Document:

Exhibit 10.2

 

AMENDMENT TO MANAGEMENT CONSULTING AGREEMENT

 

This AMENDMENT, dated October 28, 2016, to the
MANAGEMENT CONSULTING AGREEMENT dated October 28, 2013 (the “Original Agreement”) between Market Development Consulting
Group, Inc. d/b/a MDC Group (“Consultant”), a Wisconsin corporation with mailing address c/o Fredrick G. Lautz Esq.
Quarles & Brady, 411 East Wisconsin Avenue Suite 2040, Milwaukee, Wisconsin 53202, and Synthesis Energy Systems, Inc., (“Company”),
a Delaware corporation with principal executive offices located at Three Riverway, Suite 300, Houston, Texas, 77056.

 

WHEREAS, Consultant provides management consulting
services to the Company; and

 

WHEREAS, the Company wishes to extend the engagement
of Consultant to provide such services to the Company on the terms and conditions set forth in the Original Agreement as amended
herein.

 

NOW THEREFORE, for the mutual promises and other
consideration described herein, the parties hereto agree as follows:

 

1.                 
Original Agreement. All terms and conditions of the Original Agreement remain in effect unless specifically referenced
herein.

 

2.                 
Amendments

 

(a)               
Section 3 of the Original Agreement shall be amended and restated as follows:

 

“3. Term and Termination. This
Agreement shall become effective as of the date written above, and shall remain in effect until the close of business on November
1, 2017 (“Expiration Date”). Thereafter, this Agreement automatically shall renew for successive one-year terms, unless
either party provides the other with at least thirty (30) days advance written notice of non-renewal. Upon any such termination,
expiration or non-renewal of this Agreement, the parties hereto shall have no further duty or obligations hereunder; provided that
Company shall remain obligated to defend and indemnify Consultant as described in paragraph 1 of this Agreement and to make any
payments of monthly retainer fees and reimbursable expenses pursuant to paragraph 4 and paragraph 5 which remain unpaid as
of the effective date of expiration or non-renewal.”

 

(b)              
Section 4 of the Original Agreement shall be amended and restated as follows:

 

“4. Compensation for Services.

 

(a)               
Consulting Fee. Throughout the term of this Agreement, Company shall pay to Consultant a monthly fee of US $30,000.00.
Said monthly fee shall be due and payable by Company in advance on the first (1st) calendar day (or next business day thereafter)
of each calendar month (commencing November 1, 2016) throughout the term of the Agreement (the “Payment Date”). Failure
by Company to pay the monthly fee on any Payment Date shall entitle Consultant to cease providing services pursuant to this Agreement
unless and until said payment (together with any applicable late payment fee or penalty) is tendered in full, in addition to any
other rights or remedies Consultant may have under this Agreement, at law or in equity, on account of such late payment. Payment
of the monthly fee shall be made on each Payment Date pursuant to this agreement, without further notice or invoice by Federal
Funds Wire to Consultant.

 

    	1

     

    

Any payment made more than thirty (30) days
after the Payment Date will be subject to an interest charge at the rate of 18% per year from the Payment Date until the date paid
or, if less, the maximum legal rate permissible under applicable law.

 

(b)              
Common Stock Warrant. On the date hereof, Company will grant to Consultant a common stock warrant (the “Warrant”)
entitling Consultant to purchase up to 400,000 shares of common stock of Company at a price equal to the average closing price
over the twenty consecutive trading days immediately preceding execution. The Warrant shall expire on October 30, 2026 and
is freely assignable in whole or in part by Consultant.

 

On each anniversary of this Agreement prior
to the Expiration Date, Company shall further grant to the Consultant an additional common stock warrant (“Anniversary Warrant
Grant, which together with all previously received warrants under this Agreement shall be known as the “Warrants”),
entitling the Consultant to purchase 400,000 shares of Common Stock. The exercise price of each such Anniversary Warrant shall
be equal to the average closing price over the twenty consecutive trading days immediately preceding the Anniversary. Each Warrant
shall be fully exercisable immediately, shall have a term of ten years, and shall be freely assignable in whole or in part by Consultant.

 

Concurrent with the issuance of any Anniversary
Warrant Grants, the parties shall prepare or cause to be prepared, execute and deliver to each other a mutually acceptable form
of Common Stock Warrant Agreement representing Company’s grant of all warrants described in the foregoing. The agreement
shall contain customary terms and conditions, including without limitation provisions for cashless exercise.

 

Company shall have reserved from shares of its
common stock held in treasury or from authorized and unissued shares of its common stock, or from a combination of the two, a sufficient
number of shares of common stock to support the exercise of the Warrants in full, and prior to delivery of the Warrants, Company
shall have taken all steps necessary to assure that such shares, upon issuance in connection with the exercise of the relevant
Warrant, will constitute duly authorized, fully-paid, non-assessable, validly issued and outstanding shares of common stock of
Company. Company also shall have taken all steps necessary to assure that the shares underlying the Warrants have been approved
upon issuance for quotation or listing in the quotation system or on the stock exchange on or through which Company’s common
stock is traded. Consultant understands that Company’s common stock presently is quoted on the NASDAQ Global Market. The
Warrants shall survive the expiration or termination of this Agreement.

 

During the term of this Agreement and for so long
thereafter during which there remain outstanding any Warrants granted to Consultant under this Agreement or any shares of Company
Common Stock acquired through the exercise of any such Warrants which at that time remain subject to resale restrictions on account
of having been issued in an unregistered transaction(s), the holder(s) of such Warrant(s) and shares shall have piggyback registration
rights with respect to all such outstanding shares and all shares underlying such unexercised Warrants (together the "Outstanding
Warrant Shares"). More specifically, if at any time during which any Warrant Shares remain outstanding and are subject to
resale restrictions on account of having been issued in an unregistered transaction(s), Company files any registration statement
for the issuance, sale and/or resale of any shares of its capital stock of the same class as the such Warrant Shares, then Company
shall be obligated to include in such registration statement the resale of all such Warrant Shares by the holder(s) thereof. These
piggyback registration rights shall be explicitly provided for in the Common Stock Warrant Agreement(s) described above.

 

    	2

     

    

Consultant’s exercise of any such piggyback
registration rights shall be subject to the following conditions and restrictions:

 

(i)                
If such rights are exercised in connection with an underwritten offering of shares of capital stock of Company, then Company
shall not be required to include any Warrant Shares in such underwritten offering unless Consultant accepts the terms of the underwriting
as agreed upon between Company and its underwriters, and then only in such quantity as the underwriters in their sole discretion
determine will not jeopardize the success of Company's capital stock offering;

 

(ii)              
For the avoidance of doubt, in no event shall Company be required to file a post-effective amendment to any registration
statement currently in effect as of the date of this Agreement in order to accommodate Consultant's exercise of the piggyback registration
rights granted pursuant to this Section 4 of this Agreement; and

 

(iii)            
The piggyback registration rights described in this Section 4 of this Agreement shall not apply with respect to any
Warrant Shares which Consultant may sell pursuant to Rule 144(k) or which Consultant otherwise may sell in compliance with
the Securities Act of 1933, as amended, and applicable state securities laws without volume, manner of sale or other limitations
or restrictions.

 

(c)               
Performance Bonus. In recognition of the Consultant’s dedication and ongoing performance, the Company agrees
to pay to Consultant a $60,000 bonus upon execution of this agreement, and on each annual anniversary of this agreement, in shares
of common stock valued at the average closing price over the twenty consecutive trading days immediately preceding the issuance.

 

3.                 
Entire Agreement. This Amendment along with the Original Agreement contain the entire understanding of the parties with
respect to the subject matter hereof. The terms of this Amendment and the Original Agreement may be altered only by written agreement
between the parties. The failure of either party to object to or take affirmative action with respect to any conduct of the other
which is in violation of the terms of this Amendment and the Original Agreement shall not be construed as a waiver of the violation
or breach, or of any future similar violation or breach.

 

[Signature Page Follows]

 

 

    	3

     

    

 

IN WITNESS WHEREOF, each of the parties hereto
has caused this Amendment to be executed by its duly authorized officer as of the Effective Date.

 

	Synthesis Energy Systems, Inc.	 	MDC Group
	 	 	 
	 	 	 
	By:  	/s/ De Lome Fair	 	By:  	/s/ David E. Castaneda
	 	DeLome Fair, President & CEO	 	 	David E. Castaneda, President
	 	 	 	 	 
	 	 	 
	 	 	 

 

 

 

 

 

 

 

4Exhibit 10.3

 

 

NEITHER THIS WARRANT NOR THE SECURITIES ISSUABLE UPON EXERCISE OF
THIS WARRANT HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE
UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY,
MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH
EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.

 

	Warrant No. W-20	Warrant to Purchase 400,000 Shares of Common Stock
	Dated: October 28, 2016	 

 

 

WARRANT TO PURCHASE COMMON STOCK

 

Of

 

Synthesis Energy Systems, Inc.

 

FOR VALUE RECEIVED, Market Development Consulting
Group, Inc. (the “Holder”) is entitled, upon the terms and subject to the conditions set forth below, to purchase
from Synthesis Energy Systems, Inc., a Delaware corporation (the “Company”), 400,000 shares (“Warrant
Shares”) of the common stock, $0.01 par value per share, of the Company (“Common Stock”), upon surrender
of this Warrant, at the principal office of the Company referred to below, with the Notice of Exercise attached hereto duly executed,
and simultaneous payment therefore in lawful money of the United States at the exercise price of $0.95 per share (the “Exercise
Price”). This Warrant is being issued as of October 28, 2016 (the “Warrant Issue Date”).

 

1.                 
Term of Warrant. Subject to the terms and conditions set forth herein, this Warrant shall be exercisable,
in whole or in part, during the term commencing on the Warrant Issue Date and ending at 5:00 p.m., Central Time, on the tenth anniversary
of the Warrant Issue Date, and shall be void thereafter (the “Term”).

 

2.                 
Exercise of Warrant.

 

(a)               
Method of Exercise. During the Term, The purchase rights represented by this Warrant are exercisable by the Holder,
in whole or in part, at any time or from time to time by the surrender of this Warrant and the Notice of Exercise attached hereto
as Exhibit A duly completed and executed on behalf of the Holder, at the principal office of the Company (or such other
office or agency of the Company as it may designate by notice in writing to the Holder at the address of the Holder appearing on
the books of the Company), upon either payment in cash, certified check or wire transfer of funds of the Exercise Price or by an
exchange of shares of Common Stock as described in the following paragraph.

 

     

     

    

In lieu of a cash payment, the Holder may elect
to exchange all or some of this Warrant for shares of Common Stock equal to the value of the amount of the Warrant being exchanged
on the date of exchange. If the Holder elects to exchange this Warrant for shares, the Holder shall tender to the Company the Warrant
for the amount being exchanged, along with written notice of the Holder’s election to exchange some or all of this Warrant,
and the Company shall issue to the Holder the number of shares of Common Stock computed using the following formula:

 

X= Y(A-B)

A

 

	 	Where	X	=	the number of shares of Common Stock to be issued to the Holder.
	 	 	 	 	 
	 	 	Y	=	the number of shares of Common Stock purchasable under the amount of the Warrant being exchanged (as adjusted to the date of such calculation),
	 	 	 	 	 
	 	 	A	=	the closing price of the Common Stock on the day immediately preceding the date of exercise of the Warrant on the consolidated reporting system of the securities exchange on which the Common Stock is then listed.
	 	 	 	 	 
	 	 	B	=	Exercise Price.

 

Notwithstanding anything to the contrary in
this Section 2(a), in the event of a Change in Control of Company (as defined in Section 11 of the Management Consulting Agreement
between the Holder and the Company dated October 30, 2013, as the same may be amended or restated from time to time), this Warrant
shall be exercisable immediately in whole or in part.

 

(b)              
Issuance of Shares. This Warrant shall be deemed to have been exercised immediately prior to the close of business
on the date of its surrender for exercise as provided above, and the person entitled to receive the Warrant Shares issuable upon
such exercise shall be treated for all purposes as the holder of record of such shares as of the close of business on such date.
As promptly as practicable on or after such date and in any event within three (3) days thereafter, the Company at its expense
shall issue and deliver to the person or persons entitled to receive the same a certificate or certificates for the Warrant Shares
issuable upon such exercise. In the event that this Warrant is exercised in part, the Company, at the request of the Holder and
at Company expense, will execute and deliver a new Warrant of like tenor exercisable for the number of Warrant Shares for which
this Warrant may then be exercised.

 

3.                 
No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued
upon the exercise of this Warrant. In lieu of any fractional share to which the Holder would otherwise be entitled (after aggregating
all shares that are being issued upon such exercise), the Company shall make a cash payment equal to the Exercise Price multiplied
by such fraction.

 

     

     

    

4.                 
Replacement of Warrant. On receipt of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement
reasonably satisfactory in form and substance to the Company or, in the case of mutilation, on surrender and cancellation of this
Warrant, the Company at its expense shall execute and deliver, in lieu of this Warrant, a new warrant of like tenor and amount.

 

5.                 
No Rights as Stockholder. This Warrant does not entitle the Holder to any voting rights or other rights as
a stockholder of the Company prior to the exercise hereof.

 

6.                 
Restrictions on Transferability of Securities.

 

(a)               
Restrictions on Transferability. This Warrant and the Warrant Shares issuable upon exercise of this Warrant (collectively
the “Securities”) shall not be sold, assigned, transferred or pledged except upon the conditions specified in this
Section 6.

 

(b)              
Restrictive Legends. Each certificate representing the Securities and any other securities issued in respect of the
Securities upon any stock split, stock dividend, recapitalization, merger, consolidation or similar event, shall (unless otherwise
permitted by the provisions of Section 6(c)) be stamped or imprinted with a legend in substantially the following form (in addition
to any legend required under applicable state securities laws):

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS. SUCH SECURITIES HAVE BEEN ACQUIRED
FOR INVESTMENT PURPOSES AND MAY NOT BE OFFERED FOR SALE, SOLD, DELIVERED AFTER SALE, TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE
ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FILED BY THE ISSUER WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION COVERING SUCH
SECURITIES UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER THAT SUCH REGISTRATION IS NOT REQUIRED.

 

Each holder of Securities and each subsequent transferee consents to the Company making
a notation on its records and giving instructions to any transfer agent of the Securities in order to implement the restrictions
on transfer established in this Section 6.

 

(c)               
Notice of Proposed Transfers. The Securities may be sold or transferred (i) as permitted pursuant to Section 6(d)
hereof, and (ii) otherwise, with the prior written consent of the Company, such consent not to be unreasonably withheld or delayed.
Each holder of a warrant or stock certificate, as the case may be, representing the Securities, by acceptance thereof, agrees to
comply in all respects with the provisions of this Warrant. Such holder agrees not to make any disposition of all or any portion
of the Securities unless and until (X) there is then in effect a registration statement under the Securities Act of 1933, as amended
(the “Securities Act”), covering such proposed disposition and such disposition is made in accordance with such
registration statement or (Y) such holder shall have notified the Company of the proposed disposition and shall have furnished
the Company with a detailed statement of the circumstances surrounding the proposed disposition, and if reasonably requested by
the Company, such holder shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, that
such disposition will not require registration of such shares under the Securities Act.

 

     

     

    

(d)              
Exempt Transfers. Notwithstanding the foregoing Section 6(c), no such registration statement or opinion of counsel
shall be necessary for a transfer by a holder of a warrant or stock certificate, as the case may be, representing Securities in
compliance with Rule 144(k) (or any successor provision) of the Securities Act so long as the Company is furnished with satisfactory
evidence of compliance with such rule.

 

7.                 
Reservation of Stock. The Company covenants that during the term this Warrant is exercisable, the Company
will reserve from its authorized and unissued capital stock a sufficient number of shares to provide for the issuance of Warrant
Shares upon the exercise of this Warrant and, from time to time, will take all steps necessary to amend its Certificate of Incorporation
to provide sufficient reserves of shares of capital stock issuable upon exercise of this Warrant. The Company further covenants
that all Warrant Shares that may be issued upon the exercise of rights represented by this Warrant and payment of the Exercise
Price, all as set forth herein will be duly and validly authorized and issued, fully paid and non-assessable and free from all
taxes, liens and charges in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously
therewith). The Company agrees that its issuance of this Warrant shall constitute full authority to its officers who are charged
with the duty of executing stock certificates to execute and issue the necessary certificates for Warrant Shares upon the exercise
of this Warrant.

 

8.                 
Adjustments. If the Company at any time while this Warrant remains outstanding and unexpired shall (i) split,
subdivide, combine or recapitalize the issued and outstanding Common Stock into a different number of shares of the same class,
(ii) increase the number of shares of Common Stock outstanding without receiving compensation therefore in money, services or property,
or (iii) by reclassification or recapitalization of securities or otherwise, change the Common Stock into the same or a different
number of securities of any other class or classes, this Warrant shall thereafter represent the right to acquire such number and
kind of securities as would have been issuable as the result of such change with respect to the Warrant Shares immediately prior
to the happening of such event.

 

In addition, in the event of a Corporate Event
(defined below), the Holder shall be entitled to receive, in lieu of the Warrant Shares, such shares of capital stock or other
securities or property as may be issuable or payable with respect to or in exchange for the number of Warrant Shares which the
Holder would have received had he exercised the Warrant immediately prior to such Corporate Event. A “Corporate Event”
means any of the following: (i) a dissolution or liquidation of the Company, (ii) a sale of all or substantially all of the
Company’s assets or (iii) a merger, consolidation or combination involving the Company (other than a merger, consolidation
or combination (A) in which the Company is the continuing or surviving corporation and (B) which does not result in the
outstanding shares of Common Stock being converted into or exchanged for different securities, cash or other property, or any combination
thereof).

 

     

     

    

9.                 
Registration Rights. For so long as any Warrant Shares remain outstanding and remain subject to resale restrictions,
if the Company files any registration statement for the issuance, sale and/or resale of any shares of its Common Stock, then the
Company shall be obligated to include in such registration statement the resale of all Warrant Shares; subject to the following
conditions and restrictions: (i) if such rights are exercised by the Holder in connection with an underwritten offering of shares
of capital stock of the Company, then the Company shall not be required to include any Warrant Shares in such underwritten offering
unless the Holder accepts the terms of the underwriting as agreed upon between the Company and its underwriters, and then only
in such quantity as the underwriters in their sole discretion determine will not jeopardize the success of Company’s capital
stock offering; (ii) for the avoidance of doubt, in no event shall the Company be required to file a post-effective amendment to
any registration statement currently in effect as of the Warrant Issue Date in order to accommodate the Holder’s rights granted
pursuant to this Section 9; and (iii) the rights of the Holder described in this Section 9 shall not apply with respect to any
Warrant Shares which the Holder may sell pursuant to Rule 144(k) or which Consultant otherwise may sell in compliance with the
Securities Act of 1933, as amended, and applicable state securities laws without volume, manner of sale or other limitations or
restrictions.

 

10.             
Amendments and Waivers. This Warrant may not be amended except with the written consent of the Company and
the Holder. Any amendment effected in accordance with this Section 10 shall be binding upon each future holder of this Warrant.
No waivers of, or exceptions to, any term, condition or provision of this Warrant, in any one or more instances, shall be deemed
to be, or construed as, a further or continuing waiver of any such term, condition or provision.

 

11.             
Payment of Taxes. The Company will pay any documentary stamp taxes attributable to the initial issuance of
Warrant Shares issuable upon the exercise of the Warrant; provided, however, that the Company shall not be required to pay any
tax or taxes which may be payable in respect of any transfer involved in the issuance or delivery of any certificates for Warrant
Shares in a name other than that of the Holder in respect of which such shares are issued, and in such case, the Company shall
not be required to issue or deliver any certificate for Warrant Shares or any Warrant until the person requesting the same has
paid to the Company the amount of such tax or has established to the Company’s reasonable satisfaction that such tax has
been paid. The Holder shall be responsible for income taxes due under federal, state or other law, if any such tax is due.

 

12.             
Notices. Unless otherwise provided, any notice required or permitted under this Warrant shall be given in
writing and shall be deemed effectively given as hereinafter described (i) if given by personal delivery or overnight courier,
then such notice shall be deemed given upon receipt of confirmation of such delivery, and (ii) if given by mail, then such notice
shall be deemed given upon the earlier of (A) receipt of such notice by the recipient or (B) five days after such notice is deposited
in first class mail, postage prepaid. All notices shall be addressed as follows: if to the Holder, c/o Fredrick G. Lautz Esq. Quarles
& Brady, 411 East Wisconsin Avenue Suite 2040, Milwaukee, Wisconsin 53202, and if to the Company, at Three Riverway, Suite
300, Houston, Texas 77056 or at such other address as the Holder or the Company may designate by ten days’ advance written
notice to the other.

 

     

     

    

13.             
Benefits. Nothing in this Warrant shall be construed to give any person, firm or corporation (other than the
Company and the Holder) any legal or equitable right, remedy or claim, it being agreed that this Warrant shall be for the sole
and exclusive benefit of the Company and the Holder.

 

14.             
Successors. All the covenants and provisions hereof by or for the benefit of the Holder shall bind and inure
to the benefit of its respective successors and assigns hereunder.

 

15.             
Saturdays, Sundays and Holidays. If the last or appointed day for the taking of any action or the expiration
of any right granted herein shall be a Saturday, Sunday or legal holiday, then (notwithstanding anything herein to the contrary)
such action may be taken or such right may be exercised on the next succeeding day that is not a Saturday, Sunday or legal holiday.

 

16.             
Counterparts. This Warrant may be executed through the use of separate signature pages or in any number of
counterparts (including by facsimile or Portable Document Format (pdf) transmission), and each of such counterparts shall, for
all purposes, constitute one agreement binding on all the parties, notwithstanding that all parties are not signatories to the
same counterpart.

 

[Signature Page Follows]

 

     

     

    

IN WITNESS WHEREOF, Synthesis Energy Systems,
Inc. has caused this Warrant to be executed by its officers thereunto duly authorized.

 

	 	 	 
	 	 	SYNTHESIS ENERGY SYSTEMS, INC.
	 	 	
        By: /s/ Scott Davis 

        Name: Scott Davis

        Title: Chief Accounting Officer & Corporate Secretary

	
         

         

         

         

        Acknowledged and Agreed:

         

        Market Development Consulting
        Group, Inc.

         

        By: /s/ David E. Castaneda

        Name: David E. Castaneda

        Title: President
	 	 

 

     

     

    

Exhibit A

 

NOTICE OF EXERCISE

 

To: Synthesis Energy Systems, Inc.

 

1.                 
The undersigned hereby elects to purchase _______ shares of Common Stock (“Stock”) of Synthesis Energy
Systems, Inc. (the “Company”) pursuant to the terms of the attached Warrant, and (check the applicable box):

 

[_]       tenders
by means of a cash payment herewith payment in full of the purchase price and any transfer taxes payable pursuant to the terms
of the Warrant.

 

[_]       elects
the net exercise option pursuant to Section 2(a) of the Warrant, and accordingly requests delivery of a net of ______________ of
such securities.

 

2.                 
The shares of Stock to be received by the undersigned upon exercise of the Warrant are being acquired for its own account,
not as a nominee or agent, and not with a view to resale or distribution of any part thereof, and the undersigned has no present
intention of selling, granting any participation in, or otherwise distributing the same. The undersigned further represents that
it does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participation to
such person or to any third person, with respect to the shares of Stock. The undersigned believes it has received all the information
it considers necessary or appropriate for deciding whether to purchase the Stock.

 

3.                 
The undersigned understands that the shares of Stock are characterized as “restricted securities” under the
federal securities laws inasmuch as they are being acquired from the Company in transactions not involving a public offering and
that under such laws and applicable regulations such securities may be resold without registration under the Securities Act of
1933, as amended (the “Securities Act”), only in certain limited circumstances. In this connection, the undersigned
represents that it is familiar with Rule 144 promulgated under the Securities Act, as presently in effect, and understands the
resale limitations imposed thereby and by the Securities Act.

 

4.                 
The undersigned understands the instruments evidencing the Stock may bear one or all of the following legends:

 

(a)       “THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE
STATE SECURITIES LAWS. SUCH SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT PURPOSES AND MAY NOT BE OFFERED FOR SALE, SOLD, DELIVERED
AFTER SALE, TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FILED BY THE ISSUER WITH
THE U.S. SECURITIES AND EXCHANGE COMMISSION COVERING SUCH SECURITIES UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL SATISFACTORY
TO THE ISSUER THAT SUCH REGISTRATION IS NOT REQUIRED.”

 

(b)       Any
legend required by applicable state law.

 

     

     

    

5.                 
Please issue a certificate or certificates representing said shares of Stock in the name of the undersigned:

 

 

____________________________________

[Name]

 

 

 

Executed on ____________________________ (date)

 

By: _______________________________________

 

Name: ____________________________________

 

Title (if applicable): __________________________

 

Federal Tax ID or Social Security No.: ____________

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00263-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00263-of-00352.parquet"}]]