Synthesis Energy Systems, Inc. (NASDAQ:SYMX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.

Effective January 1, 2018, Synthesis Energy Systems, Inc. adopted a salary for stock options program, whereby certain employees, including DeLome Fair, the Company’s President and Chief Executive Officer, and David Hiscocks, the Company’s Corporate Controller and principal accounting officer, elected to reduce their base salary for a period of time, and in exchange for such election, they will receive non-qualified stock options exercisable for a number of shares of the common stock of the Company. The exchange relates to the payroll amount to be received by such employees for a period of six months from January 2018 to the end of June 2018.

The number of shares underlying the stock option will be determined by multiplying the amount of the salary reduction by 1.15 (participation incentive) (or in the case of the directors, cash fee reduction) then dividing the adjusted salary reduction by the fair value of the stock options as determined using the Black-Scholes valuation method typically utilized by the Company. The exercise price of the stock options will be determined based on the fair market value of the common stock on the date of the payroll payment as specified above. The stock options will vest over six months from the date of grant and the term of the stock options is ten years from the award date.

Exhibits

+10.1 Form of Non-statutory Stock Option Agreement (six month vesting) – filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on May 23, 2017.

+ Management contract or compensatory plan.

About Synthesis Energy Systems, Inc. (NASDAQ:SYMX)

Synthesis Energy Systems, Inc. is a clean energy company that develops, builds and owns clean energy projects. The Company owns gasification technology, which it utilizes to provide technology licenses and equipment to customers in the energy and chemical industries. The Company operates through segments, including SES China, Technology Licensing and Related Services, and Corporate. The SES China segment includes all of the assets and operations and related administrative costs for China, including initial closing costs relating to its joint ventures. The Technology Licensing and Related Services segment includes all of the Company’s operating activities outside of China. The Corporate segment includes the executive and administrative expenses of the corporate office in Houston. The Company offers U-GAS fluidized bed gasification technology, which is known as Synthesis Energy Systems Gasification Technology (SGT).