Document:

NEITHER
THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE 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 OFFERED OR SOLD 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. THIS SECURITY AND
THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN
SECURED BY SUCH SECURITIES.

 

SERIES
B COMMON STOCK PURCHASE WARRANT

 

SYNTHESIS
ENERGY SYSTEMS, INC.

 

	Warrant
    Shares: _______	Initial
    Exercise Date: October __, 2019

 

THIS
SERIES B COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, _____________
or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise
and the conditions hereinafter set forth, at any time on or after the date hereof (the “Initial Exercise Date”)
and on or prior to the close of business on the five (5) year anniversary of the Initial Exercise Date (the “Termination
Date”; provided, however that if such date is not a Trading Day, the Termination Date shall be the immediately following
Trading Day) but not thereafter, to subscribe for and purchase from Synthesis Energy Systems, Inc., a Delaware corporation (the
“Company”), up to ______ shares (as subject to adjustment hereunder, the “Warrant Shares”)
of Common Stock. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined
in Section 2(b).

 

Section
1. Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain
Securities Purchase Agreement (the “Purchase Agreement”), dated October 10, 2019, among the Company and the
purchasers signatory thereto.

 

    	 	1	 

     

    

 

Section
2. Exercise.

 

a)
Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any
time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or such
other office or agency that the Company may designate by notice in writing to the registered Holder at the address of the Holder
appearing on the books of the Company) of a duly executed facsimile copy or PDF copy submitted by electronic (or e-mail attachment)
of the Notice of Exercise in the form annexed hereto (“Notice of Exercise”). Within two Trading Days following
the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable
Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure
specified in Section 2(c) below is specified in the applicable Notice of Exercise; provided, however, in the event that the Holder
has not delivered such aggregate Exercise Price within two (2) Trading Days following the date of such exercise as aforesaid,
the Company shall not be obligated to deliver such Warrant Shares hereunder until such payment is made. No ink-original Notice
of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of
Exercise form be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender
this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been
exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading
Days of the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases
of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number
of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and
the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company
shall deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of such notice. The Holder and
any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following
the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any
given time may be less than the amount stated on the face hereof.

 

b)
Exercise Price. The exercise price per share of the Common Stock under this Warrant shall be $6.00, subject to adjustment
hereunder (the “Exercise Price”).

 

c)
Cashless Exercise. If at any time after the six-month anniversary of the Closing Date, there is no effective Resale Registration
Statement registering, or no current prospectus available for, the resale of the Warrant Shares by the Holder, then this Warrant
may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall
be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

	 	(A)=	 as applicable: (i) the VWAP on the Trading Day immediately
preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant
to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on
a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(64) of Regulation NMS promulgated
under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day
immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Stock on the principal
Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise
if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two
(2) hours thereafter pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the
date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section
1(a) hereof after the close of “regular trading hours” on such Trading Day;
	 	 	 
	 	(B)=	the Exercise Price of this Warrant, as adjusted hereunder;
and
	 	 	 
	 	(X)=	the number of Warrant Shares that would be issuable
upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather
than a cashless exercise.

 

    	 	2	 

     

    

 

If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9)
of the Securities Act, the Warrant Shares shall take on the characteristics of the Warrants being exercised, and the holding period
of the Warrant Shares being issued may be tacked on to the holding period of this Warrant. The Company agrees not to take any
position contrary to this Section 2(c).

 

“Bid
Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common
Stock is then listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest
preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based
on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading
Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX
as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common
Stock are then reported in The Pink Open Market (or a similar organization or agency succeeding to its functions of reporting
prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value
of a share of Common Stock as determined by an independent appraiser selected in good faith by the Purchasers of a majority in
interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be
paid by the Company.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then
listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest
preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based
on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading
Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX
as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common
Stock are then reported in The Pink Open Market (or a similar organization or agency succeeding to its functions of reporting
prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value
of a share of Common Stock as determined by an independent appraiser selected in good faith by the Purchasers of a majority in
interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be
paid by the Company.

 

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d)
Mechanics of Exercise.

 

i.
Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted
by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with
The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company
is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the
Warrant Shares to or resale of the Warrant Shares by the Holder or (B) the Warrant Shares are eligible for resale by the Holder
without volume or manner-of-sale limitations pursuant to Rule 144 (assuming cashless exercise of the Warrants), and otherwise
by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee,
for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder
in the Notice of Exercise by the date that is the earlier of (A) two (2) Trading Days after the delivery to the Company of the
Notice of Exercise and (B) two (2) Trading Days after delivery of the aggregate Exercise Price to the Company after the delivery
to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery of the
Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares
with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that
payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i)
three Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice
of Exercise. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by
the seventh Trading Day following the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated
damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock
on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading
Day after such liquidated damages begin to accrue) for each Trading Day after such seventh Trading Day following the Warrant Share
Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer
agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable.

 

    	 	4	 

     

    

 

ii.
Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request
of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder
a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which
new Warrant shall in all other respects be identical with this Warrant.

 

iii.
Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant
to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

iv.
Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available
to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with
the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such
date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage
firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which
the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to
the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any)
for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that
the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell
order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion
of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall
be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company
timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having
a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate
sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company
shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable
to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall
limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation,
a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares
of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof. The obligation of the Company to pay compensation
for Buy In under this Section 2(d)(iv) is subject to delivery by the Holder of the aggregate Exercise Price in accordance with
the terms of Section 2(a) herein.

 

    	 	5	 

     

    

 

v.
No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price or round up to the next whole share.

 

vi.
Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer
tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid
by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed
by the Holder; provided, however, that in the event that Warrant Shares are to be issued in a name other than the
name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly
executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for
any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice
of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions)
required for same-day electronic delivery of the Warrant Shares.

 

vii.
Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise
of this Warrant, pursuant to the terms hereof.

 

    	 	6	 

     

    

 

e)
Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not
have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect
to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s
Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons,
“Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined
below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its
Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant with
respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable
upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates
or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the
Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion or exercise
analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties.
Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in
accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged
by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of
the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent
that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation
to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant
is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be
the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together
with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the
Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination
and shall have no liability for exercises of the Warrant that are not in compliance with the Beneficial Ownership Limitation,
other than with respect to exercises of the Warrant not in compliance with the Beneficial Ownership Limit as a result of incorrect
information regarding the number of outstanding shares of Common Stock provided to the Holder by the Company or the Transfer Agent
pursuant to this Section 2(e). In addition, a determination as to any group status as contemplated above shall be determined in
accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder and the Company shall have
no obligation to verify or confirm the accuracy of such determination and shall have no liability for exercises of the Warrant
that are not in compliance with the Beneficial Ownership Limitation, other than with respect to exercises of the Warrant not in
compliance with the Beneficial Ownership Limit as a result of incorrect information regarding the number of outstanding shares
of Common Stock provided to the Holder by the Company or the Transfer Agent pursuant to this Section 2(e). For purposes of this
Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding
shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission,
as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or
the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder,
the Company shall within two Trading Days confirm orally and in writing to the Holder the number of shares of Common Stock then
outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion
or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since
the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation”
shall be 9.99/4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of
shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease
the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event
exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares
of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply.
Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered
to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity
with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with
the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly
give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

 

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Section
3. Certain Adjustments.

 

a)
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or
otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities
payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company
upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines
(including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares or (iv) issues by
reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price
shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares,
if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding
immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted
such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a)
shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend
or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

b)
Subsequent Equity Sales. If the Company or any Subsidiary thereof, as applicable, at any time while this Warrant is outstanding,
shall sell or grant any option to purchase, or sell or grant any right to reprice, or otherwise dispose of or issue (or announce
any offer, sale, grant or any option to purchase or other disposition) any Common Stock or Common Stock Equivalents, at an effective
price per share less than the Exercise Price then in effect (such lower price, the “Base Share Price” and such
issuances collectively, a “Dilutive Issuance”) (it being understood and agreed that if the holder of the Common
Stock or Common Stock Equivalents so issued shall at any time, whether by operation of purchase price adjustments, reset provisions,
floating conversion, exercise or exchange prices or otherwise, or due to warrants, options or rights per share which are issued
in connection with such issuance, be entitled to receive shares of Common Stock at an effective price per share that is less than
the Exercise Price, such issuance shall be deemed to have occurred for less than the Exercise Price on such date of the Dilutive
Issuance at such effective price), then simultaneously with the consummation of each Dilutive Issuance the Exercise Price shall
be reduced and only reduced to equal the Base Share Price, provided that the Base Share Price shall not be less than $0.36. Such
adjustment shall be made whenever such Common Stock or Common Stock Equivalents are issued. Notwithstanding the foregoing, no
adjustments shall be made, paid or issued under this Section 3(b) in respect of an Exempt Issuance. The Company shall notify the
Holder, in writing, no later than the Trading Day following the issuance or deemed issuance of any Common Stock or Common Stock
Equivalents subject to this Section 3(b), indicating therein the applicable issuance price, or applicable reset price, exchange
price, conversion price and other pricing terms (such notice, the “Dilutive Issuance Notice”). For purposes
of clarification, whether or not the Company provides a Dilutive Issuance Notice pursuant to this Section 3(b), upon the occurrence
of any Dilutive Issuance, the Holder is entitled to receive a number of Warrant Shares based upon the Base Share Price regardless
of whether the Holder accurately refers to the Base Share Price in the Notice of Exercise. If the Company enters into a Variable
Rate Transaction, despite the prohibition thereon in the Purchase Agreement, the Company shall be deemed to have issued Common
Stock or Common Stock Equivalents at the lowest possible conversion or exercise price at which such securities may be converted
or exercised

 

    	 	8	 

     

    

 

c)
Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company
grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata
to the record holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will
be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could
have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without
regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before
the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the
date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase
Rights (provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would result
in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase
Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent)
and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto
would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

d)
Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend
or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of
capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options
by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction)
(a “Distribution”), at any time after the issuance of this Warrant, then, in each such case, the Holder shall
be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder
had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations
on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a
record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common
Stock are to be determined for the participation in such Distribution (provided, however, to the extent that the
Holder’s right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation,
then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any
shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in
abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding
the Beneficial Ownership Limitation).

 

    	 	9	 

     

    

 

e)
Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in
one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company,
directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially
all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange
offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell,
tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of
the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification,
reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is
effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in
one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without
limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby
such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common
Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making
or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”),
then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would
have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the
Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock
of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration
(the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number
of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard
to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the
Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise
Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the
Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received
in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon
any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental
Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the
obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section
3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without
unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange
for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance
to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent
entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any
limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the
exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock
pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock
and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation
of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence
of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the
date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction Documents referring to the “Company”
shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the
obligations of the Company under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity
had been named as the Company herein.

 

    	 	10	 

     

    

 

f)
Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share,
as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as
of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

g)
Notice to Holder.

 

i.
Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the
Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment
and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.
Notwithstanding the foregoing, in the event that the Company makes a public filing with the SEC disclosing the adjustment, notice
will be deemed to have been given.

 

ii.
Notice to Allow Exercise by Holder. If, during the period in which this Warrant is outstanding, (A) the Company shall declare
a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring
cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common
Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval
of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation
or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any
compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall
authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case,
the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address as it
shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date
hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution,
redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record
to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such
reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date
as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common
Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or
share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect
the validity of the corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant
constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall
simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled
to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering
such notice except as may otherwise be expressly set forth herein.

 

    	 	11	 

     

    

 

Section
4. Transfer of Warrant.

 

a)
Transferability. Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d)
hereof and to the provisions of Section 4.1 of the Purchase Agreement, this Warrant and all rights hereunder (including, without
limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office
of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached
hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making
of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants
in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument
of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this
Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically
surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender
this Warrant to the Company within three (3) Trading Days of the date the Holder delivers an assignment form to the Company assigning
this Warrant full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase
of Warrant Shares without having a new Warrant issued.

 

b)
New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office
of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved
in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or
Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated
the Initial Exercise Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant
thereto.

 

c)
Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose
(the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and
treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution
to the Holder, and for all other purposes, absent actual notice to the contrary.

 

d)
Transfer Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant,
the transfer of this Warrant shall not be either (i) registered pursuant to an effective registration statement under the Securities
Act and under applicable state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions
or current public information requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer,
that the Holder or transferee of this Warrant, as the case may be, comply with the provisions of Section 5.7 of the Purchase Agreement.

 

    	 	12	 

     

    

 

e)
Representation by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant
and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a
view to or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable
state securities law, except pursuant to sales registered or exempted under the Securities Act.

 

Section
5. Miscellaneous.

 

a)
No Rights as Stockholder Until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any voting
rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i),
except as expressly set forth in Section 3. Without limiting any rights of a Holder to receive Warrant Shares on a “cashless
exercise” pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein,
in no event shall the Company be required to net cash settle an exercise of this Warrant.

 

b)
Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case
of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.

 

c)
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right
required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next
succeeding Business Day.

 

d)
Authorized Shares.

 

The
Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common
Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights
under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers
who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant.
The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided
herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common
Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights
represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant
Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens
and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously
with such issue).

 

    	 	13	 

     

    

 

Except
and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation,
amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution,
issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all
such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment.
Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above
the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may
be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares
upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions
or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform
its obligations under this Warrant.

 

Before
taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or
in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be
necessary from any public regulatory body or bodies having jurisdiction thereof.

 

e)
Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall
be determined in accordance with the provisions of the Purchase Agreement.

 

f)
Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered
and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities
laws.

 

g)
Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder
shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting
any other provision of this Warrant or the Purchase Agreement, if the Company willfully and knowingly fails to comply with any
provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts
as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including
those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing
any of its rights, powers or remedies hereunder.

 

    	 	14	 

     

    

 

h)
No Net Cash Settlement. The Holder acknowledges that, in the event this Warrant is not exercisable for cash pursuant to
Section 2 hereof, other than cashless exercise pursuant to Section 2(e) hereunder, the Warrant Shares may not be settled with
the Company for the cash value or in assets or otherwise. Notwithstanding the foregoing, in no event will this provision prevent
the Holder from its rights to receive liquidated damages pursuant to Section 2(d)(i), Buy-In pursuant to Section 2(d)(iv), or
cash payments pursuant to Section 3(e) pursuant to a Fundamental Transaction.

 

i)
Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company
shall be delivered in accordance with the notice provisions of the Purchase Agreement.

 

j)
Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant
to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability
of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted
by the Company or by creditors of the Company.

 

k)
Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages,
will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not
be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees
to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

 

l)
Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby
shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted
assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant
and shall be enforceable by the Holder or holder of Warrant Shares.

 

m)
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company
and the Holder.

 

n)
Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions
or the remaining provisions of this Warrant.

 

o)
Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be
deemed a part of this Warrant.

 

********************

 

(Signature
Page Follows)

 

    	 	15	 

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first
above indicated.

 

 

	 	SYNTHESIS
    ENERGY SYSTEMS, INC.
	 	 	 
	 	By:	        
	 	Name:	 
	 	Title:	 

 

    	 	16	 

     

    

 

NOTICE
OF EXERCISE

 

TO:
SYNTHESIS ENERGY SYSTEMS, INC.

 

(1)
The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant
(only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer
taxes, if any.

 

(2)
Payment shall take the form of (check applicable box):

 

[  ] in lawful money of the United States; or

 

[  ] if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in
subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless
exercise procedure set forth in subsection 2(c).

 

(3)
Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

_______________________________

 

The
Warrant Shares shall be delivered to the following DWAC Account Number:

 

_______________________________

 

_______________________________

 

_______________________________

 

(4)
Accredited Investor. The undersigned is an “accredited investor” as defined in Regulation D promulgated under
the Securities Act of 1933, as amended.

 

[SIGNATURE
OF HOLDER]

 

Name
of Investing Entity: ________________________________________________________________________

Signature
of Authorized Signatory of Investing Entity: _________________________________________________

Name
of Authorized Signatory: ___________________________________________________________________

Title
of Authorized Signatory: ____________________________________________________________________

Date:
________________________________________________________________________________________

 

    	 	 	 

     

    

 

EXHIBIT
B

 

ASSIGNMENT
FORM

 

(To
assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 

FOR
VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

	Name:	 	 
	 	 	(Please
    Print)
	 	     	 
	Address:	 	 
	 	 	(Please
    Print)
	 	 	 
	Phone
    Number:	 	 
	 	 	 
	Email
    Address:	 	 
	 	 	 
	Dated:
    _______________ __, ______	 	 
	 	 	 
	Holder’s
    Signature:                                                               	 	 
	 	 	 
	Holder’s
    Address:MANAGEMENT
CONSULTING AGREEMENT

 

THIS
MANAGEMENT CONSULTING AGREEMENT is made this 10th day of October, 2019 (the “Effective Date”), by and between Market
Development Consulting Group, Inc. d/b/a MDC Group (“Consultant”), a Wisconsin corporation with mailing address 7845
N. Links Circle, Fox Point, Wisconsin 53217, and Synthesis Energy Systems, Inc., (“Company”), a Delaware corporation
with principal executive offices located at One Riverway, Suite 1700, 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 for one
calendar year until the close of business on September 30, 2020 (“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. For the initial 6 months of the term of this Agreement or until the Company’s contemplated Reverse-Merger
Transaction between the Company and Australian Future Energy Pty Ltd, closes (“Reverse-Merger”), Company shall pay
to Consultant a monthly fee of US $10,000.00. Thereafter, the Company shall pay to Consultant a monthly fee of US $25,000.00.
Depending on the Reverse-Merger closing date, the increase of the monthly fee shall be paid on a pro-rata basis for the month
of the transaction.

 

The
monthly fee shall be due and payable by the Company upon execution of this agreement and thereafter in advance on the first (1st)
calendar day (or next business day thereafter) of each calendar month (commencing November 1, 2019) 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.

 

    	2

     

    

 

(b)
Engagement Shares. Upon execution of this Agreement Company shall issue 70,000 Shares of the Company’s common stock
to Consultant with all voting rights thereto and holding periods under Rule 144 to commence upon issuance. Consultant agrees not
to seek registration of these 70,000 shares until the earlier of six months or closing of the proposed Reverse-Merger. Upon closing
of the proposed Reverse-Merger , Company shall issue an additional 30,000 Shares of the Company’s common stock to Consultant
with all voting rights thereto and holding periods under Rule 144 to commence upon issuance. Prior to the issuance of the shares,
the Company shall have taken all steps necessary to assure that such shares will constitute duly authorized, fully-paid upon issuance,
non-assessable, validly issued and outstanding shares of the Company’s Common Stock. The Company also shall have taken all
steps necessary to assure that the shares have been authorized for issuance by the Board of the Company to the extent necessary.

 

(c)
Common Stock Warrant. Upon execution of this agreement, Company shall grant to Consultant a common stock warrant (the “Warrant”)
entitling Consultant to purchase up to 300,000 shares of common stock of Company at $3.00 per share. The Warrant expires on September
30, 2029 and is freely assignable in whole or in part by Consultant. Said Warrant to contain a mutually acceptable blocker clause
limiting the Consultant’s ability to at any time acquire more than 4.9% of the Company’s common stock without the
Company’s written approval.

 

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.

 

    	3

     

    

 

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.

 

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.

 

    	4

     

    

 

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.

 

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.

 

    	5

     

    

 

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.

 

(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 a named 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.

 

    	6

     

    

 

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

 

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.

 

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.	 	MDC Group
	 	 	 	 	 
	By:	/s/
    Robert Rigdon 	 	By:	/s/
    David E. Castaneda
	 	Robert
    Rigdon, President & CEO	 	 	David
    E. Castaneda, President

 

    	7

     

    

 

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)	Maintain,
    update and expand investor roster;
	 	 
	(d)	Manage
    the process around earnings releases and investor conference calls such as introductions and Safe Harbor Statements;
	 	 
	(e)	Overall
    management and guidance for Company market and investor awareness initiatives; and
	 	 
	(f)	Participate
    either in person or by conference call with Company management and possibly outside counsel for frequent information updates
    on Company activities.

 

    	8

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