Unassociated Document
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
The
Securities Exchange Act of 1934
August
10, 2010
Date
of Report (Date of earliest event reported)
Zion Oil
& Gas, Inc.
(Exact
name of registrant as specified in its charter)
Delaware
(State
or other jurisdiction of incorporation)
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333-131875
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20-0065053
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(Commission
File Number)
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(IRS
Employer Identification No.)
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6510
Abrams Road, Suite 300, Dallas, TX 75231
(Address
of Principal Executive Offices)
Registrant's
telephone number, including area code: 214-221-4610
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
¨ Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
¨ Pre-commencement
communications pursuant to 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
ITEM
1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
The
information set forth under Item 5.02 of this Current Report on Form 8-K is
hereby incorporated by reference into this Item 1.01.
ITEM
5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN
OFFICERS.
Employment
Letter Agreement
On August
10, 2010, Zion Oil & Gas, Inc. ("Zion" or the "Company") entered
into a letter agreement with Kent Siegel providing for the employment of Mr.
Siegel as the Company's Senior Vice President and Chief Financial Officer,
effective July 9, 2010. As previously disclosed by the Company, on July 9, 2010,
Mr. Siegel was appointed as the Company's Chief Financial Officer and Senior
Vice President. Mr. Siegel continues to serve on the Company's Board of
Directors, a position he has held continuously since November 2003. The letter
agreement has a continuous term, as Mr. Siegel is considered an "at will"
employee subject to termination at any time, with or without prior notice from
the Company.
The
letter agreement provides for Mr. Siegel to receive an annual base salary of
$100,000. Upon the signing of the letter agreement, Mr. Siegel was paid a one
time signing bonus of $10,000. Under his agreement, Mr. Siegel is
required to devote 60% of his time, attention and ability to the business of the
Company. Under the letter agreement, the Company is to provide Mr. Siegel the
right to participate in any medical, dental, vision, disability, and life
insurance and 401K benefits normally provided to the Company's
employees.
If Mr.
Siegel's employment is terminated unilaterally by the Company without cause (as
defined in the letter agreement), Mr. Siegel will receive his base salary for a
period of one month and all benefits accrued and vested through the date of
termination. Additionally, the termination of Mr. Siegel's employment for any
reason shall be deemed as his resignation from the Company's Board of
Directors.
The
foregoing summary of certain provisions of the letter agreement does not purport
to be complete and is qualified in its entirety by reference to the full text of
the agreement, a copy of which is filed as Exhibit 10.1 to this Form 8-K, and is
incorporated herein by reference.
ITEM
9.01. FINANCIAL STATEMENTS AND EXHIBITS
(i)
Letter Agreement dated as of July 9, 2010, between Zion Oil & Gas, Inc. and
Kent Siegel
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereto
duly authorized.
| Date:
August 11, 2010 |
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Zion
Oil and Gas, Inc.
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By:
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/s/ Richard
J. Rinberg |
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Richard
J. Rinberg
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Chief
Executive Officer
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