy’s Board of Directors,
will create a diversified, low-leverage, free cash flow generating U.S. independent oil and natural gas company focused on continued
consolidation. The Acquired Assets have a low-decline profile while generating stable free cash flows with low capital intensity, consistent
with U.S. Energy’s cash flow focused business model. U.S. Energy also expects to have improved access to lower cost capital.

 

Transaction
Highlights:

 

	●	Positions
    pro forma U.S. Energy to be a low-cost consolidator through increased scale, a strong balance sheet, improved access to lower cost
    capital, a proven management team and a bolstered Board.
	●	Increases
    estimated average daily production 377% from 380 Boe/d to 1,814 Boe/d (July 2021 average).
	●	Increases
    July 1, 2021 estimated internal Proved Developed Producing (“PDP”) PV-10 reserves by approximately 316% from $31 million
    to $129 million at spot pricing as of September 27, 2021.
	●	Increases
    July 1, 2021 estimated internal PDP reserves 311% from 1,659 Mboe (79% oil) to 6,817 Mboe (80% oil) at spot pricing as of September
    27, 2021.
	●	Management
    estimates that the transactions will be 19% accretive to cash flow per share in 2022.
	●	Improved
    operating margins driven by lower blended operating costs and overhead synergies.
	●	Pro
    forma company to immediately generate meaningful free cash flow.
	●	Strong
    pro forma cash position of approximately $4.0 million with zero net debt.

 

Pro
forma for the Transactions, Ryan Smith will continue as CEO of the Company and John Weinzierl, an owner of one of the Sellers, will join
the Board of Directors as Chairman. Mr. Weinzierl is an experienced energy professional, having co-founded Memorial Resource Development
LLC while leading the public listing of two of its subsidiaries (collectively “MRD”). Prior to MRD, Mr. Weinzierl was
a partner with NGP Energy Capital Management.

 

    	 

    	 

    

 

Management
Comments

 

“These
transformative transactions show that we can replicate our opportunistic acquisition strategy on a larger scale. The Transactions provide
size and scale, add free cash flow, bolster our management team and Board, and enhance our access to and cost of capital, all while remaining
in a zero net debt position,” said Ryan Smith, Chief Executive Officer of U.S. Energy. Mr. Smith continued, “we are also
pleased to welcome John Weinzierl as Chairman with his successful track record in the industry. Upon closing, John and our other
new shareholders and Board members will bring a wealth of experience, and their contributions will help us continue to execute
on our acquisition strategy on a larger scale.”

 

“I
am pleased to join the U.S. Energy Board upon closing and see these transformative transactions as the first step in building
a low-cost PDP and free cash flow consolidator in the onshore U.S. market. I see a tremendous amount of opportunity in the current market
landscape, and I hope to leverage the Board’s experience and relationships to assist Management to execute and generate returns
for U.S. Energy shareholders,” said Mr. Weinzierl.

 

Governance

 

As
part of the transaction, the U.S. Energy Board of Directors will increase from five to seven members. The initial Board of Directors
at closing will consist of three directors designated by the Sellers (one from each entity), including Mr. Weinzierl as Chairman, Mr.
Duane King, and a designee from Sage Road Capital, and four legacy Directors from U.S. Energy, including Mr. Smith.

 

Timing
and Approvals

 

The
Transactions are expected to close in the 4th quarter of 2021 and are subject to customary closing conditions and regulatory
approvals, including the approval of U.S. Energy stockholders.

 

Advisors

 

Johnson
Rice & Company L.L.C. acted as exclusive financial advisor to U.S. Energy and Loev Law Firm PC is serving as legal counsel
to U.S. Energy.

 

Porter
Hedges LLP is serving as legal counsel to Sage Road Capital, LLC. Nance & Simpson LLP is serving as legal counsel to Lubbock Energy
Partners LLC. Crain Caton & James is serving as legal counsel to Synergy Offshore LLC.

 

About
U.S. Energy Corp.

 

We
are an independent energy company focused on the acquisition and development of oil and gas producing properties in the United States.
Our business is currently focused on targeting mature, low decline assets with existing infrastructure that allows us to maximize our
return on capital in a sustainable and efficient manner. More information about U.S. Energy Corp. can be found at www.usnrg.com.

 

    	 

    	 

    

 

Forward-Looking
Statements

 

Certain
of the matters discussed in this communication which are not statements of historical fact constitute forward-looking statements that
involve a number of risks and uncertainties and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation
Reform Act of 1995. Words such as “strategy,” “expects,” “continues,” “plans,” “anticipates,”
“believes,” “would,” “will,” “estimates,” “intends,” “projects,”
“goals,” “targets” and other words of similar meaning are intended to identify forward-looking statements but
are not the exclusive means of identifying these statements.

 

Important
factors that may cause actual results and outcomes to differ materially from those contained in such forward-looking statements include,
without limitation, the ability of the parties to close the purchase and sale agreements on the terms set forth in, and pursuant to the
required timing set forth in, the purchase and sale agreements, if at all; the occurrence of any event, change or other circumstances
that could give rise to the right of one or all of Sellers or the Company (collectively, the “Sale Agreement Parties”) to
terminate the purchase and sale agreements; the effect of such termination, including fees potentially payable in connection therewith;
the outcome of any legal proceedings that may be instituted against Sale Agreement Parties or their respective directors or officers;
the ability to obtain approvals and meet other closing conditions to the purchase and sale agreements on a timely basis or at all, including
the risk that approvals required for the purchase and sale agreements are not obtained on a timely basis or at all, or are obtained subject
to conditions that are not anticipated or the expected benefits of the transaction; the ability to obtain approval by the Company’s
shareholders on the expected schedule of the transactions contemplated by the purchase and sale agreements; potential adverse reactions
or changes to business relationships resulting from the announcement or completion of the purchase and sale agreements; the ability of
the Company to retain and hire key personnel; the diversion of management’s attention from ongoing business operations; uncertainty
as to the long-term value of the common stock of the Company following the closing of the purchase and sale agreements; the business,
economic and political conditions in the markets in which Sale Agreement Parties operate; fluctuations in oil and natural gas prices,
uncertainties inherent in estimating quantities of oil and natural gas reserves and projecting future rates of production and timing
of development activities; competition; operating risks; acquisition risks; liquidity and capital requirements; the effects of governmental
regulation; adverse changes in the market for the Company’s oil and natural gas production; dependence upon third-party vendors;
risks associated with COVID-19, the global efforts to stop the spread of COVID-19, potential downturns in the U.S. and global economies
due to COVID-19 and the efforts to stop the spread of the virus, and COVID-19 in general; the lack of capital available on acceptable
terms to finance the Company’s continued growth; and other risk factors included from time to time in documents U.S. Energy files
with the Securities and Exchange Commission, including, but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. These reports are
available at www.sec.gov. Other unknown or unpredictable factors also could have material adverse effects on U.S. Energy’s future
results.

 

Other
important factors that may cause actual results and outcomes to differ materially from those contained in the forward-looking statements
included in this communication are described in the Company’s publicly filed reports, including, but not limited to, the Company’s
Annual Report on Form 10-K for the year ended December 31, 2020 and its Quarterly Report on Form 10-Q for the quarter ended June 30,
2021. These reports are available at www.sec.gov.

 

The
Company cautions that the foregoing list of important factors is not complete, and does not undertake to update any forward-looking statements
except as required by applicable law. All subsequent written and oral forward-looking statements attributable to the Company or any person
acting on behalf of any Sale Agreement Parties are expressly qualified in their entirety by the cautionary statements referenced above.
Other unknown or unpredictable factors also could have material adverse effects on U.S. Energy’s future results. The forward-looking
statements included in this press release are made only as of the date hereof. U.S. Energy cannot guarantee future results, levels of
activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally,
U.S. Energy undertakes no obligation to update these statements after the date of this release, except as required by law, and takes
no obligation to update or correct information prepared by third parties that are not paid for by U.S. Energy. If we update one or more
forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking
statements.

 

Additional
Information and Where to Find It

 

In
connection with the proposed Transactions, the Company plans to file with the SEC a proxy statement to seek shareholder approval for
the Transactions, which, when finalized, will be sent to the shareholders of the Company seeking their approval of the respective transaction-related
proposals. This communication is not a substitute for any proxy statement or other document U.S. Energy may file with the Securities
and Exchange Commission (SEC) in connection with the proposed Transactions. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY
STATEMENT, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE
SEC IN CONNECTION WITH THE PURCHASE AND SALE AGREEMENTS, WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION
ABOUT THE COMPANY AND THE PURCHASE AND SALE AGREEMENTS AND THE PROPOSED TRANSACTIONS.

 

Investors
and security holders may obtain copies of these documents free of charge through the website maintained by the SEC at www.sec.gov or
from the Company at its website, https://usnrg.com. Documents filed with the SEC by the Company will be available free of charge on the
“Investors,” “SEC Filings” page of our website at https://usnrg.com or, alternatively, by directing a request
by mail, email or telephone to U.S. Energy, Inc. at 675 Bering Dr., Suite 390, Houston, Texas; IR@usnrg.com; or (303) 993-3200, respectively.

 

    	 

    	 

    

 

No
Offer Or Solicitation

 

This
communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote
or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any such jurisdiction.

 

Participants
                                            in the Solicitation

 

The
Company, the Sellers and certain of their respective directors and executive officers may be deemed to be participants in the solicitation
of proxies from the respective shareholders of the Company in respect of the proposed Transactions under the rules of the SEC. Information
about the Company’s directors and executive officers and their ownership of the Company is available in the Company’s Definitive
Proxy Statement on Schedule 14A, as filed with the Securities and Exchange Commission on April 29, 2021. Other information regarding
the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise,
will be contained in the proxy statement and other relevant materials to be filed with the SEC regarding the purchase and sale agreements
when they become available. Investors should read the proxy statement carefully when it becomes available before making any voting or
investment decisions. You may obtain free copies of these documents from the Company using the sources indicated above.

 

Projections

 

The
financial projections (the “Projections”) included herein were prepared by U.S. Energy in good faith using assumptions believed
to be reasonable. A significant number of assumptions about the operations of the business of U.S. Energy were based, in part, on economic,
competitive, and general business conditions prevailing at the time the Projections were developed. Any future changes in these conditions,
may materially impact the ability of U.S. Energy to achieve the financial results set forth in the Projections. The Projections are based
on numerous assumptions, including realization of the operating strategy of U.S. Energy; industry performance; no material adverse changes
in applicable legislation or regulations, or the administration thereof, or generally accepted accounting principles; general business
and economic conditions; competition; retention of key management and other key employees; absence of material contingent or unliquidated
litigation, indemnity, or other claims; and other matters, many of which will be beyond the control of U.S. Energy, and some or all of
which may not materialize. Additionally, to the extent that the assumptions inherent in the Projections are based upon future business
decisions and objectives, they are subject to change. Although the Projections are presented with numerical specificity and are based
on reasonable expectations developed by U.S. Energy’s management, the assumptions and estimates underlying the Projections are
subject to significant business, economic, and competitive uncertainties and contingencies, many of which will be beyond the control
of U.S. Energy. Accordingly, the Projections are only estimates and are necessarily speculative in nature. It is expected that some or
all of the assumptions in the Projections will not be realized and that actual results will vary from the Projections. Such variations
may be material and may increase over time. In light of the foregoing, readers are cautioned not to place undue reliance on the Projections.
The projected financial information contained herein should not be regarded as a representation or warranty by U.S. Energy, its management,
advisors, or any other person that the Projections can or will be achieved. U.S. Energy cautions that the Projections are speculative
in nature and based upon subjective decisions and assumptions. Since the Projections cover multiple years, such information by its nature
becomes less meaningful and reliable with each successive year. As a result, the Projections should not be relied on as necessarily predictive
of actual future events.

 

Corporate
Contact:

 

U.S.
Energy Corp.

Ryan
Smith

Chief
Executive Officer

(303)
993-3200

www.usnrg.com

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