Document:

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

 

	Warrant No. W-4	Warrant to Purchase 750,000 Shares of Common Stock
	Dated: November 1, 2013	 

  

WARRANT TO PURCHASE
COMMON STOCK

 

Of

 

Synthesis Energy Systems, Inc.

 

FOR VALUE RECEIVED,
Market Development Consulting Group, Inc. (the “Holder”) is entitled, upon the terms and subject to the conditions
set forth below, to purchase from Synthesis Energy Systems, Inc., a Delaware corporation (the “Company”), 750,000
shares (“Warrant Shares”) of the common stock, $0.01 par value per share, of the Company (“Common Stock”),
upon surrender of this Warrant, at the principal office of the Company referred to below, with the Notice of Exercise attached
hereto duly executed, and simultaneous payment therefore in lawful money of the United States at the exercise price of $0.70 per
share (the “Exercise Price”). This Warrant is being issued as of November 1, 2013 (the “Warrant Issue
Date”).

 

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

 

2.Exercise
of Warrant.

 

(a)Method
of Exercise. During the Term, The purchase rights represented by this Warrant are exercisable by the Holder, in whole or in
part, at any time or from time to time after November 1, 2014, by the surrender of this Warrant and the Notice of Exercise attached
hereto as Exhibit A duly completed and executed on behalf of the Holder, at the principal office of the Company (or such
other office or agency of the Company as it may designate by notice in writing to the Holder at the address of the Holder appearing
on the books of the Company), upon either payment in cash, certified check or wire transfer of funds of the Exercise Price or by
an exchange of shares of Common Stock as described in the following paragraph.

 

    	 

    	 

    

 

 

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

 

X= Y(A-B)

A

 

WhereX=the
number of shares of Common Stock to be issued to the Holder.

 

Y=the
number of shares of Common Stock purchasable under the amount of the Warrant being exchanged (as adjusted to the date of such calculation),

 

A=the
closing price of the Common Stock on the day immediately preceding the date of exercise of the Warrant on the consolidated reporting
system of the securities exchange on which the Common Stock is then listed.

 

B=Exercise
Price.

 

Notwithstanding anything
to the contrary in this Section 2(a), in the event of a Change in Control of Company (as defined in Section 11 of the Management
Consulting Agreement between the Holder and the Company dated November 1, 2013, as the same may be amended or restated from time
to time), this Warrant shall be exercisable immediately in whole or in part.

 

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

 

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

 

    	 

    	 

    

 

 

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

 

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

 

6.Restrictions
on Transferability of Securities.

 

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

 

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

 

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

 

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

 

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

 

    	 

    	 

    

 

 

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

 

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

 

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

 

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

 

    	 

    	 

    

 

 

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

 

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

 

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

 

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

 

    	 

    	 

    

 

 

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

 

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

 

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

 

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

 

[Signature Page Follows]

 

    	 

    	 

    

 

 

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

 

	 	 	 
	 	 	SYNTHESIS ENERGY SYSTEMS, INC.
	 	 	
        By:/s/ Charles Costenbader

        Name: Charles Costenbader

        Title: Chief Financial Officer

	
        Acknowledged and Agreed:

         

        Market
        Development Consulting Group, Inc.

         

        By:/s/ David E. Castaneda

        Name: David E. Castaneda

        Title: President
	 	 

 

    	 

    	 

    

  

Exhibit A

 

NOTICE OF EXERCISE

 

To: Synthesis Energy Systems, Inc.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(b)Any legend required
by applicable state law.

 

    	 

    	 

    

 

 

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

 

__________________________________

[Name]

 

 

 

Executed on                                                                                       (date)

 

By:                                                                                                                         

 

Name:                                                                                                             

 

Title (if applicable):                                                                                      

 

Federal Tax ID or Social Security No.:MANAGEMENT CONSULTING AGREEMENT

 

THIS MANAGEMENT CONSULTING
AGREEMENT is made this 1st day of November, 2013 (the “Effective Date”), by and between Market Development Consulting
Group, Inc. d/b/a MDC Group (“Consultant”), a Wisconsin corporation with mailing address c/o Fredrick G. Lautz Esq.
Quarles & Brady, 411 East Wisconsin Avenue Suite 2040, Milwaukee, Wisconsin 53202, and Synthesis Energy Systems, Inc., (“Company”),
a Delaware corporation with principal executive offices located at Three Riverway, Suite 300, Houston, Texas, 77056.

 

WHEREAS, Consultant
provides management consulting services; and

 

WHEREAS, Company wishes
to retain Consultant to provide such services to Company on the terms and conditions set forth herein.

 

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

 

1.                 
Information to be furnished by Company. Company shall furnish Consultant with current public information about Company,
including without limitation Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission for Company’s
most recently completed fiscal year, its most recent Annual Report to Shareholders, its most recent Proxy Statement and any other
periodic or current reports filed with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934 since
the dates of those documents, and shall also provide any other public information reasonably requested by Consultant (“Company
Information”). Consultant acknowledges that Company will, from time to time in the course of consulting with Consultant on
press releases and other communications to the public and to broker/dealer and institutional investor networks, provide to Consultant
nonpublic information. For so long as such information remains nonpublic or unless and until Company advises Consultant that such
information no longer is material, Consultant shall refrain from trading in any securities of Company or advising others to do
so and shall refrain from disclosing or disseminating such information to any other party except as directed and approved by Company.

 

Company shall be responsible
to assure Company Information accurately and fairly presents the financial condition and results of operations of Company as of
the dates indicated thereon. Consultant shall have no liability for any misstatement or omission in Company Information, and Company
shall be obligated to indemnify and defend Consultant against any claim, action or proceeding brought by any party against Consultant
asserting such third party has been injured as a result of any such misstatement or omission. The preceding indemnification in
favor of the Consultant solely applies with respect to the Consultant’s use of Company Information.

 

2.                 
Management Consulting Services. Consultant shall assist Company’s management in developing and executing its investor
relations and corporate communications strategy, as set forth on Schedule A hereto (the “Scope”). Both Consultant
and Company recognize that the Scope will be a significant undertaking and commitment of time on both parties. While the relationship
between Company and Consultant is not an employer/employee relationship, and although not exclusive, Consultant further agrees
that the Scope will be a primary focus of Consultant’s time and effort.

 

    	1

    	 

    

 

 

Consultant is an independent
contractor and is not an officer, employee, servant, agent, partner or joint venturer of Company. In the performance of services
under this Agreement, Consultant’s Staff shall not be, and shall not hold themselves out to be, an officer, employee, servant,
agent, partner or joint venturer of Company and shall have no authority to legally bind Company unless expressly authorized to
do so in writing by an authorized executive officer of Company. Consultant warrants that the services to be provided hereunder
will not cause a conflict with any other duties or obligations of Consultant to third parties.

 

3.                 
Term and Termination. This Agreement shall become effective as of the date written above, and shall remain in effect
until the close of business on November 1, 2016 (“Expiration Date”). Thereafter, this Agreement automatically shall
renew for successive one-year terms, unless either party provides the other with at least thirty (30) days advance written notice
of non-renewal. Furthermore, Company and Consultant shall complete an annual review 30 days prior to each 12 month anniversary
date of the Effective Date. During such review, the parties agree to use reasonable efforts to jointly assess Company’s investor
relations and corporate communications performance, address needs and deficiencies and develop updated objectives for the effort.
Should the parties not reach mutual agreement on the update objectives, then either party may choose to terminate this Agreement
with 30 days written notice. Upon any such termination, expiration or non-renewal of this Agreement, the parties hereto shall have
no further duty or obligations hereunder; provided that Company shall remain obligated to defend and indemnify Consultant as described
in paragraph 1 of this Agreement and to make any payments of monthly retainer fees and reimbursable expenses pursuant to paragraph 4
and paragraph 5 which remain unpaid as of the effective date of expiration or non-renewal.

 

4.                 
Compensation for Services.

 

(a)               
Consulting Fee. Throughout the term of this Agreement, Company shall pay to Consultant a monthly fee of US $25,000.00.
Upon execution, Company shall remit payment to Consultant for the first 3 month period in advance of US $75,000.00.

 

Thereafter, said monthly
fee shall be due and payable by Company in advance on the first (1st) calendar day (or next business day thereafter) of each calendar
month (commencing February 1, 2014) throughout the term of the Agreement (the “Payment Date”). Failure by Company to
pay the monthly fee on any Payment Date shall entitle Consultant to cease providing services pursuant to this Agreement unless
and until said payment (together with any applicable late payment fee or penalty) is tendered in full, in addition to any other
rights or remedies Consultant may have under this Agreement, at law or in equity, on account of such late payment. Payment of the
monthly fee shall be made on each Payment Date pursuant to this agreement, without further notice or invoice by Federal Funds Wire
to Consultant.

 

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

 

(b)              
Common Stock Warrant. On the date hereof, Company has granted to Consultant a common stock warrant (the “Warrant”)
entitling Consultant to purchase up to 750,000 shares of common stock of Company at $0.70 per share. The Warrant expires on November
1, 2023 and is freely assignable in whole or in part by Consultant. Consultant further agrees not to exercise the Warrant prior
to November 1, 2014, except in the event of a “Change in Control of Company” as defined below in section 11.

 

    	2

    	 

    

 

 

On each anniversary of
this Agreement prior to the Expiration Date, Company shall further grant to the Consultant an additional common stock warrant (“Anniversary
Warrant Grant”) (which together with the original Warrant shall be known as the “Warrants”), entitling the Consultant
to purchase that number of shares of Company Common Stock which is equal to 1% of the sum of (a) the number of then outstanding
shares of Company Common Stock, plus (b) the number of shares of Company Common Stock underlying then outstanding warrants,
options and other derivative rights for the purchase of Company Common Stock which are at that time both immediately exercisable
and in the money. The exercise price of each such Anniversary Warrant shall be equal to the average closing price over the twenty
consecutive trading days immediately preceding the Anniversary. Each Warrant shall be fully exercisable immediately, shall have
a term of ten years, and shall be freely assignable in whole or in part by Consultant.

 

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

 

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

 

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

 

    	3

    	 

    

 

 

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

 

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

 

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

 

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

 

5.                 
Reimbursement for Expenses. Company shall reimburse Consultant for reasonable out-of-pocket expenses incurred by Consultant
in connection with performing services pursuant to this Agreement, including without limitation travel, meals, lodging, mobile
telephone, and long distance telephone. Notwithstanding the forgoing, any individual expenses in excess of $2,000 or monthly expenses
in the aggregate in excess of $5,000 must be pre-approved by Company in writing or such expense may be disallowed. Company agrees
to make reimbursement payments for out-of-pocket expenses upon receipt of Consultant’s invoice. Any reimbursement payments
owed but not made within fifteen (15) days following the Company's receipt of invoice shall accrue interest from the invoice date
at the rate of 18% per year, or, if less, the maximum rate permitted under applicable law.

 

6.                 
Consultant’s Representations and Warranties. Consultant represents and warrants to Company that Consultant has
all requisite power and authority and has taken all actions necessary to authorize the execution, delivery and performance by it
of this Agreement. This Agreement constitutes the valid and binding obligations of Consultant, enforceable against Consultant in
accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency, reorganization, moratorium
or other similar laws relating to the rights of creditors generally and for general principles of equity.

 

EXCEPT AS STATED IN
THE PRECEEDING PARAGRAPH, CONSULTANT MAKES NO REPRESENTATIONS OR WARRANTIES WITH RESPECT TO THE QUALITY OF SERVICES TO BE PROVIDED
HEREUNDER OR ANY RESULTS TO BE ACHIEVED, AND HEREBY EXPRESSLY DISCLAIMS THE EXISTENCE OF ANY SUCH REPRESENTATIONS AND WARRANTIES,
INCLUDING WITHOUT LIMITATION THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. CONSULTANT SHALL HAVE
NO LIABILITY FOR ANY INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES SUFFERED BY COMPANY OTHER THAN SUCH DAMAGES WHICH RESULT FROM
GROSS NEGLIGENCE, WILLFUL MISCONDUCT OR FRAUD ON THE PART OF CONSULTANT.

 

    	4

    	 

    

 

 

7.                 
Company’s Representations and Warranties. Company represents and warrants to Consultant that except as specifically
provided for in the next paragraph, Company has all requisite corporate or other power and authority, and has taken all corporate
or other actions necessary to authorize, the execution, delivery and performance by it of this Agreement. This Agreement constitutes,
and upon execution and delivery the Warrant will constitute, the valid and binding obligations of Company, enforceable against
Company in accordance with their respective terms, except as the enforceability thereof may be limited by bankruptcy, insolvency,
reorganization, moratorium or other similar laws relating to the rights of creditors generally and for general principles of equity.

 

8.                 
Termination for Cause. This Agreement may be terminated by Company prior to the Expiration Date only for Cause, as defined
below. Such termination for Cause shall not affect:

 

(a)               
Consultant’s rights or Company’s obligations with respect to any Warrants granted to Consultant prior to such
termination, as described in paragraph 4(b) of this Agreement;

 

(b)              
Company’s obligation to indemnify Consultant as described in paragraph 1 of this Agreement; or

 

(c)               
Company’s obligation to reimburse Consultant for expenses pursuant to paragraph 4 and paragraph 5 of this
Agreement which remain unpaid as of the effective date of such termination.

 

For purposes of this
Agreement, “Cause” means any of the following: (i) Consultant or its President breaches any provision(s) of this
Agreement and Consultant fails to cure such breach to the reasonable satisfaction of Company within thirty (30) calendar days following
Consultant’s receipt of written notice from Company specifying the asserted breach; (ii) the conviction (or plea of
nolo contendere or equivalent plea) of a felony by Consultant or its President (which, through lapse of time or otherwise, is not
subject to appeal); (iii) Consultant or its President commits fraud, willful misconduct or gross negligence while providing
the Services or fulfilling its obligations under this Agreement; (iv) an act of personal dishonesty taken by Consultant or
its President that is intended to result in personal enrichment of Consultant or its President at the expense of Company or a Company
affiliate; or (vi) any representation made by Consultant in this Agreement proves to be materially inaccurate and Consultant
fails to cure (if curable) such misrepresentation to the reasonable satisfaction of Company within thirty (30) calendar days of
Consultant’s receipt of written notice from Company specifying the asserted misrepresentation.

 

9.                 
Confidentiality Covenant of Consultant

 

(a)               
Consultant acknowledges that his relationship with Company is one of high trust and confidence and that in the course of
Consultant’s service to Company its Staff will have access to and contact with Proprietary Information, as defined below.
Consultant agrees that they will not, during the term of this Agreement or at any time thereafter, disclose to others, or use for
Consultant’s benefit or the benefit of others, any Proprietary Information. Notwithstanding the foregoing, Consultant’s
obligations under this Section 9 shall not apply to any information that (i) is or becomes known to the general public under circumstances
involving no breach by Consultant or others of the terms of this Section 9, (ii) is generally disclosed to third parties by Company
without restriction on such third parties, or (iii) is approved for release by written authorization of the President and Chief
Executive Officer of Company.

 

    	5

    	 

    

 

 

(b)              
Upon the termination or expiration of this Agreement for any reason, Consultant shall deliver to Company business records
in Consultant’s possession which contain Proprietary Information.

 

(c)               
For purposes of this Agreement, “Proprietary Information” means information which is used in the business
of Company and (i) is designated as Proprietary Information by Company; (ii) is known by Consultant to be considered
confidential by Company; (iii) from all the relevant circumstances should reasonably be assumed by Consultant to be confidential
and proprietary to Company, or (iv) relates to the SES Gasification Technology based on U-GAS® coal gasification technology
and its use in the manufacture of synthesis gas and other energy products (and any work product resulting from or related thereto),
any Invention, formula, vendor information, customer or client information, trade secret, process, methodology, research, report,
technical data, know how, computer program, software, software documentation, design, technology, marketing or business plan, forecast,
unpublished financial statements or budgets, or license, price, cost or employee list that is communicated to, learned of, developed
or otherwise acquired by Consultant in the course of his service as a consultant to Company. Failure to mark any writing as proprietary
or confidential shall not affect the proprietary or confidential nature of such writing or the information contained therein.

 

10.             
Insurance.Company shall include Consultant as an insured under the director and officer insurance policy it maintains
for its directors and officers. 

 

11.             
Miscellaneous. Neither party may assign its rights or duties under this Agreement without the express prior written
consent of the other party, except that (i) either party may assign all of its rights hereunder together
with all of its obligations hereunder to any third party with which it may merge or consolidate or to a purchaser of substantially
all of the assets of such party and (ii) Consultant may, without Company’s consent, assign to any party affiliated
with Consultant or to any independent contractor who renders services to Consultant in connection with Consultant’s performance
of this Agreement Consultant’s right to receive all or any portions of the Monthly Consulting Fee, Warrants and reimbursable
expenses due and owing to Consultant.

 

“Company”
as used in this Agreement, shall mean Synthesis Energy Systems, Inc. and all of its wholly owned subsidiaries.

 

“Change
in Control” of the Company shall be deemed to have occurred if any of the events set forth in any one of the following
paragraphs shall occur:

 

(a)       
any “person” (as defined in section 3(a)(9) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), and as such term is modified in sections 13(d) and 14(d) of the Exchange Act), excluding the Company or any of its
subsidiaries, a trustee or any fiduciary holding securities under an employee benefit plan of the Company or any of its subsidiaries,
an underwriter temporarily holding securities pursuant to an offering of such securities or a corporation owned, directly or indirectly,
by stockholders of the Company in substantially the same proportions as their ownership of the Company, is or becomes the “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing
50% or more of the combined voting power of the Company’s then outstanding securities; or

 

    	6

    	 

    

 

 

(b)       
during any period of not more than two consecutive years, individuals who at the beginning of such period constitute the Board
and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect
a transaction described in clause (a), (c) or (d) of this definition) whose election by the Board or nomination for election by
the Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who
either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease
for any reason to constitute a majority thereof; or

 

(c)       
the stockholders of the Company approve a merger or consolidation of the Company with any other corporation, other than (i) a merger
or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to
represent (either by remaining outstanding or by being converted into voting securities of the surviving entity), in combination
with the ownership of any trustee or other fiduciary holder of securities under an employee benefit plan of the Company, at least
50% of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after
such merger or consolidation, or (ii) a merger or consolidation effected to implement a recapitalization of the Company (or similar
transaction) in which no person acquires more than 50% of the combined voting power of the Company’s then outstanding securities;
or

 

(d)       
the stockholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition
by the Company of all or substantially all of the Company’s assets.

 

Notwithstanding the
foregoing, no Change in Control shall be deemed to have occurred if there is consummated any transaction or series of integrated
transactions immediately following which, in the judgment of the Compensation Committee of the Board, the holders of the Company’s
common stock, immediately prior to such transaction or series of transactions, continue to have the same proportionate ownership
in an entity which owns all or substantially all of the assets of the Company immediately prior to such transaction or series of
transactions.  The Board may (i) deem any other corporate event affecting the Company (other than those described in clauses
(a)-(d) of this definition) to be a “Change in Control,” and (ii) may amend this definition of “Change in Control”
in connection with an identical amendment being made to employment agreements entered into by the Company and all of its executive
officers.”

 

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

 

 

    	7

    	 

    

 

 

 

This Agreement shall
be construed, interpreted and enforced in accordance with the laws of the State of Delaware, without regard to its provisions governing
choice of law.

 

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

 

	
        Synthesis Energy Systems, Inc.

         

         

        By: /s/ Charles Costenbader

Charles Costenbader, Chief Financial Officer
	
        MDC Group

         

         

        By: /s/ David E. Castaneda

David E. Castaneda, President

 

 

    	8

    	 

    

 

 

SCHEDULE A

 

 

 

Scope
of Consultant's Responsibilities

 

		(a)	Responsible for effective, efficient and comprehensive communications strategy to current and potential
shareholders;

 

		(b)	Serve as advisor to Company management and primary point of contact for media and shareholder relations;

 

		(c)	Oversee Company relationship with NASDAQ;

 

		(d)	Maintain, update and expand investor roster;

 

		(e)	Manage the process around earnings releases and investor conference calls such as introductions
and Safe Harbor Statements;

 

		(f)	Overall management and guidance for Company market and investor awareness initiatives; and

 

		(g)	Participate either in person or by conference call with Company management and possibly outside
counsel for frequent information updates on Company activities.

 

 

    	9

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