Company: ZNOG
Filing Date: 2025-04-04
Form Type: 8-K
Source: 0001437749-25-010980
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Company: ZION OIL & GAS INC
Filing Date: 2025-04-04
Form: 8-K
Item: Item 5.02
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Item 5.02 (c): Appointment of Certain Officers.

Effective April 2, 2025, Michael B. Croswell Jr., age 54, was appointed to serve as President and will continue in his role as Chief Financial Officer. He began working at Zion in April 2011 as its corporate controller and was later promoted to Chief Financial Officer in August 2016. Mr. Croswell is a corporate accounting and management professional with a diverse range of industry experience. Mr. Croswell is a Certified Public Accountant since 1997 and earned his Bachelor of Business Administration degree in accounting from Stephen F. Austin State University in 1994 and earned a Master of Business Administration degree from the University of Dallas in 2013. Pursuant to Zion’s succession plan, William Avery, age 77, is stepping down from his interim position as President effective April 2, 2025, and continuing his full- time position as General Counsel.

In connection with his promotion to President, Mr. Croswell will receive a new employment agreement. The initial term will be from the effective date through December 31, 2025. Afterwards, the agreement automatically renews for successive one-year terms unless the Company or Employee indicates in writing, more than 30 days prior to the termination of the initial term or any renewal term that it does not intend to renew this agreement. Under the agreement, Mr. Croswell is paid an annual salary of $275,000. The Company shall also grant fully vested options to purchase 25,000 shares of common stock at a per share exercise price of fair market value on the 5thday of January of each successive renewal term.

Effective April 2, 2025, Mr. Monty Kness, age 43, was appointed to serve as the Chief Operating Officer. Monty Kness accepted his current position at Zion Oil and Gas, Inc. in 2020 where he oversees all operations, logistics, procurement, and personnel for oil and gas exploration activities. Monty Kness, a 2004 graduate from TCU, began his career in the Oil and Gas industry in 2005 as an HSE advisor working primarily in the lower 48 States and Alaska. In 2007, Mr. Kness moved into operations where he continued to gain experience and knowledge in upstream services. In 2009, he accepted a role as the operations manager for Viking International, LTD, relocating to Turkey. During his tenor with Viking,