-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TfcwICHOLUKbnOWcRQ8KBQ0iZzV6OFXYhQdhtb/H3ZZpvQukKbcaiCAE4UrsLufj FCHlPyYP6TxRMW63kXTpvQ== 0001144204-09-001527.txt : 20090112 0001144204-09-001527.hdr.sgml : 20090112 20090112162754 ACCESSION NUMBER: 0001144204-09-001527 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20090106 ITEM INFORMATION: Other Events FILED AS OF DATE: 20090112 DATE AS OF CHANGE: 20090112 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ZION OIL & GAS INC CENTRAL INDEX KEY: 0001131312 STANDARD INDUSTRIAL CLASSIFICATION: OIL AND GAS FIELD EXPLORATION SERVICES [1382] IRS NUMBER: 200065053 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33228 FILM NUMBER: 09521985 BUSINESS ADDRESS: STREET 1: 6510 ABRAMS RD STREET 2: SUITE 300 CITY: DALLAS STATE: TX ZIP: 75231 BUSINESS PHONE: 2142214610 MAIL ADDRESS: STREET 1: 6510 ABRAMS RD STREET 2: SUITE 300 CITY: DALLAS STATE: TX ZIP: 75231 8-K 1 v136895_8k.htm

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

 
January 6, 2009
  
 
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)
  

333-131875   
  
20-0065053
(Commission File Number)
  
(IRS Employer Identification No.)
 
 
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:
 
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
o  
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
o  
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
o  
Pre-commencement communications pursuant to 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 
 
 

Item 8.01 Other Events
 
(i) On January 6, 2009, Zion Oil & Gas, Inc. (hereinafter, the "Company") and Philip Mandelker (“PM”), a former Executive Vice President, entered into a settlement agreement resolving all disputes between them relating to the payment by the Company to PM of amounts in respect of deferred compensation, as well as other related matters. Under the settlement agreement, the Company remitted to PM the sum of $43,385 on account of $283,385 in total deferred payment payable to PM, with the balance of $240,000 payable on a monthly basis of $10,000 per month, over a two year period through February 2011. Under certain specified conditions relating primarily to the payment of deferred amounts owing to executives of the Company beyond a specified maximum amount prior to the payment in full of the amounts owing to PM, the monthly payment to PM may be accelerated. Under the settlement agreement, PM received certain releases and access to his pension/life insurance fund accounts under Israeli law. PM employment under his personal employment agreement with the Company expired as of December 31, 2008.
 
(ii) The Company’s executives have agreed to continue extending through July 1, 2009, a substantial portion of deferred compensation due to them in the approximate amount of $1,345,000.

 
 
 

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.
 
 
Zion Oil and Gas, Inc.
     
Date: January 12, 2009
By:  
/s/ Richard J. Rinberg
 
Richard J. Rinberg
 
Chief Executive Officer

 
 
 
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