Document:

ex_10.htm

    
      

      

    

    Exhibit 10

     

     

    Delnet
Financial, Inc.

     

    P.O. Box
31

    Trabuco
Canyon, CA  92678

    Phone
(714) 813-5900

    Fax (714)
948-8188

     

     

    RE: 7000
Santa Monica Blvd., West Hollywood, CA 90028

    AKA.
Studio 56

     

    This
Joint Venture agreement is between Delnet Financial, Inc., a California
Corporation(Delnet)
Tsevni, and Real Estate Group, Inc., a Nevada Corporation (Tsevni) on this
2nd
day of March, .2007.

     

    Delnet
has an outstanding Note secured by second Deed of Trust on the above property
for $1,318,904.04 with Studio 56, Inc. which was due on or before the 30th
of April, 2007. Currently said note is in default and Delnet at its sale
discretion may advance monies on any senior liens to protect its
position.

     

    Currently
there are two senior liens:

     

    City
National Bank for approximately $68,592.08

    Los
Angeles County Tax Collector for approximately $36,771.74

     

    Both
Delnet and Tsevni have agreed to work together to resolve the above liens
totaling approximately $105,363.82 under the following
terms.

     

    Tsevni
will payoff the above lien for "City National Bank" and "Los Angeles County Tax
Collector" on behalf of Delnet. For its joint venture participation Tsveni will
be entitled to a pro rata share on any profits above the outstanding Note amount
of $1,318,904.04. These profits will be paid upon payoff of Note by Studio 56,
Inc. or the completion and payout of the foreclosure.

     

    Should
Delnet receive any refunds for overpayment on any of the above liens, they will
be immediately forwarded to Tsevni and credit against the outstanding balance
owed.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Delnet
further agrees to indemnify, defend, and hold Tsevni and its successors,
officers, directors, agents and employees harmless from any and all actions,
causes of action, claims, demands, cost, liabilities, expenses and damages
(including attorneys' fees) arising out of, or in connection with any actions
that arise out of this Agreement.

     

    At close
escrow will disburse funds based on (his agreement and the original note to the
appropriate parties.

     

    This
Agreement and the Exhibits hereto constitute and contain the entire agreement
between the parties with respect to the subject matter hereof and supersede any
and all prior oral or written agreements. Each party acknowledges and agrees
that the other party has not made any representations, warranties or agreements
of any kind, except as expressly set forth herein.

     

    
      
        	 	 	 	 	 
	
                /s/
      Robert Deluna 

              	 	 	
                Date: 3-2-2007

              	 
	
                Robert
      Deluna - President

              	 	 	
                 

              	 
	
                Delnet
      Financial, Inc.

              	 	 	
                 

              	 
	P.O.
      Box 31 	 	 	 	 
	Trabuco
      Canyon, CA 92678	 	 	 	 

      

    

     

    
      
        
          	 	 	 	 	 
	
                  /s/ Gerda
      Shupe

                	 	 	
                  Date: 3-2-2007
      

                	 
	
                  Gerda
      Shupe - President

                	 	 	
                   

                	 
	
                  Tsveni
      Real Estate Group, Inc. 

                	 	 	
                   

                	 
	8018
      E. Santa Ana Canyon Rd #100-148 	 	 	 	 
	Anaheim,
      CA 92808Unassociated Document

      EXHIBIT
        4.4

    

      AMENDED
        AND RESTATED WARRANT AGREEMENT

     

      This
        Warrant Agreement (this "Agreement") is made as of April 30, 2008, by and
        between Zion Oil & Gas, Inc., a Delaware corporation having its principal
        place of business at 6510 Abrams Road, Suite 300, Dallas, Texas 75231 (the
        "Company"), and Registrar and Transfer Company, a New Jersey corporation
        with
        offices at 10 Commerce Drive, Cranford, New Jersey 07016 (the "Warrant
        Agent").

     

      WHEREAS,
        the Company is engaged in a public offering (the "Public Offering") of Units
        ("Units") and, in connection therewith, has determined to issue and deliver
        up
        to (i) 2,500,000 Warrants (the "Public Warrants" and/or the “Warrants”) to the
        public investors, each of such Public Warrants evidencing the right of the
        holder thereof to purchase one share of common stock, par value $.01 per
        share,
        of the Company's Common Stock ("Common Stock") for $7.00, subject to adjustment
        as described herein;

     

      WHEREAS,
        the Company has filed with the Securities and Exchange Commission (the "SEC")
        a
        Registration Statement on Form S-3, as amended ("Registration Statement"),
        for
        the registration under the Securities Act of 1933, as amended ("Act") of
        the
        issuance and sale of the Warrants and the Common Stock issuable upon exercise
        of
        the Public Warrants; and

     

    WHEREAS,
      the Company desires the Warrant Agent to act on behalf of the Company, and
      the
      Warrant Agent is willing to so act, in connection with the issuance,
      registration, transfer, exchange, redemption and exercise of the Warrants;
      and

     

    WHEREAS,
      the Company desires to provide for the form and provisions of the Warrants,
      the
      terms upon which they shall be issued and exercised, and the respective rights,
      limitation of rights, and immunities of the Company, the Warrant Agent, and
      the
      holders of the Warrants; and

     

    WHEREAS,
      all acts and things have been done and performed which are necessary to make
      the
      Warrants, when executed on behalf of the Company and countersigned by or on
      behalf of the Warrant Agent, as provided herein, the valid, binding and legal
      obligations of the Company, and to authorize the execution and delivery of
      this
      Agreement.

     

    NOW,
      THEREFORE, in consideration of the mutual agreements herein contained, the
      parties hereto agree as follows:

     

    1.
 
      Appointment
      of Warrant Agent
      . The
      Company hereby appoints the Warrant Agent to act as agent for the Company for
      the Warrants, and the Warrant Agent hereby accepts such appointment and agrees
      to perform the same in accordance with the terms and conditions set forth in
      this Agreement.

      

    2.
 
      Warrants
      .

     

      2.1
          Form
        of Warrant
        . Each
        Warrant shall be issued in registered form only. The Warrants shall be in
        substantially the form of Exhibit
        A
        hereto,
        the provisions of which are incorporated herein, and shall be signed by,
        or bear
        the facsimile signature of, the Chief Executive Officer or President and
        Chief
        Financial Officer, Treasurer, Secretary or Assistant Secretary of the Company
        and shall bear a facsimile of the Company's seal. In the event the person
        whose
        facsimile signature has been placed upon any Warrant shall have ceased to
        serve
        in the capacity in which such person signed the Warrant before such Warrant
        is
        issued, it may be issued with the same effect as if he or she had not ceased
        to
        be such at the date of issuance.

     

    2.2
        Effect
      of Countersignature
      . Unless
      and until countersigned by the Warrant Agent pursuant to this Agreement, a
      Warrant shall be invalid and of no effect and may not be exercised by the holder
      thereof.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    2.3
        Registration
      .

     

    2.3.1
        Warrant
      Register
      . The
      Warrant Agent shall maintain books ("Warrant Register") for the registration
      of
      original issuance and the registration of transfer of the Warrants. Upon the
      initial issuance of the Warrants, the Warrant Agent shall issue and register
      the
      Warrants in the names of the respective holders thereof in such denominations
      and otherwise in accordance with instructions delivered to the Warrant Agent
      by
      the Company.

     

    2.3.2
        Registered
      Holder
      . Prior
      to due presentment for registration of transfer of any Warrant, the Company
      and
      the Warrant Agent may deem and treat the person in whose name such Warrant
      shall
      be registered upon the Warrant Register ("registered holder"), as the absolute
      owner of such Warrant and of each Warrant represented thereby (notwithstanding
      any notation of ownership or other writing on the Warrant Certificate made
      by
      anyone other than the Company or the Warrant Agent), for the purpose of any
      exercise thereof, and for all other purposes, and neither the Company nor the
      Warrant Agent shall be affected by any notice to the contrary.

     

    2.4
        Detachability
      of Public Warrants
      . The
      securities comprising the Units will begin to trade separately on the first
      trading day following the 30 th
      day
      after the Termination Date (as defined in the Registration Statement) (the
      "Detachment Date").

     

    3.
 
      Terms
      and Exercise of Warrants
      .

     

    3.1
        Warrant
      Price
      . Each
      Warrant shall, when countersigned by the Warrant Agent, entitle the registered
      holder thereof, subject to the provisions of such Warrant and this Warrant
      Agreement, to purchase from the Company the number of shares of Common Stock
      stated therein, at the price of $7.00 in the case of the Public Warrants and
      $8.75 in the case of the Underwriter's Warrants per whole share, subject to
      the
      adjustments provided in this Section 3.1 and Section 4 hereof. The term "Warrant
      Price" as used in this Warrant Agreement refers to the price per share at which
      Common Stock may be purchased at the time a Warrant is exercised. The Company
      in
      its sole discretion may lower the Warrant Price at any time prior to the
      Expiration Date for a period of not less than ten business days, provided that
      any such reduction shall be identical among all of the Public
      Warrants.

     

    3.2
        Duration
      of Warrants
      . A
      Warrant may be exercised only during the period commencing on the 31st day
      following the Termination Date and terminating at 5:00 p.m., New York City
      time
      on January 31, 2012. Notwithstanding the foregoing, no Warrant shall be
      exercisable unless, at the time of exercise, a registration statement relating
      to the Common Stock issuable upon the exercise of such Warrant is effective
      and
      current and a prospectus is available for use by the holders thereof and the
      Common Stock has been qualified or deemed to be exempt under the securities
      laws
      of the state of residence of the holder of such Warrants. The period during
      which a Warrant may be exercised shall be deemed the "Exercise Period" and
      the
      termination of such Exercise Period shall be deemed the "Expiration Date."
      Each
      Warrant not exercised on or before the Expiration Date shall become void, and
      all rights thereunder and all rights in respect thereof under this Agreement
      shall cease at the close of business on the Expiration Date. The Company in
      its
      sole discretion may extend the duration of the Warrants by delaying the
      Expiration Date; provided, however, the Company will provide notice to
      registered holders of the Public Warrants of such extension of not less than
      20
      days and, further provided that any such extension shall be identical in
      duration among all of the Public Warrants.

     1 

    3.3
        Exercise
      of Warrants
      .

     

    3.3.1
        Payment
      .
      Subject to the provisions of the Warrants and this Warrant Agreement, a Warrant,
      when countersigned by the Warrant Agent, may be exercised by the registered
      holder thereof by surrendering it at the office of the Warrant Agent, or at
      the
      office of its successor as Warrant Agent, in Cranford, New Jersey, with the
      subscription form, as set forth in the Warrant, duly executed by paying in
      full, in lawful money of the United States, in cash, good certified check or
      good bank draft payable to the order of the Company, the Warrant Price for
      each
      full share of Common Stock as to which the Warrant is exercised and any and
      all
      applicable taxes due in connection with the exercise of the Warrant, the
      exchange of the Warrant for the Common Stock and the issuance of the Common
      Stock.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3.3.2
        Issuance
      of Certificates
      . As
      soon as practicable after the exercise of any Warrant and the clearance of
      the
      funds in payment of the Warrant Price, the Company shall issue to the registered
      holder of such Warrant a certificate or certificates for the number of full
      shares of Common Stock to which he, she or it is entitled, registered in such
      name or names as may be directed by him, her or it, and if such Warrant shall
      not have been exercised in full, a new countersigned Warrant for the number
      of
      shares as to which such Warrant shall not have been exercised. Notwithstanding
      the foregoing, the Company shall not be obligated to deliver any securities
      pursuant to the exercise of a Warrant unless (i) a registration statement under
      the Act with respect to the Common Stock issuable upon such exercise is
      effective, or (ii) in the opinion of counsel to the Company, the exercise of
      the
      Warrants is exempt from the registration requirements of the Act and such
      securities are qualified for sale or exempt from qualification under applicable
      securities laws of the states or other jurisdictions in which the registered
      holders reside. Warrants may not be exercised by, or securities issued to,
      any
      registered holder in any state in which such exercise or issuance would be
      unlawful. In no event will the Company be required to provide the registered
      holder of a warrant with a net-cash settlement or other consideration in lieu
      of
      physical settlement in shares of Common Stock, regardless of whether the Common
      Stock underlying the Warrants is registered pursuant to an effective
      registration statement.

     

    3.3.3
        Valid
      Issuance
      . All
      shares of Common Stock issued upon the proper exercise of a Warrant in
      conformity with this Agreement shall be validly issued, fully paid and
      nonassessable.

     

    3.3.4
        Date
      of Issuance
      . Each
      person in whose name any such certificate for shares of Common Stock is issued
      shall for all purposes be deemed to have become the holder of record of such
      shares on the date on which the Warrant was surrendered and payment of the
      Warrant Price was made, irrespective of the date of delivery of such
      certificate, except that, if the date of such surrender and payment is a date
      when the stock transfer books of the Company are closed, such person shall
      be
      deemed to have become the holder of such shares at the close of business on
      the
      next succeeding date on which the stock transfer books are open.

     

    4.
 
      Adjustments
      .

     

    4.1
        Stock
      Dividends Split Ups
      . If
      after the date hereof, and subject to the provisions of Section 4.6 below,
      the
      number of outstanding shares of Common Stock is increased by a stock dividend
      payable in shares of Common Stock, or by a split up of shares of Common Stock,
      or other similar event, then, on the effective date of such stock dividend,
      split up or similar event, the number of shares of Common Stock issuable on
      exercise of each Warrant shall be increased in proportion to such increase
      in
      outstanding shares of Common Stock.

     

    4.2
        Aggregation
      of Shares
      . If
      after the date hereof, and subject to the provisions of Section 4.6, the number
      of outstanding shares of Common Stock is decreased by a consolidation,
      combination, reverse stock split or reclassification of shares of Common Stock
      or other similar event, then, on the effective date of such consolidation,
      combination, reverse stock split, reclassification or similar event, the number
      of shares of Common Stock issuable on exercise of each Warrant shall be
      decreased in proportion to such decrease in outstanding shares of Common
      Stock.

      

    4.3
        Adjustments
      in Exercise Price
      .
      Whenever the number of shares of Common Stock purchasable upon the exercise
      of
      the Warrants is adjusted, as provided in Section 4.1 and 4.2 above, the Warrant
      Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price
      immediately prior to such adjustment by a fraction (x) the numerator of which
      shall be the number of shares of Common Stock purchasable upon the exercise
      of
      the Warrants immediately prior to such adjustment, and (y) the denominator
      of
      which shall be the number of shares of Common Stock so purchasable immediately
      thereafter.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    4.4
        Replacement
      of Securities upon Reorganization, etc.
      In case
      of any reclassification or reorganization of the outstanding shares of Common
      Stock (other than a change covered by Section 4.1 or 4.2 hereof or that solely
      affects the par value of such shares of Common Stock), or in the case of any
      merger or consolidation of the Company with or into another corporation (other
      than a consolidation or merger in which the Company is the continuing
      corporation and that does not result in any reclassification or reorganization
      of the outstanding shares of Common Stock), or in the case of any sale or
      conveyance to another corporation or entity of the assets or other property
      of
      the Company as an entirety or substantially as an entirety in connection with
      which the Company is dissolved, the Warrant holders shall thereafter have the
      right to purchase and receive, upon the basis and upon the terms and conditions
      specified in the Warrants and in lieu of the shares of Common Stock of the
      Company immediately theretofore purchasable and receivable upon the exercise
      of
      the rights represented thereby, the kind and amount of shares of stock or other
      securities or property (including cash) receivable upon such reclassification,
      reorganization, merger or consolidation, or upon a dissolution following any
      such sale or transfer, that the Warrant holder would have received if such
      Warrant holder had exercised his, her or its Warrant(s) immediately prior to
      such event; and if any reclassification also results in a change in shares
      of
      Common Stock covered by Section 4.1 or 4.2, then such adjustment shall be made
      pursuant to Sections 4.1, 4.2, 4.3 and this Section 4.4. The provisions of
      this Section 4.4 shall similarly apply to successive reclassifications,
      reorganizations, mergers or consolidations, sales or other
      transfers.

     

    4.5
        Notices
      of Changes in Warrant
      . Upon
      every adjustment of the Warrant Price or the number of shares issuable on
      exercise of a Warrant, the Company shall give written notice thereof to the
      Warrant Agent, which notice shall state the Warrant Price resulting from such
      adjustment and the increase or decrease, if any, in the number of shares
      purchasable at such price upon the exercise of a Warrant, setting forth in
      reasonable detail the method of calculation and the facts upon which such
      calculation is based. Upon the occurrence of any event specified in Sections
      4.1, 4.2, 4.3 or 4.4, then, in any such event, the Company shall give written
      notice to the Warrant holder, at the last address set forth for such holder
      in
      the Warrant Register, of the record date or the effective date of the event.
      Failure to give such notice, or any defect therein, shall not affect the
      legality or validity of such event.

     

    4.6
        No
      Fractional Shares
      .
      Notwithstanding any provision contained in this Warrant Agreement to the
      contrary, the Company shall not issue fractional shares upon exercise of
      Warrants. If, by reason of any adjustment made pursuant to this Section 4,
      the
      holder of any Warrant would be entitled, upon the exercise of such Warrant,
      to
      receive a fractional interest in a share, the Company shall, upon such exercise,
      round up to the nearest whole number the number of the shares of Common Stock
      to
      be issued to the Warrant holder.

     

    4.7
        Form
      of Warrant
      . The
      form of Warrant need not be changed because of any adjustment pursuant to this
      Section 4, and Warrants issued after such adjustment may state the same Warrant
      Price and the same number of shares as is stated in the Warrants initially
      issued pursuant to this Agreement. However, the Company may at any time in
      its
      sole discretion make any change in the form of Warrant that the Company may
      deem
      appropriate and that does not affect the substance thereof, and any Warrant
      thereafter issued or countersigned, whether in exchange or substitution for
      an
      outstanding Warrant or otherwise, may be in the form as so changed.

      

    5.
 
      Transfer
      and Exchange of Warrants
      .

     

    5.1
        Transfer
      of Warrants
      . Prior
      to the Detachment Date, the Public Warrants may be transferred or exchanged
      only
      together with the Unit in which such Warrant is included, and only for the
      purpose of effecting, or in conjunction with, a transfer or exchange of such
      Unit. Furthermore, each transfer of a Unit on the register relating to such
      Units shall operate also to transfer the Warrants included in such Unit. From
      and after the Detachment Date this Section 5.1 will have no further force and
      effect.

     

    5.2
        Registration
      of Transfer
      . The
      Warrant Agent shall register the transfer, from time to time, of any outstanding
      Warrant upon the Warrant Register, upon surrender of such Warrant for transfer,
      properly endorsed with signatures properly guaranteed and accompanied by
      appropriate instructions for transfer. Upon any such transfer, a new Warrant
      representing an equal aggregate number of Warrants shall be issued and the
      old
      Warrant shall be cancelled by the Warrant Agent. The Warrants so cancelled
      shall
      be delivered by the Warrant Agent to the Company from time to time upon
      request.

     

    5.3
        Procedure
      for Surrender of Warrants
      .
      Warrants may be surrendered to the Warrant Agent, together with a written
      request for exchange or transfer, and thereupon the Warrant Agent shall issue
      in
      exchange therefor one or more new Warrants as requested by the registered holder
      of the Warrants so surrendered, representing an equal aggregate number of
      Warrants; provided, however, in the event a Warrant surrendered for transfer
      bears a restrictive legend, the Warrant Agent shall not cancel such Warrant
      and
      issue new Warrants in exchange therefor until the Warrant Agent has received
      an
      opinion of counsel for the Company stating such transfer may be made and
      indicating whether the new Warrants must also bear a restrictive
      legend.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    5.4
        Fractional
      Warrants
      . The
      Warrant Agent shall not be required to effect any registration of transfer
      or
      exchange which will result in the issuance of a warrant certificate for a
      fraction of a warrant.

     

    5.5
        Service
      Charges
      . No
      service charge shall be made for any exchange or registration of transfer of
      Warrants.

     

    5.6
        Warrant
      Execution and Countersignature
      . The
      Warrant Agent is hereby authorized to countersign and deliver, in accordance
      with the terms of this Agreement, the Warrants required to be issued pursuant
      to
      the provisions of this Section 5, and the Company, whenever required by the
      Warrant Agent, will supply the Warrant Agent with Warrants duly executed on
      behalf of the Company for such purpose.

     

    6.
 
      Other
      Provisions Relating to Rights of Holders of Warrants
      .

     

    6.1
        No
      Rights as Stockholder
      . A
      Warrant does not entitle the registered holder thereof to any of the rights
      of a
      stockholder of the Company, including, without limitation, the right to receive
      dividends, or other distributions, exercise any preemptive rights to vote or
      to
      consent or to receive notice as stockholders in respect of the meetings of
      stockholders or the election of directors of the Company or any other
      matter.

     

    6.2
        Lost,
      Stolen, Mutilated, or Destroyed Warrants
      . If any
      Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant
      Agent may on such terms as to indemnity or otherwise as they may in their
      discretion impose (which shall, in the case of a mutilated Warrant, include
      the
      surrender thereof), issue a new Warrant of like denomination, tenor, and date
      as
      the Warrant so lost, stolen, mutilated, or destroyed. Any such new Warrant
      shall
      constitute a substitute contractual obligation of the Company, whether or not
      the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any
      time
      enforceable by anyone.

     

    6.3
        Reservation
      of Common Stock
      . The
      Company shall at all times reserve and keep available a number of its authorized
      but unissued shares of Common Stock that will be sufficient to permit the
      exercise in full of all outstanding Warrants issued pursuant to this Warrant
      Agreement.

      

    7.
 
      Concerning
      the Warrant Agent and Other Matters
      .

     

    7.1
        Payment
      of Taxes
      . The
      Company will from time to time promptly pay all taxes and charges that may
      be
      imposed upon the Company or the Warrant Agent in respect of the issuance or
      delivery of shares of Common Stock upon the exercise of Warrants, but the
      Company shall not be obligated to pay any transfer taxes in respect of the
      Warrants or such shares.

     

    7.2
        Resignation,
      Consolidation, or Merger of Warrant Agent
      .

     

    7.2.1
        Appointment
      of Successor Warrant Agent
      . The
      Warrant Agent, or any successor to it hereafter appointed, may resign its duties
      and be discharged from all further duties and liabilities hereunder after giving
      sixty (60) days' notice in writing to the Company. If the office of the Warrant
      Agent becomes vacant by resignation or incapacity to act or otherwise, the
      Company shall appoint in writing a successor Warrant Agent in place of the
      Warrant Agent. If the Company shall fail to make such appointment within a
      period of 30 days after it has been notified in writing of such resignation
      or
      incapacity by the Warrant Agent or by the holder of the Warrant (who shall,
      with
      such notice, submit his Warrant for inspection by the Company), then the holder
      of any Warrant may apply to a court of competent jurisdiction for the
      appointment of a successor Warrant Agent. Any successor Warrant Agent, whether
      appointed by the Company or by such court, shall be authorized to exercise
      corporate trust powers and subject to supervision or examination by federal
      or
      state authority. After appointment, any successor Warrant Agent shall be vested
      with all the authority, powers, rights, immunities, duties, and obligations
      of
      its predecessor Warrant Agent with like effect as if originally named as Warrant
      Agent hereunder, without any further act or deed; but if for any reason it
      becomes necessary or appropriate, the predecessor Warrant Agent shall execute
      and deliver, at the expense of the Company, an instrument transferring to such
      successor Warrant Agent all the authority, powers, and rights of such
      predecessor Warrant Agent hereunder; and upon request of any successor Warrant
      Agent the Company shall make, execute, acknowledge, and deliver any and all
      instruments in writing for more fully and effectually vesting in and confirming
      to such successor Warrant Agent all such authority, powers, rights, immunities,
      duties, and obligations.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    7.2.2
        Notice
      of Successor Warrant Agent
      . In the
      event a successor Warrant Agent shall be appointed, the Company shall give
      notice thereof to the predecessor Warrant Agent and the transfer agent for
      the
      Common Stock not later than the effective date of any such
      appointment.

     

    7.2.3
        Merger
      or Consolidation of Warrant Agent
      . Any
      corporation into which the Warrant Agent may be merged or with which it may
      be
      consolidated or any corporation resulting from any merger or consolidation
      to
      which the Warrant Agent shall be a party shall be the successor Warrant Agent
      under this Warrant Agreement without any further act.

     

    7.3
        Fees
      and Expenses of Warrant Agent
      .

     

    7.3.1
        Remuneration
      . The
      Company agrees to pay the Warrant Agent reasonable remuneration for its services
      as such Warrant Agent hereunder as set forth on Exhibit B hereto, and will
      reimburse the Warrant Agent upon demand for all expenditures that the Warrant
      Agent may reasonably incur in the execution of its duties
      hereunder.

     

    7.3.2
        Further
      Assurances
      . The
      Company agrees to perform, execute, acknowledge, and deliver or cause to be
      performed, executed, acknowledged, and delivered all such further and other
      acts, instruments, and assurances as may reasonably be required by the Warrant
      Agent for the carrying out or performing of the provisions of this Warrant
      Agreement.

     

    7.4
        Liability
      of Warrant Agent
      .

     

    7.4.1
        Reliance
      on Company Statement
      .
      Whenever in the performance of its duties under this Warrant Agreement, the
      Warrant Agent shall deem it necessary or desirable that any fact or matter
      be
      proved or established by the Company prior to taking or suffering any action
      hereunder, such fact or matter (unless other evidence in respect thereof be
      herein specifically prescribed) may be deemed to be conclusively proved and
      established by a statement signed by the Chief Executive Officer, President,
      Chief Operating Officer, Chief Financial Officer, Executive Vice President,
      Secretary or Assistant Secretary of the Company and delivered to the Warrant
      Agent. The Warrant Agent may rely upon such statement for any action taken
      or
      suffered in good faith by it pursuant to the provisions of this Warrant
      Agreement.

     

    7.4.2
        Indemnity
      . The
      Warrant Agent shall be liable hereunder only for its own negligence, willful
      misconduct or bad faith. The Company agrees to indemnify the Warrant Agent
      and
      save it harmless against any and all liabilities, including judgments, costs
      and
      reasonable counsel fees, for anything done or omitted by the Warrant Agent
      in
      the execution of this Warrant Agreement except as a result of the Warrant
      Agent's negligence, willful misconduct, or bad faith.

     

    7.4.3
        Exclusions
      . The
      Warrant Agent shall have no responsibility with respect to the validity of
      this
      Warrant Agreement or with respect to the validity or execution of any Warrant
      (except its countersignature thereof); nor shall it be responsible for any
      breach by the Company of any covenant or condition contained in this Warrant
      Agreement or in any Warrant; nor shall it be responsible to make any adjustments
      required under the provisions of Section 4 hereof or responsible for the manner,
      method, or amount of any such adjustment or the ascertaining of the existence
      of
      facts that would require any such adjustment; nor shall it by any act hereunder
      be deemed to make any representation or warranty as to the authorization or
      reservation of any shares of Common Stock to be issued pursuant to this Warrant
      Agreement or any Warrant or as to whether any shares of Common Stock will when
      issued be valid and fully paid and nonassessable.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    7.5
        Acceptance
      of Agency
      . The
      Warrant Agent hereby accepts the agency established by this Warrant Agreement
      and agrees to perform the same upon the terms and conditions herein set forth
      and among other things, shall account promptly to the Company with respect
      to
      Warrants exercised and concurrently account for, and pay to the Company, all
      moneys received by the Warrant Agent for the purchase of shares of the Company's
      Common Stock through the exercise of Warrants.

     

    7.6
        Waiver
      . The
      Warrant Agent hereby waives any and all right, title, interest or claim of
      any
      kind ("Claim") in or to any distribution of any account in which funds related
      to the purchase or exercise of the Warrants are held, and hereby agrees not
      to
      seek recourse, reimbursement, payment or satisfaction for any Claim against
      any
      such account for any reason whatsoever.

     

    8.
 
      Miscellaneous
      Provisions
      .

     

    8.1
        Successors
      . All
      the covenants and provisions of this Warrant Agreement by or for the benefit
      of
      the Company or the Warrant Agent shall bind and inure to the benefit of their
      respective successors and assigns.

     

    8.2
        Notices
      . Any
      notice or other communication required or which may be given hereunder shall
      be
      in writing and either be delivered personally or by private national courier
      service, or be mailed, certified or registered mail, return receipt requested,
      postage prepaid, and shall be deemed given when so delivered personally or,
      if
      sent by private national courier service, on the next business day after
      delivery to the courier, or, if mailed, two business days after the date of
      mailing, as follows:

     

    Zion
      Oil
& Gas, Inc.

    6510
      Abrams Road, Suite 300

    Dallas,
      Texas 75231

    Attn:
       Chief Executive Officer

     

    Any
      notice, statement or demand authorized by this Warrant Agreement to be given
      or
      made by the holder of any Warrant or by the Company to or on the Warrant Agent
      shall be sufficiently given when so delivered if by hand or overnight delivery
      or if sent by certified mail or private courier service five days after deposit
      of such notice, postage prepaid, addressed (until another address is filed
      in
      writing by the Warrant Agent with the Company), as follows:

      

    Registrar
      and Transfer Company

    10
      Commerce Drive

    Cranford,
      New Jersey 07016

    Attn:
      Account Executive

     

    8.3
        Applicable
      law
      . The
      validity, interpretation, and performance of this Warrant Agreement and of
      the
      Warrants shall be governed in all respects by the laws of the State of New
      Jersey, without giving effect to conflict of laws. Each party hereby agrees
      that
      any action, proceeding or claim against it arising out of or relating in any
      way
      to this Warrant Agreement shall be brought and enforced in the appropriate
      state
      or federal courts in the State of New Jersey, and irrevocably submits to such
      jurisdiction, which jurisdiction shall be exclusive. Each party hereby waives
      any objection to such exclusive jurisdiction and that such courts represent
      an
      inconvenient forum.

     

    8.4
        Persons
      Having Rights under this Warrant Agreement
      .
      Nothing in this Warrant Agreement expressed and nothing that may be implied
      from
      any of the provisions hereof is intended, or shall be construed, to confer
      upon,
      or give to, any person or corporation other than the parties hereto and the
      registered holders of the Warrants, any right, remedy, or claim under or by
      reason of this Warrant Agreement or of any covenant, condition, stipulation,
      promise, or agreement hereof. All covenants, conditions, stipulations, promises,
      and agreements contained in this Warrant Agreement shall be for the sole and
      exclusive benefit of the parties hereto and their successors and assigns and
      of
      the registered holders of the Warrants.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    8.5
        Examination
      of the Warrant Agreement
      . A copy
      of this Warrant Agreement shall be available at all reasonable times at the
      office of the Warrant Agent for inspection by the registered holder of any
      Warrant. The Warrant Agent may require any such holder to submit his Warrant
      for
      inspection by it.

     

    8.6
        Counterparts
      . This
      Warrant Agreement may be executed in any number of counterparts and each of
      such
      counterparts shall for all purposes be deemed to be an original, and all such
      counterparts shall together constitute but one and the same
      instrument.

     

    8.7
        Effect
      of Headings
      . The
      Section headings herein are for convenience only and are not part of this
      Warrant Agreement and shall not affect the interpretation thereof.

     

    8.8
        Amendments
      . This
      Warrant Agreement may be amended by the parties hereto without the consent
      of
      any registered holder for the purpose of curing any ambiguity, or of curing,
      correcting or supplementing any defective provision contained herein or adding
      or changing any other provisions with respect to matters or questions arising
      under this Warrant Agreement as the parties may deem necessary or desirable
      and
      that the parties deem shall not adversely affect the interest of the registered
      holders. All other modifications or amendments, including any amendment to
      increase the Warrant Price or shorten the Exercise Period, shall require the
      written consent of a majority of the then outstanding Warrants. Notwithstanding
      the foregoing, the Company may lower the Warrant Price or extend the duration
      of
      the Exercise Period in accordance with Sections 3.1 and 3.2, respectively,
      without such consent.

     

    8.9
        Severability
      . This
      Warrant Agreement shall be deemed severable, and the invalidity or
      unenforceability of any term or provision hereof shall not affect the validity
      or enforceability of this Warrant Agreement or of any other term or provision
      hereof. Furthermore, in lieu of any such invalid or unenforceable term or
      provision, the parties hereto intend that there shall be added as a part of
      this
      Warrant Agreement a provision as similar in terms to such invalid or
      unenforceable provision as may be possible and be valid and
      enforceable.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, this Warrant Agreement has been duly executed by the parties
      hereto as of the day and year first above written.

    

      
        	
                ZION
                  OIL & GAS, INC.

              
	 
	
                By:

              	
                /s/
                  William H. Avery

              	 
	 
	
                Name:
                  William H. Avery

              
	
                Title:
                  Executive Vice President

              
	 
	
                REGISTRAR
                  AND TRANSFER COMPANY

              
	 
	
                By:

              	
                /s/
                  William P. Tatler

              	 
	 
	
                Name:William
                  P. Tatler

              
	
                Title:
                  Vice President

              

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

      [Face
        of Certificate - ZION OIL & GAS, INC.]

     

      (SEE
        REVERSE SIDE FOR LEGEND)

     

      W

     

      WARRANTS

     

      (THIS
        WARRANT WILL BE VOID IF NOT EXERCISED PRIOR TO 5:00 P.M., NEW YORK CITY TIME,
        JANUARY 31, 2012)

     

      ZION
        OIL
& GAS, INC.

     

      CUSIP
        989696117

     

      WARRANT

     

      THIS
        CERTIFIES THAT, for value received _____________ is the registered holder
        of a
        Warrant or Warrants expiring January 31, 2012 (the "Warrant") to purchase
        one
        fully paid and non-assessable share of Common Stock, par value $.01 per share
        (the "Shares"), of ZION OIL & GAS, INC., a Delaware corporation (the
        "Company"), for each Warrant evidenced by this Warrant Certificate. The Warrant
        entitles the holder thereof to purchase from the Company, commencing on the
        31
ST
        day
        following the Termination Date (as defined in the Prospectus pursuant to
        which
        the Unit of which this Warrant forms a part was sold), such number of Shares
        of
        the Company at the price of $7.00 per share, upon surrender of this Warrant
        Certificate and payment of the Warrant Price at the office or agency of the
        Warrant Agent, Registrar and Transfer Company (such payment to be made by
        check
        made payable to the Warrant Agent), but only subject to the conditions set
        forth
        herein and in the Warrant Agreement between the Company and the Warrant Agent.
        In no event shall the registered holder of this Warrant be entitled to receive
        a
        net-cash settlement or other consideration in lieu of physical settlement
        in
        Shares of the Company. The Warrant Agreement provides that, upon the occurrence
        of certain events, the Warrant Price and the number of Warrant Shares
        purchasable hereunder, set forth on the face hereof, may, subject to certain
        conditions, be adjusted. The term Warrant Price as used in this Warrant
        Certificate refers to the price per Share at which Shares may be purchased
        at
        the time the Warrant is exercised.

     

      This
        Warrant may expire on the date first above written if it is not exercised
        prior
        to such date by the registered holder pursuant to the terms of the Warrant
        Agreement.

     

      No
        fraction of a Share will be issued upon any exercise of a Warrant. If, upon
        exercise of a Warrant, a holder would be entitled to receive a fractional
        interest in a Share, the Company will, upon exercise, round up to the nearest
        whole number the number of shares of common stock to be issued to the warrant
        holder.

     

      Upon
        any
        exercise of the Warrant for less than the total number of full Shares provided
        for herein, there shall be issued to the registered holder hereof or his/her/its
        assignee a new Warrant Certificate covering the number of Shares for which
        the
        Warrant has not been exercised.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

      Warrant
        Certificates, when surrendered at the office or agency of the Warrant Agent
        by
        the registered holder hereof in person or by attorney duly authorized in
        writing, may be exchanged in the manner and subject to the limitations provided
        in the Warrant Agreement, but without payment of any service charge, for
        another
        Warrant Certificate or Warrant Certificates of like tenor and evidencing
        in the
        aggregate a like number of Warrants.

     

      Upon
        due
        presentment for registration of transfer of the Warrant Certificate at the
        office or agency of the Warrant Agent, a new Warrant Certificate or Warrant
        Certificates of like tenor and evidencing in the aggregate a like number
        of
        Warrants shall be issued to the transferee in exchange for this Warrant
        Certificate, subject to the limitations provided in the Warrant Agreement,
        without charge except for any applicable tax or other governmental
        charge.

     

      The
        Company and the Warrant Agent may deem and treat the registered holder as
        the
        absolute owner of this Warrant Certificate (notwithstanding any notation
        of
        ownership or other writing hereon made by anyone) for the purpose of any
        exercise hereof, of any distribution to the registered holder, and for all
        other
        purposes, and neither the Company nor the Warrant Agent shall be affected
        by any
        notice to the contrary.

     

      
        

      

    

     

      This
        Warrant does not entitle the registered holder to any of the rights of a
        stockholder of the Company.

     

     

      COUNTERSIGNED:

      Registrar
        and Transfer Company

     

      WARRANT
        AGENT

      BY:

      AUTHORIZED
        OFFICER

     

      DATED:

     

      (Signature)

      CHIEF
        EXECUTIVE OFFICER

     

      (Seal)

     

      (Signature)

      SECRETARY

    
       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

      SUBSCRIPTION
        FORM

     

      To
        Be
        Executed by the Registered Holder in Order to Exercise
        Warrants

     

      The
        undersigned Registered Holder irrevocably elects to exercise _________ Warrants
        represented by this Warrant Certificate, and to purchase the shares of Common
        Stock issuable upon the exercise of such Warrants, and requests that
        Certificates for such shares shall be issued in the name of

     

     

      ___________________________________________________________________________________________________________________

     

      (PLEASE
        TYPE OR PRINT NAME AND ADDRESS)

     

      ___________________________________________________________________________________________________________________

     

      ___________________________________________________________________________________________________________________

     

      ___________________________________________________________________________________________________________________

     

      (SOCIAL
        SECURITY OR TAX IDENTIFICATION NUMBER)

     

      and
        be
        delivered
        to_________________________________________________________________________________________________

     

      (PLEASE
        PRINT OR TYPE NAME AND ADDRESS)

     

      ___________________________________________________________________________________________________________________

     

      and,
        if
        such number of Warrants shall not be all the Warrants evidenced by this Warrant
        Certificate, that a new Warrant Certificate for the balance of such Warrants
        be
        registered in the name of, and delivered to, the Registered Holder at the
        address stated below:

     

      Dated:

     

    
      
        

      

    

      (SIGNATURE)

     

    
      
        

      

    

      (ADDRESS)

     

    
      
        

      

    

     

    
      
        

      

    

      (TAX
        IDENTIFICATION NUMBER)

     

      THE
        SIGNATURE TO THE ASSIGNMENT OF THE SUBSCRIPTION FORM MUST CORRESPOND TO THE
        NAME
        WRITTEN UPON THE FACE OF THIS WARRANT CERTIFICATE IN EVERY PARTICULAR, WITHOUT
        ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE GUARANTEED
        BY A
        COMMERCIAL BANK OR TRUST COMPANY OR A MEMBER FIRM OF THE AMERICAN STOCK
        EXCHANGE, NEW YORK STOCK EXCHANGE, PACIFIC STOCK EXCHANGE OR CHICAGO STOCK
        EXCHANGE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

      ASSIGNMENT

     

      To
        Be
        Executed by the Registered Holder in Order to Assign Warrants

     

      For
        Value
        Received,_____________________hereby sell, assign, and transfer
        unto

     

    _____________________________________________________

      (PLEASE
        TYPE OR PRINT NAME AND ADDRESS)

     

    _____________________________________________________

     

    _____________________________________________________

     

    _____________________________________________________

      (SOCIAL
        SECURITY OR TAX IDENTIFICATION NUMBER)

     

      and
        be
        delivered
        to__________________________________________________________________________________

     

      (PLEASE
        PRINT OR TYPE NAME AND ADDRESS)

     

     

      
        

      

    

     

     

      Of
        the
        Warrants represented by this Warrant Certificate, and hereby irrevocably
        constitute and 

     

      appoint________________________________Attorney
        to transfer this Warrant Certificate on the books of the Company, with full
        power of substitution in the premises.

     

      Dated:

     

    
      
        

      

    

      (SIGNATURE)

     

      Notice:
        The signature to this assignment must correspond with the name as written
        upon
        the face of the certificate in every particular, without alteration or
        enlargement or any change whatever.

     

      Signature(s)
        Guaranteed:

     

      THE
        SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS,
        STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP
        IN
        AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE
        17Ad-15).

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