Drilling Rig Purchase Agreement
On January 24, 2020, Zion was a wholly owned subsidiary, Zion Drilling, Inc., a Delaware-based company to own the drilling rig and associated equipment, and on January 31, 2020, Zion built another wholly owned subsidiary, Zion Drilling Services, Inc., which served as the contractor for these drilling services. Zion has entered into a partially binding letter of intent for the purchase of a drilling rig, a drilling tube and all related equipment for importation into Israel, in order to continue its exploration plans. CONSIDERING: The seller wants to sell to the buyer, and the buyer wants to buy from the seller, pursuant to the terms of this agreement, assets attached to the A-1, A-2 and A-3, the three Jack-up drilling rigs called Hercules 261, Hercules 262 and Hercules 266 as a whole, with all that is included on board or onshore (if it exists) that source exclusively on such islets , including all of the aforementioned or unspecified provisions, spare parts and equipment on board, inventory of facilities, drawings, instruction notes, maintenance documents, service contracts and any other related documents (together the “Rigs”). 6.1 Documents to be provided by the Seller and Buyer. At the deadline, vendor and buyer representatives meet as planned for the purpose of closing the sale and purchase of the rigs. (6.508.880 USD) (this amount, as well as all interest earned on this amount, the “deposit”). If the down payment has not been received in the fiduciary account within two (2) business days following the performance of this contract, the Seller has the right to terminate the contract without notice or possibility of recovery for reasons provided for in Section 8.1 (d) (i). If the purchaser initiates a transfer in time for the down payment, but these funds are not received by the trust agent within two (2) business day, the parties, in the event of termination of the contract by the seller for non-payment of the deposit, will order agent Escrow to refund the deposit to the buyer if it is received. The down payment is made under the terms of the trust agreement (“fiduciary contract”) and the addition that the purchaser, seller and fiduciary agent essentially contract in the form attached to Schedule D (the “trust contract supplement”).