Document:

Exhibit

Exhibit 4.1
IPO Share Redemption Program
Our board of directors has adopted a share redemption program that enables our stockholders to sell their shares to us in limited circumstances. Our share redemption program permits you to submit your shares for redemption after you have held them for at least one year, subject to the significant conditions and limitations described below. After you have held your shares for four years, you will be eligible to utilize our new share redemption program created for our Class T, Class S, Class D and Class I shares instead of participating in this program. This share redemption program will terminate in January 2021 on the four-year anniversary of the termination of our initial public offering. 
Our common stock is currently not listed on a national securities exchange, and we will not seek to list our stock until such time as our independent directors believe that the listing of our stock would be in the best interest of our stockholders. In order to provide stockholders with the benefit of interim liquidity, stockholders who have held their shares for at least one year may present all or a portion consisting of at least 25%, of the holder's shares to us for redemption at any time in accordance with the procedures outlined below. 
At that time, we may, subject to the conditions and limitations described below, redeem the shares presented for redemption for cash to the extent that we have sufficient funds available to us to fund such redemption. We may also redeem all shares held by a stockholder in the event that such stockholder fails to maintain the minimum balance of $2,500 of shares of our common stock. We will not pay to our board of directors, our advisor or their affiliates any fees to complete any transactions under our share redemption program. 
Shares redeemed under this program will be redeemed at a price equal to the net asset value, or NAV, per share for the applicable class calculated at the close of business on the last business day of the month following the end of the applicable quarter.
Our board may change the redemption price per share at any time by providing 30 days' notice to our stockholders. Our board of directors may also choose to amend, suspend or terminate our share redemption program upon 30 days' notice at any time. Our board will announce any redemption price changes and the time period of its effectiveness as a part of its regular communications with our stockholders through our filings with the SEC.
You generally have to hold your shares for one year before submitting your shares for redemption under the program; however, we may waive the one-year holding period in the event of the death, qualifying disability or bankruptcy of a stockholder. Shares redeemed in connection with the death or qualifying disability of a stockholder may be repurchased at a purchase price equal to the price actually paid for the shares. We treat shares received in our distribution reinvestment plan as having the same age of the shares receiving the distribution. 
In order for a disability to be considered a "qualifying disability," (1) the stockholder must receive a determination of disability based upon a physical or mental condition or impairment arising after the date the stockholder acquired the shares to be redeemed, and (2) such determination of disability must be made by the governmental agency responsible for reviewing the disability retirement benefits that the stockholder could be eligible to receive. The "applicable governmental agencies" are limited to the 

following: (1) the Social Security Administration; (2) the U.S. Office of Personnel Management; or (3) the Veteran's Benefits Administration.
Disability determinations by governmental agencies for purposes other than those listed above, including but not limited to worker’s compensation insurance, administration or enforcement of the Rehabilitation Act or Americans with Disabilities Act, or waiver of insurance premiums, will not entitle a stockholder to the special redemption terms applicable to stockholders with a “qualifying disability” unless otherwise permitted by us. Redemption requests following an award by the applicable governmental agency of disability benefits must be accompanied by: (1) the investor’s initial application for disability benefits and (2) a Social Security Administration Notice of Award, a U.S. Office of Personnel Management determination of disability, a Veteran’s Benefits Administration record of disability-related discharge or such other documentation issued by the applicable governmental agency that we deem acceptable and demonstrates an award of the disability benefits.
The following disabilities do not entitle a worker to Social Security disability benefits:
		
	•
	disabilities occurring after the legal retirement age;

		
	•
	temporary disabilities; and

		
	•
	disabilities that do not render a worker incapable of performing substantial gainful activity.

During any calendar year, we will not redeem in excess of 5% of the weighted average number of shares outstanding during the prior calendar year. The cash available for redemption will be limited to the proceeds from the sale of shares pursuant to our distribution reinvestment plan for such shares.
We will redeem our shares on the last business day of the month following the end of each quarter. Requests for redemption would have to be received on or prior to the end of the quarter in order for us to repurchase the shares as of the end of the next month. You may withdraw your request to have your shares redeemed at any time prior to the last day of the applicable quarter.
If we could not purchase all shares presented for redemption in any quarter, based upon insufficient cash available and the limit on the number of shares we may redeem during any calendar year, we would attempt to honor redemption requests on a pro rata basis. We would treat the unsatisfied portion of the redemption request as a request for redemption the following quarter. At such time, you may then (1) withdraw your request for redemption at any time prior to the last day of the new quarter or (2) ask that we honor your request at such time, if, any, when sufficient funds become available. Such pending requests will generally be honored on a pro rata basis. We will determine whether we have sufficient funds available as soon as practicable after the end of each quarter, but in any event prior to the applicable payment date. 
We will be required to discontinue sales of shares under our distribution reinvestment plan on the earlier of July 31, 2016, which is two years from the effective date of this offering, or the date we sell $200,000,000 in shares under the plan, unless we file a new registration statement with the SEC and applicable states. Because the redemption of shares will be funded with the net investment proceeds we receive from the sale of shares under our distribution reinvestment plan, the discontinuance or termination of our distribution reinvestment plan will adversely affect our ability to redeem shares under our share redemption program. We would notify you of such developments (1) in the annual or quarterly reports mentioned above or (2) by means of a separate mailing to you, accompanied by disclosure in a current or periodic report under the Exchange Act. During this offering, we would also include this information in a 

prospectus supplement or post-effective amendment to the registration statement, as then-required under federal securities laws.
Our share redemption program is only intended to provide interim liquidity for stockholders until a liquidity event occurs, such as the listing of our shares on a national securities exchange, or our merger with a listed company. Our share redemption program will be terminated if our shares become listed on a national securities exchange. We cannot guarantee that a liquidity event will occur.
The shares we redeem under our share redemption program will be cancelled and return to the status of authorized but unissued shares. We do not intend to resell such shares to the public unless they are first registered with the SEC under the Securities Act and under appropriate state securities laws or otherwise sold in compliance with such laws.Exhibit
4.1

 

 

March
14, 2018

 

Zion
Oil & Gas, Inc.

12655
North Central Expressway, Suite 1000

Dallas,
TX 75243

 

Information
Agent Agreement

 

This
letter agreement (this “Agreement”) by and between D.F. King & Co., Inc. (“King”), and Zion
Oil & Gas, Inc.(the “Company”), sets forth the terms and conditions of the engagement of King by the Company,
in connection with the offer (the “Rights Offer”) by the Company to issue Subscription Rights to holders of
common stock (the “Holders”). This Agreement shall commence on the date hereof and shall terminate on the completion,
expiration or termination of the Rights Offering (the “Term”). Capitalized terms used herein and not defined
shall have the definitions ascribed to such terms in the Prospectus.

 

1.           Services.

 

(a)          The
Company hereby retains King as information agent (the “Information Agent”) in connection with the Rights Offer.

 

(b)          In
its capacity as Information Agent, King shall provide advisory and consulting services (“Information Agent Services”)
and shall contact, and provide information with respect to the Rights Offer. In no event shall King make any recommendation to
any Holder regarding whether to participate in the Rights Offer.

 

(c)          King
shall use, and shall be provided by the Company with as many copies as King may reasonably request from time to time of, the following
materials filed by the Company with the Securities and Exchange Commission (the “Commission”): (i) the Rights
Offer; (ii) press releases and newspaper advertisements, if applicable; (iii) letters to brokers, dealers, banks and trust companies
relating to the Rights Offer; and (iv) any and all amendments or supplements to the foregoing (collectively, the “Rights
Offer Materials”).

 

2.           Fees
and Expenses.

 

(a)         As
consideration for the Services, the Company shall pay to King a non-refundable fee of $12,500, payable in full upon the signing
of this agreement (the “Service Fee”),

 

(b)         In
the event that the Company (i) extends the Term, the Company shall pay to King an extension fee of $2,500 for such, and each subsequent,
extension (the “Extension Fee”) and (ii) requests that King provide additional services, the Company shall
pay to King additional fees for such services at King’s reasonable and customary rates, such fees to be mutually agreed
to by the parties hereto at such time (the “Additional Service Fee”; together with the Service Fee and the
Extension Fee, the “Fees”).

 

     

     

    

 

(c)        The
Company shall reimburse King for all reasonable and documented expenses incurred by King (including, without limitation,
reasonable fees, disbursements of counsel, charges for incoming/outgoing telephone calls by King with Holders, incurred on a
per unit basis of $6.00 per incoming/outgoing telephone call plus telecommunications charges) in connection with the Services
(the “Expenses”).

 

3.           Information. The Company acknowledges that it shall be solely responsible for the information contained in the Rights Offer
Materials (the “Information”). King shall be entitled to use and rely upon the Information without responsibility
for independent verification thereof and does not assume responsibility for the accuracy or completeness of the Information. The
Company shall advise King reasonably promptly of any amendment or supplement to the Rights Offer Materials and shall provide such
amendment or supplement to King as soon as practicable. The Company hereby agrees that none of the Rights Offer Materials shall
make reference to King without prior review and written or oral approval (such approval not to be unreasonably withheld, delayed
or conditioned) of King.

 

4.           Representations
and Warranties.

 

The Company represents and warrants that:

 

(a)         this Agreement is valid and binding on the Company in accordance with its terms, except as may be limited by bankruptcy, insolvency,
reorganization, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights generally and may be
subject to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or
at law);

 

(b)         the Company has taken, or will take, all necessary corporate action prior to the commencement of the Rights Offer to authorize
the Rights Offer;

 

(c)         all
Rights Offer Materials will comply, in all material respects, with the Securities Exchange Act of 1934, as amended, and the rules
and regulations of the Commission thereunder (the “Exchange Act”), and none of the Rights Offer Materials,
and no other report, filing, document, release or communication published or filed by the Company in connection
with the Rights Offer, will contain any untrue or misleading statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements made therein, in light of the circumstances under which they
were made not misleading;

 

(d)         the Rights Offer will comply, in all material respects, with all applicable requirements of law including the applicable rules
or regulations of any governmental or regulatory authority or body, and no material consent or approval of, or filing with, any
governmental or regulatory authority or body, (other than required filings under the Exchange Act) is required in connection with
the making or consummation of the Rights Offer (or, if any such material consent, approval or filing is required it will be duly
obtained or made prior to the commencement of the Rights Offer); and

 

(e)         the
Rights Offer and the execution, delivery and performance of this Agreement, will not conflict with or result in a
breach of or constitute a default under the Company’s certificate of incorporation and by-laws, or any material
agreement, indenture, mortgage, note or another instrument by which the Company is bound, except as would not reasonably be expected
to have a material adverse effect on the Company or the transactions contemplated under the Rights Offer.

 

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5.          Confidentiality.

 

(a)        King
shall preserve the confidentiality of all material non-public information provided by the Company or its agents for King’s
use in fulfilling the Services (the “Confidential Information”), and shall not publish, disclose or otherwise
divulge, such Confidential Information without the Company’s prior written consent, except to its officers, directors, agents,
or employees on a confidential and need-to-know basis.

 

(b)         Nothing herein shall prevent King from disclosing any such Confidential Information (i) pursuant to the order of any court or
administrative agency or in any pending legal, judicial or administrative proceeding, or otherwise as required by applicable law
or compulsory legal process based on the advice of counsel (in which case King agrees, to the extent practicable and not prohibited
by applicable law, to inform the Company promptly thereof prior to disclosure), (ii) upon the request or demand of any regulatory
authority having jurisdiction over King (in which case King agrees, to the extent practicable and not prohibited by applicable
law, to inform the Company promptly thereof prior to disclosure), (iii) to the extent that such Confidential Information becomes
publicly available other than by reason of improper disclosure by King in violation of any confidentiality obligations owing to
the Company or any of its respective affiliates, (iv) to the extent that such information is received by King from a third party
that is not, to King’s best knowledge, subject to contractual or fiduciary confidentiality obligations owing to the Company or
its respective affiliates or related parties, and (v) to the extent such information was independently and
lawfully developed by King without the use of any Confidential Information. Promptly upon the Company’s written request, King
will deliver to the Company or destroy all Confidential Information.

 

6.          Indemnity.

 

(a)        The
Company hereby agrees to indemnify and hold harmless King and its affiliates and its and their officers, directors, employees,
advisors, agents, other representatives and controlling persons (King and each such other person being an “indemnified
Person”; and such affiliates, officers, directors, employees, advisors, agents, other representatives and controlling
persons of any such Indemnified Person are referred to herein as its “related parties”), from and against any
and all losses, claims, damages, liabilities and expenses, joint or several, to which any such Indemnified Person may become subject
to arising out of or in connection with this Agreement and the Services or any claim, litigation, investigation or proceeding
(any of the foregoing, a “Proceeding”) relating to any of the foregoing, regardless of whether any such Indemnified
Person is a party thereto or whether a Proceeding is brought by a third party or by the Company or any of its affiliates, and
to reimburse each such Indemnified Person upon demand for any reasonable, documented legal or other out-of-pocket expenses incurred
in connection with investigating or defending any of the foregoing by one counsel to the Indemnified Persons
taken as a whole and, in the case of a conflict of interest, one additional counsel to the affected Indemnified Persons taken
as a whole; provided that the foregoing indemnity shall not, as to any Indemnified Person or related parties, apply to
losses, claims, damages, liabilities or related expenses (i) to the extent they have resulted from the willful misconduct or gross
negligence of such Indemnified Person or any of the related parties (as determined by a court of competent jurisdiction in a final
and non-appealable decision), (ii) arising from a material breach of the obligations of such Indemnified Person under this Agreement
or (iii) arising out of, or in connection with, any Proceeding that does not involve an act or omission by the Company or any
of its affiliates and that is brought by an Indemnified Person against any other Indemnified Person. The foregoing indemnity and
the Company’s reimbursement obligations hereunder will be in addition to any liability which the Company may otherwise have
and will be binding upon and inure to the benefit of any of the Company’s successors and assigns and the Indemnified Persons.

 

(b)        No
party hereto shall be liable to any other party on any theory of liability for any special, indirect, consequential or
punitive damages (including, without limitation, any loss of profits, business or anticipated savings); provided that
nothing contained in this sentence shall limit the Company’s indemnification and reimbursement obligations set forth
herein.

 

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(c)         In
the event that an Indemnified Person is requested or required to appear as a witness or is deposed in any action brought by or
on behalf of or against the Company or any of its subsidiaries or affiliates in which such Indemnified Person is not named as
a defendant, the Company agrees to reimburse such Indemnified Person for all reasonable expenses incurred by it in connection
with such Indemnified Person’s appearing and preparing to appear as such a witness, including, without limitation, the reasonable
fees and expenses of its legal counsel,

 

7.           Notices. Any notice, report or payment required or permitted to be given or made under this Agreement by one party to the
other shall be in writing and addressed to the other party at the following address (or at such other address as shall be given
in writing by one party to the other):

 

If
to the Company, at the address above, with a copy to:

 

Zion
Oil & Gas, Inc.

12655
North Central Expressway, Suite 1000

Dallas,
TX 75243

214-221-4610

Attention:
Martin M. van Brauman

Email:
Martin.vanbrauman@zionoil.com

 

If
to King:

 

D.F.
King & Co., Inc.

48
Wall Street, 22nd Floor

New
York, NY 10005

Attention:
M. Asher F. Richelli, General Counsel

Fax:
212-709-3296

Email:
arichelli@king-worldwide.com

 

8.             Miscellaneous.

 

(a)           The Company acknowledges and agrees that (i) no fiduciary, advisory or agency relationship between the Company and
King is intended to be or has been created in respect of any of the transactions contemplated by this Agreement and (ii) the Company
waives, to the fullest extent permitted by law, any claims that it may have against King for breach of fiduciary duty or alleged
breach of fiduciary duty and agrees that King shall have no liability (whether direct or indirect) to the Company in respect of
such a fiduciary duty claim or to any person asserting a fiduciary duty claim on behalf of or in right of the Company, including
its Holders, employees or creditors.

 

(b)           This
Agreement shall be construed and enforced in accordance with the laws of the State of New York, without reference to its conflicts
of law rules. It is agreed that any action, suit or proceeding arising out of or based upon this Agreement shall be brought in
the United States District Court for the Southern District of New York or any court of the State of New York of competent jurisdiction
located in such District. Service of any process by registered mail addressed to each party at the respective address above shall
be effective service of process against such party for any suit, action or proceeding brought in any such court. The parties hereto
(i) waive, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the
laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or the Services in any New York
State court or in any such Federal court, (ii) waive, to the fullest extent permitted by law, the defense of an inconvenient forum
to the maintenance of such suit, action or proceeding in any such court, and (iii) agree that a final judgment in any such suit,
action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law. EACH PARTY HERETO IRREVOCABLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM
BROUGHT BY OR ON BEHALF OF ANY PARTY RELATED TO OR ARISING OUT OF THIS AGREEMENT OR THE PERFORMANCE OF ANY SERVICES HEREUNDER.

 

    	 	4	 

     

    

 

(c)        The
compensation, confidentiality, reimbursement, indemnification, jurisdiction, governing law and waiver of jury trial provisions
contained herein shall remain in full force and effect regardless of the termination of the Agreement. No amendment or waiver
of any provision hereof shall be effective unless in writing and signed by the parties hereto and then only in the specific instance
and for the specific purpose for which given. This Agreement is the only agreement between the parties hereto with respect to
the matters contemplated hereby and sets forth the entire understanding of the parties with respect thereto, This Agreement may
be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an
executed counterpart of a signature page of this Agreement by facsimile transmission (or in “.pdf” or “.tif
” form) shall be effective as delivery of a manually executed counterpart of this Agreement. If any provision of this
Agreement shall be held illegal or invalid by any court, this Agreement shall be construed and enforced as if such provision had
not been contained herein and shall be deemed an agreement between the parties hereto to the fullest extent permitted by law.

 

If
the foregoing correctly sets forth the understanding between the Company and King, please indicate acceptance thereof in the space
provided below for that purpose, whereupon this Agreement and the Company’s acceptance shall constitute a binding agreement
between the parties hereto.

 

	 	D.F. KING & CO., INC.
	 	 	 
	 	By:	/s/ Peter Tomaszewski
	 	Name:	 Peter Tomaszewski
	 	Title: 	Senior Vice President

 

Accepted as of date first above written:

 

Zion Oil & Gas, Inc.

  

	By:	/s/
    Martin M. van Brauman	 
	Name:	Martin M. van Brauman	 
	Title:	Corporate Secretary, Treasurer,	 
	 	SVP Director	 

 

 

5

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