FIRST AMENDMENT TO JOINT DEVELOPMENT AGREEMENT
This First Amendment to Joint Development
Agreement (this “ Amendment ”) is entered
into to be effective as of September 26, 2007 and amends that
certain Joint Development Agreement dated July 10, 2007 (the
“ Agreement ”), by and between Ashmore Energy
International, a company organized and existing under the laws
of the Cayman Islands (“ AEI ”), and
Synthesis Energy Systems, Inc., a corporation organized and
existing under the laws of the State of Delaware (“
SES ”). Capitalized terms used herein, but
not otherwise defined, shall have the meaning ascribed to such
terms in the Agreement.
SES is anticipating a public offering of its
shares of common stock in the near future. As generally
described in SES’ Form SB2 to be filed with the Securities
and Exchange Commission, AEI intends to subscribe to 1.75
million of such shares (~4.95% ownership interest) at
approximately $9 per share for a total around US$15.75mm.
NOW, THEREFORE, in consideration of the
premises and the mutual covenants and agreements contained
herein and in the Agreement, for good and valuable
consideration, the receipt and sufficiency of which are hereby
acknowledged, the Developers do hereby agree as follows:
1.
Amendment to th
