Document:

Exhibit 10.2

 

 

 

江苏天沃综能清洁能源技术有限公司股权转让协议

Share Transfer Agreement of 

Tianwo-SES Sino-US Clean Energy
Technologies Co., Ltd.

 

 

本股权转让协议(以下简称“协议”)由以下三方于2017年08月18日(“签署日”)在中华人民共和国(“中国”)上海市签署:

This Share Purchase Agreement (“the Agreement”) is entered into on August
18, 2017 (“Execution Date”) by the following Parties in Shanghai, the People’s Republic of China (the “PRC”):

 

转让方:SES Asia Technologies Limited,是根据中华人民共和国香港特别行政区的法律成立并存续的有限责任公司,注册地址为香港上环文咸东街79-85号文咸中心七字楼(以下简称“甲方”)。

授权代表(国籍):Chris Raczkowski
(美国)

Transferor: SES Asia Technologies Limited, a company limited by shares established and
existing under the laws of Hong Kong Special Administrative Territory of the PRC whose registered address is 7/F., Bonham Centre
79-85 Bonham Strand, Sheung Wan (“Party A”).

Authorized Representative (Nationality): Chris Raczkowski (USA)

 

受让方:新煤化工设计院(上海)有限公司,一家依照中华人民共和国法律成立并存续的有限责任公司,注册地址为上海市宜山路717号8楼(以下简称“乙方”)。

授权代表(国籍):廖兵(中国)

Transferee: Innovative Coal Chemical Design Institute (Shanghai) Co., Ltd., a company
limited by shares established and existing under the laws of the PRC whose registered address is 717 Yishan Road, 8th Floor, Shanghai,
China (Party B).

Authorized Representative (Nationality): Liao Bing (China)

 

以上转让方和受让方合称为“双方”。

The above Transferor and Transferee hereinafter are referred to as “Parties”
collectively.

 

    	2017年8月18日股权转让协议 Share Transfer Agreement Aug 18, 2017	 Page 1 of 6

     

    

 

鉴于 | WHEREAS,

 

		·	江苏天沃综能清洁能源技术有限公司(“天沃综能”)是一家由甲方和苏州天沃科技股份有限公司(“天沃科技”)共同成立的中外合资公司,注册资本金额为人民币153,800,000元。截至签署日,甲方以价值人民币5380万元的SGT技术完成了向公司的注资,天沃科技完成了人民币5380万元的注资。因此,天沃综能实收资本为人民币107,600,000元;

Tianwo-SES Sino-US Clean Energy Technologies Co., LTD (“TSEC”) is a sino-foreign joint
venture company established jointly by Party A and Suzhou THVOW Technologies Co., Ltd (“THVOW”), with a registered
capital of RMB 153,800,000. As of the Execution Date, SESHK has contributed SGT Technology valued at RMB 53,800,000 to TSEC, THVOW
has contributed RMB 53.8 million, as such, the total paid-in capital of TSEC amounts to RMB 107.6 million;

		·	于本协议签署日,天沃科技、甲方以及乙方签署了天沃综能的股权重组协议,根据股权重组协议甲方应向乙方转让部分天沃综能股份。为细化有关股权转让交易条款,双方同意根据本协议条款由甲方向乙方转让部分天沃综能股份。

On Execution Date, THVOW, Party A and Party B executed the Restructuring Agreement and, according to that agreement, Party A shall
transfer to Party B a portion of the shares in TSEC. For clarification, the Parties agree, for Party A to transfer a portion of
TSEC shares to Party B in accordance with the terms of this Agreement.

 

双方同意 The Parties agree:

 

		1.	股权转让 Share Transfer

 

		1.1	甲方以人民币11,150,000元的对价(“转让对价”)向乙方转让天沃综能实收资本人民币107,600,000元的25%的股份,甲方保留其在天沃综能实收资本人民币107,600,000元其余的25%股份。

For the consideration of RMB 11.15 million (“Consideration”), Party A shall transfer to Party B 25% of the RMB 107.6
million paid-in capital of TSEC, and Party A shall retain the remaining 25% of the RMB 107.6 million paid-in capital of TSEC.

		1.2	在本协议签署后一周内,乙方应向甲方的关联方埃新斯新能源技术(上海)有限公司(“埃新斯”)的指定银行账户支付人民币11,150,000元的转让对价款。埃新斯收到上述股权转让价款视为甲方从乙方收到该股权转让价款。

Within 1 week of execution of this Agreement, Party B shall pay RMB 11.15 million to the designated bank account of SES New Energy
Technologies (Shanghai) Co., Ltd. (“SES Shanghai”, a related party of Party A). Receiving the equity transfer amount
above-mentioned by SES Shanghai will be deemed as receiving such amount by Party A from Party B.

 

    	2017年8月18日股权转让协议 Share Transfer Agreement Aug 18, 2017	 Page 2 of 6

     

    

 

		1.3	在签署本协议的同时三方应签署有关天沃综能新的合资合同、章程、使用技术入股协议等有关文件或该等文件的补充协议以反映以上股权变更。在埃新斯收到人民币11,150,000元后双方应在有关政府部门办理相关变更登记手续。同时,乙方承诺配合甲方和埃新斯将此转让对价款汇往甲方在香港的账户,有关汇款的费用由甲方负责。

Concurrent to signing this Agreement, the Parties shall also execute the new joint venture agreement, articles of association,
technology usage and contribution agreement and other related documents or supplementary agreements of those agreements to reflect
the above change in shareholding. After the receipt of RMB 11.15 million by SES Shanghai, the Parties shall process the registration
changes with the relevant government authorities. In addition, Party B shall commit to cooperate with Party A and SES Shanghai
for the payment of such Consideration to Party A’s bank account in Hong Kong. The resulting cost of remittance will be burdened
by Party A.

 

		2.	保证 Warranties

 

		2.1	甲方保证所转让给乙方的股权是甲方在天沃综能合法拥有的股权。甲方保证对所转让的股权在签署日没有设置任何抵押、质押或担保,无任何第三方的追索。

Party A warrants that it legally owns the shares to be transferred to Party
B in TSEC. Party A warrants that as of the Execution Date, the transferred shares are not subject to any mortgage, pledge or security,
and is free of any third party’s recourse.

 

		2.2	在甲方转让其股权后,其在TSEC原享有的与有关股权的权利和应承担的义务,随股权转让而转由乙方享有与承担。

After the share transfer by Party A, the corresponding rights and responsibilities of transferred shares will be moved to Party
B from Party A.

 

		3.	协议解除 Termination of the Agreement

 

发生下列情况之一时,可变更或解除本协议:

 

    	2017年8月18日股权转让协议 Share Transfer Agreement Aug 18, 2017	 Page 3 of 6

     

    

 

This Agreement can be amended or terminated under the following circumstances:

		1)	由于一方违约,严重影响了守约方的经济利益,使协议履行成为不必要,在此情况下守约方有权解除本协议;

The Agreement implementation is not necessary due to one Party’s breach
of the Agreement and hurt another Party’s benefits seriously. Under such circumstances the non-breaching Party shall have
the right to terminate the Agreement;

		2)	因情况发生变化,经过双方协商同意变更或解除协议。

Due to the change in conditions, the Parties agree unanimously to amend or
terminate this Agreement after discussion.

 

		4.	违约责任 Liabilities for Breach

 

由于一方违约,造成本协议不能履行或不能完全履行时,由违约一方承担违约责任;如属双方违约,根据实际情况,由双方分别承担各自应负的违约责任。

When the Agreement can’t be fulfilled totally or partly due to one
Party’s breach of the agreement, the breach responsibility shall be taken by the breaching Party; if both Parties breach
the Agreement, each Party take their own responsibilities they shall take.

 

		5.	适用法律及争议的解决 Applicable Laws and Settlement of Disputes

 

		5.1	与本协议有效性、履行、违约及解除等有关的一切争议,各方应友好协商解决。如果协商不成,则任何一方均可申请向上海市人民法院起诉。

Any disputes occurred from the effectiveness, execution, breach and termination of the Agreement shall be settled through friendly
consultation by the Parties. If the consultation failed, either Party can initiate a lawsuit at the People’s Court of Shanghai.

		5.2	本协议的订立、效力、解释、履行和争议的解决均受中华人民共和国法律的管辖。

The formation, effectiveness, explanation, execution of this Agreement and settlement of disputes in relation to this Agreement
shall be governed by PRC laws.

 

		6.	生效 Effective

 

    	2017年8月18日股权转让协议 Share Transfer Agreement Aug 18, 2017	 Page 4 of 6

     

    

 

		6.1	本协议在获得TSEC董事会批准且甲方收到乙方根据第1.2条支付的全部付款后生效。

This Agreement shall become effective upon the receipt of both the approval of the board of directors of TSEC as well as all funds
from Party B in accordance with Article 1.2 hereunder.

 

		6.2	本协议须经TSEC原审批机关批准。

This Agreement shall be approved by the original governing authority who approved the establishment of TSEC.

 

		7.	本协议正本一式6份,甲、乙双方各执1份、TSEC执4份(包括用于报审批、登记机关),均具有同等法律效力

This Agreement is executed in 6 originals, and each original has the same legal effect. The Parties shall each hold 1 copy, TSEC
shall hold 4 copies (including for use in approval and registration).

 

		8.	本协议以中英文书写。如中文文本和英文文本之间存在不一致的,以中文文本为准。

 

This Agreement is written in Chinese and in English.
Should any inconsistency incurred between the Chinese version and English version, the Chinese version shall prevail.

 

 

天沃科技同意本协议所述的股权转让。

THVOW consents to the share transfer of this Agreement.

 

	/s/ Chris Raczkowski	/s/ Liao Bing
	 	 
	甲方/Party A (签名/signature):	乙方/Party B (签名/signature):
	姓名/Name: Chris Raczkowski	姓名/Name:廖兵 (Liao Bing)
	 	 
	 	 
	职务: 授权代表	职务: 授权代表
	Title:  authorized representative	Title: authorized representative 

 

 

同意本协议有关条款方 Consent
to this Agreement by:

/s/ Illegible

苏州天沃科技股份有限公司
Suzhou THVOW Technologies Co., Ltd.

姓名/Name: Illegible

 

    	2017年8月18日股权转让协议 Share Transfer Agreement Aug 18, 2017	 Page 5 of 6

     

    

 

职务: 授权代表

Title: authorized representative

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

	2017年8月18日股权转让协议 Share Transfer Agreement Aug 18, 2017	 Page 6 of 6Exhibit 10.3

 

 

 

 

 

JOINT VENTURE CONTRACT

 

 

 

among

 

 

 

SUZHOU THVOW TECHNOLOGY
CO., LTD.

 

 

 

and

 

 

 

SES
ASIA TECHNOLOGIES LIMITED

 

 

 

and

 

 

 

INNOVATIVE COAL CHEMICAL
DESIGN INSTITUTE (SHANGHAI) CO., LTD.

 

 

 

 

 

for the RESTRUCTURING
of

 

 

 

 

 

Jiangsu tianwo-ses Clean
Energy tECHNOLOGIES CO., lTD.

 

 

 

 

 

 

 

Amended on August 18, 2017

 

 

 

ZHANGJIAGANG, PEOPLE’S
Republic of China

 

 

 

 

TSEC JV Contract amended in August 18, 2017

 

     

     

    

 

TABLE OF CONTENTS

 

 

	1.	DEFINITIONS	2
	2.	PARTIES TO THE CONTRACT	6
	3.	ESTABLISHMENT OF THE COMPANY	7
	4.	PURPOSE AND SCOPE OF BUSINESS	7
	5.	TOTAL AMOUNT OF INVESTMENT AND REGISTERED CAPITAL	8
	6.	TRANSFER OF EQUITY INTERESTS	10
	7.	REPRESENTATIONS AND WARRANTIES OF THE PARTIES	11
	8.	RESPONSIBILITIES OF THE PARTIES	15
	9.	Environmental PROTECTION	20
	10.	PURCHASE OF MATERIALS	20
	11.	Business Development and Operation	20
	12.	BOARD OF DIRECTORS AND SUPERVISORS	21
	13.	MANAGEMENT ORGANIZATION	26
	14.	LABOUR MANAGEMENT	29
	15.	ANNUAL OPERATING PLANS AND BUDGETS	30
	16.	TAXATION, THREE FUNDS AND PROFIT DISTRIBUTION	30
	17.	FINANCIAL AFFAIRS AND ACCOUNTING	32
	18.	BANK ACCOUNTS AND FOREIGN EXCHANGE	34
	19.	CONFIDENTIALITY	34
	20.	DURATION OF THE COMPANY	35
	21.	EARLY TERMINATION	35
	22.	LIQUIDATION AND DISSOLUTION	36
	23.	LIABILITY FOR BREACH OF CONTRACT	37
	24.	INSURANCE	38
	25.	FORCE MAJEURE	39
	26.	APPLICABLE LAW	39
	27.	DISPUTE RESOLUTION	39
	28.	MISCELLANEOUS	41

 

     

     

    

 

JOINT
VENTURE CONTRACT

 

 

 

THIS JOINT VENTURE CONTRACT is entered into in accordance
with the Law of the People's Republic of China on Chinese-Foreign Equity Joint Ventures and the Regulations for the Implementation
of the Law of the People's Republic of China on Chinese-Foreign Equity Joint Ventures (the “Joint Venture Law”) and
other relevant and currently effective Chinese laws and regulations, and is amended on August 18, 2017 and entered into by the
following three parties:

 

Suzhou Thvow Technology Co., Ltd., a company
limited by shares established and existing under the laws of the PRC whose registered address is No. 1 Linjiang Road, , Jingang
Town, Zhangjiagang City, Jiangsu Province, 215631, PRC (“THVOW”);

 

AND

 

SES Asia Technologies Limited, a limited company established
and existing under the laws of Hong Kong Special Administrative Region of the PRC whose registered address is 7/F, Bonham Centre,
79-85 Bonham Strand, Sheung Wan, Hong Kong (“SESHK”);

 

AND

 

Innovative Coal Chemical Design Institute (Shanghai) Co., Ltd.,
a company limited by shares established and existing under the laws of the PRC whose registered address is 8/F, No. 717 Yishan
Road, Shanghai, PRC (“ICCDI”).

 

THVOW, SESHK and ICCDI may hereinafter be referred
to individually as a “Party” or collectively as the “Parties”.

 

 

WHEREAS, the Parties intend to restructure Jiangsu Tianwo-SES
Clean Energy Technologies Co., Ltd. (the “Company”) with the primary objectives of:

 

		l	Three Parties’ cooperation in low quality coal, long flame coal pressured gasification technology
so as to set up the company;

 

		l	Establishing the leading gasification technology in China;

 

		l	Generating significant income and profit for the Parties;

 

		l	Eventually listing the Company on the public markets (e.g. Chinese security market, or Hong Kong
security market or other security markets).

 

Considering the above factors and confirming that the Parties are
completely informed, in conformity with the principles of equality and mutual benefit, the Parties hereby agree as follows:

 

    	TSEC JV Contract amended in August 18, 2017	 1

     

    

 

		1.	DEFINITIONS

 

The following terms shall have the meanings set forth below:

 

“Affiliate”, with respect to a Party, shall mean
any entity directly or indirectly controlling, controlled by or under common control with such Party; an entity shall be deemed
to “control” another entity if the former possesses, directly or indirectly, no less than 50% voting shares or registered
capital, or the power to appoint or elect the majority of directors or the actual control rights of the latter.

 

“Articles of Association” shall mean the Articles
of Association of the Company dated as of the date of execution hereof between the Parties, and as may be amended or restated from
time to time by the Board appointed by the Parties.

 

“Basic Engineering Design Package” or “BEDP”
shall mean a package of technical document deliverables prepared, after delivery of the PDP, for the next step engineering design,
which shall comply with the China’s latest industrial standards.

 

“Board” or “Board of Directors”
shall mean the Board of Directors of the Company.

 

“Business License” shall mean the business license
to be issued to the Company by the competent PRC State Administration for Industry and Commerce, including the business license
issued by the authorities, which may be amended from time to time.

 

“Chairman” shall mean the chairman of the Board
of Directors of the Company.

 

“China” or the “PRC”, for
the purpose of this Contract, shall mean the People's Republic of China.

 

“Company” or the “Joint Venture”
shall mean Jiangsu Tianwo-SES Clean Energy Technologies Co., Ltd. or any other name approved by the competent authority, the equity
joint venture company restructured by the Parties pursuant to the Joint Venture Law, other relevant and officially promulgated
laws and regulations of the PRC, and this Contract.

 

“Confidential Information” shall mean technology
and Know-How as well as trade secrets, strategic business or marketing information, business projections, secret processes and
etc., including but not limited to processes, data, formulae, material balance, control logic, programs, manuals, designs, sketches,
photographs, plans, drawings, specifications, reports, studies, findings, non-patented inventions and ideas, any data relating
to a patent that is not disclosed in a granted patent, and other information relating to the production, packaging, use, pricing,
or sales and distribution, whether of a technical, engineering, operational, business or economic nature, whenever provided by
SESHK (or its Affiliates), or by THVOW (or its Affiliates), or by ICCDI (or its Affiliates) in connection with the establishment
of the Company and any matters related thereto, the implementation of and/or the conduct of the business contemplated by this Contract
and the other contracts contemplated herein. Confidential Information, however, shall not include information which is now or hereafter
becomes part of the public domain through authorized publication, or information which the receiving Party can demonstrate was
in its possession, prior to the effectiveness of the Contract, and which was legally obtained and is not in violation of any agreement.

 

    	TSEC JV Contract amended in August 18, 2017	 2

     

    

 

“Contract” shall mean this Joint Venture Contract
and the Annexes attached hereto.

 

“Critical Design Parameters” or “CDP”
shall mean key SGT and SGT Proprietary Equipment design parameters for a project on a case-by-case basis, which are based on a
specific basis for design for a project and are fundamental technology parameters required to initiate the PDP.

 

“Detailed Engineering Design Package” or “DEDP”
shall mean the detailed engineering design package, which is prepared as a follow up to the BEDP.

 

“Director” shall mean a member of the Board of
Directors.

 

“Effective Date” shall mean the day on which
this Contract becomes effective and approved by the competent examination and approval authority and the Parties.

 

“Establishment Date” shall mean the date on which
the Business License of the Company is issued.

 

“Examination and Approval Authority” shall mean
the competent authority as is duly authorized by law to approve this Contract.

 

“Restructuring Date” shall mean the date on which
the Share Transfer Agreement has become effective.

 

“Force Majeure” shall mean any (a) acts of God;
(b) flood, fire, earthquake or explosion; (c) war, invasion, hostilities (whether war is declared or not), terrorist threats or
acts, riot or other civil unrest; (d) government order or law; (e) actions, embargoes or blockades in effect on or after the date
of this Contract; (f) action by any governmental authority; (g) national or regional emergency; (h) strikes, labour stoppages or
slowdowns or other industrial disturbances; and (i) shortage of adequate power or transportation facilities.

 

“Foreign Exchange” shall mean any foreign currency
which can be freely exchanged, converted, or traded in the open international currency market.

 

“General Manager” shall mean the general manager
of the Company.

 

“GTI” shall mean the Gas Technology Institute
of the United States.

 

“Improvements” shall mean any improvements within
the SGT (including new inventions and designs) created, invented, developed or discovered by a Party or the Company after the Establishment
Date with respect to the SGT process and SGT Proprietary Equipment.

 

“Joint Venture Term” shall mean the duration
of the Company as provided for in Article 20 hereof.

 

    	TSEC JV Contract amended in August 18, 2017	 3

     

    

 

“Labour Contract” shall mean the individual labour
contract to be entered into between the Company and any of its employees, excluding Seconded Personnel.

 

“Management By-laws” shall mean the Company’s
By-laws that are approved at the first Board of Directors Meeting.

 

“Management Personnel” shall mean the General
Manager, Vice General Manager, Chief Financial Officer, Marketing Director, Chief Accountant, Chief Technology Officer, Chief Mechanical
Engineer and such other senior personnel positions that are designated as Management Personnel positions by the Board from time
to time.

 

“Pressurized Fluidized Bed”shall mean the gasification
reactor or system, at any pressure above atmospheric pressure, that converts SGT Feed stock into syngas by reaction of SGT Feedstock
with air, enriched air, or oxygen (with or without the addition of steam, carbon dioxide or other diluents gases) in a fluidized
bed (including bubbling bed and fast fluidized bed) wherein SGT Feedstock is fed and syngas is produced.

 

“Process Design Package” or “PDP”
shall mean a process design package prepared, on the basis of the existing PDP provided by SESHK and its Affiliates, for a specific
customer project for which a PSA has been executed, and which shall comply with China’s latest industrial standard.

 

“Project Sublicense Agreement” or “PSA”
shall mean the agreement to be entered into by the Company as licensor, from which a technology license must be obtained from
the Company for the normal operation of a Project in the Territory. The form of the PSA as set out in Annex3 shall be a reference
and subject to any necessary changes as requested by the customer, as long as the technology will be protected during the implementation
of such Project.

 

“Renminbi” or “RMB” shall
mean the lawful currency of the PRC.

 

“Restructuring Agreement” shall mean the agreement
entered into by and between the Parties in August 18, 2017 for the restructuring of the Company.

 

“Seconded Personnel” shall mean the employees
of each Party or of any of its Affiliates, who will be seconded for providing full time services to the Company. The costs of such
Seconded Personnel shall be borne by the Company.

 

“Services” shall mean any engineering
or design services related to the SGT, modularization services, procurement services, construction management services, plant commissioning
and start-up services, plant operations and maintenance services and any other services beyond this scope that are authorized by
a unanimous vote of the Board.

 

“SES Gasification Technology”
or “SGT” shall include the collection of SES Intellectual Property, Know-How, trade secrets and methods developed
by SESHK and its Affiliates for its advanced fluidized bed gasification technology. The SGT has been extensively developed since
2004 and was initially based upon the U-Gas® technology licensed by SEST and its Affiliates from GTI, and which has been further
developed through additional improvements, Know-How and patents developed by SESHK’s Affiliates through industry experience
of SESHK’s Affiliates from developing, designing and operating projects in China and from designs by or for SESHK and its
Affiliates in their development of projects globally. The SGT is one of the most advanced gasification technologies, which has
been commercialized through the construction and operation of industrial projects to be reliable, environmentally-friendly, economically
feasible, sustainable and in conformity with China’s energy independence policy and energy strategies. SGT is a part of the
equity contribution of SESHK as described in the TUCA. Prior to the Establishment Date, SESHK has full rights and authorization
of the SGT to be contributed to the Company. And any Improvement developed by the Company after the Company is established belong
to the Company, subject to the terms of the TUCA.

 

    	TSEC JV Contract amended in August 18, 2017	 4

     

    

 

“SES Shanghai” shall mean SES
New Energy Technologies (Shanghai) Co., Ltd. (埃新斯新能源技术(上海)有限公司).

 

“SEST” shall mean Synthesis
Energy Systems Technologies, LLC, a wholly owned subsidiary of Synthesis Energy Systems, Inc. and the licensor of the SGT license
right to SESHK, which authorizes SESHK as the licensor in the TUCA.

 

“SGT Feedstock” shall have the meaning as defined
in the Technology Usage and Contribution Agreement as set forth in Annex 4.

 

“SGT Know-How/Know-How” shall mean all commercial
and technical information, including trade secrets, pertaining to the SGT, and/or THVOW’s manufacturing of the SGT proprietary
equipment, including, but not limited to, theses, designs, drawings, blueprints, specifications, test data, charts, fabrication
techniques, materials of construction, and formulations, graphs, operating and test procedures, shop practices and instruction
manuals.

 

“SGT Proprietary Equipment” shall mean the Gasifier
Reactor, Gasifier Heat Recovery Steam Generator, Cyclones, Filtration, Bottom Char Cooling and Removal System, Gasifier Coal Feeding
System; Metering/Measuring System; Gasifier Control and Safety System logic etc., subject to adjustment per the requirements of
customer.

 

“Share Transfer Agreement” shall mean the agreement
entered into by and between the Parties in August 18, 2017 for the transfer of certain equity ownership in the Company from SESHK
to ICCDI.

 

    	TSEC JV Contract amended in August 18, 2017	 5

     

    

 

“Sub-license Royalty To GTI” shall mean ***%
of the license fee to be paid to GTI, pursuant to the legally effective agreement between SEST and GTI, from the license fee received
under any sub-license Project by the Company.

 

“Technology Usage and Contribution Agreement”
or “TUCA” shall mean the authorization agreement for the use of technologies related to SGT, and agreement related
to SGT and performance guarantee as described in TUCA which shall be contributed to the Company as SESHK’s capital contribution,
and which shall be in accordance with Annex 4.

 

“Territory” shall mean China, Indonesia, the
Philippines, Vietnam, Mongolia and Malaysia as set forth in the TUCA.

 

“United States Dollars” or “US$”
shall mean the lawful currency of the United States of America.

 

“Working Personnel” shall mean all employees
of the Company other than Management Personnel and members of the Board.

 

“Yima Plant” shall mean the project/plant operated
and managed under the joint venture of YMCIG-SES New Energy Company Ltd..

 

“ZZ Plant” shall mean project/plant operated
and managed under the joint venture of Synthesis Energy Systems (Zaozhuang) New Gas Company Ltd.

 

		2.	PARTIES TO THE CONTRACT

 

The Parties to this Contract are as follows:

 

		(a)	THVOW, a duly incorporated company with its registered office address at No. 1 Linjiang Road, Jingang Town, Zhangjiagang
City, Jiangsu Province, 215631, PRC

 

The legal representative of THVOW is:

 

Name: CHEN, Yuzhong

 

Position: Chairman

 

Nationality: Chinese

 

		(b)	SESHK, a duly incorporated company under the laws of Hong Kong Special Administrative Region
with its registered office address at 7/F, Bonham Centre 79-85 Bonham Strand, Sheung Wan, Hong Kong.

 

The duly authorized representative of SESHK is:

 

Name:Robert Wayne RIGDON

 

 

*** This information has been omitted in reliance upon Rule 24b-2 under the Securities
Exchange Act of 1934, as amended and has been filed separately with the Securities and Exchange Commission.

    	TSEC JV Contract amended in August 18, 2017	 6

     

    

 

Position:Director

 

Nationality:USA

 

		(c)	ICCDI, a duly incorporated company with its registered office address at 8/F, No. 717, Yishan
Road, Shanghai, PRC.

 

The legal representative of ICCDI is:

 

Name: LIAO, Bing

 

Position: Chairman

 

Nationality: Chinese

 

 

		3.	ESTABLISHMENT OF THE COMPANY

 

		3.1	Establishment of the Company

 

In accordance with the Joint Venture Law and other relevant
and currently effective PRC laws and regulations, the Parties hereby agree to establish the Company pursuant to the terms of this
Contract. The Company shall be a legal person under the laws of the PRC subject to the protection and jurisdiction of PRC law.

 

		3.2	Name and address of the Company

 

The name of the Company shall be Jiangsu Tianwo-SES
Clean Energy Technologies Co., Ltd. in English and 江苏天沃综能清洁能源技术有限公司
in Chinese, or other name as approved by the competent authority.

 

The legal address of the Company shall be in Room 801-3,
Petrochemical Trading Building, Zhangjiagang tax free area.

 

		3.3	Limited Liability Company

 

The Company shall be
a limited liability company established in accordance with the Law of the People's Republic of China on Chinese-Foreign
Equity Joint Ventures and the Regulations for the Implementation of the Law of the People's Republic of China on Chinese-Foreign
Equity Joint Ventures and other relevant and currently effective Chinese laws and regulations.

 

		3.4	No Agency Relationship

 

Neither Party is the agent of the other Parties nor
does either Party have any power to assume or to create any obligation or responsibility, express or implied, on behalf of the
other Parties in the other Parties’ names.

 

    	TSEC JV Contract amended in August 18, 2017	 7

     

    

 

		4.	PURPOSE AND SCOPE OF BUSINESS

 

		4.1	The Purpose of the Company

 

With the desire to strengthen the economic and technical
cooperation between the Parties, the purpose of the Company will be to use advanced and available
techniques and scientific management methods to improve the SGT, develop new products, and enable competitiveness in quality and
price in the international market; to be compatible with the needs of the Chinese clean coal chemical development, and to satisfy
the gradually increasing market demand for clean energy; enable economical and clean conversion of SGT Feedstock into syngas for
the production of a variety of high value products such as chemicals, power, transportation fuels, direct reduced iron (DRI) steel,
fertilizers, synthetic natural gas (SNG) and industrial fuels through the efficient collaboration of THVOW which, has a strong
capability in coal chemical equipment manufacturing, ICCDI’s capability on design, engineering and related services in China,
and SESHK’s advanced SGT which has been utilized in industrial gasification projects. The Company aims to make the SGT the
primary gasification technology in the Territory, through its scientific business management. 

 

 

		4.2	The Business Scope of the Company

 

The business scope of the Company is to obtain full
exclusive authorization in the Territory to provide SGT and related technologies, engineering services and SGT sub-licensing rights,
engineering design of the SGT, supply related technologies and supply SGT Proprietary Equipment, to manufacture and sell SGT Proprietary
Equipment, to provide SGT EPC project services, and to develop and improve the scope, pressure and capacity of the SGT, etc. The
business scope shall be subject to the business scope as shown on Business License.

 

 

		5.	TOTAL AMOUNT OF INVESTMENT AND REGISTERED CAPITAL

 

		5.1	Total Amount of Investment

 

The total investment for the Company shall be RMB107,600,000
after restructuring.

 

		5.2	Registered Capital and Capital Contribution

 

The actual ratios of capital contributed by the Parties
are as below after restructuring:

 

		(a)	THVOW contributed cash in the amount of RMB53,800,000 to the registered capital of
the Company, representing fifty percent (50%) of the total paid-in capital of the Company.

 

    	TSEC JV Contract amended in August 18, 2017	 8

     

    

 

		(b)	SESHK contributed per the terms and conditions of the Technology Usage and Contribution Agreement,
which, according to the appraisal report (Ping Bao Zi [2014] 1002, as attached in Annex 5), has a value equal to RMB 53,800,000
as its capital contribution to the Company, representing fifty percent (50%) of the total paid-in capital of the Company. With
the execution of the Share Transfer Agreement and the Restructuring Agreement by and between SESHK, ICCDI and THVOW, SESHK shall
sell 25% of the total paid-in capital of the Company to ICCDI for RMB11,150,000. After the restructuring, the capital contributed
by SESHK shall represent 25% of the total paid-in capital of the Company.

 

		(c)	With the execution of the Share Transfer Agreement and the Restructuring Agreement
by and between SESHK, ICCDI and THVOW, ICCDI shall purchase from SESHK 25% of the total paid-in capital of the Company for RMB11,150,000.
After the restructuring, the capital contributed by ICCDI shall represent 25% of the total paid-in capital of the Company.

 

After the restructuring, the respective
equity ownership percentages of the Parties in the Company are: THVOW 50%, SESHK 25% and ICCDI 25%.

 

		5.3	Additional Financing

 

In accordance with Article 12.6, the Company may obtain
additional funds through loans from domestic or foreign financial institutions on terms and conditions approved by the Board of
Directors and the Parties. The Company may also obtain loans or guarantees from the Parties or their Affiliates on terms and conditions
to be determined by the relevant parties; provided, however, that no Party shall be obligated to lend funds to the Company or to
guarantee a loan to the Company from a third party or financial institution or if a guarantee is required, each Party shall, in
principle, undertake its share in such guarantee in a proportion equal to its Equity Interest in the Company. In the event that
a Party does agree to lend funds to the Company or to guarantee a loan to the Company from a third party or financial institution,
such Party shall be entitled to be paid interest on the loan at such rate or guarantee fees in such amount that such Party would
have been entitled to be paid as if such Party were not a party to this Contract and as if the transaction were a negotiated arm's
length financing from a third party. The Company may mortgage or otherwise grant a security interest in its assets, as permitted
by law, to be mortgaged or secured in order to obtain loans.

 

		5.4	Timing of Capital Contributions

 

According to the terms of the Restructuring Agreement
and the Share Transfer Agreement, and with respect to capital contributions by the Parties, the Parties shall have fulfilled their
respective capital contribution obligations to the Company on the Restructuring Date.

 

    	TSEC JV Contract amended in August 18, 2017	 9

     

    

 

		5.5	Capital Contribution Certificate

 

Within thirty (30) days after the Parties have made their
capital contributions, the Company shall engage an independent accountant registered in China to verify such contributions, with
verification expenses borne separately by the Parties.

 

Before the issuance of a verification report by such
independent accountant, the Company shall issue to each contributing party an interim capital contribution certificate signed by
the Chairman evidencing that the contribution was made. Upon receipt of the final certificate of verification from the independent
accountant, the Company shall promptly issue a final capital contribution certificate to each Party setting forth the aggregate
amount of such Party's contribution(s). The final capital contribution certificates shall be signed by the Chairman of the Company.

 

		5.6	Increase or Reduction of Registered Capital

 

Any increase or reduction in the registered capital of
the Company shall be subject to unanimous approval by the Board of Directors of the Company and submitted to the competent Examination
and Approval Authorities for approval. Upon receipt of such approval, the Company shall register the increase or reduction in the
registered capital with the appropriate administration for industry and commerce.

 

		6.	TRANSFER OF EQUITY INTERESTS

 

		6.1	Encumbrance of the Investment

 

Except as otherwise contemplated in this Contract, neither
Party may mortgage, pledge, charge or otherwise encumber its equity interests in the Company, its rights and obligations under
this Contract and other interests in the Company (“Equity Interests”) without the prior written consent of the
other Parties, which shall not be unreasonably withheld.

 

		6.2	Valuation

 

Any Party who desires to sell or otherwise transfer its
Equity Interests in the Company shall bear the cost of any valuation of the Company. The Parties shall render all assistance and
provide all such documentation and other information to the appraiser as such appraiser may consider necessary.

 

		6.3	Transfer of Equity Interests

 

		(a)	Within 36 months after the effective date of the Share Transfer Agreement, for any ownership portion
of the Company offered for sale by ICCDI or THVOW, SESHK has the priority to purchase such additional ownership in the Company
based on the price at the Company’s restructuring (Price: RMB 446,000 for every 1% of the ownership interests) subject to
the limit that the total ownership percentages in the Company held by SESHK shall not exceed 50%.

 

    	TSEC JV Contract amended in August 18, 2017	 10

     

    

 

		(b)	Either Party shall not transfer, sell, or dispose, in whole or in part, its Equity Interests to
any third party without agreement in writing by the other Parties.

 

		6.4	Continued Implementation of Contract

 

Prior to the Transfer of a Party’s Equity Interests,
the Parties shall continue to perform their obligations under this Contract.

 

		6.5	Effect of Transfer

 

The Transfer of a Party’s Equity Interest shall
not release such Party from its liability to pay any sums of money accrued, due and payable, or to discharge its then-accrued and
unfulfilled obligations to the Company or the other Parties.

 

		7.	REPRESENTATIONS AND WARRANTIES OF THE PARTIES

 

		7.1	Representations and Warranties of THVOW

 

THVOW hereby represents and warrants to SESHK and ICCDI
as follows:

 

(a)      
THVOW is a listed company duly organized and validly existing under the laws of the PRC and is in compliance with all conditions
required to maintain its status as an enterprise legal person under the laws of the PRC.

 

(b)     
THVOW has submitted to SESHK and ICCDI a valid, true and complete copy of its current business license.

 

(c)     
THVOW has taken all appropriate and necessary actions to (i) empower its legal representative or such other duly authorized representative
whose signature is affixed hereto to sign this Contract and all of the agreements contemplated herein to which it is a party, (ii)
authorize the execution and delivery of this Contract and all of the agreements contemplated herein to which it is a party, and
(iii) authorize the performance and observance of the terms and conditions of this Contract and all of the agreements contemplated
herein.

 

(d)     
THVOW has obtained all licenses, permits, consents, approvals and authorizations necessary for the valid execution and delivery
of this Contract and all of the agreements contemplated herein to which it is a party; provided, however, that this Contract shall
be subject to the approval of the Examination and Approval Authority or other authority before the it may become effective.

 

(e)     
Upon the approval of the Examination and Approval Authority, this Contract shall constitute the legal, valid and binding obligation
of THVOW and is enforceable against THVOW in accordance with the terms herein.

 

    	TSEC JV Contract amended in August 18, 2017	 11

     

    

 

(f)     
THVOW's execution, delivery and performance of this Contract or any of the other agreements contemplated herein will not violate
any of the constitutional documents, any other agreement or obligation of THVOW or its Affiliates, or currently effective law,
regulation or decree of China that may be applicable to any aspect of the transactions contemplated hereunder.

 

(g)     
All information supplied to SESHK and ICCDI by THVOW in relation to this Contract, including information concerning the business
and financial status of THVOW and any relevant assets, inventories and outstanding contractual arrangements with their respective
suppliers and customers, is true and correct in all material respects, whether any of the same has been verified or audited by
an independent third party or not.

 

(h)     
THVOW is in compliance in all material respects with all applicable laws, including in connection with the operation of its business.
THVOW has not received written notice of any material violation of any law, or any potential legal liability, relating to the operation
of its business.

 

(i)      
THVOW is not in default under, and, to the knowledge of THVOW, no condition exists that with notice or lapse of time or both would
constitute a default or could give rise to a right of early termination, cancellation or accelerated termination under, any license,
permit, consent, approval or authorization held by THVOW prior to the expiration of its terms.

 

(j)      
THVOW is not the subject of any existing, pending, threatened or contemplated (i) bankruptcy, insolvency or other debtor’s
relief proceeding, or (ii) litigation, claim, action, suit or other judicial or administrative proceeding, which could adversely
affect THVOW’s right or ability to enter into this Contract or to consummate the transactions contemplated herein.

 

(k)     
THVOW agrees that the Company shall be liable for the payment of the Sub-license Royalty To GTI under the sub-license Project.

 

		7.2	Representations and Warranties of SESHK

 

SESHK hereby represents and warrants to THVOW and ICCDI
as follows:

 

(a)      
SESHK is a company duly organized, validly existing and in good standing under the laws of Hong Kong Special Administrative Region.

 

(b)     
SESHK has submitted to THVOW and ICCDI a valid, true and complete copy of its certificate of incorporation.

 

(c)     
SESHK and its Affiliates have taken all appropriate and necessary corporate actions to (i) empower its duly authorized representative
whose signature is affixed hereto to sign this Contract and all of the agreements contemplated herein to which it is a party, (ii)
authorize the execution and delivery of this Contract and all of the agreements contemplated herein to which it is a party, (iii)
authorize the performance and observance of the terms and conditions of this Contract and all of the agreements contemplated herein.

 

    	TSEC JV Contract amended in August 18, 2017	 12

     

    

 

(d)     
SESHK has obtained all consents, approvals and authorizations necessary for the valid execution and delivery of this Contract and
all of the agreements referred to herein to which it is a party; provided, however, that this Contract shall be subject to the
approval of the Examination and Approval Authority or other authority before it may become effective.

 

(e)     
Upon the approval of the Examination and Approval Authority, this Contract shall constitute the legal, valid and binding obligation
of SESHK and is enforceable against SESHK in accordance with the terms herein.

 

		(f)	SESHK's execution, delivery and performance of this Contract or any of the other agreements contemplated
herein will not violate any of its constitutional documents, any other agreement or obligation of SESHK, or currently effective
law, regulation or decree of the PRC that may be applicable to any aspect of the transactions contemplated hereunder.

 

(g)     
All information supplied to THVOW and ICCDI by SESHK in relation to this Contract, including information concerning the business
and financial status of SESHK and any relevant assets, inventories and outstanding contractual arrangements with their respective
suppliers and customers, is true and correct in all material respects, whether any of the same has been verified or audited by
an independent third party or not.

 

(h)     
SESHK is in compliance in all material respects with all applicable laws, including in connection with the operation of its business.
SESHK has not received written notice of any material violation of any law, or any potential legal liability, relating to the operation
of its business.

 

(i)      
SESHK is not in default under, and, to the knowledge of SESHK, no condition exists that with notice or lapse of time or both would
constitute a default or could give rise to a right of early termination, cancellation or accelerated termination under, any license,
permit, consent, approval or authorization held by SESHK prior to the expiration of its terms.

 

		(j)	SESHK is not the subject of any existing, pending, threatened or contemplated (i) bankruptcy, insolvency
or other debtor’s relief proceeding, or (ii) litigation, claim, action, suit or other judicial or administrative proceeding,
which could adversely affect SESHK’s right or ability to enter into this Contract or to consummate the transactions contemplated
herein.

 

    	TSEC JV Contract amended in August 18, 2017	 13

     

    

 

(k)     
SESHK warrants that its contribution of the SGT rights to the Company, pursuant to the TUCA is exclusive within the Territory and
no other entities and/or individuals, including SESHK and its Affiliates (excluding the existing ZZ Plant and Yima Plant), shall
conduct any SGT operational business relating to sub-licensing, PDP, SGT Proprietary Equipment and services (excluding projects
developed for equity investment by SESHK or its Affiliates, provided, however, that such projects shall meet the conditions of
the relevant terms of the TUCA and the Restructuring Agreement). During the Joint Venture Term, if SESHK or its Affiliates conducts
SGT operational business relating to sub-licensing, PDP, SGT Proprietary Equipment within the Territory that result in breach of
the above and the terms in the related agreements, THVOW’s actual losses shall be compensated pursuant to the relevant legal
requirements, and if any profits are realized as a result of such breach, such profits shall be paid from SESHK to THVOW unconditionally.

 

(l)       
SESHK warrants that the exclusive usage rights of the SGT which it has granted to the Company are legitimate and continuously existing.
During the Joint Venture Term, if the Company loses such continuing SGT usage rights due to reasons attributable to a breach by
SESHK of its warranties under this Contract, THVOW’s actual losses shall be compensated pursuant to the relevant legal requirements.

 

(m)    
SESHK warrants to provide the Company with all of the SGT Know-How and technical data described in Annex 2 hereto. For the 0.2MPa
and 1.0MPa Projects similar to the ZZ Plant and Yima Plant (new technology excluded) SESHK shall be responsible for the various
SGT technology performance guaranteed parameters under the PSA for the Project. SESHK warrants to make sure the Company has the
capability to produce the PDP design and guarantee performance for SGT (similar to ZZ Plant and/or Yima Plant), and SESHK will
bear the costs where support and assistance by SESHK and its Affiliates and/or partners are needed. After the Company has completed
two Projects (similar to ZZ Plant and/or Yima Plant) and once these Projects have achieved their required technical performance
guaranteed parameters, SESHK shall not be required to continue providing such warranties or support or assistance

 

7.3       Representations and
Warranties of ICCDI

 

ICCDI hereby represents and warrants to SESHK and THVOW
as follows:

 

    	TSEC JV Contract amended in August 18, 2017	 14

     

    

 

		(a)	ICCDI is a company duly organized and validly existing under the laws of the PRC and is in compliance
with all conditions required to maintain its status as an enterprise legal person under the laws of the PRC.

 

		(b)	ICCDI has submitted to SESHK and THVOW a valid, true and complete copy of its current business
license.

 

		(c)	ICCDI has taken all appropriate and necessary actions to (i) empower its legal representative or
such other duly authorized representative whose signature is affixed hereto to sign this Contract and all of the agreements contemplated
herein to which it is a party, (ii) authorize the execution and delivery of this Contract and all of the agreements contemplated
herein to which it is a party, and (iii) authorize the performance and observance of the terms and conditions of this Contract
and all of the agreements contemplated herein.

 

		(d)	ICCDI has obtained all licenses, permits, consents, approvals and authorizations necessary for
the valid execution and delivery of this Contract and all of the agreements contemplated herein to which it is a party; provided,
however, that this Contract shall be subject to the approval of the Examination and Approval Authority or other authority before
the it may become effective.

 

		(e)	Upon the approval of the Examination and Approval Authority, this Contract shall constitute the
legal, valid and binding obligation of ICCDI and is enforceable against ICCDI in accordance with the terms herein.

 

		(f)	ICCDI 's execution, delivery and performance of this Contract or any of the other agreements contemplated
herein will not violate any of the constitutional documents, any other agreement or obligation of ICCDI or its Affiliates, or currently
effective law, regulation or decree of China that may be applicable to any aspect of the transactions contemplated hereunder.

 

		(g)	All information supplied to SESHK and THVOW by ICCDI in relation to this Contract, including information
concerning the business and financial status of ICCDI and any relevant assets, inventories and outstanding contractual arrangements
with their respective suppliers and customers, is true and correct in all material respects, whether any of the same has been verified
or audited by an independent third party or not.

 

		(h)	ICCDI is in compliance in all material respects with all applicable laws, including in connection
with the operation of its business. ICCDI has not received written notice of any material violation of any law, or any potential
legal liability, relating to the operation of its business.

 

    	TSEC JV Contract amended in August 18, 2017	 15

     

    

 

		(i)	ICCDI is not in default under, and, to the knowledge of ICCDI, no condition exists that with notice
or lapse of time or both would constitute a default or could give rise to a right of early termination, cancellation or accelerated
termination under, any license, permit, consent, approval or authorization held by ICCDI prior to the expiration of its terms.

 

		(j)	ICCDI is not the subject of any existing, pending, threatened or contemplated (i) bankruptcy, insolvency
or other debtor’s relief proceeding, or (ii) litigation, claim, action, suit or other judicial or administrative proceeding,
which could adversely affect ICCDI’s right or ability to enter into this Contract or to consummate the transactions contemplated
herein.

 

		(k)	ICCDI agrees that the Company shall be liable for the payment of the Sub-license Royalty To GTI
under the sub-license Project.

 

 

		8.	RESPONSIBILITIES OF THE PARTIES

 

 

		8.1	Responsibilities of THVOW

 

In addition to its other obligations under this Contract,
THVOW

 

shall have the following responsibilities:

 

(a)      
Making its cash contributions to the registered capital of the Company in accordance with relevant provisions of this Contract;

 

(b)     
Actively assisting the Company in obtaining all necessary approvals, grants, consents, permits, and licenses for the establishment
of the Company, including but not limited to, assisting in the attaining of a business license providing a term of validity and
scope of business acceptable to both Parties as well as licenses, permits and approvals from the competent authorities and all
other required government approvals;

 

(c)      
Assisting the Company to obtain the most preferential tax reductions and exemptions and other investment incentives otherwise available
to or for the Company under national, provincial or local laws and regulations, if any; and actively assisting the Company to obtain
PRC central government endorsement of the SGT technology.

 

(d)     
Assisting the Company in the purchase of equipment, supplies and raw materials and auxiliary materials manufactured inside the
Territory;

 

		(e)	Assisting the Company in arranging for the transportation of imported equipment and materials (if
any);

 

    	TSEC JV Contract amended in August 18, 2017	 16

     

    

 

		(f)	Manufacturing SGT Proprietary Equipment and other equipment for SGT Projects and selling such equipment
to the Company. THVOW shall also ensure that all the equipment to be provided to the Company are fully compliant with PRC law and
have all approvals and permits required under PRC law, and are in good condition in all material aspects. A separate equipment
sales agreements shall be executed (see Annex 6);

 

(g)     
Assisting the Company in applying for and procuring documents and/or licenses, and in carrying out all customs procedures and formalities,
for the import of machinery, equipment, materials, supplies and office equipment;

 

		(h)	Assisting with the entry visas and working permits for expatriates who will provide services to
the Company;

 

		(i)	Assisting the Company in the smooth transfer of employees recruited by the Company from THVOW and
with the recruitment of other qualified Management Personnel and Working Personnel;

 

		(j)	Assisting SESHK’s Affiliate in completing the performance acceptance test of the Yima Plant
in a timely manner;

 

		(k)	Assisting the Company to license and sell SGT Proprietary Equipment for a high-pressure gasifier
of no less than 3.0MP(a) at the lowest capital cost possible, including the financing of a lump sum turn-key solution for a SGT
gasification island;

 

		(l)	Undertaking non-disclosure obligations and liabilities under this Contract and the TUCA; and

 

(m)    
Handling other matters entrusted to it from time to time by the Company and as agreed by THVOW.

 

8.2 Responsibilities of SESHK

 

In addition to its other obligations under this Contract,
SESHK shall have the following responsibilities:

 

		(a)	Making its contributions to the registered capital of the Company in accordance with relevant provisions
of this Contract;

 

		(b)	Performing its obligations under this Contract;

 

		(c)	SESHK commits to the smooth transfer of its key personnel into the Company, so as to ensure that
the SGT could can be completely and continuously implemented by the Company (the Company has the right to select the personnel
from SES Shanghai who are appropriate for the Company per Section 14.2); in principle,

 

    	TSEC JV Contract amended in August 18, 2017	 17

     

    

 

the Company will execute the employment
contracts with the said personnel with remuneration no less than their previous amounts;

 

		(d)	Providing the Company with access to SESHK’s global marketing and sales information, and
assistance in preparing the marketing and sales plan for the Company as per conditions mutually agreed by the Parties;

 

		(e)	Ensuring that SESHK will be responsible for supplying a complete and workable SGT for projects
similar to the ZZ Plant and Yima Plant, and that the Company does not need to make additional payment for the use of SGT by the
Company, except for the ***% Sub-license Royalty To GTI.

 

		(f)	Providing the Critical Design Parameters free of charge for every Project which implements SGT;

 

		(g)	Assisting the Company in the purchase of equipment, supplies and raw materials and auxiliary materials
manufactured outside the Territory;

 

		(h)	Assisting the Company in the smooth transfer of SES Shanghai’s employees recruited by the
Company to the Company. Prior to the establishment of the Company, ZCM has the right to select the personnel from SES Shanghai
who are appropriate for the Company per Section 14.2), and assisting with the recruitment of other qualified Management Personnel
and Working Personnel;

 

		(i)	Assisting the Company to obtain access to lab and bench-scale coal testing services at the ZZ Plant
or other operating facilities which SESHK and its Affiliates control, free of charge, provided that the Company provides sufficient
free coal to run the ZZ Plant at full capacity for five (5) or more days;

 

Ensuring that the Company obtains free
access to all the coal testing data, currently and in the future, of various coals from SESHK and its affiliate and GTI (if any)

 

		(j)	Providing engineering design reviews for the benefit of the Company as described in the TUCA;

 

		(k)	Providing SGT related documents as described in Annex 2 pursuant to the Contract; if SESHK is found
to have deliberately provided false information, or conceal any technology or SGT Know-How described in Annex 2, it shall indemnify
the Company for any losses pursuant to the relevant legal requirements;

 

		(l)	Handling other matters entrusted to it by the Company and as unanimously agreed upon from time
to time.

 

*** This information has been omitted in reliance upon Rule 24b-2 under the Securities
Exchange Act of 1934, as amended and has been filed separately with the Securities and Exchange Commission.

    	TSEC JV Contract amended in August 18, 2017	 18

     

    

 

8.3 Responsibilities of ICCDI

 

In addition to its other obligations under this Contract,
ICCDI shall have the following responsibilities:

 

a)    
Making its cash contributions to the registered capital of the Company in accordance with relevant provisions of this Contract;

 

b)    
Actively assisting the Company in obtaining all necessary approvals, grants, consents, permits, and licenses for the establishment
of the Company, including but not limited to, assisting in the attaining of a business license providing a term of validity and
scope of business acceptable to both Parties as well as licenses, permits and approvals from the competent authorities and all
other required government approvals;

 

c)    
Assisting the Company to obtain the most preferential tax reductions and exemptions and other investment incentives otherwise available
to or for the Company under national, provincial or local laws and regulations, if any; and actively assisting the Company to obtain
PRC central government endorsement of the SGT technology.

 

d)     
Assisting the Company in the purchase of equipment, supplies and raw materials and auxiliary materials manufactured inside the
Territory;

 

		e)	Assisting the Company in arranging for the transportation of imported equipment and materials (if
any);

 

f)      
Assisting the Company in applying for and procuring documents and/or licenses, and in carrying out all customs procedures and formalities,
for the import of machinery, equipment, materials, supplies and office equipment;

 

		g)	Assisting with the entry visas and working permits for expatriates who will provide services to
the Company;

 

		h)	Assisting the Company in the recruitment of other qualified Management Personnel and Working Personnel;

 

		i)	Assisting SESHK’s Affiliate in completing the performance acceptance test of the Yima Plant
in a timely manner;

 

		j)	Assisting the Company to license and sell SGT Proprietary Equipment for a high-pressure gasifier
of no less than 3.0MP(a) at the lowest capital cost possible, including the financing of a lump sum turn-key solution for a SGT
gasification island;

 

		k)	Undertaking non-disclosure obligations and liabilities under this Contract and the TUCA; and

 

		l)	

 

    	TSEC JV Contract amended in August 18, 2017	 19

     

    

 

m)     
Handling other matters entrusted to it from time to time by the Company and as agreed by ICCDI.

 

8.4 Non-Competition

 

		(a)	During the Joint Venture Term, the Company shall be the exclusive legal entity within the Territory,
subject to the provisions in the TUCA, for the marketing and sale of any gasification technology that utilizes SGT Feedstock, even
though SESHK acknowledges and agrees that THVOW and/or ICCDI shall continue to manufacture and sell within the Territory gasification
equipment outside the scope outlined in paragraph(c) below.

 

		(b)	After the termination of the Company, THVOW and/or ICCDI must obtain written consent from SESHK
for the development and marketing of any gasification technology similar to the SGT utilizing the SGT; and after the expiration
of the Joint Venture Term, the Parties shall settle such matters according to mutual agreement.

 

		(c)	THVOW and/or ICCDI shall have the right to bid on and manufacture any equipment in the Territory
if THVOW and/or ICCDI obtains SESHK’s prior written consent to bid on and manufacture other Pressurized Fluidized Bed gasification
technology equipment.

 

		(d)	During the Joint Venture Term, THVOW and/or ICCDI shall sell only through the Company, any proprietary
equipment to the Projects that utilize the SGT within the Territory (excluding the event where a customer only purchases an SGT
license and is not willing to purchase equipment from THVOW and/or ICCDI or the Company). If the Company intends to develop any
other gasification technology, it shall be submitted to the Board for unanimous Board approval.

 

		9.	Environmental PROTECTION

 

The Company shall comply with currently
effective environmental protection, health and safety, and other compliance rules of the PRC imposed on the Company during the
operation and shall undertake any costs of bringing the Company's operations (but not the individual operations of either Party
hereto) into compliance with any subsequent officially-promulgated environmental protection, health and safety, and other compliance
rules of the PRC imposed on the Company.

 

		10.	PURCHASE OF MATERIALS

 

In accordance with this Contract, the Company shall
be entitled to purchase and acquire necessary raw materials, tools, machines and equipment, parts, office supplies and services
for the establishment and operation of the Company, from both the domestic and international market on a best value basis. THVOW
will assist the Company in obtaining raw materials, utilities services and on-site support, per the above. All such raw materials,
machines and equipment, and parts shall be in compliance with the applicable quality standards of the Company and PRC laws and
regulations. The Company shall have the right to utilize the service of THVOW, SESHK or any third party for purchase of, or may
directly purchase parts, materials and office supplies from overseas markets, subject to approval by the Board of Directors of
the Company. The Parities shall use their best efforts to procure the lowest possible prices for the materials to be purchased
by the Company.

 

    	TSEC JV Contract amended in August 18, 2017	 20

     

    

 

		11.	Business Development and Operation

 

		11.1	Development of Business

 

		(a)	The Company’s main focus shall be the marketing and sub-licensing of the SGT, the sale of
SGT Proprietary Equipment and other equipment, and the sale of Services.

 

		(b)	In furtherance of paragraph (a) above, the Company shall develop specific marketing materials and
websites for each country in the Territory, promote the SGT at industry conferences, make all reasonable efforts to have the PRC
central government endorse the SGT technology host events for prospective customers, maintain prospects lists and organize all
other activities typical of a well-managed and aggressive sales and marketing effort.

 

		11.2	Business Implementation

 

		(a)	The Company will grant technology sublicenses, sell SGT Proprietary Equipment and other related
equipment, and provide Services to third parties in the Territory.

 

		(b)	The Company will endeavour to further expand the scope of supply of equipment from only SGT Proprietary
Equipment to also including other gasification upstream and downstream technology, equipment and pre-fabricating modularization
of equipment (if applicable).

 

		11.3	Engineering, Procurement and Construction

 

The Company will endeavour to expand the scope of supply
of equipment and engineering design with a key objective to eventually include turnkey gasification island offerings with expansion
to gas cleaning.

 

		12.	BOARD OF DIRECTORS AND BOARD OF SUPERVISORS

 

		12.1	Establishment

 

    	TSEC JV Contract amended in August 18, 2017	 21

     

    

 

The Board of Directors of the Company shall be established
by the Parties and shall hold its first meeting within thirty (30) days of the Establishment Date.

 

		12.2	Composition and Term

 

The Board of Directors shall be composed of eight (8)
Directors, of whom four (4) shall be appointed by THVOW, two (2) by SESHK and two (2) by ICCDI. THVOW shall appoint the Chairman
of the Board, SESHK shall appoint the Deputy Chairman. The tenure of Directors on the Board, including Chairman and Deputy Chairman,
shall be no more than three (3) years. Directors may be permitted to serve another term if re-appointed. Any vacancy created in
the Board of Directors shall be filled by the Party which originally appointed the absent Director causing the vacancy. Any Party
may at any time remove for any reason any or all of the individuals appointed by such Party as a Director and appoint in lieu thereof
another individual or individuals to serve the remainder of the relevant term(s).

 

		12.3	Legal Representative

 

The Chairman of the Board shall be the legal representative
of the Company and shall act in accordance with the specific decisions, resolutions and instructions of the Board of Directors.
Whenever the Chairman is unable to fulfil his/her duties to call and preside over a board meeting, the Deputy Chairman has the
right to act for and on his/her behalf.

 

		12.4	Authority

 

The Board of Directors shall be the highest authority
of the Company and shall make decisions on all major and important matters of the Company. The rules of procedure governing the
Board of Directors and its powers and responsibilities are set forth in this Contract and the Articles of Association.

 

		12.5	Personal Liability of Directors

 

A Director, including the Chairman and Deputy Chairman,
shall not have personal liability for action he/she undertakes on behalf of the Company within the scope of authority of this Contract,
the Articles of Association or the Board resolutions unless his or her action:

 

(a)          
is outside the scope of the approval or authorization by this Contract or the Board resolution; or

 

(b)          
is in breach of Articles 147-151 of the Company Law of the PRC; or

 

(c)          
is in breach of the laws and regulations of the PRC at the time.

 

Any Director, including the Chairman and Deputy Chairman,
acting in violation of this Contract or Board resolutions shall indemnify and hold harmless the Company against all losses caused
to or liabilities and expenses incurred by the Company. The Company shall, to the extent permitted by law, indemnify any Director
for damages or losses incurred in good faith by such Director in the performance of his or her obligations.

 

    	TSEC JV Contract amended in August 18, 2017	 22

     

    

 

		12.6	Matters to be decided by the Board

 

Matters to be decided by the Board shall be approved
by a simple majority vote of the Directors except for the matters listed below which shall require a unanimous vote of Directors:

 

		(a)	Amendment to the Contract and the Articles of Association;

 

		(b)	Termination, liquidation or dissolution of the Company;

 

		(c)	Increasing, reducing or transferring the registered capital of the Company;

 

		(d)	Merger of the Company with another entity or separation of the Company;

 

		(e)	Any matters relating to the IPO or listing of the Company, including transforming the Company to
be a joint stock limited company;

 

		(f)	Capitalization, separation, liquidation, voluntary winding-up, or dissolution of the Company, or
commencement of any bankruptcy, liquidation or winding- up procedures;

 

		(g)	Issuing any bond of the Company, borrowing, lending or guarantee of an amount exceeding RMB 50,000,000
each or making of a restructuring or other arrangements with creditors;

 

		(h)	Approval of the annual budget (i.e. the operating plan, forecasted revenues and forecasted expenses)
and final account, investment plan, and profit distribution plan; approval of any capital expenditure, investment or other purchase
of tangible or intangible assets by the Company exceeding by ten percent (10%) of the approved annual budget;

 

		(i)	Company’s redeeming, purchasing or otherwise buying the shares or debt from a Party;

 

		(j)	Any transfer, sale, lease or other manner of disposition of, or the granting of a mortgage, pledge
or lien on any intellectual property;

 

		(k)	Approval of the participation by the Company in any project of any competitor of SESHK’s
existing or potential global partner;

 

		(l)	Entering into any related-party transaction that is not on an arm’s length basis;

 

		(m)	Adopting the business plan setting forth the guidelines and procedures for continuing the operation
of the Company after substantial losses sustained by the Company for four (4) out of eight (8) consecutive quarters;

 

    	TSEC JV Contract amended in August 18, 2017	 23

     

    

 

		(n)	Deciding on the branding and/or trademarks of the Company;

 

		(o)	Deciding the policy and procedure for protecting Confidential Information;

 

		(p)	Other issues that are unanimously agreed by the members of Board to be decided by the Board.

 

		12.7	Deadlock

 

In the event of a deadlock the Parties will follow relevant
laws and will work in good faith to try and resolve such deadlock.

 

		12.8	Board Meetings

 

The regular meetings of the Board of Directors shall
be held at least two (2) times per calendar year, with each regular meeting to be held no later than twenty (20) days before closing
of each half of that calendar year, unless otherwise agreed by the Parties. Meetings of the Board of Directors shall normally be
held at the registered address of the Company at the date as set by the Chairman, but may be held at the alternative location and/or
date as proposed by one Party if the other Party expresses no objection to such proposal or, though expresses objection, fails
to propose an alternative location and/or date for the meeting within two (2) weeks of the originally proposed date by the first
Party, where the other Party shall be deemed to be in attendance and counted for the purpose of the quorum.

 

		12.9	Interim Board Meeting

 

Within three (3) days after the receipt of the written
proposal by at least one-third (1/3) of the Directors requesting that an interim Board meeting be held, either the Chairman or
the Deputy Chairman shall send a written notice calling an interim Board meeting. Interim Board meetings shall be held, in principle,
in the form of teleconference or video-conference.

 

		12.10	Notice of Meetings

 

The written notice shall be sent at least twenty (20)
days prior to any Board meeting specifying the agenda, time and place of the meeting. Such notice may be waived by the unanimous
consent of all Directors attending (in person or by proxy) the meeting. A Board meeting shall be convened not less than twenty
(20) days or more than thirty (30) days from the date of the notice.

 

		12.11	Emergency Board Meeting

 

In extraordinary circumstances requiring immediate action
by the Board and otherwise as provided in this Contract, the Chairman or the Deputy Chairman may call an emergency meeting of the
Board. The Chairman shall send written notice at least twenty-four (24) hours prior to any emergency meeting, specifying the agenda,
time and place of the meeting.

 

    	TSEC JV Contract amended in August 18, 2017	 24

     

    

 

		12.12	Attendance

 

A Director may attend a Board meeting in person, by
conference telephone or designating another person by proxy to vote in his place. Such designation shall be in writing and signed
by the Director, and shall identify the meeting or meetings at which the person may act as a proxy and any instructions that may
be applicable to the proxy. A Director may appoint another Director as his proxy. A person acting as a proxy may do so for more
than one (1) Director.

 

		12.13	Quorum for Meetings

 

The quorum for a Board meeting shall consist of two-thirds
(2/3) of the Directors present in person or by conference telephone or by proxy, with each Party having at least one (1) Director
present. However, if a proper notice to convene a Board meeting has been given and if the Directors appointed by a Party fail to
attend the meeting by themselves or by proxy or by conference telephone, and therefore a quorum is not present as aforesaid, such
Board meeting shall be adjourned and reconvened at the same location and time fifteen (15) days later. If, at the reconvened Board
meeting, these Directors still fail to attend by themselves or by proxy or by conference telephone, the present Directors shall
vote in respect of the resolution(s) (the proposal of which shall have already been set out in the enclosures of the notice of
the Board meeting). Resolutions passed in such manner shall have full legal effect.

 

		12.14	Voting

 

The Directors may vote on any matters by attending meetings
in person, by telephone conference or by proxy. Each Director, including the Chairman and Deputy Chairman, shall have only one
vote. Matters not requiring a unanimous vote by the Board of Directors shall be decided by a simple majority vote of the Directors
at a meeting at which a quorum is present.

 

		12.15	Written Consent

 

The Board of Directors may conduct any business and
make decisions and take actions that could have been otherwise duly taken pursuant to a Board meeting by means of a unanimous written
consent in lieu of a meeting.

 

		12.16	Compensation and Expenses

 

The Company shall not pay any fee, remuneration or subsidy
to any Director for his/her attendance at a Board meeting. The Company shall reimburse a Director for reasonable expenses incurred
in respect of travelling, accommodations and other living expenses to attend Board meetings.

 

    	TSEC JV Contract amended in August 18, 2017	 25

     

    

 

		12.17	Minutes

 

Minutes shall be kept for each Board meeting and signed
by all Directors present at the Board meeting in person or by proxy. In order to facilitate the smooth conduct of Board meetings,
the Deputy Chairman shall appoint a “designee” for the purpose of the Board meeting. The duties of such designee shall
be to take detailed minutes of the Board meeting, procure the proper signatures for the adoption of such minutes, translate or
arrange for the translation of documents and dispatch documents relating to the Board meeting to the Directors. Minutes of the
Board meeting shall be maintained in both Chinese and English. Copies of the minutes in both Chinese and English languages shall
be sent to THVOW, ICCDI and SESHK at the addresses set forth in Article 28.6 herein.

 

		12.18	Appointment of the Supervisors

 

(a)     
The Company shall have two (2) Supervisors, one (1) of whom shall be appointed by THVOW, and one (1) of whom shall be appointed
by SESHK. The chairman of the Board of Supervisors shall be appointed by THVOW. At the execution of the Contract and the Articles
of Association, one (1) Supervisor shall be appointed at each time and each Party shall notify in writing the other Party of the
names of its appointee(s).

 

(b)     
Each Supervisor shall be appointed for a term of three (3) years and may serve consecutive terms if reappointed by the Party originally
appointing that Supervisor. A Supervisor shall serve and may be removed at the discretion of the Party which appointed that Supervisor.
If an office of a Supervisor is vacated by the retirement, resignation, illness, disability or death of such Supervisor or by the
removal of such Supervisor by the Party which originally appointed that Supervisor, the Party which originally appointed such Supervisor
shall appoint a successor to serve out such Supervisor's remaining term.

 

(c)     
No member of the Board or Management Personnel may concurrently serve as Supervisor.

 

		12.19	Powers of the Supervisors

 

		(a)	To supervise the management of the Company, the Supervisors may take the following actions:(i)
inspect accounting records, vouchers, books and statements of the Company; (ii) supervise the duty-related acts of the Directors
and Management Personnel, to put forward proposals on the removal of any Director or Management Personnel who violates any law,
administrative regulation, the bylaw or any resolution of the Board meeting; (iii) request the Board members and the Management
Personnel to rectify their conducts which are prejudicial to the interest of the Company;(iv) propose to call interim shareholders’
meetings, to call and preside over shareholders’ meetings when the Board of Directors does not exercise the function of calling
and presiding over Board meetings as prescribed under the PRC Company Law; (v) attend meetings of the Board and to make queries
or suggestions regarding matters to be resolved by the Board; (vi) conduct investigation in respect of any abnormal operation of
the Company; (vii) put forward proposals at Board meetings; and (viii) initiate actions against Directors or Management Personnel
according to Article 152 of the PRC Company Law.

 

    	TSEC JV Contract amended in August 18, 2017	 26

     

    

 

(b)     
Each Supervisor shall serve the Company in such capacity without any remuneration, but all reasonable costs incurred by the Supervisors
in the performance of their duties as Supervisor of the Company shall be borne by the Company.

 

		12.20	Further Policies and Procedures

 

The Company shall abide by any other policies and procedures
adopted by the Board. The Parties shall take all appropriate actions to cause the Board of Directors and board of Supervisors to
adopt standards of conduct and business practices in conformity with the laws and regulations of the PRC and such laws and regulations
which apply to SESHK’s operations outside the United States, provided that they do not conflict with the laws and regulations
of the PRC.

 

		13.	MANAGEMENT ORGANIZATION

 

		13.1	Establishment

 

		(a)	The Board of Directors shall establish a management organization comprised of Management Personnel
who shall be in charge of the day-to-day operations and management of the Company. The management organization shall include and
be headed by one (1) General Manager. The General Manager shall establish the management team subject to the approval of the Board.
The General Manager shall be nominated by ICCDI.

 

		(b)	The Management Personnel shall also consist of, three (3) Vice General Managers, one (1) Chief
Technology Officer, one (1) Chief Financial Officer, and one (1) Chief Accountant. One (1) Chief Financial Officer and two (2)
Vice General Managers (including one in charge of marketing) shall be nominated by THVOW. Another Vice General Manager, Chief Technology
Officer, and the Chief Accountant shall be nominated by SESHK. Material financial matters shall be subject to the mutual decision
of the Chief Financial Officer and the Chief Accountant and shall be managed in accordance with the financial delegation of authority
of the management policies of the Company.

 

    	TSEC JV Contract amended in August 18, 2017	 27

     

    

 

(c)     
The candidates shall be officially appointed following approval by the Board of Directors. Each Party agrees to cause the Directors
appointed by it to approve the other Parties’ nominees for the Management Personnel. The tenure of the Management Personnel
shall be no more than four (4) years, but they may be permitted to serve subsequent terms. If it becomes necessary, due to dismissal
or resignation, to replace a member of the Management Personnel, the Party which originally nominated such individual shall nominate
a replacement to serve the remainder of the relevant term.

 

		13.2	The General Manager shall be responsible for carrying out the decisions of the Board of Directors
and organizing and directing the day-to-day operations of the Company. Specifically, the General Manager shall perform the following
duties:

 

		(a)	to implement the resolutions of the Board;

 

		(b)	to manage the Company to ensure the purpose of the Company is achieved, as outlined in Article
4.1;

 

		(c)	to be responsible for the profits (or losses) of the Company;

 

		(d)	to draft the annual financial budget and annual accounts of the Company for the Board’s approval;

 

		(e)	to stipulate the basic management rules and specific regulations of the Company;

 

		(f)	to work on the rational and efficient allocation of Company resources (e.g. capital resources,
human resources, etc.);

 

		(g)	to oversee the dedicated business development personnel;

 

		(h)	to manage the personnel responsible for developing business;

 

		(i)	other matters as delegated by the Board.

 

		13.3	The Chief Financial Officer and the Chief Accountant shall be responsible for the supervision and
maintenance of proper records and forecasts of the Company’s financial performance. The Vice General Manager shall be responsible
for assisting General Manager for the operations of the Company. The mechanical engineer shall be the main interface with THVOW
for equipment procurement and shall be responsible for equipment mechanical specifications, materials selection, engineering, fabrication
techniques, and quality control which include all shop and field inspections (pressure tests, all NDT methods and related inspections)
of materials and fabrication quality. The Chief Technology Officer shall be responsible for technical support to technical pricing
in sales, marketing or customer proposals, process design and SGT performance, PDPs, SGT Proprietary Equipment process specifications,
all other gasification system equipment process specifications, non-equipment engineering design packages, technical proposals,
operating instructions and all other process related gasification-related matters. The Marketing Director shall be responsible
for the marketing and sales of SGT and SGT related equipment for the Company.

 

    	TSEC JV Contract amended in August 18, 2017	 28

     

    

 

		13.4	Indemnification to the Management

 

The specific powers and responsibilities of Management
Personnel shall be prescribed in the relevant provisions of the Articles of Association of the Company. Except for gross negligence,
no Management Personnel shall have any personal liability for any acts performed in good faith, in the normal course of their employment
and within the scope of activities permitted to be engaged in by such Management Personnel as set forth in this Contract and the
Articles of Association.

 

		13.5	Compensation

 

Matters such as salaries, wages, subsidies, benefits,
insurance, allowances, rewards and other compensation matters of Management Personnel, except for Seconded Personnel, shall be
stipulated in the Labour Contract between the Company and such Management Personnel.

 

		13.6	Confidentiality and Non-Competition

 

Each member of the Management Personnel shall, as a
precondition to employment by the Company, execute a written agreement in form and substance acceptable to the Board which shall
contain provisions prohibiting the disclosure of confidential information obtained during the course of employment with the Company
and prohibiting such personnel from competing with the business of the Company.

 

Except for Seconded Personnel, all Management Personnel
are forbidden from concurrently serving or working in any other company, unit, entity or organization whatsoever unless approved
in writing by the Board.

 

		13.7	Management By-laws

 

The Company shall publish
Management By-laws, which shall regulate coordination of responsibilities within management, reporting and work procedures;
areas of responsibility, decision-making competency, any other issues decided by the Board.

 

The said Management By-laws, as approved by the Board
at the first Board meeting, shall be provided in both Chinese and English.

 

		14.	LABOUR MANAGEMENT

 

		14.1	Enterprise Autonomy

 

The Company shall have all possible autonomy under the
laws and regulations of the PRC concerning the recruitment, employment, compensation, welfare benefits, procurement of labour insurance,
promotion, discipline and dismissal of Working Personnel. The labour policies of the Company shall be determined in accordance
with applicable PRC labour law, labour contract law and regulations and the relevant local rules on labour management in foreign
investment enterprises.

 

    	TSEC JV Contract amended in August 18, 2017	 29

     

    

 

		14.2	Employment

 

The Company shall have right to select from SES Shanghai.
The Company and SESHK will consult with each other on the remuneration of such SES Shanghai employees, and execute a separate memorandum
on the employment of such employees within ten (10) working days of the execution of this Contract.

 

The qualification and number of Working Personnel shall
be determined in accordance with the operating needs of the Company as determined by the Board. Each Working Personnel shall, as
a condition to employment by the Company, execute a Labour Contract with the Company, to the extent permitted by the labour laws
and regulations of the PRC. Working Personnel shall observe the various rules and regulations of the business of the Company in
fulfilling their respective tasks.

 

Prior to the establishment of the Company, various SES
Shanghai employees provided services to the ZZ Plant and the Yima Plant. Should the ZZ Plant require such services or support after
the establishment of the Company, the Company shall provide such services or support, as reasonably requested, at cost. Should
the Yima Plant require such services or support after the establishment of the Company, the Company shall provide such services
or support, as reasonably requested, at a reasonable mark-up.

 

		14.3	Compensation Packages and Labour Protection

 

Matters such as compensation, wages, subsidies, benefits,
insurance, allowances, rewards, and other compensation matters of Working Personnel shall be stipulated in the Labour Contract
between the Company and each Working Personnel; the provisions therein shall be in compliance with Applicable Law.

 

The Company shall conform to rules and regulations of
the Chinese government concerning labour protection. Working Personnel shall have the right to establish a Labour Union in accordance
with the applicable laws.

 

		14.4	Training

 

All candidates, except for the Management Personnel
and the personnel taken over from SES Shanghai to the Company, must satisfactorily complete the training program(if any) specified
in their Labour Contracts and a subsequent probationary period of work before they will be officially considered employees of the
Company. An employee’s direct supervisor shall have right to decide, on behalf of the Company, whether such persons have
successfully completed their probationary period and shall be granted employment, or that such persons shall not be granted employment
for whatever reasons, including lack of qualification or otherwise. Any person to whom the Company does not offer employment after
the probationary period shall be given notice before dismissal.

 

    	TSEC JV Contract amended in August 18, 2017	 30

     

    

 

		15.	ANNUAL OPERATING PLANS AND BUDGETS

 

		15.1	Preparation

 

The General Manager shall be responsible for the preparation
of the annual operating plans and budgets of the Company. The operating plan and budget for the next fiscal year shall be submitted
to the Board of Directors for examination and approval prior to November 1of each year and shall include detailed plans and projections
regarding:

 

		(a)	capital expenditures of the Company;

 

		(b)	estimated revenues, expenditures and profits of the Company;

 

		(c)	staffing levels and plans for training personnel of the Company; and

 

		(d)	marketing and Project development plans and policies.

 

		15.2	Examination and Implementation

 

The Board of Directors shall complete its examination
and approval of each annual operating plan and budget for the next fiscal year prior to the end of December 31st
of each year. The Management Personnel shall be responsible for the implementation of the annual operating plan and budget as approved
by the Board.

 

		16.	TAXATION, THREE FUNDS AND PROFIT DISTRIBUTION

 

		16.1	Tax Treatment

 

The Company shall pay taxes in accordance with relevant
Chinese laws and regulations and shall enjoy all preferential tax and customs treatment available to it under the PRC law. In order
to confirm the tax treatment applicable to the Company, the Parties shall, immediately after the Establishment Date, procure that
the Company submit an application to the appropriate tax authorities of China requesting confirmation of the tax and duty exemptions,
reductions and other preferences to be accorded to the Company.

 

Furthermore, with the Assistance of THVOW, the Company
shall also apply for any other reductions of or exemptions from relevant taxes and customs duties which are now available or will
become available to the Company under any of the laws and regulations of the PRC.

 

		16.2	Statutory Common Reserve

 

After fully making up accumulated losses of previous
years, if any, and payment of taxes in accordance with the relevant laws and regulations of the PRC, the Company shall allocate
and reserve ten percent (10%) of its annual after-tax profits as the Company's statutory common reserve. The Company may stop allocating
and reserving the profits if the aggregate balance of the common reserve accounts for over fifty percent (50%) of the Company's
registered capital. After the Company has drawn statutory common reserve from the after-tax profits, it may, upon a resolution
made by the Board meeting, draw a discretionary common reserve from the after-tax profits. The amount to be drawn as statutory
common reserve shall be decided by the Board annually in accordance with the financial status of the Company and pursuant to the
laws and regulations of China.

 

    	TSEC JV Contract amended in August 18, 2017	 31

     

    

 

		16.3	Profit Distribution

 

		(a)	After paying taxes in accordance with the law, making up losses and making contributions to the
statutory common reserve, the remaining earnings of the Company shall be available for dividend distribution to the Parties. The
Parties hereby agree that as long as the Company has eighteen (18) months of working capital reserved that the Company shall distribute
to the Parties the profits in that fiscal year above the amount required to maintain eighteen (18) months of working capital. Distributable
profits shall be distributed to the Parties within thirty (30) days of a Board resolution stipulating the distribution of such
distributable profits to the Parties. Each Party shall procure that its Directors shall vote in favour of a resolution of any Board
member proposing the distribution of the profits as outlined in this paragraph to the Parties. Such profits shall be distributed
to a Party according to such Party’s proportion of its paid-in registered capital at the time such profits were earned.

 

		(b)	The Company shall not distribute dividends unless the losses of previous fiscal year(s) have been
fully made up. Remaining undistributed dividend from previous years must be distributed together with that of the current year
and the Board of Directors shall authorise the payment of dividends from undistributed dividends from previous years at any time
so long as the Company has eighteen (18) months of working capital reserved.

 

 

 

		17.	FINANCIAL AFFAIRS AND ACCOUNTING

 

		17.1	Accounting System

 

		(a)	The Company shall maintain its accounts in accordance with the regulations in respect of the financial
management and accounting system of foreign-invested enterprises enacted by the Ministry of Finance of the PRC and any other officially
promulgated PRC laws and regulations and the provisions of this Contract and the Articles of Association. The Chief Financial Officer
and the Chief Accountant, under the supervision of the General Manager, shall establish the accounting system and procedures for
the Company in accordance with the enterprise accounting system and other relevant regulations. The accounting system and procedures
to be adopted by the Company shall be submitted to the Board for approval. Once approved by the Board, the accounting system and
procedures shall be filed with the relevant local department of finance and the tax authorities for record purpose.

 

    	TSEC JV Contract amended in August 18, 2017	 32

     

    

 

(b)     
The Company shall submit reports relating to the usage of foreign investment in accordance with the laws and regulations on statistics
and the statistical system of the State and of the Municipality where it is incorporated (if any) concerning the usage of foreign
investment.

 

		(c)	The fiscal year of the Company shall start on January of the year and end on December 31 of the
same year. The first fiscal year of the Company shall commence on the Establishment Date and end on December 31 of the same year.
The last fiscal year of the Company shall start on January 1 of the year of termination and end on the date of termination.

 

		17.2	Books and Records

 

The Company shall keep true and correct records and
accounts in accordance with applicable PRC accounting laws. All accounting records, vouchers, books and statements of the Company
shall be made and kept in Chinese, however, on the other hand, the Company shall provide financial reports to SESHK in English
on a quarterly basis in accordance with USGAAP.

 

		17.3	Inspection of Books and Records

 

Each Party shall have the right to examine and copy
all books of account, records, vouchers, contracts and documents of any kind that are necessary or appropriate for monitoring the
financial performance of the Company. Each Party may make such examination and copies during the Company’s normal business
hours, provided that such examination and copying do not unreasonably interfere with the business operations of the Company. Each
Party may exercise such rights through its agent or employee or by an independent accounting firm designated by the Party (at its
own cost).

 

		17.4	Accounting Unit

 

The currency of accounts of the Company shall be Renminbi.
When foreign currency transactions take place, the foreign currency amount will be converted into the reporting currency for recording
purposes. Any increase or decrease in the balance of accounts relating to foreign currency transactions shall be translated into
the currency of account in accordance with the official Foreign Exchange rate announced by the People’s Bank of China on
the transaction date or on the first day of the month when the transaction takes place.

 

    	TSEC JV Contract amended in August 18, 2017	 33

     

    

 

		17.5	Reports

 

The Company shall prepare and provide to the Parties:

 

(a)     
Within ninety (90) days after the last day of each fiscal year, the balance sheet of the Company as of the end of such fiscal year
and the related profit and loss statement and statement of cash flows for the fiscal year then ended, in each case audited as provided
below.

 

(b)     
Within thirty (30) days after the last day of each financial quarter, the unaudited balance sheet of the Company as of the end
of such quarter and the related profit and loss statement (for such quarter and for the year-to-date).

 

		(c)	Within thirty (30) days after the last day of each month, (i) a profit and loss statement for such
month; and (ii) a forecast/outlook for the remainder of the current fiscal quarter, which shall include, without limitation, the
number of personnel, revenue, cash balance and expenses.

 

		17.6	Audit

 

A qualified independent accounting firm, licensed in
China, shall be engaged by the Company as its auditor, which shall be the same auditor as engaged by THVOW, to examine and verify
the annual financial statements of the Company and shall submit the audit report to the Board and the General Manager. Either Party
shall also have the right to appoint an accountant registered in China or abroad to audit the accounts of the Company. The expense
of the auditor shall be borne by the Party appointing the auditors. Unless the result of any such auditor is significantly different
from that conducted by the Company’s auditor and are accepted by the Board, the expense of such audit shall be borne by the
Company. The Company will permit such accountant to have access to the Company’s books and records and Management Personnel
and will provide such accountant with office space and all other reasonable facilities to enable the accountant to carry out the
audit.

 

		17.7	Additional Reports and Provision of Returns

 

The Company shall provide, without
charge, to any Party that may so request a copy of each tax return and report that it is required to file with any governmental
entity in sufficient time prior to such filing to permit its review by such Party prior to filing.

 

		18.	BANK ACCOUNTS AND FOREIGN EXCHANGE

 

The Company shall open RMB deposit
accounts and Foreign Exchange deposit accounts with authorized banks in China, and the procedures for issuing and signing checks
shall be implemented in accordance with the management policies of the Company. The Company may also open Foreign Exchange deposit
accounts with foreign banks outside China as designated by the Board of Directors subject to approval by the relevant government
authorities.

 

    	TSEC JV Contract amended in August 18, 2017	 34

     

    

 

		19.	CONFIDENTIALITY

 

(a)      
Each of the Parties acknowledges and agrees that the disclosure of its obligations under this Contract and the agreements and documents
referred to herein to which it is a party will involve the disclosure of Confidential Information.

 

(b)      
The Parties shall use all Confidential Information only for the purposes specified in this Contract, the Annexes and the other
agreements and documents contemplated herein and therein to which it is a party, and shall not disclose any Confidential Information
to third parties without the prior written consent of the Party providing such Confidential Information; provided, however, that
a Party may be permitted to disclose Confidential Information received by it to its Affiliate(s) when such disclosure is necessary
for such Party to carry out its obligations under this Contract, the Articles of Association or the other agreements referred to
herein upon the execution of a non-disclosure agreement (which shall hold the receiving party to the same standard of confidentiality
as the transmitting party) between such Affiliate(s) and the Party providing the Confidential Information.

 

(c)      
The Company, the Parties and their respective Affiliates that receive Confidential Information shall make such Confidential Information
available only to those of their directors, managers and personnel whose duties necessitate familiarity with such Confidential
Information and shall cause such directors, managers and personnel also to comply with the confidentiality obligations set forth
in Article 19(b).

 

(d)     
The confidentiality obligations set forth in this Article 19 shall survive the termination or expiration of this Contract.

 

(e)      
The Parties acknowledge and agree that SESHK has entered into this Contract under the condition that the SGT, the SGT Know-How
and all other relevant intellectual property will be protected by THVOW, ICCDI and the Company and that THVOW, ICCDI and the Company
shall protect all Confidential Information related to the SGT, and SGT Know-How and ensure that all such information is not transmitted
to third parties and will be returned to SESHK at the end of the Joint Venture Term or upon liquidation of the Company and shall
not be used by THVOW, ICCDI or the Company except as specifically authorized under this Contract or under the TUCA.

 

    	TSEC JV Contract amended in August 18, 2017	 35

     

    

 

(f)      
This aforesaid confidentiality provisions under this Article 19 shall not jeopardize, surpass, substitute or impact the Technical
Non-disclosure Agreement already entered into between THVOW and Synthesis Energy Systems, Inc. on October 11, 2009.

 

		20.	DURATION OF THE COMPANY

 

The term of the Company established under this Joint
Venture Contract and the Articles of Association shall be twenty (20) years, commencing on the date of issuance of the Company's
Business License by the relevant administration for industry and commerce (the “Joint Venture Term”).

 

One (1) year prior to the expiry of the Joint Venture
Term, the Parties shall enter into discussions regarding the extension of such term. If the Parties agree to extend the Joint Venture
Term, they shall enter into a written extension agreement and apply to the Examination and Approval Authority for approval no less
than six (6) months prior to the expiration of the Joint Venture Term. The Joint Venture Term may be extended only upon the execution
of the written extension agreement by the Parties and approval of the Examination and Approval Authority.

 

		21.	EARLY TERMINATION

 

This Contract may be terminated in the event that any
of the conditions or events set forth below occurs:

 

(a)      
There occurs a material breach of this Contract and such breach is not cured by the breaching Party within sixty (60) days after
receipt of written notice of the breach from the non-breaching Party. In such case, the non-breaching Party may give notice of
termination to the breaching Party.

 

(b)     
The Company, THVOW, ICCDI or SESHK materially violates or fails to perform under the TUCA, and fails to timely rectify its breach
or non-performance in accordance with the TUCA, and as a result, the non-breaching Party is entitled to terminate this Contract
and the TUCA at its own discretion.

 

(c)      
The Company is unable to achieve positive Net Income within 24 months after its establishment or, after such initial 24 month period,
does not achieve positive Net Income in any two (2) consecutive years or sustains substantial losses for four (4) out of eight
(8) consecutive quarters and the Company is unable to attain its business goals and, after consultation, the Parties are unable
to agree on a business plan to improve the economic situation of the Company. In such case, either Party may give notice of termination.

 

    	TSEC JV Contract amended in August 18, 2017	 36

     

    

 

(d)     
Total or partial performance of this Contract is prevented by an Event of Force Majeure lasting for more than ninety (90) days
and, after consultation, the Parties are unable to agree on a method to perform this Contract. In such case, either Party may give
notice of termination.

 

(e)      
The Parties unanimously agree to terminate this Contract and agree on the terms for the dissolution of the Company.

 

Where the TUCA is terminated pursuant to Article 21(b)
or other provisions herein, the Company shall be liquidated in accordance with Article 22.1.

 

In case this Contract is terminated early upon the occurrence
of any of the above circumstances, the Parties shall observe and abide by the requirements and consequences as stipulated in Article
22.3.

 

		22.	LIQUIDATION AND DISSOLUTION

 

		22.1	Liquidation

 

Upon the adoption of a unanimous Board resolution to
terminate this Contract pursuant to Articles 12.6 and approval by the Examination and Approval Authority to dissolve the Company,
the Parties shall cause the Directors appointed by them to adopt a resolution to liquidate the Company and establish a liquidation
committee. The composition, powers and functions of the liquidation committee, formulation of liquidation procedures, and payment
of liquidation proceeds shall be set forth in the Articles of Association.

 

In the event of a liquidation of the Company, any of
THVOW’s and ICCDI’s paid-in registered capital contribution to the Company after deduction of the dividends should
be, or already received by THVOW and ICCDI before liquidation, shall be returned to THVOW and ICCDI in priority within the existing
liquid assets (excluding the intangible assets); and SESHK shall not be entitled to such funds; and any remaining cash current
net assets shall be distributed to the Parties according to the respective ownership percentage.

 

		22.2	Effect of Dissolution or Sale as a Going Concern

 

The dissolution of the Company or sale of the Company
as a going concern, shall not release a Party from its liability to pay any sums of money accrued, due and payable to the other
Party, or to discharge its then-accrued and unfulfilled obligations including any liability to the Company or the other Party in
respect of any breach of this Contract pursuant to the provisions hereof.

 

Notwithstanding the foregoing, prior to the liquidation
of the Company, SESHK shall have (i) the right to take out from the premises of the Company any materials relating to SGT provided
by SESHK, including any proprietary property provided to the Company pursuant to this Contract and any other documents, drawings,
data, or information in any form; and (ii) have the right of first refusal to purchase any SGT-related intellectual property legitimately
owned by the Company on the same conditions that would be afforded to any reasonable buyer. If the Company and SESHK cannot agree
on such value then SESHK shall be entitled to appoint an independent valuation form to appraise the value of such SGT related intellectual
property.

 

    	TSEC JV Contract amended in August 18, 2017	 37

     

    

 

		22.3	Termination

 

		(a)	After the liquidation of the Company is completed and the Company has been effectively dissolved,
the Parties shall terminate this Contract and the Articles of Association in writing via their respective authorized representative(s).

 

		(b)	Upon termination of this Contract for whatever reason, the Company shall return to SESHK the SGT
related information injected as equity contribution from SESHK and any material containing SGT information or SGT Know-How. Any
Improvement developed after the establishment of the Company shall be settled pursuant to the terms of the TUCA. After the establishment
of the Company, any Know-How related materials developed by a Party, shall be returned to such Party.

 

		(c)	Immediately after termination or expiration of this Contract, the Company and THVOW/ICCDI shall
no longer be entitled to use SGT or SGT Know-How, subject to the terms of TUCA and above item of 22.2.(the technology developed
by the Company shall belong to the Parties and under such circumstance, a purchase to the other parties can be done through consultation).

 

		(d)	Termination or expiration of this Contract shall constitute an automatic termination of the Technology
Usage and Contribution Agreement and, as a result, a termination or expiration of any authorization to use SGT or SGT Know-How.

 

		23.	LIABILITY FOR BREACH OF CONTRACT

 

		23.1	Breach of Contract

 

If a Party fails to perform any of its material obligations
under this Contract, or if a representation or warranty made by a Party under this Contract is materially untrue or inaccurate,
the Party shall be deemed to have breached this Contract.

 

		23.2	Failure to Pay Capital Contributions

 

Provided that each of the conditions in Article 5.4
has either been expressly fulfilled or waived by the Parties, should one of the Parties fail to pay any portion of its contribution
to the registered capital of the Company at the time and in the amounts stipulated in Article 5of this Contract, such Party shall
be deemed to be in breach of the Contract and, in addition to any liability it may incur for such breach, such Party shall pay
to the Company a late contribution penalty at a monthly rate equal to the then applicable lending rate of the same kind and duration
which is published by the People’s Bank of China for Renminbi loans on the amount of the contribution due and unpaid for
as long as such contribution is due and unpaid.

 

    	TSEC JV Contract amended in August 18, 2017	 38

     

    

 

		23.3	Indemnity for Breach of Contract

 

(a)      
If the Company suffers any loss, including but not limited to lost profits, as a result of a breach of this Contract by either
Party, then the breaching Party shall indemnify and hold the Company harmless in relation to such loss. If the non-breaching Party
suffers any loss, including but not limited to lost profits, as a result of a breach of this Contract by the breaching Party, the
breaching Party shall indemnify and hold the non-breaching Party harmless in relation to such loss incurred by the non-breaching
Party.

 

(b)      
Unless it is otherwise agreed herein, in the event that any Party fails to make its contributions to the registered capital of
the Company, the contributing party has the right to terminate the Contract.

 

		23.4	Continued Implementation of Contract

 

During the period of breach, the Parties shall in all
other respects continue their implementation of this Contract.

 

		24.	INSURANCE

 

The Company shall, at its own cost and expense and at
all times during the operation of the Company, procure and maintain full and adequate insurance coverage in a manner prudent and
advisable for the Company. The relevant insurance policies may be obtained from any insurance company authorized to provide such
policies in the PRC. The types of insurance (which shall include product liability insurance) and the value, duration and denomination
of the currency of the premiums and insurance proceeds shall be determined by the Board of Directors based upon the recommendation
of the General Manager based on the practices of similar business in other countries and the actual circumstances in the PRC.

 

		25.	FORCE MAJEURE

 

		25.1	Performance of Obligations

 

If any Party is prevented from performing any of its
obligations due to an Event of Force Majeure, the time for performance of the obligations under this Contract specifically prevented
from performance by such Event of Force Majeure shall be extended by a period equal to the period of delay caused by such Event
of Force Majeure. A Party claiming inability to perform due to an Event of Force Majeure shall take appropriate means to minimize
or remove the effects of the Event of Force Majeure and, within the shortest possible time, attempt to resume performance of the
obligation(s) affected by the Event of Force Majeure. If an Event of Force Majeure occurs, no Party shall be responsible for any
damage, increased costs or loss which the other Parties may sustain by reason of such a failure or delay of performance, and such
failure or delay shall not be deemed a breach of this Contract. All other obligations under this Contract and the time for performance
thereof shall remain unaffected.

 

    	TSEC JV Contract amended in August 18, 2017	 39

     

    

 

		25.2	Notice

 

The affected Party shall immediately notify the other
Party of the occurrence of any Event of Force Majeure and shall provide available evidence thereof. Should the delay caused by
any Event of Force Majeure continue for more than ninety (90) consecutive days, the Parties shall settle the issue of further performance
of this Contract through friendly negotiations in accordance with Article 27(a) and (b).

 

		25.3	Continued Implementation of Contract

 

During the period of an Event of Force Majeure, the
Parties shall in all other respects continue their implementation of this Contract.

 

		26.	APPLICABLE LAW

 

The laws or regulations of the PRC which are officially
published and publicly available shall apply to and govern the formation, validity, interpretation and implementation of this Contract.
In the event that there is no officially published and publicly available law of China governing a particular matter relating to
this Contract, reference shall be made to the relevant provisions in any treaty to which the PRC is a member or signatory. If there
is no such applicable treaty provision, then reference shall be made to general international practices.

 

		27.	DISPUTE RESOLUTION

 

In the event of a dispute arising out of or relating
to this contract, including any question regarding its existence, validity or termination, the Parties shall first seek settlement
of that dispute by friendly consultation. Upon the occurrence of a dispute, then any Party is entitled to send a notice to the
other Party (the “Reconciliation Notice”), to require the Parties to attempt to solve this dispute matter through
reconciliation within one (1) month after its occurrence, during which time the Parties shall attempt in good faith to resolve
the disagreement and shall cause their respectively designated high level representatives (the “Dispute Representatives”)
to enter into a period of thirty (30) days to negotiate to attempt to resolve the disagreement.

 

If the Dispute Representatives have not agreed upon the
matter in issue within thirty (30) days, any Party is entitled to request the joint appointment of an internationally recognised
independent expert in the area related to the matter in issue (the “Expert”) to resolve the matter in dispute,
provided that, in making its determination, the Expert shall consider the interests of the Company. Such Expert's determination
shall be non-binding on the Company and the Board. The Parties shall exert best endeavour in good faith to seek the settlement
of the dispute and enforce the decisions made by the Expert.

 

    	TSEC JV Contract amended in August 18, 2017	 40

     

    

 

If the Parties fail to jointly appoint such Expert or
the Expert fails to reach a determination related to the resolution at issue within ninety (90) days after the occurrence of the
dispute, either of the Parities shall be entitled to submit the dispute to China International Economic and Trade Arbitration Commission
(“CIETAC”) for arbitration in Beijing, PRC.

 

(a)      
There shall be three (3) arbitrators. THVOW shall select one (1) arbitrator ICCDI and SESHK shall each select one (1) arbitrator
as well. CIETAC shall select the fourth arbitrator, (who shall not be a national of the PRC, the Hong Kong Special Administrative
Region, the Macao Special Administrative Region, Taiwan or the United States), to act as the chief arbitrator. If a Party does
not appoint an arbitrator within the period required by CIETAC, the relevant appointment shall be made by CIETAC.

 

(b)      
The arbitration proceedings shall be conducted in English and Chinese. The arbitration tribunal shall apply the arbitration rules
of CIETAC in effect on the date when the application for arbitration is submitted. However, if such rules are in conflict with
the provisions of this article, including the provisions concerning the appointment of arbitrators, the provisions of this article
shall prevail.

 

(c)      
Each Party shall cooperate with the other Party in making full disclosure of and providing complete access to all information and
documents requested by the other Party in connection with such proceedings, subject only to any confidentiality obligations binding
on such Party.

 

(d)     
The arbitral award shall be final and binding upon all Parties, not subject to any appeal, and shall deal with the question of
costs of arbitration and all matters related thereto.

 

		(e)	During the period when a dispute is being resolved, the Parties shall in all other respects continue
their implementation of this Contract.

 

		28.	MISCELLANEOUS

 

		28.1	Public Information and Publications

 

No public statements shall be made by one Party on behalf
of the other Parties without its prior written consent.

 

    	TSEC JV Contract amended in August 18, 2017	 41

     

    

 

All marketing, advertising and promotional material
relating to the Company shall be subject to prepublication review and unanimous agreement by the Parties.

 

		28.2	Language

 

This Contract is executed in both English and Chinese
in twelve (12) original counterparts in each language, each Party shall keep two (2) originals of each language version, with the
rest to be kept by the Company. Both language versions shall be equally valid. However, Chinese
version shall prevail when there is inconsistency between two versions.

 

		28.3	Entire Agreement

 

This Contract and the other agreements contemplated
herein constitute the entire agreement among THVOW, ICCDI and SESHK with respect to the subject matters set forth herein and therein
and supersede all prior discussions, notes, memoranda, negotiations, understandings and all the documents and agreements between
them relating to the same. All documents, agreements, understandings and correspondence among the Parties prior to the execution
of this Contract shall, with the exception of any non-disclosure/confidentiality undertakings, become null and void automatically
when this Contract enters into effect.

 

		28.4	Amendment

 

Amendments to this Contract and the other agreements
contemplated herein may be made only by a written agreement in English and Chinese signed by duly authorized representatives of
each of the Parties and, unless prior approval from the Examination and Approval Authority is statutorily required, will become
effective as soon as the amendments are filed with the Examination and Approval Authority for record.

 

		28.5	Conflict or Inconsistency

 

The rights and obligations of the Parties established
by and under this Contract shall continue to exist throughout the Joint Venture Term and shall not be prejudiced by the establishment
of the Company, the adoption of the Articles of Association or the execution of any of the agreements contemplated herein. In the
event of any conflict or inconsistency between this Contract on the one hand and the Articles of Association or other agreements
contemplated herein on the other, the Articles of Association and other agreements contemplated herein shall prevail.

 

		28.6	Notices

 

Notices or other communications required to be given
by any Party or the Company pursuant to this Contract shall be written in English and Chinese and may be delivered personally,
sent by registered airmail (postage prepaid) by a recognized courier service, or sent by facsimile transmission to the address
of the other Party set forth below or such other address notified in lieu thereof. The dates on which notices shall be deemed to
have been effectively given shall be determined as follows:

 

    	TSEC JV Contract amended in August 18, 2017	 42

     

    

 

(a)      
Notices given by personal delivery shall be deemed effectively given on the date of personal delivery.

 

(b)      
Notices given by air courier shall be deemed effectively given on the third business day of the delivery date (as indicated by
the airway bill).

 

(c)       
Notices given by facsimile transmission shall be deemed effectively given on the first business day following the date of transmission.

 

For the purpose of notices, the addresses of the Parties
are as follows:

 

THVOW: Suzhou Thvow Technology
Co., Ltd.

 

No. 1 Linjiang Road, Jingang Town, Zhangjiagang City,
Suzhou, Jiangsu Province, 215631, PRC

 

Attention:

 

Telephone No:0512-5673-9008

 

Facsimile No.:0512-5673-9009

 

ICCDI: Innovative Coal
Chemical Design Institute (Shanghai) Co., Ltd.

 

8/F, No. 717, Yishan Road, Xuhui District, Shanghai

 

Attention: LIAO, Bing

 

Telephone No.: 021-34289000

 

Facsimile No.: 021-34289091

 

SESHK:SES Asia Technologies Limited

 

C/O Synthesis Energy Systems, Inc. Three Riverway, Suite
300, Houston, TX 77056, USA.

 

Attention: Robert Wayne RIGDON

 

Telephone No: 001 (713) 579-0600

 

Any Party may at any time change its address for service
of notice or communication in writing delivered to the other Parties in accordance with the terms hereof.

 

		28.7	Waiver

 

Unless otherwise provided for, failure or delay on the
part of any Party to exercise any right or privilege in this Contract shall not operate as a waiver of such right or privilege
nor shall any partial exercise of any right or privilege preclude any further exercise thereof. Any waiver by a Party of a breach
of any term or provision of this Contract shall not be construed as a waiver by such Party of any subsequent breach, its rights
under such term or provision, or any of its other rights hereunder.

 

    	TSEC JV Contract amended in August 18, 2017	 43

     

    

 

		28.8	Headings

 

The headings contained in this Contract are for reference
only and shall not be deemed to be a part of this Contract or to affect the meaning or interpretation hereof.

 

		28.9	Approval

 

The formation of the Company will be submitted to related
PRC approval authority for approval in accordance with related legal procedures.

 

		28.10	Effectiveness

 

With the signature of each Party’s representative,
which has been authorized by such party’s board of directors, this Contract will come into effect on the day after the Restructuring
Agreement and the Share Transfer Agreement have come into effect and upon government approval.

 

		28.11	Appendices

 

The appendices in various agreements that are not modified
during this restructuring of the Company shall remain effective to the Parties after the restructuring.

 

 

 

[signature pages follow]

 

 

 

 

 

 

 

    	TSEC JV Contract amended in August 18, 2017	 44

     

    

 

IN WITNESS WHEREOF, the Parties hereto have caused this Contract
to be executed as of the date first above written by their duly authorized representatives.

 

 

 

By:

 

___/s/ Liao Bing________________________

 

Suzhou THVOW Technology Co., Ltd. 

 

Authorized Representative: 

 

 

 

 

 

By:

 

______/s/ Fred Ma_____________________

 

Innovative Coal Chemical Institute (Shanghai) Co., Ltd. 

 

Authorized Representative: 

 

 

 

 

 

By:

 

___/s/ Chris Raczkowski__________________

 

SES Asia Technologies Limited

 

Authorized Representative: 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	TSEC JV Contract amended in August 18, 2017	 45

     

    

 

Annex

 

 

 

 

 

	1. Business Plan/Objectives
	
         

        2. SGT Technology Material

         

        3. Form of Project Sub-license Agreement

         

        4. Technology Usage and Contribution Agreement

         

        5. Appraisal Report for SESHK’s capital contribution

         

        6. SGT Equipment Sales Framework Agreement

         

        7. Representation Letter from SES and its affiliates for jointly undertaking
        the obligations and responsibilities of SESHK.

         

	 
	 

 

 

 

 

 

 

 

 

	TSEC JV Contract amended in August 18, 2017	 46

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