In that variation, whichever input is held to ground (not open circuit) keeps the base feed resistor low, while the other input being high is routed to the emitter and provides power.
If both inputs are high, there is no "low" to the base resistor so the transistor does not conduct, and if both inputs are low, no power to the emitter.
ps. Zener diodes are not appropriate, as too high a voltage between the two inputs will cause them to all conduct. 1N414 are not zeners anyway; the common signal diodes are 1N914 or 1N4148.