Document:

Exhibit 4.4

 

DESCRIPTION OF THE REGISTRANT'S SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF THE

SECURITIES EXCHANGE ACT OF 1934

 

As of March 17, 2022, Zion
Oil & Gas, Inc. ("Zion," "we," "us" or the "Company") had one class of securities registered
under Section 12(g) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"):  Common Stock, $0.01 par value
per share ("Common Stock").  Each of the Company's securities registered under Section 12(g) of the Exchange Act are quoted
on the OTC Market tier, IX.

 

General

 

As of the date of this
Annual Report on Form 10-K, our authorized capital stock consists of 800,000,000 shares of Common Stock.  As of March 15, 2022,
there were approximately 434,717,503 shares of our common stock outstanding.

 

In addition, as of
December 31, 2021, we had issued and outstanding:

 

		●	options to purchase 9,741,750 shares of our Common
Stock, at a weighted average exercise price of $.64 per share; and

		●	warrants to purchase 13,273,365 shares of our
Common Stock, at a weighted average exercise price of $1.24 per share.

 

The following summary description
of our capital stock is based on the provisions of our certificate of incorporation and bylaws, the applicable provisions of the Delaware
General Corporation Law, and the agreements described below.  This information may not be complete in all respects and is qualified
entirely by reference to the provisions of our certificate of incorporation and bylaws, Delaware law and such agreements.

 

Common Stock

 

Each share of Common Stock
entitles the holder to one vote on all matters submitted to a vote of the stockholders including the election of directors. Except as
otherwise required by law the holders of our Common Stock possess all voting power. According to our bylaws, when a quorum is present
or represented at any meeting, the vote of the holders of a majority of the stock having voting power present in person or represented
by proxy shall be sufficient to elect members of the Board of Directors or to decide any question brought before such meeting, unless
the question is one upon which by express provision of the statutes or of the Certificate of Incorporation, a different vote is required
in which case such express provision shall govern and control the decision of such question. Our bylaws provide that stockholders holding
at least a majority of the shares entitled to vote, represented in person or by proxy, constitute a quorum at the meeting of our stockholders.
Our bylaws also provide that any action which may be taken by the vote of the stockholders at a meeting may be taken without a meeting
if authorized by the written consent of stockholders holding at least a majority of the voting power, unless the provisions of the statutes
or of the Articles of Incorporation require a greater proportion of voting power to authorize such action in which case such greater proportion
of written consents shall be required.

 

Our certificate of incorporation
and bylaws do not provide for cumulative voting in the election of directors. Because the holders of our common stock do not have cumulative
voting rights and directors are generally to be elected by a majority of the votes casts with respect to the directors at any meeting
of our stockholders for the election of directors, holders of more than fifty percent, and in some cases less than 50%, of the issued
and outstanding shares of our common stock can elect all of our directors.

 

Provisions of our Restated Certificate of Incorporation
and Restated Bylaws

 

Classified board of directors.
Our restated certificate of incorporation and restated bylaws provide that our board of directors is classified into three classes of
directors, each with staggered three-year terms. A third party may be discouraged from making a tender offer or otherwise attempting to
obtain control of us as it is more difficult and time consuming for stockholders to replace a majority of the directors on a classified
board of directors.

 

Advance Notice Requirements
for Stockholder Proposals and Director Nominations. Our restated bylaws provide advance notice procedures for stockholders seeking
to bring business before our annual meeting of stockholders or to nominate candidates for election as directors at our annual meeting
of stockholders. Our restated bylaws also specify certain requirements regarding the form and content of a stockholder’s notice.
These provisions might preclude our stockholders from bringing matters before our annual meeting of stockholders or from making nominations
for directors at our annual meeting of stockholders if the proper procedures are not followed. We expect that these provisions might also
discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s own slate of directors
or otherwise attempting to obtain control of our company.

 

     

     

    

 

Amendment of Bylaws. Our bylaws
provide that our board of directors may amend our bylaws by an affirmative vote of at least two-thirds of the Directors then serving,
including any bylaws adopted by our stockholders, but our stockholders may from time to time specify particular provisions of these bylaws,
which must not be amended by our board of directors. Our current bylaws were adopted by our board of directors. Therefore, our board of
directors can amend our bylaws to make changes to the provisions relating to the quorum requirement and votes requirements to the extent
permitted by Delaware Law.

 

Dividend Rights

 

The holders of our common
stock are entitled to receive such dividends as may be declared by our board of directors out of funds legally available for dividends.
Our board of directors is not obligated to declare a dividend. Any future dividends will be subject to the discretion of our board of
directors and will depend upon, among other things, future earnings, the operating and financial condition of our company, its capital
requirements, general business conditions and other pertinent factors. We do not anticipate that dividends will be paid in the foreseeable
future.

 

Miscellaneous Rights and Provisions

 

In the event of our liquidation
or dissolution, whether voluntary or involuntary, each share of our common stock is entitled to share ratably in any assets available
for distribution to holders of our common stock after satisfaction of all liabilities.

 

Our common stock is not convertible
or redeemable and has no preemptive, subscription or conversion rights. There are no conversions, redemption, sinking fund or similar
provisions regarding our common stock.

 

Our common stock, after the
fixed consideration thereof has been paid or performed, are not subject to assessment, and the holders of our common stock are not individually
liable for the debts and liabilities of our company.

 

Transfer Agent and Registrar

 

The transfer agent and registrar
for our common stock is American Stock Transfer and Trust Company located at 6201 15th Avenue Brooklyn NY, 11219.Exhibit 10.11 

 

 

 

[TRANSLATION FROM HEBREW]

State of Israel

Energy Ministry

 

Fuel and Gas Authority

25 Kislev 5782

29 November 2021

_556_2021

 

To:

Mr. Jeffrey Moskowitz

Managing Director Zion Oil & Gas Inc.

Industrial Park Caesarea

 

Re: Approval Extension License New Megiddo
428 

Reference: Your request from 17 November 2021 for
an Extension

 

After consultation with the Advisory Council
pursuant to the Petroleum Law and in accordance with the reasoning set forth in your referenced letter I hereby approve the
extension of the “New Megiddo” / 428 license to August 1, 2022 for the purpose only of completing the activities
regarding MJ2 drilling and in accordance with the schedule as set forth in the above mentioned request .

 

Another application for an extension shall be considered
if and inasmuch as it shall be proven that you have encountered extraordinary circumstances and after consultation with the Advisory Council
pursuant to the Petroleum Law.

 

Sincerely,

 

Chen Bar- Yoseph,

Substitute Petroleum Commissioner.

 

CC.

Mr. Lior Shilat Managing Director Ministry of Energy

Members of the Professional Staff, Natural Resources
Authority, Ministry of Energy

Mr. Elad Golan, Head of Regulatory Section, Ministry
of Energy

Advocate Yonit Vannu Shrem Legal Department, Ministry
of EnergyEX-10.16

  Exhibit 10.16

   

  NON-EMPLOYEE DIRECTOR COMPENSATION PROGRAM

   

  Board of Directors who are not employees of Kohl’s or any of its subsidiaries (“Non-Employee Directors”) receive cash retainer fees in the following amounts:

   

  •All Non-Employee Directors receive a base annual retainer fee of $125,000.

    

  Equity awards are granted to Non-Employee Directors from time to time pursuant to our 2017 Long Term Compensation Plan.  These awards are granted following a Non-Employee Director’s initial election to the Board and each time that director is re-elected by the shareholders to serve a new term.  Annual equity awards typically have the following “grant date fair values,” calculated in accordance with FASB ASC Topic 718:

   

  •All Non-Employee Directors receive an annual base award with a grant date fair value of $145,000;

  •The independent Chair of the Board receives an additional annual award with a grant date fair value of $200,000;

  •The Chair of the Nominating & ESG Committee receives an additional annual award with a grant date fair value of $20,000;

  •The Chair of the Compensation Committee receives an additional annual award with a grant date fair value of $25,000;

  •The Chair of the Audit Committee receives an additional annual award with a grant date fair value of $30,000; and

  •The Chair of the Finance Committee receives an additional annual award with a grant date fair value of $15,000;

   

  The above-described awards are typically in the form of restricted shares that vest on the earlier of the first anniversary date of the grant or the date of the Annual Meeting of Shareholders for the following year.

   

  Non-Employee Directors receive no additional compensation for participation in Board of Directors’ or committee meetings.  Non-Employee Directors are, however, reimbursed for travel and other expenses related to attendance at these meetings as well as travel and other expenses related to attendance at educational seminars approved in advance by the Nominating & ESG Committee.

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