X0303 4 2010-09-30 0 0001131312 ZION OIL & GAS INC ZN 0001483081 Ottaviani William L 160 MEADOWVIEW DRIVE STATE COLLEGE PA 16801 1 1 0 0 President and COO Stock Options 0.01 2010-09-30 4 A 0 2414 A 2020-01-31 Common Stock 2414 6915 D The options were granted under the Company's 2005 Stock Option Plan. Pursuant to the Reporting Person's employment agreement with the company, at the end of each calendar quarter, beginning with the quarter ended March 31, 2010, the Reporting Person is entitled to fully vested options at a per share exercise price of $0.01 to purchase such number of the Company's common stock, par value $0.01 per share (the "Common Stock"), as shall equal $12,500 divided by the closing price on the last trading day of the respective calendar quarter of the Company's publicly traded share of Common Stock, but in no event less than $5.00 per share. The Number of option shares is based on $5.18, the closing of market price on September 30, 2010. Brittany Russell AIF for William L. Ottaviani 2010-10-04