# EDGAR Filing Document

**Accession Number:** 0001167419
**File Stem:** 0001104659-26-053120
**Filing Date:** 2026-4
**Character Count:** 869986
**Document Hash:** bef57fdcdee1c7835f9e7a8f6bca2ce4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-053120.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001104659-26-053120

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 107

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Riot Platforms, Inc.
- **CENTRAL INDEX KEY:** 0001167419
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 841553387
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33675
- **FILM NUMBER:** 26926915

**BUSINESS ADDRESS:**
- **STREET 1:** 3855 AMBROSIA STREET, SUITE 301
- **CITY:** CASTLE ROCK
- **STATE:** CO
- **ZIP:** 80109
- **BUSINESS PHONE:** 303-794-2000

**MAIL ADDRESS:**
- **STREET 1:** 3855 AMBROSIA STREET, SUITE 301
- **CITY:** CASTLE ROCK
- **STATE:** CO
- **ZIP:** 80109

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Riot Blockchain, Inc.
- **DATE OF NAME CHANGE:** 20171004

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Bioptix, Inc.
- **DATE OF NAME CHANGE:** 20161201

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Venaxis, Inc.
- **DATE OF NAME CHANGE:** 20121218

?xml version='1.0' encoding='ASCII'? RIOT PLATFORMS, INC._March 31, 2026

[**Table of Contents**](#TOC)

------

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

**☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended March 31, 2026**

**OR**

**☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to: &nbsp;&nbsp;&nbsp;&nbsp;** 

**Commission file number: 001-33675**

**RIOT PLATFORMS, INC.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Nevada** | **84-1553387** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |

---

---

| | |
|:---|:---|
| **3855 Ambrosia Street, Suite 301, Castle Rock, CO** | **80109** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code **(303) 794-2000**

Securities registered pursuant to Section 12(b) of the Securities Exchange Act:

---

| | | |
|:---|:---|:---|
| Securities registered under Section 12(b) of the Securities Exchange Act:<br>|  |  |
| **Common Stock, no par value per share** | **RIOT** | **The Nasdaq Capital Market** |
| (Title of class) | (Trading Symbol) | (Name of each exchange on which registered) |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒&nbsp;&nbsp;&nbsp;&nbsp; No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | |
|:---|:---|
| Large accelerated filer ☒ | Accelerated filer ☐ |
| Non-accelerated filer ☐ | Smaller reporting company ☐ |
| Emerging growth company ☐ |  |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 29, 2026, the registrant had 378,151,230 shares of its common stock, no par value per share, outstanding, which was the only class of its registered securities outstanding as of that date.

------

[**Table of Contents**](#TOC)

#### RIOT PLATFORMS, INC.

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
|  | [**PART I - FINANCIAL INFORMATION**](#PARTIFINANCIALINFORMATION_210425) |  |
| [Item 1.](#Item1FinancialStatements_674626) | [Financial Statements (Unaudited)](#Item1FinancialStatements_674626) | 1 |
|  | [Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025](#CondensedConsolidatedBalanceSheets_20817) | 1 |
|  | [Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025](#CondensedConsolidatedStatementsofOperati) | 2 |
|  | [Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2026 and 2025](#ConsolidatedStatementsofComprehensiveInc) | 3 |
|  | [Condensed Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2026 and 2025](#Equity) | 4 |
|  | [Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025](#CondensedConsolidatedStatementsofCashFlo) | 5 |
|  | [Notes to Condensed Consolidated Financial Statements](#Note1OrganizationandOperationofOurBusine) | 7 |
| [Item 2.](#Item2ManagementsDiscussionandAnalysisofF) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#Item2ManagementsDiscussionandAnalysisofF) | 31 |
| [Item 3.](#ITEM3QUANTITATIVEANDQUALITATIVEDISCLOSU) | [Quantitative and Qualitative Disclosures About Market Risk](#ITEM3QUANTITATIVEANDQUALITATIVEDISCLOSU) | 47 |
| [Item 4.](#Item4ControlsandProcedures_29895) | [Controls and Procedures](#Item4ControlsandProcedures_29895) | 48 |
|  | [**PART II - OTHER INFORMATION**](#PARTIIOTHERINFORMATION_625733) |  |
| [Item 1.](#Item1LegalProceedings_420083) | [Legal Proceedings](#Item1LegalProceedings_420083) | 48 |
| [Item 1A.](#Item1ARiskFactors_403105) | [Risk Factors](#Item1ARiskFactors_403105) | 48 |
| [Item 2.](#Item2UnregisteredSalesofEquitySecurities) | [Unregistered Sales of Equity Securities and Use of Proceeds](#Item2UnregisteredSalesofEquitySecurities) | 48 |
| [Item 5.](#Item5OtherInformation_616493) | [Other Information](#Item5OtherInformation_616493) | 49 |
| [Item 6.](#Item6Exhibits_38194) | [Exhibits](#Item6Exhibits_38194) | 50 |
| [Signatures](#SIGNATURES_407109) | [Signatures](#SIGNATURES_407109) | 52 |

---

i

[**Table of Contents**](#TOC)

As used in this Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026 (this "Quarterly Report"), the terms "we," "us," "our," the "Company," the "Registrant," "Riot Platforms," and "Riot" mean Riot Platforms, Inc., a Nevada corporation, and its consolidated subsidiaries, unless otherwise indicated.

#### CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 (the "PSLRA"). The Company may also make forward-looking statements in other reports and documents filed with the United States Securities and Exchange Commission (the "SEC"), including those that are incorporated by reference herein. All statements in this Quarterly Report and the documents incorporated by reference herein, other than statements of historical fact, are "forward-looking statements" within the scope of this cautionary note, including, but not limited to statements concerning: our plans, strategies and objectives for future operations, including the Company's strategic evolution from a bitcoin mining-focused enterprise to a diversified data center and digital infrastructure company; the integration of new equipment, systems, technologies, services or developments; the development, construction, and commissioning of the Company's power capacity for large-scale data center purposes, including artificial intelligence ("AI") and high-performance computing ("HPC") uses; the deployment of industrial-scale immersion-cooled bitcoin mining hardware at our Bitcoin Mining facilities in Kentucky and Texas; the anticipated demand for large-scale data centers and specialized compute infrastructure; forecasted delivery timelines for power, cooling, and networking infrastructure; future economic conditions, performance, or outlooks; future political and regulatory conditions; the outcome of contingencies; potential acquisitions or divestitures of digital infrastructure assets; the number and value of bitcoin rewards and transaction fees we earn from our Bitcoin Mining operations; future self-mining hash rate capacity; timing of receipt and deployment of miners; expected cash flows or capital expenditures related to data center build-outs; our beliefs or expectations; activities, events or developments that we intend, expect, project, believe, or anticipate will or may occur in the future; and assumptions underlying or based upon any of the foregoing. Forward-looking statements may be identified by their use of forward-looking terminology, such as "believes," "expects," "may," "should," "would," "will," "intends," "plans," "estimates," "anticipates," "projects," and similar words or expressions; however, forward-looking statements may be made without such terminology.

Such forward-looking statements reflect our management's current opinions, expectations, beliefs, and assumptions regarding future events based on information available as of the date made. These statements are subject to risks and uncertainties, both identified and unidentified by management, which may prevent anticipated results from materializing or prove to be inaccurate. Such risk factors are described in greater detail under the heading "Risk Factors" in Part II, Item 1A of this Quarterly Report and in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 ("2025 Annual Report"), as well as under similar headings in subsequent filings we may make with the SEC. Management cannot predict all risks, their potential impact on our business, or the extent to which any factor, or combination of factors may cause our actual results to differ from any forward-looking statements we may make. You should not place undue reliance on these forward-looking statements, which represent management's views only as of the date the statements are made and do not guarantee future performance or results. Should any risks or uncertainties develop into actual events, these developments could have a material adverse effect on our business, financial condition, results of operations, stockholders' equity, cash flows, and the market price of our securities.

Accordingly, you should read this Quarterly Report and the other filings we make with the SEC, in their entirety, recognizing that our future results may differ materially from our historical results and from the results expressed in or implied by forward-looking statements. The forward-looking statements contained in this Quarterly Report and other reports and the documents incorporated by reference herein speak only as of the date they are made and, unless otherwise required by applicable securities laws, we disclaim any intention or obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements are expressly qualified by these cautionary statements and are made in reliance on the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the PSLRA.

As used throughout this Quarterly Report, the term "Bitcoin" with a capital "B" is used to denote the Bitcoin protocol, which implements a highly available, public, permanent, and decentralized ledger. The term "bitcoin" with a lower case "b" is used to denote the coin, bitcoin.

ii

[**Table of Contents**](#TOC)

#### PART I - FINANCIAL INFORMATION

#### Item 1. Financial Statements
**Riot Platforms, Inc.**

**Condensed Consolidated Balance Sheets**

(Unaudited; in thousands, except for share amounts)

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| **ASSETS** |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $205666 | $233517 |
| &nbsp;&nbsp;Restricted cash | 76873 | 76272 |
| &nbsp;&nbsp;Accounts receivable, net | 66569 | 29788 |
| &nbsp;&nbsp;Contract assets | 14100 | 8308 |
| &nbsp;&nbsp;Prepaid expenses and other current assets | 76053 | 59447 |
| &nbsp;&nbsp;Derivative assets, current portion | 23404 | 41378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 462665 | 448710 |
| Property and equipment, net | 1585891 | 1528716 |
| Bitcoin | 673885 | 1227462 |
| Restricted bitcoin | 395810 | 347979 |
| Deposits | 38740 | 76511 |
| Finite-lived intangible assets, net | 29246 | 30187 |
| Derivative assets, less current portion | 73714 | 106670 |
| Right-of-use assets | 38896 | 30171 |
| Goodwill | 122499 | 122499 |
| Other long-term assets | 16674 | 17862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**3438020** | $**3936767** |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;Accounts payable | $10686 | $23420 |
| &nbsp;&nbsp;Contract liabilities | 64707 | 37117 |
| &nbsp;&nbsp;Accrued expenses and other current liabilities | 82171 | 142852 |
| &nbsp;&nbsp;Contingent consideration liabilities, current portion | 8195 | 6185 |
| &nbsp;&nbsp;Current portion of debt | 254502 | 253887 |
| &nbsp;&nbsp;Operating lease liability, current portion | 9058 | 6314 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 429319 | 469775 |
| Operating lease liability, less current portion | 25964 | 19648 |
| Contingent consideration liabilities, less current portion |  | 2010 |
| Debt, less current portion | 587661 | 586909 |
| Other long-term liabilities | 373 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **1043317** | **1078361** |
| **Commitments and contingencies - Note 16** |  |  |
| **Stockholders' equity** |  |  |
| &nbsp;&nbsp;Preferred stock, no par value, 15,000,000 shares authorized: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2% Series A Convertible Preferred stock, 2,000,000 shares authorized; no shares issued and outstanding as of March 31, 2026 and December 31, 2025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0% Series B Convertible Preferred stock, 1,750,001 shares authorized; no shares issued and outstanding as of March 31, 2026 and December 31, 2025 |  |  |
| &nbsp;&nbsp;Common stock, no par value; 680,000,000 shares authorized; 378,978,341 and 371,575,652 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | 4248780 | 4212006 |
| &nbsp;&nbsp;Accumulated deficit | (1854077) | (1353600) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 2394703 | 2858406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and stockholders' equity** | $**3438020** | $**3936767** |

---

See accompanying Notes to Condensed Consolidated Financial Statements.

[**Table of Contents**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;

**Riot Platforms, Inc.**

**Condensed Consolidated Statements of Operations**

(Unaudited; in thousands, except for share and per share amounts)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  |
|  | **March 31,**  | **March 31,**  |
|  | **2026** | **2025** |
| Revenue: |  |  |
| &nbsp;&nbsp;Bitcoin Mining | $111895 | $142859 |
| &nbsp;&nbsp;Data Center | 33150 |  |
| &nbsp;&nbsp;Engineering | 22174 | 13920 |
| &nbsp;&nbsp;Other |  | 4608 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 167219 | 161387 |
| Costs and expenses: |  |  |
| &nbsp;&nbsp;Cost of revenue (excludes depreciation and amortization presented below): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bitcoin Mining | 86762 | 74818 |
| &nbsp;&nbsp;&nbsp;&nbsp;Data Center | 30773 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Engineering | 18141 | 11806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  | 8965 |
| &nbsp;&nbsp;Acquisition-related costs |  | 76 |
| &nbsp;&nbsp;Selling, general, and administrative | 76180 | 71448 |
| &nbsp;&nbsp;Depreciation and amortization | 97734 | 77926 |
| &nbsp;&nbsp;Change in fair value of bitcoin | 326669 | 208040 |
| &nbsp;&nbsp;Change in fair value of derivatives | 51852 | (41894) |
| &nbsp;&nbsp;Power curtailment credits | (21023) | (7801) |
| &nbsp;&nbsp;Change in fair value of contingent consideration |  | (8252) |
| &nbsp;&nbsp;Loss (gain) on sale of equipment |  | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | 667088 | 395261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income (loss) | (499869) | (233874) |
| Other income (expense): |  |  |
| &nbsp;&nbsp;Interest income | 2313 | 3397 |
| &nbsp;&nbsp;Interest expense | (2618) | (2308) |
| &nbsp;&nbsp;Loss on equity method investment - marketable securities |  | (63238) |
| &nbsp;&nbsp;Other income (expense) | (12) | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense) | (317) | (62056) |
| Net income (loss) before taxes | (500186) | (295930) |
| Current income tax benefit (expense) | (291) | (437) |
| Net income (loss) | $(500477) | $(296367) |
| Basic and diluted net income (loss) per share | $(1.44) | $(0.90) |
| Basic and diluted weighted average number of shares outstanding | 347624244 | 329508458 |

---

See accompanying Notes to Condensed Consolidated Financial Statements.

[**Table of Contents**](#TOC)

**Riot Platforms, Inc.**

**Condensed Consolidated Statements of Comprehensive Income (Loss)**

(Unaudited; in thousands)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  |
|  | **March 31,**  | **March 31,**  |
|  | **2026** | **2025** |
| Net income (loss) | $(500477) | $(296367) |
| &nbsp;&nbsp;Other comprehensive income (loss): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized holding gains (losses) on convertible note |  | 23 |
| Comprehensive income (loss) | $(500477) | $(296344) |

---

See accompanying Notes to Condensed Consolidated Financial Statements.

[**Table of Contents**](#TOC)

**Riot Platforms, Inc.**

**Condensed Consolidated Statements of Stockholders' Equity**

(Unaudited; in thousands, except for share amounts)

**Three Months Ended March 31, 2026**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | |
|  | **Shares** | **Amount** | <br>**Accumulated**<br>**deficit** | **Total**<br>**stockholders'** <br>**equity** |
| **Balance as of January 1, 2026** | **371575652** | $**4212006** | $**(1353600)** | $**2858406** |
| &nbsp;&nbsp;Issuance of restricted stock, net of forfeitures and delivery of common stock underlying stock awards, net of tax withholding | 7402689 | (2020) |  | (2020) |
| &nbsp;&nbsp;Issuance of common stock/At-the-market offering, net of offering costs |  | (372) |  | (372) |
| &nbsp;&nbsp;Stock-based compensation |  | 39166 |  | 39166 |
| &nbsp;&nbsp;Net income (loss) |  |  | (500477) | (500477) |
| **Balance as of March 31, 2026** | **378978341** | $**4248780** | $**(1854077)** | $**2394703** |

---

**Three Months Ended March 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | |
|  | **Shares** | **Amount** | <br>**Accumulated**<br>**deficit** | **Accumulated other**<br>**comprehensive**<br>**income (loss)** | **Total**<br>**stockholders'**<br>**equity** |
| **Balance as of January 1, 2025** | **344890208** | $**3833882** | $**(690419)** | $**222** | $**3143685** |
| &nbsp;&nbsp;Issuance of restricted stock, net of forfeitures and delivery of common stock underlying stock awards, net of tax withholding | (74514) | (484) |  |  | (484) |
| &nbsp;&nbsp;Issuance of common stock/At-the-market offering, net of offering costs | 5368600 | 68405 |  |  | 68405 |
| &nbsp;&nbsp;Stock-based compensation |  | 29576 |  |  | 29576 |
| &nbsp;&nbsp;Net income (loss) |  |  | (296367) |  | (296367) |
| &nbsp;&nbsp;Other comprehensive income (loss) |  |  |  | 23 | 23 |
| **Balance as of March 31, 2025** | **350184294** | $**3931379** | $**(986786)** | $**245** | $**2944838** |

---

See accompanying Notes to Condensed Consolidated Financial Statements.

[**Table of Contents**](#TOC)

**Riot Platforms, Inc.**

**Condensed Consolidated Statements of Cash Flows**

(Unaudited; in thousands)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  |
|  | **March 31,**  | **March 31,**  |
|  | **2026** | **2025** |
| **Operating activities** |  |  |
| Net income (loss) | $(500477) | $(296367) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;Stock-based compensation | 39166 | 29576 |
| &nbsp;&nbsp;Depreciation and amortization | 97734 | 77926 |
| &nbsp;&nbsp;Amortization of license fee revenue |  | (24) |
| &nbsp;&nbsp;Noncash lease expense | 2158 | 1261 |
| &nbsp;&nbsp;Amortization of debt issuance costs | 1367 | 752 |
| &nbsp;&nbsp;Change in fair value of bitcoin | 326669 | 208040 |
| &nbsp;&nbsp;Change in fair value of derivatives | 51852 | (41894) |
| &nbsp;&nbsp;Change in fair value of contingent consideration |  | (8252) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on equity method investment - marketable securities |  | 63238 |
| &nbsp;&nbsp;Loss (gain) on sale of equipment |  | 129 |
| &nbsp;&nbsp;Revenue recognized from bitcoin mined | (111895) | (142859) |
| Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;(Increase)/decrease in operating assets | (58121) | 39 |
| &nbsp;&nbsp;Increase/(decrease) in operating liabilities | (31104) | (13625) |
| Net cash provided by (used in) operating activities | (182651) | (122060) |
| **Investing activities** |  |  |
| &nbsp;&nbsp;Deposits on equipment | (16184) | (26655) |
| &nbsp;&nbsp;Proceeds from sale of bitcoin | 289484 |  |
| &nbsp;&nbsp;Security deposits | (42) | 286 |
| &nbsp;&nbsp;Purchases of property and equipment, including construction in progress | (115465) | (32858) |
| Net cash provided by (used in) investing activities | 157793 | (59227) |
| **Financing activities** |  |  |
| &nbsp;&nbsp;Proceeds from the issuance of common stock / At-the-market offering |  | 70035 |
| &nbsp;&nbsp;Offering costs for the issuance of common stock / At-the-market offering | (372) | (1630) |
| &nbsp;&nbsp;Debt issuance costs |  | (64) |
| &nbsp;&nbsp;Repurchase of common shares to pay employee withholding taxes | (2020) | (484) |
| Net cash provided by (used in) financing activities | (2392) | 67857 |
| Net increase (decrease) in cash and cash equivalents and restricted cash | (27250) | (113430) |
| Cash and cash equivalents and restricted cash at beginning of period | 309789 | 351301 |
| &nbsp;&nbsp;Cash and cash equivalents and restricted cash at end of period | $282539 | $237871 |

---

See accompanying Notes to Condensed Consolidated Financial Statements.

[**Table of Contents**](#TOC)

**Riot Platforms, Inc.**

**Condensed Consolidated Statements of Cash Flows – Continued**

(Unaudited; in thousands)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
|  | **2026** | **2025** |
| **Supplemental information:** |  |  |
| &nbsp;&nbsp;Cash paid for interest | $7008 | $— |
| &nbsp;&nbsp;Cash paid for taxes | $30 | $31 |
| Non-cash transactions |  |  |
| &nbsp;&nbsp;Reclassification of deposits to property and equipment | $53997 | $11252 |
| &nbsp;&nbsp;Construction in progress included in accrued expenses and other current liabilities | $35678 | $6961 |
| &nbsp;&nbsp;Bitcoin exchanged for employee compensation | $1618 | $2950 |
| &nbsp;&nbsp;Right-of-use assets exchanged for new operating lease liabilities | $10999 | $5962 |
| The following reconciles cash, cash equivalents, and restricted cash to the amounts presented above: |  |  |
| &nbsp;&nbsp;Cash, cash equivalents, and restricted cash, beginning of the period: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $233517 | $277860 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 76272 | 73441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash, cash equivalents, and restricted cash as presented above | $309789 | $351301 |
| &nbsp;&nbsp;Cash, cash equivalents, and restricted cash, end of the period: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $205666 | $163719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 76873 | 74152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash, cash equivalents, and restricted cash as presented above | $282539 | $237871 |

---

See accompanying Notes to Condensed Consolidated Financial Statements.

[**Table of Contents**](#TOC)

**Riot Platforms, Inc.**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

**Note 1. Organization and Description of Business**

Riot Platforms, Inc. is a vertically integrated digital infrastructure company principally engaged in developing and optimizing its large-scale power assets. The Company's business strategy centers on enhancing its electrical infrastructure and deploying it across complementary platforms: (i) bitcoin mining and (ii) scalable data center solutions designed to support non-mining workloads. By leveraging its energy portfolio, engineering capabilities, and operational footprint, the Company aims to capitalize on both the long-term potential of bitcoin and the accelerating demand for power-intensive compute.

The Company owns and manages multiple large-scale data center facilities in Texas and Kentucky. The Company provides mission-critical power and infrastructure for Bitcoin Mining at its facilities in Rockdale, Texas (the "Rockdale Facility"), Navarro County, Texas (the "Corsicana Facility"), and its two sites in Kentucky (the "Kentucky Facility", and together with the Rockdale Facility and the Corsicana Facility, the "Facilities"), and for non-mining Data Center operations at the Rockdale Facility. The Rockdale Facility currently provides up to approximately 700 megawatts ("MW") of developed capacity for Bitcoin Mining and data center leasing. The Corsicana Facility is currently equipped to provide up to 400 MW of developed capacity for Bitcoin Mining, and upon completion, is expected to have a total of approximately one gigawatt ("GW") of developed capacity available for high-density compute workloads. The Kentucky Facility currently provides 162 MW of developed capacity.

In 2025, the Company began leveraging its core competencies in power optimization, strategic land acquisition, engineering design, and construction execution to actively pursue opportunities to develop and monetize portions of its existing facilities and power pipeline through the provision of data center leasing services. In January 2026, the Company and Advanced Micro Devices, Inc. ("AMD") entered into a long-term data center lease agreement (the "AMD Lease") at the Rockdale Facility for an initial deployment of 25 MW of critical IT load capacity, with the potential for additional expansion of up to a total of 200 MW of critical IT load capacity. In April 2026, the Company and AMD entered into an amendment to the AMD Lease to provide an additional 25 MW of critical IT load capacity (See Note 3. *Data Center Operations*).

As described in Note 18. *Segment Information*, the Company operates in three reportable business segments: Bitcoin Mining, Data Center, and Engineering.

#### Note 2. Summary of Significant Accounting Policies and Recent Accounting Pronouncements

#### Basis of presentation and principles of consolidation
The accompanying unaudited condensed consolidated financial statements ("Condensed Consolidated Financial Statements") and these notes ("Notes") have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). In the opinion of management, the Condensed Consolidated Financial Statements reflect all adjustments, consisting of normal and recurring adjustments, considered necessary for a fair presentation of such interim results. Unless otherwise indicated, amounts are stated in thousands of U.S. dollars, except for: share, per share, megawatt hours ("MWh") and miner quantities; bitcoin quantities, prices, and hash rate; cost to mine one bitcoin; and production value of one bitcoin mined.

The results in the Condensed Consolidated Financial Statements and these Notes include required estimates and assumptions of management, and they are not necessarily indicative of results to be expected for the year ending December 31, 2026, or for any future interim period. Further, the Condensed Consolidated Financial Statements and these Notes do not include all the information and notes required by GAAP for a complete presentation of annual financial statements. As such, the Condensed Consolidated Financial Statements and these Notes should be read in conjunction with the consolidated financial statements for the year ended December 31, 2025, and notes thereto, included in the 2025 Annual Report.

***Use of estimates***

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the balance sheets, and the reported amounts of revenue and expenses during the reporting periods. Actual results may differ materially from those estimates. The most significant accounting estimates inherent in the preparation of the Company's financial statements include revenue recognition; valuation of the derivatives classified under Level 3 on the fair value hierarchy; determination of the useful lives and recoverability of long-lived assets; impairment analysis of fixed assets and finite-lived intangibles; impairment analysis of

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**Riot Platforms, Inc.**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

goodwill; allocating the fair value of purchase consideration to assets acquired and liabilities assumed in business acquisitions; stock-based compensation; and the valuation allowance associated with the Company's deferred tax assets.

#### Reclassifications
Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications did not have a material impact on the Company's Condensed Consolidated Financial Statements and related disclosures.

#### Significant Accounting Policies
Except for the updates noted below, see the Company's 2025 Annual Report for a detailed discussion of the Company's significant accounting policies.

***Revenue Recognition***

*Data Center Revenue* 

The Company generates revenue from its Data Center operations by leasing certain of its property and power access to tenants. Those leases include lease and non-lease components. The Company elected the practical expedient under ASC Topic 842, *Leases* ("ASC 842") to combine lease components and non-lease components, including provisioning of power, with the same transfer pattern as lease components. If the lease components are predominant and the underlying leases qualify as operating leases, the combined component is accounted for under ASC 842 as lease revenue. Recognition begins when the asset is available for customer use. The Company classifies its leases as operating, sales-type, or direct financing at lease commencement, which determines the pattern of revenue recognition and the presentation of lease-related activity in the Condensed Consolidated Statements of Operations over the lease term.

The Company provides tenant fit-out services, including the procurement and installation of equipment, in accordance with the terms of the respective lease agreements. Tenants are required to reimburse the Company for all costs incurred in the provision of these services. Tenant fit-out services do not have the same transfer pattern as the lease components and are therefore subject to recognition under ASC Topic 606, *Revenue from Contracts with Customers* ("ASC 606"). Tenant fit-out reimbursement revenue is recognized using the percentage-of-completion method, calculated by dividing the total costs incurred by total costs expected to be incurred, which the Company believes to be the most accurate measure of progress toward the satisfaction of the performance obligation.

***Contract Balances***

The timing of revenue recognition, billings, and cash collections result in accounts receivables, contract assets, and contract liabilities. A receivable is recorded at the invoice amount, net of an allowance for credit losses, in the period in which products or services are provided and when the right to consideration is unconditional. In instances where the timing of revenue recognition differs from the timing of invoicing, the Company has determined that its contracts do not include a significant financing component. The Company assesses collectability based on several factors, including its past transaction history with the customer and the creditworthiness of the customer.

Any amounts that were previously recognized as revenue and subsequently determined to be uncollectible are charged to bad debt expense.

A contract asset exists when products or provided services have been transferred to customers but payment is conditioned on reasons other than the passage of time, such as upon the satisfaction of additional performance obligations. Revenue is recognized over the contract term, which could potentially give rise to contract assets during certain periods.

A contract liability is recognized when the Company has an unconditional right to a payment before it transfers the products or services to customers.

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**Riot Platforms, Inc.**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

***Change in Reportable Segments***

As of December 31, 2025, the Company operated in two reportable business segments: Bitcoin Mining and Engineering. As of March 31, 2026, the Company operated in three reportable business segments: Bitcoin Mining, Data Cener, and Engineering.

During the three months ended March 31, 2026, the Company's execution of a significant data center lease with AMD resulted in material Data Center revenue and the commencement of discrete financial performance analysis by the chief operating decision maker ("CODM"). Accordingly, the Company's data center operations now meet the quantitative and qualitative requirements to be recognized as a separate reportable segment.

Prior to 2024, the Company had a legacy Data Center Hosting bitcoin mining segment as a separate operating and reportable segment but has since terminated all contracts with its legacy Data Center Hosting bitcoin mining customers. Commencing in the three months ended March 31, 2024, the CODM ceased analyzing the performance of the Data Center Hosting operations and the Company ceased reporting Data Center Hosting as a separate reportable business segment. Residual activity of the legacy Data Center Hosting bitcoin mining segment is included in *Revenue: Other revenue* on the Condensed Consolidated Statements of Operations. The Company has no plans to offer data center hosting bitcoin mining services to new customers. The Company's new Data Center operating segment is not a recommencing of the legacy Data Center Hosting bitcoin mining operations because the new Data Center operating segment offers different services and has different processes, customer types, and economic characteristics from the legacy Data Center Hosting bitcoin mining segment.

See Note 18. *Segment Information* for further discussion of the Company's reportable segments.

#### Recently Issued Accounting Pronouncements
The Company continually assesses new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company's financial reporting, the Company undertakes a study to determine the consequences of such change to its Condensed Consolidated Financial Statements and ensures that there are proper controls in place to ensure that the Company's Condensed Consolidated Financial Statements properly reflect the change.

In November 2024, the FASB issued ASU No. 2024-03, *Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)* ("ASU 2024-03"). ASU 2024-03 requires, in the notes to the annual and interim financial statements, disaggregated information about certain income statement expense line items. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the impact of the updated guidance on the Company's Consolidated Financial Statements and disclosures.

#### Note 3. Data Center Operations
In 2025, the Company began leveraging its core competencies in power optimization, strategic land acquisition, engineering design, and construction execution to actively pursue opportunities to develop and monetize portions of its existing facilities and power pipeline through the provision of data center leasing services.

*AMD Lease*

In January 2026, the Company entered into the AMD Lease, a long-term data center lease agreement with AMD, a leading innovator in high-performance computing, graphics, and visualization technologies, at the Rockdale Facility. The AMD Lease includes an initial deployment of 25 MW of critical IT load capacity to be delivered in phases beginning with 5 MW of critical IT load capacity that was delivered in January 2026 and a remaining 20 MW that is anticipated to be delivered in May 2026. The AMD Lease carries a term of 10 years, with three five-year extension options. The AMD Lease included an expansion option for an additional 75 MW of critical IT load capacity and a right of first refusal for another 100 MW, totaling 200 MW.

In April 2026, the Company entered into an amendment to the AMD Lease (the "AMD Lease Amendment") to exercise a portion of the existing expansion option in the AMD Lease to provide an additional deployment of 25 MW of critical IT load capacity. Under the AMD Lease Amendment, AMD holds a remaining balance of 50 MW of reserved critical IT load capacity under the existing

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**Riot Platforms, Inc.**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

expansion option. The AMD Lease Amendment also grants AMD a conditional, first-priority right to lease up to an additional 100 MW of critical IT load capacity, exercisable in increments of not less than 50 MW. If both the remaining 50 MW of reserved capacity under the existing expansion option and the additional 100 MW option are fully exercised, AMD's total leased capacity at the Rockdale Facility would increase to 200 MW. This conditional, first-priority right replaces the right of first refusal for an additional 100 MW previously granted to AMD in the AMD Lease.

Under the AMD Lease, power is provided to AMD at pass-through rates and recognized as variable lease revenue in the same period the related expenses are incurred.

The Company is also required to provide tenant fit-out services to AMD. Tenant fit-out services include the procurement and installation of customer-specific equipment provided in accordance with the terms of the agreement. All associated costs incurred by the Company plus a margin, will be reimbursable and paid by AMD. For the three months ended March 31, 2026, the Company incurred total costs of $30.7 million.

The following table presents the components of the Company's Data Center revenue for the three months ended March 31, 2026:

---

| | |
|:---|:---|
| Operating lease revenue | $900 |
| Variable lease revenue, including power reimbursement | 27 |
| Tenant fit-out reimbursement revenue | 32223 |
| &nbsp;&nbsp;Total Data Center revenue | $33150 |

---

The following table presents the Company's future minimum operating lease payments to be received as of March 31, 2026. The table only includes base rent and excludes reimbursements and variable lease components:

---

| | |
|:---|:---|
| Remainder of 2026 | $18450 |
| 2027 | 27540 |
| 2028 | 28366 |
| 2029 | 29218 |
| 2030 | 30095 |
| Thereafter | 176306 |
| &nbsp;&nbsp;Total undiscounted lease payments | $309975 |

---

#### Note 4. Revenue from Contracts with Customers

#### Disaggregated revenue
Revenue disaggregated by reportable segment is presented in Note 18. *Segment Information*.

#### Contract balances
Contract assets relate to uncompleted Engineering contracts and uncompleted amounts related to Data Center tenant fit-out services. As of March 31, 2026 and December 31, 2025, contract assets were $14.1 million and $8.3 million, respectively. As of December 31, 2025, all contract assets were attributable to Engineering. As of March 31, 2026, $7.1 million of the contract assets were attributable to Engineering contracts and $7.0 million were attributable to Data Center tenant fit-out services as a result of incurring costs in excess of amounts billed.

Contract liabilities relate to uncompleted Engineering contracts. As of March 31, 2026 and December 31, 2025, contract liabilities were $64.7 million and $37.1 million, respectively.

During the three months ended March 31, 2026 and 2025, $10.0 million and $4.5 million, respectively, of the beginning balance of contract liabilities were recognized as revenue.

During the three months ended March 31, 2026 and 2025, $(0.4) million and $1.6 million, respectively, were recognized as revenue as a result of satisfying performance obligations in previous periods.

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**Riot Platforms, Inc.**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

#### Remaining performance obligation
The following table presents the estimated future recognition of the Company's remaining performance obligations, which represent the transaction price of current contracts for work to be performed.

---

| | | | |
|:---|:---|:---|:---|
|  | **Remainder of**<br>**2026** | **2027** | <br>**Total** |
| Data Center | $17347 | $— | $17347 |
| Engineering | $170127 | $59751 | $229878 |

---

#### Note 5. Bitcoin
The following table presents information about the Company's bitcoin:

---

| | | |
|:---|:---|:---|
|  | **Quantity** | **Amounts** |
| **Balance as of January 1, 2026** | **18005** | $**1575441** |
| &nbsp;&nbsp;Revenue recognized from bitcoin mined | 1473 | 111895 |
| &nbsp;&nbsp;Change in bitcoin receivable | (3) | 130 |
| &nbsp;&nbsp;Proceeds from sale of bitcoin | (3778) | (289484) |
| &nbsp;&nbsp;Exchange of bitcoin for employee compensation | (18) | (1618) |
| &nbsp;&nbsp;Change in fair value of bitcoin |  | (326669) |
| **Balance as of March 31, 2026** | **15679** | $**1069695** |
| The following reconciles *Bitcoin* and *Restricted bitcoin* as of March 31, 2026 to the amounts above: |  |  |
| &nbsp;&nbsp;Bitcoin | 9877 | $673885 |
| &nbsp;&nbsp;Restricted bitcoin <sup>(a)</sup> | 5802 | $395810 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **15679** | $**1069695** |
| Carrying value of bitcoin as of March 31, 2026 <sup>(b)</sup> |  | $1359463 |
| Realized (loss) on the sale or exchange of bitcoin for the three months ended March 31, 2026 <sup>(c)</sup> |  | $(41074) |
| **Balance as of January 1, 2025** | **17722** | $**1654468** |
| &nbsp;&nbsp;Revenue recognized from bitcoin mined | 1530 | 142859 |
| &nbsp;&nbsp;Change in bitcoin receivable | 1 | 208 |
| &nbsp;&nbsp;Exchange of bitcoin for employee compensation | (30) | (2950) |
| &nbsp;&nbsp;Change in fair value of bitcoin |  | (208040) |
| **Balance as of March 31, 2025** | **19223** | $**1586545** |
| Carrying value of bitcoin as of March 31, 2025 <sup>(b)</sup> |  | $1233849 |
| Realized gains on the sale or exchange of bitcoin for the three months ended March 31, 2025 <sup>(c)</sup> |  | $147 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Restricted bitcoin is the Company's bitcoin pledged as collateral for the Company's $200 million credit facility. See Note 11. *Debt* for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The carrying value of bitcoin is equal to the initial value of bitcoin as determined for revenue recognition purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Bitcoin is sold on a first-in, first-out (FIFO) basis. Realized gains (losses) recognized on sales of bitcoin and exchanges of bitcoin for employee compensation are included in *Change in fair value of bitcoin* on the Condensed Consolidated Statements of Operations.

All additions of bitcoin during the periods presented were the result of bitcoin generated by the Company's Bitcoin Mining operations. All dispositions of bitcoin were the result of sales on the open market to fund Company operations and for compensation for certain employees.

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**Riot Platforms, Inc.**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

#### Note 6. Property and Equipment
The following table presents the Company's property and equipment:

---

| | | |
|:---|:---|:---|
|  | **March 31,** <br>**2026** | **December 31,** <br>**2025** |
| Buildings and building improvements | $844875 | $803027 |
| Land rights and land improvements | 160333 | 160333 |
| Miners and mining equipment | 862721 | 945700 |
| Machinery and facility equipment | 62091 | 54948 |
| Office and computer equipment | 4418 | 4132 |
| Construction in progress | 213852 | 165621 |
| &nbsp;&nbsp;Total cost of property and equipment | 2148290 | 2133761 |
| Less accumulated depreciation | (562399) | (605045) |
| &nbsp;&nbsp;Property and equipment, net | $1585891 | $1528716 |

---

The Company did not incur any impairment charges for its property and equipment during the three months ended March 31, 2026 and 2025.

For the three months ended March 31, 2026 and 2025, depreciation expense related to property and equipment totaled $96.7 million and $76.9 million, respectively.

***Miners and mining equipment***

As of March 31, 2026, the Company had deployed miners in its Bitcoin Mining operations at each of the Facilities.

During the year ended December 31, 2023, the Company entered into a long-term master purchase and sales agreement, dated as of June 23, 2023, as amended (the "Master Agreement"), to acquire miners from MicroBT Electronics Technology Co., Ltd., through its manufacturing affiliate, SuperAcme Technology (Hong Kong) Limited (collectively, "MicroBT"). In 2023, 2024, and 2025, the Company executed purchase orders with MicroBT to acquire U.S.-manufactured miners with a total hash rate of 49.2 exahash per second ("EH/s"), for a total purchase price of approximately $779.5 million, subject to downward adjustment, as provided under the Master Agreement. Delivery of these miners began in 2023, and all miners under these purchase orders are expected to be received by the second quarter of 2026, with deployment continuing on an ongoing basis.

#### Note 7. Intangible Assets
***Finite-lived intangible assets***

The following table presents the Company's finite-lived intangible assets as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Gross**<br>**book value** | <br>**Accumulated**<br>**amortization** | <br>**Net book**<br>**value** | **Weighted-**<br>**average life**<br>**(years)** |
| Customer contracts | $29400 | $(5670) | $23730 | 10 |
| Trademark | 6100 | (2309) | 3791 | 10 |
| UL Listings | 2700 | (975) | 1725 | 12 |
| Patent licenses | 10060 | (10060) |  | Various |
| &nbsp;&nbsp;Finite-lived intangible assets | $48260 | $(19014) | $29246 |  |

---

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**Riot Platforms, Inc.**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

The following table presents the Company's finite-lived intangible assets as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Gross**<br>**book value** | <br>**Accumulated**<br>**amortization** | <br>**Net book**<br>**value** | **Weighted-**<br>**average life**<br>**(years)** |
| Customer contracts | $29400 | $(4938) | $24462 | 10 |
| Trademark | 6100 | (2156) | 3944 | 10 |
| UL Listings | 2700 | (919) | 1781 | 12 |
| Patent licenses | 10060 | (10060) |  | Various |
| &nbsp;&nbsp;Finite-lived intangible assets | $48260 | $(18073) | $30187 |  |

---

For the three months ended March 31, 2026 and 2025, amortization expense related to finite-lived intangible assets was $0.9 million and $1.0 million, respectively.

The following table presents the estimated future amortization of the Company's finite-lived intangible assets as of March 31, 2026:

---

| | |
|:---|:---|
| Remainder of 2026 | $2831 |
| 2027 | 3775 |
| 2028 | 3775 |
| 2029 | 3775 |
| 2030 | 3775 |
| Thereafter | 11315 |
| &nbsp;&nbsp;Total | $29246 |

---

The Company did not identify any impairment of its finite-lived intangible assets during the three months ended March 31, 2026 and 2025.

#### Note 8. Power Supply Agreements
***Rockdale Facility***

*Power Purchase Agreement* 

In May 2020, the Company's subsidiary, Whinstone entered into a long-term power purchase agreement (the "Rockdale PPA") to provide power at fixed prices to the Rockdale Facility, via the nearby Sandow Switch. Pursuant to the Rockdale PPA, the Company agreed to acquire a total of 345 MW of long-term, fixed-price power, in multiple blocks, as follows: 130 MW contracted in May 2020, through April 30, 2030; 65 MW contracted in March 2022, through April 30, 2030; and 150 MW contracted in November 2022, through October 31, 2027. Additionally, the Rockdale PPA allows for the purchase of additional power at market prices, as needed.

Under the Rockdale PPA, the Company may also elect not to utilize its long-term, fixed-price power for its operations, and instead elect to sell that power in exchange for credits against future power costs when there is a benefit to the Company, depending on the spot market price of electricity. The Company's power strategy combines participation in Demand Response Service Programs, as defined below, participation in ERCOT's Four Coincident Peak program (the "4CP Program"), and sales of power, to attempt to manage operating costs most efficiently.

During the three months ended March 31, 2026 and 2025, the Company earned credits against future power costs in exchange for power resold of approximately $21.0 million and $7.8 million, respectively. These amounts are recorded in *Power curtailment credits* on the Condensed Consolidated Statements of Operations.

The Company determined the Rockdale PPA meets the definition of a derivative because it allows for net settlement. However, because the Company has the ability to offer the power back for sale outside of the Rockdale PPA, rather than taking physical delivery, the Company determined that physical delivery is not probable through the entirety of the contract and therefore, the Company does not believe the normal purchases and normal sales scope exception applies to the Rockdale PPA. Accordingly, the

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**Riot Platforms, Inc.**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

Rockdale PPA (a non-hedging derivative contract) is accounted for as a derivative and recorded at its estimated fair value, with the change in the fair value recorded in *Change in fair value of derivatives* on the Condensed Consolidated Statements of Operations. The Rockdale PPA is not designated as a hedging instrument. The Demand Response Service Programs (as defined below), and the 4CP Program are not part of the Rockdale PPA and are therefore not subject to treatment and valuation as a derivative along with the Rockdale PPA.

The terms of the Rockdale PPA require margin-based collateral, calculated as exposure resulting from fluctuations in the market rate of electricity relative to the fixed price stated in the contract. As of March 31, 2026, the margin-based collateral requirement was zero.

While the Company manages operating costs at the Rockdale Facility in part by periodically selling back unused or uneconomic power, the Company does not consider such actions to be trading activities.

*Demand Response Service Programs*

ERCOT has implemented demand response service programs for customers, such as the Company, that have the ability to reduce or modify electricity use in response to ERCOT instructions or signals ("Demand Response Service Programs"). These Demand Response Service Programs provide the ERCOT market with valuable grid stability and economic services by helping to preserve system reliability, enhancing competition and load predictability, mitigating price spikes, and stabilizing the grid by encouraging the demand side of the market to give more visibility and control of their power consumption to grid operators. Market participants with flexible electrical loads, like the Company, may participate in these Demand Response Service Programs directly by offering their electrical loads into the ERCOT markets, or indirectly by voluntarily reducing their energy usage in response to increasing power demand in the ERCOT marketplace. The Demand Response Service Programs run concurrently with the Rockdale PPA.

Under these Demand Response Service Programs, the Company can participate in various ancillary services by designating a portion of its available electrical load for forward market bidding. Participation in the Demand Response Service Programs is compensated based on hourly power rates and the volume of load bid into each program. Through ancillary services, the Company competitively bids among other market participants to sell ERCOT the ability to control the Company's electrical load on demand. This requires the Company to remain powered on during the times in which its power is bid into ancillary services, allowing ERCOT the ability to direct the Company to power down the amount of power bid into the program. The Company receives compensation for its participation in ancillary services whether or not the Company is actually called to power down.

The Company also participates in the 4CP Program, which refers to the highest-load settlement intervals in each of the four summer months (June, July, August, and September), during which demand for power is typically at its highest across the ERCOT grid. The 4CP Program participants may voluntarily power down operations during these times and in doing so, reduce the electrical load demand on the ERCOT grid. Participants that reduce their load during these peak periods receive credits toward transmission costs on future power bills, reducing overall power costs for the subsequent year. The 4CP Program has an indefinite duration.

*Corsicana Facility*

During the year ended December 31, 2024, the Company's subsidiary, Riot Corsicana, LLC, entered into an agreement with ICE Futures U.S., Inc., a subsidiary of InterContinental Exchange, Inc., to access the exchange for the execution of electricity futures contracts. The Company intends to enter into electricity futures contracts up to the amount of power used at the Corsicana Facility. These financial instruments meet the definition of derivatives, but are not designated as hedging instruments, and will be recognized at fair value, with any gains or losses recognized in *Net income (loss)* on the Condensed Consolidated Statements of Operations.

The Company enters into electricity futures contracts to manage electricity price risks and reduce the variability of cash flows associated with purchases of electricity used for the Company's Bitcoin Mining operations at its Corsicana Facility.

As of March 31, 2026, the Company held outstanding electricity futures contracts for 344,112 MWh with a combined fair value of $1.4 million included in *Prepaid expenses and other current assets* on the Condensed Consolidated Balance Sheets. During the three months ended March 31, 2026, realized gains of $0.7 million and unrealized losses of $1.1 million were recognized in *Other income (expense)* on the Condensed Consolidated Statements of Operations. During the three months ended March 31, 2025, realized and unrealized losses of less than $0.1 million were recognized in *Other income (expense)* on the Condensed Consolidated Statements of Operations.

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**Riot Platforms, Inc.**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

During the year ended December 31, 2024, the Company's subsidiary, Riot Corsicana, LLC, also entered into a requirements contract with MEMS Industrial Supply ("MEMSIS") under which it will purchase retail power to meet the consumption requirements of the Corsicana Facility. Electric power will be invoiced by MEMSIS based on the market price for electric power at the ERCOT North Load Zone, plus a retail adder corresponding to the peak consumption threshold of the Corsicana Facility, and pass-through charges (including ancillary charges, taxes, congestion, and line loss), based on the actual variable consumption of the Corsicana Facility. The contract, dated November 12, 2024, has a 3-year term ending November 25, 2027. Although this contract does not require the supply of power at a fixed price, it allows the parties to enter into fixed-price contracts.

Under the requirements contract with MEMSIS, during the year ended December 31, 2024, Riot and MEMSIS entered into a power purchase agreement (the "Corsicana PPA"), a three-year contract (January 1, 2025 through December 31, 2027, but excluding July and August contracts during the period) for a fixed quantity of 25 MW at a fixed price of $43.95 per MWh.

The Company determined the Corsicana PPA meets the definition of a derivative and, accordingly, the Corsicana PPA (a non-hedging derivative contract) is recorded at its estimated fair value each reporting period on the Condensed Consolidated Balance Sheets with the change in the fair value recorded in *Change in fair value of derivative asset* on the Condensed Consolidated Statements of Operations. The Corsicana PPA is not designated as a hedging instrument.

*Kentucky Facility*

In April 2021, the Company's subsidiary, Block Mining, Inc. ("Block Mining"), entered into a long-term power purchase agreement, and subsequent amendments to the long-term power purchase agreement, (the "Kentucky PPA") to provide power to one of its locations in Kentucky. Pursuant to the Kentucky PPA, the Company has the ability, but not the obligation, to acquire up to a total of 67 MW of power at one of its facilities through mid-April 2041. The all-in power rate includes a portion of the total fee that is at a fixed rate and another portion that adjusts annually. The Company determined the Kentucky PPA does not meet the definition of a derivative because it does not contain any net settlement provisions.

Under the Kentucky PPA, the Company may elect not to utilize its long-term, fixed-price power for its operations, and instead elect to sell that power back into the Midcontinent Independent System Operator ("MISO") grid in exchange for credits against future power costs when there is a benefit to the Company, depending on the spot market price of electricity. The Company's power strategy combines participation in Demand Response Service Programs and sales of power, to attempt to manage operating costs efficiently.

***Derivative Valuations***

The Company's contracts accounted for as derivatives include the Rockdale PPA and Corsicana PPA.

The following table presents the unobservable inputs used in the valuation of the Company's derivatives:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Date** | **Significant Unobservable Input** | **Range** | **Range** | **Average** |
| March 31, 2026 | Forward prices (per MWh) | $28.80 | $95.90 | $49.12 |
| December 31, 2025 | Forward prices (per MWh) | $36.09 | $106.51 | $55.70 |

---

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**Riot Platforms, Inc.**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

*Rockdale PPA*

For all periods presented, the fair value of the Rockdale PPA was in an asset position and included in *Derivative assets* on the Condensed Consolidated Balance Sheets.

The following table presents the changes in the estimated fair value of the Rockdale PPA:

---

| | |
|:---|:---|
| Derivative asset balance as of January 1, 2025 | $148673 |
| &nbsp;&nbsp;Change in fair value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change due to future price curve | 36868 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change due to passage of time and settlements | 3521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total change in fair value | 40389 |
| Derivative asset balance as of March 31, 2025 | $189062 |
| Derivative asset balance as of January 1, 2026 | $147026 |
| &nbsp;&nbsp;Change in fair value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change due to future price curve | (53117) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change due to passage of time and settlements | 3209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total change in fair value | (49908) |
| Derivative asset balance as of March 31, 2026 | $97118 |

---

*Corsicana PPA*

As of March 31, 2026, the fair value of the Corsicana PPA was in a liability position of $0.9 million, which was included in *Accrued expenses and other current liabilities* on the Condensed Consolidated Balance Sheets, due to a significant decline in forward power prices used to determine the fair value, relative to the contracted price. As of January 1, 2025, March 31, 2025, and December 31, 2025, the fair value was in an asset position and included in *Derivative assets* on the Condensed Consolidated Balance Sheets.

The following table presents the changes in the estimated fair value of the Corsicana PPA:

---

| | |
|:---|:---|
| Derivative asset balance as of January 1, 2025 | $822 |
| &nbsp;&nbsp;Change in fair value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change due to future price curve | 1460 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change due to passage of time and settlements | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total change in fair value | 1505 |
| Derivative asset balance as of March 31, 2025 | $2327 |
| Derivative asset balance as of January 1, 2026 | $1022 |
| &nbsp;&nbsp;Change in fair value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change due to future price curve | (2109) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change due to passage of time and settlements | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total change in fair value | (1944) |
| Derivative liability balance as of March 31, 2026 | $(922) |

---

The estimated fair values of the Rockdale PPA and Corsicana PPA are classified under Level 3 of the fair value hierarchy due to the significant unobservable inputs utilized in the valuation. These inputs include the fixed price of each block for the 345 MW of power to be delivered under the Rockdale PPA and 25 MW of power to be delivered under the Corsicana PPA. The valuation relies on discounted cash flow estimation models incorporating quoted commodity exchange spot and forward prices in MWh adjusted for basis spreads for load zone-to-hub differentials through the term of the Rockdale PPA, which is scheduled to end as of April 30, 2030, and the term of the Corsicana PPA, which is scheduled to end as of December 31, 2027, and a discount rate of 23.7%. Actual power usage is not a variable input in the determination of the fair value as the price and quantity of power to be delivered per the Rockdale PPA and the Corsicana PPA are fixed despite the existence of multiple blocks with separate power amounts.

[**Table of Contents**](#TOC)

**Riot Platforms, Inc.**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

The discount rate reflects the nature of the contract as it relates to the risk and uncertainty of the estimated future mark-to-market adjustments, forward price curves of the power supply, broker/dealer quotes, and other similar data obtained from quoted market prices or independent pricing vendors, risk-free rate of return, which is determined from United States Treasury Bond yields, estimated cost of debt, which includes a Moody's rating, and an equity risk premium based on market data provided by a global cost of capital service provider. The discount rate includes observable market inputs, but also includes unobservable inputs based on qualitative judgment related to the Company's credit risk.

#### Note 9. Deposits
The following table presents the activity of the Company's deposits paid:

---

| | |
|:---|:---|
| Deposits on equipment: |  |
| &nbsp;&nbsp;Balance as of January 1, 2026 | $52659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions | 16184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassifications to property and equipment | (53997) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance as of March 31, 2026 | $14846 |
| Security deposits: |  |
| &nbsp;&nbsp;Balance as of January 1, 2026 | $23852 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance as of March 31, 2026 | 23894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long-term deposits | $38740 |

---

#### Deposits on Equipment
During the three months ended March 31, 2026, the Company made deposits and advance payments of $16.2 million to MicroBT for the purchase of miners and reclassified $54.0 million of deposits made to MicroBT (see Note 6. *Property and Equipment*).

***Security Deposits***

During the year ended December 31, 2023, the Company paid $23.0 million, all of which remains held as a deposit as of March 31, 2026, as a security deposit in connection with its 215 MW increase to the long-term, fixed-price power secured under the Rockdale PPA, resulting in a total of 345 MW under contract at fixed prices at the Rockdale Facility (see Note 8. *Power Supply Agreements*).

The Company has other security deposits totaling approximately $0.9 million for its offices and facilities.

#### Note 10. Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consist of the following:

---

| | | |
|:---|:---|:---|
|  | **March 31,** <br>**2026** | **December 31,** <br>**2025** |
| Property and equipment | $35678 | $51288 |
| Power related costs | 22597 | 27006 |
| Compensation | 9295 | 20940 |
| Insurance |  | 40 |
| Sales and property tax payable | 4747 | 11228 |
| Legal settlement |  | 20000 |
| Other | 9855 | 12350 |
| &nbsp;&nbsp;Total accrued expenses and other current liabilities | $82171 | $142852 |

---

[**Table of Contents**](#TOC)

**Riot Platforms, Inc.**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

**Note 11. Debt**

***2030 Notes***

The Company's 0.75% Convertible Senior Notes due 2030 (the "2030 Notes") are recognized as long-term debt on the Condensed Consolidated Balance Sheets, net of unamortized debt issuance costs. As of March 31, 2026, the amount recognized was $583.0 million ($594.4 million principal less $11.4 million of unamortized debt issuance costs).

During the three months ended March 31, 2026 and 2025, the Company recognized $0.8 million and $0.8 million, respectively, of amortization of the deferred issuance costs.

As of March 31, 2026, the 2030 Notes had an estimated fair value of approximately $683.5 million. The estimated fair value is based on quoted prices in an active market and valued at the closing price reported at the end of the period and thus represents a Level 1 measurement on the fair value hierarchy.

***Revolving Credit Facilities***

*$50 Million Credit Facility*

In July 2024, the Company entered into a one-year $50.0 million Revolving Credit Facility (the "$50 Million Credit Facility"). In May 2025, the Company extended the term of the facility through July 15, 2026. Revolving loans borrowed by the Company under the $50 Million Credit Facility may be used for general corporate purposes and carry a per annum interest rate of 1.25% plus the Secured Overnight Financing Rate ("SOFR"). Letters of Credit issued under the $50 Million Credit Facility have a one-year term and incur fees of 1.25% per annum on the amount of Letters of Credit outstanding. Letters of Credit require the pledge of cash collateral by the Company equal to 105.0% of the Letter of Credit exposure.

Concurrent with entry into the $50 Million Credit Facility, as required by the agreement, the Company pledged as security $50.0 million in cash collateral, depositing the funds into a control account maintained by the lender. The balance maintained in the control account is included in *Restricted cash* on the Condensed Consolidated Balance Sheets. Variable interest, equal to approximately 3.4% per annum as of March 31, 2026, is earned by the Company on the amount held in the control account.

During the three months ended March 31, 2026 and 2025, the Company recognized interest expense of $0.6 million and $0.0 million, respectively.

The following is a summary of the revolving line of credit under the $50 Million Credit Facility as of March 31, 2026:

---

| | |
|:---|:---|
|  | **March 31,** <br>**2026** |
| Total revolving credit facility | $50000 |
| Revolving loans: |  |
| &nbsp;&nbsp;Borrowings outstanding at end of period | $34272 |
| &nbsp;&nbsp;Weighted average daily borrowings during the period ended | $— |
| &nbsp;&nbsp;Maximum daily borrowings during the period ended | $— |
| &nbsp;&nbsp;Weighted average interest rate during the period ended | 4.9% |
| &nbsp;&nbsp;Interest rate at end of the period | 4.9% |
| Letters of credit issued | $15171 |
| Total available capacity | $557 |

---

*$20 Million Credit Facility*

In August 2024, the Company entered into a two-year $20.0 million Revolving Credit Facility (the "$20 Million Credit Facility"). Revolving loans borrowed by the Company under the $20 Million Credit Facility may be used for general corporate purposes and carry a per annum interest rate of 1.60% plus the SOFR. Letters of Credit issued under the $20 Million Credit Facility have a one-

[**Table of Contents**](#TOC)

**Riot Platforms, Inc.**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

year term and incur fees of 1.5% per annum on the amount of Letters of Credit outstanding. Letters of Credit require the pledge of cash collateral by the Company equal to 105.0% of the Letter of Credit exposure.

Concurrent with entry into the $20 Million Credit Facility, as required by the agreement, the Company pledged as security $20.0 million in cash collateral, depositing the funds into a control account maintained by the lender. The balance maintained in the control account is included in *Restricted cash* on the Condensed Consolidated Balance Sheets. Variable interest, equal to approximately 3.0% per annum as of March 31, 2026, is earned by the Company on the amount held in the control account.

As of March 31, 2026, the Company had no letters of credit issued under the $20 Million Credit Facility.

During the three months ended March 31, 2026 and 2025 the Company recognized interest expense of $0.3 million and $0.0 million, respectively.

The following is a summary of borrowings under the $20 Million Credit Facility as of March 31, 2026:

---

| | |
|:---|:---|
|  | **March 31,** <br>**2026** |
| Total revolving credit facility | $20000 |
| Borrowings outstanding at end of period | $20000 |
| Weighted average daily borrowings during the period ended |  |
| Maximum daily borrowings during the period ended |  |
| Weighted average interest rate during the period ended | 5.3% |
| Interest rate at end of the period | 5.3% |

---

***$200 Million Credit Facility***

On April 22, 2025, the Company entered into a $100.0 million credit facility with Coinbase Credit, Inc. On May 20, 2025, this credit facility was upsized to a total commitment of $200.0 million (the "$200 Million Credit Facility"). Under the $200 Million Credit Facility, a multiple drawdown term loan facility in an aggregate principal amount of up to $200.0 million was made available to the Company. The Company has fully drawn against the $200 Million Credit Facility and intends to use the proceeds to pursue key strategic initiatives and for general corporate purposes, including capital expenditures associated with the development of data centers.

All amounts borrowed under the $200 Million Credit Facility will bear interest at an annual rate equal to (a) the greater of (i) the federal funds rate on the date of the applicable borrowing, and (ii) 3.25%, plus (b) 4.50%. The $200 Million Credit Facility has a term of one year following commencement, but the Company may request that the maturity date be extended by an additional one-year term, subject to consent by Coinbase Credit. Amounts borrowed under the $200 Million Credit Facility are secured by a portion of the Company's total bitcoin holdings. Such pledged collateral shall not be used by the lender to secure any other loan account.

As of March 31, 2026, 5,802 of the Company's bitcoin were pledged as collateral to secure the $200 Million Credit Facility. These bitcoin are recorded in *Restricted bitcoin* on the Condensed Consolidated Balance Sheets.

During the three months ended March 31, 2026, the Company recognized interest expense on the $200 Million Credit Facility of $1.6 million and capitalized $4.7 million of interest expense into Construction in progress within *Property and equipment, net* on the Condensed Consolidated Balance Sheets. No interest expense was incurred or capitalized during the three months ended March 31, 2025. The interest rate as of March 31, 2026, was 8.3%.

In April 2026, the Company entered into the Second Amended and Restated Credit Agreement, extending the maturity of the $200 Million Credit Facility to April 20, 2027. The credit facility will bear interest at a fixed annual rate equal to 6.15%. Additionally, 1,544 bitcoin being held as collateral were released, resulting in a total of 4,258 bitcoin being held as collateral.

***Note Payable***

The Company has a $5.7 million note payable with a fixed rate of 8.81%. The note matures in December 2035, with annual principal and accrued interest payments due beginning on December 31, 2024.

[**Table of Contents**](#TOC)

**Riot Platforms, Inc.**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

The following table presents the Company's future note payable principal payments due as of March 31, 2026:

---

| | |
|:---|:---|
| Remainder of 2026 | $343 |
| 2027 | 373 |
| 2028 | 405 |
| 2029 | 443 |
| 2030 | 482 |
| Thereafter | 2963 |
| &nbsp;&nbsp;Total | $5009 |

---

As of March 31, 2026, the note payable had an estimated fair value of approximately $4.8 million. The fair value measurement is based on significant inputs not observable in the market and thus represents a Level 3 measurement on the fair value hierarchy. The significant assumptions used to estimate fair value of the note as of March 31, 2026, primarily consisted of a discount rate range of 9.3% to 10.5%, which reflected the issuance date spread premium over the selected yield for the remaining time to maturity.

#### Note 12. Leases as Lessee
***Operating Leases***

As of March 31, 2026, the Company had operating leases primarily for its various offices, the manufacturing facilities of ESS Metron and E4A Solutions, and the Kentucky Facility, all of which expire on various dates through July 2035.

As of March 31, 2026 and December 31, 2025, operating lease right-of-use assets were $35.5 million and $26.7 million, respectively, and operating lease liabilities were $35.0 million and $26.0 million, respectively.

***Finance Lease***

In 2025, the Company entered into a lease for equipment located at the Kentucky Facility. Title to the leased equipment will be transferred to the Company at the conclusion of the lease, which expires on December 31, 2029.

As of March 31, 2026, the finance lease right-of-use asset was $3.4 million and there was no remaining lease liability.

The following table presents the components of the Company's lease expense. Ground and facilities lease expenses are included in *Cost of revenue*, office lease expenses are included in *Selling, general, and administrative*, and finance leases are amortized into *Depreciation and amortization* on the Condensed Consolidated Statements of Operations:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  |
|  | **March 31,**  | **March 31,**  |
|  | **2026** | **2025** |
| Finance lease cost: |  |  |
| &nbsp;&nbsp;Amortization of right-of-use assets | $90 | $— |
| Operating lease cost | 2730 | 1582 |
| Variable lease cost | 175 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total lease expense | $2995 | $1680 |

---

The following table presents supplemental lease information:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  |
|  | **March 31,**  | **March 31,**  |
|  | **2026** | **2025** |
| Operating leases net operating cash outflows | $2482 | $1259 |
| Right-of-use assets exchanged for new operating lease liabilities | $10999 | $5962 |
| Weighted-average remaining lease term – operating leases | 4.1 | 5.7 |
| Weighted-average discount rate – operating leases | 6.8% | 7.3% |

---

[**Table of Contents**](#TOC)

**Riot Platforms, Inc.**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

The following table presents the Company's future minimum operating lease payments as of March 31, 2026:

---

| | |
|:---|:---|
| Remainder of 2026 | $9246 |
| 2027 | 9891 |
| 2028 | 8138 |
| 2029 | 6336 |
| 2030 | 2835 |
| Thereafter | 3460 |
| &nbsp;&nbsp;Total undiscounted lease payments | 39906 |
| Less present value discount | (4884) |
| &nbsp;&nbsp;Present value of lease liabilities | $35022 |

---

#### Note 13. Stockholders' Equity
The Company is authorized to issue up to 680,000,000 shares of common stock, without any par value per share.

Each holder of common stock is entitled to one vote for each share held of record on all matters to be voted on by such holders. Holders of common stock are entitled to receive dividends, if declared. Upon liquidation, dissolution or winding-up, holders of common stock are entitled to share ratably in the net assets legally available for distribution after payment of all debts and other liabilities, subject to any preferential rights of the holders of preferred stock, if any.

During the three months ended March 31, 2026, approximately 0.4 million shares of common stock vested or were issued to the Company's board of directors, officers, employees, and advisors in settlement of an equal number of fully vested restricted stock awards ("RSAs") or restricted stock units ("RSUs") awarded to such individuals by the Company under the Company's 2019 Equity Incentive Plan, as amended (the "2019 Equity Incentive Plan"). The Company withheld approximately 0.2 million of these shares, with a fair value of approximately $2.0 million, to cover taxes related to the settlement of such vested RSAs and RSUs, as permitted by the 2019 Equity Incentive Plan.

#### At-the-Market Equity ("ATM") Program
In December 2025, the Company established the 2025 ATM program, under which it could offer and sell up to $500.0 million in shares of the Company's common stock (the "2025 ATM Program").

During the three months ended March 31, 2026, no shares were sold under the 2025 ATM Program, and as of March 31, 2026, all $500.0 million in shares of the Company's common stock were available for sale under the 2025 ATM Program.

#### Note 14. Stock-Based Compensation
The 2019 Equity Incentive Plan authorizes the granting of stock-based compensation awards to directors, officers, employees, and certain consultants of the Company in the form of RSAs, RSUs, or stock options, all of which settle in shares of the Company's common stock upon vesting.

As of March 31, 2026, the Company had 2,600,611 shares of common stock reserved for issuance under the 2019 Equity Incentive Plan.

[**Table of Contents**](#TOC)

**Riot Platforms, Inc.**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

The following table presents the Company's stock-based compensation expense by category:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  |
|  | **March 31,**  | **March 31,**  |
|  | **2026** | **2025** |
| Performance-based stock awards and units | $30326 | $25545 |
| Service-based stock awards and units | 8464 | 4031 |
| Stock options | 376 |  |
| &nbsp;&nbsp;Total stock-based compensation, net of amounts capitalized | 39166 | 29576 |
| Capitalized stock-based compensation | 295 |  |
| &nbsp;&nbsp;Total stock-based compensation | $39461 | $29576 |

---

Stock-based compensation expense is recognized in *Selling, general, and administrative* on the Condensed Consolidated Statements of Operations. Capitalized stock-based compensation is recognized in Construction in progress within *Property and equipment, net* on the Condensed Consolidated Balance Sheets.

*Performance-Based Awards and Units*

Performance-based RSAs and RSUs are eligible to vest over a three-year performance period based on the Company's total shareholder return ("TSR") as compared to the performance of the Russell 3000 Index (the "Index").

The following table presents a summary of the activity of the performance-based RSAs:

---

| | | |
|:---|:---|:---|
|  | <br>**Number of Shares** | **Weighted Average**<br>**Grant-Date**<br>**Per Share**<br>**Fair Value** |
| Balance as of January 1, 2026 | 21130659 | $12.68 |
| &nbsp;&nbsp;Granted | 5083828 | $8.96 |
| &nbsp;&nbsp;Vested |  | $— |
| &nbsp;&nbsp;Forfeited | (98957) | $8.17 |
| Balance as of March 31, 2026 | 26115530 | $11.97 |

---

As of March 31, 2026, there was approximately $90.4 million of unrecognized compensation cost related to the performance-based RSAs, which is expected to be recognized over a remaining weighted-average vesting period of approximately 1.0 years.

The following table presents a summary of the activity of the performance-based RSUs:

---

| | | |
|:---|:---|:---|
|  | <br>**Number of Units** | **Weighted Average**<br>**Grant-Date**<br>**Per Share**<br>**Fair Value** |
| Balance as of January 1, 2026 | 1769038 | $12.55 |
| &nbsp;&nbsp;Granted | 15784 | $8.96 |
| &nbsp;&nbsp;Vested |  | $— |
| &nbsp;&nbsp;Forfeited |  | $— |
| Balance as of March 31, 2026 | 1784822 | $12.52 |

---

As of March 31, 2026, there was approximately $3.8 million of unrecognized compensation cost related to the performance-based RSUs, which is expected to be recognized over a remaining weighted-average vesting period of approximately 0.6 years.

[**Table of Contents**](#TOC)

**Riot Platforms, Inc.**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

*Service-Based Awards and Units*

Service-based RSAs and RSUs vest over one, two, and three-year service periods.

The following table presents a summary of the activity of the service-based RSAs:

---

| | | |
|:---|:---|:---|
|  | <br>**Number of Shares** | **Weighted Average**<br>**Grant-Date**<br>**Per Share**<br>**Fair Value** |
| Balance as of January 1, 2026 | 3011220 | $10.97 |
| &nbsp;&nbsp;Granted | 2609487 | $12.67 |
| &nbsp;&nbsp;Vested | (394513) | $10.67 |
| &nbsp;&nbsp;Forfeited | (39322) | $11.93 |
| Balance as of March 31, 2026 | 5186872 | $11.84 |

---

As of March 31, 2026, there was approximately $49.6 million of unrecognized compensation cost related to the service-based RSAs, which is expected to be recognized over a remaining weighted-average vesting period of approximately 2.0 years.

The following table presents a summary of the activity of the service-based RSUs:

---

| | | |
|:---|:---|:---|
|  | <br>**Number of Units** | **Weighted Average**<br>**Grant-Date**<br>**Per Share**<br>**Fair Value** |
| Balance as of January 1, 2026 | 230411 | $12.00 |
| &nbsp;&nbsp;Granted | 165745 | $12.67 |
| &nbsp;&nbsp;Vested | (4026) | $12.42 |
| &nbsp;&nbsp;Forfeited |  | $— |
| Balance as of March 31, 2026 | 392130 | $12.28 |

---

As of March 31, 2026, there was approximately $3.3 million of unrecognized compensation cost related to the service-based RSUs, which is expected to be recognized over a remaining weighted-average vesting period of approximately 1.4 years.

*Stock Options*

In June 2025, the Company granted approximately 1.2 million performance-based stock option awards under the 2019 Equity Incentive Plan. The stock option awards were eligible to vest in one-third increments upon meeting certain specified data center development-based EBITDA milestones through December 31, 2029.

The vesting of all options was contingent upon continued service with the Company through each of the applicable milestones. Any vested options were exercisable through December 31, 2030.

[**Table of Contents**](#TOC)

**Riot Platforms, Inc.**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

The following table presents a summary of the activity of the stock options:

---

| | | |
|:---|:---|:---|
|  | **Number of Options** | **Exercise Price** |
| Balance as of January 1, 2026 | 1166861 | $8.07 |
| &nbsp;&nbsp;Granted |  | $— |
| &nbsp;&nbsp;Vested |  | $— |
| &nbsp;&nbsp;Forfeited |  | $— |
| Balance as of March 31, 2026 | 1166861 | $8.07 |

---

As of March 31, 2026, there was approximately $5.7 million of unrecognized compensation cost related to stock options, which was expected to be recognized over a remaining weighted-average vesting period of approximately 3.8 years. The weighted average remaining contractual term of the options was approximately 4.8 years.

The intrinsic value of the stock options was approximately $5.0 million. The intrinsic value is calculated as the difference between the Company's closing stock price of $12.36 on March 31, 2026 and the exercise price, multiplied by the number of in-the-money options that would have been received by the option holder, had the holder been able to exercise the options on March 31, 2026.

In April 2026, all stock option awards were forfeited in connection with the mutual separation of Jonathan Gibbs, former Chief Data Center Officer, and the Company.

#### Note 15. Fair Value Measurements

#### Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables present the Company's assets and liabilities measured at fair value on a recurring basis:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair value measured as of March 31, 2026** | **Fair value measured as of March 31, 2026** | **Fair value measured as of March 31, 2026** | **Fair value measured as of March 31, 2026** |
|  | <br>**Total carrying**<br>**value** | <br>**Quoted prices in** <br>**active markets**<br>**(Level 1)** | <br>**Significant other**<br>**observable inputs**<br>**(Level 2)** | **Significant**<br>**unobservable**<br>**inputs**<br>**(Level 3)** |
| Bitcoin<sup>(a)</sup> | $673885 | $673885 | $— | $— |
| Restricted bitcoin<sup>(a)</sup> | $395810 | $395810 | $— | $— |
| Derivative assets<sup>(b)</sup> | $97118 | $— | $— | $97118 |
| Derivative liabilities<sup>(c)</sup> | $922 | $— | $— | $922 |
| Contingent consideration liabilities<sup>(d)</sup> | $8195 | $— | $— | $8195 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair value measured as of December 31, 2025** | **Fair value measured as of December 31, 2025** | **Fair value measured as of December 31, 2025** | **Fair value measured as of December 31, 2025** |
|  | <br>**Total carrying**<br>**value** | <br>**Quoted prices in** <br>**active markets**<br>**(Level 1)** | <br>**Significant other**<br>**observable inputs**<br>**(Level 2)** | **Significant**<br>**unobservable**<br>**inputs**<br>**(Level 3)** |
| Bitcoin<sup>(a)</sup> | $1227462 | $1227462 | $— | $— |
| Restricted bitcoin<sup>(a)</sup> | $347979 | $347979 | $— | $— |
| Derivative assets<sup>(b)</sup> | $148048 | $— | $— | $148048 |
| Contingent consideration liabilities<sup>(d)</sup> | $8195 | $— | $— | $8195 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) See Note 5. *Bitcoin.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) See Note 8. *Power Supply Agreements*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) See Note 8. *Power Supply Agreements*. Derivative liability balances are included in *Accrued expenses and other current liabilities* on the Condensed Consolidated Balance Sheets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) See Note 16. *Commitments and Contingencies*.

There were no transfers of financial instruments between Level 1, Level 2, and Level 3 during the periods presented.

[**Table of Contents**](#TOC)

**Riot Platforms, Inc.**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

#### Assets and Liabilities Not Measured at Fair Value on a Recurring Basis
In addition to assets and liabilities that are measured at fair value on a recurring basis, the Company also measures certain assets and liabilities at fair value on a nonrecurring basis. The Company's non-financial assets, including goodwill, intangible assets, operating lease right-of-use assets, and property and equipment, are measured at fair value when there is an indication of impairment and the carrying amount exceeds the asset's projected undiscounted cash flows. These assets are recorded at fair value only when an impairment charge is recognized.

As of March 31, 2026 and December 31, 2025, the fair values of cash and cash equivalents, restricted cash, accounts receivable, contract assets, prepaid expenses and other current assets, accounts payable, contract liabilities, and accrued expenses and other current liabilities approximated their carrying values because of the short-term nature of these instruments.

#### Note 16. Commitments and Contingencies

#### Commitments
***Miners and mining equipment***

Through March 31, 2026, the Company has paid approximately $796.1 million in total deposits and payments to MicroBT for the purchase of miners pursuant to the Master Agreement described in Note 6. *Property and Equipment*. As of March 31, 2026, the Company has a remaining commitment of $4.8 million for the purchase of miners, which is expected to be paid in the second quarter of 2026.

***Infrastructure***

During 2024, the Company entered into agreements related to water supply infrastructure for the Corsicana Facility, resulting in total remaining commitments of approximately $8.9 million as of March 31, 2026. The Company expects to incur these costs through the remainder of 2026.

***Contingent consideration liabilities***

*Block Mining*

**As part of the July 23, 2024 acquisition of Block Mining, a vertically integrated bitcoin mining company based in Kentucky, (the "Block Mining Acquisition"), the sellers are eligible to earn an additional $32.5 million in potential earn-out targets, payable in cash or stock, if certain milestones were reached by December 31, 2025. This contingent consideration had an acquisition date fair value of $26.1 million.** 

As of March 31, 2026, the Block Mining Acquisition contingent consideration had an estimated fair value of $6.2 million recognized on the Condensed Consolidated Balance Sheets in *Contingent consideration liabilities, current portion*. The fair value measurement as of March 31, 2026, is based on significant inputs not observable in the market and thus represents a Level 3 measurement on the fair value hierarchy. These inputs include management's best estimate of both the probability and timing of achieving the milestones, a risk-free interest rate of approximately 5% based on the U.S. Treasury rate for the corresponding time periods and a credit spread of approximately 1% based on the median of Investment Grade High Yield Debt Instruments with a Standard & Poor's BB credit rating. This credit rating was selected based on an independently-produced synthetic credit rating analysis.

As of December 31, 2025, the Block Mining Acquisition contingent consideration had an estimated fair value of $6.2 million.

There were no changes to the fair value of the Block Mining Acquisition contingent consideration during the three months ended March 31, 2026.

*E4A Solutions*

**As part of the acquisition of E4A Solutions, a Texas-based provider of electrical engineering solutions (the "E4A Solutions Acquisition"), the sellers are eligible to earn potential earn-out targets based on E4A Solutions' adjusted EBITDA, calculated as** 

[**Table of Contents**](#TOC)

**Riot Platforms, Inc.**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

2.65 times the amount the average adjusted EBITDA exceeds the established earn-out threshold during the two years ending December 31, 2026, payable in cash or Riot common stock at the Company's discretion. This contingent consideration was recognized as the acquisition date fair value of $2.6 million.

As of March 31, 2026, the E4A Solutions Acquisition contingent consideration had an estimated fair value of $2.0 million. It is recognized at fair value on the Condensed Consolidated Balance Sheets in *Contingent consideration liabilities, less current portion.* The fair value measurement as of March 31, 2026 is based on significant inputs not observable in the market and thus represents a Level 3 measurement on the fair value hierarchy. These inputs include management's best estimate of both the probability and timing of achieving the milestones, risk-free rates ranging from 3.5% to 3.6% based on the U.S. Treasury rate for the corresponding time periods and a credit spread of approximately 1.9% based on the median of investment grade and high yield debt instruments with a Standard & Poor's BB credit rating. This credit rating was selected based on an independently-produced synthetic credit rating analysis.

As of December 31, 2025, the E4A Solutions Acquisition contingent consideration had an estimated fair value of $2.0 million.

There were no changes to the fair value of the E4A Solutions Acquisition contingent consideration during the three months ended March 31, 2026.

For the three months ended March 31, 2025, the change in fair value of the Company's total contingent consideration was a gain of $8.3 million.

#### Contingencies
***Legal Proceedings***

The Company, and our subsidiaries, are subject at times to various claims, lawsuits and governmental proceedings relating to our business and transactions arising in the ordinary course of business. We cannot predict the final outcome of such proceedings. Where appropriate, we vigorously defend such claims, lawsuits, and proceedings. Some of these claims, lawsuits and proceedings seek damages, including direct, consequential, exemplary, and/or punitive damages, in amounts that could, if awarded, be significant. Certain of the claims, lawsuits and proceedings arising in the ordinary course of business are covered by our insurance program. We maintain property and various types of liability insurance in an effort to protect ourselves from such claims. In terms of any matters where there is no insurance coverage available to us, or where coverage is available and we maintain a retention or deductible associated with such insurance, we may establish an accrual for such loss, retention or deductible based on current available information. In accordance with accounting guidance, if it is probable that an asset has been impaired or a liability has been incurred as of the date of the financial statements, and the amount of loss is reasonably estimable, then an accrual for the cost to resolve or settle these claims is recorded by us on the Condensed Consolidated Balance Sheets. If it is reasonably possible that an asset may be impaired as of the date of the financial statements, then we disclose the range of possible loss. Costs related to the defense of such claims are recorded by us as they are incurred. Management, with the assistance of outside counsel, may from time to time adjust such accruals according to new developments in the matter, court rulings, or changes in the strategy affecting our defense of such matters. On the basis of current information, we do not believe there is a reasonable possibility that any material loss, if any, will result from any claims, lawsuits and proceedings to which we are subject, either individually, or in the aggregate.

**Intellectual Property Disputes**

Malikie Innovations Patent Dispute

On December 12, 2025, Malikie Innovations Ltd. ("Malikie") and Key Patent Innovations Ltd. (together with Malikie, the "Plaintiffs") filed suit against the Company, Foundry Digital LLC, Fortitude Mining, LLC, and Cipher Mining Inc. (collectively, the "Defendants") in the United States District Court for the Western District of Texas in the case captioned 7:25-CV-00567. The Plaintiffs allege that the Defendants' bitcoin transactions infringe on certain patents owned by the Plaintiffs and seek injunctive relief and an unspecified amount of damages, including pre- and post-judgment interest. The Company has engaged counsel and is working with its counsel to evaluate and defend the Company from this infringement claim. The Company cannot reasonably predict the outcome of such ongoing litigation, or the magnitude of such outcome, at this time.

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**Riot Platforms, Inc.**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

**Green Revolution Cooling Patent Dispute** 

On March 22, 2024, Green Revolution Cooling, Inc. ("GRC") filed a complaint against the Company in the Western District of Texas (Case No. 6:24-CV-152), for patent infringement. More specifically, GRC has alleged that the immersion cooling systems provided to the Company by third parties infringe GRC's U.S. Patent Nos. 9,992,914 (the "'914 Patent") and 10,123,463 (the "'463 Patent"). GRC sought monetary damages through the time of trial, in excess of $52.0 million. GRC also sought an injunction against using all products that allegedly infringe the '914 Patent and the '463 Patent, or in lieu of an injunction, an award of a compulsory post-trial royalty of $0.01 per kWh of power used by the immersion cooled buildings. On April 9, 2026, a jury was convened and on April 13, 2026, trial commenced in the Western District of Texas. On April 13, 2026, the Court granted a directed verdict of no infringement for the '463 Patent, leaving only the '914 Patent for the jury to decide liability and damages. On April 17, 2026, the jury returned a verdict in favor of the Company, finding that it did not infringe the '914 Patent. Accordingly, neither the Court nor the jury assessed any damages. The case now proceeds to post-trial briefing, and GRC may appeal the Court's and the jury's decisions.

**Legacy Hosting Customer Disputes** 

SBI

On April 5, 2023, SBI Crypto Co., Ltd. ("SBI") filed a complaint in the United States District Court for the Western District of Texas (Case No. 6:23-cv-252), which it later amended, against Whinstone alleging breach of contract, fraud, and negligent bailment claims related to a colocation services agreement between Whinstone and SBI that was terminated in 2021. On July 21, 2023, Whinstone filed a motion to dismiss the amended complaint, which was denied on October 25, 2023. On November 25, 2024, Whinstone asserted counterclaims for breach of contract and fraudulent inducement. SBI attempted to update its alleged damages to over $350.0 million in purported lost profits through an updated expert report which the court has since stricken. Notwithstanding, SBI attempted to recover over $175.0 million in purported lost profits (a substantial amount of which is attributable to appreciation in Bitcoin prices), which has been previously disclosed, and more than $50.0 million in equipment replacement cost, plus exemplary damages, reasonable attorneys' fees, costs, expenses, and pre- and post-judgment interest. Whinstone believes many of the claims are barred or waived, and that all of SBI's claims substantively lack merit, and Whinstone plans to vigorously contest the same, as appropriate. On February 2, 2026, the court granted the Company's motion for summary judgment in part, disallowing the use of appreciated Bitcoin prices in SBI's damages model. On February 9, 2026, trial commenced before Magistrate Gilliland in the Western District of Texas. On February 16, 2026, the Company and SBI verbally agreed to a global settlement of all existing or future claims between the parties (the "SBI Settlement"). In consideration for the SBI Settlement, the Company agreed to pay SBI a total sum of $20.0 million in cash. On April 17, 2026, the court granted the Company and SBI's joint motion, which dismissed all claims with prejudice.

GMO

On June 13, 2022, GMO Gamecenter USA, Inc. and its parent, GMO Internet Group, Inc., (collectively, "GMO") filed a complaint against Whinstone alleging breach of a colocation services agreement between GMO and Whinstone, which has since been terminated, seeking damages in excess of $150.0 million for lost profit and profit sharing payments GMO alleges it was owed from Whinstone. The case is pending in the United States District Court for the Southern District of New York (Case No. 1:22-cv-05974-JPC). Whinstone has responded to GMO's claims and raised counterclaims of its own, alleging GMO itself breached the colocation services agreement, seeking a declaratory judgment and damages in excess of $25.0 million. On October 19, 2023, GMO filed its fourth amended complaint claiming an additional $496.0 million in damages, for loss of future profits and future profit sharing payments GMO alleges would have been received through the term of the agreement, based on Whinstone's allegedly wrongful termination of the colocation services agreement as of June 29, 2023. On August 26, 2025, GMO filed its fifth amended complaint including the Company as a defendant. On September 29, 2025, the Company filed a motion to dismiss the fifth amended complaint, and that motion is currently pending before the court. On January 8, 2026, Whinstone filed a motion for summary judgment seeking dismissal of almost all claims against it, and GMO filed a motion for partial summary judgment on certain issues. Briefing on these motions is fully submitted and pending decision by the court. The Company cannot reasonably estimate the outcome of such ongoing litigation, or the magnitude of such an outcome, at this time.

[**Table of Contents**](#TOC)

**Riot Platforms, Inc.**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

#### Note 17. Earnings Per Share ("EPS")
The following table presents potentially dilutive securities that were not included in the computation of diluted net income (loss) per share as their inclusion would have been anti-dilutive:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  |
|  | **March 31,**  | **March 31,**  |
|  | **2026** | **2025** |
| Warrants to purchase common stock | 63000 | 63000 |
| Unvested RSAs<sup>(a)</sup> | 31302402 | 22141539 |
| Unvested RSUs | 2176952 | 2123137 |
| Stock options | 1166861 |  |
| 2030 Notes | 39988127 | 39988127 |
| &nbsp;&nbsp;Total | 74697342 | 64315803 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unvested restricted stock awards are included in total common shares outstanding but are excluded from the calculation of basic earnings per share.

#### Note 18. Segment Information
The Company has three reportable segments: Bitcoin Mining, Data Center, and Engineering. The reportable segments are identified based on the types of services performed. No operating segments have been aggregated to form the reportable segments.

Gross profit (loss) is the segment performance measure the CODM uses to assess the Company's reportable segments and is calculated before the elimination of intersegment profits. The CODM is the Company's CEO. The CODM uses segment gross profit (loss) to assess the performance of, manage the operations of, and allocate capital and operational resources to the Company's three reportable segments, and as part of the budgeting process and review of budget-to-actual variances for capital allocation decisions.

Other than the $97.2 million of goodwill from the Block Mining Acquisition allocated to the Bitcoin Mining segment and $25.3 million of goodwill from the E4A Solutions Acquisition allocated to the Engineering segment, the Company does not allocate assets to the reporting segments because its assets are managed on an entity-wide basis. The Company also does not regularly provide segment assets to its CODM, and, therefore, does not separately disclose the total assets of its reportable operating segments.

The Bitcoin Mining segment generates revenue from the bitcoin earned through its Bitcoin Mining activities. The Data Center segment generates revenue from developing and leasing data center space and power capacity to third-party customers. The Engineering segment generates revenue through customer contracts for custom-engineered electrical products and services.

All revenue and cost of revenue from intersegment transactions have been eliminated in the Condensed Consolidated Statements of Operations.

[**Table of Contents**](#TOC)

**Riot Platforms, Inc.**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

The following tables present segment revenue and segment gross profit (loss), including the significant expense items reviewed by the CODM:

**Three Months Ended March 31, 2026**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Bitcoin Mining** | **Data Center** | **Engineering** | **Total** |
| Revenue from external customers | $111895 | $33150 | $22174 | $167219 |
| Intersegment revenue |  |  | 17738 | 17738 |
| &nbsp;&nbsp;Segment revenue | 111895 | 33150 | 39912 | 184957 |
| *Reconciliation of revenue* |  |  |  |  |
| Elimination of intersegment revenue |  |  |  | (17738) |
| &nbsp;&nbsp;Total consolidated revenue |  |  |  | 167219 |
| Less: |  |  |  |  |
| &nbsp;&nbsp;Power | 72317 | 27 |  | 72344 |
| &nbsp;&nbsp;Compensation | 5045 | 58 |  | 5103 |
| &nbsp;&nbsp;Insurance on miners | 1462 |  |  | 1462 |
| &nbsp;&nbsp;Water and property tax | 5656 |  |  | 5656 |
| &nbsp;&nbsp;Tenant fit-out costs |  | 30688 |  | 30688 |
| &nbsp;&nbsp;Materials |  |  | 21525 | 21525 |
| &nbsp;&nbsp;Labor |  |  | 2765 | 2765 |
| &nbsp;&nbsp;Other segment items<sup>(a)</sup> | 2282 |  | 8175 | 10457 |
| **Segment gross profit (loss)** | $25133 | $2377 | $7447 | $34957 |

---

**Three Months Ended March 31, 2025** <sup>(b)</sup>

---

| | | | |
|:---|:---|:---|:---|
|  | **Bitcoin Mining** | **Engineering** | **Total**  |
| Revenue from external customers | $142859 | $13920 | $156779 |
| Intersegment revenue |  | 6324 | 6324 |
| &nbsp;&nbsp;Segment revenue | 142859 | 20244 | 163103 |
| *Reconciliation of revenue* |  |  |  |
| Other revenue<sup>(c)</sup> |  |  | 4608 |
| Elimination of intersegment revenue |  |  | (6324) |
| &nbsp;&nbsp;Total consolidated revenue |  |  | 161387 |
| Less: |  |  |  |
| &nbsp;&nbsp;Power | 61830 |  | 61830 |
| &nbsp;&nbsp;Compensation | 4445 |  | 4445 |
| &nbsp;&nbsp;Insurance on miners | 1462 |  | 1462 |
| &nbsp;&nbsp;Ground rent and related water and property tax | 2143 |  | 2143 |
| &nbsp;&nbsp;Materials |  | 3646 | 3646 |
| &nbsp;&nbsp;Labor |  | 1162 | 1162 |
| &nbsp;&nbsp;Other segment items<sup>(a)</sup> | 4939 | 6998 | 11937 |
| **Segment gross profit (loss)** | $68041 | $8438 | $76479 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For each reportable segment, the other segment items category primarily consists of:

Bitcoin Mining: Bitcoin miner and network repair and maintenance costs.

Engineering: Manufacturing overhead costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company recognized its new Data Center operations as a reportable segment in the three months ended March 31, 2026. Accordingly, the Data Center segment is omitted from the table because there was no segment revenue or segment gross profit (loss) for the three months ended March 31, 2025.

[**Table of Contents**](#TOC)

**Riot Platforms, Inc.**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Other revenue is primarily attributable to legacy Data Center Hosting bitcoin mining revenue and is therefore not included in the total for segment gross profit (loss).

The following table presents the reconciliation of segment gross profit (loss) to *Net income (loss) before taxes*:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
|  | **2026** | **2025** |
| **Segment gross profit (loss)** | $34957 | $76479 |
| **Reconciling items:** |  |  |
| &nbsp;&nbsp;Other profit (loss) <sup>(a)</sup> |  | (4357) |
| &nbsp;&nbsp;Elimination of intersegment profits | (3414) | (10681) |
| &nbsp;&nbsp;Acquisition-related costs |  | (76) |
| &nbsp;&nbsp;Selling, general, and administrative | (76180) | (71448) |
| &nbsp;&nbsp;Depreciation and amortization | (97734) | (77926) |
| &nbsp;&nbsp;Change in fair value of bitcoin | (326669) | (208040) |
| &nbsp;&nbsp;Change in fair value of derivatives | (51852) | 41894 |
| &nbsp;&nbsp;Power curtailment credits | 21023 | 7801 |
| &nbsp;&nbsp;Change in fair value of contingent consideration |  | 8252 |
| (Loss) gain on sale/exchange of equipment |  | (129) |
| &nbsp;&nbsp;Interest income | 2313 | 3397 |
| &nbsp;&nbsp;Interest expense | (2618) | (2308) |
| &nbsp;&nbsp;Loss on equity method investment - marketable securities |  | (63238) |
| &nbsp;&nbsp;Other income (expense) | (12) | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) before taxes | $(500186) | $(295930) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Other profit (loss) is primarily attributable to legacy Data Center Hosting bitcoin mining activity for the three months ended March 31, 2025, and is therefore not included in the total for segment gross profit (loss).

***Concentrations***

During the three months ended March 31, 2026, Bitcoin Mining revenue generated as a result of the Company's participation in a mining pool and Data Center revenue generated by the Company's AMD lease each contributed more than 10% of the Company's total consolidated revenue.

During the three months ended March 31, 2025, Bitcoin Mining revenue generated as a result of the Company's participation in a mining pool contributed more than 10% of the Company's total consolidated revenue.

During the three months ended March 31, 2026 and 2025, Bitcoin Mining power was primarily obtained from ERCOT.

During the three months ended March 31, 2026, Data Center power was entirely obtained from ERCOT.

[**Table of Contents**](#TOC)

#### Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
**The following Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") provides information to assist readers in understanding our results of operations and financial condition. This MD&A should be read in conjunction with the Notes and other financial information included elsewhere in this Quarterly Report, as well as our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025.** 

Unless otherwise indicated, amounts are stated in thousands of U.S. dollars except for: share, per share, per MWh and miner amounts; bitcoin quantities, prices, and hash rate; cost to mine one bitcoin; and production value of one bitcoin mined.

Our MD&A is primarily organized as follows:

● *Business Overview and Trends*. Highlights of events that impacted our financial position and results of operations.

● *Results of Operations*. Analysis of our financial results comparing the three months ended March 31, 2026 and 2025.

● *Liquidity and Capital Resources*. Analysis of changes in our balance sheets and cash flows and discussion of our financial condition, including potential sources of liquidity, material cash requirements, and their general purpose.

● *Critical Accounting Policies and Estimates*. Accounting policies and estimates that we believe are important to understanding the assumptions and judgments underlying our reported financial results.

**Forward-Looking Statements**

This MD&A includes forward-looking statements based on current expectations that involve risks and uncertainties, such as our plans, objectives, expectations, and intentions. Actual results and the timing of events may differ materially from those anticipated in these forward-looking statements as a result of various factors. See "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" for a discussion of factors that may cause actual results to differ materially – and potentially adversely – from the results described in or implied by the forward-looking statements contained in this MD&A and elsewhere in this Quarterly Report.

#### Business Overview and Trends
***General***

We are a vertically integrated digital infrastructure company principally engaged in developing and optimizing our large-scale power assets. Our business strategy centers on enhancing our electrical infrastructure and deploying it across two complementary platforms: (i) bitcoin mining and (ii) scalable data center solutions designed to support non-mining workloads. By leveraging our energy portfolio, engineering capabilities, and operational footprint, we aim to capitalize on both the long-term potential of bitcoin and the accelerating demand for power-intensive compute.

We operate in three reportable business segments: Bitcoin Mining, Data Center, and Engineering.

We own and manage multiple large-scale data center facilities in Texas and Kentucky that provide mission-critical power and infrastructure for our Bitcoin Mining at our Facilities, and non-mining Data Center operations at our Rockdale Facility. Our Rockdale Facility in Texas currently provides up to approximately 700 MW of developed capacity for Bitcoin Mining and Data Center leasing and is among the largest digital infrastructure campuses in North America, as measured by developed capacity. We have completed construction of approximately 400 MW of developed capacity at our second large-scale Texas development, the Corsicana Facility. We expect the Corsicana Facility to reach approximately 1 GW of developed capacity available for Bitcoin Mining and other high-density compute workloads upon full build-out.

Our industry remains highly competitive and continues to evolve alongside broader growth in digital assets and high-performance compute. With our scale, integrated power strategy, and engineering foundation, we believe we are well positioned to participate in the rapidly converging markets for Bitcoin Mining, AI, HPC, and modern data center infrastructure.

[**Table of Contents**](#TOC)

*Data Center Development* 

In 2025, we began leveraging our core competencies in power optimization, strategic land acquisition, engineering design, and construction execution to pursue opportunities to develop and monetize portions of our existing facilities and power pipeline through data center leasing services. We strengthened our execution capacity by recruiting critical talent and establishing a scalable data center platform to support data center development at the Corsicana Facility. We have completed our basis of design for our standard data center build and have initiated development of our first core & shell at the Corsicana Facility.

In January 2026, we announced the execution of the AMD Lease to provide 25 MW of critical IT load capacity at our Rockdale Facility. The AMD Lease has an initial term of ten years and provides for expansion options for up to an additional 75 MW of critical IT load capacity, as well as a right of first refusal for up to an additional 100 MW. The AMD Lease also provides three successive five-year term renewal options at the lessee's discretion.

In April 2026, we entered into the AMD Lease Amendment to exercise a portion of the existing expansion option set forth in the AMD Lease, to provide an additional deployment of 25 MW of critical IT load capacity. Under the AMD Lease Amendment, AMD holds a remaining balance of 50 MW of reserved critical IT load capacity under the existing expansion option. The AMD Lease Amendment also grants AMD a conditional, first-priority right to lease up to an additional 100 MW of critical IT load capacity, exercisable in increments of not less than 50 MW. If both the remaining 50 MW of reserved capacity under the existing expansion option and the additional 100 MW option are fully exercised, AMD's total leased capacity at the Rockdale Facility would increase to 200 MW. This conditional, first-priority right replaces the right of first refusal for an additional 100 MW previously granted to AMD in the AMD Lease.

***Business Segments***

***Bitcoin Mining***

During the three months ended March 31, 2026, we continued to deploy miners across all our Facilities, with the objective of improving our operational efficiency and performance. As of March 31, 2026, we had a total deployed hash rate capacity of 42.5 EH/s, as compared to 38.5 EH/s as of December 31, 2025, an increase of 10.4%.

During the three months ended March 31, 2026, we mined 1,473 bitcoin, reflecting a decrease of 57 bitcoin compared to the 1,530 bitcoin mined during the three months ended March 31, 2025. The decrease was primarily due to increases in the global network hash rate, partially offset by our increase in deployed hash rate and significantly improved operational efficiency. For the three months ended March 31, 2026 and 2025, Bitcoin Mining revenue was $111.9 million and $142.9 million, respectively. The decrease of $31.0 million was primarily due to lower bitcoin prices during the 2026 period, which averaged $68,223 per bitcoin, as compared to $82,535 per bitcoin for the 2025 period, and a slight decrease in bitcoin production of 3.7% due to the substantial increase in the global network hash rate. These decreases were partially offset by a 22.6% increase in our average operating hash rate, which increased from 29.7 EH/s during the three months ended March 31, 2025 to 36.4 EH/s during the three months ended March 31, 2026.

*Custodians*

As bitcoin is a decentralized digital asset, we are not required to use a third-party custodian and may elect to self-custody our holdings. However, we believe that our private keys associated with our bitcoin are better safeguarded within the secure environment provided by custodians. Self-custody poses an increased risk to our private keys, and we may not have the same level of protection as that offered by custody providers who are well-versed in industry best practices for safeguarding digital assets from potential theft, loss, or destruction.

Our bitcoin custodian and brokerage services relationships are non-exclusive, and we may change our custodian and brokerage relationships at any time. We continually monitor our bitcoin assets held by our custodians. Our insurance providers do not have inspection rights associated with our bitcoin assets held in cold storage. For additional information regarding our relationships with our custodians, NYDIG Trust Company LLC and Coinbase, Inc., on behalf of itself and Coinbase Custody Trust Company, LLC, and, if applicable, Coinbase or Coinbase Custody International Ltd., and a description of our underlying agreements with them, see Part I, Item 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations" of our 2025 Annual Report.

[**Table of Contents**](#TOC)

*Bitcoin Mining Metrics*

The following table presents our key Bitcoin Mining metrics:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  |
|  | **March 31,**  | **March 31,**  |
|  | **2026** | **2025** |
| Hash rate, average operating (EH/s)<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;Rockdale Facility | 14.1 | 12.9 |
| &nbsp;&nbsp;Corsicana Facility | 15.4 | 14.2 |
| &nbsp;&nbsp;Kentucky Facility | 7.0 | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Combined hash rate, average operating | 36.4 | 29.7 |
| All-in power cost (cents/kilowatt-hour)<sup>(2)</sup> |  |  |
| &nbsp;&nbsp;Rockdale Facility | 3.1 | 3.7 |
| &nbsp;&nbsp;Corsicana Facility | 2.7 | 3.4 |
| &nbsp;&nbsp;Kentucky Facility | 3.8 | 4.1 |
| &nbsp;&nbsp;Combined all-in power cost | 3.0 | 3.8 |
|  | **March 31,**  | **March 31,**  |
|  | **2026** | **2025** |
| Hash rate, deployed (EH/s)<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;Rockdale Facility | 17.3 | 15.0 |
| &nbsp;&nbsp;Corsicana Facility | 16.2 | 15.7 |
| &nbsp;&nbsp;Kentucky Facility | 9.0 | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Combined hash rate, deployed | 42.5 | 33.7 |
| Developed power capacity (MW)<sup>(3)</sup> |  |  |
| &nbsp;&nbsp;Rockdale Facility | 700 | 700 |
| &nbsp;&nbsp;Corsicana Facility | 400 | 400 |
| &nbsp;&nbsp;Kentucky Facility | 162 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total power capacity | 1262 | 1165 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Hash rate, deployed, represents the total potential hash rate of all our deployed miners as of the end of the period, whereas hash rate, average operating, represents the average total hash rate our deployed miners provided throughout the period. The difference between deployed hash rate and operating hash rate is attributable to down time of all or some of our miners for power curtailments, or repairs and maintenance of bitcoin miners or supporting infrastructure. The difference between deployed and operating hash rate is a key measure in determining the efficiency of our Bitcoin Mining operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) All-in power cost is the price we paid throughout the period for our power, net of power curtailments received. Power is overwhelmingly the largest marginal input cost in mining bitcoin and a significant contributor to profitability. Miners with a low cost of power are also able to profitably mine in a wider range of bitcoin prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Developed power is the total amount of electricity our Facilities can utilize as of the end of the period.

[**Table of Contents**](#TOC)

The following table presents our cost to mine one bitcoin (*amounts in thousands, except Quantity of bitcoin mined and Production value of one bitcoin mined amounts*):

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  |
|  | **March 31,**  | **March 31,**  |
|  | **2026** | **2025** |
| Cost of power for self-mining operations | $72317 | $61830 |
| Other direct cost of revenue for self-mining operations<sup>(1)(2)</sup>, excluding bitcoin miner depreciation | 14445 | 12988 |
| &nbsp;&nbsp;Cost of revenue for self-mining operations, excluding bitcoin miner depreciation | 86762 | 74818 |
| Less: power curtailment credits<sup>(3)</sup> | (21023) | (7801) |
| &nbsp;&nbsp;Cost of revenue for self-mining operations, net of power curtailment credits, excluding bitcoin miner depreciation | 65739 | 67017 |
| Bitcoin miner depreciation<sup>(4)(5)</sup> | 76086 | 57062 |
| &nbsp;&nbsp;Cost of revenue for self-mining operations, net of power curtailment credits, including bitcoin miner depreciation | $141825 | $124079 |
| Quantity of bitcoin mined | 1473 | 1530 |
| Production value of one bitcoin mined<sup>(6)</sup> | $75964 | $93385 |
| Cost to mine one bitcoin, excluding bitcoin miner depreciation | $44629 | $43808 |
| Cost to mine one bitcoin, excluding bitcoin miner depreciation, as a % of production value of one bitcoin mined | 58.8% | 46.9% |
| Cost to mine one bitcoin, including bitcoin miner depreciation | $96283 | $81109 |
| Cost to mine one bitcoin, including bitcoin miner depreciation, as a % of production value of one bitcoin mined | 126.7% | 86.9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Other direct cost of revenue includes compensation, insurance, repairs, and ground lease rent and related property tax.

&nbsp;&nbsp;&nbsp;&nbsp;(2) During the three months ended March 31, 2026 and 2025, we paid cash of $23.5 million and $21.0 million, respectively, in total deposits and payments for the purchase of miners. Costs to finance the purchase of miners were zero in all periods presented as the miners were paid for with cash from the Company's cash balance. The seller did not provide any financing nor did the Company borrow from a third-party to purchase the miners.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Power curtailment credits are credited against our power invoices as a result of temporarily pausing our operations to participate in ERCOT's Demand Response Service Programs. Our fixed-price power purchase contracts enable us to strategically curtail our mining operations and participate in these programs, which significantly lower our cost to mine bitcoin. These credits are recognized in *Power curtailment credits* on our Condensed Consolidated Statements of Operations, outside of cost of revenue, but significantly reduce our overall cost to mine bitcoin.

&nbsp;&nbsp;&nbsp;&nbsp;(4) We capitalize the acquisition cost of our miners and include these costs in *Property and equipment, net* on our Condensed Consolidated Balance Sheets. The miners are depreciated over an estimated useful life of three years, during which time, they are expected to contribute to the generation of bitcoin revenue. We do not consider depreciation expense in determining whether it is economical to operate our miners because depreciation is a non-cash expense and is not a variable operating cost that can be avoided even if we curtail operations temporarily. Depreciation expense incurred is disclosed for each respective period in the table above.

&nbsp;&nbsp;&nbsp;&nbsp;(5) The following table presents the future depreciation expense of all of our bitcoin miners:

---

| | |
|:---|:---|
| Remainder of 2026 | $197735 |
| 2027 | 216084 |
| 2028 | 94489 |
| 2029 | 13865 |
| &nbsp;&nbsp;Total | $522173 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(6) Computed as revenue recognized from bitcoin mined divided by the quantity of bitcoin mined during the same period.

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During 2023, 2024, and 2025, we entered into purchase orders under the Master Agreement to acquire new miners from MicroBT. These purchase orders represented a total hash rate of 49.2 EH/s, with a total purchase price of approximately $779.5 million, subject to downward price adjustments as provided by the Master Agreement. These miners are primarily intended for deployment at the Corsicana Facility, which commenced operations in April 2024. Delivery of these miners began in 2023, and all miners under these purchase orders are expected to be received by the second quarter of 2026, with deployment following on an ongoing basis. The Master Agreement provided us with four additional annual options to purchase miners, on the same or more favorable terms as the second purchase order executed under the Master Agreement.

For the three months ended March 31, 2026, Bitcoin Mining revenue was approximately $111.9 million.

#### Summary of Riot's Bitcoin Mining Results
The following tables present additional information about our Bitcoin Mining activities, including bitcoin production and sales of bitcoin mined:

---

| | | |
|:---|:---|:---|
|  | **Quantity** | **Amounts** |
| **Balance as of January 1, 2026** | **18005** | $**1575441** |
| &nbsp;&nbsp;Revenue recognized from bitcoin mined | 1473 | 111895 |
| &nbsp;&nbsp;Change in bitcoin receivable | (3) | 130 |
| &nbsp;&nbsp;Proceeds from sale of bitcoin | (3778) | (289484) |
| &nbsp;&nbsp;Exchange of bitcoin for employee compensation | (18) | (1618) |
| &nbsp;&nbsp;Change in fair value of bitcoin |  | (326669) |
| **Balance as of March 31, 2026** | **15679** | $**1069695** |
| The following reconciles *Bitcoin* and *Restricted bitcoin* as of March 31, 2026 to the amounts above: |  |  |
| &nbsp;&nbsp;Bitcoin | 9877 | $673885 |
| &nbsp;&nbsp;Restricted bitcoin<sup>(a)</sup> | 5802 | 395810 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total  | 15679 | $1069695 |

---

---

| | | |
|:---|:---|:---|
|  | **Quantity** | **Amounts** |
| **Balance as of January 1, 2025** | **17722** | $**1654468** |
| &nbsp;&nbsp;Revenue recognized from bitcoin mined | 1530 | 142859 |
| &nbsp;&nbsp;Change in bitcoin receivable | 1 | 208 |
| &nbsp;&nbsp;Proceeds from sale of bitcoin |  |  |
| &nbsp;&nbsp;Exchange of bitcoin for employee compensation | (30) | (2950) |
| &nbsp;&nbsp;Change in fair value of bitcoin |  | (208040) |
| **Balance as of March 31, 2025** | **19223** | $**1586545** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Restricted bitcoin is the Company's bitcoin pledged as collateral for the $200 Million Credit Facility. See Note 11. *Debt* for more information.

***Data Center***

Our Data Center business designs, develops and operates large-scale data center projects designed to support the growing demand for high-density compute. This includes the lease of data center space and power capacity, which is generally paid monthly. Power costs are passed through to customers at cost. Additionally, we provide tenant fit-out services to our customers for the build-out of customer-specific equipment at cost plus a margin.

For the three months ended March 31, 2026, Data Center revenue was approximately $33.2 million, reflecting initial leasing activity and associated tenant fit-out, through the AMD Lease.

***Engineering***

Our Engineering business designs and manufactures power-distribution equipment and engineered-to-order electrical products. These products support our vertical integration strategy by enabling the internal development of critical electrical equipment and

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engineering services necessary for developments at our Facilities. This integration helps mitigate execution and counterparty risk in ongoing and future expansion projects. The specialized talent employed in our Engineering business allows us to explore new methods to optimize and develop best-in-class Bitcoin Mining operations and has been instrumental in the development of our industrial-scale immersion-cooled Bitcoin Mining hardware. The vertical integration of our Engineering division gives us additional strength and security in developing and deploying our Data Center build-outs. Our Data Center business is able to leverage Engineering's market specific expertise for best-in-class design as well as speed to market.

Our Engineering business also provides electrical distribution product design, manufacturing, and installation services primarily focused on large-scale industrial and governmental customers and serves a broad scope of clients across a wide range of markets including data center, power generation, utility, water, industrial, and alternative energy.

Engineering revenue is primarily derived from the sale of custom products built to customers' specifications under fixed-price contracts with one identified performance obligation. Engineering revenue is recognized over time as performance creates or enhances an asset with no alternative use, and for which we have an enforceable right to receive compensation as defined under the contract.

In December 2024, we completed the E4A Solutions Acquisition. This acquisition strengthens our vertically integrated strategy by adding engineering expertise to service our existing and future electrical infrastructure as well as providing solutions and services to the rapidly growing market for electrical infrastructure.

For the three months ended March 31, 2026, Engineering revenue was approximately $22.2 million.

***Strategic Goals and Initiatives***

*Bitcoin Treasury Strategy*

Our investment strategy with respect to our bitcoin ("Bitcoin Treasury Strategy") is designed to balance long-term value appreciation with operational flexibility and liquidity management. We selectively sell or leverage portions of our bitcoin holdings, and may continue to do so in the future, to fund operational needs, capital expenditures, and strategic initiatives, particularly when market conditions present opportunistic pricing above predetermined thresholds that we believe maximize shareholder value.

This approach enables us to realize value from our bitcoin holdings at favorable market conditions to support our liquidity profile and fund business growth. We believe this strategy enhances our operational stability, supports our liquidity profile, and provides the financial flexibility necessary to execute on our business plan and meet our capital allocation objectives.

*Power Strategy*

Long-term power contracts form the foundation of our power strategy. We utilize the Rockdale PPA, Corsicana PPA, and Kentucky PPA (together, the "PPAs") at our Facilities in the following ways:

**Manual Curtailment**

We power down operations and return power to the utility when prevailing market electricity prices offer the potential for us to realize power curtailment credits in excess of the Bitcoin Mining revenues we would have otherwise generated. We receive power credits for the difference in the market power price and our fixed power price. By capturing the spread between market power prices and our fixed-rate power contracts, we are able to maximize our overall profitability while supporting grid stability by reducing demand for power during periods of peak scarcity.

**Ancillary Services**

We competitively bid to sell ERCOT and MISO the option to control our electrical load during certain hours. ERCOT and MISO compensate us in the form of Demand Response Service Programs' Credits, which are received whether or not we are called on to power down.

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**ERCOT's 4CP Program**

At the Rockdale Facility and the Corsicana Facility, we participate in ERCOT's 4CP Program by voluntarily powering down operations during times of peak demand in summer months. Participation in this program provides substantial savings on transmission costs in the subsequent year's power bills and contributes to reduced overall power costs.

The following table presents our power curtailment credits:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  |
|  | **March 31,**  | **March 31,**  |
|  | **2026** | **2025** |
| Manual curtailment power credits  | $20932 | $7030 |
| Demand response power credits | 91 | 771 |
| &nbsp;&nbsp;Total power curtailment credits | $21023 | $7801 |

---

The following graph presents the primary decision factors that guide our decision to curtail power usage or power down our mining operations, and when we might resume mining operations:

![Graphic](riot-20260331x10q003.jpg)

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#### Challenges, Risks, and Industry Trends

#### Increased Competition and Global Network Hash Rate
***The price of bitcoin reached new all-time highs in 2025, supported by continued institutional investment in the Bitcoin spot exchange-traded funds ("ETFs"), global adoption, and increased interest from both retail and sovereign investors, but fell in the first quarter of 2026 to prices last seen in 2024. Bitcoin spot ETFs remained a primary driver of institutional demand, with total assets under management exceeding $85 billion as of March 31, 2026. These ETFs, as investment vehicles, provide investors with a broader way to gain exposure to bitcoin through more traditional financial markets. In March 2025, the United States established the United States Bitcoin Strategic Reserve, which currently holds the largest bitcoin reserve in the world, solidifying bitcoin as a mainstream financial asset and alternative source of value to fiat currency.***

***During 2023 and 2024, the bitcoin mining industry experienced record growth as the price of bitcoin increased from the lows experienced in early 2023. In 2025 and the first quarter of 2026, the industry continued to grow, though at a slower pace due to increased network difficulty during 2025 and more aggressive competition for efficient energy sources globally. The rising bitcoin price renewed opportunities to access capital markets to fund growth, leading to unprecedented expansion in mining operations, which resulted in a doubling of the size of provisioned hash calculation services on the network, as measured by total hash rate. Competition among mining companies continued to intensify in 2025, with top operators focusing on mergers, acquisitions, and direct power procurement contracts to secure stable energy pricing in the face of volatile market conditions.***

We have observed that when the market price for bitcoin experiences sustained increases, new miners are introduced onto the bitcoin network, contributing to an increase in the global network hash rate. Our hash rate grew by approximately 10.4% from December 31, 2025 to March 31, 2026, though the number of bitcoin we mined during the same period decreased slightly as a result of the increase in the global network hash rate as compared to the same period in 2025.

Accordingly, as the global network hash rate continues to rise, miners must scale their operations to maintain or improve their share of mining rewards. In response, we have made investments in electricity supply and distribution infrastructure and are focused on other strategic growth opportunities that enhance our long-term competitiveness. Further, we have adopted new and improved technology to increase both our mining power and efficiency, including our industrial-scale adoption of immersion cooling and our strategic acquisitions of large quantities of the latest powerful and efficient miners available.

*Bitcoin Mining Industry Consolidation and Emergence of Data Center Alternative* 

The bitcoin mining industry is undergoing significant structural transformation. A combination of factors, including the 2024 halving event, record high network hash rates in 2025, rising mining difficulties, and constrained access to large-scale power resources, has led to increased consolidation across the industry. These dynamics have made efficient, large-scale mining operations increasingly capital-intensive and have prompted miners to seek new avenues for maximizing the value of their existing infrastructure. A notable emerging trend is the convergence of bitcoin mining operations with large-scale data center services, including those supporting AI/HPC workloads. As demand for data center infrastructure accelerates, driven by advances in machine learning, generative AI, and compute-intensive enterprise applications, access to reliable, low-cost power has become a critical constraint on the development of new data centers. Bitcoin mining companies that own and operate their facilities are increasingly repurposing or reallocating portions of their power and physical infrastructure to support data center applications. This shift is enabled by the similarities between the underlying facility requirements for Bitcoin Mining and Data Center workloads, including large electrical loads, advanced cooling systems, and high-density rack deployments.

As a result, the industry is experiencing an evolution in which mining operators with robust power portfolios are leveraging their existing assets to participate in the rapidly growing market for data center services. This trend reflects both the challenges facing the Bitcoin mining sector and the significant economic opportunities presented by the global expansion of compute-intensive digital infrastructure.

*Volatile Transaction Fees* 

The bitcoin mining industry recently experienced an increase in transaction fees on the bitcoin network, alongside growing overall demand for bitcoin. While transaction fees remain inherently volatile, they are paid directly to miners and are representative of the

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public interest in transacting on the bitcoin network. These transaction fees, combined with the block subsidy issued by the bitcoin network, make up the total reward paid to miners upon solving a block.

*Vertical Integration*

Since 2021, we have focused on a vertically integrated business model. We remain committed to building long-term stockholder value by taking strategic actions to further vertically integrate our business at the current Rockdale Facility, developing the Corsicana Facility, expanding the Kentucky Facility, and integrating our acquisitions, including the Kentucky Facility and E4A Solutions. Management believes that vertical integration will strengthen each of our business segments by providing increased capacity for our Bitcoin Mining operations, expanding opportunities for implementing our proprietary power strategy, and positioning us to capitalize on supply chain efficiencies and electrical engineering services through our Engineering segment. We continue to focus on deploying our efficient Bitcoin Mining fleet, at scale, while realizing the benefits of being an owner and operator of our Bitcoin Mining facilities.

Prior to the 2024 halving event, shifts in strategy by prominent bitcoin miners focused on implementing vertically-integrated business models by investing in infrastructure, and upgrading and expanding fleets at their own facilities rather than renting out space from a third-party data center. Vertical integration provides additional control over operational outcomes as well as better management of any input costs such as power and overhead fees. Flexibility, and the ability to manage expenses, becomes increasingly important as the amount of competition on the bitcoin network expands and the subsidy in bitcoin provided by the network contracts decreases.

We anticipate the bitcoin network will continue to see increased competition and consolidation in the bitcoin mining industry. Further, given our relative position and liquidity, we believe we are well positioned to benefit from such consolidation. We are continuously evaluating opportunities which we may decide to undertake as part of our strategic growth initiatives; however, we can offer no assurances that any strategic opportunities which we decide to undertake will be achieved on the schedule or within the budget we anticipate, if at all, and our business and financial results may change significantly as a result of such strategic growth.

*Grid Curtailment*

The Public Utility Commission of Texas, ERCOT, and Oncor Electric Delivery Company ("Oncor") collectively oversee the regulatory, administrative, and delivery aspects of our power supply in Texas. In Kentucky, MISO oversees our power supply. As the bitcoin mining industry has expanded in recent years, regulatory scrutiny on bitcoin mining facilities and their energy consumption has intensified accordingly.

As Texas's grid operator, ERCOT is responsible for monitoring and testing market participants, including our Bitcoin Mining facilities at the Rockdale Facility and the Corsicana Facility, to evaluate their impact on grid reliability. As part of this process, ERCOT may issue curtailment notices to reduce the power usage at our Texas operations. Our Facilities in Texas are subject to periodic testing and monitoring and have experienced power curtailments in response to instructions we receive from Oncor and ERCOT. Given the inherent uncertainty regarding the duration or extent of power curtailments and testing procedures, we are currently unable to reasonably estimate their potential impact on our operations. If we cannot secure adequate access to electrical power, we may be forced to reduce or shut down our operations, which would have a material adverse effect on our business, prospects, financial condition, and operating results.

*Data Center Scrutiny and Regulation* 

Driven by the proliferation of energy-intensive applications such as bitcoin mining and HPC, demand for energy capacity continues to outpace supply. Data centers are increasingly scrutinized by federal, state, and local authorities due to concerns regarding energy consumption, land use, carbon emissions, water usage, environmental impacts, data-sovereignty considerations, and national-security-related issues. Regulators may impose new permitting requirements, energy-efficiency standards, carbon-reduction mandates, sustainability reporting rules, or operational restrictions specific to data centers, AI infrastructure, or high-density compute environments. Such regulations, particularly at the federal level or in the States of Texas and Kentucky, where our Facilities operate, could increase our capital expenditures, delay development timelines, limit expansion opportunities, or require costly modifications to existing infrastructure.

Tax abatement programs that have historically supported development, and specifically, data center development, are subject to increasing scrutiny as residents and policymakers reassess the associated economic benefits to their communities relative to perceived impacts on energy demand, utility costs, and natural resource consumption. In response, certain jurisdictions are becoming

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more selective in offering incentives or eliminating them altogether. Certain jurisdictions have implemented, or are considering implementing, temporary moratoriums or other restrictions on new data center development due to these concerns.

See Part I, Item 1A. "Risk Factors" of the 2025 Annual Report for additional discussion regarding potential impacts that our competitive and evolving industry may have on our business.

#### Recent Events Affecting the Company
Global supply chain disruptions and inflationary pressures have, at times, resulted in delays to our miner delivery schedules, infrastructure development timelines, and the manufacturing and delivery schedules within our Engineering segment. These delays are primarily driven by constraints in the globalized supply chains for miners, specialized electrical distribution equipment, and construction materials. While we have effectively mitigated these delays, there can be no assurance that we will be successful in mitigating such disruptions in the future.

The development and expansion of our Facilities require significant quantities of critical components that are currently in high demand and may be difficult to source. To mitigate the risks associated with supply chain volatility, increasing demand, and uncertainty arising from U.S. tariffs and retaliatory international tariffs, we have proactively procured and currently maintain a supply of essential electrical infrastructure components and construction materials. These strategic reserves are intended to support the expansion and data center development of the Corsicana and Rockdale Facilities, the expansion of our Kentucky Facilities, and the maintenance of our existing systems, and to reduce our exposure to potential inflationary pricing and equipment delivery delays.

We sell our bitcoin to fund operations. Subsequent to the fiscal year ending December 31, 2025, we have experienced an impact from the recent volatility and downward trend in the market price of Bitcoin reducing the purchasing power of our bitcoin holdings. This decline may necessitate the sale of a greater volume of our bitcoin than previously anticipated to generate the liquidity required to fund our ongoing operations and working capital needs. By diversifying our infrastructure to support broader data services, we aim to mitigate our direct exposure to cryptocurrency price fluctuations and establish a more stable, diversified revenue stream centered on digital infrastructure.

***Results of Operations***

***Comparative Results for the Three Months Ended March 31, 2026, and 2025:***

*Revenue*

Total revenue for the three months ended March 31, 2026 and 2025 was $167.2 million and $161.4 million, respectively. Total revenue consists of our Bitcoin Mining revenue, Data Center revenue, Engineering revenue and Other revenue. Other revenue consists almost entirely of residual activity related to our former Data Center Hosting bitcoin mining operations. See below for explanations of changes in revenue by operating segment.

For the three months ended March 31, 2026 and 2025, Bitcoin Mining revenue was $111.9 million and $142.9 million, respectively. The decrease of $31.0 million was primarily due to lower bitcoin prices in the 2026 period, which averaged $68,223 per bitcoin, as compared to $82,535 per bitcoin for the 2025 period, and a slight decrease in bitcoin production of 3.7% due to the substantial increase in the global network hash rate. These decreases were partially offset by a 22.6% increase in our average operating hash rate, which increased from 29.7 EH/s in the three months ended March 31, 2025 to 36.4 EH/s in the three months ended March 31, 2026.

For the three months ended March 31, 2026, Data Center revenue was approximately $33.2 million, primarily attributable to initial leasing activity and associated tenant fit-out through the AMD Lease. We recognized our new Data Center operations as a reportable segment in the three months ended March 31, 2026. Accordingly, there were no Data Center revenues for the three months ended March 31, 2025.

For the three months ended March 31, 2026 and 2025, Engineering revenue was $22.2 million and $13.9 million, respectively. The increase was primarily attributable to the record third-party data center demand for custom electrical equipment. Our custom electrical products are used as important components in data center development and in power generation and distribution facilities. There continues to be significant third-party demand for these products due to the increased interest in data center construction, as well as growing worldwide demand for power.

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*Costs and expenses*

The following table presents *Cost of revenue* for Bitcoin Mining:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  |
|  | **March 31,**  | **March 31,**  |
|  | **2026** | **2025** |
| Power | $72317 | $61830 |
| Compensation | 5045 | 4445 |
| Insurance on miners | 1462 | 1462 |
| Ground and facility rent, water, and property tax | 5656 | 344 |
| Other<sup>(a)</sup> | 2282 | 6737 |
| &nbsp;&nbsp;Total Bitcoin Mining cost of revenue | $86762 | $74818 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All amounts included in *Other* are individually insignificant.

The increase of approximately $11.9 million was primarily due to increased Bitcoin Mining capacity and power consumption due to the 125 MW of power capacity at the Rockdale Facility that was assumed in the settlement of litigation between the Company and Rhodium Encore LLC in April 2025 and the continued expansion at the Kentucky Facility. The expanded facilities require additional headcount and direct costs necessary to maintain and support our expanded Bitcoin Mining operations. Cost of revenue for Bitcoin Mining excludes depreciation and amortization, which are stated separately on our Condensed Consolidated Statements of Operations. In 2025, we acquired the Rockdale Facility land that was previously subject to a ground lease. As a result, ground rent was zero in 2026.

Cost of revenue for Engineering for the three months ended March 31, 2026 and 2025 was $18.1 million and $11.8 million, respectively, an increase of approximately $6.3 million. The costs consisted primarily of direct materials and labor, as well as indirect manufacturing costs. Consistent with the causes of increased Engineering revenue noted above, the increase was primarily due to increased receipts of materials resulting in our ability to complete projects.

Selling, general, and administrative expenses for the three months ended March 31, 2026 and 2025 were $76.2 million and $71.4 million, respectively, an increase of approximately $4.8 million. Selling, general, and administrative expenses consist of stock-based compensation, legal and professional fees, and other personnel and related costs. The increase was primarily due to an $11.8 million increase in compensation expense, including stock-based compensation, as a result of hiring additional employees to support our ongoing growth and data center development. This increase was partially offset by a $5.0 million decrease in legal fees due to recently ending or settling much of our outstanding litigation. Additional decreases were from lower consulting and insurance costs.

Depreciation and amortization for the three months ended March 31, 2026 and 2025 was $97.7 million and $77.9 million, respectively, an increase of approximately $19.8 million. The increase was primarily due to increases in miners deployed.

The change in fair value of bitcoin for the three months ended March 31, 2026 and 2025 were losses of $326.7 million and $208.0 million, respectively, and was recognized to adjust the fair value of our bitcoin held at the end of each period.

The change in fair value of our derivatives for the three months ended March 31, 2026 and 2025 was a loss of $51.9 million and a gain of $41.9 million, respectively, and was recorded to adjust the fair value of our PPAs, which were classified as derivatives and measured at fair value. The loss incurred during the three months ended March 31, 2026 was primarily attributable to the average of the forward prices utilized in the discounted cash flow estimation models decreasing from $55.7 per MWh as of December 31, 2025 to $49.1 per MWh as of March 31, 2026. The gain recognized during the three months ended March 31, 2025 was primarily attributable to the average of the forward prices increasing from $51.98 per MWh as of December 31, 2024 to $55.41 per MWh as of March 31, 2025.

Power curtailment credits for the three months ended March 31, 2026 and 2025 were $21.0 million and $7.8 million, respectively, and represent sales of unused power under our PPAs and participation in ancillary services under ERCOT and MISO Demand Response Service Programs. The amount of these credits varies from period to period depending on various factors impacting the supply of power to, and the demand for power on, the power grids, such as weather and global fuel costs.

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The change in fair value of contingent consideration during the three months ended March 31, 2026 and 2025 were zero and a gain of $8.3 million, respectively, and were a result of the change in estimates for the potential earnout contingent consideration to the former sellers in the Block Mining Acquisition and the E4A Solutions Acquisition.

#### Other income (expense)
Interest income for the three months ended March 31, 2026 and 2025 was $2.3 million and $3.4 million, respectively, and was earned from interest on cash balances held during the period. The decrease was due to lower cash balances on hand and lower interest rates.

Interest expense for the three months ended March 31, 2026 and 2025 was $2.6 million and $2.3 million, respectively, and was primarily related to interest paid on our revolving lines of credit and letters of credit.

The loss on equity method investment – marketable securities for the three months ended March 31, 2025, of $63.2 million was recognized to adjust the fair value of our equity method investment held at the end of each period. The equity method investment was sold in its entirety during the year ended December 31, 2025.

***Non-GAAP Measures***

In addition to financial measures presented under generally accepted accounting principles in the United States ("GAAP"), we consistently evaluate our use of and calculation of non-GAAP financial measures such as "Adjusted EBITDA." EBITDA is computed as net income before interest, taxes, depreciation, and amortization. Adjusted EBITDA is a financial measure defined as EBITDA adjusted to eliminate the effects of certain non-cash and/or non-recurring items that do not reflect our ongoing strategic business operations, which management believes results in a performance measurement that represents a key indicator of our core business operations. The adjustments include fair value adjustments such as derivative power contract adjustments, equity securities fair value changes, and non-cash stock-based compensation expense, in addition to financing and legacy business income and expense items.

We believe Adjusted EBITDA can be an important financial performance measure because it allows management, investors, and our board of directors to evaluate and compare our operating results, including our return on capital and operating efficiencies, from period-to-period by making such adjustments. Additionally, Adjusted EBITDA is used as a performance metric for share-based compensation.

Adjusted EBITDA is provided in addition to, and should not be considered to be a substitute for, or superior to, net income, the most comparable measure under GAAP to Adjusted EBITDA. Further, Adjusted EBITDA should not be considered as an alternative to revenue growth, net income, diluted net income per share or any other performance measure derived in accordance with GAAP, or as an alternative to cash flow from operating activities as a measure of our liquidity. Adjusted EBITDA has limitations as an analytical tool, and you should not consider this financial measure either in isolation or as a substitute for analyzing our results as reported under GAAP.

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The following table reconciles Adjusted EBITDA to *Net income (loss)*, the most comparable GAAP performance measure:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  |
|  | **March 31,**  | **March 31,**  |
|  | **2026** | **2025** |
| Net income (loss) | $(500477) | $(296367) |
| &nbsp;&nbsp;Interest income | (2313) | (3397) |
| &nbsp;&nbsp;Interest expense | 2618 | 2308 |
| &nbsp;&nbsp;Income tax expense (benefit) | 291 | 437 |
| &nbsp;&nbsp;Depreciation and amortization | 97734 | 77926 |
| EBITDA | (402147) | (219093) |
| Adjustments: |  |  |
| &nbsp;&nbsp;Stock-based compensation expense | 39166 | 29576 |
| &nbsp;&nbsp;Acquisition-related costs |  | 76 |
| &nbsp;&nbsp;Change in fair value of derivatives | 51852 | (41894) |
| &nbsp;&nbsp;Change in fair value of contingent consideration  |  | (8252) |
| &nbsp;&nbsp;Loss (gain) on equity method investment - marketable securities |  | 63238 |
| &nbsp;&nbsp;Loss (gain) on sale of equipment |  | 129 |
| &nbsp;&nbsp;Other (income) expense | 12 | (93) |
| &nbsp;&nbsp;Amortization of license fee revenue |  | (24) |
| Adjusted EBITDA | $(311117) | $(176337) |

---

#### Liquidity and Capital Resources
We generate non-cash revenue through mining bitcoin at our Facilities, which we manage based on our Bitcoin Treasury Strategy, while financing operations and other expenses through sales of our bitcoin production, borrowing against our credit facilities, and issuance of common stock under the ATM offering program. During the three months ended March 31, 2026, no shares were sold under the ATM Program. During the three months ended March 31, 2025, we issued and sold approximately 5.4 million shares of our common stock under our ATM offering program for aggregate net proceeds (net of commissions and expenses) of $68.4 million.

As of March 31, 2026, we had net working capital of approximately $33.3 million, which included cash and cash equivalents of $205.7 million. We reported a net loss of $500.5 million during the three months ended March 31, 2026, which included $407.1 million in non-cash net losses primarily consisting of the loss from the change in fair value of bitcoin of $326.7 million, depreciation and amortization of $97.7 million, change in the fair values of derivatives of $51.9 million, and stock-based compensation of $39.2 million, partially offset by revenue recognized from bitcoin mined of $111.9 million.

During the three months ended March 31, 2026, we sold 3,778 bitcoin for proceeds of approximately $289.5 million. We monitor our balance sheet on an ongoing basis and evaluate the level of bitcoin retained in consideration of our cash requirements for ongoing operations and expansion.

***Contractual Commitments and Obligations***

As of March 31, 2026, we had a remaining commitment of approximately $4.8 million due to MicroBT for the contractual purchase of miners, which we expect to pay through the second quarter of 2026.

#### Revenue from Operations
*Bitcoin Mining*

We expect to generate ongoing revenue from bitcoin rewards in connection with our Bitcoin Mining operations and we will continue to evaluate our ability to liquidate bitcoin rewards at future values to generate cash for operations.

Generating bitcoin rewards which exceed our production and overhead costs is critical to our ability to report profit margins from our Bitcoin Mining operations, although accounting for our reported profitability is increasingly complex. Furthermore, regardless of our ability to generate proceeds from the sale of our bitcoin produced from our Bitcoin Mining business, we may need to raise additional capital in the form of equity or debt to fund our operations and pursue our business strategy.

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The ability to raise funds through the sale of equity, debt financings, or the sale of bitcoin to maintain our operations is subject to many risks and uncertainties and any future equity issuances or convertible debt offerings could result in dilution to our existing stockholders and any future debt or debt securities may contain covenants that limit our operations or ability to enter into certain transactions. Our ability to realize revenue through bitcoin production and successfully convert bitcoin into cash or fund overhead with bitcoin is subject to a number of risks, including regulatory, financial, and business risks, many of which are beyond our control. Additionally, we have observed significant historical volatility in the market price of bitcoin and, as such, future prices cannot be predicted.

*Data Center*

Data Center revenue is derived from lease income from the leasing of data center space and provisioning of power under long-term lease agreements, and the construction of assets to support tenants.

Lease rent and power reimbursement income is recognized on a monthly basis as costs are incurred and services are provided and revenue generated from providing tenant fit-out services is recognized using the percentage of completion model whereby total costs incurred are divided by total costs expected to be incurred, which reflects progress towards completion of the performance obligation.

Customers are typically required to make monthly rent and power reimbursement payments as well as periodic tenant fit-out progress payments based on contractually agreed-upon milestones.

*Engineering*

Substantially all Engineering revenue is derived from the sale of custom products built to customers' specifications under fixed-price contracts. Revenue is recognized over time as performance creates or enhances an asset with no alternative use, and for which we have an enforceable right to receive compensation as defined under the contract. The length of time required to complete a custom product varies but is typically between four and 12 weeks.

Customers are typically required to make periodic progress payments based on contractually agreed-upon milestones.

If we are unable to generate sufficient revenue from our Bitcoin Mining, Data Center, or Engineering operations when needed or secure additional sources of funding, it may be necessary to significantly reduce our current rate of spending or explore other strategic alternatives.

***ATM Equity Offerings***

During 2025 and 2024, we offered and sold shares of our common stock through ATM offering programs pursuant to sales agreements with sales agents (each, an "ATM Program"). For additional information regarding our ATM Program, see Note 13. *Stockholders' Equity*.

The following table sets forth shares sold and net proceeds received (net of sales commissions and expenses) from shares sold under our August 2024 ATM Program:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2025** | **2025** |
|  | **Shares** | **Net Proceeds** |
| August 2024 ATM Program | 5368600 | $68405 |

---

As of March 31, 2026, no shares had been sold under the 2025 ATM Program, therefore all $500.0 million of our common stock remained available for issuance and sale pursuant to the 2025 ATM Program.

***Legal Proceedings***

We have been named a defendant in several lawsuits, as more fully described in Note 16. *Commitments and Contingencies*.

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***Cash Flows***

The following table presents a summary of our cash flows:

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** |
|  | **2026** | **2025** |
| Net cash provided by (used in) operating activities | $(182651) | $(122060) |
| Net cash provided by (used in) investing activities | $157793 | $(59227) |
| Net cash provided by (used in) financing activities | $(2392) | $67857 |

---

#### Operating Activities
The $60.6 million increase in cash used in operating activities for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, was primarily attributable to increased power costs of $10.5 million and cash outflows during the three months ended March 31, 2026 consisting of a one-time cash payment of $20.0 million for the SBI legal settlement and $30.7 million for costs related to tenant fit-out, for which we expect to be reimbursed in the second quarter of 2026.

Investing Activities

For the three months ended March 31, 2026, net cash provided by investing activities was primarily attributable to proceeds from the sale of bitcoin of $289.5 million, partially offset by purchases and deposits paid for miners and purchases of property and equipment for our ongoing expansions, for which we paid approximately $16.2 million in deposits for the purchase of miners and other equipment, with anticipated additional payments of $4.8 million to be made through the second quarter of 2026, and payments of approximately $115.5 million for the purchase of property and equipment.

For the three months ended March 31, 2025, net cash used in investing activities was primarily attributable to payments of approximately $32.9 million for the purchase of property and equipment and $26.7 million in deposits and payments for the purchase of miners.

#### Financing Activities
For the three months ended March 31, 2026, no cash was provided by financing activities as we did not issue any shares under our ATM Program, issue debt, or increase the borrowings on any of our existing debt. For the three months ended March 31, 2025, net cash provided by financing activities primarily consisted of proceeds from our ATM Program offerings of $70.0 million.

We have approximately $853.7 million in total principal on our debt outstanding, primarily consisting of $594.4 million from our 2030 Notes, $200.0 million from our bitcoin-backed credit facility, $54.3 million from our revolving credit facilities, and $5.0 million of debt.

We have primarily financed our strategic growth through proceeds from the issuance of our common stock through ATM Program offerings and various credit facilities, and it is reasonably likely that we will continue to finance our ongoing growth similarly.

#### Critical Accounting Policies and Estimates
In preparing our financial statements in accordance with GAAP, there are certain accounting policies that may require a choice between acceptable accounting methods or may require substantial judgment or estimation in their application. The methods, estimates and judgments we use in applying our most critical accounting policies have a significant impact on the results we report in our Condensed Consolidated Financial Statements. An accounting estimate is considered critical if both (i) the nature of the estimates or assumptions is material due to the levels of subjectivity and judgment involved, and (ii) the impact within a reasonable range of outcomes of the estimates and assumptions is material to our Condensed Consolidated Financial Statements. These include: business combinations, valuation of the Rockdale PPA and the Corsicana PPA, long-lived assets and stock-based compensation. We believe these and other accounting policies set forth in Note 2. *Summary of Significant Accounting Policies and Recent Accounting Pronouncements* should be reviewed as they are integral to understanding our results of operations and financial condition.

We have discussed the selection of critical accounting policies and the effect of estimates with the Audit Committee of our Board.

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***Business combinations***

Accounting for business combinations requires management to make significant estimates and assumptions, especially at the acquisition date, including estimates for property and equipment and contingent consideration, where applicable. Although we believe our assumptions and estimates have been reasonable and appropriate, they are based in part on historical experience and information obtained from management of the acquired companies and are inherently uncertain. Estimates used in determining the value of property and equipment included the estimated replacement costs, which included replacement cost new, remaining life, and effective age. Estimates primarily used in determining the value of the contingent consideration included the timing and probability of achieving milestones and discount rates.

***Rockdale PPA and Corsicana PPA Valuations***

The Rockdale PPA and the Corsicana PPA are accounted for as derivatives, the valuations of which are based on significant unobservable inputs, which include discounted cash flow estimation models containing quoted commodity exchange spot and forward prices and are adjusted for basis spreads for load zone-to-hub differentials through the respective terms of the Rockdale PPA and the Corsicana PPA. Significant judgment and estimations are required when creating the discounted cash flow estimation models. Should our discounted cash flow estimation models change significantly, potentially material changes to the fair value of the derivative asset may result, which could have a material impact on our financial statements.

See Note 8. *Power Supply Agreements* for a discussion of the unobservable inputs and their impact on the valuation.

***Long-Lived Assets***

Long-lived assets are stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets. Judgment is necessary in estimating our various assets' useful lives. This includes evaluating our own usage experience with our currently owned assets, the quality of materials used in construction-related projects, and for our miners, the rate of technological advancement and market-related factors such as the price of bitcoin and the bitcoin network hash rate, which impact the value of the miners. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, which is determined based on a comparison of the carrying amount of an asset to undiscounted future cash flows expected to be generated by the asset. Significant judgment is used when estimating future cash flows, particularly the price of bitcoin and the bitcoin network hash rate. If such assets are considered impaired, an impairment is recognized based on the amount by which the carrying amount exceeds the estimated fair value of the assets.

Should our estimates of useful lives, undiscounted future cash flows, or asset fair values change, additional and potentially material impairments may be required, which could have a material impact on our reported financial results.

***Stock-Based Compensation***

Stock-based compensation expense related to share-based payment awards is recognized at the grant date of the award and is estimated based on the fair market value of our common stock on the date of the grant. Compensation cost for performance-based, share-based payment awards is recognized over the performance period when achievement of the milestones and targets becomes probable. We use significant judgment in determining the likelihood of meeting milestones and market conditions. Inputs into valuation models such as Monte Carlo simulations include both the Company's and the Russell 3000's historical and expected annual volatilities, and depending on the inputs selected, we could calculate significantly different estimated grant date fair values, materially impacting the valuation of our stock-based awards and the stock-based compensation expense we recognize in future periods.

#### Recent Accounting Pronouncements
See Note 2. *Summary of Significant Accounting Policies and Recent Accounting Pronouncements* for a description of applicable recent accounting pronouncements and any material impact on our financial statements.

#### Off-Balance Sheet Arrangements
We do not have any off-balance sheet arrangements.

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#### Item 3. Quantitative and Qualitative Disclosures About Market Risk
The following discussion about our market risk exposures involves forward-looking statements. Actual results could differ materially from those projected in our forward-looking statements. For more information regarding the forward-looking statements used in this section and elsewhere in this Quarterly Report, see the "Cautionary Note Regarding Forward-Looking Statements" at the forepart of this Quarterly Report.

The sensitivity analyses disclosed below provide only a limited, point-in-time view of the market risk of the financial instruments discussed. The actual impact of the respective underlying rates and price changes on the financial instruments may differ significantly from those shown in the sensitivity analyses.

*Risks Regarding the Price of Bitcoin*

Our business and development strategy is focused on maintaining and expanding our Bitcoin Mining operations to maximize the amount of new bitcoin rewards we earn. As of March 31, 2026, we held 15,679 bitcoin recognized at its fair value of $1.1 billion.

The market price of bitcoin is highly volatile, and we cannot accurately predict future price movements. Fluctuations in Bitcoin's market value directly affect revenue generated from our mining operations. In addition, any decline in the fair value of the bitcoin we mine and hold for our account would be reflected in our financial statements as a charge against net income, which could have a material adverse effect on our results of operations and the market price for our securities.

We manage our exposure to bitcoin price volatility by investing in energy-efficient miners and vertical integration, and by diversifying our revenue streams through our data center initiatives. Management regularly monitors market conditions and liquidity requirements to determine the timing of bitcoin sales and our capital expenditures.

The following table presents the impact of 10% changes in the price of bitcoin on our bitcoin holdings during the applicable period:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended March 31, 2026** | **For the three months ended March 31, 2026** | **For the three months ended March 31, 2025** | **For the three months ended March 31, 2025** |
|  | **10% Increase in**<br>**Price of Bitcoin** | **10% Decrease in**<br>**Price of Bitcoin** | **10% Increase in**<br>**Price of Bitcoin** | **10% Decrease in**<br>**Price of Bitcoin** |
| Increase/(Decrease) in Net Income | $106956 | $(106956) | $158634 | $(158634) |

---

The decreased sensitivity to price changes in 2026 as compared to 2025 was primarily due to the decrease in our bitcoin holdings in 2026, and as of March 31, 2026, as compared to March 31, 2025.

*Risk Regarding the Price of Commodities*

Our operations are highly dependent on the availability and cost of electricity. Certain of our operating costs are subject to price fluctuations caused by the volatility of underlying commodity prices, including the cost of power used in our Bitcoin Mining and data center operations. We manage commodity price risk through PPAs and participation in energy demand-response programs that allow us to curtail operations and return capacity to the grid during periods of high demand. Management considers forward power prices, grid reliability requirements, and operational flexibility when determining the extent of its risk management strategy over power costs. While these strategies are intended to mitigate the impact of price volatility, significant increases in electricity costs or disruptions in power supply could still have a material adverse effect on our results of operations and financial condition.

The following table presents the hypothetical impact on our net income of 10% changes in the future power prices (taking into account the dates of maturity of our various fixed price PPAs) used to derive the fair value of the Rockdale PPA and the Corsicana PPA derivatives:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended March 31, 2026** | **For the three months ended March 31, 2026** | **For the three months ended March 31, 2025** | **For the three months ended March 31, 2025** |
|  | **10% Increase in**<br>**Future Power Prices** | **10% Decrease in**<br>**Future Power Prices** | **10% Increase in**<br>**Future Power Prices** | **10% Decrease in**<br>**Future Power Prices** |
| Increase/(Decrease) in Net Income | $31889 | $(31889) | $47240 | $(47240) |

---

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#### Item 4. Controls and Procedures

#### Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer (principal executive officer) and our Chief Financial Officer (principal financial officer), has evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of March 31, 2026 to ensure that the information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and that information required to be disclosed in the reports we file or submit under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer (principal executive officer) and Chief Financial Officer (principal financial officer), to allow timely decisions regarding required disclosures. It should be noted that the design of any system of controls is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote.

Based on this evaluation, our management, with the participation of our Chief Executive Officer (principal executive officer) and our Chief Financial Officer (principal financial officer), concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of March 31, 2026.

***Changes in Internal Control***

There have not been any changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended March 31, 2026, that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

#### PART II - OTHER INFORMATION

#### Item 1. Legal Proceedings
Disclosure under this Item is incorporated by reference to the disclosure provided in Note 16. *Commitments and Contingencies*.

#### Item 1A. Risk Factors
Investors should carefully review and consider the information regarding certain factors that could materially affect our business, results of operations, financial condition, cash flows, and equity as set forth herein and in Part I, Item 1A. Risk Factors of our 2025 Annual Report. We may disclose changes to our risk factors or disclose additional risk factors from time to time in our future filings with the SEC. Additional risks and uncertainties not presently known to us or that we currently believe not to be material may also adversely impact our business, financial condition, results of operations, cash flows, and equity.

#### Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
The following table presents our repurchases of our common stock during the three months ended March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Period** | <br>**Total**<br>**Number of**<br>**Shares**<br>**Purchased (a)** | <br>**Average**<br>**Price Paid**<br>**per Share (b)** | **Total Number**<br>**of Shares**<br>**Purchased as**<br>**Part of**<br>**Publicly**<br>**Announced Plans**<br>**or Programs** | **Maximum**<br>**Number of**<br>**Shares that**<br>**May Yet Be**<br>**Purchased**<br>**Under the Plans**<br>**or Programs** |
| January 1, 2026 through January 31, 2026 | 121761 | $12.67 | N/A | N/A |
| February 1, 2026 through February 28, 2026 | 17271 | 15.22 | N/A | N/A |
| March 1, 2026 through March 31, 2026 | 17341 | 12.36 | N/A | N/A |
| Total | 156373 | $12.92 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the quarter ended March 31, 2026, pursuant to our 2019 Equity Incentive Plan , certain of our employees surrendered shares of common stock to us to satisfy statutory minimum federal and state tax obligations associated with the vesting of restricted stock awards.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The price paid per share is based on the closing price of our common stock as of the date of the determination of the statutory minimum for federal and state tax obligations.

#### Item 5. Other Information
During the three months ended March 31, 2026, none of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted, modified, or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or any "non-Rule 10b5-1 arrangement" as defined in Item 408(c) of Regulation S-K ("10b5-1 Plan").

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#### Item 6. Index of Exhibits
The following are incorporated by reference herein to the exhibit previously filed with the SEC at the location indicated below or are filed herewith as indicated below:

---

| | | |
|:---|:---|:---|
| **Exhibit** | **Description** | **Location** |
| 2.1 | [Plan of Merger, dated effective as of December 30, 2022, by and between Riot Blockchain, Inc. and Riot Platforms, Inc.](https://www.sec.gov/Archives/edgar/data/1167419/000107997323000004/ex2x1.htm) | [Exhibit 2.1 of the Current Report on Form 8-K filed January 3, 2023.](https://www.sec.gov/Archives/edgar/data/1167419/000107997323000004/ex2x1.htm) |
| 3.1 | [Articles of Incorporation filed September 19, 2017.](https://www.sec.gov/Archives/edgar/data/1167419/000107997317000554/ex3x1.htm) | [Exhibit 3.1 of the Current Report on Form 8-K filed September 25, 2017.](https://www.sec.gov/Archives/edgar/data/1167419/000107997317000554/ex3x1.htm) |
| 3.2 | [Amendment to the Articles of Incorporation of Riot Blockchain, Inc. dated November 21, 2022.](https://www.sec.gov/Archives/edgar/data/1167419/000155335022000962/riot_ex3z1.htm) | [Exhibit 3.1 of the Current Report on Form 8-K filed November 23, 2022.](https://www.sec.gov/Archives/edgar/data/1167419/000155335022000962/riot_ex3z1.htm) |
| 3.3 | [Certificate of Amendment to the Articles of Incorporation of Riot Platforms, Inc. dated June 13, 2024.](https://www.sec.gov/Archives/edgar/data/1167419/000155837024009292/riot-20240618xex3d1.htm) | [Exhibit 3.1 of the Current Report on Form 8-K filed June 18, 2024.](https://www.sec.gov/Archives/edgar/data/1167419/000155837024009292/riot-20240618xex3d1.htm) |
| 3.4 | [Amended and Restated Bylaws effective March 26, 2026.](https://www.sec.gov/Archives/edgar/data/1167419/000110465926038545/riot-20260326xex3d1.htm) | [Exhibit 3.1 of the Current Report on Form 8-K filed April 1, 2026.](https://www.sec.gov/Archives/edgar/data/1167419/000110465926038545/riot-20260326xex3d1.htm) |
| 3.5 | [Articles of Merger between Bioptix, Inc. and Riot Blockchain, Inc.](https://www.sec.gov/Archives/edgar/data/1167419/000107997317000569/ex3x1.htm) | [Exhibit 3.1 of the Current Report on Form 8-K filed October 4, 2017.](https://www.sec.gov/Archives/edgar/data/1167419/000107997317000569/ex3x1.htm) |
| 3.6 | [Articles of Merger between Riot Blockchain, Inc. and Riot Platforms, Inc.](https://www.sec.gov/Archives/edgar/data/1167419/000107997323000004/ex3x1.htm) | [Exhibit 3.1 of the Current Report on Form 8-K filed January 3, 2023.](https://www.sec.gov/Archives/edgar/data/1167419/000107997323000004/ex3x1.htm) |
| 10.1 + | [Form of Riot Platforms, Inc. Long-Term Incentive Program Performance Award Agreement.](https://www.sec.gov/Archives/edgar/data/1167419/000110465926000248/riot-20251231xex10d1.htm) | [Exhibit 10.1 of the Current Report on Form 8-K filed January 2, 2026.](https://www.sec.gov/Archives/edgar/data/1167419/000110465926000248/riot-20251231xex10d1.htm) |
| 10.2 + | [Form of Riot Platforms, Inc. Long-Term Incentive Program Service Award Agreement.](https://www.sec.gov/Archives/edgar/data/1167419/000110465926000248/riot-20251231xex10d2.htm) | [Exhibit 10.2 of the Current Report on Form 8-K filed January 2, 2026.](https://www.sec.gov/Archives/edgar/data/1167419/000110465926000248/riot-20251231xex10d2.htm) |
| 10.3 + | [Form of Riot Platforms, Inc. Long-Term Incentive Program Performance Award Agreement (Units).](https://www.sec.gov/Archives/edgar/data/1167419/000110465926000248/riot-20251231xex10d3.htm) | [Exhibit 10.3 of the Current Report on Form 8-K filed January 2, 2026.](https://www.sec.gov/Archives/edgar/data/1167419/000110465926000248/riot-20251231xex10d3.htm) |
| 10.4 + | [Form of Riot Platforms, Inc. Long-Term Incentive Program Service Award Agreement (Units).](https://www.sec.gov/Archives/edgar/data/1167419/000110465926000248/riot-20251231xex10d4.htm) | [Exhibit 10.4 of the Current Report on Form 8-K filed January 2, 2026.](https://www.sec.gov/Archives/edgar/data/1167419/000110465926000248/riot-20251231xex10d4.htm) |
| 10.5 +†\* | [Amended and Restated Executive Employment Agreement, by and between the Company and Stephen Howell, dated as of January 1, 2026.](riot-20260331xex10d5.htm) | Filed herewith. |
| 10.6 +†\* | [Amended and Restated Executive Employment Agreement, by and between the Company and Jason Chung, dated as of January 1, 2026.](riot-20260331xex10d6.htm) | Filed herewith. |
| 10.7 +†\* | [Amended and Restated Executive Employment Agreement, by and between the Company and William Jackman, dated as of January 1, 2026.](riot-20260331xex10d7.htm) | Filed herewith. |
| 10.8 +†\* | [Amended and Restated Executive Employment Agreement, by and between the Company and Jason Les, dated as of January 1, 2026.](riot-20260331xex10d8.htm) | Filed herewith. |

---

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| | | |
|:---|:---|:---|
| 10.9 +†\* | [Amended and Restated Executive Employment Agreement, by and between the Company and Benjamin Yi, dated as of January 1, 2026.](riot-20260331xex10d9.htm) | Filed herewith. |
| 10.10 +†\* | [Amended and Restated Professional Services Agreement, by and between the Company and Colin Yee, dated as of January 1, 2026.](riot-20260331xex10d10.htm) | Filed herewith. |
| 10.11 +†\* | [Amended and Restated Executive Employment Agreement, by and between the Company and Jonathan Gibbs, dated as of June 11, 2025.](riot-20260331xex10d11.htm) | Filed herewith. |
| 31.1 | [Rule 13a-14(a)/15d-14(a) - Certification of Chief Executive Officer (principal executive officer).](riot-20260331xex31d1.htm) | Filed herewith. |
| 31.2 | [Rule 13a-14(a)/15d-14(a) - Certification of Chief Financial Officer (principal financial officer).](riot-20260331xex31d2.htm) | Filed herewith. |
| 32.1 | [Section 1350 Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Principal Executive Officer).](riot-20260331xex32d1.htm) | Filed herewith. |
| 32.2 | [Section 1350 Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Principal Financial Officer).](riot-20260331xex32d2.htm) | Filed herewith. |
| 101 | Inline XBRL (Extensible Business Reporting Language). The following from this Quarterly Report, formatted in iXBRL (inline XBRL): (i) Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025; (ii) Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025; (iii) Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2026 and 2025; (iv) Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended March 31, 2026 and 2025; (v) Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025; and (vi) Notes to Condensed Consolidated Financial Statements. | Filed herewith. |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | Filed herewith. |

---

+ Indicates a management contract or compensatory plan or arrangement.

†Portions of this exhibit have been omitted in accordance with Item 601(b)(10)(iv) of Regulation S-K.

\* Certain schedules and appendices have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company hereby undertakes to furnish to the SEC, upon request, copies of any such instruments.

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#### SIGNATURES
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.

---

| | |
|:---|:---|
| Date: April 30, 2026 | **RIOT PLATFORMS, INC.**<br>**(Registrant)** |
|  | /s/ Jason Les |
|  | **Jason Les** |
|  | Chief Executive Officer<br>(Principal Executive Officer) |
|  | /s/ Jason Chung |
|  | **Jason Chung** |
|  | Chief Financial Officer<br>(Principal Financial Officer) |

---

## Exhibit 10.5

Exhibit 10.5

CERTAIN INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*\*], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE

THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL

#### Amended and Restated
**Executive Employment Agreement**

This Riot Platforms, Inc. Executive Employment Agreement (this "<u>Agreement</u>") is made and entered into, effective as of January 1, 2026 (the "<u>Effective Date</u>"), by and among Mr. Stephen Howell, [\*\*\*], ("<u>Employee</u>") and Riot Platforms, Inc., a Nevada corporation ("<u>Riot</u>" and, together with its consolidated subsidiaries, the "<u>Company</u>"). Employee and the Company are sometimes referred to herein collectively as the "<u>Parties</u>" and each, individually, as a "<u>Party</u>" to this Agreement.

**WHEREAS**, the Company wishes to employ Employee as its Chief Operating Officer ("<u>COO</u>"), and Employee wishes to accept such employment with the Company, in each case subject and pursuant to the terms of this Agreement;

**NOW, THEREFORE**, in consideration of the mutual covenants, promises, and obligations contained herein, and for other good and valuable consideration, the receipt and sufficiency of such consideration is hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Position, Duties and Scope of Employment .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Position;</u> <u> </u> <u>Job</u> <u> </u> <u>Duties</u>.

Employee hereby accepts and agrees to serve full-time as the Company's COO, subject and pursuant to the terms of this Agreement. In such position, Employee shall, in close coordination with the Company's other officers and team leaders, be responsible for coordinating and optimizing development and operations across Riot and its subsidiaries, including, without limitation, with respect to the post-acquisition integration of any acquired businesses, as well as such other duties, powers, authorities, and responsibilities as may be assigned to Employee from time to time by the Company's Chief Executive Officer. Further, Employee shall have such other powers, responsibilities, and authorities customary for chief operating officers of corporations of similar size, type, and nature to the Company; *provided, however,* Employee shall have no authority to bind the Company by a promise or representation, or to enter into any contract, either written or oral, affecting the Company, except specifically authorized by the Company's Chief Executive Officer in writing, including as set forth in the Company's Designation of Authority Matrix, as the same may be updated and revised from time to time, in the Company's sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Performance under this Agreement</u>. During the Employment Term (as defined herein), Employee shall perform and fulfill Employee's duties and responsibilities under this Agreement to the best of Employee's abilities and in a trustworthy, professional, competent, and efficient manner. Employee shall, at all times, comply with and be subject to all applicable policies, procedures, codes of conduct, requirements, and organizational regulations established and/or amended by or on behalf of the Company from time to time, in its sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>Preparation, Ownership, and Storage of Data and Documents</u>. Employee shall prepare, in connection with services performed under this Agreement, all reports, documents and correspondence necessary and/or appropriate under the circumstances, all of which shall belong to the Company. Employee shall store electronically all reports, documents, correspondence, and data on and in Company-designated storage and will not archive or otherwise retain any tangible or intangible copies, summaries, or descriptions of said reports, documents, correspondence, or data or otherwise store any such materials outside of such Company-designated storage.

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Exhibit 10.5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.<u>Fiduciary Duty; Conflict of Interests</u>. By accepting employment with the Company, Employee acknowledges and agrees that Employee owes a fiduciary duty of loyalty, fidelity, and allegiance to act, at all times, in the best interests of the Company and to not intentionally engage in any act which would directly or indirectly injure the Company's business, interests, or reputation. In keeping with the Employee's fiduciary duties and obligations to the Company, Employee shall not become involved in a conflict of interest with the Company, or upon discovery thereof, allow such a conflict to continue. Moreover, Employee shall not engage in any activity that might involve a possible conflict of interest without first obtaining written approval from the Chief Executive Officer of the Company. Employee may, however, with prior written consent from the Chief Executive Officer (which consent shall not unreasonably be withheld), serve on one corporate board as a board member and serve on one civic or non-profit board as a board member at any given time during Employee's employment with the Company; *provided, however*, that Employee engages in such outside activities only during Employee's personal time.

&nbsp;&nbsp;&nbsp;&nbsp;**2.Term of Employment.** Employee's employment under this Agreement shall commence on the Effective Date and for a period through January 10, 2031, unless such employment is terminated earlier pursuant to <u>Section</u> [<u>6</u>](#_bookmark6) of this Agreement (the "<u>Initial Term</u>"). Following the expiration of the Initial Term, Employee's employment under this Agreement shall be automatically extended for Twelve (12) months and for successive Twelve-(12)-month periods thereafter (each a "<u>Renewed</u><u> </u><u>Term</u>" and all Renewed Terms, together with the Initial Term, collectively, the "<u>Employment</u><u> </u><u>Term</u>"); *provided, however*, the Employment Term shall not be renewed and shall end: (a) prior to the end of the Employment Term if Employee's employment and/or this Agreement is terminated pursuant to <u>Section</u> [<u>6</u>](#_bookmark6) of this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;(b) as of the end of the Initial Term or the Renewed Term, as applicable, if either Party delivers, at least One Hundred Eighty (180) days before the end of the Initial Term or the Renewed Term, as applicable, written notice to the other Party, in a manner consistent with <u>Section</u> [<u>7.j</u>](#_bookmark23) of this Agreement, of the Employee's or the Company's intent to not renew this Agreement; *provided, further,* that the Company may, in its sole and absolute discretion, accelerate the effective time of the termination of Employee's employment with the Company (and, therefore, the Employment Term) at its discretion following receipt of Employee's written notice of Employee's intent to not renew the Employment Term in accordance with this <u>Section</u><u> </u>[<u>2</u>.](#_bookmark0)For the avoidance of doubt, the Parties hereby acknowledge and agree that, notwithstanding the Employment Term, Employee's employment is "at-will" and voluntary, and, therefore, that each Party is free to terminate this Agreement (and the employer-employee relationship that exists between them) at any time, subject and pursuant to <u>Section</u> [<u>6</u>](#_bookmark6) hereof and applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Exclusive Employment; Place of Services .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Exclusive Employment</u>. During Employee's employment with the Company, Employee shall devote all of Employee's working time, attention, knowledge, and skill(s) to the performance and fulfillment of Employee's duties, responsibilities, and services for the Company, and Employee shall not at any time during the Employment Term engage in any other business, employment, or consulting or contractor work, unless Employee has first obtained prior written consent from the Company's Chief Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Place of Services</u>. [\*\*\*] Regardless of the Employee's place of service, Employee shall be available, including by telecommuting via video conferencing or other electronic means, during all reasonable times throughout the Employment Term, and shall be available for reasonable business travel requirements on a limited, and temporary basis, in performance of the Employee's duties. Notwithstanding anything in this Agreement to the contrary, Employee's duties shall include travel relating to the Company's business reasonably commensurate with Employee's position with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Compensation and Benefits .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Base</u><u> </u><u>Salary</u>. During the Employment Term, the Company shall pay Employee an annualized salary in accordance with its regular payroll practices for an executive employee. Employee's

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Exhibit 10.5

initial gross annual base salary shall be Five Hundred Thousand and 00/100 United States Dollars ($500,000.00), subject to all offsets, prorations, deductions, foreign and domestic tax withholdings, and claw-backs as set forth in this Agreement and/or required under applicable law. Employee's annual base salary, as adjusted from time to time as set forth herein, is referred to as the "<u>Base Salary</u>" in this Agreement. The Company's Chief Executive Officer and/or the Compensation and Human Resources Committee of its Board of Directors (the "<u>Compensation Committee</u>") shall annually review and may, in his or its sole discretion, adjust Employee's Base Salary from time to time. Effective as of the date of any adjustment to Employee's Base Salary, this Agreement shall be amended automatically without further action or writing by the Parties such that the Base Salary stated herein reflects the new Base Salary established by the Company for all purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Annual Incentive Bonus</u>. During the Employment Term, Employee shall be eligible to receive an annual discretionary cash performance-incentive bonus based on Employee's Base Salary, with a target amount of One Hundred percent (100%) of Employee's Base Salary actually paid for such year (the "<u>Incentive Bonus</u>"). The Incentive Bonus shall be awarded based on the determination of the Compensation Committee or its delegee, in its or their sole discretion, of Employee's achievement during the applicable year of the performance objectives established for Employee. For the avoidance of doubt, Employee shall not be entitled to any Incentive Bonus amount for any applicable year, except as awarded by the Compensation Committee or its delegee(s) in its or their sole discretion. For each fiscal year during the Employment Term, the Compensation Committee (or its delegee, as appropriate) shall communicate the terms of Employee's Incentive Bonus for such year, including, without limitation, Employee's performance objectives for the applicable year and the applicable target amount of such Incentive Bonus. Following each completed fiscal year during the Employment Term, the Compensation Committee (or its delegee, as appropriate) shall evaluate Employee's achievement of the performance objectives established with respect to the Incentive Bonus for Employee for the applicable year. Based on this evaluation, the Compensation Committee shall determine the final amount of the Incentive Bonus, if any, to be awarded to Employee. Incentive Bonus awards may, in the discretion of the Board or the Compensation Committee, be granted as an Equity Award according to <u>Section</u><u> </u>[<u>4.c</u>](#_bookmark3)of this Agreement, or as a cash award. Nothing in this <u>Section</u><u> </u>[<u>4.b</u>,](#_bookmark2)nor anything in this Agreement, entitles or shall be interpreted to entitle Employee to any guaranteed minimum Incentive Bonus at any time during the Employment Term and Employee's receipt of an Incentive Bonus is expressly contingent upon Employee being actively employed by the Company through the date that such Incentive Bonus is actually paid to Employee. All determinations with respect to any Incentive Bonus shall be made by the Board or Compensation Committee, as applicable, in its sole and reasonable discretion, and shall be final, conclusive, and binding on all Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>Equity Compensation</u>. Subject to the terms and conditions of this Agreement, the Employee shall be eligible to receive, as additional compensation, awards of equity compensation (each an "<u>Equity Award</u>"), under the Company's 2019 Equity Incentive Plan, as amended, or any successor equity incentive plan adopted by the Company from time to time after the Effective Date (the "<u>Equity</u> <u>Plan</u>"), including under the Company's Long-Term Incentive Program adopted in 2023 under the Equity Plan (the "<u>LTIP</u>"). All Equity Awards shall be granted subject to the terms and conditions of the Equity Plan and an equity award agreement (each, an "<u>Award</u> <u>Agreement</u>") to be entered into between the Company and Employee as of the grant date of such Equity Award and, except as expressly agreed by the Company in writing (including via a Severance Agreement, as provided under <u>Section</u> [<u>6.h</u>](#_bookmark19) of this Agreement), the terms of the Award Agreement and the Equity Plan will govern the treatment of any Equity Award granted to Employee by the Company. The Company grants its employees Equity Awards as additional long-term incentive compensation to better align employees' interests with those of the Company's stockholders. Accordingly, any Equity Award granted to Employee by the Company shall be subject to forfeiture until vesting. As set forth in the Equity Plan and the applicable Award Agreement, vesting of these Equity Awards may occur as a result of Employee's continued service with the Company through designated vesting dates (a "<u>Service-Based Award</u>"), or as a result of the Employee's or the Company's achievement of certain performance objectives established by the Board from time to time, subject to Employee's continued employment with the Company through the date the Board determines the performance objective(s) has been achieved (a "<u>Performance-Based</u> <u>Award</u>"). Awards granted under the LTIP will generally consist of a Service-Based Award and a Performance-Based Award, both of

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Exhibit 10.5

which vesting over a three-(3)-year period; however, the granting, term, composition, and amount of any Equity Awards granted under the LTIP are subject to the discretion of the Compensation Committee (who administers the Equity Plan and all Equity Awards granted thereunder), and nothing herein is, nor should it be interpreted or construed as being, an offer or a guarantee that Employee will be granted any Equity Award, including under the LTIP, at any time, or in any amount. For the avoidance of doubt, except as otherwise agreed by the Company in writing, Employee shall not be guaranteed any minimum Equity Award at any time during the Employment Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.<u>Benefits</u>. During the Employment Term, Employee shall be entitled to participate in the Company's employee benefit plans and programs, as then in effect, including without limitation group medical, dental, health and/or disability insurance plans, Code Section 401(k) plans, and Medicare/Social Security reimbursement plans, in accordance with and subject to the terms and conditions of those benefit plans and/or programs and any amendments thereto, including any and all provisions concerning eligibility for participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.<u>Paid Time Off</u>. During the Employment Term, Employee shall be eligible to receive unlimited paid time off ("<u>PTO</u>") for use as vacation leave, sick leave, and/or for other personal reasons, subject and pursuant to the Company's PTO policy with respect to executive employees, as the same may be amended from time to time by the Company, in its sole and absolute discretion. For the avoidance of doubt, PTO shall not accrue to Employee, is not "earned" by Employee, and Employee is not entitled to receive any compensation for any unused PTO as of the termination of Employee's employment or service with the Company, except as agreed in writing by the Company or as otherwise provided in the Company's PTO policy as in effect at such time.

![Graphic](riot-20260331xex10d5001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.<u>Expense Reimbursement</u>. During the Employment Term, and subject to <u>Section</u> [<u>7.p</u>](#_bookmark26) of this Agreement, the Company will reimburse Employee for reasonable, necessary, and documented out-of-pocket business expenses incurred by Employee on behalf of the Company in connection with the performance of Employee's duties and in furtherance of the Company's business in accordance with the Company's business expense policy, as the same may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.<u>Company Compensation Practices, Regulatory Compliance, and Section 16 Reporting</u>. Any payment or benefit conferred under this <u>Section</u> [<u>4</u>](#_bookmark1) or otherwise pursuant to this Agreement shall, subject to all applicable regulatory, tax, and legal requirements described under <u>Section</u> [<u>7.p</u>](#_bookmark26) of this Agreement, be paid in accordance with the Company's customary compensation practices and, as applicable, prorated for the actual number of days Employee was actively employed with the Company during the applicable fiscal year. Furthermore, as COO, Employee shall be subject to U.S. Federal Securities Laws applicable to a public company, including with respect to Transactions in Company Securities (each, as defined in the Company's Insider Trading Policy, as the same may be amended from time to time by the Company, in its sole and absolute discretion). As such, the Employee shall be required to meet its reporting obligations under Section 16 of the Securities Exchange Act of 1934, as amended, (the "<u>Exchange Act</u>") insider trading restrictions, prohibitions on trading during Black-Out Periods, and other limitations on public sales of Company Securities, as a material condition of Employee's continued employment with the Company. Specifically, Employee shall report any proposed changes to Employee's beneficial ownership of Company Securities, including any proposed Transactions in Company Securities by Employee or Employee's family, affiliates, or agents, to the Company's General Counsel as soon as possible, but in any case, not less than two (2) business days prior to the proposed Transaction or other change in beneficial ownership of Company Securities. Without limiting the generality of the foregoing, Employee hereby acknowledges and agrees that Employee, and Employee's family and affiliates, may not enter into any Transactions in Company Securities, or induce any other person to enter into any Transactions in Company Securities, or provide Material Non-Public Information (as defined in the Insider Trading Policy) to any person, in violation of the Insider Trading Policy, the Company's Code of Ethics and Business Conduct, or any other Company policy.

&nbsp;&nbsp;&nbsp;&nbsp;**5.Restrictive Covenants.** Employee hereby acknowledges and agrees that: (a) the Metron CNCA has been amended and restated in full, and, therefore, superseded and replaced by, the CNCA attached as

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Exhibit 10.5

<u>Exhibit</u><u> </u><u>"A"</u> hereto, as of the Effective Date; (b) that the amendments to the Metron CNCA represented by the CNCA were solely to clarify the parties thereto and the scopes of their authority, including to reflect Employee's position as COO of the Company; (c) the terms of the CNCA, which govern the Parties' obligations regarding "Confidential Information" (as defined therein), non-competition, non-solicitation, and non-disparagement in respect of Employee's employment as COO of the Company, do not represent an additional or new agreement regarding the same; and (d) the execution and delivery of the CNCA do not terminate the Parties' obligations with respect to Confidential Information, non-competition, non-solicitation, and non-disparagement in respect of Employee's former employment as Metron CEO. Employee further acknowledges and agrees that Employee has read and understood, agreed to be bound by and comply with, and that he continues to be bound by the terms of, the CNCA. The Employee further understands and agrees that the Company may, in its sole discretion, update and amend the Employee's CNCA from time to time, and the Employee will be required to sign any such amended agreement as a material term of this Agreement and a condition of continued employment. Notwithstanding anything contained in this Agreement to the contrary, and for the avoidance of any doubt, nothing herein shall modify or limit the applicability of the confidentiality and/or restrictive covenants contained in the CNCA and/or any other agreement between the Parties, which shall be enforced according to their terms and read together to provide the greatest level of protection(s) to the Company and its confidential information (as that term is defined in the CNCA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Termination of Employment .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>By the Company for Cause</u>. Employee's employment under this Agreement may be terminated by the Company at any time upon the occurrence of one or more of the following events (each of which shall be a termination event for "<u>Cause</u>"):

&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;*i.*Employee willfully, recklessly, or with gross negligence fails to comply with any material term or aspect of the policies, standards, and regulations that the Company, in its sole discretion, establishes and/or implements in writing before and during the Employment Term;

&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;*ii.*Employee commits any act of gross negligence, illegal conduct, embezzlement, theft, misappropriation, fraud, dishonesty, or other acts of misfeasance, malfeasance, and/or misconduct in the rendering of services to or on behalf of the Company;

&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;*iii.*Employee willfully, recklessly, or with gross negligence fails to comply with any reasonable request of the person(s) to whom Employee reports;

&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;*iv.*Employee fails to adequately, substantially, and/or continually perform to Company's reasonable satisfaction the usual and customary duties of Employee's employment, those duties reasonably requested of Employee and typically associated with Employee's position, and/or those duties or expectations assigned by Company;

&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;*v.*Employee breaches any material term or provision of this Agreement or any material term or provision of any other agreement between the Parties; or

&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;*vi.*Employee is convicted of, or pleads guilty or *nolo contendere* to, any crime constituting a felony or any crime constituting a misdemeanor involving deceit, dishonesty, or moral turpitude, or otherwise commits any act which impairs Employee's fitness to perform the Employee's duties under this Agreement and/or damages the reputation of the Company, as determined in the sole and reasonable discretion of the Board.

The Company may terminate Employee's employment under this Agreement for Cause pursuant to this <u>Section</u> [<u>6.a</u>](#_bookmark7) at any time by providing Employee written notice of such termination, including, for the avoidance of doubt, immediately upon delivery of such notice to Employee in accordance with the requirements for notices set forth in <u>Section</u> [<u>7.j</u>](#_bookmark23) hereof. If the Company determines, in its sole and absolute discretion, that the event(s) or condition(s) constituting Employee's breach and default of this Agreement

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Exhibit 10.5

(and the "Cause" for the termination of Employee's employment with the Company) are capable of being cured, the Company may, in its sole and absolute discretion, provide Employee with a reasonable period to cure such breach and default. If such breach is remedied, the Company will withdraw its notice of termination and shall not terminate Employee's employment under this Agreement *for Cause* with respect to such remedied breach; *provided, however,* (A) such restriction shall only apply to the remedied breach(es), (B) Employee's employment with the Company may be terminated for Cause in respect of any other event or condition described in this <u>Section</u><u> </u>[<u>6.a</u>](#_bookmark7), and (C) nothing herein restricts, or shall be construed as restricting, the Company's ability to terminate Employee "without Cause" (as defined in <u>Section</u> [<u>6.b</u>,](#_bookmark8) below) or Employee's ability to terminate this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>By the Company without Cause</u>. Employee's employment under this Agreement may be terminated by the Company without Cause by providing written notice of such termination to Employee. For purposes of this Agreement "<u>without Cause</u>" shall mean any termination by the Company that is not

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a termination for Cause as described and in accordance with <u>Section</u> [<u>6.a</u>,](#_bookmark7) above, or (ii) a termination because of death or Disability, as described <u>Section</u><u> </u>[<u>6.e</u>,](#_bookmark14)below. For the avoidance of doubt, any termination of this Agreement due to non-renewal of the Employment Term according to <u>Section</u> [<u>2</u>](#_bookmark0) hereof shall constitute a termination "without Cause" covered by this <u>Section</u> [<u>6.b</u>.](#_bookmark8) Notwithstanding anything in this Agreement to the contrary, the Company may, in its sole and absolute discretion, designate the effective time of the termination of Employee's employment with the Company (including termination with immediate effect upon delivery of notice to Employee); *provided, however,* that Employee shall be paid Employee's Base Salary through the effective time of the termination of Employee's employment with the Company or for a period of Thirty (30) days following the date the Company delivers notice to Employee of such termination, whichever is later.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>By Employee for Good Reason</u>. Employee's employment under this Agreement may be terminated by Employee at any time following written notice to the Company upon the occurrence of any of the following events or conditions (each of which shall be a termination event for "<u>Good Reason</u>"):

&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;*i.*A material diminution in Employee's Base Salary or employment benefits other than a general reduction in Base Salary and/or benefits that affects all similarly situated employees;

&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;*ii.* A material breach of this Agreement by the Company;

&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;*iii.*A material diminution in Employee's title, authorities, responsibilities, or duties without Employee's consent (other than a temporary change while Employee is physically or mentally in capacitated or as required by applicable law;

&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;*iv.*A relocation of Employee's primary work location that would require the reasonable person to move Employee's residence from its then current location if Employee does not consent to such relocation;

&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;*v.* The Company permanently ceases its business operations; and/or

&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;*vi.*A Change in Control (as defined in <u>Section</u> [<u>6.f</u>,](#_bookmark15) [below](#_bookmark15)) of the Company and the Employee experiences any of the events set forth in the foregoing <u>Sections</u><u> </u>[<u>6.c.i</u>](#_bookmark9)through [<u>6.c.v</u>](#_bookmark11)within either

&nbsp;&nbsp;&nbsp;&nbsp;(A) the first Six (6) months following such Change in Control or (B) the Initial Term or any then-effective Renewed Term of this Agreement, whichever is later.

Notwithstanding the foregoing, Employee may not terminate Employee's employment under this Agreement for Good Reason without first providing the Company advanced written notice of the event(s) and/or condition(s) constituting Good Reason, which notice must be given no later than Thirty (30) days after the date on which the event(s) and/or condition(s) constituting Good Reason first occurs, or the date Employees becomes aware (or reasonably should have become aware) of such event(s) or condition(s). Upon the Company's receipt of such notice, the Company shall then have Ninety (90) days during which it may remedy the event(s) and/or condition(s) (the "<u>Company</u><u> </u><u>Notice</u><u> </u><u>Period</u>") and, if so remedied, Employee

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Exhibit 10.5

may not terminate his employment under this Agreement for Good Reason (and any subsequent termination by Employee, except for a termination for Good Reason arising due to unrelated event(s) or condition(s) as from those so remedied by the Company, shall be deemed a termination by Employee "without Good Reason" under the following <u>Section</u> [<u>6.d</u>](#_bookmark13)). Employee's employment with the Company shall terminate within Thirty (30) days after the expiration of the Company Notice Period, if the Company fails to cure the event(s) and/or condition(s) constituting the Good Reason for Employee's termination of his employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.<u>By Employee without Good Reason</u>. Employee may terminate Employee's employment under this Agreement without Good Reason by providing written notice of termination to the Company no less than One Hundred Eighty (180) days before the effective time of the termination of Employee's employment with the Company, as specified in such notice. For purposes of this Agreement "<u>without</u><u> </u><u>Good</u> <u>Reason</u>" shall mean any termination by Employee that is not a termination due to death or Disability under <u>Section</u> [<u>6.e</u>,](#_bookmark14) below, or for Good Reason as set forth and in accordance with <u>Section</u> [<u>6.c</u>,](#_bookmark10) above. For the avoidance of doubt, if Employee terminates his employment with the Company without complying with the requirements of <u>Section</u> [<u>6.c</u>,](#_bookmark10) above, such termination shall be deemed a termination by Employee without Good Reason (without notice). Notwithstanding anything in this Agreement to the contrary, the Company may, in its sole and absolute discretion, waive all or any part of the One Hundred Eighty-(180)-day notice period for no consideration and advance the Employee's termination date to an alternate termination date of the Company's own choosing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.<u>Termination due to Death</u><u> </u><u>or Disability</u>. Employee's employment with the Company shall terminate immediately in the event of Employee's death or Disability. For purposes of this Agreement, "<u>Disability</u>" means Employee's inability to substantially perform his duties as Chief Executive Officer by reason of any medically determinable physical or mental impairment that, as determined by a physician chosen by the Company and reasonably acceptable to Employee, can be expected to: (i) result in death; (ii) last for a continuous period of at least Thirty (30) days; or (iii) endanger the Employee and/or others if Employee were to continue to perform Employee's duties with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.<u>Change</u><u> </u><u>in</u><u> </u><u>Control</u>. For purposes of this Agreement, a "<u>Change</u><u> </u><u>in</u><u> </u><u>Control</u>" shall be deemed to have occurred if:

&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;*i.*an acquisition of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act, or any future replacement thereof) by any individual, group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act, or any future replacement thereof), or entity (each, a "<u>Person</u>") of fifty percent (50%) or more of the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the "<u>Outstanding Company Voting Securities</u>"); excluding, however, the following: (A) any acquisition directly from the Company, other than an acquisition by virtue of the exercise of a conversion privilege unless the security being so converted was itself acquired directly from the Company; (B) any acquisition by the Company; (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any entity controlled by the Company; or (4) any acquisition pursuant to a transaction which complies with clauses (A), (B) and (C) of this <u>Section</u> [<u>6.f.i</u>](#_bookmark16); or

&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;*ii.*a change in the composition of the Board such that the individuals who constitute the Incumbent Board (such as defined herein) cease for any reason to constitute at least a majority of the Board. As used in this <u>Section</u><u> </u>[<u>6.f</u>,](#_bookmark15)the "<u>Incumbent</u><u> </u><u>Board</u>" means those individuals serving as members of the Board as of the Effective Date; provided, however, any subsequent individual serving on the Board who was (A) elected to serve as a member of the Board by the Company's stockholders or (B) appointed to fill a vacancy on the Board shall be considered as though such individual were a member of the Incumbent Board *only if* such individual was nominated for election or appointed to serve on the Board by at least a majority of the Incumbent Board; but, provided further, that any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act or any future replacement

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Exhibit 10.5

thereof) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board shall not be so considered as a member of the Incumbent Board; or

&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;*iii.*consummation of a reorganization, merger or consolidation of the Company, or sale or other disposition of all or substantially all of the assets of the Company (a "<u>Corporate</u><u> </u><u>Transaction</u>"); excluding, however, such a Corporate Transaction pursuant to which: (A) all or substantially all of the individuals and entities who are the beneficial owners, respectively, of the Outstanding Company Voting Securities immediately prior to such Corporate Transaction will beneficially own, directly or indirectly, more than fifty percent (50%) of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the corporation resulting from such Corporate Transaction (including, without limitation, a corporation which, as a result of such transaction, owns the Company or all or substantially all of the Company's assets either directly or through one or more Subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Corporate Transaction, of Outstanding Company Voting Securities; (B) no Person (other than the Company, any employee benefit plan (or related trust) of the Company or such corporation (described in clause (A) of this <u>Section</u> [<u>6.f.iii</u>](#_bookmark17)) resulting from such Corporate Transaction) will beneficially own, directly or indirectly, forty percent (40%) or more of the combined voting power of the outstanding voting securities of such corporation entitled to vote generally in the election of directors except to the extent that such ownership existed prior to the Corporate Transaction; and (C) individuals who were members of the Incumbent Board will constitute at least a majority of the members of the board of directors of the corporation resulting from such Corporate Transaction; or

&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;*iv.* A complete liquidation or dissolution of the Company.

Notwithstanding any of the foregoing, however, in any circumstance or transaction in which compensation resulting from or in respect a Change in Control would result in the imposition of an additional tax under Section 409A were to apply, but would not result in the imposition of any additional tax if the term "Change in Control" were defined herein to mean a "change in control event" within the meaning of Treasury Regulations Section 1.409A-3(i)(5), then "Change in Control" shall mean a "change in control event" within the meaning of Treasury Regulation Section 1.409A-3(i)(5), but only to the extent necessary to prevent such compensation from becoming subject to an additional tax under Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.<u>Payment</u><u> </u><u>of</u><u> </u><u>Accrued</u><u> </u><u>Obligations;</u><u> </u><u>Continuation</u><u> </u><u>of</u><u> </u><u>Benefits</u>. Regardless of the reason for the termination of Employee's employment with, or other qualifying "Separation from Service" (within the meaning of Treasury Regulations Section 1.409A-1(h), or future replacement thereof) from, the Company, Employee shall be entitled to receive payment in satisfaction of the following obligations accrued to Employee as of the effective date of such termination or Separation from Service (the "<u>Termination Date</u>") which are outstanding as of the Termination Date (collectively, the "<u>Accrued</u> <u>Obligations</u>"): (A) all of the Employee's Base Salary earned and unpaid through the Termination Date; (B) all of Employee's PTO accrued and unused as of the Termination Date; and (C) reimbursement of Employee's properly reimbursable business expenses incurred and unreimbursed as of the Termination Date; *provided, that*, Employee must submit a final request for reimbursement of any such outstanding unreimbursed business expenses, together with such substantiation as may be requested or required pursuant to the Company's employee expense reimbursement policy, by no later than Five (5) business days following the Termination Date to receive reimbursement of such employee business expenses. Except with respect to reimbursement of Employee's outstanding reimbursable employee business expenses, all Accrued Obligations shall be due and payable to Employee (or Employee's estate or beneficiaries, as the case may be) on the first regular payday following the Termination Date (or sooner if required by law). In addition to satisfaction of the Accrued Obligations, Employee shall continue to receive coverage under the Company's then-effective group medical insurance policies and employee benefit programs through the end of the month of the Termination Date, except as required by applicable law and the terms of applicable Company group medical insurance policy and employee benefit program agreements. For the avoidance of doubt, except for as provided in <u>Section</u><u> </u>[<u>6.h</u>,](#_bookmark19)below, Employee shall be entitled to receive only payment of the Accrued Obligations and continuation of the Company employee benefits set forth in this <u>Section</u> [<u>6.g</u>](#_bookmark18) in connection with the cessation of Employee's employment with the Company, and, upon payment of such

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Exhibit 10.5

Accrued Obligations, Employee shall not be entitled to any further compensation or benefits from the Company (including its subsidiaries and affiliates), except as specifically provided herein, or as otherwise agreed by the Company in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.<u>Severance</u>. By no later than Twenty-One (21) days following the Termination Date, Company and Employee (or Employee's estate or beneficiaries, as the case may be) shall enter into a separation agreement and general release, substantially in form attached as Exhibit "B" hereto (the "<u>Severance Agreement</u>") pursuant to which Company shall pay to Employee (or Employee's estate or beneficiaries, as the case may be), in exchange for the execution, non-revocation, and compliance with the terms of the Severance Agreement by the Employee (or Employee's estate or beneficiaries, as the case may be), the applicable amounts specified in <u>Sections</u><u> </u>[<u>6.h.i</u>](#_bookmark20)through [<u>6.h.iv</u>](#_bookmark21)below (the "<u>Severance</u><u> </u><u>Payments</u>") in accordance with the Severance Agreement; *provided, however,* neither Party shall be obligated to enter into the Severance Agreement if Employee's employment with the Company is terminated: (i) by the Company for Cause; or (ii) by Employee without Good Reason **and** Employee fails to provide the advance written notice required by <u>Section</u><u> </u>[<u>6.d</u>](#_bookmark13)of this Agreement. For the avoidance of doubt, the Severance Payments shall not become due and payable unless and until the Severance Agreement between the Company and Employee has become effective, binding, and irrevocable on the parties thereto; *provided, however,* that if the Company (or applicable successor-in-interest to the Company) fails to execute and deliver the Severance Agreement in accordance with this <u>Section</u> [<u>6.h</u>,](#_bookmark19) the Company shall be deemed in material default of its obligations under this Agreement, and the applicable Severance Payments that would have been due to Employee had the Severance Agreement been entered into in accordance with this <u>Section</u> [<u>6.h</u>](#_bookmark19) shall immediately become due and payable to Employee as of the Termination Date, without further action by, or agreement of, the Employee. Accordingly, pursuant to the Severance Agreement, Employee shall be entitled to receive the following Severance Payments:

&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;*i.Termination by Company for Cause; Termination by Employee without Good Reason (without notice)*. If the Company terminates Employee's employment for Cause, or if Employee terminates Employee's employment hereunder without Good Reason **and** Employee fails to provide advance notice required by <u>Section</u> [<u>6.d</u>](#_bookmark13) of this Agreement, then the Employee (or Employee's estate or beneficiaries, as the case may be) shall not receive any Severance Payments and shall only be entitled to receive payment of the Accrued Obligations; therefore, upon payment of such amounts, Employee shall not be entitled to receive any additional remuneration from the Company under this Agreement with respect to Employee's employment with the Company.

&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;*ii.Termination by Employee without Good Reason (with notice); Termination due to Non-Renewal of Employment Term by Company.* If Employee terminates Employee's employment hereunder without Good Reason **and** provides the Company with advance written notice of such termination as required by <u>Section</u><u> </u>[<u>6.d</u>](#_bookmark13) of this Agreement, or if Company elects under <u>Section</u><u> </u><u>2</u> hereof not to renew the term of Employee's employment with Company hereunder, Employee (or Employee's estate or beneficiaries, as the case may be) shall receive payment of the Accrued Obligations and the following Severance Payments: **(A)** Twenty-Five percent (25%) of the target amount of the Incentive Bonus amount to which Employee would have been entitled under <u>Section</u><u> </u>[<u>4.b</u>](#_bookmark2)of this Agreement had Employee remained employed with the Company through the end of the fiscal year in which the Termination Date occurs, prorated through the Termination Date; and **(B)** an amount equal to Three (3) months' worth of the Employee's Base Salary, as in effect immediately prior to the Termination Date. For the avoidance of doubt, Employee shall not receive any Severance Payments in respect of a termination due to Employee's election not to renew the Employment Term pursuant to <u>Section</u> [<u>2</u>](#_bookmark0) of this Agreement.

&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;*iii.Termination by Company without Cause; Termination due to death or Disability of Employee.* If Employee's employment with the Company is terminated by the Company without Cause, or due to Employee's death or Disability, Employee (or Employee's estate or beneficiaries, as the case may be) shall receive payment of the Accrued Obligations and the following Severance Payments: **(A)** payment of One Hundred percent (100%) of the target amount of the Incentive Bonus to which Employee would have been entitled under <u>Section</u> [<u>4.b</u>](#_bookmark2) of this Agreement had Employee remained employed with the Company through the end of the fiscal year of the Termination Date, prorated through the Termination Date; and **(B)** payment of Employee's Base Salary, as in effect immediately prior to the Termination Date,

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Exhibit 10.5

in amount equal to the *lesser* of: *(1)* Twelve (12) months of the Employee's then-effective Base Salary; and

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* the sum of the Base Salary payments Employee would have received had Employee's employment with the Company continued through the end of the Initial Term or the then-effective Renewed Term. Additionally, if Employee's employment with the Company is terminated by the Company without Cause, or due to Employee's death or Disability—and Employee's tenure with the Company exceeds 180 calendar days—Employee (or Employee's estate or beneficiaries, as the case may be) shall also receive: **(C)** at the time of termination, fifty percent (50%) of Employee's Service-Based Awards scheduled to vest within 365 calendar days of Employee's termination; and **(D)** continuation of the vesting of fifty percent (50%) of outstanding Performance-Based Awards granted to Employee under the Equity Plan as if Employee's employment with the Company had not ceased prior to the end of the applicable performance period with such vesting calculated based on actual performance, *provided, however,* if the applicable performance period is extended or the vesting or performance conditions are materially changed to Employee's detriment or the Company fails to certify the performance achievement with respect to any such outstanding Performance-Based Awards within Sixty (60) calendar days following the end of the applicable performance period, then such Performance-Based Awards will vest immediately upon the occurrence of any such event assuming achievement of the maximum level of performance.

&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;*iv.Termination by Employee with Good Reason; Termination Incident to Change in Control.* If Employee terminates Employee's employment with the Company for Good Reason consistent with the rules and procedures set forth in <u>Section</u> [<u>6.c.vi</u>](#_bookmark12) of this Agreement, or if Employee's employment with the Company is terminated by the Company for any reason other than for "Cause" (as defined in <u>Section</u><u> </u>[<u>6.a</u>](#_bookmark7)hereof) within Six (6) months of a Change in Control of the Company, Employee (or Employee's estate or beneficiaries, as the case may be) shall receive payment of the Accrued Obligations and the following Severance Payments: **(A)** One Hundred percent (100%) of the target amount of the Incentive Bonus to which Employee would have been entitled under <u>Section</u> [<u>4.b</u>](#_bookmark2) of this Agreement had Employee remained employed with the Company through the end of the fiscal year in which the termination of employment occurred; **(B)** Employee's Base Salary as in effect as of the Termination Date (for terminations with Good Reason) or as in effect immediately prior to the Change in Control (for terminations incident to a Change in Control), in an amount equal to the *greater* of: *(1)* the sum of the Employee's Base Salary that would have been paid to Employee through the end of the Initial Term (or then-applicable Renewed Term) had Employee's appointment or service with the Company not ceased; and *(2)* Twelve

&nbsp;&nbsp;&nbsp;&nbsp;(12) months of the Employee's Base Salary; **(C)** acceleration of the vesting of all outstanding Service-Based Awards granted to Employee under the Equity Plan which remain unvested as of the Termination Date, such that vesting of such service-based Equity Awards shall be deemed to have occurred as of: *(1)* in the case of a termination by Employee with Good Reason, the Termination Date; or *(2)* in the case of a termination incident to a Change in Control, as of immediately prior to the effective time of the Change in Control; and **(D)** continuation of vesting of all outstanding Performance-Based Awards granted to Employee under the Equity Plan which remain unvested as of the Termination Date, as if Employee's appointment or service with the Company had not ceased, for a period ending as of the *earlier* of: (1) the end of the performance period applicable to such Equity Award, or (2) the termination of the Severance Agreement or the CNCA in connection with Employee's breach of the terms thereof; *provided, however*, solely with respect to a Change in Control, if the Equity Plan or the applicable performance plan thereunder (including the LTIP) is terminated or suspended, or if the performance period for such Equity Award is extended, tolled or suspended, or if the certification of the achievement of performance objectives is canceled, delayed, or suspended, or otherwise fails to occur within Eighteen (18) months of the applicable Change in Control transaction, One Hundred percent (100%) of the outstanding performance objectives corresponding to the target award(s) for such outstanding Performance-Based Award(s) shall be deemed to have been achieved and certified as of immediately prior to the Change in Control, and, accordingly, One Hundred percent (100%) of such outstanding Performance-Based Award(s) shall automatically vest and become due and payable to Employee as of immediately prior to the effective time of the Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.<u>Treatment of Equity</u>. Other than pursuant to the Severance Agreement as set forth in the foregoing <u>Sections</u><u> </u>[<u>6.h.i</u>](#_bookmark20)through [<u>6.h.iv</u>,](#_bookmark21) or as set forth in the applicable Equity Award Agreement between Employee and the Company, and except with respect to applicable regulatory, tax, and legal requirements described under <u>Section</u> [<u>7.p</u>](#_bookmark26) of this Agreement, any Equity Awards granted to Employee shall remain governed by the Equity Plan and the applicable Equity Award Agreement between Employee and the

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Exhibit 10.5

Company. For the avoidance of doubt, any ambiguity between the terms of this Agreement, including, specifically the terms of <u>Section</u> [<u>6.h</u>,](#_bookmark19) and the terms of the applicable Equity Award Agreement between Employee and the Company shall be resolved in favor of the applicable Equity Award Agreement, such that, the terms of the applicable Equity Award Agreement(s) shall continue to govern and control over the terms of this Agreement, in all respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j.<u>Regulatory Adjustments</u>. All amounts which may become payable to Employee under this <u>Section</u> [<u>6</u>](#_bookmark6) in connection with the cessation of Employee's employment with the Company, including any Severance Payments, shall be subject to all applicable regulatory, tax, and legal requirements described under <u>Section</u> [<u>7.p</u>](#_bookmark26) of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k.<u>Effect of Termination; Resignation and Removal from all Company Positions</u>. Notwithstanding anything in this Agreement to the contrary, upon termination of Employee's employment hereunder for any reason, Employee agrees: (i) to immediately deliver to the Company all Property (as that term is defined in the CNCA) and records (including all copies thereof) of the Company; (ii) that the Company shall have the right, without limitation, to withhold and retain any amounts that might otherwise be owed to the Employee to offset any amounts or debts owed by Employee to the Company; and (iii) that the Company shall, subject to applicable laws, further have the right to withhold the payment of any amounts that might otherwise be owed to Employee until such time as the Company determines, to its reasonable satisfaction, that any and all proprietary and confidential information, regardless of the medium on which it is embodied (*e.g.*, laptop computer), has been returned to the Company and that Employee has not retained copies thereof. Furthermore, except as specifically agreed by the Company in writing, upon the cessation of Employee's employment with the Company, Employee shall be deemed to have resigned and/or been removed from all positions that the Executive holds (or previously held) with the Company or any of the Company's affiliated and/or related entities, effective immediately as of the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Miscellaneous .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Section</u><u> </u><u>Headers; Gender and</u><u> </u><u>Number</u>. The section headings in this Agreement are for the Parties' convenience only and are not intended to govern, limit, or affect the meanings of the sections. Singular and plural nouns and pronouns shall mean the singular or plural and the masculine, feminine, or neuter genders as permitted by the context in which the words are used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Representations</u> <u> </u> <u>by</u> <u> </u> <u>Employee</u>. The Employee represents and warrants to the Company that:

&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;*i.*The Employee's acceptance of employment under this Agreement with the Company and the performance of the Employee's duties hereunder will not conflict with or result in a violation of, a breach of, or a default under any contract, agreement, or understanding to which the Employee is a party or is otherwise bound;

&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;*ii.*The Employee has reviewed and provided acknowledgement of the Company's governance policies, practices, and procedures, and has completed all mandatory trainings;

&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;*iii.*The Employee shall adhere to the Company's governance policies, practices, and procedures, including, without limitation, the Insider Trading Policy (and any trading black-out periods enacted thereunder), Stock Ownership Guidelines, Clawback Policy, and all other policies, practices, and procedures relating to Company Securities (as that term is defined under the Insider Trading Policy), including with respect to Section 16 of the Exchange Act;

&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;*iv.*The Employee's acceptance of employment under this Agreement with the Company and the performance of the Employee's duties hereunder will not violate any non-solicitation, non-competition, non-disclosure, or other similar covenant or agreement between the Employee and a prior employer of the Employee;

&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;*v.*The Employee's representations to the Company regarding the Employee's prior employment have been truthful and accurate; and

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Exhibit 10.5

&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;*vi.*Employee shall immediately notify the Company of any issues that arise that could conflict with the representations, warranties, and obligations set forth herein, including without limitation, any demands, claims, notices, or requests made by third parties that could adversely impact Employee's ability to perform services as the Company's COO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>Cooperation</u>. The Parties agree that certain matters in which Employee will be involved during the Employment Term may necessitate Employee's cooperation in the future. Accordingly, following the termination of Employee's employment for any reason, to the extent requested by the Company, Employee shall provide to the Company reasonable levels of assistance in answering questions about the Company's business, transition of responsibility, legal matters, and/or litigation. The Company shall make reasonable efforts to minimize the disruption of Employee's other activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.<u>Entire Agreement; Modification</u>. Unless specifically provided herein, this Agreement, along with all exhibits and/or attachments hereto (including without limitation the Equity Award Agreements entered into between the Parties and the CNCA) constitutes the entire understanding between Employee and the Company with respect to the subject matter hereof and supersedes all prior understandings, agreements, representations, and warranties, both written and oral, with respect to the subject matter hereof. The Parties are not relying upon any representations or promises not set forth in this Agreement. Except as provided here, this Agreement may not be amended or modified except in a writing signed by both Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.<u>Waiver</u>. Failure to insist upon strict compliance with any of the terms, covenants, or conditions set forth in this Agreement (including the CNCA) shall not be deemed a waiver of such term, covenant, or condition, nor shall any waiver or relinquishment of any right or power hereunder at any one or more times be deemed a waiver or relinquishment of such right or power at any other times. No waiver by the Company of a breach by Employee of any provision of this Agreement (including the CNCA) shall be binding upon the Company unless the same is in writing, signed by a duly authorized representative of the Company, and any such waiver shall not operate or be construed as a waiver of any subsequent breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Severability</u>. If it is determined by a court of competent jurisdiction that any of the

provisions of this Agreement is invalid or unenforceable, such determination shall not affect the validity of the remaining provisions in this Agreement, each of which shall survive and be given full force and effect. A court of competent jurisdiction may modify and bring about a modification of any invalid or unenforceable provision to make it enforceable under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.<u>Assignment</u>. The Company may assign this Agreement (including the CNCA) and, if assigned, the assignee has the right to seek enforcement of the Agreement (including the CNCA). Since this Agreement and the Employee's rights and obligations hereunder are personal to Employee, Employee cannot assign this Agreement (including the CNCA) to any other person or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.<u>Indemnification of Company</u>. Employee agrees to indemnify, defend, and hold the Company, its Affiliates, and their officers, directors and employees harmless from and against any claims (including without limitation losses, damages, attorneys' fees and costs) by third parties alleging that Employee's employment with the Company hereunder constitutes unlawful activity, breaches an obligation of Employee, or otherwise subjects the Company and its Affiliates to potential liability as a result of Employee's employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.<u>Indemnification of Employee</u>. The Company agrees to indemnify, defend, and hold the Employee harmless from and against claims as provided for under the Company's Articles of Incorporation and the Company's Bylaws in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j.<u>Notices</u>. All notices and other communications required to be given under this Agreement (including the CNCA) shall be in writing and shall be delivered to the receiving Party by hand-delivery in person, via email transmission (including as an attachment) sent to the receiving Party's e-mail address, or by overnight carrier service by a recognized business courier (such as FedEx or UPS) to the receiving Party's mailing address. A notice and/or other communication to be given hereunder shall be considered

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Exhibit 10.5

effective: (a) on the date of delivery if personally delivered against a written receipt; (b) on the date of delivery if sent by e-mail transmission or as an attachment to an e-mail transmission, with a delivery receipt; or (c) on the first business day following the date of dispatch if delivered to a recognized business courier service (such as DHL Courier, FedEx, or UPS) for overnight delivery. The Parties' addresses for notice as of the Effective Date are as set forth below, as the same may be revised from time to time by giving notice to the other Parties in accordance with this <u>Section</u> [<u>7.j</u>](#_bookmark23):

*Company:*[\*\*\*]

*Employee:*[\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k.<u>Survival</u>. Notwithstanding anything in this Agreement to the contrary, and for the avoidance of any doubt, the termination of Employee's employment under this Agreement for any reason shall not affect the CNCA or any of the covenants, warranties, and agreements in <u>Section</u> [<u>4.g</u>,](#_bookmark4) <u>Section</u> [<u>5</u>,](#_bookmark5) <u>Section</u> [6,](#_bookmark6)and <u>Section</u><u> </u>[<u>7</u>](#_bookmark22)(including all constituent subparts thereof) of this Agreement, each of which shall survive such termination of the Employment Term, the Parties' employment relationship, and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l.<u>Governing Law; Jurisdiction and Venue; Attorney's Fees and Costs</u>. The validity, construction, and performance of this Agreement (including the CNCA) shall be governed by the laws of the State of Colorado, without giving effect to conflict of law principles. Except as otherwise may be required by the Company to obtain equitable injunctive relief under this Agreement, the CNCA, and/or any other agreement between the Parties, Employee further understands and agrees that all claims or disputes between Employee and the Company and/or its present and former directors, officers, employees, agents, representatives and assigns, in any way arising out of or related to this Agreement or the CNCA shall be decided by binding arbitration administered by the American Arbitration Association ("<u>AAA</u>") pursuant to the Federal Arbitration Act, 9 U.S.C., 1, et seq, and in accordance with the Commercial Arbitration Rules of the AAA that are in effect at the time the demand for arbitration is filed, unless the Parties mutually agree otherwise in writing. The decision of the arbitrator(s), which shall state finding of fact and conclusions of law, shall be final, conclusive and binding on the parties and judgment may be entered thereon in the State or Federal Courts in or for Castle Rock, Colorado, to enforce such arbitration decision. The prevailing Party in such arbitration, or any other action to enforce this Agreement or the CNCA, shall be entitled to recover from the non-prevailing Party, in addition to all other legal and/or equitable remedies, all costs of arbitration and/or litigation, including reasonable attorneys' fees, incurred in connection with the prevailing Party's enforcement of this Agreement or the CNCA. Employee agrees to these terms and conditions, including, specifically, Employee's irrevocable agreement to arbitrate any dispute arising under the Agreement or the CNCA, and acknowledges receipt of the Agreement. Each Party hereby expressly acknowledges and agrees that nothing in this <u>Section</u> [<u>7.l</u>](#_bookmark24) prohibits or shall be construed as prohibiting the Parties' ability to seek injunctive relief from any State or Federal Court of competent jurisdiction to enforce the terms of this Agreement, where such injunctive relief would be appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m.<u>Pre-Suit Mediation</u>. Except with respect to any injunctive relief sought by the Company under this Agreement, the CNCA, and/or any other agreement between the Parties, each of the Parties knowingly, voluntarily, and intentionally agrees to and shall participate in a mediation conference before filing any complaint, charge, or accusatory pleading or document, or otherwise commencing any legal or administrative action or proceeding against the other Party with a federal, state, or local agency and/or in a court of competent jurisdiction. The Parties agree that the mediation conference shall be convened in Castle Rock, Colorado, USA, and to cooperate in the selection of a mutually agreeable mediator. The Parties shall split equally the cost of the mediator. The Parties also agree to bear their own respective attorney's fees and costs for mediation under this <u>Section</u> [<u>7.m</u>.](#_bookmark25) For the avoidance of any doubt, except as provided herein, the mediation requirement of this <u>Section</u> [<u>7.m</u>](#_bookmark25) is a condition precedent to any action, proceeding, and/or litigation between the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n.**WAIVER OF JURY TRIAL**. TO THE EXTENT PERMITTED BY LAW, THE PARTIES KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY AGREE TO, AND DO

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Exhibit 10.5

**HEREBY, WAIVE THE RIGHT TO TRIAL BY JURY IN ANY LITIGATION, CAUSE OF ACTION, CLAIM, PROCEEDING, OR COUNTERCLAIM BROUGHT BY EITHER OF THE PARTIES AGAINST THE OTHER: (I) BASED ON ANY MATTER WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED WITH EMPLOYEE'S EMPLOYMENT WITH THE COMPANY; (II) BASED ON THIS AGREEMENT (INCLUDING THE CNCA) OR ARISING OUT OF, UNDER, OR RELATING TO THIS AGREEMENT (INCULDING THE CNCA); AND/OR (III) BASED ON ANY ALLEGED ACTION, INACTION, OR OMISSION OF EITHER PARTY TO THIS AGREEMENT.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o.<u>Construction</u>. The essential terms and conditions contained in this Agreement have been mutually negotiated between the Parties. The Parties agree that the language of all parts of this Agreement shall in all cases be construed as a whole, according to its fair meaning, and not strictly for or against any of the Parties. No ambiguity or uncertainty in this Agreement shall be construed or interpreted in favor of or against any Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p.<u>Compliance with</u><u> </u><u>Applicable Regulatory, Tax,</u><u> </u><u>and Legal Requirements</u>. Any payments or benefits which may be conferred under this Agreement shall be subject to and administered in compliance with all regulatory, tax, and legal requirements applicable to Employee or the Company, including, without limitation, the following:

&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;*i.Tax Withholding*. The Company may, but shall not be required by the Employee to, withhold from any compensation or benefits payable to Employee all applicable taxes and make any other deductions and withholdings as the Company, in its sole and absolute discretion, determines are required or permitted by law.

&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;*ii.Section 409A*. To the extent applicable to Employee, this Agreement and all payments, distributions or other benefits hereunder shall comply and be administered in accordance with the requirements of, or an exemption or exclusion to, Section 409A and any applicable equivalent or related State law. To the extent any provision or term of this Agreement is ambiguous as to its compliance in this respect, such provision or term and all payments hereunder shall be interpreted to comply with the requirements of, or an exemption or exclusion to, Section 409A, as well as any applicable equivalent State law. For the avoidance of doubt, notwithstanding any provision of this Agreement to the contrary, if Employee is a "specified employee" (as defined in Treasury Regulations Section 1.409A-1(i)), then, to the extent required under Treasure Regulation Section 1.409A-3(i)(2), any payments that constitute "nonqualified deferral of compensation" that become due upon the Participant's "separation from service" (other than due to the Participant's death) and that would have been made under the terms of the Plan within the six-month period commencing on the Participant's "separation from service" shall be delayed and instead be made as soon as practicable after the end of such six-month period. For purposes of this <u>Section</u> [<u>7.p</u>,](#_bookmark26) the terms "specified employee", "nonqualified deferral of compensation", and "separation from service" have the meanings given to them under Section 409A. Any provision that would cause this Agreement or a payment, distribution, or other benefit hereunder to fail to comply with the requirements of, or an exemption or exclusion to, Section 409A, as well as any applicable equivalent State law, shall have no force or effect and the Parties agree that, to the extent an amendment would be effective, this Agreement shall be amended to comply with the requirements of, or an exemption or exclusion to, Section 409A, as well as any applicable equivalent State law. Such amendment shall be retroactive to the extent permitted by law. For purposes of this Agreement, Employee shall not be deemed to have terminated employment unless and until a "Separation from Service" within the meaning of Treasury Regulations Section 1.409A-1(h) has occurred. Each payment under <u>Section</u><u> </u>[<u>6.g</u>](#_bookmark18)and <u>Section</u><u> </u>[<u>6.h</u>](#_bookmark19)of this Agreement shall be treated as a separate payment for purposes of Section 409A.

&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;*iii. Code Section 280G*. To the extent applicable to Employee, any of the payments or benefits received or to be received by the Employee constitute "Parachute Payments" within the meaning of Code Section 280G (each, a "<u>Section 280G</u><u> </u><u>Payment</u>") and would, but for this <u>Section</u><u> </u>[<u>7.p.iii</u>,](#_bookmark27)be subject to the excise tax imposed under Code Section 4999 (the "<u>Golden Parachute Tax</u>"), then, prior to making such Section 280G Payment, a calculation shall be made comparing (A) the Net Benefit (as defined below) to the Employee of the Section 280G Payment to (B) the Net Benefit to the Employee if the Section 280G

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Exhibit 10.5

Payment is limited to the extent necessary to avoid being subject to the Golden Parachute Tax. Only if the amount calculated under (A) above is less than the amount under (B) above will the Section 280G Payment be reduced, and then, only to the minimum extent necessary to ensure that no portion of the Section 280G Payment is subject to the Golden Parachute Tax. For purposes of this <u>Section</u> [<u>7.p.iii</u>](#_bookmark27) only, "<u>Net Benefit</u>" shall mean the present value of the payment, net of all federal, state, local, foreign income, employment, and excise taxes, including the Golden Parachute Tax. Any reduction made pursuant to this <u>Section</u> [<u>7.p.iii</u>](#_bookmark27) shall be made in accordance with the requirements of Code Section 409A as follows: (X) first, reduction of cash payments and benefits, in reverse order of the date of payment; (Y) second, cancellation of vesting acceleration of equity awards, in reverse order of the date of grant; and (Z) third, reduction of other non-cash payments and benefits, in reverse order of the date the payment or benefit is to be provided. If the same payment or award date applies to more than one payment or benefit within any of the foregoing categories, the reduction will apply to each such payment or benefit on a pro-rata basis. All calculations and determinations under this <u>Section</u> [<u>7.p.iii</u>](#_bookmark27) shall be made by an independent accounting firm or independent tax counsel appointed by the Company (the "<u>Tax</u><u> </u><u>Counsel</u>"), whose determinations shall be conclusive and binding on the Company and the Employee for all purposes. The Company and the Employee shall furnish the Tax Counsel with such information and documents as requested by the Tax Counsel to make its determinations under this <u>Section</u><u> </u>[<u>7.p.iii</u>,](#_bookmark27)and the Company shall bear all costs incurred by the Tax Counsel under this <u>Section</u> [<u>7.p.iii</u>.](#_bookmark27)

&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;*iv.Regulatory Claw-back*. Notwithstanding any other provisions in this Agreement to the contrary, any compensation (whether cash-, equity-, or incentive-based, or otherwise) paid to the Employee under this Agreement or any other agreement or arrangement between the Company and the Employee which is subject to recovery under any law, government regulation, or stock exchange listing requirement shall be subject to such deductions and claw-back as may be required to be made pursuant to such law, government regulation, or stock exchange listing requirement (or any policy adopted by the Company pursuant to any such law, government regulation or stock exchange listing requirement), without regard for any termination, severance, or other agreement with respect to the Employee's separation from service with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q.<u>Full</u><u> </u><u>Understanding;</u><u> </u><u>Acknowledgment</u>. Employee acknowledges and agrees that Employee has thoroughly read the terms of this Agreement before signing. Employee further acknowledges and agrees that, by signing this Agreement, Employee knowingly and voluntarily consents to the terms contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r.<u>Counterparts</u>. This Agreement (including the CNCA) may be executed in one or more counterparts, each of which when executed shall be deemed to be an original, and such counterparts together shall constitute one and the same Agreement. Signing of this Agreement (including the CNCA) and transmission of the signed Agreement (including the CNCA) by electronic document transfer will be acceptable and binding upon the parties as of the Effective Date.

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Exhibit 10.5

*[Signature Page to Riot Platforms, Inc. Executive Employment Agreement]*

**IN WITNESS WHEREOF**, the undersigned, intending to be legally bound, have executed this Executive Employment Agreement, effective as of the Effective Date set forth herein.

#### EMPLOYEE
<u>/s/ Stephen Howell</u> Stephen Howell

Dated: January 1, 2026

#### RIOT PLATFORMS, INC.
By: <u>/s/ Jason Les</u> Name: Jason Les

Title: Chief Executive Officer Dated: January 1, 2026

*Attachments:*

*Exhibit "A" – CNCA*

*Exhibit "B" – Form of Severance Agreement*

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Exhibit 10.5

**Exhibit "A"**

CNCA

[\*\*\*]

Page **17** of **18**

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Exhibit 10.5

**Exhibit "B"**

Form of Severance Agreement

[\*\*\*]

Page **18** of **18**

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## Exhibit 10.6

Exhibit 10.6

CERTAIN INFORMATION CONTAINED IN THIS DOCUMENT,

MARKED BY [\*\*\*], HAS BEEN OMITTED BECAUSE IT IS BOTH (I)

NOT MATERIAL AND (II) IS THE TYPE

THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL

**AMENDED AND RESTATED**

**EXECUTIVE EMPLOYMENT AGREEMENT**

This Executive Employment Agreement (this "<u>Agreement</u>") is made and entered into, effective as of January 1, 2026 (the "<u>Effective Date</u>"), by and between Jason Chung ("<u>Employee</u>"), [\*\*\*], and Riot Cayman, a limited company organized under the laws of the Cayman Islands, for itself and its affiliate, Riot Platforms, Inc., a Nevada corporation, ("<u>Riot</u>" or the "<u>Company</u>"). Employee and the Company are sometimes referred to herein collectively as the "<u>Parties</u>" and each, individually, as a "<u>Party</u>" to this Agreement.

**WHEREAS**, the Company wishes to employ Employee as its Chief Financial Officer ("<u>CFO</u>") effective March 1, 2026, and Employee wishes to accept such employment with the Company, in each case subject and pursuant to the terms of this Agreement.

**NOW, THEREFORE**, in consideration of the mutual covenants, promises, and obligations contained herein, and for other good and valuable consideration, the receipt and sufficiency of such consideration is hereby acknowledged, the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Position, Duties and Scope of Employment .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Position; Job Duties</u>. Employee hereby accepts and agrees to serve full-time as the Company's CFO subject and pursuant to the terms of this Agreement. In such position, Employee shall have such powers, authorities, and responsibilities as may reasonably be assigned to Employee from time to time, as well as such other powers, responsibilities, and authorities customary for employees of similar rank and title of corporations of the size, type, and nature of the Company; *provided, however,* Employee shall have no authority to bind the Company or any of its subsidiaries by a promise or representation or to enter into any contract, either written or oral, affecting the Company or any of its subsidiaries, except specifically granted by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Performance under this Agreement</u>. During the Employment Term (as defined herein), Employee shall perform and fulfill Employee's duties and responsibilities under this Agreement to the best of Employee's abilities and in a trustworthy, professional, competent, and efficient manner. Employee shall at all times comply with and be subject to all applicable policies, procedures, codes of conduct, requirements, and organizational regulations established by and/or amended by or on behalf of the Company from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>Preparation, Ownership, and Storage of Data and Documents</u>. Employee shall prepare, in connection with services performed under this Agreement, all reports, documents and correspondence necessary and/or appropriate under the circumstances, all of which shall belong to the Company. Employee shall store electronically all reports, documents, correspondence, and data on and in Company-designated storage and will not archive or otherwise retain any tangible or intangible copies, summaries, or descriptions of said reports, documents, correspondence, or data or otherwise store any such materials outside of such Company-designated storage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.<u>Fiduciary Duty; Conflict of Interests</u>. By accepting employment with the Company, Employee acknowledges and agrees that Employee owes a fiduciary duty of loyalty, fidelity, and allegiance to act at all times in the best interests of the Company and to not intentionally engage in any act which would directly or indirectly injure the Company's business, interests, or reputation. In keeping with the Employee's fiduciary duties and obligations to the Company, Employee shall not become involved in a conflict of interest with the Company, or upon discovery thereof, allow such a conflict to continue. Moreover, Employee shall not engage in any activity that might involve a possible conflict of interest

------

without first obtaining written approval from the Chief Executive Officer of the Company. Employee may, however, with prior written consent from the Chief Executive Officer (which consent shall not unreasonably be withheld), serve on one corporate board as a board member and serve on one civic or non-profit board as a board member at any given time during Employee's employment with the Company; *provided, however*, that Employee engages in such outside activities only during Employee's personal time.

**2.** **Term of Employment.** Employee's employment under this Agreement shall commence on the Effective Date and continue for a period through January 10, 2031, unless such employment is terminated earlier pursuant to <u>Section 6</u> of this Agreement (the "<u>Employment Term</u>"). The term of this Agreement shall be automatically renewed for a period of twelve-(12)-months following the expiration of the Employment Term, and for successive twelve-(12)-month periods thereafter (each, a "<u>Renewed Term</u>"), until this Agreement is terminated in accordance with <u>Section 6</u> or a Party delivers a notice of non-renewal in accordance with this <u>Section 2</u>. The period during which the Employee is employed by the Company under this Agreement, including the Employment Term and any Renewed Term, is referred to as the "<u>Employment Term</u>" in this Agreement. If either Riot or Employee does not wish to renew the term of this Agreement following the expiration of the Employment Term or Renewed Term, as applicable, the non-renewing Party may elect not to renew the term of this Agreement by delivering a notice to the other Party, in accordance with <u>Section 7.j</u> of this Agreement, of such non-renewing Party's intent not to renew the Agreement by no later than Sixty (60) days prior to the end of the Employment Term or the applicable Renewed Term. If such notice of non-renewal is delivered in accordance with this <u>Section 2</u>, this Agreement and Employee's employment with the Company hereunder shall terminate as of the expiration of the Employment Term or Renewed Term, as applicable. For the avoidance of doubt, the Parties hereby acknowledge and agree that, notwithstanding the Employment Term, Employee's employment is "at-will" and voluntary, and, therefore, that each Party is free to terminate this Agreement (and the employer-employee relationship that exists between them) at any time, subject and pursuant to <u>Section 6</u> hereof and applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Exclusive Employment; Place of Services .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Exclusive Employment</u>. During Employee's employment with the Company, Employee shall devote all of Employee's working time, attention, knowledge, and skill(s) to the performance and fulfillment of Employee's duties, responsibilities, and services for the Company, and Employee shall not at any time during the Employment Term engage in any other business, employment, or consulting or contractor work, unless Employee has first obtained prior written consent from the Company's Chief Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Place of Services</u>. [\*\*\*] Regardless of the Employee's place of service, Employee shall be available, including by telecommuting via video conferencing or other electronic means, during all reasonable times throughout the Employment Term, and shall be available for reasonable business travel requirements on a limited, and temporary basis, in performance of the Employee's duties. Notwithstanding anything in this Agreement to the contrary, Employee's duties shall include travel relating to the Company's business reasonably commensurate with Employee's position with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Compensation and Benefits .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Base Salary</u>. During the Employment Term, the Company shall pay Employee an annualized salary in accordance with its regular payroll practices for an executive employee. Employee's initial gross annual base salary shall be Five Hundred and Fifty Thousand and 00/100 United States Dollars ($550,000), subject to all offsets, prorations, deductions, foreign and domestic tax withholdings, and claw-backs as set forth in this Agreement and/or required under applicable law. Employee's annual base salary,

Page 2 of 19

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as adjusted from time to time as set forth herein, is referred to as the "<u>Base Salary</u>" in this Agreement. The Company's Chief Executive Officer and/or the Compensation and Human Resources Committee of its Board of Directors (the "<u>Compensation Committee</u>") shall annually review and may, in his or its sole discretion, adjust Employee's Base Salary from time to time. Effective as of the date of any adjustment to Employee's Base Salary, this Agreement shall be amended automatically without further action or writing by the Parties such that the Base Salary stated herein reflects the new Base Salary established by the Company for all purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Annual Incentive Bonus</u>. During the Employment Term, Employee shall be eligible to receive an annual discretionary cash performance-incentive bonus based on Employee's Base Salary, with a target amount of One Hundred percent (100%) of Employee's Base Salary, and a minimum target amount of Zero percent (0%) of Employee's Base Salary (the "<u>Incentive Bonus</u>"). The Incentive Bonus shall be subject to conditions specified by the Compensation Committee or its delegee and awarded based on the determination of the Compensation Committee or its delegee, in its or their sole discretion, of Employee's achievement during the applicable fiscal year of the performance objectives established for Employee as well as the Company's overall performance during the applicable fiscal year. For the avoidance of doubt, Employee shall not be entitled to any Incentive Bonus amount for any applicable fiscal year, except as awarded by the Compensation Committee or its delegee(s) in its or their sole discretion. For each fiscal year during the Employment Term, the Compensation Committee (or its delegee, as appropriate) shall communicate the terms of Employee's Incentive Bonus for such fiscal year, including, without limitation, Employee's performance objectives for the applicable fiscal year and the applicable target amount of such Incentive Bonus (which shall be no less than Zero percent (0%) of Employee's Base Salary). Following each completed fiscal year during the Employment Term, the Compensation Committee (or its delegee, as appropriate) shall evaluate Employee's achievement of the performance objectives established with respect to the Incentive Bonus for Employee and the Company's overall performance for the applicable fiscal year. Based on this evaluation, the Compensation Committee shall determine the final amount of the Incentive Bonus, if any, to be awarded to Employee. Incentive Bonus awards may, in the discretion of the Board or the Compensation Committee, and subject to conditions determined by the Board or the Compensation Committee, in either of their sole discretion, be granted as an Equity Award according to <u>Section 4.c</u> of this Agreement, or as a cash award. Nothing in this <u>Section 4.b</u>, nor anything in this Agreement, entitles or shall be interpreted to entitle Employee to any guaranteed minimum Incentive Bonus at any time during the Employment Term and Employee's receipt of an Incentive Bonus is expressly contingent upon Employee being actively employed by the Company through the date that such Incentive Bonus is actually paid to Employee. All determinations with respect to any Incentive Bonus shall be made by the Board or Compensation Committee, as applicable, in its sole and reasonable discretion, and shall be final, conclusive, and binding on all Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>Equity Compensation</u>. Subject to the terms and conditions of this Agreement, the Employee shall be eligible to receive, as additional compensation, awards of equity compensation (each an "<u>Equity Award</u>"), under the Company's 2019 Equity Incentive Plan, as amended, or any successor equity incentive plan adopted by the Company from time to time after the Effective Date (the "<u>Equity Plan</u>"), including under the Company's Long-Term Incentive Program adopted in 2023 under the Equity Plan (the "<u>LTIP</u>"). All Equity Awards shall be granted subject to the terms and conditions of the Equity Plan and an equity award agreement (each, an "<u>Award Agreement</u>") to be entered into between the Company and Employee as of the grant date of such Equity Award. The Company grants its employees Equity Awards as additional long-term incentive compensation to better align employees' interests with those of the Company's stockholders. Accordingly, any Equity Award granted to Employee by the Company shall be subject to forfeiture until vesting. As set forth in the Equity Plan and the applicable Award Agreement, vesting of these Equity Awards may occur as a result of Employee's continued service with the Company through designated vesting dates (a "<u>Service-Based Award</u>"), or as a result of the Employee's or the Company's achievement of certain performance objectives established by the Board from time to time, subject to Employee's continued employment with the Company through the date the

Page 3 of 19

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Board determines the performance objective(s) has been achieved (a "<u>Performance-Based Award</u>"). Awards granted under the LTIP generally will consist of a Service-Based Award and a Performance-Based Award, both of which shall vest over a three-(3)-year period; however, the granting, term, composition, and amount of any Equity Awards granted under the LTIP and the Equity Plan are subject to the discretion of the Compensation Committee (who administers the Equity Plan and all Equity Awards granted thereunder), and nothing herein is, nor should it be interpreted or construed as being, an offer or a guarantee that Employee will be granted any Equity Award, including under the LTIP and the Equity Plan, at any time, or in any amount. For the avoidance of doubt, except as otherwise agreed by the Company in writing, Employee shall not be guaranteed any minimum Equity Award at any time during the Employment Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.<u>Benefits</u>. During the Employment Term, Employee shall be entitled to participate in the Company's employee benefit plans and programs, as then in effect, including without limitation group medical, dental, health and/or disability insurance plans, Code Section 401(k) plans, and Medicare/Social Security reimbursement plans, in accordance with and subject to the terms and conditions of those benefit plans and/or programs and any amendments thereto, including any and all provisions concerning eligibility for participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.<u>Paid Time Off</u>. During the Employment Term, Employee shall be eligible to receive paid time off ("<u>PTO</u>") for use as vacation leave, sick leave, and/or for other personal reasons, subject and pursuant to the Company's PTO policy with respect to executive employees, as may be amended from time to time by the Company, in its sole discretion. To the extent permitted by applicable law, PTO shall not accrue to Employee, is not "earned" by Employee, and Employee is not entitled to receive any compensation for any unused PTO as of the termination of Employee's employment or service with the Company, except as agreed in writing by the Company or as otherwise provided in the Company's PTO policy as in effect at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.<u>Expense Reimbursement</u>. During the Employment Term, and subject to <u>Section 7.p</u> of this Agreement, the Company will reimburse Employee for reasonable, necessary, and documented out-of-pocket business expenses incurred by Employee on behalf of the Company in connection with the performance of Employee's duties and in furtherance of the Company's business in accordance with the Company's travel and business expense policy, as may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.<u>Company Compensation Practices and Regulatory Compliance</u>. Any payment or benefit conferred under this <u>Section 4</u> or otherwise pursuant to this Agreement shall, subject to all applicable regulatory, tax, and legal requirements described under <u>Section 7.p</u> of this Agreement, be paid in accordance with the Company's customary compensation practices and, as applicable, prorated for the actual number of days Employee was actively employed with the Company during the applicable fiscal year.

**5.** **Restrictive Covenants.** The Employee hereby acknowledges and agrees that Employee has read and understood, and continues to be bound by the terms of the Confidentiality and Non-Competition Agreement by and between the Company and Employee (the "<u>CNCA</u>"), which is incorporated herein by this reference. The Employee further understands and agrees that the Company may, in its sole discretion, update and amend the Employee's CNCA from time to time, and the Employee will be required to sign any such amended agreement as a material term of this Agreement and a condition of continued employment or service with the Company. Notwithstanding anything contained in this Agreement to the contrary, nothing herein shall modify or limit the applicability of the confidentiality and/or restrictive covenants contained in the CNCA and/or any other agreement between the Parties, which shall be enforced according to their terms and read together to provide the greatest level of protection(s) to the Company and its confidential information (as that term is defined in the CNCA).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Termination of Employment .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>By the Company for Cause</u>. Employee's employment under this Agreement may be terminated by the Company at any time upon the occurrence of one or more of the following events (each of which shall be a termination event for "<u>Cause</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.Employee willfully, recklessly, or with gross negligence fails to comply with any material term or aspect of the policies, standards, and regulations that the Company, in its sole discretion, establishes and/or implements in writing before and during the Employment Term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.Employee commits any act of gross negligence, illegal conduct, embezzlement, theft, misappropriation, fraud, dishonesty, or other acts of misfeasance, malfeasance, and/or misconduct in the rendering of services to or on behalf of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.Employee willfully, recklessly, or with gross negligence fails to comply with any reasonable request of the person(s) to whom Employee reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.Employee fails to adequately, substantially, and/or continually perform to Company's reasonable satisfaction the usual and customary duties of Employee's employment, those duties reasonably requested of Employee and typically associated with Employee's position, and/or those duties or expectations assigned by Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.Employee breaches any material term or provision of this Agreement or any material term or provision of any other agreement between the Parties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi.Employee is convicted of, or pleads guilty or *nolo contendere* to, any crime constituting a felony or any crime constituting a misdemeanor involving deceit, dishonesty, or moral turpitude, or otherwise commits any act which impairs Employee's fitness to perform the Employee's duties under this Agreement and/or damages the reputation of the Company, as determined in the sole and reasonable discretion of the Board.

Notwithstanding the foregoing, the Company may not terminate Employee's employment or service under this Agreement for Cause under this <u>Section 6.a</u> without first providing Employee written notice of the event or condition(s) constituting Cause. Such notice must be given no later than Thirty (30) days after the date on which the event or condition(s) constituting Cause is first reasonably discovered by the Board. Upon the giving of such notice, and only if the event or condition is reasonably capable of being remedied by Employee, Employee shall have a period of Thirty (30) days during which Employee may remedy the event or condition(s) and, if so remedied, the Company may not terminate Employee's employment under this Agreement for Cause for the event or condition that was remedied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>By the Company without Cause</u>. Employee's employment under this Agreement may be terminated by the Company without Cause upon providing written notice of termination to Employee Thirty (30) days in advance of such termination. For purposes of this Agreement "<u>without Cause</u>" shall mean any termination by the Company that is not (i) a termination for Cause as described and in accordance with <u>Section 6.a</u> above, or (ii) a termination because of death or Disability, as described <u>Section 6.e</u> below. Notwithstanding anything in this Agreement to the contrary, the Company may, in its sole and absolute discretion, advance the Employee's termination date to an alternate termination date of the Company's own choosing provided, however, that Employee shall be paid Employee's Base Salary from the date that the Company provides written notice of termination through the end of the 30-day notice period provided for in this <u>Section 6.b</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>By Employee for Good Reason</u>. Employee's employment under this Agreement may be terminated by Employee at any time following written notice to the Company upon the occurrence of any of the following events or conditions (each of which shall be a termination event for "<u>Good Reason</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.A material diminution in Employee's Base Salary or employment benefits other than a general reduction in Base Salary and/or benefits that affects all similarly situated employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. A material breach of this Agreement by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.A material diminution in Employee's title, authorities, responsibilities, or duties without Employee's consent (other than a temporary change while Employee is physically or mentally in capacitated or as required by applicable law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.A relocation of Employee's primary work location that would require the reasonable person to move Employee's residence from its then current location if Employee does not consent to such relocation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. The Company permanently ceases its business operations; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi.A Change in Control (as defined in <u>Section 6.f</u> below) of the Company and the Employee experiences any of the events set forth in the foregoing <u>Sections 6.c.i</u> through <u>6.c.v</u> within either (A) the first 6 months following such Change in Control or (B) the Employment Term or any then-effective Renewed Term of this Agreement, whichever is later.

Notwithstanding the foregoing, Employee may not terminate Employee's employment under this Agreement for Good Reason without first providing the Company advanced written notice of the event(s) and/or condition(s) constituting Good Reason, which notice must be given no later than Thirty (30) days after the date on which the event(s) and/or condition(s) constituting Good Reason first occurs. Upon the Company's receipt of such notice, the Company shall then have Thirty (30) days during which it may remedy the event(s) and/or condition(s) (the "<u>Company Notice Period</u>") and, if so remedied, Employee may not terminate his employment under this Agreement for Good Reason. If Employee fails to comply with the immediately preceding two sentences of this <u>Section 6.c</u>, such termination shall not be considered a termination for Good Reason. If the Company fails to cure the event(s) and/or conditions during the Company Notice Period, then the termination shall occur Thirty (30) days after the expiration of the Company Notice Period unless the Company, in its sole discretion, chooses to advance Employee's termination date to an alternate termination date of the Company's own choosing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.<u>By Employee without Good Reason</u>. Employee may terminate Employee's employment under this Agreement without Good Reason by providing written notice of termination to the Company no less than One Hundred Eighty (180) days before the termination date. For purposes of this Agreement "<u>without Good Reason</u>" shall mean any termination by Employee that is not a termination due to death or Disability under <u>Section 6.e</u>, below, or for Good Reason as set forth and in accordance with <u>Section 6.c</u>, above. Notwithstanding anything in this Agreement to the contrary, the Company may, in its sole and absolute discretion, waive all or any part of the One Hundred Eighty (180)-day notice period for no consideration and advance the Employee's termination date to an alternate termination date of the Company's choosing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.<u>Termination due to Death or Disability</u>. Employee's employment with the Company shall terminate immediately in the event of death or Disability of Employee. The term "<u>Disability</u>" means Employee's inability to substantially perform his duties as CFO by reason of any medically determinable physical or mental impairment that, as determined by a physician chosen by the Company and reasonably acceptable to Employee, can be expected to: (i) result in

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death; (ii) last for a continuous period of at least Thirty (30) days; or (iii) endanger the Employee and/or others if Employee were to continue to perform Employee's duties with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.<u>Change in Control</u>. For purposes of this Agreement, a "<u>Change in Control</u>" shall be deemed to have occurred if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.an acquisition of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended, (the "<u>Exchange Act</u>") or any future replacement thereof) by any individual, group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act, or any future replacement thereof), or entity (each, a "<u>Person</u>") of Fifty Percent (50%) or more of the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the "<u>Outstanding Company Voting Securities</u>"); excluding, however, the following: (A) any acquisition directly from the Company, other than an acquisition by virtue of the exercise of a conversion privilege unless the security being so converted was itself acquired directly from the Company; (B) any acquisition by the Company; (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any entity controlled by the Company; or (4) any acquisition pursuant to a transaction which complies with clauses (A), (B) and (C) of this <u>Section 6.f.i</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.a change in the composition of the Board such that the individuals who constitute the Incumbent Board (such as defined herein) cease for any reason to constitute at least a majority of the Board. As used in this <u>Section 6.f</u>, the "<u>Incumbent Board</u>" means those individuals serving as members of the Board as of the Effective Date; provided, however, any subsequent individual serving on the Board who was (A) elected to serve as a member of the Board by the Company's stockholders or (B) appointed to fill a vacancy on the Board shall be considered as though such individual were a member of the Incumbent Board *only if* such individual was nominated for election or appointed to serve on the Board by at least a majority of the Incumbent Board; but, provided further, that any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act or any future replacement thereof) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board shall not be so considered as a member of the Incumbent Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.consummation of a reorganization, merger or consolidation of the Company, or sale or other disposition of all or substantially all of the assets of the Company (a "<u>Corporate Transaction</u>"); excluding, however, such a Corporate Transaction pursuant to which: (A) all or substantially all of the individuals and entities who are the beneficial owners, respectively, of the Outstanding Company Voting Securities immediately prior to such Corporate Transaction will beneficially own, directly or indirectly, more than Fifty Percent (50%) of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the corporation resulting from such Corporate Transaction (including, without limitation, a corporation which, as a result of such transaction, owns the Company or all or substantially all of the Company's assets either directly or through one or more Subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Corporate Transaction, of Outstanding Company Voting Securities; (B) no Person (other than the Company, any employee benefit plan (or related trust) of the Company or such corporation (described in clause (A) of this <u>Section 6.f.iii</u>) resulting from such Corporate Transaction) will beneficially own, directly or indirectly, Forty Percent (40%) or more of the combined voting power of the outstanding voting securities of such corporation entitled to vote generally in the election of directors except to the extent that such ownership existed prior to the Corporate Transaction; and (C) individuals who were members of the Incumbent Board will constitute at least a majority of

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the members of the board of directors of the corporation resulting from such Corporate Transaction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. A complete liquidation or dissolution of the Company.

Notwithstanding any of the foregoing, however, in any circumstance or transaction in which compensation resulting from or in respect a Change in Control would result in the imposition of an additional tax under Section 409A of the Internal Revenue Code of 1986, as amended, (the "<u>Code</u>") were to apply, but would not result in the imposition of any additional tax if the term "Change in Control" were defined herein to mean a "change in control event" within the meaning of Section 1.409A-3(i)(5) of the Treasury Regulations promulgated under the Code, as amended, (the "<u>Treasury Regulations</u>") then "Change in Control" shall mean a "change in control event" within the meaning of Treasury Regulation Section 1.409A-3(i)(5), but only to the extent necessary to prevent such compensation from becoming subject to an additional tax under Section 409A of the Code ("<u>Section 409A</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.<u>Payment of Accrued Obligations; Continuation of Benefits</u>. Regardless of the reason for the termination of Employee's employment with, or other qualifying "Separation from Service" (within the meaning of Treasury Regulations Section 1.409A-1(h), or future replacement thereof) from, the Company, Employee shall be entitled to receive payment in satisfaction of the following obligations accrued to Employee as of the effective date of such termination or Separation from Service (the "<u>Termination Date</u>") which are outstanding as of the Termination Date (collectively, the "<u>Accrued Obligations</u>"): (A) all of the Employee's Base Salary earned and unpaid through the Termination Date; (B) all of Employee's PTO accrued and unused as of the Termination Date that is due upon termination of employment per the terms of the Company's PTO policy; and (C) reimbursement of Employee's properly reimbursable business expenses incurred and unreimbursed as of the Termination Date; *provided, that*, Employee must submit a final request for reimbursement of any such outstanding unreimbursed business expenses, together with such substantiation as may be requested or required pursuant to the Company's employee expense reimbursement policy, by no later than Thirty (30) business days following the Termination Date to receive reimbursement of such employee business expenses. Except with respect to reimbursement of Employee's outstanding reimbursable employee business expenses, all Accrued Obligations shall be due and payable to Employee (or Employee's estate or beneficiaries, as the case may be) on the first regular payday following the Termination Date (or sooner if required by law). In addition to satisfaction of the Accrued Obligations, Employee shall continue to receive coverage under the Company's then-effective group medical insurance policies and employee benefit programs through the end of the month of the Termination Date, except as required by applicable law and the terms of applicable Company group medical insurance policy and employee benefit program agreements. For the avoidance of doubt, except for as provided in <u>Section 6.h</u> below, Employee shall be entitled to receive only payment of the Accrued Obligations and continuation of the Company employee benefits set forth in this <u>Section 6.g</u> in connection with the cessation of Employee's employment with the Company, and, upon payment of such Accrued Obligations, Employee shall not be entitled to any further compensation or benefits from the Company (including its subsidiaries and affiliates), except as specifically provided herein, or as otherwise agreed by the Company in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.<u>Severance</u>. Company and Employee (or Employee's estate or beneficiaries, as the case may be) shall enter into a separation agreement and general release, substantially in form attached as <u>Exhibit "A"</u> hereto (the "<u>Severance Agreement</u>") by no later than Twenty (20) business days following the Termination Date or such earlier time as provided by the Severance Agreement (and any applicable revocation period in the Severance Agreement expires no later than Sixty (60) days following the Termination Date), pursuant to which Company shall pay to Employee (or Employee's estate or beneficiaries, as the case may be), in exchange for the execution, non-revocation, and compliance with the terms of the Severance Agreement by the Employee (or Employee's estate or beneficiaries, as the case may be), the applicable amounts specified in <u>Sections 6.h.i</u> through <u>6.h.v</u>, below (the "<u>Severance Payments</u>") in

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accordance with the Severance Agreement; *provided, however,* neither Party shall be obligated to enter into the Severance Agreement if Employee's employment with the Company is terminated: (i) by the Company for Cause; or (ii) by Employee without Good Reason **and** Employee fails to provide the advance written notice required by <u>Section 6.d</u> of this Agreement. The Severance Payments shall not become due and payable unless and until the Severance Agreement between the Company and Employee has become effective, binding, and irrevocable on the parties thereto; *provided, however,* that if the Company (or applicable successor-in-interest to the Company) fails to execute and deliver the Severance Agreement in accordance with this <u>Section 6.h</u> within Twenty (20) business days following the Termination Date, the Company shall be deemed in material default of its obligations under this Agreement, and the applicable Severance Payments that would have been due to Employee had the Severance Agreement been entered into in accordance with this <u>Section 6.h</u> shall immediately become due and payable to Employee, without further action by, or agreement of, the Employee. Accordingly, pursuant to the Severance Agreement, Employee shall be entitled to receive the following Severance Payments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.*Termination by Company for Cause; Termination by Employee without Good Reason (without Notice); Non-Renewal of Employment Term by Employee (without Notice)*. If the Company terminates Employee's employment for Cause, or if Employee terminates Employee's employment hereunder without Good Reason or Employee does not renew the term of their employment with the Company **and** Employee fails to provide advance notice required by <u>Section 6.d</u> of this Agreement, then the Employee (or Employee's estate or beneficiaries, as the case may be) shall not receive any Severance Payments and shall only be entitled to receive payment of the Accrued Obligations; therefore, upon payment of such amounts, Employee shall not be entitled to receive any additional remuneration from the Company under this Agreement with respect to Employee's employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.*Termination by Employee without Good Reason (with Notice).* If Employee terminates Employee's employment hereunder without Good Reason **and** provides the Company with advance written notice of such termination as required by <u>Section 6.d</u> of this Agreement Employee (or Employee's estate or beneficiaries, as the case may be) shall receive payment of the Accrued Obligations and the following Severance Payments, subject to Employee timely entering into the Severance Agreement: **(A)** the Incentive Bonus to which Employee would have been entitled under <u>Section 4.b</u> of this Agreement, had Employee remained employed with the Company through the end of the calendar year in which the Termination Date occurs, as if Employee had continued employment with the Company through the date on which such Incentive Bonus would have been paid, calculated assuming achievement of Twenty-Five Percent (25%) of the performance targets of such Incentive Bonus for the applicable fiscal year, prorated through the Termination Date; and **(B)** One (1) month of the Employee's then-effective Base Salary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.*Termination due to Non-Renewal of Employment Term by Company.* If Company elects under <u>Section 2</u> hereof not to renew the term of Employee's employment with Company hereunder, Employee (or Employee's estate or beneficiaries, as the case may be) shall receive payment of the Accrued Obligations and the following Severance Payments, subject to Employee timely entering into the Severance Agreement: **(A)** the Incentive Bonus to which Employee would have been entitled under <u>Section 4.b</u> of this Agreement, had Employee remained employed with the Company through the end of the calendar year in which the Termination Date occurs, as if Employee had continued employment with the Company through the date on which such Incentive Bonus would have been paid, calculated assuming achievement of Twenty-Five Percent (25%) of the performance targets of such Incentive Bonus for the applicable fiscal year, prorated through the Termination Date; and **(B)** Three (3) months of the Employee's then-effective Base Salary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.*Termination by Company without Cause; Termination by Employee for Good Reason (other than incident to a Change in Control).* If Employee's employment with the Company

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is terminated by the Company without Cause or by the Employee for Good Reason in accordance with <u>Section 6.c</u> hereof (other than incident to a Change in Control), then Employee (or Employee's estate or beneficiaries, as the case may be) shall receive payment of the Accrued Obligations and the following Severance Payments, subject to Employee timely entering into the Severance Agreement: **(A)** the Incentive Bonus to which Employee would have been entitled under <u>Section 4.b</u> of this Agreement had Employee remained employed with the Company through the end of the calendar year in which the Termination Date occurs, as if Employee had continued employment with the Company through the date on which such Incentive Bonus would have been paid, calculated assuming achievement of One Hundred Percent (100%) of the performance targets of such Incentive Bonus for the applicable fiscal year, prorated through the Termination Date; **(B)** payment of an amount equal to the lesser of: *(1)* One Hundred Percent (100%) of the sum of Employee's then-effective Base Salary that would have be paid to Employee through the end of the Employment Term (or then-applicable Renewed Term) had Employee's employment with the Company not ceased; and *(2)* Twelve (12) months of the Employee's then-effective Base Salary; **(C)** acceleration of the vesting of that portion of all outstanding Service-Based Awards granted to Employee under the Equity Plan that would have vested within Twelve (12) months following the Termination Date but for the cessation of Employee's employment with the Company, such that such Equity Awards shall be deemed vested immediately as of the Termination Date; and **(D)** continuation of the vesting of all outstanding Performance-Based Awards granted to Employee under the Equity Plan as if Employee's employment with the Company had not ceased prior to the end of the applicable performance period with such vesting calculated based on actual performance; *provided*, *however*, if the applicable performance period is extended or the vesting or performance conditions are materially changed to Employee's detriment or the Company fails to certify the performance achievement with respect to any such outstanding Performance-Based Awards within Sixty (60) days following the end of the applicable performance period, then such Performance-Based Awards will vest immediately upon the occurrence of any such event assuming achievement of the maximum level of performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.*Termination by Company without Cause or by Employee with Good Reason Incident to Change in Control.* If Employee terminates Employee's employment with the Company for Good Reason consistent with the rules and procedures set forth in <u>Section 6.c.vi</u> of this Agreement, or if Employee's employment with the Company is terminated by the Company for any reason other than for "Cause" (as defined in <u>Section 6.a</u> hereof) within Six (6) months of a Change in Control of the Company, Employee (or Employee's estate or beneficiaries, as the case may be) shall receive payment of the Accrued Obligations and the following Severance Payments, subject to Employee timely entering into the Severance Agreement: **(A)** One Hundred Percent (100%) of the target amount of the Incentive Bonus to which Employee would have been entitled under <u>Section 4.b</u> of this Agreement had Employee remained employed with the Company through the date on which such Incentive Bonus would have been paid, without proration; **(B)** an amount equal to the *greater* of: *(1)* the sum of the Employee's Base Salary that would have been paid to Employee through the end of the Employment Term (or then-applicable Renewed Term) had Employee's employment with the Company not ceased; and *(2)* Twelve (12) months of the Employee's Base Salary as in effect as of the Termination Date; **(C)** acceleration of the vesting of all outstanding Service-Based Awards granted to Employee under the Equity Plan which remain unvested as of the Termination Date, such that vesting of such Service-Based Awards shall be deemed to have occurred as of the Termination Date; and **(D)** acceleration of the vesting of all outstanding Performance-Based Awards granted to Employee under the Equity Plan which remain unvested as of the Termination Date, as if Employee's employment with the Company had not ceased prior to the end of the performance period for such award(s) calculated assuming achievement of the maximum level of performance, such that vesting of such Performance-Based Awards shall be deemed to have occurred as of the Termination Date.

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&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi.*Termination due to death or Disability*. If Employee's employment hereunder is terminated because of Employee's death or Disability, then Employee (or Employee's estate or beneficiaries, as the case may be) shall receive payment of the Accrued Obligations and the following Severance Payments, subject to Employee (or Employee's estate or beneficiaries, as the case may be) timely entering into the Severance Agreement: **(A)** the Incentive Bonus to which Employee would have been entitled under <u>Section 4.b</u> of this Agreement had Employee remained employed with the Company through the date on which such Incentive Bonus would have been paid, calculated assuming performance achievement of Fifty Percent (50%) of the target amount for the applicable fiscal year, prorated through the Termination Date; **(B)** payment of an amount equal to Six (6) months of Employee's then-effective Base Salary; **(C)** acceleration of the vesting of Fifty Percent (50%) of all outstanding Service-Based Awards granted to Employee under the Equity Plan that would have vested within the Twelve (12) months following the Termination Date but for the cessation of Employee's employment with the Company, such that such Equity Awards shall be deemed vested immediately as of the Termination Date; and **(D)** continuation of the vesting of all outstanding Performance-Based Awards granted to Employee under the Equity Plan as if Employee's employment with the Company had not ceased prior to the end of the applicable performance period with such vesting calculated based on actual performance; *provided*, *however*, if the applicable performance period is extended or the vesting or performance conditions are materially changed to Employee's detriment or the Company fails to certify the performance achievement with respect to any such outstanding Performance-Based Awards within Sixty (60) days following the end of the applicable performance period, then such Performance-Based Awards will vest immediately upon the occurrence of any such event assuming achievement of the maximum level of performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii.*Form and Time of Payment for Severance Benefits*. The amount of the Severance Benefit payable under Section 6(h) above will be paid in a lump sum, less applicable tax withholdings as follows: **(A)** 50% of cash severance benefits shall be paid to an Employee within 20 business days following the Employee's entry into the Severance Agreement, with the remainder payable 6 months and 1 day following the Termination Date; **(B)** any Service-Based Awards entitled to pro rata vesting that would have otherwise become vested and been settled solely based on the performance of service will be settled no later than Five (5) business days following the date of the Employee's entry into the Severance Agreement; and **(C)** any Performance-Based Awards entitled to accelerated vesting that would otherwise have become vested and been settled, in whole or in part, based on performance for which the applicable performance period has not ended on or prior to the Employee's Termination Date will be settled no later than Five (5) business days following the date of the Employee's entry into the Severance Agreement. All payments and benefits under this Agreement shall be subject to, and made net of, applicable deductions and withholdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.<u>Treatment of Equity</u>. Other than pursuant to the Severance Agreement as set forth in the foregoing <u>Sections 6.h.i</u> through 6.h.vi., and except with respect to applicable regulatory, tax, and legal requirements described under <u>Section 7.p</u> of this Agreement, any Equity Awards granted to Employee shall remain governed by the Equity Plan and the applicable Equity Award Agreement between Employee and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j.<u>Regulatory Adjustments</u>. All amounts which may become payable to Employee under this Section 6 in connection with the cessation of Employee's employment with the Company, including any Severance Payments, shall be subject to all applicable regulatory, tax, and legal requirements described under <u>Section 7.p</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k.<u>Effect of Termination; Resignation and Removal from all Company Positions</u>. Notwithstanding anything in this Agreement to the contrary, upon termination of Employee's employment

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hereunder for any reason, Employee agrees: (i) to immediately deliver to the Company all Property (as that term is defined in the CNCA) and records (including all copies thereof) of the Company; (ii) that the Company shall have the right, without limitation, to withhold and retain any amounts that might otherwise be owed to the Employee to offset any amounts or debts owed by Employee to the Company; and (iii) that the Company shall, subject to applicable laws, further have the right to withhold the payment of any amounts that might otherwise be owed to Employee until such time as the Company determines, to its reasonable satisfaction, that any and all proprietary and confidential information, regardless of the medium on which it is embodied (*e.g.*, laptop computer), has been returned to the Company and that Employee has not retained copies thereof. Furthermore, except as specifically agreed by the Company in writing, upon the cessation of Employee's employment with the Company, Employee shall be deemed to have resigned and/or been removed from all positions that the Executive holds (or previously held) with the Company or any of the Company's affiliated and/or related entities, effective immediately as of the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Miscellaneous .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Section Headers; Gender and Number</u>. The section headings in this Agreement are for the Parties' convenience only and are not intended to govern, limit, or affect the meanings of the sections. Singular and plural nouns and pronouns shall mean the singular or plural and the masculine, feminine, or neuter genders as permitted by the context in which the words are used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Representations by Employee</u>. The Employee represents and warrants to the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.The Employee's acceptance of employment under this Agreement with the Company and the performance of the Employee's duties hereunder will not conflict with or result in a violation of, a breach of, or a default under any contract, agreement, or understanding to which the Employee is a party or is otherwise bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.The Employee's acceptance of employment under this Agreement with the Company and the performance of the Employee's duties hereunder will not violate any non-solicitation, non-competition, non-disclosure, or other similar covenant or agreement between the Employee and a prior employer of the Employee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.The Employee's representations to the Company regarding the Employee's prior employment have been truthful and accurate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.Employee shall immediately notify the Company of any issues that arise that could conflict with the representations, warranties, and obligations set forth herein, including without limitation, any demands, claims, notices, or requests made by third parties that could adversely impact Employee's ability to perform services as the CFO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>Cooperation</u>. The Parties agree that certain matters in which Employee will be involved during the Employment Term may necessitate Employee's cooperation in the future. Accordingly, following the termination of Employee's employment for any reason, to the extent requested by the Company, Employee shall provide to the Company reasonable levels of assistance in answering questions about the Company's business, transition of responsibility, legal matters, and/or litigation. The Company shall make reasonable efforts to minimize the disruption of Employee's other activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.<u>Entire Agreement; Modification</u>. Unless specifically provided herein, this Agreement, along with all exhibits and/or attachments hereto (including without limitation the Equity Award Agreements entered into between the Parties and the CNCA) constitutes the entire understanding between Employee and the Company with respect to the subject matter hereof and supersedes all prior

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understandings, agreements, representations, and warranties, both written and oral, with respect to the subject matter hereof. The Parties are not relying upon any representations or promises not set forth in this Agreement. Except as provided here, this Agreement may not be amended or modified except in a writing signed by both Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.<u>Waiver</u>. Failure to insist upon strict compliance with any of the terms, covenants, or conditions set forth in this Agreement (including the CNCA) shall not be deemed a waiver of such term, covenant, or condition, nor shall any waiver or relinquishment of any right or power hereunder at any one or more times be deemed a waiver or relinquishment of such right or power at any other times. No waiver by the Company of a breach by Employee of any provision of this Agreement (including the CNCA) shall be binding upon the Company unless the same is in writing, signed by a duly authorized representative of the Company, and any such waiver shall not operate or be construed as a waiver of any subsequent breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.<u>Severability</u>. If it is determined by a court of competent jurisdiction that any of the provisions of this Agreement is invalid or unenforceable, such determination shall not affect the validity of the remaining provisions in this Agreement, each of which shall survive and be given full force and effect. A court of competent jurisdiction may modify and bring about a modification of any invalid or unenforceable provision to make it enforceable under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.<u>Assignment</u>. The Company may assign this Agreement (including the CNCA) and, if assigned, the assignee has the right to seek enforcement of the Agreement (including the CNCA). Since this Agreement and the Employee's rights and obligations hereunder are personal to Employee, Employee cannot assign this Agreement (including the CNCA) to any other person or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.<u>Indemnification of Company</u>. Employee agrees to indemnify, defend, and hold the Company, its Affiliates, and their officers, directors and employees harmless from and against any claims (including without limitation losses, damages, attorneys' fees and costs) by third parties alleging that Employee's employment with the Company hereunder constitutes unlawful activity, breaches an obligation of Employee, or otherwise subjects the Company and its Affiliates to potential liability as a result of Employee's employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.<u>Indemnification of Employee</u>. The Company agrees to indemnify, defend, and hold the Employee harmless from and against claims as provided for under the Company's Articles of Incorporation and the Company's Bylaws in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j.<u>Notices</u>. All notices and other communications required to be given under this Agreement (including the CNCA) shall be in writing and shall be delivered to the Party in person, via e-mail or as an attachment to an e-mail transmission to the Party's e-mail address, or by overnight carrier service by a recognized business courier (such as FedEx or UPS). A notice and/or other communication to be given hereunder shall be considered effective: (a) on the date of delivery if personally delivered against a written receipt; (b) on the date of delivery if sent by e-mail transmission or as an attachment to an e-mail transmission, with a delivery receipt; or (c) on the first business day following the date of dispatch if delivered to a recognized business courier service (such as DHL Courier, FedEx, or UPS) for overnight delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k.<u>Survival</u>. Notwithstanding anything in this Agreement to the contrary, and for the avoidance of any doubt, the termination of Employee's employment under this Agreement for any reason shall not affect the CNCA or any of the covenants, warranties, and agreements in <u>Sections 4.g</u>, <u>5</u>, <u>6</u>, and <u>7</u> (including all applicable subparts) of this Agreement, each of which shall survive such termination of the Employment Term, the Parties' employment relationship, and this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l.<u>Governing Law; Jurisdiction and Venue; Attorney's Fees and Costs</u>. The validity, construction, and performance of this Agreement (including the CNCA) shall be governed by the laws of the State of Colorado without giving effect to conflict of law principles. Except as otherwise may be required by the Company to obtain equitable injunctive relief under this Agreement, the CNCA, and/or any other agreement between the Parties, jurisdiction for all actions or proceedings arising under this Agreement (including the CNCA) shall be exclusive to a state or federal court of competent jurisdiction located in or with jurisdiction for the City of Castle Rock in the County of Douglas, Colorado, USA. The Parties hereby irrevocably subject and consent to the jurisdiction of such courts and waive the defense of inconvenient forum related to any action or proceeding in such venue. Should an action be commenced for a breach of and/or to enforce the terms of this Agreement (including the CNCA), the prevailing party in such an action shall be entitled to recover from the non-prevailing party, in addition to all other legal and/or equitable remedies, all costs of litigation, including reasonable attorneys' fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m.<u>Pre-Suit Mediation</u>. Except with respect to any injunctive relief sought by the Company under this Agreement, the CNCA, and/or any other agreement between the Parties, each of the Parties knowingly, voluntarily, and intentionally agrees to and shall participate in a mediation conference before filing any complaint, charge, or accusatory pleading or document, or otherwise commencing any legal or administrative action or proceeding against the other Party with a federal, state, or local agency and/or in a court of competent jurisdiction. The Parties agree that the mediation conference shall be convened in City of Austin in the County of Travis, Texas, USA, and to cooperate in the selection of a mutually agreeable mediator. The Parties shall split equally the cost of the mediator. The Parties also agree to bear their own respective attorney's fees and costs for mediation under this <u>Section 7.m</u>. For the avoidance of any doubt, except as provided herein, the mediation requirement of this <u>Section 7.m</u> is a condition precedent to any action, proceeding, and/or litigation between the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n.**WAIVER OF JURY TRIAL**. **TO THE EXTENT PERMITTED BY LAW, THE PARTIES KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY AGREE TO, AND DO HEREBY, WAIVE THE RIGHT TO TRIAL BY JURY IN ANY LITIGATION, CAUSE OF ACTION, CLAIM, PROCEEDING, OR COUNTERCLAIM BROUGHT BY EITHER OF THE PARTIES AGAINST THE OTHER: (I) BASED ON ANY MATTER WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED WITH EMPLOYEE'S EMPLOYMENT WITH THE COMPANY; (II) BASED ON THIS AGREEMENT (INCLUDING THE CNCA) OR ARISING OUT OF, UNDER, OR RELATING TO THIS AGREEMENT (INCLUDING THE CNCA); AND/OR (III) BASED ON ANY ALLEGED ACTION, INACTION, OR OMISSION OF EITHER PARTY TO THIS AGREEMENT.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o.<u>Construction</u>. The essential terms and conditions contained in this Agreement have been mutually negotiated between the Parties. The Parties agree that the language of all parts of this Agreement shall in all cases be construed as a whole, according to its fair meaning, and not strictly for or against any of the Parties. No ambiguity or uncertainty in this Agreement shall be construed or interpreted in favor of or against any Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p.<u>Compliance with Applicable Regulatory, Tax, and Legal Requirements</u>. Any payments or benefits which may be conferred under this Agreement shall be subject to and administered in compliance with all regulatory, tax, and legal requirements applicable to Employee or the Company, including, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.*Tax Withholding*. The Company may, but shall not be required by the Employee to, withhold from any compensation or benefits payable to Employee all applicable taxes and make any other deductions and withholdings as the Company, in its sole and absolute discretion, determines are required or permitted by law.

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&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.*Code Section 409A*. To the extent applicable to Employee, this Agreement and all payments, distributions or other benefits hereunder shall comply and be administered in accordance with the requirements of, or an exemption or exclusion to, Section 409A and the Treasury Regulations promulgated thereunder, as well as any applicable equivalent State law. To the extent any provision or term of this Agreement is ambiguous as to its compliance in this respect, such provision or term and all payments hereunder shall be interpreted to comply with the requirements of, or an exemption or exclusion to, Section 409A, as well as any applicable equivalent State law. For the avoidance of doubt, notwithstanding any provision of this Agreement to the contrary, if Employee is a "specified employee" (as defined in Treasury Regulations Section 1.409A-1(i)), then, to the extent required under Treasure Regulation Section 1.409A-3(i)(2), any payments that constitute a "nonqualified deferral of compensation" that become due upon the Participant's "Separation from Service" (other than due to the Employee's death) and that would have been made under the terms of the Plan within the six-month period commencing on the Employee's Separation from Service shall be delayed and instead be made as soon as practicable after the earlier of the end of such six-month period or Employee's death. For purposes of this <u>Section 7.p</u>, the terms "specified employee", and "nonqualified deferral of compensation" have the meanings given to them under Section 409A. Any provision that would cause this Agreement or a payment, distribution, or other benefit hereunder to fail to comply with the requirements of, or an exemption or exclusion to, Section 409A, as well as any applicable equivalent State law, shall have no force or effect and the Parties agree that, to the extent an amendment would be effective, this Agreement shall be amended to comply with the requirements of, or an exemption or exclusion to, Section 409A, as well as any applicable equivalent State law. Such amendment shall be retroactive to the extent permitted by law. For purposes of this Agreement, Employee shall not be deemed to have terminated employment unless and until a Separation from Service within the meaning of Treasury Regulations Section 1.409A-1(h) has occurred. Each payment under <u>Section 6.g</u> and <u>6.h</u> of this Agreement shall be treated as a separate payment for purposes of Section 409A. Any expense reimbursements required to be made under this Agreement shall be made not later than December 31st of the year following the year in which Employee incurs the expense; *provided that* in no event shall the amount of expenses eligible for payment or reimbursement by the Company in one calendar year affect the amount of expenses to be paid or reimbursed in any other calendar year. The Executive's right to expense reimbursement shall not be subject to liquidation or exchange for another benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.*Code Section 280G*. To the extent applicable to Employee, if any of the payments or benefits received or to be received by Employee constitute "Parachute Payments" within the meaning of Code Section 280G (each, a "<u>Section 280G Payment</u>") and would, but for this <u>Section 7.p.iii</u>, be subject to the excise tax imposed under Code Section 4999 (the "<u>Golden Parachute Tax</u>"), then, prior to making such Section 280G Payment, a calculation shall be made comparing (A) the Net Benefit (as defined below) to Employee of the Section 280G Payment to (B) the Net Benefit to Employee if the Section 280G Payment is limited to the extent necessary to avoid being subject to the Golden Parachute Tax. Only if the amount calculated under (A) above is less than the amount under (B) above will the Section 280G Payment be reduced, and then, only to the minimum extent necessary to ensure that no portion of the Section 280G Payment is subject to the Golden Parachute Tax. For purposes of this <u>Section 7.p.iii</u>, only, "<u>Net Benefit</u>" shall mean the present value of the payment, net of all federal, state, local, foreign income, employment, and excise taxes, including the Golden Parachute Tax. Any reduction made pursuant to this <u>Section 7.p.iii</u> shall be made in accordance with the requirements of Code Section 409A as follows: (X) first, reduction of cash payments and benefits, in reverse order of the date of payment; (Y) second, cancellation of vesting acceleration of equity awards, in reverse order of the date of grant; and (Z) third, reduction of other non-cash payments and benefits, in reverse order of the date the payment or benefit is to be provided. If the same payment or award date applies to more than one payment or benefit within any of the foregoing categories, the reduction will apply to each such payment or benefit on a pro-

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rata basis. All calculations and determinations under this <u>Section 7.p.iii</u> shall be made by an independent accounting firm or independent tax counsel appointed by the Company (the "<u>Tax Counsel</u>"), whose determinations shall be conclusive and binding on the Company and Employee for all purposes. The Company and Employee shall furnish the Tax Counsel with such information and documents as requested by the Tax Counsel to make its determinations under this <u>Section 7.p.iii</u>, and the Company shall bear all costs incurred by the Tax Counsel under this <u>Section 7.p.iii</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.*Regulatory Claw-back*. Notwithstanding any other provisions in this Agreement to the contrary, any compensation (whether cash-, equity-, or incentive-based, or otherwise) paid to Employee under this Agreement or any other agreement or arrangement between the Company and Employee which is subject to recovery under any law, government regulation, or stock exchange listing requirement shall be subject to such deductions and claw-back as may be required to be made pursuant to such law, government regulation, or stock exchange listing requirement (or any policy adopted by the Company pursuant to any such law, government regulation or stock exchange listing requirement), without regard for any termination, severance, or other agreement with respect to Employee's separation from service with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q.<u>Full Understanding; Acknowledgment</u>. Employee acknowledges and agrees that Employee has thoroughly read the terms of this Agreement before signing. Employee further acknowledges and agrees that, by signing this Agreement, Employee knowingly and voluntarily consents to the terms contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r.<u>Counterparts</u>. This Agreement (including the CNCA) may be executed in one or more counterparts, each of which when executed shall be deemed to be an original, and such counterparts together shall constitute one and the same Agreement. Signing of this Agreement (including the CNCA) and transmission of the signed Agreement (including the CNCA) by electronic document transfer will be acceptable and binding upon the parties as of the Effective Date.

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*[Signature Page to Riot Platforms, Inc. Amended and Restated Executive Employment Agreement]*

**IN WITNESS WHEREOF**, the undersigned, intending to be legally bound, have executed this Executive Employment Agreement, effective as of the Effective Date set forth herein.

---

| | | |
|:---|:---|:---|
| **EMPLOYEE** | **RIOT PLATFORMS, INC.** | **RIOT PLATFORMS, INC.** |
| /s/ Jason Chung | By: | /s/ Jason Les |
| Jason Chung | Name: | Jason Les |
|  | Title: | Chief Executive Officer |
| Date: January 1, 2026 | Date: January 1, 2026 | Date: January 1, 2026 |

---

*Attachments/Exhibits: Exhibit "A" CNCA*

*Exhibit "B" Form of Severance Agreement*

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**Exhibit "A"**

CNCA

[\*\*\*]

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**Exhibit "B"**

Form of Severance Agreement

[\*\*\*]

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## Exhibit 10.7

Exhibit 10.7

CERTAIN INFORMATION CONTAINED IN THIS DOCUMENT, MARKED

BY [\*\*\*], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT

MATERIAL AND (II) IS THE TYPE

THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL

**AMENDED AND RESTATED**

**EXECUTIVE EMPLOYMENT AGREEMENT**

This Executive Employment Agreement (this "<u>Agreement</u>") is made and entered into, effective as of January 1, 2026 (the "<u>Effective Date</u>"), by and between William Jackman ("<u>Employee</u>"), [\*\*\*], and Riot Cayman, a limited company organized under the laws of the Cayman Islands, for itself and its affiliate, Riot Platforms, Inc., a Nevada corporation, ("<u>Riot</u>" or the "<u>Company</u>"). Employee and the Company are sometimes referred to herein collectively as the "<u>Parties</u>" and each, individually, as a "<u>Party</u>" to this Agreement.

**WHEREAS**, the Company wishes to employ Employee as its Chief Legal Officer, and Employee wishes to accept such employment with the Company, in each case subject and pursuant to the terms of this Agreement.

**NOW, THEREFORE**, in consideration of the mutual covenants, promises, and obligations contained herein, and for other good and valuable consideration, the receipt and sufficiency of such consideration is hereby acknowledged, the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Position, Duties and Scope of Employment .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Position; Job Duties</u>. Employee hereby accepts and agrees to serve full-time as the Company's Chief Legal Officer subject and pursuant to the terms of this Agreement. In such position, Employee shall have such powers, authorities, and responsibilities as may reasonably be assigned to Employee from time to time, as well as such other powers, responsibilities, and authorities customary for employees of similar rank and title of corporations of the size, type, and nature of the Company; *provided, however,* Employee shall have no authority to bind the Company or any of its subsidiaries by a promise or representation or to enter into any contract, either written or oral, affecting the Company or any of its subsidiaries, except specifically granted by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Performance under this Agreement</u>. During the Employment Term (as defined herein), Employee shall perform and fulfill Employee's duties and responsibilities under this Agreement to the best of Employee's abilities and in a trustworthy, professional, competent, and efficient manner. Employee shall at all times comply with and be subject to all applicable policies, procedures, codes of conduct, requirements, and organizational regulations established by and/or amended by or on behalf of the Company from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>Preparation, Ownership, and Storage of Data and Documents</u>. Employee shall prepare, in connection with services performed under this Agreement, all reports, documents and correspondence necessary and/or appropriate under the circumstances, all of which shall belong to the Company. Employee shall store electronically all reports, documents, correspondence, and data on and in Company-designated storage and will not archive or otherwise retain any tangible or intangible copies, summaries, or descriptions of said reports, documents, correspondence, or data or otherwise store any such materials outside of such Company-designated storage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.<u>Fiduciary Duty; Conflict of Interests</u>. By accepting employment with the Company, Employee acknowledges and agrees that Employee owes a fiduciary duty of loyalty, fidelity, and allegiance to act at all times in the best interests of the Company and to not intentionally engage in any act which would directly or indirectly injure the Company's business, interests, or reputation. In keeping with the Employee's fiduciary duties and obligations to the Company, Employee shall not become involved in a conflict of interest with the Company, or upon discovery thereof, allow such a conflict to continue. Moreover, Employee shall not engage in any activity that might involve a possible conflict of interest

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without first obtaining written approval from the Chief Executive Officer of the Company. Employee may, however, with prior written consent from the Chief Executive Officer (which consent shall not unreasonably be withheld), serve on one corporate board as a board member and serve on one civic or non-profit board as a board member at any given time during Employee's employment with the Company; *provided, however*, that Employee engages in such outside activities only during Employee's personal time.

**2.** **Term of Employment.** Employee's employment under this Agreement shall commence on the Effective Date and continue for a period through January 10, 2031, unless such employment is terminated earlier pursuant to <u>Section 6</u> of this Agreement (the "<u>Employment Term</u>"). The term of this Agreement shall be automatically renewed for a period of twelve-(12)-months following the expiration of the Employment Term, and for successive twelve-(12)-month periods thereafter (each, a "<u>Renewed Term</u>"), until this Agreement is terminated in accordance with <u>Section 6</u> or a Party delivers a notice of non-renewal in accordance with this <u>Section 2</u>. The period during which the Employee is employed by the Company under this Agreement, including the Employment Term and any Renewed Term, is referred to as the "<u>Employment Term</u>" in this Agreement. If either Riot or Employee does not wish to renew the term of this Agreement following the expiration of the Employment Term or Renewed Term, as applicable, the non-renewing Party may elect not to renew the term of this Agreement by delivering a notice to the other Party, in accordance with <u>Section 7.j</u> of this Agreement, of such non-renewing Party's intent not to renew the Agreement by no later than Sixty (60) days prior to the end of the Employment Term or the applicable Renewed Term. If such notice of non-renewal is delivered in accordance with this <u>Section 2</u>, this Agreement and Employee's employment with the Company hereunder shall terminate as of the expiration of the Employment Term or Renewed Term, as applicable. For the avoidance of doubt, the Parties hereby acknowledge and agree that, notwithstanding the Employment Term, Employee's employment is "at-will" and voluntary, and, therefore, that each Party is free to terminate this Agreement (and the employer-employee relationship that exists between them) at any time, subject and pursuant to <u>Section 6</u> hereof and applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Exclusive Employment; Place of Services .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Exclusive Employment</u>. During Employee's employment with the Company, Employee shall devote all of Employee's working time, attention, knowledge, and skill(s) to the performance and fulfillment of Employee's duties, responsibilities, and services for the Company, and Employee shall not at any time during the Employment Term engage in any other business, employment, or consulting or contractor work, unless Employee has first obtained prior written consent from the Company's Chief Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Place of Services</u>. [\*\*\*] Regardless of the Employee's place of service, Employee shall be available, including by telecommuting via video conferencing or other electronic means, during all reasonable times throughout the Employment Term, and shall be available for reasonable business travel requirements on a limited, and temporary basis, in performance of the Employee's duties. Notwithstanding anything in this Agreement to the contrary, Employee's duties shall include travel relating to the Company's business reasonably commensurate with Employee's position with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Compensation and Benefits .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Base Salary</u>. During the Employment Term, the Company shall pay Employee an annualized salary in accordance with its regular payroll practices for an executive employee. Employee's initial gross annual base salary shall be Five Hundred Thousand and 00/100 United States Dollars ($500,000), subject to all offsets, prorations, deductions, foreign and domestic tax withholdings, and claw-backs as set forth in this Agreement and/or required under applicable law. Employee's annual base salary,

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as adjusted from time to time as set forth herein, is referred to as the "<u>Base Salary</u>" in this Agreement. The Company's Chief Executive Officer and/or the Compensation and Human Resources Committee of its Board of Directors (the "<u>Compensation Committee</u>") shall annually review and may, in his or its sole discretion, adjust Employee's Base Salary from time to time. Effective as of the date of any adjustment to Employee's Base Salary, this Agreement shall be amended automatically without further action or writing by the Parties such that the Base Salary stated herein reflects the new Base Salary established by the Company for all purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Annual Incentive Bonus</u>. During the Employment Term, Employee shall be eligible to receive an annual discretionary cash performance-incentive bonus based on Employee's Base Salary, with a target amount of One Hundred percent (100%) of Employee's Base Salary, and a minimum target amount of Zero percent (0%) of Employee's Base Salary (the "<u>Incentive Bonus</u>"). The Incentive Bonus shall be subject to conditions specified by the Compensation Committee or its delegee and awarded based on the determination of the Compensation Committee or its delegee, in its or their sole discretion, of Employee's achievement during the applicable fiscal year of the performance objectives established for Employee as well as the Company's overall performance during the applicable fiscal year. For the avoidance of doubt, Employee shall not be entitled to any Incentive Bonus amount for any applicable fiscal year, except as awarded by the Compensation Committee or its delegee(s) in its or their sole discretion. For each fiscal year during the Employment Term, the Compensation Committee (or its delegee, as appropriate) shall communicate the terms of Employee's Incentive Bonus for such fiscal year, including, without limitation, Employee's performance objectives for the applicable fiscal year and the applicable target amount of such Incentive Bonus (which shall be no less than Zero percent (0%) of Employee's Base Salary). Following each completed fiscal year during the Employment Term, the Compensation Committee (or its delegee, as appropriate) shall evaluate Employee's achievement of the performance objectives established with respect to the Incentive Bonus for Employee and the Company's overall performance for the applicable fiscal year. Based on this evaluation, the Compensation Committee shall determine the final amount of the Incentive Bonus, if any, to be awarded to Employee. Incentive Bonus awards may, in the discretion of the Board or the Compensation Committee, and subject to conditions determined by the Board or the Compensation Committee, in either of their sole discretion, be granted as an Equity Award according to <u>Section 4.c</u> of this Agreement, or as a cash award. Nothing in this <u>Section 4.b</u>, nor anything in this Agreement, entitles or shall be interpreted to entitle Employee to any guaranteed minimum Incentive Bonus at any time during the Employment Term and Employee's receipt of an Incentive Bonus is expressly contingent upon Employee being actively employed by the Company through the date that such Incentive Bonus is actually paid to Employee. All determinations with respect to any Incentive Bonus shall be made by the Board or Compensation Committee, as applicable, in its sole and reasonable discretion, and shall be final, conclusive, and binding on all Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>Equity Compensation</u>. Subject to the terms and conditions of this Agreement, the Employee shall be eligible to receive, as additional compensation, awards of equity compensation (each an "<u>Equity Award</u>"), under the Company's 2019 Equity Incentive Plan, as amended, or any successor equity incentive plan adopted by the Company from time to time after the Effective Date (the "<u>Equity Plan</u>"), including under the Company's Long-Term Incentive Program adopted in 2023 under the Equity Plan (the "<u>LTIP</u>"). All Equity Awards shall be granted subject to the terms and conditions of the Equity Plan and an equity award agreement (each, an "<u>Award Agreement</u>") to be entered into between the Company and Employee as of the grant date of such Equity Award. The Company grants its employees Equity Awards as additional long-term incentive compensation to better align employees' interests with those of the Company's stockholders. Accordingly, any Equity Award granted to Employee by the Company shall be subject to forfeiture until vesting. As set forth in the Equity Plan and the applicable Award Agreement, vesting of these Equity Awards may occur as a result of Employee's continued service with the Company through designated vesting dates (a "<u>Service-Based Award</u>"), or as a result of the Employee's or the Company's achievement of certain performance objectives established by the Board from time to time, subject to Employee's continued employment with the Company through the date the

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Board determines the performance objective(s) has been achieved (a "<u>Performance-Based Award</u>"). Awards granted under the LTIP generally will consist of a Service-Based Award and a Performance-Based Award, both of which shall vest over a three-(3)-year period; however, the granting, term, composition, and amount of any Equity Awards granted under the LTIP and the Equity Plan are subject to the discretion of the Compensation Committee (who administers the Equity Plan and all Equity Awards granted thereunder), and nothing herein is, nor should it be interpreted or construed as being, an offer or a guarantee that Employee will be granted any Equity Award, including under the LTIP and the Equity Plan, at any time, or in any amount. For the avoidance of doubt, except as otherwise agreed by the Company in writing, Employee shall not be guaranteed any minimum Equity Award at any time during the Employment Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.<u>Benefits</u>. During the Employment Term, Employee shall be entitled to participate in the Company's employee benefit plans and programs, as then in effect, including without limitation group medical, dental, health and/or disability insurance plans, Code Section 401(k) plans, and Medicare/Social Security reimbursement plans, in accordance with and subject to the terms and conditions of those benefit plans and/or programs and any amendments thereto, including any and all provisions concerning eligibility for participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.<u>Paid Time Off</u>. During the Employment Term, Employee shall be eligible to receive paid time off ("<u>PTO</u>") for use as vacation leave, sick leave, and/or for other personal reasons, subject and pursuant to the Company's PTO policy with respect to executive employees, as may be amended from time to time by the Company, in its sole discretion. To the extent permitted by applicable law, PTO shall not accrue to Employee, is not "earned" by Employee, and Employee is not entitled to receive any compensation for any unused PTO as of the termination of Employee's employment or service with the Company, except as agreed in writing by the Company or as otherwise provided in the Company's PTO policy as in effect at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.<u>Expense Reimbursement</u>. During the Employment Term, and subject to <u>Section 7.p</u> of this Agreement, the Company will reimburse Employee for reasonable, necessary, and documented out-of-pocket business expenses incurred by Employee on behalf of the Company in connection with the performance of Employee's duties and in furtherance of the Company's business in accordance with the Company's travel and business expense policy, as may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.<u>Company Compensation Practices and Regulatory Compliance</u>. Any payment or benefit conferred under this <u>Section 4</u> or otherwise pursuant to this Agreement shall, subject to all applicable regulatory, tax, and legal requirements described under <u>Section 7.p</u> of this Agreement, be paid in accordance with the Company's customary compensation practices and, as applicable, prorated for the actual number of days Employee was actively employed with the Company during the applicable fiscal year.

**5.** **Restrictive Covenants.** The Employee hereby acknowledges and agrees that Employee has read and understood, and continues to be bound by the terms of the Confidentiality and Non-Competition Agreement by and between the Company and Employee (the "<u>CNCA</u>"), which is incorporated herein by this reference. The Employee further understands and agrees that the Company may, in its sole discretion, update and amend the Employee's CNCA from time to time, and the Employee will be required to sign any such amended agreement as a material term of this Agreement and a condition of continued employment or service with the Company. Notwithstanding anything contained in this Agreement to the contrary, nothing herein shall modify or limit the applicability of the confidentiality and/or restrictive covenants contained in the CNCA and/or any other agreement between the Parties, which shall be enforced according to their terms and read together to provide the greatest level of protection(s) to the Company and its confidential information (as that term is defined in the CNCA).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Termination of Employment .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>By the Company for Cause</u>. Employee's employment under this Agreement may be terminated by the Company at any time upon the occurrence of one or more of the following events (each of which shall be a termination event for "<u>Cause</u>"):

&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;&nbsp;i.Employee willfully, recklessly, or with gross negligence fails to comply with any material term or aspect of the policies, standards, and regulations that the Company, in its sole discretion, establishes and/or implements in writing before and during the Employment Term;

&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;&nbsp;ii.Employee commits any act of gross negligence, illegal conduct, embezzlement, theft, misappropriation, fraud, dishonesty, or other acts of misfeasance, malfeasance, and/or misconduct in the rendering of services to or on behalf of the Company;

&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;&nbsp;iii.Employee willfully, recklessly, or with gross negligence fails to comply with any reasonable request of the person(s) to whom Employee reports;

&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;&nbsp;iv.Employee fails to adequately, substantially, and/or continually perform to Company's reasonable satisfaction the usual and customary duties of Employee's employment, those duties reasonably requested of Employee and typically associated with Employee's position, and/or those duties or expectations assigned by Company;

&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;&nbsp;v.Employee breaches any material term or provision of this Agreement or any material term or provision of any other agreement between the Parties; or

&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;&nbsp;vi.Employee is convicted of, or pleads guilty or *nolo contendere* to, any crime constituting a felony or any crime constituting a misdemeanor involving deceit, dishonesty, or moral turpitude, or otherwise commits any act which impairs Employee's fitness to perform the Employee's duties under this Agreement and/or damages the reputation of the Company, as determined in the sole and reasonable discretion of the Board.

Notwithstanding the foregoing, the Company may not terminate Employee's employment or service under this Agreement for Cause under this <u>Section 6.a</u> without first providing Employee written notice of the event or condition(s) constituting Cause. Such notice must be given no later than Thirty (30) days after the date on which the event or condition(s) constituting Cause is first reasonably discovered by the Board. Upon the giving of such notice, and only if the event or condition is reasonably capable of being remedied by Employee, Employee shall have a period of Thirty (30) days during which Employee may remedy the event or condition(s) and, if so remedied, the Company may not terminate Employee's employment under this Agreement for Cause for the event or condition that was remedied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>By the Company without Cause</u>. Employee's employment under this Agreement may be terminated by the Company without Cause upon providing written notice of termination to Employee Thirty (30) days in advance of such termination. For purposes of this Agreement "<u>without Cause</u>" shall mean any termination by the Company that is not (i) a termination for Cause as described and in accordance with <u>Section 6.a</u> above, or (ii) a termination because of death or Disability, as described <u>Section 6.e</u> below. Notwithstanding anything in this Agreement to the contrary, the Company may, in its sole and absolute discretion, advance the Employee's termination date to an alternate termination date of the Company's own choosing provided, however, that Employee shall be paid Employee's Base Salary from the date that the Company provides written notice of termination through the end of the 30-day notice period provided for in this <u>Section 6.b</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>By Employee for Good Reason</u>. Employee's employment under this Agreement may be terminated by Employee at any time following written notice to the Company upon the occurrence of any of the following events or conditions (each of which shall be a termination event for "<u>Good Reason</u>"):

&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;&nbsp;i.A material diminution in Employee's Base Salary or employment benefits other than a general reduction in Base Salary and/or benefits that affects all similarly situated employees;

&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;&nbsp;ii.A material breach of this Agreement by the Company;

&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;&nbsp;iii.A material diminution in Employee's title, authorities, responsibilities, or duties without Employee's consent (other than a temporary change while Employee is physically or mentally in capacitated or as required by applicable law);

&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;&nbsp;iv.A relocation of Employee's primary work location that would require the reasonable person to move Employee's residence from its then current location if Employee does not consent to such relocation;

&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;&nbsp;v.The Company permanently ceases its business operations; and/or

&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;&nbsp;vi.A Change in Control (as defined in <u>Section 6.f</u> below) of the Company and the Employee experiences any of the events set forth in the foregoing <u>Sections 6.c.i</u> through <u>6.c.v</u> within either (A) the first 6 months following such Change in Control or (B) the Employment Term or any then-effective Renewed Term of this Agreement, whichever is later.

Notwithstanding the foregoing, Employee may not terminate Employee's employment under this Agreement for Good Reason without first providing the Company advanced written notice of the event(s) and/or condition(s) constituting Good Reason, which notice must be given no later than Thirty (30) days after the date on which the event(s) and/or condition(s) constituting Good Reason first occurs. Upon the Company's receipt of such notice, the Company shall then have Thirty (30) days during which it may remedy the event(s) and/or condition(s) (the "<u>Company Notice Period</u>") and, if so remedied, Employee may not terminate his employment under this Agreement for Good Reason. If Employee fails to comply with the immediately preceding two sentences of this <u>Section 6.c</u>, such termination shall not be considered a termination for Good Reason. If the Company fails to cure the event(s) and/or conditions during the Company Notice Period, then the termination shall occur Thirty (30) days after the expiration of the Company Notice Period unless the Company, in its sole discretion, chooses to advance Employee's termination date to an alternate termination date of the Company's own choosing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.<u>By Employee without Good Reason</u>. Employee may terminate Employee's employment under this Agreement without Good Reason by providing written notice of termination to the Company no less than One Hundred Eighty (180) days before the termination date. For purposes of this Agreement "<u>without Good Reason</u>" shall mean any termination by Employee that is not a termination due to death or Disability under <u>Section 6.e</u>, below, or for Good Reason as set forth and in accordance with <u>Section 6.c</u>, above. Notwithstanding anything in this Agreement to the contrary, the Company may, in its sole and absolute discretion, waive all or any part of the One Hundred Eighty (180)-day notice period for no consideration and advance the Employee's termination date to an alternate termination date of the Company's choosing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.<u>Termination due to Death or Disability</u>. Employee's employment with the Company shall terminate immediately in the event of death or Disability of Employee. The term "<u>Disability</u>" means Employee's inability to substantially perform his duties as Chief Legal Officer by reason of any medically determinable physical or mental impairment that, as determined by a physician chosen by the Company and reasonably acceptable to Employee, can be expected to: (i) result in death; (ii) last for a

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continuous period of at least Thirty (30) days; or (iii) endanger the Employee and/or others if Employee were to continue to perform Employee's duties with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.<u>Change in Control</u>. For purposes of this Agreement, a "<u>Change in Control</u>" shall be deemed to have occurred if:

&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;&nbsp;i.an acquisition of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended, (the "<u>Exchange Act</u>") or any future replacement thereof) by any individual, group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act, or any future replacement thereof), or entity (each, a "<u>Person</u>") of Fifty Percent (50%) or more of the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the "<u>Outstanding Company Voting Securities</u>"); excluding, however, the following: (A) any acquisition directly from the Company, other than an acquisition by virtue of the exercise of a conversion privilege unless the security being so converted was itself acquired directly from the Company; (B) any acquisition by the Company; (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any entity controlled by the Company; or (4) any acquisition pursuant to a transaction which complies with clauses (A), (B) and (C) of this <u>Section 6.f.i</u>; or

&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;&nbsp;ii.a change in the composition of the Board such that the individuals who constitute the Incumbent Board (such as defined herein) cease for any reason to constitute at least a majority of the Board. As used in this <u>Section 6.f</u>, the "<u>Incumbent Board</u>" means those individuals serving as members of the Board as of the Effective Date; provided, however, any subsequent individual serving on the Board who was (A) elected to serve as a member of the Board by the Company's stockholders or (B) appointed to fill a vacancy on the Board shall be considered as though such individual were a member of the Incumbent Board *only if* such individual was nominated for election or appointed to serve on the Board by at least a majority of the Incumbent Board; but, provided further, that any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act or any future replacement thereof) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board shall not be so considered as a member of the Incumbent Board; or

&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;&nbsp;iii.consummation of a reorganization, merger or consolidation of the Company, or sale or other disposition of all or substantially all of the assets of the Company (a "<u>Corporate Transaction</u>"); excluding, however, such a Corporate Transaction pursuant to which: (A) all or substantially all of the individuals and entities who are the beneficial owners, respectively, of the Outstanding Company Voting Securities immediately prior to such Corporate Transaction will beneficially own, directly or indirectly, more than Fifty Percent (50%) of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the corporation resulting from such Corporate Transaction (including, without limitation, a corporation which, as a result of such transaction, owns the Company or all or substantially all of the Company's assets either directly or through one or more Subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Corporate Transaction, of Outstanding Company Voting Securities; (B) no Person (other than the Company, any employee benefit plan (or related trust) of the Company or such corporation (described in clause (A) of this <u>Section 6.f.iii</u>) resulting from such Corporate Transaction) will beneficially own, directly or indirectly, Forty Percent (40%) or more of the combined voting power of the outstanding voting securities of such corporation entitled to vote generally in the election of directors except to the extent that such ownership existed prior to the Corporate Transaction; and (C) individuals who were members of the Incumbent Board will constitute at least a majority of

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the members of the board of directors of the corporation resulting from such Corporate Transaction; or

&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;&nbsp;iv.A complete liquidation or dissolution of the Company.

Notwithstanding any of the foregoing, however, in any circumstance or transaction in which compensation resulting from or in respect a Change in Control would result in the imposition of an additional tax under Section 409A of the Internal Revenue Code of 1986, as amended, (the "<u>Code</u>") were to apply, but would not result in the imposition of any additional tax if the term "Change in Control" were defined herein to mean a "change in control event" within the meaning of Section 1.409A-3(i)(5) of the Treasury Regulations promulgated under the Code, as amended, (the "<u>Treasury Regulations</u>") then "Change in Control" shall mean a "change in control event" within the meaning of Treasury Regulation Section 1.409A-3(i)(5), but only to the extent necessary to prevent such compensation from becoming subject to an additional tax under Section 409A of the Code ("<u>Section 409A</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.<u>Payment of Accrued Obligations; Continuation of Benefits</u>. Regardless of the reason for the termination of Employee's employment with, or other qualifying "Separation from Service" (within the meaning of Treasury Regulations Section 1.409A-1(h), or future replacement thereof) from, the Company, Employee shall be entitled to receive payment in satisfaction of the following obligations accrued to Employee as of the effective date of such termination or Separation from Service (the "<u>Termination Date</u>") which are outstanding as of the Termination Date (collectively, the "<u>Accrued Obligations</u>"): (A) all of the Employee's Base Salary earned and unpaid through the Termination Date; (B) all of Employee's PTO accrued and unused as of the Termination Date that is due upon termination of employment per the terms of the Company's PTO policy; and (C) reimbursement of Employee's properly reimbursable business expenses incurred and unreimbursed as of the Termination Date; *provided, that*, Employee must submit a final request for reimbursement of any such outstanding unreimbursed business expenses, together with such substantiation as may be requested or required pursuant to the Company's employee expense reimbursement policy, by no later than Thirty (30) business days following the Termination Date to receive reimbursement of such employee business expenses. Except with respect to reimbursement of Employee's outstanding reimbursable employee business expenses, all Accrued Obligations shall be due and payable to Employee (or Employee's estate or beneficiaries, as the case may be) on the first regular payday following the Termination Date (or sooner if required by law). In addition to satisfaction of the Accrued Obligations, Employee shall continue to receive coverage under the Company's then-effective group medical insurance policies and employee benefit programs through the end of the month of the Termination Date, except as required by applicable law and the terms of applicable Company group medical insurance policy and employee benefit program agreements. For the avoidance of doubt, except for as provided in <u>Section 6.h</u> below, Employee shall be entitled to receive only payment of the Accrued Obligations and continuation of the Company employee benefits set forth in this <u>Section 6.g</u> in connection with the cessation of Employee's employment with the Company, and, upon payment of such Accrued Obligations, Employee shall not be entitled to any further compensation or benefits from the Company (including its subsidiaries and affiliates), except as specifically provided herein, or as otherwise agreed by the Company in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.<u>Severance</u>. Company and Employee (or Employee's estate or beneficiaries, as the case may be) shall enter into a separation agreement and general release, substantially in form attached as <u>Exhibit "A"</u> hereto (the "<u>Severance Agreement</u>") by no later than Twenty (20) business days following the Termination Date or such earlier time as provided by the Severance Agreement (and any applicable revocation period in the Severance Agreement expires no later than Sixty (60) days following the Termination Date), pursuant to which Company shall pay to Employee (or Employee's estate or beneficiaries, as the case may be), in exchange for the execution, non-revocation, and compliance with the terms of the Severance Agreement by the Employee (or Employee's estate or beneficiaries, as the case may be), the applicable amounts specified in <u>Sections 6.h.i</u> through <u>6.h.v</u>, below (the "<u>Severance Payments</u>") in

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accordance with the Severance Agreement; *provided, however,* neither Party shall be obligated to enter into the Severance Agreement if Employee's employment with the Company is terminated: (i) by the Company for Cause; or (ii) by Employee without Good Reason **and** Employee fails to provide the advance written notice required by <u>Section 6.d</u> of this Agreement. The Severance Payments shall not become due and payable unless and until the Severance Agreement between the Company and Employee has become effective, binding, and irrevocable on the parties thereto; *provided, however,* that if the Company (or applicable successor-in-interest to the Company) fails to execute and deliver the Severance Agreement in accordance with this <u>Section 6.h</u> within Twenty (20) business days following the Termination Date, the Company shall be deemed in material default of its obligations under this Agreement, and the applicable Severance Payments that would have been due to Employee had the Severance Agreement been entered into in accordance with this <u>Section 6.h</u> shall immediately become due and payable to Employee, without further action by, or agreement of, the Employee. Accordingly, pursuant to the Severance Agreement, Employee shall be entitled to receive the following Severance Payments:

&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;&nbsp;i.*Termination by Company for Cause; Termination by Employee without Good Reason (without Notice); Non-Renewal of Employment Term by Employee (without Notice)*. If the Company terminates Employee's employment for Cause, or if Employee terminates Employee's employment hereunder without Good Reason or Employee does not renew the term of their employment with the Company **and** Employee fails to provide advance notice required by <u>Section 6.d</u> of this Agreement, then the Employee (or Employee's estate or beneficiaries, as the case may be) shall not receive any Severance Payments and shall only be entitled to receive payment of the Accrued Obligations; therefore, upon payment of such amounts, Employee shall not be entitled to receive any additional remuneration from the Company under this Agreement with respect to Employee's employment with the Company.

&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;&nbsp;ii.*Termination by Employee without Good Reason (with Notice).* If Employee terminates Employee's employment hereunder without Good Reason **and** provides the Company with advance written notice of such termination as required by <u>Section 6.d</u> of this Agreement Employee (or Employee's estate or beneficiaries, as the case may be) shall receive payment of the Accrued Obligations and the following Severance Payments, subject to Employee timely entering into the Severance Agreement: **(A)** the Incentive Bonus to which Employee would have been entitled under <u>Section 4.b</u> of this Agreement, had Employee remained employed with the Company through the end of the calendar year in which the Termination Date occurs, as if Employee had continued employment with the Company through the date on which such Incentive Bonus would have been paid, calculated assuming achievement of Twenty-Five Percent (25%) of the performance targets of such Incentive Bonus for the applicable fiscal year, prorated through the Termination Date; and **(B)** One (1) month of the Employee's then-effective Base Salary.

&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;&nbsp;iii.*Termination due to Non-Renewal of Employment Term by Company.* If Company elects under <u>Section 2</u> hereof not to renew the term of Employee's employment with Company hereunder, Employee (or Employee's estate or beneficiaries, as the case may be) shall receive payment of the Accrued Obligations and the following Severance Payments, subject to Employee timely entering into the Severance Agreement: **(A)** the Incentive Bonus to which Employee would have been entitled under <u>Section 4.b</u> of this Agreement, had Employee remained employed with the Company through the end of the calendar year in which the Termination Date occurs, as if Employee had continued employment with the Company through the date on which such Incentive Bonus would have been paid, calculated assuming achievement of Twenty-Five Percent (25%) of the performance targets of such Incentive Bonus for the applicable fiscal year, prorated through the Termination Date; and **(B)** Three (3) months of the Employee's then-effective Base Salary.

&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;&nbsp;iv.*Termination by Company without Cause; Termination by Employee for Good Reason (other than incident to a Change in Control).* If Employee's employment with the Company

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is terminated by the Company without Cause or by the Employee for Good Reason in accordance with <u>Section 6.c</u> hereof (other than incident to a Change in Control), then Employee (or Employee's estate or beneficiaries, as the case may be) shall receive payment of the Accrued Obligations and the following Severance Payments, subject to Employee timely entering into the Severance Agreement: **(A)** the Incentive Bonus to which Employee would have been entitled under <u>Section 4.b</u> of this Agreement had Employee remained employed with the Company through the end of the calendar year in which the Termination Date occurs, as if Employee had continued employment with the Company through the date on which such Incentive Bonus would have been paid, calculated assuming achievement of One Hundred Percent (100%) of the performance targets of such Incentive Bonus for the applicable fiscal year, prorated through the Termination Date; **(B)** payment of an amount equal to the lesser of: *(1)* One Hundred Percent (100%) of the sum of Employee's then-effective Base Salary that would have be paid to Employee through the end of the Employment Term (or then-applicable Renewed Term) had Employee's employment with the Company not ceased; and *(2)* Twelve (12) months of the Employee's then-effective Base Salary; **(C)** acceleration of the vesting of that portion of all outstanding Service-Based Awards granted to Employee under the Equity Plan that would have vested within Twelve (12) months following the Termination Date but for the cessation of Employee's employment with the Company, such that such Equity Awards shall be deemed vested immediately as of the Termination Date; and **(D)** continuation of the vesting of all outstanding Performance-Based Awards granted to Employee under the Equity Plan as if Employee's employment with the Company had not ceased prior to the end of the applicable performance period with such vesting calculated based on actual performance; *provided*, *however*, if the applicable performance period is extended or the vesting or performance conditions are materially changed to Employee's detriment or the Company fails to certify the performance achievement with respect to any such outstanding Performance-Based Awards within Sixty (60) days following the end of the applicable performance period, then such Performance-Based Awards will vest immediately upon the occurrence of any such event assuming achievement of the maximum level of performance.

&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;&nbsp;v.*Termination by Company without Cause or by Employee with Good Reason Incident to Change in Control.* If Employee terminates Employee's employment with the Company for Good Reason consistent with the rules and procedures set forth in <u>Section 6.c.vi</u> of this Agreement, or if Employee's employment with the Company is terminated by the Company for any reason other than for "Cause" (as defined in <u>Section 6.a</u> hereof) within Six (6) months of a Change in Control of the Company, Employee (or Employee's estate or beneficiaries, as the case may be) shall receive payment of the Accrued Obligations and the following Severance Payments, subject to Employee timely entering into the Severance Agreement: **(A)** One Hundred Percent (100%) of the target amount of the Incentive Bonus to which Employee would have been entitled under <u>Section 4.b</u> of this Agreement had Employee remained employed with the Company through the date on which such Incentive Bonus would have been paid, without proration; **(B)** an amount equal to the *greater* of: *(1)* the sum of the Employee's Base Salary that would have been paid to Employee through the end of the Employment Term (or then-applicable Renewed Term) had Employee's employment with the Company not ceased; and *(2)* Twelve (12) months of the Employee's Base Salary as in effect as of the Termination Date; **(C)** acceleration of the vesting of all outstanding Service-Based Awards granted to Employee under the Equity Plan which remain unvested as of the Termination Date, such that vesting of such Service-Based Awards shall be deemed to have occurred as of the Termination Date; and **(D)** acceleration of the vesting of all outstanding Performance-Based Awards granted to Employee under the Equity Plan which remain unvested as of the Termination Date, as if Employee's employment with the Company had not ceased prior to the end of the performance period for such award(s) calculated assuming achievement of the maximum level of performance, such that vesting of such Performance-Based Awards shall be deemed to have occurred as of the Termination Date.

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&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi.*Termination due to death or Disability*. If Employee's employment hereunder is terminated because of Employee's death or Disability, then Employee (or Employee's estate or beneficiaries, as the case may be) shall receive payment of the Accrued Obligations and the following Severance Payments, subject to Employee (or Employee's estate or beneficiaries, as the case may be) timely entering into the Severance Agreement: **(A)** the Incentive Bonus to which Employee would have been entitled under <u>Section 4.b</u> of this Agreement had Employee remained employed with the Company through the date on which such Incentive Bonus would have been paid, calculated assuming performance achievement of Fifty Percent (50%) of the target amount for the applicable fiscal year, prorated through the Termination Date; **(B)** payment of an amount equal to Six (6) months of Employee's then-effective Base Salary; **(C)** acceleration of the vesting of Fifty Percent (50%) of all outstanding Service-Based Awards granted to Employee under the Equity Plan that would have vested within the Twelve (12) months following the Termination Date but for the cessation of Employee's employment with the Company, such that such Equity Awards shall be deemed vested immediately as of the Termination Date; and **(D)** continuation of the vesting of all outstanding Performance-Based Awards granted to Employee under the Equity Plan as if Employee's employment with the Company had not ceased prior to the end of the applicable performance period with such vesting calculated based on actual performance; *provided*, *however*, if the applicable performance period is extended or the vesting or performance conditions are materially changed to Employee's detriment or the Company fails to certify the performance achievement with respect to any such outstanding Performance-Based Awards within Sixty (60) days following the end of the applicable performance period, then such Performance-Based Awards will vest immediately upon the occurrence of any such event assuming achievement of the maximum level of performance.

&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;&nbsp;vii.*Form and Time of Payment for Severance Benefits*. The amount of the Severance Benefit payable under Section 6(h) above will be paid in a lump sum, less applicable tax withholdings as follows: **(A)** 50% of cash severance benefits shall be paid to an Employee within 20 business days following the Employee's entry into the Severance Agreement, with the remainder payable 6 months and 1 day following the Termination Date; **(B)** any Service- Based Awards entitled to pro rata vesting that would have otherwise become vested and been settled solely based on the performance of service will be settled no later than Five (5) business days following the date of the Employee's entry into the Severance Agreement; and **(C)** any Performance-Based Awards entitled to accelerated vesting that would otherwise have become vested and been settled, in whole or in part, based on performance for which the applicable performance period has not ended on or prior to the Employee's Termination Date will be settled no later than Five (5) business days following the date of the Employee's entry into the Severance Agreement. All payments and benefits under this Agreement shall be subject to, and made net of, applicable deductions and withholdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.<u>Treatment of Equity</u>. Other than pursuant to the Severance Agreement as set forth in the foregoing <u>Sections 6.h.i</u> through 6.h.vi., and except with respect to applicable regulatory, tax, and legal requirements described under <u>Section 7.p</u> of this Agreement, any Equity Awards granted to Employee shall remain governed by the Equity Plan and the applicable Equity Award Agreement between Employee and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j.<u>Regulatory Adjustments</u>. All amounts which may become payable to Employee under this Section 6 in connection with the cessation of Employee's employment with the Company, including any Severance Payments, shall be subject to all applicable regulatory, tax, and legal requirements described under <u>Section 7.p</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k.<u>Effect of Termination; Resignation and Removal from all Company Positions</u>. Notwithstanding anything in this Agreement to the contrary, upon termination of Employee's employment

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hereunder for any reason, Employee agrees: (i) to immediately deliver to the Company all Property (as that term is defined in the CNCA) and records (including all copies thereof) of the Company; (ii) that the Company shall have the right, without limitation, to withhold and retain any amounts that might otherwise be owed to the Employee to offset any amounts or debts owed by Employee to the Company; and (iii) that the Company shall, subject to applicable laws, further have the right to withhold the payment of any amounts that might otherwise be owed to Employee until such time as the Company determines, to its reasonable satisfaction, that any and all proprietary and confidential information, regardless of the medium on which it is embodied (*e.g.*, laptop computer), has been returned to the Company and that Employee has not retained copies thereof. Furthermore, except as specifically agreed by the Company in writing, upon the cessation of Employee's employment with the Company, Employee shall be deemed to have resigned and/or been removed from all positions that the Executive holds (or previously held) with the Company or any of the Company's affiliated and/or related entities, effective immediately as of the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Miscellaneous .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Section Headers; Gender and Number</u>. The section headings in this Agreement are for the Parties' convenience only and are not intended to govern, limit, or affect the meanings of the sections. Singular and plural nouns and pronouns shall mean the singular or plural and the masculine, feminine, or neuter genders as permitted by the context in which the words are used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Representations by Employee</u>. The Employee represents and warrants to the Company that:

&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;&nbsp;i.The Employee's acceptance of employment under this Agreement with the Company and the performance of the Employee's duties hereunder will not conflict with or result in a violation of, a breach of, or a default under any contract, agreement, or understanding to which the Employee is a party or is otherwise bound;

&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;&nbsp;ii.The Employee's acceptance of employment under this Agreement with the Company and the performance of the Employee's duties hereunder will not violate any non-solicitation, non-competition, non-disclosure, or other similar covenant or agreement between the Employee and a prior employer of the Employee;

&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;&nbsp;iii.The Employee's representations to the Company regarding the Employee's prior employment have been truthful and accurate; and

&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;&nbsp;iv.Employee shall immediately notify the Company of any issues that arise that could conflict with the representations, warranties, and obligations set forth herein, including without limitation, any demands, claims, notices, or requests made by third parties that could adversely impact Employee's ability to perform services as the Chief Legal Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>Cooperation</u>. The Parties agree that certain matters in which Employee will be involved during the Employment Term may necessitate Employee's cooperation in the future. Accordingly, following the termination of Employee's employment for any reason, to the extent requested by the Company, Employee shall provide to the Company reasonable levels of assistance in answering questions about the Company's business, transition of responsibility, legal matters, and/or litigation. The Company shall make reasonable efforts to minimize the disruption of Employee's other activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.<u>Entire Agreement; Modification</u>. Unless specifically provided herein, this Agreement, along with all exhibits and/or attachments hereto (including without limitation the Equity Award Agreements entered into between the Parties and the CNCA) constitutes the entire understanding between Employee and the Company with respect to the subject matter hereof and supersedes all prior understandings, agreements, representations, and warranties, both written and oral, with respect to the

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subject matter hereof. The Parties are not relying upon any representations or promises not set forth in this Agreement. Except as provided here, this Agreement may not be amended or modified except in a writing signed by both Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.<u>Waiver</u>. Failure to insist upon strict compliance with any of the terms, covenants, or conditions set forth in this Agreement (including the CNCA) shall not be deemed a waiver of such term, covenant, or condition, nor shall any waiver or relinquishment of any right or power hereunder at any one or more times be deemed a waiver or relinquishment of such right or power at any other times. No waiver by the Company of a breach by Employee of any provision of this Agreement (including the CNCA) shall be binding upon the Company unless the same is in writing, signed by a duly authorized representative of the Company, and any such waiver shall not operate or be construed as a waiver of any subsequent breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.<u>Severability</u>. If it is determined by a court of competent jurisdiction that any of the provisions of this Agreement is invalid or unenforceable, such determination shall not affect the validity of the remaining provisions in this Agreement, each of which shall survive and be given full force and effect. A court of competent jurisdiction may modify and bring about a modification of any invalid or unenforceable provision to make it enforceable under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.<u>Assignment</u>. The Company may assign this Agreement (including the CNCA) and, if assigned, the assignee has the right to seek enforcement of the Agreement (including the CNCA). Since this Agreement and the Employee's rights and obligations hereunder are personal to Employee, Employee cannot assign this Agreement (including the CNCA) to any other person or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.<u>Indemnification of Company</u>. Employee agrees to indemnify, defend, and hold the Company, its Affiliates, and their officers, directors and employees harmless from and against any claims (including without limitation losses, damages, attorneys' fees and costs) by third parties alleging that Employee's employment with the Company hereunder constitutes unlawful activity, breaches an obligation of Employee, or otherwise subjects the Company and its Affiliates to potential liability as a result of Employee's employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.<u>Indemnification of Employee</u>. The Company agrees to indemnify, defend, and hold the Employee harmless from and against claims as provided for under the Company's Articles of Incorporation and the Company's Bylaws in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j.<u>Notices</u>. All notices and other communications required to be given under this Agreement (including the CNCA) shall be in writing and shall be delivered to the Party in person, via e-mail or as an attachment to an e-mail transmission to the Party's e-mail address, or by overnight carrier service by a recognized business courier (such as FedEx or UPS). A notice and/or other communication to be given hereunder shall be considered effective: (a) on the date of delivery if personally delivered against a written receipt; (b) on the date of delivery if sent by e-mail transmission or as an attachment to an e-mail transmission, with a delivery receipt; or (c) on the first business day following the date of dispatch if delivered to a recognized business courier service (such as DHL Courier, FedEx, or UPS) for overnight delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k.<u>Survival</u>. Notwithstanding anything in this Agreement to the contrary, and for the avoidance of any doubt, the termination of Employee's employment under this Agreement for any reason shall not affect the CNCA or any of the covenants, warranties, and agreements in <u>Sections 4.g</u>, <u>5</u>, <u>6</u>, and <u>7</u> (including all applicable subparts) of this Agreement, each of which shall survive such termination of the Employment Term, the Parties' employment relationship, and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l.<u>Governing Law; Jurisdiction and Venue; Attorney's Fees and Costs</u>. The validity, construction, and performance of this Agreement (including the CNCA) shall be governed by the laws of

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the State of Colorado without giving effect to conflict of law principles. Except as otherwise may be required by the Company to obtain equitable injunctive relief under this Agreement, the CNCA, and/or any other agreement between the Parties, jurisdiction for all actions or proceedings arising under this Agreement (including the CNCA) shall be exclusive to a state or federal court of competent jurisdiction located in or with jurisdiction for the City of Castle Rock in the County of Douglas, Colorado, USA. The Parties hereby irrevocably subject and consent to the jurisdiction of such courts and waive the defense of inconvenient forum related to any action or proceeding in such venue. Should an action be commenced for a breach of and/or to enforce the terms of this Agreement (including the CNCA), the prevailing party in such an action shall be entitled to recover from the non-prevailing party, in addition to all other legal and/or equitable remedies, all costs of litigation, including reasonable attorneys' fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m.<u>Pre-Suit Mediation</u>. Except with respect to any injunctive relief sought by the Company under this Agreement, the CNCA, and/or any other agreement between the Parties, each of the Parties knowingly, voluntarily, and intentionally agrees to and shall participate in a mediation conference before filing any complaint, charge, or accusatory pleading or document, or otherwise commencing any legal or administrative action or proceeding against the other Party with a federal, state, or local agency and/or in a court of competent jurisdiction. The Parties agree that the mediation conference shall be convened in City of Austin in the County of Travis, Texas, USA, and to cooperate in the selection of a mutually agreeable mediator. The Parties shall split equally the cost of the mediator. The Parties also agree to bear their own respective attorney's fees and costs for mediation under this <u>Section 7.m</u>. For the avoidance of any doubt, except as provided herein, the mediation requirement of this <u>Section 7.m</u> is a condition precedent to any action, proceeding, and/or litigation between the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n.**WAIVER OF JURY TRIAL**. **TO THE EXTENT PERMITTED BY LAW, THE PARTIES KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY AGREE TO, AND DO HEREBY, WAIVE THE RIGHT TO TRIAL BY JURY IN ANY LITIGATION, CAUSE OF ACTION, CLAIM, PROCEEDING, OR COUNTERCLAIM BROUGHT BY EITHER OF THE PARTIES AGAINST THE OTHER: (I) BASED ON ANY MATTER WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED WITH EMPLOYEE'S EMPLOYMENT WITH THE COMPANY; (II) BASED ON THIS AGREEMENT (INCLUDING THE CNCA) OR ARISING OUT OF, UNDER, OR RELATING TO THIS AGREEMENT (INCLUDING THE CNCA); AND/OR (III) BASED ON ANY ALLEGED ACTION, INACTION, OR OMISSION OF EITHER PARTY TO THIS AGREEMENT.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o.<u>Construction</u>. The essential terms and conditions contained in this Agreement have been mutually negotiated between the Parties. The Parties agree that the language of all parts of this Agreement shall in all cases be construed as a whole, according to its fair meaning, and not strictly for or against any of the Parties. No ambiguity or uncertainty in this Agreement shall be construed or interpreted in favor of or against any Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p.<u>Compliance with Applicable Regulatory, Tax, and Legal Requirements</u>. Any payments or benefits which may be conferred under this Agreement shall be subject to and administered in compliance with all regulatory, tax, and legal requirements applicable to Employee or the Company, including, without limitation, the following:

&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;&nbsp;i.*Tax Withholding*. The Company may, but shall not be required by the Employee to, withhold from any compensation or benefits payable to Employee all applicable taxes and make any other deductions and withholdings as the Company, in its sole and absolute discretion, determines are required or permitted by law.

&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;&nbsp;ii.*Code Section 409A*. To the extent applicable to Employee, this Agreement and all payments, distributions or other benefits hereunder shall comply and be administered in accordance

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with the requirements of, or an exemption or exclusion to, Section 409A and the Treasury Regulations promulgated thereunder, as well as any applicable equivalent State law. To the extent any provision or term of this Agreement is ambiguous as to its compliance in this respect, such provision or term and all payments hereunder shall be interpreted to comply with the requirements of, or an exemption or exclusion to, Section 409A, as well as any applicable equivalent State law. For the avoidance of doubt, notwithstanding any provision of this Agreement to the contrary, if Employee is a "specified employee" (as defined in Treasury Regulations Section 1.409A-1(i)), then, to the extent required under Treasure Regulation Section 1.409A-3(i)(2), any payments that constitute a "nonqualified deferral of compensation" that become due upon the Participant's "Separation from Service" (other than due to the Employee's death) and that would have been made under the terms of the Plan within the six-month period commencing on the Employee's Separation from Service shall be delayed and instead be made as soon as practicable after the earlier of the end of such six-month period or Employee's death. For purposes of this <u>Section 7.p</u>, the terms "specified employee", and "nonqualified deferral of compensation" have the meanings given to them under Section 409A. Any provision that would cause this Agreement or a payment, distribution, or other benefit hereunder to fail to comply with the requirements of, or an exemption or exclusion to, Section 409A, as well as any applicable equivalent State law, shall have no force or effect and the Parties agree that, to the extent an amendment would be effective, this Agreement shall be amended to comply with the requirements of, or an exemption or exclusion to, Section 409A, as well as any applicable equivalent State law. Such amendment shall be retroactive to the extent permitted by law. For purposes of this Agreement, Employee shall not be deemed to have terminated employment unless and until a Separation from Service within the meaning of Treasury Regulations Section 1.409A-1(h) has occurred. Each payment under <u>Section 6.g</u> and <u>6.h</u> of this Agreement shall be treated as a separate payment for purposes of Section 409A. Any expense reimbursements required to be made under this Agreement shall be made not later than December 31st of the year following the year in which Employee incurs the expense; *provided that* in no event shall the amount of expenses eligible for payment or reimbursement by the Company in one calendar year affect the amount of expenses to be paid or reimbursed in any other calendar year. The Executive's right to expense reimbursement shall not be subject to liquidation or exchange for another benefit.

&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;&nbsp;iii.*Code Section 280G*. To the extent applicable to Employee, if any of the payments or benefits received or to be received by Employee constitute "Parachute Payments" within the meaning of Code Section 280G (each, a "<u>Section 280G Payment</u>") and would, but for this <u>Section 7.p.iii</u>, be subject to the excise tax imposed under Code Section 4999 (the "<u>Golden Parachute Tax</u>"), then, prior to making such Section 280G Payment, a calculation shall be made comparing (A) the Net Benefit (as defined below) to Employee of the Section 280G Payment to (B) the Net Benefit to Employee if the Section 280G Payment is limited to the extent necessary to avoid being subject to the Golden Parachute Tax. Only if the amount calculated under (A) above is less than the amount under (B) above will the Section 280G Payment be reduced, and then, only to the minimum extent necessary to ensure that no portion of the Section 280G Payment is subject to the Golden Parachute Tax. For purposes of this <u>Section 7.p.iii</u>, only, "<u>Net Benefit</u>" shall mean the present value of the payment, net of all federal, state, local, foreign income, employment, and excise taxes, including the Golden Parachute Tax. Any reduction made pursuant to this <u>Section 7.p.iii</u> shall be made in accordance with the requirements of Code Section 409A as follows: (X) first, reduction of cash payments and benefits, in reverse order of the date of payment; (Y) second, cancellation of vesting acceleration of equity awards, in reverse order of the date of grant; and (Z) third, reduction of other non-cash payments and benefits, in reverse order of the date the payment or benefit is to be provided. If the same payment or award date applies to more than one payment or benefit within any of the foregoing categories, the reduction will apply to each such payment or benefit on a pro-rata basis. All calculations and determinations under this <u>Section 7.p.iii</u> shall be made by an independent accounting firm or independent tax counsel appointed by the Company (the "<u>Tax</u>

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<u>Counsel</u>"), whose determinations shall be conclusive and binding on the Company and Employee for all purposes. The Company and Employee shall furnish the Tax Counsel with such information and documents as requested by the Tax Counsel to make its determinations under this <u>Section 7.p.iii</u>, and the Company shall bear all costs incurred by the Tax Counsel under this <u>Section 7.p.iii</u>.

&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;&nbsp;iv.*Regulatory Claw-back*. Notwithstanding any other provisions in this Agreement to the contrary, any compensation (whether cash-, equity-, or incentive-based, or otherwise) paid to Employee under this Agreement or any other agreement or arrangement between the Company and Employee which is subject to recovery under any law, government regulation, or stock exchange listing requirement shall be subject to such deductions and claw-back as may be required to be made pursuant to such law, government regulation, or stock exchange listing requirement (or any policy adopted by the Company pursuant to any such law, government regulation or stock exchange listing requirement), without regard for any termination, severance, or other agreement with respect to Employee's separation from service with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q.<u>Full Understanding; Acknowledgment</u>. Employee acknowledges and agrees that Employee has thoroughly read the terms of this Agreement before signing. Employee further acknowledges and agrees that, by signing this Agreement, Employee knowingly and voluntarily consents to the terms contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r.<u>Counterparts</u>. This Agreement (including the CNCA) may be executed in one or more counterparts, each of which when executed shall be deemed to be an original, and such counterparts together shall constitute one and the same Agreement. Signing of this Agreement (including the CNCA) and transmission of the signed Agreement (including the CNCA) by electronic document transfer will be acceptable and binding upon the parties as of the Effective Date.

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*[Signature Page to Riot Platforms, Inc. Amended and Restated Executive Employment Agreement]*

**IN WITNESS WHEREOF**, the undersigned, intending to be legally bound, have executed this Executive Employment Agreement, effective as of the Effective Date set forth herein.

---

| | | |
|:---|:---|:---|
| **EMPLOYEE** | **RIOT PLATFORMS, INC.** | **RIOT PLATFORMS, INC.** |
| /s/ William Jackman | By: | /s/ Jason Les |
| William Jackman | Name: | Jason Les |
|  | Title: | Chief Executive Officer |
| Date: January 1, 2026 | Date: January 1, 2026 | Date: January 1, 2026 |

---

*Attachments/Exhibits: Exhibit "A" CNCA*

*Exhibit "B" Form of Severance Agreement*

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**Exhibit "A"**

CNCA

[\*\*\*]

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**Exhibit "B"**

Form of Severance Agreement

[\*\*\*]

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## Exhibit 10.8

Exhibit 10.8

CERTAIN INFORMATION CONTAINED IN THIS DOCUMENT, MARKED

BY [\*\*\*], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT

MATERIAL AND (II) IS THE TYPE

THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL

**AMENDED AND RESTATED**

**EXECUTIVE EMPLOYMENT AGREEMENT**

This Executive Employment Agreement (this "<u>Agreement</u>") is made and entered into, effective as of January 1, 2026 (the "<u>Effective Date</u>"), by and between Jason Les ("<u>Employee</u>"), [\*\*\*], and Riot Platforms, Inc., a Nevada corporation ("<u>Riot</u>" and, together with its consolidated subsidiaries, the "<u>Company</u>"). Employee and the Company are sometimes referred to herein collectively as the "<u>Parties</u>" and each, individually, as a "<u>Party</u>" to this Agreement.

**WHEREAS**, the Company wishes to employ Employee as its Chief Executive Officer, and Employee wishes to accept such employment with the Company, in each case subject and pursuant to the terms of this Agreement.

**NOW, THEREFORE**, in consideration of the mutual covenants, promises, and obligations contained herein, and for other good and valuable consideration, the receipt and sufficiency of such consideration is hereby acknowledged, the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Position, Duties and Scope of Employment .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Position; Job Duties</u>. Employee hereby accepts and agrees to serve full-time as the Company's Chief Executive Officer subject and pursuant to the terms of this Agreement. In such position, Employee shall have such powers, authorities, and responsibilities as may reasonably be assigned to Employee from time to time, as well as such other powers, responsibilities, and authorities customary for employees of similar rank and title of corporations of the size, type, and nature of the Company; *provided, however,* Employee shall have no authority to bind the Company or any of its subsidiaries by a promise or representation or to enter into any contract, either written or oral, affecting the Company or any of its subsidiaries, except specifically granted by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Performance under this Agreement</u>. During the Employment Term (as defined herein), Employee shall perform and fulfill Employee's duties and responsibilities under this Agreement to the best of Employee's abilities and in a trustworthy, professional, competent, and efficient manner. Employee shall at all times comply with and be subject to all applicable policies, procedures, codes of conduct, requirements, and organizational regulations established by and/or amended by or on behalf of the Company from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>Preparation, Ownership, and Storage of Data and Documents</u>. Employee shall prepare, in connection with services performed under this Agreement, all reports, documents and correspondence necessary and/or appropriate under the circumstances, all of which shall belong to the Company. Employee shall store electronically all reports, documents, correspondence, and data on and in Company-designated storage and will not archive or otherwise retain any tangible or intangible copies, summaries, or descriptions of said reports, documents, correspondence, or data or otherwise store any such materials outside of such Company-designated storage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.<u>Fiduciary Duty; Conflict of Interests</u>. By accepting employment with the Company, Employee acknowledges and agrees that Employee owes a fiduciary duty of loyalty, fidelity, and allegiance to act at all times in the best interests of the Company and to not intentionally engage in any act which would directly or indirectly injure the Company's business, interests, or reputation. In keeping with the Employee's fiduciary duties and obligations to the Company, Employee shall not become involved in a conflict of interest with the Company, or upon discovery thereof, allow such a conflict to continue. Moreover, Employee shall not engage in any activity that might involve a possible conflict of interest without first obtaining written approval from the Board of Directors of the Company. Employee may,

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however, with prior written consent from the Board of Directors (which consent shall not unreasonably be withheld), serve on one corporate board as a board member and serve on one civic or non-profit board as a board member at any given time during Employee's employment with the Company; *provided, however*, that Employee engages in such outside activities only during Employee's personal time.

**2.** **Term of Employment.** Employee's employment under this Agreement shall commence on the Effective Date and continue for a period through January 10, 2031, unless such employment is terminated earlier pursuant to <u>Section 6</u> of this Agreement (the "<u>Employment Term</u>"). The term of this Agreement shall be automatically renewed for a period of twelve-(12)-months following the expiration of the Employment Term, and for successive twelve-(12)-month periods thereafter (each, a "<u>Renewed Term</u>"), until this Agreement is terminated in accordance with <u>Section 6</u> or a Party delivers a notice of non-renewal in accordance with this <u>Section 2</u>. The period during which the Employee is employed by the Company under this Agreement, including the Employment Term and any Renewed Term, is referred to as the "<u>Employment Term</u>" in this Agreement. If either Riot or Employee does not wish to renew the term of this Agreement following the expiration of the Employment Term or Renewed Term, as applicable, the non-renewing Party may elect not to renew the term of this Agreement by delivering a notice to the other Party, in accordance with <u>Section 7.j</u> of this Agreement, of such non-renewing Party's intent not to renew the Agreement by no later than Sixty (60) days prior to the end of the Employment Term or the applicable Renewed Term. If such notice of non-renewal is delivered in accordance with this <u>Section 2</u>, this Agreement and Employee's employment with the Company hereunder shall terminate as of the expiration of the Employment Term or Renewed Term, as applicable. For the avoidance of doubt, the Parties hereby acknowledge and agree that, notwithstanding the Employment Term, Employee's employment is "at-will" and voluntary, and, therefore, that each Party is free to terminate this Agreement (and the employer-employee relationship that exists between them) at any time, subject and pursuant to <u>Section 6</u> hereof and applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Exclusive Employment; Place of Services .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Exclusive Employment</u>. During Employee's employment with the Company, Employee shall devote all of Employee's working time, attention, knowledge, and skill(s) to the performance and fulfillment of Employee's duties, responsibilities, and services for the Company, and Employee shall not at any time during the Employment Term engage in any other business, employment, or consulting or contractor work, unless Employee has first obtained prior written consent from the Company's Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Place of Services</u>. [\*\*\*] Regardless of the Employee's place of service, Employee shall be available, including by telecommuting via video conferencing or other electronic means, during all reasonable times throughout the Employment Term, and shall be available for reasonable business travel requirements on a limited, and temporary basis, in performance of the Employee's duties. Notwithstanding anything in this Agreement to the contrary, Employee's duties shall include travel relating to the Company's business reasonably commensurate with Employee's position with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Compensation and Benefits .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Base Salary</u>. During the Employment Term, the Company shall pay Employee an annualized salary in accordance with its regular payroll practices for an executive employee. Employee's initial gross annual base salary shall be Nine Hundred Thousand and 00/100 United States Dollars ($900,000), subject to all offsets, prorations, deductions, foreign and domestic tax withholdings, and claw-backs as set forth in this Agreement and/or required under applicable law. Employee's annual base salary, as adjusted from time to time as set forth herein, is referred to as the "<u>Base Salary</u>" in this Agreement. The Company's the Compensation and Human Resources Committee of its Board of Directors (the "<u>Compensation Committee</u>") shall annually review and may, in its sole discretion, adjust Employee's Base Salary from time to time. Effective as of the date of any adjustment to

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Employee's Base Salary, this Agreement shall be amended automatically without further action or writing by the Parties such that the Base Salary stated herein reflects the new Base Salary established by the Company for all purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Annual Incentive Bonus</u>. During the Employment Term, Employee shall be eligible to receive an annual discretionary cash performance-incentive bonus based on Employee's Base Salary, with a target amount of One Hundred and Twenty-Five percent (125%) of Employee's Base Salary and a minimum target amount of Zero percent (0%) of Employee's Base Salary (the "<u>Incentive Bonus</u>"). The Incentive Bonus shall be subject to conditions specified by the Compensation Committee or its delegee and awarded based on the determination of the Compensation Committee or its delegee, in its or their sole discretion, of Employee's achievement during the applicable fiscal year of the performance objectives established for Employee as well as the Company's overall performance during the applicable fiscal year. For the avoidance of doubt, Employee shall not be entitled to any Incentive Bonus amount for any applicable fiscal year, except as awarded by the Compensation Committee or its delegee(s) in its or their sole discretion. For each fiscal year during the Employment Term, the Compensation Committee (or its delegee, as appropriate) shall communicate the terms of Employee's Incentive Bonus for such fiscal year, including, without limitation, Employee's performance objectives for the applicable fiscal year and the applicable target amount of such Incentive Bonus (which shall be no less than Zero percent (0%) of Employee's Base Salary). Following each completed fiscal year during the Employment Term, the Compensation Committee (or its delegee, as appropriate) shall evaluate Employee's achievement of the performance objectives established with respect to the Incentive Bonus for Employee and the Company's overall performance for the applicable fiscal year. Based on this evaluation, the Compensation Committee shall determine the final amount of the Incentive Bonus, if any, to be awarded to Employee. Incentive Bonus awards may, in the discretion of the Board or the Compensation Committee, and subject to conditions determined by the Board or the Compensation Committee, in either of their sole discretion, be granted as an Equity Award according to <u>Section 4.c</u> of this Agreement, or as a cash award. Nothing in this <u>Section 4.b</u>, nor anything in this Agreement, entitles or shall be interpreted to entitle Employee to any guaranteed minimum Incentive Bonus at any time during the Employment Term and Employee's receipt of an Incentive Bonus is expressly contingent upon Employee being actively employed by the Company through the date that such Incentive Bonus is actually paid to Employee. All determinations with respect to any Incentive Bonus shall be made by the Board or Compensation Committee, as applicable, in its sole and reasonable discretion, and shall be final, conclusive, and binding on all Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>Equity Compensation</u>. Subject to the terms and conditions of this Agreement, the Employee shall be eligible to receive, as additional compensation, awards of equity compensation (each an "<u>Equity Award</u>"), under the Company's 2019 Equity Incentive Plan, as amended, or any successor equity incentive plan adopted by the Company from time to time after the Effective Date (the "<u>Equity Plan</u>"), including under the Company's Long-Term Incentive Program adopted in 2023 under the Equity Plan (the "<u>LTIP</u>"). All Equity Awards shall be granted subject to the terms and conditions of the Equity Plan and an equity award agreement (each, an "<u>Award Agreement</u>") to be entered into between the Company and Employee as of the grant date of such Equity Award. The Company grants its employees Equity Awards as additional long-term incentive compensation to better align employees' interests with those of the Company's stockholders. Accordingly, any Equity Award granted to Employee by the Company shall be subject to forfeiture until vesting. As set forth in the Equity Plan and the applicable Award Agreement, vesting of these Equity Awards may occur as a result of Employee's continued service with the Company through designated vesting dates (a "<u>Service-Based Award</u>"), or as a result of the Employee's or the Company's achievement of certain performance objectives established by the Board from time to time, subject to Employee's continued employment with the Company through the date the Board determines the performance objective(s) has been achieved (a "<u>Performance-Based Award</u>").

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Awards granted under the LTIP generally will consist of a Service-Based Award and a Performance-Based Award, both of which shall vest over a three-(3)-year period; however, the granting, term, composition, and amount of any Equity Awards granted under the LTIP and the Equity Plan are subject to the discretion of the Compensation Committee (who administers the Equity Plan and all Equity Awards granted thereunder), and nothing herein is, nor should it be interpreted or construed as being, an offer or a guarantee that Employee will be granted any Equity Award, including under the LTIP and the Equity Plan, at any time, or in any amount. For the avoidance of doubt, except as otherwise agreed by the Company in writing, Employee shall not be guaranteed any minimum Equity Award at any time during the Employment Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.<u>Benefits</u>. During the Employment Term, Employee shall be entitled to participate in the Company's employee benefit plans and programs, as then in effect, including without limitation group medical, dental, health and/or disability insurance plans, Code Section 401(k) plans, and Medicare/Social Security reimbursement plans, in accordance with and subject to the terms and conditions of those benefit plans and/or programs and any amendments thereto, including any and all provisions concerning eligibility for participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.<u>Paid Time Off</u>. During the Employment Term, Employee shall be eligible to receive paid time off ("<u>PTO</u>") for use as vacation leave, sick leave, and/or for other personal reasons, subject and pursuant to the Company's PTO policy with respect to executive employees, as may be amended from time to time by the Company, in its sole discretion. To the extent permitted by applicable law, PTO shall not accrue to Employee, is not "earned" by Employee, and Employee is not entitled to receive any compensation for any unused PTO as of the termination of Employee's employment or service with the Company, except as agreed in writing by the Company or as otherwise provided in the Company's PTO policy as in effect at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.<u>Expense Reimbursement</u>. During the Employment Term, and subject to <u>Section 7.p</u> of this Agreement, the Company will reimburse Employee for reasonable, necessary, and documented out-of-pocket business expenses incurred by Employee on behalf of the Company in connection with the performance of Employee's duties and in furtherance of the Company's business in accordance with the Company's travel and business expense policy, as may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.<u>Company Compensation Practices and Regulatory Compliance</u>. Any payment or benefit conferred under this <u>Section 4</u> or otherwise pursuant to this Agreement shall, subject to all applicable regulatory, tax, and legal requirements described under <u>Section 7.p</u> of this Agreement, be paid in accordance with the Company's customary compensation practices and, as applicable, prorated for the actual number of days Employee was actively employed with the Company during the applicable fiscal year.

**5.** **Restrictive Covenants.** The Employee hereby acknowledges and agrees that Employee has read and understood, and continues to be bound by the terms of the Confidentiality and Non-Competition Agreement by and between the Company and Employee (the "<u>CNCA</u>"), which is incorporated herein by this reference. The Employee further understands and agrees that the Company may, in its sole discretion, update and amend the Employee's CNCA from time to time, and the Employee will be required to sign any such amended agreement as a material term of this Agreement and a condition of continued employment or service with the Company. Notwithstanding anything contained in this Agreement to the contrary, nothing herein shall modify or limit the applicability of the confidentiality and/or restrictive covenants contained in the CNCA and/or any other agreement between the Parties, which shall be enforced according to their terms and read together to provide the greatest level of protection(s) to the Company and its confidential information (as that term is defined in the CNCA).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Termination of Employment .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>By the Company for Cause</u>. Employee's employment under this Agreement may be terminated by the Company at any time upon the occurrence of one or more of the following events (each of which shall be a termination event for "<u>Cause</u>"):

&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;i.Employee willfully, recklessly, or with gross negligence fails to comply with any material term or aspect of the policies, standards, and regulations that the Company, in its sole discretion, establishes and/or implements in writing before and during the Employment Term;

&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;ii.Employee commits any act of gross negligence, illegal conduct, embezzlement, theft, misappropriation, fraud, dishonesty, or other acts of misfeasance, malfeasance, and/or misconduct in the rendering of services to or on behalf of the Company;

&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;iii.Employee willfully, recklessly, or with gross negligence fails to comply with any reasonable request of the person(s) to whom Employee reports;

&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;iv.Employee fails to adequately, substantially, and/or continually perform to Company's reasonable satisfaction the usual and customary duties of Employee's employment, those duties reasonably requested of Employee and typically associated with Employee's position, and/or those duties or expectations assigned by Company;

&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;v.Employee breaches any material term or provision of this Agreement or any material term or provision of any other agreement between the Parties; or

&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;vi.Employee is convicted of, or pleads guilty or *nolo contendere* to, any crime constituting a felony or any crime constituting a misdemeanor involving deceit, dishonesty, or moral turpitude, or otherwise commits any act which impairs Employee's fitness to perform the Employee's duties under this Agreement and/or damages the reputation of the Company, as determined in the sole and reasonable discretion of the Board.

Notwithstanding the foregoing, the Company may not terminate Employee's employment or service under this Agreement for Cause under this <u>Section 6.a</u> without first providing Employee written notice of the event or condition(s) constituting Cause. Such notice must be given no later than Thirty (30) days after the date on which the event or condition(s) constituting Cause is first reasonably discovered by the Board. Upon the giving of such notice, and only if the event or condition is reasonably capable of being remedied by Employee, Employee shall have a period of Thirty (30) days during which Employee may remedy the event or condition(s) and, if so remedied, the Company may not terminate Employee's employment under this Agreement for Cause for the event or condition that was remedied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>By the Company without Cause</u>. Employee's employment under this Agreement may be terminated by the Company without Cause upon providing written notice of termination to Employee Thirty (30) days in advance of such termination. For purposes of this Agreement "<u>without Cause</u>" shall mean any termination by the Company that is not (i) a termination for Cause as described and in accordance with <u>Section 6.a</u> above, or (ii) a termination because of death or Disability, as described <u>Section 6.e</u> below. Notwithstanding anything in this Agreement to the contrary, the Company may, in its sole and absolute discretion, advance the Employee's termination date to an alternate termination date of the Company's own choosing provided, however, that Employee shall be paid Employee's Base Salary from the date that the Company provides written notice of termination through the end of the 30-day notice period provided for in this <u>Section 6.b</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>By Employee for Good Reason</u>. Employee's employment under this Agreement may be terminated by Employee at any time following written notice to the Company upon the occurrence of any of the following events or conditions (each of which shall be a termination event for "<u>Good Reason</u>"):

&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;i.A material diminution in Employee's Base Salary or employment benefits other than a general reduction in Base Salary and/or benefits that affects all similarly situated employees;

&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;ii.A material breach of this Agreement by the Company;

&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;iii.A material diminution in Employee's title, authorities, responsibilities, or duties without Employee's consent (other than a temporary change while Employee is physically or mentally in capacitated or as required by applicable law);

&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;iv.A relocation of Employee's primary work location that would require the reasonable person to move Employee's residence from its then current location if Employee does not consent to such relocation;

&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;v.The Company permanently ceases its business operations; and/or

&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;vi.A Change in Control (as defined in <u>Section 6.f</u> below) of the Company and the Employee experiences any of the events set forth in the foregoing <u>Sections 6.c.i</u> through <u>6.c.v</u> within either (A) the first 6 months following such Change in Control or (B) the Employment Term or any then-effective Renewed Term of this Agreement, whichever is later.

Notwithstanding the foregoing, Employee may not terminate Employee's employment under this Agreement for Good Reason without first providing the Company advanced written notice of the event(s) and/or condition(s) constituting Good Reason, which notice must be given no later than Thirty (30) days after the date on which the event(s) and/or condition(s) constituting Good Reason first occurs. Upon the Company's receipt of such notice, the Company shall then have Thirty (30) days during which it may remedy the event(s) and/or condition(s) (the "<u>Company Notice Period</u>") and, if so remedied, Employee may not terminate his employment under this Agreement for Good Reason. If Employee fails to comply with the immediately preceding two sentences of this <u>Section 6.c</u>, such termination shall not be considered a termination for Good Reason. If the Company fails to cure the event(s) and/or conditions during the Company Notice Period, then the termination shall occur Thirty (30) days after the expiration of the Company Notice Period unless the Company, in its sole discretion, chooses to advance Employee's termination date to an alternate termination date of the Company's own choosing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.<u>By Employee without Good Reason</u>. Employee may terminate Employee's employment under this Agreement without Good Reason by providing written notice of termination to the Company no less than One Hundred Eighty (180) days before the termination date. For purposes of this Agreement "<u>without Good Reason</u>" shall mean any termination by Employee that is not a termination due to death or Disability under <u>Section 6.e</u>, below, or for Good Reason as set forth and in accordance with <u>Section 6.c</u>, above. Notwithstanding anything in this Agreement to the contrary, the Company may, in its sole and absolute discretion, waive all or any part of the One Hundred Eighty (180)-day notice period for no consideration and advance the Employee's termination date to an alternate termination date of the Company's choosing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.<u>Termination due to Death or Disability</u>. Employee's employment with the Company shall terminate immediately in the event of death or Disability of Employee. The term "<u>Disability</u>" means Employee's inability to substantially perform his duties as Chief Executive Officer by reason of any medically determinable physical or mental impairment that, as determined by a physician chosen by the Company and reasonably acceptable to Employee, can be expected to: (i) result in death; (ii) last for a

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continuous period of at least Thirty (30) days; or (iii) endanger the Employee and/or others if Employee were to continue to perform Employee's duties with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.<u>Change in Control</u>. For purposes of this Agreement, a "<u>Change in Control</u>" shall be deemed to have occurred if:

&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;i.an acquisition of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended, (the "<u>Exchange Act</u>") or any future replacement thereof) by any individual, group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act, or any future replacement thereof), or entity (each, a "<u>Person</u>") of Fifty Percent (50%) or more of the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the "<u>Outstanding Company Voting Securities</u>"); excluding, however, the following: (A) any acquisition directly from the Company, other than an acquisition by virtue of the exercise of a conversion privilege unless the security being so converted was itself acquired directly from the Company; (B) any acquisition by the Company; (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any entity controlled by the Company; or (4) any acquisition pursuant to a transaction which complies with clauses (A), (B) and (C) of this <u>Section 6.f.i</u>; or

&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;ii.a change in the composition of the Board such that the individuals who constitute the Incumbent Board (such as defined herein) cease for any reason to constitute at least a majority of the Board. As used in this <u>Section 6.f</u>, the "<u>Incumbent Board</u>" means those individuals serving as members of the Board as of the Effective Date; provided, however, any subsequent individual serving on the Board who was (A) elected to serve as a member of the Board by the Company's stockholders or (B) appointed to fill a vacancy on the Board shall be considered as though such individual were a member of the Incumbent Board *only if* such individual was nominated for election or appointed to serve on the Board by at least a majority of the Incumbent Board; but, provided further, that any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act or any future replacement thereof) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board shall not be so considered as a member of the Incumbent Board; or

&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;iii.consummation of a reorganization, merger or consolidation of the Company, or sale or other disposition of all or substantially all of the assets of the Company (a "<u>Corporate Transaction</u>"); excluding, however, such a Corporate Transaction pursuant to which: (A) all or substantially all of the individuals and entities who are the beneficial owners, respectively, of the Outstanding Company Voting Securities immediately prior to such Corporate Transaction will beneficially own, directly or indirectly, more than Fifty Percent (50%) of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the corporation resulting from such Corporate Transaction (including, without limitation, a corporation which, as a result of such transaction, owns the Company or all or substantially all of the Company's assets either directly or through one or more Subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Corporate Transaction, of Outstanding Company Voting Securities; (B) no Person (other than the Company, any employee benefit plan (or related trust) of the Company or such corporation (described in clause (A) of this <u>Section 6.f.iii</u>) resulting from such Corporate Transaction) will beneficially own, directly or indirectly, Forty Percent (40%) or more of the combined voting power of the outstanding voting securities of such corporation entitled to vote generally in the election of directors except to the extent that such ownership existed prior to the Corporate Transaction; and (C) individuals who were members of the Incumbent Board will constitute at least a majority of

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the members of the board of directors of the corporation resulting from such Corporate Transaction; or

&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;iv.A complete liquidation or dissolution of the Company.

Notwithstanding any of the foregoing, however, in any circumstance or transaction in which compensation resulting from or in respect a Change in Control would result in the imposition of an additional tax under Section 409A of the Internal Revenue Code of 1986, as amended, (the "<u>Code</u>") were to apply, but would not result in the imposition of any additional tax if the term "Change in Control" were defined herein to mean a "change in control event" within the meaning of Section 1.409A-3(i)(5) of the Treasury Regulations promulgated under the Code, as amended, (the "<u>Treasury Regulations</u>") then "Change in Control" shall mean a "change in control event" within the meaning of Treasury Regulation Section 1.409A-3(i)(5), but only to the extent necessary to prevent such compensation from becoming subject to an additional tax under Section 409A of the Code ("<u>Section 409A</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.<u>Payment of Accrued Obligations; Continuation of Benefits</u>. Regardless of the reason for the termination of Employee's employment with, or other qualifying "Separation from Service" (within the meaning of Treasury Regulations Section 1.409A-1(h), or future replacement thereof) from, the Company, Employee shall be entitled to receive payment in satisfaction of the following obligations accrued to Employee as of the effective date of such termination or Separation from Service (the "<u>Termination Date</u>") which are outstanding as of the Termination Date (collectively, the "<u>Accrued Obligations</u>"): (A) all of the Employee's Base Salary earned and unpaid through the Termination Date; (B) all of Employee's PTO accrued and unused as of the Termination Date that is due upon termination of employment per the terms of the Company's PTO policy; and (C) reimbursement of Employee's properly reimbursable business expenses incurred and unreimbursed as of the Termination Date; *provided, that*, Employee must submit a final request for reimbursement of any such outstanding unreimbursed business expenses, together with such substantiation as may be requested or required pursuant to the Company's employee expense reimbursement policy, by no later than Thirty (30) business days following the Termination Date to receive reimbursement of such employee business expenses. Except with respect to reimbursement of Employee's outstanding reimbursable employee business expenses, all Accrued Obligations shall be due and payable to Employee (or Employee's estate or beneficiaries, as the case may be) on the first regular payday following the Termination Date (or sooner if required by law). In addition to satisfaction of the Accrued Obligations, Employee shall continue to receive coverage under the Company's then-effective group medical insurance policies and employee benefit programs through the end of the month of the Termination Date, except as required by applicable law and the terms of applicable Company group medical insurance policy and employee benefit program agreements. For the avoidance of doubt, except for as provided in <u>Section 6.h</u> below, Employee shall be entitled to receive only payment of the Accrued Obligations and continuation of the Company employee benefits set forth in this <u>Section 6.g</u> in connection with the cessation of Employee's employment with the Company, and, upon payment of such Accrued Obligations, Employee shall not be entitled to any further compensation or benefits from the Company (including its subsidiaries and affiliates), except as specifically provided herein, or as otherwise agreed by the Company in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.<u>Severance</u>. Company and Employee (or Employee's estate or beneficiaries, as the case may be) shall enter into a separation agreement and general release, substantially in form attached as <u>Exhibit "A"</u> hereto (the "<u>Severance Agreement</u>") by no later than Twenty (20) business days following the Termination Date or such earlier time as provided by the Severance Agreement (and any applicable revocation period in the Severance Agreement expires no later than Sixty (60) days following the Termination Date), pursuant to which Company shall pay to Employee (or Employee's estate or beneficiaries, as the case may be), in exchange for the execution, non-revocation, and compliance with the terms of the Severance Agreement by the Employee (or Employee's estate or beneficiaries, as the case may be), the applicable amounts specified in <u>Sections 6.h.i</u> through <u>6.h.v</u>, below (the "<u>Severance Payments</u>") in

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accordance with the Severance Agreement; *provided, however,* neither Party shall be obligated to enter into the Severance Agreement if Employee's employment with the Company is terminated: (i) by the Company for Cause; or (ii) by Employee without Good Reason **and** Employee fails to provide the advance written notice required by <u>Section 6.d</u> of this Agreement. The Severance Payments shall not become due and payable unless and until the Severance Agreement between the Company and Employee has become effective, binding, and irrevocable on the parties thereto; *provided, however,* that if the Company (or applicable successor-in-interest to the Company) fails to execute and deliver the Severance Agreement in accordance with this <u>Section 6.h</u> within Twenty (20) business days following the Termination Date, the Company shall be deemed in material default of its obligations under this Agreement, and the applicable Severance Payments that would have been due to Employee had the Severance Agreement been entered into in accordance with this <u>Section 6.h</u> shall immediately become due and payable to Employee, without further action by, or agreement of, the Employee. Accordingly, pursuant to the Severance Agreement, Employee shall be entitled to receive the following Severance Payments:

&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;i.*Termination by Company for Cause; Termination by Employee without Good Reason (without Notice); Non-Renewal of Employment Term by Employee (without Notice)*. If the Company terminates Employee's employment for Cause, or if Employee terminates Employee's employment hereunder without Good Reason or Employee does not renew the term of their employment with the Company **and** Employee fails to provide advance notice required by <u>Section 6.d</u> of this Agreement, then the Employee (or Employee's estate or beneficiaries, as the case may be) shall not receive any Severance Payments and shall only be entitled to receive payment of the Accrued Obligations; therefore, upon payment of such amounts, Employee shall not be entitled to receive any additional remuneration from the Company under this Agreement with respect to Employee's employment with the Company.

&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;ii.*Termination by Employee without Good Reason (with Notice).* If Employee terminates Employee's employment hereunder without Good Reason **and** provides the Company with advance written notice of such termination as required by <u>Section 6.d</u> of this Agreement Employee (or Employee's estate or beneficiaries, as the case may be) shall receive payment of the Accrued Obligations and the following Severance Payments, subject to Employee timely entering into the Severance Agreement: **(A)** the Incentive Bonus to which Employee would have been entitled under <u>Section 4.b</u> of this Agreement, had Employee remained employed with the Company through the end of the calendar year in which the Termination Date occurs, as if Employee had continued employment with the Company through the date on which such Incentive Bonus would have been paid, calculated assuming achievement of Twenty-Five Percent (25%) of the performance targets of such Incentive Bonus for the applicable fiscal year, prorated through the Termination Date; and **(B)** One (1) month of the Employee's then-effective Base Salary.

&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;iii.*Termination due to Non-Renewal of Employment Term by Company.* If Company elects under <u>Section 2</u> hereof not to renew the term of Employee's employment with Company hereunder, Employee (or Employee's estate or beneficiaries, as the case may be) shall receive payment of the Accrued Obligations and the following Severance Payments, subject to Employee timely entering into the Severance Agreement: **(A)** the Incentive Bonus to which Employee would have been entitled under <u>Section 4.b</u> of this Agreement, had Employee remained employed with the Company through the end of the calendar year in which the Termination Date occurs, as if Employee had continued employment with the Company through the date on which such Incentive Bonus would have been paid, calculated assuming achievement of Twenty-Five Percent (25%) of the performance targets of such Incentive Bonus for the applicable fiscal year, prorated through the Termination Date; and **(B)** Three (3) months of the Employee's then-effective Base Salary.

&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;iv.*Termination by Company without Cause; Termination by Employee for Good Reason (other than incident to a Change in Control).* If Employee's employment with the Company

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is terminated by the Company without Cause or by the Employee for Good Reason in accordance with <u>Section 6.c</u> hereof (other than incident to a Change in Control), then Employee (or Employee's estate or beneficiaries, as the case may be) shall receive payment of the Accrued Obligations and the following Severance Payments, subject to Employee timely entering into the Severance Agreement: **(A)** the Incentive Bonus to which Employee would have been entitled under <u>Section 4.b</u> of this Agreement had Employee remained employed with the Company through the end of the calendar year in which the Termination Date occurs, as if Employee had continued employment with the Company through the date on which such Incentive Bonus would have been paid, calculated assuming achievement of One Hundred Percent (100%) of the performance targets of such Incentive Bonus for the applicable fiscal year, prorated through the Termination Date; **(B)** payment of an amount equal to the lesser of: *(1)* One Hundred Percent (100%) of the sum of Employee's then-effective Base Salary that would have be paid to Employee through the end of the Employment Term (or then-applicable Renewed Term) had Employee's employment with the Company not ceased; and *(2)* Twelve (12) months of the Employee's then-effective Base Salary; **(C)** acceleration of the vesting of that portion of all outstanding Service-Based Awards granted to Employee under the Equity Plan that would have vested within Twelve (12) months following the Termination Date but for the cessation of Employee's employment with the Company, such that such Equity Awards shall be deemed vested immediately as of the Termination Date; and **(D)** continuation of the vesting of all outstanding Performance-Based Awards granted to Employee under the Equity Plan as if Employee's employment with the Company had not ceased prior to the end of the applicable performance period with such vesting calculated based on actual performance; *provided*, *however*, if the applicable performance period is extended or the vesting or performance conditions are materially changed to Employee's detriment or the Company fails to certify the performance achievement with respect to any such outstanding Performance-Based Awards within Sixty (60) days following the end of the applicable performance period, then such Performance-Based Awards will vest immediately upon the occurrence of any such event assuming achievement of the maximum level of performance.

&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;v.*Termination by Company without Cause or by Employee with Good Reason Incident to Change in Control.* If Employee terminates Employee's employment with the Company for Good Reason consistent with the rules and procedures set forth in <u>Section 6.c.vi</u> of this Agreement, or if Employee's employment with the Company is terminated by the Company for any reason other than for "Cause" (as defined in <u>Section 6.a</u> hereof) within Six (6) months of a Change in Control of the Company, Employee (or Employee's estate or beneficiaries, as the case may be) shall receive payment of the Accrued Obligations and the following Severance Payments, subject to Employee timely entering into the Severance Agreement: **(A)** One Hundred Percent (100%) of the target amount of the Incentive Bonus to which Employee would have been entitled under <u>Section 4.b</u> of this Agreement had Employee remained employed with the Company through the date on which such Incentive Bonus would have been paid, without proration; **(B)** an amount equal to the *greater* of: *(1)* the sum of the Employee's Base Salary that would have been paid to Employee through the end of the Employment Term (or then-applicable Renewed Term) had Employee's employment with the Company not ceased; and *(2)* Twelve (12) months of the Employee's Base Salary as in effect as of the Termination Date; **(C)** acceleration of the vesting of all outstanding Service-Based Awards granted to Employee under the Equity Plan which remain unvested as of the Termination Date, such that vesting of such Service-Based Awards shall be deemed to have occurred as of the Termination Date; and **(D)** acceleration of the vesting of all outstanding Performance-Based Awards granted to Employee under the Equity Plan which remain unvested as of the Termination Date, as if Employee's employment with the Company had not ceased prior to the end of the performance period for such award(s) calculated assuming achievement of the maximum level of performance, such that vesting of such Performance-Based Awards shall be deemed to have occurred as of the Termination Date.

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&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;vi.*Termination due to death or Disability*. If Employee's employment hereunder is terminated because of Employee's death or Disability, then Employee (or Employee's estate or beneficiaries, as the case may be) shall receive payment of the Accrued Obligations and the following Severance Payments, subject to Employee (or Employee's estate or beneficiaries, as the case may be) timely entering into the Severance Agreement: **(A)** the Incentive Bonus to which Employee would have been entitled under <u>Section 4.b</u> of this Agreement had Employee remained employed with the Company through the date on which such Incentive Bonus would have been paid, calculated assuming performance achievement of Fifty Percent (50%) of the target amount for the applicable fiscal year, prorated through the Termination Date; **(B)** payment of an amount equal to Six (6) months of Employee's then-effective Base Salary; **(C)** acceleration of the vesting of Fifty Percent (50%) of all outstanding Service-Based Awards granted to Employee under the Equity Plan that would have vested within the Twelve (12) months following the Termination Date but for the cessation of Employee's employment with the Company, such that such Equity Awards shall be deemed vested immediately as of the Termination Date; and **(D)** continuation of the vesting of all outstanding Performance-Based Awards granted to Employee under the Equity Plan as if Employee's employment with the Company had not ceased prior to the end of the applicable performance period with such vesting calculated based on actual performance; *provided*, *however*, if the applicable performance period is extended or the vesting or performance conditions are materially changed to Employee's detriment or the Company fails to certify the performance achievement with respect to any such outstanding Performance-Based Awards within Sixty (60) days following the end of the applicable performance period, then such Performance-Based Awards will vest immediately upon the occurrence of any such event assuming achievement of the maximum level of performance.

&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;vii.*Form and Time of Payment for Severance Benefits*. The amount of the Severance Benefit payable under Section 6(h) above will be paid in a lump sum, less applicable tax withholdings as follows: **(A)** 50% of cash severance benefits shall be paid to an Employee within 20 business days following the Employee's entry into the Severance Agreement, with the remainder payable 6 months and 1 day following the Termination Date; **(B)** any Service-Based Awards entitled to pro rata vesting that would have otherwise become vested and been settled solely based on the performance of service will be settled no later than Five (5) business days following the date of the Employee's entry into the Severance Agreement; and **(C)** any Performance-Based Awards entitled to accelerated vesting that would otherwise have become vested and been settled, in whole or in part, based on performance for which the applicable performance period has not ended on or prior to the Employee's Termination Date will be settled no later than Five (5) business days following the date of the Employee's entry into the Severance Agreement. All payments and benefits under this Agreement shall be subject to, and made net of, applicable deductions and withholdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.<u>Treatment of Equity</u>. Other than pursuant to the Severance Agreement as set forth in the foregoing <u>Sections 6.h.i</u> through 6.h.vi., and except with respect to applicable regulatory, tax, and legal requirements described under <u>Section 7.p</u> of this Agreement, any Equity Awards granted to Employee shall remain governed by the Equity Plan and the applicable Equity Award Agreement between Employee and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j.<u>Regulatory Adjustments</u>. All amounts which may become payable to Employee under this Section 6 in connection with the cessation of Employee's employment with the Company, including any Severance Payments, shall be subject to all applicable regulatory, tax, and legal requirements described under <u>Section 7.p</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k.<u>Effect of Termination; Resignation and Removal from all Company Positions</u>. Notwithstanding anything in this Agreement to the contrary, upon termination of Employee's employment

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hereunder for any reason, Employee agrees: (i) to immediately deliver to the Company all Property (as that term is defined in the CNCA) and records (including all copies thereof) of the Company; (ii) that the Company shall have the right, without limitation, to withhold and retain any amounts that might otherwise be owed to the Employee to offset any amounts or debts owed by Employee to the Company; and (iii) that the Company shall, subject to applicable laws, further have the right to withhold the payment of any amounts that might otherwise be owed to Employee until such time as the Company determines, to its reasonable satisfaction, that any and all proprietary and confidential information, regardless of the medium on which it is embodied (*e.g.*, laptop computer), has been returned to the Company and that Employee has not retained copies thereof. Furthermore, except as specifically agreed by the Company in writing, upon the cessation of Employee's employment with the Company, Employee shall be deemed to have resigned and/or been removed from all positions that the Executive holds (or previously held) with the Company or any of the Company's affiliated and/or related entities, effective immediately as of the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Miscellaneous .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Section Headers; Gender and Number</u>. The section headings in this Agreement are for the Parties' convenience only and are not intended to govern, limit, or affect the meanings of the sections. Singular and plural nouns and pronouns shall mean the singular or plural and the masculine, feminine, or neuter genders as permitted by the context in which the words are used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Representations by Employee</u>. The Employee represents and warrants to the Company that:

&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;i.The Employee's acceptance of employment under this Agreement with the Company and the performance of the Employee's duties hereunder will not conflict with or result in a violation of, a breach of, or a default under any contract, agreement, or understanding to which the Employee is a party or is otherwise bound;

&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;ii.The Employee's acceptance of employment under this Agreement with the Company and the performance of the Employee's duties hereunder will not violate any non-solicitation, non-competition, non-disclosure, or other similar covenant or agreement between the Employee and a prior employer of the Employee;

&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;iii.The Employee's representations to the Company regarding the Employee's prior employment have been truthful and accurate; and

&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;iv.Employee shall immediately notify the Company of any issues that arise that could conflict with the representations, warranties, and obligations set forth herein, including without limitation, any demands, claims, notices, or requests made by third parties that could adversely impact Employee's ability to perform services as the Chief Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>Cooperation</u>. The Parties agree that certain matters in which Employee will be involved during the Employment Term may necessitate Employee's cooperation in the future. Accordingly, following the termination of Employee's employment for any reason, to the extent requested by the Company, Employee shall provide to the Company reasonable levels of assistance in answering questions about the Company's business, transition of responsibility, legal matters, and/or litigation. The Company shall make reasonable efforts to minimize the disruption of Employee's other activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.<u>Entire Agreement; Modification</u>. Unless specifically provided herein, this Agreement, along with all exhibits and/or attachments hereto (including without limitation the Equity Award Agreements entered into between the Parties and the CNCA) constitutes the entire understanding between Employee and the Company with respect to the subject matter hereof and supersedes all prior understandings, agreements, representations, and warranties, both written and oral, with respect to the

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subject matter hereof. The Parties are not relying upon any representations or promises not set forth in this Agreement. Except as provided here, this Agreement may not be amended or modified except in a writing signed by both Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.<u>Waiver</u>. Failure to insist upon strict compliance with any of the terms, covenants, or conditions set forth in this Agreement (including the CNCA) shall not be deemed a waiver of such term, covenant, or condition, nor shall any waiver or relinquishment of any right or power hereunder at any one or more times be deemed a waiver or relinquishment of such right or power at any other times. No waiver by the Company of a breach by Employee of any provision of this Agreement (including the CNCA) shall be binding upon the Company unless the same is in writing, signed by a duly authorized representative of the Company, and any such waiver shall not operate or be construed as a waiver of any subsequent breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.<u>Severability</u>. If it is determined by a court of competent jurisdiction that any of the provisions of this Agreement is invalid or unenforceable, such determination shall not affect the validity of the remaining provisions in this Agreement, each of which shall survive and be given full force and effect. A court of competent jurisdiction may modify and bring about a modification of any invalid or unenforceable provision to make it enforceable under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.<u>Assignment</u>. The Company may assign this Agreement (including the CNCA) and, if assigned, the assignee has the right to seek enforcement of the Agreement (including the CNCA). Since this Agreement and the Employee's rights and obligations hereunder are personal to Employee, Employee cannot assign this Agreement (including the CNCA) to any other person or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.<u>Indemnification of Company</u>. Employee agrees to indemnify, defend, and hold the Company, its Affiliates, and their officers, directors and employees harmless from and against any claims (including without limitation losses, damages, attorneys' fees and costs) by third parties alleging that Employee's employment with the Company hereunder constitutes unlawful activity, breaches an obligation of Employee, or otherwise subjects the Company and its Affiliates to potential liability as a result of Employee's employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.<u>Indemnification of Employee</u>. The Company agrees to indemnify, defend, and hold the Employee harmless from and against claims as provided for under the Company's Articles of Incorporation and the Company's Bylaws in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j.<u>Notices</u>. All notices and other communications required to be given under this Agreement (including the CNCA) shall be in writing and shall be delivered to the Party in person, via e-mail or as an attachment to an e-mail transmission to the Party's e-mail address, or by overnight carrier service by a recognized business courier (such as FedEx or UPS). A notice and/or other communication to be given hereunder shall be considered effective: (a) on the date of delivery if personally delivered against a written receipt; (b) on the date of delivery if sent by e-mail transmission or as an attachment to an e-mail transmission, with a delivery receipt; or (c) on the first business day following the date of dispatch if delivered to a recognized business courier service (such as DHL Courier, FedEx, or UPS) for overnight delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k.<u>Survival</u>. Notwithstanding anything in this Agreement to the contrary, and for the avoidance of any doubt, the termination of Employee's employment under this Agreement for any reason shall not affect the CNCA or any of the covenants, warranties, and agreements in <u>Sections 4.g</u>, <u>5</u>, <u>6</u>, and <u>7</u> (including all applicable subparts) of this Agreement, each of which shall survive such termination of the Employment Term, the Parties' employment relationship, and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l.<u>Governing Law; Jurisdiction and Venue; Attorney's Fees and Costs</u>. The validity, construction, and performance of this Agreement (including the CNCA) shall be governed by the laws of

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the State of Colorado without giving effect to conflict of law principles. Except as otherwise may be required by the Company to obtain equitable injunctive relief under this Agreement, the CNCA, and/or any other agreement between the Parties, jurisdiction for all actions or proceedings arising under this Agreement (including the CNCA) shall be exclusive to a state or federal court of competent jurisdiction located in or with jurisdiction for the City of Castle Rock in the County of Douglas, Colorado, USA. The Parties hereby irrevocably subject and consent to the jurisdiction of such courts and waive the defense of inconvenient forum related to any action or proceeding in such venue. Should an action be commenced for a breach of and/or to enforce the terms of this Agreement (including the CNCA), the prevailing party in such an action shall be entitled to recover from the non-prevailing party, in addition to all other legal and/or equitable remedies, all costs of litigation, including reasonable attorneys' fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m.<u>Pre-Suit Mediation</u>. Except with respect to any injunctive relief sought by the Company under this Agreement, the CNCA, and/or any other agreement between the Parties, each of the Parties knowingly, voluntarily, and intentionally agrees to and shall participate in a mediation conference before filing any complaint, charge, or accusatory pleading or document, or otherwise commencing any legal or administrative action or proceeding against the other Party with a federal, state, or local agency and/or in a court of competent jurisdiction. The Parties agree that the mediation conference shall be convened in City of Austin in the County of Travis, Texas, USA, and to cooperate in the selection of a mutually agreeable mediator. The Parties shall split equally the cost of the mediator. The Parties also agree to bear their own respective attorney's fees and costs for mediation under this <u>Section 7.m</u>. For the avoidance of any doubt, except as provided herein, the mediation requirement of this <u>Section 7.m</u> is a condition precedent to any action, proceeding, and/or litigation between the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n.**WAIVER OF JURY TRIAL**. **TO THE EXTENT PERMITTED BY LAW, THE PARTIES KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY AGREE TO, AND DO HEREBY, WAIVE THE RIGHT TO TRIAL BY JURY IN ANY LITIGATION, CAUSE OF ACTION, CLAIM, PROCEEDING, OR COUNTERCLAIM BROUGHT BY EITHER OF THE PARTIES AGAINST THE OTHER: (I) BASED ON ANY MATTER WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED WITH EMPLOYEE'S EMPLOYMENT WITH THE COMPANY; (II) BASED ON THIS AGREEMENT (INCLUDING THE CNCA) OR ARISING OUT OF, UNDER, OR RELATING TO THIS AGREEMENT (INCLUDING THE CNCA); AND/OR (III) BASED ON ANY ALLEGED ACTION, INACTION, OR OMISSION OF EITHER PARTY TO THIS AGREEMENT.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o.<u>Construction</u>. The essential terms and conditions contained in this Agreement have been mutually negotiated between the Parties. The Parties agree that the language of all parts of this Agreement shall in all cases be construed as a whole, according to its fair meaning, and not strictly for or against any of the Parties. No ambiguity or uncertainty in this Agreement shall be construed or interpreted in favor of or against any Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p.<u>Compliance with Applicable Regulatory, Tax, and Legal Requirements</u>. Any payments or benefits which may be conferred under this Agreement shall be subject to and administered in compliance with all regulatory, tax, and legal requirements applicable to Employee or the Company, including, without limitation, the following:

&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;i.*Tax Withholding*. The Company may, but shall not be required by the Employee to, withhold from any compensation or benefits payable to Employee all applicable taxes and make any other deductions and withholdings as the Company, in its sole and absolute discretion, determines are required or permitted by law.

&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;ii.*Code Section 409A*. To the extent applicable to Employee, this Agreement and all payments, distributions or other benefits hereunder shall comply and be administered in accordance

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with the requirements of, or an exemption or exclusion to, Section 409A and the Treasury Regulations promulgated thereunder, as well as any applicable equivalent State law. To the extent any provision or term of this Agreement is ambiguous as to its compliance in this respect, such provision or term and all payments hereunder shall be interpreted to comply with the requirements of, or an exemption or exclusion to, Section 409A, as well as any applicable equivalent State law. For the avoidance of doubt, notwithstanding any provision of this Agreement to the contrary, if Employee is a "specified employee" (as defined in Treasury Regulations Section 1.409A-1(i)), then, to the extent required under Treasure Regulation Section 1.409A-3(i)(2), any payments that constitute a "nonqualified deferral of compensation" that become due upon the Participant's "Separation from Service" (other than due to the Employee's death) and that would have been made under the terms of the Plan within the six-month period commencing on the Employee's Separation from Service shall be delayed and instead be made as soon as practicable after the earlier of the end of such six-month period or Employee's death. For purposes of this <u>Section 7.p</u>, the terms "specified employee", and "nonqualified deferral of compensation" have the meanings given to them under Section 409A. Any provision that would cause this Agreement or a payment, distribution, or other benefit hereunder to fail to comply with the requirements of, or an exemption or exclusion to, Section 409A, as well as any applicable equivalent State law, shall have no force or effect and the Parties agree that, to the extent an amendment would be effective, this Agreement shall be amended to comply with the requirements of, or an exemption or exclusion to, Section 409A, as well as any applicable equivalent State law. Such amendment shall be retroactive to the extent permitted by law. For purposes of this Agreement, Employee shall not be deemed to have terminated employment unless and until a Separation from Service within the meaning of Treasury Regulations Section 1.409A-1(h) has occurred. Each payment under <u>Section 6.g</u> and <u>6.h</u> of this Agreement shall be treated as a separate payment for purposes of Section 409A. Any expense reimbursements required to be made under this Agreement shall be made not later than December 31st of the year following the year in which Employee incurs the expense; *provided that* in no event shall the amount of expenses eligible for payment or reimbursement by the Company in one calendar year affect the amount of expenses to be paid or reimbursed in any other calendar year. The Executive's right to expense reimbursement shall not be subject to liquidation or exchange for another benefit.

&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;iii.*Code Section 280G*. To the extent applicable to Employee, if any of the payments or benefits received or to be received by Employee constitute "Parachute Payments" within the meaning of Code Section 280G (each, a "<u>Section 280G Payment</u>") and would, but for this <u>Section 7.p.iii</u>, be subject to the excise tax imposed under Code Section 4999 (the "<u>Golden Parachute Tax</u>"), then, prior to making such Section 280G Payment, a calculation shall be made comparing (A) the Net Benefit (as defined below) to Employee of the Section 280G Payment to (B) the Net Benefit to Employee if the Section 280G Payment is limited to the extent necessary to avoid being subject to the Golden Parachute Tax. Only if the amount calculated under (A) above is less than the amount under (B) above will the Section 280G Payment be reduced, and then, only to the minimum extent necessary to ensure that no portion of the Section 280G Payment is subject to the Golden Parachute Tax. For purposes of this <u>Section 7.p.iii</u>, only, "<u>Net Benefit</u>" shall mean the present value of the payment, net of all federal, state, local, foreign income, employment, and excise taxes, including the Golden Parachute Tax. Any reduction made pursuant to this <u>Section 7.p.iii</u> shall be made in accordance with the requirements of Code Section 409A as follows: (X) first, reduction of cash payments and benefits, in reverse order of the date of payment; (Y) second, cancellation of vesting acceleration of equity awards, in reverse order of the date of grant; and (Z) third, reduction of other non-cash payments and benefits, in reverse order of the date the payment or benefit is to be provided. If the same payment or award date applies to more than one payment or benefit within any of the foregoing categories, the reduction will apply to each such payment or benefit on a pro-rata basis. All calculations and determinations under this <u>Section 7.p.iii</u> shall be made by an independent accounting firm or independent tax counsel appointed by the Company (the "<u>Tax</u>

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<u>Counsel</u>"), whose determinations shall be conclusive and binding on the Company and Employee for all purposes. The Company and Employee shall furnish the Tax Counsel with such information and documents as requested by the Tax Counsel to make its determinations under this <u>Section 7.p.iii</u>, and the Company shall bear all costs incurred by the Tax Counsel under this <u>Section 7.p.iii</u>.

&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;iv.*Regulatory Claw-back*. Notwithstanding any other provisions in this Agreement to the contrary, any compensation (whether cash-, equity-, or incentive-based, or otherwise) paid to Employee under this Agreement or any other agreement or arrangement between the Company and Employee which is subject to recovery under any law, government regulation, or stock exchange listing requirement shall be subject to such deductions and claw-back as may be required to be made pursuant to such law, government regulation, or stock exchange listing requirement (or any policy adopted by the Company pursuant to any such law, government regulation or stock exchange listing requirement), without regard for any termination, severance, or other agreement with respect to Employee's separation from service with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q.<u>Full Understanding; Acknowledgment</u>. Employee acknowledges and agrees that Employee has thoroughly read the terms of this Agreement before signing. Employee further acknowledges and agrees that, by signing this Agreement, Employee knowingly and voluntarily consents to the terms contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r.<u>Counterparts</u>. This Agreement (including the CNCA) may be executed in one or more counterparts, each of which when executed shall be deemed to be an original, and such counterparts together shall constitute one and the same Agreement. Signing of this Agreement (including the CNCA) and transmission of the signed Agreement (including the CNCA) by electronic document transfer will be acceptable and binding upon the parties as of the Effective Date.

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*[Signature Page to Riot Platforms, Inc. Amended and Restated Executive Employment Agreement]*

**IN WITNESS WHEREOF**, the undersigned, intending to be legally bound, have executed this Executive Employment Agreement, effective as of the Effective Date set forth herein.

---

| | | |
|:---|:---|:---|
| **EMPLOYEE** | **RIOT PLATFORMS, INC.** | **RIOT PLATFORMS, INC.** |
| /s/ Jason Les | By: | /s/ Lance D'Ambrosio |
| Jason Les | Name: | Lance D' Ambrosio |
|  | Title: | Independent Director, Chairperson of |
|  |  | the Compensation and Human Resources |
|  |  | Committee |
| Date: January 1, 2026 | Date: January 1, 2026 | Date: January 1, 2026 |

---

*Attachments/Exhibits: Exhibit "A" CNCA*

*Exhibit "B" Form of Severance Agreement*

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**Exhibit "A"**

CNCA

[\*\*\*]

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**Exhibit "B"**

Form of Severance Agreement

[\*\*\*]

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## Exhibit 10.9

Exhibit 10.9

CERTAIN INFORMATION CONTAINED IN THIS DOCUMENT, MARKED

BY [\*\*\*], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT

MATERIAL AND (II) IS THE TYPE

THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL

**AMENDED AND RESTATED**

**EXECUTIVE EMPLOYMENT AGREEMENT**

This Executive Employment Agreement (this "<u>Agreement</u>") is made and entered into, effective as of January 1, 2026 (the "<u>Effective Date</u>"), by and between Benjamin Yi ("<u>Employee</u>"), [\*\*\*], and Riot Cayman, a limited company organized under the laws of the Cayman Islands, for itself and its affiliate, Riot Platforms, Inc., a Nevada corporation, ("<u>Riot</u>" or the "<u>Company</u>"). Employee and the Company are sometimes referred to herein collectively as the "<u>Parties</u>" and each, individually, as a "<u>Party</u>" to this Agreement.

**WHEREAS**, the Company wishes to employ Employee as its Executive Chairman, and Employee wishes to accept such employment with the Company, in each case subject and pursuant to the terms of this Agreement.

**NOW, THEREFORE**, in consideration of the mutual covenants, promises, and obligations contained herein, and for other good and valuable consideration, the receipt and sufficiency of such consideration is hereby acknowledged, the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Position, Duties and Scope of Employment .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Position; Job Duties</u>. Employee hereby accepts and agrees to serve full-time as the Company's Executive Chairman subject and pursuant to the terms of this Agreement. In such position, Employee shall have such powers, authorities, and responsibilities as may reasonably be assigned to Employee from time to time, as well as such other powers, responsibilities, and authorities customary for employees of similar rank and title of corporations of the size, type, and nature of the Company; *provided, however,* Employee shall have no authority to bind the Company or any of its subsidiaries by a promise or representation or to enter into any contract, either written or oral, affecting the Company or any of its subsidiaries, except specifically granted by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Performance under this Agreement</u>. During the Employment Term (as defined herein), Employee shall perform and fulfill Employee's duties and responsibilities under this Agreement to the best of Employee's abilities and in a trustworthy, professional, competent, and efficient manner. Employee shall at all times comply with and be subject to all applicable policies, procedures, codes of conduct, requirements, and organizational regulations established by and/or amended by or on behalf of the Company from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>Preparation, Ownership, and Storage of Data and Documents</u>. Employee shall prepare, in connection with services performed under this Agreement, all reports, documents and correspondence necessary and/or appropriate under the circumstances, all of which shall belong to the Company. Employee shall store electronically all reports, documents, correspondence, and data on and in Company-designated storage and will not archive or otherwise retain any tangible or intangible copies, summaries, or descriptions of said reports, documents, correspondence, or data or otherwise store any such materials outside of such Company-designated storage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.<u>Fiduciary Duty; Conflict of Interests</u>. By accepting employment with the Company, Employee acknowledges and agrees that Employee owes a fiduciary duty of loyalty, fidelity, and allegiance to act at all times in the best interests of the Company and to not intentionally engage in any act which would directly or indirectly injure the Company's business, interests, or reputation. In keeping with the Employee's fiduciary duties and obligations to the Company, Employee shall not become involved in a conflict of interest with the Company, or upon discovery thereof, allow such a conflict to continue. Moreover, Employee shall not engage in any activity that might involve a possible conflict of interest

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without first obtaining written approval from the Board of Directors of the Company. Employee may, however, with prior written consent from the Board of Directors (which consent shall not unreasonably be withheld), serve on one corporate board as a board member and serve on one civic or non-profit board as a board member at any given time during Employee's employment with the Company; *provided, however*, that Employee engages in such outside activities only during Employee's personal time.

**2.** **Term of Employment.** Employee's employment under this Agreement shall commence on the Effective Date and continue for a period through January 10, 2031, unless such employment is terminated earlier pursuant to <u>Section 6</u> of this Agreement (the "<u>Employment Term</u>"). The term of this Agreement shall be automatically renewed for a period of twelve-(12)-months following the expiration of the Employment Term, and for successive twelve-(12)-month periods thereafter (each, a "<u>Renewed Term</u>"), until this Agreement is terminated in accordance with <u>Section 6</u> or a Party delivers a notice of non-renewal in accordance with this <u>Section 2</u>. The period during which the Employee is employed by the Company under this Agreement, including the Employment Term and any Renewed Term, is referred to as the "<u>Employment Term</u>" in this Agreement. If either Riot or Employee does not wish to renew the term of this Agreement following the expiration of the Employment Term or Renewed Term, as applicable, the non-renewing Party may elect not to renew the term of this Agreement by delivering a notice to the other Party, in accordance with <u>Section 7.j</u> of this Agreement, of such non-renewing Party's intent not to renew the Agreement by no later than Sixty (60) days prior to the end of the Employment Term or the applicable Renewed Term. If such notice of non-renewal is delivered in accordance with this <u>Section 2</u>, this Agreement and Employee's employment with the Company hereunder shall terminate as of the expiration of the Employment Term or Renewed Term, as applicable. For the avoidance of doubt, the Parties hereby acknowledge and agree that, notwithstanding the Employment Term, Employee's employment is "at-will" and voluntary, and, therefore, that each Party is free to terminate this Agreement (and the employer-employee relationship that exists between them) at any time, subject and pursuant to <u>Section 6</u> hereof and applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Exclusive Employment; Place of Services .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Exclusive Employment</u>. During Employee's employment with the Company, Employee shall devote all of Employee's working time, attention, knowledge, and skill(s) to the performance and fulfillment of Employee's duties, responsibilities, and services for the Company, and Employee shall not at any time during the Employment Term engage in any other business, employment, or consulting or contractor work, unless Employee has first obtained prior written consent from the Company's Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Place of Services</u>. [\*\*\*] Employee shall be available, including by telecommuting via video conferencing or other electronic means, during all reasonable times throughout the Employment Term, and shall be available for reasonable business travel requirements on a limited, and temporary basis, in performance of the Employee's duties. Notwithstanding anything in this Agreement to the contrary, Employee's duties shall include travel relating to the Company's business reasonably commensurate with Employee's position with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Compensation and Benefits .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Base Salary</u>. During the Employment Term, the Company shall pay Employee an annualized salary in accordance with its regular payroll practices for an executive employee. Employee's initial gross annual base salary shall be Nine Hundred Thousand and 00/100 United States Dollars ($900,000), subject to all offsets, prorations, deductions, foreign and domestic tax withholdings, and claw-backs as set forth in this Agreement and/or required under applicable law.

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Employee's annual base salary, as adjusted from time to time as set forth herein, is referred to as the "<u>Base Salary</u>" in this Agreement. The Company's Compensation and Human Resources Committee of its Board of Directors (the "<u>Compensation Committee</u>") shall annually review and may, in its sole discretion, adjust Employee's Base Salary from time to time. Effective as of the date of any adjustment to Employee's Base Salary, this Agreement shall be amended automatically without further action or writing by the Parties such that the Base Salary stated herein reflects the new Base Salary established by the Company for all purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Annual Incentive Bonus</u>. During the Employment Term, Employee shall be eligible to receive an annual discretionary cash performance-incentive bonus based on Employee's Base Salary, with a target amount of One Hundred and Twenty-Five percent (125%) of Employee's Base Salary, and a minimum target amount of Zero percent (0%) of Employee's Base Salary (the "<u>Incentive Bonus</u>"). The Incentive Bonus shall be subject to conditions specified by the Compensation Committee or its delegee and awarded based on the determination of the Compensation Committee or its delegee, in its or their sole discretion, of Employee's achievement during the applicable fiscal year of the performance objectives established for Employee as well as the Company's overall performance during the applicable fiscal year. For the avoidance of doubt, Employee shall not be entitled to any Incentive Bonus amount for any applicable fiscal year, except as awarded by the Compensation Committee or its delegee(s) in its or their sole discretion. For each fiscal year during the Employment Term, the Compensation Committee (or its delegee, as appropriate) shall communicate the terms of Employee's Incentive Bonus for such fiscal year, including, without limitation, Employee's performance objectives for the applicable fiscal year and the applicable target amount of such Incentive Bonus (which shall be no less than Zero percent (0%) of Employee's Base Salary). Following each completed fiscal year during the Employment Term, the Compensation Committee (or its delegee, as appropriate) shall evaluate Employee's achievement of the performance objectives established with respect to the Incentive Bonus for Employee and the Company's overall performance for the applicable fiscal year. Based on this evaluation, the Compensation Committee shall determine the final amount of the Incentive Bonus, if any, to be awarded to Employee. Incentive Bonus awards may, in the discretion of the Board or the Compensation Committee, and subject to conditions determined by the Board or the Compensation Committee, in either of their sole discretion, be granted as an Equity Award according to <u>Section 4.c</u> of this Agreement, or as a cash award. Nothing in this <u>Section 4.b</u>, nor anything in this Agreement, entitles or shall be interpreted to entitle Employee to any guaranteed minimum Incentive Bonus at any time during the Employment Term and Employee's receipt of an Incentive Bonus is expressly contingent upon Employee being actively employed by the Company through the date that such Incentive Bonus is actually paid to Employee. All determinations with respect to any Incentive Bonus shall be made by the Board or Compensation Committee, as applicable, in its sole and reasonable discretion, and shall be final, conclusive, and binding on all Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>Equity Compensation</u>. Subject to the terms and conditions of this Agreement, the Employee shall be eligible to receive, as additional compensation, awards of equity compensation (each an "<u>Equity Award</u>"), under the Company's 2019 Equity Incentive Plan, as amended, or any successor equity incentive plan adopted by the Company from time to time after the Effective Date (the "<u>Equity Plan</u>"), including under the Company's Long-Term Incentive Program adopted in 2023 under the Equity Plan (the "<u>LTIP</u>"). All Equity Awards shall be granted subject to the terms and conditions of the Equity Plan and an equity award agreement (each, an "<u>Award Agreement</u>") to be entered into between the Company and Employee as of the grant date of such Equity Award. The Company grants its employees Equity Awards as additional long-term incentive compensation to better align employees' interests with those of the Company's stockholders. Accordingly, any Equity Award granted to Employee by the Company shall be subject to forfeiture until vesting. As set forth in the Equity Plan and the applicable Award Agreement, vesting of these Equity Awards may occur as a result of Employee's continued service with the Company through designated vesting dates (a "<u>Service-Based Award</u>"), or as a result of the Employee's or the Company's achievement of certain performance objectives established by the Board from time to time, subject to Employee's continued employment with the Company through the date the

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Board determines the performance objective(s) has been achieved (a "<u>Performance-Based Award</u>"). Awards granted under the LTIP generally will consist of a Service-Based Award and a Performance-Based Award, both of which shall vest over a three-(3)-year period; however, the granting, term, composition, and amount of any Equity Awards granted under the LTIP and the Equity Plan are subject to the discretion of the Compensation Committee (who administers the Equity Plan and all Equity Awards granted thereunder), and nothing herein is, nor should it be interpreted or construed as being, an offer or a guarantee that Employee will be granted any Equity Award, including under the LTIP and the Equity Plan, at any time, or in any amount. For the avoidance of doubt, except as otherwise agreed by the Company in writing, Employee shall not be guaranteed any minimum Equity Award at any time during the Employment Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.<u>Benefits</u>. During the Employment Term, Employee shall be entitled to participate in the Company's employee benefit plans and programs, as then in effect, including without limitation group medical, dental, health and/or disability insurance plans, Code Section 401(k) plans, and Medicare/Social Security reimbursement plans, in accordance with and subject to the terms and conditions of those benefit plans and/or programs and any amendments thereto, including any and all provisions concerning eligibility for participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.<u>Paid Time Off</u>. During the Employment Term, Employee shall be eligible to receive paid time off ("<u>PTO</u>") for use as vacation leave, sick leave, and/or for other personal reasons, subject and pursuant to the Company's PTO policy with respect to executive employees, as may be amended from time to time by the Company, in its sole discretion. To the extent permitted by applicable law, PTO shall not accrue to Employee, is not "earned" by Employee, and Employee is not entitled to receive any compensation for any unused PTO as of the termination of Employee's employment or service with the Company, except as agreed in writing by the Company or as otherwise provided in the Company's PTO policy as in effect at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.<u>Expense Reimbursement</u>. During the Employment Term, and subject to <u>Section 7.p</u> of this Agreement, the Company will reimburse Employee for reasonable, necessary, and documented out-of-pocket business expenses incurred by Employee on behalf of the Company in connection with the performance of Employee's duties and in furtherance of the Company's business in accordance with the Company's travel and business expense policy, as may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.<u>Company Compensation Practices and Regulatory Compliance</u>. Any payment or benefit conferred under this <u>Section 4</u> or otherwise pursuant to this Agreement shall, subject to all applicable regulatory, tax, and legal requirements described under <u>Section 7.p</u> of this Agreement, be paid in accordance with the Company's customary compensation practices and, as applicable, prorated for the actual number of days Employee was actively employed with the Company during the applicable fiscal year.

**5.** **Restrictive Covenants.** The Employee hereby acknowledges and agrees that Employee has read and understood, and continues to be bound by the terms of the Confidentiality and Non-Competition Agreement by and between the Company and Employee (the "<u>CNCA</u>"), which is incorporated herein by this reference. The Employee further understands and agrees that the Company may, in its sole discretion, update and amend the Employee's CNCA from time to time, and the Employee will be required to sign any such amended agreement as a material term of this Agreement and a condition of continued employment or service with the Company. Notwithstanding anything contained in this Agreement to the contrary, nothing herein shall modify or limit the applicability of the confidentiality and/or restrictive covenants contained in the CNCA and/or any other agreement between the Parties, which shall be enforced according to their terms and read together to provide the greatest level of protection(s) to the Company and its confidential information (as that term is defined in the CNCA).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Termination of Employment .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>By the Company for Cause</u>. Employee's employment under this Agreement may be terminated by the Company at any time upon the occurrence of one or more of the following events (each of which shall be a termination event for "<u>Cause</u>"):

&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;i.Employee willfully, recklessly, or with gross negligence fails to comply with any material term or aspect of the policies, standards, and regulations that the Company, in its sole discretion, establishes and/or implements in writing before and during the Employment Term;

&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;ii.Employee commits any act of gross negligence, illegal conduct, embezzlement, theft, misappropriation, fraud, dishonesty, or other acts of misfeasance, malfeasance, and/or misconduct in the rendering of services to or on behalf of the Company;

&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;iii.Employee willfully, recklessly, or with gross negligence fails to comply with any reasonable request of the person(s) to whom Employee reports;

&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;iv.Employee fails to adequately, substantially, and/or continually perform to Company's reasonable satisfaction the usual and customary duties of Employee's employment, those duties reasonably requested of Employee and typically associated with Employee's position, and/or those duties or expectations assigned by Company;

&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;v.Employee breaches any material term or provision of this Agreement or any material term or provision of any other agreement between the Parties; or

&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;vi.Employee is convicted of, or pleads guilty or *nolo contendere* to, any crime constituting a felony or any crime constituting a misdemeanor involving deceit, dishonesty, or moral turpitude, or otherwise commits any act which impairs Employee's fitness to perform the Employee's duties under this Agreement and/or damages the reputation of the Company, as determined in the sole and reasonable discretion of the Board.

Notwithstanding the foregoing, the Company may not terminate Employee's employment or service under this Agreement for Cause under this <u>Section 6.a</u> without first providing Employee written notice of the event or condition(s) constituting Cause. Such notice must be given no later than Thirty (30) days after the date on which the event or condition(s) constituting Cause is first reasonably discovered by the Board. Upon the giving of such notice, and only if the event or condition is reasonably capable of being remedied by Employee, Employee shall have a period of Thirty (30) days during which Employee may remedy the event or condition(s) and, if so remedied, the Company may not terminate Employee's employment under this Agreement for Cause for the event or condition that was remedied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>By the Company without Cause</u>. Employee's employment under this Agreement may be terminated by the Company without Cause upon providing written notice of termination to Employee Thirty (30) days in advance of such termination. For purposes of this Agreement "<u>without Cause</u>" shall mean any termination by the Company that is not (i) a termination for Cause as described and in accordance with <u>Section 6.a</u> above, or (ii) a termination because of death or Disability, as described <u>Section 6.e</u> below. Notwithstanding anything in this Agreement to the contrary, the Company may, in its sole and absolute discretion, advance the Employee's termination date to an alternate termination date of the Company's own choosing provided, however, that Employee shall be paid Employee's Base Salary from the date that the Company provides written notice of termination through the end of the 30-day notice period provided for in this <u>Section 6.b</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>By Employee for Good Reason</u>. Employee's employment under this Agreement may be terminated by Employee at any time following written notice to the Company upon the occurrence of any of the following events or conditions (each of which shall be a termination event for "<u>Good Reason</u>"):

&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;i.A material diminution in Employee's Base Salary or employment benefits other than a general reduction in Base Salary and/or benefits that affects all similarly situated employees;

&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;ii.A material breach of this Agreement by the Company;

&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;iii.A material diminution in Employee's title, authorities, responsibilities, or duties without Employee's consent (other than a temporary change while Employee is physically or mentally in capacitated or as required by applicable law);

&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;iv.A relocation of Employee's primary work location that would require the reasonable person to move Employee's residence from its then current location if Employee does not consent to such relocation;

&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;v.The Company permanently ceases its business operations; and/or

&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;vi.A Change in Control (as defined in <u>Section 6.f</u> below) of the Company and the Employee experiences any of the events set forth in the foregoing <u>Sections 6.c.i</u> through <u>6.c.v</u> within either (A) the first 6 months following such Change in Control or (B) the Employment Term or any then-effective Renewed Term of this Agreement, whichever is later.

Notwithstanding the foregoing, Employee may not terminate Employee's employment under this Agreement for Good Reason without first providing the Company advanced written notice of the event(s) and/or condition(s) constituting Good Reason, which notice must be given no later than Thirty (30) days after the date on which the event(s) and/or condition(s) constituting Good Reason first occurs. Upon the Company's receipt of such notice, the Company shall then have Thirty (30) days during which it may remedy the event(s) and/or condition(s) (the "<u>Company Notice Period</u>") and, if so remedied, Employee may not terminate his employment under this Agreement for Good Reason. If Employee fails to comply with the immediately preceding two sentences of this <u>Section 6.c</u>, such termination shall not be considered a termination for Good Reason. If the Company fails to cure the event(s) and/or conditions during the Company Notice Period, then the termination shall occur Thirty (30) days after the expiration of the Company Notice Period unless the Company, in its sole discretion, chooses to advance Employee's termination date to an alternate termination date of the Company's own choosing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.<u>By Employee without Good Reason</u>. Employee may terminate Employee's employment under this Agreement without Good Reason by providing written notice of termination to the Company no less than One Hundred Eighty (180) days before the termination date. For purposes of this Agreement "<u>without Good Reason</u>" shall mean any termination by Employee that is not a termination due to death or Disability under <u>Section 6.e</u>, below, or for Good Reason as set forth and in accordance with <u>Section 6.c</u>, above. Notwithstanding anything in this Agreement to the contrary, the Company may, in its sole and absolute discretion, waive all or any part of the One Hundred Eighty (180)-day notice period for no consideration and advance the Employee's termination date to an alternate termination date of the Company's choosing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.<u>Termination due to Death or Disability</u>. Employee's employment with the Company shall terminate immediately in the event of death or Disability of Employee. The term "<u>Disability</u>" means Employee's inability to substantially perform his duties as Executive Chairman by reason of any medically determinable physical or mental impairment that, as determined by a physician chosen by the Company and reasonably acceptable to Employee, can be expected to: (i) result in death; (ii) last for a continuous

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period of at least Thirty (30) days; or (iii) endanger the Employee and/or others if Employee were to continue to perform Employee's duties with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.<u>Change in Control</u>. For purposes of this Agreement, a "<u>Change in Control</u>" shall be deemed to have occurred if:

&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;i.an acquisition of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended, (the "<u>Exchange Act</u>") or any future replacement thereof) by any individual, group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act, or any future replacement thereof), or entity (each, a "<u>Person</u>") of Fifty Percent (50%) or more of the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the "<u>Outstanding Company Voting Securities</u>"); excluding, however, the following: (A) any acquisition directly from the Company, other than an acquisition by virtue of the exercise of a conversion privilege unless the security being so converted was itself acquired directly from the Company; (B) any acquisition by the Company; (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any entity controlled by the Company; or (4) any acquisition pursuant to a transaction which complies with clauses (A), (B) and (C) of this <u>Section 6.f.i</u>; or

&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;ii.a change in the composition of the Board such that the individuals who constitute the Incumbent Board (such as defined herein) cease for any reason to constitute at least a majority of the Board. As used in this <u>Section 6.f</u>, the "<u>Incumbent Board</u>" means those individuals serving as members of the Board as of the Effective Date; provided, however, any subsequent individual serving on the Board who was (A) elected to serve as a member of the Board by the Company's stockholders or (B) appointed to fill a vacancy on the Board shall be considered as though such individual were a member of the Incumbent Board *only if* such individual was nominated for election or appointed to serve on the Board by at least a majority of the Incumbent Board; but, provided further, that any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act or any future replacement thereof) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board shall not be so considered as a member of the Incumbent Board; or

&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;iii.consummation of a reorganization, merger or consolidation of the Company, or sale or other disposition of all or substantially all of the assets of the Company (a "<u>Corporate Transaction</u>"); excluding, however, such a Corporate Transaction pursuant to which: (A) all or substantially all of the individuals and entities who are the beneficial owners, respectively, of the Outstanding Company Voting Securities immediately prior to such Corporate Transaction will beneficially own, directly or indirectly, more than Fifty Percent (50%) of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the corporation resulting from such Corporate Transaction (including, without limitation, a corporation which, as a result of such transaction, owns the Company or all or substantially all of the Company's assets either directly or through one or more Subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Corporate Transaction, of Outstanding Company Voting Securities; (B) no Person (other than the Company, any employee benefit plan (or related trust) of the Company or such corporation (described in clause (A) of this <u>Section 6.f.iii</u>) resulting from such Corporate Transaction) will beneficially own, directly or indirectly, Forty Percent (40%) or more of the combined voting power of the outstanding voting securities of such corporation entitled to vote generally in the election of directors except to the extent that such ownership existed prior to the Corporate Transaction; and (C) individuals who were members of the Incumbent Board will constitute at least a majority of

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the members of the board of directors of the corporation resulting from such Corporate Transaction; or

&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;iv.A complete liquidation or dissolution of the Company.

Notwithstanding any of the foregoing, however, in any circumstance or transaction in which compensation resulting from or in respect a Change in Control would result in the imposition of an additional tax under Section 409A of the Internal Revenue Code of 1986, as amended, (the "<u>Code</u>") were to apply, but would not result in the imposition of any additional tax if the term "Change in Control" were defined herein to mean a "change in control event" within the meaning of Section 1.409A-3(i)(5) of the Treasury Regulations promulgated under the Code, as amended, (the "<u>Treasury Regulations</u>") then "Change in Control" shall mean a "change in control event" within the meaning of Treasury Regulation Section 1.409A-3(i)(5), but only to the extent necessary to prevent such compensation from becoming subject to an additional tax under Section 409A of the Code ("<u>Section 409A</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.<u>Payment of Accrued Obligations; Continuation of Benefits</u>. Regardless of the reason for the termination of Employee's employment with, or other qualifying "Separation from Service" (within the meaning of Treasury Regulations Section 1.409A-1(h), or future replacement thereof) from, the Company, Employee shall be entitled to receive payment in satisfaction of the following obligations accrued to Employee as of the effective date of such termination or Separation from Service (the "<u>Termination Date</u>") which are outstanding as of the Termination Date (collectively, the "<u>Accrued Obligations</u>"): (A) all of the Employee's Base Salary earned and unpaid through the Termination Date; (B) all of Employee's PTO accrued and unused as of the Termination Date that is due upon termination of employment per the terms of the Company's PTO policy; and (C) reimbursement of Employee's properly reimbursable business expenses incurred and unreimbursed as of the Termination Date; *provided, that*, Employee must submit a final request for reimbursement of any such outstanding unreimbursed business expenses, together with such substantiation as may be requested or required pursuant to the Company's employee expense reimbursement policy, by no later than Thirty (30) business days following the Termination Date to receive reimbursement of such employee business expenses. Except with respect to reimbursement of Employee's outstanding reimbursable employee business expenses, all Accrued Obligations shall be due and payable to Employee (or Employee's estate or beneficiaries, as the case may be) on the first regular payday following the Termination Date (or sooner if required by law). In addition to satisfaction of the Accrued Obligations, Employee shall continue to receive coverage under the Company's then-effective group medical insurance policies and employee benefit programs through the end of the month of the Termination Date, except as required by applicable law and the terms of applicable Company group medical insurance policy and employee benefit program agreements. For the avoidance of doubt, except for as provided in <u>Section 6.h</u> below, Employee shall be entitled to receive only payment of the Accrued Obligations and continuation of the Company employee benefits set forth in this <u>Section 6.g</u> in connection with the cessation of Employee's employment with the Company, and, upon payment of such Accrued Obligations, Employee shall not be entitled to any further compensation or benefits from the Company (including its subsidiaries and affiliates), except as specifically provided herein, or as otherwise agreed by the Company in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.<u>Severance</u>. Company and Employee (or Employee's estate or beneficiaries, as the case may be) shall enter into a separation agreement and general release, substantially in form attached as <u>Exhibit "A"</u> hereto (the "<u>Severance Agreement</u>") by no later than Twenty (20) business days following the Termination Date or such earlier time as provided by the Severance Agreement (and any applicable revocation period in the Severance Agreement expires no later than Sixty (60) days following the Termination Date), pursuant to which Company shall pay to Employee (or Employee's estate or beneficiaries, as the case may be), in exchange for the execution, non-revocation, and compliance with the terms of the Severance Agreement by the Employee (or Employee's estate or beneficiaries, as the case may be), the applicable amounts specified in <u>Sections 6.h.i</u> through <u>6.h.v</u>, below (the "<u>Severance Payments</u>") in

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accordance with the Severance Agreement; *provided, however,* neither Party shall be obligated to enter into the Severance Agreement if Employee's employment with the Company is terminated: (i) by the Company for Cause; or (ii) by Employee without Good Reason **and** Employee fails to provide the advance written notice required by <u>Section 6.d</u> of this Agreement. The Severance Payments shall not become due and payable unless and until the Severance Agreement between the Company and Employee has become effective, binding, and irrevocable on the parties thereto; *provided, however,* that if the Company (or applicable successor-in-interest to the Company) fails to execute and deliver the Severance Agreement in accordance with this <u>Section 6.h</u> within Twenty (20) business days following the Termination Date, the Company shall be deemed in material default of its obligations under this Agreement, and the applicable Severance Payments that would have been due to Employee had the Severance Agreement been entered into in accordance with this <u>Section 6.h</u> shall immediately become due and payable to Employee, without further action by, or agreement of, the Employee. Accordingly, pursuant to the Severance Agreement, Employee shall be entitled to receive the following Severance Payments:

&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;i.*Termination by Company for Cause; Termination by Employee without Good Reason (without Notice); Non-Renewal of Employment Term by Employee (without Notice)*. If the Company terminates Employee's employment for Cause, or if Employee terminates Employee's employment hereunder without Good Reason or Employee does not renew the term of their employment with the Company **and** Employee fails to provide advance notice required by <u>Section 6.d</u> of this Agreement, then the Employee (or Employee's estate or beneficiaries, as the case may be) shall not receive any Severance Payments and shall only be entitled to receive payment of the Accrued Obligations; therefore, upon payment of such amounts, Employee shall not be entitled to receive any additional remuneration from the Company under this Agreement with respect to Employee's employment with the Company.

&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;ii.*Termination by Employee without Good Reason (with Notice).* If Employee terminates Employee's employment hereunder without Good Reason **and** provides the Company with advance written notice of such termination as required by <u>Section 6.d</u> of this Agreement Employee (or Employee's estate or beneficiaries, as the case may be) shall receive payment of the Accrued Obligations and the following Severance Payments, subject to Employee timely entering into the Severance Agreement: **(A)** the Incentive Bonus to which Employee would have been entitled under <u>Section 4.b</u> of this Agreement, had Employee remained employed with the Company through the end of the calendar year in which the Termination Date occurs, as if Employee had continued employment with the Company through the date on which such Incentive Bonus would have been paid, calculated assuming achievement of Twenty-Five Percent (25%) of the performance targets of such Incentive Bonus for the applicable fiscal year, prorated through the Termination Date; and **(B)** One (1) month of the Employee's then-effective Base Salary.

&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;iii.*Termination due to Non-Renewal of Employment Term by Company.* If Company elects under <u>Section 2</u> hereof not to renew the term of Employee's employment with Company hereunder, Employee (or Employee's estate or beneficiaries, as the case may be) shall receive payment of the Accrued Obligations and the following Severance Payments, subject to Employee timely entering into the Severance Agreement: **(A)** the Incentive Bonus to which Employee would have been entitled under <u>Section 4.b</u> of this Agreement, had Employee remained employed with the Company through the end of the calendar year in which the Termination Date occurs, as if Employee had continued employment with the Company through the date on which such Incentive Bonus would have been paid, calculated assuming achievement of Twenty-Five Percent (25%) of the performance targets of such Incentive Bonus for the applicable fiscal year, prorated through the Termination Date; and **(B)** Three (3) months of the Employee's then-effective Base Salary.

&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;iv.*Termination by Company without Cause; Termination by Employee for Good Reason (other than incident to a Change in Control).* If Employee's employment with the Company

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is terminated by the Company without Cause or by the Employee for Good Reason in accordance with <u>Section 6.c</u> hereof (other than incident to a Change in Control), then Employee (or Employee's estate or beneficiaries, as the case may be) shall receive payment of the Accrued Obligations and the following Severance Payments, subject to Employee timely entering into the Severance Agreement: **(A)** the Incentive Bonus to which Employee would have been entitled under <u>Section 4.b</u> of this Agreement had Employee remained employed with the Company through the end of the calendar year in which the Termination Date occurs, as if Employee had continued employment with the Company through the date on which such Incentive Bonus would have been paid, calculated assuming achievement of One Hundred Percent (100%) of the performance targets of such Incentive Bonus for the applicable fiscal year, prorated through the Termination Date; **(B)** payment of an amount equal to the lesser of: *(1)* One Hundred Percent (100%) of the sum of Employee's then-effective Base Salary that would have be paid to Employee through the end of the Employment Term (or then-applicable Renewed Term) had Employee's employment with the Company not ceased; and *(2)* Twelve (12) months of the Employee's then-effective Base Salary; **(C)** acceleration of the vesting of that portion of all outstanding Service-Based Awards granted to Employee under the Equity Plan that would have vested within Twelve (12) months following the Termination Date but for the cessation of Employee's employment with the Company, such that such Equity Awards shall be deemed vested immediately as of the Termination Date; and **(D)** continuation of the vesting of all outstanding Performance-Based Awards granted to Employee under the Equity Plan as if Employee's employment with the Company had not ceased prior to the end of the applicable performance period with such vesting calculated based on actual performance; *provided*, *however*, if the applicable performance period is extended or the vesting or performance conditions are materially changed to Employee's detriment or the Company fails to certify the performance achievement with respect to any such outstanding Performance-Based Awards within Sixty (60) days following the end of the applicable performance period, then such Performance-Based Awards will vest immediately upon the occurrence of any such event assuming achievement of the maximum level of performance.

&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;v.*Termination by Company without Cause or by Employee with Good Reason Incident to Change in Control.* If Employee terminates Employee's employment with the Company for Good Reason consistent with the rules and procedures set forth in <u>Section 6.c.vi</u> of this Agreement, or if Employee's employment with the Company is terminated by the Company for any reason other than for "Cause" (as defined in <u>Section 6.a</u> hereof) within Six (6) months of a Change in Control of the Company, Employee (or Employee's estate or beneficiaries, as the case may be) shall receive payment of the Accrued Obligations and the following Severance Payments, subject to Employee timely entering into the Severance Agreement: **(A)** One Hundred Percent (100%) of the target amount of the Incentive Bonus to which Employee would have been entitled under <u>Section 4.b</u> of this Agreement had Employee remained employed with the Company through the date on which such Incentive Bonus would have been paid, without proration; **(B)** an amount equal to the *greater* of: *(1)* the sum of the Employee's Base Salary that would have been paid to Employee through the end of the Employment Term (or then-applicable Renewed Term) had Employee's employment with the Company not ceased; and *(2)* Twelve (12) months of the Employee's Base Salary as in effect as of the Termination Date; **(C)** acceleration of the vesting of all outstanding Service-Based Awards granted to Employee under the Equity Plan which remain unvested as of the Termination Date, such that vesting of such Service-Based Awards shall be deemed to have occurred as of the Termination Date; and **(D)** acceleration of the vesting of all outstanding Performance-Based Awards granted to Employee under the Equity Plan which remain unvested as of the Termination Date, as if Employee's employment with the Company had not ceased prior to the end of the performance period for such award(s) calculated assuming achievement of the maximum level of performance, such that vesting of such Performance-Based Awards shall be deemed to have occurred as of the Termination Date.

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&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;vi.*Termination due to death or Disability*. If Employee's employment hereunder is terminated because of Employee's death or Disability, then Employee (or Employee's estate or beneficiaries, as the case may be) shall receive payment of the Accrued Obligations and the following Severance Payments, subject to Employee (or Employee's estate or beneficiaries, as the case may be) timely entering into the Severance Agreement: **(A)** the Incentive Bonus to which Employee would have been entitled under <u>Section 4.b</u> of this Agreement had Employee remained employed with the Company through the date on which such Incentive Bonus would have been paid, calculated assuming performance achievement of Fifty Percent (50%) of the target amount for the applicable fiscal year, prorated through the Termination Date; **(B)** payment of an amount equal to Six (6) months of Employee's then-effective Base Salary; **(C)** acceleration of the vesting of Fifty Percent (50%) of all outstanding Service-Based Awards granted to Employee under the Equity Plan that would have vested within the Twelve (12) months following the Termination Date but for the cessation of Employee's employment with the Company, such that such Equity Awards shall be deemed vested immediately as of the Termination Date; and **(D)** continuation of the vesting of all outstanding Performance-Based Awards granted to Employee under the Equity Plan as if Employee's employment with the Company had not ceased prior to the end of the applicable performance period with such vesting calculated based on actual performance; *provided*, *however*, if the applicable performance period is extended or the vesting or performance conditions are materially changed to Employee's detriment or the Company fails to certify the performance achievement with respect to any such outstanding Performance-Based Awards within Sixty (60) days following the end of the applicable performance period, then such Performance-Based Awards will vest immediately upon the occurrence of any such event assuming achievement of the maximum level of performance.

&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;vii.*Form and Time of Payment for Severance Benefits*. The amount of the Severance Benefit payable under Section 6(h) above will be paid in a lump sum, less applicable tax withholdings as follows: **(A)** 50% of cash severance benefits shall be paid to an Employee within 20 business days following the Employee's entry into the Severance Agreement, with the remainder payable 6 months and 1 day following the Termination Date; **(B)** any Service-Based Awards entitled to pro rata vesting that would have otherwise become vested and been settled solely based on the performance of service will be settled no later than Five (5) business days following the date of the Employee's entry into the Severance Agreement; and **(C)** any Performance-Based Awards entitled to accelerated vesting that would otherwise have become vested and been settled, in whole or in part, based on performance for which the applicable performance period has not ended on or prior to the Employee's Termination Date will be settled no later than Five (5) business days following the date of the Employee's entry into the Severance Agreement. All payments and benefits under this Agreement shall be subject to, and made net of, applicable deductions and withholdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.<u>Treatment of Equity</u>. Other than pursuant to the Severance Agreement as set forth in the foregoing <u>Sections 6.h.i</u> through 6.h.vi., and except with respect to applicable regulatory, tax, and legal requirements described under <u>Section 7.p</u> of this Agreement, any Equity Awards granted to Employee shall remain governed by the Equity Plan and the applicable Equity Award Agreement between Employee and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j.<u>Regulatory Adjustments</u>. All amounts which may become payable to Employee under this Section 6 in connection with the cessation of Employee's employment with the Company, including any Severance Payments, shall be subject to all applicable regulatory, tax, and legal requirements described under <u>Section 7.p</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k.<u>Effect of Termination; Resignation and Removal from all Company Positions</u>. Notwithstanding anything in this Agreement to the contrary, upon termination of Employee's employment

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hereunder for any reason, Employee agrees: (i) to immediately deliver to the Company all Property (as that term is defined in the CNCA) and records (including all copies thereof) of the Company; (ii) that the Company shall have the right, without limitation, to withhold and retain any amounts that might otherwise be owed to the Employee to offset any amounts or debts owed by Employee to the Company; and (iii) that the Company shall, subject to applicable laws, further have the right to withhold the payment of any amounts that might otherwise be owed to Employee until such time as the Company determines, to its reasonable satisfaction, that any and all proprietary and confidential information, regardless of the medium on which it is embodied (*e.g.*, laptop computer), has been returned to the Company and that Employee has not retained copies thereof. Furthermore, except as specifically agreed by the Company in writing, upon the cessation of Employee's employment with the Company, Employee shall be deemed to have resigned and/or been removed from all positions that the Executive holds (or previously held) with the Company or any of the Company's affiliated and/or related entities, effective immediately as of the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Miscellaneous .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Section Headers; Gender and Number</u>. The section headings in this Agreement are for the Parties' convenience only and are not intended to govern, limit, or affect the meanings of the sections. Singular and plural nouns and pronouns shall mean the singular or plural and the masculine, feminine, or neuter genders as permitted by the context in which the words are used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Representations by Employee</u>. The Employee represents and warrants to the Company that:

&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;i.The Employee's acceptance of employment under this Agreement with the Company and the performance of the Employee's duties hereunder will not conflict with or result in a violation of, a breach of, or a default under any contract, agreement, or understanding to which the Employee is a party or is otherwise bound;

&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;ii.The Employee's acceptance of employment under this Agreement with the Company and the performance of the Employee's duties hereunder will not violate any non-solicitation, non-competition, non-disclosure, or other similar covenant or agreement between the Employee and a prior employer of the Employee;

&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;iii.The Employee's representations to the Company regarding the Employee's prior employment have been truthful and accurate; and

&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;iv.Employee shall immediately notify the Company of any issues that arise that could conflict with the representations, warranties, and obligations set forth herein, including without limitation, any demands, claims, notices, or requests made by third parties that could adversely impact Employee's ability to perform services as the Executive Chairman.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>Cooperation</u>. The Parties agree that certain matters in which Employee will be involved during the Employment Term may necessitate Employee's cooperation in the future. Accordingly, following the termination of Employee's employment for any reason, to the extent requested by the Company, Employee shall provide to the Company reasonable levels of assistance in answering questions about the Company's business, transition of responsibility, legal matters, and/or litigation. The Company shall make reasonable efforts to minimize the disruption of Employee's other activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.<u>Entire Agreement; Modification</u>. Unless specifically provided herein, this Agreement, along with all exhibits and/or attachments hereto (including without limitation the Equity Award Agreements entered into between the Parties and the CNCA) constitutes the entire understanding between Employee and the Company with respect to the subject matter hereof and supersedes all prior understandings, agreements, representations, and warranties, both written and oral, with respect to the

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subject matter hereof. The Parties are not relying upon any representations or promises not set forth in this Agreement. Except as provided here, this Agreement may not be amended or modified except in a writing signed by both Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.<u>Waiver</u>. Failure to insist upon strict compliance with any of the terms, covenants, or conditions set forth in this Agreement (including the CNCA) shall not be deemed a waiver of such term, covenant, or condition, nor shall any waiver or relinquishment of any right or power hereunder at any one or more times be deemed a waiver or relinquishment of such right or power at any other times. No waiver by the Company of a breach by Employee of any provision of this Agreement (including the CNCA) shall be binding upon the Company unless the same is in writing, signed by a duly authorized representative of the Company, and any such waiver shall not operate or be construed as a waiver of any subsequent breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.<u>Severability</u>. If it is determined by a court of competent jurisdiction that any of the provisions of this Agreement is invalid or unenforceable, such determination shall not affect the validity of the remaining provisions in this Agreement, each of which shall survive and be given full force and effect. A court of competent jurisdiction may modify and bring about a modification of any invalid or unenforceable provision to make it enforceable under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.<u>Assignment</u>. The Company may assign this Agreement (including the CNCA) and, if assigned, the assignee has the right to seek enforcement of the Agreement (including the CNCA). Since this Agreement and the Employee's rights and obligations hereunder are personal to Employee, Employee cannot assign this Agreement (including the CNCA) to any other person or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.<u>Indemnification of Company</u>. Employee agrees to indemnify, defend, and hold the Company, its Affiliates, and their officers, directors and employees harmless from and against any claims (including without limitation losses, damages, attorneys' fees and costs) by third parties alleging that Employee's employment with the Company hereunder constitutes unlawful activity, breaches an obligation of Employee, or otherwise subjects the Company and its Affiliates to potential liability as a result of Employee's employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.<u>Indemnification of Employee</u>. The Company agrees to indemnify, defend, and hold the Employee harmless from and against claims as provided for under the Company's Articles of Incorporation and the Company's Bylaws in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j.<u>Notices</u>. All notices and other communications required to be given under this Agreement (including the CNCA) shall be in writing and shall be delivered to the Party in person, via e-mail or as an attachment to an e-mail transmission to the Party's e-mail address, or by overnight carrier service by a recognized business courier (such as FedEx or UPS). A notice and/or other communication to be given hereunder shall be considered effective: (a) on the date of delivery if personally delivered against a written receipt; (b) on the date of delivery if sent by e-mail transmission or as an attachment to an e-mail transmission, with a delivery receipt; or (c) on the first business day following the date of dispatch if delivered to a recognized business courier service (such as DHL Courier, FedEx, or UPS) for overnight delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k.<u>Survival</u>. Notwithstanding anything in this Agreement to the contrary, and for the avoidance of any doubt, the termination of Employee's employment under this Agreement for any reason shall not affect the CNCA or any of the covenants, warranties, and agreements in <u>Sections 4.g</u>, <u>5</u>, <u>6</u>, and <u>7</u> (including all applicable subparts) of this Agreement, each of which shall survive such termination of the Employment Term, the Parties' employment relationship, and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l.<u>Governing Law; Jurisdiction and Venue; Attorney's Fees and Costs</u>. The validity, construction, and performance of this Agreement (including the CNCA) shall be governed by the laws of

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the State of Colorado without giving effect to conflict of law principles. Except as otherwise may be required by the Company to obtain equitable injunctive relief under this Agreement, the CNCA, and/or any other agreement between the Parties, jurisdiction for all actions or proceedings arising under this Agreement (including the CNCA) shall be exclusive to a state or federal court of competent jurisdiction located in or with jurisdiction for the City of Castle Rock in the County of Douglas, Colorado, USA. The Parties hereby irrevocably subject and consent to the jurisdiction of such courts and waive the defense of inconvenient forum related to any action or proceeding in such venue. Should an action be commenced for a breach of and/or to enforce the terms of this Agreement (including the CNCA), the prevailing party in such an action shall be entitled to recover from the non-prevailing party, in addition to all other legal and/or equitable remedies, all costs of litigation, including reasonable attorneys' fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m.<u>Pre-Suit Mediation</u>. Except with respect to any injunctive relief sought by the Company under this Agreement, the CNCA, and/or any other agreement between the Parties, each of the Parties knowingly, voluntarily, and intentionally agrees to and shall participate in a mediation conference before filing any complaint, charge, or accusatory pleading or document, or otherwise commencing any legal or administrative action or proceeding against the other Party with a federal, state, or local agency and/or in a court of competent jurisdiction. The Parties agree that the mediation conference shall be convened in City of Austin in the County of Travis, Texas, USA, and to cooperate in the selection of a mutually agreeable mediator. The Parties shall split equally the cost of the mediator. The Parties also agree to bear their own respective attorney's fees and costs for mediation under this <u>Section 7.m</u>. For the avoidance of any doubt, except as provided herein, the mediation requirement of this <u>Section 7.m</u> is a condition precedent to any action, proceeding, and/or litigation between the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n.**WAIVER OF JURY TRIAL**. **TO THE EXTENT PERMITTED BY LAW, THE PARTIES KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY AGREE TO, AND DO HEREBY, WAIVE THE RIGHT TO TRIAL BY JURY IN ANY LITIGATION, CAUSE OF ACTION, CLAIM, PROCEEDING, OR COUNTERCLAIM BROUGHT BY EITHER OF THE PARTIES AGAINST THE OTHER: (I) BASED ON ANY MATTER WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED WITH EMPLOYEE'S EMPLOYMENT WITH THE COMPANY; (II) BASED ON THIS AGREEMENT (INCLUDING THE CNCA) OR ARISING OUT OF, UNDER, OR RELATING TO THIS AGREEMENT (INCLUDING THE CNCA); AND/OR (III) BASED ON ANY ALLEGED ACTION, INACTION, OR OMISSION OF EITHER PARTY TO THIS AGREEMENT.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o.<u>Construction</u>. The essential terms and conditions contained in this Agreement have been mutually negotiated between the Parties. The Parties agree that the language of all parts of this Agreement shall in all cases be construed as a whole, according to its fair meaning, and not strictly for or against any of the Parties. No ambiguity or uncertainty in this Agreement shall be construed or interpreted in favor of or against any Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p.<u>Compliance with Applicable Regulatory, Tax, and Legal Requirements</u>. Any payments or benefits which may be conferred under this Agreement shall be subject to and administered in compliance with all regulatory, tax, and legal requirements applicable to Employee or the Company, including, without limitation, the following:

&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;i.*Tax Withholding*. The Company may, but shall not be required by the Employee to, withhold from any compensation or benefits payable to Employee all applicable taxes and make any other deductions and withholdings as the Company, in its sole and absolute discretion, determines are required or permitted by law.

&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;ii.*Code Section 409A*. To the extent applicable to Employee, this Agreement and all payments, distributions or other benefits hereunder shall comply and be administered in accordance

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with the requirements of, or an exemption or exclusion to, Section 409A and the Treasury Regulations promulgated thereunder, as well as any applicable equivalent State law. To the extent any provision or term of this Agreement is ambiguous as to its compliance in this respect, such provision or term and all payments hereunder shall be interpreted to comply with the requirements of, or an exemption or exclusion to, Section 409A, as well as any applicable equivalent State law. For the avoidance of doubt, notwithstanding any provision of this Agreement to the contrary, if Employee is a "specified employee" (as defined in Treasury Regulations Section 1.409A-1(i)), then, to the extent required under Treasure Regulation Section 1.409A-3(i)(2), any payments that constitute a "nonqualified deferral of compensation" that become due upon the Participant's "Separation from Service" (other than due to the Employee's death) and that would have been made under the terms of the Plan within the six-month period commencing on the Employee's Separation from Service shall be delayed and instead be made as soon as practicable after the earlier of the end of such six-month period or Employee's death. For purposes of this <u>Section 7.p</u>, the terms "specified employee", and "nonqualified deferral of compensation" have the meanings given to them under Section 409A. Any provision that would cause this Agreement or a payment, distribution, or other benefit hereunder to fail to comply with the requirements of, or an exemption or exclusion to, Section 409A, as well as any applicable equivalent State law, shall have no force or effect and the Parties agree that, to the extent an amendment would be effective, this Agreement shall be amended to comply with the requirements of, or an exemption or exclusion to, Section 409A, as well as any applicable equivalent State law. Such amendment shall be retroactive to the extent permitted by law. For purposes of this Agreement, Employee shall not be deemed to have terminated employment unless and until a Separation from Service within the meaning of Treasury Regulations Section 1.409A-1(h) has occurred. Each payment under <u>Section 6.g</u> and <u>6.h</u> of this Agreement shall be treated as a separate payment for purposes of Section 409A. Any expense reimbursements required to be made under this Agreement shall be made not later than December 31st of the year following the year in which Employee incurs the expense; *provided that* in no event shall the amount of expenses eligible for payment or reimbursement by the Company in one calendar year affect the amount of expenses to be paid or reimbursed in any other calendar year. The Executive's right to expense reimbursement shall not be subject to liquidation or exchange for another benefit.

&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;iii.*Code Section 280G*. To the extent applicable to Employee, if any of the payments or benefits received or to be received by Employee constitute "Parachute Payments" within the meaning of Code Section 280G (each, a "<u>Section 280G Payment</u>") and would, but for this <u>Section 7.p.iii</u>, be subject to the excise tax imposed under Code Section 4999 (the "<u>Golden Parachute Tax</u>"), then, prior to making such Section 280G Payment, a calculation shall be made comparing (A) the Net Benefit (as defined below) to Employee of the Section 280G Payment to (B) the Net Benefit to Employee if the Section 280G Payment is limited to the extent necessary to avoid being subject to the Golden Parachute Tax. Only if the amount calculated under (A) above is less than the amount under (B) above will the Section 280G Payment be reduced, and then, only to the minimum extent necessary to ensure that no portion of the Section 280G Payment is subject to the Golden Parachute Tax. For purposes of this <u>Section 7.p.iii</u>, only, "<u>Net Benefit</u>" shall mean the present value of the payment, net of all federal, state, local, foreign income, employment, and excise taxes, including the Golden Parachute Tax. Any reduction made pursuant to this <u>Section 7.p.iii</u> shall be made in accordance with the requirements of Code Section 409A as follows: (X) first, reduction of cash payments and benefits, in reverse order of the date of payment; (Y) second, cancellation of vesting acceleration of equity awards, in reverse order of the date of grant; and (Z) third, reduction of other non-cash payments and benefits, in reverse order of the date the payment or benefit is to be provided. If the same payment or award date applies to more than one payment or benefit within any of the foregoing categories, the reduction will apply to each such payment or benefit on a pro-rata basis. All calculations and determinations under this <u>Section 7.p.iii</u> shall be made by an independent accounting firm or independent tax counsel appointed by the Company (the "<u>Tax</u>

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<u>Counsel</u>"), whose determinations shall be conclusive and binding on the Company and Employee for all purposes. The Company and Employee shall furnish the Tax Counsel with such information and documents as requested by the Tax Counsel to make its determinations under this <u>Section 7.p.iii</u>, and the Company shall bear all costs incurred by the Tax Counsel under this <u>Section 7.p.iii</u>.

&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;iv.*Regulatory Claw-back*. Notwithstanding any other provisions in this Agreement to the contrary, any compensation (whether cash-, equity-, or incentive-based, or otherwise) paid to Employee under this Agreement or any other agreement or arrangement between the Company and Employee which is subject to recovery under any law, government regulation, or stock exchange listing requirement shall be subject to such deductions and claw-back as may be required to be made pursuant to such law, government regulation, or stock exchange listing requirement (or any policy adopted by the Company pursuant to any such law, government regulation or stock exchange listing requirement), without regard for any termination, severance, or other agreement with respect to Employee's separation from service with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q.<u>Full Understanding; Acknowledgment</u>. Employee acknowledges and agrees that Employee has thoroughly read the terms of this Agreement before signing. Employee further acknowledges and agrees that, by signing this Agreement, Employee knowingly and voluntarily consents to the terms contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r.<u>Counterparts</u>. This Agreement (including the CNCA) may be executed in one or more counterparts, each of which when executed shall be deemed to be an original, and such counterparts together shall constitute one and the same Agreement. Signing of this Agreement (including the CNCA) and transmission of the signed Agreement (including the CNCA) by electronic document transfer will be acceptable and binding upon the parties as of the Effective Date.

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*[Signature Page to Riot Platforms, Inc. Amended and Restated Executive Employment Agreement]*

**IN WITNESS WHEREOF**, the undersigned, intending to be legally bound, have executed this Executive Employment Agreement, effective as of the Effective Date set forth herein.

---

| | | |
|:---|:---|:---|
| **EMPLOYEE** | **RIOT PLATFORMS, INC.** | **RIOT PLATFORMS, INC.** |
| /s/ Benjamin Yi | By: | /s/ Lance D'Ambrosio |
| Benjamin Yi | Name: | Lance D' Ambrosio |
|  | Title: | Independent Director, Chairperson of |
|  |  | the Compensation and Human Resources |
|  |  | Committee |
| Date: January 1, 2026 | Date: January 1, 2026 | Date: January 1, 2026 |

---

*Attachments/Exhibits: Exhibit "A" CNCA*

*Exhibit "B" Form of Severance Agreement*

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**Exhibit "A"**

CNCA

[\*\*\*]

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**Exhibit "B"**

Form of Severance Agreement

[\*\*\*]

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## Exhibit 10.10

Exhibit 10.10 **

<br> CERTAIN INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*\*], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE

THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL

**AMENDED AND RESTATED**

**PROFESSIONAL SERVICES AGREEMENT**

This Professional Services Agreement (this "<u>Agreement</u>") is made and entered into, and effective as of March 1, 2026 (the "<u>Effective Date</u>"), by and between Riot Cayman, a limited company organized under the laws of the Cayman Islands, for itself and its affiliate, Riot Platforms, Inc., a Nevada corporation, ("<u>Riot</u>" or the "<u>Company</u>") and Clear Capital Management Corporation, a personal services corporation organized under the federal laws of Canada, (the "<u>Consultant</u>") with offices located at [\*\*\*]. Consultant and the Company are sometimes referred to herein collectively as the "<u>Parties</u>" and each, individually, as a "<u>Party</u>" to this Agreement.

**WHEREAS**, Consultant is a personal services corporation specializing in providing financial and industrial advisory services, and Company is a publicly traded developer and operator of large-scale data centers (including its existing business segment of Bitcoin mining) in the United States; and

**WHEREAS,** pursuant to that certain Professional Services Agreement, dated effective as of April 12, 2022, (the "<u>Original Agreement</u>") as amended by that certain Amended and Restated Professional Services Agreement, dated effective as of April 12, 2025, (the "<u>Amendment</u>"), each by and between the Consultant and the Company (the Original Agreement, as amended by the Amendment, is referred to herein as the "<u>Existing Agreement</u>"), Consultant has agreed to serve as the Company's Chief Financial Officer ("<u>CFO</u>"); and

**WHEREAS**, effective as of March 1, 2026, Consultant intends to step down as the Company's CFO and agreed to continue as a senior advisor ("<u>Senior Advisor</u>") to assist with the CFO transition, as well as assist on other management operational matters, as may be requested by the Company.

**NOW, THEREFORE**, in consideration of the mutual covenants, promises, and obligations contained herein, and for other good and valuable consideration, the receipt and sufficiency of such consideration is hereby acknowledged, the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Position, Duties and Scope of Services .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Position; Duties</u>. Consultant, acting independently and not as an employee of Company, agrees to provide consulting and professional services by serving in the capacity of Company's external operations advisor, including under the title Senior Advisor, pursuant to the terms of this Agreement. In such position, Consultant shall have such powers, authorities, and responsibilities as may reasonably be assigned to Consultant from time to time, as well as such other powers, responsibilities, and authorities customary for consultants of similar rank and title of corporations of the size, type, and nature of the Company; *provided, however*, Consultant shall have no authority to bind the Company or any of its subsidiaries by a promise or representation or to enter into any contract, either written or oral, affecting the Company or any of its subsidiaries, except specifically granted by the Company. Consultant's service will be overseen by the Company's Chief Executive Officer or such other person or persons as the Company's Chief Executive Officer designates from time to time.

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&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Performance under this Agreement</u>. During the Consulting Term (as defined herein), Consultant shall perform and fulfill Consultant's duties and responsibilities under this Agreement to the best of Consultant's abilities and in a trustworthy, professional, competent, and efficient manner. Consultant shall at all times comply with and be subject to all applicable policies, procedures, codes of conduct, requirements, and organizational regulations established by and/or amended by or on behalf of the Company from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>Preparation, Ownership, and Storage of Data and Documents</u>. Consultant shall prepare, in connection with services performed under this Agreement, all reports, documents and correspondence necessary and/or appropriate under the circumstances, all of which shall belong to the Company. Consultant shall store electronically all reports, documents, correspondence, and data on and in Company-designated storage and will not archive or otherwise retain any tangible or intangible copies, summaries, or descriptions of said reports, documents, correspondence, or data or otherwise store any such materials outside of such Company-designated storage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.<u>Fiduciary Duty; Conflict of Interests</u>. By accepting engagement with the Company, Consultant shall perform the Services in good faith, with reasonable care and in the best interests of the Company in connection with the Services, but nothing herein shall be construed to create an employee, officer, or director relationship or to impose fiduciary duties beyond those applicable to an independent contractor.

**2.** **Term of Engagement.** Consultant's engagement under this Agreement shall commence on the Effective Date and continue for a period through January 1, 2028, unless such engagement is terminated earlier pursuant to <u>Section</u> <u>6</u> of this Agreement (the "<u>Consulting Term</u>"). The term of this Agreement shall be automatically renewed for a period of twelve-(12)-months following the expiration of the Consulting Term, and for successive twelve-(12)-month periods thereafter (each, a "<u>Renewed Term</u>"), until this Agreement is terminated in accordance with <u>Section</u> <u>6</u> or a Party delivers a notice of non-renewal in accordance with this <u>Section 2</u>. If either Company or Consultant does not wish to renew the term of this Agreement following the expiration of the Consulting Term or Renewed Term, as applicable, the non-renewing Party may elect not to renew the term of this Agreement by delivering a notice to the other Party, in accordance with <u>Section</u> <u>7.j</u> of this Agreement, of such non-renewing Party's intent not to renew the Agreement by no later than Sixty (60) days prior to the end of the Consulting Term or the applicable Renewed Term. If such notice of non-renewal is delivered in accordance with this <u>Section 2</u>, this Agreement and Consultant's engagement with the Company hereunder shall terminate as of the expiration of the Consulting Term or Renewed Term, as applicable.

**3. Terms and Conditions of Performance of the Services.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Performance of the Services</u>. During the term of this Agreement, Consultant shall devote such time, attention, knowledge, and skill(s) as necessary to the performance and fulfillment of the Consultant's duties, responsibilities, and services for the Company. Company shall not have and shall not exercise primary control over the manner in which Consultant performs services under this Agreement. However, Consultant agrees to perform services at all times in accordance with the standards established by Company, and in accordance with applicable federal, state, provincial and local law and regulation. Consultant agrees to perform Consultant's duties to the best of Consultant's abilities and expertise and in the best interests of Company. Consultant will reasonably determine the method and means of performing services, subject to the Company's policies, procedures and internal controls over financial reporting, and applicable regulations. Consultant may perform services under this Agreement at any suitable time and location Consultant chooses; provided, that Consultant shall devote such working time and attention to the performance of services as required to satisfy all duties and responsibilities of Consultant under this Agreement. Consultant will use Consultant's own resources, such as supplies, equipment, tools, and

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materials to complete services, unless necessity requires the use of Company's resources and premises as those requirements are defined in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Place of Services</u>. Consultant's services during the Consulting Term shall ordinarily be performed remotely in one or more locations of Consultant's choosing. Regardless of the Consultant's place of service, Consultant shall be available, including by telecommuting via video conferencing or other electronic means, during all reasonable times throughout the Consulting Term, and shall be available for reasonable business travel requirements on a limited, and temporary basis, in performance of the Consultant's duties. Notwithstanding anything in this Agreement to the contrary, Consultant's duties shall include travel relating to the Company's business reasonably commensurate with Consultant's position with the Company.

**4.** **Fees, Payment and Benefits.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Base Fee</u>. During the Consulting Term, the Company shall pay Consultant a monthly fee in accordance with its regular payroll practices, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.For the twelve (12) months starting from the Effective Date, Consultant's monthly fee shall be Forty-One Thousand Six Hundred Sixty-Six and 67/100 United States Dollars ($41,666.67).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.Commencing on the first day of the thirteenth month (13<sup>th</sup>) full calendar month following the Effective Date and continuing for the remainder of the Consulting Term and any Renewed Term, Consultant's monthly fee shall be Twenty Thousand and 00/100 United States Dollars ($20,000) (and (i) and (ii) together shall be referred to as the "<u>Base Fee</u>").

The Company's Chief Executive Officer and/or the Compensation and Human Resources Committee of its Board of Directors (the "<u>Compensation Committee</u>") shall annually review and may, in their sole discretion, adjust Consultant's Base Fee from time to time. Effective as of the date of any adjustment to Consultant's Base Fee, this Agreement shall be amended automatically without further action or writing by the Parties such that the Base Fee stated herein reflects the new Base Fee established by the Company for all purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Signing Bonus</u>. In consideration of Consultant's execution of this Agreement and agreement to provide the Services to the Company hereunder, the Company shall pay to Consultant, a one-time signing bonus in the amount of Eighty-Three Thousand Three Hundred and Thirty-Three and 33/100 ($83,333.33) (the "Signing Bonus"). The Signing Bonus shall be paid in a single lump sum within ten (10) business days following the Effective Date. The Signing Bonus is a one-time payment and shall not be taken into account in determining the amount of any other compensation or benefit under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>Annual Incentive Bonus</u>. During the Consulting Term, Consultant shall be eligible to receive an annual discretionary cash performance-incentive bonus based on Consultant's Base Fee, at the Company's discretion. During the year 2026, Consultant shall be eligible to receive a performance-incentive bonus with a target amount of One Hundred percent (100%) of Consultant's Base Fee and a minimum target amount of Zero percent (0%) of Consultant's Base Fee (the "<u>Incentive Bonus</u>"). Any future annual discretionary cash performance-incentive bonus shall be determined based solely at the Company's discretion. The Incentive Bonus shall be subject to conditions specified by the Compensation Committee or its delegee and awarded based on the determination of the Compensation Committee or its delegee, in its or their sole discretion, of Consultant's achievement during the applicable fiscal year of the performance objectives established for Consultant as well as the Company's overall performance during the applicable fiscal year. For the avoidance of doubt, Consultant shall not be entitled to any Incentive

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Bonus amount for any applicable fiscal year, except as awarded by the Compensation Committee or its delegee(s) in its or their sole discretion. For each fiscal year during the Consulting Term, the Compensation Committee (or its delegee, as appropriate) shall communicate the terms of Consultant's Incentive Bonus for such fiscal year, including, without limitation, Consultant's performance objectives for the applicable fiscal year and the applicable target amount of such Incentive Bonus (which shall be no less than Zero percent (0%) of Consultant's Base Fee). Following each completed fiscal year during the Consulting Term, the Compensation Committee (or its delegee, as appropriate) shall evaluate Consultant's achievement of the performance objectives established with respect to the Incentive Bonus for Consultant and the Company's overall performance for the applicable fiscal year. Based on this evaluation, the Compensation Committee shall determine the final amount of the Incentive Bonus, if any, to be awarded to Consultant. Incentive Bonus awards may, in the discretion of the Board or the Compensation Committee, and subject to conditions determined by the Board or the Compensation Committee, in either of their sole discretion, be granted as an Equity Award according to <u>Section</u> <u>4.c</u> of this Agreement, or as a cash award. Nothing in this <u>Section</u> <u>4.b</u>, nor anything in this Agreement, entitles or shall be interpreted to entitle Consultant to any guaranteed minimum Incentive Bonus at any time during the Consulting Term and Consultant's receipt of an Incentive Bonus is expressly contingent upon Consultant providing services to the Company under this Agreement through the date that such Incentive Bonus is actually paid to Consultant. All determinations with respect to any Incentive Bonus shall be made by the Board or Compensation Committee, as applicable, in its sole and reasonable discretion, and shall be final, conclusive, and binding on all Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.<u>Equity Compensation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.*Initial Equity Award*. On January 1, 2026, Consultant shall receive an award of service-based equity compensation (the "Service-Based Award"), under the Company's 2019 Equity Incentive Plan, as amended, or any successor equity incentive plan adopted by the Company from time to time after the Effective Date (the "<u>Equity Plan</u>") in an amount of $2,000,000 worth of restricted stock units of the Company's common stock which shall vest in two approximately equal tranches, annually, through January 1, 2028 (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.*Equity Awards*. Subject to the terms and conditions of this Agreement, the Consultant shall be eligible to receive, as additional compensation, awards of equity compensation (each an "<u>Equity Award</u>"), under the Equity Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.*Terms of Awards*. All Equity Awards shall be granted subject to the terms and conditions of the Equity Plan and an equity award agreement (each, an "<u>Award Agreement</u>") to be entered into between the Company and Consultant as of the grant date of such Equity Award. Accordingly, any Equity Award granted to Consultant by the Company shall be subject to forfeiture until vesting. As set forth in the Equity Plan and the applicable Award Agreement, vesting of these Equity Awards may occur as a result of Consultant's continued service with the Company through designated vesting dates. The amount of any Equity Awards granted under the Equity Plan are subject to the discretion of the Compensation Committee (who administers the Equity Plan and all Equity Awards granted thereunder), and nothing herein is, nor should it be interpreted or construed as being, an offer or a guarantee that Consultant will be granted any Equity Award, at any time, or in any amount. For the avoidance of doubt, except as otherwise agreed by the Company in writing, Consultant shall not be guaranteed any minimum Equity Award at any time during the Consulting Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.<u>Continued Vesting</u>. During the Consulting Term, Consultant shall continue to vest any and all previously granted Equity Awards, through the applicable vesting dates, subject to any performance terms and conditions pursuant to the Existing Agreement and any Award Agreements entered into during the term of the Existing Agreement.

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&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.<u>Benefits</u>. During the Consulting Term, Consultant shall be entitled to participate in the Company's benefit plans and programs, as then in effect, including without limitation group medical, dental, health and/or disability insurance plans, Code Section 401(k) plans, and Medicare/Social Security reimbursement plans, in accordance with and subject to the terms and conditions of those benefit plans and/or programs and any amendments thereto, including any and all provisions concerning eligibility for participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.<u>Expense Reimbursement</u>. During the Consulting Term, the Company will reimburse Consultant for reasonable, necessary, and documented out-of-pocket business expenses incurred by Consultant on behalf of the Company in connection with the performance of Consultant's duties and in furtherance of the Company's business in accordance with the Company's travel and business expense policy, as may be amended from time to time.

**5.** **Restrictive Covenants.** The Consultant hereby acknowledges and agrees that Consultant has read and understood and continues to be bound by the terms of the Confidentiality and Non-Competition Agreement by and between the Company and Consultant (the "<u>CNCA</u>"), which is incorporated herein by this reference. The Consultant further understands and agrees that the Company may, in its sole discretion, update and amend the Consultant's CNCA from time to time, and the Consultant will be required to sign any such amended agreement as a material term of this Agreement and a condition of continued service with the Company. Notwithstanding anything contained in this Agreement to the contrary, nothing herein shall modify or limit the applicability of the confidentiality and/or restrictive covenants contained in the CNCA and/or any other agreement between the Parties, which shall be enforced according to their terms and read together to provide the greatest level of protection(s) to the Company and its confidential information (as that term is defined in the CNCA).

**6.** **Termination.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>By the Company for Cause</u>. Consultant's engagement under this Agreement may be terminated by the Company at any time upon the occurrence of one or more of the following events (each of which shall be a termination event for "<u>Cause</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.Consultant willfully, recklessly, or with gross negligence fails to comply with any material term or aspect of the policies, standards, and regulations that the Company, in its sole discretion, establishes and/or implements in writing before and during the Consulting Term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.Consultant commits any act of gross negligence, illegal conduct, embezzlement, theft, misappropriation, fraud, dishonesty, or other acts of misfeasance, malfeasance, and/or misconduct in the rendering of services to or on behalf of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.Consultant fails to adequately, substantially, and/or continually perform to Company's reasonable satisfaction the usual and customary duties of Consultant's service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.Consultant breaches any material term or provision of this Agreement or any material term or provision of any other agreement between the Parties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.Consultant is convicted of, or pleads guilty or *nolo contendere* to, any crime constituting a felony or any crime constituting a misdemeanor involving deceit, dishonesty, or moral turpitude, or otherwise commits any act which impairs Consultant fitness to perform the Consultant's services under this Agreement and/or damages the reputation of the Company, as determined in the sole and reasonable discretion of the Board.

Notwithstanding the foregoing, the Company may not terminate Consultant's service under this Agreement for Cause under this <u>Section</u> <u>6.a</u> without first providing Consultant written notice of the event or

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condition(s) constituting Cause. Such notice must be given no later than Thirty (30) days after the date on which the event or condition(s) constituting Cause is first reasonably discovered by the Board. Upon the giving of such notice, and only if the event or condition is reasonably capable of being remedied by Consultant, Consultant shall have a period of Thirty (30) days during which Consultant may remedy the event or condition(s) and, if so remedied, the Company may not terminate Consultant's service under this Agreement for Cause for the event or condition that was remedied. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>By the Company without Cause</u>. Consultant's service under this Agreement may be terminated by the Company without Cause upon providing written notice of termination to Consultant Thirty (30) days in advance of such termination. For purposes of this Agreement "<u>without Cause</u>" shall mean any termination by the Company that is not (i) a termination for Cause as described and in accordance with <u>Section</u> <u>6.a</u> above, or (ii) a termination because of death or Disability, as described <u>Section</u> <u>6.e</u> below. Notwithstanding anything in this Agreement to the contrary, the Company may, in its sole and absolute discretion, advance the Consultant's termination date to an alternate termination date of the Company's own choosing provided, however, that Consultant shall be paid Consultant's Base Fee from the date that the Company provides written notice of termination through the end of the 30-day notice period provided for in this <u>Section</u> <u>6.b</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>By Consultant for Good Reason</u>. Consultant's services under this Agreement may be terminated by Consultant at any time following written notice to the Company upon the occurrence of any of the following events or conditions (each of which shall be a termination event for "<u>Good Reason</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.A material diminution in Consultant's Base Fee or benefits other than a general reduction in Base Fee and/or benefits that affects all similarly situated independent contractors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.A material breach of this Agreement by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.A material diminution in Consultant's title, authorities, responsibilities, or duties without Consultant's consent (other than a temporary change while Consultant is physically or mentally in capacitated or as required by applicable law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.A relocation of Consultant's primary work location that would require the reasonable person to move Consultant's residence from its then current location if Consultant does not consent to such relocation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.The Company permanently ceases its business operations; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi.A Change in Control (as defined in <u>Section</u> <u>6.f</u> below) of the Company and the Consultant experiences any of the events set forth in the foregoing <u>Sections</u> <u>6.c.i</u> through <u>6.c.v</u> within either (A) the first 6 months following such Change in Control or (B) the Consulting Term or any then-effective Renewed Term of this Agreement, whichever is later.

Notwithstanding the foregoing, Consultant may not terminate Consultant's service under this Agreement for Good Reason without first providing the Company advanced written notice of the event(s) and/or condition(s) constituting Good Reason, which notice must be given no later than Thirty (30) days after the date on which the event(s) and/or condition(s) constituting Good Reason first occurs. Upon the Company's receipt of such notice, the Company shall then have Thirty (30) days during which it may remedy the event(s) and/or condition(s) (the "<u>Company Notice Period</u>") and, if so remedied, Consultant may not terminate their service under this Agreement for Good Reason. If Consultant fails to comply with the immediately preceding two sentences of this <u>Section</u> <u>6.c</u>, such termination shall not be considered a termination for Good Reason. If the Company fails to cure the event(s) and/or conditions during the Company Notice Period, then the termination shall occur Thirty (30) days after the expiration of the

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Company Notice Period unless the Company, in its sole discretion, chooses to advance Consultant's termination date to an alternate termination date of the Company's own choosing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.<u>By Consultant without Good Reason</u>. Consultant may terminate Consultant's service under this Agreement without Good Reason by providing written notice of termination to the Company no less than One Hundred Eighty (180) days before the termination date. For purposes of this Agreement "<u>without Good Reason</u>" shall mean any termination by Consultant that is not a termination due to death or Disability under <u>Section</u> <u>6.e</u>, below, or for Good Reason as set forth and in accordance with <u>Section</u> <u>6.c</u>, above. Notwithstanding anything in this Agreement to the contrary, the Company may, in its sole and absolute discretion, waive all or any part of the One Hundred Eighty (180)-day notice period for no consideration and advance the Consultant's termination date to an alternate termination date of the Company's choosing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.<u>Termination due to Death or Disability</u>. Consultant's services with the Company shall terminate immediately in the event of death or Disability of Consultant. The term "<u>Disability</u>" means Consultant's inability to substantially perform their duties as Senior Advisor by reason of any medically determinable physical or mental impairment that, as determined by a physician chosen by the Company and reasonably acceptable to Consultant, can be expected to: (i) result in death; (ii) last for a continuous period of at least Thirty (30) days; or (iii) endanger the Consultant and/or others if Consultant were to continue to perform Consultant's duties with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.<u>Change in Control</u>. For purposes of this Agreement, a "<u>Change in Control</u>" shall be deemed to have occurred if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.an acquisition of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended, (the "<u>Exchange Act</u>") or any future replacement thereof) by any individual, group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act, or any future replacement thereof), or entity (each, a "<u>Person</u>") of Fifty Percent (50%) or more of the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the "<u>Outstanding Company Voting Securities</u>"); excluding, however, the following: (A) any acquisition directly from the Company, other than an acquisition by virtue of the exercise of a conversion privilege unless the security being so converted was itself acquired directly from the Company; (B) any acquisition by the Company; (C) any acquisition by any benefit plan (or related trust) sponsored or maintained by the Company or any entity controlled by the Company; or (4) any acquisition pursuant to a transaction which complies with clauses (A), (B) and (C) of this <u>Section</u> <u>6.f.i</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.a change in the composition of the Board such that the individuals who constitute the Incumbent Board (such as defined herein) cease for any reason to constitute at least a majority of the Board. As used in this <u>Section</u> <u>6.f</u><u>.ii</u>, the "<u>Incumbent Board</u>" means those individuals serving as members of the Board as of the Effective Date; provided, however, any subsequent individual serving on the Board who was (A) elected to serve as a member of the Board by the Company's stockholders or (B) appointed to fill a vacancy on the Board shall be considered as though such individual were a member of the Incumbent Board only if such individual was nominated for election or appointed to serve on the Board by at least a majority of the Incumbent Board; but, provided further, that any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act or any future replacement thereof) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board shall not be so considered as a member of the Incumbent Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.consummation of a reorganization, merger or consolidation of the Company, or sale or other disposition of all or substantially all of the assets of the Company (a "<u>Corporate</u> 

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<u>Transaction</u>"); excluding, however, such a Corporate Transaction pursuant to which: (A) all or substantially all of the individuals and entities who are the beneficial owners, respectively, of the Outstanding Company Voting Securities immediately prior to such Corporate Transaction will beneficially own, directly or indirectly, more than Fifty Percent (50%) of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the corporation resulting from such Corporate Transaction (including, without limitation, a corporation which, as a result of such transaction, owns the Company or all or substantially all of the Company's assets either directly or through one or more Subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Corporate Transaction, of Outstanding Company Voting Securities; (B) no Person (other than the Company, any benefit plan (or related trust) of the Company or such corporation (described in clause (A) of this <u>Section</u> <u>6.f.iii</u>) resulting from such Corporate Transaction) will beneficially own, directly or indirectly, Forty Percent (40%) or more of the combined voting power of the outstanding voting securities of such corporation entitled to vote generally in the election of directors except to the extent that such ownership existed prior to the Corporate Transaction; and (C) individuals who were members of the Incumbent Board will constitute at least a majority of the members of the board of directors of the corporation resulting from such Corporate Transaction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.A complete liquidation or dissolution of the Company.

Notwithstanding any of the foregoing, however, in any circumstance or transaction in which compensation resulting from or in respect a Change in Control would result in the imposition of an additional tax under Section 409A of the Internal Revenue Code of 1986, as amended, (the "<u>Code</u>") were to apply, but would not result in the imposition of any additional tax if the term "Change in Control" were defined herein to mean a "change in control event" within the meaning of Section 1.409A-3(i)(5) of the Treasury Regulations promulgated under the Code, as amended, (the "<u>Treasury Regulations</u>") then "Change in Control" shall mean a "change in control event" within the meaning of Treasury Regulation Section 1.409A-3(i)(5), but only to the extent necessary to prevent such compensation from becoming subject to an additional tax under Section 409A of the Code ("<u>Section 409A</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.<u>Payment of Accrued Obligations; Continuation of Benefits</u>. Regardless of the reason for the termination of Consultant's service with, or other qualifying "Separation from Service" (within the meaning of Treasury Regulations Section 1.409A-1(h), or future replacement thereof) from, the Company, Consultant shall be entitled to receive payment in satisfaction of the following obligations accrued to Consultant as of the effective date of such termination or Separation from Service (the "<u>Termination Date</u>") which are outstanding as of the Termination Date (collectively, the "<u>Accrued Obligations</u>"): (A) all of the Consultant's Base Fee earned and unpaid through the Termination Date; and (B) reimbursement of Consultant's properly reimbursable business expenses incurred and unreimbursed as of the Termination Date; *provided, that*, Consultant must submit a final request for reimbursement of any such outstanding unreimbursed business expenses, together with such substantiation as may be requested or required pursuant to the Company's expense reimbursement policy, by no later than Thirty (30) business days following the Termination Date to receive reimbursement of such business expenses. Except with respect to reimbursement of Consultant's outstanding reimbursable business expenses, all Accrued Obligations shall be due and payable to Consultant (or Consultant's estate or beneficiaries, as the case may be) on the first regular payday following the Termination Date (or sooner if required by law). In addition to satisfaction of the Accrued Obligations, Consultant shall continue to receive coverage under the Company's then-effective group medical insurance policies and benefit programs through the end of the month of the Termination Date, except as required by applicable law and the terms of applicable Company group medical insurance policy and benefit program agreements. For the avoidance of doubt, except for as provided in <u>Section</u> <u>6.h</u> below, Consultant shall be entitled to receive only payment of the Accrued Obligations and continuation of the Company benefits set forth in this <u>Section</u> <u>6.g</u><u> </u>in connection with the cessation of Consultant's service with the Company, and, upon payment of such Accrued Obligations,

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Consultant shall not be entitled to any further compensation or benefits from the Company (including its subsidiaries and affiliates), except as specifically provided herein, or as otherwise agreed by the Company in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.<u>Severance</u>. Company and Consultant (or Consultant's estate or beneficiaries, as the case may be) shall enter into a separation agreement and general release, substantially in form attached as <u>Exhibit "A"</u> hereto (the "<u>Severance Agreement</u>") by no later than Twenty (20) business days following the Termination Date or such earlier time as provided by the Severance Agreement (and any applicable revocation period in the Severance Agreement expires no later than Sixty (60) days following the Termination Date), pursuant to which Company shall pay to Consultant (or Consultant's estate or beneficiaries, as the case may be), in exchange for the execution, non-revocation, and compliance with the terms of the Severance Agreement by the Consultant (or Consultant's estate or beneficiaries, as the case may be), the applicable amounts specified in <u>Sections</u> <u>6.h.i</u> through <u>6.h.iv</u>, below (the "<u>Severance Payments</u>") in accordance with the Severance Agreement; *provided, however,* neither Party shall be obligated to enter into the Severance Agreement if Consultant's services with the Company is terminated: (i) by the Company for Cause; or (ii) by Consultant without Good Reason and Consultant fails to provide the advance written notice required by <u>Section</u> <u>6.d</u> of this Agreement. The Severance Payments shall not become due and payable unless and until the Severance Agreement between the Company and Consultant has become effective, binding, and irrevocable on the parties thereto; *provided, however,* that if the Company (or applicable successor-in-interest to the Company) fails to execute and deliver the Severance Agreement in accordance with this <u>Section</u> <u>6.h</u> within Twenty (20) business days following the Termination Date, the Company shall be deemed in material default of its obligations under this Agreement, and the applicable Severance Payments that would have been due to Consultant had the Severance Agreement been entered into in accordance with this <u>Section</u> <u>6.h</u> shall immediately become due and payable to Consultant, without further action by, or agreement of, the Consultant. Accordingly, pursuant to the Severance Agreement, Consultant shall be entitled to receive the following Severance Payments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.*Termination by Company for Cause; Termination by Consultant without Good Reason (without Notice); Non-Renewal of Consulting Term by Consultant (without Notice)*. If the Company terminates Consultant's services for Cause, or if Consultant terminates Consultant's service hereunder without Good Reason or Consultant does not renew the term of their service with the Company and Consultant fails to provide advance notice required by <u>Section</u> <u>6.d</u> of this Agreement, then the Consultant (or Consultant's estate or beneficiaries, as the case may be) shall not receive any Severance Payments and shall only be entitled to receive payment of the Accrued Obligations; therefore, upon payment of such amounts, Consultant shall not be entitled to receive any additional remuneration from the Company under this Agreement with respect to Consultant's service with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.*Termination by Consultant without Good Reason (with Notice).* If Consultant terminates Consultant's service hereunder without Good Reason and provides the Company with advance written notice of such termination as required by <u>Section</u> <u>6.d</u> of this Agreement Consultant (or Consultant's estate or beneficiaries, as the case may be) shall receive payment of the Accrued Obligations and the following Severance Payments, subject to Consultant timely entering into the Severance Agreement: (A) the Incentive Bonus to which Consultant would have been entitled under <u>Section</u> <u>4.b</u> of this Agreement, had Consultant remained under contract with the Company through the end of the calendar year in which the Termination Date occurs, as if Consultant had continued service with the Company through the date on which such Incentive Bonus would have been paid, calculated assuming achievement of Twenty-Five Percent (25%) of the performance targets of such Incentive Bonus for the applicable fiscal year, prorated through the Termination Date; and (B) One (1) month of the Consultant's then-effective Base Fee.

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&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.*Termination due to Non-Renewal of Consultant Term by Company.* If Company elects under <u>Section 2</u> hereof not to renew the term of Consultant's service with Company hereunder, Consultant (or Consultant's estate or beneficiaries, as the case may be) shall receive payment of the Accrued Obligations and the following Severance Payments, subject to Consultant timely entering into the Severance Agreement: (A) the Incentive Bonus to which Consultant would have been entitled under <u>Section</u> <u>4.b</u> of this Agreement, had Consultant remained under contract with the Company through the end of the calendar year in which the Termination Date occurs, as if Consultant had continued service with the Company through the date on which such Incentive Bonus would have been paid, calculated assuming achievement of Twenty-Five Percent (25%) of the performance targets of such Incentive Bonus for the applicable fiscal year, prorated through the Termination Date; and (B) Three (3) months of the Consultant's then-effective Base Fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.*Termination by Company without Cause; Termination by Consultant for Good Reason (other than incident to a Change in Control).* If Consultant's service with the Company is terminated by the Company without Cause or by the Consultant for Good Reason in accordance with <u>Section</u> <u>6.c</u> hereof (other than incident to a Change in Control), then Consultant (or Consultant's estate or beneficiaries, as the case may be) shall receive payment of the Accrued Obligations and the following Severance Payments, subject to Consultant timely entering into the Severance Agreement: (A) the Incentive Bonus to which Consultant would have been entitled under <u>Section</u> <u>4.b</u> of this Agreement had Consultant provided services to the Company through the end of the calendar year in which the Termination Date occurs, as if Consultant had continued service with the Company through the date on which such Incentive Bonus would have been paid, calculated assuming achievement of One Hundred Percent (100%) of the performance targets of such Incentive Bonus for the applicable fiscal year, prorated through the Termination Date; (B) payment of an amount equal to the lesser of: *(1)* One Hundred Percent (100%) of the sum of Consultant's then-effective Base Fee that would have be paid to Consultant through the end of the Consulting Term (or then-applicable Renewed Term) had Consultant's service with the Company not ceased; and *(2)* Twelve (12) months of the Consultant's then-effective Base Fee; (C) acceleration of the vesting of that portion of all outstanding Service-Based Awards granted to Consultant under the Equity Plan that would have vested within Twelve (12) months following the Termination Date but for the cessation of Consultant's service with the Company, such that such Equity Awards shall be deemed vested immediately as of the Termination Date; and (D) continuation of the vesting of all outstanding "Performance-Based Awards" as defined by and granted to Consultant pursuant to the Existing Agreement and under the Equity Plan as if Consultant's service with the Company had not ceased prior to the end of the applicable performance period with such vesting calculated based on actual performance; *provided*, *however*, if the applicable performance period is extended or the vesting or performance conditions are materially changed to Consultant's detriment or the Company fails to certify the performance achievement with respect to any such outstanding Performance-Based Awards within Sixty (60) days following the end of the applicable performance period, then such Performance-Based Awards will vest immediately upon the occurrence of any such event assuming achievement of the maximum level of performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.*Termination by Company without Cause or by Consultant with Good Reason Incident to Change in Control.* If Consultant terminates Consultant's service with the Company for Good Reason consistent with the rules and procedures set forth in <u>Section</u> <u>6.c.vi</u> of this Agreement, or if Consultant's service with the Company is terminated by the Company for any reason other than for "Cause" (as defined in <u>Section</u> <u>6.a</u> hereof) within Six (6) months of a Change in Control of the Company, Consultant (or Consultant's estate or beneficiaries, as the case may be) shall receive payment of the Accrued Obligations and the following Severance Payments, subject to Consultant timely entering into the Severance Agreement: (A) One Hundred Percent (100%) of the target amount of the Incentive Bonus to which Consultant would have been entitled under

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<u>Section</u> <u>4.b</u> of this Agreement had Consultant remained under contract with the Company through the date on which such Incentive Bonus would have been paid, without proration; (B) an amount equal to the *greater* of: *(1)* the sum of the Consultant's Base Fee that would have been paid to Consultant through the end of the Consulting Term (or then-applicable Renewed Term) had Consultant's service with the Company not ceased; and *(2)* Twelve (12) months of the Consultant's Base Fee as in effect as of the Termination Date; (C) acceleration of the vesting of all outstanding Service-Based Awards granted to Consultant under the Equity Plan which remain unvested as of the Termination Date, such that vesting of such Service-Based Awards shall be deemed to have occurred as of the Termination Date; and (D) acceleration of the vesting of all outstanding Performance-Based Awards granted to Consultant pursuant to the Existing Agreement and under the Equity Plan which remain unvested as of the Termination Date, as if Consultant's service with the Company had not ceased prior to the end of the performance period for such award(s) calculated assuming achievement of the maximum level of performance, such that vesting of such Performance-Based Awards shall be deemed to have occurred as of the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi.*Termination due to death or Disability*. If Consultant's service hereunder is terminated because of Consultant's death or Disability, then Consultant (or Consultant's estate or beneficiaries, as the case may be) shall receive payment of the Accrued Obligations and the following Severance Payments, subject to Consultant (or Consultant's estate or beneficiaries, as the case may be) timely entering into the Severance Agreement: (A) the Incentive Bonus to which Consultant would have been entitled under <u>Section 4.b</u> of this Agreement had Consultant provided services to the Company through the date on which such Incentive Bonus would have been paid, calculated assuming performance achievement of Fifty Percent (50%) of the target amount for the applicable fiscal year, prorated through the Termination Date; (B) payment of an amount equal to Six (6) months of Consultant's then-effective Base Fee; (C) acceleration of the vesting of Fifty Percent (50%) of all outstanding Service-Based Awards granted to Consultant under the Equity Plan that would have vested within the Twelve (12) months following the Termination Date but for the cessation of Consultant's service with the Company, such that such Equity Awards shall be deemed vested immediately as of the Termination Date; and (D) continuation of the vesting of all outstanding Performance-Based Awards granted to Consultant pursuant to the Existing Agreement and under the Equity Plan as if Consultant's service with the Company had not ceased prior to the end of the applicable performance period with such vesting calculated based on actual performance; *provided*, *however*, if the applicable performance period is extended or the vesting or performance conditions are materially changed to Consultant's detriment or the Company fails to certify the performance achievement with respect to any such outstanding Performance-Based Awards under the Existing Agreement within Sixty (60) days following the end of the applicable performance period, then such Performance-Based Awards will vest immediately upon the occurrence of any such event assuming achievement of the maximum level of performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii.*Form and Time of Payment for Severance Benefits*. The amount of the Severance Benefit payable under <u>Section 6(h)</u> above will be paid in a lump sum: (A) 50% of cash severance benefits shall be paid to Consultant within 20 business days following the Consultant's entry into the Severance Agreement, with the remainder payable 6 months and 1 day following the Termination Date; (B) any Service-Based Awards entitled to pro rata vesting that would have otherwise become vested and been settled solely based on the performance of service will be settled no later than Five (5) business days following the date of the Consultant's entry into the Severance Agreement; and (C) any Performance-Based Awards under the Existing Agreement entitled to accelerated vesting that would otherwise have become vested and been settled, in whole or in part, based on performance for which the applicable performance period has not ended on or prior to the Consultant's Termination Date will be settled no later than Five (5) business days following the date of the Consultant's entry into the Severance Agreement.

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&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.<u>Treatment of Equity</u>. Other than pursuant to the Severance Agreement as set forth in the foregoing <u>Sections</u> <u>6.h.i</u> through <u>6.h.vi</u>, any Equity Awards granted to Consultant shall remain governed by the Equity Plan and the applicable Equity Award Agreement between Consultant and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j.<u>Effect of Termination; Resignation and Removal from all Company Positions</u>. Notwithstanding anything in this Agreement to the contrary, upon termination of Consultant's service hereunder for any reason, Consultant agrees: (i) to immediately deliver to the Company all Property (as that term is defined in the CNCA) and records (including all copies thereof) of the Company; (ii) that the Company shall have the right, without limitation, to withhold and retain any amounts that might otherwise be owed to Consultant to offset any amounts or debts owed by Consultant to the Company; and (iii) that the Company shall, subject to applicable laws, further have the right to withhold the payment of any amounts that might otherwise be owed to Consultant until such time as the Company determines, to its reasonable satisfaction, that any and all proprietary and confidential information, regardless of the medium on which it is embodied (*e.g.*, laptop computer), has been returned to the Company and that Consultant has not retained copies thereof. Furthermore, except as specifically agreed by the Company in writing, upon the cessation of Consultant's service with the Company, Consultant shall be deemed to have resigned and/or been removed from all positions that the Consultant holds (or previously held) with the Company or any of the Company's affiliated and/or related entities, effective immediately as of the Termination Date.

**7.** **Miscellaneous.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Section Headers; Gender and Number</u>. The section headings in this Agreement are for the Parties' convenience only and are not intended to govern, limit, or affect the meanings of the sections. Singular and plural nouns and pronouns shall mean the singular or plural and the masculine, feminine, or neuter genders as permitted by the context in which the words are used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Representations by Consultant</u>. The Consultant represents and warrants to the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.The Consultant's acceptance of services under this Agreement with the Company and the performance of the Consultant's duties hereunder will not conflict with or result in a violation of, a breach of, or a default under any contract, agreement, or understanding to which the Consultant is a party or is otherwise bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.The Consultant's representations to the Company regarding the Consultant's prior experience have been truthful and accurate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.Consultant shall immediately notify the Company of any issues that arise that could conflict with the representations, warranties, and obligations set forth herein, including without limitation, any demands, claims, notices, or requests made by third parties that could adversely impact Consultant's ability to perform services under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>Cooperation</u>.The Parties agree that certain matters in which Consultant will be involved during the Consulting Term may necessitate Consultant's cooperation in the future. Accordingly, following the termination of Consultant's services for any reason, to the extent requested by the Company, Consultant shall provide to the Company reasonable levels of assistance in answering questions about the Company's business, transition of responsibility, legal matters, and/or litigation. The Company shall make reasonable efforts to minimize the disruption of Consultant's other activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.<u>Entire Agreement; Modification</u>. Unless specifically provided herein, this Agreement, along with all exhibits and/or attachments hereto (including without limitation the Equity Award

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Agreements entered into between the Parties and the CNCA) constitutes the entire understanding between Consultant and the Company with respect to the subject matter hereof and supersedes all prior understandings, agreements, representations, and warranties, both written and oral, with respect to the subject matter hereof. The Parties are not relying upon any representations or promises not set forth in this Agreement. Except as provided here, this Agreement may not be amended or modified except in a writing signed by both Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.<u>Waiver</u>. Failure to insist upon strict compliance with any of the terms, covenants, or conditions set forth in this Agreement (including the CNCA) shall not be deemed a waiver of such term, covenant, or condition, nor shall any waiver or relinquishment of any right or power hereunder at any one or more times be deemed a waiver or relinquishment of such right or power at any other times. No waiver by the Company of a breach by Consultant of any provision of this Agreement (including the CNCA) shall be binding upon the Company unless the same is in writing, signed by a duly authorized representative of the Company, and any such waiver shall not operate or be construed as a waiver of any subsequent breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.<u>Severability</u>. If it is determined by a court of competent jurisdiction that any of the provisions of this Agreement is invalid or unenforceable, such determination shall not affect the validity of the remaining provisions in this Agreement, each of which shall survive and be given full force and effect. A court of competent jurisdiction may modify and bring about a modification of any invalid or unenforceable provision to make it enforceable under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.<u>Assignment</u>. The Company may assign this Agreement (including the CNCA) and, if assigned, the assignee has the right to seek enforcement of the Agreement (including the CNCA). Since this Agreement and the Consultant's rights and obligations hereunder are personal to Consultant, Consultant cannot assign this Agreement (including the CNCA) to any other person or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.<u>Indemnification of Company</u>. Consultant agrees to indemnify, defend, and hold the Company, its Affiliates, and their officers, directors and employees harmless from and against any claims (including without limitation losses, damages, attorneys' fees and costs) by third parties alleging that Consultant's service with the Company hereunder constitutes unlawful activity, breaches an obligation of Consultant, or otherwise subjects the Company and its Affiliates to potential liability as a result of Consultant's service with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.<u>Indemnification of Consultant</u>. The Company agrees to indemnify, defend, and hold the Consultant harmless from and against claims as provided for under the Company's Articles of Incorporation and the Company's Bylaws in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j.<u>Notices</u>. All notices and other communications required to be given under this Agreement (including the CNCA) shall be in writing and shall be delivered to the Party in person, via e-mail or as an attachment to an e-mail transmission to the Party's e-mail address, or by overnight carrier service by a recognized business courier (such as FedEx or UPS). A notice and/or other communication to be given hereunder shall be considered effective: (a) on the date of delivery if personally delivered against a written receipt; (b) on the date of delivery if sent by e-mail transmission or as an attachment to an e-mail transmission, with a delivery receipt; or (c) on the first business day following the date of dispatch if delivered to a recognized business courier service (such as DHL Courier, FedEx, or UPS) for overnight delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k.<u>Survival</u>. Notwithstanding anything in this Agreement to the contrary, and for the avoidance of any doubt, the termination of Consultant's service under this Agreement for any reason shall not affect the CNCA or any of the covenants, warranties, and agreements in <u>Sections</u> <u>4.g</u>, <u>5</u>, <u>6</u>, and <u>7</u> (including all applicable subparts) of this Agreement, each of which shall survive such termination of the Consulting Term and this Agreement.

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&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l.<u>Governing Law; Jurisdiction and Venue; Attorney's Fees and Costs</u>. The validity, construction, and performance of this Agreement (including the CNCA) shall be governed by the laws of the State of Colorado without giving effect to conflict of law principles. Except as otherwise may be required by the Company to obtain equitable injunctive relief under this Agreement, the CNCA, and/or any other agreement between the Parties, jurisdiction for all actions or proceedings arising under this Agreement (including the CNCA) shall be exclusive to a state or federal court of competent jurisdiction located in or with jurisdiction for the City of Castle Rock in the County of Douglas, Colorado, USA. The Parties hereby irrevocably subject and consent to the jurisdiction of such courts and waive the defense of inconvenient forum related to any action or proceeding in such venue. Should an action be commenced for a breach of and/or to enforce the terms of this Agreement (including the CNCA), the prevailing party in such an action shall be entitled to recover from the non-prevailing party, in addition to all other legal and/or equitable remedies, all costs of litigation, including reasonable attorneys' fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m.<u>Pre-Suit Mediation</u>. Except with respect to any injunctive relief sought by the Company under this Agreement, the CNCA, and/or any other agreement between the Parties, each of the Parties knowingly, voluntarily, and intentionally agrees to and shall participate in a mediation conference before filing any complaint, charge, or accusatory pleading or document, or otherwise commencing any legal or administrative action or proceeding against the other Party with a federal, state, or local agency and/or in a court of competent jurisdiction. The Parties agree that the mediation conference shall be convened in City of Austin in the County of Travis, Texas, USA, and to cooperate in the selection of a mutually agreeable mediator. The Parties shall split equally the cost of the mediator. The Parties also agree to bear their own respective attorney's fees and costs for mediation under this <u>Section</u> <u>7.m</u>. For the avoidance of any doubt, except as provided herein, the mediation requirement of this <u>Section</u> <u>7.m</u> is a condition precedent to any action, proceeding, and/or litigation between the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n.**WAIVER OF JURY TRIAL**. **To the extent permitted by law, the parties KNOwingly, voluntarily, and intentionally agree to, and do hereby, waive the right to trial by jury in any litigation, cause of action, claim, proceeding, or counterclaim brought by either of the parties against the other: (I) based on any matter whatsoever arising out of or in any way connected with CONSULTANT'S SERVICE with the Company; (II) Based on this Agreement (INCLUDING THE CNCA) or arising out of, under, or relating to this agreement (INCLUDING THE CNCA); and/or (III) based on any alleged action, inaction, or omission of either party to this Agreement.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o.<u>Construction</u>. The essential terms and conditions contained in this Agreement have been mutually negotiated between the Parties. The Parties agree that the language of all parts of this Agreement shall in all cases be construed as a whole, according to its fair meaning, and not strictly for or against any of the Parties. No ambiguity or uncertainty in this Agreement shall be construed or interpreted in favor of or against any Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p.<u>Compliance with Applicable Laws</u>. In performing this Agreement, Consultant shall comply with all applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.*TAXES*. CONSULTANT SHALL SATISFY ALL TAX AND OTHER GOVERNMENTAL IMPOSED RESPONSIBILITIES INCLUDING BUT NOT LIMITED TO, PAYMENT OF STATE, FEDERAL, AND SOCIAL SECURITY TAXES, UNEMPLOYMENT TAXES, WORKER'S COMPENSATION, AND SELF-EMPLOYMENT TAXES.** 

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&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.*WORKER'S COMPENSATION*. CONSULTANT IS NOT ENTITLED TO WORKERS' COMPENSATION BENEFITS EXCEPT AS MAY BE PROVIDED BY THE CONSULTANT NOR TO UNEMPLOYMENT INSURANCE BENEFITS UNLESS UNEMPLOYMENT COMPENSATION COVERAGE IS PROVIDED BY THE CONSULTANT OR SOME ENTITY OTHER THAN THE COMPANY.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.*Code Section 409A*. To the extent applicable to Consultant, this Agreement and all payments, distributions or other benefits hereunder shall comply and be administered in accordance with the requirements of, or an exemption or exclusion to, Section 409A and the Treasury Regulations promulgated thereunder, as well as any applicable equivalent State law. To the extent any provision or term of this Agreement is ambiguous as to its compliance in this respect, such provision or term and all payments hereunder shall be interpreted to comply with the requirements of, or an exemption or exclusion to, Section 409A, as well as any applicable equivalent State law. For the avoidance of doubt, notwithstanding any provision of this Agreement to the contrary, if Consultant is a "specified employee" (as defined in Treasury Regulations Section 1.409A-1(i)), then, to the extent required under Treasure Regulation Section 1.409A-3(i)(2), any payments that constitute a "nonqualified deferral of compensation" that become due upon the Consultant's "Separation from Service" (other than due to the Consultant's death) and that would have been made under the terms of the plan within the six-month period commencing on the Consultant's Separation from Service shall be delayed and instead be made as soon as practicable after the earlier of the end of such six-month period or Consultant's death. For purposes of this <u>Section</u> <u>7.p</u>, the terms "specified employee", and "nonqualified deferral of compensation" have the meanings given to them under Section 409A. Any provision that would cause this Agreement or a payment, distribution, or other benefit hereunder to fail to comply with the requirements of, or an exemption or exclusion to, Section 409A, as well as any applicable equivalent State law, shall have no force or effect and the Parties agree that, to the extent an amendment would be effective, this Agreement shall be amended to comply with the requirements of, or an exemption or exclusion to, Section 409A, as well as any applicable equivalent State law. Such amendment shall be retroactive to the extent permitted by law. For purposes of this Agreement, Consultant shall not be deemed to have terminated services unless and until a Separation from Service within the meaning of Treasury Regulations Section 1.409A-1(h) has occurred. Each payment under <u>Section</u> <u>6.g</u> and <u>6.h</u><u> </u>of this Agreement shall be treated as a separate payment for purposes of Section 409A. Any expense reimbursements required to be made under this Agreement shall be made not later than December 31st of the year following the year in which Consultant incurs the expense; *provided that* in no event shall the amount of expenses eligible for payment or reimbursement by the Company in one calendar year affect the amount of expenses to be paid or reimbursed in any other calendar year. The Senior Advisor's right to expense reimbursement shall not be subject to liquidation or exchange for another benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.*Code Section 280G*. To the extent applicable to Consultant, if any of the payments or benefits received or to be received by Consultant constitute "Parachute Payments" within the meaning of Code Section 280G (each, a "<u>Section 280G Payment</u>") and would, but for this <u>Section</u> <u>7.o.iii</u>, be subject to the excise tax imposed under Code Section 4999 (the "<u>Golden Parachute Tax</u>"), then, prior to making such Section 280G Payment, a calculation shall be made comparing (A) the Net Benefit (as defined below) to Consultant of the Section 280G Payment to (B) the Net Benefit to Consultant if the Section 280G Payment is limited to the extent necessary to avoid being subject to the Golden Parachute Tax. Only if the amount calculated under (A) above is less than the amount under (B) above will the Section 280G Payment be reduced, and then, only to the minimum extent necessary to ensure that no portion of the Section 280G Payment is subject to the Golden Parachute Tax. For purposes of this <u>Section</u> <u>7.p.iv</u>, only, "<u>Net Benefit</u>" shall mean the present value of the payment, net of all federal, state, local, foreign income, employment, and excise taxes, including the Golden Parachute Tax. Any reduction made pursuant to this <u>Section</u> <u>7.p.iv</u> shall be made in

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accordance with the requirements of Code Section 409A as follows: (X) first, reduction of cash payments and benefits, in reverse order of the date of payment; (Y) second, cancellation of vesting acceleration of equity awards, in reverse order of the date of grant; and (Z) third, reduction of other non-cash payments and benefits, in reverse order of the date the payment or benefit is to be provided. If the same payment or award date applies to more than one payment or benefit within any of the foregoing categories, the reduction will apply to each such payment or benefit on a pro-rata basis. All calculations and determinations under this <u>Section</u> <u>7.p.iv</u> shall be made by an independent accounting firm or independent tax counsel appointed by the Company (the "<u>Tax Counsel</u>"), whose determinations shall be conclusive and binding on the Company and Consultant for all purposes. The Company and Consultant shall furnish the Tax Counsel with such information and documents as requested by the Tax Counsel to make its determinations under this <u>Section</u> <u>7.p.iv</u>, and the Company shall bear all costs incurred by the Tax Counsel under this <u>Section</u> <u>7.p.iv</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.*Regulatory Claw-back*. Notwithstanding any other provisions in this Agreement to the contrary, any compensation (whether cash-, equity-, or incentive-based, or otherwise) paid to Consultant under this Agreement or any other agreement or arrangement between the Company and Consultant which is subject to recovery under any law, government regulation, or stock exchange listing requirement shall be subject to such deductions and claw-back as may be required to be made pursuant to such law, government regulation, or stock exchange listing requirement (or any policy adopted by the Company pursuant to any such law, government regulation or stock exchange listing requirement), without regard for any termination, severance, or other agreement with respect to Consultant's separation from service with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q.<u>Full Understanding; Acknowledgment</u>. Consultant acknowledges and agrees that Consultant has thoroughly read the terms of this Agreement before signing. Consultant further acknowledges and agrees that, by signing this Agreement, Consultant knowingly and voluntarily consents to the terms contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r.<u>Counterparts</u>. This Agreement (including the CNCA) may be executed in one or more counterparts, each of which when executed shall be deemed to be an original, and such counterparts together shall constitute one and the same Agreement. Signing of this Agreement (including the CNCA) and transmission of the signed Agreement (including the CNCA) by electronic document transfer will be acceptable and binding upon the parties as of the Effective Date.

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*[Signature Page to Riot Platforms, Inc. Professional Services Agreement]*

**IN WITNESS WHEREOF**, the undersigned, intending to be legally bound, have executed this Professional Services Agreement, effective as of the Effective Date set forth herein.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**CLEAR CAPITAL MANAGEMENT CORPORATION** <br>By: <u>/s/ Colin Yee</u>_____________________________<br>Name: Colin Yee <br>Title: Principal and Authorized Representative<br>Date: January 1, 2026 | &nbsp;&nbsp;**RIOT PLATFORMS, INC.**<br>By: <u>/s/ Jason Les</u>________________________<br>Name: Jason Les<br>Title: Chief Executive Officer <br>Date: January 1, 2026<br>|

---

*Attachments/Exhibits: Exhibit "A" CNCA*

*Exhibit "B" Form of Severance Agreement*

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**Exhibit "A"**

CNCA

[\*\*\*]

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**Exhibit "B"** 

Form of Severance Agreement

[\*\*\*]

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## Exhibit 10.11

Exhibit 10.11

CERTAIN INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*\*], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE

THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL

#### Riot Platforms, Inc.
**Amended and Restated Executive Employment Agreement**

This Riot Platforms, Inc. Executive Employment Agreement (this "<u>Agreement</u>") is made and entered into, effective as of June 1, 2025 (the "<u>Effective Date</u>"), by and among Jonathan Gibbs, [\*\*\*], ("<u>Employee</u>") and Riot Platforms, Inc., a Nevada corporation ("<u>Riot</u>" and, together with its consolidated subsidiaries, the "<u>Company</u>"). Employee and the Company are sometimes referred to herein collectively as the "<u>Parties</u>" and each, individually, as a "<u>Party</u>" to this Agreement.

**WHEREAS,** the Company wishes to employ Employee as its Chief Data Center Officer, and Employee wishes to accept such employment with the Company, in each case subject and pursuant to the terms of this Agreement.

**NOW, THEREFORE**, in consideration of the mutual covenants, promises, and obligations contained herein, and for other good and valuable consideration, the receipt and sufficiency of such consideration is hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Position, Duties and Scope of Employment .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Position; Job Duties</u>. Employee hereby accepts and agrees to serve full-time as the Company's Chief Data Center Officer, subject and pursuant to the terms of this Agreement. In such position, Employee shall, in close coordination with the Company's other executives, officers, and team leaders, be responsible for developing and supporting the Company's artificial intelligence and high-performance computing infrastructure, as well as such other duties, powers, authorities, and responsibilities as may be assigned to Employee from time to time by the Company's CEO. Employee shall have no authority to bind the Company by a promise or representation, or to enter into any contract, either written or oral, affecting the Company, except as specifically authorized by the Company's Chief Executive Officer in writing, including as set forth in the Company's Designation of Authority Matrix, as the same may be updated and revised from time to time, in the Company's sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Performance under this Agreement</u>. During the Employment Term (as defined herein), Employee shall perform and fulfill Employee's duties and responsibilities under this Agreement to the best of Employee's abilities and in a trustworthy, professional, competent, and efficient manner. Employee shall, at all times, comply with and be subject to all applicable policies, procedures, codes of conduct, requirements, and organizational regulations established and/or amended by or on behalf of the Company from time to time, in its sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>Preparation, Ownership, and Storage of Data and Documents</u>. Employee shall prepare, in connection with services performed under this Agreement, all reports, documents and correspondence necessary and/or appropriate under the circumstances, all of which shall belong to the Company. Employee shall store electronically all reports, documents, correspondence, and data on and in Company-designated storage and will not archive or otherwise retain any tangible or intangible copies, summaries, or descriptions of said reports, documents, correspondence, or data or otherwise store any such materials outside of such Company-designated storage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.<u>Fiduciary Duty; Conflict of Interests</u>. By accepting employment with the Company, Employee acknowledges and agrees that Employee owes a fiduciary duty of loyalty, fidelity, and allegiance to act, at all times, in the best interests of the Company and to not intentionally engage in any act which would directly or indirectly injure the Company's business, interests, or reputation. In keeping with the

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Exhibit 10.11

Employee's fiduciary duties and obligations to the Company, Employee shall not become involved in a conflict of interest with the Company, or upon discovery thereof, allow such a conflict to continue.

Moreover, Employee shall not engage in any activity that might involve a possible conflict of interest without first obtaining written approval from the Chief Executive Officer of the Company. Employee may, however, with prior written consent from the Chief Executive Officer (which consent shall not unreasonably be withheld), serve on one corporate board as a board member and serve on one civic or non-profit board as a board member at any given time during Employee's employment with the Company; *provided, however*, that Employee engages in such outside activities only during Employee's personal time.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Term of Employment.** Employee's employment under this Agreement shall commence on the Effective Date and continue for a period of 12 months thereafter (*i.e.*, through June 2, 2026), unless such employment is terminated earlier pursuant to <u>Section</u> [<u>6</u>](#_bookmark7) of this Agreement (the "<u>Initial Term</u>"). Following the expiration of the Initial Term, Employee's employment under this Agreement shall be automatically extended for Twelve (12) months and for successive Twelve-(12)-month periods thereafter (each a "<u>Renewed Term</u>" and all Renewed Terms, together with the Initial Term, collectively, the "<u>Employment</u> <u>Term</u>"); *provided, however*, the Employment Term shall not be renewed and shall end: (a) prior to the end of the Employment Term if Employee's employment and/or this Agreement is terminated pursuant to <u>Section</u><u> </u>[<u>6</u>](#_bookmark7)of this Agreement; or (b) as of the end of the Initial Term or the Renewed Term, as applicable, if either Party delivers, at least One Hundred Eighty (180) days before the end of the Initial Term or the Renewed Term, as applicable, written notice to the other Party, in a manner consistent with <u>Section</u> [<u>7.j</u>](#_bookmark24) of this Agreement, of the Employee's or the Company's intent to not renew this Agreement; *provided, further,* that the Company may, in its sole and absolute discretion, accelerate the effective time of the termination of Employee's employment with the Company (and, therefore, the Employment Term) at its discretion following receipt of Employee's written notice of Employee's intent to not renew the Employment Term in accordance with this <u>Section</u> [<u>2</u>.](#_bookmark0) For the avoidance of doubt, the Parties hereby acknowledge and agree that, notwithstanding the Employment Term, Employee's employment is "at-will" and voluntary, and, therefore, that each Party is free to terminate this Agreement (and the employer-employee relationship that exists between them) at any time, subject and pursuant to <u>Section</u> [<u>6</u>](#_bookmark7) hereof and applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Exclusive Employment; Place of Services .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Exclusive Employment</u>. During Employee's employment with the Company, Employee shall devote all of Employee's working time, attention, knowledge, and skill(s) to the performance and fulfillment of Employee's duties, responsibilities, and services for the Company, and Employee shall not at any time during the Employment Term engage in any other business, employment, or consulting or contractor work, unless Employee has first obtained prior written consent from the Company's Chief Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Place</u><u> </u><u>of</u><u> </u><u>Services</u>. [\*\*\*]. Regardless of the Employee's place of service, Employee shall be available, including by telecommuting via video conferencing or other electronic means, during all reasonable times throughout the Employment Term, and shall be available for reasonable business travel requirements on a limited, and temporary basis, in performance of the Employee's duties. Notwithstanding anything in this Agreement to the contrary, Employee's duties shall include travel relating to the Company's business reasonably commensurate with Employee's position with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Compensation and Benefits .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Base Salary</u>. During the Employment Term, the Company shall pay Employee an annualized salary in accordance with its regular payroll practices for an executive employee. Employee's initial gross annual base salary shall be **five hundred fifty thousand and 00/100** United States Dollars (**$550,000.00**), subject to all offsets, prorations, deductions, foreign and domestic tax withholdings, and claw-backs as set forth in this Agreement and/or required under applicable law. Employee's annual base salary, as adjusted from time to time as set forth herein, is referred to as the "<u>Base Salary</u>" in this Agreement. The Company's Chief Executive Officer and/or the Compensation and Human Resources Committee of its Board of Directors (the "<u>Compensation Committee</u>") shall annually review and may, in

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Exhibit 10.11

his or its sole discretion, adjust Employee's Base Salary from time to time. Effective as of the date of any adjustment to Employee's Base Salary, this Agreement shall be amended automatically without further action or writing by the Parties such that the Base Salary stated herein reflects the new Base Salary established by the Company for all purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Annual Incentive Bonus</u>. During the Employment Term, Employee shall be eligible to receive an annual discretionary cash performance-incentive bonus based on Employee's Base Salary, with a target amount of **one hundred percent** (**100**%), which may be increased to 200% of Employee's Base Salary actually paid for such year (the "<u>Incentive Bonus</u>"). The Incentive Bonus shall be awarded based on the determination of the Compensation Committee or its delegee, in its or their sole discretion, of Employee's achievement during the applicable year of the performance objectives established for Employee. For the avoidance of doubt, Employee shall not be entitled to any Incentive Bonus amount for any applicable year, except as awarded by the Compensation Committee or its delegee(s) in its or their sole discretion. For each fiscal year during the Employment Term, the Compensation Committee (or its delegee, as appropriate) shall communicate the terms of Employee's Incentive Bonus for such year, including, without limitation, Employee's performance objectives for the applicable year and the applicable target amount of such Incentive Bonus. Following each completed fiscal year during the Employment Term, the Compensation Committee (or its delegee, as appropriate) shall evaluate Employee's achievement of the performance objectives established with respect to the Incentive Bonus for Employee for the applicable year. Based on this evaluation, the Compensation Committee shall determine the final amount of the Incentive Bonus, if any, to be awarded to Employee. Incentive Bonus awards may, in the discretion of the Board or the Compensation Committee, be granted as an Equity Award according to <u>Section</u> [<u>4.c</u>](#_bookmark2) of this Agreement, or as a cash award. Nothing in this <u>Section</u> [<u>4.b</u>,](#_bookmark3) nor anything in this Agreement, entitles or shall be interpreted to entitle Employee to any guaranteed minimum Incentive Bonus at any time during the Employment Term and Employee's receipt of an Incentive Bonus is expressly contingent upon Employee being actively employed by the Company through the date that such Incentive Bonus is actually paid to Employee. All determinations with respect to any Incentive Bonus shall be made by the Board or Compensation Committee, as applicable, in its sole and reasonable discretion, and shall be final, conclusive, and binding on all Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>Equity Compensation</u>. Subject to the terms and conditions of this Agreement, the Employee shall be eligible to receive, as additional compensation, awards of equity compensation (each an "<u>Equity Award</u>"), under the Company's 2019 Equity Incentive Plan, as amended, (a copy of which is attached as <u>Exhibit</u><u> </u><u>"C"</u> hereto) or any successor equity incentive plan adopted by the Company from time to time after the Effective Date (the "<u>Equity</u><u> </u><u>Plan</u>"), including under the Company's Long-Term Incentive Program adopted in 2023 under the Equity Plan (the "<u>LTIP</u>"). All Equity Awards shall be granted subject to the terms and conditions of the Equity Plan and an equity award agreement (each, an "<u>Award</u> <u>Agreement</u>") to be entered into between the Company and Employee as of the grant date of such Equity Award and, except as expressly agreed by the Company in writing (including via a Severance Agreement, as provided under <u>Section</u><u> </u>[<u>6.h</u>](#_bookmark19)of this Agreement), the terms of the Award Agreement and the Equity Plan will govern the treatment of any Equity Award granted to Employee by the Company. The Company grants its employees Equity Awards as additional long-term incentive compensation to better align employees' interests with those of the Company's stockholders. Accordingly, any Equity Award granted to Employee by the Company shall be subject to forfeiture until vesting. As set forth in the Equity Plan and the applicable Award Agreement, vesting of these Equity Awards may occur as a result of Employee's continued service with the Company through designated vesting dates (a "<u>Service-Based Award</u>"), or as a result of the Employee's or the Company's achievement of certain performance objectives established by the Board from time to time, subject to Employee's continued employment with the Company through the date the Board determines the performance objective(s) has been achieved (a "<u>Performance-Based Award</u>"). Awards granted under the LTIP will generally consist of a Service-Based Award and a Performance-Based Award, both of which vesting over a three-(3)-year period; however, the granting, term, composition, and amount of any Equity Awards granted under the LTIP are subject to the discretion of the Compensation Committee (who administers the Equity Plan and all Equity Awards granted thereunder), and nothing herein is, nor should it be interpreted or construed as being, an offer or a guarantee that Employee will be granted any Equity Award, including under the LTIP, at any time, or in any amount.

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Exhibit 10.11

For the avoidance of doubt, except as otherwise agreed by the Company in writing, Employee shall not be guaranteed any minimum Equity Award at any time during the Employment Term.

&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;*i.*<u>Sign-On Grant</u>. You would be eligible to receive an equity award of approximately **$5,000,000.00** in restricted shares of RIOT, based upon on the start date of your employment with RIOT (the "Start Date"), calculated based on the average closing price of RIOT over the 20 trading days immediately prior to the Start Date. This sign-on grant would be eligible to vest in 4 semi-annual installments after the Start Date, subject to your continued service with Riot through vesting.

&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;*ii.*<u>Performance-Based</u><u> </u><u>Award</u>. You would be eligible to receive an equity award of approximately **$10,000,000.00** in performance-based option awards, which will be exercisable into RIOT common stock upon the achievement of certain performance milestones. The quantity of shares will be calculated based on the average closing price of RIOT over the 20 trading days immediately prior to the Start Date. Each option's exercise price will be the closing price of the trading day immediately prior to the Start Date. The specific milestones for the performance-based award are outlined in Exhibit E. Any shares tied to a performance-based milestone which is not met within the timeline specified in Exhibit E, or before the termination of employment by either party, will be automatically forfeited and cancelled subject to the carveouts in <u>Section</u><u> </u><u>6.h.iii</u>.

![Graphic](riot-20260331xex10d11001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.<u>Benefits</u>. During the Employment Term, Employee shall be entitled to participate in each of the Company's employee benefit plans and programs, as in effect from time to time, including without limitation those group medical, dental, health and/or disability insurance plans, plans established pursuant to Section 401(k) of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), and Medicare and/or Social Security reimbursement plans, all in accordance with and subject to all terms and conditions of those benefit plans and/or programs and any amendments thereto, including any and all provisions concerning eligibility for participation. Furthermore, as an executive officer of the Company, Employee will be entitled to participate in the Company's Executive Wellness Policy (a current copy of which is attached as <u>Exhibit "D"</u> hereto), as the same may be amended by the Company from time to time, in its sole and absolute discretion (the "<u>EWP</u>"). Under to the EWP, Employee shall be entitled to receive reimbursement of covered healthcare and financial wellness costs and expenses (collectively, "<u>EWP</u> <u>Expenses</u>"), as follows: (i) physical and mental healthcare costs not otherwise covered by the Company's existing employee healthcare insurance plans in an amount not to exceed Twelve Thousand United States Dollars ($12,000) per year; and (ii) financial wellness costs (*e.g.*, financial and tax planning expenses, equity ownership and retirement planning, charitable giving and family wealth transfer planning) in an amount not to exceed Fifteen Thousand United States Dollars ($15,000) per year. To qualify for such reimbursement, Employee must submit EWP Expenses to the Company, in accordance with <u>Section</u> [<u>4.f</u>](#_bookmark4) of this Agreement, within the calendar year in which such expenses are incurred by Employee, and Employee shall only be entitled to receive reimbursement for those costs and expenses that are properly reimbursable under the EWP and submitted to the Company in accordance with <u>Section</u> [<u>4.f</u>.](#_bookmark4)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.<u>Paid Time Off</u>. During the Employment Term, Employee shall be eligible to receive unlimited paid time off ("<u>PTO</u>") for use as vacation leave, sick leave, and/or for other personal reasons, subject and pursuant to the Company's PTO policy with respect to executive employees, as the same may be amended from time to time by the Company, in its sole and absolute discretion. For the avoidance of doubt, PTO shall not accrue to Employee, is not "earned" by Employee, and Employee is not entitled to receive any compensation for any unused PTO as of the termination of Employee's employment or service with the Company, except as agreed in writing by the Company or as otherwise provided in the Company's PTO policy as in effect at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.<u>Expense Reimbursement</u>. During the Employment Term, and subject to <u>Section</u> [<u>7.p</u>](#_bookmark27) of this Agreement, the Company will reimburse Employee for reasonable, necessary, and documented out-of-pocket business expenses incurred by Employee on behalf of the Company in connection with the performance of Employee's duties and in furtherance of the Company's business in accordance with the Company's business expense policy, as the same may be amended from time to time.

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Exhibit 10.11

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.<u>Company Compensation Practices, Regulatory Compliance, and Section 16 Reporting</u>. Any payment or benefit conferred under this <u>Section</u> [<u>4</u>](#_bookmark1) or otherwise pursuant to this Agreement shall, subject to all applicable regulatory, tax, and legal requirements described under <u>Section</u> [<u>7.p</u>](#_bookmark27) of this Agreement, be paid in accordance with the Company's customary compensation practices and, as applicable, prorated for the actual number of days Employee was actively employed with the Company during the applicable fiscal year. Furthermore, Employee shall be subject to U.S. Federal Securities Laws applicable to a public company, including with respect to Transactions in Company Securities (each, as defined in the Company's Insider Trading Policy, as the same may be amended from time to time by the Company, in its sole and absolute discretion). As such, the Employee shall be required to meet its reporting obligations under Section 16 of the Securities Exchange Act of 1934, as amended, (the "<u>Exchange Act</u>") insider trading restrictions, prohibitions on trading during Black-Out Periods, and other limitations on public sales of Company Securities, as a material condition of Employee's continued employment with the Company. Specifically, Employee shall report any proposed changes to Employee's beneficial ownership of Company Securities, including any proposed Transactions in Company Securities by Employee or Employee's family, affiliates, or agents, to the Company's General Counsel as soon as possible, but in any case, not less than two (2) business days prior to the proposed Transaction or other change in beneficial ownership of Company Securities. Without limiting the generality of the foregoing, Employee hereby acknowledges and agrees that Employee, and Employee's family and affiliates, may not enter into any Transactions in Company Securities, or induce any other person to enter into any Transactions in Company Securities, or provide Material Non-Public Information (as defined in the Insider Trading Policy) to any person, in violation of the Insider Trading Policy, the Company's Code of Ethics and Business Conduct, or any other Company policy.

&nbsp;&nbsp;&nbsp;&nbsp;**5.Restrictive Covenants.** The Employee hereby acknowledges and agrees that Employee has read and understood, and continues to be bound by the terms of, that certain Confidentiality and Non-Competition Agreement by and between the Company and Employee (the "<u>CNCA</u>"), which is incorporated herein by this reference. The Employee further understands and agrees that the Company may, in its sole discretion, update and amend the Employee's CNCA from time to time, and the Employee will be required to sign any such amended agreement as a material term of this Agreement and a condition of continued employment. Notwithstanding anything contained in this Agreement to the contrary, and for the avoidance of any doubt, nothing herein shall modify or limit the applicability of the confidentiality and/or restrictive covenants contained in the CNCA and/or any other agreement between the Parties, which shall be enforced according to their terms and read together to provide the greatest level of protection(s) to the Company and its confidential information (as that term is defined in the CNCA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Termination of Employment .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>By the Company for Cause</u>. Employee's employment under this Agreement may be terminated by the Company at any time upon the occurrence of one or more of the following events (each of which shall be a termination event for "<u>Cause</u>"):

&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;*i.*Employee willfully, recklessly, or with gross negligence fails to comply with any material term or aspect of the policies, standards, and regulations that the Company, in its sole discretion, establishes and/or implements in writing before and during the Employment Term;

&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;*ii.*Employee commits any act of gross negligence, illegal conduct, embezzlement, theft, misappropriation, fraud, dishonesty, or other acts of misfeasance, malfeasance, and/or misconduct in the rendering of services to or on behalf of the Company;

&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;*iii.*Employee willfully, recklessly, or with gross negligence fails to comply with any reasonable request of the person(s) to whom Employee reports;

&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;*iv.*Employee fails to adequately, substantially, and/or continually perform to Company's reasonable satisfaction the usual and customary duties of Employee's employment, those duties reasonably requested of Employee and typically associated with Employee's position, and/or those duties or expectations assigned by Company;

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Exhibit 10.11

&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;*v.*Employee breaches any material term or provision of this Agreement or any material term or provision of any other agreement between the Parties; or

&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;*vi.*Employee is convicted of, or pleads guilty or *nolo contendere* to, any crime constituting a felony or any crime constituting a misdemeanor involving deceit, dishonesty, or moral turpitude, or otherwise commits any act which impairs Employee's fitness to perform the Employee's duties under this Agreement and/or damages the reputation of the Company, as determined in the sole and reasonable discretion of the Board.

The Company may terminate Employee's employment under this Agreement for Cause pursuant to this <u>Section</u> [<u>6.a</u>](#_bookmark8) at any time by providing Employee written notice of such termination, including, for the avoidance of doubt, immediately upon delivery of such notice to Employee in accordance with the requirements for notices set forth in <u>Section</u><u> </u>[<u>7.j</u>](#_bookmark24) hereof. If the Company determines, in its sole and absolute discretion, that the event(s) or condition(s) constituting Employee's breach and default of this Agreement (and the "Cause" for the termination of Employee's employment with the Company) are capable of being cured, the Company may, in its sole and absolute discretion, provide Employee with a reasonable period to cure such breach and default. If such breach is remedied, the Company will withdraw its notice of termination and shall not terminate Employee's employment under this Agreement *for Cause* with respect to such remedied breach; *provided, however,* (A) such restriction shall only apply to the remedied breach(es), (B) Employee's employment with the Company may be terminated for Cause in respect of any other event or condition described in this <u>Section</u><u> </u>[<u>6.a</u>](#_bookmark8), and (C) nothing herein restricts, or shall be construed as restricting, the Company's ability to terminate Employee "without Cause" (as defined in <u>Section</u> [<u>6.b</u>,](#_bookmark9) below) or Employee's ability to terminate this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>By the Company without Cause</u>. Employee's employment under this Agreement may be terminated by the Company without Cause by providing written notice of such termination to Employee. For purposes of this Agreement "<u>without Cause</u>" shall mean any termination by the Company that is not

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a termination for Cause as described and in accordance with <u>Section</u> [<u>6.a</u>,](#_bookmark8) above, or (ii) a termination because of death or Disability, as described <u>Section</u><u> </u>[<u>6.e</u>,](#_bookmark15)below. For the avoidance of doubt, any termination of this Agreement due to non-renewal of the Employment Term according to <u>Section</u> [<u>2</u>](#_bookmark0) hereof shall constitute a termination "without Cause" covered by this <u>Section</u> [<u>6.b</u>.](#_bookmark9) Notwithstanding anything in this Agreement to the contrary, the Company may, in its sole and absolute discretion, designate the effective time of the termination of Employee's employment with the Company (including termination with immediate effect upon delivery of notice to Employee); *provided, however,* that Employee shall be paid Employee's Base Salary through the effective time of the termination of Employee's employment with the Company or for a period of Thirty (30) days following the date the Company delivers notice to Employee of such termination, whichever is later.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>By Employee for Good Reason</u>. Employee's employment under this Agreement may be terminated by Employee at any time following written notice to the Company upon the occurrence of any of the following events or conditions (each of which shall be a termination event for "<u>Good Reason</u>"):

&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;*i.*A material diminution in Employee's Base Salary or employment benefits other than a general reduction in Base Salary and/or benefits that affects all similarly situated employees;

&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;*ii.* A material breach of this Agreement by the Company;

&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;*iii.*A material diminution in Employee's title, authorities, responsibilities, or duties without Employee's consent (other than a temporary change while Employee is physically or mentally in capacitated or as required by applicable law;

&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;*iv.*A relocation of Employee's primary work location that would require the reasonable person to move Employee's residence from its then current location if Employee does not consent to such relocation;

&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;*v.* The Company permanently ceases its business operations; and/or

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&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;*vi.*A Change in Control (as defined in <u>Section</u> [<u>6.f</u>,](#_bookmark16) [below](#_bookmark16)) of the Company and the Employee experiences any of the events set forth in the foregoing <u>Sections</u><u> </u>[<u>6.c.i</u>](#_bookmark11)through [<u>6.c.v</u>](#_bookmark12)within either

&nbsp;&nbsp;&nbsp;&nbsp;(A) the first Six (6) months following such Change in Control or (B) the Initial Term or any then-effective Renewed Term of this Agreement, whichever is later.

Notwithstanding the foregoing, Employee may not terminate Employee's employment under this Agreement for Good Reason without first providing the Company advanced written notice of the event(s) and/or condition(s) constituting Good Reason, which notice must be given no later than Thirty (30) days after the date on which the event(s) and/or condition(s) constituting Good Reason first occurs, or the date Employees becomes aware (or reasonably should have become aware) of such event(s) or condition(s). Upon the Company's receipt of such notice, the Company shall then have Ninety (90) days during which it may remedy the event(s) and/or condition(s) (the "<u>Company</u><u> </u><u>Notice</u><u> </u><u>Period</u>") and, if so remedied, Employee may not terminate his employment under this Agreement for Good Reason (and any subsequent termination by Employee, except for a termination for Good Reason arising due to unrelated event(s) or condition(s) as from those so remedied by the Company, shall be deemed a termination by Employee "without Good Reason" under the following <u>Section</u> [<u>6.d</u>](#_bookmark14)). Employee's employment with the Company shall terminate within Thirty (30) days after the expiration of the Company Notice Period, if the Company fails to cure the event(s) and/or condition(s) constituting the Good Reason for Employee's termination of his employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.<u>By Employee without Good Reason</u>. Employee may terminate Employee's employment under this Agreement without Good Reason by providing written notice of termination to the Company no less than One Hundred Eighty (180) days before the effective time of the termination of Employee's employment with the Company, as specified in such notice. For purposes of this Agreement "<u>without</u><u> </u><u>Good</u> <u>Reason</u>" shall mean any termination by Employee that is not a termination due to death or Disability under <u>Section</u> [<u>6.e</u>,](#_bookmark15) below, or for Good Reason as set forth and in accordance with <u>Section</u> [<u>6.c</u>,](#_bookmark10) above. For the avoidance of doubt, if Employee terminates his employment with the Company without complying with the requirements of <u>Section</u> [<u>6.c</u>,](#_bookmark10) above, such termination shall be deemed a termination by Employee without Good Reason (without notice). Notwithstanding anything in this Agreement to the contrary, the Company may, in its sole and absolute discretion, waive all or any part of the One Hundred Eighty-(180)- day notice period for no consideration and advance the Employee's termination date to an alternate termination date of the Company's own choosing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.<u>Termination</u><u> </u><u>due to Death</u><u> </u><u>or Disability</u>. Employee's employment with the Company shall terminate immediately in the event of Employee's death or Disability. For purposes of this Agreement, "<u>Disability</u>" means Employee's inability to substantially perform his duties by reason of any medically determinable physical or mental impairment that, as determined by a physician chosen by the Company and reasonably acceptable to Employee, can be expected to: (i) result in death; (ii) last for a continuous period of at least Thirty (30) days; or (iii) endanger the Employee and/or others if Employee were to continue to perform Employee's duties with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.<u>Change in Control</u>. For purposes of this Agreement, a "<u>Change in Control</u>" shall be deemed to have occurred if:

&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;*i.*an acquisition of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act, or any future replacement thereof) by any individual, group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act, or any future replacement thereof), or entity (each, a "<u>Person</u>") of fifty percent (50%) or more of the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the "<u>Outstanding Company Voting Securities</u>"); excluding, however, the following: (A) any acquisition directly from the Company, other than an acquisition by virtue of the exercise of a conversion privilege unless the security being so converted was itself acquired directly from the Company; (B) any acquisition by the Company; (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any entity controlled by the Company; or (4) any acquisition pursuant to a transaction which complies with clauses (A), (B) and (C) of this <u>Section</u> [<u>6.f.i</u>](#_bookmark17); or

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Exhibit 10.11

&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;*ii.*a change in the composition of the Board such that the individuals who constitute the Incumbent Board (such as defined herein) cease for any reason to constitute at least a majority of the Board. As used in this <u>Section</u><u> </u>[<u>6.f</u>,](#_bookmark16)the "<u>Incumbent</u><u> </u><u>Board</u>" means those individuals serving as members of the Board as of the Effective Date; provided, however, any subsequent individual serving on the Board who was (A) elected to serve as a member of the Board by the Company's stockholders or (B) appointed to fill a vacancy on the Board shall be considered as though such individual were a member of the Incumbent Board *only if* such individual was nominated for election or appointed to serve on the Board by at least a majority of the Incumbent Board; but, provided further, that any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act or any future replacement thereof) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board shall not be so considered as a member of the Incumbent Board; or

&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;*iii.*consummation of a reorganization, merger or consolidation of the Company, or sale or other disposition of all or substantially all of the assets of the Company (a "<u>Corporate</u> <u>Transaction</u>"); excluding, however, such a Corporate Transaction pursuant to which: (A) all or substantially all of the individuals and entities who are the beneficial owners, respectively, of the Outstanding Company Voting Securities immediately prior to such Corporate Transaction will beneficially own, directly or indirectly, more than fifty percent (50%) of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the corporation resulting from such Corporate Transaction (including, without limitation, a corporation which, as a result of such transaction, owns the Company or all or substantially all of the Company's assets either directly or through one or more Subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Corporate Transaction, of Outstanding Company Voting Securities; (B) no Person (other than the Company, any employee benefit plan (or related trust) of the Company or such corporation (described in clause (A) of this <u>Section</u><u> </u>[<u>6.f.iii</u>](#_bookmark18)) resulting from such Corporate Transaction) will beneficially own, directly or indirectly, forty percent (40%) or more of the combined voting power of the outstanding voting securities of such corporation entitled to vote generally in the election of directors except to the extent that such ownership existed prior to the Corporate Transaction; and (C) individuals who were members of the Incumbent Board will constitute at least a majority of the members of the board of directors of the corporation resulting from such Corporate Transaction; or

&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;*iv.* A complete liquidation or dissolution of the Company.

Notwithstanding any of the foregoing, however, in any circumstance or transaction in which compensation resulting from or in respect a Change in Control would result in the imposition of an additional tax under Section 409A were to apply, but would not result in the imposition of any additional tax if the term "Change in Control" were defined herein to mean a "change in control event" within the meaning of Treasury Regulations Section 1.409A-3(i)(5), then "Change in Control" shall mean a "change in control event" within the meaning of Treasury Regulation Section 1.409A-3(i)(5), but only to the extent necessary to prevent such compensation from becoming subject to an additional tax under Section 409A.

&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;g.<u>Payment of Accrued Obligations; Continuation of Benefits</u>. Regardless of the reason for the termination of Employee's employment with, or other qualifying "Separation from Service" (within the meaning of Treasury Regulations Section 1.409A-1(h), or future replacement thereof) from, the Company, Employee shall be entitled to receive payment in satisfaction of the following obligations accrued to Employee as of the effective date of such termination or Separation from Service (the "<u>Termination</u> <u>Date</u>") which are outstanding as of the Termination Date (collectively, the "<u>Accrued</u><u> </u><u>Obligations</u>"): (A) all of the Employee's Base Salary earned and unpaid through the Termination Date; (B) all of Employee's PTO accrued and unused as of the Termination Date; and (C) reimbursement of Employee's properly reimbursable business expenses incurred and unreimbursed as of the Termination Date; *provided, that*, Employee must submit a final request for reimbursement of any such outstanding unreimbursed business expenses, together with such substantiation as may be requested or required pursuant to the Company's employee expense reimbursement policy, by no later than Five (5) business days following the Termination Date to receive reimbursement of such employee business expenses. Except with respect to reimbursement

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Exhibit 10.11

of Employee's outstanding reimbursable employee business expenses, all Accrued Obligations shall be due and payable to Employee (or Employee's estate or beneficiaries, as the case may be) on the first regular payday following the Termination Date (or sooner if required by law). In addition to satisfaction of the Accrued Obligations, Employee shall continue to receive coverage under the Company's then-effective group medical insurance policies and employee benefit programs through the end of the month of the Termination Date, except as required by applicable law and the terms of applicable Company group medical insurance policy and employee benefit program agreements. For the avoidance of doubt, except for as provided in <u>Section</u> [<u>6.h</u>](#_bookmark19), below, Employee shall be entitled to receive only payment of the Accrued Obligations and continuation of the Company employee benefits set forth in this <u>Section</u><u> </u>[<u>6.g</u>](#_bookmark20)in connection with the cessation of Employee's employment with the Company, and, upon payment of such Accrued Obligations, Employee shall not be entitled to any further compensation or benefits from the Company (including its subsidiaries and affiliates), except as specifically provided herein, or as otherwise agreed by the Company in writing.

&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;h.<u>Severance</u>. By no later than Twenty-One (21) days following the Termination Date, Company and Employee (or Employee's estate or beneficiaries, as the case may be) shall enter into a separation agreement and general release, substantially in form attached as Exhibit "C" hereto (the "<u>Severance Agreement</u>") pursuant to which Company shall pay to Employee (or Employee's estate or beneficiaries, as the case may be), in exchange for the execution, non-revocation, and compliance with the terms of the Severance Agreement by the Employee (or Employee's estate or beneficiaries, as the case may be), the applicable amounts specified in <u>Sections</u><u> </u>[<u>6.h.i</u>](#_bookmark21)through [<u>6.h.iv</u>](#_bookmark22)below (the "<u>Severance</u><u> </u><u>Payments</u>") in accordance with the Severance Agreement; *provided, however,* neither Party shall be obligated to enter into the Severance Agreement if Employee's employment with the Company is terminated: (i) by the Company for Cause; or (ii) by Employee without Good Reason **and** Employee fails to provide the advance written notice required by <u>Section</u><u> </u>[<u>6.d</u>](#_bookmark14)of this Agreement. For the avoidance of doubt, the Severance Payments shall not become due and payable unless and until the Severance Agreement between the Company and Employee has become effective, binding, and irrevocable on the parties thereto; *provided, however,* that if the Company (or applicable successor-in-interest to the Company) fails to execute and deliver the Severance Agreement in accordance with this <u>Section</u> [<u>6.h</u>,](#_bookmark19) the Company shall be deemed in material default of its obligations under this Agreement, and the applicable Severance Payments that would have been due to Employee had the Severance Agreement been entered into in accordance with this <u>Section</u> [<u>6.h</u>](#_bookmark19) shall immediately become due and payable to Employee as of the Termination Date, without further action by, or agreement of, the Employee. Accordingly, pursuant to the Severance Agreement, Employee shall be entitled to receive the following Severance Payments:

&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;*i.Termination by Company for Cause; Termination by Employee without Good Reason (without notice)*. If the Company terminates Employee's employment for Cause, or if Employee terminates Employee's employment hereunder without Good Reason **and** Employee fails to provide advance notice required by <u>Section</u> [<u>6.d</u>](#_bookmark14) of this Agreement, then the Employee (or Employee's estate or beneficiaries, as the case may be) shall not receive any Severance Payments and shall only be entitled to receive payment of the Accrued Obligations; therefore, upon payment of such amounts, Employee shall not be entitled to receive any additional remuneration from the Company under this Agreement with respect to Employee's employment with the Company.

&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;*ii.Termination by Employee without Good Reason (with notice); Termination due to Non-Renewal of Employment Term by Company.* If Employee terminates Employee's employment hereunder without Good Reason **and** provides the Company with advance written notice of such termination as required by <u>Section</u><u> </u>[<u>6.d</u>](#_bookmark14) of this Agreement, or if Company elects under <u>Section</u><u> </u><u>2</u> hereof not to renew the term of Employee's employment with Company hereunder, Employee (or Employee's estate or beneficiaries, as the case may be) shall receive payment of the Accrued Obligations and the following Severance Payments: **(A)** Twenty-Five percent (25%) of the target amount of the Incentive Bonus amount to which Employee would have been entitled under <u>Section</u><u> </u>[<u>4.b</u>](#_bookmark3)of this Agreement had Employee remained employed with the Company through the end of the fiscal year in which the Termination Date occurs, prorated through the Termination Date; and **(B)** an amount equal to Three (3) months' worth of the Employee's Base Salary, as in effect immediately prior to the Termination Date. For the avoidance of doubt,

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Exhibit 10.11

Employee shall not receive any Severance Payments in respect of a termination due to Employee's election not to renew the Employment Term pursuant to <u>Section</u> [<u>2</u>](#_bookmark0) of this Agreement.

&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;*iii.Termination by Company without Cause; Termination due to death or Disability of Employee.* If Employee's employment with the Company is terminated by the Company without Cause, or due to Employee's death or Disability, Employee (or Employee's estate or beneficiaries, as the case may be) shall receive payment of the Accrued Obligations and the following Severance Payments: **(A)** payment of One Hundred percent (100%) of the target amount of the Incentive Bonus to which Employee would have been entitled under <u>Section</u> [<u>4.b</u>](#_bookmark3) of this Agreement had Employee remained employed with the Company through the end of the fiscal year of the Termination Date, prorated through the Termination Date; and **(B)** payment of Employee's Base Salary, as in effect immediately prior to the Termination Date, in amount equal to the *lesser* of: *(1)* Twelve (12) months of the Employee's then-effective Base Salary; and

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* the sum of the Base Salary payments Employee would have received had Employee's employment with the Company continued through the end of the Initial Term or the then-effective Renewed Term. Additionally, if Employee's employment with the Company is terminated by the Company without Cause, or due to Employee's death or Disability—and Employee's tenure with the Company exceeds 180 calendar days—Employee (or Employee's estate or beneficiaries, as the case may be) shall also receive: **(C)** at the time of termination, fifty percent (50%) of Employee's Service-Based Awards scheduled to vest within 365 calendar days of Employee's termination; and **(D)** continuation of the vesting of fifty percent (50%) of outstanding Performance-Based Awards granted to Employee under the Equity Plan as if Employee's employment with the Company had not ceased prior to the end of the applicable performance period with such vesting calculated based on actual performance, *provided, however,* if the applicable performance period is extended or the vesting or performance conditions are materially changed to Employee's detriment or the Company fails to certify the performance achievement with respect to any such outstanding Performance-Based Awards within Sixty (60) calendar days following the end of the applicable performance period, then such Performance-Based Awards will vest immediately upon the occurrence of any such event assuming achievement of the maximum level of performance.

&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;*iv. Termination by Employee with Good Reason; Termination Incident to Change in Control.* If Employee terminates Employee's employment with the Company for Good Reason consistent with the rules and procedures set forth in <u>Section</u> [<u>6.c.vi</u>](#_bookmark13) of this Agreement, or if Employee's employment with the Company is terminated by the Company for any reason other than for "Cause" (as defined in <u>Section</u> [<u>6.a</u>](#_bookmark8) hereof) within Six (6) months of a Change in Control of the Company, Employee (or Employee's estate or beneficiaries, as the case may be) shall receive payment of the Accrued Obligations and the following Severance Payments: **(A)** One Hundred percent (100%) of the target amount of the Incentive Bonus to which Employee would have been entitled under <u>Section</u> [<u>4.b</u>](#_bookmark3) of this Agreement had Employee remained employed with the Company through the end of the fiscal year in which the termination of employment occurred; **(B)** Employee's Base Salary as in effect as of the Termination Date (for terminations with Good Reason) or as in effect immediately prior to the Change in Control (for terminations incident to a Change in Control), in an amount equal to the *greater* of: *(1)* the sum of the Employee's Base Salary that would have been paid to Employee through the end of the Initial Term (or then-applicable Renewed Term) had Employee's appointment or service with the Company not ceased; and *(2)* Twelve

&nbsp;&nbsp;&nbsp;&nbsp;(12) months of the Employee's Base Salary; **(C)** acceleration of the vesting of all outstanding Service-Based Awards granted to Employee under the Equity Plan which remain unvested as of the Termination Date, such that vesting of such service-based Equity Awards shall be deemed to have occurred as of: *(1)* in the case of a termination by Employee with Good Reason, the Termination Date; or *(2)* in the case of a termination incident to a Change in Control, as of immediately prior to the effective time of the Change in Control; and **(D)** continuation of vesting of all outstanding Performance-Based Awards granted to Employee under the Equity Plan which remain unvested as of the Termination Date, as if Employee's appointment or service with the Company had not ceased, for a period ending as of the *earlier* of: (1) the end of the performance period applicable to such Equity Award, or (2) the termination of the Severance Agreement or the CNCA in connection with Employee's breach of the terms thereof; *provided, however*, solely with respect to a Change in Control, if the Equity Plan or the applicable performance plan thereunder (including the LTIP) is terminated or suspended, or if the performance period for such Equity Award is extended, tolled or suspended, or if the certification of the achievement of performance objectives is

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Exhibit 10.11

canceled, delayed, or suspended, or otherwise fails to occur within Eighteen (18) months of the applicable Change in Control transaction, One Hundred percent (100%) of the outstanding performance objectives corresponding to the target award(s) for such outstanding Performance-Based Award(s) shall be deemed to have been achieved and certified as of immediately prior to the Change in Control, and, accordingly, One Hundred percent (100%) of such outstanding Performance-Based Award(s) shall automatically vest and become due and payable to Employee as of immediately prior to the effective time of the Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.<u>Treatment of Equity</u>. Other than pursuant to the Severance Agreement as set forth in the foregoing <u>Sections</u><u> </u>[<u>6.h.i</u>](#_bookmark21)through [<u>6.h.iv</u>,](#_bookmark22) or as set forth in the applicable Equity Award Agreement between Employee and the Company, and except with respect to applicable regulatory, tax, and legal requirements described under <u>Section</u> [<u>7.p</u>](#_bookmark27) of this Agreement, any Equity Awards granted to Employee shall remain governed by the Equity Plan and the applicable Equity Award Agreement between Employee and the Company. For the avoidance of doubt, any ambiguity between the terms of this Agreement, including, specifically the terms of <u>Section</u> [<u>6.h</u>,](#_bookmark19) and the terms of the applicable Equity Award Agreement between Employee and the Company shall be resolved in favor of the applicable Equity Award Agreement, such that, the terms of the applicable Equity Award Agreement(s) shall continue to govern and control over the terms of this Agreement, in all respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j.<u>Regulatory</u><u> </u><u>Adjustments</u>. All amounts which may become payable to Employee under this <u>Section</u> [<u>6</u>](#_bookmark7) in connection with the cessation of Employee's employment with the Company, including any Severance Payments, shall be subject to all applicable regulatory, tax, and legal requirements described under <u>Section</u> [<u>7.p</u>](#_bookmark27) of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k.<u>Effect of Termination; Resignation and Removal from all Company Positions</u>. Notwithstanding anything in this Agreement to the contrary, upon termination of Employee's employment hereunder for any reason, Employee agrees: (i) to immediately deliver to the Company all Property (as that term is defined in the CNCA) and records (including all copies thereof) of the Company; (ii) that the Company shall have the right, without limitation, to withhold and retain any amounts that might otherwise be owed to the Employee to offset any amounts or debts owed by Employee to the Company; and (iii) that the Company shall, subject to applicable laws, further have the right to withhold the payment of any amounts that might otherwise be owed to Employee until such time as the Company determines, to its reasonable satisfaction, that any and all proprietary and confidential information, regardless of the medium on which it is embodied (*e.g.*, laptop computer), has been returned to the Company and that Employee has not retained copies thereof. Furthermore, except as specifically agreed by the Company in writing, upon the cessation of Employee's employment with the Company, Employee shall be deemed to have resigned and/or been removed from all positions that the Executive holds (or previously held) with the Company or any of the Company's affiliated and/or related entities, effective immediately as of the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Miscellaneous .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Section</u><u> </u><u>Headers; Gender</u><u> </u><u>and</u><u> </u><u>Number</u>. The section headings in this Agreement are for the Parties' convenience only and are not intended to govern, limit, or affect the meanings of the sections. Singular and plural nouns and pronouns shall mean the singular or plural and the masculine, feminine, or neuter genders as permitted by the context in which the words are used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Representations</u> <u> </u> <u>by</u> <u> </u> <u>Employee</u>. The Employee represents and warrants to the Company that:

&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;*i.*The Employee's acceptance of employment under this Agreement with the Company and the performance of the Employee's duties hereunder will not conflict with or result in a violation of, a breach of, or a default under any contract, agreement, or understanding to which the Employee is a party or is otherwise bound;

&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;*ii.*As a condition of employment, the Employee shall review and provide acknowledgement of the Company's governance policies, practices, and procedures, and shall complete all mandatory trainings in a timely manner;

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Exhibit 10.11

&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;*iii.*The Employee shall adhere to the Company's governance policies, practices, and procedures, including, without limitation, the Insider Trading Policy (and any trading black-out periods enacted thereunder), Stock Ownership Guidelines, Clawback Policy, and all other policies, practices, and procedures relating to Company Securities (as that term is defined under the Insider Trading Policy), including with respect to Section 16 of the Exchange Act;

&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;*iv.*The Employee's acceptance of employment under this Agreement with the Company and the performance of the Employee's duties hereunder will not violate any non-solicitation, non-competition, non-disclosure, or other similar covenant or agreement between the Employee and a prior employer of the Employee;

&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;*v.*The Employee's representations to the Company regarding the Employee's prior employment have been truthful and accurate; and

&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;*vi.*Employee shall immediately notify the Company of any issues that arise that could conflict with the representations, warranties, and obligations set forth herein, including without limitation, any demands, claims, notices, or requests made by third parties that could adversely impact Employee's ability to perform Employee's duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>Cooperation</u>. The Parties agree that certain matters in which Employee will be involved during the Employment Term may necessitate Employee's cooperation in the future. Accordingly, following the termination of Employee's employment for any reason, to the extent requested by the Company, Employee shall provide to the Company reasonable levels of assistance in answering questions about the Company's business, transition of responsibility, legal matters, and/or litigation. The Company shall make reasonable efforts to minimize the disruption of Employee's other activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.<u>Entire Agreement; Modification</u>. Unless specifically provided herein, this Agreement, along with all exhibits and/or attachments hereto (including without limitation the Equity Award Agreements entered into between the Parties and the CNCA) constitutes the entire understanding between Employee and the Company with respect to the subject matter hereof and supersedes all prior understandings, agreements, representations, and warranties, both written and oral, with respect to the subject matter hereof. The Parties are not relying upon any representations or promises not set forth in this Agreement. Except as provided here, this Agreement may not be amended or modified except in a writing signed by both Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.<u>Waiver</u>. Failure to insist upon strict compliance with any of the terms, covenants, or conditions set forth in this Agreement (including the CNCA) shall not be deemed a waiver of such term, covenant, or condition, nor shall any waiver or relinquishment of any right or power hereunder at any one or more times be deemed a waiver or relinquishment of such right or power at any other times. No waiver by the Company of a breach by Employee of any provision of this Agreement (including the CNCA) shall be binding upon the Company unless the same is in writing, signed by a duly authorized representative of the Company, and any such waiver shall not operate or be construed as a waiver of any subsequent breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.<u>Severability</u>. If it is determined by a court of competent jurisdiction that any of the provisions of this Agreement is invalid or unenforceable, such determination shall not affect the validity of the remaining provisions in this Agreement, each of which shall survive and be given full force and effect. A court of competent jurisdiction may modify and bring about a modification of any invalid or unenforceable provision to make it enforceable under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.<u>Assignment</u>. The Company may assign this Agreement (including the CNCA) and, if assigned, the assignee has the right to seek enforcement of the Agreement (including the CNCA). Since this Agreement and the Employee's rights and obligations hereunder are personal to Employee, Employee cannot assign this Agreement (including the CNCA) to any other person or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.<u>Indemnification of Company</u>. Employee agrees to indemnify, defend, and hold the Company, its Affiliates, and their officers, directors and employees harmless from and against any claims

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Exhibit 10.11

(including without limitation losses, damages, attorneys' fees and costs) by third parties alleging that Employee's employment with the Company hereunder constitutes unlawful activity, breaches an obligation of Employee, or otherwise subjects the Company and its Affiliates to potential liability as a result of Employee's employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.<u>Indemnification of Employee</u>. The Company agrees to indemnify, defend, and hold the Employee harmless from and against claims as provided for under the Company's Articles of Incorporation and the Company's Bylaws in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j.<u>Notices</u>. All notices and other communications required to be given under this Agreement (including the CNCA) shall be in writing and shall be delivered to the receiving Party by hand-delivery in person, via email transmission (including as an attachment) sent to the receiving Party's e-mail address, or by overnight carrier service by a recognized business courier (such as FedEx or UPS) to the receiving Party's mailing address. A notice and/or other communication to be given hereunder shall be considered effective: (a) on the date of delivery if personally delivered against a written receipt; (b) on the date of delivery if sent by e-mail transmission or as an attachment to an e-mail transmission, with a delivery receipt; or (c) on the first business day following the date of dispatch if delivered to a recognized business courier service (such as DHL Courier, FedEx, or UPS) for overnight delivery. The Parties' addresses for notice as of the Effective Date are as set forth below, as the same may be revised from time to time by giving notice to the other Parties in accordance with this <u>Section</u> [<u>7.j</u>](#_bookmark24):

*Company:*[\*\*\*]

*Employee:*[\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k.<u>Survival</u>. Notwithstanding anything in this Agreement to the contrary, and for the avoidance of any doubt, the termination of Employee's employment under this Agreement for any reason shall not affect the CNCA or any of the covenants, warranties, and agreements in <u>Section</u> [<u>4.g</u>,](#_bookmark5) <u>Section</u> [<u>5</u>](#_bookmark6), <u>Section</u><u> </u>[<u>6</u>,](#_bookmark7)and <u>Section</u><u> </u>[<u>7</u>](#_bookmark23)(including all constituent subparts thereof) of this Agreement, each of which shall survive such termination of the Employment Term, the Parties' employment relationship, and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l.<u>Governing Law; Jurisdiction and Venue; Attorney's Fees and Costs</u>. The validity, construction, and performance of this Agreement (including the CNCA) shall be governed by the laws of the State of Colorado, without giving effect to conflict of law principles. Except as otherwise may be required by the Company to obtain equitable injunctive relief under this Agreement, the CNCA, and/or any other agreement between the Parties, Employee further understands and agrees that all claims or disputes between Employee and the Company and/or its present and former directors, officers, employees, agents, representatives and assigns, in any way arising out of or related to this Agreement or the CNCA shall be decided by binding arbitration administered by the American Arbitration Association ("<u>AAA</u>") pursuant to the Federal Arbitration Act, 9 U.S.C., 1, et seq, and in accordance with the Commercial Arbitration Rules of the AAA that are in effect at the time the demand for arbitration is filed, unless the Parties mutually agree otherwise in writing. The decision of the arbitrator(s), which shall state finding of fact and conclusions of law, shall be final, conclusive and binding on the parties and judgment may be entered thereon in the State or Federal Courts in or for Denver, Colorado, to enforce such arbitration decision. The prevailing Party in such arbitration, or any other action to enforce this Agreement or the CNCA, shall be entitled to recover from the non-prevailing Party, in addition to all other legal and/or equitable remedies, all costs of arbitration and/or litigation, including reasonable attorneys' fees, incurred in connection with the prevailing Party's enforcement of this Agreement or the CNCA. Employee agrees to these terms and conditions, including, specifically, Employee's irrevocable agreement to arbitrate any dispute arising under the Agreement or the CNCA, and acknowledges receipt of the Agreement. Each Party hereby expressly acknowledges and agrees that nothing in this <u>Section</u> [<u>7.l</u>](#_bookmark25) prohibits or shall be construed as prohibiting the Parties' ability to seek injunctive relief from any State or Federal Court of competent jurisdiction to enforce the terms of this Agreement, where such injunctive relief would be appropriate.

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Exhibit 10.11

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m.<u>Pre-Suit Mediation</u>. Except with respect to any injunctive relief sought by the Company under this Agreement, the CNCA, and/or any other agreement between the Parties, each of the Parties knowingly, voluntarily, and intentionally agrees to and shall participate in a mediation conference before filing any complaint, charge, or accusatory pleading or document, or otherwise commencing any legal or administrative action or proceeding against the other Party with a federal, state, or local agency and/or in a court of competent jurisdiction. The Parties agree that the mediation conference shall be convened in Denver, Colorado, USA, and to cooperate in the selection of a mutually agreeable mediator. The Parties shall split equally the cost of the mediator. The Parties also agree to bear their own respective attorney's fees and costs for mediation under this <u>Section</u> [<u>7.m</u>.](#_bookmark26) For the avoidance of any doubt, except as provided herein, the mediation requirement of this <u>Section</u> [<u>7.m</u>](#_bookmark26) is a condition precedent to any action, proceeding, and/or litigation between the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n.**WAIVER OF JURY TRIAL**. TO THE EXTENT PERMITTED BY LAW, THE PARTIES KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY AGREE TO, AND DO HEREBY, WAIVE THE RIGHT TO TRIAL BY JURY IN ANY LITIGATION, CAUSE OF ACTION, CLAIM, PROCEEDING, OR COUNTERCLAIM BROUGHT BY EITHER OF THE PARTIES AGAINST THE OTHER: (I) BASED ON ANY MATTER WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED WITH EMPLOYEE'S EMPLOYMENT WITH THE COMPANY; (II) BASED ON THIS AGREEMENT (INCLUDING THE CNCA) OR ARISING OUT OF, UNDER, OR RELATING TO THIS AGREEMENT (INCULDING THE CNCA); AND/OR (III) BASED ON ANY ALLEGED ACTION, INACTION, OR OMISSION OF EITHER PARTY TO THIS AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o.<u>Construction</u>. The essential terms and conditions contained in this Agreement have been mutually negotiated between the Parties. The Parties agree that the language of all parts of this Agreement shall in all cases be construed as a whole, according to its fair meaning, and not strictly for or against any of the Parties. No ambiguity or uncertainty in this Agreement shall be construed or interpreted in favor of or against any Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p.<u>Compliance</u><u> </u><u>with</u><u> </u><u>Applicable Regulatory,</u><u> </u><u>Tax,</u><u> </u><u>and Legal Requirements</u>. Any payments or benefits which may be conferred under this Agreement shall be subject to and administered in compliance with all regulatory, tax, and legal requirements applicable to Employee or the Company, including, without limitation, the following:

&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;*i.Tax Withholding*. The Company may, but shall not be required by the Employee to, withhold from any compensation or benefits payable to Employee all applicable taxes and make any other deductions and withholdings as the Company, in its sole and absolute discretion, determines are required or permitted by law.

&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;*ii.Section 409A*. To the extent applicable to Employee, this Agreement and all payments, distributions or other benefits hereunder shall comply and be administered in accordance with the requirements of, or an exemption or exclusion to, Section 409A and any applicable equivalent or related State law. To the extent any provision or term of this Agreement is ambiguous as to its compliance in this respect, such provision or term and all payments hereunder shall be interpreted to comply with the requirements of, or an exemption or exclusion to, Section 409A, as well as any applicable equivalent State law. For the avoidance of doubt, notwithstanding any provision of this Agreement to the contrary, if Employee is a "specified employee" (as defined in Treasury Regulations Section 1.409A-1(i)), then, to the extent required under Treasure Regulation Section 1.409A-3(i)(2), any payments that constitute "nonqualified deferral of compensation" that become due upon the Participant's "separation from service" (other than due to the Participant's death) and that would have been made under the terms of the Plan within the six-month period commencing on the Participant's "separation from service" shall be delayed and instead be made as soon as practicable after the end of such six-month period. For purposes of this <u>Section</u>

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Exhibit 10.11

[<u>7.p</u>,](#_bookmark27) the terms "specified employee", "nonqualified deferral of compensation", and "separation from service" have the meanings given to them under Section 409A. Any provision that would cause this Agreement or a payment, distribution, or other benefit hereunder to fail to comply with the requirements of, or an exemption or exclusion to, Section 409A, as well as any applicable equivalent State law, shall have no force or effect and the Parties agree that, to the extent an amendment would be effective, this Agreement shall be amended to comply with the requirements of, or an exemption or exclusion to, Section 409A, as well as any applicable equivalent State law. Such amendment shall be retroactive to the extent permitted by law. For purposes of this Agreement, Employee shall not be deemed to have terminated employment unless and until a "Separation from Service" within the meaning of Treasury Regulations Section 1.409A-1(h) has occurred. Each payment under <u>Section</u><u> </u>[<u>6.g</u>](#_bookmark20)and <u>Section</u><u> </u>[<u>6.h</u>](#_bookmark19)of this Agreement shall be treated as a separate payment for purposes of Section 409A.

&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;*iii.Code Section 280G*. To the extent applicable to Employee, any of the payments or benefits received or to be received by the Employee constitute "Parachute Payments" within the meaning of Code Section 280G (each, a "<u>Section</u><u> </u><u>280G</u><u> </u><u>Payment</u>") and would, but for this <u>Section</u><u> </u>[<u>7.p.iii</u>](#_bookmark28), be subject to the excise tax imposed under Code Section 4999 (the "<u>Golden Parachute Tax</u>"), then, prior to making such Section 280G Payment, a calculation shall be made comparing (A) the Net Benefit (as defined below) to the Employee of the Section 280G Payment to (B) the Net Benefit to the Employee if the Section 280G Payment is limited to the extent necessary to avoid being subject to the Golden Parachute Tax. Only if the amount calculated under (A) above is less than the amount under (B) above will the Section 280G Payment be reduced, and then, only to the minimum extent necessary to ensure that no portion of the Section 280G Payment is subject to the Golden Parachute Tax. For purposes of this <u>Section</u> [<u>7.p.iii</u>](#_bookmark28) only, "<u>Net Benefit</u>" shall mean the present value of the payment, net of all federal, state, local, foreign income, employment, and excise taxes, including the Golden Parachute Tax. Any reduction made pursuant to this <u>Section</u> [<u>7.p.iii</u>](#_bookmark28) shall be made in accordance with the requirements of Code Section 409A as follows: (X) first, reduction of cash payments and benefits, in reverse order of the date of payment; (Y) second, cancellation of vesting acceleration of equity awards, in reverse order of the date of grant; and (Z) third, reduction of other non-cash payments and benefits, in reverse order of the date the payment or benefit is to be provided. If the same payment or award date applies to more than one payment or benefit within any of the foregoing categories, the reduction will apply to each such payment or benefit on a pro-rata basis. All calculations and determinations under this <u>Section</u> [<u>7.p.iii</u>](#_bookmark28) shall be made by an independent accounting firm or independent tax counsel appointed by the Company (the "<u>Tax</u><u> </u><u>Counsel</u>"), whose determinations shall be conclusive and binding on the Company and the Employee for all purposes. The Company and the Employee shall furnish the Tax Counsel with such information and documents as requested by the Tax Counsel to make its determinations under this <u>Section</u><u> </u>[<u>7.p.iii</u>,](#_bookmark28)and the Company shall bear all costs incurred by the Tax Counsel under this <u>Section</u> [<u>7.p.iii</u>.](#_bookmark28)

&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;*iv.Regulatory Claw-back*. Notwithstanding any other provisions in this Agreement to the contrary, any compensation (whether cash-, equity-, or incentive-based, or otherwise) paid to the Employee under this Agreement or any other agreement or arrangement between the Company and the Employee which is subject to recovery under any law, government regulation, or stock exchange listing requirement shall be subject to such deductions and claw-back as may be required to be made pursuant to such law, government regulation, or stock exchange listing requirement (or any policy adopted by the Company pursuant to any such law, government regulation or stock exchange listing requirement), without regard for any termination, severance, or other agreement with respect to the Employee's separation from service with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q.<u>Full</u><u> </u><u>Understanding;</u><u> </u><u>Acknowledgment</u>. Employee acknowledges and agrees that Employee has thoroughly read the terms of this Agreement before signing. Employee further acknowledges and agrees that, by signing this Agreement, Employee knowingly and voluntarily consents to the terms contained herein.

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Exhibit 10.11

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r.<u>Counterparts</u>. This Agreement (including the CNCA) may be executed in one or more counterparts, each of which when executed shall be deemed to be an original, and such counterparts together shall constitute one and the same Agreement. Signing of this Agreement (including the CNCA) and transmission of the signed Agreement (including the CNCA) by electronic document transfer will be acceptable and binding upon the parties as of the Effective Date.

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Exhibit 10.11

*[Signature Page to Riot Platforms, Inc. Executive Employment Agreement]*

**IN WITNESS WHEREOF**, the undersigned, intending to be legally bound, have executed this Executive Employment Agreement, effective as of the Effective Date set forth herein.

#### EMPLOYEE
<u>/s/</u><u> </u><u>Jonathan</u><u> </u><u>Gibbs</u> 

/

Jonathan Gibbs

6/11/2025

Dated:

#### RIOT PLATFORMS, INC.
By: <u>/s/ Jason Les</u> Name: Jason M. Les

Title: Chief Executive Officer

6/11/2025

Dated:

*Attachments:*

*Exhibit "A" – CNCA*

*Exhibit "B" – Form of Severance Agreement*

*Exhibit "C" – 2019 Equity Incentive Plan, as amended Exhibit "D" – Executive Wellness Plan*

*Exhibit "E" – Performance-Based Award*

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Exhibit 10.11

#### Exhibit "A"
CNCA

[\*\*\*]

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Exhibit 10.11

#### Exhibit "B"
Form of Severance Agreement [\*\*\*]

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Exhibit 10.11

#### Exhibit "C"
**2019 EQUITY INCENTIVE PLAN, AS AMENDED**

**1. PURPOSE OF PLAN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** The purpose of this 2019 Equity Incentive Plan (this "**Plan**") of Riot Platforms, Inc., a Nevada corporation (the "**Corporation**"), is to promote the success of the Corporation and to increase stockholder value by providing an additional means through the grant of Awards to attract, motivate, retain and reward selected employees and other eligible persons.

As of the date of approval of the Plan, no additional grants will be made under the Corporation's 2017 Equity Incentive Plan (the "**2017 Plan**"). Any shares of Common Stock not subject to exercised or outstanding grants under the 2017 Plan as of the date of this Plan may be issued under this Plan. Outstanding grants under the 2017 Plan will continue to be governed by the terms of such grants and the terms of the 2017 Plan under which they were issued.

**2. ELIGIBILITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** The Administrator (as such term is defined in Section 3.1) may grant Awards under this Plan only to those persons that the Administrator determines to be Eligible Persons. An "**Eligible Person**" is any person who is either: (a) an officer (whether or not a director) or employee of the Corporation or one of its Subsidiaries; (b) a director of the Corporation or one of its Subsidiaries; or (c) an individual consultant who renders bona fide services (other than services in connection with the offering or sale of securities of the Corporation or one of its Subsidiaries in a capital-raising transaction or as a market maker or promoter of securities of the Corporation or one of its Subsidiaries) to the Corporation or one of its Subsidiaries and who is selected to participate in this Plan by the Administrator; *provided, however,* that a person who is otherwise an Eligible Person under clause (c) above may participate in this Plan only if such participation would not adversely affect either the Corporation's eligibility to use Form S-8 to register under the Securities Act of 1933, as amended (the "**Securities Act**"), the offering and sale of shares issuable under this Plan by the Corporation, or the Corporation's compliance with any other applicable laws. An Eligible Person who has been granted an Award (a "**Participant**") may, if otherwise eligible, be granted additional Awards if the Administrator shall so determine. As used herein, "**Subsidiary**" means any corporation or other entity a majority of whose outstanding voting stock or voting power is beneficially owned directly or indirectly by the Corporation.

**3. PLAN ADMINISTRATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1 *The Administrator.*** This Plan shall be administered by and all Awards under this Plan shall be authorized by the Administrator. The "**Administrator**" means the Board of Directors of the Corporation (the "**Board**") or one or more committees appointed by the Board or another committee (within its delegated authority) to administer all or certain aspects of this Plan. Any such committee shall be comprised solely of one or more directors or such number of directors as may be required under applicable law. A committee may delegate some or all of its authority to another committee so constituted. The Board or a committee comprised solely of directors may also delegate, to the extent permitted by Nevada Revised Statutes and any other applicable law, to one or more officers of the Corporation, its powers under this Plan (a) to determine Eligible Persons who will receive grants of Awards under this Plan, and (b) to determine the number of shares subject to, and the other terms and conditions of, such Awards. The Board may delegate different levels of authority to different committees with administrative and grant authority under this Plan. Unless otherwise provided in the bylaws of the Corporation or the applicable charter of any Administrator: (a) a majority of the members of the acting Administrator shall constitute a quorum, and (b) the affirmative vote of a majority of the members present assuming the presence of a quorum or the unanimous written consent of the members of the Administrator shall constitute due authorization of an action by the acting Administrator.

Award grants, and transactions in or involving Awards, intended to be exempt under Rule 16b-3 under the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), must be duly and timely authorized by the Board or a committee consisting solely of two or more non-employee directors (as this requirement is applied under Rule 16b-3 promulgated under the Exchange Act). To the extent required by any applicable stock exchange, this Plan shall be administered by a committee composed entirely of independent directors (within the meaning of the applicable stock exchange). Awards granted to non-employee directors shall not be subject to the discretion of any officer or

employee of the Corporation and shall be administered exclusively by a committee consisting solely of independent directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2 *Powers of the Administrator.*** Subject to the express provisions of this Plan, the Administrator is authorized and empowered to do all things necessary or desirable in connection with the authorization of Awards and the administration of

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Exhibit 10.11

this Plan (in the case of a committee or delegation to one or more officers, within the authority delegated to that committee or person(s)), including, without limitation, the authority to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) determine eligibility and, from among those persons determined to be eligible, the particular Eligible Persons who will receive Awards under this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) grant Awards to Eligible Persons, determine the price at which securities will be offered or awarded and the number of securities to be offered or awarded to any of such persons, determine the other specific terms and conditions of such Awards consistent with the express limits of this Plan, establish the installments (if any) in which such Awards shall become exercisable or shall vest (which may include, without limitation, performance and/or time-based schedules), or determine that no delayed exercisability or vesting is required, establish any applicable performance targets, and establish the events of termination or reversion of such Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) approve the forms of Award agreements (which need not be identical either as to type of Award or among Participants);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) construe and interpret this Plan and any agreements defining the rights and obligations of the Corporation, its Subsidiaries, and Participants under this Plan, further define the terms used in this Plan, and prescribe, amend and rescind rules and regulations relating to the administration of this Plan or the Awards granted under this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel, modify, or waive the Corporation's rights with respect to, or modify, discontinue, suspend, or terminate any or all outstanding Awards, subject to any required consent under Section 8.6.5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) accelerate or extend the vesting or exercisability or extend the term of any or all such outstanding Awards (in the case of options or stock appreciation rights, within the maximum ten-year term of such Awards) in such circumstances as the Administrator may deem appropriate (including, without limitation, in connection with a termination of employment or services or other events) subject to any required consent under Section 8.6.5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) determine the date of grant of an Award, which may be a designated date after but not before the date of the Administrator's action (unless otherwise designated by the Administrator, the date of grant of an Award shall be the date upon which the Administrator took the action granting an Award);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) determine whether, and the extent to which, adjustments are required pursuant to Section 7 hereof and authorize the termination, conversion, substitution, acceleration or succession of Awards upon the occurrence of an event of the type described in Section 7;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) acquire or settle (subject to Sections 7 and 8.6) rights under Awards in cash, stock of equivalent value, or other consideration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) determine the Fair Market Value (as defined in Section 5.6) of the common stock or Awards under this Plan from time to time and/or the manner in which such value will be determined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3 *Binding Determinations.*** Any action taken by, or inaction of, the Corporation, any Subsidiary, or the Administrator relating or pursuant to this Plan and within its authority hereunder or under applicable law shall be within the absolute discretion of that entity or body and shall be conclusive and binding upon all persons. Neither the Board, the Administrator, nor any Board committee, nor any member thereof or person acting at the direction thereof, shall be liable for any act, omission, interpretation, construction or determination made in good faith in connection with this Plan (or any Award made under this Plan), and all such persons shall be entitled to indemnification and reimbursement by the Corporation in respect of any claim, loss, damage or expense (including, without limitation, legal fees) arising or resulting therefrom to the fullest extent permitted by law and/or under any directors and officers liability insurance coverage that may be in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4 *Reliance on Experts.*** In making any determination or in taking or not taking any action under this Plan, the Administrator may obtain and may rely upon the advice of experts, including professional advisors to the Corporation. The Administrator shall not be liable for any such action or determination taken or made or omitted in good faith based upon such advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5 *Delegation of Non-Discretionary Functions.*** In addition to the ability to delegate certain grant authority to officers of the Corporation as set forth in Section 3.1, the Administrator may also delegate ministerial, non-discretionary functions to individuals who are officers or employees of the Corporation or any of its Subsidiaries or to third parties.

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Exhibit 10.11

**4. SHARES OF COMMON STOCK SUBJECT TO THE PLAN; SHARE LIMIT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 *Shares Available.*** Subject to the provisions of Section 7.1, the capital stock available for issuance under this Plan shall be shares of the Corporation's authorized but unissued common stock. For purposes of this Plan, "**Common Stock**" shall mean the common stock of the Corporation and such other securities or property as may become the subject of Awards under this Plan, or may become subject to such Awards, pursuant to an adjustment made under Section 7.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2 *Share Limit.*** The maximum number of shares of Common Stock that may be delivered pursuant to Awards granted to Eligible Persons under this Plan may not exceed the sum of 3,600,000 shares of Common Stock and the number of shares available for grant under the 2017 Plan as of the Effective Date (the "**Share Limit**"). Such shares of Common Stock may be authorized and unissued shares or, to the extent permitted by applicable law, issued shares of Common Stock that have been reacquired by the Corporation. Such shares of Common Stock may be used for any type of Award under the Plan, and any or all of the shares of Common Stock up to the Share Limit may be allocated to Incentive Stock Options. Solely for the purpose of determining the number of shares of Common Stock available for Awards under this Section 4.2, the number of shares of Common Stock available for issuance under the Plan shall be reduced by one (1.00) share of Common Stock for every one (1.00) share of Common Stock granted in respect of an Award; *provided, however,* that in the case of an Award that provides for a range of potential payouts of shares of Common Stock, the number of shares of Common Stock available for issuance under the Plan shall be reduced by the maximum number of shares of Common Stock that may be paid under such an Award.

The foregoing Share Limit is subject to adjustment as contemplated by Section 4.3, Section 7.1, and Section 8.10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3 *Awards Settled in Cash, Reissue of Awards and Shares.*** The Administrator may adopt reasonable counting procedures to ensure appropriate counting, avoid double counting (as, for example, in the case of tandem or substitute Awards) and make adjustments in accordance with this Section 4.3. In determining the number of shares of Common Stock available for grant under the Plan at any time, the following rules shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any shares of Common Stock subject to an Award granted under the Plan or the 2017 Plan that on or after the Effective Date terminates by expiration, forfeiture, cancellation or otherwise without the issuance of the shares (or with the forfeiture of shares in connection with a restricted stock Award), is settled in cash in lieu of shares, or is exchanged with the Committee's permission, prior to the issuance of shares, for an Award not involving shares shall become available again for grant under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any shares of Common Stock that, with the Administrator's approval, are withheld by the Corporation or tendered by a Participant (by either actual delivery or attestation) on or after the Effective Date to (i) pay the exercise price of an option granted under the Plan or 2017 Plan or (ii) to satisfy tax withholding obligations associated with an option granted under the Plan or 2017 Plan shall not become available again for grant under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any shares of Common Stock that were purchased by the Corporation on the open market with the proceeds from the exercise of a stock option granted under the Plan or the 2017 Plan on or after the Effective Date shall not become available for grant under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any shares of Common Stock that were subject to a stock-settled SAR granted under the Plan or 2017 Plan that were not issued upon the exercise of such SAR on or after the Effective Date shall not become available again for grant under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any shares of Common Stock that, with the Administrator's approval, are withheld by the Corporation or tendered by a Participant (by either actual delivery or attestation) on or after the Effective Date to satisfy tax withholding obligations associated with a SAR granted under the Plan or 2017 Plan shall not become available again for grant under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any shares of Common Stock that, with the Administrator's approval, are withheld by the Corporation or tendered by a Participant (by either actual delivery or attestation) on or after the Effective Date to satisfy tax withholding obligations associated with an Award (other than an option or SAR) granted under the Plan or 2017 Plan, shall become available again for grant under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4 *Reservation of Shares; No Fractional Shares.*** The Corporation shall at all times reserve a number of shares of Common Stock sufficient to cover the Corporation's obligations and contingent obligations to deliver shares with respect to Awards then outstanding under this Plan (exclusive of any dividend equivalent obligations to the extent the Corporation has the right to settle such rights in cash). No fractional shares shall be delivered under this Plan. The Administrator may pay cash in lieu of any fractional shares in settlements of Awards under this Plan.

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Exhibit 10.11

**5. AWARDS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1 *Type and Form of Awards.*** The Administrator shall determine the type or types of "**Award(s)**" to be made to each selected Eligible Person. Awards may be granted singly, in combination or in tandem. Awards also may be made in combination or in tandem with, in replacement of, as alternatives to, or as the payment form for grants or rights under any other employee or compensation plan of the Corporation or one of its Subsidiaries. The types of Awards that may be granted under this Plan are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.1 *Stock Options.*** A stock option is the grant of a right to purchase a specified number of shares of Common Stock during a specified period as determined by the Administrator. An option may be intended as an incentive stock option within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the "**Code**") (an "**ISO**") or a nonqualified stock option (an option not intended to be an ISO). The Award agreement for an option will indicate if the option is intended as an ISO; otherwise it will be deemed to be a nonqualified stock option. The maximum term of each option (ISO or nonqualified) shall be ten (10) years. The per share exercise price for each option shall be not less than 100% of the Fair Market Value of a share of Common Stock on the date of grant of the option. When an option is exercised, the exercise price for the shares to be purchased shall be paid in full in cash or such other method permitted by the Administrator consistent with Section 5.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.2 *Additional Rules Applicable to ISOs.*** To the extent that the aggregate Fair Market Value (determined at the time of grant of the applicable option) of stock with respect to which ISOs first become exercisable by a Participant in any calendar year exceeds $100,000, taking into account both Common Stock subject to ISOs under this Plan and stock subject to ISOs under all other plans of the Corporation or one of its Subsidiaries (or any parent or predecessor corporation to the extent required by and within the meaning of Section 422 of the Code and the regulations promulgated thereunder), such options shall be treated as nonqualified stock options. In reducing the number of options treated as ISOs to meet the $100,000 limit, the most recently granted options shall be reduced first. To the extent a reduction of simultaneously granted options is necessary to meet the $100,000 limit, the Administrator may, in the manner and to the extent permitted by law, designate which shares of Common Stock are to be treated as shares acquired pursuant to the exercise of an ISO. ISOs may only be granted to employees of the Corporation or one of its Subsidiaries (for this purpose, the term "Subsidiary" is used as defined in Section 424(f) of the Code, which generally requires an unbroken chain of ownership of at least 50% of the total combined voting power of all classes of stock of each subsidiary in the chain beginning with the Corporation and ending with the Subsidiary in question). There shall be imposed in any Award agreement relating to ISOs such other terms and conditions as from time to time are required in order that the option be an "incentive stock option" as that term is defined in Section 422 of the Code. No ISO may be granted to any person who, at the time the option is granted, owns (or is deemed to own under Section 424(d) of the Code) shares of outstanding Common Stock possessing more than 10% of the total combined voting power of all classes of stock of the Corporation, unless the exercise price of such option on the date such option is granted is at

least 110% of the Fair Market Value of a share of Common Stock subject to the option and such option by its terms is not exercisable after the expiration of five years from the date such option is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.3 *Stock Appreciation Rights.*** A stock appreciation right or "**SAR**" is a right to receive a payment, in cash and/or Common Stock, equal to the number of shares of Common Stock being exercised multiplied by the excess of (i) the Fair Market Value of a share of Common Stock on the date the SAR is exercised, over (ii) the Fair Market Value of a share of Common Stock on the date the SAR was granted as specified in the applicable Award agreement (the "**Base Price**"). The maximum term of a SAR shall be ten (10) years from the date the SAR is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.4 *Restricted Shares.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Restrictions*. Restricted shares are shares of Common Stock subject to such restrictions on transferability, risk of forfeiture and other restrictions, if any, as the Administrator may impose, which restrictions may lapse separately or in combination at such times, under such circumstances (including based on achievement of performance goals and/or future service requirements), in such installments or otherwise, as the Administrator may determine at the date of grant or thereafter. Except to the extent restricted under the terms of this Plan and the applicable Award agreement relating to the restricted stock, a Participant granted restricted stock shall have all of the rights of a stockholder, including the right to vote the restricted stock and the right to receive dividends thereon (subject to any mandatory reinvestment or other requirement imposed by the Administrator).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Certificates for Shares*. Restricted shares granted under this Plan may be evidenced in such manner as the Administrator shall determine. If certificates representing restricted stock are registered in the name of the Participant, the Administrator may require that such certificates bear an appropriate legend referring to the terms, conditions and restrictions applicable to such restricted stock, that the Corporation retain physical possession of the certificates, and that the Participant

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Exhibit 10.11

deliver a stock power to the Corporation, endorsed in blank, relating to the restricted stock. The Administrator may require that restricted shares are held in escrow until all restrictions lapse.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Dividends*. With respect to an Award of restricted shares of Common Stock, the Administrator may grant or limit the right of a Participant to receive dividends declared on shares of Common Stock that are subject to such Award to the extent the Award is not yet vested. The terms of any right to dividends shall be as set forth in the applicable Award agreement, including the time and form of payment and whether such dividends shall be credited with interest or deemed to be reinvested in additional shares of restricted Common Stock. If the Administrator grants the right to a Participant to receive dividends declared on shares of Common Stock subject to an unvested Award of restricted Common Stock, then such dividends shall be subject to the same performance conditions and/or service conditions, as applicable, as the underlying Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.5 *Restricted Share Units*.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Grant of Restricted Share Units*. A restricted share unit, or "**RSU**", represents the right to receive from the Corporation on the respective scheduled vesting or payment date for such RSU, one share of Common Stock. An Award of RSUs may be subject to the attainment of specified performance goals or targets, forfeitability provisions and such other terms and conditions as the Administrator may determine, subject to the provisions of this Plan. At the time an Award of RSUs is made, the Administrator shall establish a period of time during which the restricted share units shall vest and the timing for settlement of the RSU.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Dividend Equivalent Accounts*. Subject to the terms and conditions of the Plan and the applicable Award agreement, as well as any procedures established by the Administrator, prior to the expiration of the applicable vesting period of an RSU, the Administrator may determine to pay dividend equivalent rights with respect to RSUs, in which case, the Corporation shall establish an account for the Participant and reflect in that account any securities, cash or other property comprising any dividend or property distribution with respect to the shares of Common Stock underlying each RSU. Each amount or other property credited to any such account shall be subject to the same vesting conditions as the RSU to which it relates. The Participant shall have the right to be paid the amounts or other property credited to such account upon vesting of the subject RSU.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Rights as a Stockholder*. Subject to the restrictions imposed under the terms and conditions of this Plan and the applicable Award agreement, each Participant receiving RSUs shall have no rights as a stockholder with respect to such RSUs until such time as shares of Common Stock are issued to the Participant. No shares of Common Stock shall be issued at the time a RSU is granted, and the Company will not be required to set aside a fund for the payment of any such Award. Except as otherwise provided in the applicable Award agreement, shares of Common Stock issuable under an RSU shall be treated as issued on the first date that the holder of the RSU is no longer subject to a substantial risk of forfeiture as determined for purposes of Section 409A of the Code, and the holder shall be the owner of such shares of Common Stock on such date. An Award agreement may provide that issuance of shares of Common Stock under an RSU may be deferred beyond the first date that the RSU is no longer subject to a substantial risk of forfeiture, provided that such deferral is structured in a manner that is intended to comply with the requirements of Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.6 *Cash Awards*.** The Administrator may, from time to time, subject to the provisions of the Plan and such other terms and conditions as it may determine, grant cash bonuses (including without limitation, discretionary Awards, Awards based on objective or subjective performance criteria, Awards subject to other vesting criteria or Awards granted consistent with Section 5.2 below). Cash Awards shall be awarded in such amount and at such times during the term of the Plan as the Administrator shall determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.7 *Other Awards.*** The other types of Awards that may be granted under this Plan include: (a) stock bonuses, performance stock, performance units, dividend equivalents, or similar rights to purchase or acquire shares, whether at a fixed or variable price or ratio related to the Common Stock (subject to the requirements of Section 5.1.1 and in compliance with applicable laws), upon the passage of time, the occurrence of one or more events, or the satisfaction of performance criteria or other conditions, or any combination thereof; or (b) any similar securities with a value derived from the value of or related to the Common Stock and/or returns thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2 *Performance-Based Awards*.** Without limiting the generality of the foregoing, any of the types of Awards listed in Sections 5.1.1 through 5.1.7 above may be, on such terms as determined by the Administrator in its sole discretion, granted as "**Performance-Based Awards**," whose grant, vesting, exercisability, or payment depends on the degree of achievement of one or more performance goals relative to a pre-established targeted level or levels using the Business Criteria provided for below for the Corporation on a consolidated basis or for one or more of the Corporation's Subsidiaries, segments, divisions or business units, or any combination of the foregoing. Such criteria may be evaluated on an absolute basis or relative to prior periods, industry peers, or stock market indices. The specific performance goals for Performance-Based Awards shall be, on an absolute

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Exhibit 10.11

or relative basis, established based on such business criteria as selected by the Administrator in its sole discretion ("**Business Criteria**"), including the following: (a) earnings per share; (b) cash flow (which means cash and cash equivalents derived from either (i) net cash flow from operations or (ii) net cash flow from operations, financing and investing activities); (c) total stockholder return; (d) price per share of Common Stock; (e) gross revenue; (f) revenue growth; (g) operating income (before or after taxes); (h) net earnings (before or after interest, taxes, depreciation and/or amortization); (i) return on equity; (j) capital employed, or on assets or on net investment; (k) cost containment or reduction; (l) cash cost per ounce of production; (m) operating margin; (n) debt reduction; (o) resource amounts; (p) production or production growth; (q) resource replacement or resource growth; (r) successful completion of financings; or (s) any combination of the foregoing. Performance targets may be adjusted to mitigate the unbudgeted impact of material, unusual or nonrecurring gains and losses, accounting changes or other extraordinary events not foreseen at the time the targets were set unless the Administrator provides otherwise at the time of establishing the targets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3 *Award Agreements.*** Each Award shall be evidenced by a written or electronic Award agreement in the form approved by the Administrator and, if required by the Administrator, executed by the recipient of the Award and returned to the Administrator. In the event an Award recipient fails to execute and return an Award agreement when required by the Administrator, such Award shall be null and void. The Administrator may authorize any officer of the Corporation (other than the particular Award recipient) to execute any or all Award agreements on behalf of the Corporation (electronically or otherwise). The Award agreement shall set forth the material terms and conditions of the Award as established by the Administrator consistent with the express limitations of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4 *Deferrals and Settlements.*** Payment of Awards may be in the form of cash, Common Stock, other Awards or combinations thereof as the Administrator shall determine, and with such restrictions as it may impose. The Administrator may also require or permit Participants to elect to defer the issuance of shares of Common Stock or the settlement of Awards in cash under such rules and procedures as it may establish under this Plan. The Administrator may also provide that deferred settlements include the payment or crediting of interest or other earnings on the deferral amounts, or the payment or crediting of dividend equivalents where the deferred amounts are denominated in shares. All mandatory or elective deferrals of the issuance of shares of Common Stock or the settlement of cash Awards shall be structured in a manner that is intended to comply with the requirements of Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5 *Consideration for Common Stock or Awards.*** The purchase price for any Award granted under this Plan or the Common Stock to be delivered pursuant to an Award, as applicable, may be paid by means of any lawful consideration as determined by the Administrator and subject to compliance with applicable laws, including, without limitation, one or a combination of the following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) services rendered by the recipient of such Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) cash, check payable to the order of the Corporation, or electronic funds transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) notice and third-party payment in such manner as may be authorized by the Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the delivery of previously owned shares of Common Stock that are fully vested and unencumbered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) by a reduction in the number of shares otherwise deliverable pursuant to the Award; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) subject to such procedures as the Administrator may adopt, pursuant to a "cashless exercise" with a third party who provides financing for the purposes of (or who otherwise facilitates) the purchase or exercise of Awards.

In the event that the Administrator allows a Participant to exercise an Award by delivering shares of Common Stock previously owned by such Participant and unless otherwise expressly provided by the Administrator, any shares delivered which were initially acquired by the Participant from the Corporation (upon exercise of a stock option or otherwise) must have been owned by the Participant at least six (6) months as of the date of delivery (or such other period as may be required by the Administrator in order to avoid adverse accounting treatment). Shares of Common Stock used to satisfy the exercise price of an option shall be valued at their Fair Market Value on the date of exercise. The Corporation will not be obligated to deliver any shares unless and until it receives full payment of the exercise or purchase price therefor and any related withholding obligations under Section 8.5 and any other conditions to exercise or purchase, as established from time to time by the Administrator, have been satisfied. Unless otherwise expressly provided in the applicable Award agreement, the Administrator may at any time eliminate or limit a Participant's ability to pay the purchase or exercise price of any Award by any method other than cash payment to the Corporation.

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Exhibit 10.11

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6 *Definition of Fair Market Value. For purposes of this Plan "*Fair Market Value**" shall mean, unless otherwise determined or provided by the Administrator in the circumstances, the closing price for a share of Common Stock on the trading day immediately before the grant date, as furnished by the NASDAQ Stock Market or other principal stock exchange on which the Common Stock is then listed for the date in question, or if the Common Stock is no longer listed on a principal stock exchange, then by the Over-the-Counter Bulletin Board or OTC Markets. If the Common Stock is no longer listed on the NASDAQ Capital Market or listed on a principal stock exchange or is no longer actively traded on the Over-the-Counter Bulletin Board or OTC Markets as of the applicable date, the Fair Market Value of the Common Stock shall be the value as reasonably determined by the Administrator for purposes of the Award in the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.7 *Transfer Restrictions.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.7.1 *Limitations on Exercise and Transfer.*** Unless otherwise expressly provided in (or pursuant to) this Section 5.7, by applicable law and by the Award agreement, as the same may be amended, (a) all Awards are non-transferable and shall not be subject in any manner to sale, transfer, anticipation, alienation, assignment, pledge, encumbrance or charge; (b) Awards shall be exercised only by the Participant; and (c) amounts payable or shares issuable pursuant to any Award shall be delivered only to (or for the account of) the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.7.2 *Exceptions.*** The Administrator may permit Awards to be exercised by and paid to, or otherwise transferred to, other persons or entities pursuant to such conditions and procedures, including limitations on subsequent transfers, as the Administrator may, in its sole discretion, establish in writing (provided that any such transfers of ISOs shall be limited to the extent permitted under the federal tax laws governing ISOs). Any permitted transfer shall be subject to compliance with applicable federal and state securities laws. In no event will any Award granted under this Plan be transferred for value or consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.7.3 *Further Exceptions to Limits on Transfer.*** The exercise and transfer restrictions in Section 5.7.1 shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) transfers to the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the designation of a beneficiary to receive benefits in the event of the Participant's death or, if the Participant has died, transfers to or exercise by the Participant's beneficiary, or, in the absence of a validly designated beneficiary, transfers by will or the laws of descent and distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject to any applicable limitations on ISOs, transfers to a family member (or former family member) pursuant to a domestic relations order if approved or ratified by the Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) subject to any applicable limitations on ISOs, if the Participant has suffered a disability, permitted transfers or exercises on behalf of the Participant by his or her legal representative; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the authorization by the Administrator of "cashless exercise" procedures with third parties who provide financing for the purpose of (or who otherwise facilitate) the exercise of Awards consistent with applicable laws and the express authorization of the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.8 *International Awards.*** Notwithstanding any provision of the Plan to the contrary, to comply with the laws in other countries in which the Corporation or any subsidiaries operate or have employees or directors, the Administrator, in its sole discretion, shall have the power and authority to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) determine which subsidiaries shall be covered by the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) determine which employees or directors who reside outside the United States are eligible to participate in the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) modify the terms and conditions of any Award granted to employees or directors who reside outside the United States to comply with applicable foreign laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) establish sub-plans and modify exercise procedures and other terms and procedures, to the extent such actions may be necessary or advisable. Any sub-plans and modifications to Plan terms and procedures established under this Section 5.8 by the Administrator shall be attached to the Plan document as appendices; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) take any action, before or after an Award is made, that it deems advisable to obtain approval or comply with any

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Exhibit 10.11

necessary local government regulatory exemptions or approvals.

Notwithstanding the above, the Administrator may not take any actions under this Section 5.8 that would violate applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.9 *Vesting.*** Subject to Section 5.1.2 hereof, Awards shall vest at such time or times and subject to such terms and conditions as shall be determined by the Administrator at the time of grant.

**6. EFFECT OF TERMINATION OF SERVICE ON AWARDS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1 *Termination of Employment.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.1** The Administrator shall establish the effect of a termination of employment or service on the rights and benefits under each Award under this Plan and in so doing may make distinctions based upon, *inter alia*, the cause of termination and type of Award. If the Participant is not an employee of the Corporation or one of its Subsidiaries and provides other services to the Corporation or one of its Subsidiaries, the Administrator shall be the sole judge for purposes of this Plan (unless a contract or the Award agreement otherwise provides) of whether the Participant continues to render services to the Corporation or one of its Subsidiaries and the date, if any, upon which such services shall be deemed to have terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.2** For Awards of stock options or SARs, unless the Award agreement provides otherwise, the exercise period of such options or SARs (to the extent the Participant was entitled to exercise such options or SARs as of the date of termination) shall expire: (i) three (3) months after the last day that the Participant is employed by or provides services to the Corporation or a Subsidiary (provided; however, that in the event of the Participant's death during this period, those persons entitled to exercise the option or SAR pursuant to the laws of descent and distribution shall have one year following the date of death within which to exercise such option or SAR); (ii) in the case of a Participant whose termination of employment is due to death or disability (as defined in the applicable Award agreement), twelve (12) months after the last day that the Participant is employed by or provides services to the Corporation or a Subsidiary; and (iii) immediately upon a Participant's termination for "cause". The Administrator will, in its absolute discretion, determine the effect of all matters and questions relating to a termination of employment, including, but not by way of limitation, the question of whether a leave of absence constitutes a termination of employment and whether a Participant's termination is for "Cause."

If not defined in the applicable Award agreement, "**Cause**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) conviction of a felony or a crime involving fraud or moral turpitude; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) theft, material act of dishonesty or fraud, intentional falsification of any employment or Corporation records, or commission of any criminal act which impairs Participant's ability to perform appropriate employment duties for the Corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) intentional or reckless conduct or gross negligence materially harmful to the Corporation or the successor to the Corporation after a Change in Control, including violation of a non-competition or confidentiality agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) willful failure to follow lawful instructions of the person or body to which Participant reports; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) gross negligence or willful misconduct in the performance of Participant's assigned duties. Cause shall not include mere unsatisfactory performance in the achievement of Participant's job objectives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.3** For Awards of restricted shares, unless the Award agreement provides otherwise, restricted shares that are subject to forfeiture at the time that a Participant's employment or service is terminated shall be forfeited and reacquired by the Corporation; *provided that,* the Administrator may provide, by rule or regulation or in any Award agreement, or may determine in any individual case, that restrictions or forfeiture conditions relating to restricted shares shall be waived in whole or in part in the event of terminations resulting from specified causes, and the Administrator may in other cases waive in whole or in part the forfeiture of restricted shares. Similar rules shall apply in respect of RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2 *Events Not Deemed Terminations of Service.*** Unless the express policy of the Corporation or one of its Subsidiaries, or the Administrator, otherwise provides, the employment relationship shall not be considered terminated in the case of (a) sick leave, (b) military leave, or (c) any other leave of absence authorized by the Corporation or one of its Subsidiaries, or the Administrator; provided that unless reemployment upon the expiration of such leave is guaranteed by contract or law, such leave is for a period of not more than three (3) months. In the case of any employee of the Corporation or one of its Subsidiaries

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Exhibit 10.11

on an approved leave of absence, continued vesting of the Award while on leave from the employ of the Corporation or one of its Subsidiaries may be suspended until the employee returns to service, unless the Administrator otherwise provides or applicable law otherwise requires. In no event shall an Award be exercised after the expiration of the term set forth in the Award agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3 *Effect of Change of Subsidiary Status.*** For purposes of this Plan and any Award, if an entity ceases to be a Subsidiary of the Corporation, a termination of employment or service shall be deemed to have occurred with respect to each Eligible Person in respect of such Subsidiary who does not continue as an Eligible Person in respect of the Corporation or another Subsidiary that continues as such after giving effect to the transaction or other event giving rise to the change in status.

**7. ADJUSTMENTS; ACCELERATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1 *Adjustments.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event of any equity restructuring (within the meaning of FASB ASC Topic 718) that causes the per share value of shares of Common Stock to change, such as a stock dividend, stock split, reverse stock split, split up, spin-off, rights offering or recapitalization through an extraordinary dividend, the Administrator, in order to prevent dilution or enlargement of Participants' rights under the Plan, shall substitute or adjust, as applicable, (i) the number and kind of shares of Common Stock or other securities that may be issued under the Plan or under particular forms of Award agreements, (ii) the number and kind of shares of Common Stock or other securities subject to outstanding Awards, (iii) the exercise price or Base Price applicable to outstanding Awards, and (iv) other value determinations applicable to outstanding Awards. In the event of any other change in corporate capitalization (including, but not limited to, a merger, consolidation, any reorganization (whether or not such reorganization comes within the definition of such term in Section 368 of the Code), or any partial or complete liquidation of the Company to the extent such events do not constitute equity restructurings or business combinations within the meaning of FASB ASC Topic 718, such equitable adjustments described in the foregoing sentence may be made as determined to be appropriate and equitable by the Administrator to prevent dilution or enlargement of rights. Unless otherwise determined by the Administrator, the number of shares of Common Stock subject to an Award shall always be a whole number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to the adjustments permitted under paragraph (a) above, the Administrator, in its sole discretion, may make such other adjustments or modifications in the terms of any Awards that it deems appropriate to reflect any of the events described in Section 7.1(a), including, but not limited to, (i) modifications of performance goals and changes in the length of performance periods, or (ii) the substitution of other property of equivalent value (including, without limitation, cash, other securities and securities of entities other than the Corporation that agree to such substitution) for the shares of Common Stock available under the Plan or the shares of Common Stock covered by outstanding Awards, including arranging for the assumption, or replacement with new awards, of Awards held by Participants and (iii) in connection with any sale of a Subsidiary, arranging for the assumption, or replacement with new awards, of Awards held by Participants employed by the affected Subsidiary by the Subsidiary or an entity that controls the Subsidiary following the sale of such Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition to the adjustments permitted under paragraphs (a) and (b) above, the Administrator may make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring events affecting the Corporation or the financial statements of the Corporation or of changes in applicable laws, regulations, or accounting principles, whenever the Administrator determines that such adjustments are appropriate in order to prevent dilution or enlargement of Participants' rights under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The determination of the Administrator as to the foregoing adjustments set forth in this Section 7.1, if any, shall be made in accordance with Code Sections 409A or 424, to the extent applicable, and shall be conclusive and binding on Participants under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2 *Change in Control.*** For purposes of this Plan, "**Change in Control**" shall be deemed to have occurred if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a "**Person**") of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of the combined voting power of the then outstanding voting securities of the Corporation entitled to vote generally in the election of directors (the "**Outstanding Corporation Voting Securities**"); excluding, however, the following: (1) any acquisition directly from the Corporation, other than an acquisition by virtue of the exercise of a conversion privilege unless the security being so converted was itself acquired directly from the Corporation, (2) any acquisition by the Corporation, (3) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Corporation or any entity controlled by the Corporation, or (4) any acquisition pursuant to a transaction which complies with clauses (1), (2) and (3) of subsection (c) of this Section 7.2; or

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Exhibit 10.11

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A change in the composition of the Board such that the individuals who, as of the Effective Date, constitute the Board (such Board being hereinafter referred to as the "**Incumbent Board**") cease for any reason to constitute at least a majority of the Board; provided, however, for purposes of this Section 7.2.(b), that any individual who becomes a member of the Board subsequent to the Effective Date, whose election, or nomination for election by the Corporation's stockholders, was approved by a vote of at least a majority of those individuals who are members of the Board and who were also members of the Incumbent Board (or deemed to be such pursuant to this provision) shall be considered as though such individual were a member of the Incumbent Board; but, provided further, that any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board shall not be so considered as a member of the Incumbent Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Consummation of a reorganization, merger or consolidation of the Corporation, or sale or other disposition of all or substantially all of the assets of the Corporation ("**Corporate Transaction**"); excluding, however, such a Corporate Transaction pursuant to which (1) all or substantially all of the individuals and entities who are the beneficial owners, respectively, of the Outstanding Corporation Voting Securities immediately prior to such Corporate Transaction will beneficially own, directly or indirectly, more than 50% of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the corporation resulting from such Corporate Transaction (including, without limitation, a corporation which as a result of such transaction owns the Corporation or all or substantially all of the Corporation's assets either directly or through one or more Subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Corporate Transaction, of Outstanding Corporation Voting Securities, (2) no Person (other than the Corporation, any employee benefit plan (or related trust) of the Corporation or such corporation (described in clause (1) of this Section 7.2(c)) resulting from such Corporate Transaction) will beneficially own, directly or indirectly, 40% or more of the combined voting power of the outstanding voting securities of such corporation entitled to vote generally in the election of directors except to the extent that such ownership existed prior to the Corporate Transaction, and (3) individuals who were members of the Incumbent Board will constitute at least a majority of the members of the board of directors of the corporation resulting from such Corporate Transaction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A complete liquidation or dissolution of the Company.

Notwithstanding any of the foregoing, however, in any circumstance or transaction in which compensation resulting from or in respect of an Award would result in the imposition of an additional tax under Code Section 409A if the foregoing definition of "Change in Control" were to apply, but would not result in the imposition of any additional tax if the term "Change in Control" were defined herein to mean a "change in control event" within the meaning of Treasury Regulation Section 1.409A-3(i)(5), then "Change in Control" shall mean a "change in control event" within the meaning of Treasury Regulation Section 1.409A-3(i)(5), but only to the extent necessary to prevent such compensation from becoming subject to an additional tax under Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3 *Effect of Change in Control.*** Subject to Section 7.1, upon a Change in Control, all then-outstanding Awards shall immediately vest and be settled in accordance with paragraphs (a) and (b) below, except as may otherwise be provided in a then-effective written agreement (including an Award agreement) between a Participant and the Corporation. The immediately preceding sentence shall not apply to the extent that another Award meeting the requirements of Section 7.4 ("**Replacement Award**") is provided to the Participant pursuant to Section 7.1(b) to replace an Award ("**Replaced Award**")).

(a)<u>Outstanding Awards Subject Solely to a Service Condition</u>.

(i)Upon a Change in Control, a Participant's then-outstanding Awards, other than options and SARs, that are not vested and as to which vesting depends solely on the satisfaction of a service obligation by the Participant to the Corporation or any Subsidiary shall become fully vested and shall be settled in cash, shares of Common Stock or a combination thereof, as determined by the Administrator, within thirty (30) days following such Change in Control (except to the extent that settlement of the Award must be made pursuant to its original schedule to comply with Code Section 409A).

(ii)Upon a Change in Control, a Participant's then-outstanding options and SARs that are not vested and as to which vesting depends solely on the satisfaction of a service obligation by the Participant to the Corporation or any Subsidiary shall become fully vested and exercisable over the exercise period set forth in the applicable Award Agreement. Notwithstanding the immediately preceding the sentence, the Administrator may elect to cancel such outstanding options or SARs and pay the Participant, within thirty (30) days of the date of the Change in Control, an amount of cash (less normal withholding taxes) equal to the excess of (i) the value, as determined by the Administrator, of the consideration (including cash) received by the holder of a share of Common Stock as a result of the Change in Control (or if the Corporation stockholders do not receive any consideration as a result of the Change in Control, the Fair Market Value of a share of Common Stock on the day immediately

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Exhibit 10.11

prior to the Change in Control) over (ii) the exercise price of such options or the Base Price of such SARs, multiplied by the number of shares of Common Stock subject to each such Award in accordance with Code Section 409A to the extent applicable. No payment shall be made to a Participant for any option or SAR if the exercise price or Base Price for such option or SAR, respectively, exceeds the value, as determined by the Administrator, of the consideration (including cash) received by the holder of a share of Common Stock as a result of the Change in Control.

(b)<u>Outstanding Awards Subject to a Performance Condition</u>.

(i)Upon a Change in Control, a Participant's then-outstanding Awards, other than options and SARs, that are not vested and as to which vesting depends upon the satisfaction of one or more performance conditions shall immediately vest and all performance conditions shall be deemed satisfied based on the greater of (1) target performance and (2) actual performance through the date of the Change in Control (with the Administrator adjusting performance goals to the extent necessary to reflect any truncated performance period), as certified by the Administrator, composed of such members serving as of a date immediately prior to the Change in Control, and shall be settled in cash, shares of Common Stock or a combination thereof, as determined by the Administrator, within thirty (30) days following such Change in Control (except to the extent that settlement of the Award must be made pursuant to its original schedule to comply with Code Section 409A).

(ii)Upon a Change in Control, a Participant's then-outstanding options and SARs that are not vested and as to which vesting depends upon the satisfaction of one or more performance conditions shall immediately vest and all performance conditions shall be deemed satisfied based on the greater of (1) target performance and (2) actual performance through the date of the Change in Control (with the Administrator adjusting performance goals to the extent necessary to reflect any truncated performance period), as certified by the Administrator, composed of such members serving as of a date immediately prior to the Change in Control and shall be exercisable over the exercise period set forth in the applicable Award Agreement. Notwithstanding the immediately preceding sentence, the Administrator may elect to cancel such outstanding options or SARs and pay the Participant, within thirty (30) days of the date of the Change in Control, an amount of cash (less normal withholding taxes) equal to the excess of (i) the value, as determined by the Administrator, of the consideration (including cash) received by the holder of a share of Common Stock as a result of the Change in Control (or if the Corporation stockholders do not receive any consideration as a result of the Change in Control, the Fair Market Value of a share of Common Stock on the day immediately prior to the Change in Control) over (ii) the exercise price of such options or the Base Price of such SARs (to the extent vested pursuant to the immediately preceding sentence), multiplied by the number of shares of Common Stock subject to each such Award in accordance with Code Section 409A to the extent applicable. No payment shall be made to a Participant for any option or SAR if the exercise price or Base Price for such option or SAR, respectively, exceeds the value, as determined by the Administrator, of the consideration (including cash) received by the holder of a share of Common Stock as a result of the Change in Control.

The Administrator may adopt such valuation methodologies for outstanding Awards as it deems reasonable and, in the case of options, SARs or similar rights, and without limiting other methodologies, may determine the value of such Awards on date of settlement/exercise based solely upon (i) the excess, if any, of the Fair Market Value of a share of Common Stock on the date of settlement/exercise over the exercise price or Base Price of the Award, as applicable, multiplied by (ii) the number of shares of Common Stock subject to such exercise or settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4 *Definition of Replacement Award.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An Award shall meet the conditions of this Section 7.4(a) (and hence qualify as a Replacement Award) if: (i) it is of the same type as the Replaced Award (or, if it is of a different type as the Replaced Award (such as a deferred cash equivalent award), the Administrator, as constituted immediately prior to the Change in Control, finds such type acceptable); (ii) it has a value at least equal to the value of the Replaced Award; (iii) it relates to publicly traded equity securities listed on a U.S. national securities exchange, except in the case of a Replacement Award granted in the form of a deferred cash equivalent award; (iv) its terms and conditions comply with Section 7.4(b); and (v) its other terms and conditions are not less favorable to the holder of the Replacement Award than the terms and conditions of the holder's Replaced Award (including the provisions that would apply in the event of a subsequent Change in Control). Without limiting the generality of the foregoing, the Replacement Award may take the form of a continuation of the Replaced Award if the requirements of the preceding sentence are satisfied. The determination of whether the conditions of this Section 7.4(a) are satisfied shall be made by the Administrator, as constituted immediately before the Change in Control, in its sole discretion. Without limiting the generality of the foregoing, the Administrator may determine the value of Awards and Replacement Awards that are options or SARs by using any reasonable methodology, including but not limited to determining value by reference to intrinsic value or fair value under applicable accounting standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon an involuntary termination of employment or service of a Participant occurring at any time following the

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Exhibit 10.11

Change in Control, other than for Cause, (i) a Participant's then-outstanding Replacement Awards (other than Replacement Awards in the form of an option or SAR) that are not vested and as to which vesting depends solely on the satisfaction of a service obligation by the Participant to the Corporation or any Subsidiary shall become fully vested and shall be settled in cash, shares of Common Stock or a combination thereof, in accordance with the applicable Award agreement, within thirty (30) days following such Change in Control (except to the extent that settlement of the Award must be made pursuant to its original schedule to comply with Code Section 409A), (ii) a Participant's then-outstanding Replacement Awards in the form of an option or SAR that are not vested and as to which vesting depends solely on the satisfaction of a service obligation by the Participant to the Corporation or any Subsidiary shall become fully vested and shall be exercisable over the exercise period set forth in the applicable Award agreement, (iii) a Participant's then outstanding Replacement Awards (other than those in the form of an option or SAR) that are not vested and as to which vesting depends upon the satisfaction of one or more performance conditions shall immediately vest and performance conditions shall be deemed satisfied based on target performance and shall be settled in cash, shares of Common Stock or a combination thereof, as determined by the then Administrator or its equivalent, within thirty (30) days following such termination of employment or service (except to the extent that settlement of the Award must be made pursuant to its original schedule to comply with Code Section 409A) and (iv) a Participant's then-outstanding Replacement Awards in the form of options and SARs that are not vested and as to which vesting depends upon the satisfaction of one or more performance conditions shall immediately vest and all performance conditions shall be deemed satisfied based on target performance and shall be exercisable over the exercise period set forth in the applicable Award agreement.

**7.5 *Other Acceleration Rules.*** Any acceleration of Awards pursuant to this Section 7 shall comply with applicable legal and stock exchange requirements and, if necessary to accomplish the purposes of the acceleration or if the circumstances require, may be deemed by the Administrator to occur a limited period of time not greater than thirty (30) days before the event. Without limiting the generality of the foregoing, the Administrator may deem an acceleration to occur immediately prior to the applicable event and/or reinstate the original terms of an Award if an event giving rise to the acceleration does not occur. The portion of any ISO accelerated pursuant to Section 7.3 or any other action permitted hereunder shall remain exercisable as an ISO only to the extent the applicable $100,000 limitation on ISOs is not exceeded. To the extent exceeded, the accelerated portion of the option shall be exercisable as a nonqualified stock option under the Code.

**7.6 *Possible Rescission of Acceleration.*** If the vesting of an Award has been accelerated expressly in anticipation of an event and the Administrator later determines that the event will not occur, the Administrator may rescind the effect of the acceleration as to any then outstanding and unexercised or otherwise unvested Awards; *provided that*, in the case of any compensation that has been deferred for purposes of Section 409A of the Code, the Administrator determines that such rescission will not likely result in the imposition of additional tax or interest under Code Section 409A.

**8. OTHER PROVISIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1 *Compliance with Laws.*** This Plan, the granting and vesting of Awards under this Plan, the offer, issuance and delivery of shares of Common Stock, or the payment of money under this Plan or under Awards are subject to compliance with all applicable federal and state laws, rules and regulations (including but not limited to state and federal securities law, federal margin requirements) and to such approvals by any applicable stock exchange listing, regulatory or governmental authority as may, in the opinion of counsel for the Corporation, be necessary or advisable in connection therewith. The person acquiring any securities under this Plan will, if requested by the Corporation or one of its Subsidiaries, provide such assurances and representations to the Corporation or one of its Subsidiaries as the Administrator may deem necessary or desirable to assure compliance with all applicable legal and accounting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2 *Future Awards/Other Rights.*** No person shall have any claim or rights to be granted an Award (or additional Awards, as the case may be) under this Plan, subject to any express contractual rights (set forth in a document other than this Plan) to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3 *No Employment/Service Contract.*** Nothing contained in this Plan (or in any other documents under this Plan or in any Award) shall confer upon any Eligible Person or other Participant any right to continue in the employ or other service of the Corporation or one of its Subsidiaries, constitute any contract or agreement of employment or other service or affect an employee's status as an employee at will, nor shall interfere in any way with the right of the Corporation or one of its Subsidiaries to change a person's compensation or other benefits, or to terminate his or her employment or other service, with or without cause. Nothing in this Section 8.3, however, is intended to adversely affect any express independent right of such person under a separate employment or service contract other than an Award agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4 *Plan Not Funded.*** Awards payable under this Plan shall be payable in shares or from the general assets of the Corporation, and no special or separate reserve, fund or deposit shall be made to assure payment of such Awards. No Participant, beneficiary or other person shall have any right, title or interest in any fund or in any specific asset (including

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Exhibit 10.11

shares of Common Stock, except as expressly otherwise provided) of the Corporation or one of its Subsidiaries by reason of any Award hereunder. Neither the provisions of this Plan (or of any related documents), nor the creation or adoption of this Plan, nor any action taken pursuant to the provisions of this Plan shall create, or be construed to create, a trust of any kind or a fiduciary relationship between the Corporation or one of its Subsidiaries and any Participant, beneficiary or other person. To the extent that a Participant, beneficiary or other person acquires a right to receive payment pursuant to any Award hereunder, such right shall be no greater than the right of any unsecured general creditor of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5 *Tax Withholding.*** Upon any exercise, vesting, or payment of any Award, the Corporation or one of its Subsidiaries shall have the right at its option to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) require the Participant (or the Participant's personal representative or beneficiary, as the case may be) to pay or provide for payment of at least the minimum amount of any taxes which the Corporation or one of its Subsidiaries may be required to withhold with respect to such Award event or payment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) deduct from any amount otherwise payable in cash to the Participant (or the Participant's personal representative or beneficiary, as the case may be) the minimum amount of any taxes which the Corporation or one of its Subsidiaries may be required to withhold with respect to such cash payment.

In any case where a tax is required to be withheld in connection with the delivery of shares of Common Stock under this Plan, the Administrator may in its sole discretion (subject to Section 8.1) grant (either at the time of the

Award or thereafter) to the Participant the right to elect, pursuant to such rules and subject to such conditions as the Administrator may establish, to have the Corporation reduce the number of shares to be delivered by (or otherwise reacquire) the appropriate number of shares, valued in a consistent manner at their Fair Market Value or at the sales price in accordance with authorized procedures for cashless exercises, necessary to satisfy the minimum (or, to the extent permitted by the Administrator, in its sole discretion, the maximum) applicable withholding obligation on exercise, vesting or payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.6 *Effective Date, Termination and Suspension, Amendments.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.6.1 *Effective Date and Termination.*** This Plan was approved by the Board on July 23, 2019 and shall become effective upon stockholder approval (the "**Effective Date**") and shall remain in effect as provided in this Section 8.6.1. The Plan and each Award granted hereunder are conditioned on and shall be of no force or effect until the Plan is approved by the stockholders of the Corporation. Unless earlier terminated by the Board, this Plan shall terminate at the close of business on October 23, 2029. After the termination of this Plan either upon such stated expiration date or its earlier termination by the Board, no additional Awards may be granted under this Plan, but previously granted Awards (and the authority of the Administrator with respect thereto, including the authority to amend such Awards) shall remain outstanding in accordance with their applicable terms and conditions and the terms and conditions of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.6.2 *Board Authorization.*** The Board may, at any time, terminate or, from time to time, amend, modify or suspend this Plan, in whole or in part. No Awards may be granted during any period that the Board suspends this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.6.3 *Stockholder Approval.*** To the extent then required by applicable law or any applicable stock exchange or required under Sections 422 or 424 of the Code to preserve the intended tax consequences of this Plan, or deemed necessary or advisable by the Board, this Plan and any amendment to this Plan shall be subject to stockholder approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.6.4 *Amendments to Awards.*** Without limiting any other express authority of the Administrator under (but subject to) the express limits of this Plan, the Administrator by agreement or resolution may waive conditions of or limitations on Awards to Participants that the Administrator in the prior exercise of its discretion has imposed, without the consent of a Participant, and (subject to the requirements of Sections 3.2 and 8.6.5) may make other changes to the terms and conditions of Awards. Any amendment or other action that would constitute a repricing of an Award is subject to the limitations set forth in Section 8.14.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.6.5 *Limitations on Amendments to Plan and Awards.*** No amendment, suspension or termination of this Plan or change of or affecting any outstanding Award shall, without the written consent of the Participant, affect in any manner materially adverse to the Participant any rights or benefits of the Participant or obligations of the Corporation under any Award granted under this Plan prior to the effective date of such change, except that the Administrator shall retain the discretion to decrease the amount payable pursuant to a cash award granted pursuant to Section 5.1.6 hereof below the amount that would otherwise be payable upon attainment of the applicable performance goal(s) over a performance period that does not exceed a term of one (1) year, either on a formula or discretionary basis or any combination, as the Administrator determines is

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appropriate. Changes, settlements and other actions contemplated by Section 7 and Section 8.15 shall not be deemed to constitute changes or amendments for purposes of this Section 8.6.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.7 *Privileges of Stock Ownership.*** Except as otherwise expressly authorized by the Administrator or this Plan, a Participant shall not be entitled to any privilege of stock ownership as to any shares of Common Stock not actually delivered to and held of record by the Participant. No adjustment will be made for dividends or other rights as a stockholder for which a record date is prior to such date of delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.8 *Governing Law; Construction; Severability.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.8.1 *Choice of Law.*** This Plan, the Awards, all documents evidencing Awards and all other related documents shall be governed by and construed in accordance with the laws of the State of Nevada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.8.2 *Severability.*** If a court of competent jurisdiction holds any provision invalid and unenforceable, the remaining provisions of this Plan shall continue in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.8.3 *Plan Construction.***

(a) *Rule 16b-3.* It is the intent of the Corporation that the Awards and transactions permitted by Awards be interpreted in a manner that, in the case of Participants who are or may be subject to Section 16 of the Exchange Act, qualify, to the maximum extent compatible with the express terms of the Award, for exemption from matching liability under Rule 16b-3 promulgated under the Exchange Act. Notwithstanding the foregoing, the Corporation shall have no liability to any Participant for Section 16 consequences of Awards or events under Awards if an Award or event does not so qualify.

(b) *Code Section 409A Compliance.* The Board intends that, except as may be otherwise determined by the Administrator, any Awards under the Plan are either exempt from or satisfy the requirements of Section 409A of the Code and related regulations and Treasury pronouncements ("**Section 409A**") to avoid the imposition of any taxes, including additional income or penalty taxes, thereunder. If the Administrator determines that an Award, Award agreement, acceleration, adjustment to the terms of an Award, payment, distribution, deferral election, transaction or any other action or arrangement contemplated by the provisions of the Plan would, if undertaken, cause a Participant's Award to become subject to the imposition of any taxes, including additional income or penalty taxes, under Section 409A, unless the Administrator expressly determines otherwise, such Award, Award agreement, payment, acceleration, adjustment, distribution, deferral election, transaction or other action or arrangement shall not be undertaken and the related provisions of the Plan and/or Award agreement will be deemed modified or, if necessary, rescinded in order to comply with the requirements of Section 409A to the extent determined by the Administrator without the consent of or notice to the Participant. Notwithstanding the foregoing, neither the Corporation nor the Administrator shall have any obligation to take any action to prevent the assessment of any excise tax or penalty on any Participant under Section 409A and neither the Corporation nor the Administrator will have any liability to any Participant for such tax or penalty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *No Guarantee of Favorable Tax Treatment.* Although the Corporation intends that Awards under the Plan will be exempt from, or will comply with, the requirements of Section 409A of the Code, the Corporation does not warrant that any Award under the Plan will qualify for favorable tax treatment under Section 409A of the Code or any other provision of federal, state, local or foreign law. The Corporation shall not be liable to any Participant for any tax, interest or penalties the Participant might owe as a result of the grant, holding, vesting, exercise or payment of any Award under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.9 *Captions.*** Captions and headings are given to the sections and subsections of this Plan solely as a convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of this Plan or any provision thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.10 *Stock-Based Awards in Substitution for Stock Options or Awards Granted by Other Corporation.*** Awards may be granted to Eligible Persons in substitution for or in connection with an assumption of employee stock options, SARs, restricted stock or other stock-based Awards granted by other entities to persons who are or who will become Eligible Persons in respect of the Corporation or one of its Subsidiaries, in connection with a distribution, arrangement, business combination, merger or other reorganization by or with the granting entity or an affiliated entity, or the acquisition by the Corporation or one of its Subsidiaries, directly or indirectly, of all or a substantial part of the stock or assets of the employing entity. The Awards so granted need not comply with other specific terms of this Plan, provided the Awards reflect only adjustments giving effect to the assumption or substitution consistent with the conversion applicable to the Common Stock in the transaction and any change in the issuer of the security. Any shares that are delivered and any Awards that are granted by, or become obligations of, the Corporation, as a result of the assumption by the Corporation of, or in substitution for, outstanding Awards previously

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Exhibit 10.11

granted by an acquired company (or previously granted by a predecessor employer (or direct or indirect parent thereof) in the case of persons that become employed by the Corporation or one of its Subsidiaries in connection with a business or asset acquisition or similar transaction) shall not be counted against the Share Limit or other limits on the number of shares available for issuance under this Plan, except as may otherwise be provided by the Administrator at the time of such assumption or substitution or as may be required to comply with the requirements of any applicable stock exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.11 *Non-Exclusivity of Plan.*** Nothing in this Plan shall limit or be deemed to limit the authority of the Board or the Administrator to grant Awards or authorize any other compensation, with or without reference to the Common Stock, under any other plan or authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.12 *No Corporate Action Restriction.*** The existence of this Plan, the Award agreements and the Awards granted hereunder shall not limit, affect or restrict in any way the right or power of the Board or the stockholders of the Corporation to make or authorize: (a) any adjustment, recapitalization, reorganization or other change in the capital structure or business of the Corporation or any Subsidiary, (b) any merger, arrangement, business combination, amalgamation, consolidation or change in the ownership of the Corporation or any Subsidiary, (c) any issue of bonds, debentures, capital, preferred or prior preference stock ahead of or affecting the capital stock (or the rights thereof) of the Corporation or any Subsidiary, (d) any dissolution or liquidation of the Corporation or any Subsidiary, (e) any sale or transfer of all or any part of the assets or business of the Corporation or any Subsidiary, or (f) any other corporate act or proceeding by the Corporation or any Subsidiary. No Participant, beneficiary or any other person shall have any claim under any Award or Award agreement against any member of the Board or the Administrator, or the Corporation or any employees, officers or agents of the Corporation or any Subsidiary, as a result of any such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.13 *Other Corporation Benefit and Compensation Programs.*** Payments and other benefits received by a Participant under an Award made pursuant to this Plan shall not be deemed a part of a Participant's compensation for purposes of the determination of benefits under any other employee welfare or benefit plans or arrangements, if any, provided by the Corporation or any Subsidiary, except where the Administrator expressly otherwise provides or authorizes in writing or except as otherwise specifically set forth in the terms and conditions of such other employee welfare or benefit plan or arrangement. Awards under this Plan may be made in addition to, in combination with, as alternatives to or in payment of grants, Awards or commitments under any other plans or arrangements of the Corporation or its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.14 *Prohibition on Repricing*.** Without the prior approval of the Corporation's shareholders and except as provided for in Section 4, the Administrator may not (i) amend an option to reduce its exercise price or a SAR to reduce its Base Price; (ii) cancel an option or SAR in exchange for the grant of any new option or SAR with a lower exercise price or Base Price, as applicable; (iii) cancel an option or SAR in exchange for cash, other property or the grant of any new Award at a time when the exercise price of the option or the Base Price of the SAR is greater than the current Fair Market Value of a share of Common Stock or (iv) take any other action with respect to an option or SAR that is treated as a repricing under generally accepted accounting principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.15 *Forfeiture and Recoupment Events.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In addition to the forfeiture events otherwise specified in the Plan, the Administrator may specify in an Award Agreement that a Participant's rights, payments and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable treatment of an Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Awards and any compensation directly attributable to Awards may be made subject to forfeiture, recovery by the Corporation or other action pursuant to any compensation recovery policy adopted by the Board or the Administrator at any time, including in response to the requirements of Section 10D of the Exchange Act and any implementing rules and regulations thereunder, or as otherwise required by law and any Award Agreement may be unilaterally amended by the Administrator to comply with any such compensation recovery policy.

*As adopted by the Board of Directors of Riot Blockchain, Inc. on July 23, 2019.*

*As approved by the Stockholders of Riot Blockchain, Inc. on October 23, 2019.*

**FIRST AMENDMENT**

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Exhibit 10.11

**TO THE RIOT BLOCKCHAIN, INC. 2019 EQUITY INCENTIVE PLAN**

This First Amendment (this "**First Amendment**") to the Riot Blockchain, Inc. (the "**Company**") 2019 Equity Incentive Plan (the "**Plan**"), as adopted by the unanimous approval of the members of the Board of Directors of Riot Blockchain, Inc. (the "**Board**") upon the recommendation of the Compensation and Human Resources Committee (the "**Committee**") of the Board, and as ratified and approved by the shareholders of the Company (the "**Effective Date**"), amends the Plan as set forth herein as of the Effective Date. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Plan.

**WHEREAS**, the Plan, as adopted by the Committee and the Board, and as ratified and approved by the Shareholders effective October 23, 2019, was adopted as the equity compensation plan of the Company to promote the success of the Company and to increase shareholder value by providing an additional means through the grant of Awards to attract, motivate, retain and reward selected employees and other eligible persons; and

**WHEREAS**, the Plan had, as of the date of its adoption, a Share Limit of 3,600,000 shares of the Company's Common Stock, as well as 330,603 shares of the Company's Common Stock, which had carried over from the Company's former 2017 Equity Incentive Plan, for a total 3,930,603 shares of Common Stock available for Awards to Eligible Persons (the "**Share Reserve**"); and

**WHEREAS**, the Committee, both in its capacity as Plan Administrator and in furtherance of its responsibility to oversee the compensation and equity incentive practices, plans, and procedures of the Company, has been tasked with the oversight and administration of the Plan; and

**WHEREAS**, the Committee, having considered the Company's issuance of Awards since the shareholders adopted the Plan, the Company's expected needs for equity compensation through December 31, 2023, and the shares of Common Stock available for issuance in the Share Reserve, has determined to adopt this First Amendment to the Plan to increase the number of shares of Common Stock available for issuance under the Plan by 3,500,000 additional shares of Common Stock, for a total of 4,061,809 Shares.

**NOW, THEREFORE**, as approved by the Board upon the recommendation of the Committee as of September 9, 2020 and as approved by the shareholders of the Company as of the date listed below, this First Amendment to the Plan is hereby adopted and approved in all respects. Accordingly, pursuant to this First Amendment, the Plan is hereby amended as follows:

**1.** As of the Effective Date, **Section 4.2** of the Plan is hereby amended by deleting it in its entirety and is replaced with the following:

"**4.2** *Share Limit*. The maximum number of shares of Common Stock that may be delivered pursuant to Awards granted to Eligible Persons under this Plan may not exceed 4,061,809 (the "**Share Limit**"). Such shares of Common Stock may be authorized and unissued shares or, to the extent permitted by applicable law, issued shares of Common Stock that have been reacquired by the Company. Such shares of Common Stock may be used for any type of Award under the Plan, and any or all of the shares of Common Stock up to the Share Limit may be allocated to Incentive Stock Options. Solely for the purpose of determining the number of shares of Common Stock available for Awards under this Section 4.2, the number of shares of Common Stock available for issuance under the Plan shall be reduced by one (1.00) share of Common Stock for every one (1.00) share of Common Stock granted in respect of an Award; *provided, however*, that in the case of an Award that provides for a range of potential payouts of shares of Common Stock, the number of shares of Common Stock available for issuance under the Plan shall be reduced by the maximum number of shares of Common Stock that may be paid under such an Award.

The foregoing Share Limit is subject to adjustment as contemplated by Section 4.3, Section 7.1, and Section 8.10."

**2.** Except as specifically set forth in this First Amendment, no provision of the Plan is changed, and the Plan is hereby ratified in its entirety and shall remain in full force and effect.

*As adopted by the Board of Directors of Riot Blockchain, Inc. on September 9, 2020.*

*As approved by the Shareholders of Riot Blockchain, Inc. on November 12, 2020.*

S**ECOND AMENDMENT**

Page **35** of **45**

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Exhibit 10.11

**TO THE RIOT BLOCKCHAIN, INC. 2019 EQUITY INCENTIVE PLAN**

This Second Amendment (this "**Second Amendment**") to the Riot Blockchain, Inc. 2019 Equity Incentive Plan, as amended (the "**Plan**"), as adopted by the unanimous approval of the members of the Board of Directors (the "**Board**") of Riot Blockchain, Inc. (the "**Company**") upon the recommendation of the Compensation and Human Resources Committee of the Board (the "**Committee**"), amends the Plan as set forth herein, effective as of the date ratified and approved by the stockholders of the Company set forth at the end of this document (the "**Effective Date**"). Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Plan.

**WHEREAS**, the Plan, as adopted by the Committee and the Board, and as ratified and approved by the shareholders effective October 23, 2019, was adopted as the equity compensation plan of the Company to promote the success of the Company and to increase shareholder value by providing an additional means through the grant of Awards to attract, motivate, retain and reward selected employees and other eligible persons; and

**WHEREAS**, the First Amendment to the Plan (the "**First Amendment**") was adopted by the Company and became effective as ratified and approved by the shareholders on November 12, 2020, to increase the number of shares of Common Stock available for issuance under the Plan (the "**Share Reserve**") by 3,500,000 additional shares of Common Stock; and

**WHEREAS**, the Committee, both in its capacity as Plan Administrator and in furtherance of its responsibility to oversee the compensation and equity incentive practices, plans, and procedures of the Company, has been tasked with the oversight and administration of the Plan; and

**WHEREAS**, the Committee having considered the Company's issuance of the Awards since the shareholders adopted the Plan, as amended, the Company's expected needs for equity compensation through December 31, 2024, and the shares of Common Stock available for issuance in the Share Reserve, has determined to adopt this Second Amendment to the Plan to increase the number of shares of Common Stock available for issuance under the Plan by 4,400,000 additional shares of Common Stock; and

**NOW, THEREFORE**, as approved by the Board upon the recommendation of the Committee as of September 14, 2021 and as approved by the shareholders of the Company as of the date listed below, this Second Amendment to the Plan is hereby adopted and approved in all respects. Accordingly, pursuant to this Second Amendment, the Plan is hereby amended as follows:

**1.** As of the Effective Date, **Section 4.2** of the Plan is hereby amended by deleting it in its entirety and is replaced with the following:

"**4.2** *Share Limit*. The maximum number of shares of Common Stock that may be delivered pursuant to Awards granted to Eligible Persons under this Plan may not exceed 11,500,000 (the "**Share Limit**"). Such shares of Common Stock may be authorized and unissued shares or, to the extent permitted by applicable law, issued shares of Common Stock that have been reacquired by the Company. Such shares of Common Stock may be used for any type of Award under the Plan, and any or all of the shares of Common Stock up to the Share Limit may be allocated to Incentive Stock Options. Solely for the purpose of determining the number of shares of Common Stock available for Awards under this Section 4.2, the number of shares of Common Stock available for issuance under the Plan shall be reduced by one (1.00) share of Common Stock for every one (1.00) share of Common Stock granted in respect of an Award; *provided, however*, that in the case of an Award that provides for a range of potential payouts of shares of Common Stock, the number of shares of Common Stock available for issuance under the Plan shall be reduced by the maximum number of shares of Common Stock that may be paid under such an Award. The foregoing Share Limit is subject to adjustment as contemplated by Section 4.3, Section 7.1, and Section 8.10."

**2.** Except as specifically set forth in this Second Amendment, no provision of the Plan is changed, and the Plan is hereby ratified in its entirety and shall remain in full force and effect.

*As adopted by the Board of Directors of Riot Blockchain, Inc. on September 14, 2021.*

*As adopted by the Stockholders of Riot Blockchain, Inc. on October 19, 2021.*

**THIRD AMENDMENT**

**TO THE RIOT BLOCKCHAIN, INC. 2019 EQUITY INCENTIVE PLAN**

Page **36** of **45**

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Exhibit 10.11

This Third Amendment (the "**Third Amendment**") to the Riot Blockchain, Inc. 2019 Equity Incentive Plan, as amended (the "**Plan**"), as adopted by the unanimous approval of the members of the Board of Directors (the "**Board**") of Riot Blockchain, Inc. (the "**Company**") upon the recommendation of the Compensation and Human Resources Committee of the Board (the "**Committee**"), amends the Plan as set forth herein, effective as of the date ratified and approved by the stockholders of the Company set forth at the end of this document (the "**Effective Date**"). Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Plan.

**WHEREAS**, the Plan, as adopted by the Committee and the Board, and as ratified and approved by the stockholders effective October 23, 2019, was adopted as the equity compensation plan of the Company to promote the success of the Company and to increase stockholder value by providing an additional means through the grant of Awards to attract, motivate, retain and reward selected employees and other eligible persons; and

**WHEREAS**, the First Amendment to the Plan (the "**First Amendment**") was adopted by the Company and became effective as ratified and approved by the stockholders on November 12, 2020, to increase the number of shares of Common Stock available for issuance under the Plan (the "**Share Reserve**") by 3,500,000 additional shares of Common Stock; and

**WHEREAS**, the Second Amendment to the Plan (the "**Second Amendment**") was adopted by the Company and became effective as ratified and approved by the stockholders on October 19, 2021, to increase the number of shares of Common Stock available for issuance under the Plan (the "**Share Reserve**") by 4,400,000 additional shares of Common Stock; and

**WHEREAS**, the Committee, both in its capacity as Plan Administrator and in furtherance of its responsibility to oversee the compensation and equity incentive practices, plans, and procedures of the Company, has been tasked with the oversight and administration of the Plan; and

**WHEREAS**, the Committee having considered the Company's issuance of the Awards since the stockholders adopted the Plan, as amended, the Company's expected needs for equity compensation and the shares of Common Stock available for issuance in the Share Reserve, has determined to adopt this Second Amendment to the Plan to increase the number of shares of Common Stock available for issuance under the Plan by 10,000,000 additional shares of Common Stock; and

**NOW, THEREFORE**, as approved by the Board upon the recommendation of the Committee as of May 31, 2022 and as approved by the stockholders of the Company as of the date listed below, this Third Amendment to the Plan is hereby adopted and approved in all respects. Accordingly, pursuant to this Third Amendment, the Plan is hereby amended as follows:

**1.** As of the Effective Date, **Section 4.2** of the Plan is hereby amended by deleting it in its entirety and is replaced with the following:

"**4.2** *Share Limit*. The maximum number of shares of Common Stock that may be delivered pursuant to Awards granted to Eligible Persons under this Plan may not exceed 21,500,000 (the "**Share Limit**"). Such shares of Common Stock may be authorized and unissued shares or, to the extent permitted by applicable law, issued shares of Common Stock that have been reacquired by the Company. Such shares of Common Stock may be used for any type of Award under the Plan, and any or all of the shares of Common Stock up to the Share Limit may be allocated to Incentive Stock Options. Solely for the purpose of determining the number of shares of Common Stock available for Awards under this Section 4.2, the number of shares of Common Stock available for issuance under the Plan shall be reduced by one (1.00) share of Common Stock for every one (1.00) share of Common Stock granted in respect of an Award; *provided, however*, that in the case of an Award that provides for a range of potential payouts of shares of Common Stock, the number of shares of Common Stock available for issuance under the Plan shall be reduced by the maximum number of

shares of Common Stock that may be paid under such an Award. The foregoing Share Limit is subject to adjustment as contemplated by Section 4.3, Section 7.1, and Section 8.10."

**2.** Except as specifically set forth in this Second Amendment, no provision of the Plan is changed, and the Plan is hereby ratified in its entirety and shall remain in full force and effect.

*As adopted by the Board of Directors of Riot Blockchain, Inc. on May 31, 2022.*

*As adopted by the Stockholders of Riot Blockchain, Inc. on July 27, 2022.*

Page **37** of **45**

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Exhibit 10.11

**FOURTH AMENDMENT**

**TO THE RIOT BLOCKCHAIN, INC. 2019 EQUITY INCENTIVE PLAN**

This Fourth Amendment (the "**Fourth Amendment**") to the Riot Blockchain, Inc. 2019 Equity Incentive Plan, as amended (the "**Plan**"), as adopted by the unanimous approval of the members of the Board of Directors (the "**Board**") of Riot Platforms, Inc. (the "**Company**") upon the recommendation of the Compensation and Human Resources Committee of the Board (the "**Committee**"), amends the Plan as set forth herein, effective as of the date ratified and approved by the stockholders of the Company set forth at the end of this document (the "**Effective Date**"). Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Plan.

**WHEREAS**, the Plan, as adopted by the Committee and the Board, and as ratified and approved by the stockholders effective October 23, 2019, was adopted as the equity compensation plan of the Company to promote the success of the Company and to increase stockholder value by providing an additional means through the grant of Awards to attract, motivate, retain and reward selected employees and other eligible persons; and

**WHEREAS**, the First Amendment to the Plan (the "**First Amendment**") was adopted by the Company and became effective as ratified and approved by the stockholders on November 12, 2020, to increase the number of shares of Common Stock available for issuance under the Plan (the "**Share Reserve**") by 3,500,000 additional shares of Common Stock; and

**WHEREAS**, the Second Amendment to the Plan (the "**Second Amendment**") was adopted by the Company and became effective as ratified and approved by the stockholders on October 19, 2021, to increase the number of shares of Common Stock available for issuance under the Plan (the "**Share Reserve**") by 4,400,000 additional shares of Common Stock; and

**WHEREAS**, the Third Amendment to the Plan (the "**Third Amendment**") was adopted by the Company and became effective as ratified and approved by the stockholders on July 27, 2022, to increase the number of shares of Common Stock available for issuance under the Plan (the "**Share Reserve**") by 10,000,000 additional shares of Common Stock; and

**WHEREAS**, the Committee, both in its capacity as Plan Administrator and in furtherance of its responsibility to oversee the compensation and equity incentive practices, plans, and procedures of the Company, has been tasked with the oversight and administration of the Plan; and

**WHEREAS**, the Committee having considered the Company's issuance of the Awards since the stockholders adopted the Plan, as amended, the Company's expected needs for equity compensation and the shares of Common Stock available for issuance in the Share Reserve, has determined to adopt this Fourth Amendment to the Plan to increase the number of shares of Common Stock available for issuance under the Plan by 4,000,000 additional shares of Common Stock; and

**NOW, THEREFORE**, as approved by the Board upon the recommendation of the Committee as of April 27, 2023 and as approved by the stockholders of the Company as of the date listed below, this Fourth Amendment to the Plan is hereby adopted and approved in all respects. Accordingly, pursuant to this Fourth Amendment, the Plan is hereby amended as follows:

**1.** As of the Effective Date, **Section 4.2** of the Plan is hereby amended by deleting it in its entirety and is replaced with the following:

**"4.2** *Share Limit*. The maximum number of shares of Common Stock that may be delivered pursuant to Awards granted to Eligible Persons under this Plan may not exceed 24,500,000 (the "**Share Limit**"). Such shares of Common Stock may be authorized and unissued shares or, to the extent permitted by applicable law, issued shares of Common Stock that have been reacquired by the Company. Such shares of Common Stock may be used for any type of Award under the Plan, and any or all of the shares of Common Stock up to the Share Limit may be allocated to Incentive Stock Options. Solely for the purpose of determining the number of shares of Common Stock available for Awards under this Section 4.2, the number of shares of Common Stock available for issuance under the Plan shall be reduced by one (1.00) share of Common Stock for every one (1.00) share of Common Stock granted in respect of an Award; *provided, however*, that in the case of an Award that provides for a range of potential payouts of shares of Common Stock, the number of shares of Common Stock available for issuance under the Plan shall be reduced by the maximum number of shares of Common Stock that may be paid under such an Award. The foregoing Share Limit is subject to adjustment as contemplated by Section 4.3, Section 7.1, and Section 8.10."

**2.** Except as specifically set forth in this Fourth Amendment, no provision of the Plan is changed, and the Plan is hereby ratified in its entirety and shall remain in full force and effect.

Page **38** of **45**

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Exhibit 10.11

*As adopted by the Board of Directors of Riot Platforms, Inc. on April 27, 2023.*

*As adopted by the Stockholders of Riot Platforms, Inc. on June 27, 2023.*

Page **39** of **45**

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Exhibit 10.11

**FIFTH AMENDMENT**

**TO THE**

**2019 EQUITY INCENTIVE PLAN**

This Fifth Amendment (the "**Fifth Amendment**") to the 2019 Equity Incentive Plan, as amended (the "**Plan**"), as adopted by the unanimous approval of the members of the Board of Directors (the "**Board**") of Riot Platforms, Inc. (the "**Corporation**") upon the recommendation of the Compensation and Human Resources Committee of the Board (the "**Committee**"), amends the Plan as set forth herein, effective as of the date ratified and approved by the stockholders of the Corporation set forth at the end of this document (the "**Effective Date**"). Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Plan.

**WHEREAS**, the Plan, as adopted by the Committee and the Board, and as ratified and approved by the stockholders effective October 23, 2019, was adopted as the equity compensation plan of the Corporation to promote the success of the Corporation and to increase stockholder value by providing an additional means through the grant of Awards to attract, motivate, retain and reward selected employees and other eligible persons; and

**WHEREAS**, the First Amendment to the Plan (the "**First Amendment**") was adopted by the Corporation and became effective as ratified and approved by the stockholders on November 12, 2020, to increase the number of shares of Common Stock available for issuance under the Plan (the "**Share Reserve**") by 3,500,000 additional shares of Common Stock; and

**WHEREAS**, the Second Amendment to the Plan (the "**Second Amendment**") was adopted by the Corporation and became effective as ratified and approved by the stockholders on October 19, 2021, to increase the Share Reserve by 4,400,000 additional shares of Common Stock; and

**WHEREAS**, the Third Amendment to the Plan (the "**Third Amendment**") was adopted by the Corporation and became effective as ratified and approved by the stockholders on July 27, 2022, to increase the Share Reserve by 10,000,000 additional shares of Common Stock; and

**WHEREAS**, the Fourth Amendment to the Plan (the "**Fourth Amendment**") was adopted by the Corporation and became effective as ratified and approved by the stockholders on June 27, 2023, to increase the Share Reserve by 4,000,000 additional shares of Common Stock; and

**WHEREAS**, the Committee, both in its capacity as Plan Administrator and in furtherance of its responsibility to oversee the compensation and equity incentive practices, plans, and procedures of the Corporation, has been tasked with the oversight and administration of the Plan; and

**WHEREAS**, the Committee having considered the Corporation's issuance of the Awards since the stockholders adopted the Plan, as amended, the Corporation's expected needs for equity compensation and the shares of Common Stock available for issuance in the Share Reserve, has determined to adopt this Fifth Amendment to the Plan to increase the number of shares of Common Stock available for issuance under the Plan by 13,000,000 additional shares of Common Stock; and

**NOW, THEREFORE**, as approved by the Board upon the recommendation of the Committee as of October 11, 2023 and as approved by the stockholders of the Corporation as of the date listed below, this Fifth Amendment to the Plan is hereby adopted and approved in all respects. Accordingly, pursuant to this Fifth Amendment, the Plan is hereby amended as follows:

**1.** As of the Effective Date, **Section 4.2** of the Plan is hereby amended by deleting it in its entirety and is replaced with the following:

**"4.2 *Share Limit.*** The maximum number of shares of Common Stock that may be delivered pursuant to Awards granted to Eligible Persons under this Plan may not exceed 38,500,000 (the "**Share Limit**"). Such shares of Common Stock may be authorized and unissued shares or, to the extent permitted by applicable

law, issued shares of Common Stock that have been reacquired by the Corporation. Such shares of Common Stock may be used for any type of Award under the Plan, and any or all of the shares of Common Stock up to the Share Limit may be allocated to Incentive Stock Options. Solely for the purpose of determining the number of shares of Common Stock available for Awards under this Section 4.2, the number of shares of Common Stock available for issuance under the Plan shall be reduced by one (1.00) share of Common Stock for every one (1.00) share of Common Stock granted in respect of an Award; *provided, however*, that in the case of an Award that provides for a range of potential payouts of shares of Common Stock, the number of shares of Common Stock available for issuance under

Page **40** of **45**

------

Exhibit 10.11

the Plan shall be reduced by the maximum number of shares of Common Stock that may be paid under such an Award. The foregoing Share Limit is subject to adjustment as contemplated by Section 4.3, Section 7.1, and Section 8.10."

**2.** Except as specifically set forth in this Fifth Amendment, no provision of the Plan is changed, and the Plan is hereby ratified in its entirety and shall remain in full force and effect.

*As adopted by the Board of Directors of Riot Platforms, Inc. on October 11, 2023.*

*As adopted by the Stockholders of Riot Platforms, Inc. on December 14, 2023.*

Page **41** of **45**

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Exhibit 10.11

**SIXTH AMENDMENT**

**TO THE 2019 EQUITY INCENTIVE PLAN**

This Sixth Amendment (the "**Sixth Amendment**") to the 2019 Equity Incentive Plan, as amended (the "**Plan**"), as adopted by the unanimous approval of the members of the Board of Directors (the "**Board**") of Riot Platforms, Inc. (the "**Company**") upon the recommendation of the Compensation and Human Resources Committee of the Board (the "**Committee**"), amends the Plan as set forth herein, effective as of the date ratified and approved by the stockholders of the Company set forth at the end of this document (the "**Effective Date**"). Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Plan.

**WHEREAS**, the Plan, as adopted by the Committee and the Board, and as ratified and approved by the stockholders effective October 23, 2019, was adopted as the equity compensation plan of the Company to promote the success of the Company and to increase stockholder value by providing an additional means through the grant of Awards to attract, motivate, retain and reward selected employees and other eligible persons; and

**WHEREAS**, the First Amendment to the Plan (the "**First Amendment**") was adopted by the Company and became effective as ratified and approved by the stockholders on November 12, 2020, to increase the number of shares of Common Stock available for issuance under the Plan (the "**Share Reserve**") by 3,500,000 additional shares of Common Stock; and

**WHEREAS**, the Second Amendment to the Plan (the "**Second Amendment**") was adopted by the Company and became effective as ratified and approved by the stockholders on October 19, 2021, to increase the Share Reserve by 4,400,000 additional shares of Common Stock; and

**WHEREAS**, the Third Amendment to the Plan (the "**Third Amendment**") was adopted by the Company and became effective as ratified and approved by the stockholders on July 27, 2022, to increase the Share Reserve by 10,000,000 additional shares of Common Stock; and

**WHEREAS**, the Fourth Amendment to the Plan (the "**Fourth Amendment**") was adopted by the Company and became effective as ratified and approved by the stockholders on June 27, 2023, to increase the Share Reserve by 4,000,000 additional shares of Common Stock; and

**WHEREAS**, the Fifth Amendment to the Plan (the "**Fifth Amendment**") was adopted by the Company and became effective as ratified and approved by the stockholders on December 14, 2023, to increase the Share Reserve by 13,000,000 additional shares of Common Stock; and

**WHEREAS**, the Committee, both in its capacity as Plan Administrator and in furtherance of its responsibility to oversee the compensation and equity incentive practices, plans, and procedures of the Company, has been tasked with the oversight and administration of the Plan; and

**WHEREAS**, the Committee having considered the Company's issuance of the Awards since the stockholders adopted the Plan, as amended, the Company's expected needs for equity compensation and the shares of Common Stock available for issuance in the Share Reserve, has determined to adopt this Sixth Amendment to the Plan to increase the number of shares of Common Stock available for issuance under the Plan by 15,000,000 additional shares of Common Stock; and

**NOW, THEREFORE**, as approved by the Board upon the recommendation of the Committee as of April 15, 2024 and as approved by the stockholders of the Company as of the date listed below, this Sixth Amendment to the Plan is hereby adopted and approved in all respects. Accordingly, pursuant to this Sixth Amendment, the Plan is hereby amended as follows:

**1.** As of the Effective Date, **Section 4.2** of the Plan is hereby amended by deleting it in its entirety and is replaced with the following:

**"4.2 *Share Limit.*** The maximum number of shares of Common Stock that may be delivered pursuant to Awards granted to Eligible Persons under this Plan may not exceed 53,500,000 (the "Share Limit"). Such shares of Common Stock may be authorized and unissued shares or, to the extent permitted by applicable law, issued shares of Common Stock that have been reacquired by the Company. Such shares of Common Stock may be used for any type of Award under the Plan, and any or all of the shares of Common Stock up to the Share Limit may be allocated to Incentive

Page **42** of **45**

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Exhibit 10.11

Stock Options. Solely for the purpose of determining the number of shares of Common Stock available for Awards under this Section 4.2, the number of shares of Common Stock available for issuance under the Plan shall be reduced by one (1.00) share of Common Stock for every one (1.00) share of Common Stock granted in respect of an Award; provided, however, that in the case of an Award that provides for a range of potential payouts of shares of Common Stock, the number of shares of Common Stock available for issuance under the Plan shall be reduced by the maximum number of shares of Common Stock that may be paid under such an Award. The foregoing Share Limit is subject to adjustment as contemplated by Section 4.3, Section 7.1, and Section 8.10."

**2.** Except as specifically set forth in this Sixth Amendment, no provision of the Plan is changed, and the Plan is hereby ratified in its entirety and shall remain in full force and effect.

*As adopted by the Board of Directors of Riot Platforms, Inc. on April 15, 2024.*

*As adopted by the Stockholders of Riot Platforms, Inc. on June 12, 2024.*

Page **43** of **45**

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Exhibit 10.11

#### Exhibit "D"
Executive Wellness Plan

[\*\*\*]

Page **44** of **45**

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Exhibit 10.11

#### Exhibit "E"
Performance-Based Award [\*\*\*]

Page **45** of **45**

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## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER**

I, Jason Les, certify that:

1) I have reviewed this quarterly report on Form 10-Q of Riot Platforms, Inc. for the quarter ended March 31, 2026;

2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.

4) The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5) The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| April 30, 2026 | /s/ Jason Les  |
|  | Jason Les |
|  | Chief Executive Officer |
|  | (Principal Executive Officer) |

---

------

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER**

I, Jason Chung, certify that:

1) I have reviewed this quarterly report on Form 10-Q of Riot Platforms, Inc. for the quarter ended March 31, 2026;

2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.

4) The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5) The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| April 30, 2026 | /s/ Jason Chung  |
|  | Jason Chung |
|  | Chief Financial Officer |
|  | (Principal Financial Officer) |

---

------

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Riot Platforms, Inc. (the "Company") on Form 10-Q for the quarter ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned Chief Executive Officer (principal executive officer) of the Company, Jason Les, hereby certifies, pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Report fully complies with the requirements of section 13(a) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | |
|:---|:---|
| April 30, 2026  | /s/ Jason Les  |
|  | Jason Les |
|  | Chief Executive Officer |
|  | (Principal Executive Officer) |

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## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Riot Platforms, Inc. (the "Company") on Form 10-Q for the quarter ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned Chief Financial Officer (principal financial officer) of the Company, Jason Chung, hereby certifies, pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Report fully complies with the requirements of section 13(a) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | |
|:---|:---|
| April 30, 2026  | /s/ Jason Chung  |
|  | Jason Chung |
|  | Chief Financial Officer |
|  | (Principal Financial Officer) |

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