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<P style="font-size: 14pt" align="center"><B>UNITED STATES<BR>
SECURITIES AND
EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P style="font-size: 18pt" align="center"><B>FORM 8-K</B>

<P style="font-size: 12pt" align="center"><B>CURRENT REPORT<BR>
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P style="font-size: 10pt" align="center"><B>Date of Report (Date of earliest
event reported): February 17, 2009 (February 10, 2009)</B>

<P style="font-size: 24pt" align="center"><B>Synthesis Energy Systems,
Inc.<BR>
</B><FONT style="font-size: 10pt">(Exact name of registrant as
specified in its charter) </FONT>
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  <TD width="32%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%">&nbsp;</TD>
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  <TD width="32%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>Delaware</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>001-33522</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>20-2110031</B></TD>
 </TR>
 <TR valign="top">
  <TD>(State or other Jurisdiction of Incorporation)</TD>
  <TD>&nbsp;</TD>
  <TD>(Commission File Number)</TD>
  <TD>&nbsp;</TD>
  <TD>(IRS Employer Identification No.)</TD>
 </TR>

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cellpadding="0" width="100%" border="0">

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  <TD width="49%">&nbsp;</TD>
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  <TD width="49%">&nbsp;</TD>
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  <TD style="border-bottom: #000000 1px solid"><B>Three Riverway, Suite
300<BR>
Houston, Texas<BR>
</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>77056</B></TD>
 </TR>
 <TR valign="top">
  <TD>(Address of Principal Executive Offices)</TD>
  <TD>&nbsp;</TD>
  <TD>(Zip Code)</TD>
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<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number,
including area code: <B>(713) 579-0600</B>
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 <TR>
  <TD nowrap>(Former name or former address if changed since last report.)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="left">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:

<P style="font-size: 10pt" align="left"><FONT face="Wingdings">o</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)<BR>
<BR>
<FONT face="Wingdings">o</FONT> Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


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  <TD nowrap align="left" width="3%"><B>Item&nbsp;5.02</B></TD>
  <TD width="1%">&nbsp;</TD>
  <TD>
<DIV style="text-align: justify"><B>Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers; Compensatory
Arrangement of Certain Officers.</B></DIV>
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<P style="font-size: 10pt; text-indent: 4%" align="justify">On
February&nbsp;10, 2009, Robert Rigdon, the Chief Operating Officer and Senior
Vice President of Corporate Development of Synthesis Energy Systems, Inc. (the
&#8220;Company&#8221;), and Kevin Kelly, the Company&#8217;s Controller and
Chief Accounting Officer, each participated in the Company&#8217;s option
exchange program.

<P style="font-size: 10pt; text-indent: 4%" align="justify">Prior to the
exchange, Mr.&nbsp;Rigdon had a grant of options to acquire 175,000 shares
which vested based on the achievement of certain performance criteria, as well
as options to purchase 175,000 shares of common stock which vested in four
equal installments, with the first installment vesting on the first anniversary
of the date of grant and the remainder vesting annually over the next three
years. As a result of the exchange, Mr.&nbsp;Rigdon has options to acquire
87,500 shares which vest based on the achievement of the same performance
criteria as the prior performance based grant, as well as options to purchase
87,500 shares of common stock on the same time based vesting schedule as the
prior time based grant. In addition, on the same date, the Company granted a
new option to Mr.&nbsp;Rigdon to acquire 75,000 shares of the Company&#8217;s
common stock, which options shall vest as to 25% of the shares on each of the
first four anniversary dates after the date of the new grant, beginning on the
first anniversary thereof. The exercise price for the new option grants is
$0.43 per share.

<P style="font-size: 10pt; text-indent: 4%" align="justify">Prior to the
exchange, Mr.&nbsp;Kelly had two grants of options, one to purchase 75,000
shares of common stock and one to purchase 25,000 shares, each of which vested
in four equal installments, with the first installment vesting on the first
anniversary of the date of grant and the remainder vesting annually over the
next three years. Mr.&nbsp;Kelly only exchanged his option to acquire 75,000
shares for a new grant to purchase 37,500 shares, on the same time based
vesting schedule as the original grant. The exercise price for the new option
grant is $0.43 per share.

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<P style="font-size: 10pt" align="center"><B>SIGNATURE</B>

<P style="font-size: 10pt; text-indent: 4%" align="justify">Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned thereunto duly
authorized.

<P style="font-size: 10pt; margin-left: 46%" align="justify"><B>Synthesis
Energy Systems, Inc.</B>

<P style="font-size: 10pt" align="justify">Dated: February&nbsp;17, 2009

<P style="margin-top: -11pt; font-size: 10pt; margin-left: 46%"
align="justify"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>/</B>s/
Timothy E.
Vail&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
<BR>
Timothy E. Vail <BR>
President and Chief Executive Officer

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{"company-data": {"conformed-name": "SYNTHESIS ENERGY SYSTEMS INC", "cik": "0001375063", "assigned-sic": "2990", "irs-number": "202110031", "state-of-incorporation": "DE", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-33522", "film-number": "09610778"}, "business-address": {"street1": "THREE RIVERWAY, SUITE 300", "city": "HOUSTON", "state": "TX", "zip": "77056", "phone": "713-579-0600"}, "mail-address": {"street1": "THREE RIVERWAY, SUITE 300", "city": "HOUSTON", "state": "TX", "zip": "77056"}}
Filed by Bowne Pure Compliance
UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest
event reported): February 17, 2009 (February 10, 2009)
Synthesis Energy Systems,
Inc.
(Exact name of registrant as
specified in its charter)
Delaware
001-33522
20-2110031
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
Three Riverway, Suite
300
Houston, Texas
77056
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number,
including area code:
(713) 579-0600
(Former name or former address if changed since last report.)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02
Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers; Compensatory
Arrangement of Certain Officers.
On
February 10, 2009, Robert Rigdon, the Chief Operating Officer and Senior
Vice President of Corporate Development of Synthesis Energy Systems, Inc. (the
"Company"), and Kevin Kelly, the Company's Controller and
Chief Accounting Officer, each participated in the Company's option
exchange program.
Prior to the
exchange, Mr. Rigdon had a grant of options to acquire 175,000 shares
which vested based on the achievement of certain performance criteria, as well
as options to purchase 175,000 shares of common stock which vested in four
equal installments, with the first installment vesting on the first anniversary
of the date of grant and the remainder vesting annually over the next three
years. As a result of the exchange, Mr. Rigdon has options to acquire
87,500 shares which vest based on the achievement of the same performance
criteria as the prior performance based grant, as well as options to purchase
87,500 shares of common stock on the same time based vesting schedule as the
prior time based grant. In addition, on the same date, the Company granted a
new option to Mr. Rigdon to acquire 75,000 shares of the Company's
common stock, which options shall vest as to 25% of the shares on each of the
first four anniversary dates after the date of the new grant, beginning on the
first anniversary thereof. The exercise price for the new option grants is
$0.43 per share.
Prior to the
exchange, Mr. Kelly had two grants of options, one to purchase 75,000
shares of common stock and one to purchase 25,000 shares, each of which vested
in four equal installments, with the first installment vesting on the first
anniversary of the date of grant and the remainder vesting annually over the
next three years. Mr. Kelly only exchanged his option to acquire 75,000
shares for a new grant to purchase 37,500 shares, on the same time based
vesting schedule as the original grant. The exercise price for the new option
grant is $0.43 per share.
SIGNATURE
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned thereunto duly
authorized.
Synthesis
Energy Systems, Inc.
Dated: February 17, 2009
/
s/
Timothy E.
Vail
Timothy E. Vail
President and Chief Executive Officer