Company: ZNOG
Filing Date: 2025-04-10
Form Type: DEF 14A
Source: 0001437749-25-011641
Chunk: 30

Company: ZION OIL & GAS INC
Filing Date: 2025-04-10
Form: DEF 14A
Chunk 30
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 defined in the Agreement), whereupon he will be entitled to the same benefits as if the Company had terminated the agreement for any reason other than Just Cause. The Chairman Agreement provides for customary protections of the Company’s confidential information and intellectual property.

Michael B. Croswell Jr. Mr. Croswell was appointed by the Board as Chief Financial Officer on August 15, 2016. Mr. Croswell entered into an employment agreement for an initial term until December 31, 2017 and automatically renewed for successive one-year terms unless the Company or Employee indicates in writing, more than 30 days prior to the termination of this initial term or any renewal term that it does not intend to renew this agreement. Under the agreement, Mr. Croswell is to be paid an annual salary of $150,000, subject to annual review and adjustments. On January 9, 2018, the Compensation Committee approved the recommendation from the CEO and the Chairman and Vice Chairman of the Board to increase the annual salary to $175,000 beginning January 1, 2018. On April 15, 2019, the CEO, Executive Vice President and Chairman of the Board approved an increase in annual salary to $200,000 effective April 1, 2019. On May 15, 2020, the President, Executive Chairman and the Board approved an increase in annual salary to $220,000, effective May 1, 2020. On November 18, 2021, the President, CEO and Executive Chairman approved an increase in annual salary to $240,000, effective January 1, 2022. On May 4, 2024, the CEO and Executive Chairman approved an increase in annual salary to $265,000, effective May 1, 2024. On April 1, 2025, the CEO and Executive Chairman approved an increase in annual salary to $275,000, effective April 1, 2025.

The Company shall also grant to Employee fully vested options to purchase 25,000 shares of common stock at a per share exercise price of fair market value commencing January 5, 2017 and continuing on the 5 day of January of each successive renewal term.

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If the Company were to terminate the agreement during a renewal term for any reason other than “Just Cause” (as defined in the employment agreement), then Mr. Croswell is entitled to 12 month’s salary,