Item 3.03
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Material
Modification to Rights of Security Holders.
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On
September 15, 2020, Zion Oil & Gas, Inc. (the “Company”) executed an Amendment to certain Warrant Agent Agreements
(the “Agreements”) between the Company and American Stock Transfer & Trust Company, LLC, a New York limited liability
trust company with offices at 6201 15th Avenue, Brooklyn, NY 11219 (“AST”). The Company has implemented
Agreements with AST as the Company’s Warrant Agent (the “Warrant Agent”), under a Warrant Agent Agreement dated
August 1, 2014 for the Warrant ZNWAA [trading under the symbol ZNOGW], under a Warrant Agent Agreement dated February 2, 2015
for the Warrant ZNWAD, under a Warrant Agent Agreement dated November 1, 2016 for the Warrant ZNWAE, under a Warrant Agent Agreement
dated May 22, 2017 for the Warrant ZNWAF, under a Warrant Agent Agreement dated October 12, 2017 for the Warrant ZNWAG, under
a Warrant Agent Agreement dated February 1, 2018 for the Warrant ZNWAH, under a Warrant Agent Agreement dated April 2, 2018 for
the Warrant ZNWAI, under a Warrant Agent Agreement dated August 21, 2018 for the Warrant ZNWAJ, under the Warrant Agent Agreement
dated December 7, 2018 for the warrant ZNWAK and under the Warrant Agent Agreement dated April 23, 2019 for the warrant ZNWAL.
The
Warrant ZNWAA [trading under the symbol ZNOGW] has an expiration date of January 31, 2021, Warrant ZNWAD has an has an expiration
date of May 2, 2021, Warrant ZNWAE has an expiration date of May 1, 2021, Warrant ZNWAF has an expiration date of August 14, 2021,
Warrant ZNWAG has an expiration date of January 8, 2021, Warrant ZNWAH has an expiration date of April 2, 2021, Warrant ZNWAI
has an expiration date of June 29, 2021, Warrant ZNWAJ has an expiration date of October 29, 2021, the Warrant ZNWAK has an expiration
date of February 25, 2021 and the Warrant ZNWAL has an expiration date of August 26, 2021.
Pursuant
to Section 3.2 of the Warrant Agent Agreements, the Company in its sole discretion extended the duration of the above Warrants
by delaying the Expiration Dates and such extension shall be identical in duration among all of the Warrants. The Company is extending
the duration of the Warrant ZNWAA [trading under the symbol ZNOGW] by two (2) years from the expiration date of January 31, 2021
to January 31, 2023. The Company is extending the duration of the Warrant ZNWAD by two (2) years from the expiration date of May
2, 2021 to May 2, 2023. The Company is extending the duration of the Warrant ZNWAE by two (2) years from the expiration date of
May 1, 2021 to May 1, 2023. The Company is extending the duration of the Warrant ZNWAF by two (2) years from the expiration date
of August 14, 2021 to August 14, 2023. The Company is extending the duration of the Warrant ZNWAG by two (2) years from the expiration
date of January 8, 2021 to January 8, 2023.The Company is extending the duration of the Warrant ZNWAH by two (2) years from the
expiration date of April 2, 2021 to April 2, 2023. The Company is extending the duration of the Warrant ZNWAI by two (2) years
from the expiration date of June 29, 2021 to June 29, 2023. The Company is extending the duration of the Warrant ZNWAJ by two
(2) years from the expiration date of October 29, 2021 to October 29, 2023. The Company is extending the duration of the Warrant
ZNWAK by two (2) years from the expiration date of February 25, 2021 to February 25, 2023. The Company is extending the duration
of the Warrant ZNWAL by two (2) years from the expiration date of August 26, 2021 to August 26, 2023.