Company: ZNOG
Filing Date: 2025-03-28
Form Type: PRE 14A
Source: 0001437749-25-009798
Chunk: 77

Company: ZION OIL & GAS INC
Filing Date: 2025-03-28
Form: PRE 14A
Chunk 77
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 duties in most circumstances merely require directors to seek to maximize the value of the corporation for the long-term benefit of the stockholders unless the corporation is specifically incorporated as a public benefit corporation. As a result, as a Texas corporation, it is possible that our directors may consider the interests of other constituents.

The Board identified a handful of areas where the rule in Texas differed in some respect from the rule in Delaware. These were generally procedural and not relevant to the Company. The most potentially important area is related to antitakeover protections. Both Delaware and Texas permit a range of anti-takeover defenses, including poison pills. Both have business combination provisions, though they apply at different ownership thresholds: 20% in Texas and 15% in Delaware. Both allow boards of directors to create new vacancies and to fill them, though Texas limits the number of such vacancies that can be filled without a stockholder vote to 2. Another potential area of difference involved cash-out transactions and “Revlon duties”: Texas statutes allow directors to consider “the long-term and short-term interests of the corporation and the stockholders of the corporation, including the possibility that those interests may be best served by the continued independence of the corporation.” Delaware law, at least in certain circumstances, requires directors to accept the highest price reasonably available, though in many circumstances they are allowed to also “just say no” to a potential transaction and consider long-term interests.

No Exchange of Stock Certificates Required.Stockholders will not have to exchange their existing stock certificates for new stock certificates. At the Effective Time, each outstanding share of Delaware Corporation Common Stock will automatically be converted into one share of Texas Corporation Common Stock, and your stock certificates will represent the same number of shares of the Texas Corporation as they represented of the Delaware Corporation. If you hold physical stock certificates, you do not have to exchange your existing stock certificates of the Company for stock certificates of the Texas Corporation; however, after the Texas Redomestication, any shareholder desiring a new stock certificate may submit the existing stock certificate to Equiniti Trust Company, LLC, the Company’s transfer agent, for cancellation and obtain a new certificate by contacting Equiniti Trust Company, LLC at 844-699-6645. All of the Company’s obligations under the Company’s equity compensation plans will be obligations of the Texas Corporation. Each outstanding warrant and option to purchase shares of Delaware Corporation Common Stock under these plans will be converted into a warrant and option to purchase an equal number of shares of the Texas Corporation Common Stock on the