Document:

Exhibit

SEPARATION AGREEMENT

1.  Separation Date.  I, Sean K. Clawges, acknowledge that my employment with Archrock, Inc.  (the “Company”) is terminated effective January 31, 2020 (“Separation Date”).

2.        Separation Benefits.  I understand and agree that in return for my promises set forth in this Separation Agreement (“Separation Agreement”), I will receive the separation benefits set forth in Exhibit A (“Separation Benefits”) to this Separation Agreement.  Exhibit A is incorporated by reference as part of this Separation Agreement. Except as provided in this Separation Agreement, I have no contractual or other right or claim to any of the Separation Benefits.  I further understand and acknowledge that I will receive the Separation Benefits if, and only if, I timely sign this Separation Agreement, and then only if and after this Separation Agreement becomes irrevocable in accordance with Paragraph 5.

3. Company Group.  For purposes of this Separation Agreement, the term “Company Group” means and includes (individually, collectively or in any combination) (i) the Company, (ii) the Company’s subsidiaries and affiliates, (iii) any other entity which is controlled, directly or indirectly, individually, collectively or in any combination, by the Company and/or any of the foregoing entities, and (iv) any predecessors, subsidiaries, related entities, successors, or assigns of any of the foregoing.

4. Release of all Claims and Promise Not to Sue.  In return for the Separation Benefits, I hereby release the Company Group, the present and former employee benefit plans of each of them, the present and former directors, officers, employees, agents, stockholders, administrators of all or any of them and all other persons acting on behalf of all or any of them, as well as any representatives, assigns or successors to these persons or entities (collectively, together with the Company Group, these persons and entities shall be referred to as the “Parties Released” and individually they may be referred to as a “Party Released”) from any and all liabilities, demands, claims, actions, expenses, fees, costs, causes of action, and suits of every kind and of whatsoever nature that may be waived and released by applicable law and that I have or may have against any of the Parties Released, whether known or unknown to me, or suspected or unsuspected, that I have or may have, whether individually or as a member of a class, arising from, based upon or in any way related to my employment or the termination of my employment with the Company or arising from any act, event or omission occurring prior to my execution of this Separation Agreement (collectively, the “Claims”).  Claims include, but are not limited to:

a. claims and causes of action under:  Title VII of the Civil Rights Act of 1964, as amended; the Age Discrimination in Employment Act of 1967, as amended, including the Older Workers Benefit Protection Act of 1990; the Civil Rights Act of 1866, as amended; the Civil Rights Act of 1991; the Americans with Disabilities Act of 1990; the Energy Reorganization Act, as amended, 42 U.S.C. § 5851; the Workers Adjustment and Retraining Notification Act of 1988; the Pregnancy Discrimination Act of 1978; the Employee Retirement Income Security Act of 1974, as amended; the Family and Medical Leave Act of 1993; the Fair Labor Standards Act; the Occupational Safety and Health Act; claims in connection with workers’ compensation or “whistle blower” statutes; and/

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or contract, tort, defamation, slander, wrongful termination or any other state or federal regulatory, statutory or common law.  

b. claims for breach of oral or written, express or implied, contract or promise or promissory estoppel or quantum meruit, including claims under any employment agreement or offer letter, severance or bonus or other policy, or other compensation arrangement;

c. claims for personal injury, harm, or other damages (whether intentional or unintentional and whether occurring on the job or not, including, without limitation, negligence, defamation, misrepresentation, fraud, intentional infliction of emotional distress, assault, battery, invasion of privacy, tortious interference, and other such claims);

d. claims growing out of any legal restrictions on the right of the Parties Released to terminate their employees including any claims based on any violation of public policy or retaliation for filing a workers’ compensation claim;

e. claims regarding any restrictions on the right of the Parties Released to enforce any of my post-termination obligations regarding non-disclosure, non-competition, non-solicitation, non-disparagement and non-interference (as may be applicable);

f. claims for workers’ compensation, wages or any other compensation other than any pending workers’ compensation benefits claim; and

g. claims for benefits including, without limitation, those arising under the Employee Retirement Income Security Act.

It is my express intent to, and I hereby do, fully waive and release, to the maximum extent provided by applicable law, any and all Claims that I have or may have.  Notwithstanding my release set forth in this Paragraph, this Separation Agreement does not release any claim I may have that:  is not waivable as a matter of law; is for continuation of health care coverage under COBRA; is for vested benefits arising under any employee retirement, welfare or compensation benefit plan of the Company Group in which I am or was a participant; involves any pending workers’ compensation claim (however I state I have no unfiled workers’ compensation claim or unreported injury) or claim for unemployment benefits available to me; arises out of or is related to my rights as a stockholder; arises out of or relates to my continuing right to be defended, indemnified and held harmless pursuant to a prior contract, Company policy or practice, insurance policy, applicable law, and/or otherwise, in connection with any claim brought against me arising out or related to my service as an employee or officer of the Company or any Parties Released; or for any rights arising under this Separation Agreement after it becomes effective.  Excluding the Protected Disclosures/Actions (defined below in paragraph 19), I agree that I will never sue any of the Parties Released concerning any Claims released under this Separation Agreement, and I agree not to accept any monetary damages or other personal relief (including legal or equitable relief) in connection with any administrative claim or lawsuit concerning the Claims filed by any person or entity or governmental agency.

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5. Waiver and Release of Age Discrimination Claims.  In addition, I acknowledge the following:

a. This Separation Agreement is written in a manner calculated to be understood by me and I do in fact understand the terms, conditions, and effect of this Separation Agreement;

b. This Separation Agreement refers to rights or claims arising under the Age Discrimination in Employment Act (“ADEA”) and Older Workers’ Benefit Protection Act (“OWBPA”), and I understand that this Separation Agreement applies to all Claims that I have or may have against any of the Parties Released, including, without limitations, all Claims under the ADEA or the OWBPA;

c. I do not waive rights or claims that may arise after the date this Separation Agreement is executed;

d. I waive rights or claims only in exchange for consideration in addition to anything of value to which I am already entitled;

e. The Company has specifically advised me to consult with an attorney of my choice before executing this Separation Agreement, and I have had the opportunity to do so;

f. I understand that I have up to 21 days immediately following January 31, 2020, which is the date I received this Separation Agreement to consider whether to accept the Separation Benefits described in Exhibit A attached hereto and made a part of this Separation Agreement, for all purposes, in return for the representations and promises I am making in this Separation Agreement;
 
g. If I have made the decision to sign this Separation Agreement before the expiration of such 21-day period, I certify that my decision to sign the release provided for in the Separation Agreement before the expiration of the 21-day period was knowing and voluntary on my part and was not induced by the Company or any other Party Released through fraud, misrepresentation, a threat to withdraw or alter the offer prior to the expiration of the 21-day period, or by providing different terms to other employees who sign a release prior to the expiration of such time period;

h. I understand that I may revoke my acceptance of this Separation Agreement at any time within seven (7) days after the day I sign it by delivering written notice of my revocation to the Company as specified in Paragraph 20 below.  I further understand that if I do not revoke this Separation Agreement within seven (7) days following my signing of this Separation Agreement (excluding the date of my signing), it will become effective, binding, and enforceable on the day next following the end of such seven-day period; and

i. I fully understand all of the terms of this waiver and knowingly and voluntarily enter into this Separation Agreement.

6.    Return of Company Group Property.  I have returned to the Company any and all information, documents and property (regardless of its form, such as electronic or hard copy or 

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otherwise), that belong to any of the Company Group, including any keys, access cards, computers, cell phones, pagers, or other equipment and any Company Group records, files, data, and documents (whether on a work or personal computer, in electronic format or otherwise, and whether confidential in nature or not).  I shall immediately report to the Company any passwords for my computer or other access codes for anything associated with my employment.  I shall not delete or modify or alter any property prior to its return to the Company.

7. Assistance to the Company Group.  To the extent that the Company determines that, because of my employment with the Company, I possess relevant information relative to claims, investigations, or cases of any kind involving the Company Group, or the Company requests my assistance in transferring my responsibilities to other employees within the Company Group, I agree to make myself available from time to time at the Company Group’s request to provide truthful information and assistance, including, but not limited to, deposition testimony, pretrial preparation, trial testimony and to respond to requests for information.  The Company acknowledges that my primary duty after my termination of employment shall be to my subsequent employer (if any).  Consequently, the Company agrees to accommodate my commitments in scheduling my assistance to the Company Group, insofar as is practicable to minimize any inconvenience to me.  The Company shall promptly reimburse me for reasonable out-of-pocket travel expenses I incur in connection with the performance of any services requested pursuant to this Paragraph.

8. Confidentiality.  I acknowledge and agree that I had access to confidential information regarding the Company Group during my employment with the Company, including without limitation, information concerning the products, policies, practices, customers, pricing, costs, suppliers, methods, processes, techniques, finances, administration, employees, devices, trade secrets, and operations of the Company Group (“Confidential Information”).  I acknowledge that this Confidential Information is in fact confidential, not known outside of the Company Group’s business, and is a valuable, special and/or a unique asset of the Company Group.  Excluding the Protected Disclosures/Actions, I agree that in further consideration for the promises made in this Separation Agreement, I will maintain in the strictest confidence and will not, directly or indirectly, intentionally or inadvertently, use, publish, or otherwise disclose to any person or entity whatsoever, any of the Confidential Information of or belonging to any of the Company Group or to any agent, joint venture, contractor, customer, vendor, or supplier of any of the Company Group regardless of its form, without the prior written explicit consent of the Company.  I shall take all reasonable precautions to protect the inadvertent disclosure of Confidential Information.  These provisions do not limit or restrict any similar or related obligations that I may have undertaken in other agreements with any of the Company Group or which apply to me under any laws.  I agree that any inquiries I have regarding this Separation Agreement, my employment, benefits, or termination of employment should be directed only to Human Resources.

9. Non-Compete.  I acknowledge and agree that my services to the Company were of a special and unique nature and that (i) during the course of my employment, the Company Group introduced me to important actual and potential Company Group clients, customers, investors, service providers, vendors, suppliers, business partners, and other counterparties, and (ii) the Company entrusted me with the goodwill of the Company Group and the Company’s Confidential Information, in each case with the understanding that such goodwill and Confidential Information 

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would be used only for the benefit of the Company Group.  In consideration of (A) the foregoing considerations and the valuable rights and benefits they have conferred upon me and (B) the Separation Benefits, which I agree are in excess of amounts I would otherwise be entitled to receive in connection with his termination of employment with the Company, I voluntarily agree that during the period beginning on the Separation Date and continuing through July 31, 2021, I will not engage in or participate in any aspect of the Business, including but not limited to by directly or indirectly owning, managing, operating, joining, becoming an employee or consultant of, volunteering for, or loaning money to or selling or leasing equipment or property to, or otherwise being associated or affiliated with, any person or entity engaged in, or planning to engage in, any aspect of the Business within the Market Area.  For purposes of this Separation Agreement, (x) “Business” means the business and operations that are the same or similar to those performed by the Company Group as of the Separation Date, which includes providing natural gas compression services to customers in the oil and natural gas industry and supplying aftermarket services to customers that own compression equipment, and (y) “Market Area” means all of the following: (I) the Permian Basin area of Texas and New Mexico, (II) the Niobrara area of Colorado and Wyoming, (III) the Marcellus and Utica Shale areas of New York, Pennsylvania, Ohio, West Virginia, Virginia and Maryland, (iv) the Haynesville and Eagle Ford Shale areas of Texas, Arkansas and Louisiana (including, with respect to Louisiana, the parishes of Bienville, Bossier, Caddo, Desoto, Red River, Sabine and Webster), and (v) the SCOOP and STACK basin areas of Oklahoma.  I further agree and acknowledge that the limitations and restrictions set forth herein, including geographical and temporal restrictions on certain competitive activities, are reasonable in all respects; are not oppressive; are material and substantial parts of this Separation Agreement; and are intended and necessary to prevent unfair competition and protect the Company Group’s Confidential Information, goodwill, and substantial and legitimate business interests.

10. Non-Solicitation of Customers.  During the period beginning on the Separation Date and continuing through July 31, 2021, I agree not to induce or attempt to induce any customer of the Company or any of the Company Group with whom I had business-related contact, provided services, or received Confidential Information to withdraw, curtail or cancel its business with the Company or any of the Company Group or in any manner modify or fail to enter into any actual or potential business relation with the Company or any of the Company Group.

11. Non-Solicitation of Employees.  During the period beginning on the Separation Date and continuing through January 31, 2022, I agree not to induce or attempt to induce any employee of any member of the Company Group to cease employment with the applicable member of the Company Group and will not assist any other person or entity in such a solicitation. I and the Company agree that employees of any member of the Company Group may respond to open advertisements of employment with a future employer of mine without inducement from me. Such voluntary actions by employees of any member of the Company Group do not violate this non-solicitation provision.

12. No Admission.  I understand this Separation Agreement is not, and shall not be deemed or construed to be, an admission by any of the Parties Released of any wrongdoing of any kind or of any breach of any contract, law, obligation, policy, or procedure of any kind or nature.

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13. Non-disparagement.  Excluding the Protected Disclosures/Actions, I agree to not disparage, criticize, condemn or impugn the business or personal reputation or character of the Company or any of the Parties Released and to not publish or make in any manner any oral, electronic or written statements about the Company or any of the Parties Released to any third party that are negative, untrue, malicious, obscene, threatening, harassing, intimidating or discriminatory or which are designed to harm any of the foregoing.

14. Taxes.  I hereby acknowledge and agree that the Company and the Parties Released shall not be liable for any taxes, penalties, interest or other expenses that I may incur on account of any payment made to me under this Separation Agreement.

15. Entire Agreement.  I have carefully read and fully understand all of the terms of this Separation Agreement.   This Separation Agreement sets forth the entire agreement between the parties hereto and fully supersedes any and all prior and contemporaneous agreements, promises and understandings, written or oral, between the parties hereto pertaining to the subject matter hereof, except that it does not replace existing agreements (if any) or obligations I have under applicable law regarding confidentiality, non-disclosure, fiduciary duties, unfair competition, or non-solicitation issues.  I acknowledge and agree that obligations under those agreements or laws remain ongoing and in place in their entirety.

16. Representations; Modifications; Severability; Assignment.  I expressly acknowledge and agree that in connection with my decision to accept and sign this Separation Agreement, I have not relied on any statement, representations, promises, or agreements of any kind made by any of the Parties Released or by any of their agents, attorneys, or representatives, with regard to the subject matter, basis, or effect of this Separation Agreement or otherwise, other than those specifically stated in this Separation Agreement.  I understand and agree that this Separation Agreement cannot be modified except in writing and signed by both me and a duly authorized representative of the Company.  If any part of this Separation Agreement is found to be unenforceable by a court of competent jurisdiction, then such unenforceable portion shall be modified by the court to be enforceable.  If modification is not possible, then such unenforceable provision will be severed from, and shall have no effect upon, the remaining portions of this Separation Agreement.  I acknowledge and agree that the Company Group and the Parties Released (other than the Company) are not parties to, but are intended beneficiaries of, this Separation Agreement.  The Parties Released may assign any of their rights or obligations under this Separation Agreement and this Separation Agreement inures to the benefit of any successor of the Parties Released.  I may not assign any of my rights or obligations under this Separation Agreement.

17. Remedies.  I agree that if, at any time, I directly or indirectly (and including for this purpose any person who acts at my direction or encouragement) breach any of the provisions contained in this Separation Agreement, I will be liable to the Parties Released for all remedies, both legal and equitable, incurred as a result of my breach plus any and all attorneys’ fees and other costs incurred by a Party Released as a result of, in connection with, or related to such breach.  I acknowledge and agree that because damages may be difficult to calculate for a breach of this Separation Agreement, the Parties Released may seek immediate injunctive or other equitable relief to enforce these obligations, in addition to any legal or other relief to which the Parties Released 

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may be entitled.  Any action taken by a Party Released pursuant to this Paragraph shall not, however, negate or affect in any way this Separation Agreement or any of the obligations or terms agreed to by me in this Separation Agreement.

18.    No Waiver. No failure by either party to the Separation Agreement to give notice of any breach by the other, or to require compliance with, any condition or provision of this Separation Agreement shall (i) be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time or (ii) preclude insistence upon strict compliance in the future.

19. Protected Disclosures/Actions.  Despite any of the obligations stated in this Separation Agreement, I acknowledge and agree that neither this Separation Agreement nor any other agreement or policy of the Company Group shall prevent me from participating in the “Protected Disclosures/Actions” discussed in this paragraph below, including providing information to or filing a report, charge or complaint, including a challenge to the validity of this Separation Agreement, with the Equal Employment Opportunity Commission (“EEOC”), Department of Labor (“DOL”), National Labor Relations Board (“NLRB”), Securities and Exchange Commission (“SEC”) or any other governmental agency, from participating in any investigation or proceeding conducted by any governmental agency, or from any other protected
whistleblower disclosure or action.  I understand that this Separation Agreement does not impose any condition precedent (such as prior notice to the Company or Parties Released), any penalty, or any other restriction or limitation adversely affecting my rights regarding any governmental agency disclosure, report, claim or investigation.  I further understand I may disclose my wages, hours, or other terms and conditions of employment in the exercise of any rights provided by the National Labor Relations Act.  I acknowledge and agree that I have waived in this Separation Agreement any right to recover any monetary relief or other personal remedies in any governmental agency or other action brought against the Parties Released by me or on my behalf.  However, I understand this Separation Agreement does not limit my right to receive an award for information provided under any SEC program.

20. Arbitration.  Any dispute, controversy or claim arising out of or relating to the obligations under this Agreement, shall be settled by final and binding arbitration in accordance with the American Arbitration Association Employment Dispute Resolution Rules.  The arbitrator shall be selected by mutual agreement of the parties, if possible.  If the parties fail to reach agreement upon appointment of an arbitrator within thirty (30) days following receipt by one party of the other party’s notice of desire to arbitrate, the arbitrator shall be selected from a panel or panels submitted by the American Arbitration Association (the “AAA”).  The selection process shall be that which is set forth in the AAA Employment Dispute Resolution Rules, except that, if the parties fail to select an arbitrator from one or more panels, AAA shall not have the power to make an appointment but shall continue to submit additional panels until an arbitrator has been selected.  Either party may appeal the arbitration award and judgment thereon and, in actions seeking to vacate an award, the standard of review to be applied to the arbitrator’s findings of fact and conclusions of law will be the same as that applied by an appellate court reviewing a decision of a trial court sitting without a jury.  This agreement to arbitrate shall not preclude the parties from engaging in voluntary, non-binding settlement efforts including mediation.  All fees and expenses of the arbitration, including a transcript if requested but not including the legal costs and fees incurred by any party to such 

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arbitration, will be borne by the parties equally.  Each party shall be responsible for its own legal costs and fees.

21. Applicable Law/Forum.  This Separation Agreement shall be interpreted and applied in accordance with applicable provisions of ADEA and the OWBPA. To the extent that federal law does not apply, this Separation Agreement shall be deemed to have been executed and delivered within the State of Texas and the rights and obligations of the parties shall be construed and enforced in accordance with, and governed by, the laws of the State of Texas without regard to any rules regarding conflict of laws.  Except as provided in paragraph 20, any dispute or claim arising under this Separation Agreement or concerning my employment with the Company or my relationship with the Company Group shall be filed with any court of competent jurisdiction in Houston, Harris County, Texas unless another forum is required by applicable law.  The parties waive any objection to this venue and waive all rights to a trial by jury and give their consent to trial by the judge for any claims between them.

22.    Notices.  Any notices regarding acceptance, rejection, revocation, breach, or any other matters arising under this Separation Agreement shall be sent by certified mail or another method of delivery which provides a receipt of delivery and shall be addressed as provided below.  Any change of contact information listed below shall be promptly reported to the other party at the address below.  Notices to Sean K. Clawges should be addressed to his/her home address on file with the Company.  Notices to the Company should be addressed to Archrock Inc., 9807 Katy Freeway, Suite 100, Houston, TX  77024 Attention: SVP, Human Resources.

IN WITNESS WHEREOF, THE PARTIES HAVE EXECUTED THIS SEPARATION AGREEMENT IN MULTIPLE COPIES, EACH OF WHICH SHALL BE DEEMED AN ORIGINAL, BUT ALL OF WHICH TAKEN TOGETHER SHALL CONSTITUTE ONE AND THE SAME INSTRUMENT, EFFECTIVE FOR ALL PURPOSES AS PROVIDED ABOVE, AND A DUPLICATE SHALL HAVE THE SAME LEGAL EFFECT AS AN ORIGINAL.
 
[Signatures on following page]
 

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ARCHROCK, INC.,
on its behalf and on behalf of each
Party Released
 
 

By:     /s/ Elspeth A. Inglis
Name: Elspeth A. Inglis
Title: SVP Human Resources 
Date: January 31, 2020
 
 
 
SEAN K. CLAWGES

By:    /s/ Sean K. Clawges
 
Date: January 31, 2020
 
 
EXECUTED AGREEMENT
RECEIVED BY THE COMPANY
ON: February 7, 2020
 

By:     /s/ Elspeth A. Inglis
Name: Elspeth A. Inglis
Title: SVP Human Resources 
 
 

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EXHIBIT A
TO
SEPARATION AGREEMENT
WITH
SEAN K. CLAWGES

SEPARATION BENEFITS TO BE PROVIDED

You understand that the Separation Payment and the Vesting Awards will not be paid to you or on your behalf, and will not vest, as the case may be, unless you timely sign this Separation Agreement, and then only if and after this Separation Agreement becomes irrevocable in accordance with Paragraph 5.

1. Separation Payment You will receive a lump sum amount in cash of $468,674.00 (“Separation Payment”), to be reduced by all required tax withholdings and all applicable legal deductions.  The Separation Payment will be paid in two equal installments as follows: 

		
	a.
	Payment 1 in the amount of $231,837.00 shall be made as soon as administratively feasible after both of the following occur (the “Separation Agreement Effective Date”): (i) the Company receives this Separation Agreement timely signed by you and (ii) the seven (7) day revocation period referenced in Paragraph 5 of the Separation Agreement expires without revocation by you.

		
	b.
	Payment 2 in the amount of $236,837.00 shall be made six (6) months following the Separation Agreement Effective Date.  

2. Vesting of Restricted Stock Upon the Separation Agreement Effective Date, the unvested restricted stock remaining under the following Restricted Stock Awards (the “Vesting Awards”) will vest with effectiveness as of the Separation Date:

		
	a.
	Award Notice and Agreement Time-Vested Restricted Stock, award no. 1135, dated July 5, 2017, with 1501 shares remaining to be vested; and

		
	b.
	Award Notice and Agreement Time-Vested Restricted Stock, award no. 18000093, dated May 31, 2018, with 5771 shares remaining to be vested.

3. Executive Outplacement Services.  Company shall pay for executive outplacement services with Challenger, Gray and Christmas for you.  You must initiate the executive outplacement services benefit on or before June 30, 2020.

4.  Health Benefits after Separation Date; COBRA Premium Payment.  If on your Separation Date you are enrolled in any of the Company’s group health plans as an active employee, such benefits will terminate on January 31, 2020.  If you timely and properly exercise and pay for your health coverage continuation rights under COBRA following your termination of employment, you may receive COBRA coverage.  In return for signing and not revoking this Separation Agreement, and if you timely elect COBRA coverage, your monthly COBRA premium will be paid on your behalf by the Company (the “COBRA Premium Payment”) until the earliest of (i) the expiration of twelve (12) calendar months following the Separation Date, (ii) the date you obtain subsequent employment with health benefit coverages available to you or (iii) the expiration or termination of your COBRA rights.  After the expiration or termination of the COBRA Premium Payment, you will be solely responsible for the monthly payment of the COBRA premium should you choose to continue coverage under any of the Company’s group health plans. Any taxes on the COBRA Premium Payment shall be your sole responsibility and liability.Exhibit 10.1

 

 

AMENDED AND RESTATED
EXECUTIVE EMPLOYMENT AGREEMENT

This Amended and
Restated Executive Employment Agreement (“Agreement”) is effective as of the 7th day of February, 2020
(the “Effective Date”), by and between Jeffrey G. McGonegal (“Employee”) and Riot
Blockchain, Inc. (the “Company”).

WHEREAS, Employee
is currently employed as the Company’s Chief Executive Officer under the Executive Employment Agreement dated February 6,
2019 (“Prior Agreement”);

WHEREAS, the Company
desires to continue to employ Employee as its Chief Executive Officer and Employee desires to continue to be employed by the Company
in this role;

WHEREAS, this Agreement
replaces, supersedes and overrides the Prior Agreement as of the Effective Date and the Prior Agreement is no longer in effect;

NOW, THEREFORE,
in consideration of the mutual covenants contained herein, the receipt and sufficiency of such consideration is hereby acknowledged,
the Company and Employee agree as follows:

1.                 
Employment.

a.                  
Employee accepts continued full-time employment as the Company’s Chief Executive Officer (“CEO”).
In this position, Employee shall perform such duties as are assigned by the Company and/or as are otherwise normally associated
with such position. Employee will report directly to the Company’s Board of Directors (the “Board”), or
such other person as designated by the Board.

b.                 
In carrying out Employee’s duties as CEO, Employee will exercise discretion and independent judgment. However, Employee’s
conduct shall be consistent with, and in the best interests of, the Company’s business goals and objectives and in accordance
with the authority and limitations on authority established in the Company’s charter and bylaws and by the Board.

c.                  
Employee shall prepare, in connection with services performed, all reports, documents and correspondence necessary and/or
appropriate under the circumstances, all of which shall belong to the Company. Employee shall store all reports, documents, correspondence
and data on Company designated storage and will not archive or otherwise retain any copies or descriptions of said reports, documents,
correspondence or data outside of such Company storage.

d.                 
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 engage in any act which would, directly or indirectly, knowingly and materially, injure the Company’s business,
interests, or reputation. 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. Employee may, however, with prior written consent from the Board
(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.

 

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2.                 
Term of Employment. The term of Employee’s employment under this Agreement shall be for a one (1) year
period dating February 7, 2020 to February 7, 2021 (the “Term”), unless earlier terminated in accordance with
Section 6 of this Agreement. Beyond the Term, Employee’s employment with the Company may be extended by the parties upon
mutual written agreement signed by both parties or upon executing a new employment agreement.

3.                 
Extent and Place of Services. During his employment with the Company, Employee shall devote to the Company all
of Employee’s working time, attention, knowledge and skills as are necessary to perform Employee’s services for the
Company, and Employee shall not engage in any other business, employment, consulting or other activities, unless Employee has obtained
prior written consent of the Board. Employee’s services shall ordinarily be performed in the Castle Rock, Colorado area and,
if necessary, on a limited temporary basis, in such other locations as the Board may designate.

4.                 
Compensation. For providing continued services as CEO of the Company and due to Employee’s long tenure
with the Company, Employee shall be compensated during the Term as follows:

a.                  
Base Salary. The Company shall pay Employee an annualized base salary in the total gross amount of Three Hundred
Thousand Dollars and Zero Cents ($300,000.00), to be prorated and paid in accordance with the Company’s normal payroll practices,
which includes being subject to appropriate deductions and withholdings as required or permitted by law.

b.                 
Bonus Eligibility. Employee shall be eligible for consideration of a cash bonus of up to Thirty Percent (30%) of
Employee’s Base Salary (subject to appropriate deductions and withholdings) based upon achievement of individual and Company
performance goals as determined in writing by the Board. All determinations relating to the performance goals applicable to Employee
and the Company and whether such goals have been met shall be made in the sole discretion of the Board or such person or committee
designated by the Board. Employee shall not be guaranteed any minimum bonus payment and, if a bonus is earned and payable, Employee
must have been employed by the Company as of December 31st, 2020 to receive such payment.

c.                  
Equity Compensation. Employee shall receive an equity award in the amount of $300,000, calculated based on the closing
price per share of the Company’s common stock as reported by the Nasdaq Capital Market on February 7, 2020, of restricted
stock units convertible into shares of the Company’s common stock on a one-for-one basis (the “Award”),
which Award shall be subject to the terms of the Riot Blockchain, Inc. 2019 Equity Incentive Plan (the “Plan”)
and should any ambiguity or conflict exist between this Agreement and the Plan, the terms of this Agreement shall control. Subject
to the provisions of this Agreement and of the Plan, the Award shall vest in four (4) equal quarterly installments, with each quarterly
installment vesting as of the end of each quarter during the Term (i.e. May 7, 2020, August 7, 2020, November 7, 2020 and February
7, 2021) (the “Vesting Period”). Employee shall be entitled to receive and convert to common stock each quarter
the vested amount of the Award during the Vesting Period as long as the Employee continues to remain employed with the Company
on the applicable date during the Vesting Period, otherwise, Employee shall automatically forfeit any unvested portion of the Award
during the Term. Each quarterly vesting of the Award shall be settled in shares of the Company’s common stock, on a one-for-one
basis, according to the procedures set forth in the Plan, subject to the requirements of Section 409A of the Internal Revenue Code
of 1986, as amended (“Section 409A”). At Employee’s option, the settlement of any such vested Awards shall
be made on a net settlement basis with 70% paid in common shares and 30% in cash used to remit against Employee’s income
tax liabilities.

 

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d.                 
Benefits. Employee may participate in those group medical, dental, health or disability insurance plans or pension
plans, including reimbursement for Employee’s coverages under Medicare / Social Security plans, consistent with existing
reimbursement policies which the Company has previously offered to Employee, subject to all terms and conditions of those plans
and any amendments thereto, including without limitation any and all provisions concerning eligibility for participation. Nothing
in this Section 4(d) is intended to require the Company to offer benefits of any type, and the Company may choose to amend or discontinue
any benefit program at any time in its sole discretion.

e.                  
Paid Time Off. Employee shall receive a total of twenty-five days of paid time off during the Term. If Employee’s
employment continues beyond the Term of this Agreement, Employee may carry over any unused paid time off days beyond the Term or
be paid by the Company for such unused paid time off.

f.                  
Expense Reimbursement. The Company will reimburse Employee for direct and reasonable out-of-pocket expenses incurred
by Employee in connection with the performance of Employee’s duties as CEO and in accordance with the Company’s expense
reimbursement policies in effect from time to time, subject to Employee submitting the reimbursement request and proof of such
expense(s) within 90 days of incurring the expense(s).

5.                 
Restrictive Covenants. As CEO of the Company, Employee is in a position requiring significant trust and confidence
and exposing Employee to certain confidential and proprietary information. During his employment with the Company, Employee may
also develop information, data and processes to further the development of the Company’s operations. The Company is willing
to continue to employ Employee and permit such exposures to and development by Employee only if Employee continues to be bound
by the covenants, restrictions, obligations and agreements set forth in this Section 5 (the “Covenants”). Employee
acknowledges that the employment benefits, rights and compensation set forth in this Agreement represent good, valuable, fair and
sufficient consideration for such Covenants.

a.                  
Definitions. For purposes of this Agreement, the following terms have the specified meanings:

i.                       
“Affiliate” shall mean any entity in which the Company owns, directly or indirectly, more than a twenty-five
percent (25%) interest, or any entity that owns, directly or indirectly, more than a twenty-five percent (25%) interest in the
Company, either as a partner, member, shareholder, joint venturer, limited liability company or other equity position or interest.

 

    	3  

    	 

    

 

ii.                       
“Confidential Information” shall mean all confidential, proprietary, sensitive and/or trade secret information
relating in any way to the Company’s business, Inventions (as defined below), Works (as defined below), the present or prospective
Field of Business (as defined below) or interests of the Company, the Company’s products or services, or Employee’s
employment with the Company, whether in oral, written, physical, electronic, or visual form, including without limitation, all
information, data, and materials relating to business policies, procedures, models, and methods; customers, customer accounts and
customer relationships; referral sources and referral relationships; business targets and prospects; inventions, patents, trademarks,
and copyrights, and respective applications therefor; Property (as defined below); improvements, procedures, and know-how; trade
secrets; specifications and drawings; computer software, web and software designs, graphics, content, programming, and source code
and/or object code; business, product, and consumer information; data, research, and development; reports, forecasting, modeling,
planning, and databases; cost and pricing data; collected information and data; process flow diagrams; bills and invoices; vendor
and supplier information; products, processes, and ideas; sales, financial, business plans, and marketing information; financial
statements; balance sheets; and all other information that an organization such as the Company reasonably would consider proprietary
and/or confidential.

iii.                       
“Field of Business” shall mean the business of: (1) cryptocurrency operations; (2) data center and mining
operations; and/or (3) any other field of business that represents a material portion of the business conducted by (or planned
to be conducted by) the Company (including its subsidiaries and Affiliates) during the Term.

iv.                       
“Property” shall mean any and all: (1) inventions, ideas, articles of manufacture, machines, compositions
of matter, methods, processes, improvements, any new or useful arts, discoveries, contributions, findings or other tangible or
intangible concepts, trade secrets, designs, formulae, software programming, and manufacturing techniques, whether patentable,
copyrightable, or otherwise, and all related know-how, which arises out of or relates in any way to the present or prospective
Field of Business or interests of the Company, the Company’s products or services or Employee’s employment with the
Company whether created, conceived, reduced to practice, or contributed to, in whole or in part, by Employee at any time during
Employee’s employment with the Company or at any time within one year following Employee’s separation of employment
with the Company for any reason whatsoever (collectively, “Inventions”); (2) all works of authorship created
by Employee, in whole or in part, at any time during the period of Employee’s employment including, without limitation, written
materials, computer programs, software, screen displays, advertising and marketing materials, and business materials (collectively,
the “Works”); and (3) all Confidential Information.

 

    	4  

    	 

    

 

v.                       
 “Trade Secret” means any Confidential Information described above, without regard to form, which: (1)
is not commonly known by or available to the public; (2) derives economic value, actual or potential, from not being generally
known to, and not being readily ascertainable by proper means to, other persons who can obtain economic value from its disclosure
or use; and (3) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.

b.                 
Covenants Against Competition and Solicitation.

i.                       
During his employment with the Company, Employee shall not accept alternative employment or engage in any independent and/or
separate business, employment, consulting or other activity in the Field of Business or otherwise, except as may be permitted by
the Board in Section 1(d) above.

ii.                       
During his employment with the Company and for a period of twelve (12) months after Employee’s employment with the
Company ends, regardless of the reason, Employee shall not:

		(1)	in the Field of Business, solicit business from, direct marketing activities to, or perform work
relating to, any customer or prospective customer upon whom Employee called, or for whom Employee provided administrative or support
services, on the Company’s behalf during Employee’s employment with the Company;

		(2)	become engaged in or employed by, directly or indirectly, any business entity which operates in
or in any way does business in the Field of Business; or

		(3)	be the owner of more than one percent (1%) of the outstanding equity of any business entity which
operates in or in any way does business in the Field of Business.

iii.                       
During his employment with the Company and for a period of twelve (12) months after Employee’s employment with the
Company ends, regardless of the reason, Employee shall not, directly or indirectly:

		(1)	induce any customers, including former and prospective customers, of the Company to patronize any
business entity that operates in the Field of Business (other than the Company); or

		(2)	request or advise any customers of the Company, including prospective customers, to withdraw, curtail
or cancel such customer’s business with the Company.

 

 

    	5  

    	 

    

c.                  
Covenants Concerning Confidentiality.

i.                       
Employee acknowledges that Employee will use and/or have access to Confidential Information, including Trade Secrets, and
that such information constitutes valuable, special and unique property of the Company.

ii.                       
During and after Employee’s employment with the Company, Employee shall: (1) maintain the Confidential Information
in strict confidence; (2) not use any of the Confidential Information for any purpose whatsoever except for uses expressly authorized
by the Company in connection with Employee’s employment with the Company; and (3) not disclose or divulge any Confidential
Information, including Trade Secrets, to any person, corporation, or other entity for any reason or purpose whatsoever, except
upon the direct written authorization of the Board.

d.                 
Ownership of Property.

i.                       
All Works shall be considered a “Work Made for Hire,” as that term is defined in the United States Copyright
laws and shall be owned by and for the express benefit of the Company and the Company shall be the author of all Works. To the
extent any Works do not qualify as a “Work Made for Hire,” Employee hereby forever, irrevocably and unconditionally,
assigns, transfers, and conveys to the Company all rights, title, and interest in and to all such Works. Inventions, Trade Secrets,
and trademarks, including all patent and all other intellectual property rights therein, world-wide and without exception, shall
be the property of Company and Employee will assign and does hereby assign all rights therein to Company.

ii.                       
Employee acknowledges and agrees that the Company is the lawful, sole, and exclusive owner of all Property and that the
Company owns all rights, title, and other interests thereto. Employee hereby forever, irrevocably and unconditionally assigns,
transfers and conveys to the Company all rights, title, and interest in and to all of the Property including, but not limited to,
all Inventions and all copyrights, patents, trademarks, trade secrets, and all other intellectual property rights therein, world-wide
and without exception.

iii.                       
No license or other rights, whether express or implied, are granted to Employee in any of the Property and Employee hereby
disclaims the same. Both during Employee’s employment with the Company and at any time thereafter, Employee shall, at no
cost, fully cooperate with and assist the Company in the procurement, protection, maintenance, and enforcement of any and all rights,
registrations, and perfections of all Property, including but not limited to, the filing and prosecution of all applications for
registration of patents, copyrights, trademarks, and any other intellectual property rights therein. This shall include executing,
acknowledging, and delivering to the Company all documents, declarations, applications, affidavits, and papers necessary to enable
the Company to procure and protect such rights.

 

    	6  

    	 

    

 

iv.                       
Employee shall be required to promptly disclose all Property to the Company. Employee shall keep accurate records relating
to the conception and reduction to practice of all Inventions and records concerning the creation of all Works and other Property.
Such records shall be the sole and exclusive property of the Company and included within the definition of “Works”
and “Confidential Information,” and Employee shall surrender possession of such records to the Company at any time
upon the Company’s request.

e.                  
Surrender of Records. Upon termination of Employee’s employment with the Company and/or upon request from the
Board, Employee will surrender to the Company in good condition all records, files, and other property of the Company in Employee’s
custody, possession, or control including, without limitation, all Property, including Confidential Information, Inventions, and
Works, and all records, information, and documents relating thereto, as well any other information concerning the Company’s
business that Employee acquired during Employee’s employment with the Company, and Employee shall not retain or possess any
copies of the same. Employee will turn over all account information, logon IDs and passwords to all physical and cloud-based storage
containing Property and any records, files, documents or information described in the immediately preceding sentence. The parties
agree and acknowledge that the computer(s) and cell phone(s) being used by Employee are Employee’s personal property, but
that any data or files of the Company stored on such computer(s) or cell phone(s) remain the property of the Company. If and when
the employment relationship is terminated, and upon the Company’s request, Employee shall submit to an exit interview in
Castle Rock, CO, or at a place and time mutually agreed upon by the parties. The Company has the right to require that Employee
bring all items referenced in this Section 5(e) to the exit interview for the purpose of ensuring Employee’s compliance with
this Section 5(e). The Company shall reimburse Employee for reasonable travel costs associated with attending the exit interview.

f.                  
Interference with the Company’s Employees. During Employee’s employment with the Company and for a period
of twelve (12) months after Employee’s employment with the Company ends, regardless of the reason, Employee shall not, directly
or indirectly:

i.                       
induce or attempt to induce any current employee of the Company (including its subsidiaries and Affiliates) to terminate
his or her employment with the Company (or the relevant subsidiary or Affiliate);

ii.                       
interfere with or attempt to disrupt the relationship existing between the Company (including its subsidiaries and Affiliates)
and its respective employees; or

iii.                       
solicit, hire or assist in the solicitation or hiring away of any current employee of the Company (including its subsidiaries
and Affiliates) to become an employee of any other business entity.

g.                 
Duration of Covenants. In the event that the Company commences an action in any court of law to enforce any of the
Covenants, the running of any time period or limitation applicable to such Covenants shall be suspended and tolled pending final
resolution of such legal action. The running of any unexpired time period shall resume either on the date when the matter is settled
by written agreement, final judgment is rendered or when all appeals taken therefrom are concluded, whichever shall occur later.
Additionally, the time period for Employee’s performance of any Covenants under this Agreement shall also be extended by
any period of time that Employee is in breach of such Covenants.

 

    	7  

    	 

    

 

h.                 
Modification. No modification of the Covenants shall be valid unless such modification is in writing and signed by
Employee and a duly authorized representative of the Company. If, however, any of the Covenants is held by a court to be unenforceable
and/or overbroad, the parties acknowledge and agree that the defective term(s) shall be modified, but only to the extent necessary
to comply with applicable law(s).

i.                   
Disclosure to Prospective Employer. Should Employee’s employment terminate for any reason, Employee will disclose
the terms of the Covenants to any persons, corporations or other entities with whom Employee seeks employment or an engagement
as a provider of services for compensation that operates in the Field of Business. Employee also recognizes that the Company has
the reasonable right to make these Covenants known to others.

j.                   
Representations and Warranties.

i.                       
Employee represents and warrants that he is under no agreements, limitations, or restrictions of any kind whatsoever that
would interfere with him providing services in connection with his continued employment with the Company, including without limitation,
non-compete agreements, non-solicitation agreements, invention agreements, work-for-hire agreements, or any similar agreements
or arrangements with third parties.

ii.                       
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 CEO of the Company.

iii.                       
Employee agrees to indemnify, defend, and hold the Company harmless against any claims by third parties alleging that Employee’s
employment with the Company hereunder constitutes unlawful activity or breaches an obligation of Employee to such third parties.
The provisions in this Section shall survive termination of Employee’s employment and/or this Agreement for any reason.

k.                 
Affiliates. Employee may, from time to time at the direction of the Company, render services to its Affiliates and
thereby be exposed to Confidential Information and Trade Secrets owned by them. The Covenants made by Employee shall be for the
benefit of the Company and its Affiliates. Accordingly, this Section 5 may be enforced by either or all of the Company or
its Affiliates.

 

    	8  

    	 

    

 

l.                   
Enforcement of Covenants.

i.                       
Right to Injunction. Employee acknowledges that a breach of any of the Covenants will cause irreparable damage to
the Company with respect to which the Company’s remedy at law for damages will be inadequate. Therefore, in the event of
breach or anticipatory breach of the Covenants, in addition to remedies otherwise available to it at law or equity, Employee and
the Company agree that the Company shall be entitled to injunctions, both preliminary and permanent, enjoining or restraining
such breach or anticipatory breach. Employee acknowledges and agrees that an injunction may be issued by any court of competent
jurisdiction without requiring the Company to post any bond, in addition to remedies otherwise available to the Company at law
or in equity. No remedy herein conferred upon any party is intended to be exclusive of any other remedy, and each and every such
remedy shall be in addition to any other remedy existing at law or in equity.

ii.                       
Reimbursement following Breach. In the event that any court enters a final, non-appealable judgment that Employee
has breached any of the Covenants, Employee shall reimburse the Company for any payments it becomes obligated to make pursuant
to this Agreement subsequent to such breach. Any such reimbursements shall be in addition to any damages in the Company’s
favor that the court may impose upon Employee.

iii.                       
Recovery of Costs. In the event that the Company commences an action in any court to enforce any of the Covenants,
the party against whom the court finds shall pay all expenses associated with such enforcement, including reasonable attorneys’
fees.

m.               
Independent Covenants. The Covenants shall be construed as agreements independent of any other provision in this
or any other agreement by, between, among, or affecting the Company and Employee, and the existence of any claim or cause of action
of Employee against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement
of the Covenants in this Agreement.

n.                 
Survival. Any obligations set forth in this Agreement that may require Employee to take or refrain from taking certain
actions after the termination of his employment or this Agreement, including without limitation, the Covenants, shall survive the
termination of Employee’s employment and/or this Agreement for any reason. This Section 5(n) and the representations, covenants,
warranties, indemnifications, and restrictions contained within this Agreement shall survive termination of Employee’s employment
or this Agreement for any reason.

6.                 
Termination.

a.                  
By the Company for Cause. Employee’s employment under this Agreement may be terminated by the Company at any
time and in its sole discretion without notice upon the occurrence of one or more of the following events (each of which shall
be a termination event for “Cause”):

i.                       
Employee fails to comply with the policies, standards, and regulations that the Company, in its sole and reasonable discretion,
establishes and/or implements before and during Employee’s employment;

 

    	9  

    	 

    

 

ii.                       
Employee commits any act of fraud, dishonesty or other acts of misconduct in the rendering of services on behalf of the
Company;

iii.                       
Employee fails to faithfully, diligently or properly comply with the provisions of this Agreement and the reasonable requests
of the person(s) to whom Employee reports;

iv.                       
Employee fails to adequately perform (other than due to death or disability pursuant to Section 6(e)) 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;

v.                       
Employee breaches any term of this Agreement; and/or

vi.                       
Employee is convicted of a felony or commits any act which 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 under this Agreement for Cause under Sections 6(a)(i)-(vi)
without first providing Employee written notice of the event or condition(s) constituting Cause, which 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 he may try to 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.

b.                 
By the Company without Cause. The Company may terminate Employee’s employment under this Agreement without
Cause by providing written notice of termination to Employee thirty (30) days in advance. For purposes of this Agreement “without
Cause” shall mean any termination by the Company that is not a termination for Cause as described and in accordance with
Section 6(a) above.

c.                  
By Employee with Good Reason. Employee may terminate his employment under this Agreement 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
“Good Reason”):

i.                       
A material diminution in Employee’s base salary or employment benefits;

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

 

    	10  

    	 

    

 

iii.                       
A material diminution in Employee’s title, authorities, responsibilities, or duties;

iv.                       
A relocation of Employee’s primary work location outside of Castle Rock, Colorado or to a location not mutually agreed
upon by the parties;

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

vi.                       
A Change of Control (as defined below) of the Company.

Notwithstanding the
foregoing, Employee may not terminate his employment under this Agreement for Good Reason under Sections 6(c)(i)-(v) without first
providing the Company written notice of the event or condition(s) constituting Good Reason, which notice must be given no later
than thirty (30) days after the date on which the event or condition(s) constituting Good Reason is first reasonably discovered
by Employee. Upon the giving of such notice, the Company shall have a period of thirty (30) days during which it may remedy the
event or condition(s) and, if so remedied, Employee may not terminate his employment under this Agreement for Good Reason for the
event or condition that was remedied. If Employee fails to so comply with the immediately preceding two sentences of this Section
6(c), such termination shall not be considered a termination for Good Reason. For purposes of this Section 6(c)(vi), a “Change
of Control” means either: (1) the acquisition of the Company by another entity by means of any transaction or series
of related transactions (including, without limitation, any reorganization, merger or consolidation or unit transfer, but excluding
any such transaction effected primarily for the purpose of changing the domicile of the Company), unless the Company’s owners
of record immediately prior to such transaction or series of related transactions hold, immediately after such transaction or series
of related transactions, more than fifty percent (50%) of the voting power of the surviving or acquiring entity; or (2) a sale
of all or substantially all of the assets of the Company.

d.                 
By Employee without Good Reason. Employee may terminate his employment under this Agreement without Good Reason by
providing written notice of termination to the Company with advance notice of at least six (6) months. For purposes of this Agreement
“without Good Reason” shall mean any termination by Employee that is not a termination for Good Reason as set
forth and in accordance with Section 6(c) above. 

e.                  
Termination due to Death or Disability. Employee’s employment with the Company shall be terminated immediately
in the event of death or Disability of Employee. The term “Disability” means Employee’s inability to substantially
perform his duties as CEO by reason of any medically determinable physical or mental impairment that can be expected to either
result in death or last for a continuous period of at least three (3) months, as determined by a physician chosen by the Company
and reasonably acceptable to Employee.

f.                  
Payments Upon Separation. Notwithstanding anything to the contrary in this Agreement, upon termination of Employee’s
employment with the Company, Employee shall be entitled to receive from the Company only the following compensation and benefits,
and Employee shall not be entitled to any further compensation or benefits from the Company (including its subsidiaries and Affiliates):

 

    	11  

    	 

    

 

i.                       
If the Company terminates Employee’s employment for Cause or Employee terminates his employment without Good Reason
and fails to provide advance notice required by Section 6(d), then, within thirty (30) days of such termination, the Company shall
provide to Employee: (1) all base salary through the date of termination; and (2) any outstanding expense reimbursement payments
then due to Employee as of the date of termination.

ii.                       
If the Company terminates Employee’s employment hereunder without Cause, Employee terminates his employment hereunder
for Good Reason (except for a Change of Control), Employee’s employment terminates by expiration because Employee and/or
the Company elect not to execute a new employment agreement, Employee terminates his employment hereunder without Good Reason by
providing advance notice required by Section 6(d), or Employee’s employment hereunder terminates due to Employee’s
death or disability, then, within thirty (30) days of such termination or expiration, the Company shall provide to Employee: (1)
all base salary through the date of termination or expiration; (2) any outstanding expense reimbursement payments then due to Employee
as of the date of termination or expiration; and (3) in exchange for Employee (or his estate) executing (and not revoking) a waiver
and release drafted by the Company’s counsel: (a) the pro-rata portion of any bonus to which Employee would have been entitled
under Section 4(b) had he remained employed with the Company through December 31, 2020; (b) the equity compensation to which Employee
would have been entitled under Section 4(c) had he remained employed with the Company through the entire Term (until February 7,
2021); and (c) six months of severance paid in accordance with the Company’s normal payroll practices, which includes being
subject to appropriate deductions and withholdings as required or permitted by law.

iii.                       
If Employee terminates his employment under this Agreement for a Change of Control, then, within thirty (30) days of termination,
the Company shall provide to Employee: (1) all base salary through the date of termination; (2) any outstanding expense reimbursement
payments then due to Employee as of the date of termination; and (3) only in the event the Change of Control results in the Company
terminating Employee’s employment without Cause and in exchange for Employee signing (and not revoking) a waiver and release
drafted by the Company’s counsel: (a) the remainder of Employee’s base compensation had he continued employment with
the Company through the end of the Term; (b) the pro-rata portion of any bonus to which Employee would have been entitled under
Section 4(b) had he remained employed with the Company through December 31, 2020; (c) all equity compensation to which Employee
would have been entitled under Section 4(c) had he remained employed with the Company through the entire Term (until February 7,
2021); and (d) six months of severance paid in accordance with the Company’s normal payroll practices, which includes being
subject to appropriate deductions and withholdings as required or permitted by law.

iv.                       
Regardless of the reason for separation, any Equity Awards granted to Employee shall remain governed by the Equity Plan
and/or any applicable Equity Award Agreement governing such Equity Awards and nothing in the foregoing entitles or purports to
entitle Employee any additional rights with respect to any such Equity Awards beyond the specific provisions of the Equity Plan
or applicable Equity Award Agreement.

 

    	12  

    	 

    

 

7.                 
Miscellaneous.

a.                  
The section headings in this Agreement are for 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.

b.                 
The Company may withhold from any compensation or benefits payable to Employee all applicable federal, state, local or other
taxes and make any other deductions and withholdings as required or permitted by law.

c.                  
This Agreement constitutes the entire understanding between Employee and the Company with respect to the subject matter
hereof and supersedes any and all prior understandings and agreements, written or 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 in Section
5(h), this Agreement may not be amended or modified except in a writing signed by both parties.

d.                 
Failure to insist upon strict compliance with any of the terms, covenants, or conditions set forth in this Agreement 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 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.

e.                  
If it is determined that any of the provisions of this Agreement is invalid or unenforceable, the remaining provisions shall
survive and be given full force and effect.

f.                  
The Company may assign this Agreement and, if assigned, the assignee has the right to seek enforcement of the Agreement.
Since this Agreement is personal to Employee, Employee cannot assign this Agreement to any other.

g.                 
All notices required to be given under this Agreement shall be in writing, shall be effective upon receipt, and shall be
delivered to the addressee in person, via e-mail, or by a recognized business courier (such as FedEx or UPS), with confirmation
of delivery obtained.

h.                 
Notwithstanding anything in this Agreement to the contrary, the termination of Employee’s employment under this Agreement
for any reason shall not terminate Sections 5-7 of this Agreement or any of Employee’s obligations thereunder, each of which
shall survive such termination.

 

    	13  

    	 

    

 

i.                   
This Agreement shall be governed by the laws of the State of Colorado. Any claim arising under this Agreement shall be brought
in a state or federal court of competent jurisdiction located in Denver, Colorado. However, to the extent the Company seeks injunctive
relief to enforce any of the Covenants, the Company shall have the right, in its sole discretion, to elect to pursue equitable
relief in any jurisdiction in which a breach of the Covenants occurred. Should any litigation arise from an alleged breach of this
Agreement, the prevailing party shall be entitled to recover from the non-prevailing party, in addition to all other legal and/or
equitable remedies, the costs of litigation, including reasonable attorneys’ fees.

j.                   
To the extent permitted by law, the parties agree to, and do hereby, waive trial by jury in any action, proceeding, or counterclaim
brought by either of the parties against the other on any matter whatsoever arising out of or in any way connected with Employee’s
employment with the Company, this Agreement, and/or any alleged act or omission of either party to this Agreement.

k.                 
The essential terms and conditions contained in this Agreement have been mutually negotiated between the parties. No ambiguity
in this instrument shall be construed or interpreted against the drafter of this Agreement.

l.                   
This Agreement and any payment, distribution or other benefit hereunder shall comply with the requirements of Section 409A,
or an exemption or exclusion therefrom, as well as any related regulations or other guidance promulgated by the U.S. Department
of the Treasury or the Internal Revenue Service, to the extent applicable, and shall in all respects be administered in accordance
with Section 409A. To the extent any provision or term of this Agreement is ambiguous as to its compliance with Section 409A, the
provision or term will be interpreted in such a manner so that such provision or term and all payments hereunder comply with Section
409A. Any provision that would cause this Agreement or a payment, distribution or other benefit hereunder to fail to satisfy the
requirements of Section 409A shall have no force or effect and, to the extent an amendment would be effective for purposes of Section
409A, the parties agree that this Agreement shall be amended to comply with Section 409A. Such amendment shall be retroactive to
the extent permitted by Section 409A. 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 Regulation Section 1.409A-1(h)) has occurred. Each payment
under Section 6(f) of this Agreement shall be treated as a separate payment for purposes of Section 409A.

m.               
Employee acknowledges that Employee has thoroughly read the terms of this Agreement and was aware of Employee’s right
to seek advice of counsel before signing. Employee further acknowledges that, by signing this Agreement, Employee knowingly and
voluntarily consents to the terms contained herein.

n.                 
This Agreement 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 and transmission of the signed
Agreement by facsimile or electronic document transfer will be acceptable and binding upon the parties as of the Effective Date.

 

    	14  

    	 

    

The undersigned
have executed this Amended and Restated Executive Employment Agreement, which shall be effective as of the Effective Date.

 

 

	JEFFREY G. MCGONEGAL	 	RIOT BLOCKCHAIN, INC.
	 	 	 	 
	/s/ Jeffrey G. McGonegal	 	By:	/s/ Remo Mancini
	Signature	 	Name:	Remo Mancini
	 	 	Title:	Chairman of the Board of Directors

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00304-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00304-of-00352.parquet"}]]