Document:

Monaker Group, Inc. S-3

 

Exhibit 10.99

 

Monaker Letter of Intent to

Purchase Radiant Entities’ AXV Shares

Amendment As of March 10 , 2021 

 

	Term	Description
	Background	Whereas,
    Radiant Ventures Limited (“Radiant”) manages and/or represents 2 entities, Radiant VC 1 Limited with registered
    at Floor 4, Willow House, Cricket Square, Grand Cayman KY1-9010, Cayman Islands (“RVC1”) and Radiant PV 1 Limited
    with registered at Floor 4, Willow House, Cricket Square, Grand Cayman KY1-9010, Cayman Islands (“RPV1”) (RVC1
    and RPV1 are each a “Radiant Entity” and collectively the “Radiant Entities”), that represent 5,400,001
    and 6,599,998 shares respectively of Axion Ventures Inc. (TSXV: “AXV”); AND, whereas AXV Founders of Axion are
    merging their interests in AXV with Monaker Group Inc. (NASDAQ: “MKGI”); MKGI is interested in making a contingent
    offer to acquire the above mentioned AXV shares held by the Radiant Entities, subject to regulatory approvals and based on
    the terms and conditions of this Letter of Intent (“Proposed Transaction”).
	Monaker
    Offer to Purchase	MKGI’s
    Offer of Canadian $0.20 (20 cents) per share for a combination of Cash and shares of Monaker common stock as described in
    Terms, Conditions, Confidentiality and Contingencies section (Below).
	Terms,
    Conditions, Confidentiality and Contingencies	1)   

                                                                              This Contingent Offer is CONDITIONAL upon complete confidentiality. If the Contingent
                                         Offer is transmitted to any parties outside of Radiant and Radiant Entities (except for
                                         any professional advisors of Radiant and or Radiant Entities, including but not limited
                                         to investment, financial, tax or legal advisors) by any Party other than MKGI, this Offer
                                         is void, except that if accepted (see below) the Proxy shall remain in effect.

        2)     

        This offer is further contingent upon BC Securities commission and their requirement to lift the cease trade order on
        AXV Shares (“CTO”) and/or separately grant permission for purchase and sale of Radiant Entities’ AXV
        shares to MKGI).

        3)    

        This Offer is further contingent upon Radiant Entities granting MKGI their AXV Proxy through to the date of the Axion
        AGM (anticipated on or before June 30th, 2021).

        Subject
        to the above contingencies, Radiant, Radiant Entities and MKGI hereby agree to amend the original Letter of Intent entered
        into between Radiant, Radiant Entities and MKGI on 29 October 2020 to incorporate the following terms for Purchase of
        Radiant Entities’ owned AXV shares as:

        i)       

        An initial nonrefundable cash payment Deposit representing 25% of the purchase price of CAD 600,000 (or the equivalent
        in USD) with CAD 270,000 to RVC1 and CAD 330,000 to RPV1 (already paid);

        ii)    

        A second nonrefundable Deposit by MKGI, of 235,000 MKGI common shares (105,750 to RVC1 and 129,250 to RPV1 to be issued
        to the Radiant Entities’ or their nominated manager, broker and/or agent) representing an additional 25% of the
        purchase price and

        causing
        the extension of the Radiant’s Axion voting rights Proxy in favor of MKGI through until the completion of the earlier
        of Axion AGM and June 30th, 2021.

    	Monaker Letter of Intent to Purchase Radiant’s Axion Shares
 Page 1 of 4

     

    

Monaker Letter of Intent to

Purchase Radiant Entities’ AXV Shares

Amendment As of March 10, 2021

 

	 	iii)

                                                                                                                       A final payment representing the balance of 50% of the consideration for Radiant Entities’
                                         AXV shares (“Final Payment”) due within 10 days of the BC Securities commission
                                         lifting the cease trade order on AXV Shares (“CTO”) and separately granting
                                         permission for purchase and sale of Radiant Entities’ AXV shares to MKGI with payment
                                         terms as follows:

        Each
        Radiant Entity may elect to take the balance of their entitled payment in the form of either or a combination of a) Cash
        of CAD

        0.20
        (or equivalent amount in USD) per Axion share; or b) MKGI shares based on the following formula (to be issued to the Radiant
        Entities’ or their nominated manager, broker and/or agent):

        Shares
        to be issued at a 20% discount to the Market price of MKGI shares at time of election provide that shares will not be
        issued at less than $2 per MKGI share (the floor price) and not more than $3 per MKGI Share (the ceiling price).

         

        4)      

        In no case shall the Final Payment be made and the Proposed Transaction completed by the earlier of i) June 30th
        2021; and ii) 15 days from the date BC Securities Commission lifting the CTO. Otherwise, the Proposed Transaction
        and related agreements will terminate with no further rights or obligations by the parties.

         

        5)      

        Upon acceptance of this amended LOI – MKGI and Radiant will take steps to:

         

        i)          

        have Proxy Agreement drawn which will include granting MKGI the right to vote Radiant Entities’ shares in matters
        relating to 1) removal and appointment of board members and senior management of AXV; and 2) MKGI shall inform Radiant
        in writing of the details of how any voting rights of Radiant Entities’ AXV Shares have been exercised under the
        AXV Proxy within 24 hours of exercising such vote and include copies of any shareholders’ meeting notice, agenda
        and resolution in such notice application to the, up to the date of the AGM.

        ii)   

        Have formal Stock Purchase and Sales Agreement prepared for execution which will be subject to BC Securities commission
        to lift the CTO and/or separately grant permission for purchase and sale of Radiant Entities’ AXV shares to MKGI

	Issue
    of MKGI Shares to Radiant Entities	Any
                                         MKGI Shares to be issued to the Radiant Entities pursuant to the terms and conditions
                                         of this letter agreement shall be issued to:

         

        For
        Radiant VC 1 Ltd.:

        Custodian
        Name: Phillip Capital Inc.

    	Monaker Letter of Intent to Purchase Radiant’s Axion Shares
 Page 2 of 4

     

    

Monaker Letter of Intent to

Purchase Radiant Entities’ AXV Shares

Amendment As of March 10, 2021 

 

	 	DTC:
                                                                                                                                             8460

        

        A/C
Name: Phillip Securities Hong Kong

        

        A/C
No.: 01HK3000

        

        Contact
email: Settlement@phillip.com.hk

        

        For
further credit to: Mayfair & Ayers Financial Group Limited

        

        account number: 331130

        account
        name: Radiant VC 1 Ltd.

         

        For
        Radiant PV 1 Ltd.

        Custodian
Name: Phillip Capital Inc.

        DTC:
8460

        A/C
Name: Phillip Securities Hong Kong

        A/C
No.: 01HK3000

        Contact
email: Settlement@phillip.com.hk

        For
further credit to: Mayfair & Ayers Financial Group Limited

        account
number: 331131

        account
name: Radiant Ventures Ltd.

	Warrants	The
    warrants are removed and replaced with the options as stated in Clause (3)(iii) of the Terms, Conditions, Confidentiality
    and Contingencies section above.
	Transfer
    of AXV Shares	Upon
    payment of Final Payment, Each Radiant Entity shall promptly transfer their relevant number of AXV shares to MKGI. MKGI
    shall be responsible for payment of any direct cost of such transfer including but not limited to capital duty, stamp duty
    and transfer fees.
	Supersedes
    Prior Agreements	This
    Amended Letter of Intent shall supersede and replace all prior agreements, letter of intents, and understandings, oral or
    written, between the Parties regarding the transactions covered hereby.

 

 

 

 

Signature page to follow:

    	Monaker Letter of Intent to Purchase Radiant’s Axion Shares
 Page 3 of 4

     

    

 

Agreed to this 10
day of March 2021

 

 

 

 

	 	 	 	Agreed to by Monaker this 17th day of March
    2021 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	Name: 	Gordon Yen	 	Name:	Bill Kerby
	 	 	 	 	 
	Signature:	/s/ Gordon Yen	 	Signature:	/s/ Bill Kerby
	Title: 	Director	 	Title:	CEO
	 	Radiant Ventures Ltd acting as Manager of	 	 	Monaker Group Inc.- Buyer 
	 	Radiant VC 1 Limited as Sellers	 	 	 

 

	Name:	Gordon Yen	 
	 	 	 
	Signature: 	/s/ Gordon Yen	 
	Title:	Director	 
	 	Radiant PV 1 Limited as Sellers	 

 

 

 

 

    	Monaker Letter of Intent to Purchase Radiant’s Axion Shares
 Page 4 of 4Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

THIS AGREEMENT is made as of January 1, 2021

 

B E T W E E N:

 

ZION OIL AND GAS INC., a Company incorporated under the laws
of Delaware.

 

(the “Company”)

 

and -

 

MARTIN VAN BRAUMAN

 

(the “Employee”)

 

CONTEXT OF THIS AGREEMENT

 

A. The
Company explores for oil and gas in Israel.

 

B. The
Company wishes to employ the Employee as the Executive Vice-President, Secretary,Treasurer and Chief Compliance Officer of the Company,
upon the terms and conditions as set out herein.

 

FOR VALUE RECEIVED, the sufficiency of which is acknowledged,
the parties agree as follows:

 

PART 1

INTERPRETATION

 

1.1 Definitions. In this Agreement, the
following terms shall have the following meanings:

 

“Agreement” means this agreement
and all schedules attached hereto and all amendments made hereto and thereto in writing by the parties.

 

“Business Day” means a day
other than a Saturday, Sunday or statutory holiday in the U.S.A. and Israel.

 

“Person” includes individuals,
companies, limited partnerships, general partnerships, joint stock companies, joint ventures, associations, companies, trusts or other
organizations, whether or not legal entities.

 

     

     

    

 

1.2 Entire
Agreement. This Agreement together with the agreements and other documents to be delivered pursuant to this Agreement (or other agreements
pertaining to employee benefits, including, without limitation, stock option and bonus plan agreements), constitute the entire agreement
between the parties pertaining to the subject matter of this Agreement and supersede all prior agreements, understandings, negotiations
and discussions, whether oral or written, of the parties and there are no warranties, representations or other agreements between the
parties in connection with the subject matter of this Agreement except as specifically set forth in this Agreement and any document delivered
pursuant to this Agreement. No supplement, modification or waiver or termination of this Agreement shall be binding unless executed in
writing by the party to be bound thereby.

 

1.3 Sections
and Headings. The division of this Agreement into parts and sections and the insertion of headings are for convenience of reference
only and shall not affect the construction or interpretation of this Agreement. The terms “this Agreement”, “hereof”,
“hereunder” and similar expressions refer to this Agreement and not to any particular article, section or other portion hereof
and include any agreement or instrument supplemental or ancillary hereto. Unless something in the subject matter or context is inconsistent
therewith, references herein to parts and sections are to parts and sections of this Agreement.

 

1.4 Number
& Gender. Words importing the singular number only shall include the plural and vice versa and words importing the masculine
gender shall include the feminine and neuter genders and vice versa.

 

1.5 Applicable
Law. This Agreement shall be construed and enforced in accordance with the laws of the United States of America, and specifically,
those of the State of Texas applicable thereto.

 

1.6 Currency.
Unless otherwise specified, all references herein to currency shall be references to currency of the United States.

 

1.7 Calculation of Time.
When calculating the period of time within which or following which any act is to be done or step taken pursuant to this Agreement,
the date which is the reference date in calculating such period shall be excluded. If the last day of such period is a non Business
Day, the period in question shall end on the next Business Day.

 

PART 2

APPOINTMENT
AND DUTIES

 

2.1 Appointment.
The Company agrees to employ the Employee as its Executive Vice-President, Secretary, Treasurer and Chief Compliance Officer upon the
terms and conditions contained herein, and the Employee accepts such appointment.

 

2.2 Term.
The employment of the Employee hereunder shall commence effective January 1, 2021 and shall continue for an initial term until December
31, 2021 (the “Initial Term”) unless terminated in accordance with the provisions of this Agreement. This Agreement shall
be automatically renewed for successive one (1) year terms (each a “Renewal Term”) 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.

 

2.3 Duties
and Reporting. The Employee will report directly to the Board Chairman of the Company and its CEO and shall carry out all duties and
responsibilities which are from time to time assigned to him by the Board of Directors, the Board Chairman and/or its CEO.

 

    2

     

    

 

PART 3

BENEFITS &
EXPENSES

 

3.1 Gross
Salary. During the term hereof, and subject to the performance of the services required to be performed hereunder by Employee, the
Company shall pay to the Employee for all services rendered hereunder, $220,000 as annual base salary, payable not less often than once
per month and in accordance with the Company’s normal and reasonable payroll practices, a monthly gross amount equal to $18,333.00
(the “Gross Salary”). The Board of Directors, the Board Chairman and/or the CEO will review the Gross Salary annually and,
in its or their sole discretion, consider any increases it or they deem warranted at that time.

 

3.2 Intentionally
omitted.

 

3.3 Vehicle. Company, at its discretion,
shall grant Employee a monthly vehicle allowance of $650.00 and reimburse Employee for all gasoline expenses incurred for the reasonable
business use of his vehicle.

 

3.4 Cell
Phone. Company shall provide the Employee with a cell phone and pay the service provider directly or reimburse Employee for its maintenance
and reasonable use charges.

 

3.5 Benefits.
The Employee shall be entitled to fully participate in all of the Company’s benefit plans generally available to its senior level
employees from time to time, including any profit sharing plan, royalty pool, management incentive plan or similar plan or arrangement;
provided, however, nothing herein will be construed to limit, condition or otherwise encumber the Company’s right to amend, discontinue,
substitute or maintain any employee benefits plan, program or perquisite in accordance with applicable law. Notwithstanding any other
provision in this Agreement to the contrary, this Section 3.5 and the rights conferred on Employee herein shall survive the termination
or expiration of this Agreement.

 

3.6 Expenses.
The Employee shall be reimbursed for ordinary, necessary and reasonable out-of-pocket trade or business expenses incurred in connection
with the performance of Employee’s duties under this Agreement, together with any applicable sales, services and other applicable
taxes as a result thereof, by the Company within fifteen (15) Business Days after presentation by the Employee of proper invoices and
receipts in keeping with the policies of the Company, as established from time to time, subject to the reasonable approval of the CEO
or President. The Company also authorizes business class travel when flying on overseas flights.

 

3.7 Options. Subject to the Employee
entering into the Company’s standard Employee Stock Option agreement, for services required to be performed hereunder by Employee,
the Employee shall be entitled to participate in an employee stock option plan of the Company. Company shall grant to Employee under
the Company’s 2011 and any other applicable Stock Option Plan fully vested options to purchase 25,000 shares of Common Stock of
the Company during the Initial Term at a per share exercise price of the January 5 closing market price of the Common Stock (“Vested
Options”) commencing January 5, 2021, and continuing on fifth (5th) day of January of each applicable successive Renewal Term.
In the event that this Agreement continues after the Initial Term, the Company at its sole option may grant to the Employee additional
stock options which in no event shall be less than the per term amount granted herein with such other terms to be agreed upon by the
parties. All Options are subject to the terms of the written stock option agreement(s) issued by the Company.

 

    3

     

    

 

3.8 Vacation,
Sick Days and Personal Time Off. The Employee shall be entitled to, and will accrue, a total of 16 working days of paid vacation per
calendar year for each year this Agreement is in effect, pro-rated as applicable for any partial calendar year. Based on a forty (40)
hour week, each working day shall be deemed to be ten (10) hours, and each use of vacation time shall be preceded by the submission of
a vacation request form approved by the Company. In addition to the foregoing, in the event the Employee travels to Israel on Company
business, the Employee shall accrue one (1) vacation day for each two (2) working days spent in Israel and traveling to and therefrom.
The Employee shall be entitled to carry over not more than a cumulative total of seven (7) paid vacation days from one year into the next
year with any unused vacation days in excess thereof being forfeited annually by the Employee with no compensation or payment for same.
At the end of the Employee’s employment hereunder, the Employee shall be compensated for any unused vacation time accrued hereunder
to date of termination. In addition to the aforesaid vacation time, the Employee shall be allowed a total of five (5) days of paid sick
leave and/or personal time off per calendar year, none of which shall carry over into a subsequent calendar year. Any use of personal
time off shall be preceded by the submission of a request form approved by the Company. The Employee shall be entitled to paid holidays
as determined annually by the Company.

 

3 .9 Withholding Tax Company shall withhold,
or charge Employee with, all taxes and other compulsory payments as required under applicable law with respect to all payments, benefits
and/or other compensation paid to Employee in connection with his employment with Company.

 

3.10 Insurance. The Employee and
his spouse shall be entitled to participate in all dental and vision insurance programs offered by the Company to its employees and spouses.
Being above the age of 65, Employee and his spouse participate in the Medicare health insurance program for which they pay monthly premiums.
The Company will contribute to Employee the flat sum of $1,200.00 per month to reimburse Employee for any and all health insurance premiums
paid by Employee and his spouse.

 

3.11 Professional
Fees. The Company shall pay for or reimburse Employee for all reasonable professional license fees and/or dues incurred by Employee
for membership in appropriate professional associations, necessary subscriptions and reasonable training.

 

PART 4

EMPLOYEE’S
COVENANTS

 

4.1 Service. The Employee shall
devote all of his business time, attention and ability to the business of the Company and shall well and faithfully serve the
Company and shall use his best efforts to promote the interests of the Company. The Employee appreciates that the Employee’s
duties may involve significant travel from the Employee’s place of employment, and the Employee agrees to travel as reasonably
required in order to fulfill the Employee’s duties.

 

    4

     

    

 

4.2 Duties
and Responsibilities. The Employee shall duly and diligently perform all the duties assigned to him while in the employment of the
Company, and shall truly and faithfully account for and deliver to the Company all money, securities and things of value belonging to
the Company which the Employee may from time to time receive for, from or on account of the Company.

 

4.3 Rules
and Regulations. The Employee shall be bound by and shall faithfully observe and abide by all the rules and regulations of the Company
from time to time in force including insider trading policies, blackout periods for the purchase and sale of the Company’s securities
and underwriter lock ups, from time to time in force.

 

PART
5

CONFIDENTIAL INFORMATION AND DEVELOPMENTS

 

5.1 “Confidential
Information” means information, whether or not originated by the Employee, that relates to the business or affairs of the Company,
its affiliates, clients or suppliers and is confidential or proprietary to, about or created by the Company, its affiliates, clients,
or suppliers. Confidential Information includes, but is not limited to, the following types of confidential information and other proprietary
information of a similar nature (whether or not reduced to writing or designated or marked as confidential):

 

		(i)	work product resulting from or related to work or projects performed
for or to be performed for the Company or its affiliates, including but not limited to, the interim and final lines of inquiry,
hypotheses, research and conclusions related thereto and the methods, processes, procedures, analysis, techniques and audits used in
connection therewith;

 

		(ii)	computer software of any type or form and in any stage of actual
or anticipated development, including but not limited to, programs and program modules, routines and subroutines, procedures, algorithms,
design concepts, design specifications (design notes, annotations, documentation, flowcharts, coding sheets, and the like), source code,
object code and load modules, programming, program patches and system designs;

 

		(iii)	information relating
to developments (as hereinafter defined) prior to any public disclosure thereof, including but not limited to, the nature of the developments,
production data, technical and engineering data, test data and test results, the status and details of research and development of products
and services, and information regarding acquiring, protecting, enforcing and licensing proprietary rights (including patents, copyrights
and trade secrets);

 

		(iv)	internal Company personnel and financial information, vendor
names and other vendor information, purchasing and internal cost information, internal services and operational manuals, and the manner
and method of conducting the Company’s business;

 

    5

     

    

 

		(v)	marketing and development plans, price and cost data, price and
fee amounts, pricing and billing policies, quoting procedures, marketing techniques and methods of obtaining business, forecasts and
forecast assumptions and volumes, and future plans and potential strategies of the Company that have been or are being discussed; and

 

		(vi)	all information that becomes known to the Employee as a result
of employment that the Employee, acting reasonably, believes is confidential information or that the Company takes measures to protect.

 

5.2 Confidential
Information does not include:

 

		(i)	the general skills and experience gained during the Employee’s
employment or engagement with the Company that the Employee could reasonably have been expected to acquire in similar employment or
engagements with other companies;

 

		(ii)	information publicly known without breach of this Agreement or
similar agreements; or

 

		(iii)	information, the disclosure of which is required to be made by
any law, regulation, governmental authority or court (to the extent of the requirement), provided that before disclosure is made, notice
of the requirement is provided to the Company, and to the extent of the requirement, (to the extent reasonably possible in the circumstances)
the Company is afforded an opportunity to dispute the requirement.

 

5.3 “Developments”
means all discoveries, inventions, designs, works of authorship, improvements and ideas (whether or not patentable or copyrightable) and
legally recognized proprietary rights (including, but not limited to, patents, copyrights, trademarks, topographies, know-how and trade
secrets), and all records and copies of records relating to the foregoing, that relates solely to the Company’s business and improvements
and modifications to it:

 

		(i)	resulting or derived from the Employee’s employment or from
the Employee’s knowledge or use of Confidential Information;

 

		(ii)	conceived or made by the Employee (individually or in collaboration
with others) during the term of the Employee’s employment by the Company;

 

		(iii)	resulting from or derived from the use or application of the resources
of the Company or its affiliates; or

 

		(iv)	relating to the business operations of or actual or demonstrably
anticipated research and development by the Company or its affiliates.

 

    6

     

    

 

For greater certainty, discoveries, inventions,
designs, works of authorship, improvements and ideas (whether or not patentable or copyrightable) of the Employee that do not relate to
the business of the Company are not the subject matter of this Agreement.

 

PART
6

NO CONFLICTING OBLIGATIONS

 

6.1 The
Employee warrants to the Company that:

 

		(i)	the performance of the Employee’s duties as an employee
of the Company will not breach any agreement or other obligation to keep confidential the proprietary information of any other party;
and

 

		(ii)	the Employee is not bound by any agreement with or obligation
to any other party that conflicts with the Employee’s obligations as an employee of the Company or that may affect the Company’s
interest in the Developments.

 

6.2 The
Employee will not, in the performance of the Employee’s duties as an employee of the Company:

 

		(i)	improperly bring to the Company or use any trade secrets, confidential
information or other proprietary information of any other party; or

 

		(ii)	knowingly infringe the intellectual property rights of any other
party.

 

PART 7

CONFIDENTIAL INFORMATION

 

7.1 Protection
of Confidential Information. All Confidential Information, whether it is developed by the Employee during the Employment Period or
by others employed or engaged by or associated with the Company or its affiliates or clients, is the exclusive and confidential property
of the Company or its affiliates or clients, as the case may be, and will at all times be regarded, treated and protected as such, as
provided in this Agreement.

 

7.2 Covenants
Respecting Confidential Information. As a consequence of the acquisition of Confidential Information, the Employee will occupy a position
of trust and confidence with respect to the affairs and business of the Company and its affiliates and clients. In view of the foregoing,
it is reasonable and necessary for the Employee to make the following covenants regarding the Employee’s conduct during and subsequent
to the Employee’s employment by the Company.

 

7.3 Non-Disclosure. At all times
during and subsequent to the Employee’s employment with the Company, the Employee will not disclose Confidential Information to
any Person (other than as necessary in carrying out the Employee’s duties on behalf of the Company) without first obtaining the
Company’s consent, and the Employee will take all reasonable precautions to prevent inadvertent disclosure of any Confidential
Information. This prohibition includes, but is not limited to, disclosing or confirming the fact that any similarity exists between
the Confidential Information and any other information.

 

    7

     

    

 

7.4 Non-Competition.
During Employee’s employment with the Company and for a period of one (1) year after the termination thereof, the Employee shall
not, directly or indirectly, individually or in partnership or in conjunction with any other person or entity:

 

		(i)	be engaged, directly or indirectly, in any manner whatsoever as
an employee, consultant, adviser, principal, agent, member or proprietor in any business that engages in oil and gas exploration and
production in Israel and/or the Palestinian territory;

 

		(ii)	be engaged, directly or indirectly, in any manner whatsoever as
an employee, consultant, adviser, principal, agent, member or proprietor in any business that engages in oil and gas exploration and
production in Israel and/or the Palestinian territory in a capacity in which the loyal and complete fulfilment of Employee’s duties
to that business would inherently require Employee’s use, copying or transferring Confidential Information; or

 

		(iii)	advise, invest in, lend money to, guarantee the debts or obligations
of, or otherwise have any other financial or other interest (including an interest by way of royalty or other compensation arrangements)
in or in respect of any person or entity which carries on an oil and gas exploration and production business in Israel and/or the Palestinian
territory.

 

7.5 Using,
Copying, etc. At all times during and subsequent to the Employee’s employment with the Company, the Employee will not use, copy,
transfer or destroy any Confidential Information (other than as necessary in carrying out the Employee’s duties on behalf of the
Company) without first obtaining the Company’s consent, and the Employee will take all reasonable precautions to prevent inadvertent
use, copying, transfer or destruction of any Confidential Information. This prohibition includes, but is not limited to, licensing or
otherwise exploiting, directly or indirectly, any products or services that embody or are derived from Confidential Information or exercising
judgment or performing analysis based upon knowledge of Confidential Information.

 

7.6 Return
of Confidential Information. Within 2 Business Days after the termination of the Employee’s employment on any basis and of receipt
by the Employee of the Company’s written request, the Employee will promptly deliver to the Company all property of or belonging
to or administered by Company including without limitation all Confidential Information that is embodied in any physical or ephemeral form,
whether in hard copy or on magnetic media, and that is within the Employee’s possession or under the Employee’s control.

 

7.7 Obligations Continue.
The Employee’s obligations under this Part 7 are to remain in effect in perpetuity unless provided otherwise herein.

 

    8

     

    

 

PART 8

INTELLECTUAL PROPERTY

 

8.1 Ownership. All Developments
will be the exclusive property of the Company, and the Company will have sole discretion to deal with Developments. For greater
certainty, all work done during the Employment Period by the Employee for the Company or its affiliates is a work for hire of which
the Company or its affiliate, as the case may be, is the first author for copyright purposes and in respect of which all copyright
will vest in the Company or the relevant affiliate, as the case may be.

 

8.2 Records.
The Employee will keep complete, accurate and authentic notes, reference materials, data and records of all Developments in the manner
and form requested by the Company. All these materials will be Confidential Information upon their creation.

 

8.3 Moral
Rights. The Employee hereby irrevocably waives all moral rights arising under statute in any jurisdiction or under common law which
the employee may have now or in the future with respect to the Developments, including, without limitation, any rights the Employee may
have to have the Employee’s name associated with the Developments or to have the Employee’s name not associated with the Developments,
any rights the Employee may have to prevent the alteration, translation or destruction of the Developments, and any rights the Employee
may have to control the use of the Developments in association with any product, service, cause or institution. The Employee agrees that
this waiver may be invoked by the Company, and by any of its authorized agents or assignees, in respect of any or all of the Developments
and that the Company may assign the benefit of this waiver to any Person.

 

8.4 Further
Assurances. The Employee will do all further things that may be reasonably necessary or desirable in order to give full effect to
the foregoing. If the Employee’s co-operation is required in order for the Company to obtain or enforce legal protection of the
Developments following the termination of the Employee’s employment, the Employee will provide that co-operation so long as the
Company pays to the Employee reasonable compensation for the Employee’s time at a rate to be agreed, provided that the rate will
not be less than the last base salary or compensation rate paid to the Employee by the Company during the Employee’s employment.

 

8.5 Obligations
Continue. The Employee’s obligations under this Part 8 are to remain in effect in perpetuity.

 

PART
9

CONSENT TO ENFORCEMENT

 

The Employee confirms that all restrictions in
Part 7 and 8 are reasonable and valid, and all defenses to the strict enforcement thereof by the Company are waived by the Employee. Without
limiting the generality of the foregoing, the Employee hereby consents to an injunction being granted by a court of competent jurisdiction
in the event that the Employee is in any breach of any of the provisions stipulated in Part 7 and 8. The Employee hereby expressly acknowledges
and agrees that injunctive relief is an appropriate and fair remedy in the event of a breach of any of the said provisions.

 

    9

     

    

 

PART 10

WARRANTIES, COVENANTS AND REMEDIES

 

10.1 The
obligations of the Employee as set forth in Parts 6 through 9 will be deemed to have commenced as of the date on which the Employee was
first employed by Company. The Employee warrants that the Employee has not, to date, breached any of the obligations set forth in any
of those Sections. Any breach or threatened breach of those sections by the Employee will constitute Just Cause for immediate termination
of the Employee’s employment or engagement by the Company.

 

10.2 The Employee understands that the
Company has expended significant financial resources in developing its products and the Confidential Information. Accordingly, a
breach or threatened breach by the Employee of any of Parts 6 through 9 could result in unfair competition with the Company and
could result in the Company and its shareholders suffering irreparable harm that is not capable of being calculated and that cannot
be fully or adequately compensated by the recovery of damages alone. Accordingly, the Employee agrees that the Company will be
entitled to interim and permanent injunctive relief, specific performance and other equitable remedies, in addition to any other
relief to which the Company may become entitled.

 

10.3 The
Employee’s obligations under each of Parts 6 through 9 are to remain in effect in accordance with each of their terms and will exist
and continue in full force and effect despite any breach or repudiation of this Agreement or the Employee’s employment (including,
without limitation, the Employee’s wrongful dismissal) by the Company.

 

PART 11

TERMINATION

 

11.1 Termination
by the Employee. The Employee may terminate this Agreement upon 60 Business Days prior written notice given by the Employee to the
Company. The Company, at its sole discretion, may elect to accept the 60 Business Days written notice or to reduce or eliminate the notice
period. In such event, the Employee’s employment shall terminate on the earlier day elected by the Company. Such election on the
part of the Company will not alter the nature of the termination as voluntary, and the Company will not be required to pay any severance
or termination payments in respect of a termination by the Employee under this Section 11.1. Upon the termination of employment by the
Employee under this Section 11.1, the Company shall pay to the Employee all bonuses and other benefits earned or accrued up to the date
of termination, but otherwise all obligations of the Company under this Agreement shall end.

 

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11.2 Definition
of “Just Cause”. “Just Cause” means:

 

(i) Employee’s conviction of, or plea
of nolo contendere, to any felony or to a crime involving moral depravity or fraud; (ii) Employee’s commission of an act of
dishonesty or fraud or breach of fiduciary duty or act that has a material adverse effect on the name or public image of
the Company, as determined by the Board, provided the Board affords the Employee the opportunity to personally appear before the
Board in order to state his case prior to the Board voting to so terminate the Employee; (iii) Employee’s commission of an act
of willful misconduct or gross negligence, as determined by the Board provided the Employee shall have the opportunity to state his
case before the Board prior to the Board taking such decision to so terminate the Employee; (iv) the failure of Employee to perform
his duties under this Agreement; (v) the material breach of any of Employee’s material obligations under this Agreement; (vi)
the failure of Employee to follow a directive of the Executive Chairman or the Board; or (vii) excessive absenteeism, chronic
alcoholism or any other form of addiction that prevents Employee from performing the essential functions of his position with or
without a reasonable accommodation; provided, however, that the Company may terminate Employee’s employment for Just
Cause, as to (iv) or (v) above, only after failure by Employee to correct or cure, or to commence or to continue to pursue the
correction or curing of, such conduct or omission within ten (10) days after receipt by Employee of written notice by the Company of
each specific claim of any such misconduct or failure.

 

11.3 Termination by the Company for
Just Cause. The Company may terminate this Agreement at any time for Just Cause without notice and (except as provided in the
immediately following sentence) without payment of any compensation by way of anticipated earnings, damages, or other relief of any
kind whatsoever. Upon the termination of employment by the Company for Just Cause, the Company shall pay to the Employee all
salaries, bonuses, vacation and other benefits, if any, earned or accrued up to the date of termination, but otherwise all
obligations of the Company under this Agreement end.

 

11.4 Termination
by the Company for Other Than Just Cause. The Company may terminate this Agreement at any time for other than Just Cause upon the
following terms:

 

		(a)	if the Company so terminates this Agreement at any time during
the Initial Term of this Agreement, the Company shall pay to the Employee an amount equal to the base salary then payable, if any, for
the longer of (a) the period from the date of such termination to the end of the Initial Term as if the Agreement had not been so terminated
or (b) twelve months, and in all cases, subject to the deductions in Section 3.9;

 

		(b)	if the Company so terminates this Agreement after the Initial
Term or during a Renewal Term, the Company shall pay the Employee an amount equal to the base salary, if any, then payable to the Employee
for a period of twelve months as if the Agreement had not been so terminated or had been renewed, subject to the deductions in Section
3.9; and

 

		(c)	upon any such termination, all bonuses or other benefits earned or accrued up to the date of
                                                                                 termination or expiry shall be paid by the Company, but except for such payments and the payments to be made pursuant to Sections
                                                                                 11.4(a) or (b), as applicable, all obligations of the Company under this Agreement shall end upon such termination or failure to
                                                                                 renew. Payments under Sections 11.4(a) or (b) shall be payable monthly subject to deductions in Section 3.9.

 

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11.5 Termination
by the Employee for Good Reason. The Employee may terminate this Agreement at any time upon the occurrence of any of the following
events (each a “Good Reason”), if such occurrence takes place without the express written consent of the Employee:

 

		(i)	a change in the Employee’s title or position or a material
diminution in the Employee’s duties or the assignment to the Employee of duties which materially impairs the Employee’s ability
to function in his current capacity for the Company, or, with respect to an assignment of duties only, is materially inconsistent with
his duties; and

 

		(ii)	any material change in the Employee’s direct reporting obligations.

 

In the event that the Employee terminates this
Agreement for Good Reason, he shall be entitled to the same payments and benefits as provided in Section 11.4 of this Agreement as if
the Company had terminated this Agreement at the time that the Employee terminates this Agreement under this Section 11.5.

 

11.6 Full
and Final Release. In order to be eligible for the payments as set forth in this Section 11 the Employee must (i) execute and deliver
to the Company a general release, in a form satisfactory to the Company and Employee, and (ii) be and remain in full compliance with his
obligations under this Agreement.

 

11.7 Fair and Reasonable.
The parties confirm that the provisions contained in Sections 11.4 and 11.5 are fair and reasonable and that all such payments shall
be in full satisfaction of all claims which the Employee may otherwise have at law against the Company including, or in equity by
virtue of such termination of employment.

 

11.8 Return
of Property. Upon the termination of the Employee’s employment for any reason whatsoever, the Employee shall at once deliver
or cause to be delivered to the Company all books, documents, effects, money, computer equipment, computer storage media, securities or
other property belonging to the Company or for which the Company is liable to others, which are in the possession, charge, control or
custody of the Employee.

 

11.9 Provisions
Which Operate Following Termination. Notwithstanding any termination of this Agreement for any reason whatsoever, provisions of this
Agreement necessary to give efficacy thereto shall continue in full force and effect.

 

11.10 Board.
Notwithstanding the foregoing, the termination of Employee’s employment hereunder for any reason shall automatically be deemed as
Employee’s resignation from the Board of Directors of the Company and any affiliates without any further action, except when the
Board shall, in writing, request a continuation of duty as a Director in its sole discretion.

 

PART 12

GENERAL

 

12.1 Benefit
& Binding. This Agreement shall inure to the benefit of and be binding upon the respective successors and permitted assigns
of the parties hereto.

 

12.2 Amendments & Waivers. No
amendment to this Agreement shall be valid or binding unless set forth in writing and duly executed by all of the parties hereto. No
waiver of any breach of any provision of this Agreement shall be effective or binding unless made in writing and signed by the party
purporting to give the same and, unless otherwise provided in the written waiver, shall be limited to the specific breach
waived.

 

    12

     

    

 

12.3 Time.
Time shall be of the essence of this Agreement.

 

12.4 Assignment.
Neither this Agreement nor the rights and obligations hereunder shall be assignable by either party without the consent of the other.

 

12.5 Severability.
If any provision of this Agreement is determined to be invalid or unenforceable in whole or in part, such invalidity or unenforceability
shall attach only to such provision and all other provisions hereof shall continue in full force and effect.

 

12.6 Attornment.
For the purposes of all legal proceedings this Agreement shall be deemed to have been performed in the State of Texas and the courts of
Dallas County shall have jurisdiction to entertain any action arising under this Agreement.

 

PART 13

ACKNOWLEDGEMENT

 

The Employee acknowledges that:

 

		(i)	the Employee has received a copy of this Agreement;

 

		(ii)	the Employee has had sufficient time to review and consider this
Agreement thoroughly;

 

		(iii)	the Employee has read and understands the terms of this Agreement
and his obligations under this Agreement;

 

		(iv)	the restrictions placed upon the Employee by this Agreement are
reasonably necessary to protect the Company’s proprietary interests in the Confidential Information and the Developments and will
not preclude the Employee from being gainfully employed in a suitable capacity following the termination of the Employee’s employment,
given the Employee’s knowledge and experience;

 

		(v)	the Employee has been given an opportunity to obtain independent
legal advice, or such other advice as the Employee may desire, concerning the interpretation and effect of this Agreement and by signing
this Agreement the Employee has either obtained advice or voluntarily waived the Employee’s opportunity to receive the same; and

 

		(vi)	this Agreement is entered into voluntarily by the Employee.

 

    13

     

    

 

PART 14

NOTICES

 

Any demand, notice or other communication (the
“Notice”) to be given in connection with this Agreement shall be given in writing on a Business Day and may be given
by personal delivery or by transmittal by facsimile addressed to the recipient as follows:

 

	To the Company:	 
	 	 
	 	Attention: Board Chairman
	 	 
	 	Email: john.brown@zionoil.com
	 	 
	 	Email: robert.dunn@zionoil.com
	 	 
	To the Employee:	Email: martin.vanbrauman@zionoil.com

 

or such other address or facsimile number as
may be designated by notice by any party to the other. Any Notice given by personal delivery will be deemed to have been given on
the day of actual delivery and if transmitted by facsimile before 3:00 pm on a Business Day, will be deemed to have been given on
that Business Day and if transmitted by facsimile after 3:00 pm on a Business Day, will be deemed to have been given on the next
Business Day after the date of transmission.

 

PART 15

FURTHER ASSURANCES

 

The parties shall from time to time execute and
deliver all such further documents and do all acts and things as the other party may reasonably require to effectively carry out or better
evidence or perfect the full intent and meaning of this Agreement.

 

PART 16

FAX SIGNATURES

 

This Agreement may be signed either by original
signature or by facsimile signature.

 

PART 17

COUNTERPARTS

 

This Agreement may be executed
by the parties in one or more counterparts, each of which when so executed and delivered shall be an original and such counterparts shall
together constitute one and the same instrument.

 

    14

     

    

 

IN WITNESS WHEREOF the parties have duly executed this Agreement.

 

	 	ZION OIL & GAS, INC.
	 	 	 
	 	By	/s/ Robert Dunn
	 	 	ROBERT DUNN
	 	 	CHIEF EXECUTIVE OFFICER
	 	 	 
	 	/s/ Martin Van Brauman
	 	MARTIN VAN BRAUMAN

 

15

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