Company: ZNOG
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001437749-25-009623
Chunk: 375

Company: ZION OIL & GAS INC
Filing Date: 2025-03-27
Form: 10-K
Item: Item 9C
Chunk 375
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5 at a per share exercise price of $.25.
    
   Under our Plan, the Company under a Request For Waiver Program executed a Waiver Term Sheet of a unit program consisting of units of shares of stock and warrants to a participant. After conclusion of the program on  December 31, 2022, the participant’s Plan account was credited with the number of shares of the Company’s Common Stock and Warrants that were acquired. Each warrant affords the participant the opportunity to purchase one share of our Common Stock at a warrant exercise price of $.25. The warrant has the company notation of “ZNWAU.” The warrants will not be registered for trading on the OTCQB or any other stock market or trading market. The warrants will be issued and exercisable on  November 15, 2025 and continue to be exercisable through  December 31, 2025 at a per share exercise price of $.25.
    
   Under our Plan, the Company under a Request For Waiver Program executed a Waiver Term Sheet of a program consisting of shares of stock to a participant. After conclusion of the program on  August 31, 2023, the participant’s Plan account was credited with the number of shares of the Company’s Common Stock that were acquired. Zion incurred $173,000 in equity issuance costs to an outside party related to this waiver program. The Company executed two additional Waiver Term Sheets with the same participant consisting of shares of stock. After conclusion of the program on  December 31, 2023, the participant’s Plan account was credited with the number of shares of the Company’s Common Stock that were acquired. During the year ended  December 31, 2023, Zion incurred $1,120,000 in equity issuance costs.
    
   On  January 1, 2024, the Company executed a Waiver Term Sheet with the same participant consisting of shares of stock. After conclusion of the program on  March 31, 2024, the participant’s Plan account was credited with the number of shares of the Company’s Common Stock that were acquired.
    
   During the year ended  December 31, 2024, Zion incurred $2,921,000 in equity issuance costs.
    
   On  April 1, 2024, the Company executed its current Waiver Term Sheet with a participant consisting of shares of stock and warrants.
    
   The program was scheduled to terminate at the earlier of: (a) a