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ZN > SEC Filings for ZN > Form 8-K on 19-Oct-2012All Recent SEC Filings

Show all filings for ZION OIL & GAS INC

Form 8-K for ZION OIL & GAS INC


19-Oct-2012

Change in Directors or Principal Officers, Financial Statements and Exhibits


Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Resignation of Chief Executive Officer and Board Member

Effective October 18, 2012, Richard J. Rinberg resigned as the Chief Executive Officer of Zion Oil & Gas, Inc. (the "Company"). Mr. Rinberg also resigned from the Company's Board of Directors.

In connection with his resignation, on October 18, 2012, the Company and Mr. Rinberg entered into an agreement pursuant to which the Company agreed to remit to Mr. Rinberg a lump-sum payment of $137,500 representing six months current gross salary, approximately $17,000 in unused vacation days, as well as all other social benefits commonly remitted in Israel upon termination of employment. In addition, Mr. Rinberg will be able to exercise options to purchase up to 260,000 shares of the Company's common stock previously issued to him, through their original exercise period. Under the agreement, Mr. Rinberg furnished to the Company a general release.

Appointment of Interim Chief Executive Officer

In connection with Mr. Rinberg's resignation, the Board appointed, effective October 18, 2012, John Brown, age 72, as Interim Chief Executive Officer, pending the appointment of a permanent Chief Executive Officer or until otherwise determined by the Company's Board of Directors. Mr. Brown is the founder of Zion and has been a director and Chairman of the Board of Directors of Zion since its organization in April 2000. He also served as the Company's Chief Executive Officer until September 2004 and as President until October 2001. Mr. Brown has extensive management, marketing and sales experience, having held senior management positions in two Fortune 100 companies - GTE Valeron, a subsidiary of GTE Corporation and a manufacturer of cutting tools, where he was employed from 1966-86 and served as the corporate director of purchasing, and Magnetek, Inc., a manufacturer of digital power supplies, systems and controls, where he was corporate director of procurement during 1988-89. Mr. Brown was a director and principal stockholder in M&B Concrete Construction, Inc. from 1996 to 2003 and is an officer and director of M&B Holding Inc. (a Nevada corporation) based in Dallas, Texas, and the sole shareholder of M&B General Contracting Inc. (a Delaware corporation). These companies primarily provide cement walls and floors for industrial buildings, office buildings and home developers. Prior to founding the Company, Mr. Brown had been actively pursuing a license for oil and gas exploration in Israel for many years. His efforts led to our obtaining, in May 2000, the Ma'anit License in the Joseph Project, the precursor to the Joseph License. Mr. Brown holds a BBA degree from Fullerton College.

No family relationship exists between Mr. Brown and any director or executive officer of the Company.



ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS

Exhibit 10.1 Agreement, dated as of October 18, 2012 between Zion Oil & Gas, Inc. and Richard Rinberg.

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