Company: ZNOG
Filing Date: 2025-03-28
Form Type: PRE 14A
Source: 0001437749-25-009798
Chunk: 29

Company: ZION OIL & GAS INC
Filing Date: 2025-03-28
Form: PRE 14A
Chunk 29
---
 |     | Value       
 Realized on 
 Exercise(1) 
 ($)         |   |
| Robert W. A. Dunn |     |               | 25,000 |     |             | - |

| (1) | Represents the amounts added to taxable income based on the difference between the market price of our stock on the date of exercise and the granted exercise price. For Mr. Dunn, the exercise price of the options was greater than the market price of our stock on the date of exercise. Therefore, no income was added for Mr. Dunn. |

Employment Agreements as of December 31, 2024

John M. Brown. Mr. Brown has continuously served as Chairman of the Board since the Company’s establishment in April of 2000 but was appointed Executive Chairman in January 2010. On January 1, 2014, the Company and Mr. Brown, the Chairman of the Company’s board of directors, entered into an Employment Agreement (the “Chairman Agreement”) covering Mr. Brown’s service as the Executive Chairman of the Company’s Board of Directors, which has been amended by a First Amendment dated March 31, 2014 and a Second Amendment dated December 19, 2016. On April 12, 2019, Mr. Brown was elected by the Board to serve as the CEO upon Mr. Guinn’s resignation with no change to his Chairman Agreement.

The Chairman Agreement had an initial term that extended through December 31, 2016 and then automatically renewed for successive two-year terms unless either party shall advise the other 90 days before expiration of the initial or renewed term of its intention to not renew the agreement beyond its then scheduled expiration date. Under the agreement, Mr. Brown is paid an annual salary of $249,000, payable monthly. Mr. Brown will receive an annual bonus of $30,000 and 25,000 stock options. Mr. Brown can terminate the Chairman Agreement and the relationship thereunder at any time upon 60 business days’ notice. If the Company were not to renew the term of the agreement or were to terminate the agreement during any renewal term, for any reason other than “Just Cause” (as defined the Agreement), then the Company is to pay to Mr. Brown an amount equal to the base salary, then payable to him for a period of twelve months as if the Agreement had not been so terminated or had been renewed. Mr. Brown may also terminate the agreement for “Good Reason” (as defined in the Agreement